2008年-IMF国际货币组织全球_Review_of_the_Fund39s_Strategy_on_Overdue_Financial_Obligations_25页_355kb

报告摘要

Summary of the IMF's Strategy on Overdue Financial Obligations

Core Content

This document provides an overview of the International Monetary Fund's (IMF) progress in managing overdue financial obligations under its strengthened cooperative strategy as of end-June 2008. It outlines the current status of arrears, the impact on the Fund and its members, and the proposed extension of the rights approach for arrears clearance.

Main Points

1. Total Arrears and Their Composition

Total arrears to the Fund declined by SDR 552 million to SDR 1,338 million since the last review, primarily due to Liberia clearing its arrears (SDR 543 million) in March 2008.
Sudan also contributed to the decline with payments exceeding new obligations.
Somalia and Zimbabwe saw an increase in arrears.
85% of arrears are owed to the General Resources Account (GRA), with the remainder to the Trust Fund, PRGF-ESF Trust, SDR Department, and Structural Adjustment Facility (SAF).

2. Protracted Arrears Cases

Three countries (Somalia, Sudan, and Zimbabwe) remain in protracted arrears.
Liberia cleared all arrears on March 14, 2008, and received interim assistance under the enhanced HIPC Initiative on March 18, 2008.
Sudan has made progress in payments but has had mixed policy performance under its staff-monitored program (SMP). Payments in 2008 totaled US$24.6 million (SDR 15.2 million).
Zimbabwe has poor cooperation with the Fund, and its economic and social crisis has worsened. The country has made minimal payments to the PRGF-ESF Trust since the last review.
Somalia has no internationally recognized government, making it difficult to assess its cooperation. The Executive Board postponed its review since October 1990.

3. Impact of Arrears on the Fund

Arrears impose a significant financial burden on the Fund and its membership.
The burden-sharing mechanism adjusts the rate of charge and remuneration to compensate for income loss due to nonpayment.
As of end-June 2008, total burden-shared deferred charges amounted to SDR 685 million, a decrease of SDR 210 million from the previous year.
SDR 88 million in arrears to the Trust Fund reduced the Reserve Account for low-income members.
Zimbabwe drew SDR 74.6 million from the Reserve Account to repay PRGF-ESF Trust lenders.

4. Payment Attribution and Remedial Measures

Three members had short-term arrears (less than six months) during the period, down from four members in the previous review.
Remedial measures are in place for all three protracted arrears cases.
The rights approach is proposed to be extended by another year, until end-August 2009, for the two remaining eligible members (Somalia and Sudan).

5. Currency Valuation Adjustments

14 members had overdue currency valuation adjustments totaling SDR 1.2 billion as of end-June 2008, down from SDR 2.4 billion in 2007.
These adjustments are necessary to maintain the value of the Fund’s holdings in terms of SDR.
Protracted arrears cases accounted for SDR 663 million, or 57% of the total adjustments.

6. Policy Issues and Recommendations

The Fund’s strategy on arrears remains broadly effective for both short-term and protracted cases.
The rights approach was first introduced in 1990 and has been used for three members (Peru, Sierra Leone, and Zambia) in the 1990s.
The de-escalation policy is being considered for modification to reduce the financial cost of burden-sharing.
A separate paper will be prepared for the Board’s consideration after the 2008 Annual Meetings.

Key Information

Liberia cleared its arrears with support from the United States and 102 members.
Sudan has made payments but has not fully implemented public financial management reforms.
Zimbabwe has a deepening economic and social crisis, with hyperinflation and depleted reserves.
The rights approach is proposed to be extended to end-August 2009.
The burden-sharing mechanism has been under strain due to the sharp decline in Fund credit.
The Executive Board has noted poor cooperation from Zimbabwe and Sudan, and has not taken further remedial action.

Tables and Figures

Table 1: Summary of total arrears and their components for the Fund from 2007 to 2008.
Table 2: Arrears to the Fund and other international financial institutions as of end-June 2008.
Table 3: Remedial measures applied to countries in protracted arrears to the Fund.
Table 4: Overdue financial obligations to the Fund by duration from 1981 to 2008.
Table 5: Overdue financial obligations to the Fund by type from 1981 to 2008.
Table 6: Number of countries incurring late payments to the Fund from 1998 to 2008.
Figure 1: Overdue financial obligations by member as of end-June 2008.
Figure 2: Overdue financial obligations to the Fund from 1980 to end-June 2008.

Proposed Decision

The Executive Board proposes to extend the availability of the rights approach until end-August 2009.
This decision is intended to support the strengthened cooperative strategy and assist in arrears clearance for Somalia and Sudan.

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