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International Monetary Fund
The G-8 debt relief proposal, if adopted, should have little impact on the rational and operational aspects of the shocks window, but it may affect some of the financing consideratins, which are taken up in the page on "The G-8 Debt Cancellation Proposal and its Implications for the Fund.
International Monetary Fund. Asia and Pacific Dept
This paper discusses three main issues: bank lending rates, impact of climate change on the economy of Bangladesh, and financial inclusion in Bangladesh. According to international standards, average bank lending rates and interest rate spreads in Bangladesh are not high. Various prudent policies have been implemented to bring interest rates down further. Bangladesh is considered among the top countries in the world for vulnerability to climate change, because of its geographical location and topography. The Bangladesh government has taken a number of initiatives to expand financial inclusion in the country. Financial inclusion helps increase the incomes of financially marginalized members of a society.
International Monetary Fund
This Background Paper examines issues in Uganda’s financial sector reform. In Uganda, reforms in the financial sector have included the liberalization of interest rates, the development of instruments of indirect monetary control, the modernization of banking legislation, the restructuring of the central bank, and reforms in the commercial banking system. These reforms are aimed at improving monetary management, which would enhance the prospects for achieving stabilization. Ultimately, financial sector reforms will contribute to long-term sustainable growth by mobilizing domestic savings and channeling these resources to the most profitable investment projects.
Yasemin Bal Gunduz
This paper estimates factors affecting demand for Fund financing by Low-Income Countries (LICs) in response to policy and exogenous shocks. Various economic variables including reserve coverage, current account balance to GDP, real GDP growth, macroeconomic stability, and terms of trade shocks are found to be significant determinants of Fund financing. Moreover, global conditions, including changes in real oil and non-oil commodity prices and world trade, are also significant. Therefore, the demand for Fund financing by LICs is likely to be cyclical in response to common shocks with its intensity depending on the severity and persistence of adverse shocks.
International Monetary Fund. Asia and Pacific Dept

, taking into consideration the country’s absorption capacity. Such estimates are needed not only to properly integrate spending on adaptation into wider development programs but also as a basis for mobilizing financing. Bangladesh’s Climate Fiscal Framework (CFF, Finance Division, June, 2014) is an attempt to make public finance systems ready for utilizing domestic and international climate financing in the most efficient and effective manner. Finalizing and implementing the CFF will ensure efficiency in distributing climate funds to relevant sectors. The framework

International Monetary Fund

Financing Facility (CFF). Stand-alone CFF access requires that the balance of payments situation be satisfactory apart from the export shortfall. Because of the difficulty in making this assessment in the absence of a program that addresses the appropriate adjustment/financing mix, and the inability of most members to meet this standard, the CFF has been little used in recent years. Moreover, CFF financing is not on concessional terms and it does not cover all exogenous shocks faced by low-income countries. In contrast, a PRGF window could offer financing on concessional

International Monetary Fund

the ESAF into the PRGF, the purpose of the PRGF is to provide “loans on concessional terms ... to low-income developing members ... in order to support programs to strengthen substantially and in a sustainable manner their balance of payments position and to foster durable growth, leading to higher living standards and a reduction of poverty.” 26 21. Compensatory Financing Facility (CFF) . Financing under the CFF is available to eligible members that are temporarily experiencing a decrease in export earnings or an excess in cereal import costs. Members must have

International Monetary Fund

of payments problems, the adjustment required under a stand-by arrangement can be minimal. 21. Financing under the CFF does not count toward the access limits in the credit tranches and under the EFF, and hence CFF financing could, in principle, augment total resources available to members . However, in practice, this floating aspect of the CFF has not been used to alleviate the constraint, since access in the credit tranches under stand-by arrangements and under extended arrangements rarely has been close to the access limits. Out of 127 Fund arrangements that