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International Monetary Fund
During the 2012 Review of Poverty Reduction and Growth Trust (PRGT) Eligibility, Executive Directors expressed a number of concerns about the eligibility framework. The Board decided to bring forward the next review of eligibility by one year, to early 2013, in light of these concerns. In particular, Directors called for the review to assess: Possible shortcomings of the gross national income (GNI) per capita criterion in the case of small states, and whether additional or alternative variables should be used to better capture members‘ circumstances, particularly those of small states; as well as further options to enhance the flexibility of the PRGT-eligibility framework to cover small and very small countries; The application of the short-term vulnerabilities criterion for graduation, which can lead to repeated non-graduation of members that meet either the income or the market access criteria for graduation.
International Monetary Fund
This paper proposes to maintain the Poverty Reduction and Growth Trust (PRGT)-eligibility criteria established in early 2010 and considers, based on the application of such criteria, whether updates to the eligibility list are warranted at this time. The premise remains that access to the Fund’s scarce concessional resources should be preserved for members with low income and related vulnerabilities, while keeping PRGT eligibility closely aligned with International Development Association (IDA) practices. Based on the application of the PRGT-eligibility framework, no countries are proposed for entry or graduation at this time.
International Monetary Fund

I. Introduction 1. This paper reviews the PRGT-eligibility entry and graduation criteria established in January 2010 and examines, based on the application of such criteria, whether changes to the PRGT-eligibility list are warranted at this time. 2 In January 2010, at the time of the approval and the first application of the PRGT-eligibility framework, Albania, Angola, and Azerbaijan graduated on the basis of the income criterion, while India, Sri Lanka, and Pakistan graduated on the basis of the market access criterion. The Executive Board expressed an

International Monetary Fund
Having become a Fund member in April 2012, South Sudan can now be considered for PRGT eligibility. In February 2012, the Executive Board reviewed the framework for eligibility to use the Fund’s concessional financing facilities and the list of PRGT-eligible countries. During that review, Directors agreed to maintain the PRGT eligibility framework with a modification of the population threshold used to define small countries. Directors also decided to keep the list of PRGT-eligible countries unchanged. Under the framework to assess PRGT eligibility, decisions on entry onto the list of PRGT-eligible countries can be adopted in the period between reviews. As noted in the staff paper for the 2012 review of PRGT eligibility, given the available data, it was expected that South Sudan would be proposed for entry onto the PRGT-eligibility list after it had joined the Fund. Accordingly, this paper proposes that South Sudan now be added to the list of PRGT-eligible countries.
International Monetary Fund

I. Introduction 1. Having become a Fund member in April 2012, South Sudan can now be considered for PRGT eligibility. In February 2012, the Executive Board reviewed the framework for eligibility to use the Fund’s concessional financing facilities and the list of PRGT-eligible countries. 2 During that review, Directors agreed to maintain the PRGT eligibility framework with a modification of the population threshold used to define small countries. Directors also decided to keep the list of PRGT-eligible countries unchanged. Under the framework to assess

International Monetary Fund

capture members‘ circumstances, particularly those of small states; as well as further options to enhance the flexibility of the PRGT-eligibility framework to cover small and very small countries; The application of the short-term vulnerabilities criterion for graduation, which can lead to repeated non-graduation of members that meet either the income or the market access criteria for graduation. 2. To address these concerns, staff has conducted a comprehensive review of the PRGT-eligibility framework and the associated list of eligible countries . The review

International Monetary Fund
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.
International Monetary Fund

Front Matter Page INTERNATIONAL MONETARY FUND Eligibility to Use the Fund’s Facilities for Concessional Financing Prepared by the Strategy, Policy, and Review, the Legal, and the Finance Departments 1 (In consultation with Area Departments) Approved by Siddharth Tiwari, Sean Hagan, and Andrew Tweedie January 13, 2012 Contents Executive Summary I. Introduction II. The 2010 PRGT-Eligibility Framework III. Review of the PRGT-Eligibility Framework IV. Review of the PRGT-Eligibility List V. Proposed Decision Tables 1. PRGT

International Monetary Fund

Front Matter Page ELIGIBILITY TO USE THE FUND’S FACILITIES FOR CONCESSIONAL FINANCING March 15, 2013 Executive Summary Staff has conducted a comprehensive review of the Poverty Reduction and Growth Trust (PRGT)-eligibility framework and related list . Executive Directors expressed a number of concerns about the framework during the 2012 Review of PRGT Eligibility . In light of these concerns, the Board decided to bring the next review forward by one year. The paper concludes that there is not a strong case for making major changes to the

International Monetary Fund

3. Proposed Changes to the PRGT-Eligibility Framework 4. Assessment of Countries that Meet the Income or Market Access Criteria for Graduation 5. Projected Demand for PRGT Resources ANNEXES I. IDA Graduation Policy II. Comparing BEL and IDS Databases III. Assessments of Countries that Meet the Income or Market Access Criteria for Graduation References Acronyms and Abbreviations BEL Bonds, Equities, and Loans DBM Development Bank of Mongolia DSA Debt Sustainability Analysis FDI Foreign Direct