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International Monetary Fund

full fiscal neutrality by 2007. To enforce fiscal discipline and transparency, the authorities will introduce explicit fiscal rules for the central government and municipalities by the end-2004. An FAD mission is currently in Managua assisting the authorities to review the financial administration and fiscal responsibility draft laws. Pension reform The authorities, at the recommendation of the IMF/WB staff, have postponed implementation of a new pension system until the fiscal cost is better defined. They strongly believe that a hastily implementation

World Bank, International Monetary Fund. Strategy, Policy, &, and Review Department

, given the current juncture of debt vulnerabilities that have been exacerbated by the pandemic, the focus of IMF and WB creditor engagement will need to be on supporting the coordination of G20 official creditors. These include the Debt Service Suspension Initiative (DSSI) and the common framework for sovereign debt resolution that was recently agreed in principle, as well as continuing creditor outreach. To monitor implementation of the MPA going forward, the IMF and WB staffs have set out several indicators against which progress can be assessed and propose that

World Bank, International Monetary Fund. Strategy, Policy, &, and Review Department
Amid rising debt risks in low-income developing countries and emerging markets, the IMF and the WB have been implementing a multipronged approach (MPA) to address debt vulnerabilities. Amplification of debt risks owing to COVID-19 has upped the urgency to implement the MPA and highlights the importance of debt sustainability and transparency for long-term financing for development. At the same time, it should be noted that countries have limited capacities which are further stretched by COVID-19 and that implementation of the MPA by itself may not be sufficient to address debt vulnerabilities and risks from global economic shocks.
World Bank, International Monetary Fund. Strategy, Policy, &, and Review Department

ensure that the borrowers have a clear understanding of the legal implications of financing, especially when providing financing for complex investment projects. In this context, IMF and WB staff supported the G20 in the implementation of the Operational Guidelines for Sustainable Financing , which call on official creditors for: adequate financing, information sharing, consistency of financial support, coordination of stakeholders, and promotion of contractual and new financial instruments to strengthen resilience and minimize litigation issues. Staffs developed