原文选自《The Economist》0411期 撰文 | 猫斯图
经济学人精读 | Break the glass（上） 新兴市场一片混乱 国际货币基金组织必须介入帮助
中文导读
面对数以亿计的资产退出资本市场舞台，IMF必须作出及时的反应以帮助贫穷国家渡过难关，因此不得不采取三管齐下的方法应对此次危机。一、创造新的特别提款权；二、缓解美元流动性短缺；三、对某些贫困国家进行债务减免......
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.
译文：首先，它应该创造新的特别提款权，这种货币可以兑换成美元，但基金控制其数量（见自由兑换）。这有点像印刷货币，为每个国际货币基金组织成员国提供廉价的永久信贷额度。2009年，在全球金融危机之后，该基金组织利用新的特别提款权创造了2500亿美元；今天，它可能创造超过两倍的资金，然后才不得不请求美国国会批准继续。建立特别提款权将提供无条件的援助，而不会耗尽IMF的储备。然而，这是有争议的。该基金组织的核心任务是提供有条件的、需偿付的贷款，而不是简简单单地印刷货币。建立必要的支持可能需要一定时间。与此同时，富国应该向缺乏储备的国家提供特别提款权。这在政治上可能比美元贷款更受欢迎。
convertible adj.~ (into/to sth) that can be changed to a different form or use 可改变的；可转换的；可兑换的例：a convertible sofa (= one that can be used as a bed) 沙发床 convertible currencies (= ones that can be exchanged for those of other countries) 可兑换的货币
perpetual credit line 永久信用额度
are short of 缺乏……；离……不远
palatable adj. ① ( of food or drink 食物或饮料 ) 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.
译文：其次，国际货币基金组织必须缓解有偿付能力的国家的美元流动性短缺，这些国家拥有良好的机构，但无法从美联储借款。在2017年，该基金董事会拒绝了一项向拥有强大机构的国家提供类似互换的资金的提议。委员会应重新审议这一决定。它还应探讨如何将在全球一级充足的现有美元储备提供给需要的地方。例如，该基金组织可以充当货币互换的交换中心，通过将任何债务转化为常规货币基金组织方案来保证参与的中央银行免受损失。
dollar liquidity shortage 美元流动性短缺
solvent n. a substance, especially a liquid, that can dissolve another substance 溶剂；溶媒 adj. ① [ not usually before noun ] having enough money to pay your debts; not in debt 有偿付能力；无债务 【反义词】insolvent ② ( technical 术语 ) 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. （银行）票据交换所，清算中心，结算所 ② an organization that collects and exchanges information on behalf of people or other organizations 信息交换机构；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.
译文：第三，该基金必须说服世界，许多极度贫穷的国家，特别是一些非洲国家，无力偿债，需要债务减免（见中东和非洲部分）。该基金组织和世界银行的研究人员于2月判断，即使在大流行病爆发之前，一半的低收入国家的金融仍然不稳定。在这些国家，紧急贷款被用来偿付现有债权人风险，让国际货币基金组织承担责任。（据统计称，在2000年至2017年期间中国向非洲政府和国有企业提供了1460亿美元贷款，这种局面令人尴尬。）最好集体减债......有序地做到这一点需要时间，但公共部门债权人应立即暂停支付本金和利息。如果可能的话，世界各国应通力合作，保护最贫穷的国家向私人债权人付款。
shaky adj. ① shaking and feeling weak because you are ill/sick, emotional or old 颤抖的；颤巍巍的 ② not firm or safe; not certain 不稳固的；不牢靠的；摇晃的；不确切的
principal n. 资本，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.
除了国际货币基金组织的常规贷款计划之外，还需要采取这些行动，其规模之大将前所未有。该基金组织以前从没有遇到过这样的危机。它必须用所有可用的工具来与之对抗。
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