2014年-IMF国际货币组织全球_2014_Handbook_of_IMF_Facilities_for_Low_175页_1mb

2014 Handbook of IMF Facilities for Low-Income Countries Summary

Core Content

The 2014 Handbook of IMF Facilities for Low-Income Countries is an updated version of the 2012 document, providing comprehensive guidance on the financial facilities and instruments available to low-income countries (LICs) under the International Monetary Fund (IMF). It outlines the structure, eligibility, and operational aspects of the concessional facilities and the Policy Support Instrument (PSI) that support LICs in achieving a stable and sustainable macroeconomic position aligned with poverty reduction and growth.

The Handbook is designed to assist IMF staff in program work for LICs and includes a summary of broader IMF policies applicable to all members. The legal authority for the Handbook remains the relevant IMF Executive Board decisions, including those related to the LIC Trust Instruments.

Main Facilities and Their Characteristics

1. Extended Credit Facility (ECF)

• Purpose: Provides medium- and longer-term concessional financing to LICs with protracted balance of payments problems.
• Eligibility: Available to all PRGT-eligible countries facing a protracted balance of payments problem.
• Duration: Minimum 3 years, extendable to 5 years.
• Conditionality: Requires UCT (Upper Credit Tranche) quality, meaning the authorities must have the commitment and capacity to implement policies that correct external imbalances and enable repayment.
• Blending: ECF is typically blended with GRA (General Resource Account) financing, with a 50:50 split unless access exceeds certain thresholds.
• Access: Norm is 120% of quota (or 75% if outstanding PRGT credit is ≥100% of quota). Annual/cumulative limits are 100%/300% of quota.
• Use: Appropriate for countries with long-term adjustment needs and a protracted balance of payments problem.

2. Standby Credit Facility (SCF)

• Purpose: Provides short-term balance of payments support, similar to the Stand-By Arrangement (SBA).
• Eligibility: For LICs without a protracted balance of payments problem but with short-term needs.
• Duration: 1–2 years, with episodic use as the norm.
• Conditionality: Requires UCT quality.
• Blending: SCF can be blended with PRGT, with a 50:50 split unless access exceeds certain thresholds.
• Access: Norm is 120% of quota (or 75% if outstanding PRGT credit is ≥100% of quota). Annual/cumulative limits are 100%/300% of quota. Precautionary use allows for lower limits (75% annual, 50% average annual).
• Use: Appropriate for short-term needs, with the possibility of precautionary use.

3. Rapid Credit Facility (RCF)

• Purpose: Provides rapid low-access financing with limited conditionality to address urgent balance of payments needs.
• Eligibility: For LICs with urgent (present) balance of payments needs or potential needs due to exogenous shocks.
• Duration: One-off disbursements, with repeated use possible based on sudden exogenous shocks or 6-monthly track records.
• Conditionality: UCT conditionality not required or not feasible.
• Blending: RCF can be blended with PRGT, with a 50:50 split unless access exceeds certain thresholds.
• Access: No norm, but annual/cumulative limits are 25%/100% of quota or 50%/125% for sudden exogenous shocks.
• Use: Appropriate for urgent needs, especially in cases of sudden exogenous shocks.

4. Policy Support Instrument (PSI)

• Purpose: A non-financial policy support tool for LICs that are broadly stable and sustainable.
• Eligibility: For countries with a stable macroeconomic position.
• Duration: 1–4 years, extendable to 5 years.
• Conditionality: Requires UCT quality.
• Blending: On-track PSI facilitates rapid approval of SCF or RCF without the need to cancel the PSI.
• Access: No direct access, but can be used to support access to SCF or RCF.
• Use: Appropriate for countries that do not need immediate financial support but require policy guidance.

Key Factors for Choosing Appropriate Facilities

Blending of PRGT and GRA Resources

• Presumption of blending: Applies to PRGT-eligible countries with high per capita income or sustained market access.
• Limitations on blending: Not allowed for countries at high risk of debt distress or in debt distress.
• Exceptional blending: Permitted if financing needs exceed applicable access limits.
• Blending rules:
  • ECF Arrangements:
    • 0 < Access ≤ 240%: 50:50 split
    • Access > 240%: 120% from PRGT, rest from GRA
  • SCF Arrangements:
    • 0 < Access ≤ 150%: 50:50 split
    • Access > 150%: 75% from PRGT, rest from GRA
    • Precautionary SCF: 0 < Access ≤ 100%: 50:50 split; Access > 100%: 50% from PRGT
  • RCF Disbursements:
    • 0 < Access ≤ 50%: 50:50 split
    • Access > 50%: 25% from PRGT, rest from GRA
    • Shock-window RCF: 0 < Access ≤ 100%: 50:50 split

Key Policies and Instruments

• Debt Sustainability Framework (DSF): Assesses the sustainability of a country's debt.
• Joint Management Action Plan (JMAP): A tool for coordinating debt sustainability and Fund support.
• Staff-Monitored Programs (SMPs): Used to build a track record toward a UCT-quality program.
• HIPC and MDRI: Multilateral debt relief initiatives for heavily indebted poor countries.
• Poverty Reduction Strategy (PRS): Required for program design and review.
• Post-Program Monitoring (PPM): Ensures that the country continues to meet its policy objectives after program completion.

Conclusion

This Handbook reflects the IMF's commitment to providing flexible and tailored support to LICs. It outlines the updated architecture of concessional facilities and the PSI, emphasizing the importance of conditionality, blending, and debt sustainability in the context of macroeconomic stability and poverty reduction. The guidance is based on the Fund's review processes and is subject to the legal authority of the Executive Board decisions.