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Law > Business and Financial

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Cover Policy Papers
Review of the Flexible Credit Line, The Short Term Liquidity Line and the Precautionary and Liquidity Line, and Proposals for Reform
International Monetary Fund. Strategy, Policy, & Review Department
The Fund’s precautionary toolkit rests on the simple proposition that facilitating crisis prevention is far less costly than crisis resolution. Its value increases with systemic risk. Serial shocks to the global trading and financial systems pose significant and persistent headwinds for well-integrated emerging markets. An adequately funded global financial safety net (GFSN) with a suite of precautionary tools allows qualifying members to respond to balance of payments (BoP) shocks, reducing the incidence of crises and limiting contagion. The Fund is the only layer of the GFSN available to all members; other layers vary in their availability and externalities. In this context, the overarching objective of this review of the Flexible Credit Line (FCL), Short-term Liquidity Line (SLL), and Precautionary and Liquidity Line (PLL) is to ensure that the precautionary facilities toolkit (henceforth “the toolkit”) is fit for purpose for the challenges ahead.
Keywords:
Flexible Credit Line (FCL); Short-term Liquidity Line (SLL); Precautionary and Liquidity Line (PLL); Global Financial Safety Net (GFSN); PLL qualification assessment; FCL arrangement; SLL reform package; qualification assessment; FCL user; SLL access; SLL instrument; SLL Arrangements; Balance of payments need; Anti-money laundering and combating the financing of terrorism (AML/CFT); Liquidity; Debt sustainability; Global; Western Hemisphere
Cover Policy Papers
The Managing Director's Global Policy Agenda, Spring Meetings 2023: Safeguard Economic Stability, Support Vulnerable Countries, Sustain Our Future Prosperity
International Monetary Fund
The global economy is at another highly uncertain moment: tentative signs of stabilization earlier this year have receded, and the outlook is increasingly risky and uncertain. At the same time, divisions within and across countries are deepening, exacerbated by rising fragmentation. Strong policy action is needed together with pragmatic approaches to find areas of common ground to respond to shared challenges. The IMF is proactively engaging with our members to chart a clear course to a stronger and more sustainable path for the global economy.
Keywords:
support vulnerable country; Policy agenda; spring meetings 2023; future prosperity; vulnerable country; Financial sector stability; Climate change; Inflation; Global
Cover IMF Staff Country Reports
Morocco: First Review Under the Arrangement Under the Precautionary and Liquidity Line-Press Release; Staff Report; and Statement by the Executive Director for Morocco
International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses Morocco’s First Review Under the Arrangement Under the Precautionary and Liquidity Line (PLL). The Moroccan authorities are committed to sustaining sound policies. The government’s economic program remains in line with key reforms agreed under the PLL arrangement, including to further reduce fiscal and external vulnerabilities, while strengthening the foundations for higher and more inclusive growth. The transition to greater exchange rate flexibility initiated in 2018 is expected to enhance the economy’s capacity to absorb shocks and preserve its external competitiveness. The current favorable economic environment remains supportive to continue this reform in a carefully sequenced and well-communicated manner. The report recommends that continued reforms are needed to raise potential growth and reduce high unemployment levels, especially among the youth, increase female labor participation, and reduce regional disparities. Reforms of education, governance, the labor market, and the business environment would help support more private sector-led growth and job creation.
Keywords:
ISCR; CR; policy; The Article IV consultation discussion; authority; current account; reform; article IV consultation discussion; article IV report; PLL qualification criteria; IMF's executive board; policy implementation; Loans; Global; Africa; Europe
Cover IMF Staff Country Reports
Morocco: Third Review under the Arrangement under the Precautionary and Liquidity Line-Press Release; Staff Report; and Statement by the Executive Director for Morocco
International Monetary Fund. Middle East and Central Asia Dept.
This paper reviews Morocco's economic performance under a program supported by a two-year Precautionary and Liquidity Line (PLL) arrangement. Macroeconomic conditions of Morocco have continued to improve, but challenges remain same. Continued reform implementation will be essential to strengthen macroeconomic buffers and promote higher and more inclusive growth. Sustained implementation of structural reforms will be critical to boost potential growth in the medium term. The authorities intend to continue to treat the current arrangement as precautionary, and are still assessing possible options regarding Morocco's exit strategy and the potential need for a successor arrangement. Overall, Morocco continues to meet the qualification criteria for a PLL arrangement.
Keywords:
ISCR; CR; financial market volatility; IMF Deputy managing director; policy; deficit; end-December deficit target; PLL review report; IMF's executive board; Credit; Global; Maghreb
Cover IMF Staff Country Reports
Morocco: Ex Post Evaluation of Exceptional Access Under the 2012 Precautionary and Liquidity Line Arrangement
International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses Morocco’s Ex Post Evaluation of Exceptional Access Under the 2012 Precautionary and Liquidity Line (PLL) Arrangement. The Ex Post Evaluation confirms that the 2012–14 PLL arrangement was consistent with the PLL qualification standards and requirements under the exceptional access policy at the time of the PLL arrangement request in August 2012 and at the subsequent reviews. The authorities’ policies helped maintain macroeconomic stability and reduce fiscal and external vulnerabilities, despite unfavorable external developments. It is observed that despite the significant macroeconomic achievements under the 2012–14 PLL arrangement, a number of policy challenges remained to be fully addressed.
Keywords:
IMF Deputy managing director; fund policy; draft central bank bank charter; PLL exit; PLL eligibility; government action; Government debt management; Oil prices; Fiscal stance; Current account deficits; Global; Europe; Maghreb; Sub-Saharan Africa
Cover IMF Working Papers
Financial Supervisory Independence and Accountability–Exploring the Determinants
Donato Masciandaro, Mr. Marc G Quintyn, and Mr. Michael W Taylor
We analyze recent trends in, and determinants of, financial supervisory governance. We first calculate levels of supervisory independence and accountability in 55 countries. The econometric analysis of the determinants indicates that the quality of public sector governance plays a decisive role in establishing accountability arrangements, more than independence arrangements. It also shows that decisions regarding levels of independence and accountability are not well-connected. The results also show that the likelihood of establishing adequate governance arrangements are higher when the supervisor is located outside the central bank.
Keywords:
WP; governance arrangement; monetary policy; governance rating; independence rating