Focusing the IMF’s Role in Development Finance on Debt Sustainability

Resumen

El Fondo Monetario Internacional (FMI) tiene un papel limitado pero esencial en la financiación del desarrollo. El FMI no es un prestamista de desarrollo en sí mismo, pero su evaluación de la sostenibilidad de la deuda desempeña un papel central tanto en la determinación del acceso a la financiación en los países de bajos ingresos como en el equilibrio entre la financiación, el ajuste y la reestructuración negociada en los países de «acceso a los mercados» de ingresos bajos y medios bajos. Los esfuerzos por alejarse de las evaluaciones de sostenibilidad de la deuda basadas en la balanza de pagos ya han demostrado ser un error. El FMI también puede desempeñar un papel inesperado en la facilitación de nuevos flujos de los bancos multilaterales de desarrollo mediante la reforma de los Acuerdos Voluntarios de Comercio (AVC) para los Derechos Especiales de Giro (DEG) del FMI, permitiendo una conversión más eficiente y confiable de los DEG en moneda dura.

Palabras clave:

Fondo Monetario Internacional, desarrollo, deuda soberana

Citas

AidData. (2025a). China Eximbank provides $1.903 billion buyer’s credit loan for Phase 1 of Standard Gauge Railway Project [Data set]. Global Chinese Development Finance. https://china.aiddata.org/projects/37103/

AidData. (2025b). China Eximbank provides $1.39 billion buyer’s credit loan for Phase 2A of the Standard Gauge Railway Project [Data set]. Global Chinese Development Finance. https://china.aiddata.org/projects/47025/

Bermel, L., Deese, B., Setser, B., Turner, T., & Weilandt, M. (2024, June). U.S. leadership in scaling capital for multilateral clean energy finance (MIT CEEPR Research Commentary No. 2024-04). MIT Center for Energy and Environmental Policy Research. https://ceepr.mit.edu/workingpaper/research-commentary-u-s-leadership-in-scaling-capital-for-multilateral-clean-energy-finance/

Central Bank of Sri Lanka. (2018, October 17). The Government of Sri Lanka Secured USD 1 Billion Foreign Currency Term Financing Facility. https://www.cbsl.gov.lk/en/news/The-Government-of-Sri-Lanka-secured-USD-1-Billion-Foreign-Currency-Term-Financing-Facility

Chabert, G., Cerisola, M. D., & Hakura, D. (2022, April 7). Restructuring Debt of Poorer Nations Requires More Efficient Coordination. International Monetary Fund. https://www.imf.org/en/Blogs/Articles/2022/04/07/restructuring-debt-of-poorer-nations-requires-more-efficient-coordination

Chuku, C., Samal, P., Saito, J., Hakura, D. S., Chamon, M., Cerisola, M. D., Chabert, G., & Zettelmeyer, J. (2023, April). Are We Heading for Another Debt Crisis in Low-Income Countries? Debt Vulnerabilities: Today vs the pre-HIPC Era (IMF Working Paper No. 2023-079). International Monetary Fund. https://www.imf.org/en/Publications/WP/Issues/2023/04/04/Are-We-Heading-for-Another-Debt-Crisis-in-Low-Income-Countries-Debt-Vulnerabilities-Today-531792

Gray, D. (2002, June). Macro Finance: the Bigger Picture. Risk, 518-520.

Horn, S., Reinhart, C. M., & Trebesch, C. (2019, July). China’s Overseas Lending (NBER Working Paper No. 26050). National Bureau of Economic Research. https://www.nber.org/system/files/working_papers/w26050/w26050.pdf

IMF. (2018, July 13). The Debt Sustainability Framework for Low-Income Countries. International Monetary Fund. https://www.imf.org/external/pubs/ft/dsa/lic.htm

IMF. (2022, August). Staff Guidance Note on the Sovereign Risk and Debt Sustainability Framework for Market Access Countries (IMF Policy Paper No. 2022/039). International Monetary Fund. https://www.imf.org/en/Publications/Policy-Papers/Issues/2022/08/08/Staff-Guidance-Note-on-the-Sovereign-Risk-and-Debt-Sustainability-Framework-for-Market-521884

IMF. (2024a, January). Ghana: 2023 Article IV Consultation, First Review Under the Extended Credit Facility Arrangement Under the Extended Credit Facility, Request for Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Ghana (Country Report No. 2024/030). International Monetary Fund. https://www.imf.org/en/Publications/CR/Issues/2024/01/25/Ghana-2023-Article-IV-Consultation-First-Review-Under-the-Extended-Credit-Facility-544137

