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2011 Review Of Conditionality Technical Appendices
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Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498340393 Total Pages :73 pages Book Rating :4.4/5 (983 download)
Book Synopsis 2011 Review of Conditionality - Technical Appendices by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book 2011 Review of Conditionality - Technical Appendices written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2012-06-18 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: This section provides the background studies relating to dimensions of Fund policy on conditionality. Appendix 1 provides a review of Fund experience with coordination, both in a low-income country (LIC) setting (in African programs) and in an emerging market and advanced economy setting in the European Union (EU) and Euro Area (EA). Appendix 2 summarizes the recent changes to debt limits in LICs and provides an assessment of the implementation of this policy in the early stages (up to mid-February 2011). Appendix 3 reviews the experience of countries with the Flexible Credit Line (FCL) and Precautionary Credit Line (PCL)-supported programs. Appendix 4 examines the impact of the 2009 Special Drawing Rights (SDR) allocation on program design
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498340385 Total Pages :59 pages Book Rating :4.4/5 (983 download)
Book Synopsis 2011 Review of Conditionality - Content and Application of Conditionality by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book 2011 Review of Conditionality - Content and Application of Conditionality written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2012-06-18 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the design of conditionality in Fund-supported programs from 2002 to end-September 2011, with an emphasis on recent years. It focuses on the content and application of program conditionality—especially structural conditionality—in relation to the 2002 Conditionality Guidelines (the "Guidelines"), the Staff Statement on Principles Underlying the Guidelines on Conditionality, and subsequent revisions to operational guidance on conditionality. The analysis is based on the five key interrelated principles guiding the design of conditionality: national ownership of programs, parsimony in program-related conditions, tailoring to country circumstances, effective coordination with other multilateral institutions, and clarity in the specification of conditions. In particular, the principle of parsimony requires that program-related conditions be critical (or the minimum necessary) to achieve program objectives and goals, critical for monitoring program implementation, or necessary for implementing specific provisions under the Articles of Agreement (the "criticality criterion"). Beyond assessing compliance with these guidelines and principles, the paper also examines the implementation of conditionality
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :149831614X Total Pages :172 pages Book Rating :4.4/5 (983 download)
Book Synopsis 2018 Review of Program Design and Conditionality by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book 2018 Review of Program Design and Conditionality written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2019-05-21 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2018 Review of Program Design and Conditionality is the first comprehensive stocktaking of Fund lending operations since the global financial crisis. The review assesses program performance between September 2011 and end-2017. Programs during this period were defined by the protracted structural challenges faced by members and hampered by the persistently weak global environment.
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498340407 Total Pages :72 pages Book Rating :4.4/5 (983 download)
Book Synopsis 2011 Review of Conditionality - Design of Fund-Supported Programs by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book 2011 Review of Conditionality - Design of Fund-Supported Programs written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2012-06-18 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Design of Fund-supported programs aims to address country specific needs while remaining even-handed and consistent with Fund policy. This paper examines the extent to which program design and conditionality have been appropriate in pursuing these goals, by seeking to answer several questions: has program design been consistent and evenhanded; has it addressed country specific needs and objectives appropriately; has it been based on reasonably good macroeconomic projections; and has it been flexible in the face of evolving country circumstances. The description and analysis focuses on the period between 2006 and September 2011, with some attention to the 2002-05 period.
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498340369 Total Pages :30 pages Book Rating :4.4/5 (983 download)
Book Synopsis 2011 Review of Conditionality - Overview Paper by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book 2011 Review of Conditionality - Overview Paper written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2012-06-19 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The review generally yields positive findings on conditionality and design in Fund-supported programs. Programs in the review period internalized lessons from the past, for example with program design incorporating the lessons of the Asian crisis, and the approach to conditionality being modified to take into account the recommendations made in the 2007 report on structural conditionality by the Fund’s Independent Evaluation Office (IEO). (Box 1 also summarizes recommendations from the previous Review of Conditionality and follow-up.) These findings hold for the substantial majority of programs supported under both the Fund’s General Resources Account and the Poverty Reduction and Growth Trust (hereafter GRA programs and PRGT programs, respectively)
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498340377 Total Pages :68 pages Book Rating :4.4/5 (983 download)
Book Synopsis 2011 Review of Conditionality - Outcomes of Fund-Supported Programs by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book 2011 Review of Conditionality - Outcomes of Fund-Supported Programs written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2012-06-18 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effects of Fund-supported programs initiated during 2002-11, with special emphasis on programs started after the onset of the recent global economic crisis. The paper investigates the effects of Fund-supported programs on key macroeconomic variables and, data restrictions permitting, on social variables (social government spending, unemployment and social outcome indicators). Further, it analyzes the contribution of fiscal and external accommodation in helping program countries get through the recent global crisis. The assessment of the impact of Fund-supported programs is necessarily incomplete to the extent that the global financial crisis is ongoing and the most recent crisis programs such as the March 2012 program for Greece are not included. The Crisis Program Review provides detailed analysis of recent GRA-supported programs.
