IMF中期信贷ECF简介

IMF中期信贷ECF简介

  国际货币基金组织推出的中期信贷，Extended Credit Facility （ECF），是基金组织向长期面临国际收支问题的低收入国家提供中期支持的主要工具。

中期信贷下的贷款目前利率每2年评估确定一次，目前截止到2016年底的利率为零。宽限期为 5.5 年，偿还期为 10 年。

2012年2月11日，几内亚政府与IMF在ECF框架下签署贷款合作协议。

根据协议，几内亚政府承诺实施保守稳健的宏观经济政策，遵守一系列IMF制定的量化宏观经济调控指标，包括财政赤字、预算、汇率、外汇储备、通胀率、政府向中央银行的借款额度、货币发行量（M1+M2）、外债率等。

此外，几内亚政府还承诺加强和改善宏观经济治理，提高政府治理能力，如改革中央银行、改革国有企业，制定并颁布经济领域法律法规，如《中央银行法》、《政府采购法》、《财政投资公共工程法》等。

IMF贷款种类简介.pdf

IMF Extended Credit Facility (ECF)

October 3, 2016

The Extended Credit Facility (ECF) provides financial assistance to countries with protracted balance of payments problems. The ECF was created under the Poverty Reduction and Growth Trust (PRGT) as part of a broader reform to make the Fund’s financial support more flexible and better tailored to the diverse needs of low-income countries (LICs), including in times of crisis. The ECF is the Fund’s main tool for providing medium-term support to LICs.

Financial assistance tailored to country needs

Purpose. The ECF supports countries’ economic programs aimed at moving toward a stable and sustainable macroeconomic position consistent with strong and durable poverty reduction and growth. The ECF may also help catalyze additional foreign aid.

Eligibility. The ECF is available to all PRGT-eligible member countries that face a protracted balance of payments problem, i.e. when the resolution of the underlying macroeconomic imbalances would be expected to extend over the medium or longer term.

Duration and repeated use. Assistance under an ECF arrangement is provided for an initial duration from three to up to four years, with an overall maximum duration of five years. Following the expiration, cancellation, or termination of an ECF arrangement, additional ECF arrangements may be approved.

Access. Access to ECF financing is determined on a case-by-case basis, taking into account the country’s balance of payments need, the strength of its economic program and capacity to repay the Fund, the amount of outstanding Fund credit and the member’s record of past use of Fund credit, and is guided by access norms.1 Total access to concessional financing under the PRGT is limited to 75 percent of quota per year, and total outstanding concessional credit to 225 percent of quota. These limits can be exceeded in exceptional circumstances. Access may be augmented during an arrangement if needed.

Streamlined and focused conditionality

Under the ECF, member countries agree to implement a set of policies that will help them make progress toward a stable and sustainable macroeconomic position over the medium term. These commitments, including specific conditions, are described in the country’s letter of intent.

The IMF’s program conditionality is streamlined and focused on policy actions that are critical to achieving the program’s objectives. ECF-supported programs should be based on the country’s own development strategy and aim to safeguard social objectives. Related documentation requirements have been made more flexible, by allowing the first and subsequent program reviews to be completed as long as there is a valid poverty reduction strategy document covering the review dates in question.

Quantitative conditions are used to monitor macroeconomic policy variables such as monetary aggregates, international reserves, fiscal balances, and external borrowing, reflecting the country’s program objectives. ECF-supported programs aim to safeguard social and other priority spending, including through explicit quantitative targets where possible.

Structural benchmarks help monitor macro-critical reforms to achieve program goals. These benchmarks vary across programs but could, for example, include measures to improve financial sector operations, build up social safety nets, or strengthen public financial management.

Program reviews by the IMF’s Executive Board play a critical role in assessing performance under the program and allowing the program to adapt to economic developments. Progress of the program, in particular against quantitative conditions and structural benchmarks, is assessed in the context of reviews. Reviews are scheduled at most six months

apart.

Highly concessional lending terms

Financing under the ECF has carried a zero interest rate through end-2016, with a grace period of 5½ years, and a final maturity of 10 years. On October 3, 2016, the Executive Board approved a modification of the mechanism governing interest rate setting of PRGT facilities and set interest rates to zero on all Fund concessional loans under the PRGT for at least the next two years through end-December 2018. Moreover, PRGT interest rates will remain at zero for as long and whenever global market rates are very low. The Fund reviews the level of interest rates for concessional facilities under the PRGT every two years, with the next review expected to take place before end-2018.

2012年2月11日，IMF与几内亚政府签署ECF贷款协议

Press Release: IMF Executive Board Approves Three-Year, US$198.9 Million Extended Credit Facility Arrangement and Additional Interim HIPC Assistance for Guinea

February 24, 2012

Press Release No. 12/57

February 24, 2012

The Executive Board of the International Monetary Fund (IMF) today approved a new arrangement for Guinea under the Extended Credit Facility (ECF) in an amount equivalent to SDR 128.52 million (about US$198.9 million). The Board’s decision will enable an immediate disbursement equivalent to SDR 18.36 million (about US$28.41 million).

