Policy Papers
2005
March 14, 2005
Review of Access Policy in the Credit Tranches, the Extended Fund Facility and the Poverty Reduction and Growth Facility, and Exceptional Access Policy
Description: Section I of this paper contains a discussion of the purpose of access rules, and Section II examines the Fund’s liquidity position. Section III discusses the potential demand for Fund resources resulting from several possible shocks. Section IV considers recent trends in access decisions and evaluates how they have conformed to the principles underlying the access rules, and whether the Fund’s liquidity would be a constraint to providing similar access in the period ahead. Section V summarizes recent developments in exceptional access and discusses issues pertinent to policy in such cases. Section VI concludes with the list of staff recommendations and the issues for discussion. Draft decisions on access to GRA and PRGF resources are provided in Section VII.
March 10, 2005
Lao People's Democratic Republic - Assessment Letter for the Asian Development Bank and the World Bank
Description: This note provides an update of the assessment of Lao P.D.R.’s macroeconomic conditions and outlook presented at the time of the 2004 Article IV Consultation.
Notes: Assessment letters or statements may be prepared for member countries with Fund-supported programs; receiving Fund emergency assistance; with staff-monitored programs; or surveillance-only cases. They are typically produced for use by the country with multilateral or bilateral donors or creditors, in particular the World Bank and other International Financial Institutions.
March 10, 2005
Further Debt Relief for Low-Income Countries - Key Issues and Preliminary Considerations
Description: The International Monetary and Finance Committee at its 2004 Annual Meetings called on the international community to provide assistance including “further debt relief” to low-income countries for achieving the Millennium Development Goals (MDGs). It reaffirmed the Fund’s “important role” in supporting lowincome countries and called on the Fund to consider “further debt relief and its financing.” More impetus for this request was provided by various recent proposals (summarized in Annex I). At their meeting in London in February, G7 Finance Ministers expressed their willingness to provide as much as 100 percent multilateral debt relief.
March 4, 2005
Extension of Post-Program Monitoring to Cover the Use of Poverty Reduction and Growth Facility (PRGF) Resources
Notes: The Proposed Decision in this document has been approved by the Executive Board of the International Monetary Fund.
March 3, 2005
Review of the 2002 Conditionality Guidelines
March 1, 2005
Oil Market Developments and Issues
Description: The discussion in this paper of the causes and consequences of recent oil price increases, and the appropriate policy response, is framed by the volatility and uncertainty that characterize the oil market. Volatile prices arise from supply and demand that are both highly inelastic in the short run, with the result that even small shocks can have large effects on price. The difficulty of predicting long-run supply and demand creates uncertainty about future prices. Further, even current supply and demand data are lacking, which results in additional uncertainty. These features of uncertainty and volatility of prices make it difficult to reach simple conclusions about how oil producers and consumers should respond to price changes.
March 1, 2005
Assessing the Determinants and Prospects for the Pace of Market Access by Countries Emerging from Crisis - Further Considerations
Description: This paper essentially confirms the main findings of the paper previously discussed by the Board. It (i) discusses the external conditions and the domestic economic policy stance needed for a country to reaccess international Capital markets and (2) describes other considerations to reaccess markets, including a communications strategy and the design of debt instruments to regain market access.
February 25, 2005
Offshore Financial Centers - The Assessment Program - A Progress Report
February 22, 2005
Financial Sector Assessment Program - Review, Lessons, and Issues Going Forward
Description: This paper reports on developments in the Financial Sector Assessment Program (FSAP) since the last Board review of the FSAP in spring 2003 and discusses staff views of the programs evolution.