2011年-IMF国际货币组织全球_Financial_Transactions_Plan_13页_621kb

Summary of the International Monetary Fund (IMF) Financial Transactions Plan—Temporary Modification of Guidelines for Allocation of Currencies Used for Transfers

Core Content

The document outlines a temporary modification to the existing guidelines for the allocation of currencies used for transfers in the IMF's Financial Transactions Plan (FTP). The modification is intended to promote fair burden sharing between NAB (New Arrangements to Borrow) participants with and without bilateral agreements. This change will only apply to NAB participants and will be reinstated automatically once all pre-NAB bilateral agreements are terminated and any resulting imbalances in NAB positions are eliminated.

Main Objectives

• To address imbalances in borrowing positions between NAB participants with and without bilateral agreements.
• To ensure fair distribution of transfer currencies based on NAB positions and quota.
• To maintain balanced Fund positions over time relative to quotas.

Key Points

Current Guidelines

• Adopted in November 1998 (Decision No. 11837- (98/121)).
• Transfers are allocated in proportion to quotas.
• Receipts are allocated based on members' Fund positions, which include reserve tranche positions (RTP) and outstanding NAB borrowing.
• The guidelines have been effective in narrowing differences in Fund positions relative to quotas.
• However, they are slow in reducing imbalances, especially those arising from the folding in of pre-NAB bilateral claims.

Proposed Modification

• Applies only to NAB participants.
• Transfers are allocated in proportion to quotas for all FTP members, except for NAB participants without bilateral agreements.
• For these participants, transfers are allocated to increase their RTP and compensate for NAB shortfall.
• NAB shortfall is the additional SDRs needed to bring the borrowing ratio of other NAB participants to match that of bilateral creditors.
• Excess RTP of other NAB participants is calculated based on their RTP relative to bilateral creditors, adjusted for quota sizes.
• The modified rule ensures that transfers are initially allocated to other NAB participants to create an excess RTP equivalent to their NAB shortfall.
• As imbalances narrow, the allocation shifts to reduce the excess RTP by allocating transfers to bilateral creditors.

Allocation Mechanism

• Within NAB groups: Transfers are allocated in proportion to NAB credit arrangements.
• Outside NAB groups: Transfers continue to be allocated in proportion to quotas.
• Receipts are still allocated based on above average Fund positions.

Illustrative Example

• Total transfers for the period late March-July 2011 are SDR 5.5 billion.
• Under the current rule, transfers are distributed in proportion to quotas.
• Under the modified rule, no transfers are allocated to NAB participants with bilateral agreements, while transfers are allocated to other NAB participants in proportion to their NAB credit arrangements.
• The modified rule results in an excess RTP of about SDR 5 billion for other NAB participants, compensating half of the NAB shortfall.

Reinstatement of Guidelines

• The current guidelines will be reinstated automatically once all pre-NAB bilateral agreements are terminated and imbalances are eliminated.
• The Executive Board may decide to end the modification early if deemed appropriate.
• The modified rule will be applied to the next FTP adopted by the Executive Board after the decision becomes effective.

Key Information

• Total transfers for 2011 period: SDR 5.5 billion.
• NAB participants with bilateral agreements: Include countries like Austria, Belgium, Brazil, etc.
• NAB participants without bilateral agreements: Include countries like Australia, Chile, Cyprus, etc.
• NAB shortfall: Calculated as the difference between the NAB borrowing ratio of bilateral creditors and other NAB participants.
• Excess RTP: The amount by which other NAB participants' RTP exceeds that of bilateral creditors, adjusted for quota.
• Fair burden sharing: Achieved by compensating for NAB shortfall through excess RTP.
• Implementation: The modified rule will be introduced via an amendment to Decision No. 11837- (98/121).

Conclusion

The temporary modification aims to address the imbalance in NAB positions by adjusting transfer allocations based on NAB credit arrangements and quotas. It is a targeted approach to ensure equitable treatment of NAB participants and will be reinstated once the conditions are met. The modified rule introduces a dynamic allocation mechanism that responds to the evolving NAB positions and ensures fair burden sharing over time.