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In the context of a relatively benign international environment with limited balance of payments needs, recourse to Fund resources has declined across several dimensions: fewer GRA arrangements; lower outstanding Fund resources; and a smaller average access under new PRGF arrangements.
Globalisation has meant the closer integration of countries and a greater need for collective action. This book, which contains 24 essays from contributors from around the world, provides one of the first systematic treatments of public finance in this new era. It deals with such topics as: increasing aid efficiency; public-private cooperation and competition; and taking the outside world into consideration.
The Annual Report 2005 to the Board of Governors reviews the IMF's activities and policies during the financial year (May 1, 2004, through April 30, 2005). The main sections cover country, global, and regional surveillance; strengthening surveillance and crisis prevention; IMF program support and crisis resolution; the Fund's role in low-income countries; financial operations and policies; technical assistance and training; governance and management of the IMF; and cooperation, communication and outreach. Besides the full financial statements for the year, appendixes cover international reserves, financial operations and transactions, principal policy decisions, relations with other international organizations, press communiqués of advisory committees, Executive Directors and their voting power, and changes in the Executive Board's membership.
The United Nations is in need of reform. There has always been widespread agreement that this is the case - indeed throughout the 60-year history of the Organization. Differences over the best cure reflect the political confrontation between its 191 member states. The institution has been criticized to lack legitimacy, to need accountability and to be inefficient with a bloated bureaucracy. Recently, allegations of mismanagement and corruption in the Oil-for-Food Program have led to a crisis of confidence. The public debate followed reform initiatives for enlarging the Security Council, achieving the Millennium Development Goals, and establishing new collective mechanisms to protect human rights, counter terrorism and respond to crimes against humanity. Strengthening oversight, governance and management practices aimed at introducing fundamental institutional changes. The publication describes the reform process leading to the United Nations Summit in September 2005. The achievements remain disappointing with the failure to approve a grand bargain. A number of recommendations are put forward to facilitate the reform process in the United Nations, realising, however, that this will remain cumbersome and a lengthy step-by-step effort.
The 2007 Annual Report to the Board of Governors reviews the IMF’s activities and policies during the financial year (May 1, 2006, through April 30, 2007). The financial statements of the IMF for FY2007 are available on the CD-ROM accompanying the print report. Print copies of the financial statements are also available as a stand-alone item.
Developing regions are set to account for the vast majority of future urban growth, and women and girls will become the majority inhabitants of these locations in the Global South. This is one of the first books to detail the challenges facing poorer segments of the female population who commonly reside in ‘slums’. It explores the variegated disadvantages of urban poverty and slum-dwelling from a gender perspective. This book revolves around conceptualisation of the ‘gender-urban-slum interface’ which explains key elements to understanding women’s experiences in slum environments. It has a specific focus on the ways in which gender inequalities are can be entrenched but also alleviated. Included is a review of the demographic factors which are increasingly making cities everywhere ‘feminised spaces’, such as increased rural-urban migration among women, demographic ageing, and rising proportions of female-headed households in urban areas. Discussions focus in particular on education, paid and unpaid work, access to land, property and urban services, violence, intra-urban mobility, and political participation and representation. This book will be of use to researchers and professionals concerned with gender and development, urbanisation and rural-urban migration.
This paper reviews the Fund’s access policy under its main financing facilities in the General Resources Account (GRA) and under the Poverty Reduction and Growth Facility (PRGF). It responds to the Board’s request for a periodic review of the access policy, that is, the rules and practices that govern the amount of financing the Fund makes available to its members.
his paper reviews the recent application of the Fund’s policies and practices on sovereign debt restructuring. Specifically, the paper: • recaps in a holistic manner the various policies and practices that underpin the Fund's legal and policy framework for sovereign debt restructuring, including on debt sustainability, market access, financing assurances, arrears, private sector involvement (PSI), official sector involvement (OSI), and the use of legal instruments; • reviews how this framework has been applied in the context of Fund-supported programs and highlights the issues that have emerged in light of recent experience with debt restructuring; and • describes recent initiatives in various fora aimed at promoting orderly sovereign debt restructuring, highlighting differences with the Fund’s existing framework. Based on this stocktaking, the paper identifies issues that could be considered in further depth in follow-up work by staff to assess whether the Fund’s framework for debt restructuring should be adapted: • first, debt restructurings have often been too little and too late, thus failing to re-establish debt sustainability and market access in a durable way. Overcoming these problems likely requires action on several fronts, including (i) increased rigor and transparency of debt sustainability and market access assessments, (ii) exploring ways to prevent the use of Fund resources to simply bail out private creditors, and (iii) measures to alleviate the costs associated with restructurings; • second, while creditor participation has been adequate in recent restructurings, the current contractual, market-based approach to debt restructuring is becoming less potent in overcoming collective action problems, especially in pre-default cases. In response, consideration could be given to making the contractual framework more effective, including through the introduction of more robust aggregation clauses into international sovereign bonds bearing in mind the inter-creditor equity issues that such an approach may raise. The Fund may also consider ways to condition use of its financing more tightly to the resolution of collective action problems; • third, the growing role and changing composition of official lending call for a clearer framework for official sector involvement, especially with regard to non-Paris Club creditors, for which the modality for securing program financing commitments could be tightened; and • fourth, although the collaborative, good-faith approach to resolving external private arrears embedded in the lending into arrears (LIA) policy remains the most promising way to regain market access post-default, a review of the effectiveness of the LIA policy is in order in light of recent experience and the increased complexity of the creditor base. Consideration could also be given to extending the LIA policy to official arrears.
Descriptions of many SAMSHA's major grants and contract programs funded in 2007.