Back Matter

Back Matter

Author(s):
International Monetary Fund. Secretary's Department
Published Date:
October 2013
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    Executive Directors and Alternates

    as of April 30, 20131

    Appointed

    Meg Lundsager
    Vacant
    United States
    Daikichi Momma
    Tomoyuki Shimoda
    Japan
    Hubert Temmeyer
    Steffen Meyer
    Germany
    Hervé de Villeroché
    Alice Terracol
    France
    Stephen Field
    Christopher Yeates
    United Kingdom

    Elected

    Menno Snel
    Willy Kiekens
    Yuriy G. Yakusha
    Armenia, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Georgia, Israel, Luxembourg, former Yugoslav Republic of Macedonia, Moldova, Montenegro, Netherlands, Romania, Ukraine
    José Rojas
    Fernando Varela
    María Angélica Arbeláez
    Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Spain, Venezuela
    Andrea Montanino
    Thanos Catsambas
    Albania, Greece, Italy, Malta, Portugal, San Marino
    Der Jiun Chia
    Rasheed Abdul Ghaffour
    Brunei Darussalam, Cambodia, Fiji, Indonesia, Lao P.D.R., Malaysia, Myanmar, Nepal, Philippines, Singapore, Thailand, Tonga, Vietnam
    ZHANG Tao
    SUN Ping
    China
    Jong-Won Yoon
    Ian Davidoff
    Australia, Kiribati, Korea, Marshall Islands, Micronesia, Mongolia, New Zealand, Palau, Papua New Guinea, Samoa, Seychelles, Solomon Islands, Tuvalu, Uzbekistan, Vanuatu
    Thomas Hockin
    Mary T. O’Dea
    Antigua and Barbuda, The Bahamas, Barbados, Belize, Canada, Dominica, Grenada, Ireland, Jamaica, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines
    Audun Groenn
    Pernilla Meyersson
    Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, Sweden
    Momodou Saho
    Chileshe M. Kapwepwe
    Okwu Joseph Nnanna
    Angola, Botswana, Burundi, Eritrea, Ethiopia, The Gambia, Kenya, Lesotho, Liberia, Malawi, Mozambique, Namibia, Nigeria, Sierra Leone, South Africa, South Sudan, Sudan, Swaziland, Tanzania, Uganda, Zambia, Zimbabwe
    A. Shakour Shaalan
    Sami Geadah
    Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Maldives, Oman, Qatar, Syria, United Arab Emirates, Yemen
    Johann Prader
    Miroslav Kollar
    Austria, Belarus, Czech Republic, Hungary, Kosovo, Slovak Republic, Slovenia, Turkey
    Rakesh Mohan
    Kosgallana Ranasinghe
    Bangladesh, Bhutan, India, Sri Lanka
    Ahmed Alkholifey
    Fahad Alshathri
    Saudi Arabia
    René Weber
    Dominik Radziwill
    Azerbaijan, Kazakhstan, Kyrgyz Republic, Poland, Serbia, Switzerland, Tajikistan, Turkmenistan
    Paulo Nogueira Batista, Jr.
    Hector Torres
    Luis Oliveira Lima
    Brazil, Cape Verde, Dominican Republic, Ecuador, Guyana, Haiti, Nicaragua, Panama, Suriname, Timor-Leste, Trinidad and Tobago
    Aleksei V. Mozhin
    Andrei Lushin
    Russia
    Mohammad Jafar Mojarrad
    Mohammed Daïri
    Afghanistan, Algeria, Ghana, Islamic Republic of Iran, Morocco, Pakistan, Tunisia
    Pablo Garcia-Silva
    Sergio Chodos
    Argentina, Bolivia, Chile, Paraguay, Peru, Uruguay
    Kossi Assimaidou
    Nguéto Tiraina YambayeWoury Diallo
    Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Comoros, Democratic Republic of the Congo, Republic of Congo, Côte d’Ivoire, Djibouti, Equatorial Guinea, Gabon, Guinea, Mali, Mauritania, Mauritius, Niger, Rwanda, São Tomé and Príncipe, Senegal, Togo

    Information concerning the voting power of each chair is provided in Appendix IV, which can be accessed via the Annual Report web page (www.imf.org/external/pubs/ft/ar/2013/eng/); changes in the Executive Board during the year are listed in Appendix V, also accessible via the Annual Report web page.