IMF. (2024b, December). Ghana: Third Review Under the Arrangement Under the Extended Credit Facility, Request for Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Ghana (Country Report No. 2024/334). International Monetary Fund. https://www.imf.org/en/Publications/CR/Issues/2024/12/10/Ghana-Third-Review-Under-the-Arrangement-Under-the-Extended-Credit-Facility-Request-for-559334

IMF. (2024c, December). Zambia: Fourth Review Under the Arrangement Under the Extended Credit Fund Facility and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Zambia (Country Report No. 2024/350). International Monetary Fund. https://www.imf.org/en/Publications/CR/Issues/2024/12/17/Zambia-Fourth-Review-Under-the-Arrangement-Under-the-Extended-Credit-Facility-and-Financing-559680

IMF. (2024d, December). Ecuador: 2024 Article IV Consultation and First Review Under the Extended Arrangement Under the Extended Fund Facility and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Ecuador (Country Report No. 2024/357). International Monetary Fund. https://www.imf.org/en/Publications/CR/Issues/2024/12/19/Ecuador-2024-Article-IV-Consultation-and-First-Review-Under-the-Extended-Arrangement-Under-559780

Keynes, J. M. (1919). The Economic Consequences of the Peace. Harcourt, Brace, and Howe.

Lazard. (2022, May). How to Make Sovereign Debt Restructurings More Effective (Policy Brief). https://www.lazard.com/research-insights/how-to-make-sovereign-debt-restructurings-more-effective/

Mitimingi, T., & Hill, M. (2024, March 25). Zambia Deal With Bondholders Secures Key Win in Years-Long Saga. Bloomberg. https://www.bloomberg.com/news/articles/2024-03-25/zambia-agrees-deal-with-bondholders-key-win-in-years-long-saga?embedded-checkout=true

Pinto, B., & Gill, I. (2024, January 3). To Fix the Debt Crisis in Low-Income Countries, First Fix the Debt Sustainability Framework. Brookings Institution. https://www.brookings.edu/articles/to-fix-the-debt-crisis-in-low-income-countries-first-fix-the-debt-sustainability-framework/

Roubini, N., & Setser, B. (2004). Bailouts or Bail-ins: Responding to Financial Crises in Emerging Economies. Peterson Institute for International Economics.

Setser, B. W. (2022, July 28). Debt Distress: Can Emerging Markets Withstand Rising Costs? Council on Foreign Relations. https://www.cfr.org/article/debt-distress-can-emerging-markets-withstand-rising-costs-china-IMF-inflation

Setser, B. W. (2023a). The Common Framework and its Discontents. Development and Change, 54(5), 1065-1086.

Setser, B. W. (2023b, May 23). Getting Debt Restructuring Terms Right. Follow the Money. Council on Foreign Relations. https://www.cfr.org/blog/getting-debt-restructuring-terms-right

Setser, B. W. (2024a, July 16). Sri Lanka’s Bond Deal Should Not Set a Precedent. Follow the Money. Council on Foreign Relations. https://www.cfr.org/blog/sri-lankas-bond-deal-should-not-set-precedent

Setser, B. W. (2024b, February 22). The IMF Needs to Focus on Setting Good Targets for External Debt Sustainability. Follow the Money. Council on Foreign Relations. https://www.cfr.org/blog/imf-needs-focus-setting-good-targets-external-debt-sustainability

Setser, B., & Maret, T. (2024, January 3). Zambia’s Comparability Conundrum. Financial Times. https://www.ft.com/content/75f25f8d-5b70-48e1-9f23-83e1b74f16ee

Setser, B. W., & Paduano, S. (2024, January 22). An SDR-Linked Bond Can Strengthen the Finances of the World Bank Group. Follow the Money. Council on Foreign Relations. https://www.cfr.org/blog/sdr-linked-bond-can-strengthen-finances-world-bank-group

Shambaugh, J. (2023, September 7). The IMF and Support for Developing Countries by Under Secretary for International Affairs Jay Shambaugh [Remarks]. Center for Global Development. https://home.treasury.gov/news/press-releases/jy1715

Shenai, N., & Bolhuis, M. A. (2023, December). How the Brady Plan delivered on debt relief: Lessons and implications (IMF Working Paper No. 2023/258). International Monetary Fund. https://www.imf.org/en/Publications/WP/Issues/2023/12/14/How-the-Brady-Plan-Delivered-on-Debt-Relief-Lessons-and-Implications-542389

World Bank. (2024). International Debt Statistics 2001-2023 [Data set]. Haver Analytics.