Miguel de las Casas () (Banco de España) Xavier Serra () (Banco de España)
Abstract
This paper proposes updating and improving the IMF’s lending mechanism, by replacing all of its credit lines with a single financial facility. Under this single facility, costs would rise with the volume drawn down and the time elapsed. At the same time, arrangement and repayment periods would be more flexible. The result would be a less complicated financing mechanism, more readily adaptable to borrowers’ needs, stronger incentives to avoid excessive use of IMF resources and equitable treatment for all member countries.
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Find related papers by JEL classification: F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions F34 - International Economics - - International Finance - - - International Lending and Debt Problems F5 - International Economics - - International Relations and International Political Economy
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