Republic of Marshall Islands -- 2009 Article IV Consultation, Concluding Statement of the IMF Mission Nov 19, 2009
Government and government guaranteed debt stand at 62 percent of the GDP in 2008, but are mostly on concessional terms (40 percent of the GDP to the ADB). Grace periods for most of these loans are expiring, raising debt servicing requirements to about $3 million a year (2 percent of GDP). (IMF News)
Uganda: Foreign Debt Will Be Out of Control By 2015 Nov 9, 2009
For fear that the debt burden could run out of hand, Members of Parliament suggest in their report, that new financing should not only be on concessional terms, but also prioritised to strategic areas that would help to build the country's productive capacity. Relevant Links. (allAfrica.com)
Press Release: IMF Expects Modest Recovery in the Caucasus and Central Asia Oct 3, 2009
The energy importers will need additional donor support on concessional terms to prevent a buildup of unsustainable debt levels, while the energy exporters should use part of their anticipated uptake in revenue from rising energy prices to proceed with structural reforms. Financial sectors across the region are under stress, notably in Kazakhstan, and restoring financial health remains a priority. (IMF News)
The Global Financial Crisis and Low-Income Countries -- Domestic and International Policy Responses, Remarks by Dominique Strauss-Kahn, Managing Director, International Monetary Fund at the Resources for the Future Sep 18, 2009
For these countries, we are creating the Stand-By Credit Facility, which mirrors the standard emerging market lending window short-term borrowing, but on concessional terms. This facility can also be used on a precautionary basis. (IMF News)
Press Release: IMF Executive Board Approves US$240.6 Million Arrangement for the Federal Democratic Republic of Ethiopia Under the Exogenous Shocks Facility Aug 27, 2009
The arrangement (115 percent of Ethiopia s quota) was approved under the high access component of the ESF, a facility designed to provide policy support and financial assistance on concessional terms to eligible low-income countries facing temporary exogenous shocks. A disbursement of SDR 73. (IMF News)
Transcript of a Press Briefing by Caroline Atkinson, Director, External Relations, IMF Aug 1, 2009
But then we have reformed what used to be called the Exogenous Shocks Facility to be a rapid-access facility so that countries can quickly get access to rather smaller amounts of money on very concessional terms without having to show that there was a specific exogenous shock ... Countries that don't need to engage in such deep medium-term reforms but do have a temporary balance of payments shortfall can borrow from the IMF on concessional terms ... The second part of it is that we've made our... (IMF News)
Public Information Notice: IMF Executive Board Concludes 2009 Article IV Consultation with the Democratic Republic of Timor-Leste Jul 26, 2009
They recommended that any foreign borrowing be subject to parliamentary approval and proper justification, be on concessional terms, and deliver a net positive rate of return. Directors noted that official dollarization has served the country well and has provided a strong nominal anchor for inflation expectations. (IMF News)
Public Information Notice: IMF Executive Board Concludes 2008 Article IV Consultation with Djibouti Jul 10, 2009
The upcoming donors conference provides a good opportunity to mobilize external financing needed for investment programs on highly concessional terms. Directors welcomed the authorities intention to request technical assistance to improve debt management practices to help avoid the accumulation of new arrears. (IMF News)
Mozambique: IMF Approves U.S. $176 Million Loan Jul 3, 2009
According to the IMF website, this facility is designed to provide policy support and financial assistance on concessional terms to eligible low-income countries facing temporary exogenous shocks. Mozambique can draw immediately on about 132 million dollars worth of these funds to help offset the deterioration of the country's balance of payments. (allAfrica.com)
Press Release: IMF Executive Board Approves US$176 Million Exogenous Shocks Facility for Mozambique and Completes Fourth Review Under the Policy Support Instrument Jul 2, 2009
The ESF is designed to provide policy support and financial assistance on concessional terms to eligible low-income countries facing temporary exogenous shocks. The IMF Executive Board also completed the fourth review of Mozambique s economic performance under the three-year Policy Support Instrument (PSI). (IMF News)
Press Release: IMF Executive Board Approves US$ 2.737 Million Purchase Under Emergency Post-Conflict Assistance for Guinea-Bissau Jun 20, 2009
In light of Guinea Bissau s debt burden, donor assistance should be on highly concessional terms, preferably grants. The authorities must remain steadfast in their efforts to improve governance and strengthen institutional capacity. (IMF News)
Press Release: IMF Executive Board Completes Third Review Under PRGF Arrangement with Grenada, and Approves US$6.8 Million Increase in Financial Assistance and US$6 Million Disbursement Jun 5, 2009
Any additional borrowing, even on concessional terms, would need to be carefully assessed so as not to undermine progress toward debt sustainability. The authorities are encouraged to build on recent progress in strengthening debt management capacity, and to continue efforts to regularize financial relations with external creditors, Mr. Kato stated. (IMF News)
Nigeria: Oil Prices Rise Above $60 Per Barrel May 13, 2009
The borrowing must be on "concessional terms" to comply with the country's policy to keep debt service costs low, he added. Revenue from oil, which accounts for 95 per cent of government receipts, has slumped after crude prices dropped 58 per cent since the beginning of July last year. (allAfrica.com)
Ghana Wrestles with Her Bretton Woods Suitors Apr 30, 2009
The IMF, which gave only $500,000 to Ghana last year, mainly for capacity building, has expressed unease about further expansion of the debt stock without structural reform, making it easier for them to feign moral dissonance about lending more to the country, even on highly concessional terms. With the countrys current public debt level already significantly above what in the view of the Fund suits a low-income country, and the Funds staffers convinced that a so-called debt... (Ghana Web, Ghana)
Transcript of a Press Conference on the IMF's Sub-Saharan Africa Regional Economic Outlook, by Antoinette Sayeh, Director African Department, IMF Apr 28, 2009
So, clearly additional financing provided at this time for Africa and for the poorest countries needs to be on concessional terms and where possible on highly concessional terms. And the international community, to the extent possible, should be providing grant financing for the poorest and the countries at most risk of debt distress. (IMF News)
Transcript of a Conference Call with Civil Society Organizations (CSOs) on IMF Facilities Reform Apr 16, 2009
The third set of reforms apply to the access levels and terms of our non-concessional lending, so most of these reforms would probably not impact those low-income country members who wish to borrow from the Fund on concessional terms ... As I said before, this is a facility on non-concessional terms ... Whereas I have been talking about the facilities that are provided on concessional terms, so that s just to clarify on the FCL. Regarding the precautionary instrument we are proposing for... (IMF News)
The current state of the macro economy of Ghana Feb 19, 2009
The remaining part of the new external public debt has been contracted on concessional terms with multilateral institutions and bilateral official creditors (see Ghana : Joint IMF and World Bank Debt Sustainability Analysis, June 16, 2008 paragraph 2 page 3). The point of considerable concern that arises from the above analysis of a rising public debt is the disturbing picture Ghana is presenting of a HIPC that is following a path back to high indebtedness soon after having the bulk of its... (Ghana Web, Ghana)
