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Proposal For A Food Shock Window Under The Rapid Financing Instrument And Rapid Credit Facility
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Book Synopsis Proposal for a Food Shock Window Under the Rapid Financing Instrument and Rapid Credit Facility by : International Monetary
Download or read book Proposal for a Food Shock Window Under the Rapid Financing Instrument and Rapid Credit Facility written by International Monetary and published by International Monetary Fund. This book was released on 2022-10-05 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Russia’s war in Ukraine has exacerbated global economic pressures, including through a food shock. The war and food-related spillovers—higher import prices for food and fertilizer and disruptions in supply lines for food importers, and a loss of revenue for some food exporters—add to urgent balance-of-payments (BOP) needs of many Fund members. They have also exacerbated acute food insecurity, now affecting 345 million people. While the best response to address BOP pressures would generally involve an Upper Credit Tranche-quality program, such a program may not be feasible in some cases or necessary in others. This paper proposes a time-bound food shock window under the Rapid Financing Instrument (RFI) and the Rapid Credit Facility (RCF) to provide support to members in such situations. The new window would be temporary and provide low-access emergency financing that increases the amounts currently available under the RFI/RCF. Members would need to demonstrate urgent BOP needs and meet a set of qualification criteria related to the global food shock. The window would be available for 12 months from the date of Board approval of the window. Countries requesting financing under the window would also need to meet the standard qualification criteria under the RFI/RCF.
Book Synopsis Review of Experience with The Food Shock Window Under The Rapid Financing Instrument and The Rapid Credit Facility by : International Monetary Fund. Finance Dept.
Download or read book Review of Experience with The Food Shock Window Under The Rapid Financing Instrument and The Rapid Credit Facility written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2023-06-30 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Food Shock Window (FSW) under the Rapid Credit Facility (RCF) and the Rapid Financing Instrument (RFI) was approved in September 2022 for 12 months, as a complement to the tools used by the Fund to support the broader international effort to address the global food shock. The Fund has been working closely with partners to provide a coordinated international response to the global food shock, and has contributed through policy advice, technical assistance and lending. Where needed and possible, financial support to countries affected by the global food shock has been delivered by the IMF through multi-year Fund-supported programs The FSW complemented this support in situations where these programs were not feasible or not necessary. As the global food shock and associated balance of payment pressures are expected to continue throughout 2023, the IMF extended the FSW until end-March 2024 to allow the FSW to continue serving as a contingency tool. This extension will also provide sufficient time to observe if the FSW can lapse without limiting the capacity of the Fund to support its members. To ensure adequate borrowing space under the emergency financing limits for those countries that have received support through the FSW, the IMF also extended the additional 25 percent of quota added to the Cumulative Access Limit until end-2026 for countries that have accessed the Food Shock Window through the RFI and until the completion of the 2024/25 PRGT review for those that accessed the Food Shock Window through the RCF.
Book Synopsis Review of The Cumulative Access Limits Under The Rapid Financing Instrument and The Rapid Credit Facility by : International Monetary Fund. Finance Dept.
Download or read book Review of The Cumulative Access Limits Under The Rapid Financing Instrument and The Rapid Credit Facility written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2023-06-30 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF extended the temporarily higher Cumulative Access Limits under the Fund’s Emergency Financing instruments, the Rapid Credit Facility (RCF) under the General Resources Account, and the Rapid Financing Instrument (RFI) under the Poverty Reduction and Growth Trust. This extension ensures that the Fund can continue to support member countries that accessed Fund’s emergency financing during COVID-19 pandemic in case of renewed emergency situations. The temporarily higher cumulative access limits under the RFI will be maintained until end-June 2024 when most RFI recipients will have repaid a significant part of their past emergency financing. The temporarily higher cumulative access limits under the RCF will be maintained until the completion of the 2024/25 comprehensive review of the Fund’s concessional facilities and financing, given the longer repayment schedule for RCF financing.
