scholarly journals Organizing Debt Relief: The Need for a New Institution

1990 ◽  
Vol 4 (1) ◽  
pp. 7-18 ◽  
Author(s):  
Peter B Kenen
Keyword(s):  
Developing Country ◽  
World Bank ◽  
Debt Relief ◽  
International Institution ◽  
Brady Plan ◽  
The Way ◽  
The Imf

In March 1989, the new U.S. Secretary of the Treasury, Nicholas Brady, endorsed a change in strategy for dealing with developing country debt, calling for a three-year waiver of clauses in existing loan agreements that stand in the way of debt reduction “to accelerate sharply the pace of debt reduction and pass the benefits directly to the debtor nations,” and called on the IMF and World Bank to use some of their policy-based lending to aid the debt-reducing process. Events moved rapidly thereafter. Is there anything left to argue about? Unhappily, yes. Advocates of debt relief, like myself, maintain that the Brady plan will not go far enough. It relies too heavily on debtors and creditors to strike mutually beneficial bargains; it does not provide enough resources to generate the deep debt reductions that debtors need to solve their problems; and it does not shift risk forthrightly enough from private lenders to official creditors. I would correct the defects of the Brady plan by creating a new international institution to manage and finance the debt-reducing process or assign the task to an existing institution but give it enough resources to get the job done.

Elitism and Democracy

1993 ◽  
Vol 14 (2) ◽  
pp. 65-72
Author(s):  
Ronald Dore
Keyword(s):  
Developing Countries ◽  
World Bank ◽  
The West ◽  
The World Bank ◽  
The World ◽  
Communist Countries ◽  
The Way ◽  
The Imf

The East is having an impact on the West. No sooner has the great ideological divide between capitalism and socialism evaporated with the collapse of the controlled economics of Easter Europe, than a new debate arises about the conflict between different kinds of capitalism. In the World Bank and the IMF, Japanese delegates protest at the way in which developing countries and the ex-communist countries are being required to conform to American notions of capitalist efficiency -- as described and prescribed by neo-classical economists, a tribe within which Americans predominate1.

scholarly journals Collateralized Transactions

Policy Papers ◽  
2020 ◽  
Vol 20 (010) ◽  
Author(s):  
◽  
Keyword(s):  
Developing Country ◽  
World Bank ◽  
Working Group ◽  
Development Perspective ◽  
The Imf

In a response to a request from the G20 IFA Working Group, this note provides a framework for public lenders and borrowers to assess collateralized financing practices from a development perspective. The work of the IMF and World Bank suggests that the availability of collateralized financing can be beneficial to a developing country borrower under a range of circumstances, but also points to pitfalls.

Proposal for an IMF Debt Refinancing Subsidiary

2018 ◽  
Keyword(s):  
Developing Country ◽  
Essential Elements ◽  
Acceptable Solution ◽  
Debt Problem ◽  
The Imf

In the chapter, Haq analyses the deepening developing country debt problem of the 1980s and outlines the essential elements for an acceptable solution to the problem. To Haq, IMF seemed to be the most appropriate international intermediary to manage this. Haq goes on to outline the specifics of how the role of the IMF could be modified to find long-term solutions for managing developing-country debt.

Society and Market in the Era of Globalization

2005 ◽  
Vol 4 (3) ◽  
pp. 305-355
Author(s):  
Dušan Pokorný
Keyword(s):  
World Bank ◽  
Economic Institutions ◽  
The Public ◽  
The World Bank ◽  
The World ◽  
Many Sources ◽  
The Imf

AbstractThis chapter considers the meaning of the terms "society" and "market," and the need for markets to be institutionalized and legitimated. Obligatory norms and recommendatory guidelines today come from many sources: from states, from groupings of states, and from worldwide bodies such as the IMF, the WTO, and the World Bank. But when markets create profound inequalities both within and between societies, how do we determine what limits ought to be placed on markets? Since economic institutions are inseparable from culture, this is the "site" where the public will have to decide what is "society," what is the "market," and what will be the relation between them.

