Implicit Transfers in IMF Lending, 1973-2003 [electronic resource] / Priyadarshani Joshi.
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TextSeries: IMF Working Papers; Working Paper ; No. 05/8Publication details: Washington, D.C. : International Monetary Fund, 2005Description: 1 online resource (41 p.)ISBN: 1451860277 :ISSN: 1018-5941Subject(s): Debt Relief | Debt | Interest | International Lending and Debt Problems | International Monetary Arrangements and Institutions | Loans | Congo, Democratic Republic of theAdditional physical formats: Print Version:: Implicit Transfers in IMF Lending, 1973-2003Online resources: IMF e-Library | IMF Book Store Abstract: We compute realized transfers implicit in IMF lending from 1973-2003, based on 2003 IMF repayment projections and promised debt relief. IMF lending rates to high-and middleincome countries fell short of industrial country borrowing rates by 30-150 basis points over the period as a whole, but exhibited a small premium after 1987. The subsidy received by low-income and HIPC countries was much higher (400-600 basis points, respectively). In 2002 NPV terms, cumulative transfers were 12-15 percent of 2002 GDP for the HIPCs, 2-3 percent for low income countries, and less than 3/4 percent for the emerging market countries.
We compute realized transfers implicit in IMF lending from 1973-2003, based on 2003 IMF repayment projections and promised debt relief. IMF lending rates to high-and middleincome countries fell short of industrial country borrowing rates by 30-150 basis points over the period as a whole, but exhibited a small premium after 1987. The subsidy received by low-income and HIPC countries was much higher (400-600 basis points, respectively). In 2002 NPV terms, cumulative transfers were 12-15 percent of 2002 GDP for the HIPCs, 2-3 percent for low income countries, and less than 3/4 percent for the emerging market countries.
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