2016年-IMF国际货币组织全球_Update_on_the_Mobilization_of_Loan_Resources_for_PRGT_Lending_Proposed_Amendment_to_the_PRGT_Instrument_and_Floor_for_the_Six_11页_453kb

IMF Policy Paper Summary: Loan Resources Mobilization for PRGT Lending and Interest Rate Floor

Core Content

This document outlines the IMF's efforts to raise new loan resources for the Poverty Reduction and Growth Trust (PRGT) and proposes amendments to the PRGT Instrument to improve the sequencing of loan disbursements. It also addresses the implications of a negative six-month derived SDR interest rate on PRGT borrowing agreements.

Main Points

1. Loan Resource Mobilization Update

• A Board-endorsed effort to raise SDR 11 billion in new loan resources is underway to sustain concessional lending to low-income countries (LICs).
• As of June 30, 2016, SDR 4.23 billion in uncommitted resources remain, with SDR 3.92 billion in the General Loan Account (GLA) and SDR 0.31 billion in the Extended Credit Facility (ECF) loan account.
• 24 countries have responded to the mobilization call, with 16 confirming participation or expressing interest.
• 12 lenders have already committed SDR 5.5 billion, and discussions with the remaining 4 are ongoing, potentially increasing the total to SDR 10.4–12.0 billion.
• The goal is to secure firm pledges by the 2016 Annual Meetings and have a critical mass of loan agreements by the end of 2016.

2. Proposed Amendment to the PRGT Drawing Mechanism

• The current mechanism prioritizes drawings from Special Loan Accounts (SLA) over the GLA, and within each account, earlier fundraising rounds are drawn before more recent ones.
• This may discourage future contributions to the GLA, as new SLA resources could be drawn before older GLA resources are exhausted.
• The proposed amendment aims to increase flexibility by allowing the Trustee to draw from earlier GLA commitments before accessing new SLA resources, while still prioritizing facility-specific agreements within the same fundraising round.
• The amendment requires consent from current PRGT lenders to be effective and would be implemented through regular updates to the Executive Board.

3. Zero Percent Floor on Six-Month Derived SDR Interest Rate

• The six-month derived SDR interest rate formula, used in currency borrowing agreements, could result in a negative rate.
• Outstanding claims under PRGT borrowing agreements are either remunerated at the official SDR rate or the six-month derived SDR rate, depending on the type of agreement.
• Staff believes there is no basis for charging a negative rate, and a zero percent floor should apply in such cases.
• The Executive Board is asked to endorse this understanding, which would then be communicated to PRGT lenders using currency agreements.

Key Information

• Current status: Half of the SDR 11 billion target has been committed.
• New lenders: 14 new lenders have been identified, including emerging and advanced economies.
• Existing lenders: The 2009–14 fundraising round secured SDR 9.8 billion from 14 members.
• Interest rate formula: Based on U.S., Japanese treasury bill rates, Euribor, and Libor (all at six months maturity).
• Proposed decisions:
  • Amend the PRGT Instrument to revise the drawing mechanism.
  • Ensure consent from current lenders is obtained before the amendment becomes effective.
  • Endorse the zero percent interest rate floor for negative six-month derived SDR rates.

Table of Contents

• Introduction
• Loan Mobilization 2015/16
• Amendment to the PRGT Instrument
• Zero Percent Floor on Six-Month Derived SDR Interest Rate
• Proposed Decisions

Figures and Tables

• Figure 1: Existing and Potential Lenders to the PRGT (grouped by contribution range).
• Table 1: PRGT-Borrowing Agreements from 2009–14 Fundraising Round (in millions of SDRs).

Conclusion

The document emphasizes the need for operational efficiency and clarity in disbursement priorities while ensuring adequate loan resources for all PRGT facilities. It proposes a revised drawing mechanism and a zero percent interest rate floor to address potential challenges in resource allocation and interest rate implications. The proposed amendments require Board approval and lender consent to be implemented.