① Normal credit loan. Also known as the ordinary drawing right, it is the most basic loan of the IMF, with a term of no more than five years, and is mainly used by member countries to make up the balance of payments deficit. The maximum loan amount is 125% of the share paid by the member countries. The loan is divided into two parts, namely the reserve part and the credit part. The former accounts for 25% of the member countries' share, and the member countries withdraw this part of the loan unconditionally without paying interest, but it must be guaranteed by the share paid by foreign exchange or special drawing rights; The latter accounts for 100% of the membership dues, and * * * is divided into four grades, each with a share of 25%. It is relatively easy for member countries to apply for the first loan, and generally they only need to work out a loan plan to get approval, while the second to fourth grades are high-grade credit loans with strict loan conditions. To borrow them, member countries must provide comprehensive and detailed financial stability plans and accept the supervision of the IMF when using them.
② Medium-term loan (also called extended credit). This is a special loan established by 1974, which is used for long-term adjustment of member countries due to structural problems in production and trade. The maximum loan amount is 140% of the borrowing member's share, and the standby period is 3 years. Repayment will start in the fourth year after withdrawal, and it will be paid off within 10 year.
③ Compensatory financing or compensatory financing of export logistics. Founded in February 1963, it was originally stipulated that when the export income of primary products decreased due to uncontrollable objective reasons such as natural disasters, and the balance of payments was difficult, special loans could be applied in addition to the original ordinary loans. 198 1 may also stipulates that when the grain import price of a member country exceeds the average price of the previous five years, it may also apply for compensation loans. The maximum loan amount is 100% of the member countries' share, and the loan period is 3-5 years. 1In August, 1988, the IMF revised the scheme again, including the emergency mechanism into the original compensation loan, and changed the name of the loan to compensation and emergency loan. During the implementation of the economic adjustment plan supported by the International Monetary Fund, if the current account revenue and expenditure deviate from the expected adjustment target due to sudden and temporary economic factors, member countries can apply for this loan. The sudden economic factors here mainly refer to export income, import price and international financial market interest rate. The maximum loan amount is 95% share. If the member countries only have the conditions to apply for compensatory financing, the maximum amount is 65% of the share. If they only apply for emergency financing, the maximum loan amount is 30%.
(4) Buffering stock financing instruments. Founded in June, 1969, it is a kind of loan to help primary product exporting countries maintain stocks, thus stabilizing prices. The maximum loan amount is 50% of the member countries' share, and the term is 3-5 years.
⑤ Oil facilities. 1June 1974 to1May 1976 was a temporary loan specially set up to solve the financial needs of the balance of payments difficulties caused by the rising oil prices after the Middle East war.
⑥ Trust fund loans. Established in June 1976 1, it is used to assist low-income developing countries. The standard for low-income developing countries is that the per capita national income 1973 is less than 300 SDR units. The loan has now ended.
⑦ Supplementary financing tools. Founded in April, 1977, it aims to help member countries solve the huge and persistent balance of payments deficit. The loan period is 3.5 to 7 years, and the maximum loan amount is 140% of the member countries' share. 198 1 April, the loan was fully committed. 1985 in may, the international monetary fund implemented the policy of expanding loans and provided expanded loans, the purpose and content of which were similar to those of supplementary loans. According to the policy, the maximum loan amount shall not exceed 95% ~ 1 15% of the share within one year and 280% ~ 345% of the share within three years.
Being structural adjustment facilities. The loan was established in March 1986 to help low-income developing countries solve the long-term imbalance of international payments through macroeconomic adjustment. The loan terms are favorable, the annual interest rate is only 0.5% ~ 1%, the term is generally 10 years, and there is a five-year grace period, and the maximum loan amount is 70% of the share. In order to obtain loans, member countries must have detailed economic adjustment plans, and the staff of the International Monetary Fund or the World Bank will participate in the formulation of the plans, which will be finally approved by the International Monetary Fund. In order to enhance financial assistance to low-income member countries, the IMF added the "Enlarged Structural Adjustment Loan" in June1987+February 65438. Its purpose and conditions are basically the same as the above-mentioned structural adjustment loans, but the loan amount has been expanded, and the maximum loan amount can reach 250% of the share, and it can be increased to 350% under special circumstances. However, the IMF has higher requirements for the economic restructuring plan of the borrowing country and stricter supervision over the loan effect. Whether low-income member countries can finally get this loan and the amount of the loan depends not only on their balance of payments and income level, but also on their own cooperation with the IMF and their efforts to adjust their economies.
Pet-name ruby systemic transformation facility. The loan was established in April. 1993. Its main purpose is to help the former Soviet Union and Eastern European countries overcome the difficulties of international payments during the transition from planned economy to market economy, including:
First, the difficulty of income and expenditure caused by the change from planned price to market price;
Second, the balance of payments difficulties caused by the transformation from bilateral trade to multilateral trade;
Third, the difficulty of income and expenditure caused by being outside the international monetary system and being integrated into it.
The maximum loan amount is 50% and the term is 4 ~ 10 years. In order to obtain this loan, member countries must formulate economic stability and system reform plans, including fiscal and monetary system reform and monetary stability plans, capital flight control plans, economic structure reform plans and market system cultivation plans. Whether the loan can be obtained in full depends on the full cooperation and effective efforts of the borrower and the IMF.
The above-mentioned loans cannot be borrowed by member countries at the same time, because the IMF has set a limit on all loans of a member country within a certain period of time. The IMF follows the following principles on this issue: the annual borrowing amount of member countries generally does not exceed 102%; The accumulated net loan for three years shall not exceed 306%; The upper limit of all accumulated loans is 600% of the share. When the IMF provides the above loans, it will charge fees or interest. Reserve shares, trust funds, structural adjustment loans and expanded structural adjustment loans, as well as supplementary loans and expanded loans, are provided in the form of preferential interest rates or only fees. The interest rates of other loans are between 4% and 7%, depending on the interest rates in the international financial market at that time and the amount of loans borrowed by member countries.