2010年-IMF国际货币组织全球_Update_on_the_Financing_of_the_Fund’s_Concessional_Assistance_and_Debt_Relief_to_Low_30页_564kb

Summary of the IMF's Financing of Concessional Assistance and Debt Relief to Low-Income Countries

Core Content

This document provides an update on the International Monetary Fund's (IMF) financing of concessional assistance and debt relief to low-income countries (LICs) as of April 2010. It outlines the reforms to the Fund's concessional lending facilities and the associated financing framework, which became effective on January 7, 2010. The reforms introduced a new architecture of facilities, including the Extended Credit Facility (ECF), Standby Credit Facility (SCF), and Rapid Credit Facility (RCF), and restructured the financing mechanism into general and special loan and subsidy accounts.

The document also discusses the status of financing for the Poverty Reduction and Growth Trust (PRGT), including projected needs, loan and subsidy resources, and the role of the PRGT Reserve Account. It highlights the importance of mobilizing additional resources to ensure continued support for LICs and outlines the current levels of commitments and the need for further contributions.

Main Points

I. Introduction

• The document reviews the status of financing for the IMF's concessional lending and debt relief activities for LICs.
• It is based on the latest data and projections, and considers the commitments made in response to the Managing Director's fund-raising request of August 2009.
• The paper is structured into sections on the reform of LIC facilities, the financing of PRGT operations, the subsidization of emergency assistance, and the financing of HIPC and MDRI debt relief.

II. Reform of LIC Facilities and Financing Framework

• In July 2009, the Executive Board approved comprehensive reforms of the Fund's concessional lending instruments and a new financing framework.
• The PRGF-ESF Trust was renamed the Poverty Reduction and Growth Trust (PRGT), and the new architecture includes ECF, SCF, and RCF.
• The reforms introduced a more flexible framework for concessional lending, with general and special loan and subsidy accounts.
• The new framework includes a voluntary encashment regime, the issuance of PRGT notes, and a revised lending structure using SDRs.

III. Financing of PRGT Operations

A. Projected Financing Needs

• The demand for PRGT loans through 2014 is expected to remain in line with the earlier projection of SDR 11.3 billion.
• In 2009, new PRGT commitments amounted to SDR 2.5 billion, and the latest projection for 2010 is similar.
• The financing package approved in July 2009 is considered adequate to support the projected needs through 2014.

B. Loan Resources

• Ten members have pledged about SDR 7.6 billion in additional loan resources, of which SDR 1.1 billion has been secured.
• Uncommitted loan resources stood at about SDR 0.8 billion at end-March 2010.
• The target for loan resource mobilization is SDR 10.8 billion, including a liquidity buffer of SDR 1.8 billion.
• Additional loan resources are urgently needed to meet the target.

C. Subsidy Resources

• Seventeen members have committed additional subsidies totaling SDR 113 million.
• Available subsidy resources, excluding current fund-raising contributions, amounted to SDR 1.4 billion at end-January 2010.
• The financing package includes SDR 1.5 billion in additional subsidy resources (end-2008 NPV terms).
• Remaining pledges from the previous PRGF and ESF fund-raising rounds should be disbursed as soon as possible.

D. PRGT Reserve Account

• The PRGT Reserve Account provides a buffer for bilateral lenders in case of delays or nonrepayment.
• The balance stood at SDR 3.9 billion at end-2009, covering about 79% of PRGT obligations.
• The Reserve Account is expected to subsidize annual lending of SDR 0.7 billion starting in 2015.
• If PRGT demand falls short of projections, the Reserve Account could support a higher self-sustaining capacity.

Key Information

• Reforms Effective: January 7, 2010.
• New Facilities: ECF, SCF, RCF.
• Projected Needs: SDR 11.3 billion through 2014.
• Loan Commitments: SDR 7.6 billion pledged, SDR 1.1 billion secured.
• Subsidy Commitments: SDR 113 million pledged, SDR 1.4 billion available.
• Reserve Account Balance: SDR 3.9 billion at end-2009.
• Debt Relief Provided: SDR 4.7 billion, including SDR 2.3 billion under HIPC and SDR 2.3 billion under MDRI.
• Remaining HIPCs: Projected cost of SDR 0.3 billion (end-2009 NPV terms).
• Emergency Assistance Subsidy: The EPCA/ENDA Administered Subsidy Account will be maintained until April 2013, after which balances will be transferred to the PRGT GSA or other special accounts.

Conclusion

The IMF has made significant strides in reforming its concessional lending and debt relief mechanisms for LICs. While the current financing package is deemed adequate, additional resources are still needed to ensure full implementation. The document emphasizes the importance of securing these resources promptly to support the Fund's continued assistance to low-income countries.