The G 8 Debt Cancellation Proposal And Its Implications For The Fund
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The G-8 Debt Cancellation Proposal and Its Implications for the Fund - Further Considerations
Author: International Monetary Fund. Policy Development and Review Dept.
language: en
Publisher: International Monetary Fund
Release Date: 2005-09-19
The G-8 has proposed that the Fund, the International Development Association, and the African Development Fund cancel 100 percent of their claims on countries having reached, or upon reaching, the completion point under the enhanced Heavily Indebt Poor Country (HIPC) Initiative. The proposal was initially presented to the G-8 Finance Ministers' Conclusions on Development issued on June 11, 2005, and reaffirmed in the statement on Africa signed by G-8 Heads of State and Government at the Gleneagles Summit on July 8, 2005.
The G-8 Debt Cancellation Proposal and Its Implications for the Fund
Author: International Monetary Fund. Legal Dept.
language: en
Publisher: International Monetary Fund
Release Date: 2005-07-20
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Proposal to Enhance Fund Support for Low-Income Countries Hit by Public Health Disasters
Author: International Monetary Fund
language: en
Publisher: International Monetary Fund
Release Date: 2015-01-31
The Fund’s existing facilities for low-income countries (LICs) provide a vehicle for the speedy provision of financial assistance to member countries hit by natural disasters, either through the Rapid Credit Facility (RCF) or through augmentation of the funding already being provided through other facilities such as the Standby or Extended Credit Facilities. The quick disbursement of funds strengthens national financial capacity, including external payments capacity, to tackle relief and recovery challenges. To address catastrophic disasters, the Fund created a mechanism in 2010 to provide additional relief to its poorest and most vulnerable member countries to help meet their exceptional balance of payments needs. Under this mechanism, the Fund can provide grants from a trust fund—the Post Catastrophe Debt Relief (PCDR) trust—that are used to pay off debt service falling due to the Fund. These grants ease pressures on the member’s balance of payments and create financial space by reducing its debt service burden. This paper proposes reforms to this mechanism to cover situations where the member is experiencing an epidemic of an infectious disease that constitutes a significant threat to lives, economic activity, and international commerce across countries.