LTng pho cua cac to chipc tai chinh quoc te vd"!
tac dong cua khung hoang tai chinh toan cau
TH.S. TRAN THI CAM TRANG'
Ba ndm qua, the gidi dd phdi ddi mat vdi mdt Irong nhiing cugc khiing hodng kinh ti tdi te nhdt trong lich sir, de dog thdnh luu Idng trudng, tgo viec ldm vd gidm ngheo a cdc nude dang phdi trien. Khung hodng khdi ddu tir linh vuc tdi chinh a cdc nude phdt trien vdo giira ndm 2008, nhanh chdng lan sang nhieu nude dang phdt trien, nhdt Id nhirng nude hdi nhdp sdu vdo nen kinh te todn cdu. Trong bdi cdnh ndy, cdc td chirc tdi chinh qudc le (IFI), nhu Ngdn hdng The gidi (WB), Quy Tien le qudc te (IMF), Ngdn hdng Phdt trien chdu A (ADB), vd mot sd td chuc khde cd vai trd vd cimg quan trgng trong viec tdi lap dn dinh tdi chinh vd hd trg tdng trudng todn cdu thdng qua huy ddng vd phdn bd cd hieu qud cdc ddng vdn (ke cd vien trg) chinh thirc, dgc biet Id cho cdc nude dang phdt trien bi tdc ddng mgnh cua khimg hodng.
Bdi viet ndy xem xet cdc bien phdp irng phd khung hodng tdi chinh todn cdu ciia cdc td chirc tdi chinh qudc te.
1. Vai tro ciia cac to chiic tai chinh quoc te (IFI) trong khiing hoang tai chinh toan cau 2008
The hien qua cdc hoat dgng h6 trg ldi chinh trong thdi ky khiing hodng, cdc IFI da cd the giiip cdc nude dang phdt trien:
i) Gidi quyet cdc thdch thuc ve ngdn sdch.
Thdng qua ho trg tdi chinh md cdc IFI c6 the giiip cdc nude bu ddp cdc khodn thieu hut
* Vign Kinh tS va Chinh tri The gidi
ngdn sdch vd dieu chinh cdc chinh sdch thu chi ngdn sdch ciia minh, co linh ldi cdc uu lien vd nhiing thdch thiic mdi n6i len. tir khiing hodng (cy the Id ddm bdo dieu chinh ngdn kh6 phdi chii y tdi nhiing nhu cdu ciia ngudi ngheo). Nhiing viec ldm nhu vdy c6 the dugc bo sung thong qua hd trg ky thudt (TA) de giiip tdng cudng qudn ly, minh bach, vd trach nhiem gidi trinh trong ldi chinh c6ng de ddm bdo sir dung co hieu qud cdc nguon lyc quy hiem;
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-,.3f
IJng pho cua cac 16 chCpc tdi chinh quoc t4. Trdn Thj C^m Trang
ii) On dinh khu vue tdi chinh vd khu vue tu nhdn. Ctic IFI co the la mgt nhdn t l trong chuong trinh hdnh dgng nhanh vd co phoi hgp de ngan chdn sy syp do eiia nganh ngan hang va khu vvre tu nhan d cdc nude dang phat trien. Cdc IFl co the dua ra nhung khuyen nghi giiip edc nude chuan bj vii irng pho vdi edc cupc khiing hodng ciia nganh tai chinh, ddnh gia tinh de ton thucrng. vd day manh cae khung kh6 chinh siieh vii quy djnh.
Ciic IFl cung eo the cung cap tai chinh ngdn ban (ke cd ldi ehinh thuang mai) va cung cap v6n cho cdc he lh6ng ngan hang bi ton thuang (hodc Id tryc tiep lh6ng qua cdc boat dpng cua khu vyc lu nhdn hodc Id gidn tiep th6ng qua cac chirong trinh h6 trg ldi cap v6n cho ngan hang ciia chinh phii). Cdc IFI cung cd the hd trg cdc nude dang phdt trien bang each cdp bdo ldnh trudc cdc ngdn hdng nude ngodi vd/hode trudc cdc nhd ddu lu lu nhdn de khuyen khich hg quay trd lai cdc thi trudng mdi ndi.
iii) Dam bdo phdt trien trong ddi hgn. Mpt trong nhiing vai. tro quan trpng ciia cdc IFI la phdi giiip cdc nude dang phdt trien gidm den mirc t6i thieu viec phd vd cdc chuang trinh vd dy dn phdt trien dang trien khai, cu Ihl la giiip cdc chinh phu ddnh uu lien nguon lyc ciia minh vd ddm bdo on dinh nguIn tdi chinh vay dugc ciia nude ngodi cho cdc dy dn vd cdc chuong trinh phat trien dang triln khai vd da len ke hoach. Nhdn thdy sire ep ngdy cdng tdng d6i vdi nguIn lyc cua chinh phii vd tdm quan trgng ciia kich thich tdi khod, trong mgt s l trudng hgp, cdc IFI c6 Ihl cdn phdi h6 trg cho cdc chuang trinh vd dy dn vl ha tang co sd va phdt Irien con ngudi.
2. ling ph6 vdi khiing hoiing tai chinh todn cau ciia cac IFI
2.1. Nhom Ngdn hdng the gidi (WB)*
Tat cd eae IM deu irng pho manh me vdi khimg holing vd huy dgng dugc cdc dong tai chinh Idn chua tirng cd, trong d6, Nhom WB dat gia trj gidi ngdn Idn nhdt. Trong ndm lai khoa 2009 2010. Nhom WB dd cam kit lai trg 128,7 ty USD va da gidi ngan d mirc ky luc dugc 80,6 ty USD (xem Bang I) - mgt khii lugng IcVn hern bat ky mgt to chirc tdi chinh quoc te nao khac (kl ea IMF) so vdi 49.4 ty USD va 39,2 ty USD tuong irng trong nhung ndm lai khoa 2007 2008.
