2008年-IMF国际货币组织全球_Update_on_the_Financing_of_the_Fund39s_Concessional_Assistance_and_Debt_Relief_to_Low_31页_380kb

Summary of the IMF Financing Update

I. Introduction

This document provides a semi-annual update on the financing status of the IMF's concessional assistance and debt relief programs, including the PRGF-ESF, HIPC, and MDRI initiatives. The last review was conducted by the Executive Board on September 26, 2007. Key points include the current availability of loan and subsidy resources, the status of debt relief operations, and the need for additional contributions to support emergency assistance.

II. Financing of PRGF-ESF Operations

A. Loan Resources

• As of end-2007, available loan resources for PRGF/ESF lending stood at SDR 2.6 billion, slightly reduced from the last update.
• The Fund approved two new PRGF arrangements totaling SDR 120 million for Guinea and Nicaragua in the second half of 2007.
• For 2007 as a whole, SDR 140 million in new PRGF arrangements were approved, representing the lowest level of annual commitments since the inception of the PRGF (formerly ESAF) in 1987.
• Demand for PRGF loans is projected to be SDR 0.7 billion in 2008, including SDR 0.2 billion for Liberia.
• Demand for PRGF loans in 2009-10 is expected to reach SDR 1.2 billion, assuming more requests from large quota countries.
• The total projected demand for the next three years is SDR 1.9 billion, excluding the remaining protracted arrears cases of Somalia, Sudan, and potentially Zimbabwe.

B. PRGF Subsidy Resources

• Available PRGF subsidy resources stood at SDR 1.2 billion at end-2007, broadly unchanged from the last update.
• Subsidy requirements are projected to be SDR 1.23 billion, with SDR 1.18 billion available, indicating a slight shortfall of SDR 0.05 billion.
• The PRGF-ESF Trust holds SDR 1.00 billion in subsidies, while the PRGF-HIPC Trust holds SDR 0.13 billion.
• Projected additional inflows to both Trusts are SDR 0.05 billion, which may help reduce the shortfall.
• Pledges from 10 countries for the PRGF-HIPC Trust have not yet been received, amounting to SDR 32 million (Table 3).

C. ESF Subsidy Contributions

• Total ESF subsidy contributions from 11 countries amounted to SDR 218 million, with SDR 59 million already received.
• No country has requested assistance under the ESF yet, but demand could materialize if global economic conditions worsen.
• The ESF Subsidy Account includes contributions from various countries, with Iceland recently pledging SDR 0.1 million.

D. Medium-Term Financing Framework

• Once current PRGF-ESF subsidy resources are exhausted, the Reserve Account of the PRGF-ESF Trust could be used to subsidize lending on a "self-sustained" basis.
• It is expected that these operations could commence in 2011, with an annual subsidization capacity of about SDR 0.8 billion.
• The Reserve Account is funded by reflows of SAF and Trust Fund loans from the proceeds of the Fund's 1977-80 gold sales.
• As of end-2007, the Reserve Account held a balance of SDR 3.6 billion, with a reserve-loan coverage ratio of 96.8 percent.

III. Financing of HIPC and MDRI Debt Relief

• As of end-March 2008, 23 countries have reached the completion point and 10 countries have reached the decision point under the enhanced HIPC Initiative.
• The Fund has committed SDR 2.3 billion in HIPC Initiative assistance, with SDR 1.7 billion disbursed to completion point countries and SDR 0.04 billion to decision point countries.
• Liberia reached its decision point on March 18, 2008, and received SDR 428.1 million in HIPC assistance.
• Since the inception of the MDRI in January 2006, 25 countries have received debt relief totaling SDR 2.3 billion.
• The estimated cost of debt relief under the HIPC and MDRI to the remaining decision and pre-decision point HIPCs (excluding protracted arrears cases) is SDR 0.6 billion at end-2007 NPV terms, or SDR 0.1 billion lower than previously estimated.
• Available resources in the PRGF-HIPC and MDRI Trusts for debt relief stood at SDR 0.8 billion at end-2007, sufficient to cover the estimated costs.
• The MDRI Trusts are projected to have a surplus of over SDR 0.1 billion, mainly due to the expected delay in the DRC's HIPC completion point.

IV. Subsidization of Emergency Assistance

• Currently available subsidy resources for emergency assistance fall short of financing needs due to new requests not anticipated at the last update.
• Additional subsidy contributions of SDR 100 million are urgently needed to continue providing emergency assistance to eligible countries on concessional terms.
• The Fund has approached member countries, including advanced economies and selected emerging economies and major oil producers, to seek additional contributions.
• Timely support from member countries is crucial for this fundraising effort.

V. Proposed Decision

• The proposed decision outlines the need for additional contributions to support the Fund's concessional lending and debt relief operations.
• The focus is on ensuring the availability of resources to meet the increasing demand for emergency assistance and to maintain the sustainability of the PRGF-ESF lending framework.