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Increased IMF financial assistance in 2009 allowed countries to preserve or boost state spending despite lower revenues (photo: Thomas Mukoya/Reuters)
The IMF and Civil Society
Engagement with IMF Helps Poorer Countries Through Global Crisis
September 14, 2012
IMF-supported economic programs and related policy advice have helped low-income countries navigate the global financial crisis, an IMF internal review found.
The report, covering more than 70 low-income countries eligible to receive concessional IMF resources, also presented new evidence that IMF support had played a positive role over the longer term in raising growth, reducing poverty, and strengthening poorer countries’ resilience to shocks.
Experience with new
The 2009 reforms aimed to close gaps and to create a streamlined architecture of facilities that is better tailored to the needs of low-income countries.
Subsequently, demand for support from the IMF for countries’ programs has been high, and shifted to a more diverse range of facilities (see Chart 1). The use of facilities has been greatest among the poorer low-income countries and those eligible for the Heavily Indebted Poor Countries debt relief program and has increased strongly for small and fragile economies.