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International Monetary Fund. Strategy, Policy, & Review Department, International Monetary Fund. Finance Dept., and International Monetary Fund. Legal Dept.

agreements for the RA and the DA as detailed in the RST Instrument, including allowing stand-alone contributions to the RA and DA. Directors concurred that the RST’s robust financial framework and the encashment regime of the LA and DA are critical in maintaining the reserve asset nature of creditors’ claims on those accounts of the Trust. Directors emphasized that the financial risks associated with RST lending should be managed carefully through a multilayered risk management framework, including assessments of the member’s capacity to repay and debt sustainability and

International Monetary Fund. Strategy, Policy, & Review Department, International Monetary Fund. Finance Dept., and International Monetary Fund. Legal Dept.
The challenges from the pandemic, spillovers from geopolitical shocks, and long-standing structural problems pose an enormous impediment for balance of payments stability and resilient and sustainable growth, especially for low-income and vulnerable middle-income countries. The $650 billion SDR allocation in August 2021 has helped support economic stability by supplementing members’ reserves. There is scope to amplify the effect of these SDRs by channeling them from countries with strong external positions to countries where the needs are the greatest.
International Monetary Fund. Strategy, Policy, & Review Department, International Monetary Fund. Finance Dept., and International Monetary Fund. Legal Dept.

repayment period and because RSF access does not fall under the PS-HCC Policy. Such additional safeguards are also intended to ensure that RST lending does not aggravate a borrower’s debt vulnerabilities, notwithstanding the additional exposure to de facto senior/non-restructurable debt (see discussion of the RST’s envisaged de facto Preferred Creditor Status, Section IV.B). 61. Debt composition . All relevant Board documents will need to discuss the structure of total public debt and its projected evolution overtime. In particular, analysis of external debt