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Financial crisis - The IMF’s Lending Overhaul
Second, for those not qualifying for the new instrument, the Fund’s workhorse lending facility, the Stand-By Arrangement, will be made more flexible along several dimensions. These include permitting high financial access even before a crisis materialises, and allowing disbursements to be more front-loaded.
Third, the amount of lending available from the IMF is being raised substantially. Normal limits on access to IMF resources are being doubled – a development consistent with the growing consensus that the Fund’s lending capacity needs to be at least doubled given the severity of this crisis. This is extremely important, since few things are as fatal to the credibility of a policy package as insufficient financing.
Taken together, these steps address the core problems – the stigma associated in the past with International Monetary Fund’s conditionality, the availability of early pre-crisis financing, and the overall size of rescue packages – that have sometimes diminished the effectiveness of the Fund’s role as a crisis lender. Emerging markets that approach the IMF early on for pre-crisis financing will find shelter from the winds of global deleveraging, which in turn will help contain the spread of the crisis.
The IMF has already moved quickly to help many of our member countries in this time of crisis, including by protecting social spending in order to cushion the impact of the crisis on the most vulnerable. The lending reforms adopted last week will enable us to be even more flexible and responsive in assisting even more countries.
At the same time, these reforms are only a part of a much larger plan for IMF renewal. Still in the pipeline are initiatives to increase concessional lending to low-income countries hit by the crisis, to strengthen the Fund’s surveillance and early warning capacity, and to improve its governance structure in ways that recognise the larger role of emerging-market countries in the world economy.
It is my hope that further action in all these areas will be taken in the coming months. Together, they constitute a turning point in the way the IMF works, and will allow it to serve its global membership even better.
For more articles, Click on IIPM Article.
Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam Chaudhuri (Renowned Management Guru and Economist).
For More IIPM Info, Visit below mentioned IIPM articles.
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Financial crisis - The IMF’s Lending Overhaul
Second, for those not qualifying for the new instrument, the Fund’s workhorse lending facility, the Stand-By Arrangement, will be made more flexible along several dimensions. These include permitting high financial access even before a crisis materialises, and allowing disbursements to be more front-loaded.
Third, the amount of lending available from the IMF is being raised substantially. Normal limits on access to IMF resources are being doubled – a development consistent with the growing consensus that the Fund’s lending capacity needs to be at least doubled given the severity of this crisis. This is extremely important, since few things are as fatal to the credibility of a policy package as insufficient financing.
Taken together, these steps address the core problems – the stigma associated in the past with International Monetary Fund’s conditionality, the availability of early pre-crisis financing, and the overall size of rescue packages – that have sometimes diminished the effectiveness of the Fund’s role as a crisis lender. Emerging markets that approach the IMF early on for pre-crisis financing will find shelter from the winds of global deleveraging, which in turn will help contain the spread of the crisis.
The IMF has already moved quickly to help many of our member countries in this time of crisis, including by protecting social spending in order to cushion the impact of the crisis on the most vulnerable. The lending reforms adopted last week will enable us to be even more flexible and responsive in assisting even more countries.
At the same time, these reforms are only a part of a much larger plan for IMF renewal. Still in the pipeline are initiatives to increase concessional lending to low-income countries hit by the crisis, to strengthen the Fund’s surveillance and early warning capacity, and to improve its governance structure in ways that recognise the larger role of emerging-market countries in the world economy.
It is my hope that further action in all these areas will be taken in the coming months. Together, they constitute a turning point in the way the IMF works, and will allow it to serve its global membership even better.
For more articles, Click on IIPM Article.
Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam Chaudhuri (Renowned Management Guru and Economist).
For More IIPM Info, Visit below mentioned IIPM articles.
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Management Certification, IIPM India
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Moneycontrol >> News >> Press- News >> IIPM ranked No1 B-School in ...
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The Hindu Business Line : IIPM placements hit a high of over 2000 jobs
Deccan Herald - IIPM ranked as top B-School in India
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