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But they already have huge forward commitments for new ships.
In December, Mr. Perry issued a halt to forward commitments.
"Certainly, there was a feeling among those who didn't get forward commitments that it was unfair," Ms. Walt said.
Originally, these so-called forward commitments were intended to facilitate the quick construction of housing after natural disasters like hurricanes.
The subsidies are called forward commitments because they are drawn from a pot of money allocated for one year after a board grants the award.
Ms. Marquez said forward commitments had not allowed the region to plan for the unforeseen because available subsidies had been overbooked.
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The hedging is done by buying futures contracts of the raw material equal in quantity to what is needed to fulfill the forward commitment.
The technical term is the fund's "one year forward commitment capacity," which for "Q3 to date" is 246 billion special drawing rights, or S.D.R.'s, which exist only at the I.M.F.
"You can take some of those funds and parcel them out for activities so that you do not create a continuing, unsustainable forward commitment on your budget in the future".
Long hedgers, in contrast, are merchants and processors who have made formal commitments to deliver a specified quantity of raw material or processed goods at a later date at a price currently agreed upon and who do not now have the stocks of the raw material necessary to fulfill their forward commitment.
The long hedger processor, for example, who buys raw material futures to satisfy his forward commitment of the processed good may find that the raw material delivered to him in futures is not of suitable grade and quality to meet the obligations of the forward sale.
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