2011年-IMF国际货币组织全球_Update_on_the_Financing_of_the_Fund39s_Concessional_Assistance_and_Debt_Relief_to_Low_27页_567kb

报告摘要

Summary of the IMF's Financing of Concessional Assistance and Debt Relief to Low-Income Countries (LICs)

Core Content

This document provides an update on the financing of the IMF's concessional lending and debt relief programs for low-income countries (LICs) as of September 2011. It outlines the progress made in securing loan and subsidy resources, the status of the PRGT (Poverty Reduction and Growth Trust) operations, and the implications for future lending and debt relief.

Main Points

1. PRGT Lending Capacity

Lending capacity increased due to lower-than-expected demand in recent years.
Staff projections indicate PRGT demand in 2011 could reach SDR 1.4 billion, up from SDR 1.2 billion in 2010.
With the completion of the 2009 LIC financing package, the annual lending capacity is expected to be SDR 2.1 billion for 2012–14 or SDR 1.5 billion through 2015.
Beyond 2014, the PRGT is projected to have a sustainable lending capacity of SDR 0.7–0.8 billion annually, but additional subsidy resources may be needed in the long term.

2. Loan Resources

Fourteen members have pledged SDR 9.8 billion in new loan resources, compared to the target of SDR 10.8 billion.
Thirteen lenders have signed new borrowing agreements totaling SDR 9.5 billion.
Loan resources are distributed across the General Loan Account (GLA), Extended Credit Facility (ECF), Standby Credit Facility (SCF), and Rapid Credit Facility (RCF).
SDR 7.0 billion is available to the GLA, and SDR 2.1 billion to the ECF Loan Account, with SDR 0.2 billion for the SCF and SDR 0.08 billion for the RCF.
Additional pledges of about SDR 1 billion are still required to complete the loan package.

3. Subsidy Resources

SDR 1.4 billion in subsidy resources are available as of end-June 2011, excluding contributions from the current fundraising effort.
Twenty-three members have contributed SDR 155 million in additional subsidies, but the target is SDR 200–400 million (end-2008 NPV terms).
Nontraditional donors, including some emerging market countries, have participated in the subsidy contributions.
Gold sales are being considered as a source of subsidy, with the Board supporting a strategy to use SDR 0.5–0.6 billion (end-2008 NPV terms) from gold profits.
A distribution of profits to members, proportional to their quota shares, is proposed, with the expectation of returning equivalent amounts as subsidy contributions.

4. PRGT Reserve Account

The PRGT Reserve Account is used to provide security to lenders and note purchasers.
It is funded through reflows of Trust Fund and Structural Adjustment Facility (SAF) repayments and investment returns.
As of end-June 2011, the Reserve Account balance stood at SDR 3.93 billion, which is 79.8% of total PRGT obligations.
The Reserve Account is expected to support self-sustained subsidization of PRGT lending starting from 2015 or 2016, with a loan coverage ratio of about 40% in the medium term.
Long-term demand for concessional lending is projected to range from SDR 1.1–1.9 billion annually (2015–34), suggesting the need for additional subsidy resources to maintain capacity.

5. Debt Relief

SDR 5.2 billion in debt relief has been provided to eligible countries as of end-June 2011.
This includes HIPC debt relief of SDR 2.5 billion to 36 countries, MDRI debt relief of SDR 2.3 billion to 30 countries, debt relief to Liberia, and PCDR debt relief to Haiti.
No new countries have reached the HIPC completion point since the last update, and 32 countries have completed the HIPC process.
Four decision point countries have so far received HIPC interim assistance.
Pending contributions to Liberia's debt relief remain, and it is important for members to disburse their pledged contributions as soon as possible.
Available resources in the HIPC/MDRI accounts are sufficient to cover debt relief for the few remaining eligible countries, except Somalia and Sudan.
When Somalia and Sudan are ready to enter the HIPC Initiative, substantial additional resources will be needed.

Key Information

PRGT is fully operational since the effectiveness of the 2010 LIC reforms.
Interest rate structure for PRGT lending has been updated, with periodic reviews planned.
Temporary interest waivers remain in effect on all outstanding PRGT loans until December 2011, and zero percent subsidization for EPCA/ENDA until January 2012.
Bilateral subsidy contributions are critical to completing the financing package, with some members yet to pledge.
The PRGT Reserve Account is a key component in ensuring sustainability and security for future lending.
Lending capacity is influenced by global economic recovery and demand trends.
Debt relief is an essential part of the Fund's support for LICs, with Liberia as a key case.
The gold sales strategy is a potential source of subsidy, but requires distribution and return mechanisms to be in place.