2009年-IMF国际货币组织全球_A_New_Architecture_of_Facilities_for_Low_42页_603kb

Summary of "A New Architecture of Facilities for Low-Income Countries and Reform of the Fund's Concessional Financing Framework—Supplementary Information"

I. Introduction

This document outlines revised proposals for the International Monetary Fund (IMF)’s concessional financing framework for low-income countries (LICs), including the Poverty Reduction and Growth Trust (PRGT). The reforms were proposed in response to the global economic crisis and were discussed by the Executive Board on July 17, 2009. While there was broad support for the reforms, some concerns remained, leading to staff revisions to offer a compromise. The final decision and Trust Instrument are documented in "A New Architecture of Facilities for Low-Income Countries and Reform of the Fund's Concessional Financing Framework – Decision."

II. Financing Terms

• Interest Rate Adjustments: The interest rate structure for the three concessional facilities (ECF, RCF, SCF) has been revised:

  • Initial rates: 0.00% for ECF, 0.00% for RCF, and 0.25% for SCF.
  • Repayment periods remain unchanged: 5.5–10 years for ECF and RCF, and 4–8 years for SCF.
  • Periodic review mechanism: Interest rates will be reviewed every three years, with the first review scheduled for December 2011. Adjustments will be based on the Special Drawing Rights (SDR) rate, using the mechanism in Table 1.
  • Concessionality: The new structure increases the initial grant element by about one percentage point compared to the original proposal.

• Key Interest Rate Mechanism (Table 1):

  • SDR rate < 2%: ECF = 0.00%, RCF = 0.00%, SCF = 0.25%
  • 2% ≤ SDR rate ≤ 5%: ECF = 0.25%, RCF = 0.25%, SCF = 0.50%
  • SDR rate > 5%: ECF = 0.50%, RCF = 0.50%, SCF = 0.75%

• Subsidy Cost Management: The mechanism is designed to limit fluctuations in concessionality and subsidy costs, ensuring stability for both borrowers and contributors.

III. Links to Poverty Reduction and Growth

• Explicit Poverty Reduction Purpose: Poverty reduction and growth are now explicitly stated as the purposes of all three facilities (ECF, SCF, RCF).
• Program Requirements:
  • All financing requests and program reviews must include a statement on how the program advances the country’s poverty reduction and growth objectives.
  • The Poverty Reduction Strategy Paper (PRSP) requirements are made more flexible, especially for countries without a PRSP.
• Collaboration with Development Partners: Close collaboration with the World Bank and other development partners is encouraged to align poverty reduction and growth objectives and reforms.

IV. Precautionary Use of the SCF

• Purpose of SCF: The Standby Credit Facility (SCF) serves as a precautionary tool for countries with stable macroeconomic positions but facing short-term balance of payments risks.
• Activation Date: The precautionary option under the SCF will be effective from January 1, 2010, allowing for rapid access to financial support.
• Board Review: The first review of the new facilities architecture will assess the effectiveness of the precautionary SCF option, addressing concerns about overlap with the Poverty Reduction and Growth Facility (PRGF) and the appropriateness of the availability fee and sub-limit.

V. Loan Account Under the PRGT

• Structure of Loan Accounts:
  • Four Loan Accounts will be established: one General Loan Account (GLA) and three Special Loan Accounts (SLAs) for ECF, SCF, and RCF.
  • A single Reserve Account will provide security for all loans under the PRGT.
  • Five Subsidy Accounts will also be established, with the GLA serving as a second line of disbursement if relevant SLAs are exhausted.

VI. Approval Mechanisms Under the PRGT

• Streamlining Concerns: Some Executive Directors expressed concerns about streamlining approval procedures by delinking the Trust from specific facilities.
• Revised Approach: The original proposal to streamline approval procedures was dropped. The specific facilities will remain an integral part of the Trust’s purposes.
• Lender and Contributor Consent: Any addition of new facilities to the Trust requires the consent of lenders and contributors.

VII. Increasing the Borrowing Limit Under the PRGT

• Additional Loan Resources Needed: An additional SDR 9 billion is required to meet projected demand through 2014–15.
• Proposed Borrowing Limit: The current borrowing limit of SDR 20 billion will be increased to SDR 30 billion to accommodate the new resources.
• Implementation:
  • The increase will require prior consultation with current lenders.
  • A decision to increase the borrowing limit will be proposed for adoption by the Executive Board, requiring a majority of votes.

Key Revisions and Compromises

• The revised proposal balances the need for greater concessionality with the preservation of the Fund’s scarce resources.
• The mechanism ensures that the grant element is enhanced upfront, especially during the global economic crisis.
• The new structure allows for more tailored financing based on the capacity and needs of LICs.
• The precautionary use of the SCF is activated in 2010 to provide insurance against short-term risks.
• The borrowing limit is increased to ensure full funding of the PRGT through 2014–15, with a target of SDR 9 billion in additional resources.

Conclusion

The document presents a comprehensive reform of the IMF’s concessional financing framework for low-income countries, aiming to enhance concessionality, ensure flexibility, and maintain the Fund’s role in supporting macroeconomic stability and poverty reduction. The changes include revised interest rate mechanisms, new loan and subsidy account structures, and adjustments to borrowing limits and approval processes.