2010年-IMF国际货币组织全球_Review_of_the_Fund39s_Strategy_on_Overdue_Financial_Obligations_24页_548kb

Summary of the IMF's Strategy on Overdue Financial Obligations

Core Content

This document provides a review of the International Monetary Fund (IMF)’s strategy for managing overdue financial obligations as of end-June 2010. It outlines the progress made under the strengthened cooperative strategy, the status of protracted arrears cases, and proposes the extension of the rights approach and flexibility in payments for members affected by catastrophes.

Main Points

I. Introduction

• The document updates the progress of the IMF's strategy for managing overdue financial obligations.
• It proposes extending the availability of the rights approach to end-August 2011.
• The strategy includes three elements: prevention, intensified collaboration (including the rights approach), and remedial measures.
• The document also discusses the proposed flexibility in the de-escalation policy for members hit by a catastrophe.

II. Recent Developments

A. Overview

• Three members—Sudan, Somalia, and Zimbabwe—remained in protracted arrears to the Fund.
• Total arrears to the Fund declined by SDR 17.5 million to SDR 1,309.5 million since the last review.
• The majority of arrears (86%) were to the General Resources Account (GRA), with the remainder to the Trust Fund and the Poverty Reduction and Growth Trust (PRGT).
• In the context of the general SDR allocation in August 2009, Somalia fully settled its overdue obligations to the SDR Department.

B. Recent Reviews of Protracted Arrears Cases

Somalia

• The Fund has postponed its review of Somalia's overdue financial obligations since October 1990.
• No government recognized by the Fund exists, and there is a lack of official information on economic and financial developments.
• Somalia's arrears are now to the GRA, Trust Fund, and SAF, and its ineligibility to use the Fund's general resources remains in place.

Sudan

• Sudan continued to cooperate with the Fund on policies and payments despite difficult economic conditions.
• Sudan's payments exceeded new obligations falling due, but were reduced significantly in 2009.
• The Fund has urged Sudan to increase payments as its payment capacity improves.
• The Executive Board agreed to review Sudan's overdue financial obligations again within six months.

Zimbabwe

• Zimbabwe's cooperation with the Fund on policies weakened significantly, and its cooperation on payments remained poor.
• The Fund restored Zimbabwe's voting and related rights in February 2010.
• The Executive Board decided to add macroeconomic statistics to the areas where technical assistance was lifted.
• The Fund also decided to keep in place the remedial measures imposed on Zimbabwe's PRGT arrears and to review them again within six months.

III. Progress under the Fund's Arrears Strategy and Policy Issues

A. Progress under the Strategy and Extension of the Rights Approach

• The Fund's strategy on arrears has been effective in addressing both short-term and protracted arrears.
• The rights approach is proposed to be extended for another year to end-August 2011.
• The rights approach allows eligible members to accumulate "rights" to future Fund resources by demonstrating cooperation on policies and making payments.
• Only Somalia and Sudan remain eligible for the rights approach.

B. Flexibility on Payments to the Fund by Members Hit by a Catastrophe

• The Fund proposes to apply flexibility under the de-escalation policy for members in protracted arrears hit by a Qualifying Catastrophic Disaster.
• This flexibility includes accepting significantly reduced payments during the first two years following a catastrophe.
• The de-escalation policy requires a judgment on a member's cooperation with the Fund, including on payments.
• The proposal for flexibility is based on the PCDR Trust, which provides debt relief to members affected by catastrophic disasters.

Key Information

• Total Arrears (as of end-June 2010): SDR 1,309.5 million
• Protracted Arrears Cases: Somalia, Sudan, and Zimbabwe
• Sudan's Contribution: Payments exceeded new obligations, but were reduced in 2009
• Somalia's Status: Full settlement of SDR arrears, no recognized government
• Zimbabwe's Status: Restored voting rights, continued poor cooperation on payments
• Rights Approach: Proposed extension to end-August 2011 for eligible members
• Flexibility in Payments: Proposed for members affected by a catastrophe, particularly in the first two years
• SDR Allocations: SDRs allocated under the general SDR allocation have been made available, while special allocations are held in escrow until arrears are cleared
• Burden Sharing Mechanism: The Fund and its members share the burden of deferred charges to the GRA
• Arrears to Other Institutions: Somalia, Sudan, and Zimbabwe have accumulated significant arrears to the World Bank and the African Development Bank Group

Tables Summary

• Table 1: Shows a decline in total arrears from 1,326.9 million to 1,309.5 million
• Table 2: Details arrears to the Fund and other institutions, showing the largest arrears to the World Bank and AfDB
• Table 3: Lists remedial measures applied to protracted arrears cases, including complaints, declarations of ineligibility, and suspension of voting rights
• Table 4: Shows the duration of overdue financial obligations from 1981 to 2010, with the majority of arrears lasting 6 months or more
• Table 5: Details overdue financial obligations by type, showing the largest portion to the GRA and interest obligations

Figures Summary

• Figure 1: Shows the distribution of overdue financial obligations among members
• Figure 2: Illustrates the trend in overdue financial obligations from 1980 to end-June 2010, with notable drops in certain years due to arrears clearance

Annexes Summary

• Annex I: Provides a timetable of remedial measures for the General Department and the SDR Department
• Annex II: Provides a timetable of remedial measures for the PRGT

Conclusion

The IMF's strategy on overdue financial obligations remains broadly effective. The document proposes the extension of the rights approach and flexibility in payments for members affected by catastrophes. The Fund continues to monitor the progress of protracted arrears cases and apply remedial measures where necessary.