IMF国际货币组织全球-Eligibility-to-Use-the-Fund_39s-Facilities-for-Concessional-Financing-2020_49页_667kb

IMF Policy Paper: Eligibility to Use the Fund's Facilities for Concessional Financing, 2020

Core Content

The IMF Policy Paper from March 2020 discusses the review and potential refinements to the Poverty Reduction and Growth Trust (PRGT) eligibility framework. This framework determines which IMF member countries can access concessional financial resources based on per capita income, market access, and the presence of serious short-term vulnerabilities (SSTVs). The review, conducted by the Executive Board, aimed to ensure the framework remains transparent, rules-based, and aligned with the Fund's objective of targeting concessional resources to the most vulnerable and low-income countries.

Main Objectives

• To ensure the PRGT eligibility framework is transparent, rules-based, and consistent with the Fund’s self-sustaining lending capacity.
• To align the framework with IDA practices while allowing for differences due to the distinct mandates of the IMF and World Bank.
• To refine the assessment of market access and SSTVs to improve accuracy and fairness in determining eligibility.

Key Points

1. PRGT Eligibility Framework

• Entry Criteria: A country enters the PRGT eligibility list if:

  • Its annual GNI per capita is below the IDA operational cutoff, or less than twice or five times the IDA cutoff for small or microstates, respectively.
  • It lacks the capacity to access international financial markets on a durable and substantial basis.

• Graduation Criteria: A country graduates from the PRGT list if:

  • Its GNI per capita is above the IDA operational cutoff for at least five years, not on a declining trend, and is at least twice, three times, or six times the IDA cutoff, depending on the country type.
  • It has the capacity to access international financial markets on a durable and substantial basis and does not face serious short-term vulnerabilities.

2. Market Access Assessment

• Data Source: The International Debt Statistics (IDS) database is proposed as the primary data source for assessing past market access.
• Exclusions: Borrowing below 2% of quota is not considered as indicating market access. Additionally, borrowing by public corporations without sovereign guarantees, and borrowing from foreign state-owned banks, are excluded from the definition of commercial borrowing.
• "Could Have Tapped" Principle: If a country had the capacity to access international markets but did not borrow due to external guarantees or subsidies, it may still be considered as having market access, based on a case-specific assessment.

3. Serious Short-Term Vulnerabilities (SSTVs)

• SSTVs are assessed based on factors such as risks of income decline, loss of market access, and debt vulnerabilities.
• The latest Debt Sustainability Analysis (DSA) is used to evaluate these vulnerabilities.
• Countries with GNI per capita exceeding the income graduation threshold by 50% or more are not subject to SSTV assessment.

4. Transitional Provisions

• The transition period for the deferred effectiveness of graduation decisions is extended from 3 to 5 months to allow for adequate time for discussions and Board approval.

5. Country-Specific Decisions

• Guyana: Proposed for graduation due to meeting the income criterion and not facing serious short-term vulnerabilities.
• Other Countries: None currently meet the criteria for entry onto the PRGT list. Some members that meet the income or market access criteria still face SSTVs and are not proposed for graduation.

6. Alignment with IDA Practices

• The PRGT framework is broadly aligned with IDA practices, particularly in terms of income thresholds.
• There are six countries that are not PRGT-eligible but are IDA-eligible, including Fiji, Mongolia, Nigeria, Pakistan, Kosovo, and the Syrian Arab Republic.
• These countries have blended access to IDA and IBRD resources, or IDA-only access, and are not included in the PRGT list due to their status or risk of debt distress.

Summary of Changes and Clarifications

• Refinements to Market Access: Use of IDS as the primary data source, exclusion of de minimis borrowing, and clarification of commercial borrowing definitions.
• Clarifications on SSTVs: Emphasis on assessing risks from climate change, natural disasters, structural weaknesses, and social unrest.
• Extension of Transition Period: From 3 to 5 months to ensure smooth graduation processes.

Impact of the Review

• The proposed refinements are expected to have a minimal impact on the demand for PRGT resources.
• The changes are designed to preserve the self-sustaining nature of PRGT lending and ensure that only the most vulnerable countries continue to receive concessional financing.

Conclusion

The Executive Board generally supports the proposed refinements and clarifications to the PRGT eligibility framework, emphasizing the need for a transparent, rules-based system that ensures fair and consistent treatment of all members. The review aims to maintain the Fund's ability to provide concessional support to low-income countries while adapting to evolving economic conditions and ensuring alignment with IDA practices.