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

May-2020 113.5 Tajikistan RCF 80 May-2020 80 Tonga RCF 50 Jan-2021 50 Uganda RCF 100 May-2020 100 Uzbekistan RFI-RCF 50 May 2020 50 1/ From March 1, 2020 to end-April 2021. 2/ The approved RFI purchases for Guatemala and Paraguary have expired and are excluded. The expiration is linked to the March 22, 2021 Board decision that countries with pending purchases under the RFI would have up to 60 days from that date to make the purchase before the

International Monetary Fund. Middle East and Central Asia Dept.

Capacity would fall by 2¼ percent and Egypt would remain the Fund’s second-largest borrower. Egypt’s capacity to repay the Fund remains adequate, albeit with some risks. The risks relate in part to a bunching of repurchases. Repurchases under the SBA will largely coincide with those under the recently approved RFI. Combined also with repurchases under the earlier extended arrangement under the Extended Fund Facility (“EFF arrangement”), this leads to a considerable bunching of debt service payments during FY2023/24–FY2024/25. In these two years, total debt service to

International Monetary Fund. Strategy, Policy, & Review Department, International Monetary Fund. Finance Dept., and International Monetary Fund. Legal Dept.
To help support members faced with the COVID-19 pandemic, the Fund temporarily increased certain access limits to its emergency financing (EF) instruments, i.e., Rapid Credit Facility (RCF) and Rapid Financing Instrument (RFI). While this expanded support has been critical to help countries manage the pandemic, the increase in access limits was not applied to the Large Natural Disasters (LND) windows within the EF toolkit, reducing the flexibility to respond to such LNDs. This paper proposes to temporarily increase by 50 percent of quota the annual access limit (AAL) and cumulative access limit (CAL) under the LND windows of the RCF and RFI. The changes to the “LND windows” would be in effect through end-December 2021, in line with the other temporary changes of access limits under EF instruments. The case for further extensions to all the temporarily increased EF AALs and CALs will be examined after the 2021 Annual Meetings.
International Monetary Fund. Strategy, Policy, & Review Department

were approved, where the countries will benefit from the transition rule during 2022. Annex Figure 1. Country A: 18-Month SBA with Biannual Reviews Annex IV. Countries with Limited Annual Borrowing Space from January 1, 2022 1 (In percent of quota, unless otherwise, as of end-October 2021) Approval date (for countries in programs) Approved augmentations since March 2020 Approval date of RFI or RCF since March 2020 Approved RFI or RCF access since March Annual access (backward-looking) Borrowing space under the AAL 2/ 3

International Monetary Fund. Strategy, Policy, & Review Department
Over the course of the pandemic, the Fund has made several modifications to the access limits on the use of Fund’s resources to increase the borrowing space under the hard caps on emergency financing and under the annual limits that trigger exceptional access (EA) safeguards under GRA and PRGT. The current temporarily-increased access limits expire at end-December 2021, and absent policy changes, the limits would return to the lower pre-pandemic levels or to the new PRGT annual access limit. Staff proposes to let all access limits return to pre-pandemic levels (or the new PRGT annual access limit), with the exception of the cumulative access limits for emergency financing instruments, which would be extended at the current level for another 18 months.
International Monetary Fund
This note aims to provide country teams with broad guidance on engagement with countries in fragile situations. The aim of the guidance note is to help staff maintain focus on issues specific to countries in fragile situations. While engagement should focus on the issues and principles laid out in the note, there is, of course, scope for staff to tailor engagement to country specific circumstances beyond proposed practices.
International Monetary Fund

in place. However, there have been very few exceptions to this rule (e.g., Iraq 2004), where an agreement was reached on the basis of an EPCA. 19 See The Fund’s Financing Role: Reform Proposals on Liquidity and Emergency Assistance and Executive Board Decision No. 15015-(11/112) of November 21, 2011 for more information and for the criteria for approving RFI financing. 20 See footnote 18. 21 See The Handbook. 22 See The Role of the Fund in Governance Issues and the Fund’s Conditionality Guidelines. 23 For example, DFID is providing

International Monetary Fund. Western Hemisphere Dept.

GDP. 3 The estimate of CA gap incorporates cyclical contributions as well as COVID-19 related factors ( Annex I ). 4 Staff’s baseline scenario excludes Guatemala’s approved RFI of US$594 million. During the AIV mission, the authorities reiterated their intent to pursue Congress’ approval to draw the RFI before it expires, although the likelihood of a purchase was deemed low. Delays with the processing of the RFI Law Initiative to comply with the national legislation, Guatemala’s aversion to external debt, and available domestic financing, underly the

International Monetary Fund. Middle East and Central Asia Dept.
The Executive Board approved a 12-month Stand-By Arrangement (SBA) on June 26, 2020, to support the Egyptian authorities’ response to the COVID-19 pandemic. The SBA, at 184.8 percent of quota, was part of a two-step support strategy that was preceded by a purchase under the Rapid Financing Instrument on May 11, 2020, at 100 percent of quota. Both reviews of the SBA were concluded on time and all program conditionality was met. The arrangement expired on June 25, 2021.
International Monetary Fund. Western Hemisphere Dept.
Guatemala has managed to keep infections and deaths moderate during the pandemic. The economic impact of COVID-19 has been mild given an early reopening of the economy, unprecedented policy support, and resilient remittances and exports. However, despite large-scale government interventions to support households, poverty and malnutrition have deteriorated following COVID-19 and the two major hurricanes battering Guatemala last November.