{
  "title": "Reform of the Policy on Public Debt Limits in IMF-Supported Programs",
  "publication": "Policy Papers, November 11, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/policy-papers/issues/2020/11/11/reform-of-the-policy-on-public-debt-limits-in-imf-supported-programs-49876",
  "canonical": "https://www.imf.org/en/publications/policy-papers/issues/2020/11/11/reform-of-the-policy-on-public-debt-limits-in-imf-supported-programs-49876",
  "overlayPath": "/en/publications/policy-papers/issues/2020/11/11/reform-of-the-policy-on-public-debt-limits-in-imf-supported-programs-49876/index.md",
  "summary": "This paper evaluates the IMF’s policy on the use of quantitative limits on public debt in IMF-supported programs (the “debt limits policy”) and proposes a number of modifications.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- This paper evaluates the IMF’s policy on the use of quantitative limits on public debt in IMF-supported programs (the “debt limits policy”) and proposes a number of modifications.\n- The review is taking place:\n  - at a time when many countries are experiencing heightened debt vulnerabilities or actual debt distress,\n  - aggravated by the COVID-19 shock,\n  - and occurring against the backdrop of a changing credit landscape in which concessional finance is scarcer relative to countries’ investment needs."
    },
    {
      "heading": "Major themes and focus",
      "content": "- Evaluation of the debt limits policy governing quantitative limits on public debt in IMF-supported programs.\n- Proposals for modifications to the debt limits policy.\n- Contextual drivers emphasized:\n  - heightened debt vulnerabilities and actual debt distress,\n  - the COVID-19 shock,\n  - a changing credit landscape with concessional finance scarcer relative to countries’ investment needs."
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- Subject: Asset and liability management, Concessional external borrowing, Debt limits, Debt sustainability, External debt, Government debt management, Public debt, Public financial management (PFM)\n- Keywords: Africa, Concessional external borrowing, debt conditionality, Debt limits, debt limits policy, Debt sustainability, debt vulnerability, financing arrangement, fund staff, Global, Government debt management, heightened debt vulnerability, low income countries, PP\n\n---\n\n Content in this bundle\n\n- Policy Paper\n  - Policy Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Policy Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/policy-papers/issues/2020/11/11/reform-of-the-policy-on-public-debt-limits-in-imf-supported-programs-49876"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/policy-papers/issues/2020/11/11/reform-of-the-policy-on-public-debt-limits-in-imf-supported-programs-49876/index.md)",
    "[Structured JSON version](/en/publications/policy-papers/issues/2020/11/11/reform-of-the-policy-on-public-debt-limits-in-imf-supported-programs-49876/index.json)",
    "[Bundle manifest](/en/publications/policy-papers/issues/2020/11/11/reform-of-the-policy-on-public-debt-limits-in-imf-supported-programs-49876/bundle-manifest.json)",
    "Published: November 11, 2020",
    "Series: Policy Papers",
    "DOI: https://doi.org/10.5089/9781513560885.007",
    "This paper evaluates the IMF’s policy on the use of quantitative limits on public debt in IMF-supported programs (the “debt limits policy”) and proposes a number of modifications.",
    "The review is taking place:",
    "Evaluation of the debt limits policy governing quantitative limits on public debt in IMF-supported programs.",
    "Proposals for modifications to the debt limits policy.",
    "Contextual drivers emphasized:",
    "Subject: Asset and liability management, Concessional external borrowing, Debt limits, Debt sustainability, External debt, Government debt management, Public debt, Public financial management (PFM)",
    "Keywords: Africa, Concessional external borrowing, debt conditionality, Debt limits, debt limits policy, Debt sustainability, debt vulnerability, financing arrangement, fund staff, Global, Government debt management, heightened debt vulnerability, low income countries, PP",
    "**Policy Paper**"
  ],
  "related": [
    {
      "title": "Policy Paper",
      "role": "paper",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/pp/2020/english/ppea2020061.pdf",
      "summary": {
        "path": "/-/media/files/publications/pp/2020/english/ppea2020061.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/pp/2020/english/ppea2020061.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/policy-papers/issues/2020/11/11/reform-of-the-policy-on-public-debt-limits-in-imf-supported-programs-49876/index.md",
    "json": "/en/publications/policy-papers/issues/2020/11/11/reform-of-the-policy-on-public-debt-limits-in-imf-supported-programs-49876/index.json",
    "bundleManifest": "/en/publications/policy-papers/issues/2020/11/11/reform-of-the-policy-on-public-debt-limits-in-imf-supported-programs-49876/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-19T01:13:30.094Z"
}