2024-03-05-IMF-Rollback_of_Credit_Arrangements_in_the_New_Arrangements_to_Borrow_13页_334kb

报告摘要

This IMF policy paper addresses the rollback of credit arrangements under the New Arrangements to Borrow (NAB) as part of the Sixteenth General Review of Quotas, approved by the Board of Governors on December 15, 2023. The 50% quota increase requires a proportional reduction in NAB credit arrangements to maintain the Fund's lending capacity and strengthen the quota-based nature of the Fund.
Key objectives: Reduce reliance on borrowing by rolling back NAB credit arrangements by 16.8% (SDR 61.3 billion) while broadly preserving relative shares among participants and aligning with the expiration of bilateral borrowing arrangements.

Aggregate NAB reduction: Proposed decrease of 16.8% from SDR 364.4 billion to SDR 303.1 billion, set to maintain lending capacity at approximately SDR 696 billion.
Individual changes: Reductions are distributed based on current NAB shares, with no change for Kuwait (not part of the 2020 NAB doubling) and a 39.3% decrease for Russia to keep its total Fund exposure unchanged after quota increase.
Effective timing: Rollback becomes effective on the day each participant pays their quota increase under the Sixteenth Review.

Requires 85% of NAB participants' consent for changes, but a safeguard mechanism at a 90% threshold ensures the rollback can proceed if consent is delayed.
Deadline for consents set at November 15, 2024; if achieved, reductions apply upon quota payment; otherwise, extensions may be requested.

Strategic: Reinforces a strong, quota-based IMF core in the Global Financial Safety Net.
Operational: Enhances loan capacity; transitional arrangements may address timing issues post-2024.
Reputational: Successful implementation bolsters membership trust; failure risks reputational harm.
Enterprise risks: Mitigates financial instability risks by maintaining lending capacity and reducing borrowing reliance.

Subject to Executive Board approval, NAB participants must provide consents by November 15, 2024.
Rollback implementation occurs upon synchronization with quota payments.

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