Review of Facilities for Low-Income Countries - Proposals for Implementation
Review of Facilities for Low-Income Countries - Proposals for Implementation

Author: International Monetary Fund. Legal Dept.

Publisher: International Monetary Fund

Published: 2013-03-18

Total Pages: 38

ISBN-13: 1498342132

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Based on the Executive Board’s guidance during the first stage of the Review of Low Income Countries (LIC) Facilities, this paper suggests a number of refinements to the facilities and instruments that are consistent with the self-sustainability of the Poverty Reduction and Growth Trust (PRGT). The proposals seek to improve the tailoring and flexibility of Fund support. Taken together with those advanced in the parallel paper on PRGT eligibility, they are projected to keep the average annual demand for PRGT resources within a range consistent with the Board’s approved strategy to make the PRGT self-sustaining over the period 2013–35. The proposals are as follows.

2018-19 Review of Facilities for Low-Income Countries---Reform Proposals
2018-19 Review of Facilities for Low-Income Countries---Reform Proposals

Author: International Monetary Fund. Strategy, Policy, & Review Department

Publisher: International Monetary Fund

Published: 2019-06-06

Total Pages: 169

ISBN-13: 1498325769

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2018-19 Review of Facilities for Low-Income Countries---Reform Proposals: Review Of The Financing Of The Fund’s Concessional Assistance And Debt Relief To Low-Income Member Countries

2023 Handbook of IMF Facilities for Low-Income Countries
2023 Handbook of IMF Facilities for Low-Income Countries

Author: International Monetary Fund. Strategy, Policy, & Review Department

Publisher: International Monetary Fund

Published: 2023-04-21

Total Pages: 191

ISBN-13:

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This Handbook provides guidance to staff on the IMF’s concessional financial facilities and non-financial instruments for low-income countries (LICs), defined here as all countries eligible to obtain concessional financing from the Fund. It updates the previous version of the Handbook that was published in December 2017 (IMF, 2017e) by incorporating modifications resulting from the 2018–19 Review of Facilities for Low-Income Countries and Review of the Financing of the Fund’s Concessional Assistance and Debt Relief to Low-Income Member Countries (IMF, 2019a, b), approved by the Board in May 2019; the reforms introduced in 2021 on the basis of the Board paper Fund Concessional Financial Support for Low-Income Countries—Responding to the Pandemic (IMF, 2021a), approved in July 2021; and a number of other recent Board papers. Designed as a comprehensive reference tool for program work on LICs, the Handbook also refers, in summary form, to a range of relevant policies that apply more generally to IMF members. As with all guidance notes, the relevant IMF Executive Board decisions including the terms of the various LIC Trust Instruments that have been adopted by the Board, remain the primary legal authority on the matters covered in the Handbook.

2017 Handbook of IMF Facilities for Low-Income Countries
2017 Handbook of IMF Facilities for Low-Income Countries

Author: International Monetary Fund. Strategy, Policy, & Review Department

Publisher: International Monetary Fund

Published: 2017-01-12

Total Pages: 190

ISBN-13: 1498346235

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This Handbook provides guidance to staff on the financial facilities and non-financial instruments for low-income countries (LICs), defined here as all countries eligible to obtain concessional financing from the Fund. It updates the previous version of the Handbook that was published in February 2016 (IMF, 2016d) by incorporating modifications resulting from Board papers and related decisions since that time, including Financing for Development—Enhancing the Financial Safety Net for Developing Countries—Further Considerations (IMF, 2016c), Review of Poverty Reduction and Growth Trust – Review of Interest Rate Structure (IMF, 2016b), Eligibility to Use the Fund’s Facilities for Concessional Financing (IMF, 2017a), Large Natural Disasters—Enhancing the Financial Safety Net for Developing Countries (IMF, 2017b) and Adequacy of the Global Financial Safety Net – Proposal for a New Policy Coordination Instrument (IMF, 2017c). Designed as a comprehensive reference tool for program work on LICs, the Handbook also refers, in summary form, to a range of relevant policies that apply more generally to IMF members. As with all guidance notes, the relevant IMF Executive Board decisions, including the terms of the various LIC Trust Instruments that have been adopted by the Board, remain the sole legal authority on the matters covered in the Handbook

IMF-Supported Programs in Low Income Countries
IMF-Supported Programs in Low Income Countries

Author: Mr.Christian Mumssen

Publisher: International Monetary Fund

Published: 2014-01-15

Total Pages: 64

ISBN-13: 1484359437

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This paper studies the short and longer-term impact of IMF engagement in Low-Income Countries (LICs) over nearly three decades. In contrast to earlier studies, we focus on a sample composed exclusively of LICs and disentangle the different effects of IMF longer-term engagement and short-term financing using a propensity score matching approach to control for selection bias. Our results indicate that longer-term IMF support (at least five years of program engagement per decade) helped LICs sustain economic growth and boost resilience by building fiscal buffers. Interestingly, the size of IMF financing has no significant impact on economic growth, possibly pointing to the prominent role of IMF policy advice and institutional capacity building in the context of longer-term engagement. We also present evidence that the short-term IMF engagement through augmentations of existing programs or short-term and emergency facilities is positively associated with a wide range of macroeconomic outcomes. Notably, the IMF financial support has the greatest impact on short-term growth when LICs are faced with substantial macroeconomic imbalances or exogenous shocks.

