2016 Poverty Reduction And Growth Trust Review Of Interest Rate Structure
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2016 Poverty Reduction And Growth Trust Review Of Interest Rate Structure
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2016-08-24
2016 Poverty Reduction And Growth Trust Review Of Interest Rate Structure written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-24 with Business & Economics categories.
This paper reviews the interest rate structure that would apply to the PRGT in 2017–18. Based on the interest rate setting mechanism agreed in 2009, the interest rate for the Extended Credit Facility (ECF) would be zero and the rate for the Standby Credit Facility (SCF) would be 0.25 percent. The interest rate for the Rapid Credit Facility (RCF) was set permanently at zero in July 2015. Since the current mechanism was agreed, the Executive Board has granted successive exceptional interest waivers on all outstanding Fund concessional credit, setting all interest rates charged at zero percent. These waivers have been extended three times, providing interest rate relief to many low-income countries at a time when they faced considerable headwinds from the global economic environment. A strong case remains for maintaining zero rates on Fund concessional credit at the current global economic juncture. The global outlook for LICs has not significantly improved since the last review and downside risks remain significant. At the same time, many Directors noted at the last review in 2014 that the possibility of a prolonged period of very low interest rates warrants an early re-examination of the mechanism, including an exit strategy from repeated application of the waiver, with the objective of safeguarding the self-sustaining capacity of the PRGT. The paper seeks to respond to this call. It proposes that the PRGT interest rate mechanism be amended to accommodate anomalies created by a prolonged period of very low interest rates. Specifically, a new threshold is proposed whereby both the ECF and the SCF rate would be set at zero when the 12-month average SDR rate is less than or equal to 0.75 percent. This proposal will likely keep all PRGT interest rates under the mechanism at zero through at least 2020 given current market expectations while incurring only minimal subsidy costs and eliminating the need for continual waivers. In addition, staff proposes to waive interest rate charges on outstanding legacy balances under the Exogenous Shocks Facility (ESF), which are not determined via the interest rate mechanism, until the next review.
Poverty Reduction And Growth Trust Review Of Interest Rate Structure
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2014-11-19
Poverty Reduction And Growth Trust Review Of Interest Rate Structure written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-11-19 with Business & Economics categories.
This paper provides the basis for the second review of the interest rate structure approved under the 2009 reforms of the Fund’s concessional lending facilities. Based on the application of the Poverty Reduction and Growth Trust (PRGT) interest rate mechanism, PRGT interest rates for 2015–16 would be zero percent for both the Extended Credit Facility (ECF) and Rapid Credit Facility (RCF), and 0.25 percent for the Stand-by Credit Facility (SCF). The interest rate on remaining balances of the Exogenous Shock Facility (ESF) is not set by the PRGT interest mechanism and it would be 0.25 percent. In accordance with the PRGT Instrument, the next review of PRGT interest rates will take place by December 31, 2016.
2017 Handbook Of Imf Facilities For Low Income Countries
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2017-01-12
2017 Handbook Of Imf Facilities For Low Income Countries written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-12 with Business & Economics categories.
This Handbook provides guidance to staff on the financial facilities and non-financial instruments for low-income countries (LICs), defined here as all countries eligible to obtain concessional financing from the Fund. It updates the previous version of the Handbook that was published in February 2016 (IMF, 2016d) by incorporating modifications resulting from Board papers and related decisions since that time, including Financing for Development—Enhancing the Financial Safety Net for Developing Countries—Further Considerations (IMF, 2016c), Review of Poverty Reduction and Growth Trust – Review of Interest Rate Structure (IMF, 2016b), Eligibility to Use the Fund’s Facilities for Concessional Financing (IMF, 2017a), Large Natural Disasters—Enhancing the Financial Safety Net for Developing Countries (IMF, 2017b) and Adequacy of the Global Financial Safety Net – Proposal for a New Policy Coordination Instrument (IMF, 2017c). Designed as a comprehensive reference tool for program work on LICs, the Handbook also refers, in summary form, to a range of relevant policies that apply more generally to IMF members. As with all guidance notes, the relevant IMF Executive Board decisions, including the terms of the various LIC Trust Instruments that have been adopted by the Board, remain the sole legal authority on the matters covered in the Handbook
Poverty Reduction And Growth Trust Review Of Interest Rate Structure
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Author : International Monetary Fund. Finance Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2019-06-26
Poverty Reduction And Growth Trust Review Of Interest Rate Structure written by International Monetary Fund. Finance Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-26 with Business & Economics categories.
This paper reviews the Poverty Reduction and Growth Trust (PRGT) interest rate structure for the period July 2019–June 2021. Since the interest rate mechanism was first established in 2009, no interest has been charged on PRGT credit. In line with the package of reforms proposed in the parallel Review of LIC Facilities, this paper proposes to align interest rates on the SCF with those on the ECF. Based on the average SDR rate over the most recently observed 12-month period, the proposed revised interest rate mechanism would result in zero interest rates on both ECF and SCF credit for the period July 2019–June 2021.
Poverty Reduction And Growth Trust Review Of The Interest Rate Structure Postponement
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Author : International Monetary Fund. Finance Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2019-06-26
Poverty Reduction And Growth Trust Review Of The Interest Rate Structure Postponement written by International Monetary Fund. Finance Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-26 with Business & Economics categories.