Book Synopsis European Yearbook of International Economic Law 2014 by : Christoph Herrmann
Download or read book European Yearbook of International Economic Law 2014 written by Christoph Herrmann and published by Springer Science & Business Media. This book was released on 2014-02-10 with total page 534 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2014, the global economic system celebrates two anniversaries: Seventy years ago, on 22 July 1944 at Bretton Woods, New Hampshire, the Articles of Agreement of the International Monetary Fund (IMF) and the Articles of Agreement of the International Bank for Reconstruction and Development (Worldbank) were adopted. Since then the global financial and monetary system underwent significant policy changes, but the institutional framework remained the same. More recently, twenty years ago, on 15 April 1994, the Final Act of the Uruguay Round of Multilateral Trade Negotiations was signed and its key component, the Agreement establishing the World Trade Organization, entered into force on 1 January 1995. Even though the beginning of the multilateral trading system dates back to the late 1940s, the founding of the WTO constitutes a significant institutional reform which marks the beginning of a new era. Anniversaries are usually moments of celebration. However, even a superficial observer will notice that neither the current international financial and monetary regime nor the international trade regime is in a stage which invites celebration. Instead, both are facing difficult and fundamental challenges to their very existence from the outside but also from within. So while there may be no time to celebrate, anniversaries are also often used for reflection about the past and the future. Hence, EYIEL 5 (2014) considers these two anniversaries ample moments to reflect on the legacy and the current status of the main two pillars of International Economic Law in its Part one. Part two of EYIEL 5 (2014) brings together contributions on the EU’s Deep Trade Agenda, on Current Approaches to the International Investment Regime in South America, on the Multilayered System of Regional Economic Integration in West Africa and on the Tripartite Free Trade Area, as well as on India and her Trade Agreements. Part three contains treatises of developments in the World Customs Organization, the World Intellectual Property Organization and in International Investment Law. After the book reviews in Part four, EYIEL 5 (2014) is complemented with an Annex containing the Case (on exchange-rate manipulation and crisis-caused guarantees to financial institutions) and the Best Submissions of the 11th EMC2 ELSA WTO Moot Court Competition (of the Harvard team for the complainant and the Leuven team for the respondent). The case not only addresses issues of current interest but also links the subjects of our two special focusses nicely together.
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498342310 Total Pages :67 pages Book Rating :4.4/5 (983 download)
Book Synopsis Macroeconomic Issues in Small States and Implications for Fund Engagement by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Macroeconomic Issues in Small States and Implications for Fund Engagement written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2013-02-20 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the macroeconomic characteristics and performance of small states and discusses ways in which the Fund’s engagement with these countries could be better tailored to meet their needs. The Fund previously examined small states issues in 2000, informed by a Joint Task Force Report of the Commonwealth Secretariat (CS) and World Bank. Small states continue to face many of the same challenges they did then, and the 2000 Small States Report remains the foundation for much of the work in this area, both inside and outside the Fund. However, the relative macroeconomic performance of small states has deteriorated since the late 1990s, and a fresh look is warranted.
Book Synopsis Crisis Program Review by : International Monetary Fund
Download or read book Crisis Program Review written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-09-11 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an updated review of Fund-supported programs undertaken during the global financial crisis. It follows a series of previous reviews during 2009–12 that assessed program design and outcomes during the surge in Fund supported programs since 2008. The review covers experience during 2008–15 for 32 arrangements financed from the Fund's general resources account (GRA). It covers 27 countries for which arrangements were approved during September 2008–June 2013, with two years or more of program performance.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1484301722 Total Pages :54 pages Book Rating :4.4/5 (843 download)
Book Synopsis Romania by : International Monetary Fund. European Dept.
