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

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498343503
Category : Business & Economics
Languages : en
Pages : 40

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Book Description
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.

Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1498346987
Category : Business & Economics
Languages : en
Pages : 45

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Book Description
PRGT-related policies following the 2015 enhancement of the financial safety net for LICs, while options to better assist countries confronting sudden balance of payments needs due to large natural disasters are under consideration. Demand for PRGT resources has increased. Demand for concessional resources has exceeded historical averages in recent years, mainly in response to sustained low commodity prices and deteriorated global financial market conditions. Demand is expected to reach new highs in 2017 and longer-term estimates have been raised somewhat.

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498344801
Category : Business & Economics
Languages : en
Pages : 44

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Book Description
This paper reviews recent developments in the financing of the Fund’s concessional lending and debt relief since the October 2014 Update. It presents the latest available data including the new commitments of loan resources to the PRGT and the sources of initial financing for the newly created CCR Trust, replacing the PCDR Trust. It also discusses the PRGT’s potential self sustaining capacity in the context of longer term projections of the demand for concessional lending and robustness to alternative scenarios.

Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN: 1498308406
Category : Business & Economics
Languages : en
Pages : 44

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Book Description
"The Fund is adapting its framework for providing support to low-income countries (LICs) amid rising vulnerabilities. Despite a global economic upswing, many LICs continue to face difficult fiscal and external positions, aggravated by increasing debt levels and natural disasters in many countries. In this context, the Executive Board approved in May 2017 higher annual access limits under the Rapid Credit Facility (RCF) for balance of payment needs arising from large natural disasters and in May 2017 decided to keep the list of Poverty Reduction and Growth Trust (PRGT)-eligible countries unchanged notwithstanding rising per capita income levels. A comprehensive review of PRGT facilities is underway to consider potential adaptations of program modalities and access policies. PRGT demand in 2017 was above the historical average for the third year in a row. New commitments totaled SDR 1.7 billion, the highest level since the global financial crisis. Demand is expected to moderate somewhat in 2018. Longer-term demand estimates are broadly unchanged from last year’s update, and remain generally consistent with the self-sustaining PRGT financing framework adopted in 2012. Loan resources have been successfully replenished, while subsidy contributions remain somewhat below pledged amounts. The 2015 fundraising round mobilized slightly more than the initial target of SDR 11 billion in new loan resources from 15 PRGT lenders, which should provide adequate loan resources into the next decade. By contrast, progress has been limited in collecting the remaining pledged resources for subsidizing the interest on PRGT credit. The PRGT self-sustained capacity remains intact. The PRGT’s self-sustained long term average annual lending capacity is estimated at SDR 1.31 billion, broadly unchanged from last year’ estimate. While capacity estimates are sensitive to a variety of factors, they remain relatively close to the target of SDR 11⁄4 billion under a number of shocks. The Catastrophe Containment and Relief Trust (CCR Trust) remains underfunded. Funding is below the original targeted amount of new bilateral contributions totaling US$150 million, and the gap is more sizeable when considering the increase of members’ quotas under the 14th General Review of Quotas. To meet funding needs for future qualifying catastrophe relief, it is important that countries with outstanding pledges fulfill their commitments and for additional countries to come forward. Additional financing would be required to provide debt relief to members with protracted arrears. Debt relief under the Heavily Indebted Poor Counties (HIPC) Initiative is winding up, with only two potentially eligible countries left with outstanding Fund credit. These are the protracted arrears cases of Somalia and Sudan. Additional resources would be required to finance the Fund’s participation in debt relief when these countries are ready to undertake the HIPC Initiative process"

Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1498345824
Category : Business & Economics
Languages : en
Pages : 43

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Book Description
Better targeted support to LICs. In July 2015, the Executive Board approved measures to strengthen the financial safety net for low-income countries. Specifically, access norms and limits to the Poverty Reduction and Growth Trust (PRGT) resources were increased by 50 percent and the Rapid Credit Facility (RCF) interest rate was set permanently at zero. In addition, four countries graduated from PRGT eligibility. Together with a rebalancing of the mix of blended financing towards more use of general Fund resources for better-off PRGT-eligible countries, these reforms were broadly resource neutral and left the PRGT self-sustaining framework intact. Demand for PRGT resources up strongly. In 2015, demand reached SDR 1.5 billion, largely in response to shocks to commodity prices and adverse global financial market conditions. Demand is expected to remain elevated in 2016, as the global environment continues to be challenging.

