2006年-IMF国际货币组织全球_Guidance_Note_on_the_Exogenous_Shocks_Facility_15页_369kb

Summary of the Exogenous Shocks Facility (ESF) Guidance Note

I. Core Content

The Exogenous Shocks Facility (ESF) is a financial instrument established within the Poverty Reduction and Growth Facility and Exogenous Shocks Facility (PRGF-ESF) Trust. It is designed to provide timely and concessional financing to low-income members facing sudden and exogenous shocks that result in a temporary balance of payments need, but who do not have an active PRGF arrangement.

The ESF complements existing IMF instruments, particularly the Compensatory Financing Facility (CFF) and Emergency Assistance (ENDA/EPCA), by offering more concessional terms and faster access to financial support. It also serves as a safety net for countries aiming to graduate from continuous PRGF arrangements.

II. Main Points

A. Eligibility and Qualification

• Eligibility: PRGF-eligible members without an active PRGF arrangement who experience a sudden and exogenous shock.
• Qualification: The shock must be the primary source of the balance of payments need and must be sudden. The need must also be temporary.
• Excluded Shocks: Domestic financial crises or policy slippages are considered endogenous and not eligible. Some aid shortfalls may require case-by-case consideration.
• Judgmental Approach: Unlike the CFF, the ESF uses a judgmental assessment of the shock and its impact, rather than a pre-defined list.

B. Access Level

• Annual Access Norm: 25% of quota, with a maximum of 50% (except for blended financing cases, where it is 12.5%).
• Exceptional Access: No specified maximum limit, but it is expected to be rare.
• Adjustment and Financing Mix: Depends on the nature of the shock—self-reversing shocks may require more financing and less adjustment, while persistent shocks may need more structural reforms.

C. Activation and Duration

• Duration: 1 to 2 years, potentially extendable up to the maximum of 2 years.
• Activation Process: Requires a Letter of Intent (LOI) or Memorandum of Economic and Financial Policies (MEFP), and the Executive Board must approve the arrangement based on the upper credit tranche (UCT) conditionality.
• No Precautionary Access: ESF arrangements must be based on an actual balance of payments need.

D. Phasing of Disbursements

• Phasing Options: Disbursements can be semi-annual or quarterly, depending on the member's economic volatility and administrative capacity.
• Timing: The first disbursement occurs upon approval. Subsequent disbursements are contingent on performance criteria and reviews.
• Front-Loading: May be used if other resources are delayed, to provide immediate support and signal to donors.

E. Program Design and Monitoring

• Conditionality: Must meet the same standard as UCT arrangements, but less ambitious in structural reforms.
• Performance Criteria: Include quantitative and structural benchmarks, set in advance and updated during reviews.
• Waivers: Minor or temporary deviations from performance criteria may be waived by the Board, provided remedial actions are taken.

F. Documentation

• Required Documents: LOI/MEFP, TMU, and a staff report.
• Publication: ESF-related documents are voluntarily published within one month of Board consideration, as part of the catalytic and signaling role of the ESF.

III. Key Information

A. Relationship with Other Facilities

B. Key Differences with Other Facilities

• PRGF: For protracted balance of payments problems, with structural reforms and longer duration.
• ENDA/EPCA: For natural disasters and post-conflict situations, with more rigid and mechanical assessment.
• TIM: For trade policy liberalization, which is predictable and not sudden, so ESF is not typically used.
• PSI: May facilitate rapid access to ESF, but a PSI must be canceled before ESF approval.
• HIPC: ESF arrangements may count towards track records, but PRGF is more commonly used for this purpose.

IV. Conclusion

The ESF is a targeted, concessional, and temporary financial facility aimed at helping low-income countries respond to sudden and exogenous shocks. It emphasizes macroeconomic adjustment over structural reforms, and its use is subject to judgmental assessment rather than predefined rules. The facility is designed to support adjustment programs and catalyze further donor financing, with clear documentation and performance criteria to ensure effective use of Fund resources.