The review of PRGT-eligibility, conducted biennially, is guided by a transparent, rules-based, and parsimonious framework. The framework determines which IMF members can access concessional resources based on an assessment of their level of income per capita, market access, and serious short-term vulnerabilities. Application of the framework should be consistent with the self-sustainability of the PRGT’s lending capacity over time. This paper concludes that the existing framework remains generally appropriate. The PRGT-eligibility framework is broadly aligned with the World Bank’s International Development Association practices, with minor differences between the lists of eligible countries explained by differences in the mandates of the two institutions and the timing of their respective review cycles. None of the countries that have graduated from the PRGT-eligibility list are at immediate risk of re-entering it. No country is proposed for graduation from or entry onto the PRGT-eligibility list. While thirteen countries meet either the income or market access graduation criterion, all are assessed to be facing serious short-term vulnerabilities and thus none are proposed for graduation. No non-PRGT-eligible country meets the criteria for entry onto the PRGT-eligibility list. The proposal to keep the list of PRGT-eligible countries unchanged is consistent with the self-sustained capacity of the PRGT.
IMF Executive Board Reforms the Fund’s Policy on Poverty Reduction Strategies in Fund Engagement with Low-Income Countries, Press Release No. 15/371 , August 6 , 2015 : www. imf.org/external/np/sec/pr/2015/pr15371.htm
IMFExecutiveBoardReviewsEligibility to Use the Fund’s Facilities for Concessional Financing for 2015, Press Release No. 15/369 , July 31 , 2015 : www.imf.org/external/np/sec/pr/2015/pr15369.htm
IMF to Extend 100 Percent Debt Relief for 19 Countries under the Multilateral Debt Relief Initiative, Press
IMFExecutiveBoardReviewsEligibility to Use the Fund’s Facilities for Concessional Financing for 2015, Press Release No. 15/369, July 31, 2015: www.imf.org/external/np/sec/pr/2015/pr15369.htm
IMF Executive Board Removes Remedial Measures Applied to Zimbabwe, Press Release No.16/505, November 14, 2016: www.imf.org/en/news/articles/2016/11/14/pr16505-zimbabwe-imf-executive-board-removes-remedial-measures
IMF Extended Credit Facility, IMF Factsheet : www.imf.org/external/np/exr/facts/ecf.htm
IMF Lending to Poor Countries—How Does the PRGF