An assessment of vulnerabilities and risks in LICs remains important both for LICs themselves and for the international community. There are currently 74 LICs, eligible for concessional financing from the Fund. This group of countries has a total population of about 1.3 billion, with an average...

This paper reviews recent developments in the status of financing for the Fund's concessional lending and debt relief. It presents the latest data available and projections whilst taking into account the pledges made thus far in response to the Managing Director's fund-raising requests of August...

This note explores how characteristics of financial systems commonly observed in low income countries may shape the approach to the staff's advice on macroprudential policy. It explores the implications of the ongoing process of financial and institutional development for the conduct of...

This statement summarizes the IMF's policies and practices with regard to the delivery of capacity development (CD) activities. It updates the 2001 Policy Statement on IMF Technical Assistance, incorporating the principles outlined in the 2013 CD strategy paper approved by the Executive Board as...

This note highlights the unique economic characteristics and constraints facing small developing states. It provides operational guidance on Fund engagement with such countries, including on how small country size might influence the use of Fund facilities and instruments, program design,...

This paper, introduces the analytical framework for a Vulnerability Exercise for Low-Income Countries (VE-LIC). The envisaged exercise will strive to identify vulnerabilities and emerging risks that arise from changes in the external environment in a consistent manner across countries and across...

Based on the Executive Board's guidance during the first stage of the Review of Low Income Countries (LIC) Facilities, this paper suggests a number of refinements to the facilities and instruments that are consistent with the self-sustainability of the Poverty Reduction and Growth Trust (PRGT)....

This Handbook, an updated version of a similarly titled document issued in May 2012 (IMF, 2012c), provides guidance to staff on the financial facilities for low-income countries (LICs) that became effective in January 2010 (ECF, SCF, and RCF), and the PSI, including modifications to the guidance...

This note provides an overview of the literature on the challenges posed by shallow financial systems for macroeconomic policy implementation. Countries with shallow markets are more likely to choose fixed exchange rates, less likely to use indirect measures as instruments of monetary policy,...

This supplement presents ten case studies, which highlight the roles of targeted policies to facilitate sustainable financial deepening in a variety of country circumstances, reflecting historical experiences that parallel a range of markets in LICs. The case studies were selected to broadly...