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Supplement to 2018 Guidance Note on the Bank-Fund Debt Sustainability Framework for Low Income Countries

Author : International Monetary Fund. Strategy, Policy, & Review Department

Publisher : International Monetary Fund

Page : 32 pages

File Size : 27,82 MB

Release : 2024-08-05

Category :

ISBN :

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Book Description

This Supplement provides additional guidance to IMF and World Bank staff on the implementation of the Bank-Fund Debt Sustainability Framework for Low Income Countries (LIC-DSF) approved in 2017 by the IMF and World Bank Boards. It complements the 2018 Bank-Fund Guidance Note on the LIC-DSF. Since the publication of the 2018 Guidance Note, several issues have increased in significance, requiring more tailored guidance on the implementation of the LIC-DSF to address these issues, including: • Greater prominence of risks from climate change. • Further increase in borrowing on commercial terms and in domestic markets. • Increased number and complexity of debt restructurings. This Supplement to the 2018 Guidance Note on the LIC-DSF provides further guidance on how to address these issues within the current framework. All aspects of the 2018 LIC-DSF Guidance Note remain in effect, except as modified in this Supplement.



Guidance Note on the Bank-Fund Debt Sustainability Framework for Low Income Countries

Author : International Monetary Fund. Strategy, Policy, & Review Department

Publisher : International Monetary Fund

Page : 72 pages

File Size : 14,74 MB

Release : 2018-02-14

Category : Business & Economics

ISBN : 1498307264

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Book Description

Low-income countries (LICs) face significant challenges in meeting their Sustainable Development Goals (SDGs) while at the same time ensuring that their external debt remains sustainable. In April 2005, the Executive Boards of the International Monetary Fund (IMF) and the International Development Association (IDA) approved the introduction of the Debt Sustainability Framework (DSF), a tool developed jointly by IMF and World Bank staff to conduct public and external debt sustainability analysis in low-income countries. The DSF has since been serving to help guide the borrowing decisions of LICs, provide guidance for creditors’ lending and grant allocation decisions, and improve World Bank and IMF assessments and policy advice. The latest review of the framework was approved by the Executive Boards in September 2017. This introduced reforms to ensure that the DSF remains appropriate for the rapidly changing financing landscape facing LICs and to further improve insights into debt vulnerabilities. This note provides operational and technical guidance on the implementation of the reformed framework.





Zambia

Author : International Monetary

Publisher : International Monetary Fund

Page : 135 pages

File Size : 30,13 MB

Release : 2022-09-06

Category : Business & Economics

ISBN :

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Book Description

Zambia is dealing with large fiscal and external imbalances resulting from years of economic mismanagement, especially an overly ambitious public investment drive that did not yield any significant boost to growth or revenues. A drought in 2019 and the COVID-19 pandemic exacerbated the acute economic and social challenges facing the country, with poverty, inequality, and malnutrition rates amongst the highest in the world. As a result, Zambia is in debt distress, defaulting on its Eurobonds in November 2020 while also accumulating arrears to other creditors. The war in Ukraine has increased prices of fuel and fertilizer, amplifying pressures further.





Sovereign Debt Restructurings 1950-2010

Author : Mr.Udaibir S. Das

Publisher : International Monetary Fund

Page : 128 pages

File Size : 43,9 MB

Release : 2012-08-01

Category : Business & Economics

ISBN : 1475505531

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Book Description

This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.



International Monetary Fund Annual Report 2021

Author : International Monetary Fund. Secretary's Department

Publisher : International Monetary Fund

Page : 74 pages

File Size : 32,35 MB

Release : 2021-10-04

Category : Business & Economics

ISBN : 1513568817

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Book Description

A recovery is underway, but the economic fallout from the global pandemic could be with us for years to come. With the crisis exacerbating prepandemic vulnerabilities, country prospects are diverging. Nearly half of emerging market and developing economies and some middle-income countries are now at risk of falling further behind, undoing much of the progress made toward achieving the UN Sustainable Development Goals.



Ghana

Author : International Monetary Fund

Publisher : International Monetary Fund

Page : 93 pages

File Size : 24,72 MB

Release : 2008-10-20

Category : Business & Economics

ISBN : 1451815018

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Book Description

This 2008 Article IV Consultation highlights that Ghana’s growth has remained strong, fuelled by both the private and public sectors. The Ghanaian economy maintained strong growth of about 61⁄2 percent in 2007 and the first months of 2008. The private sector has responded positively to macroeconomic stability, structural reforms, and an increasingly business-friendly environment. But fiscal spending also increased, leading to excess demand. Supply-side shocks, especially from international fuel prices, have impacted Ghana negatively, although overall, Ghana’s terms of trade continued to improve.



Haiti

Author : International Monetary Fund

Publisher : International Monetary Fund

Page : 82 pages

File Size : 11,40 MB

Release : 2009-03-02

Category : Business & Economics

ISBN : 1451817754

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Book Description

The staff report for Haiti’s Fourth Review under the Three-Year Arrangement, and request for Waiver of Performance Criterion and Augmentation of Access is examined. The financial system, which has not been significantly affected by the financial crisis, remains sound. External credit lines are small and mostly trade related. Indicators of banking sector soundness remained broadly satisfactory with increased net profits and declining nonperforming loans, although the financial position of two small banks had weakened further.



Global Waves of Debt

Author : M. Ayhan Kose

Publisher : World Bank Publications

Page : 403 pages

File Size : 14,30 MB

Release : 2021-03-03

Category : Business & Economics

ISBN : 1464815453

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Book Description

The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.