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International Monetary Fund. External Relations Dept.

debt securities as well as issues and holdings of other types of securities. To download the publication, visit www.imf.org/external/np/sta/wgsd/index.htm IMF overhauls lending practices The IMF has completed a major overhaul of its lending to strengthen its capacity to prevent and resolve crises. The reforms are redefining the way the IMF engages with its member countries. As part of the reform package, the IMF has established a new credit line for well-run emerging market economies. Disbursements are not phased and there are no conditions to meet once a

International Monetary Fund
This paper summarizes key developments in the Fund’s policy work since the 2008 Annual Meetings. Table 1 presents key conclusions of policy initiatives. Table 2 provides a progress report on implementation of the Fund’s surveillance priorities.
International Monetary Fund. External Relations Dept.

IMF–World Bank meetings to assess policy agenda The world’s top financial and development officials will be gathering in Washington, D.C., on April 22–23 for meetings of the IMF’s International Monetary and Financial Committee (IMFC) and the World Bank–IMF Development Committee. High on the agenda of the IMFC will be the outlook for the world economy and the IMF’s strategic review. The Development Committee’s agenda will include the latest Global Monitoring Report . IMF overhaul plan set for launch The IMF is set to begin implementing its new

International Monetary Fund. External Relations Dept.

reward good behavior but helped bring about the global financial crisis S. Raihan Zamil DEPARTMENTS In Brief Private schooling; IMF helps protect most vulnerable; Do the math; IMF overhauls lending practices; At the beach; Bridges to growth People in Economics Still the Bottom Billion Glenn Gottselig interviews Paul Collier Picture This Uncharted Territory When aggressive monetary policy combats a crisis Koshy Mathai and Simon Willson Back to Basics What Is Fiscal Policy

International Monetary Fund

) for monitoring implementation of structural reforms. Elimination of rarely-used facilities, including the Supplemental Reserve Facility (SRF), the Compensatory Financing Facility (CFF), and the Short-term Liquidity Facility (SLF). The SLF, approved in 2008, constituted an important step towards developing the Flexible Credit Line as a more general crisis prevention instrument (see above). Simplification of the charges and maturities structure (e.g., time-based repurchase expectations replaced with price-based early repurchase incentives). References: IMF Overhauls

International Monetary Fund

that:”. 6. This Decision is expected to be reviewed no later than three years after the date of its adoption. 1 This paper was prepared by Peter Dohlman and Ricardo Llaudes (both SPR), Damien Eastman and Kyung Kwak (both LEG), under the guidance of Michele Shannon (SPR) and Ceda Ogada (LEG). 2 IMF Overhauls Nonconcessional Lending Facilities and Conditionality , IMF Public Information Notice (PIN) No. 09/40, April 3, 2009. 3 While blackout periods apply to both precautionary arrangements and arrangements under which purchases are made, the

International Monetary Fund
In the context of the March 2009 reforms of the General Resources Account (GRA) lending toolkit, the Executive Board asked staff to prepare a paper addressing the problem of blackout periods under GRA arrangements, which interrupt access to accumulated but undrawn purchases. This request arose in the context of the decision to make high-access precautionary arrangements (HAPAs) available to members on a more regular basis (with greater flexibility regarding frontloading of access). Blackout periods have important implications given that the crisis-prevention and confidence-enhancing role of precautionary arrangements (particularly HAPAs) depend on strong assurances that resources will be available if needed. Section II provides background on the issue of blackout periods and the expanded role of precautionary arrangements under the recent reforms. Section III proposes a solution to provide greater assurances to members regarding continuity of access to accumulated rights while maintaining appropriate safeguards.
International Monetary Fund. External Relations Dept.
2006 spring meetings preview; Reform at the IMF: Medium-Term Strategy; Global Financial Stability Report; World Economic Outlook: Oil and imbalances; Globalization and inflation; Puzzle of corporate saving; Profitable investment in Africa.
Mr. Ali J Al-Sadiq

) ; and Edwards (2005) . 7 The Enhanced Structural Adjustment Facility (ESAF) was established in 1987, which brought stricter conditionality to the IMF’s concessional financing and offered higher access under three-year arrangements. In 1999, The ESAF facility was renamed as the Poverty Reduction and Growth Facility (PRGF), with a focus on reducing poverty and strengthening growth on the basis of country-owned poverty reduction strategy. In 2009, the IMF overhauled its concessional lending facilities to make them more flexible and meet increasing demand for

Mr. Ali J Al-Sadiq
It is common for IMF-supported adjustment programs with low-income member countries (LICs) to project that they will facilitate FDI inflows. The main objective of this paper is to empirically examine this hypothesis. Using an unbalanced panel dataset for 73 low-income countries over the period 1980–2012, and two different econometric methods that address the selection-bias problem, the empirical results robustly show that participating in IMF-supported program is associated with a significant increase in FDI inflows.