This paper proposes to postpone the deadline for the next interest rate review by six months in light of the timing of the second stage of the Low-Income Countries (LIC) Facilities Review, and to maintain the zero percent interest rates applicable to ECF, SCF and ESF balances for this period.
Imf Financial Operations 2018
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Author : International Monetary Fund. Finance Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2018-04-18
Imf Financial Operations 2018 written by International Monetary Fund. Finance Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-04-18 with Business & Economics categories.
IMF Financial Operations 2018 provides a broad introduction to how the IMF fulfills its mission through its financial activities. It covers the financial structure and operations of the IMF and provides background detail on the financial statements. It reviews the IMF's three main activities: lending, surveillance, and technical assistance.
Update On The Financing Of The Fund S Concessional Assistance And Debt Relief To Low Income Countries
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Author : International Monetary Fund. Finance Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2017-04-17
Update On The Financing Of The Fund S Concessional Assistance And Debt Relief To Low Income Countries written by International Monetary Fund. Finance Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-04-17 with Business & Economics categories.
PRGT-related policies following the 2015 enhancement of the financial safety net for LICs, while options to better assist countries confronting sudden balance of payments needs due to large natural disasters are under consideration. Demand for PRGT resources has increased. Demand for concessional resources has exceeded historical averages in recent years, mainly in response to sustained low commodity prices and deteriorated global financial market conditions. Demand is expected to reach new highs in 2017 and longer-term estimates have been raised somewhat.
The Composition Of Growth Matters For Poverty Alleviation
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Author : Norman Loayza
language : en
Publisher: World Bank Publications
Release Date : 2006
The Composition Of Growth Matters For Poverty Alleviation written by Norman Loayza and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Developing countries categories.
This paper contributes to explain the cross-country heterogeneity of the poverty response to changes in economic growth. It does so by focusing on the structure of output growth. The paper presents a two-sector theoretical model that clarifies the mechanism through which the sectoral composition of growth and associated labor intensity can affect workers' wages and, thus, poverty alleviation. Then in presents cross-country empirical evidence that analyzes first, the differential poverty-reducing impact of sectoral growth at various levels of disaggregation, and the role of unskilled labor intensity in such differential impact. The paper finds evidence that not only the size of economic growth but also its composition matters for poverty alleviation, with the largest contributuons from labor-intensive sectors (such as agriculture, construction, and manufacturing). The results are robust to the influence of outliers, alternative explanations, and various poverty measures.
2017 Staff Guidance Note On The Fund S Engagement With Small Developing States
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Author : International Monetary Fund. African Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2018-01-26
2017 Staff Guidance Note On The Fund S Engagement With Small Developing States written by International Monetary Fund. African Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-01-26 with Nature categories.
"This guidance note highlights the unique economic characteristics and constraints facing small developing states. It provides operational guidance on Fund engagement with such countries, including on how small state characteristics might shape Fund surveillance and financial support, program design, capacity building activities, and collaboration with other institutions and donors. The note updates the previous version that was published in May 2014. It incorporates modifications resulting from Board papers and related Executive Board discussions that have taken place since the March 2013 Board papers on small states, which provided the foundations of the original guidance note. Based on these inputs, five key thematic areas (G.R.O.W.TH.) have been identified as central to the policy dialogue: • Growth and job creation. With small states experiencing relatively weak growth since the 1990s, Fund staff working on small states should ensure an explicit focus on growth in both surveillance and program-related work. • Resilience to shocks. Small states experience higher macroeconomic volatility and more frequent natural disasters. Staff should be ready to advise on how to tailor macroeconomic policies to provide greater resilience to shocks and climate change. • Overall competitiveness. Options to improve relative prices may include exchange rate adjustment (where possible) or measures supportive of internal devaluation (if not), and efforts to improve the business climate, including through regional initiatives. • Workable fiscal and debt sustainability options. With many small states having very high debt burdens, reducing debt to manageable levels requires sustained fiscal consolidation with supporting policies and structural reforms. In cases where the amount of adjustment needed to restore debt sustainability is not feasible or adequate financing is not available, debt restructuring may be needed. • Thin financial sectors. Developing deeper and more competitive, yet sound, financial sectors contributes to macroeconomic stability and enhances the effectiveness of policy interventions while strengthening competitiveness by improving business access to financial services."
Statement By The Managing Director On The Work Program Of The Executive Board Executive Board Meeting June 8 2016
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2016-08-06
Statement By The Managing Director On The Work Program Of The Executive Board Executive Board Meeting June 8 2016 written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-06 with Business & Economics categories.
The Managing Director’s Global Policy Agenda (GPA) presented to the International Monetary and Financial Committee (IMFC) in April called on member countries to reinforce their commitment to strong, sustainable, inclusive, job-rich, and more balanced global growth and to employ a three-pronged approach with monetary, fiscal, and structural actions (Figure 1). The global economy has been impaired by growth that has been too slow for too long, but it can get back on a stronger and safer track with a more forceful and balanced policy mix. Building on the approach of being agile, integrated, and member-focused, the GPA outlined how the Fund would support members in crafting a better policy mix toward durable global growth. The Fund would assist by clarifying the contours of available policy space, providing more tailored financial support and capacity development, and continuing to address new challenges.