The authorities’ program is aimed at supporting higher growth, reducing poverty and reaching quickly the completion point under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative. The Board also approved an amount equivalent to SDR 1.2852 million (about US$ 1.99 million) in interim assistance for Guinea under the enhanced HIPC Initiative. The Executive Board also completed the 2011 Article IV Consultation with Guinea. A Public Information Notice will be published in due course.

Following the Board’s discussion of Guinea, Mr. Naoyuki Shinohara, Deputy Managing Director and Acting Chair issued the following statement:

“Performance under the authorities’ 2011 program, monitored by the IMF’s staff, has been strong. GDP growth picked up to an estimated 3.6 percent; the surge in inflation during 2010 was contained; and the exchange rate has been broadly stable. The fiscal deficit was cut sharply; government recourse to bank financing was halted, and monetary policy was tightened. Progress was made with administrative and policy reforms, while improved relations with the international community led to the resumption of budget support and project assistance.

“The government’s medium-term program, which is supported by an arrangement under the Extended Credit Facility, aims to consolidate macroeconomic stability and lay the foundations for sustained and broad-based growth and poverty reduction. Immediate policy priorities include reducing the high inflation rate; strengthening public financial management, including of windfall mining revenues, and increasing public investment and social sector spending.

“A key medium-term challenge is to create a policy and infrastructure environment that will ensure that sharp growth in mining activity translates into inclusive growth and poverty reduction. The government’s structural reform agenda aims at developing hydroelectricity and agriculture, while improving government services, including utilities, infrastructure, and the business climate.

“Fiscal policy aims at containing the budget deficit to support the monetary tightening needed to reduce inflation while preserving debt sustainability. Key measures include reform of the tax system to boost non-mining revenues and reorientation of spending to priority areas—specifically, public investment and social sector spending. The authorities are working to enhance efficiency and transparency of the foreign exchange market.

“Reaching the completion point as soon as possible would pave the way for permanent debt relief under the HIPC initiative and MDRI. Guinea’s external debt position would then become sustainable, subject to prudent public external borrowing policies,” added Mr. Shinohara.

Recent economic developments

Guinea is emerging from a prolonged period of social unrest and from military rule. Following presidential elections completed in December 2010, the new government adopted an economic stabilization program for 2011, monitored by Fund staff. Performance under the Staff Monitored Program (SMP) has been good. Real GDP growth rebounded on the back of the improved political situation and a sharp increase in agricultural production. Strong adjustment and prudent use of the windfall revenue resulted in a sharp decline in the 2011 fiscal basic balance. The authorities made good progress with structural reforms, notably the adoption of a new mining code compatible with international standards in September 2011.

The medium-term macroeconomic outlook is driven by large investments in the mining sector. Foreign direct investment (FDI) in the mining sector, which could be as high as 40 percent of GDP or more per year during 2012–14, will raise output, imports, and the external current account deficit, and should boost employment with the construction of infrastructure such as railroads and ports. However, this outlook is subject to downside risks, mainly renewed political instability. Social unrest would affect both short- and long-term growth and complicate the implementation of the reform agenda.

Program objectives

The government’s medium-term program (January 2012–December 2014), supported by the ECF arrangement, seeks to address Guinea’s development challenges. Building on the progress made under the SMP in 2011, it aims at real GDP growth in the range of 4–5 percent per year during 2012–14; a drop in inflation to the single digits; and maintenance of gross official reserves at a level at least equivalent to 2.5 months of imports (excluding imports for large mining projects). International reserves, which were boosted by the 2011 windfall revenue, will be negatively affected by the subsequent use of these resources over the program period, which will be partly offset by the support under the ECF arrangement.

Fiscal policy will be guided by the need to maintain expenditure within the constraints of the objective for net domestic financing and limited availability of external financing while ensuring (post-HIPC) debt sustainability. Strengthening public financial management remains a high priority. In this regard, the authorities intend to implement a comprehensive reform and capacity building strategy in close coordination with external partners, including the Fund and AFRITAC West. The main objective of the central bank’s (BCRG) monetary policy is to reduce inflation through an orderly unwinding of the economy’s remaining excess liquidity.

On the structural front, the reform agenda, which is in line with the extended PRSP, the authorities focus on the implementation of the new mining code. The authorities will review and may renegotiate the existing mining concessions, while pursuing Guinea’s reintegration into the Extractive Industries Transparency Initiative process. In the electricity sector, the authorities’ first priority is to reduce the severe shortages by adding generating capacity and strengthening the electricity company (EDG). The government expects to adopt a comprehensive plan for the sector, which will also focus on developing Guinea’s abundant hydroelectric potential, including by reforming the institutional and legal framework by upgrading the law on public-private partnerships to international best practices. Reform in the agricultural sector will be based on a National Plan for Agricultural Investment and Food Security (PNIASA). This plan is expected to be approved by government early in 2012 and aims at ensuring food security by 2014 and becoming a food exporter thereafter.

2012年2月11日IMF与几内亚签署ECF贷款协议英文文本.pdf