2013年-IMF国际货币组织全球_The_Extended_Rights_to_Purchase_Policy_12页_651kb

IMF Extended Rights to Purchase (ERP) Policy Summary

Core Content

The Extended Rights to Purchase (ERP) Policy is an IMF policy designed to reduce blackout periods in General Resources Account (GRA) arrangements. These blackout periods refer to temporary interruptions in access to accumulated but undrawn purchase rights when data on periodic performance criteria (PCs) are not yet available at a new test date. The ERP policy was introduced in October 2009 and revised in January 2013 to apply to all GRA arrangements with periodic PCs, including Precautionary and Liquidity Line (PLL) arrangements of more than six months in duration.

Main Objectives

• Enhance continuity of purchase rights for members.
• Maintain appropriate safeguards for the Fund's resources.
• Reduce access blackouts that could hinder program implementation, especially for precautionary arrangements.

Key Features of ERP Policy

• Extension Period: Members can access accumulated but undrawn purchase rights for up to 45 days after a new test date is reached, even if the PCs are not yet fully reported.
• Conditions for ERP Application: Six conditions must be met for a purchase under ERP:
  1. The member must request the purchase within the extension period.
  2. All data reporting deadlines for the most recent test date must be met.
  3. The member must have met or been granted a waiver for non-observance of any relevant PC.
  4. If data is unavailable, the member must represent that it is truly unavailable.
  5. The member must have met or been granted a waiver for the PC immediately preceding the most recent test date.
  6. The member must be meeting all other program conditions.
• Safeguards: The policy includes mechanisms to ensure timely data reporting and prevent misuse of Fund resources.

Operational Considerations

• Application Scope: ERP applies to all GRA arrangements with periodic PCs, not just precautionary ones.
• Reporting Deadlines: The Test Monitoring Unit (TMU) should specify realistic reporting deadlines and reporting lags for PCs. The 2013 review found that some deadlines were initially set unrealistically.
• Review Dates: Country teams must ensure that review dates are set no earlier than the date when all relevant performance criteria data is expected to be available.
• Web-Based Calculator: The IMF has developed a web-based tool to assist in setting realistic reporting deadlines and review dates.
• Communication: Country teams must promptly inform members, the Executive Board, and the public about ERP-related purchases and any issues with PC data.

Key Differences from Previous Policy

• Blackout Periods: The ERP policy specifically addresses blackout periods caused by unavailability of PC data, while other interruptions (e.g., delayed reviews) are still considered appropriate safeguards.
• PRGT Arrangements: ERP does not apply to Poverty Reduction and Growth Trust (PRGT) arrangements, as their purchase rights are tied to specific reviews and PCs.
• Misreporting Framework: If a member makes a purchase under ERP based on unavailable or incorrect data, the misreporting policy applies. However, if the member is unaware of the PC status at the time of purchase, the policy does not apply.

Conclusion

The ERP policy aims to improve program continuity while ensuring the Fund's resources are safeguarded. It is a key operational tool for GRA arrangements, particularly precautionary ones, and requires careful program design, timely data reporting, and effective communication. The policy is superseding previous guidance and is supported by the Staff Implementation Memorandum.