2011年-IMF国际货币组织全球_Update_on_the_Financing_of_the_Fund’s_Concessional_Assistance_and_Debt_Relief_to_Low_26页_525kb

报告摘要

Summary of the International Monetary Fund's Financing Update for Concessional Assistance and Debt Relief to Low-Income Countries

Core Content

This document provides an update on the financing of the IMF's concessional lending and debt relief mechanisms for low-income countries (LICs), particularly focusing on the Poverty Reduction and Growth Trust (PRGT), the Enhanced Structural Adjustment Facility (ESF), and the Heavily Indebted Poor Countries (HIPC) Initiative. It outlines current commitments, projected needs, and the status of resource mobilization.

Main Points

I. Introduction

The document reviews the status of financing for the IMF's concessional lending and debt relief to LICs.
It is based on the latest data and includes information on pledges made in response to the Managing Director's fund-raising request.
The structure includes sections on the financing framework, PRGT operations, subsidy resources, and debt relief financing.

II. LIC Facilities and Financing Framework

The 2009 LIC financing package aims to increase the Fund's concessional lending capacity to SDR 11.3 billion through 2014.
The package includes SDR 10.8 billion in new loan resources and SDR 1.5 billion in new subsidy resources.
The PRGT is operational through three facilities: Extended Credit Facility (ECF), Standby Credit Facility (SCF), and Rapid Credit Facility (RCF).
The ESF Subsidy Account was closed in May 2010, and its resources are now available to meet the subsidy needs of existing ECF loans.
The temporary waiver of interest payments on PRGT lending remains in effect through end-2011.

III. Financing of PRGT Operations

A. Projected Financing Needs

New PRGT commitments in 2010 amounted to SDR 1.2 billion, down from SDR 2.5 billion in 2009.
The decrease in commitments is attributed to delays in requests from some members and improved resilience of LICs.
Projections suggest that demand will rise in 2011 to about SDR 2 billion and remain elevated at around SDR 1.5-2.0 billion annually in the medium term.

B. Loan Resources

Fourteen members have pledged SDR 9.8 billion in new loan resources, with SDR 7.7 billion secured through borrowing agreements.
The remaining pledged resources amount to SDR 2.2 billion, and further pledges of about SDR 1 billion are needed to complete the package.
Loan resources are distributed across the General Loan Account (GLA), ECF, SCF, and RCF accounts.

C. Subsidy Resources

Available PRGT subsidy resources at end-2010 amounted to SDR 1.4 billion, excluding current fund-raising efforts.
Twenty-three members have committed SDR 154.5 million in bilateral subsidy resources, though the target is SDR 200–400 million.
Additional subsidy resources of SDR 0.5–0.6 billion are expected from the sale of the Fund's gold holdings.

D. PRGT Reserve Account

The PRGT Reserve Account has a balance of SDR 3.97 billion at end-2010, which is sufficient to cover the projected loan repayments for the next 12 months and about 78% of total PRGT obligations.
The Reserve Account is expected to maintain a loan coverage ratio of about 40% in the medium term.
It is projected to subsidize annual lending of about SDR 0.7 billion starting in 2015, but this depends on various factors including investment returns and interest rates.

IV. Subsidization of Emergency Assistance

The EPCA/ENDA Administered Subsidy Account is maintained on an interim basis to subsidize outstanding credits.
The rate of charge on these credits is subsidized to zero percent until end-January 2012, then to 0.25% annually.
The account is expected to be terminated once the outstanding credits are fully repaid by April 2013.
Available subsidy resources are estimated to be sufficient to cover the remaining EPCA/ENDA credits, including additional interest relief.

V. Financing of Debt Relief

As of end-2010, the Fund has provided SDR 5.2 billion in debt relief, including HIPC, MDRI, and PCDR debt relief.
Two countries (Guinea-Bissau and Togo) reached the HIPC completion point, bringing the total to 32.
The remaining 4 decision point countries have received about SDR 29 million in HIPC interim assistance.
The cost of debt relief to the remaining HIPCs is estimated at SDR 0.06 billion in end-2010 NPV terms.
Available resources in the PRG-HIPC and MDRI Trusts are expected to be sufficient to cover the remaining HIPC debt relief needs.
Some countries have yet to finalize their contributions to Liberia's debt relief, including Austria, which has delivered SDR 5 million, and others with pending contributions totaling SDR 22.8 million.

Key Information

Total PRGT Commitments (2009-2014): SDR 11.3 billion.
Loan Resources: SDR 10.8 billion needed, with SDR 7.7 billion secured.
Subsidy Resources: SDR 1.5 billion needed, with SDR 154.5 million pledged.
PRGT Reserve Account Balance (end-2010): SDR 3.97 billion.
Liquidity Buffer for Loan Contributions: SDR 1.8 billion.
Additional Subsidy Resources from Gold Sales: SDR 0.5–0.6 billion.
Remaining HIPCs Debt Relief Cost: SDR 0.06 billion.
Pending Contributions to Liberia's Debt Relief: SDR 22.8 million from 9 members.
Expected Annual Self-Sustained Lending Capacity (after 2014): SDR 0.7 billion.
Longer-Term Demand Projections (2015-34): SDR 1.1–1.9 billion.
Debt Relief to Remaining HIPCs: Covered by available resources, with the HIPC sub-account depleted and resources drawn from the PRG-HIPC sub-account.
MDRI Trust Surpluses: Total of about SDR 0.05 billion.
EPCA/ENDA Credits: Expected to be fully repaid by April 2013, after which the subsidy account will be terminated.

Conclusion

The document highlights the progress made in financing the PRGT and debt relief for LICs, but also notes the need for additional resources to complete the financing package and ensure the Fund's capacity to meet future demand. The continued use of the PRGT Reserve Account and the mobilization of new subsidy and loan resources are essential for sustaining concessional lending and debt relief efforts.

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