Vice tang cudng ho trg tdi chinh irng pho vdi khiing hodng ciia Nhdm WB co ba muc lieu: i) bdo ve nhdm nude de tdn thuang nhdt; ii) duy tri ddu tu ddi ban vdo co sd ha tdng; vd iii) ddm bdo tiem ndng dan ddt tang trudng Clia khu vyc lu nhdn. lao viec ldm, va tdi chinh vi m6, de hirdng tdi dn djnh kinh te vT m6.
De dat dugc eae muc tieu tren, Nhdm WB lien hdnh cdc bien phdp ho trg tdi chinh chii yeu th6ng qua: phdn bd nguon vdn sdn cd ciia Ngan hdng lai thiet vd phdt trien qudc te (IBRD) cho cdc nude thu nhdp trung binh; lap Quy phan irng nhanh trong khudn khd Hiep hgi Phdt trien Qu6c le (IDA) de ho trg cdc nude thu nhap thap; vd cdc sdng kien huy ddng von va nang cao dnh hudng ciia Cdng ty Tai chinh quoc le (IFC) ddi vdi khu vuc tu nhdn.
Nhom WB glm Ngan hang Tai thiet va phat trien Quoc tg (IBRD), Hiep lioi Phat triSn QuIc t€ (IDA), Cong ty Tai chinh Qu6c tl (IFC), Ca quan Bao lanh DSu tu Da phuang (MIGA) va Trung tam Giai quy^t tranh chap dau tu QuIc t^ (ICSID). Trong bai \ikx nay chi Ai cSp din cac irng ph6 cua IBRD, IDA, IFC. Thuat ngO
"WB" dung d6 chi IBRD va IDA.
•38 -NhOng vin di KINH T^ VA CHINH TRj TH^ GIOI S6 12(188) 2011
Trdn Thi Cam Trang ij'ng pho cua cac 16 chiPC tai chinh qu6c t l . .
Bdng 1: Cdc dong tai chinh ciia cac IFI nhung nam tdi khda 2009 - 2010
Dan vi: Ty USD
Cac IFI
Nhom Ngdn hdng The gidi IMF
Cdc IFI khde
Tong gia tri cam ket
128,7 219,0 87,1*
Tong gia trj giai ngan
80,6 67,0 56,4*
(*) sd lii'u eiui cdc IFI khde linh din cudi thdng 6/2010; hao gdm: Ngdn hdng phdt trien chdu A (ADB), Ngdn hdng phdt trien vd tdi thiii chdu Au (EBRD), Ngdn hdng phdt trien lien My (IADB) vd Ngdn hdng phdt trien chdu Phi (AfDB).
Ngudn: lEG. (2010): The World Bank Group's Response to the Global Crisis. Phase I. World Bank, Washington, DC.
Khi no ra khung hodng. WB da tdng cudng cho vay cd lir IBRD lan IDA. IBRD chuyen mdn hoa trong viec cho hdu het cdc nude thu nhdp trung binh vay vdi lai sudl gdn vdi thj trudng vd gdy quy chii yeu thdng qua viec ban cac trdi philu quIc tl tren cdc thi Irudng lai chinh Ihl gidi. IDA Id mdt nhdnh cho vay cd uu dai ciia IBRD, cung cdp vien trg vd cdc khodn cho vay vdi ldi sudl bdng 0 cho cdc nude ngheo nhdt Ihl gidi. NguIn ldi chinh ciia IDA chii ylu la lir d6ng gdp ciia cdc nude gidu theo chu trinh 3 nam. Theo dinh nghTa vl vien trg phdt triln ciia Uy ban ho trg phdt triln OECD, thi hdu nhu tdt cd cdc khodn cho vay ciia IDA Id vien trg phdt trien chinh thiic.
Tuy nhien, dang chii y Id cdc khodn cho vay cua IBRD - tiic la cac khodn cho cdc nude thu nhdp trung binh vay theo lai sudl gan vdi Ihi trudng - tang len rdt nhilu. Vdo ndm 2009, ting gid tri cho vay ciia WB tdng 90% so vdi mirc
ciia nam 2008, trong do gid tri cho vay cua IBRD tdng 144 %, con cua IDA tdng co 25%.
So sdnh ting gia tri cho vay trong 2 ndm ldi chinh trudc khi khiing hodng vdi 2 ndm sau khi xdy ra khiing hodng (Hie la 2007 vd 2008 vdi 2009 va 2010), thi thdy cdc khodn cho vay ciia IBRD tdng gan gap d6i (193%), trong khi d6 ciia IDA chi vdn chi tdng 24%. Do do, thoat nhin thi thdy Id ling pho ciia WB vdi khimg hodng ldi chinh todn cdu Id tdng cho vay cdc nude thu nhdp trung binh.
Viec phdn bl cdc khodn cho vay phdn Idn cdn cir vdo miic do khde nhau ve dnh hudng ciia khiing hodng vd nhu cdu dugc tai trg, ciing nhu nhiing khde nhau trong ngudn lyc cua IBRD vd IDA. Ty trgng cdc cam kit cho vay vd gidi ngdn cho cdc khu vyc da thay ddi manh trong thdi ky 2009 2010 (xem Bdng 2). Chau My La linh va Caribe, chau Au vd Trung A la nhiing chiu lac dgng manh nhdt ciia khung hodng vd da dugc
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ling ph6 cOa cac t l chiPC tdi chinh q u i c t l . . . Tran Thj Cim Trang
vay nhieu hon. Ty trpng cdc khodn cho vay lap trung vao bdo trg xd hgi vd cdc chuong trinh ch6ng khung hodng chu ky d My Lalinh va Caribe, tap trung vdo on dinh ngan sdch va vd ng d chdu Au va Trung A. Trai lai, ly trgng cdc khodn ho trg cho chdu Phi can Sahara vd D6ng A vd Thai Binh Duong lai gidm xuing, c6n ly trgng ciia Trung Dong vd Bdc Phi gan nhu kh6ng thay dli. d Nam A gidm vdo nam ldi kh6a 2009, trudc khi Idng trd lai vdo ndm 2010.
