2011年-IMF国际货币组织全球_Review_of_the_Fund39s_Strategy_on_Overdue_Financial_Obligations_22页_538kb

Summary of the IMF's Strategy on Overdue Financial Obligations

Core Content

This document provides an overview of the International Monetary Fund (IMF)’s strategy for managing overdue financial obligations, particularly focusing on protracted arrears, and proposes an extension of the rights approach for arrears clearance. The analysis covers the period up to end-June 2011, highlighting developments, progress, and key challenges.

Main Points

1. Overview of Overdue Financial Obligations

• Total arrears to the Fund: SDR 1,303.9 million as of end-June 2011, a decrease of about SDR 5.5 million from the previous review.
• Protracted arrears cases: Three countries—Somalia, Sudan, and Zimbabwe—remain in protracted arrears.
  • Sudan accounts for 76% of total arrears.
  • Somalia and Zimbabwe have smaller but persistent arrears.
• Arrears to other institutions: The three protracted arrears cases also have arrears to the World Bank and the African Development Bank (AfDB), totaling SDR 1,090 million and SDR 587 million, respectively.
• Currency valuation adjustments: 12 members had overdue adjustments, totaling about SDR 1.3 billion. Protracted arrears cases accounted for SDR 774.3 million, or 60.4% of the total.

2. Recent Reviews of Protracted Arrears Cases

Somalia

• No government recognized by the Fund exists, and there is a lack of official information on economic and financial developments.
• Arrears are limited to the GRA, Trust Fund, and SAF.
• The review of overdue financial obligations has been postponed due to these issues.

Sudan

• Cooperation on policies was generally satisfactory despite political uncertainty following the secession of South Sudan.
• Payments to the Fund in 2010 were below the authorities' commitment, significantly weakening payment indicators.
• The next review of overdue financial obligations was postponed to November 9, 2011, to benefit from the July 2011 mission findings.

Zimbabwe

• Cooperation on policies improved in 2010 but deteriorated in 2011 due to policy setbacks.
• The Fund decided to lift the suspension of technical assistance and added public finance management (PFM) and anti-money laundering/combating financing of terrorism (AML/CFT) to targeted areas.
• Zimbabwe made no payments to the Fund in 2011, despite making five payments in 2010 totaling US $4.1 million.

3. Fund's Arrears Strategy and Remedial Measures

• The Fund’s strategy on arrears includes prevention, intensified collaboration, and remedial measures.
• Remedial measures are in place for the three protracted arrears cases.
• The rights approach was initiated in 1990 and was used to clear arrears of three members in the 1990s.
• The rights approach is still an important tool for the two remaining eligible members (Somalia and Sudan).
• It is proposed that the availability of the rights approach be extended by another year, to end-August 2012.

4. Key Statistics

• Total arrears by duration (Table 4): The number of countries with arrears of 6 months or more has remained relatively stable.
• Total arrears by type (Table 5): Most arrears are related to the GRA, with interest obligations also playing a significant role.
• Late payments (Table 6): The number of members with late payments decreased significantly in 2011, from 7 to 3, representing only 1.6% of members with obligations falling due.

Key Information

• Burden-sharing mechanism: The Fund’s ongoing cost for deferred charges to the GRA is shared among debtor and creditor members.
• SDR interest rate: The Fund applies the SDR interest rate to any overdue interest on Trust loans.
• SDR allocation: Members with protracted arrears have their SDR allocations held in escrow until their arrears are cleared.
• Technical assistance: The Fund continues to provide technical assistance to protracted arrears cases, with some suspensions lifted.
• Arrears clearance: The Fund actively pursues the settlement of overdue currency valuation adjustments, which are essential financial obligations.

Conclusion

The Fund's strategy on arrears has remained broadly effective in addressing both short-term and protracted cases. While the number of protracted arrears cases has remained constant, the total arrears have slightly declined. The extension of the rights approach for another year is proposed to continue supporting arrears clearance. The Fund remains committed to engaging with these members through technical assistance and policy collaboration.