Modification of Access Policies for the Poverty Reduction and Growth Facility and the Exogenous Shocks Facility
Modification of Access Policies for the Poverty Reduction and Growth Facility and the Exogenous Shocks Facility
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Volume/Issue:
Volume 2009
Issue 077
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Exports and Imports , Public Policy - Social Services and Welfare , PP , financing , Fund , access limit , debt , SDR , envisaged financing commitment , resource availability , ESF lending , debt vulnerability , PRGF access norm , ESF arrangement request , concessional resource , LIC facilities , financing needs , Low-Income Country , high-access financing request , Debt sustainability , Concessional external borrowing , Debt sustainability analysis , Balance of payments need , Poverty reduction and development , Global
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Summary
The paper proposes a doubling of access limits on concessional lending to ensure that the Fund can respond effectively to the needs of low-income countries (LICs) severely affected by the current world economic downturn. Pending adoption of broader reforms to the LIC facilities architecture, higher access limits under the Poverty Reduction and Growth Facility (PRGF) and Exogenous Shocks Facility-High-Access Component (ESF-HAC) would give the Fund greater flexibility in assisting LICs, which have become more exposed to global volatility over time. A doubling of access limits would restore them to their 1998 levels in percent of GDP and would be consistent with the approach taken in determining new access limits for General Resources Account (GRA) resources. It would also be in line with the projected doubling of medium-term demand for concessional resources.
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