2016年-IMF国际货币组织全球_Poverty_Reduction_and_Growth_Trust_13页_284kb

2016 Poverty Reduction and Growth Trust Borrowing Agreements Summary

Core Content

The document outlines the 2016 borrowing agreements between the International Monetary Fund (IMF) and three institutions: Danmarks Nationalbank (Denmark), the Norwegian Ministry of Finance (Norway), and Sveriges Riksbank (Sweden). These agreements are part of the IMF's Poverty Reduction and Growth Trust (PRGT), which provides concessional financing to low-income countries. The total amount of new resources provided under these agreements is SDR 1.1 billion, marking the first three loan contributions in the 2015/16 PRGT mobilization round aimed at raising SDR 11 billion in new resources.

Key Information

• Effective Date: The agreements became effective on November 17, 2016.
• Parties Involved:
  • Danmarks Nationalbank (Denmark) – SDR 500 million.
  • Norwegian Ministry of Finance (Norway) – SDR 300 million.
  • Sveriges Riksbank (Sweden) – SDR 500 million.
• Purpose: To finance disbursements under the General Loan Account (GLA) and Stand-By Credit Facility (SCF) and Rapid Credit Facility (RCF) Loan Accounts of the PRGT.
• Drawdown Period: All agreements allow for drawings through December 31, 2024.
• Notification Period: The Trustee must notify the creditor of its intention to draw at least five business days in advance (based on the creditor’s location).
• Currency and Denomination:
  • Loan commitments and operations are denominated in SDRs.
  • Disbursements are made in Euros for Denmark, U.S. dollars for Norway and Sweden.
  • Principal and interest payments are made in Euros or U.S. dollars, unless otherwise agreed.
• Interest Rate Calculation:
  • Based on the six-month derived SDR rate.
  • If the rate is negative, it is set to zero percent.
  • Calculated using the bond equivalent yields of various domestic instruments (U.S. Treasury bills, Euro government bonds, Chinese and Japanese treasury bills, and the UK interbank rate) weighted by their SDR valuation percentages.
• Repayment Schedule: Repayments are made according to the repayment schedule of the facility under which the drawing was made.
• Early Repayment Rights:
  • Norway and Sweden have the right to request early repayment in case of balance of payments and reserve needs.
  • The Trustee may also fund early repayment requests of other creditors.
• Suspension of Drawings:
  • If any installment is not paid within 10 days of its due date, further drawings are suspended until consultations with the creditor are completed.
  • Temporary suspension is also allowed before June 30, 2024, in case of liquidity needs by the creditor.
• Transfer of Claims:
  • Claims on the Trust may be voluntarily transferred to other official-sector entities.
  • The transferee acquires all rights of the original creditor, except for early repayment rights unless specific conditions are met.
• Exchange Rates:
  • All transfers, exchanges, and payments are made at the Fund's established exchange rates for the relevant currencies in terms of the SDR.
  • If the Fund changes the method of valuing the SDR, the new method applies to transfers made two or more business days after the change.

Main Points

• The agreements are part of the IMF's transparency policy, which allows for the deletion of market-sensitive information.
• They reflect recent changes to the Fund's framework for concessional lending to low-income countries, including:
  • Extended drawdown periods for PRGT loans (to end-2020 and end-2024).
  • Incorporation of the Chinese RMB interest rate instrument.
  • Provision for zero interest rates in case of negative calculations.
• Sweden's participation marks a new step in broadening the PRGT's funding base.
• Additional bilateral contributions from other lenders are still required to meet the SDR 11 billion target.

Conclusion

These agreements are a significant step towards enhancing the capacity of the PRGT to support low-income countries. They provide new resources and align with the IMF's concessional lending framework, ensuring flexibility, transparency, and responsiveness to the needs of developing nations. The inclusion of new lenders like Sweden also reflects the IMF's efforts to secure more diverse and inclusive funding for its poverty reduction and growth initiatives.