Download or read book Romania written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2017-05-25 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: A 24-month precautionary Stand-By Arrangement (SBA) was approved in September 2013. The SBA, in an amount of SDR 1,751 million (170 percent of quota), was supported by the European Union and the World Bank and entailed exceptional access given Romania’s cumulative use of Fund resources. It followed on the heels of two previous SBAs, which had considerably reduced external and fiscal imbalances. Since 1991, a total of ten programs have been approved with Romania and, at the time of the 2013 SBA request, Romania was the fourth largest Fund borrower.
Book Synopsis Conditionality in Evolving Monetary Policy Regimes by : International Monetary Fund
Download or read book Conditionality in Evolving Monetary Policy Regimes written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-05-03 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: With single-digit inflation and substantial financial deepening, developing countries are adopting more flexible and forward-looking monetary policy frameworks and ascribing a greater role to policy interest rates and inflation objectives. While some countries have adopted formal inflation targeting regimes, others have developed frameworks with greater target flexibility to accommodate changing money demand, use of policy rates to signal the monetary policy stance, and implicit inflation targets.
Author :International Monetary Fund. Asia and Pacific Dept Publisher :International Monetary Fund ISBN 13 :1498377254 Total Pages :48 pages Book Rating :4.4/5 (983 download)
Book Synopsis Sri Lanka by : International Monetary Fund. Asia and Pacific Dept
Download or read book Sri Lanka written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2014-09-22 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: EXECUTIVE SUMMARY Sri Lanka’s 2009 Stand-By Arrangement was initiated at the onset of the global financial crisis. It also coincided with the ending of the country’s decades-old civil conflict. This unusual combination of circumstances made the program subject to very high economic uncertainty. The immediate imperative was to avert a balance of payments crisis— allowing for an orderly exchange rate adjustment and a rebuilding of external reserves— so as to forestall a shock with socially disruptive consequences. Recognizing the role of fiscal imbalances in the crisis, the program called for a fiscal consolidation that could restore debt sustainability. The program also aimed to put in place a framework to resolve problem banks and safeguard financial stability. Viewed through the immediacy of averting an acute external shock, Sri Lanka’s program was successful. On economic grounds, Sri Lanka’s need was evident. The program provided a catalytic effect to confidence at a crucial time. The balance of payments pressures not only ebbed, they reversed decisively within a few months of the program’s inception in recognition a potential “peace dividend” that the country might reap, as well as the Fund’s reassuring presence. In conjunction with these factors, the global environment also improved. As a result, the economy experienced strong growth and lower inflation relative to the preprogram years. Exceptional access, as approved at the program’s inception, was appropriate, as was the subsequent re-phasing of purchases to reflect improved conditions. The program concluded in 2012 (following two extensions), marking the completion of Sri Lanka’s longest engagement with the Fund. Viewed through the broader prism of achieving longer-term objectives, however, the program’s success was partial. Although international reserves were restored to a more comfortable level, exchange rate adjustment has not fully restored external competitiveness, and external vulnerabilities remain high. Thanks to a commendable level of expenditure control by the authorities through most of the program, headline and primary fiscal deficits declined after a large initial slippage. However, the fiscal adjustment was unbalanced—relying completely on expenditure cuts—while revenues continued their long-term decline, straining the future ability to sustain much-needed (and growth inducing) capital expenditure. Also, underlying fiscal and external debt-related vulnerabilities have not been significantly reduced despite improvement in headline numbers. Indeed, by some measures, they may have risen. The program had limited success in reining in the losses of state-owned enterprises. There have been improvements in the financial sector—notably in the area of risk-based supervision—but progress still needs to be made in other areas. To a certain extent, shortcomings with respect to longer-term objectives may reflect the fact that structural impediments were significant—in areas ranging from state owned enterprise reform to revenue administration, as well as the management of domestic liquidity conditions. This made some of the goals too ambitious for the time-frame of the program, despite two extensions. Difficulties encountered during previous attempts that were aimed at tackling these problems may have served to temper such optimism. Yet, in some areas—exchange rate flexibility, and revenue enhancements—policy choices also had a role to play in shaping weaker than envisaged program outcomes. By way of lessons, therefore, this report calls for more careful calibration of program goals. Targets need to be tethered by credible well specified bottom-up measures with attention to their sequencing, matching the degree of commitment. There may also be a case for keeping a sharper distinction between various kinds of Fund facilities for differing circumstances.
