Tag: International Monetary Fund

 

The IMF on Protecting the Poor during Fiscal “Consolidations”: Better Late Than Never

Blog Post

Inequality and inclusive growth were high on the agenda of the Annual Meetings of the International Monetary Fund and World Bank earlier this month. We are glad about that, but the under-reported story here is that this prominence marks a dramatic shift in the IMF over the last two decades in the IMF’s approach to the relevant challenges for the poorest countries, including on the issue of social safety nets and social expenditures.

The Annual Meetings and CGD: What Events Are We Hosting?

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Influential policymakers and practitioners from across the world and across the development landscape will be at CGD next week, ahead of the World Bank/IMF Annual Meetings. Luminaries from the fields of development finance, humanitarian policy, technology, and gender will share their expertise on how to address some of the biggest challenges and opportunities in global development. Here we share more details of CGD’s events next week.

Time to Apply a New Sanctions Tool on Venezuela?

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The controversy surrounding the recent purchase of Venezuelan government bonds by Goldman Sachs is a great reminder of the role that “preemptive contract sanctions” could play in the struggle against odious regimes like that of Nicolas Maduro. In 2010, CGD released a working group report explaining in detail how this new sanctions tool could work. The Maduro regime in Venezuela could be the perfect candidate.

Why and How Change is Coming to the World Bank – Podcast with New CEO Kristalina Georgieva

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Just ahead of the annual World Bank/IMF spring meetings, the Bank’s new CEO, Kristalina Georgieva, spoke with me about a new way of thinking at the 72-year-old institution. The Bank has renewed ambition, she told me, to be a catalyst for massive transformative investment in development. She went on to lay out how the Bank plans to do that in this edition of the CGD Podcast.

What’s Happening at CGD during Spring Meetings Week?

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Adesina, Birdsall, Brown, Georgieva, Gillard, Miliband, Ngozi, Subramanian—these are some of the development heavyweights speaking at CGD at a series of events in the run up to the World Bank/IMF Spring Meetings. We hope you will join us—either in person or online—for timely conversations on some of the most pressing development challenges—and their potential solutions.

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An energizing development for IMF staff working on sub-Saharan Africa (SSA) over the past decade was the region's clear growth uptick and progress in reducing poverty relative to earlier periods. A number of African countries graduated to lower middle-income country (MIC) status and became "frontier economies." This was the essence of the “Africa Rising” story. But since my time at the Fund, I have pondered whether the IMF has fully adjusted to the evolving financing needs of these countries. I think it’s fair to conclude that this adjustment is a work in progress and that SSA frontier countries can themselves do more to accelerate it.

The Time Is Right for Expanding the Use of the IMF’s Precautionary Credit Lines

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Many emerging economies could benefit from insurance against this backdrop of volatility. Fortunately, cheap and no-strings-attached liquidity insurance exists, in the form of the IMF’s Flexible Credit Line (FCL) for countries with very strong policy fundamentals; for countries with somewhat weaker, but still sound fundamentals, the Precautionary and Liquidity Line (PLL) offers a similarly good deal. But these precautionary instruments remain underutilized. We have some suggestions on how the IMF could fix this.

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