Ty trgng cua chau Phi can Sahara gidm phdn dnh viec tdng manh trong cho vay ciia IBRD so
vdi IDA, chu' khong phdi gidm cho vay doi vdi khu vvre ndy. Cdc khodn cho vay ndy tap trung vdo cdc chuong trinh bdo trg xd hpi va chong khiing hodng chu ky d cdc nude My Lalinh va Caribe, vd tdp trung vdo on dinh lai kh6a va ng d chau Au vd Trung A. Trdi lai, ly trpng ciia chau Phi can Sahara, Dong A vd Thai Binh Duong lai gidm xuong, trong khi ty trpng ciia Trung Ddng vd Bdc Phi gdn nhu kh6ng thay doi, cdn ly trgng ciia Nam A thi gidm vdo ndm ldi khda 2009, nhung sau do lai tdng vdo ndm 2010.
Bdng 2: Ty trQng cua tung khu vu-c trong cdc cam ket cho vay vd giai ngan ciia WB
Dffn vj: %
Khu vyc 2007 2008 2009 2010
Cam ket
Chdu Phi can Sahara
D6ng A vd Thdi Binh Duong Chau Au vd Trung A
My La tinh vd Caribe Trung D6ng vd Bdc Phi Nam A
23 16 15 19 4 23
23 18 17 19 6 17
17 17 20 30 4 12
19 13 18 24 6 19 Gidi ngdn
Chau Phi can Sahara
D6ng A vd Thdi Binh Duong Chdu Au vd Trung A
My La linh vd Caribe Trung D6ng vd Bdc Phi
1 Nam A
20 17 15 19 9 21
24 18 16 17 6 18
16 17 19 29 5 14
15 14 20 29 6 16
Nguon: IEG.(2010): The World Bank Groups Response to the Global Crisis. Phase I. Worid
Bank, Washington, DC.
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Trdn Thj Cdm Trang ling pho cua cdc to chiFC tai chinh quocte...
WB phan bo nguIn lyc chii ylu theo 5 ITnh vvre, phii hgp vdi cdc muc lieu irng pho khiing hodng ciia WB. Do Id cdc ITnh vyc: Chinh sdch kinh le, bdo trg xa hgi, ngdnh ldi chinh, co sd ha tang, vd moi trudng, da chilm gan nhu todn bg 56,2 ty USD lang them ciia gia tri cam kit cho vay vd 28,8 ly USD tdng them ciia gid tri gidi ngan nam 2009 2010 so vdi ndm 2007 2008. Gid tri cho vay ddi vdi ITnh vyc bdo trg xa hpi chiem 17% trong tong gidi ngdn tdng them noi tren, md chii yeu la cho vay boat dpng chinh sdch phdt trien (liic Id cho vay h6 trg ngdn sdch vd cho vay theo chuong trinh) vd cho vay ddu lu gidi ngdn nhanh, vd chi tap trung vdo mgt s6 khodn cho vay va mgt s6 nude. Cho vay co sd ha tdng chi chiem 18%
trong s l gid tri gidi ngdn tdng them do, mac dii chilm 30%) cdc cam ket mdi.
Cdc khodn cho vay cua WB thyc hien dudi hai dang Id cho vay hogt dong chinh sdch phdt triin vd cho vay ddu tu. Trong ndm 2009 2010, cho vay ddu tu chilm 61%) gid tri cam kit, vd 53% gid tri gidi ngdn, trong khi do cho vay boat ddng chinh sdch phdt trien chiem tuong ling Id 39% vd 47%. Cdc khodn cho vay cua IBRD nghieng v l hoat ddng chinh sdch phdt triln khi chilm tren 50% gid tri cam kit va gidi ngan; trong khi dd cdc khodn cho vay ciia IDA lai chii ylu Id cho vay ddu tu, chilm 75% gia tri cam kit vd gidi ngdn. So vdi cdc dy an ddu tu, thi cho vay chinh sdch phdt trien dugc gidi ngdn nhanh nhdt vd tao thudn lgi cho cac chuong trinh cdi each kinh ll. Trong thdi gian khung hodng, khi cdc nude cdn tilp can nhanh vdi ngudn vdn thi cho vay chinh sdch phdt triln Id cdch kha nhanh di cd ngu6n lien
cho ngan quy quIc gia. Tir thai ky trudc khung hodng den thdi ky trong khiing hodng, gia tri cdc khodn cho vay chinh sach phdt trien ciia IBRD da tdng 375%, trong khi d6 gid Iri cdc khodn cho vay chinh sdch phdt triln ciia IDA danh cho cdc nude ngheo nhdt van gdn nhu kh6ng tang.
NIU nhu viec ho trg ldi chinh cho cdc chinh phii quIc gia do IBRD vd IDA dam nhiem, thi boat dgng cho vay dli vdi khu vyc lu nhdn d cdc nude dang phdt trien do IFC thuc hien. IFC da ung pho vdi khimg hodng bdng cdc sang kiln loan cdu mdi, bao g6m:
cac nin tdng cdp vln mdi tap trung vdo tdi chinh thuong mai, co sd ha tdng, ldi chinh vi m6, ldi cap vln cho ngdn hdng (lh6ng qua cong ty qudn ly tdi sdn), vd qudn ly tai san xdu. Nhiing sdng kiln ndy nhdm thuc ddy nguIn quy ciia IFC len thdnh 24 ty USD tir cdc dli tdc ben ngodi (nhat Id cdc thi chl ldi chinh phdt triln) vdo ndm 2011. IFC cung tham gia vdo cdc sang kiln chung ciia cdc IFI d chau Au va Trung A, My Latinh vd Caribe, vd chdu Phi can Sahara. Tdi ngdy 30/6/2010, 9,2 ly USD da dugc thong qua di thyc hien cdc sdng kiln mdi, nhirng chi 1,9 ty USD dugc gidi ngdn.
