IMF国际货币组织全球-Catastrophe-Containment-and-Relief-Trust_Policy-Proposals-and-Funding-Strategy_23页_618kb

CATASTrophe Containment AND RELIEF TRUST: POLICY PROPOSALS AND FUNDING STRATEGY (March 2020)

Core Content

The IMF's Catastrophe Containment and Relief Trust (CCRT) was enhanced in response to the COVID-19 pandemic to provide debt service relief to the poorest and most vulnerable low-income countries (LICs). The enhancement aims to free up financial resources for these countries to focus on healthcare and emergency relief amid the economic and health crisis.

Main Points

1. Purpose of the CCRT

• The CCRT is a debt relief mechanism designed to support LICs during catastrophic events such as natural disasters and major public health emergencies.
• It complements the Poverty Reduction and Growth Trust (PRGT) by offering grants to reduce the burden of debt service obligations, allowing countries to allocate funds to urgent needs like healthcare and economic stabilization.

2. Enhancements to the CCRT for the Pandemic

• The Executive Board approved expanded qualification criteria to include global pandemics as qualifying public health disasters (QPHDs).
• Countries with per capita income below the IDA operational threshold or twice that threshold for small states can now qualify for up to two years of debt relief.
• The debt service relief is capped at 20% of quota (or the total debt service due in the next two years, whichever is higher).

3. Funding Status

• As of end-December 2019, the CCRT had only SDR 150 million in available funds.
• The 2015 fundraising campaign raised SDR 61 million in new grants and SDR 39 million from MDRI-II transfers, but was insufficient.
• The expected financing needs for the pandemic could reach SDR 1.1 billion, with SDR 680 million required to cover debt service due in the next two years.
• The UK pledged £150 million (equivalent to SDR 183 million), with half upfront and half contingent on need.

4. Operational Mechanism of the CCRT

• The CCRT has two windows: Post-Catastrophe Relief (PCR) for natural disasters and Catastrophe Containment (CC) for public health crises.
• The CC window provides grants to pay off upcoming debt service obligations during a major public health disaster.
• The support is contingent on the availability of funds in the trust and is part of a broad package of international aid.

5. Qualification Criteria for the CC Window

• Countries must experience exceptional balance of payments needs due to a life-threatening epidemic causing significant economic disruption.
• The epidemic must have the potential to spread both within and across countries.
• The Executive Board assesses whether the macroeconomic policy framework is appropriate to address the crisis.

6. Economic Disruption Metrics

• A cumulative GDP loss of 10% or a cumulative budgetary impact of 10% of GDP is used to determine the severity of a public health disaster.
• These metrics are not well-suited for a global pandemic, where the impact can be severe and rapid.

7. Proposed Reforms

• Broad fundraising campaign: To raise new grants, including contingent grants.
• Expanded qualification criteria: An alternative test for global pandemics that cause severe economic disruption.
• Tranching of debt service relief: Initial relief is provided for six months, with further tranches based on resource availability.
• Capping the duration of relief: Relief will now be limited to the cumulative debt service due in the first two years, rather than a fixed 20% of quota.

Key Information

• The CCRT was first used in 2010 for Haiti and 2015 for Ebola-affected countries.
• The current funding level is insufficient to meet the needs of the COVID-19 pandemic.
• Debt relief is only available to countries with outstanding IMF debt.
• The IMF is seeking donor support to replenish the CCRT, with a focus on equitable burden sharing and international cooperation.
• The UK and China have already pledged support, signaling international willingness to assist.

Next Steps

• The IMF staff is preparing implementation decisions and will finalize them during the Executive Board meeting on March 25.
• If approved, the decisions will be lapse-of-time based and allow for immediate relief.
• A formal fundraising campaign will be launched in parallel to secure additional grant contributions.

Issues for Discussion

• Urgent fundraising: Do Directors agree that new grants are needed to support the poorest countries?
• Alternative qualification test: Should the CCRT be expanded to include global pandemics?
• Tranching mechanism: Is it acceptable to provide short-term relief while fundraising continues?
• Duration of relief: Should the CCRT cover debt service due over two years, rather than a fixed quota percentage?

Summary of Eligible Countries

Conclusion

The CCRT has been enhanced to respond to the COVID-19 pandemic, allowing broader access to debt relief for low-income countries. However, the current funding level is insufficient, and urgent fundraising is required to support the poorest and most vulnerable members. The proposed reforms include expanding qualification criteria, introducing tranching, and capping relief to debt service due over two years. These changes aim to make the CCRT more effective in the context of a global health crisis.