2008年-IMF国际货币组织全球_Update_on_the_Financing_of_the_IMF39s_Concessional_Assistance_and_Debt_Relief_to_Low_28页_474kb

报告摘要

Summary of the IMF's Financing of Concessional Assistance and Debt Relief

I. Introduction

This document provides a semi-annual review of the IMF's financing status for the PRGF-ESF (Poverty Reduction and Growth Facility - Enhanced Structural Adjustment Facility) lending, subsidization of emergency assistance to PRGF-eligible countries, and HIPC (Heavily Indebted Poor Countries) and MDRI (Multilateral Debt Relief Initiative) debt relief. The last update was conducted by the Executive Board on April 21, 2008.

II. Financing of PRGF-ESF Operations

A. Loan Resources

As of end-July 2008, available PRGF-ESF loan resources stood at SDR 2.7 billion, including a new loan of US$1 billion (SDR 0.6 billion) from France in the context of the ESF.
During the first seven months of 2008, new PRGF commitments totaled SDR 0.6 billion.
New PRGF arrangements with six members amounted to SDR 0.5 billion, while augmentations under existing arrangements with nine members totaled SDR 0.1 billion.
Projections indicate that demand for new PRGF arrangements in the remainder of 2008 could reach SDR 0.5 billion, leading to total new commitments of SDR 1.1 billion in 2008, which is higher than the SDR 0.7 billion projected in the last update.
Country-specific projections suggest that demand for PRGF arrangements in 2009-10 could be SDR 1.2 billion, indicating a significant increase in demand compared to the previous four years.
The total available loan resources are estimated at SDR 16.4 billion, with SDR 13.7 billion already committed to borrowers.

B. PRGF-ESF Subsidy Resources

Available subsidy resources for PRGF-ESF lending were estimated at SDR 1.4 billion as of end-June 2008, broadly unchanged from the last update.
These resources include actual balances in the PRGF-ESF and PRGF-HIPC Trusts, and contributions that have been committed but not yet received.
Botswana made an additional subsidy contribution of SDR 0.7 million through a new deposit agreement.
The status of ESF subsidy contributions has remained largely unchanged.
Total pledges from 11 countries amounted to SDR 218 million, with SDR 66 million already received.
The goal of the fundraising effort was to mobilize an additional SDR 100 million to cover subsidy needs for existing ENDA/EPCA credit and new lending through 2014.

C. Status of the PRGF-ESF Reserve Account

The Reserve Account provides security to PRGF-ESF Trust lenders in case of delay or non-repayment by borrowers.
As of end-June 2008, the Reserve Account balance was SDR 3.6 billion, which is about 95 percent of the PRGF-ESF Trust obligations.
The Reserve coverage ratio was 94.7%, indicating a strong buffer.
The projected PRGF repayments for July 2008 to June 2009 amounted to SDR 413 million.

D. Medium-Term Financing Framework

Once the available PRGF-ESF subsidy resources are fully committed, the "self-sustained" operation could be financed using the accumulated Reserve Account resources.
The initiation of the self-sustained operation is uncertain, but if started in 2011, it could subsidize SDR 0.8 billion in annual PRGF-ESF lending.
Key assumptions include a gradual increase in the rate of investment earned on the Reserve Account balances and interest rate paid to Trust lenders from 4% in 2008 to 5% in 2013, a 90 basis point premium from FY 2010 onwards, and the resumption of reimbursement for the GRA (General Resource Account) administrative expenses starting in the financial year the Board adopts a decision on gold sales.

III. Subsidization of Emergency Assistance

The IMF provides emergency assistance to PRGF-eligible countries through ENDA (Natural Disaster Assistance) and EPCA (Post-Conflict Assistance) at a reduced rate of 0.5 percent per annum (plus burden-shared adjustments).
As of end-June 2008, 16 members (29 instances) have benefited from subsidization of emergency assistance.
Available resources are not sufficient to fully cover the costs of subsidizing existing emergency assistance, which are estimated to be SDR 44.7 million.
The projected shortfall is SDR 22.9 million.
If no additional contributions are received, the available resources are expected to be exhausted by end-2009 or sooner if new requests for subsidized emergency assistance arise.
The goal of the fundraising effort was to mobilize an additional SDR 100 million to cover subsidy needs through 2014.
Several members expressed a preference for using existing contributions to the PRGF-ESF Trust to subsidize emergency assistance, but this is not permitted under the PRGF-ESF Trust Instrument.

IV. Financing of HIPC and MDRI Debt Relief

As of end-July 2008, 23 countries have reached the completion point, and 10 countries have reached the decision point under the enhanced HIPC Initiative.
The Fund has committed SDR 2.3 billion in HIPC Initiative assistance.
Of this, SDR 1.7 billion has been disbursed to completion point countries, and SDR 40 million to decision point countries.
The Executive Board approved an increase in HIPC interim assistance to Haiti by SDR 33,000.
The projected surplus in the MDRI Trusts has increased by SDR 0.1 billion, mainly due to the delay of the Democratic Republic of the Congo in reaching the HIPC completion point.
The three protracted arrears cases (Somalia, Sudan, and Zimbabwe) remain outstanding.
The status of pending contributions to the PRGF-HIPC Trust includes Venezuela (SDR 20.4 million), Dominican Republic (SDR 0.5 million), Argentina (SDR 6.4 million), Gabon (SDR 1.9 million), and Liberia.
The total pending contributions from 10 members amounted to SDR 32 million.
The goal is to secure these contributions to ensure the continuation of debt relief programs.

Key Points

PRGF-ESF loan resources are likely sufficient to meet potential demand in the immediate future.
Subsidy resources are expected to be fully used by end-2009.
Additional contributions are needed to continue providing emergency assistance on concessional terms.
The HIPC and MDRI debt relief programs have seen some progress, but the three protracted arrears cases remain unresolved.
The self-sustained operation of PRGF-ESF is contingent on various assumptions, including investment returns and interest rates.
The Reserve Account provides a significant buffer, but its full utilization is dependent on the commitment of subsidy resources.