Policy Papers

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April 7, 2021

The Managing Director’s Global Policy Agenda, Spring Meetings 2021 : Bolstering the Recovery, Countering the Divergence

Description: An unprecedented policy response and rapid progress in vaccine development have helped pull the global economy from a deep recession. But the outlook is marked by high uncertainty and great divergence. Carefully calibrated policies and stronger international cooperation are vital to safely exit the crisis. Transformative policies should aim for fast convergence toward a green, digital, and inclusive future.

April 5, 2021

Catastrophe Containment and Relief Trust—Third Tranche Of Debt Service Relief In The Context Of The COVID-19 Pandemic

Description: This paper proposes that the Executive Board approve the disbursement of a third tranche of CCRT debt service relief to 28 of the 29 CCRT-eligible members, covering the period April 14, 2021 through October 15, 2021, given staff’s assessment that sufficient financial resources are available.

April 2, 2021

World Bank Group And International Monetary Fund Support For Debt Relief Under The Common Framework And Beyond

Description: This paper discusses World Bank and IMF support for addressing fiscal and debt distress in IDA countries, with emphasis on strong continued concessional flows for green, resilient, and inclusive development.

March 31, 2021

Poverty Reduction and Growth Trust— 2020-21 Borrowing Agreements with The Government of Australia, Danmarks Nationalbank, The Bank Of Italy, The German Federal Ministry Of Finance On Behalf Of The Federal Republic Of Germany, And The Swiss National Bank

Description: This paper presents to the Executive Board for information the second set of new borrowing agreements for the Poverty Reduction and Growth Trust.

March 30, 2021

Macroeconomic Developments and Prospects In Low-Income Countries—2021

Description: This paper is the sixth in a series that examines macroeconomic developments and prospects in low-income countries (LICs). LICs are defined in this report as the countries eligible to PRGT facilities (69 countries). The first section of the paper discusses recent macroeconomic developments and trends across LICs. The second section estimates LICs’ financing needs up to 2025 to resume and accelerate their income convergence with advanced economies (AEs). It does this by estimating the additional financing that would enable LICs to step up spending response to COVID, including vaccination needs, while rebuilding or keeping external buffers to enhance resilience, and then the paper considers the financing needed to allow LICs to accelerate convergence with AEs. The paper then discusses a mix of financing options, including concessional financing from the international financial institutions, grants and loans from bilateral donors, private financing and debt operations, but also domestic reforms within LICs themselves as a key component to foster growth, enhance private investment, raise public revenues, and increase efficiency of spending.

March 25, 2021

Temporary Extensions and Modifications Of Access Limits In The Fund’s Lending Facilities

Description: The Fund introduced two main sets of temporary adjustments to its lending frameworks in the early months of the pandemic: (i) increases in the limits on access to its emergency financing instruments (April 2020) and (ii) increases in the annual limits on access to financing from both its general and concessional financing facilities (July 2020).

March 16, 2021

Fund Support for Debt- and Debt-Service-Reduction Operations

Description: The note concludes that the Fund could support a member’s use of buybacks, cash sweeteners, or collateral in the context of a Fund-supported program, provided that (i) debt restructurings using buybacks, cash sweeteners or collateral offer significant efficiency gains relative to debt restructurings that do not rely on such instruments, but are underpinned by a regular Fund-supported program; and (ii) an adequate cushion of non-multilateral debt remains after the operation. The conditions under which buybacks, cash sweeteners or collateral can be expected to deliver significant efficiency gains are narrow and specified in some detail.

March 15, 2021

Review of The Method of Valuation of The SDR—Proposed Extension of The Valuation Of The SDR Basket and Modification of The Date Of Effect of A New Basket

Description: On March 5, 2021, the IMF’s Executive Board approved an extension of the current Special Drawing Right (SDR) valuation basket by ten months from September 30, 2021 to July 31, 2022. The IMF normally reviews the composition and valuation of the SDR basket every five years. The extension effectively resets the five-yearly cycle of SDR valuation reviews, with the next review to be completed by mid-2022 and the new basket becoming effective on August 1, 2022. The ten-month extension contributes to the Fund’s ongoing efforts to prioritize work during the COVID-19 crisis and allows for a more suitable effectiveness date of the new basket, which does not coincide with some major markets being closed. The approved extension, as well as effectiveness date of a new basket, is intended to facilitate the continued smooth functioning of SDR-related operations.

March 5, 2021

2020 Quota Data Update

Description: This paper presents the annual update of the quota database and extends the database by one year through 2018. The paper provides an overview of the data and of the methodology and covers the quota formula variables and calculated quota shares based on the current quota formula.

March 5, 2021

2019 Quota Data Update

Description: The paper presents summary results for the updated data set, with country-by-country details provided in Appendix I. In terms of broad country groups, the results of the data update are broadly consistent with trends observed in previous updates. The aggregate share of Emerging Market and Developing Countries (EMDCs) increased by 0.3 pp, to 50.0 percent, following a small decline in the EMDCs’ share recorded in the 2018 data update. The rising EMDC share reflected again foremost an increase for Asia. Most advanced economies recorded a small decrease in their calculated quota share using the current quota formula.

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