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498346235 Total Pages :190 pages Book Rating :4.4/5 (983 download)
Book Synopsis 2017 Handbook of IMF Facilities for Low-Income Countries by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book 2017 Handbook of IMF Facilities for Low-Income Countries written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2017-01-12 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 : Total Pages :191 pages Book Rating :4.4/5 (2 download)
Book Synopsis 2023 Handbook of IMF Facilities for Low-Income Countries by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book 2023 Handbook of IMF Facilities for Low-Income Countries written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2023-04-21 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis 2011 Review of the Standards and Codes Initiative by : International Monetary Fund
Download or read book 2011 Review of the Standards and Codes Initiative written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-02-16 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Standards and Codes Initiative (“Initiative”) has been identified as one of several building blocks for the overhaul of the global financial architecture after the Asian crisis in the late 1990s. Twelve policy areas were selected as key for sound financial systems and a framework for Reports on the Observance of Standard and Codes (ROSCs) was established and has been implemented by the Bank and the Fund for about a decade. Since the Initiative’s inception, a majority of member countries have had one or more ROSCs, although—in part due to the voluntary nature of ROSCs—the coverage is not fully complete. After peaking in 2003, the annual number of ROSCs completed has declined considerably. In particular, the number of fiscal transparency and data ROSCs has dropped, reflecting the downsizing of the Fund, and changes in departmental priorities. The reduction in financial sector ROSCs—generally done as a part of the Financial Sector Assessment Program (FSAP)—has been less, although fewer ROSCs have been done per FSAP. Revisions to the standards to incorporate the lessons from the crisis, the initiatives of the Financial Stability Board (FSB), and changes to financial surveillance are likely to have important implications for the future of the Initiative. In particular, the commitment by FSB members to undergo FSAPs every 5 years and the FSB’s framework to enhance adherence to international financial standards are likely to boost demand for financial sector ROSCs. These resource pressures impose a greater burden on the prioritization process, and strategic decisions will have to be made to augment resources for the Initiative or on where the resource cuts could come from in order to maintain adequate coverage of non-G20 countries.
Book Synopsis Current Challenges in Revenue Mobilization - Improving Tax Compliance by : International Monetary Fund
Download or read book Current Challenges in Revenue Mobilization - Improving Tax Compliance written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-01-29 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper addresses core challenges that all tax administrations face in dealing with noncompliance—which are now receiving renewed attention. Long a priority in developing countries, assuring strong compliance has acquired greater priority in countries facing intensified revenue needs, and is critical for fairness and statebuilding. Series: Policy Papers
Book Synopsis The International Monetary Fund by : Graham Bird
Download or read book The International Monetary Fund written by Graham Bird and published by Edward Elgar Publishing. This book was released on 2016-03-25 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is no shortage of opinion about the International Monetary Fund (IMF). Some see it as the agent of austerity, being manipulated by wealthy nations and forcing poorer countries to pursue economic policies that suppress growth and development. A sharply contrasting view regards it as bailing out such countries with large amounts of soft finance, allowing them to avoid necessary adjustment. The challenge is to evaluate the alternative arguments and to distinguish reality from rhetoric. In this book, the authors undertake a careful and detailed empirical analysis of the underlying issues, covering participation in IMF programs, their implementation and effects on economic growth, and on the willingness of international capital markets to lend. Blending research methodologies and crossing conventional disciplinary boundaries, what emerges is a balanced and nuanced assessment of the IMF’s operations that confronts many commonly held views. Unique in its broad scope, this careful examination of the IMF will be of great interest to students and academics in the fields of international economics and international relations. Those involved in international financial institutions and national monetary institutions will also find it to be an impartial and illuminating study.
