原文選自《The Economist》0411期 撰文 | 貓斯圖
經濟學人精讀 | Break the glass（上） 新興市場一片混亂
中文導讀
面對數以億計的資產退出資本市場舞臺，IMF必須作出及時的反應以幫助貧窮國家渡過難關，因此不得不採取三管齊下的方法應對此次危機。一、創造新的特別提款權；二、緩解美元流動性短缺；三、對某些貧困國家進行債務減免......
Leaders - The IMF（下）.mp32:52
來自維他英語
第5段
First, it ought to create new special drawing rights (SDRS), a currency of sorts which is convertible into dollars but whose quantity the fund controls (see Free exchange). This is a bit like printing money to finance a cheap perpetual credit line for every IMF member. In 2009, after the global financial crisis, the fund created $250bn in new SDRS; today it could create more than twice that amount before having to ask America’s Congress for permission to continue. Creating SDRS would provide indiscriminate, unconditional aid without draining the IMF’s reserves. However, it is controversial. The fund’s core mission is making conditional loans that are repaid, not printing money. It could take time to build the necessary support. In the meantime, rich countries should lend their SDRS to countries that are short of reserves. This may be more politically palatable than lending dollars.
譯文：首先，它應該創造新的特別提款權，這種貨幣可以兌換成美元，但基金控制其數量（見自由兌換）。這有點像印刷貨幣，為每個國際貨幣基金組織成員國提供廉價的永久信貸額度。2009年，在全球金融危機之後，該基金組織利用新的特別提款權創造了2500億美元；今天，它可能創造超過兩倍的資金，然後才不得不請求美國國會批准繼續。建立特別提款權將提供無條件的援助，而不會耗盡IMF的儲備。然而，這是有爭議的。該基金組織的核心任務是提供有條件的、需償付的貸款，而不是簡簡單單地印刷貨幣。建立必要的支持可能需要一定時間。與此同時，富國應該向缺乏儲備的國家提供特別提款權。這在政治上可能比美元貸款更受歡迎。
詞彙解析
- convertible adj.~ (into/to sth) that can be changed to a different form or use 可改變的；可轉換的；可兌換的例：a convertible sofa (= one that can be used as a bed) 沙發床 convertible currencies (= ones that can be exchanged for those of other countries) 可兌換的貨幣
- perpetual credit line 永久信用額度
- are short of 缺乏……；離……不遠
- palatable adj. ① ( of food or drink 食物或飲料 ) having a pleasant or acceptable taste 可口的；味美的 ② ~ (to sb) pleasant or acceptable to sb 宜人的；可意的；可接受的
第6段
Second, the IMF must alleviate the dollar liquidity shortage in solvent countries that have good institutions but which cannot borrow from the Fed. In 2017 the fund’s board rejected a proposal to provide its own swap-like funding to countries with strong institutions. It should revisit that decision. It should also explore ways of getting existing dollar reserves, which are ample at the global level, to where they are needed. For example, the fund could act as a clearing house for currency swaps, guaranteeing participating central banks against losses by graduating any debts that turn sour into a conventional IMF programme.
譯文：其次，國際貨幣基金組織必須緩解有償付能力的國家的美元流動性短缺，這些國家擁有良好的機構，但無法從美聯儲借款。在2017年，該基金董事會拒絕了一項向擁有強大機構的國家提供類似互換的資金的提議。委員會應重新審議這一決定。它還應探討如何將在全球一級充足的現有美元儲備提供給需要的地方。例如，該基金組織可以充當貨幣互換的交換中心，通過將任何債務轉化為常規貨幣基金組織方案來保證參與的中央銀行免受損失。
詞彙解析
- dollar liquidity shortage 美元流動性短缺
- solvent n. a substance, especially a liquid, that can dissolve another substance 溶劑；溶媒 adj. ① [ not usually before noun ] having enough money to pay your debts; not in debt 有償付能力；無債務 【反義詞】insolvent ② ( technical 術語 ) able to dissolve another substance, or be dissolved in another substance 有溶解力的；可溶解的
- clearing house: ① a central office that banks use in order to pay each other money and exchange cheques, etc. （銀行）票據交換所，清算中心，結算所 ② an organization that collects and exchanges information on behalf of people or other organizations 信息交換機構；信息交流所
第7段
Third, the fund must persuade the world that many of the poorest countries, especially in Africa, are insolvent and need debt relief (see Middle East & Africa section). Researchers at the fund and the World Bank judged in February that half of low-income countries had shaky finances even before the pandemic. In these countries there is a danger that emergency loans are used to pay off existing creditors, leaving the IMF holding the bag. (This is awkward given that, by one estimate, China lent $146bn to African governments and state-owned enterprises between 2000 and 2017.) Better to write down debts collectively. Doing this in an orderly manner takes time, but public-sector creditors should immediately suspend both principal and interest payments. And if possible, the world should co-operate to shield the poorest countries from payments to private creditors, too.
譯文：第三，該基金必須說服世界，許多極度貧窮的國家，特別是一些非洲國家，無力償債，需要債務減免（見中東和非洲部分）。該基金組織和世界銀行的研究人員於2月判斷，即使在大流行病爆發之前，一半的低收入國家的金融仍然不穩定。在這些國家，緊急貸款被用來償付現有債權人風險，讓國際貨幣基金組織承擔責任。（據統計稱，在2000年至2017年期間中國向非洲政府和國有企業提供了1460億美元貸款，這種局面令人尷尬。）最好集體減債......有序地做到這一點需要時間，但公共部門債權人應立即暫停支付本金和利息。如果可能的話，世界各國應通力合作，保護最貧窮的國家向私人債權人付款。
詞彙解析
- shaky adj. ① shaking and feeling weak because you are ill/sick, emotional or old 顫抖的；顫巍巍的 ② not firm or safe; not certain 不穩固的；不牢靠的；搖晃的；不確切的
- principal n. 資本，本金
第8段
These actions will be needed in addition to the IMF’s regular lending programmes, which will be called upon at a scale higherto unseen. The fund has not faced a crisis like this before. It must fight it with every available tool.
除了國際貨幣基金組織的常規貸款計劃之外，還需要採取這些行動，其規模之大將前所未有。該基金組織以前從沒有遇到過這樣的危機。它必須用所有可用的工具來與之對抗。
