Proposed Reforms to the Exogenous Shocks Facility

The review of the ESF is being accelerated in light of experience and worsening global economic conditions, in particular the surge in food and fuel prices.

Volume/Issue: Volume 2008 Issue 040

Publication date: July 2008

ISBN: 9781498354356

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Topics covered in this book

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Exports and Imports , Economics- Macroeconomics , PP , Review of the ESF , policy , financing , PRGF-ESF Trust , arrangement , PRGF arrangement , rapid-access ESF , ESF modification , high-access ESF arrangement , ESF resource , ESF review , modified ESF , Balance of payments need , Fuel prices , Food prices , Balance of payments assistance , Concessional external borrowing , Global

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Summary

The review of the ESF is being accelerated in light of experience and worsening global economic conditions, in particular the surge in food and fuel prices. Despite having become effective in 2006, the ESF has yet to be used. Recent discussions with creditors, donors, potential users, and outside observers have highlighted a number of ways to enhance its effectiveness.