2024 Review Of The Poverty Reduction And Growth Trust Facilities And Financing Reform Proposals
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2024 Review Of The Poverty Reduction And Growth Trust Facilities And Financing Reform Proposals
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2024-10-21
2024 Review Of The Poverty Reduction And Growth Trust Facilities And Financing Reform Proposals 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 2024-10-21 with categories.
This paper reviews Poverty Reduction and Growth Trust (PRGT) facilities and financing. It proposes a comprehensive package of lending policy reforms and financing measures that aims to bolster the Fund’s capacity to support Low-Income Countries (LICs) in addressing their balance of payment needs, while restoring the self-sustainability of the Trust. The Review proposes a long-term self-sustained annual PRGT lending envelope of SDR 2.7 billion, more than double the PRGT envelope before the Covid-19 pandemic, consistent with the expected demand for Fund’s concessional financial support in the years ahead. The paper also proposes to introduce a new interest rate mechanism to better reflect the heterogeneity among LICs and focus further concessional resources to the poorest countries. These countries (currently 31 LICs) will continue to benefit from an interest-free lending under the PRGT, while other LICs will be charged a modest, and still concessional, interest rate. Additionally, the paper proposes to keep PRGT access limits at their current levels and to implement several reforms, including: reverting the PRGT access norm to the level prevailing before December 2023, streamlining and strengthening the PRGT safeguards, adjusting the PRGT eligibility and graduation framework and updating the list of PRGT-eligible countries, extending the temporarily higher cumulative access limits under the RCF until the end of December 2025, and implementing a targeted adjustment to the Policy Safeguards for High Combined Credit Exposure. On financing measures, the paper proposes to address the remaining gap in PRGT subsidy resources after accounting for the lending policy changes through (1) a further five-year suspension of PRGT administrative expenses reimbursement to the GRA and (2) a framework to deploy IMF internal resources to facilitate the generation of PRGT subsidy resources.
2025 Update Of Resource Adequacy Of The Poverty Reduction And Growth Trust Resilience And Sustainability Trust And Debt Relief Trusts
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Author : International Monetary Fund. Finance Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2025-05-02
2025 Update Of Resource Adequacy Of The Poverty Reduction And Growth Trust Resilience And Sustainability Trust And Debt Relief Trusts 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 2025-05-02 with categories.
This paper provides an update of the resource adequacy of the Fund's Trust funds. Poverty Reduction and Growth Trust (PRGT) finances remain broadly in line with expectations at the completion of the 2024 PRGT Facilities and Financing Review, which included policy reforms and financing measures to ensure adequate and durable financial support to low-income countries (LICs) and restore the PRGT self-sustainability. Following the review, good progress has been made in securing assurances from members under the comprehensive framework to distribute GRA resources to facilitate the generation of additional PRGT subsidy resources. On the Resilience and Sustainability Trust (RST), the agreed process of voluntary bilateral contributions has progressed well. Based on updated projections, there are sufficient resources to meet demand through the RST Comprehensive Review, at which time staff will take stock of experience and assess medium-term resource needs. The RST's reserves remain adequate and the interest rate cap for Group A countries remains appropriate, though risks have increased. The Catastrophe Containment and Relief Trust (CCRT) remains underfunded and its next comprehensive review provides an opportunity to address its financing challenges. The Heavily Indebted Poor Countries (HIPC) initiative is nearly complete, although Sudan's progress towards the Completion Point is delayed. Staff assesses that risks to the finances of the PRGT and RST are appropriately mitigated at this time. Accordingly, and pending the outcome of the CCRT Review, staff does not propose any adjustments or policy changes to the Fund's Trust funds in this annual update.
Poverty Reduction And Growth Trust Guidance Note On The Strengthened Policy Safeguards
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2025-04-08
Poverty Reduction And Growth Trust Guidance Note On The Strengthened Policy Safeguards 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 2025-04-08 with categories.
