Review Of The Experience With The Policy Support Instrument
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Review Of The Experience With The Policy Support Instrument
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2009-04-06
Review Of The Experience With The Policy Support Instrument 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 2009-04-06 with Business & Economics categories.
This review is focused mainly on the implementation of the Policy Support Instrument (PSI) against the goals and expectations set out by the Executive Board. Some possible modifications to the PSI that have been considered by various stakeholders are also touched upon in the concluding section. This review was conducted in parallel with ongoing work on a new architecture of lending facilities for low-income countries (LIC). Based on the results of this review, the reform of LIC facilities is not expected to alter the case for the PSI as a complement to financing instruments.
Implementation Of The Policy Support Instrument
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Author : International Monetary Fund. Policy Development and Review Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2005-02-09
Implementation Of The Policy Support Instrument written by International Monetary Fund. Policy Development and Review 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 2005-02-09 with Political Science categories.
Within the terms of the proposed decisions, staff has formulated specific proposals on a number of issues raised in general terms during the previous Board discussion: (i) the modalities for a fixed schedule of reviews, including how to signal that a program is back on track; (ii) the application of a misreporting framework under the PSI; and (iii) the relationship between the PSI and the PRS process.
Modifications Of The Fund S Conditionality Framework Application To The Policy Support Instrument
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Author : International Monetary Fund. Legal Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2009-04-13
Modifications Of The Fund S Conditionality Framework Application To The Policy Support Instrument written by International Monetary Fund. Legal 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 2009-04-13 with Business & Economics categories.
In connection with its recent review of the GRA Lending Toolkit and Conditionality—Reform Proposals, the Executive Board decided that the Fund would move to a review-based approach to monitor the implementation of structural reforms in the context of Fund-supported programs, including under PRGF or ESF arrangements.
Rwanda
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Author : International Monetary Fund. African Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2013-12-20
Rwanda 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 2013-12-20 with Business & Economics categories.
This paper discusses Rwanda’s Seventh Review Under the Policy Support Instrument (PSI), Request for a Three-Year PSI and Cancellation of Current PSI. Progress under the PSI has continued to be satisfactory. Except for the ceiling on nonconcessional borrowing (NCB), all quantitative assessment criteria were met. All indicative targets and structural benchmarks were also met. The nonobservance of the NCB ceiling came about when the authorities allowed Rwandair to contract a new US$50.7 million external loan in July. Presently, the IMF staff recommends a waiver on the basis of the authorities’ commitment to prevent any reoccurrence.
United Republic Of Tanzania
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2012-07-18
United Republic Of Tanzania 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 2012-07-18 with Business & Economics categories.
Tanzania’s economy experienced adverse supply shocks in 2011. The Fourth Review under the policy support instrument (PSI) discusses that tighter fiscal and monetary policies are addressing the inflationary impact of the drought/energy shock. Performance under the PSI-supported program has been generally satisfactory. All December 2011 and March 2012 quantitative assessment criteria and indicative targets were met, other than the March 2012 floor on net international reserves, which was missed on account of delays in contracting programmed external borrowing.
Statement By The Managing Director On The Work Program Of The Executive Board Executive Board Meeting June 3 2009
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2009-03-06
Statement By The Managing Director On The Work Program Of The Executive Board Executive Board Meeting June 3 2009 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 2009-03-06 with Business & Economics categories.
Against the backdrop of a global economic crisis, the IMFC has underscored the Fund’s central role in responding to its membership’s needs and restoring prosperity and financial stability. The Fund has acted with alacrity—by overhauling its lending framework; mobilizing strong support and firm pledges toward a tripling of its resources; and continuing to strengthen the quality of its surveillance. The work program is heavy, reflecting the responsibilities assigned to the Fund by the international community and the needs of our membership.
Adequacy Of The Global Financial Safety Net Proposal For A New Policy Coordination Instrument
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-26
Adequacy Of The Global Financial Safety Net Proposal For A New Policy Coordination Instrument 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 2017-07-26 with Business & Economics categories.
