(1) Normal credit loan
This is the most basic loan of the IMF, which is used to solve the short-term capital demand of the general balance of payments deficit of member countries. The maximum amount of ordinary loans borrowed by member countries is 65,438+0.25% of the contribution of member countries. The loan term is 3-5 years, and the interest rate increases with the term. The first annual interest rate is 4.375%, 1-2 years is 4.875%, 2-3 years is 5.375%, 3-4 years is 5.875%, and 4-5 years is 6.375%. The IMF implements a grading policy for ordinary loans, that is, the loans that member countries can borrow are divided into the following different parts:
Reserve share, that is, the loan that a member country applies for is not higher than 25% of its own share, also known as gold share loan. This kind of loan can be withdrawn automatically without special approval. This is because the member countries paid 25% of the shares in gold, and now borrowing is equivalent to taking back the original shares. After the second amendment to the Agreement came into effect in April 1978, 25% of the member countries' shares were changed to SDR or designated foreign exchange payment. This part of the loan is still fully guaranteed by the member countries, so it is called reserve loan.
Credit share, that is, the amount of loans applied by member countries is between 25% and 125% of their capital contribution. The credit part of the loan is divided into four grades, each of which accounts for 25%. After the reserves are exhausted by borrowing, member countries can use the first, second, third and fourth parts of credit in turn.
The International Monetary Fund's approval conditions for the first credit loan are relatively relaxed, but the application for this part of the loan needs to submit a specific plan to overcome the balance of payments difficulties before it can be approved. By borrowing part of the first loan, you can purchase foreign exchange directly, that is, you can withdraw money from the IMF immediately after the loan application is approved. In addition, standby arrangements can also be adopted: that is, after the member countries applying for loans have negotiated the loan quota with the IMF, they can withdraw it in stages according to actual needs within the agreed time.
High-grade credit share, that is, loans higher than the second-grade credit share. The use of high-grade credit loans, with the improvement of the grade, the approval procedures are gradually strict. The use of high-grade credit loans should not only provide the IMF with a satisfactory plan to improve the balance of payments, but also formulate a comprehensive financial stability plan, adopt appropriate fiscal, monetary and exchange rate policies, and the IMF should also conduct certain supervision in the process of using loans. If the borrower fails to complete the plan, the IMF should take further measures to ensure the realization of the goal. Some loans that use secondary credit usually use standby credit.
(2) Compensatory financing or compensatory financing of export logistics.
Loan established 1963. When the exporting countries of primary products encounter balance of payments difficulties due to the decline in export income, they can apply for this loan from the IMF in addition to the original ordinary loan. The loan amount was initially set at 25% of the member countries' share, and it was increased to 50% in September of 1966, then to 75%, and then to 100% after August of 1979. The conditions for borrowing this loan are: the decline in export income must be short-term; The decline in export earnings is caused by reasons beyond the control of Member States themselves; Borrowing countries are obliged to cooperate with the International Monetary Fund and take appropriate measures to solve their balance of payments difficulties. The term of this loan is 3-5 years, and it is required that the export income of the borrowing country should be returned as soon as possible once it is restored.
(3) Buffering stock financing instruments.
It is a loan established by IMF at the request of developing countries in June 1969. This loan is used to support the capital needs of primary product exporting countries to stabilize the prices of primary products in the international market and establish international buffer stocks. The amount of buffered stock loans can reach 50% of the borrower's share. Since the loan is closely related to the use of the export fluctuation compensation loan, it is stipulated that the total amount of the loan and the export fluctuation compensation loan shall not exceed 75% of the borrower's share. The term of the buffer stock loan is also 3-5 years.
(4) Oil facilities
Established in June 1974, it is a temporary loan for developed and developing countries whose balance of payments is difficult due to the oil price rise in June/973. Loans are borrowed by oil exporting countries (such as Saudi Arabia, Iran, Kuwait and Venezuela). ) and developed countries (such as former West Germany, Netherlands, Switzerland, etc. ), the total amount is 6.9 billion SDR, which is earmarked for special purposes and may not be used for other purposes. In 1974, the maximum amount of this loan was set at 75%, which was increased to 125% in 1975, but the loan conditions were stricter than in 1974. The loan term is 3-7 years, and it requires quarterly repayment 16 times, and the interest rate is higher than that of ordinary loans. In order to reduce the interest burden of oil loans borrowed by the most difficult developing countries, 1975, the International Monetary Fund decided to set up an interest subsidy account, and the source of funds was donated by 24 developed countries and oil exporting countries. By May of 1976, all the loan funds were lent out and the loan ended.