In October 2024, as part of the Review of the Poverty Reduction and Growth Trust (PRGT) Facilities and Financing, the IMF Executive Board established the “Strengthened Policy Safeguards (SPS)”—combining and replacing the previous High Access Procedures (HAP) and Enhanced Safeguards for debt sustainability and capacity to repay (ES)—thereby streamlining a key part of the safeguards framework for Fund lending. The SPS operates alongside the exceptional access framework and the Policy Safeguards for High Combined Credit (PS-HCC). The SPS framework applies when proposed access under a new arrangement, the Rapid Credit Facility (RCF), or an augmentation of access under an arrangement in the Poverty Reduction and Growth Trust (PRGT) exceeds certain access thresholds, and when countries at high risk of, or in, overall debt distress request financing. This note provides guidance on how to implement the SPS. It supersedes the 2022 guidance note on enhanced safeguards.
Review Of The Fund S Income Position For Fy 2025 And Fy 2026
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Author : International Monetary Fund. Finance Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2025-05-02
Review Of The Fund S Income Position For Fy 2025 And Fy 2026 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 2025-05-02 with categories.
This paper updates the projections of the Fund’s income position for FY 2025 and FY 2026 and proposes related decisions for the current and the following financial years. The paper includes proposed decisions to transfer part of its net income to facilitate the generation of subsidy resources for Poverty Reduction and Growth Trust (PRGT) and to initiate the payout from the Endowment Subaccount to meet administrative expenses. It also includes a proposed decision to keep the margin for the rate of charge unchanged at the level set by the Executive Board in October 2024. The Fund’s total comprehensive income for FY 2025 is projected at about SDR 3.4 billion after taking into account the projected pension-related remeasurement gain and estimated retained income in the Investment Account.
The 4th Financing For Development Conference Contribution Of The Imf To The International Financing For Development Agenda
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2025-06-05
The 4th Financing For Development Conference Contribution Of The Imf To The International Financing For Development Agenda 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 2025-06-05 with categories.
The series of major economic shocks since 2020 has added to longstanding development challenges, with low-income and fragile countries affected the most. The negative economic impact of the COVID-19 pandemic, the spillovers from the war in Ukraine, and the tightening of international financial conditions after 2022 have added to preexisting structural obstacles weighing on economic and social progress in developing countries. While some of these factors have subsided since 2023, the escalation of trade tensions at the beginning of 2025, and the resulting impact on global growth and international financial conditions, including elevated uncertainty and significant downside risks weighing on the outlook, have again negative implications for most developing countries. In addition, natural disasters, climate and demographic challenges, geopolitical tensions, political instability, and conflicts, can be expected to add further to the challenges, even though some developments, including artificial intelligence and digitalization, may be beneficial. That said, while developing countries share many characteristics, increasing heterogeneity in their economic conditions and exposures to risks calls for appropriate differentiation in countries’ policy and reform agendas, as well as in the support from the international community. Particular attention must be paid to the situation of the poorest and fragile countries.
2025 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 : 2025-04-23
2025 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 2025-04-23 with Business & Economics categories.
This Handbook provides guidance to staff on the IMF’s facilities available to countries eligible to obtain concessional financing from the Fund under the PRGT, namely low-income countries (LICs). It updates the previous version of the Handbook that was published in March 2023 by incorporating modifications resulting from the 2024 Review of the Poverty Reduction and Growth Trust (PRGT) Facilities and Financing and other recent policy papers. Designed as a comprehensive reference tool for program work in LICs, this 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 primary legal authority on the matters covered in this Handbook.
Macroeconomic Developments And Prospects In Low Income Countries 2025
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2025-04-22
Macroeconomic Developments And Prospects In Low Income Countries 2025 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 2025-04-22 with Business & Economics categories.
