英文_国际货币基金组织_减贫与增长信托基金——关于加强政策保障的指导说明_37页_926kb

Summary of the IMF's Strengthened Policy Safeguards (SPS) for the Poverty Reduction and Growth Trust (PRGT)

Core Content

This document outlines the Strengthened Policy Safeguards (SPS), a new policy framework introduced by the IMF in 2024 as part of the Review of the Poverty Reduction and Growth Trust (PRGT) Facilities and Financing. The SPS replaces the previous High Access Procedures (HAP) and Enhanced Safeguards (ES) and aims to streamline and enhance the Fund's safeguards for managing credit risk and debt sustainability in PRGT financing.

The SPS applies when proposed access under a new PRGT arrangement, such as the Rapid Credit Facility (RCF), or an augmentation of access under an existing arrangement, exceeds certain access thresholds. It also applies to countries at high risk of, or in, overall debt distress. The SPS operates alongside the Exceptional Access (EA) framework and the Policy Safeguards for High Combined Credit (PS-HCC), forming a multi-layered and coherent set of safeguards.

Main Categories of Scrutiny

The SPS framework consists of three categories of scrutiny (SPS1, SPS2, and SPS3), each with specific triggers and requirements:

SPS1

• Triggers:
  • Flow: Access under a new PRGT arrangement exceeds 125% of the access norm.
  • Stock: Cumulative PRGT credit outstanding exceeds 300% of quota (200% of quota after the 16th GRQ increase conditions are met).
• Requirements:
  • Granular discussion of the composition and evolution of debt.
  • Enhanced capacity to repay (CtR) analysis informed by cross-country comparisons of Fund exposure metrics.
  • No explicit program objective required unless SPS3 is triggered.

SPS2

• Triggers:
  • Flow: Access under a new PRGT arrangement exceeds 150% of the access norm.
  • Stock: Cumulative PRGT credit outstanding exceeds 300% of quota (200% of quota after the 16th GRQ increase conditions are met).
• Requirements:
  • All SPS1 requirements.
  • Early engagement with the Board through an informal meeting once Management agrees that the financing request could be appropriate.
  • Management must agree that the request, augmentation, or rephasing is appropriate.

SPS3

• Trigger:
  • A country is assessed to be at high risk of, or in, overall debt distress.
• Requirements:
  • All SPS1 requirements.
  • Explicit program objective to reduce debt vulnerabilities.

Key Thresholds and Adjustments

• De Minimis Threshold: 25% of quota per financing request. If access is at or below this level, the SPS do not apply unless the country is in high debt distress.
• Adjustments for GRQ Increase: All triggers and thresholds expressed as a percentage of quota are automatically adjusted down once the general effectiveness conditions for the 16th General Review of Quotas (GRQ) increase are met.
• RCF Specifics:
  • RCF requests through the regular window are subject to a 25% per disbursement cap, which is the de minimis threshold.
  • Requests under the exogenous shock or large natural disasters window may trigger the SPS through the stock trigger.

Debt Composition and Evolution

The SPS require a detailed discussion of the composition and projected evolution of debt in country documents, including:

• Breakdown of debt by creditor type (multilateral, bilateral, private).
• Projections based on LIC-DSA analyses.
• Identification of de facto senior debt and collateralized debt, which are more difficult to restructure.

Key debt metrics to be analyzed:

• Fund credit outstanding.
• Fund + World Bank and ADB/AfDB/IADB credit.
• All IFI credit plus collateralized debt as a share of total PPG external debt.

The analysis should emphasize the presence of a cushion of restructurable junior debt, which is essential for the Fund’s de facto preferred creditor status (PCS).

Collateralized Debt Considerations

Collateralized debt may complicate restructuring due to:

• Security interests in assets, revenue streams, or future receivables.
• Legal or contractual features that may limit restructurability.

The document highlights the need to discuss specific collateralization features, such as:

• Asset-backed obligations.
• Collateral arrangements through SPVs.
• Commodity-backed debt where future revenues are earmarked.

It also notes that data on collateralized debt may be incomplete or restricted due to confidentiality clauses or capacity constraints. Staff should address these gaps and use debt conditionality to mitigate risks.

Capacity to Repay (CtR) Analysis

Enhanced CtR analysis is required for SPS1, SPS2, and SPS3, involving:

• Cross-country comparisons of Fund exposure metrics.
• Evaluation of the severity of CtR risks.
• For UCT-quality programs, an explanation of how program design (access, phasing, conditionality) mitigates these risks.

Implementation and Collaboration

• The Finance Department (FIN), in collaboration with area departments, prepares standardized charts for CtR analysis.
• The SPS are part of a broader multi-layered safeguards framework, which includes the EA and PS-HCC policies.
• Country documents must assess qualification under both EA and PS-HCC criteria, and include relevant discussions and justifications.

Conclusion

The SPS represent a more streamlined and comprehensive approach to managing credit risk and debt sustainability in PRGT financing. They ensure greater transparency, rigorous analysis, and alignment with broader Fund policies. The implementation of SPS involves a combination of detailed debt analysis, enhanced CtR assessment, and early Board engagement, depending on the category of scrutiny triggered.