2015年-IMF国际货币组织全球_Reform_of_the_Fund39s_Policy_on_Poverty_Reduction_Strategies_in_Fund_Engagement_with_Low_66页_1mb

Summary of the IMF's Reform Proposals on Poverty Reduction Strategies in Fund Engagement with Low-Income Countries

Core Content

The International Monetary Fund (IMF) has proposed reforms to its policy on poverty reduction strategies (PRS) for countries under Extended Credit Facility (ECF) arrangements and Policy Support Instruments (PSI). These reforms aim to align the Fund's approach with the evolving needs of low-income countries (LICs) and the World Bank's decision to delink its concessional financial support from the PRS process.

Main Objectives

The reform proposals are guided by three key principles:

1. Maintaining a clear link between the member's PRS and the policies under Fund-supported programs, with streamlined documentation.
2. Preserving national ownership of the PRS process.
3. Providing flexibility in the scope and coverage of PRS to reflect different country circumstances.

Key Points of the Reform Proposal

A. New PRS Documentation for ECF Arrangements and PSIs

• Countries with existing national development plans or strategies can submit them as Economic Development Documents (EDDs).
• If no existing PRS documentation is available, a newly prepared EDD must be submitted.
• The EDD serves as the primary documentation for PRS and is issued to the Executive Board.
• The EDD should focus on macro-relevant aspects of the PRS and be significantly shorter than a typical Poverty Reduction Strategy Paper (PRSP).

B. Content of the New PRS Documentation

• The EDD may be either an existing national development plan or strategy or a newly prepared document.
• The content should meet minimum standards and be aligned with good practice guidelines.
• It should include the factors constraining growth and poverty reduction, priorities for pro-poor growth, and measures to protect the poorest and most vulnerable.
• The EDD should not require a participatory process, unlike the PRSP, but may encourage it.
• The EDD should be streamlined to focus on macroeconomic relevance and avoid unnecessary detail.

C. Modalities for Issuance and Assessment of the New PRS Documentation

• An EDD must be issued to the Board for the completion of the first and subsequent reviews under ECF and PSI arrangements.
• The EDD should be developed within 5 to 6 years prior to the relevant review.
• Fund staff will assess the EDD and provide an analysis in the Staff Report.
• The World Bank will also assess the EDD and provide an analysis for the Executive Board's information.
• Monitoring will be streamlined, with PRS implementation documented in the Letter of Intent (LOI) or Memorandum of Economic and Financial Policies (MEFP), replacing the Annual Progress Report (APR).
• A PRS Implementation Review (PIR) will be conducted no later than the fourth review under an ECF or PSI arrangement.

D. Bank-Fund Collaboration

• The World Bank has delinked its concessional financial support from the PRS process.
• The new policy does not modify the PRS requirements under the HIPC Initiative.
• The HIPC Instrument remains unchanged, as only three countries are still under it.

Key Information

• The current PRS documentation (PRSP) was based on the HIPC Initiative and required a participatory process.
• The new EDD approach is intended to reduce the burden on countries and improve efficiency.
• The EDD will be a single document that reflects the country's PRS and is used for both domestic and Fund purposes.
• The minimum standards and good practice guidelines are outlined in the document to ensure consistency and quality.
• The proposed policy will be launched in June 2015, with transitional arrangements to support the shift from PRSP to EDD.
• The number of countries needing new PRS documentation is expected to increase over time as existing documents become outdated.

Operational and Policy Implications

• The EDD will replace the PRSP as the primary document for PRS documentation in the context of ECF and PSI.
• The Annual Feedback Process (AFP) will be used to monitor PRS implementation, with a focus on performance, linkages, and policy intentions.
• The Fund's role in the PRS process will be clarified, and the collaboration with the World Bank will be streamlined.
• The transparency policy of the Fund allows for the deletion of market-sensitive information and premature disclosure of policy intentions in published documents.

Conclusion

The proposed reform aims to modernize the Fund's approach to poverty reduction strategies, making it more relevant, efficient, and country-oriented. It reflects the completion of the HIPC Initiative, the increasing national focus on PRS, and the World Bank's shift in its financial support model. The new EDD is expected to reduce administrative burdens and enhance the alignment of Fund-supported programs with national poverty reduction strategies.