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International Monetary Fund
This paper proposes a comprehensive Strategy to strengthen IMF support to FCS in accordance with the Fund’s mandate and comparative advantage. The Strategy is a response to the Board-endorsed recommendations of the 2018 Independent Evaluation Office (IEO) Report on The IMF and Fragile States. To achieve these goals, the Strategy will benefit from additional resources reflected in the FY23-25 Medium-Term Budget, as per the budget augmentation framework discussed by the Board in December 2021. The Strategy also provides measures to better support staff working on FCS. Given the inherent risks in FCS engagement, the Strategy will be phased in starting in FY22, with implementation gradually accelerating between FY23-FY25.
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.
Luc Eyraud, Irina Bunda, Jehann Jack, Mr. Tarak Jardak, Rasmané Ouedraogo, Zhangrui Wang, and Torsten Wezel
Sub-Saharan African countries are facing an unprecedented health and economic crisis that is likely to severely hurt credit quality and raise non-performing loans from already high levels. Banks have a critical role to play not only during the crisis by providing temporarily relief to businesses and households, but also during the recovery by supporting economic activity and facilitating the structural transformations engaged by the pandemic.
Luc Eyraud, Irina Bunda, Jehann Jack, Mr. Tarak Jardak, Rasmané Ouedraogo, Zhangrui Wang, and Torsten Wezel
Sub-Saharan African countries are facing an unprecedented health and economic crisis that is likely to severely hurt credit quality and raise non-performing loans from already high levels. Banks have a critical role to play not only during the crisis by providing temporarily relief to businesses and households, but also during the recovery by supporting economic activity and facilitating the structural transformations engaged by the pandemic.
International Monetary Fund. Finance Dept., International Monetary Fund. Strategy, Policy, &, Review Department, and International Monetary Fund. Legal Dept.
This paper proposes that the Executive Board approve the disbursement of a third tranche of CCRT debt service relief to 28 of the 29 CCRT-eligible members, covering the period April 14, 2021 through October 15, 2021, given staff’s assessment that sufficient financial resources are available.
International Monetary Fund
This review examines experience in implementing the lessons drawn in the 2011 Board paper on the Fund’s engagement with countries in post-conflict and fragile situations (more commonly referred to as fragile states (FS)) and the ensuing 2012 Guidance Note. The focus is on capacity building, Fund facilities and program design, and policy support. The review identifies scope to improve the Fund’s engagement in selected areas.
International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx