"How financing can boost low-income countries\u2019 resilience to shocks"

" How financing can boost low-income countries\u2019 resilience to shocks \r\n\r\nLow-income countries\u00a0face multiple economic challenges\u2014including rapid inflation, food insecurity, costly borrowing, and mounting debt\u2014heightened by shocks from the pandemic and Russia\u2019s war in Ukraine.\r\n \r\n \r\n As a result, the IMF has revised down its growth projections for low-income countries, where per capita income growth is falling further behind the rates needed to catch up with advanced economies. This threatens to reverse a decades-long trend of steadily converging living standards. \r\n To boost economic growth and put them back on a path to income convergence with advanced economies, we\u00a0<a href=\"https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDcsInVyaSI6ImJwMjpjbGljayIsInVybCI6Imh0dHBzOi8vd3d3LmltZi5vcmcvZW4vUHVibGljYXRpb25zL1BvbGljeS1QYXBlcnMvSXNzdWVzLzIwMjIvMTIvMDcvTWFjcm9lY29ub21pYy1EZXZlbG9wbWVudHMtYW5kLVByb3NwZWN0cy1pbi1Mb3ctSW5jb21lLUNvdW50cmllcy0yMDIyLTUyNjczOD91dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9Z292ZGVsaXZlcnkiLCJidWxsZXRpbl9pZCI6IjIwMjMwNjE0Ljc4MjEwOTkxIn0.gay2nSFcjqCRIllf2zUORK_vM31pdT1tHM86bEXwQNw\/s\/1181822789\/br\/205565078657-l\" target=\"_blank\" rel=\"noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDcsInVyaSI6ImJwMjpjbGljayIsInVybCI6Imh0dHBzOi8vd3d3LmltZi5vcmcvZW4vUHVibGljYXRpb25zL1BvbGljeS1QYXBlcnMvSXNzdWVzLzIwMjIvMTIvMDcvTWFjcm9lY29ub21pYy1EZXZlbG9wbWVudHMtYW5kLVByb3NwZWN0cy1pbi1Mb3ctSW5jb21lLUNvdW50cmllcy0yMDIyLTUyNjczOD91dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9Z292ZGVsaXZlcnkiLCJidWxsZXRpbl9pZCI6IjIwMjMwNjE0Ljc4MjEwOTkxIn0.gay2nSFcjqCRIllf2zUORK_vM31pdT1tHM86bEXwQNw\/s\/1181822789\/br\/205565078657-l&source=gmail&ust=1686885901420000&usg=AOvVaw3fbZJmp4R2RpZV6iYIN5_9\">estimate \u00a0that low-income countries need an additional $440 billion of financing through 2026 from all available sources. As part of this, IMF concessional financing offered at low or zero interest rates will play a key role in helping these countries cushion the impact on growth from ongoing shocks and future crises. \r\n As the\u00a0<a href=\"https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDgsInVyaSI6ImJwMjpjbGljayIsInVybCI6Imh0dHBzOi8vd3d3LmltZi5vcmcvZW4vQmxvZ3MvY2hhcnQtb2YtdGhlLXdlZWs_dXRtX21lZGl1bT1lbWFpbCZ1dG1fc291cmNlPWdvdmRlbGl2ZXJ5IiwiYnVsbGV0aW5faWQiOiIyMDIzMDYxNC43ODIxMDk5MSJ9.3ySFDp29SVnUEsuq7QzZNXN6jiNsIhJC9u4Wp3dvt-I\/s\/1181822789\/br\/205565078657-l\" target=\"_blank\" rel=\"noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDgsInVyaSI6ImJwMjpjbGljayIsInVybCI6Imh0dHBzOi8vd3d3LmltZi5vcmcvZW4vQmxvZ3MvY2hhcnQtb2YtdGhlLXdlZWs_dXRtX21lZGl1bT1lbWFpbCZ1dG1fc291cmNlPWdvdmRlbGl2ZXJ5IiwiYnVsbGV0aW5faWQiOiIyMDIzMDYxNC43ODIxMDk5MSJ9.3ySFDp29SVnUEsuq7QzZNXN6jiNsIhJC9u4Wp3dvt-I\/s\/1181822789\/br\/205565078657-l&source=gmail&ust=1686885901420000&usg=AOvVaw18DNz7_p2tg6RHoYhirev8\">Chart of the Week \u00a0shows, the benefits of such financing were visible during the pandemic, when IMF-funded economies, on average, saw stronger, faster recoveries than unfunded counterparts, based on readings across three indexes tracking economic activity. Two of these are nontraditional metrics:\u00a0<a href=\"https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.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.vNsJFXIAe957_Lui4aP7-aN3anAIwMSt6k6PYIUrYLY\/s\/1181822789\/br\/205565078657-l\" target=\"_blank\" rel=\"noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.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.vNsJFXIAe957_Lui4aP7-aN3anAIwMSt6k6PYIUrYLY\/s\/1181822789\/br\/205565078657-l&source=gmail&ust=1686885901420000&usg=AOvVaw1YORtRXsEOBKaS9oCdkka0\">Google Mobility Reports , drawn from smartphone location data, and\u00a0<a href=\"https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMTAsInVyaSI6ImJwMjpjbGljayIsInVybCI6Imh0dHBzOi8vd3d3LmltZi5vcmcvZW4vUHVibGljYXRpb25zL2ZhbmRkL2lzc3Vlcy8yMDE5LzA5L3NhdGVsbGl0ZS1pbWFnZXMtYXQtbmlnaHQtYW5kLWVjb25vbWljLWdyb3d0aC15YW8_dXRtX21lZGl1bT1lbWFpbCZ1dG1fc291cmNlPWdvdmRlbGl2ZXJ5IiwiYnVsbGV0aW5faWQiOiIyMDIzMDYxNC43ODIxMDk5MSJ9.dg4qMQhnVFpoddt_b69FOsWPuQI6-lfDNE757z8DAzk\/s\/1181822789\/br\/205565078657-l\" target=\"_blank\" rel=\"noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMTAsInVyaSI6ImJwMjpjbGljayIsInVybCI6Imh0dHBzOi8vd3d3LmltZi5vcmcvZW4vUHVibGljYXRpb25zL2ZhbmRkL2lzc3Vlcy8yMDE5LzA5L3NhdGVsbGl0ZS1pbWFnZXMtYXQtbmlnaHQtYW5kLWVjb25vbWljLWdyb3d0aC15YW8_dXRtX21lZGl1bT1lbWFpbCZ1dG1fc291cmNlPWdvdmRlbGl2ZXJ5IiwiYnVsbGV0aW5faWQiOiIyMDIzMDYxNC43ODIxMDk5MSJ9.dg4qMQhnVFpoddt_b69FOsWPuQI6-lfDNE757z8DAzk\/s\/1181822789\/br\/205565078657-l&source=gmail&ust=1686885901420000&usg=AOvVaw0tSDMgJ5g3Wyi1pbUgiElK\">nighttime satellite imagery , obtained from the\u00a0<a href=\"https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.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.Pt48CUHyPTavri7wz4ebk8w91tIDFFQmI8GaTCKH_V8\/s\/1181822789\/br\/205565078657-l\" target=\"_blank\" rel=\"noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.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.Pt48CUHyPTavri7wz4ebk8w91tIDFFQmI8GaTCKH_V8\/s\/1181822789\/br\/205565078657-l&source=gmail&ust=1686885901420000&usg=AOvVaw08lXfYLxv-PTH8MOhTWJV9\">Earth Observation Group . The third combines conventional economic indicators like gross domestic product, industrial production, and tourist visits. \r\n\r\n \r\n \r\n \r\n \r\n \r\n <a href=\"https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMTIsInVyaSI6ImJwMjpjbGljayIsInVybCI6Imh0dHBzOi8vd3d3LmltZi5vcmcvZW4vQmxvZ3MvQXJ0aWNsZXMvMjAyMy8wNi8xNC9ob3ctZmluYW5jaW5nLWNhbi1ib29zdC1sb3ctaW5jb21lLWNvdW50cmllcy1yZXNpbGllbmNlLXRvLXNob2Nrcz91dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9Z292ZGVsaXZlcnkiLCJidWxsZXRpbl9pZCI6IjIwMjMwNjE0Ljc4MjEwOTkxIn0.XUcaeOGN_4UWme11TJYpdQkXrB9lP1jBmj6CLsEvuSQ\/s\/1181822789\/br\/205565078657-l\" target=\"_blank\" rel=\"noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMTIsInVyaSI6ImJwMjpjbGljayIsInVybCI6Imh0dHBzOi8vd3d3LmltZi5vcmcvZW4vQmxvZ3MvQXJ0aWNsZXMvMjAyMy8wNi8xNC9ob3ctZmluYW5jaW5nLWNhbi1ib29zdC1sb3ctaW5jb21lLWNvdW50cmllcy1yZXNpbGllbmNlLXRvLXNob2Nrcz91dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9Z292ZGVsaXZlcnkiLCJidWxsZXRpbl9pZCI6IjIwMjMwNjE0Ljc4MjEwOTkxIn0.XUcaeOGN_4UWme11TJYpdQkXrB9lP1jBmj6CLsEvuSQ\/s\/1181822789\/br\/205565078657-l&source=gmail&ust=1686885901420000&usg=AOvVaw2fsaqHAcE0XQWIaE0EJ6gt\"><img class=\"CToWUd\" src=\"https:\/\/ci4.googleusercontent.com\/proxy\/Mbp2zh4zmqKY49phhMDSXG9e4xGfhucLYQNenykjXNeVQLTjj2Ctv3VXZpTWYbjLXjBieFnFrdDfIuo3Z5opHrQ6Iy0CtXYEdWUWsOASdaV8VfJE9GLE_g25lLydvhXcSYqT1E19QntZrgfaDjTVQKjyjpqjqbBigA6Yq67ck2icSn8ryw=s0-d-e1-ft#https:\/\/content.govdelivery.com\/attachments\/fancy_images\/USIMF\/2023\/06\/7769984\/4801431\/fin-cotw-animation_crop.gif\" alt=\"animated chart showing economic gains of countries who received IMF financing via various indicators\" width=\"539\" height=\"539\" data-bit=\"iit\" \/> \r\n \r\n \r\n \r\n <a href=\"https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMTMsInVyaSI6ImJwMjpjbGljayIsInVybCI6Imh0dHBzOi8vd3d3LmltZi5vcmcvZW4vQmxvZ3MvQXJ0aWNsZXMvMjAyMy8wNi8xNC9ob3ctZmluYW5jaW5nLWNhbi1ib29zdC1sb3ctaW5jb21lLWNvdW50cmllcy1yZXNpbGllbmNlLXRvLXNob2Nrcz91dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9Z292ZGVsaXZlcnkiLCJidWxsZXRpbl9pZCI6IjIwMjMwNjE0Ljc4MjEwOTkxIn0.My4mCp8noYEfMQ8hFwQik36j-T_5ygMKUzIc5znfvsw\/s\/1181822789\/br\/205565078657-l\" target=\"_blank\" rel=\"noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMTMsInVyaSI6ImJwMjpjbGljayIsInVybCI6Imh0dHBzOi8vd3d3LmltZi5vcmcvZW4vQmxvZ3MvQXJ0aWNsZXMvMjAyMy8wNi8xNC9ob3ctZmluYW5jaW5nLWNhbi1ib29zdC1sb3ctaW5jb21lLWNvdW50cmllcy1yZXNpbGllbmNlLXRvLXNob2Nrcz91dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9Z292ZGVsaXZlcnkiLCJidWxsZXRpbl9pZCI6IjIwMjMwNjE0Ljc4MjEwOTkxIn0.My4mCp8noYEfMQ8hFwQik36j-T_5ygMKUzIc5znfvsw\/s\/1181822789\/br\/205565078657-l&source=gmail&ust=1686885901420000&usg=AOvVaw15rTPjX1ISw7U_NTNrK8GH\">View the interactive version here. \r\n The use of high-frequency indicators enables the analysis of economic dynamics over a shorter period and improves the identification of the effect. Our analysis addresses potential selection bias by excluding high income countries or those that are very fragile, and by controlling for key variables that represent the country-level demand for and availability of financing. \r\n An illustrative 10 percent increase in IMF financing was associated with a 0.2 percentage point increase in economic activity, on average over the course of the pandemic, as we showed in a recent\u00a0<a href=\"https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMTQsInVyaSI6ImJwMjpjbGljayIsInVybCI6Imh0dHBzOi8vd3d3LmltZi5vcmcvZW4vUHVibGljYXRpb25zL1dQL0lzc3Vlcy8yMDIyLzEyLzE3L1RoZS1JbXBhY3Qtb2YtdGhlLUlNRnMtQ09WSUQtMTktU3VwcG9ydC10by1EZXZlbG9waW5nLWFuZC1FbWVyZ2luZy1FY29ub21pZXMtNTI3MDc2P3V0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1nb3ZkZWxpdmVyeSIsImJ1bGxldGluX2lkIjoiMjAyMzA2MTQuNzgyMTA5OTEifQ.kLix1cX3HLeyNxDO8-qlJdp9yq1_WMyyehpg8D3Cm6E\/s\/1181822789\/br\/205565078657-l\" target=\"_blank\" rel=\"noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMTQsInVyaSI6ImJwMjpjbGljayIsInVybCI6Imh0dHBzOi8vd3d3LmltZi5vcmcvZW4vUHVibGljYXRpb25zL1dQL0lzc3Vlcy8yMDIyLzEyLzE3L1RoZS1JbXBhY3Qtb2YtdGhlLUlNRnMtQ09WSUQtMTktU3VwcG9ydC10by1EZXZlbG9waW5nLWFuZC1FbWVyZ2luZy1FY29ub21pZXMtNTI3MDc2P3V0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1nb3ZkZWxpdmVyeSIsImJ1bGxldGluX2lkIjoiMjAyMzA2MTQuNzgyMTA5OTEifQ.kLix1cX3HLeyNxDO8-qlJdp9yq1_WMyyehpg8D3Cm6E\/s\/1181822789\/br\/205565078657-l&source=gmail&ust=1686885901420000&usg=AOvVaw1McVP9oXwY7I6R6E50K142\">working paper . This finding implies that increasing access to IMF financing by half would be associated with an increase in economic activity by around 1 percentage point in IMF-funded countries relative to unfunded ones. Our study, among the first to gauge the effects of IMF COVID-19 lending, showed the strongest gains in the poorest and more vulnerable recipients of concessional financing. \r\n This study comes after more than $272 billion in support to 94 of our 190 member countries since the start of the pandemic, including $34 billion in emergency financing. Our conclusions hold when we control for a range of country characteristics, including income levels, pandemic severity, lockdown intensity, and other multilateral financing. \r\n The findings also indicate that these effects are larger in low-income countries with interest-free borrowing from the\u00a0<a href=\"https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMTUsInVyaSI6ImJwMjpjbGljayIsInVybCI6Imh0dHBzOi8vd3d3LmltZi5vcmcvZW4vQWJvdXQvRmFjdHNoZWV0cy9JTUYtU3VwcG9ydC1mb3ItTG93LUluY29tZS1Db3VudHJpZXM_dXRtX21lZGl1bT1lbWFpbCZ1dG1fc291cmNlPWdvdmRlbGl2ZXJ5IiwiYnVsbGV0aW5faWQiOiIyMDIzMDYxNC43ODIxMDk5MSJ9.lUX7o8v7ZOZEcCDm-8RhkkMk1QsdMgsP1oSf-ShjHHk\/s\/1181822789\/br\/205565078657-l\" target=\"_blank\" rel=\"noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/lnks.gd\/l\/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMTUsInVyaSI6ImJwMjpjbGljayIsInVybCI6Imh0dHBzOi8vd3d3LmltZi5vcmcvZW4vQWJvdXQvRmFjdHNoZWV0cy9JTUYtU3VwcG9ydC1mb3ItTG93LUluY29tZS1Db3VudHJpZXM_dXRtX21lZGl1bT1lbWFpbCZ1dG1fc291cmNlPWdvdmRlbGl2ZXJ5IiwiYnVsbGV0aW5faWQiOiIyMDIzMDYxNC43ODIxMDk5MSJ9.lUX7o8v7ZOZEcCDm-8RhkkMk1QsdMgsP1oSf-ShjHHk\/s\/1181822789\/br\/205565078657-l&source=gmail&ust=1686885901420000&usg=AOvVaw1AUYf7tLlELPzOVHrmll04\">Poverty Reduction and Growth Trust , the IMF\u2019s tried-and-tested vehicle to provide concessional financing to its poorest and most vulnerable members. \r\n Overall, the evidence suggests that PRGT concessional financing can have greater positive effects on low-income countries, partly due to their more constrained policy space and limited access to international credit, compared to advanced and emerging market countries. This underscores the importance of keeping the PRGT adequately financed\u2014so it can continue to provide strong support to low-income countries for years to come. "

"How financing can boost low-income countries\u2019 resilience to shocks"

UAE to hit its oil capacity increase sooner than expectedAMP

Again, TotalEnergies snubs Nigeria, announces $600 million investment deal in CongoAMP

BoG pegs Cedi’s year-to-date depreciation against dollar at 14.6%AMP

Nigeria’s forex policy is “suicidal”, stockbrokers warnAMP

IMF’s top 10 fastest growing emerging marketsAMP

Nigeria eyes $5bn African Energy Bank to grow FDIAMP

Al Ahly crowned champions of Africa for record-extending 12th titleAMP

GPL: Asante Kotoko battle rivals Hearts of Oak in Sunday’s blockbuster showdown in KumasiAMP

Man United beat Man City to win FA CupAMP

UAE to hit its oil capacity increase sooner than expectedAMP

Again, TotalEnergies snubs Nigeria, announces $600 million investment deal in CongoAMP

BoG pegs Cedi’s year-to-date depreciation against dollar at 14.6%AMP

Nigeria’s forex policy is “suicidal”, stockbrokers warnAMP

IMF’s top 10 fastest growing emerging marketsAMP