Review of Fund Facilities-Analytical Basis for Fund Lending and Reform Options
February 6, 2009
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Summary
The Fund’s important lending role in crisis prevention and resolution is buttressed by its unique characteristics: (i) its ability as a nonatomistic lender to provide large-scale financing and reduce the likelihood of a run by private creditors; (ii) its ability as a cooperative institution with near-universal membership to agree conditionality with members, thus providing national authorities with a policy commitment tool to underpin confidence and catalyze private lending; and (iii) its de facto preferred creditor status, which allows it to provide crisis financing when private creditors may be reluctant to lend.
Subject: Contingent credit lines, Crisis prevention, Economic models, Emerging markets, Fund facilities, General Resources Account, Lending commitments by Fund, Use of Fund resources
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Policy Papers
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