Author: Marc Bungenberg
Publisher: Springer
ISBN: 3319292153
Category : Law
Languages : en
Pages : 847

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Book Description
Volume 7 of the EYIEL focusses on critical perspectives of international economic law. Recent protests against free trade agreements such as the Transatlantic Trade and Investment Partnership (TTIP) remind us that international economic law has always been a politically and legally contested field. This volume collects critical contributions on trade, investment, financial and other subfields of international economic law from scholars who have shaped this debate for many years. The critical contributions to this volume are challenged and sometimes rejected by commentators who have been invited to be “critical with the critics”. The result is a unique collection of critical essays accompanied by alternative and competing views on some of the most fundamental topics of international economic law. In its section on regional developments, EYIEL 7 addresses recent megaregional and plurilateral trade and investment agreements and negotiations. Short insights on various aspects of the Transpacific Partnership (TPP) and its sister TTIP are complemented with comments on other developments, including the African Tripartite FTA und the negotiations on a plurilateral Trade in Services Agreement (TiSA). Further sections address recent WTO and investment case law as well as recent developments concerning the IMF, UNCTAD and the WCO. The volume closes with reviews of recent books in international economic law.

Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1475551851
Category : Business & Economics
Languages : en
Pages : 192

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Book Description
IMF Financial Operations 2016 provides a broad introduction to how the IMF fulfills its mission through its financial activities. It covers the financial structure and operations of the IMF and also provides background detail of the financial statements for the IMF's activities during the most recent financial year. This publication (currently in its third edition) updates a previous report entitled Financial Organization and Operations of the IMF, first published in 1986 and last issued in 2001 (the sixth edition). That 2001 report reflected the seismic shifts in the global economy and in the IMF's structure and operations that occurred after the fall of the Soviet Union and the various currency and financial crises of the 1990s. This revised and updated report covers more recent developments, including reform of the IMF’s income model, measures taken in response to the global financial crisis of 2007–09, and the institutional reforms aimed at ensuring that the IMF's governance structure evolves in line with developments in the global economy.

Author: International Monetary Fund. Legal Dept.
Publisher: International Monetary Fund
ISBN: 1498345301
Category : Business & Economics
Languages : en
Pages : 12

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Book Description
A Board-endorsed effort to raise SDR 11 billion in new Poverty Reduction and Growth Trust (PRGT) loan resources needed to sustain the Fund’s concessional lending operations is well underway. Staff is now engaging with 16 interested loan providers bilaterally with a view to having firm pledges in line with the target by the 2016 Annual Meetings and a critical mass of new loan agreements in place by end-2016. To date, committed new loan resources amount to half of the SDR 11 billion fundraising target.

Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1513533258
Category : Business & Economics
Languages : en
Pages : 181

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Book Description
IMF Financial Operations 2015 provides a broad introduction to how the IMF fulfills its mission through its financial activities. It covers the financial structure and operations of the IMF and also provides background detail of the financial statements for the IMF's activities during the most recent financial year. This publication (currently in its second edition) updates a previous report entitled Financial Organization and Operations of the IMF, first published in 1986 and last issued in 2001 (the sixth edition). That 2001 report reflected the seismic shifts in the global economy and in the IMF's structure and operations that occurred after the fall of the Soviet Union and the various currency and financial crises of the 1990s. This revised and updated report covers more recent developments, including measures taken in response to the global financial crisis of 2007–09 and the institutional reforms aimed at ensuring that the IMF's governance structure evolves in line with developments in the global economy, measures to enhance the financial safety net for developing economies, as well as reforms to the IMF's income model.

Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN: 1484358147
Category : Business & Economics
Languages : en
Pages : 160

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Book Description
IMF Financial Operations 2014 provides a broad introduction to how the IMF fulfills its mission through its financial activities. It covers the financial structure and operations of the IMF and also provides background detail of the financial statements for the IMF’s activities during the most recent financial year. This publication updates a previous report entitled Financial Organization and Operations of the IMF, first published in 1986 and last issued in 2001 (the sixth edition). That 2001 report reflected the seismic shifts in the global economy and in the IMF’s structure and operations that occurred after the fall of the Soviet Union and the various currency and financial crises of the 1990s. This revised and updated report covers more recent developments, including measures taken in response to the global financial crisis of 2007-09 and the institutional reforms aimed at ensuring that the IMF’s governance structure evolves in line with developments in the global economy, as well as reforms to the IMF’s income model.