Financing for Development: Enhancing the Financial Safety Net for Developing Countries---Further Considerations

Author: International Monetary Fund

PRGT-eligible members make considerable use of Fund concessional financing.

Volume/Issue: Volume 2016 Issue 062

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Exports and Imports , Finance , PP , PRGT resource , PRGT-eligible member , financial support , financing , fund , members to fund instrument , fund's Poverty Reduction and Growth Trust , PRGT financing , Balance of payments need , Financial safety nets , Concessional external borrowing , Development assistance , Moral hazard , Global

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Summary

PRGT-eligible members make considerable use of Fund concessional financing. Since 2010, 56 percent of Fund arrangements have involved a PRGT-facility. This paper examines a number of issues raised by Executive Directors and the International Monetary and Financial Committee (IMFC) since the issuance to the Board of the June 2015 staff paper on enhancing the financial safety net for developing countries (IMF, 2015a). This paper concludes that there is a need to clarify guidance in some areas pertaining to PRGT policies. This will be done through an early revision of the LIC Handbook, which is already underway. The paper does not propose changes to the Fund’s concessional facilities at this juncture. A comprehensive review of PRGT (Poverty Reduction and Growth Trust) resources and facilities is planned for 2018.