(5) Medium-term loans (extended loans)
This is a special loan, 1974, opened by the International Monetary Fund in September to solve the long-term balance of payments deficit of member countries, and its capital requirements are greater than ordinary loans. The IMF has strict supervision over this loan, and the conditions for borrowing medium-term loans are as follows: first, the IMF confirms that the balance of payments difficulties of the applicant country really need to be solved longer than the period for borrowing ordinary loans; Second, the applicant country must put forward a plan to improve the balance of payments difficulties during the loan period, as well as a detailed description of the relevant policies and measures to be built in the first year, and then submit a detailed description of the work progress and policies and measures to achieve the goals to the ]IMF every year; Third, according to the actual situation of member countries in achieving planned objectives and implementing policies, loans will be issued in stages. The medium-term loan period is 4-8 years, and the standby arrangement period is 3 years. Generally, it is repaid in 16 times. The loan amount can be up to 140%, and the total amount of medium-term loans and ordinary loans cannot exceed 165% of the share of the lending country.
(6) Trust fund mechanism
1June, 1976, the Interim Committee of the International Monetary Fund reached an agreement and decided to sell the gold (25 million ounces) held by the International Monetary Fund at the market price during the four years from1July, 1976 to1June, 1980, and set up a trust fund with the profits obtained. The trust fund was established in May, 1976. In addition to the profits from the sale of gold, there are also some funds transferred to trust funds by the beneficiary countries that directly distribute the profits from the sale of gold, as well as the income from asset investment. The conditions for obtaining trust fund loans are as follows: in the first stage, countries with per capita national income 1.973 do not exceed 300SDR (about US$ 360), and in the second stage, countries with per capita national income 1.975 do not exceed US$ 520; Second, the development of the balance of payments and currency reserves of the countries applying for loans has been verified by the International Monetary Fund that they need funds, and there are appropriate plans to adjust the balance of payments. The interest on the trust fund loan is calculated at the annual interest rate of 0.5%, and it will expire in 10 year from the date of payment, and will be repaid once every six months after payment, and will be paid off in 10 year. By March, 198 1, the trust fund loan funds had been released, and * * * loans to developing countries totaled 3.3 billion yuan.
(7) Supplementary financing tools.
Also known as the Witwin facility, it was formally established in April 1977. The loan funds are provided by oil exporting countries and developed countries with surplus balance of payments, with a total amount of SDR 8.4 billion. Supplementary loans are used to supplement the shortage of ordinary loans, that is, when a member country has a serious balance of payments deficit and needs more funds than ordinary loans can provide, it can apply for such loans. The maximum loan amount is 140% of the member countries' shares. The standby arrangement period is 1-3 years, and the repayment period is 3.5-7 years. The loan is repaid once every six months and paid off in installments. The interest rate for the first three years of borrowing this loan is the interest rate paid by the IMF to the fund-providing countries (7%) plus 0.2%, and then 0.325%. After the allocation of supplementary loans was completed, the IMF began to implement the policy of 198 1 in May. The purpose and content of IMF policy are similar to supplementary loans.
Being structural adjustment facilities
The loan was established in March 1986. The International Monetary Fund set up this loan to encourage low-income member countries to formulate and implement comprehensive macroeconomic adjustment and structural reform policies by providing preferential loans with an interest rate of 0.5% and a term of 10, so as to restore economic growth and improve the balance of payments situation, thus solving their long-standing balance of payments difficulties. Structural adjustment loans account for 70% of the member countries' share. At the end of 1987, the International Monetary Fund established an expanded structural fund. The purpose, purpose and conditions of the loan are the same as those of the original structural adjustment loan, but the loan amount is increased to 250% of the share, which can reach 350% in special circumstances. The expanded structural adjustment loan was issued at the same time as the original structural adjustment loan.
According to IMF regulations, China and India are also the target countries for structural adjustment loans, but in order to use limited funds more for the poorest and most difficult developing countries, both China and India have indicated that they will not participate in the use of this loan for the time being.
(9) System conversion tools.
The loan was established in April. 1993. The International Monetary Fund set up the loan to help the former Soviet Union and Eastern European countries overcome the balance of payments difficulties in the process of transition from planned economy to market economy, and other countries with traditional trade and payment relations based on planned prices overcome the balance of payments difficulties brought about by changes in the basis of trade prices. The maximum loan amount is 50% and the term is 4- 10 years. The loan is disbursed in two installments, the first one is an agreed time after the loan is approved (it must be before199465438+February 3 1), and the second one is within 4- 12 months after the first withdrawal. The IMF believes that 1994 and 1995 are the most difficult periods for the balance of payments of former CMEA countries. Therefore, countries wishing to apply for loans must apply as soon as possible and use the first part of the loan before the end of February. When applying, the applicant country must make plans for economic stability and system reform, including financial and monetary system reform and monetary stability plan, capital flight prevention plan, economic structure reform plan, market cultivation and improvement, etc. The IMF will provide the second batch of loans only after the first batch of loans are disbursed, and the borrower countries make effective efforts in the above aspects and fully cooperate with the IMF.