2009年-IMF国际货币组织全球_Review_of_the_IMF39s_Strategy_on_Overdue_Financial_Obligations_22页_507kb

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 for managing overdue financial obligations as of end-June 2009. It reviews recent developments in protracted arrears cases and discusses the effectiveness of the Fund's current strategy, including the extension of the rights approach.

Main Points

• Total Arrears: As of end-June 2009, the total overdue financial obligations to the Fund amounted to SDR 1,327 million, a decline of SDR 11 million since the last review. This decline was primarily due to Sudan's payments, while Somalia and Zimbabwe saw an increase in their arrears.
• Protracted Arrears: Three countries—Somalia, Sudan, and Zimbabwe—were in protracted arrears to the Fund. Sudan accounted for 75% of the total arrears, with SDR 994.3 million.
• Arrears by Account: 85% of the arrears were to the General Resources Account (GRA), while the remaining 15% were distributed among the Trust Fund, PRGF-ESF Trust, and other accounts.
• Cooperation and Payments:
  • Sudan has continued to cooperate with the Fund on policies and payments, but its economic performance deteriorated due to a sharp decline in oil prices. Its payments to the Fund in 2009 were expected to decrease to US$10 million due to foreign exchange constraints.
  • Zimbabwe showed improved policy cooperation, and the Fund lifted the suspension of technical assistance in targeted areas in May 2009. However, payment cooperation remained poor, with only SDR 0.44 million paid since the last review.
  • Somalia has not had an internationally recognized government and has not been able to restore order. The Fund continues to monitor its situation closely.

Key Information

Remedial Measures

• Remedial measures are in place for all three protracted arrears cases.
• Sudan: A complaint was issued in 1984 and lifted in 1999. The Fund is considering a new 18-month staff-monitored program (SMP).
• Zimbabwe: A complaint was issued in 2002 and lifted in 2006. The Fund has also extended its review of Zimbabwe's arrears to October 21, 2009.
• Somalia: The Fund postponed its review since 1990 due to lack of information and political instability.

SDR Allocations

• The SDR interest rate applies to overdue interest and repayments on Trust loans.
• The rights approach is proposed to be extended for another year, until end-August 2010, to help Somalia and Sudan clear their arrears.
• SDR allocations under the general and special allocations will be used to address overdue obligations, but only after the arrears are settled.

Financial Impact

• Arrears have imposed a significant financial burden on the Fund and its members.
• The burden-sharing mechanism adjusts the rate of charge and remuneration to offset income loss from nonpayment of GRA charges.
• As of end-June 2009, the total burden-shared deferred charges amounted to SDR 692 million, an increase of SDR 7.5 million from the previous year.

Tables and Figures

• Table 1: Shows the total arrears to the Fund, broken down by principal and interest, for 2008-2009.
• Table 2: Provides a breakdown of arrears to the Fund and other international financial institutions (World Bank, AfDB).
• Table 3: Lists the remedial measures applied to the three protracted arrears cases.
• Table 4: Summarizes overdue financial obligations by duration (0-1 month, 1-6 months, 6 months or more) for 1981-2009.
• Table 5: Details the overdue financial obligations by type (repurchases, charges, repayments, interest) for 1981-2009.
• Table 6: Tracks the number of countries with late payments and protracted arrears from 1999-2009.
• Table 7: Lists the countries with protracted overdue financial obligations to the Fund as of end-June 2009.

Conclusion

The Fund's strategy on arrears remains broadly effective, with no proposed changes. The rights approach is being extended to assist Somalia and Sudan, and the SDR interest rate is applied to overdue obligations. The SDR allocations will be used to help clear arrears, but only after the arrears are fully resolved. The Fund continues to monitor and engage with protracted arrears cases, emphasizing the importance of policy cooperation and payment compliance.