Hoat dgng mdi ciia IFC tang len d cdc nude thu nhap thdp, chir khdng phdi la d cdc nude thu nhap trung binh nhu cua IBRD. Dau tu cua IFC vdo cdc nude thugc danh sdch ho trg cua IDA da tdng 24%) giua ndm tdi chinh 2008 2010. Gid tri cdc cam kit tang nhilu nhdt la d Ghana vd Pakistan. Trong khi do IFC da gidm lugng ddu tu ciia minh vdo cac thu nhdp trung
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Ong ph6 cua cac t l chu'c tdi chinh qu6c {L.^ Trdn Thj Cim Tranfl r*
binh Idn ban. nhu Philippines, Nga vii Tho NhT Ky. Tuy nhien, tdi Quy lV/2010 cac cam kit cho cdc nude thu nhap trung binh dd bdt dau Idng trd lai.
2.2. Quy tiin t^ qudc te (IMF)
Ca WB \d IMF diu thira nhan nhirng cii soc tai chinh mdi day \a nhiing mi ro ma hg dd ganh chiu, ngoai nhung cii s6c ve lucmg thuc
\a nhien lieu trudc do. Tuy nhien, WB thi tap trung vao chii de chinh la chii nghTa da phucrng
\ii thj trirdng. trong khi do thi IMF lap trung vdo chinh cupc khiing hoang vd sy cdp thiet phdi hanh dpng mau le va to^n dien. Mpt trong nhiing ly do khien IMF phdi hdnh dpng nhu vay la vi ngu6n g6c ciia khimg hodng ndm d ITnh vyc tdi chinh cua cdc nude lien lien, ma d d6 IMF CO nhiem vu vd vai tro quan trpng trong gidm sat song phuong.
Vi vdy, khi nen kinh le the gidi bi nhdn chim
\ao cupc khimg hodng l6i lc nhdt ke tir nhieu thdp nien nay, IMF da lich cyc huy dpng tir nhieu nguon de ho trg cdc nude thdnh vien ciia minh bdng cdch tdng cdc khoan cho vay. lu van cac gidi phdp chinh sdch vd de ra cdc cugc cai cdch de hien dai hda cdc boat ddng ciia chinh minh vd trd nen nhiet linh ban trucVc cdc nhu cdu ciia cdc nude thdnh vien.
IMF dang ddm bdo lot lien do thyc hien myc lieu cho vay 250 ly USD d6i vdi chinh phii cdc nude thdnh vien. Ddy dugc xem Id mgt phan trong qud trinh gia tdng nguon vln cho vay ciia IMF len gap 3 lan de dat dugc muc lieu 750 ty USD da dugc nhdt tri tai Hgi nghi Thugng dinh G-20 ngdy 2/4/2009 d London. IMF dd thyc hien nhieu gidi phdp nhdm gia tdng ngdn quy.
Ci\c hinh thirc tdng vln chii yeu Id vay song phuang va phdt hanh trai phieu huy dgng vln Idn dau lien vdo ngdy 1/7/2009 nhu mgt hinh thirc dau tu ciia cdc nude thdnh vien de IMF sir dyng ho trg cho cdc thdnh vien khac. Hai hinh thirc huy dgng von ndy dugc thyc hien trong khu6n kho chuong trinh tdi trg md rgng chinh thirc, dugc ggi la cdc thoa thudn vay mdi.
Ngucri la hy vgng rdng vdi hinh thire ndy, IMF CO Ihl thu hilt mdt ngudn vdn bd sung len tdi 500 ty USD di dli phd vdi cugc khiing hoang loan cau bode Irong cdc trudng hgp khan cdp nlu nguon ddng gop theo han mirc cua cdc nude thdnh vien kh6ng dii de ddp ung.
Cai Id ca chi cho vay Id mdt trong nhiing no lyc Clia IMF de tdng cudng mang ludi an toan ldi chinh todn cau. IMF dd xem xet lai toan bo khung kh6 cho vay ciia minh de Idm sao cho phii hgp hon vdi nhu cdu vd hodn cdnh ciia timg qu6c gia vd hgp ly hda cdc dieu kien kem tbeo cdc khodn cho vay, vd da thdng qua cdc cdi each todn dien de ddy manh khd ndng ngdn chdn va gidi quyet cdc cugc khiing hodng. Ddng tin dyng linh boat (Flexible Credit Line) vd Dong lin dyng phdng ngira (Precautionary Credit
Line) Id nhirng cdng cu cho vay mdi dugc IMF sir dyng de ho trg cdc nude thanh vien doi pho vdi cugc khiing hodng. Ddng tin dung linh hoat cung cap ho trg tin dung ngdn ban cho cho cac nude cd cdc khung khd chinh sdch tot va co thanh tyu kinh te cao. Nude dugc chap thuan vay tir cdng cu nay khdng phdi ddp ling bat Ky dieu kien ndo. Colombia, Mehico va Ba lan da dugc cho vay tren 100 ly USD. Con dong tin dyng than trgng cung cdp hd trg lin dyng ngan han cho cdc nude cd chinh sdch vd nen tang
42 NhQ-ng vin di KINH T ^ VA CHINH TRj T H ^ GIOI S6 12(188) 2011
Trdn Thj Cam Trang l i n g pho cua cac 16 chiPC tai chinh quoc t l . .
kinh te t6l, nhirng van dang dli mat vdi nhiing bap benh lilm dn. Vao thang 1/2011, Macedonia la nude ddu tien dugc tilp can vdi PCL. Hai c6ng cy ndy da thye sy la nhung ho trg CO gid trj trong suit thdi gian khiing hodng vd da giiip tdng cirdng long lin vii giam sire ep len can can thanh loan d cac nude dugc vay.
