The proposed Decision seeks to implement the staff's proposals related to Article IV consultation cycles in Review of the Fund's Mandate-Follow-Up on Modernizing Surveillance, which were endorsed in principle by the Executive Board on September 1, 2010. The goal is to provide for greater...

This paper is part of a broader on-going effort to bring a more cross-country perspective to bilateral surveillance, taking advantage of a cluster of Article IV consultations with five systemically important economies concluded in July. With the five economies-the United States, the Euro area,...

This paper reviews the experience with the fiscal space assessment framework that was piloted during 2017-18. In 2016, staff proposed an operational definition of fiscal space and a new four-stage framework for its assessment. These were discussed informally by the Board in June, and a Board...

This paper proposes that the Executive Board determine that the global COVID-19 pandemic constitutes a Qualifying Public Health Disaster (QPHD) under the Catastrophe Containment (CC) Window of the Catastrophe Containment and Relief Trust (CCRT), in line with the new QPHD test approved by the...

This paper proposes that the Executive Board approve the disbursement of a second 6-month tranche of CCRT debt service relief to 28 of the 29 members, covering the period October 14, 2020 through April 13, 2021, given staff's assessment that sufficient financial resources are available.2 In this...

This paper evaluates the IMF's policy on the use of quantitative limits on public debt in IMF-supported programs (the 'debt limits policy') and proposes a number of modifications. The review is taking place at a time when many countries are experiencing heightened debt vulnerabilities or actual...

The guidance note sets out principles governing information sharing in the context of sovereign debt restructurings. It restates the existing Fund governance and policy guidelines for information sharing to help inform and harmonize practices across Fund country teams. In addition to outlining...

This note provides operational guidance for the use of the Sovereign Risk and Debt Sustainability Framework (SRDSF), which replaces the Debt Sustainability Framework for Market Access Countries. The SRDSF introduces improvements in organization, methodology, transparency, and communication when...

This is the first joint IMF/World Bank report on public debt vulnerabilities in low income countries (LICs). It examines debt-related developments and their underlying causes since the onset of the global financial crisis. The findings will inform the upcoming review of the IMF/WB debt...