Reform of the Policy on Public Debt Limits in IMF-Supported Programs

Volume/Issue: Volume 2020 Issue 061

Publication date: November 2020

ISBN: 9781513560885

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Topics covered in this book

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Exports and Imports , Finance , Public Finance , PP , debt vulnerability , financing arrangement , debt limits policy , debt conditionality , heightened debt vulnerability , fund staff , low income countries , Debt limits , Government debt management , Debt sustainability , Concessional external borrowing , Global , Africa

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Summary

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 debt distress, aggravated by the COVID-19 shock, and occurring against the backdrop of a changing credit landscape in which concessional finance is scarcer relative to countries’ investment needs.