Tuy nhien, nhu cdu sir dyng 2 dong lin dyng nay ndy van ban chl, bdi cho hdu hit cdc nude van mu6n ty minh ddm bdo kha ndng tai chinh, vi dy nhu thong qua viec tdng dy trir ngoai hii qii6c gia, vd cdc nude van lo ngai vl sy bdt cap trong tiep can vdi ho trg tdi chinh cua IMF va sy thieu linh boat ciia 2 cdng cy ndy. Ding thdi, chinh bdn thdn IMF nhdn thay rdng chinh sdch cho vay khan cap cua minh thdng qua 2 c6ng cy nay chi dp dyng dugc vdi mgt so il trudng hgp.
Vi nhiing ly do nay md mdi ddy IMF da quylt dinh thay the Ddng lin dung phong ngira bdng Dong thanh khodn vd phong ngira (Precautionary and Liquidity Line - PLL) linh boat ban, cd khd ndng cung cdp nhieu thanh khodn ban cho nhieu Irudng btrp vay hon (bao g6m cd cdc nude co cdc chinh sdch kinh te vT m6 l6t nhung bj dnh hudng bdi cdng thang kinh le vd tai chinh trong khu vyc hodc tren loan cdu). PLL cho phep thdi gian thanh loan ngdn ban la 6 thdng vdi khdng vugt qud 250% ban miic dong gop ciia thanh vien. Tuy nhien, trong nhirng Irudng hgp ddc biel, PLL c6 the dugc cung cdp vdi thdi ban vay tir 1 den 2 ndm vd gid tri thdng qua len den 500%) ban mirc dong g6p hodc 1000% ban miic dong gdp vdo ndm thir hai sau khi dugc Ban Dieu hdnh IMF xem xel.
Cling trong nd lyc cdi cdch co che cho vay, IMF da bai bo quy dinh "ciing" vl co cdu khi
ho trg tai chinh. Theo do, bdt ddu lir thang 5/2009, tat cd cdc khodn cho vay ciia IMF (kl ca d6i vdi cac chuong trinh ciia cdc nude c6 thu nhdp thap) kh6ng di kem theo dilu kien phai dat ihimh tich vl co cdu nua. Cac cupc cai each co cau se tiep luc la mot bp phdn ciia ciie chuang trinh dugc IMF ho trg, nhung tap trung nhieu hon den cdc ITnh vyc quan trgng d6i vdi phyc h6i kinh te.
Cdng cu hd trg ldi ehinh nhanh dugc IMF sir dung de ho trg tai chinh khdn cap cho tat cd cac nucrc thdnh vien dang gap kho khdn vl cdn can thanh loan, bao g6m kho khdn phdt sinh lir viec tdng manh gid hdng hod, thien tai, cdc tinh trang hau xung dot, vd cdc Irudng hgp khdn cap khac.
C6ng cu h6 trg tai chinh nhanh nay la mpt bp phdn ciia cupc cdi each nhdm lam cho IMF trd nen linh boat hon khi ddp ling cdc nhu cdu h6 trg tai chinh khan cap ciia cdc nude thdnh vien ma kh6ng can thiet phdi c6 cho mgt chuang trinh chinh Ibiic. Theo do, cdc nude thanh vien CO the nhan dugc ngu6n h6 trg ngay lap lire bang 50% ban mirc dong gop hang nam vd
100% tren co sd tich liiy.
Tu vdn chinh .sdch Id mgt cdu thdnh thiet yeu ciia h6 trg khdn cdp ciia IMF trong khu6n kh6 Cdng cu hd trg tdi chinh nhanh. Trong cdc trudng hgp hdu xung dot vd cdc linh huong de l6n thuong khde, thi h6 trg ky thudt ciing quan trong d6i vdi xdy dyng ndng lyc thyc hien cdc chinh sdch kinh te vT m6 todn dien. Cdc ITnh vyc lap trung bao g6m xay dyng ndng lyc lh6ng ke, thdnh lap vd 16 chirc cdc the che ldi khoa, tien te vd ngoai h6i.
NhOng vin di KINH T^ VA CHINH TRj TH^ GIOI S6 12(188) 2011
m
ij'ng ph6 cua cac to chCfc tdi chinh quIc te... Trdn Thj Cim Trang
Nhu vay la, IMF da liln hanh mpt cupc eiii each chinh sdch chua tirng eo hudng tdi cac nircrc thu nhap thap. Cai each cho phc^p IMF h6 trg tai chinh khan cap \'d ngiin ban eci hieu qua hofn. Khung kho mdi bao g6m cd ngu6n tai chinh mdi. ban mirc vay tang giip d6i, lai suat bdng 0 eho tcri cu6i nam 201 1. va sau do la mcit eiiu tnic lai suat mcri de dam bao mirc uu dai cao hon. Vdo nam 2009 va 2010, IMF da cam ket mirc cho vay uu dai mcri d6i vdi chau Phi can Sahara len tdi 4 ty USD, trog khi do ehl CO 1,1 ly USD ndm 2008 va 0.2 ly USD ndm 2007.
2.3. Ngdn hdng phdt trien chdu A (ADB) Thyc hien vai tro ciia mc)t IFl. ADB da tien phong img pho vdi khiing hodng tai chinh loan cau bang cdch cung cap khoan h6 trg tai chinh, dap irng nhu cdu vd hodn cdnh ciia cdc nude dang phat trien thanh vien (DMC) chju lac dgng manh cua khiing hodng nay. Nhung khodn ho trg nay ciia ADB tap trung vdo: i) nhanh chong gidi ngdn khodn trg giiip ngan sdch cho cdc DMC de giiip hg virgt qua khimg hodng; vd ii) h6 trg tryc tiep cho cho cdc dy dn ciia khu vyc c6ng va ciia lu nhan de giiip tao nhu cau. tao viec ldm, day manh an sinh xa hgi, va tao dyng long lin cua khu virc lu nhan.
ADB lien hanh cdc boat dgng img pho vdi khiing hoang th6ng qua huy dgng them vd phan b6 v6n tir cac quy vd chuong trinh hien cd, cung nhu mdi thdnh lap.
