2009年-IMF国际货币组织全球_Guidance_Note_for_Fund_Staff_on_the_Treatment_and_Use_of_SDR_Allocations_22页_544kb

报告摘要

Summary of the IMF Guidance Note on the Treatment and Use of SDR Allocations

I. Introduction

In response to the global financial crisis, the International Monetary Fund (IMF) implemented a general allocation of SDRs of US$250 billion on August 28, 2009, and a special allocation of SDR 21.5 billion (US$33 billion) on September 9, 2009, as per the Fourth Amendment to the Fund's Articles of Agreement.

Approximately US$115 billion of the combined allocations will go to emerging market and developing countries, including US$20 billion to low-income countries (LICs).
These allocations aim to increase liquidity for countries facing deflation risks, limit contractionary policies, and support countercyclical measures.
The SDR amount allocated to each participant is determined by a common benchmark outlined in Schedule M of the Articles.

The guidance note is intended to support the appropriate implementation and use of SDR allocations, ensuring consistency in macroeconomic analysis and policy advice.

II. Accounting Considerations

Net International Reserves (NIR) are expected to increase with the SDR allocation.
The SDR allocation is treated as a long-term foreign exchange liability under BPM6.
The effect on NIR depends on how liabilities are defined and netted.
Program NIR may increase if short-term liabilities or IMF liabilities are deducted.
For countries with regional central banking arrangements, legal arrangements determine the treatment and use of SDRs; this note does not cover them.

III. General Macroeconomic Implications and Policy Advice

The primary economic effect is an increase in gross reserves due to the SDR allocation.
The use of SDRs can be interpreted in two ways:
- Narrow use: Drawing down SDR holdings for spending or changing reserve composition.
- Broad use: Using SDRs to reduce debt, loosen fiscal constraints, or increase absorption.
The opportunity cost of using SDRs is the missed interest income from the net decline in reserves.
Debt sustainability is a key consideration, especially for LICs, due to the nonconcessional interest rate on SDRs.
The "spend and absorb" framework is useful for determining how SDRs can be used to stimulate the economy.
Fiscal constraints can be relaxed through SDRs, especially in countries with revenue shocks.
SDRs are not a wealth transfer but a form of unconditional liquidity, and should not be seen as a substitute for donor support or specific spending projects.

IV. Implications for Fund-Supported Programs

SDR allocations may require updates to Fund-supported programs, particularly regarding reserve adequacy and macroeconomic policies.
Macro-economic treatment should be consistent regardless of accounting methods or fiscal agents.
Program targets should be adjusted based on the macroeconomic implications of the SDR allocation, usually during the next review.
NIR, NFA, and NDA may all be affected by the allocation, depending on the country's situation.
Net credit to government and other fiscal performance criteria should be re-evaluated in light of the SDR allocation.
SDR allocations are not considered debt under the Fund's external debt guidelines, and thus do not trigger external debt limits.

V. Implications for Debt Sustainability Analysis (DSA)

The Board of Governors requires that SDRs be included in debt sustainability analyses.
SDRs are not included in the nominal stock of gross external debt in DSAs, as they are not subject to reconstitution.
The net interest cost of drawing down SDR holdings should be included in DSAs, especially for LICs and MICs.
LIC DSA templates have been updated to reflect the new SDR-related calculations.
Interest payments should be recorded only when actually paid, as members may have more SDR holdings than their allocations.
SDR debt service is ineligible for HIPC debt relief from the Fund.

Key Information and Main Points

SDR allocations are unconditional and not debt to the Fund.
SDR use is primarily about liquidity support, not wealth transfer.
Accounting treatment of SDRs varies, but should align with BPM6.
Macroeconomic implications depend on country-specific circumstances.
Programs should be adjusted based on the impact of the SDR allocation.
Debt sustainability analyses must include net interest costs from SDR drawdowns.
LICs should prioritize concessional financing over SDR allocations due to interest rate risks.

Annexes Overview

Annex I: Provides an overview of SDR-related transactions and operations, including loans, swaps, and forward operations.
Annex II: Discusses reconstitution requirements for SDR holdings, which were abrogated in 1981.
Annex III: Explains the statistical treatment of SDRs under BPM6.
Annex IV: Covers reserve management implications, including asset allocation decisions.