2017年-IMF国际货币组织全球_Eligibility_to_Use_the_Fund39s_Facilities_for_Concessional_Financing_for_2017_27页_760kb

IMF Policy Paper Summary: Eligibility to Use the Fund's Facilities for Concessional Financing, 2017

Core Content

This IMF Policy Paper, released in May 2017, reviews the eligibility framework for accessing concessional financing under the Poverty Reduction and Growth Trust (PRGT) and assesses the alignment of this framework with the practices of the International Development Association (IDA). The review was conducted by the IMF Executive Board on May 15, 2017, based on the staff report completed on April 13, 2017.

Main Objectives

• Review the PRGT-eligibility framework and the list of PRGT-eligible countries.
• Ensure the framework remains transparent, rules-based, and aligned with IDA practices.
• Assess the risk of reverse graduation (i.e., re-entry into the PRGT-eligible list after graduation).
• Maintain the financial self-sustainability of the PRGT.

Key Findings

1. PRGT Eligibility Framework

• The PRGT-eligibility framework was introduced in 2010 and last modified in 2015.
• It uses transparent and rules-based criteria to determine eligibility based on:
  • Income per capita: Countries with low income levels.
  • Market access: Ability to borrow from international capital markets.
  • Short-term vulnerabilities: Absence of serious short-term vulnerabilities.

2. Entry and Graduation Criteria

• Entry:

  • Annual GNI per capita is below the IDA operational cutoff or below specific thresholds for small and microstates.
  • The country lacks the capacity to access international financial markets on a durable and substantial basis.

• Graduation:

  • Either income per capita exceeds the IDA operational cutoff for a specified period or the country can access international financial markets on a durable and substantial basis.
  • Countries must not face serious short-term vulnerabilities.
  • For countries with GNI per capita above the income threshold by 50% or more, the short-term vulnerability criterion does not apply.

3. Alignment with IDA Practices

• The PRGT framework is broadly aligned with IDA practices, but there are minor differences due to:
  • Different mandates of the World Bank and the IMF.
  • Different timing of review cycles.
• IDA graduation involves a multi-step process, including IDA-only non-gap, IDA-only gap, blend, and IBRD-only status.
• The IMF maintains a similar process but with a separate income threshold for microstates.

4. Risk of Reverse Graduation

• The framework is designed to minimize the risk of reverse graduation.
• Since the adoption of the current framework in 2010, twelve countries have graduated from the PRGT list.
• None of the recent graduates are currently at risk of re-entering the list.
• Commodity-rich countries, such as Mongolia, have experienced income declines due to falling commodity prices, but their GNI per capita remains above the graduation threshold.

5. Current PRGT-Eligible Countries

• Thirteen countries meet the income or market access criteria for graduation but are not proposed for it due to serious short-term vulnerabilities.
• These countries include:
  • Bhutan, Cote d'Ivoire, Honduras, Kenya, Guyana, and the Republic of the Congo.
  • Cameroon, Ghana, Grenada, Lao PDR, Maldives, St. Lucia, and Zambia face high debt distress or are in debt distress, thus disqualifying them for graduation.

6. Staff Recommendation

• No modifications are proposed to the PRGT-eligibility framework.
• The staff recommends keeping the list of PRGT-eligible countries unchanged.
• This decision supports the self-sustained capacity of the PRGT and maintains alignment with IDA practices.

Key Information

• The PRGT-eligibility list is reviewed every two years.
• The framework ensures uniform treatment of members, preserves scarce concessional resources, and maintains the Fund's financial sustainability.
• The World Bank and IMF have different mandates and financial instruments, which explain some differences in eligibility criteria.
• The assessment of short-term vulnerabilities is critical for determining graduation eligibility.
• The Executive Board emphasized the importance of continued monitoring of potential demand for PRGT resources.

Conclusion

The IMF Executive Board affirmed that the current PRGT-eligibility framework is appropriate and should remain unchanged. The framework is aligned with IDA practices, and the list of eligible countries reflects the economic conditions and market access capabilities of member states. The risk of reverse graduation is minimal, and the decision to maintain the current list supports the long-term sustainability of the PRGT.