- Ngudn vdn thdng thuimg (OCR)
T6ng ngan quy ciia OCR ddnh dl irng pho vdi khiing hodng la 7,8 ly USD trong thdi gian
2008 2010, vdi 300 trieu USD thong qua nam 2008, 6,5 ty USD cho ndm 2009 vd 949 trieu USD cho ndm 2010. Cdc khodn cho vay khiing hodng Clia OCR nam 2009 chilm khodng 50%
ting eiie khodn cho vay ciia OCR trong cd ndm.
Theo phuong thirc cho vay thi 33% l6ng ho trg khiing hodng eua OCR Id dudi dang cho vay theo chuong trinh; 32% dugc cung cdp thong qua Qui' hd trg chdng khimg hodng chu ky;
23% dudi dang cdc khoan bao Idnh; 11% la dudi dang cho vay theo dy dn; vd 1% con lai la dudi dang cho vay khu vyc tu nhan hodc von gop rieng.
Quy hd trg chdng khung hodng chu ky (CSF)
CSF dugc lap ra vdo thdng 6/2009 di ho trg ngdn sach theo thdi gian nhdt djnh vdi long gia tri la 3 ty USD. Day Id mgt cdng cy cho vay ngdn ban de bd sung them cho cdc khodn cho
\ ay theo chuong trinh thdng thudng hudng vao h6 trg cdi cdch co cdu Irong thdi ky ddi. Muc lieu Clia CSF Id trg giiip giai ngdn nhanh de cho cdc nude di vay duy tri dugc cdc khodn chi ti-^u phdt trien quan trgng. tao dugc kich thich tai chinh nhdm chdng lai dnh hucmg lieu cue ciia khiing hodng kinh le todn cdu trong ndm 2009 - 2010. Quy cdn giup cdc nude DMC bu dap dugc viec gidm ngudn tin dung nude ngoai va giiip duy tri tdng trudng. Riit kinh nghiem tir thdi ky khimg hodng tien te chau A 1997
1998, CSF dd kh6ng yeu cdu cdc nude xin vay von phdi lien hdnh cdc cdi cdch co cau kinh le vi mo, ma dua ra cdc tieu chi de thong qua cac khodn cho vay nhu sau: chiu tdc dgng xau ciia khimg hodng, qudn ly kinh le vT m6 lot. va "6 chirong trinh chi lieu phdt trien chIng khung
44 NhOng vin di KINH i t VA CHINH TRj TH^ GIOI S6 12(188) 2011
Trdn Thj Cim Trang ling ph6 cua cac t l chiic tai chinh quoc tl...
hodng chu ky. Can cir vao don yeu cdu dugc vay vln cua cdc nude va nhirng tieu chi do Quy di ra, ldi 16/7/2009 Ban Qudn ly quy da quylt dinh phan b l 2,4 ty USD trong nguIn CSF cho 05 nude Bangladesh, Indonesia, Kazakhstan, Philippines vd Viet Nam.
Quy phdt trien chdu A (ADF)
• J \ 1
T6ng ngu6n lyc ciia ADF de irng pho vdi khimg hodng trong thdi ky 2008 2010 la 1,2 ty USD, trong do 85% ho trg khiing hodng la dudi dang cac khodn cho vay theo chuang trinh, 15% cdn lai la dudi dang cdc khodn cho vay theo dy an. Vdo thdng 6/2009. ADB da b6 sUng them 400 trieu USD cho ADF de giiip cac nude thdnh vien ADF ling phd vdi khimg hodng. Dd Id nhirng nude thu nhdp thdp, thieu ngan sdch trdm trgng (nhdt Id khi ling phd vdi
r
khung hodng) vd kho tiep can dugc vdi cdc ngu6n lyc chi phi thdp. Khde vdi CSF. co che phan b l ADF dugc xdc lap cho linh hinh kh6ng CO khiing hodng, nen nhiing dieu kien dugc vay vln tir ADF da khdng tinh tdi dnh hudng cua khimg hodng, md dya tren thanh tyu vl chinh sdch kinh ll vT md trung ban, cdi cdch the chl vd co cdu... ngodi lieu chi ve dan s6 va thu nhdp ddu ngudi ciia mdl nude ra. Nhung nude dii tu cdch dugc vay tir ADF co the dugc vay mgt liic lu6n 100% liln dugc vay Irong 2 ndm 2009 2010 vdo ndm 2009 di irng pho vdi khung hodng.
Hd trg ky thudt (TA)
Ngodi ho trg tdi chinh trong khu6n khi OCR vd ADF vd trg cdp ra, ADB cung ho trg ting cgng 70 trieu USD vdi 66 dy an TA lir 1/9/2008 din hit nam 2009 di xay dyng nang
lyc l6 chiic, phan lich vd lu van chinh sdch de ling pho vdi khung hodng ciia cdc DMC.
Cdc TA CLia ADB giup nang cao khd ndng kiem Ira, kiem sodl kinh ll lam khu vyc, lieu viing vd qu6c gia. Trong khu6n kh6 cdc dy an TA, ADB da 16 chuc hang loat dien ddn de thdo ludn ve dnh hudng ciia khiing hodng kinh le todn cau d chdu A. Vi dy nhu Dien dan Khu vyc: Anh hirdng cua khiing hodng kinh le lai chinh todn cau dien ra vdo ngdy 14 15/1/2010 da 16i cuin cdc DMC trong khu vyc vao chia se kinh nghiem gidm thieu lac dgng lieu cyc va irng pho vdi khiing hodng d trong nude vd tren the gidi. Cdc ben tham gia da tim ra cac co che va cdc bien phap gidm dnh hudng lieu cyc thdnh c6ng, bao g6m cac bien phdp kich thich, ph6i hgp vd dilu chinh chinh sdch, gidm sat nhiing nii ro he thing dl duy tri In dinh ldi chinh vd da thdo ludn vl cdc chieu hudng ciia khung hodng trong khu vyc de img ph6 vdi dnh hudng lay lan. Tilp din Id Diin dan Khu vyc: Anh hudng ciia khiing hodng kinh te d chau A, nhiing bdi hgc, nhiing hieu biet chinh sdch vd triln vgng dugc l6 chirc vao ngdy 4/11/20^0.
