基金预防性余额充足性审查

REVIEW OF THE ADEQUACY OF THE FUND’SPRECAUTIONARY BALANCES IMF staff regularly produces papers proposing new IMF policies, exploring options forreform, or reviewing existing IMF policies and operations. The following documents havebeen released and are included in this package: •APress Releasesummarizing the views of the Executive Board as expressed during itsMarch 20, 2026 consideration of the staff report.•TheStaff Report, prepared by IMF staff and completed on February 20, 2026 for theExecutive Board’s consideration on March 20, 2026. The IMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Electronic copies of IMF Policy Papersare available to the public fromhttp://www.imf.org/external/pp/ppindex.aspx International Monetary FundWashington, D.C. IMF Executive Board Discusses the Adequacy of the Fund’sPrecautionary Balances FOR IMMEDIATE RELEASE Washington, DC– March 20, 2026:The Executive Board of the International Monetary Fund(IMF) concluded the 2026 Review of the Adequacy of the Fund’s Precautionary Balances.1This review took place on the standard two-year cycle, following the2024 Review. An interimassessment of precautionary balances was conducted within the Review of the Fund’s IncomePosition for FY2025 and FY2026, concluded in April 2025. The Fund’s precautionary balances—which consist of general and special reserves—are akey element of the IMF’s multilayered framework for managing financial risks. Precautionarybalances provide a buffer to protect the Fund against potential losses resulting from credit,income, and other financial risks. As such, they help protect the value of reserve assetsrepresented by member countries’ positions in the Fund and underpin the exchange of assetsthrough which the Fund provides financial assistance to countries with balance of paymentsneeds. The review was based on the assessment framework established in 2010 and reaffirmed in2024, which uses an indicative range for precautionary balances, linked to a forward-lookingmeasure of total IMF non-concessional credit, to guide decisions on adjusting the medium-term target over time. It takes into account the macroeconomic environment, thecharacteristics of Fund lending, and other financial risks faced by the Fund. The frameworkalso allows for judgement in setting the target based on a broad range of factors that affect theadequacy of precautionary balances. Executive Board Assessment2 Executive Directors welcomed the review of the adequacy of the Fund’s precautionarybalances, following the last review in March 2024 and the interim update in April 2025 withinthe Review of the Fund’s Income Position for FY2025 and FY2026 (2025 Update). Theyemphasized that maintaining an adequate level of precautionary balances remains a keyelement of the Fund’s multilayered risk management framework to mitigate financial risks,safeguard the strength of the Fund’s balance sheet, and protect the value of members’reserve positions in the Fund. Given the current heightened global uncertainty, Directorsunderscored the importance of continued vigilance and close monitoring of risks, as well asupdating the Board as needed. Directors welcomed the continued increase in precautionary balances since reaching theSDR 25 billion medium-term target at the end of FY2024. They generally agreed that theoverall balance of risks and risk mitigants to the Fund remain broadly unchanged, stressingthat the composition of risks has evolved, with credit risks having edged up, reflecting higherexposure to and greater concentration toward the largest borrowers. Among mitigating factors,Directors observed that precautionary balances have continued to grow broadly as expectedin the 2025 Update, with rising coverage of credit outstanding, total commitments, andupcoming obligations. Directors noted that precautionary balances are expected to remain above the target,including assuming additional distributions to the Interim Placement Administered Account(IPAA) in coming years. They observed that medium-term net operational income remainsstrong, but subject to concentration risk, while the medium-term outlook for investment returnsremains reasonably positive, notwithstanding elevated investment risks. Directors broadly agreed that the current target of precautionary balances, together with otherelements of the Fund’s financial risk management framework and the IFRS 9 provisioningframework, continue to provide a robust level of financial protection for the Fund’s balancesheet and creditor claims. Most Directors supported retaining the current medium-term targetfor precautionary balances at SDR 25 billion, while a few Directors favored raising the target.Directors generally agreed to retain the current floor for precautionary balances atSDR 20 billion, noting that it provides an important safeguard against shocks and helpsensur