IMF国际货币组织全球-Proposed-Decisions-to-Modify-the-New-Arrangements-to-Borrow-and-to-Extend-the-Deadline-for-a-Review-of-the-Borrowing-Guidelines_60页_814kb

IMF Policy Paper Summary: Proposed Decisions to Modify the New Arrangements to Borrow and Extend the Deadline for a Review of the Borrowing Guidelines

Core Content

This IMF Policy Paper outlines proposed decisions to modify the New Arrangements to Borrow (NAB) and extend the deadline for reviewing the Borrowing Guidelines. The reforms aim to strengthen the IMF's lending capacity and ensure its continued role in the global financial safety net (GFSN), especially in light of a precarious global outlook and limited policy space for crisis response.

Main Views and Key Information

1. NAB Reform Proposal

• Doubling the NAB size: The aggregate size of the NAB is proposed to be doubled from SDR 182.371 billion to SDR 364.742 billion.
• Proportional increase: All current NAB credit arrangements will be proportionally increased, preserving relative shares and voting power among participants.
• New NAB period: The reform would establish a new NAB period from January 1, 2021, through end-2025, aligning with the customary five-year timeframe for NAB decisions.
• Minimum credit arrangements: The minimum credit arrangement is proposed to be doubled from SDR 340 million to SDR 680 million, which would increase its share from 0.19% to 0.99% of the total NAB.
• Alignment with 2016 BBAs: The new NAB size, combined with a new round of temporary Bilateral Borrowing Agreements (BBAs) for about half the size of the 2016 BBAs, would maintain the Fund's overall size.

2. Amendments to the NAB Decision

• Updating outdated provisions: Several provisions in the NAB Decision, including those related to the 15th General Review of Quotas and the relationship with the General Arrangements to Borrow (GAB), are proposed to be revised.
• New provision on bilateral borrowing: A new clause is proposed to limit the activation of bilateral borrowing during the new NAB period, unless the Forward Commitment Capacity (FCC)/NAB activation conditions are met. These conditions are:
  • The FCC, taking into account all available uncommitted resources under the NAB, is below SDR 100 billion.
  • The NAB was activated at the time of the FCC notification, or there are no uncommitted resources under the NAB.
• Flexibility for NAB participants: If the FCC/NAB activation conditions are not met, NAB participants representing 85% of total credit arrangements could still agree to activate bilateral borrowing through a poll, without requiring a Board decision or amendment to the NAB Decision.

3. Entry into Effect

• Linked effectiveness: The amendments to the NAB Decision and changes in credit arrangements will become effective simultaneously.
• Consent requirement: Participants representing 85% of total credit arrangements must consent to both the amendments and the changes in credit arrangements.
• Safeguard for delayed consents: If a participant fails to consent by December 31, 2020, the proposed change to its credit arrangement is treated as automatically withdrawn, provided that other participants have already consented. This would allow the NAB reform to proceed with the remaining participants' approval.

4. Extension of the Borrowing Guidelines Review Deadline

• Proposed extension: The deadline for the Fund's review of the Guidelines for Borrowing is proposed to be extended by 6 months, ending on June 30, 2020.
• Purpose: This extension is intended to allow the review to incorporate the outcome of discussions on a new round of BBAs expected in early 2020.

Structure of the Proposed Decisions

Decision 1: NAB Reform - Amendments to the NAB Decision and Changes to NAB Credit Arrangements

• Amendments: The NAB Decision (Decision No. 11428-(97/6)) will be amended as set out in Attachment I.
• Credit Arrangements: All NAB participants will have their credit arrangements increased proportionally, except for those whose proposed changes are withdrawn.
• Effectiveness Conditions:
  • (a) Participants representing 85% of total credit arrangements must concur with the amendments.
  • (b) Participants representing 85% of total credit arrangements must agree to the changes in credit arrangements.
  • If a participant does not consent by December 31, 2020, the proposed change to its credit arrangement will be deemed withdrawn.

Decision 2: Extension of the Deadline to Review the Guidelines for Borrowing

• Extension: The deadline for reviewing the Borrowing Guidelines is extended to end-June 2020.
• Rationale: This allows the review to consider the outcome of the discussions on a new round of BBAs in early 2020.

Summary of Key Provisions in the NAB Decision

• The FCC/NAB activation conditions are introduced to limit the Fund's access to bilateral borrowing unless certain liquidity thresholds are met.
• A waiver mechanism is proposed under paragraph 21(b), allowing NAB participants to bypass the activation conditions if they collectively agree (85% of total credit arrangements).
• The provision on bilateral borrowing is intended to protect the financial interests of NAB participants, as it would ensure that their claims are prioritized in case of a drawdown on the Fund's resources.

Conclusion

The proposed reforms aim to strengthen the IMF's financial capacity, enhance burden sharing, and ensure the Fund remains central to the global financial safety net. The doubling of the NAB and the extension of the Borrowing Guidelines review are key components of this reform, which is to be implemented in a single Board decision. The safeguard mechanism ensures that the reform can proceed even if some participants delay their consent.