Review of the Flexible Credit Line, The Short Term Liquidity Line and the Precautionary and Liquidity Line, and Proposals for Reform

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Abstract

The Fund’s precautionary toolkit rests on the simple proposition that facilitating crisis prevention is far less costly than crisis resolution. Its value increases with systemic risk. Serial shocks to the global trading and financial systems pose significant and persistent headwinds for well-integrated emerging markets. An adequately funded global financial safety net (GFSN) with a suite of precautionary tools allows qualifying members to respond to balance of payments (BoP) shocks, reducing the incidence of crises and limiting contagion. The Fund is the only layer of the GFSN available to all members; other layers vary in their availability and externalities. In this context, the overarching objective of this review of the Flexible Credit Line (FCL), Short-term Liquidity Line (SLL), and Precautionary and Liquidity Line (PLL) is to ensure that the precautionary facilities toolkit (henceforth “the toolkit”) is fit for purpose for the challenges ahead.
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对灵活信贷额度、短期流动性额度、预防性和流动性额度的审查及改革建议
基金组织的预防性工具基于一个简单的主张,即促进危机预防的成本远低于解决危机的成本。它的价值随着系统性风险的增加而增加。全球贸易和金融体系遭受的一系列冲击,对一体化程度较高的新兴市场构成了重大而持久的不利影响。资金充足的全球金融安全网(GFSN)和一套预防性工具使符合条件的成员国能够应对国际收支冲击,减少危机的发生并限制传染。基金是GFSN中唯一面向所有成员的一层;其他层的可用性和外部性各不相同。在这种背景下,本次审查灵活信贷额度(FCL)、短期流动性额度(SLL)和预防性和流动性额度(PLL)的首要目标是确保预防性工具工具包(以下简称“工具包”)适合未来挑战的目的。
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