2012年-IMF国际货币组织全球_Review_of_the_Fund39s_Strategy_on_Overdue_Financial_Obligations_24页_399kb

Summary of the IMF's Strategy on Overdue Financial Obligations

Core Content

This document provides an overview of the International Monetary Fund's (IMF) strategy on overdue financial obligations as of end-June 2012. It outlines the current status of arrears, recent developments in the protracted arrears cases, and proposes changes to the Fund's strategy to improve its effectiveness.

Main Points

• Total Arrears: As of end-June 2012, total overdue financial obligations to the Fund amounted to SDR 1,302.3 million, a decline of SDR 1.6 million from the previous year.
• Arrears Distribution:
  • 85.8% of arrears were to the General Resources Account (GRA).
  • 6.9% to the Trust Fund.
  • 6.6% to the Poverty Reduction and Growth Trust (PRGT).
  • 0.8% to the Structural Adjustment Facility (SAF).
• Protracted Arrears Cases:
  • Three members (Somalia, Sudan, and Zimbabwe) remained in protracted arrears.
  • Sudan accounted for 76% of total arrears, Somalia for 18%, and Zimbabwe for 7%.
• Recent Reviews:
  • Somalia: No progress was made due to the absence of a recognized government and lack of official information.
  • Sudan: Cooperation on policies was satisfactory, but payment indicators weakened. The next review was postponed to end-September 2012.
  • Zimbabwe: The Fund urged strengthening policy cooperation and regular payments. Technical assistance was continued.

Key Information

Arrears Management

• The rights approach is proposed to be extended until end-August 2015, providing an option for arrears clearance for eligible members.
• The burden-sharing mechanism helps offset the financial cost of deferred charges to the GRA, with total deferred charges at SDR 703.6 million as of end-June 2012.

Policy Issues and Remedial Measures

• Prevention and Collaboration:
  • The Fund's strategy includes prevention, intensified collaboration, and remedial measures.
  • The rights approach allows eligible members to accumulate "rights" to future Fund resources by demonstrating cooperation and meeting minimum payment requirements.
• Review Frequency:
  • The review cycle for the Fund's arrears strategy is proposed to be extended to three years, with the possibility of earlier review if needed.
  • The country-specific review for members in protracted arrears can be postponed for up to one year in exceptional circumstances where the Fund cannot evaluate cooperation.

Financial Obligations and Other Institutions

• Members in protracted arrears also have outstanding obligations to other international financial institutions, such as the World Bank and the African Development Bank (AfDB).
• As of end-June 2012, arrears to the World Bank totaled SDR 1,236.2 million, and to the AfDB totaled SDR 637.6 million.

Historical Context

• The number of countries with protracted arrears has decreased over the years, with Sudan and Somalia being the only remaining eligible members.
• The rights approach was used to clear arrears of Peru, Sierra Leone, and Zambia in the 1990s.
• Zimbabwe was excluded from the PRGT-eligible list and has had its technical assistance partially lifted.

Tables and Figures

• Table 1: Shows the decline in total arrears and their composition between 2011 and 2012.
• Table 2: Lists arrears to the Fund and other institutions, with the largest being to the World Bank.
• Table 3: Provides a timeline of remedial measures applied to protracted arrears cases.
• Table 4: Shows the distribution of arrears by duration for the period 1981–2012.
• Table 5: Details the distribution of arrears by type for the same period.

Figures

• Figure 1: Illustrates the trend of overdue financial obligations to the Fund from 1980 to end-June 2012.
• Figure 2: Highlights the percentage of arrears attributed to each member.

Conclusion

The Fund's strategy on arrears has been largely effective in managing both short-term and protracted arrears. However, the document proposes adjustments to the review cycle and the rights approach to enhance its adaptability and effectiveness. The focus remains on encouraging cooperation, ensuring timely payments, and addressing the root causes of arrears through policy reforms and technical assistance.