IMF国际货币组织全球-Poverty-Reduction-and-Growth-Trust_15页_523kb

IMF Policy Paper: Poverty Reduction and Growth Trust—Review of Interest Rate Structure

Core Content

This document outlines the IMF's decision to modify the interest rate structure for the Poverty Reduction and Growth Trust (PRGT) and align the interest rates for the Extended Credit Facility (ECF) and Standby Credit Facility (SCF). The changes aim to enhance the concessionality of PRGT financing while maintaining its self-sustaining financial envelope.

Main Points

1. Background on PRGT Interest Rate Mechanism

• The PRGT interest rate mechanism was established in 2009 as part of a comprehensive reform of the IMF's concessional lending.
• Prior to 2009, concessional loans were typically extended at a uniform rate of 0.5%.
• The 2009 mechanism links interest rates to global interest rates (measured by the Special Drawing Rights, or SDR, rate) and was designed to balance concessionality, resource preservation, and subsidy costs.

2. Interest Rate Structure Overview

• SDR rate thresholds determine the interest rates for different PRGT facilities.
• The mechanism has been adjusted multiple times to accommodate low global interest rates, with interest waived on many loans during 2010-2016.
• In 2015, the interest rate on RCF loans was permanently set to zero.
• In December 2016, the Executive Board approved a new interest rate mechanism, setting zero rates on all low-income country lending facilities through end-2018, later extended to end-June 2019.

3. Proposed Modifications

• The mechanism was modified to align SCF interest rates with ECF rates, while keeping the RCF rate at zero.
• The changes aim to increase concessionality by reducing the interest rate differential between SCF and ECF.
• These modifications are part of a broader reform package for LIC facilities, and the additional subsidy costs are manageable within the PRGT's self-sustaining financing envelope.

4. Interest Rates for July 2019–June 2021

• Under the new mechanism, both ECF and SCF loans will have a zero interest rate for the period July 2019–June 2021, due to the low SDR rate (below 2%).
• The RCF interest rate remains permanently at zero.
• Interest rate waivers on legacy ESF credit will continue until November 2020 or the next review, whichever comes first.

5. Financial Implications

• The proposed changes entail moderate subsidy costs, estimated at SDR 1.8 million for the existing SCF loan stock.
• Long-term, the alignment of SCF and ECF rates is expected to cost about SDR 4.9 million annually.
• These costs are considered acceptable within the PRGT's self-sustaining capacity of SDR 1.25 billion.

Key Information

• Interest Waivers: Interest was waived on all PRGT loans from 2010 to 2016 due to low global interest rates.
• SDR Rate: The SDR rate has remained low, with an average of 1.14% as of end-March 2019.
• Legacy ESF Credit: Waivers on interest charges for outstanding ESF credit will continue until repayment or the next review.
• Next Review: The next interest rate review is scheduled for no later than June 30, 2021.
• Reforms Context: The changes are consistent with the broader package of reforms for LIC facilities, aiming to improve flexibility and better tailor support to member countries' needs.

Summary of Interest Rate Mechanism Changes

Concessionality and Funding

• The average grant element of PRGT loans is currently below 30%, lower than the traditional 35% benchmark.
• The proposed modifications aim to increase concessionality, bringing it closer to the original 2009 intent.
• The subsidy costs are expected to be financed within the PRGT's self-sustaining envelope, which is part of the broader LIC facilities reform.

Conclusion

• The Executive Board approved the modification of the PRGT interest rate mechanism, aligning SCF and ECF rates while maintaining zero rates on RCF.
• The changes are designed to support low-income countries in a persistently low global interest rate environment.
• The next review of the PRGT interest rate structure is scheduled for no later than June 30, 2021.