2009年-IMF国际货币组织全球_A_Framework_for_the_Fund39s_Issuance_of_Notes_to_the_Official_Sector_19页_327kb

Summary of the International Monetary Fund (IMF) Note Issuance Framework

Core Content

This document outlines the International Monetary Fund's (IMF) framework for the issuance of promissory notes to the official sector, specifically focusing on the Note Purchase Agreement (NPA). It describes the terms, conditions, and procedures for the issuance, extension, and payment of these notes, which are part of the IMF's financial instruments to support balance of payments assistance to its members.

Main Views and Key Information

1. Note Purchase Agreement (NPA) Term Modification

• Initial Term: The NPA now allows for an initial term of one year, instead of the previously proposed two years.
• Extension Options:
  • The Fund may extend the term by up to two additional one-year periods after consultation with the Purchaser, without requiring agreement.
  • Any further extensions beyond three years and up to five years must be agreed upon by the Purchaser.
• Notice Requirements: The Fund must provide at least five business days' notice to the Purchaser of its intention to issue Notes, and two business days' notice before the value date of the purchase.

2. Authorization for the Managing Director

• The Managing Director is authorized to:
  • Conclude Note Purchase Agreements with qualifying members and their central banks.
  • Issue Notes up to a total commitment of SDR 100 billion.
  • Issue up to SDR 15 billion in Series A Notes under a single NPA.
• The Fund's operational needs and liquidity situation are central to the decision-making process regarding note issuance and term extensions.

3. Use and Limits on Note Issuance

• Notes may be issued for:
  • Use of Fund resources in the General Resources Account.
  • Payment of the Fund’s outstanding indebtedness under other official sector borrowings.
• Weekly and Monthly Limits: The Fund may not issue Notes in a principal amount exceeding SDR [ ] billion per week or SDR [ ] billion per month, unless otherwise agreed.

4. Denomination and Price

• Notes are denominated in SDRs and issued in multiples of SDR 10 million.
• The purchase price is 100% of the principal amount.

5. Payments and Exchange Rates

• Payments for Notes are made on the value date, with the exchange rate determined based on the SDR valuation established by the Fund.
• If the NPA is denominated in a specific currency, the SDR equivalent is calculated using the currency/SDR exchange rate for the second business day of the Fund before the value date.
• The Fund may change the SDR valuation method, and any purchases or exchanges made two or more business days after the change will be based on the new method.

6. Termination of Purchases

• The Purchaser may request termination of its commitment if it determines that its balance of payments and reserve position no longer justify further purchases.
• The Fund will assess the representation and decide whether to terminate purchases based on its discretion.

7. Transferability of Notes

• Notes can be transferred only with the prior written consent of the Fund.
• Eligible Holders include Fund members, central banks, and fiscal agencies.
• Permitted Holders may transfer Notes to other Eligible Holders, subject to Fund approval and terms.
• Early payment is allowed for Series A Notes upon request from certain Permitted Holders, provided their balance of payments and reserve position is deemed sufficient.

8. Maturity and Early Payment

• Notes typically have a maturity of three months from the issue date.
• The Fund may extend maturity by three-month periods, up to a maximum of five years.
• Early payment can be made by the Fund on Series A Notes if requested by a Permitted Holder with a sufficient balance of payments and reserve position, and the Fund determines it necessary.

9. Payment Modalities

• The Fund may pay the principal amount of Notes in:
  • The currency of the Permitted Holder (if a Fund member).
  • The currency of the Relevant Member (if the Permitted Holder is a central bank or fiscal agency).
  • SDRs or freely usable currencies as determined by the Fund.
• Interest payments are generally made in SDRs, unless otherwise agreed.

10. Reporting and Oversight

• The Executive Board will be informed quarterly of developments related to the implementation of the NPA.
• In the case of significant developments, more frequent reporting is required.
• The Fund is required to provide estimates of future note issuances and revised estimates as necessary.

11. Annex I: General Terms and Conditions

• Definitions: Includes terms such as Eligible Purchaser, Permitted Holder, Relevant Member, and Series.
• Form and Delivery: Notes are issued in book entry form and may be issued in registered form upon request.
• Custody and Transfer: The Fund maintains book entry accounts for Permitted Holders. Transfers require Fund consent and are subject to specific conditions.
• Early Repayment: Permitted Holders may request early repayment of Series A Notes if their balance of payments and reserve position is strong.
• Cancellation: Notes are cancelled upon payment of principal and accrued interest. If only a partial payment is made, the Fund issues a new Note for the remaining amount.

Conclusion

This document sets out a revised framework for the issuance of IMF promissory notes, with flexible terms for the duration of the NPA, issuance limits, and payment modalities. It emphasizes the Fund's discretion in managing liquidity and borrowing requirements, while ensuring transparency and oversight through regular reporting and consultation with Purchasers. The General Terms and Conditions attached provide detailed rules governing the use, transfer, and maturity of the Notes, reinforcing the IMF's role in international financial stability.