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International Monetary Fund. African Dept.

policies of a member receiving RCF financing are expected to address the underlying balance of payments difficulties and support policy objectives including macroeconomic stability and poverty reduction. Financing under the RCF carries zero interest (until end 2014), has a grace period of 5.5 years, and a final maturity of 10 years. The Fund reviews the level of interest rates for all concessional facilities every two years. Following the Executive Board discussion on Madagascar, Mr. Min Zhu, Deputy Managing Director and Acting Chair, said: “Madagascar’s re

International Monetary Fund
This paper proposes a new facilities architecture for Low-Income Countries. It is based on "Option 2" set out in the framework paper discussed by the Executive Board on March 20, 2009. The new architecture provides a unified facilities framework for LICs under a new Poverty Reduction and Growth Trust (PRGT). The facilities are distinguished primarily by the duration of the financing and adjustment needs and the conditionality standard.
International Monetary Fund

flexibility on timing than is currently the case. 10 In the case of the SCF, if financing and adjustment needs persist beyond the short term, SCF users would typically move to an ECF arrangement, 11 which would then be underpinned by a PRS document. Finally, while RCF financing would not require a PRS document, if it is used repeatedly to move toward an ECF, efforts to prepare such a strategy would be expected. Under any of the facilities, the Letter of Intent for a new financing request should indicate how the program advances the country’s poverty reduction and growth

International Monetary Fund. African Dept.

have been the case when the blended RFI/RCF financing was approved in September. The proposed RCF disbursement would bring Tanzania’s access under the RCF exogenous shock window to the annual access limit (100 percent of quota). 4 13. The capacity to repay the Fund remains adequate . A disbursement of 66.67 percent of quota would result in total Fund exposure to Tanzania of 0.8 percent of GDP. Annual repayments are projected to peak at 0.1percent of GDP and 0.7 percent of government revenue in FY2027/28 ( Table 3 ). Staff Appraisal 14. Staff supports

International Monetary Fund

. If a country is already in a broadly stable and sustainable macroeconomic position , it could be supported under the PSI which is a non-financial instrument for LICs designed to promote a close policy dialogue between the Fund and member. In the event, that short-term balance of payments needs arise over the course of the PSI, the country can request SCF financing or, if the balance of payments need is urgent, RCF financing. In case of potential balance of payments needs, precautionary support under the SCF is possible in conjunction with the PSI, which may be

International Monetary Fund
This Handbook, an updated version of a similarly titled document issued in May 2012 (IMF, 2012c), provides guidance to staff on the financial facilities for low-income countries (LICs) that became effective in January 2010 (ECF, SCF, and RCF), and the PSI, including modifications to the guidance resulting from the Review of Facilities for Low-Income Countries (IMF, 2012e and 2013d) and the Review of Eligibility to Use the Fund’s Facilities for Concessional Financing (IMF, 2013c). Designed as a comprehensive reference tool for program work on low-income countries, the Handbook also refers, in summary form, to a range of relevant policies that apply more generally to IMF members. As with all guidance notes, the relevant IMF Executive Board decisions, including the terms of the various LIC Trust Instruments that have been adopted by the Board, remain the sole legal authority on the matters covered in the Handbook.
International Monetary Fund
The Fund’s concessional facilities are aimed at providing flexible and tailored support to low-income countries (LICs) in their efforts to achieve, maintain, or restore a stable and sustainable macroeconomic position consistent with strong and durable poverty reduction and growth.