Standby Credit Facility Research Articles

Solomon Islands: First Review Under the Standby Credit Facility and Request for Modification of Performance Criteria: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Solomon Islands.

The First Review Under the Standby Credit Facility (SCF) discusses Solomon Islands’ satisfactory performance under the SCF-supported program, approved in December 2011. The current arrangement is intended to be precautionary and, given the current level of reserves, the authorities do not intend to draw on the IMF's resources unless an unexpected need arises. The outlook remains favorable, but with large near-term downside risks. Substantial progress has been made toward implementing structural benchmarks.

Georgia: Request for a Stand-By Arrangement and an Arrangement Under the Standby Credit Facility: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Georgia.

Georgia: Request for a Stand-By Arrangement and an Arrangement Under the Standby Credit Facility: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Georgia.

Solomon Islands: Second Review Under the Standby Credit Facility and Request for a Three-Year Arrangement Under the Extended Credit Facility�Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Solomon Islands.

Solomon Islands: Second Review Under the Standby Credit Facility and Request for a Three-Year Arrangement Under the Extended Credit Facility�Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Solomon Islands.

United Republic of Tanzania: Fourth Review Under the Policy Support Instrument and Request for an Arrangement Under the Standby Credit Facility: Staff Report; Debt Sustainability Analysis; Press Release on the Executive Board Discussion; and Statement by the Alternate Executive Director for The United Republic of Tanzania.

Tanzania’s economy experienced adverse supply shocks in 2011. The Fourth Review under the policy support instrument (PSI) discusses that tighter fiscal and monetary policies are addressing the inflationary impact of the drought/energy shock. Performance under the PSI-supported program has been generally satisfactory. All December 2011 and March 2012 quantitative assessment criteria and indicative targets were met, other than the March 2012 floor on net international reserves, which was missed on account of delays in contracting programmed external borrowing.

Solomon Islands: 2011 Article IV Consultation, Third Review Under the Standby Credit Facility, and Request for Arrangement Under the Standby Credit Facility: Staff Report; Staff Supplements; Public Information Notice and Press Releases; and Statement by the Executive Director for Solomon Islands

Solomon Islands: 2011 Article IV Consultation, Third Review Under the Standby Credit Facility, and Request for Arrangement Under the Standby Credit Facility: Staff Report; Staff Supplements; Public Information Notice and Press Releases; and Statement by the Executive Director for Solomon Islands

Solomon Islands: Request for an Arrangement Under the Standby Credit Facility: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Solomon Islands

The effects of the global recession and decline in logging have undermined macroeconomic stability in the Solomon Islands. The government’s program offers a basis for resuming strong growth in a low inflation environment, helping to advance poverty alleviation efforts and achieve other development objectives. The current monetary policy stance is broadly appropriate, with monetary targets sufficiently accommodative to support economic recovery. Sound steps toward strong financial sector policy have been taken. The program, while not without risk, is well focused and sufficiently ambitious.

Solomon Islands: First Review Under the Standby Credit Facility and Request for Modification of Performance Criteria and Re-phasing of Disbursements: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Solomon Islands.

Solomon Islands: First Review Under the Standby Credit Facility and Request for Modification of Performance Criteria and Re-phasing of Disbursements: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Solomon Islands.

The International Monetary Fund in Sri Lanka: A critical dialogue

On 20 April 2001, the International Monetary Fund (IMF) approved a US$253 million stand-by credit facility to Sri Lanka to stabilise the country's macroeconomic fundamentals. The government should be commended for requesting the IMF to make the stand-by arrangement a public document, facilitating public scrutiny. However, there are some critical discrepancies in the statistical data presented in the IMF Country Report No. 01/71 compared with annual reports of the Central Bank of Sri Lanka. These anomalies are highlighted with examples regarding defence expenditure, poverty reduction programmes, and public service recruitment.