Book Synopsis Proposal for a Staff-Monitored Program with Executive Board Involvement by : International Monetary
Download or read book Proposal for a Staff-Monitored Program with Executive Board Involvement written by International Monetary and published by International Monetary Fund. This book was released on 2022-10-05 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes an amendment to the policy on Staff-Monitored Programs (SMPs) that would allow for limited Executive Board involvement in opining on the robustness of a member’s policies to meet their stated objectives under an SMP and monitoring its implementation. To differentiate from regular SMPs, such SMPs would be called “Program Monitoring with Board Involvement” or “PMBs”. Their use would be only available to those (requesting) members who, in addition to seeking to build or rebuild a track record for Upper Credit Tranche (UCT) Use of Fund Resources (UFR), would benefit from targeted Executive Board involvement because of either (i) an ongoing concerted international effort by creditors or donors to provide substantial new financing or debt relief to the member or (ii) significant outstanding Fund credit under emergency financing instruments at the time new emergency financing is received. Members meeting criterion (i) or (ii) above would be strongly encouraged to request such a PMB. The PMB would support members in designing, implementing, and monitoring policies under often complex circumstances.
Book Synopsis Selected Decisions and Selected Documents of the International Monetary Fund by : International Monetary Fund. Legal Dept.
Download or read book Selected Decisions and Selected Documents of the International Monetary Fund written by International Monetary Fund. Legal Dept. and published by International Monetary Fund. This book was released on 2024-03-12 with total page 1064 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume is the Forty-Third Issue of Selected Decisions and Selected Documents of the International Monetary Fund. It includes decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the International Monetary Fund, as well as selected documents, to which frequent reference is made in the current activities of the Fund. In addition, it includes certain documents relating to the Fund, the United Nations, and other international organizations.
Download or read book Haiti written by International Monetary and published by International Monetary Fund. This book was released on 2023-02-07 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Haiti has been hit hard by the global food price shock. In September 2022, food inflation reached 44 percent, with rice inflation nearly 70 percent. With more than half the population already below the poverty line, Haiti faces a dire humanitarian crisis, with an expected financing gap in FY2023 of at least US$105 million (0.5 percent of GDP), assuming import compression and pending additional external financing from development partners. This shock compounds the hardships of an already highly fragile country—also suffering a public health emergency (cholera) and serious security risks. In line with global trends and also due to an escalation of violence, the macroeconomic situation has been more challenging relative to the outlook in June 2022, at the time of the approval of the Staff Monitored Program (SMP). That said, recent data suggest that the authorities are making meaningful efforts to overcome the multiple challenges facing the country and the First Review of the SMP was approved by IMF Management on December 21, 2022.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 : Total Pages :37 pages Book Rating :4.4/5 (2 download)
Book Synopsis Ukraine by : International Monetary Fund. European Dept.
Download or read book Ukraine written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2022-10-19 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Russian invasion of Ukraine that started over seven months ago has caused large loss of life, large population displacement, and significant infrastructure damage. The impact on economic activity has been enormous: real GDP has severely contracted, inflation has risen sharply, trade has been significantly disrupted, and the fiscal deficit has ballooned to unprecedented levels. In the immediate aftermath of the invasion, the authorities quickly adapted monetary and exchange rate policies to preserve financial and exchange rate stability. More recently, and to help reverse significant international reserves loss, the exchange rate was devalued, helping to stabilize FX reserves and maintain overall macroeconomic and financial stability. Fiscal policy has been geared to priority spending on defense, social benefits, humanitarian needs, and where possible some fixing of critical infrastructure. Uncertainty around the size of financing needs remains extremely elevated and highly dependent on the length of the war and its intensity, and economic risks loom large, including those related to potential additional damage to critical infrastructure or new disruptions to the agricultural and energy sectors.
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.