IMF activities as a provider of financial assistance to the countries affected by the COVID-19 pandemic

2021 ◽  
pp. 137-146
Author(s):  
М.Б. Медведева ◽  
Л.И. Хомякова ◽  
А.Д. Зверева
Keyword(s):  
Low Income ◽  
Debt Relief ◽  
Financial Assistance ◽  
Low Income Countries ◽  
Extensive Program ◽  
The Imf

В целях поддержки стран по преодолению экономических последствий пандемии COVID-19 МВФ выделил им финансовые ресурсы и предоставил инструменты облегчения обслуживания долга в рамках различных механизмов кредитования и финансирования. Программа действует с конца марта 2020 года. В статье отмечено, что МВФ быстро отреагировал на чрезвычайную ситуацию, вызванную пандемией, и развернул широкую программу помощи странам с низким уровнем дохода в целях преодоления ее последствий. The IMF provides financial assistance and debt relief under various lending and financing mechanisms to member countries facing the economic fallout from the COVID-19 pandemics. The article provides an overview of the assistance approved by the IMF since the end of March 2020. It was noted that the IMF quickly responded to the emergency caused by the pandemic and launched an extensive program of assistance to low-income countries in order to overcome its consequences.

scholarly journals Guide on Resource Revenue Transparency

Policy Papers ◽  
2005 ◽  
Vol 2005 (36) ◽  
Author(s):  
Keyword(s):  
Best Practices ◽  
Revenue Management ◽  
World Bank ◽  
Technical Support ◽  
Fiscal Transparency ◽  
The World Bank ◽  
The World ◽  
The Imf

This guide gives a framework that covers the resource-specific issues to be considered in a fiscal transparency assessment, for example as part of a fiscal Report on the Observance of Standards and Codes (ROSCs). Equally importantly, it provides a summary overview of generally recognized good or best practices for transparency of resource revenue management that can be used by countries themselves, as well as by the IMF, the World Bank, and others providing technical support.

The IMF, its mandate and influence in prevention of financial sector abuse

2016 ◽  
Vol 23 (4) ◽  
pp. 987-1011
Author(s):  
Norman Mugarura
Keyword(s):  
World Bank ◽  
Secondary Data ◽  
Financial Sector ◽  
Data Sources ◽  
Content Type ◽  
The World Bank ◽  
The World ◽  
Secondary Data Sources ◽  
Work Done ◽  
The Imf

Purpose The purpose of this paper is to articulate the mandate of the International Monetary Fund (IMF) not least in promoting a sound legal regulatory environment for markets to operate globally and its inherent challenges. While acknowledging the plausible work done by the IMF in supporting countries to achieve their macro-economic stability, the paper articulates some of its shortcomings as a global institution. It is evident that the post-war climate in which the World Bank and IMF were created has drastically changed – which presupposes that these institutions now need to reposition themselves to reflect on contemporary global challenges accordingly. The author has argued in the past that a robust regulatory system should be devised taking into account the dynamic challenges in the market environment but also to prevent them from happening again. Design/methodology/approach The paper has utilized empirical evidence to evaluate the mandate of the IMF in addressing its dynamic challenges such as the global financial and debt crises in Europe and the USA and prevention of financial sector abuse globally. The IMF is one of the Bretton Woods Institutions charged with the oversight responsibility to enforce policies and enable countries to manage their macro-economic challenges efficiently. Findings The findings demonstrate that the IMF is as relevant and important as it was when it was created in 1945. However, there is a need for intrinsic and structural changes within this institution to continue discharging its mandate in a changed global regulatory landscape. The IMF is still crucial in fostering a fundamental stabilization function to fragile global economies in areas of financial and technical assistance, and developing requisite legal and supervisory infrastructure within fledging member countries. Research limitations/implications The paper was written by analysis of both theoretical and empirical data largely based on secondary data sources. It would have been better to first present the findings in an international conference to solicit wide views and internalize them accordingly. Practical implications While acknowledging the plausible work done by the IMF and its counterpart the World Bank in facilitating global financial markets regulation and prevention of financial sector abuse, as oversight institutions, they need to constantly review their mandate to respond robustly to their dynamic challenges such as the global and debt crises and financial sector abuse. Oversight institutions need to constantly review and adapt their mandate accordingly, if they are to discharge their varied responsibilities efficiently. They cannot stand still in the face of challenges because they will be superseded and kept at a back foot. Social implications Markets and states are embedded in each other, and the way they are regulated is of a significant importance to varied stakeholders and people. Originality/value This paper is one of its kind, is unique in its character and evaluates embedded issues using empirical evidence in a way not done in its context before. Secondary data sources have been evaluated to achieve a thoughtful analysis of the objectives of the paper.

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