Search Results

You are looking at 1 - 10 of 150 items for :

  • "balance of payments financing need" x
Clear All
International Monetary Fund. External Relations Dept.

I n 1969, the IMF created the SDR as an international reserve asset to supplement members’ existing reserve assets–official holdings of gold, foreign exchange, and reserve positions in the IMF. The IMF allocates SDRs to its members in proportion to their IMF quotas. Members may use SDRs to obtain foreign exchange reserves from other members and to make payments to the IMF. SDR allocations are not loans; members may use them to meet a balance of payments financing need without undertaking economic policy measures or repayment obligations. However, a member

International Monetary Fund. European Dept.
This paper focuses on Albania’s Request for Purchase Under the Rapid Financing Instrument (RFI). The RFI provides rapid financial assistance to member countries facing an urgent balance of payments need, without the need for a full-fledged economic program or reviews. A sizeable increase in the fiscal deficit of 2020 is necessary to limit the impact of coronavirus disease 2019 (COVID-19). It will be critical to ensure adequate spending for healthcare and support for the people and firms that are hurt by the COVID-19 pandemic. The Albanian authorities remain committed to ensuring macroeconomic stability. Once the shocks have been overcome, it will be important to keep public debt on a clear downward path. The IMF staff supports the authorities’ request for financial assistance under the RFI to address the urgent balance of payments need due to exogenous shocks related to the 2019 earthquake and the COVID-19 pandemic. The balance of payments financing need is expected to be temporary.
International Monetary Fund. Middle East and Central Asia Dept.

. Domestically, virus prevention and containment measures are further affecting demand and supply. Output is projected to contract by 1 percent in 2020 and lower exports of services and foreign direct investment have opened up an urgent balance of payments financing need of the order of US$ 164 million. The pandemic has also created urgent spending needs, including in the health sector, and is set to affect negatively government revenue. Following the Executive Board discussion. Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair, made the following statement

International Monetary Fund. European Dept.

all the assessment’s recommendations have since been implemented. Outlook and Risks 12. Although events remain fluid and the outlook very difficult to predict, staff expect a strong GDP contraction in 2020, followed by a recovery later in the year and in 2021 . The balance of payments financing need is expected to be resolved within one year without major policy changes. However, strong downside risks require contingency plans, greater donor support and a possible upper-credit-tranche-level Fund arrangement. 13. Risks to the outlook are strongly tilted to