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In the nineteenth century, many developing countries turned to the credit houses of Europe for sovereign loans to balance their books and weather major fiscal shocks such as war. This reliance on external public finance offered emerging nations endless opportunities to overcome barriers to growth, but it also enabled rulers to bypass critical stages in institution building and political development. 'Pawned States' reveals how easy access to foreign lending at early stages of state building has led to chronic fiscal instability and weakened state capacity in the developing world.

International economic relations. --- Nation-building. --- Debts, External. --- Debts, Public.

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There are growing concerns that 25 years after the launch of the HIPC debt relief initiative, many low-income countries are again facing high debt vulnerabilities. This paper compares debt vulnerabilities in LICs today versus those on the eve of the HIPC Initiative and examines challenges to a similarly designed debt-relief framework. While solvency and liquidity indicators in most LICs have steadily worsened in recent years, they remain substantially better on average than they were on the eve of HIPC in the mid-1990s. This said, if current trends persist, debt vulnerabilities in LICs could (but would not necessarily) reach levels comparable to the pre-HIPC era over the medium- to long-term. Today’s more complex creditor landscape makes coordination challenging. It is therefore essential for countries to reduce today’s debt burdens promptly through economic reform, lowering the cost of financing, and debt restructuring on a case-by-case basis. The international community should also step up efforts to improve debt restructuring processes, including the G20 Common Framework, to ensure that debt relief is delivered in a timely and efficient manner where it is needed.

Macroeconomics --- Economics: General --- Exports and Imports --- Financial Risk Management --- Debt --- Debt Management --- Sovereign Debt --- International Lending and Debt Problems --- Foreign Aid --- Economic & financial crises & disasters --- Economics of specific sectors --- International economics --- Finance --- Debt burden --- External debt --- Debt relief --- Asset and liability management --- Debt sustainability --- Debt service --- Currency crises --- Informal sector --- Economics --- Debts, External --- Russian Federation

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This paper highlights Ghana’s Request for an Arrangement under the Extended Credit Facility (ECF). The authorities’ economic program, supported by the ECF-arrangement, builds on the government’s post-coronavirus disease 2019 Program for Economic Growth, which aims to restore macroeconomic stability and debt sustainability and includes wide-ranging reforms to build resilience and lay the foundation for stronger and more inclusive growth. Securing timely debt restructuring agreements with external creditors will be essential for the successful implementation of the new ECF arrangement. Key policies under the authorities’ program include large and frontloaded fiscal consolidation to bring public finances back on a sustainable path, complemented by efforts to protect the vulnerable. The adjustment effort will be supported by ambitious structural reforms in the areas of tax policy, revenue administration, and public financial management, as well as steps to address weaknesses in the energy and cocoa sectors. An ambitious structural reform agenda is being put in place to reinvigorate private sector-led growth by improving the business environment, governance, and productivity.

Money and Monetary Policy --- International Economics --- Public Finance --- Exports and Imports --- Financial Risk Management --- Macroeconomics --- Inflation --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Debt --- Debt Management --- Sovereign Debt --- International Lending and Debt Problems --- Fiscal Policy --- Price Level --- Deflation --- Financial Institutions and Services: General --- Monetary economics --- International institutions --- Public finance & taxation --- International economics --- Finance --- Monetary policy --- International organization --- Public debt --- External debt --- Asset and liability management --- International agencies --- Debts, External --- Debts, Public --- Debt service --- Financial services industry --- Fiscal policy --- Ghana

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This paper presents Jordan’s Sixth Review under the Extended Arrangement under the Extended Fund Facility and Request for Modification of Performance Criteria. The IMF-supported program remains firmly on track, with key quantitative targets met and strong performance on structural benchmarks, reflecting the authorities’ strong ownership. Despite a challenging global environment, Jordan’s economy is projected to continue to grow this year at 2.6 percent, and inflation has remained relatively low and is declining. The Jordanian authorities have managed to successfully navigate recent external shocks and maintain macro-economic stability in an uncertain and challenging environment. Thanks to the steadfast implementation of prudent fiscal and monetary policies, fiscal consolidation is on track, capital market access has been maintained, and inflation has remained relatively low and is declining, while reserve coverage is strong. Monetary policy has responded quickly to U.S. Federal Reserve policy changes and remains focused on safeguarding the peg and maintaining strong reserve buffers.

Money and Monetary Policy --- International Economics --- Exports and Imports --- Public Finance --- Macroeconomics --- Labor --- Monetary Policy --- International Agreements and Observance --- International Organizations --- International Lending and Debt Problems --- Fiscal Policy --- Debt --- Debt Management --- Sovereign Debt --- Labor Demand --- Demand and Supply of Labor: General --- Monetary economics --- International institutions --- International economics --- Public finance & taxation --- Labour --- income economics --- Monetary policy --- International organization --- Public debt --- Arrears --- External debt --- Fiscal stance --- Fiscal policy --- Interest payments --- International agencies --- Debts, External --- Debts, Public --- Debt service --- Job creation --- Jordan

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This Handbook provides guidance to staff on the IMF’s concessional financial facilities and non-financial instruments for low-income countries (LICs), defined here as all countries eligible to obtain concessional financing from the Fund. It updates the previous version of the Handbook that was published in December 2017 (IMF, 2017e) by incorporating modifications resulting from the 2018–19 Review of Facilities for Low-Income Countries and Review of the Financing of the Fund’s Concessional Assistance and Debt Relief to Low-Income Member Countries (IMF, 2019a, b), approved by the Board in May 2019; the reforms introduced in 2021 on the basis of the Board paper Fund Concessional Financial Support for Low-Income Countries—Responding to the Pandemic (IMF, 2021a), approved in July 2021; and a number of other recent Board papers. Designed as a comprehensive reference tool for program work on LICs, the Handbook also refers, in summary form, to a range of relevant policies that apply more generally to IMF members. As with all guidance notes, the relevant IMF Executive Board decisions including the terms of the various LIC Trust Instruments that have been adopted by the Board, remain the primary legal authority on the matters covered in the Handbook.

Money and Monetary Policy --- Political Economy --- Exports and Imports --- Social Services and Welfare --- Public Finance --- Natural Disasters --- Macroeconomics --- Monetary Policy --- Current Account Adjustment --- Short-term Capital Movements --- International Lending and Debt Problems --- Government Policy --- Provision and Effects of Welfare Program --- Debt --- Debt Management --- Sovereign Debt --- Climate --- Natural Disasters and Their Management --- Global Warming --- Monetary economics --- Political economy --- International economics --- Social welfare & social services --- Public finance & taxation --- Natural disasters --- Monetary policy --- Balance of payments --- External debt --- Poverty --- Economics --- Debts, External --- Debts, Public