Policy Papers
2006
January 5, 2006
Independent Evaluation Office - Evaluation of the Financial Sector Assessment Program (FSAP)
Description: This evaluation assesses the effectiveness of the Financial Sector Assessment Program (FSAP) from the perspective of the IMF. A parallel evaluation by the World Bank’s OED assesses the World Bank’s role. The FSAP was established in 1999 to provide advice to strengthen the financial systems of member countries by facilitating early detection of financial sector vulnerabilities and helping to identify financial sector development needs.
January 5, 2006
The Fund's Income Position for FY 2006 - Update to the Midyear Review
Description: This paper provides updated information on the Fund’s income position. The regular midyear review of the Fund’s income for FY 2006 was completed by the Executive Board on December 9, 2005. That review projected a small shortfall of SDR 18 million from the regular net income target of SDR 188 million. The projection was based on the usual set of assumptions, including that repurchases would be made as scheduled.
2005
December 21, 2005
Fund Surveillance Over Members of Currency Unions
Description:
Effective Fund surveillance over the members of currency unions entails discussions at the regional level. This requirement derives from the fact that currency union members have devolved responsibility for policy areas that are central to Fund surveillance, notably monetary and exchange rate policies, to regional institutions. Discussions have been held for some time with regional institutions in the euro area, the Central African Economic and Monetary Union (CEMAC), the Eastern Caribbean Currency Union (ECCU), and the West African Economic and Monetary Union (WAEMU). However, only for the EU institutions responsible for euro area policies have these discussions been formalized as constituting an integral part of the Fund’s surveillance on the individual members of the currency union.
At the conclusion of the 2004 biennial surveillance review, Directors called for formalization of discussions with regional institutions in the remaining currency unions: CEMAC, ECCU and WAEMU.
This paper formalize the modalities of discussions with the regional institutions of these currency unions in the context of the Article IV consultations with the members of these currency unions.
December 20, 2005
Multilateral Debt Relief Initiative: A First Assessment of Eligible Countries--Supplemental Information
Description: This supplement summarizes new information available to staff since the issuance of The Multilateral Debt Relief Initiative: A First Assessment of Eligible Countries (December 8, 2005). It focuses on the six members (Ethiopia, Madagascar, Mauritania, Nicaragua, Rwanda, and Senegal) for which staff recommends that remedial actions be taken before the Board determines whether they qualify for debt relief from the Fund under the Multilateral Debt Relief Initiative.
December 8, 2005
Republic of Tajikistan - Staff Assessment of Qualification for the Multilateral Debt Relief Initiative
Description: Tajikistan is not a HIPC country. It is, however, eligible under the MDRI because it had a per capita annual GDP of below $380 as of 2004. Staff is of the view that all criteria have been met, and recommends that the Board determine that Tajikistan qualifies for immediate debt relief under the MDRI.
December 8, 2005
Burkina Faso - Staff Assessment of Qualification for the Multilateral Debt Relief Initiative
Description: Burkina Faso reached the completion point under the enhanced HIPC Initiative on April 12, 2002. Staff is of the view that all criteria have been met and recommends that the Board determine that Burkina Faso qualifies for immediate debt relief under the MDRI.
December 8, 2005
Cambodia - Staff Assessment of Qualification for the Multilateral Debt Relief Initiative
Description: Cambodia is not a HIPC country because its debt levels were below the relevant thresholds. It is, however, eligible under the MDRI because it had per capita annual GDP of below $380 as of 2004. No IDA relief is currently expected under the MDRI for non-HIPC countries. Staff is of the view that all criteria have been met, and recommends that the Board determine that Cambodia qualifies for immediate relief under the MDRI.
December 8, 2005
Uganda - Staff Assessment of Qualification for the Multilateral Debt Relief Initiative
Description: Uganda reached the completion point under the enhanced HIPC Initiative on May 1, 2000. Staff is of the view that all criteria are met, and recommends that the Board determine that Uganda qualifies for immediate debt relief under the MDRI.
December 8, 2005
United Republic of Tanzania - Staff Assessment of Qualification for the Multilateral Debt Relief Initiative
Description: Tanzania reached the completion point under the enhanced HIPC Initiative on November 21, 2001. Staff is of the view that all criteria have been met, and recommends that the Board determine that Tanzania qualifies for immediate debt relief under the MDRI.
December 8, 2005
Mali - Staff Assessment of Qualification for the Multilateral Debt Relief Initiative
Description: Mali reached the completion point under the enhanced HIPC initiative on March 6, 2003. Staff recommends that the Board determine that Mali qualifies for MDRI debt relief.