英文【国际货币基金组织】减贫与增长信托基金——关于加强政策保障的指导说明

© 2025 International Monetary Fund POVERTY REDUCTION AND GROWTH TRUST—GUIDANCE NOTE ON THE STRENGTHENED POLICY SAFEGUARDS IMF staff regularly produces papers proposing new IMF policies, exploring options for reform, or reviewing existing IMF policies and operations. The Report prepared by IMF staff and completed on March 14, 2025, has been released. The guidance note prepared by IMF staff was issued to the Executive Board for information. The views expressed in this paper are those of the IMF staff and do not necessarily represent the views of the IMF's Executive Board. The IMF’s transparency policy allows for the deletion of market-sensitive information and premature disclosure of the authorities’ policy intentions in published staff reports and other documents. Electronic copies of IMF Policy Papers are available to the public from http://www.imf.org/external/pp/ppindex.aspx International Monetary Fund Washington, D.C. April 2025 POVERTY REDUCTION AND GROWTH TRUST—GUIDANCE NOTE ON THE STRENGTHENED POLICY SAFEGUARDS 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 “Strengthened Policy Safeguards (SPS)”—combining and replacing the previous High Access Procedures (HAP) and Enhanced Safeguards for debt sustainability and capacity to repay (ES)—thereby streamlining a key part of the safeguards framework for Fund lending. The SPS operates alongside the exceptional access framework and the Policy Safeguards for High Combined Credit (PS-HCC). The SPS framework applies when proposed access under a new arrangement, the Rapid Credit Facility (RCF), or an augmentation of access under an arrangement in the Poverty Reduction and Growth Trust (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 to implement the SPS. It supersedes the 2022 guidance note on enhanced safeguards. March 14, 2025 PRGT—GUIDANCE NOTE ON STRENGTHENED POLICY SAFEGUARDS 2 INTERNATIONAL MONETARY FUND Approved By Guillaume Chabert (SPR) and Papa N'Diaye (FIN) Prepared by a team led by Bjoern Rother and supervised by Gaëlle Pierre and Plamen Kostadinov Iossifov with contributions from Mamadou Barry (team lead), John-Paul Fanning, Rachidi Kotchoni, João Capella-Ramos (all SPR) and a team led by Dalia Hakura and supervised by Linda Kaltani and Joe Thornton with contributions from Randa Sab and Natalia Aivazova (all FIN). It received helpful comments from Gabriela Rosenberg, Stefanie Fontana-Raina, and Gomi Otokwala (all LEG). Administrative assistance provided by Linda Bisman and Katarina Varga (all SPR). CONTENTS Acronyms and Abbreviations ______________________________________________________________________ 3 ARCHITECTURE OF THE PRGT STRENGTHENED POLICY SAFEGUARDS _______________________ 4 COMPOSITION AND EVOLUTION OF DEBT ______________________________________