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 Post subject: IMF signals nervousness about Eurozone exposures
PostPosted: Sun Jun 03, 2012 6:00 pm 
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IMF signals nervousness about Eurozone exposures - P O Neill -> http://fistfulofeuros.net/afoe/imf-sign ... exposures/

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Yesterday, with most of the world already in weekend mode, the IMF website carried a link to an item entitled Fiscal Safeguards. There is no explanatory text with the link. Going into the very brief main document is slightly more informative:

The pilot exercise stems from the Executive Board’s 2010 review of the
Safeguards Assessment Policy and its 2011 update.1 The review suggested possible
approaches for identifying fiscal safeguards risk in those member countries with Fund
programs with high levels of budget financing …The 2011 Update concluded that in many cases, available reports would have to be complemented by additional information. Available ROSC and PEFA reports do not cover all countries systematically, and/or in sufficient detail, to help identify fiscal safeguards risks. Moreover, for the largest recipients of recent Fund’s direct budget financing, there are neither any ROSCs or PEFAs nor any other up-to-date diagnostics. PEFAs are typically not conducted for European countries; only one country out of those with the largest stand-by arrangements (SBAs) has carried out a fiscal transparency ROSC in the last five years.

Translated into English, they appear to be saying that the Fund (which technically lends foreign exchange to central banks) is actually lending huge amounts into budgetary systems about which it knows quite little because the recent batch of borrowers has been outside the usual discipline of budget scrutiny for developing countries

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