This paper proposes updating and improving the IMF's lending mechanism, by replacing all of its credit lines with a single financial facility. Under this single facility, costs would rise with the volume drawn down and the time elapsed. At the same time, arrangement and repayment periods would...

Artículo de revista

Artículo de revista ; The International Monetary Fund (IMF, or the Fund) has been uninterruptedly providing concessional financing to low-income countries since 1976. This financing has been channelled practically in its entirety under the same financial instrument, namely a voluntary...

Artículo de revista ; The Argentine economy is in a complicated transition phase. To correct the major fiscal and inflationary imbalances built up in the previous decade, the new government that took office in December 2015 opted for a gradual fiscal adjustment, supported by a situation of...

Artículo de revista

Artículo de revista ; In the year since the onset of the pandemic caused by COVID-19, the International Monetary Fund (IMF or the Fund) has granted loans and emergency financing to over 85 countries, an unprecedented number. In the past, a shock on this scale would have brought the issue of the...