2009年-IMF国际货币组织全球_Debt_Limits_in_Fund_10页_225kb

Summary of IMF Document: Debt Limits in Fund-Supported Programs—Proposed New Guidelines

I. Introduction

This document outlines proposed reforms to the existing framework for external debt limits in IMF Fund-supported programs. The reforms aim to enhance the systematic and consistent implementation of flexibility in setting debt limits, taking into account members' debt vulnerabilities and macroeconomic and financial management capacities. The document includes a proposed decision to implement these reforms, along with the revised guidelines.

II. Main Proposals for Reform

The following are the key proposals for reform and their implications:

1. Flexible Approach to Concessionality Requirements

• Objective: Move away from a single design of concessionality requirements toward a menu of options.
• Scope: The new approach will consider members' debt vulnerabilities and their macroeconomic and public financial management capacities.
• Implementation: Members will be assessed using the methodology discussed in IMF (2009b), ensuring a more tailored and systematic approach.
• Uniformity: The principle of uniform treatment among members will be safeguarded.

2. Use of Present Value (PV) and Average Concessionality Targets

• Purpose: Introduce PV targets and average concessionality requirements for appropriate cases.
• Transitional Arrangements: These targets will initially be set as annual indicative targets for a period of 3 years, rather than performance criteria.
• Frequency: PV targets are typically set semi-annually, but average concessionality targets are preferred to be annual due to their derivation from annual data.

3. Nominal External Debt Limits

• Application: Nominal debt limits will be used for members to whom concessional financing is normally available, effectively eliminating concessionality requirements for such members.
• Non-Concessional Members: Nominal debt limits will also apply to members who are not normally eligible for concessional financing.

4. Replacing Residency Criterion with Currency of Denomination

• Definition: The concept of "external" debt will be based on the currency of denomination rather than the residency of the creditor.
• Exceptions: The residency criterion will still be used for members with relatively closed capital accounts or limited financial integration with the global economy.
• Other Policies: The residency of the creditor will remain relevant for other Fund policies involving external debt, such as those related to external payment arrears.

5. Coverage of Public Enterprises and Official Sector Entities

• Inclusion: Public enterprises and other official sector entities will be included in the external debt performance criterion unless explicitly excluded.
• Exclusion Criteria: Entities that can borrow without government guarantee and pose limited fiscal risk may be excluded.

6. Total Public Debt as a Performance Criterion

• Permissibility: Performance criteria on total public debt (including both external and domestic debt) may be used in appropriate cases.
• Rationale: This allows for a more comprehensive assessment of public sector finances, particularly in programs aimed at reducing excess demand pressures.

7. Additional Technical and Presentational Modifications

• Streamlining: The guidelines will include more systematic and clear text.
• Review Period: The Fund is proposed to review the implementation of the revised guidelines within two years of their adoption.
• Delayed Effectiveness: The proposed decision will take effect on December 1, 2009, allowing time for staff and members to adapt to the new methodology.

III. Proposed Decision

• Amendment of Guidelines: Decision No. 6230-(79/140) on external debt performance criteria will be amended according to the guidelines in the attachment.
• Effectiveness Date: The decision will become effective on December 1, 2009.
• Continuity of Existing Criteria: Performance criteria in place on the effectiveness date will continue to apply unless amended.
• Review by 2011: The Fund will review the implementation of the revised guidelines by December 1, 2011.

IV. Attachment: Revised Guidelines

• Definition of Debt: Debt is defined as a current liability, not contingent, created under a contractual arrangement involving the provision of value in the form of assets or services, requiring future payments.
• Types of Debt: Includes loans, suppliers' credits, and leases (excluding payments for operation, repair, or maintenance).
• Debt Performance Criterion:
  • General Principle: External debt performance criteria will focus on official and officially guaranteed external debt.
  • Specific Considerations:
    • Lower Capacity/Higher Vulnerability: Non-concessional debt is generally prohibited; concessional debt is excluded.
    • Lower Capacity/Lower Vulnerability: Ceiling on non-concessional debt is set; concessional debt is excluded.
    • Higher Capacity/Higher Vulnerability: PV of external debt is used as the performance criterion.
    • Higher Capacity/Lower Vulnerability: Average concessionality of new external debt is used.
    • Strong Track Record: Nominal external debt may be used for members with strong macroeconomic and financial management performance.
  • Non-Concessional Members: Performance criteria will be based on nominal external debt without distinguishing between concessional and non-concessional debt.
  • Transitional Period: For three years, PV or average concessionality targets may be set as annual indicative targets.

V. Key Points

• The reforms introduce a menu of options for setting external debt limits, enhancing flexibility and consistency.
• Concessionality is determined on a debt-by-debt basis, using OECD commercial interest rates.
• Currency of denomination is the preferred criterion for defining external debt, with residency retained for certain cases.
• Performance criteria may be based on total public debt in specific contexts.
• The new guidelines are delayed in effectiveness to allow for a smooth transition and adaptation.