2025年国际货币基金组织低收入国家贷款手册

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 April 11, 2025, has been released. The staff report was issued to the Executive Board for information. The report wasprepared by IMF staff. The views expressed in this paper are those of the IMF staff anddo not necessarily 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. 2025 HANDBOOK OF IMF FACILITIES FORLOW-INCOME COUNTRIES EXECUTIVE SUMMARY This Handbook provides guidance to staff on the IMF’s facilities available to low-incomecountries (LICs), defined here as all countries eligible to obtain concessional financingfrom the Fund under the PRGT. It updates the previous version of the Handbook that was published in March 2023(IMF, 2023i) by incorporating modifications resulting from the 2024 Review of thePoverty Reduction and Growth Trust (PRGT) Facilities and Financing (IMF-2024e); and anumber of other recent Board papers.1 Designed as a comprehensive reference tool for program work in LICs, this Handbookalso refers, in summary form, to a range of relevant policies that apply more generallyto IMF members. As with all guidance notes, the relevant IMF Executive Board decisions,including the terms of the various LIC Trust Instruments that have been adopted by theBoard, remain the primary legal authority on the matters covered in this Handbook. Approved ByGuillaume Chabert(SPR) The 2025 edition of theHandbook was prepared by a team led byMamadou Barry under the guidance of Bjoern Rother, and GaëllePierre, with contributions from John-Paul Fanning, Rachidi Kotchoni,Alexei Miksjuk, Ayah Said, Marta Spinella, Alexander Zaborovskiy, JoãoCapella-Ramos (all SPR) and a team led by Linda Kaltani, JosephThornton, and Nelson Sobrinho under the guidance of Dalia Hakurawith contributions from David Stenzel, Lennart Erickson, Phil Johnston,Oliver Basdevant, Helen Wagner, Randa Sab, Natalia Aivazova, (all FIN)and a team led by Gabriela Rosenberg, with contributions fromGomiluk Otokwala, Egbiri Egbiri, Nouria El Mehdi, Sherif Ayoub,Stephanie Fontana-Raina, and Kenneth Okwor (all LEG). Administrativeassistance provided by Linda Bisman, Emelie Stewart, and KatarinaVarga (all SPR). CONTENTS Acronyms and Abbreviations _____________________________________________________________________5 CHAPTER I: FACILITIES ARCHITECTURE OVERVIEW ___________________________________________8 A. Background ____________________________________________________________________________________9B. Choosing the Appropriate Instrument or Facility______________________________________________13C. Access Norms and Access Limits ______________________________________________________________17D. Blending ______________________________________________________________________________________19E. Financing Terms_______________________________________________________________________________21F. Safeguards Policy _____________________________________________________________________________24 BOXES 1a. PRGT Facilities Framework: Strengthened Policy Safeguards—Requirements ________________251b. PRGT Facilities Framework: Strengthened Policy Safeguards—Calculations of Flow andStock Triggers ___________________________________________________________________________________262. PRGT Exceptional Access and Strengthened Policy Safeguards Procedures for Early InformalBoard Engagement ______________________________________________________________________________293a. PRGT Facilities Framework: Policy Safeguards for High Combined Credit (PS-HCC) __________313b. Procedural Requirements for High Levels of Combined GRA-PRGT Exposure Cases _________33 TABLES 1. Choice of Program Support for Low-Income Countries—Key Factors _________________________162. Country Tiering Criteria, PRGT Access, and PRGT Interest Rates 1/ ____________________________233. PRGT Facilities Framework: Safeguards Policy _________________________________________________294. Summary Support Access Limits, Norms, Safeguards, and Market Access Thresholds_________35 CHAPTER II: EXTENDED CREDIT FACILITY_____________________________________________________37 A. Objectives and Qualification __________________________________________________________________38B. Duration, Extensions, Cancellations, and Repeated Use _______________________________________40C. Concurrent Use and Blending _________________________________________________________________42D. Access ________________________________________________________________________________________43E. F