2010年-IMF国际货币组织全球_Eligibility_to_Use_the_Fund’s_Facilities_for_Concessional_Financing_36页_583kb

报告摘要

Summary of the IMF's Proposed Framework for Updating the PRGT Eligibility List

Core Content

This document outlines a proposed framework for updating the eligibility list for the Poverty Reduction and Growth Trust (PRGT) at the International Monetary Fund (IMF). The goal is to ensure that concessional financing is available to low-income countries (LICs) with significant economic and financial vulnerabilities, while also promoting transparency and fairness in the eligibility process. The framework includes new criteria for entry and graduation from the PRGT list, as well as a regular review process to align the list with the Fund’s objectives.

Main Points

1. Purpose of the Framework

To update the PRGT eligibility list using transparent and regular criteria.
To preserve access to concessional financing for countries with low income and related vulnerabilities.
To ensure that graduation decisions are permanent and do not compromise financial sustainability.

2. Eligibility Criteria

Entry Criteria

A country must have a per capita income below the IDA operational cutoff (US$1,135 for FY 2010).
The country must not have durable and substantial access to financial markets.

Graduation Criteria

A country can graduate if it meets either of the following:
- Income Criterion:
  - Per capita GNI has been above the IDA operational cutoff for at least five years.
  - Per capita GNI is currently at least twice the IDA operational cutoff (or three times for small countries).
  - Per capita GNI has not been on a declining trend over the last five years.
- Market Access Criterion:
  - The country has durable and substantial access to financial markets.
  - Per capita GNI is above 80% of the IDA operational cutoff.
  - Per capita GNI has not been on a declining trend over the last five years.
Absence of serious short-term vulnerabilities:
- Risks of sharp income decline, loss of market access, or debt distress must be limited.
- Countries with a LIC-DSA should have moderate or lower risk of external debt distress.

3. Special Treatment for Small Countries

Small countries (population < 1 million) are treated as a distinct category.
Entry Criteria for Small Countries:
- Per capita GNI is less than twice the IDA operational cutoff.
- No durable and substantial access to international financial markets.
Graduation Criteria for Small Countries:
- Meet the income or market access criterion.
- Do not face serious short-term vulnerabilities.
This approach ensures uniform treatment of small countries, building on the existing small islands exception.

4. Review Process

The Executive Board will review PRGT eligibility every two years.
This promotes a more continuous alignment of the list with the PRGT’s objectives.
Interim decisions on entry or re-entry may be made between reviews, if necessary, to avoid disadvantaging members who wish to access support.

5. Proposed Changes to the PRGT Eligibility List

No new entries are proposed at this time.
Countries proposed for graduation:
- Albania, Angola, and Azerbaijan: Based on the income criterion.
- India, Sri Lanka, and Pakistan: Based on the market access criterion.
Countries proposed to remain on the list:
- Armenia and Georgia: Meet the income criterion, but have short-term vulnerabilities.
- Dominica, Grenada, Maldives, St. Lucia, and St. Vincent and the Grenadines: Meet the income criterion for small countries, but have short-term vulnerabilities.

6. Financing Implications

The changes will not affect existing PRGT support or ongoing financing discussions.
The new criteria will become effective three months after the Executive Board decision.
Countries with active arrangements will remain eligible for the full duration of their agreements.
Graduation does not impact repayment terms or the subsidization of EPCA/ENDA credits.

Key Information

The current PRGT eligibility list has anomalies, including:
- An increasing number of countries with income above the IDA cutoff.
- Sustained access to financial markets by some PRGT-eligible countries.
- Concerns over unequal treatment of small islands.
The framework aims to:
- Ensure uniform treatment of low-income members.
- Promote transparency in eligibility decisions.
- Reflect sustained economic progress rather than just current conditions.
IDA and PRGT are closely aligned, but the PRGT framework introduces more stringent criteria for graduation to ensure financial sustainability.
Small countries are granted special treatment due to their greater vulnerability and limited economies of scale.

Tables and Boxes

Table 1: Compares proposed graduation and blending criteria.
Table 2: Lists 2008 per capita GNI for PRGT-eligible countries.
Box 1: Explains IDA eligibility and financial terms.
Box 2: Highlights economic vulnerability in small countries.

Annexes

Annex I: Economic assessments of countries meeting income or market access criteria.
Annex II: Details on market access by low-income countries.