The global financial safety net (GFSN) has become larger and more decentralized, creating a need for greater coordination. The expanded GFSN has created multiple sources of official financing for countries in need of support to address balance of payments shocks. Enhanced coordination among these layers would facilitate a more efficient use of global resources and provide better incentives for implementing sound policies. A new non-financing Policy Coordination Instrument (PCI) would address gaps in the GFSN and the Fund’s toolkit. The new Policy Coordination Instrument is designed for countries that are seeking to unlock financing from multiple sources and/or to demonstrate a commitment to a reform agenda. It would enable a closer policy dialogue between the Fund and countries, more regular monitoring of economic developments and policies, as well as Board endorsement of those policies. It would be available for all member countries. The key design features draw on Fund financing arrangements and the Policy Support Instrument (PSI), with some important differences. These include no qualification criteria, a review-based approach for monitoring of conditionality, and a more flexible review schedule. The PCI is part of a broader set of Fund policy proposals to improve coordination with RFAs, enhance liquidity provision for members, and ensure the cohesion of the Fund’s toolkit. The IMFC and the G20 called for further work to strengthen the GFSN and to improve cooperation between the Fund and regional financing arrangements (RFAs). In response, the Fund has produced a diagnostic of the GFSN and the Fund’s toolkit and identified important gaps. Introduction of the PCI, when considered together with the other proposals, will help to move towards a GFSN with improved coverage, more reliable support, and better coordination between the various layers.
United Republic Of Tanzania
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Author : International Monetary Fund. African Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2017-06-30
United Republic Of Tanzania 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 2017-06-30 with Business & Economics categories.
This paper discusses Tanzania’s Sixth Review Under the Policy Support Instrument (PSI) and Request for a Six-Month Extension of the PSI. Tanzania’s macroeconomic performance has been strong, albeit with a recent deceleration in economic growth. Program performance under the PSI has been broadly satisfactory. Most quantitative targets for December 2016 and March 2017 were met. Although progress in structural reforms identified under the program has been generally slow, the authorities have stepped up efforts to advance them. The IMF staff supports the authorities’ request for a 6-month extension of the PSI arrangement and recommends completion of its sixth review.
Adequacy Of The Global Financial Safety Net Considerations For Fund Toolkit Reform
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2017-12-19
Adequacy Of The Global Financial Safety Net Considerations For Fund Toolkit Reform 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 2017-12-19 with Business & Economics categories.
liquidity in the face of increased vulnerabilities calls for enhancing the liquidity support provided through the global financial safety net (GFSN). The global economy is experiencing a period of protracted uncertainty, marked by frequent episodes of volatility. Demand for liquidity has intensified, in particular from emerging markets, which are experiencing a build-up of vulnerabilities and the depletion of their fiscal buffers. The enhanced GFSN meets only partially this higher demand for liquidity. The IMFC and G20 have called on the Fund to further strengthen the safety net. The uneven use of the Fund’s toolkit for crisis prevention suggests the need to reconsider its design. Despite a major overhaul of the Fund’s lending instruments available for precautionary financing, only a modest number of countries have used them. In particular, the lack of access to a liquidity backstop for members with strong policies—similar to the standing bilateral swap arrangements (BSAs) among central banks—limits the availability of Fund support over the whole duration of the shock during protracted periods of global uncertainty. Moreover, the need to resort to Fund financing still carries a high political cost (stigma) for some members. To enhance further the Fund’s toolkit for crisis prevention, consideration could be given to revisiting the existing toolkit and introducing new instruments. The toolkit could thus be enhanced by: establishing a new facility for precautionary financing that would provide a "standing" liquidity backstop to members with strong fundamentals and policies for use when hit by liquidity shocks; and adjusting the existing toolkit to maintain cohesion. Any change to the Fund toolkit would need to take into account the tradeoffs between reducing stigma and containing moral hazard, while simultaneously safeguarding Fund resources. A Fund policy monitoring instrument could improve the cohesion of the global safety net. As the GFSN has expanded and become more multi-layered, there is a need to improve cooperation across the different layers to unlock financing and signal commitment to reforms. Creating a policy monitoring instrument that is available to all Fund members could help in this regard. Next steps . In light of Directors’ views on these points, staff could come back with subsequent papers that lay out specific and detailed proposals for reforming the lending toolkit. While these papers focus on the GRA lending toolkit, a separate forthcoming paper will assess some aspects of the concessional lending toolkit.
Republic Of Tanzania
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Author : International Monetary Fund. African Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2018-01-16
Republic Of Tanzania 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 2018-01-16 with Business & Economics categories.
This paper discusses Tanzania’s Seventh Review Under the Policy Support Instrument (PSI). Program performance under the PSI has been broadly satisfactory. Most quantitative targets for June and September 2017 were met. Although progress in structural reforms has been mostly slow, efforts have been boosted to advance them. Macroeconomic policies will need to be closely coordinated. After recording a small fiscal surplus in July–September against a programmed deficit, the government is planning to step up budget implementation, particularly in development spending. The monetary policy stance and liquidity forecasting and management will need to be closely coordinated with fiscal developments. Strong growth and job creation are needed to address high poverty and a large underemployed youth population.