Implicit Transfers in IMF Lending, 1973–2003
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Summary:
We compute realized transfers implicit in IMF lending from 1973-2003, based on 2003 IMF repayment projections and promised debt relief. IMF lending rates to high-and middleincome countries fell short of industrial country borrowing rates by 30-150 basis points over the period as a whole, but exhibited a small premium after 1987. The subsidy received by low-income and HIPC countries was much higher (400-600 basis points, respectively). In 2002 NPV terms, cumulative transfers were 12-15 percent of 2002 GDP for the HIPCs, 2-3 percent for low income countries, and less than ¾ percent for the emerging market countries.
Series:
Working Paper No. 2005/008
Subject:
Debt relief Loans Market interest rates Personal income SDR interest rate
English
Publication Date:
January 1, 2005
ISBN/ISSN:
9781451860276/1018-5941
Stock No:
WPIEA2005008
Pages:
41
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