评国际货币基金组织关于主权债务重组机制的新建议

Some Comments on the IMF's Proposed SDRM

最近 ,国际货币基金组织提出实行主权债务重组机制 ,以建立一个正式的、可预见的法律框架 ,允许主权国家在主权债务不可维持的情况下 ,向基金组织提出申请并经基金组织批准后 ,暂停偿付主权债务 ,由此促成主权债务人与债权人进行及时的、有序的债务重组。而本文认为 ,从基金组织已透露的拟建立的主权债务重组机制的基本框架看 ,实行该机制解决的问题不多 ,但操作起来难度不小 。

Under the IMF's proposed SDRM, a formal and predictable legal framework would be established for a sovereign debtor to apply to and get approval from the IMF for a standstill on sovereign debt in case its debt is unsustainable. During the temporary standstill, the sovereign debtor and creditors are encouraged to sit down together to reach a timely and orderly debt restructuring. However, as this paper figures out, the IMF's new proposal has little innovation. Its enforcement would meet with many pragmatic problems, and its target is too ambitious to be achieved.