16 nude DMC tham dy da ddnh gid sy phue h6i manh me, vd da thdo ludn ve cdch thiic tang cudng In dinh vd ddm bdo tdng Irudng
Chuang trinh thudn lgi hda tdi chinh thuang mgi (TFFP)
Khung hodng ldi chinh todn cau da lam gidm dang kl khd ndng tdi chinh cho thuong mai cua cdc c6ng ty d cac DMC. Viec tilp can dugc vdi nguIn tdi chinh thuong mai moi khi khiing hodng la rdt quan trgng di lam gidm anh hudng cua suy thodi todn cdu den thuong mai qu6c te.
NhOng vin di KINH T^ VA CHINH TRj IHt GIOI S6 12(188) 2011-
U'ng pho cua cac to chiPC tdi chinh quoc t^. Trdn Thj Cim Trang
Vdo thang 3 ndm 2009, do nhu cau ciia thj trudng, ADB da th6ng qua mgt TFFP tri gid 1 ty USD va ky ban giao djch md rgng thdnh 3 ndm. TFFP da rdt thdnh cong trong img pho nhanh vd co hi?u qud dli vdi khung hodng. No da ho trg Idn cho thuong mai d chdu A. dd huy dgng dugc ngu6n lyc de gidm nii ro. va dd dam bdo dugc dong tin dung thirong mai. TFFP cung lao thuan lgi cho quan he d6i tdc giira cdc ngdn hang qu6e te va cac ngan hdng ciia cdc DMC.
giiip ciing CO dugc cac dong von tir cdc nude phat triln chdy \ do cdc nude dang phat trien vd ldm tdng cirdng ndng lire ciia cdc ngan hdng.
TFFP giup cho nhieu cdc doanh nghiep nho vd vira bdng cdch cung cdp bdo lanh va cdc khodn cho vay lh6ng qua cac ngdn hdng ciia cdc DMC.
Nhd tiep can dugc vdi ngu6n tdi chinh thuang mai ma cdc doanh nghiep ndy co the md rgng hodc du>' tri dugc xudt nhdp khau ciia minh, nhd do thiic ddy tdng Irudng vd duy tri bode lam tdng viec ldm d cdc DMC.
Ddng tdi trg
ADB da thiic ddy no luc ddng ldi trg de dap ling dugc hdng nui cdc nhu cau phdi irng pho vdi khung hodng. Do nhiing dnh hirdng xdu ciia khimg hodng dd Ig ro d chdu A, long ngudn lyc d6ng ldi trg dd tdng cao gdp d6i, tir 647 trieu USD ndm 2007 len 1,56 ly USD ndm 2008 vd ldi 3.32 ly USD ndm 2009. Tir ndm 2007 den 2009. sd lugng cdc dli tdc phdt trien ph6i hgp vdi ADB trong viec dong lai trg dy dn cung da Idng manh lir 10 len 23.
Ngodi viec d6ng ldi trg chinh thiic ra. tdt cd cac boat dgng cho vay chinh sdch diu cd lien he mat thiet vdi IMF
77ing cudng hgp tdc khu vuc
ADB giiip cdi thien giam sat kinh te va khiing hodng d cap khu virc, lieu viing va quoc gia. ADB phoi hgp chdt chg vdi ASEAN, ASEAN+3, Hi?p hgi hgp tdc khu vyc Nam A, va Hgi nghj Thugng dinh Ddng A dl ciing co nhirng img ph6 mang tinh khu vyc. Thang 5/2009, cugc hgp cdc Bg trudng tai chinh ASEAN+3 da nhat tri co chl quan tri va kl hoach thyc hien da phuomg hod Sdng kiln Chiing Mai vl viec gdp dy trii- ngoai hoi thanh
120 ty USD. D I giup soan thdo quylt dmh, cugc hgp cung da nhat tri thdnh lap mdt co quan gidm sat khu vyc dgc lap dc theo doi va phan tich cac nin kinh tl khu vyc. Hon niia, AI'B dang no lyc nhdm giiip phdt trien Sdng kien thi Irudng trdi. philu chdu A. Chdng ban nhu, se co CO che bdo ldnh tin dyng vd vdn ddu tu de thuan lgi hod cho cdc nude thdnh vien tham du tiep can dugc vdi ngudn vdn thdng qua thi truong trai phieu chdu A.
2.4. Hogt dpng ciia mpt so IFI khac Ngdn hdng Phdt trien Lien My (lADB) lADB cd kl hoach tdng cdc khodn cho vay dl ho trg tai chinh cho cdc du dn vd day manh cdc chuong trinh xd hgi vd cd ke hoach thoi^g qua so tiln ky luc la 12 ty USD vdo nam 2009 (so vdi khodng 10 ty USD ndm 2008). lADB cung dd lap ra mgt quy thanh khodn 6 ty USD gidi ngan nhanh ggi Id Chuang trinh thanh khodn cho tang trudng bin vumg, de giup cac nen kinh tl My Latinh vd Caribe duy tri lang Irudng. Muc lieu Id gay quy cho cdc cong ty trong nude thdng cjua cac ngdn hang co the dang gap kho khdn khi tilp can vdi cdc dong tin
46 -NhOng vin di KINH it VA CHINH TRj TH^ GIOI S6 12(188) 2011
Trdn Thj Cam Trang U'ng pho cua cdc 16 chiPC tai chinh quIc t l . . .
dung nirdc ngoai va lien ngan hang trong thai ky khiing hoang lai chinh.
