Policy Papers
2005
August 15, 2005
Lao People's Democratic Republic - Assessment Letter for the Asian Development Bank and the World Bank
Description: This report 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 and in the Assessment Letter of March 10, 2005.
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.
August 12, 2005
Establishment and Operation of the Investment Account
Description: Directors expressed strong support for exploring in more detail the possibility of establishing the Investment Account (IA) during the March 2005 seminar on the Review of the Fund’s Finances and Financial Structure. The Second Amendment of the Fund’s Articles of Agreement which became effective in 1978 authorized the Fund to establish an IA in the General Department.
August 8, 2005
Can PRGF Policy Levers Improve Institutions and Lead to Sustained Growth?
Description: Broad economic institutions are of fundamental importance for sustained economic growth. Changing these institutions is difficult, particularly for outsiders. But this does not mean that there is no role for the Fund to play in assisting low-income countries to create conditions for sustained growth acceleration.
August 8, 2005
Review of PRGF Program Design - Overview
Description: Part of the Fund’s periodic reviews of its policy advice to member countries, and responds to calls by Executive Directors for further staff analysis on improving the design of such programs. In the context of the recent discussions on the design of the broad range of Fund-supported programs, Directors also requested more in-depth analytical studies of disaggregated and homogenous groups, as well as a closer look at how progress towards external viability in low-income countries (LICs) can be improved. The review also seeks to address these requests.
August 8, 2005
The Macroeconomics of Managing Increased Aid Inflows - Experiences of Low-Income Countries and Policy Implications
Description: Investigates the macroeconomic challenges for low-income countries created by a surge in aid inflows. It develops an analytical framework for examining possible policy responses to increased aid, and then applies this framework to the experience of five relatively well-governed countries that experienced a recent surge in aid inflows: Ethiopia, Ghana, Mozambique, Tanzania, and Uganda. Each country’s policies were supported by a PRGF arrangement during most of the period under review.
August 8, 2005
Monetary and Fiscal Policy Design Issues in Low-Income Countries
Description: Considers possible adjustments in the design of Fund-supported programs, drawing on the experience of low-income countries that have successfully addressed the most apparent domestic macroeconomic imbalances.
August 8, 2005
Ex Post Evaluations of Exceptional Access Arrangements - Guidance Note
Description: This note provides operational guidance on content and procedures for Ex Post Evaluations. It is expected that each EPE would be tailored to fit the individual country circumstances.
July 28, 2005
The Fund's Transparency Policy - Proposed Amendments
Description: Provides a commentary on the main policy changes agreed by Executive Directors, provides a commentary on other amendments, many of which are designed to implement policy changes already agreed by the Executive Board in other contexts or to clarify the implementation of existing policies. Explains the original staff proposals that are not being retained. Reviews changes and clarifications endorsed by the Board that do not require an amendment to the transparency policy decision.
Notes: The Proposed Decision in this document was adopted by the Executive Board of the International Monetary Fund on August 4, 2005 and is now in force.
July 22, 2005
Implementation of Basel II - Implications for the World Bank and IMF
Description: This paper informs the Executive Boards of the World Bank and the Fund of the main features and implications of the Basel Committee on Banking Supervision (BCBS)'s new "International Convergence of Capital Measurement and Capital Standards--A Revised Framework" ("Basel II").
July 22, 2005
Strengthening the Fund's Ability to Assist Low-Income Countries Meet Balance of Payments Needs Arising from Sudden and Exogenous Shocks -- Supplement
Description: The G-8 debt relief proposal, if adopted, should have little impact on the rational and operational aspects of the shocks window, but it may affect some of the financing consideratins, which are taken up in the page on "The G-8 Debt Cancellation Proposal and its Implications for the Fund.