This paper analyzes the factors determining the payment on outstanding debt in the presence of partial defaults, and the feasibility of renewed investment. We show that a higher relative size of sectors with lower substitutability between domestic and foreign products will increase the resource...

In light of continuing delays in the implementation of the 2010 quota and governance reforms (hereafter the '2010 Reforms'), the Board of Governors, in February 2015, adopted Resolution No. 70-1, which (i) expressed its deep regret that the quota increases under the Fourteenth General Review of...

In completing the Fourteenth General Review of Quotas (hereafter the 'Fourteenth Review') and approving the Proposed Amendment on the Reform of the Executive Board (hereafter the 'Board Reform Amendment'), the Board of Governors requested the Executive Board to bring forward the timetable for...

The Managing Director's Global Policy Agenda (GPA) presented to the IMFC last month highlights the challenges associated with a rapidly changing and uncertain world. The limited room for policy maneuver and the need to adapt to new realities pose difficult trade-offs between supporting demand...

This Work Program (WP) translates the policy priorities and strategic directions laid out in the Fall 2016 Global Policy Agenda (GPA) and the International Monetary and Financial Committee (IMFC) Communique into an Executive Board agenda for the next six-twelve months. The Managing Director's...

In February 2016, the Board of Governors adopted Resolution No. 71-2 on the Fifteenth General Review of Quotas (hereafter the 'Fifteenth Review'), which (i) welcomed the entry into force of the Seventh Amendment on the Reform of the Executive Board, allowing the quota increases under the...

The Managing Director's Global Policy Agenda (GPA) presented to the International Monetary and Financial Committee (IMFC) in April called on member countries to reinforce their commitment to strong, sustainable, inclusive, job-rich, and more balanced global growth and to employ a three-pronged...