2009年-IMF国际货币组织全球_GRA_Lending_Toolkit_and_Conditionality_29页_392kb

Summary of the IMF GRA Lending Toolkit and Conditionality—Reform Proposals—Supplement 1, Revised Proposed Decisions

I. Introduction

This document outlines revisions to the IMF's General Review Arrangements (GRA) Lending Toolkit and Conditionality—Reform Proposals, originally circulated on March 13, 2009. The revisions aim to improve clarity and operational effectiveness. Proposed Decisions IV, VI, and VIII are revised, while Decisions I, II, III, V, and VII remain unchanged. A redlined version of the revised decisions is provided as Annex I for reference.

II. Flexible Credit Line (FCL) Arrangements

• Qualification Criteria: Members must demonstrate very strong economic fundamentals, sustained policy implementation, and future policy commitment to qualify for an FCL arrangement.

• Additional Qualification Criteria:

  • Sustainable external position
  • Capital account dominated by private flows
  • Steady sovereign access to international capital markets
  • Comfortable reserve position for precautionary FCL requests
  • Sound public finances and sustainable public debt
  • Low and stable inflation under a sound monetary policy
  • No immediate threat of a systemic banking crisis
  • Effective financial sector supervision
  • Data transparency and integrity

• Ex-post Monitoring: FCL arrangements are not subject to performance criteria or ex-post monitoring, except for the review requirement in paragraph 5.

• Access and Phasing:

  • No phasing of purchases; full access is available upon approval.
  • Members may make purchases at any time up to the approved access amount.
  • The Fund will not challenge a member's representation of need for purchases under FCL.

• Duration and Review:

  • FCL arrangements may be of six or twelve months.
  • For twelve-month arrangements, no purchases may occur after six months without an Executive Board review.
  • The review is scheduled to occur immediately before the six-month period expires.

• Expiration:

  • An FCL arrangement expires upon the earliest of: (i) the end of the approved term; (ii) the purchase of all approved access; or (iii) cancellation by the member.
  • The Fund may approve additional FCL arrangements post-expiration.

• Consultation Procedures:

  • A confidential preliminary assessment is conducted by staff upon a member's expression of interest.
  • Staff may consult with key creditors if necessary.
  • Management consults the Executive Board informally once a decision is made.
  • Formal documents, including the member's request and a staff report, are circulated to the Board for approval.

• Safeguard Assessments:

  • Members requesting FCL are not subject to the Fund's safeguard policy.
  • They must authorize access to the most recent annual audit of their central bank's financial statements.

• EFM Procedures:

  • The Emergency Financing Mechanism (EFM) procedures do not apply to FCL requests.

• Waiver of Quota Limit:

  • The Fund may waive the 200% quota limit for purchases under FCL or other facilities if necessary.

• Review Schedule:

  • This Decision will be reviewed no later than two years after adoption or when total commitments reach SDR 100 billion, whichever comes first.

III. Surcharges on Purchases in Credit Tranches and Extended Fund Facility

• Effective Date: The new surcharge system becomes effective on August 1, 2009, allowing for a transition period.

• Grandfathering Option:

  • Members who had existing arrangements can elect to remain under the previous surcharge system until July 29, 2009.

• Time-based Surcharges:

  • For members using transitional measures, the timing of surcharges is clarified in cases where a successor arrangement is approved.

• Rate of Charge:

  • The surcharge rate is 200 basis points above the burden-sharing rate for holdings over 300% of quota.
  • For holdings over 300% of quota that remain for more than three years, an additional 100 basis points is applied.

• Annex to Decision VI:

  • The previous surcharge framework (before August 1, 2009) applied a 100 basis point surcharge for holdings over 200% of quota and 200 basis points for holdings over 300% of quota.

IV. Repeal of Time-Based Repurchase Expectations (TBRE)

• Effective Date: The repeal of TBRE becomes effective on April 1, 2009, earlier than the original proposed date of May 1, 2009.
• Revisions:
  • Paragraphs 1(b), 1(c), and 8 of Decision No. 5703-(78/39) are deleted.
  • The numbering "(a)" in paragraph 1 is deleted.
  • References to TBRE in other decisions (e.g., Extended Fund Facility, publication policies, etc.) are removed.

V. Access Policy and Limits

• Access Limits:

  • Annual limit of 200% of quota.
  • Cumulative limit of 600% of quota, net of scheduled repurchases.

• Exceptional Access:

  • The Fund may approve access exceeding the limits if four substantive criteria are met:
    1. Exceptional balance of payments pressures.
    2. High probability of medium-term public debt sustainability.
    3. Prospects of regaining access to private capital markets.
    4. Strong policy program with reasonable prospects of success.

• Procedures for Excess Access:

  • Procedures from PIN/03/37 and PIN/05/58 apply to all cases involving access exceeding the limits.

• Review Schedule:

  • The access policy and limits will be reviewed no later than March 29, 2014, or when the Fund's liquidity and members' balance of payments problems evolve.

VI. Structural Measures under the Policy Support Instrument (PSI)

• Monitoring of Structural Measures:
  • While Decision I focuses on Fund arrangements, the rationale applies to PSI programs.
  • A paper and proposed decision on monitoring structural measures under PSI will be presented to the Board shortly.

VII. Commitment Fee

• Fee Structure:

  • A commitment fee is charged at the beginning of each twelve-month period of an arrangement.
  • The fee is calculated based on the amount that could be purchased during the period:
    • 1.5% on up to 200% of quota
    • 3% on amounts between 200% and 1000% of quota
    • 6% on amounts exceeding 1000% of quota

• Refund Mechanism:

  • If purchases during the period are less than the full access, the fee is reduced proportionally.
  • Refunds are issued for the portion not used.

VIII. Additional Revisions

• Revisions to Other Decisions:
  • References to TBRE in several decisions are removed.
  • Decision No. 12865-(02/102) is restructured by deleting paragraph 1 and renumbering the remaining paragraphs.
• Review of Decision VI:
  • Decision VI will be reviewed in accordance with Decision No. 13814-(06/98), which outlines the streamlining of policy reviews.

IX. Summary of Key Changes

X. Conclusion

The revisions aim to streamline and improve the transparency and flexibility of the IMF's GRA lending toolkit and conditionality framework. They focus on removing outdated mechanisms like TBRE, enhancing the FCL process, and clarifying surcharge systems. The document also emphasizes the importance of timely policy reviews and the need for members to cooperate with the Fund in monitoring and reporting.