Author :International Monetary Fund. Office of Budget and Planning Publisher :International Monetary Fund ISBN 13 : Total Pages :65 pages Book Rating :4.4/5 (2 download)
Book Synopsis FY2024-FY2026 Medium-Term Budget by : International Monetary Fund. Office of Budget and Planning
Download or read book FY2024-FY2026 Medium-Term Budget written by International Monetary Fund. Office of Budget and Planning and published by International Monetary Fund. This book was released on 2023-06-02 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: FY2024-FY2026 Medium-Term Budget
Book Synopsis Union of the Comoros by : International Monetary Fund. African Dept.
Download or read book Union of the Comoros written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2020-05-07 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents Union of the Comoros’ Request for Disbursement Under the Rapid Credit Facility and Purchase Under the Rapid Financing Instrument. The Comoros’ authorities should use fiscal policy to cushion the adverse effects of the coronavirus disease 2019 shock and bring the fiscal position back in line with medium-term paths once the crisis has passed. In addition to expanding very substantially healthcare spending to meet the population’s pandemic-related needs, the authorities should consider giving targeted and temporary support to the most vulnerable. Monetary policy should focus on maintaining the exchange rate peg. At the same time, the authorities should use all tools at their disposal to safeguard the stability of the banking system, including by providing liquidity to banks facing liquidity pressures and addressing loan servicing difficulties. Beyond implementing their pandemic preparedness plan and strengthening the health care system’s ability to respond to pandemic needs, the authorities are considering delaying deadlines for tax filings and temporarily lowering customs duties for certain imports. They will monitor inflation developments and maintain the exchange rate peg to the euro. The authorities will also do all they can to ease liquidity strains in the banking system. They are also are working with banks to enable targeted loan maturity extensions.
Book Synopsis 2023 Review of Resource Adequacy of the Poverty Reduction and Growth Trust, Resilience and Sustainability Trust, and Debt Relief Trusts by : International Monetary Fund. Legal Dept.
Download or read book 2023 Review of Resource Adequacy of the Poverty Reduction and Growth Trust, Resilience and Sustainability Trust, and Debt Relief Trusts written by International Monetary Fund. Legal Dept. and published by International Monetary Fund. This book was released on 2023-04-26 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an integrated perspective across the Trusts of the Fund. It is the first annual review that combines discussion of the adequacy of the resources of the Fund’s Poverty Reduction and Growth Trust (PRGT) and debt relief trusts, including the Catastrophe Containment and Relief Trust (CCRT), with that of the Resilience and Sustainability Trust (RST). The review of the PRGT assesses recent developments for lending demand, fundraising, and interest rates and compares them to the baseline projections underpinning the July 2021 reforms. A multi-pronged strategy is proposed to address identified strains on PRGT finances while minimizing negative effects for PRGT borrowers and preserving the confidence of PRGT lenders. On the recently established RST, this paper reports its fundraising progress; discusses demand developments and outlook for RST financing; assesses adequacy of loan resources and reserves; and examines, in view of increases in the SDR interest rate, the implications of adopting an interest rate cap at 21⁄4 percent for the lowest income group eligible for RST borrowing.
Book Synopsis The Managing Director's Global Policy Agenda, Spring Meetings 2023 by : International Monetary Fund
Download or read book The Managing Director's Global Policy Agenda, Spring Meetings 2023 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2023-04-13 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy is at another highly uncertain moment: tentative signs of stabilization earlier this year have receded, and the outlook is increasingly risky and uncertain. At the same time, divisions within and across countries are deepening, exacerbated by rising fragmentation. Strong policy action is needed together with pragmatic approaches to find areas of common ground to respond to shared challenges. The IMF is proactively engaging with our members to chart a clear course to a stronger and more sustainable path for the global economy.
