Policy Papers
2020
April 2, 2020
Catastrophe Containment and Relief Trust: Policy Proposals and Funding Strategy
Description: In direct response to the COVID-19 crisis the International Monetary Fund (IMF) Executive Board has adopted some immediate enhancements to its Catastrophe Containment and Relief Trust (CCRT) to enable the Fund to provide debt service relief for its poorest and most vulnerable members. The CCRT enables the IMF to deliver grants for debt relief benefiting eligible low-income countries in the wake of catastrophic natural disasters and major, fast-spreading public health emergencies.
March 16, 2020
Eligibility to Use the Fund's Facilities for Concessional Financing, 2020
Description: This paper concludes that the existing framework remains broadly appropriate, but proposes methodological refinements to improve the assessment of market access, clarifies how serious short-term vulnerabilities are assessed, and proposes a modest extension of the transition period before graduation decisions become effective.
March 16, 2020
Policy Steps to Address the Corona Crisis
Description: Monitoring, containing and mitigating the effects of the corona virus are top priorities. Timely and decisive actions by health authorities, central banks, fiscal, regulatory and supervisory authorities can help contain the virus outbreak and offset the economic impact of the pandemic. Central banks must support demand and confidence by preventing a tightening of financial conditions, lowering borrowing costs for households and firms, and ensuring market liquidity. Fiscal policy must step up to provide sizable support to the most affected people and firms, including in hard-to-reach informal sectors. Regulatory and supervisory responses must aim to preserve financial stability and banking system soundness while sustaining economic activity.
March 4, 2020
Framework To Address Open Management Actions In Response To Board-Endorsed IEO Recommendations
Description: Based on recommendations endorsed by the Evaluation Committee of the Board (EVC), this paper proposes a framework to implement the recommendation of the Third External Evaluation of the IEO to address the backlog of open management actions included in the Management Implementation Plans (MIPs) in response to Board-endorsed IEO recommendations.
March 4, 2020
Tenth Periodic Monitoring Report On The Status Of Management Implementation Plans In Response To Board-Endorsed IEO Recommendations
Description: The Tenth Periodic Monitoring Report (PMR) on the Status of Management Implementation Plans (MIPs) in Response to Board-Endorsed Independent Evaluation Office (IEO) Recommendations assesses the progress made over the last year on actions contained in 10 MIPs with open management actions.
March 4, 2020
Categorization Of Open Actions In Management Implementation Plans
Description: This paper undertakes a triage of the backlog of open actions in Management Implementation Plans (MIPs) responding to recommendations by the Independent Evaluation Office (IEO), based on the Framework endorsed by the Board in March 2019.
February 19, 2020
Collateralized Transactions: Key Considerations for Public Lenders and Borrowers
Description: In a response to a request from the G20 IFA Working Group, this note provides a framework for public lenders and borrowers to assess collateralized financing practices from a development perspective. The work of the IMF and World Bank suggests that the availability of collateralized financing can be beneficial to a developing country borrower under a range of circumstances, but also points to pitfalls.
February 19, 2020
Participation by Fund Staff In Anti-Money Laundering/Combating The Financing Of Terrorism Assessments by Other Assessor Bodies
Description: The Fund’s Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Strategy was most recently reviewed by the Executive Board in November 2018. In addition, during the Board discussion of the 2018 review, a number of Directors felt strongly that Fund staff should participate in assessments led by other AML/CFT assessor bodies, on an exceptional basis.
February 13, 2020
Fifteenth General Review of Quotas—Notification from the Executive Board to the Board of Governors: December 2019
Description: On December 20, 2019, the Executive Board notified the Board of Governors that it would not be able to report to the Board of Governors in time to facilitate a vote by the Board of Governors concluding the Fifteenth Review before the end of 2019, as previously envisaged, and that the Executive Board was expected to report to the Board of Governors around mid-January 2020 on the outcome of discussions on the Fifteenth Review, the goals and timetable for the Sixteenth Review, and on the way forward on IMF resources.
February 13, 2020
Proposed Decisions to Modify the New Arrangements to Borrow and to Extend the Deadline for a Review of the Borrowing Guidelines
Description: This paper presents a proposal for reforming the NAB with a doubling of the aggregate size of the NAB and amendments to the NAB Decision. The proposal contains the following key elements: doubling the aggregate size of NAB credit arrangements, through a doubling of all current NAB credit arrangements; establishing a new NAB period, extending from January 1, 2021 through end-2025; updating the NAB Decision as some provisions have become obsolete or outdated; and including a new provision in the NAB Decision limiting the activation of bilateral borrowing during the new NAB period. The paper also proposes a 6-month extension of the deadline for the review of the Guidelines for Borrowing by the Fund to end-June 2020.