Staff Guidance Note On Debt Limits In Fund Supported Programs
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| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 28 |
| Release | : 2009-12-22 |
| Genre | : Business & Economics |
| ISBN | : 1498335039 |
In August 2009, the Executive Board approved new guidelines on external debt limits in Fund-supported programs. Debt limits seek to prevent the build-up of unsustainable debts, while allowing for adequate external financing. The new framework moves away from a single design for debt limits (or, to use the usual terminology, concessionality requirements) towards a more flexible approach.
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 45 |
| Release | : 2014-06-11 |
| Genre | : Business & Economics |
| ISBN | : 1498342620 |
This note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 65 |
| Release | : 2021-05-25 |
| Genre | : Business & Economics |
| ISBN | : 1513583611 |
The Debt Limits Policy (DLP) establishes the framework for using quantitative conditionality to address debt vulnerabilities in IMF-supported programs. In October 2020, the Executive Board approved reforms to the DLP which will enter into effect on June 30, 2021. The risk-based approach to setting debt conditionality informed by Debt Sustainability Analyses under the previous DLP approved in 2014 is maintained. The reforms aim to provide countries with more financing flexibility in practice while still adequately containing debt vulnerabilities through appropriate safeguards. This note provides operational and technical guidance related to the implementation of the DLP, including the operationalization of the approved reforms. In particular, it outlines the core principles underpinning the DLP, including when debt conditionality in IMF-supported programs is warranted and how to account for country-specific circumstances in the design of debt limits. The note also describes the process of setting and implementing debt conditionality, including: (i) identifying debt vulnerabilities to inform the focus of debt conditionality; (ii) designing debt conditionality; and (iii) implementing debt conditionality through the review cycle. The Guidance Note is intended for use by both IMF staff and country officials. In this regard, in addition to the guidance presented in the main body, the note also contains several annexes that cover definitional, technical, and operational issues arising in the determination and implementation of public debt limits.
| Author | : International Monetary Fund. Strategy, Policy, & Review Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 23 |
| Release | : 2009-08-28 |
| Genre | : Business & Economics |
| ISBN | : 1498335632 |
Against the backdrop of the global financial crisis, the IMF has decided to implement a US$250 billion general allocation of special drawing rights (SDRs). In addition, the Fourth Amendment of the Fund’s Articles of Agreement has recently become effective, and will make available to SDR Department participants a special allocation of up to an additional SDR 21.5 billion (US$33 billion). Nearly US$115 billion of these combined allocations will go to emerging market and developing countries, including about US$20 billion to low-income countries (LICs), thereby providing an important boost to the reserves of countries with the greatest needs.
| Author | : International Monetary Fund. Strategy, Policy, & Review Department |
| Publisher | : INTERNATIONAL MONETARY FUND |
| Total Pages | : 33 |
| Release | : 2015-05-28 |
| Genre | : Business & Economics |
| ISBN | : 9781498344609 |
In December 2014, the Executive Board approved new guidelines on the use of public debt limits in Fund-supported programs. The new guidelines enter into effect on June 30, 2015. The key changes with respect to the existing debt limits policy include, inter alia, the broadening of the policy to encompass all public debt rather than only external public debt; an integrated treatment of external public debt, covering both concessional and non-concessional debt; and closer links between public debt vulnerabilities and the use and specification of public debt conditionality. This note provides operational and technical guidance related to the implementation of the debt limits policy. In particular, it sets out how the policy should be implemented in country-specific circumstances. Full text also available in French
| Author | : International Monetary Fund. Strategy, Policy, & Review Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 39 |
| Release | : 2013-12-23 |
| Genre | : Business & Economics |
| ISBN | : 1498341039 |
This annotated presentation on the debt limits policy (DLP) for Fund programs with low income countries (LICs) was discussed at an informal session of the IMF Executive Board on January 10, 2014. The presentation contains a proposed new approach to the handling of external borrowing limits in such programs, building on the analysis contained in an earlier paper, discussed by the IMF Board in March 2013. The January 10 Board discussion provided staff with suggestions on how to refine their proposals, but the Board did not take a position on the merits of the proposed approach. IMF staff are to present a formal proposal to modify the IMF’s Debt Limits Policy (which covers all IMF lending programs, not merely those with low income countries) for consideration by the Fund’s Executive Board in the coming months.
| Author | : World Bank |
| Publisher | : International Monetary Fund |
| Total Pages | : 61 |
| Release | : 2013-05-10 |
| Genre | : Business & Economics |
| ISBN | : 1498341179 |
Low-income countries (LICs) face significant challenges in meeting their development objectives while at the same time ensuring that their external debt remains sustainable. In April 2005, the Executive Boards of the International Monetary Fund (IMF) and the International Development Association (IDA) endorsed the Debt Sustainability Framework (DSF), a tool developed jointly by IMF and World Bank staff to conduct public and external debt sustainability analysis in low-income countries. The DSF aims to help guide the borrowing decisions of LICs, provide guidance for creditors’ lending and grant allocation decisions, and improve World Bank and IMF assessments and policy advice.
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 55 |
| Release | : 2010-01-25 |
| Genre | : Business & Economics |
| ISBN | : 1498337945 |
The objective of the joint Bank-Fund debt sustainability framework for low-income countries is to support LICs in their efforts to achieve their development goals without creating future debt problems. Countries that have received debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI) need to be kept on a sustainable track. Under the framework, country DSAs are prepared jointly by Bank and Fund staff, with close collaboration between the two staffs on the design of the macroeconomic baseline, alternative scenarios, the debt distress rating, and the drafting of the write-up
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 59 |
| Release | : 2015-04-09 |
| Genre | : Business & Economics |
| ISBN | : 1498344232 |
The Seventh PMR includes: (i) a discussion of progress made over the last year on the actions corresponding to four Management Implementation Plans (MIPs) that were classified as still “in progress” in the previous PMR; and (ii) an assessment of the progress made in achieving the high-level objectives in three areas directly related to those MIPs. In addition, an update on substantive issues related to five older MIPs agreed since 2007 is provided at the end of the report. Three new evaluations have been completed by the IEO since March 2014. In July and August 2015, Management issued the MIPs in response to these evaluations. Given that only a short time has passed since their completion, progress in addressing the actions contemplated in those MIPs will be discussed in the next PMR.
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 46 |
| Release | : 2014-11-14 |
| Genre | : Business & Economics |
| ISBN | : 1498342566 |
The reform of the Fund’s policy on the use of conditionality on public external debt in Fund-supported programs (the “debt limits policy”) has been under discussion since March 2013. The discussion has taken place against a backdrop where lower income countries are seeking to boost growth through higher public investment levels, targeted in particular at large infrastructure gaps, while facing both a wider range of external financing opportunities and limits on the supply of traditional concessional financing. The reform of the Fund’s policy on debt conditionality in 2009 was a first step to accommodate these new realities: experience with the 2009 reforms has pointed to the need for more fundamental reforms to provide countries with greater flexibility to finance productive investments while containing risks to medium-term debt sustainability. The reforms proposed here build on the Board review of the debt limits policy in March 2013, ensuing informal Board discussions in January and May 2014, discussions at an informal seminar in September 2014, and various stakeholder consultations. In developing this reform proposal, staff has sought to first specify a robust set of principles to guide the use of public debt conditionality in all Fund arrangements and then examine how these principles should apply in the specific circumstances of countries that normally rely on official external concessional financing.
