2011年-IMF国际货币组织全球_Poverty_Reduction_and_Growth_Trust_12页_615kb

Summary of the Poverty Reduction and Growth Trust—Review of Interest Rate Structure

Executive Summary

This document is the first review of the interest rate mechanism established under the 2009 reforms of the Fund's concessional lending facilities. The mechanism links the Poverty Reduction and Growth Trust (PRGT) interest rate structure to world interest rates, allowing for differentiated interest rates across the various PRGT facilities. The framework requires biennial reviews, with the first review completed by December 31, 2011.

In 2009, the Board approved a temporary interest waiver on all outstanding concessional loans for PRGT-eligible members, which was effective through end-December 2011. Additionally, the rate of charge on ENDA and EPCA loans was subsidized to zero through end-January 2012. This two-year waiver was intended to provide exceptional relief during the global economic crisis. By November 11, 2011, 18 PRGT-eligible members and one graduated member had benefited from the interest waiver, with a total estimated cost of SDR 5.8 million.

Staff recommends extending the exceptional interest waiver for one more year, until end-December 2012, as a transitional measure due to the current severe downside risks to the global economic outlook. After this extension, the differentiated PRGT interest rate mechanism would be allowed to operate as intended, resulting in zero interest rates for ECF and RCF loans, and 0.25 percent for SCF loans in 2013. Outstanding ESF loans and subsidized ENDA/EPCA credits would carry an interest rate of 0.25 percent after the waiver expires. The next interest rate review would occur by December 31, 2013.

Key Points of the Document

• PRGT Interest Rate Mechanism: Introduced in 2009, it links PRGT rates to world interest rates (SDR rate) and allows for differentiation among facilities.
• Interest Rate Structure:
  • If SDR rate < 2%: 0.00% for ECF, 0.00% for RCF, 0.25% for SCF.
  • If 2% ≤ SDR rate ≤ 5%: 0.25% for ECF, 0.25% for RCF, 0.50% for SCF.
  • If SDR rate > 5%: 0.50% for ECF, 0.50% for RCF, 0.75% for SCF.
• Temporary Interest Waiver:
  • Applied to all PRGT loans through end-December 2011.
  • Subsidized to zero for ENDA and EPCA loans through end-January 2012.
  • Benefited 18 PRGT-eligible members and one graduated member by November 2011.
  • Total cost estimated at SDR 5.8 million.
• Extension Recommendation:
  • Staff recommends extending the waiver by one year to end-December 2012.
  • The waiver is seen as a temporary measure to support LICs during the current economic uncertainty.
  • After the extension, interest rates would revert to the differentiated structure outlined in the mechanism.
• Impact on LICs:
  • LICs have shown recovery in GDP growth, exports, and remittances but have not rebuilt macroeconomic buffers effectively.
  • Fiscal deficits and current account imbalances have remained high, especially for net oil importers.
  • Reserve coverage has declined, particularly in countries with pegged exchange rate regimes.
  • The recent Vulnerability Exercise for LICs (VE-LIC) noted limited progress in rebuilding policy buffers.

Interest Rate Mechanism Overview

PRGT Credit Outstanding (as of November 11, 2011)

Country Coverage of Temporary Interest Waiver (as of November 11, 2011)

Main Recommendations

• Extend the exceptional interest waiver for one additional year (until end-December 2012).
• Allow the differentiated PRGT interest rate mechanism to take effect from January 1, 2013.
• The interest rate structure for 2013 would be:
  • 0% for ECF and RCF loans.
  • 0.25% for SCF loans.
  • 0.25% for outstanding ESF loans and subsidized ENDA/EPCA credits.
• The next review of PRGT interest rates would be conducted by December 31, 2013.

Conclusion

The document outlines the PRGT interest rate mechanism and the temporary interest waiver, emphasizing the importance of maintaining concessional support for low-income countries (LICs) amid ongoing economic risks. It concludes that a one-year extension of the waiver is justified, with a return to the differentiated rate structure in 2013.