Policy Papers

Eligibility to Use the Fund's Facilities for Concessional Financing, 2015

June 24, 2015

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Eligibility to Use the Fund's Facilities for Concessional Financing, 2015, (USA: International Monetary Fund, 0) accessed October 4, 2024

Summary

The review of PRGT eligibility continues to be guided by the principles of maintaining a transparent, rules-based, and parsimonious framework—ensuring uniformity of treatment across members in similar situations while taking appropriate account of country-specific circumstances. The graduation policy seeks to maintain broad alignment with the World Bank’s IDA graduation practices, while also remaining consistent with the principle of ensuring the self-sustainability of the PRGT’s lending capacity over time.

The paper concludes that the existing framework remains broadly appropriate, but could be enhanced in a few areas, including: Making use of additional data sources, namely the IMF BEL database, in assessing that a country has durable and substantial market access, supplementing the current reliance on the World Bank’s IDS database that is produced with a significant lag; Sharpening the specification of circumstances under which the presence of serious short-term vulnerabilities would justify non-graduation of a country that meets the income graduation criterion. This would entail limiting the application of the serious short-term vulnerabilities criterion for countries that exceed the applicable income graduation threshold by 50 percent or more.

Subject: Access to capital markets, Concessional aid, Executive Board decisions, Fund facilities, Poverty Reduction and Growth Trust, Use of Fund resources

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