2008年-IMF国际货币组织全球_A_New_Facility_for_Market_Access_Countries_16页_339kb

Summary of the Proposed Decision on the Short-Term Liquidity Facility (SLF)

Core Content

The document outlines the proposed decision to establish the Short-Term Liquidity Facility (SLF) by the International Monetary Fund (IMF). The SLF is designed to address quickly self-correcting balance of payments problems, particularly those related to capital account pressures and reserves. The facility is intended for market access countries with strong policies, fundamentals, and debt sustainability. The decision requires an 85% majority of the total voting power for adoption.

Main Points of the Proposed Decision

A. Establishment of the SLF

• Purpose: Provide rapid financial assistance to members facing exceptional balance of payments difficulties.
• Duration: The facility will be active for two years from October 31, 2008, and will automatically expire unless extended by an 85% majority decision.
• Eligibility Criteria:
  • Very strong policies and fundamentals: Members must have a strong macroeconomic position, implement strong policies, and maintain a good track record.
  • Sustainable debt: High probability of maintaining sustainable public and external debt levels under various scenarios.
• Access Limit: A cumulative limit of 500% of quota for all members.
• Delivery Modality: Resources will be provided through outright purchases, not arrangements.
• Repurchase Terms: Members must repurchase the currency within three months of the purchase.
• Audit Requirements: Members must allow the IMF access to the most recent annual independent audit of their central bank's financial statements, including internal control weaknesses.
• Liquidity Review: If the total amount of outstanding SLF purchases exceeds SDR 60 billion, the IMF will promptly review its liquidity position.

B. Ancillary Policy Changes

• Exceptional Access Policy: The global limits for access to the General Resources Account (GRA) will not apply to SLF purchases, avoiding unnecessary procedural requirements.
• Transparency Policy:
  • Board decisions on SLF financing will not require a Chairman's Statement unless the member consents to publication.
  • A press release will be issued with the member's consent.
• Post-Program Monitoring (PPM): SLF purchases will not be counted toward the thresholds that trigger PPM.
• Emergency Financing Mechanism (EFM): EFM procedures will not apply to SLF requests.

C. Applicability of Other Policies

• Side Letters and Program Financing: Policies on side letters and program financing will still apply, including the non-toleration of arrears to official creditors.
• Technical Assistance Waivers: Members using the SLF will be exempt from charging for technical assistance if they request it.
• Policies Not Applicable: Certain policies, such as those related to long-term program engagement, Article IV consultations, and misreporting, will not apply to SLF financing due to its unique nature.

D. Proposed Decision Overview

• The proposed decision includes five main parts:
  1. Establishment of the SLF: Defines the scope, duration, and eligibility criteria.
  2. Overall Cumulative Access Limits: Modifies the limits for access to the Fund's general resources, excluding SLF purchases.
  3. Transparency Policy Decision: Updates the requirements for public communication regarding SLF decisions.
  4. Post-Program Monitoring (PPM): Excludes SLF purchases from triggering PPM.
  5. Emergency Financing Mechanism (EFM): Specifies that EFM procedures do not apply to SLF.

Key Implications

• The SLF is a special facility with streamlined procedures to ensure speed and simplicity in financial assistance.
• It is intended for countries with strong fundamentals and policies, which reduces the need for extensive conditionality.
• The sunset clause ensures the facility is not indefinite and can be reviewed or extended as needed.
• The exemption from EFM and PPM is justified by the short-term nature and specific design of the SLF.
• The transparency policy changes aim to minimize market reactions and enhance communication flexibility.

Summary of Modifications

• Exceptional Access: SLF is excluded from the exceptional access framework.
• Transparency: Press releases with member consent will replace Chairman's Statements.
• PPM: SLF purchases are not counted toward PPM thresholds.
• EFM: EFM procedures do not apply to SLF requests.
• Audit Access: Members must provide access to central bank audits for IMF staff.
• Charge Rates: Charge rates for SLF holdings follow the same structure as the credit tranches and the Emergency Financing Facility (EFF).

The decision reflects the IMF's response to urgent liquidity needs during the 2008 financial crisis, emphasizing speed, transparency, and targeted support for countries with strong policy frameworks.