Guidance Note for Fund Staff on the Treatment and Use of SDR Allocations

Policy Papers ◽  
2009 ◽  
Vol 09 ◽  
Author(s):  
Keyword(s):  
Developing Countries ◽  
Financial Crisis ◽  
Low Income ◽  
Global Financial Crisis ◽  
Emerging Market ◽  
Low Income Countries ◽  
Guidance Note ◽  
Special Drawing ◽  
The Global Financial Crisis ◽  
Special Drawing Rights

Against the backdrop of the global financial crisis, the IMF has decided to implement a US$250 billion general allocation of special drawing rights (SDRs). In addition, the Fourth Amendment of the Fund’s Articles of Agreement has recently become effective, and will make available to SDR Department participants a special allocation of up to an additional SDR 21.5 billion (US$33 billion). Nearly US$115 billion of these combined allocations will go to emerging market and developing countries, including about US$20 billion to low-income countries (LICs), thereby providing an important boost to the reserves of countries with the greatest needs.

Guidance Note on the Fund’s Transparency Policy

Policy Papers ◽  
2010 ◽  
Vol 2010 (2) ◽  
Author(s):  
Keyword(s):  
Financial Crisis ◽  
Low Income ◽  
Public Debt ◽  
Global Financial Crisis ◽  
Low Income Countries ◽  
Debt Sustainability ◽  
Guidance Note ◽  
Fiscal Revenue ◽  
Near Term ◽  
The Global Financial Crisis

The global financial crisis has had a significant impact on low-income countries (LICs)’ debt vulnerabilities. Recent debt sustainability analyses (DSAs) indicate that external and fiscal financing requirements have increased. In addition, standard measures of a country’s capacity to repay debt?GDP, exports, and fiscal revenue?are expected to be permanently lower. On average, debt ratios are therefore expected to deteriorate in the near term, particularly for public debt.

The Implications of the Global Financial Crisis for Low-Income Countries—An Update

Policy Papers ◽  
2009 ◽  
Vol 09 ◽  
Author(s):  
Keyword(s):  
Financial Crisis ◽  
Low Income ◽  
Global Financial Crisis ◽  
Low Income Countries ◽  
Medium Term ◽  
Fdi Inflows ◽  
Donor Support ◽  
World Demand ◽  
The Global Financial Crisis ◽  
Do So

Low-income countries are being hit hard by the global financial crisis. They are facing a sharp contraction in export growth, FDI inflows, and remittances, and lower-than-committed aid. But a marked recovery is in prospect for 2010 helped by rising world demand and supported by short-term domestic policies. Countries are using fiscal and other policies to respond to the crisis and should continue to do so, where appropriate, until the economic recovery is clearly underway. However, the risks to debt sustainability are rising and countries should begin preparing to realign policies toward medium-term sustainability once the recovery is clearly on the move. Additional highly concessional donor support is needed to ensure that countries are not forced to make these adjustments prematurely, and to facilitate a smooth return to a sustainable debt path, with strong growth, over the medium term.

Review of Facilities for Low-Income Countries

Policy Papers ◽  
2012 ◽  
Vol 2012 (58) ◽  
pp. 1
Author(s):  
Keyword(s):  
Financial Crisis ◽  
Low Income ◽  
Global Financial Crisis ◽  
Low Income Countries ◽  
Effective Response ◽  
The Global Financial Crisis

The 2009 reforms have broadly achieved their objective of closing gaps and creating a streamlined architecture of facilities that is better tailored to the diverse needs of LICs. Supported by the financing package to boost the PRGT’s lending capacity for 2009–14 and the accompanying doubling of access, the Fund was able to mount an effective response to LICs’ needs during the global financial crisis.

scholarly journals Global Shocks and Their Impact on Low-Income Countries: Lessons from the global Financial Crisis

2011 ◽  
Author(s):  
Andrew Berg ◽  
Chris Papageorgiou ◽  
Catherine A. Pattillo ◽  
Martin Schindler ◽  
Nikola Spatafora ◽  
...  
Keyword(s):  
Financial Crisis ◽  
Low Income ◽  
Global Financial Crisis ◽  
Low Income Countries ◽  
Global Shocks ◽  
The Global Financial Crisis

Financialization and state capitalism in Hungary after the Global Financial Crisis

2021 ◽  
pp. 102452942110032
Author(s):  
David Karas
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Emerging Market ◽  
Active Role ◽  
The State ◽  
State Capitalism ◽  
Political Risks ◽  
Role Of The State ◽  
Advanced Economies ◽  
The Global Financial Crisis

Whereas the active role of the state in steering financialization is consensual in advanced economies, the financialization of emerging market economies is usually examined through the prism of dependency: this downplays the domestic political functions of financialization and the agency of the state. With the consolidation of state capitalist regimes in the semi-periphery after the Global Financial Crisis, different interpretations emerged – some linking state capitalism with de-financialization, others with coercive projects deepening it. Preferring a more granular and multi-dimensional approach, I analyse how different facets of financialization might represent political risks or opportunities for state capitalist projects: Based on the Hungarian example, I first explain how the constitution of a ‘financial vertical’ after 2010 inaugurated a new mode of statecraft. Second, I show how the financial vertical enabled rentier bargains between state and society after 2015 by deepening the financialization of social policy and housing in response to a looming crisis of competitiveness.

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