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Estimating the Budgetary Cost of U.S. Commitments to the International Monetary Fund: Working Paper 2026-02

Author

Listed:
  • Michael Falkenheim
  • Youstiena Shafeek

Abstract

Using a fair-value approach, the Congressional Budget Office estimates the cost of increasing the United States' financial commitment to the International Monetary Fund (IMF). Although countries default much less often on the IMF than on other lenders, the fund still carries credit risk. By design, the IMF lends to countries experiencing significant macroeconomic challenges. Private markets often avoid those borrowers. Even when borrowing countries eventually repay loans that fall into arrears, the IMF still experiences a financial burden. The fund passes some costs of

Suggested Citation

  • Michael Falkenheim & Youstiena Shafeek, 2026. "Estimating the Budgetary Cost of U.S. Commitments to the International Monetary Fund: Working Paper 2026-02," Working Papers 61550, Congressional Budget Office.
    • Handle: RePEc:cbo:wpaper:61550
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    File URL: https://www.cbo.gov/system/files/2026-02/61550-IMF.pdf
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    More about this item

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts
    • H83 - Public Economics - - Miscellaneous Issues - - - Public Administration

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