The 70 low-income countries (LICs) in the IMF’s membership experienced steady but modest growth in 2024, with marked divergence across countries. While 11 of the 20 fastest-growing countries in 2024 were LICs, many of the poorer and often also fragile and conflict-affected countries saw virtually no progress in per capita incomes over the past 15 years. Gradual fiscal consolidation proceeded in about half of the LICs, supporting further stabilization of public debt levels, but elevated debt service continues to constrain priority spending in many LICs. Growth is expected to accelerate over the medium term, while recent policy announcements on trade measures and official development aid will add to already elevated uncertainty and downside risks surrounding the outlook. Building resilience and reinvigorating inclusive growth are urgent. This agenda calls for further progress with implementing fiscal adjustments while minimizing the impact on growth, and more focus on measures to increase productivity. Enhancing spending efficiency and mobilizing domestic revenue will be critical, as well as improving economic institutions to support external capital inflows and domestic financial market development. Improvements to governance, education, and health, together with supporting physical capital formation and facilitating broader labor force participation, would help boost all factors of production and especially total factor productivity. On exchange rate regimes, there has been a clear trend among LICs to move away from market-determined exchange rates toward more tightly controlled arrangements, resulting in inconsistencies between de jure and de facto exchange rate arrangements. Overall, LICs progressed with developing FX markets, central banks play a lesser role in allocating foreign exchange, and greater reliance on FX auctions facilitates price discovery.
Guidelines For Investing Prg Rs Prg Hipc And Ccr Trusts Assets
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2025-05-07
Guidelines For Investing Prg Rs Prg Hipc And Ccr Trusts Assets 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 2025-05-07 with categories.
Guidelines for Investing PRG, RS, PRG-HIPC, and CCR Trusts’ Assets (the “Guidelines”), were adopted on April 13, 2022 in the context of the Board’s consideration of the Proposal to Establish a Resilience and Sustainability Trust (“RST”, see Attachment C) to establish the investment objectives and policies to guide the investment of investable assets of the RST, in addition to the PRG, PRG-HIPC, and CCR Trusts. These Guidelines were amended by the Executive Board on October 15, 2024 in the context of the Board’s consideration of the 2024 Review of the Poverty Reduction and Growth Trust Facilities and Financing—Reform Proposals. The amended Guidelines are included in this document and replace the Guidelines for Investing PRG, PRG-HIPC, and CCR Trust Assets which was adopted on April 13, 2022.
2018 19 Review Of Facilities For Low Income Countries Reform Proposals
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2019-06-06
2018 19 Review Of Facilities For Low Income Countries Reform Proposals 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 2019-06-06 with Political Science categories.
2018-19 Review of Facilities for Low-Income Countries---Reform Proposals: Review Of The Financing Of The Fund’s Concessional Assistance And Debt Relief To Low-Income Member Countries
Review Of Charges And The Surcharge Policy Reform Proposals
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Author : International Monetary Fund. Finance Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2024-10-21
Review Of Charges And The Surcharge Policy Reform Proposals 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 2024-10-21 with categories.
• On October 11, 2024, the IMF’s Executive Board concluded the Review of Charges and the Surcharge Policy. The review is part of a broader ongoing effort to ensure that the IMF’s lending policies remain fit for purpose to meet the evolving needs of the membership. Charges and surcharges are important elements of the IMF’s cooperative lending and risk-management framework, where all members contribute and all can benefit from support when needed. Together, they cover lending intermediation expenses, help accumulate reserves to protect against financial risks, and provide incentives for prudent and temporary borrowing. This provides a strong financial foundation that allows the IMF to extend vital balance of payments support on affordable terms to member countries when they need it most. • Against the backdrop of a challenging economic environment and high global interest rates, the Executive Board reached consensus on a comprehensive package of reforms that substantially reduces the cost of borrowing for members while safeguarding the IMF's financial capacity to support countries in need. The approved measures will lower IMF borrowing costs by about US$1.2 billion annually or reduce payments on the margin of the rate of charge as well as surcharges on average by 36 percent. The number of countries subject to surcharges in fiscal year 2026 is expected to fall from 20 to 13. • Key reforms include a reduction in the margin for the rate of charge, an increase in the threshold for level-based surcharges, a reduction in rate for time-based surcharges, an alignment of thresholds for commitment fees with annual and cumulative access limits for GRA lending facilities, and institution of regular reviews of surcharges. • The series of three papers informed the Executive Board’s first and second informal engagements (July and September 2024) and the formal meeting (October 2024) on this review.