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International Monetary Fund. Western Hemisphere Dept.
Over the last quarter of a century, Peru has become one of the most dynamic economies in Latin America. During this period, Peru built very strong policy and institutional frameworks and economic fundamentals while maintaining external, financial, and fiscal stability. The strength of the Peruvian economy was tested with the COVID-19 pandemic in 2020, when the economy collapsed, leading to a significant deterioration of the fiscal accounts. Subsequently, the economy recovered strongly in 2021, and the fiscal position strengthened considerably, while inflationary pressures emerged (in line with global trends). However, Peru is bearing a very high humanitarian and economic cost from the COVID-19 pandemic, sizable under-employment, and a large increase in poverty. These challenges and recent social unrest related to high energy and food prices point to the need to accelerate structural reforms to foster high and inclusive growth. While political uncertainty has risen, with frequent cabinet reshufflings, the authorities remain committed to maintaining their very strong policy frameworks and prudent macroeconomic policies.
International Monetary Fund. Western Hemisphere Dept.

intend to treat the arrangement as precautionary. The lower access in the requested FCL is in line with the authorities’ strategy of gradually phasing out Peru’s use of the FCL facility and reflects a higher level of reserves than at the time of the 2020 arrangement (as the economy experienced a positive terms-of-trade shock and buffers were built up through public borrowing and the special SDR allocation in 2021). Fund liquidity . Staff estimates that under an adverse scenario, potential additional financing needs for 2022–23 could amount to some US$5 billion (or

International Monetary Fund. Western Hemisphere Dept.

External Vulnerability 9. Public Sector Debt Sustainability Framework, 2009–2017 10. External Debt Sustainability Framework, 2009–2017 11. FCL Arrangement for Colombia—Impact on GRA Finances 12. Indicators of Fund Credit, 2012–18 ATTACHMENT Letter from the Authorities Requesting FCL Front Matter Page COLOMBIA ASSESSMENT OF THE IMPACT OF THE PROPOSED FLEXIBLE CREDIT LINE ARRANGEMENT ON THE FUND’S FINANCES AND LIQUIDITY POSITION June 4, 2013 Approved By Andrew Tweedie and Mark J. Flanagan Prepared by the Finance and

International Monetary Fund. Western Hemisphere Dept.

Analysis (DSA)—Baseline Scenario 11. External Debt Sustainability Framework, 2011–20 12. FCL Arrangement for Colombia—Impact of GRA Finances 13. Indicators of Fund Credit, 2014–20 APPENDIX Letter from the Authorities Requesting FCL Front Matter Page Press Release No. 15/281 FOR IMMEDIATE RELEASE June 17, 2015 International Monetary Fund 700 19 th Street, NW Washington, D. C. 20431 USA Telephone 202-623-7100 Fax 202-623-6772 www.imf.org

International Monetary Fund. Western Hemisphere Dept.

)—Baseline Scenario, 2005–21 11. External Debt Sustainability Framework, 2011–21 12. FCL Arrangement for Colombia—Impact of GRA Finances 13. Indicators of Fund Credit, 2015–21 APPENDIX I. Letter from the Authorities Requesting FCL Front Matter Page COLOMBIA ASSESSMENT OF THE IMPACT OF THE PROPOSED FLEXIBLE CREDIT LINE ARRANGEMENT ON THE FUND’S FINANCES AND LIQUIDITY POSITION June 6, 2016 Approved By Andrew Tweedie and Mary Goodman Prepared by the Finance and Strategy, Policy, and Review Departments Contents INTRODUCTION

International Monetary Fund. European Dept.

Box 1. Adverse Scenario Attachment 1. Letter from the Authorities Requesting FCL Front Matter Page INTERNATIONAL MONETARY FUND Republic of Poland—Assessment of the Impact of the Proposed Flexible Credit Line Arrangement on the Fund’s Finances and Liquidity Position Prepared by the Finance and Strategy, Policy and Review Departments (In consultation with other Departments) Approved by Andrew Tweedie and Vivek Arora January 7, 2013 Front Matter Page Press Release No. 13/17 FOR IMMEDIATE RELEASE January 18, 2013

International Monetary Fund. Western Hemisphere Dept.

–2012 2. Prices and Monetary Policy, 2007–2012 3. Financial Sector, 2007–2012 4. External Sector, 2007–2012 5. Fiscal Sector, 2007–2012 6. Qualification Criteria 7. External Debt Sustainability: Bound Tests 8. Metrics of Reserve Coverage in a Cross-Country Perspective, 2011 9. Public Debt Sustainability: Bound Tests A1. Empirical Adverse Shock Distributions Box 1. Illustrative Adverse Scenario Appendix 1. Rollover Rates in the Adverse Scenario Attachments 1. Letter from the Authorities Requesting FCL 2. Letter from Transition Team for New

International Monetary Fund. Western Hemisphere Dept.

current arrangement, approved in May 2020 and augmented in September 2020 (600 percent of quota, SDR 12.267 billion with remaining access of SDR 8.517 billion, 417 percent of quota). Lower access in the requested FCL arrangement reflects the authorities’ strategy of gradual phasing out Colombia’s use of the instrument, risks permitting. In staff’s assessment, Colombia continues to meet the qualification criteria for access under the FCL arrangement, and staff supports the authorities’ request. Fund liquidity : The proposed new commitment and cancellation of the

International Monetary Fund. Western Hemisphere Dept.

framework. The exceptional circumstances justifying this request are expected to be transitory, and hence Chile intends to maintain the FCL arrangement on a temporary basis. At the time of the mid-term review, the authorities will reassess the external conditions and the access level. Conditional on a reduction in external risks, they intend to exit the FCL arrangement once the 24-month period is completed, while starting the exit preparations well in advance, including through an adequate communication strategy. The requested FCL is equivalent to bolstering the

International Monetary Fund. Western Hemisphere Dept.

cancel the SLL on the approval of the requested FCL. Annex Table I.1. Chile: IMF Financial Arrangements, 1983–2022 (In millions of SDR) Year Type of Arrangement Date of Arrangement Last date when resources are available for purchase Amount of New Arrangement Amount Drawn Purchases Repurchases Credit outstanding 1/ 1983 Standby Arrangement 10-Jan-83 9-Jan-85 500 500 284 0.0 579 1984 216 0.0 795.0 1985 Extended Fund Facility 15-Aug-85 15-Aug-89 825 806 125 0.0 990