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Ms. Priyadarshani Joshi and Mr. Jeromin Zettelmeyer
We compute realized transfers implicit in IMF lending from 1973-2003, based on 2003 IMF repayment projections and promised debt relief. IMF lending rates to high-and middleincome countries fell short of industrial country borrowing rates by 30-150 basis points over the period as a whole, but exhibited a small premium after 1987. The subsidy received by low-income and HIPC countries was much higher (400-600 basis points, respectively). In 2002 NPV terms, cumulative transfers were 12-15 percent of 2002 GDP for the HIPCs, 2-3 percent for low income countries, and less than ¾ percent for the emerging market countries.
Ms. Priyadarshani Joshi and Mr. Jeromin Zettelmeyer

value of all IMF debt relief committed under the HIPC initiative, see below—could of course result in a significant transfer if they are not fully repaid. For these countries, the IMF produces three alternative repayment projections: first, full repayment; second, no repayment of the overdue obligations but repayment of any new obligations falling due; and third, no repayment. In our baseline estimates, we assume full repayment, based on the experience of most arrears cases. In the final section of the paper, we explore the sensitivity of our overall results with

International Monetary Fund. External Relations Dept.

qualify for assistance under the HIPC initiative, 27 of which already receive debt relief under HIPC. If the G-8 proposal is adopted by the member countries of the IMF and the World Bank, 18 HIPCs could benefit immediately: Benin, Bolivia, Burkina Faso, Ethiopia, Ghana, Guyana, Honduras, Madagascar, Mali, Mauritania, Mozambique, Nicaragua, Niger, Rwanda, Senegal, Tanzania, Uganda, and Zambia. The remaining HIPCs would become eligible for debt cancellation when they reach the completion point. Existing IMF resources are expected to cover the costs of IMF debt relief

International Monetary Fund. African Dept.
Economic impact. COVID-19 is having an adverse economic impact on Burundi. The pandemic is affecting Burundi through an evolving domestic outbreak and economic spillovers from the global and regional environment, including from the containment measures introduced in trading partners and neighboring countries. Economic growth projections for 2020 have been revised down by 5.3 percentage points to -3.2 percent in 2020. The pandemic has exacerbated pre-existing economic challenges and creates an external financing need of 4.7 percent of GDP in 2020 and 2021, mainly as a result of lower exports in line with lower foreign demand due to lower global growth and transportation bottlenecks from containment measures in other countries; elevated imports needs related in part to the planned fiscal spending aimed at responding to the pandemic; and reduced remittances inflows. The pandemic has also created a fiscal financing need of 6.9 percent of GDP, which will need to be met mainly from external sources.
International Monetary Fund. African Dept.

FOR IMMEDIATE RELEASE The IMF Executive Board approved debt relief under the Catastrophe Containment and Relief Trust to provide US$ 7.63 million (SDR 5.48 million) over the next 3 months, and potentially up to US$ 24.97 million (SDR 17.96 million) over the next 21 months. IMF debt relief will help free up resources for public sector health needs including other emergency spending and help mitigate the balance of payments shock posed by the COVID-19 pandemic. Given the risks ahead, it will be important to ensure close cooperation with multilateral