2015年-IMF国际货币组织全球_Eligibility_to_Use_the_Fund39s_Facilities_for_Concessional_Financing_2015_37页_1mb

Summary of "Eligibility to Use the Fund's Facilities for Concessional Financing, 2015"

Core Content

This document outlines the IMF's review of the eligibility framework for the Poverty Reduction and Growth Trust (PRGT) in July 2015, based on a staff report completed on June 24, 2015. The review aims to ensure that the PRGT framework remains transparent, rules-based, and aligned with the World Bank's IDA graduation practices.

Main Objectives

• To maintain a transparent and uniform framework for PRGT eligibility.
• To ensure the self-sustainability of the PRGT's lending capacity over time.
• To align PRGT eligibility with IDA graduation criteria while considering country-specific circumstances.

Key Findings

• The existing PRGT eligibility framework is considered broadly appropriate but requires some enhancements.
• The review proposes using the IMF BEL database in addition to the World Bank IDS database for assessing market access, as the latter is outdated.
• The serious short-term vulnerabilities criterion is to be sharpened, with a proposed limitation on its application to countries that exceed the income threshold by 50% or more.

Proposed Changes

• Use of additional data sources: The IMF will use the BEL database to evaluate market access, improving the timeliness and accuracy of the assessment.
• Limitation on short-term vulnerabilities: Countries that exceed the income threshold by 50% or more will not be subject to the serious short-term vulnerabilities criterion.
• Graduation proposals: Four countries are proposed for graduation: Bolivia, Nigeria, Vietnam, and Mongolia (subject to the modification of the short-term vulnerabilities criterion). No countries qualify for entry.
• Non-graduation: Eight countries meet the market access or income graduation criteria but face serious short-term vulnerabilities and are not proposed for graduation.

Eligibility Criteria

Entry Criteria

• Annual per capita GNI below the IDA operational cutoff (US$1,215 for FY 2015).
• Countries with populations below 1.5 million (microstates) may have different thresholds.
• No durable and substantial access to international financial markets.

Graduation Criteria

• Income criterion: Annual per capita GNI must be above the IDA operational cutoff for at least five years, without a declining trend.
• Market access criterion: Two alternative tests are used:
  • Public sector issuance or guaranteeing of external bonds or disbursements under public and publicly-guaranteed commercial loans in at least three of the last five years, equivalent to 100% of the country's quota.
  • Convincing evidence of the ability to access international markets, even if actual borrowing falls short of thresholds, based on recent borrowing volume and terms, and sovereign credit rating.

Impact on PRGT Resources

• The proposed graduation is expected to have a small impact on the demand for PRGT resources.
• It supports the self-sustaining capacity of the PRGT by periodically graduating members as their income rises and market access improves.

Key Countries and Their Status

Supporting Documents and Tables

• Box 1: Criteria for entry and graduation from PRGT eligibility.
• Table 1: PRGT-eligible countries based on per capita GNI and debt status.
• Table 2: Public and publicly-guaranteed (PPG) debt and GNI per capita data for PRGT-eligible countries.
• Table 3: Proposed changes to the PRGT-eligibility framework.
• Table 4: Assessment of countries meeting income or market access criteria.
• Table 5: Projected demand for PRGT resources.

Annexes

• Annex I: IDA graduation policy.
• Annex II: Comparing the BEL and IDS databases.
• Annex III: Assessments of countries meeting income or market access criteria for graduation.

References

• Fund WEO (World Economic Outlook)
• World Bank and World Development Indicators
• Other relevant international financial institutions and reports

Conclusion

The review reaffirms the importance of maintaining a rules-based and transparent framework for PRGT eligibility, while also acknowledging the need for improvements in data sources and the application of the short-term vulnerabilities criterion. The proposed changes aim to enhance the accuracy and fairness of the eligibility assessment, ensuring that only those countries that meet the criteria and are not facing serious short-term vulnerabilities are considered for graduation.