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| Author | : International Monetary Fund. Policy Development and Review Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 40 |
| Release | : 2003-05-23 |
| Genre | : Business & Economics |
| ISBN | : 1498329462 |
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| Author | : World Bank |
| Publisher | : International Monetary Fund |
| Total Pages | : 58 |
| Release | : 2004-10-09 |
| Genre | : Business & Economics |
| ISBN | : 1498330088 |
This paper seeks to address queries on several operational issues: (i) the robustness of the indicative thresholds; (ii) modalities for implementing DSAs; and (iii) operational implications for the Fund, Bank, and other international financial institutions and creditors.
| Author | : Mr.Henry Mooney |
| Publisher | : International Monetary Fund |
| Total Pages | : 48 |
| Release | : 2017-10-30 |
| Genre | : Business & Economics |
| ISBN | : 1484326156 |
This paper develops new error assessment methods to evaluate the performance of debt sustainability analyses (DSAs) for low-income countries (LICs) from 2005-2015. We find some evidence of a bias towards optimism for public and external debt projections, which was most appreciable for LICs with the highest incomes, prospects for market access, and at ‘moderate’ risk of debt distress. This was often driven by overly-ambitious fiscal and/or growth forecasts, and projected ‘residuals’. When we control for unanticipated shocks, we find that biases remain evident, driven in part by optimism regarding government fiscal reaction functions and expected growth dividends from investment.
| Author | : International Monetary Fund. Finance Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 84 |
| Release | : 2004-03-02 |
| Genre | : Business & Economics |
| ISBN | : 1498330630 |
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| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 19 |
| Release | : 2005-03-28 |
| Genre | : Business & Economics |
| ISBN | : 1498331688 |
Building on initial discussions of the proposed framework in February/March 2004, and further considerations in September 2004, this paper responds to remaining concerns that need to be resolved to make the framework operational. These concerns relate to the indicative debt-burden thresholds (Section II); the interaction of the framework with the HIPC Initiative (Section III); and the modalities for Bank-Fund collaboration in deriving a common assessment of sustainability (Section IV). This note should be read in conjunction with the original proposal, which presented the wider issues on the use of the indicative thresholds, the evaluation of policies and institutions, and the need for discretion when assessing sustainability on a forward-looking basis.
| Author | : International Monetary Fund. Strategy, Policy, & Review Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 72 |
| Release | : 2018-02-14 |
| Genre | : Business & Economics |
| ISBN | : 1498307264 |
Low-income countries (LICs) face significant challenges in meeting their Sustainable Development Goals (SDGs) while at the same time ensuring that their external debt remains sustainable. In April 2005, the Executive Boards of the International Monetary Fund (IMF) and the International Development Association (IDA) approved the introduction of the Debt Sustainability Framework (DSF), a tool developed jointly by IMF and World Bank staff to conduct public and external debt sustainability analysis in low-income countries. The DSF has since been serving to help guide the borrowing decisions of LICs, provide guidance for creditors’ lending and grant allocation decisions, and improve World Bank and IMF assessments and policy advice. The latest review of the framework was approved by the Executive Boards in September 2017. This introduced reforms to ensure that the DSF remains appropriate for the rapidly changing financing landscape facing LICs and to further improve insights into debt vulnerabilities. This note provides operational and technical guidance on the implementation of the reformed framework.
| Author | : International Monetary Fund. Monetary and Capital Markets Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 41 |
| Release | : 2010-04-20 |
| Genre | : Business & Economics |
| ISBN | : 1498337562 |
We cannot allow the return of economic stability to signify a return to "business as usual" for the IMF. The crisis exposed huge cracks in the international financial architecture of which the Fund is a key part. We have an historic responsibility to fix them. I urge all of us to recommit to seeing our collective goals to the finish line before reform fatigue sets in.
| Author | : Yasemin Bal Gunduz |
| Publisher | : International Monetary Fund |
| Total Pages | : 47 |
| Release | : 2017-05-09 |
| Genre | : Business & Economics |
| ISBN | : 1475599730 |
This paper estimates the determinants of external debt distress in low-income countries (LICs), disentangling the roles of institutions, shocks, and policies. The most prominent factors in raising the risk of debt distress are the weak protection of private property rights, adverse shocks to real non-oil commodity prices, and a high debt burden. Results also suggest that weak economic institutions tend to raise the probability of debt distress through persistently weak economic policies and high vulnerability to external shocks. The model enables a more granular analysis of debt sustainability in LICs and has a higher predictive power compared to the earlier scant literature.
| Author | : World Bank |
| Publisher | : International Monetary Fund |
| Total Pages | : 64 |
| Release | : 2006-06-11 |
| Genre | : Business & Economics |
| ISBN | : 1498332064 |
In April 2006, the Executive Boards of the Bank and the Fund reviewed the debt sustainability framework (DSF) for low-income countries and the implications of the multilateral debt relief initiative. Directors thought that the DSF was broadly appropriate and that no major changes were warranted, but saw scope for additional guidance on the application of the framework in a context where the apparent borrowing space created by debt relief raises new challenges in terms of policy advice. Most Directors supported a case-by-case approach for assessing the appropriate pace of debt accumulation in countries with debt below the DSF thresholds, but requested the development of specific recommendations on the implementation of such a case-by-case approach.
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 48 |
| Release | : 2009-05-08 |
| Genre | : Business & Economics |
| ISBN | : 1498335713 |
The Bank-Fund Debt Sustainability Framework (DSF) is a standardized framework for analyzing debt-related vulnerabilities in low-income countries (LICs). It aims to help countries monitor their debt burden and take early preventive action, to provide guidance to creditors in ensuring their lending decisions are consistent with countries’ development goals, and to improve the Bank and Fund’s assessments and policy advice. The DSF was last reviewed in 2006, and a reconsideration of some aspects of the framework is timely.
