Implicit Transfers in IMF Lending, 1973–2003

Priyadarshani Joshi and Jeromin Zettelmeyer

No 2005/008, IMF Working Papers from International Monetary Fund

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 ¾ percent for the emerging market countries.

Keywords: WP; IMF lending; lending cycle; concessional lending; IMF debt relief (search for similar items in EconPapers)
Pages: 41
Date: 2005-01-01
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Citations: View citations in EconPapers (2)

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