2016年-IMF国际货币组织全球_Financing_for_Development_Enhancing_the_Financial_Safety_Net_for_Developing_Countries_21页_940kb

报告摘要

IMF Policy Paper Summary: Financing for Development – Enhancing the Financial Safety Net for Developing Countries (November 2016)

Core Content

This IMF Policy Paper, released in November 2016, focuses on enhancing the financial safety net for developing countries, particularly those eligible for the Poverty Reduction and Growth Trust (PRGT). It provides further considerations and clarifications on existing Fund policies and practices, especially in relation to the access of PRGT-eligible members to financial support from the IMF.

The paper does not propose specific reforms to the Fund's concessional facilities at this time, but it outlines the need for greater clarity in policy guidance and emphasizes the importance of maintaining the flexibility and adequacy of the PRGT lending toolkit. A comprehensive review of PRGT resources and facilities is planned for 2018.

Main Points

1. Access to Fund Resources

All Fund members are eligible to access the General Resources Account (GRA), and the access is determined based on standard criteria, including balance of payments (BoP) needs, program strength, and capacity to repay.
PRGT-eligible members can access both PRGT and GRA resources. PRGT financing offers more favorable terms, such as lower interest rates, longer maturities, and grace periods, compared to GRA financing.
PRGT-eligible members are encouraged to use concessional financing first before accessing GRA resources, due to the financial benefits.

2. Blending of PRGT and GRA Resources

A subset of PRGT-eligible members are classified as "presumed blenders," meaning they are expected to access a mix of PRGT and GRA resources.
The blending ratio is 1:2 (PRGT:GRA) up to a certain access cap, and any incremental financing beyond this is sourced entirely from the GRA.
Non-presumed blenders can access PRGT resources exclusively up to the applicable limits, but are not precluded from accessing GRA resources if needed.

3. Access Norms

Access norms provide indicative guidance but are not formal limits or entitlements.
They are used to estimate appropriate access levels and ensure the self-sustaining capacity of the PRGT.
The norms are lower for members with significant outstanding PRGT credit, due to the scarcity of concessional resources.
The paper clarifies that the "exceptional circumstances" clause is not limited to arrears clearance and reflects the rarity of cases where financing needs exceed the PRGT access limits.

4. Precautionary Financial Support

PRGT-eligible members can access precautionary support through the Standby Credit Facility (SCF) and Stand-By Arrangement (SBA).
Precautionary SCFs have been approved for countries like the Solomon Islands, Tanzania, Honduras, Georgia, and Kenya.
The paper notes that existing facilities can already provide significant precautionary support, and new facilities are not currently needed.

5. Rapid Credit Facility (RCF) and Repeated Use

The RCF is a rapid financing tool with no ex post conditionality, but existing safeguards are considered adequate to prevent repeated use as a substitute for regular Fund arrangements.
The Staff-Monitored Program (SMP) is preferred for building a track record toward an Upper Credit Tranche (UCT)-quality program.
However, the use of SMP is not required, providing flexibility to accommodate individual country circumstances.

6. Future Review and Flexibility

A comprehensive review of PRGT resources and facilities is planned for 2018, in line with the normal five-year cycle.
The Executive Board emphasized the importance of maintaining flexibility in the PRGT toolkit, including reviewing access norms, limits, blending policy, interest rate structures, and safeguarding mechanisms.

Key Information

PRGT-eligible members account for around 2.7% of world GDP (PPP basis) and 14.5% of the world's population.
Since 2010, 56% of all Fund arrangements have involved PRGT facilities.
Blending is used to manage the limited availability of concessional resources.
The RCF is not intended to be a long-term substitute for regular Fund arrangements, and its use is subject to monitoring and safeguards.
Precautionary support is available through SCF and SBA, with the potential for higher access in cases of significant financial need.
The Executive Board supports the idea of case-by-case assessment for access to Fund resources and encourages greater openness to higher access levels within current rules.

Conclusion

The paper reaffirms that the current concessional financing toolkit is generally well-calibrated and provides substantial room for support to PRGT-eligible members on a precautionary basis. It emphasizes the importance of clarity in policy guidance, maintaining the self-sustaining capacity of the PRGT, and continued monitoring of RCF use. The planned 2018 review of PRGT resources and facilities is expected to provide further refinements to the system.