Book Synopsis Review of the Flexible Credit Line, the Precautionary and Liquidity Line, and the Rapid Financing Instrument - Specific Proposals by : International Monetary Fund
Download or read book Review of the Flexible Credit Line, the Precautionary and Liquidity Line, and the Rapid Financing Instrument - Specific Proposals written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-01-05 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper responds to Directors’ request at the time of the February discussions of the Review of the Flexible Credit Line (FCL), the Precautionary and Liquidity Line (PLL) and the Rapid Financing Instrument (RFI) for further analysis focusing on three key issues: - The alignment of the FCL and PLL qualification criteria. The paper proposes a qualification framework for PLL arrangements based on the nine FCL criteria aiming to improve the transparency and predictability of PLL decisions, while maintaining the current qualification standards. The paper also proposes a refinement of the bank solvency criterion. - The operationalization of an external stress index. The paper proposes a methodology to calculate a new index to strengthen discussions of a country’s external risks. Such an index would be presented to the Board at the time of requests for, or reviews under, FCL and PLL arrangements. - The use of indicators of institutional strength. The paper argues that a limited set of new institutional indicators could be used to help broaden the indicators of institutional strength already identified in the FCL and PLL Operational Guidance Notes
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 : Total Pages :17 pages Book Rating :4.4/5 (2 download)
Book Synopsis Review of the Policy on Staff-Monitored Program With Executive Board Involvement by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Review of the Policy on Staff-Monitored Program With Executive Board Involvement written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2024-02-20 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the policy on Staff-Monitored Program with Executive Board Involvement (PMB). The PMB plays an important niche role in the Fund’s toolkit in supporting members in circumscribed circumstances, while not supplanting the Staff-Monitored Programs (SMPs) as the primary tool for building or rebuilding a track record towards a Fund arrangement that supports a UCT-quality program. Experience with the PMB is limited to three country cases over the past sixteen months. Further experience would be needed to draw more definitive conclusions in terms of the usefulness of the PMB vis-à-vis alternative instruments and a more parsimonious Fund toolkit. In this context, the PMB is kept in the toolkit, and it will be expected to be reviewed in three years.
Book Synopsis Liberia by : International Monetary Fund. African Dept.
Download or read book Liberia written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2020-06-12 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents Liberia’s Request for Disbursement Under the Rapid Credit Facility. The economic impact of the pandemic is hitting the poorest with little social safety net, and food security of those relying on uncertain daily income is a pressing concern. The authorities have responded by taking revenue and expenditure measures to support emergency food aid for the poor; improving monitoring and control of spending; and safeguarding scarce foreign exchange reserves. Preliminary data suggest that performance under the Extended Credit Facility-supported program has been weak, though the authorities are fully committed to address the weaknesses. In order to address the shortage of Liberian dollars and the growing need for more US dollar liquidity, the authorities have contracted the printing of additional Liberian dollar bank notes and are formulating measures for inclusion in the FY2021 budget to augment US dollar liquidity.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1513511726 Total Pages :122 pages Book Rating :4.5/5 (135 download)
Book Synopsis International Monetary Fund Annual Report 2019 Financial Statements by : International Monetary Fund
Download or read book International Monetary Fund Annual Report 2019 Financial Statements written by International Monetary Fund and published by International Monetary Fund. This book was released on 2019-10-04 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: The audited consolidated financial statements of the International Monetary Fund as of April 30, 2019 and 2018
Author :International Monetary Fund. Asia and Pacific Dept Publisher :International Monetary Fund ISBN 13 :1513568043 Total Pages :98 pages Book Rating :4.5/5 (135 download)
Book Synopsis Tonga by : International Monetary Fund. Asia and Pacific Dept
Download or read book Tonga written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2021-02-01 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tonga’s recovery following the devastation of the 2018 Cyclone Gita has been derailed by a double blow from the pandemic and Cyclone Harold. FY2020 GDP growth is estimated to fall to -21⁄2 percent due to domestic containment measures, a sudden stop in tourism, and investment delays. The full brunt of the pandemic will be felt in FY2021 (beginning July) during peak tourism season, when a deeper contraction is expected. A worse outcome was avoided by early actions to close external borders—which has kept Tonga COVID-19-free—and prompt economic support. Beyond FY2021, the recovery is expected to resume in line with the global recovery, but the magnitude and trajectory is uncertain.
