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International Monetary Fund. Strategy, Policy, &, Review Department, and International Monetary Fund. Finance Dept.
The Fund is facing strong demand for financing from low-income countries (LICs). Commodity price shocks and loose fiscal policies have contributed to rising debt levels and financing needs in many countries. Several developing states, especially smaller ones, are also increasingly vulnerable to large natural disasters. At the same time, many LICs less dependent on commodity exports have enjoyed robust growth in recent years, with more contained vulnerabilities.
International Monetary Fund
The 2009 reforms have broadly achieved their objective of closing gaps and creating a streamlined architecture of facilities that is better tailored to the diverse needs of LICs. Supported by the financing package to boost the PRGT’s lending capacity for 2009–14 and the accompanying doubling of access, the Fund was able to mount an effective response to LICs’ needs during the global financial crisis.
International Monetary Fund

Review of Facilities for Low-Income Countries 1. This review examines the experience with the Fund’s facilities for low-income countries (LICs), and considers some possible options for refinements. 1 The Fund’s facilities for LICs were overhauled in 2009, with a view to increasing their flexibility and better tailoring them to the increasingly diverse needs of LIC members. With almost three years having elapsed, this paper is an early opportunity to review to what extent the reforms have met these objectives and explore areas where further enhancements to

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

the facilities to ensure they appropriately address the financing needs of LICs. This review is taking a two-step approach. The first step, completed with the Board’s discussion on July 20 th , includes both an evaluation of the experience with use of the concessional facilities and an examination of options for modifying the existing facilities. Based on today’s assessment by the Executive Board, staff will prepare specific proposals for Board discussion and approval in early-2019. Work on the LIC facilities review is aligned with the ongoing Review of

Yasemin Bal Gunduz, Mr. Christian H Ebeke, Ms. Burcu Hacibedel, Ms. Linda Kaltani, Ms. Vera V Kehayova, Mr. Chris Lane, Mr. Christian Mumssen, Miss Nkunde Mwase, and Mr. Joseph Thornton

While the balance of evidence suggests that the IMF has in most cases played a helpful role in supporting growth and reducing poverty in its LIC members, it is also clear that, with over 900 million people worldwide projected to remain on the edge of poverty in 2015, progress in too many cases has been too slow and uneven. Moreover, in the coming years the needs of LICs will continue to change as they integrate into the global economy, as the overall aid architecture evolves, and as technological change creates new opportunities but also new vulnerabilities

International Monetary Fund

—Analytical Considerations A. What are the Adjustment and Financing Needs of LICs? B. What is the Role of Concessional IMF Lending Relative to Donor Support? C. The Need for a More Flexible Set of LIC Instruments IV. Facilities Architecture A. Gaps B. Overlaps C. Reform Options for Consideration Option 1: More Flexible PRGF and Emergency Assistance Option 2: Three-Pillar Structure: PRGF, Stand-By, and Emergency Assistance Option 3: Single Concessional Financing Facility V. Facility Design A. Access B. Financing Terms C. Assessment of Balance of