The Economic Impact of IMF-Supported Programs in Low-Income Countries
The Economic Impact of IMF-Supported Programs in Low-Income Countries

Author: Yasemin Bal-Gunduz

Publisher: International Monetary Fund

Published: 2013-10-04

Total Pages: 60

ISBN-13: 1484394712

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This paper aims to assess the economic impact of the IMF’s support through its facilities for low-income countries. It relies on two complementary econometric analyses: the first investigates the longer-term impact of IMF engagement—primarily through successive medium-term programs under the Extended Credit Facility and its predecessors (and more recently the Policy Support Instrument)—on economic growth and a range of other indicators and socioeconomic outcomes; the second focuses on the role of IMF shock-related financing—through augmentations of Extended Credit Facility arrangements and short-term and emergency financing instruments—on short-term macroeconomic performance.

Staff Guidance Note on the Implementation of the IMF Strategy for Fragile and Conflict-Affected States (FCS)
Staff Guidance Note on the Implementation of the IMF Strategy for Fragile and Conflict-Affected States (FCS)

Author: International Monetary

Publisher: International Monetary Fund

Published: 2023-03-22

Total Pages: 85

ISBN-13:

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This note provides operational advice and information to help staff implement the IMF Strategy for Fragile and Conflict-Affected States (FCS) approved by the Executive Board on March 9, 2022. Topics covered include (i) the new IMF FCS classification methodology, which is aligned with that of the World Bank; (ii) the preparation of Country Engagement Strategies (CES) that will be rolled out across FCS to ensure that Fund engagement is appropriately tailored to country-specific manifestations of fragility and/or conflict; (iii) advice on tailoring the thematic focus of Article IV consultations and Fund analytics to FCS, as well as on the prioritization, design, and implementation of capacity development (CD) projects in fragile contexts; (iv) guidance on making full use of the flexibilities of the lending toolkit; (v) guidance on engaging in specific FCS situations, including building accountable institutions to exit fragility, cases of rising fragility risks, active conflict, post-conflict, and addressing the impact of external shocks and spillovers; and (v) strengthening partnerships with humanitarian, development, and peace actors, in accordance with the Fund's mandate. Dedicated annexes provide additional information on the CES process, addressing good governance in FCS, program design, and country examples of Fund engagement in FCS.

Staff Guidance Note on the Fund's Engagement with Small Developing States
Staff Guidance Note on the Fund's Engagement with Small Developing States

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2014-03-24

Total Pages: 47

ISBN-13: 1498343619

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This note highlights the unique economic characteristics and constraints facing small developing states. It provides operational guidance on Fund engagement with such countries, including on how small country size might influence the use of Fund facilities and instruments, program design, capacity building activities, and collaboration with other institutions and donors. The guidance note draws on the March 2013 Board papers on small states and the associated Executive Board discussion. The findings of the paper and implications for Fund engagement with small states were presented to small states authorities during the 2013 Annual Meetings, as well as in regional IMF conferences with small states in the Bahamas (September 2013) and Vanuatu (November 2013). Series

Recurring Issues from a Decade of Evaluation
Recurring Issues from a Decade of Evaluation

Author: International Monetary Fund. Independent Evaluation Office

Publisher: International Monetary Fund

Published: 2014-08-21

Total Pages: 61

ISBN-13: 1498392709

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This report seeks to help the IMF enhance its effectiveness by identifying major recurring issues from the IEO’s first 20 evaluations and assessing where they stand. The IMF’s core areas of responsibility are surveillance, lending, and capacity development. The aim of this report is to strengthen the follow-up process by focusing on key issues that recurred in IEO evaluations, rather than on specific recommendations on their implementation. The IEO believes that a framework of reviewing and monitoring recurring issues would be useful in establishing incentives for progress, strengthening the Board’s oversight, and providing learning opportunities for the IMF.

Update on the Financing of the Fund’s Concessional Assistance and Proposed Amendments to the PRGT Instrument
Update on the Financing of the Fund’s Concessional Assistance and Proposed Amendments to the PRGT Instrument

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2014-08-04

Total Pages: 40

ISBN-13: 1498343503

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New commitments under PRGT-supported programs amounted to SDR 0.15 billion in 2013, while disbursements on existing arrangements amounted to about SDR 0.8 billion. However, this lower demand is expected to be temporary. New commitments are projected to rebound to about SDR 1.5 billion in 2014, similar to the level observed in 2012. These projections are subject to considerable uncertainty regarding progress on ongoing program negotiations.