Policy Papers
2010
January 8, 2010
Note Purchase Agreement with Brazil
Description: This Note Purchase Agreement (the "Agreement") is entered into between the Federative Republic of Brazil ("Brazil") and the International Monetary Fund (the "Fund"). Where specified in this Agreement, Banco Central do Brasil ("BCB") shall act as agent for Brazil in order to carry out the operations with the Fund herein described. In those cases, the Fund shall be entitled to consider any request, representation or notification from or to the BCB, or any consultation with the BCB, as constituting, respectively, a request, representation or notification from or to, or consultation with, Brazil.
January 5, 2010
Borrowing Agreement with the Central Bank of Malta
Description: In light of the multilateral effort to ensure the adequacy of the financial resources available to the International Monetary Fund, and with a view to supporting the Fund’s ability to provide timely and effective balance of payments assistance to its members, the Central Bank of Malta agrees to lend to the Fund an SDR denominated amount up to the equivalent of EUR120 million, on the terms and conditions set in this policy paper.
January 1, 2010
Eligibility to Use the Fund’s Facilities for Concessional Financing - Decisions
Description: This paper proposes a framework for updating the PRGT eligibility list, based on transparent criteria and a regular review process, including policies for phasing in changes in eligibility. The premise is that access to scarce resources for concessional Fund financing should be preserved for members with a low level of income and related economic and financial vulnerabilities. From this perspective, there are several potential anomalies in the current eligibility list, which has been established primarily on the basis of IDA eligibility, and was last reviewed in 2003.
2009
December 23, 2009
Seychelles - Assessment Letter for the International Community
Description: This letter provides an assessment of recent macroeconomic developments in Seychelles and an update on the discussions of Fund staff with the Seychelles authorities on macroeconomic policies and structural reforms that could form the basis for the authorities' request for a new arrangement supported by the International Monetary Fund.
December 22, 2009
Management Statement on the Temporary Suspension of Implementing the Policy for Country Contributions for Capacity Building
Description: This statement provides an update on the implementation of the strengthened country contributions policy for capacity building (the "Policy") and informs the Executive Board of management’s intention to suspend temporarily implementation of the Policy. As noted in the Statement of the General Counsel of July 23, 2008, management has the authority to establish and to implement changes to the Policy, in consultation with the Executive Board.
December 22, 2009
Staff Guidance Note on Debt Limits in Fund-Supported Programs
Description: In August 2009, the Executive Board approved new guidelines on external debt limits in Fund-supported programs. Debt limits seek to prevent the build-up of unsustainable debts, while allowing for adequate external financing. The new framework moves away from a single design for debt limits (or, to use the usual terminology, concessionality requirements) towards a more flexible approach.
December 16, 2009
Framework Administered Account for Selected Fund Activities-Middle East Regional Technical Assistance Center (METAC) Subaccount
Description:
In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund activities (the "SFA Instrument"). The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of a subaccount within the SFA. This paper requests Executive Board approval to establish the METAC subaccount under the terms of the SFA Instrument.
Management has engaged in discussions with member countries in the Middle East region as well as donors on regional needs in capacity building, training and related activities. Because METAC has a proven track record to provide focused, flexible, and responsive technical assistance (TA) in a cost-effective manner, both beneficiary countries of METAC and interested donors are supportive to continue the Fund’s involvement in this regard. The center’s activities will continue to focus on the following key areas representing common policy challenges to member countries, including those related to increased regional integration: (i) revenue administration; (ii) public financial management; (iii) banking supervision; and (iv) economic and financial statistics.
December 15, 2009
Safeguards Assessments—2009 Update
Description: This paper provides Executive Directors with an update of safeguards assessment activities from July 1, 2008 through June 30, 2009. In common with previous updates, it covers the various types of safeguards activities undertaken during the year, highlighting the increased activity associated with the “twin crises” of food and fuel price shocks and the global financial crisis during 2008/09. It also briefly discusses developments in the latter part of that year, including the separate safeguards procedures introduced for members accessing the Flexible Credit Line (FCL).
December 10, 2009
Benin - Assessment Letter for Donors
Description:
This letter provides an assessment of recent macroeconomic developments in Benin and an update on the discussions of Fund staff with the Beninese authorities on macroeconomic policies and structural reforms that could form the basis for the authorities’ request for a new arrangement supported by the International Monetary Fund.
Also available in French
December 7, 2009
The Fund's Income Position for FY 2010—Midyear Review
Description: This paper updates the outlook for the Fund's income position for FY 2010, taking into account developments in the first half of the financial year. The FY 2010 income outlook has improved relative to the baseline projections at the beginning of the year,1 mainly as a result of the combination of higher projected lending income, and lower expenditures, in SDR terms, reflecting the depreciation of the U.S. dollar and a projected underrun in the budget. Net operational income for FY 2010 is projected at about SDR 440 million compared with the previous baseline projection of SDR 290 million in April 2009. However, the actual outcome is subject to considerable uncertainty related to the timing and amounts of disbursements under current and potential new arrangements and the performance of the Investment Account.