贫困减少与增长信托——关于加强政策保障的指南

POVERTY REDUCTION AND GROWTH TRUST—GUIDANCE NOTE ON THE STRENGTHENED POLICYSAFEGUARDS IMF staff regularly produces papers proposing new IMF policies, exploring options forreform, or reviewing existing IMF policies and operations. The Report prepared by IMFstaff and completed on March 14, 2025, has been released. The guidance note prepared by IMF staff was issued to the Executive Board forinformation. The views expressed in this paper are those of the IMF staff and do notnecessarily represent the views of the IMF's Executive Board. The IMF’s transparency policy allows for the deletion of market-sensitive informationand premature disclosure of the authorities’ policy intentions in published staff reportsand other documents. Electronic copies of IMF Policy Papersare available to the public fromhttp://www.imf.org/external/pp/ppindex.aspx International Monetary FundWashington, D.C. POVERTY REDUCTION AND GROWTH TRUST—GUIDANCE NOTE ON THE STRENGTHENED POLICYSAFEGUARDS March 14, 2025 In October 2024, as part of the Review of the Poverty Reduction and Growth Trust(PRGT) Facilities and Financing, the IMF Executive Board established the “StrengthenedPolicy Safeguards (SPS)”—combining and replacing the previous High AccessProcedures (HAP) and Enhanced Safeguards for debt sustainability and capacity torepay (ES)—thereby streamlining a key part of the safeguards framework for Fundlending. The SPS operates alongside the exceptional access framework and the PolicySafeguards for High Combined Credit (PS-HCC). The SPS framework applies whenproposed access under a new arrangement, the Rapid Credit Facility (RCF), or anaugmentation of access under an arrangement in the Poverty Reduction and GrowthTrust (PRGT) exceeds certain access thresholds, and when countries at high risk of, or in,overall debt distress request financing. This note provides guidance on how toimplement the SPS. It supersedes the 2022guidance note on enhanced safeguards. PRGT—GUIDANCE NOTE ON STRENGTHENED POLICY SAFEGUARDS Approved ByGuillaume Chabert(SPR) and PapaN'Diaye (FIN) Preparedby a teamledbyBjoern Rother andsupervisedbyGaëllePierre and Plamen Kostadinov Iossifov with contributions fromMamadou Barry (team lead), John-Paul Fanning, Rachidi Kotchoni,João Capella-Ramos (all SPR) and a team led by Dalia Hakura andsupervised by Linda Kaltani and Joe Thornton with contributions fromRanda Sab and Natalia Aivazova (all FIN). It received helpful commentsfrom Gabriela Rosenberg, Stefanie Fontana-Raina, and Gomi Otokwala(all LEG). Administrative assistance provided by Linda Bisman andKatarina Varga (all SPR). CONTENTS Acronyms and Abbreviations ______________________________________________________________________3 ARCHITECTURE OF THE PRGT STRENGTHENED POLICY SAFEGUARDS _______________________4 REDUCING DEBT VULNERABILITIES IN PROGRAMS WITH COUNTRIES AT HIGH RISK OF, ORIN, OVERALL DEBT DISTRESS __________________________________________________________________18 EARLY BOARD ENGAGEMENT THROUGH AN INFORMAL BOARD MEETING _______________21 BOX 1. PRGT Facilities Framework: SPS—Calculation of Flow and Stock Triggers _______________________6 FIGURE 1. A Multi-Layered and Coherent Set of Safeguards _______________________________________________9 TABLES 1. The SPS Triggers and Requirements per Category of Scrutiny __________________________________52. PRGT Facilities Framework: PRGT-EA and PS-HCC_______________________________________________93. Country X: Debt Composition _________________________________________________________________10 References _______________________________________________________________________________________35 ANNEXES I. Hypothetical Examples of the Application of Multi-Layered Architecture on the SPS__________23II. Sample Write-up for the Strengthened Policy Safeguards for Country X______________________24III. Q&A on the Strengthened Policy Safeguards_________________________________________________32 Acronyms and Abbreviations ADBAsian Development BankAfDBAfrican Development BankBoPBalance of PaymentsCtRCapacity to RepayDLPDebt Limits PolicyDSADebt Sustainability AnalysisDSFDebt Sustainability FrameworkEAExceptional AccessECFExtended Credit FacilityESEnhanced SafeguardsFCSFragile and Conflict-Affected StatesFINFinance Department (of the IMF)GDPGross Domestic ProductGRAGeneral Resource AccountGRQGeneral Review of QuotasGIRGross International ReservesHAPHigh Access ProceduresHIPCHeavily Indebted Poor CountryIADBInter-American Development BankIFIInternational Financial InstitutionIMFInternational Monetary FundLICLow-Income CountryLNGLiquified Natural GasMDBMultilateral Development BankMDRIMultilateral Debt Relief InitiativeNABNew Arrangements to BorrowPCSPreferred Creditor StatusPPGPublic and Publicly GuaranteedPRGTPoverty Reduction and Growth TrustPS-HCCPolicy Safeguards for High Combined CreditPVPresent ValueRCFRapid Credit FacilityRFIRapid Financing InstrumentRSFResilience and Sustainability FacilitySBAStand-by