2022-06-06-IMF-How_to_Record_the_Allocations_of_Special_Drawing_Rights_in_Government_Finance_Statistics_20页_690kb

Summary of SDR Recording in Government Finance Statistics

Introduction

This document provides statistical guidance on recording Special Drawing Rights (SDRs) allocations in Government Finance Statistics (GFS), based on IMF rules. It covers the 2021 general SDR allocation and applies to previous allocations. Key principles include recording SDRs as liabilities on the balance sheet of the appropriate public sector unit (e.g., government or central bank), with a matching financial asset for holdings. No transfer of wealth occurs, and recording depends on domestic legal and institutional frameworks.

Key Guidelines

• SDR allocations are recorded as long-term liabilities on the balance sheet of the public sector unit receiving them.
• Corresponding financial assets for SDR holdings are recorded.
• All transactions, such as exchanges and interest payments, must be accounted for on a gross accrual basis.
• The choice of which entity (government or central bank) records the SDRs depends on national arrangements and impacts debt classification for analysis.

Recording Scenarios

Scenario 1: Allocation Recorded in Government Accounts

• Initial allocation: Increase in liabilities (SDR allocations) and financial assets (SDR holdings).
• Exchange operations: Decrease in assets, increase in cash or deposits; net negative position considered debt.
• Use of deposits: Affects nonfinancial and financial assets but not SDR-related debt; repayments reduce debt.
• Interest receipts/payments: Recorded gross, with revenue and expense accruals.
• Includes specific impacts on gross and net debt for Debt Sustainability Analysis (DSA).

Scenario 2: Allocation Recorded in Central Bank Accounts

• Recording occurs on the central bank's balance sheet; not counted in general government debt.
• Possible arrangements include on-lending to government, debt issuance for foreign exchange, retrocession of SDRs, or direct lending.
• Each arrangement has specific accounting entries affecting liabilities and assets.
• Derecognition may occur for transferred SDRs, with treatment similar to recording in government accounts.

Additional Considerations

• Currency unions do not present unique issues for GFS; recording adheres to the same principles based on domestic frameworks.
• The guidance emphasizes strict statistical treatment without addressing economic or legal advice, ensuring compliance with GFSM 2014 and IMF standards.
• Recommendations are based on best practices, with notes on accrual vs. cash basis for recording.