Question

what are RFI and SBA and how did they suggest macro economic policies would achieve the macro economic goals

Answer 1

Answer:
RFI stands for Rapid Financing Intrument provided by IMF (International Monetary Fund). It provides rapid financial assistence to its member coountries who are in need of financial assistence. It was created by IMF as a part of broader reform to provide IMF's financial aid to diverse needs of member countries. RFI is designed to take care of economic need of the member countries where full fledged economic program is not needed or not feasible.

SBA is Stand By Arrangement is a kind of arrangement between IMF and the member country under which member country is entitled to borrow upto an agreed amount of foreign currency from the fund to cover deficit on its balance of payments.

Financial assistence is provided under RFI as an outright purchases without full fledged program or reviews for this. A member country requesting RFI aid is required to cooperate with IMF to make effort in solving its balance of payments difficulties and also describe the general economic policies that the member country should follow which is being proposed by IMF.
Wherever needed prior actions may be required to be followed by the member country before it can be approved.
By above mentioned conditions RFI is able to suggest macroeconomic policies to member country as well as help them in achieveing economic goal both by reforming economic strategy as well as helping them financially.

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