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Author | : International Monetary Fund. Finance Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 56 |
Release | : 2021-03-05 |
Genre | : Business & Economics |
ISBN | : 1513571257 |
Download Adequacy of Fund Resources—Further Considerations Book in PDF, ePub and Kindle
This paper is part of the workplan on the 15th General Review of Quotas (15th Review). The paper provides a two-pillar framework for assessing the adequacy of Fund resources, building on the staff paper discussed by the Board in March 2016. The second pillar of the framework is qualitative in nature. The paper also provides information to support a discussion on the mix of Fund resources.
Author | : International Monetary Fund Finance Dept |
Publisher | : |
Total Pages | : 0 |
Release | : 2021 |
Genre | : |
ISBN | : |
Download Adequacy of Fund Resources-Further Considerations Book in PDF, ePub and Kindle
This paper is part of the workplan on the 15th General Review of Quotas (15th Review). The paper provides a two-pillar framework for assessing the adequacy of Fund resources, building on the staff paper discussed by the Board in March 2016. The second pillar of the framework is qualitative in nature. The paper also provides information to support a discussion on the mix of Fund resources.
Author | : International Monetary Fund. Finance Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 46 |
Release | : 2021-03-05 |
Genre | : Business & Economics |
ISBN | : 1513571176 |
Download Adequacy of Fund Resources – Preliminary Considerations Book in PDF, ePub and Kindle
This paper provides background for initial considerations on the appropriate size of the Fund’s overall lending capacity over the medium term. The paper reviews developments in the demand for Fund resources during the global crisis. The paper also argues that the global economy is changing in fundamental ways, with implications for the size of the Fund. Against this background, the analysis suggests that the current overall lending capacity of the Fund should be seen as a minimum. Additional resources would be needed if the Fund were to introduce changes to its lending framework. While the financing structure of the Fund should be largely quota-based, staff sees a strong case for continuing to backstop quota resources with a standing borrowing facility. Maintaining the Fund’s current overall lending capacity would require swift action by the membership.
Author | : International Monetary Fund. Finance Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 93 |
Release | : 2021-03-05 |
Genre | : Business & Economics |
ISBN | : 1513571281 |
Download Fifteenth General Review of Quotas—Further Considerations Book in PDF, ePub and Kindle
The paper revisits the two-pillar framework for assessing the adequacy of Fund resources. Responding to Directors suggestions, the quantitative pillar is updated to include alternative assumptions and to provide a longer-term perspective on likely resource needs. While quantitative estimates are generally somewhat lower after factoring in the alternative assumptions, these reductions are more than outweighed when the analysis is extended through the middle of the next decade, recognizing that the outcome of the 15th Review will likely determine permanent Fund resources through at least the middle of the next decade. The updated qualitative pillar analysis highlights reforms since the global financial crisis and discusses uncertainties in the global environment. It also provides an assessment of the general impact of the various qualitative considerations. Taken together, the two pillars continue to make a case for at least maintaining existing Fund resources. Against this background, the simulations in the paper cover three illustrative sizes for quota increases (50, 75, and 100 percent), centered on broadly maintaining Fund resources, assuming the New Arrangements to Borrow (NAB) is maintained at its current level and Bilateral Borrowing Agreements (BBAs) expire.
Author | : International Monetary Fund. Finance Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 32 |
Release | : 2009-12-01 |
Genre | : Business & Economics |
ISBN | : 149833640X |
Download Review of the Adequacy of and Options for Supplementing Fund Resources Book in PDF, ePub and Kindle
This review discusses the potential scale of a possible increase, as well as modalities that would facilitate a prompt increase in the Fund’s resources should the need for additional resources be agreed. While a permanent increase in Fund resources has traditionally been achieved through an increase in quotas, borrowing has often been used to bridge to a general quota increase given the substantial time involved in the latter undertaking. At a time of crisis, the case for such an approach is even stronger. The precise design and scope of any such borrowing would need to be considered in consultation with potential creditors, and with careful attention to the broader implications for the Fund’s finances.
Author | : International Monetary Fund Finance Dept |
Publisher | : |
Total Pages | : 0 |
Release | : 2021 |
Genre | : |
ISBN | : |
Download Fifteenth General Review of Quotas-Further Considerations Book in PDF, ePub and Kindle
The paper revisits the two-pillar framework for assessing the adequacy of Fund resources. Responding to Directors suggestions, the quantitative pillar is updated to include alternative assumptions and to provide a longer-term perspective on likely resource needs. While quantitative estimates are generally somewhat lower after factoring in the alternative assumptions, these reductions are more than outweighed when the analysis is extended through the middle of the next decade, recognizing that the outcome of the 15th Review will likely determine permanent Fund resources through at least the middle of the next decade. The updated qualitative pillar analysis highlights reforms since the global financial crisis and discusses uncertainties in the global environment. It also provides an assessment of the general impact of the various qualitative considerations. Taken together, the two pillars continue to make a case for at least maintaining existing Fund resources. Against this background, the simulations in the paper cover three illustrative sizes for quota increases (50, 75, and 100 percent), centered on broadly maintaining Fund resources, assuming the New Arrangements to Borrow (NAB) is maintained at its current level and Bilateral Borrowing Agreements (BBAs) expire.
