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2. Lending to Defaulters: The IMF Updates Its Lending into Arrears Policy
- Author:
- Gregory Makoff
- Publication Date:
- 08-2022
- Content Type:
- Policy Brief
- Institution:
- Centre for International Governance Innovation (CIGI)
- Abstract:
- The International Monetary Fund’s (IMF’s) “lending into arrears” policy outlines the criteria used by the IMF in deciding whether to loan to a country in default. This policy brief focuses on one of the conditions a country must meet when seeking debt relief from the IMF: it must engage in good faith negotiations with its creditors (known as the good faith criterion). The country must also implement significant financial reforms and provide assurances that it will be able to meet its financial obligations. This policy brief looks at the history of the lending into arrears policy, the controversy surrounding its use during Argentina’s 2005 debt restructuring and the May 2022 update to the policy.
- Topic:
- Economics, International Cooperation, Finance, and IMF
- Political Geography:
- Argentina and South America
3. Argentina 20 Years After La Crisis del 2001
- Author:
- María Félix Herrera and María Félix Herrera
- Publication Date:
- 04-2022
- Content Type:
- Commentary and Analysis
- Institution:
- The North American Congress on Latin America (NACLA)
- Abstract:
- As the government closed a new agreement with the International Monetary Fund, Argentine societyrevisited painful memories from its biggest financial crisis in recent history.
- Topic:
- Financial Crisis, Economy, and IMF
- Political Geography:
- Argentina and South America
4. Regional Financial Arrangements and the International Monetary Fund: Sustaining Coherence in Global Financial Governance
- Author:
- C. Randall Henning
- Publication Date:
- 01-2020
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation (CIGI)
- Abstract:
- Cooperation and competition among regional financial arrangements (RFAs) and the International Monetary Fund (IMF) increasingly determine the effectiveness of the global financial safety net (GFSN), which many observers fear is becoming fragmented. Overlap among these crisis-fighting institutions has important benefits but also pitfalls, including with respect to competition, moral hazard, independence, institutional conflict, creditor seniority and non-transparency. The study reviews the RFAs in Latin America, East Asia and Europe to assess their relationships with the IMF and address these problems. Among other things, it concludes: institutional competition, while harmful in program conditionality, can be beneficial in economic analysis and surveillance; moral hazard depends critically on institutional governance and varies substantially from one regional arrangement to the next; secretariats should be independent in economic analysis, but lending programs should be decided by bodies with political responsibility; and conflicts among institutions are often resolved by key member states through informal mechanisms that should be protected and developed. Findings of other recent studies on the GFSN are critiqued. Architects of financial governance should maintain the IMF at the centre of the safety net but also develop regional arrangements as insurance against the possibility that any one institution could be immobilized in a crisis, thereby safeguarding both coherence and resilience of the institutional complex.
- Topic:
- Governance, Surveillance, Strategic Competition, and IMF
- Political Geography:
- Europe, Middle East, Asia, South America, Australia, North America, and Global Focus
5. International Cooperation: Is the Multilateral System Helping?
- Author:
- David M Malone and Rohinton P. Medhora
- Publication Date:
- 06-2019
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation (CIGI)
- Abstract:
- This paper includes essential history of how the multilateral world has evolved over the last 150 years, followed by an examination of several types of multilateral systems: the United Nations and related organizations (including the World Bank group and the International Monetary Fund), and the World Trade Organization; regional organizations; and cross-cutting multilateral or plurilateral groupings with more limited, generally consultative purposes, such as the Group of Seven and BRICS (Brazil, Russia, India and China). It concludes with some reflections on the implications for multilateralism of a defection from its attractions and principles by key actors.
- Topic:
- International Cooperation, World Trade Organization, World Bank, Multilateral Relations, IMF, and BRIC
- Political Geography:
- Russia, China, Europe, India, Asia, Brazil, South America, and North America
6. Dossier 10: Argentina Goes Back to the IMF
- Author:
- Tricontinental: Institute for Social Research
- Publication Date:
- 11-2018
- Content Type:
- Working Paper
- Institution:
- Tricontinental: Institute for Social Research
- Abstract:
- For six months, Argentina has been confronted with a new economic and social crisis on a massive scale. In the context the devaluation of local currency, rising inflation, and a deep recession, Mauricio Macri’s administration struck an agreement with the IMF, marking a major shift in the country’s future. The agreements slash public spending and prioritize the repayment of debt, among other measures. This dossier examines the different dimensions of the crisis, the open disputes, and the possibilities for the immediate future.
- Topic:
- Economics, International Cooperation, Neoliberalism, Protests, IMF, and Political Crisis
- Political Geography:
- Argentina and South America
7. Is IMF Tax Policy Progressive?
- Author:
- Oxfam Publishing
- Publication Date:
- 10-2017
- Content Type:
- Commentary and Analysis
- Institution:
- Oxfam Publishing
- Abstract:
- The IMF has significant influence on the tax policies of developing countries through advice and conditionality, technical assistance and by setting global standards and analyzing global trends. Its rhetoric has become more progressive in recent years. This paper assesses the IMF’s tax advice to developing countries based on five country case studies (Ghana, Mozambique, Nicaragua, Peru, Senegal) over the period 2010 to 2015 and supported by a desk study of public IMF documents. It finds that there is a gap between the IMF’s commitment to leveraging fiscal policy to fight inequality, and its actual tax advice to developing countries.
- Topic:
- International Cooperation, Inequality, Tax Systems, IMF, and Progressivism
- Political Geography:
- Africa, South America, Nicaragua, Mozambique, Senegal, Peru, and Ghana