2009年-IMF国际货币组织全球_Borrowing_Agreement_with_the_Government_of_Canada_13页_428kb

Summary of the International Monetary Fund (IMF) Borrowing Agreement with the Government of Canada

I. Core Content

The document outlines a Borrowing Agreement between the Government of Canada and the International Monetary Fund (IMF), approved by the IMF Executive Board on June 10, 2009. The agreement is part of a broader multilateral effort to ensure the adequacy of the IMF's financial resources, especially in the context of the G-20 summit in early April 2009. It is modeled after the Japan borrowing agreement, with some modifications to align with Canadian preferences and new developments, particularly related to the New Arrangements to Borrow (NAB).

II. Main Features of the Agreement

1. Term of the Agreement

• The initial term is 2 years, starting on the date of the first drawing or July 2, 2009, whichever comes first.
• The term can be extended by 2 years for a total of up to 4 years, subject to Canada's agreement.
• Canada has the option to unilaterally terminate the agreement if it participates in an expanded NAB and has an effective credit arrangement under that NAB.

2. Drawing Limits

• A weekly limit of SDR 500 million applies to drawings.
• There is no monthly limit.
• Drawings exceeding the limit require Canada's agreement.
• The total amount drawn cannot exceed $10 billion.

3. Maturity and Repayment

• Each drawing has an initial maturity of 3 months, extendable in 3-month increments for up to 5 years.
• Maturity dates are automatically extended unless the IMF notifies Canada at least 5 business days in advance.
• The maturity date cannot exceed the fifth anniversary of the drawing date.
• The IMF may make early repayments at the request of Canada, provided that Canada's balance of payments and reserve position justify it.

4. Encashment

• Canada has the right to immediate encashability of its claims under the agreement in case of balance of payments need.
• This is consistent with previous bilateral agreements and the NAB.

5. Evidence of Indebtedness

• The IMF will issue a non-negotiable instrument after each drawing to evidence its indebtedness to Canada.
• The form of the instrument is outlined in the Annex.
• Upon repayment, the instrument is canceled or replaced with a new one for the remaining balance.

6. Interest Rate

• Interest is based on the SDR interest rate.
• If the IMF pays a higher interest rate on other comparable borrowings, the interest rate under this agreement will match that rate.

7. Denomination and Payment Methods

• All amounts are denominated in SDRs.
• Payments are made in Canadian dollars or other freely usable currencies, as agreed.
• Repayments can be made in Canadian dollars, SDRs, or freely usable currencies, with interest typically in SDRs.

8. Transferability of Claims

• Canada may transfer its claims to other IMF members or their fiscal agencies, provided the transferee meets certain conditions (e.g., strong balance of payments and reserve position).
• The transferee assumes liability for maturity extensions.
• The transfer is effective on the value date agreed by Canada and the transferee.

9. Exchange Rate

• All transactions are based on the SDR exchange rate established by the IMF on the second business day before the value date.
• The USD value of each drawing is permanently fixed based on the exchange rate on that date.

10. Valuation Method Changes

• If the IMF changes the method of valuing SDRs, all transfers made two or more business days after the change will use the new valuation method.

11. Non-Subordination of Claims

• Canada's claims under this agreement are not subordinate to other IMF borrowings.

12. Dispute Resolution

• Any disputes or questions under the agreement are to be resolved by mutual agreement between Canada and the IMF.

III. Key Provisions and Modifications

• The agreement is temporarily suspended from the application of Paragraph 2 of the IMF's Borrowing Guidelines.
• Board approval is required for all drawings under the agreement.
• The agreement is consistent with the IMF's previous practices and aims to support timely balance of payments assistance to member countries.

IV. Proposed Decision

The Executive Board is proposed to approve the following:

1. Temporarily suspend the application of Paragraph 2 of the IMF's Borrowing Guidelines.
2. Approve the Agreement and authorize the Managing Director to execute it.
3. Enable the IMF to replenish its General Resources Account through this borrowing.
4. Authorize the Managing Director to make determinations and take actions to implement the agreement, including drawings, term extensions, and maturity extensions.
5. Require quarterly reports from the Managing Director on the implementation of the agreement, with more frequent reporting for significant developments.

V. Conclusion

The agreement is designed to enhance the IMF's financial flexibility and support multilateral efforts in global financial stability. It reflects Canada's commitment to the G-20 mandate and is aligned with the IMF's operational needs and existing policies.