2016年-IMF国际货币组织全球_Review_of_Access_Limits_and_Surcharge_Policies_111页_2mb

IMF Policy Paper Summary: Review of Access Limits and Surcharge Policies

Core Content

This document outlines the IMF's proposed review and adjustment of access limits, surcharge policies, and other quota-related policies in light of the $14^{\text{th}}$ General Review of Quotas, which was expected to become effective in early 2016. The review aims to ensure that the Fund's risk management framework remains robust and that the relative access to Fund resources does not decline in SDR terms, despite the doubling of quotas for most members.

Main Objectives

• Maintain access levels relative to economic developments and metrics since the last review in 2009.
• Prevent erosion of the Fund's risk management framework by adjusting access limits and surcharge thresholds.
• Ensure the revolving character of Fund resources and the accumulation of precautionary balances.
• Balance liquidity and credit risk by modifying the surcharge and commitment fee structures.

Key Policy Changes

1. Access Limits

• Annual access limit adjusted from 200% to 140% of new quota.
• Cumulative access limit adjusted from 600% to 420% of new quota (net of scheduled repurchases).
• These changes aim to restore access levels to those considered acceptable in 2009 and prevent a decline in SDR terms.
• Precautionary Liquidity Line (PLL) access limits halved to reflect the doubling of quotas.

2. Surcharges

• Level-based surcharge threshold lowered from 300% to 187.5% of quota.
• Time-based surcharge trigger for Extended Fund Facility (EFF) credit extended from 36 months to 51 months.
• The adjustment aligns surcharge triggers with the repayment schedule and the nature of balance of payments needs under the EFF.

3. Commitment Fees

• Lower threshold for commitment fees: 15 basis points for up to 115% of quota, 30 basis points for between 115% and 575% of quota, and 60 basis points for amounts exceeding 575% of quota.
• These thresholds are adjusted to reflect the doubling of quotas and to maintain the Fund's incentive structure.

4. Article IV Consultation Cycle and Post-Program Monitoring (PPM)

• Threshold for extended Article IV consultation cycle adjusted from 200% of current quota to 145% of new quota.
• Threshold for determining PPM participation expectations halved to 100% of new quota, as a temporary measure.

Effective Dates

• The new access limits and quota-based thresholds for Article IV and PPM are proposed to become effective once the general conditions for the $14^{\text{th}}$ Review quota increases are met.
• Level-based surcharges and commitment fees will take effect once a member pays its quota increase or at the end of a 30-day period after the general conditions are met, whichever comes first.
• The extension of time-based surcharges for EFF arrangements will take effect immediately upon Board approval.

Grandfathering

• A limited grandfathering mechanism is proposed to ensure that no member is made worse off by the changes.
• This includes the refunding of commitment fees for current precautionary arrangements, amounting to about SDR 30–35 million.

Next Review

• A standard 5-year review period is proposed for access limits.
• Surcharge and commitment fee policies are subject to as-needed review, but could be brought forward once the $15^{\text{th}}$ General Review of Quotas is finalized.

Supporting Information

• The paper includes annexes with detailed redline versions of proposed changes, historical context, and data on access limits, surcharges, and commitment fees.
• Boxes and figures provide additional insights into the evolution of access limits, surcharge policies, and their economic implications.

Economic Context

• The $14^{\text{th}}$ Review is expected to double quotas on average, with individual increases ranging from 39% to 220%.
• Without policy changes, access limits and thresholds would have doubled in SDR terms, reducing the effectiveness of the Fund's risk management framework.
• The doubling of access limits in 2009 was intended to restore them to 1998 levels relative to global trade and capital flows, while compensating for GDP growth and non-FDI liabilities.

Summary of Key Metrics

Conclusion

The review and adjustment of access limits and surcharge policies are essential to maintaining the effectiveness and fairness of the IMF's resource allocation framework. The proposed changes aim to align the Fund's policies with the new quota structure while preserving its liquidity and risk management capabilities. The grandfathering mechanism and temporarily lowered PPM thresholds are designed to ensure smooth transition and minimize negative impacts on existing members.