{
  "title": "Creating Policy Space in Low-Income Countries during the Recent Crises",
  "publication": "Departmental Papers, March 16, 2010",
  "sourceUrl": "https://www.imf.org/en/publications/departmental-papers-policy-papers/issues/2016/12/31/creating-policy-space-in-low-income-countries-during-the-recent-crises-23397",
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  "summary": "Low-income countries were hit especially hard by sharp increases in world food and fuel prices in 2007-08 and the global financial crisis that followed.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Low-income countries were hit especially hard by sharp increases in world food and fuel prices in 2007-08 and the global financial crisis that followed.\n- In response, the International Monetary Fund scaled up its financial assistance to low-income countries and revamped its concessional lending facilities to make them more flexible in meeting the diverse needs of these countries.\n- The paper assesses empirically the outcome of the IMF response and provides insight into how IMF-supported programs in low-income countries have been adapted to the changing economic circumstances in these countries.\n- The authors report that these programs have provided expanded policy space in the face of the global price shocks and financial crisis."
    },
    {
      "heading": "Key findings and observations",
      "content": "- External shocks highlighted: sharp increases in world food and fuel prices in 2007-08; the global financial crisis of 2008-2009.\n- IMF operational response: scaled up financial assistance to low-income countries; revamped concessional lending facilities to increase flexibility.\n- Empirical assessment outcome: IMF-supported programs in low-income countries have been adapted to changing economic circumstances and provided expanded policy space during the crises."
    },
    {
      "heading": "Subjects and keywords (as listed)",
      "content": "- Subjects: Financial crises, Fiscal policy, Food prices, Fuel prices, Global financial crisis of 2008-2009, Inflation, Prices\n- Keywords: balance of payments, country, country authorities, current account, DP, DPPP, economic activity, fiscal policy, Food prices, fuel price, Fuel prices, Global, Global financial crisis of 2008-2009, Inflation, LICs, price, social spending, spending, The Fund\n\n---\n\n\nSource: https://www.imf.org/en/publications/departmental-papers-policy-papers/issues/2016/12/31/creating-policy-space-in-low-income-countries-during-the-recent-crises-23397"
    }
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    "Authors: Paolo Dudine, Sibabrata Das, Pritha Mitra, Yongzheng Yang, Eteri Kvintradze, Nkunde Mwase",
    "Published: March 16, 2010",
    "Series: Departmental Papers",
    "DOI: https://doi.org/10.5089/9781589069305.087",
    "Low-income countries were hit especially hard by sharp increases in world food and fuel prices in 2007-08 and the global financial crisis that followed.",
    "In response, the International Monetary Fund scaled up its financial assistance to low-income countries and revamped its concessional lending facilities to make them more flexible in meeting the diverse needs of these countries.",
    "The paper assesses empirically the outcome of the IMF response and provides insight into how IMF-supported programs in low-income countries have been adapted to the changing economic circumstances in these countries.",
    "The authors report that these programs have provided expanded policy space in the face of the global price shocks and financial crisis.",
    "External shocks highlighted: sharp increases in world food and fuel prices in 2007-08; the global financial crisis of 2008-2009.",
    "IMF operational response: scaled up financial assistance to low-income countries; revamped concessional lending facilities to increase flexibility.",
    "Empirical assessment outcome: IMF-supported programs in low-income countries have been adapted to changing economic circumstances and provided expanded policy space during the crises.",
    "Subjects: Financial crises, Fiscal policy, Food prices, Fuel prices, Global financial crisis of 2008-2009, Inflation, Prices",
    "Keywords: balance of payments, country, country authorities, current account, DP, DPPP, economic activity, fiscal policy, Food prices, fuel price, Fuel prices, Global, Global financial crisis of 2008-2009, Inflation, LICs, price, social spending, spending, The Fund"
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