2012年-IMF国际货币组织全球_Update_on_the_Financing_of_the_Fund39s_Concessional_Assistance_and_Debt_Relief_to_Low_28页_594kb

Summary of the IMF's Financing of Concessional Assistance and Debt Relief to Low-Income Countries

Core Content

This document outlines the status and future outlook of the IMF's financing for concessional lending and debt relief to low-income countries (LICs) under the Poverty Reduction and Growth Trust (PRGT) and related facilities. It covers the progress made in securing resources, the projected demand for assistance, and the long-term sustainability of the PRGT.

Main Points

1. Overview of PRGT Financing

• Expected Commitments in 2012: New commitments under PRGT-supported programs are expected to reach approximately SDR 2 billion, up from SDR 1.2 billion in 2010 and 2011.
• Current Commitments: As of August 2012, total commitments were SDR 1.4 billion, with an additional SDR 0.6 billion expected by year end.
• LIC Reforms: The 2009 financing package aimed to increase the Fund's concessional lending capacity to SDR 11.3 billion for 2009–14.
• Self-Sustaining Capacity: If all elements of the 2009 package are secured, the PRGT will have an annual average lending capacity of SDR 2.2 billion for 2013–14 and SDR 1.1 billion thereafter.
• Remaining Capacity: The self-sustaining capacity is expected to increase to SDR 1.25 billion from 2013 onwards, including resources from the remaining gold sales profits.

2. Loan Resources

• Targeted Loan Resources: The 2009 package targeted SDR 10.8 billion in new loan resources, including a liquidity buffer of SDR 1.8 billion.
• Secured Resources: As of August 2012, SDR 9.5 billion in loan resources have been secured, with an additional SDR 1.3 billion still needed.
• Loan Agreements: Loan resources have been secured through agreements with 13 lenders, including traditional and non-traditional donors.
• SDR Borrowing Agreements: Eight of the new borrowing agreements, and almost 90% of loan resources committed so far, provide loans in SDRs. Seven members have included participation in the encashment regime of the PRGT.

3. Subsidy Resources

• Available Subsidy Resources: As of June 2012, SDR 1.4 billion in subsidy resources were available, excluding current fundraising efforts.
• Pledged Subsidies: As of October 4, 2012, 26 members have committed SDR 213.9 million in additional bilateral subsidies, slightly above the lower end of the target range (SDR 0.2–0.4 billion).
• Subsidy Contributions: Subsidy contributions include both traditional and non-traditional donors, such as emerging market countries.
• Partial Distribution: In February 2012, the Executive Board approved a partial distribution of SDR 0.7 billion from the Fund's general reserves attributed to gold sales profits. This distribution will be made only after members provide assurances that they will transfer or otherwise provide at least SDR 630 million to the PRGT.
• Assurances Received: As of October 4, 2012, 131 members representing 87.82% of the proposed distribution have confirmed their intentions to transfer or contribute equivalent amounts.

4. Debt Relief

• Remaining HIPCs: Resources available in the HIPC/MDRI accounts are projected to be sufficient to finance debt relief for the remaining eligible countries, excluding Somalia and Sudan.
• Liberia Debt Relief: The approach developed for Liberia, including financing modalities, could serve as a useful framework for other countries when they are ready to embark on the HIPC Initiative.
• Pending Contributions: As of August 2012, pending contributions to Liberia's debt relief amounted to SDR 0.6 billion.
• Protracted Arrears: The Fund continues to monitor and provide support for protracted arrears cases, which require additional resources for debt relief.

Key Information

• Lending Facilities: The PRGT includes the Extended Credit Facility (ECF), Standby Credit Facility (SCF), and Rapid Credit Facility (RCF).
• Financing Sources: Loan and subsidy resources are sourced from bilateral contributions, investment returns, and gold sales profits.
• Gold Sales Profits: The remaining windfall gold sales profits (SDR 1.75 billion) are being used to support the long-term sustainability of the PRGT.
• SDR Usage: SDRs are being used as a currency for borrowing and are linked to voluntary SDR trading arrangements.
• Future Projections: Longer-term demand for concessional lending is expected to be in the range of SDR 1.2–1.9 billion annually up to 2034.

Conclusion

The IMF has made significant progress in securing resources for the PRGT, but additional commitments are still needed to fully implement the 2009 financing package and ensure the long-term sustainability of concessional lending. The partial distribution of gold sales profits and ongoing bilateral subsidy contributions are key to this effort. The document emphasizes the importance of completing the resource mobilization to support the PRGT's operations and the need for a flexible and sustainable financing framework.