- Ngdn hiing Tdi thiii vd Phdt trien chdu Au (EBRD)
EBRD da tdng s6 lien cho \ ay hang ndm len them 20%, tir gdn 6 ly USD nam 2008 len 7 ly USD cho ndm 2009 de irng pho vdi dnh hudng xau ciia khiing hodng kinh te loan cau den Tnmg vd Ddng Au. S6 tien tdng len nay se dugc lay lir ngu6n dy tru ciia EBRD. Khoan v6n ddu lu bo sung vdo ndm 2009 ndy se dugc cap cho tdt ca cdc nude ciia EBRD, nhung chu trpng ddc biet den cdc nude TdN' Ban cdng (Balkans) vd cdc nude kem phat trien d viing Cap Ca (Caucasus) va Trung A. Ung pho ciia EBRD ban ddu se hudng vdo ngdnh ngdn hang d cdc nude ma EBRD ddu tu de dam bdo rdng cac dong ldi chinh dugc tiep tuc, nhdt Id cho cac doanh nghiep vira vd nhd. EBRD cung tdng cudng ho trg cho khu vyc cdng ly Idn hon. Goi irng pho vdi khiing hodng ciing gom ca viec md rpng Chuang trinh thuan lgi hoa thuong mai cua EBRD, va viec gdn ket sdu vdi cdc khdch hang hien hiiu vd vdi cdc chinh phii de gidi quyet cdc van de chinh sdch then ch6l.
- Ngdn hdng phdt trien chdu Phi (AfDB) Vdo ngdy 12/11/2008, AfDB da l l chirc hpi nghj cdc bp Irudng tdi chinh chau Phi vd cac thing die ngdn hdng trung uong de thdo luan vl dnh hudng ciia vd cdc quan diem ve khiing hodng tdi chinh loan cdu den chau Phi.
Cdc dai dien chinh phii da cam kit md rpng cdi each kinh t l vd nhdt tri ddy manh dilu chinh vd gidm sal cdc he thing lai chinh, tilp luc hdi hoa cdc chinh sdch tai khoa liln te.
thyc hien huy dpng tich cue hon niia cac ngu6n thu ngan sdch trong nude, va lam sau cac thi trudng v6n chdu Phi. AfDB hy vpng rang khiing hodng se ldm tdng nhu cdu ve cac dich vy va san phdm ciia minh, nhdt la tir khu vyc tu nhan.
3. Ket luan
Khiing hoang lai chinh loan cau 2008 2009 da keo liii nen kinh le ciia nhieu nude dang phat trien ve thc7i diem phat trien ciia nhieu nam trudc do. Trudc tinh hinh nay, cdc IFI, ma cy thi Id Nhom WB, IMF, ADB va mpt sl ll chirc khac da phai no lyc phdt huy het vai tro ciia minh th6ng qua hang loat boat dpng img pho vdi khiing hodng, ma chu yeu la tich cyc huy dpng va phan b6 nhanh, kip thdi va co hieu qud cac dong v6n de lir do khac phyc nhimg thdch thirc vl ngdn sdch cua cdc nude, 6n dinh khu vyc ldi chinh vd khu vyc tu nhdn, va ho trg tang trudng tren loan cdu ndi chung va cho cdc nude dang phdt trien bi tac dgng manh ciia khiing hoang noi rieng.
Ljch sir kinh ll Ihl gidi chi ra rdng cdc cugc khiing hodng tdi chinh co linh chu ky vd he q.'.d la suy thoai kinh ll. Dilu t6l nhdt md cac IFI co Ihl ldm, trong khi tilp tyc thiic ddy thdnh lap cdc thj Irudng ldi chinh loan cdu hieu qud hon nhung cung In dinh ban, la hay chuan bi cho cdc cugc khung hodng trong tuong lai md c6 the la no se khong hodn todn gilng nhu vira qua vd nhirng irng phd vdi no phdi dugc dieu chinh theo limg trirdng hgp cu the.
Do vay, dilu quan trgng ddu lien la cac IFI cdn chuan bi sdn sang ngii6n lyc ldi chinh de
NhOng vin di KINH i t VA CHINH TRj TH^ GIOI S6 12(188) 2011 .47
U'ng ph6 cua cdc t6 chiPC tdi chinh qu6c t§... Trdn Thj Cim Trang
ddp irng ngay dugc nhu cdu cho vay irng pho khiing hodng chu ky khi no viia mdi xuat hi?n, trong khi van duy tri dugc kha ndng ldi chinh trong dai ban. Nhu kinh nghiem vdi cugc khiing hodng vira roi cho thay, CSF ciia ADB la m^t kich thich tdi chinh giup chong lai suy thoai kinh le kjp thdi. Danh gid dgc lap ciia Nhom WB mdi day eung da khuyin nghi WB nen thdnh lap mgt c6ng cy irng pho khiing hoang
lucmg ty nhu vay. Thir hai Id cdc IFl cdn phai doi mdi CO chl cho vay ciia minh sao cho linh boat hon, giong nhu IMF dd ldm trong cuoc khiing hoang vira qua. Cdc tieu chuan dugc vay vln dvra vdo thdnh tich cdi cdch co cau thudng kh6ng thich hgp trong thdi gian khiing hodng.
Khi dang gdp khiing hodng, viec ho trg tdi chinh theo tinh hinh Id can thiet dl kich thich long cau nhdm dam bdo tdng trudng ngdn ban*
Tdi lieu tham khao:
1. ADB (2009): ADB's Response to the Global Economic Crisis: An Update.
December.
2. ADB (2011). Assessment of ADB's Response to the Global Economic Crisis 2007 - 2010, March.
3. http://www.imf.org/exlemal/np/exr/facls/changing.htm
4. lEG. (2009): 77?^ World Bank Group s Response to the Global Crisis: Update on an Going. Evaluation Brief 8. World Bank, Washington, DC.
5. lEG. (2010): The World Bank Group's Response to the Global Crisis. Phase 1.
Worid Bank, Washington, DC.
6. Martin A. Weiss. (2008): The Global Financial Crisis: The Role of the International Monetary Fund (IMF). CRS Report for Congress.
7. Matthew S. Winters (2011): The World Banks Response to the Global Financial Crisis.