Author | : International Monetary Fund. Finance Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 24 |
Release | : 2007-11-27 |
Genre | : Business & Economics |
ISBN | : 1498333141 |
Download Thirteenth General Review of Quotas - Assessing the Adequacy of IMF Resources Book in PDF, ePub and Kindle
The Thirteenth Review provides an opportunity to take stock of the overall adequacy of IMF resources in light of developments in the world economy and the international monetary system. The Resolution concluding the Twelfth Review indicated that the Executive Board intended, during the period of the Thirteenth Review, to monitor closely and assess the adequacy of Fund resources and to consider measures to achieve a distribution of quotas that reflects developments in the world economy and to strengthen the governance of the Fund. The latter two issues have since been taken up under the work program on quota and voice reform. Accordingly, the focus of this paper is on the adequacy of Fund resources.
Author | : International Monetary Fund. Finance Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 177 |
Release | : 2021-03-05 |
Genre | : Business & Economics |
ISBN | : 1513571311 |
Download Fifteenth General Review of Quotas— Additional Considerations and Data Update Book in PDF, ePub and Kindle
This paper provides background for a further round of discussions on the Fifteenth General Review of Quotas (hereafter 15th Review). The paper builds on work presented in previous staff papers and Directors’ views expressed in three meetings of the Committee of the Whole in September 2017 and February 2018. No proposals are presented at this stage, pending further Board guidance on possible approaches to narrowing the current differences of views.
Author | : International Monetary Fund. Strategy, Policy, & Review Department |
Publisher | : International Monetary Fund |
Total Pages | : 42 |
Release | : 2017-12-19 |
Genre | : Business & Economics |
ISBN | : 1498346162 |
Download Adequacy of the Global Financial Safety Net—Considerations for Fund Toolkit Reform Book in PDF, ePub and Kindle
liquidity in the face of increased vulnerabilities calls for enhancing the liquidity support provided through the global financial safety net (GFSN). The global economy is experiencing a period of protracted uncertainty, marked by frequent episodes of volatility. Demand for liquidity has intensified, in particular from emerging markets, which are experiencing a build-up of vulnerabilities and the depletion of their fiscal buffers. The enhanced GFSN meets only partially this higher demand for liquidity. The IMFC and G20 have called on the Fund to further strengthen the safety net. The uneven use of the Fund’s toolkit for crisis prevention suggests the need to reconsider its design. Despite a major overhaul of the Fund’s lending instruments available for precautionary financing, only a modest number of countries have used them. In particular, the lack of access to a liquidity backstop for members with strong policies—similar to the standing bilateral swap arrangements (BSAs) among central banks—limits the availability of Fund support over the whole duration of the shock during protracted periods of global uncertainty. Moreover, the need to resort to Fund financing still carries a high political cost (stigma) for some members. To enhance further the Fund’s toolkit for crisis prevention, consideration could be given to revisiting the existing toolkit and introducing new instruments. The toolkit could thus be enhanced by: establishing a new facility for precautionary financing that would provide a "standing" liquidity backstop to members with strong fundamentals and policies for use when hit by liquidity shocks; and adjusting the existing toolkit to maintain cohesion. Any change to the Fund toolkit would need to take into account the tradeoffs between reducing stigma and containing moral hazard, while simultaneously safeguarding Fund resources. A Fund policy monitoring instrument could improve the cohesion of the global safety net. As the GFSN has expanded and become more multi-layered, there is a need to improve cooperation across the different layers to unlock financing and signal commitment to reforms. Creating a policy monitoring instrument that is available to all Fund members could help in this regard. Next steps . In light of Directors’ views on these points, staff could come back with subsequent papers that lay out specific and detailed proposals for reforming the lending toolkit. While these papers focus on the GRA lending toolkit, a separate forthcoming paper will assess some aspects of the concessional lending toolkit.
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 36 |
Release | : 2010-03-29 |
Genre | : Business & Economics |
ISBN | : 1498337724 |
Download Fourteenth General Review of Quotas - The Size of the Fund - Initial Considerations Book in PDF, ePub and Kindle
The FY 11–13 medium-term budget (MTB) presented in this paper brings to a close the three-year restructuring effort that began with the FY 09–11 MTB. It secures savings of $100 million in real terms while providing sufficient financing for structural operations and the Fund’s response to the global financial crisis. This budget has been crafted in a period of uncertainty regarding the final scope and duration of the financial crisis as well as the ongoing responsibilities that the Fund may retain even as the crisis unwinds. There is also uncertainty about new responsibilities that may result as a review of the Fund’s mandate is undertaken. Addressing these items will be part of the work agenda to be undertaken in the coming year.