    Senior Officers

    as of April 30, 2013

    Olivier J. Blanchard, Economic Counsellor

    José Viñals, Financial Counsellor

    Area Departments

    Antoinette Monsio Sayeh

    Director, African Department

    Anoop Singh

    Director, Asia and Pacific Department

    Reza Moghadam

    Director, European Department

    Masood Ahmed

    Director, Middle East and Central Asia Department

    Alejandro M. Werner

    Director, Western Hemisphere Department

    Functional Departments

    Gerard T. Rice

    Director, External Relations Department

    Andrew Tweedie

    Director, Finance Department

    Carlo Cottarelli

    Director, Fiscal Affairs Department

    Sharmini A. Coorey

    Director, Institute for Capacity Development

    Sean Hagan

    General Counsel and Director, Legal Department

    José Viñals

    Director, Monetary and Capital Markets Department

    Olivier J. Blanchard

    Director, Research Department

    Vacant

    Director, Statistics Department

    Siddharth Tiwari

    Director, Strategy, Policy, and Review Department

    Information and Liaison

    Shogo Ishii

    Director, Regional Office for Asia and the Pacific

    Emmanuel van der Mensbrugghe

    Director, Offices in Europe

    Axel Bertuch-Samuels

    Special Representative to the United Nations

    Support Services

    Mark W. Plant

    Director, Human Resources Department

    Jianhai Lin

    Secretary of the Fund, Secretary’s Department

    Frank Harnischfeger

    Director, Technology and General Services Department

    Susan Swart

    Chief Information Officer, Technology and General Services Department

    Offices

    Daniel A. Citrin

    Director, Office of Budget and Planning

    G. Russell Kincaid

    Director, Office of Internal Audit and Inspection

    Moises J. Schwartz

    Director, Independent Evaluation Office

    IMF Organization Chart

    as of April 30, 2013

    1 Known formally as the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries.

    Notes

    The IMF’s financial year (FY) begins on May 1 and ends the following April 30.

    The 2012 Spillover Report is available on the IMF’s website (www.imf.org/external/np/pp/eng/2012/070912.pdf). Informal sessions are informal meetings of Executive Directors in which no decisions are taken and for which no Summing Up is issued.

    The statement is available on the IMF’s website (www.imf.org/external/np/pp/eng/2011/102711.pdf).

    The report is available on the IMF’s website (www.imf.org/external/np/pp/eng/2012/070212.pdf).

    With the adoption of the Integrated Surveillance Decision (see next section), Article IV consultations have become a vehicle for both bilateral and multilateral surveillance.

    See “2011 Triennial Surveillance Review” in Chapter 3 of the IMF’s Annual Report 2012: Working Together to Support Global Recovery(www.imf.org/external/pubs/ft/ar/2012/eng/).

    See Public Information Notice (PIN) No. 12/89, “IMF Executive Board Adopts New Decision on Bilateral and Multilateral Surveillance” (www.imf.org/external/np/sec/pn/2012/pn1289.htm), as well as Press Release (PR) No. 12/262, “Statement by IMF Managing Director Christine Lagarde on Strengthening IMF Surveillance” (www.imf.org/external/np/sec/pr/2012/pr12262.htm).

    See PIN No. 12/139, “IMF Executive Board Reviews Progress Implementing the Priorities of the 2011 Triennial Surveillance Review” (www.imf.org/external/np/sec/pn/2012/pn12139.htm).

    See PIN No. 12/125, “IMF Executive Board Reviews Progress in Members’ Provision of Data to the Fund for Surveillance Purposes” (www.imf.org/external/np/sec/pn/2012/pn12125.htm).

    See PIN No. 12/111, “IMF Sets Out a Strategy for Financial Sector Surveillance” (www.imf.org/external/np/sec/pn/2012/pn12111.htm), as well as PR No. 12/356, “Statement by IMF First Deputy Managing Director David Lipton on the IMF’s Financial Surveillance Strategy” (www.imf.org/external/np/sec/pr/2012/pr12356.htm).

    The guidance note is available on the IMF’s website (www.imf.org/external/np/pp/eng/2012/101012.pdf).

    See “IEO Work Program” in Chapter 5 of the IMF’s Annual Report 2011: Pursuing Equitable and Balanced Growth (www.imf.org/external/pubs/ft/ar/2011/eng/).

    The paper is available on the IMF’s website (www.imf.org/external/np/pp/eng/2012/080712.pdf).

    The paper is available on the IMF’s website (www.imf.org/external/np/pp/eng/2012/082412.pdf).

    The paper is available on the IMF’s website (www.imf.org/external/np/pp/eng/2012/081512.pdf).

    The paper is available on the IMF’s website (www.imf.org/external/np/pp/eng/2013/012813.pdf); see also PR No. 13/93, “IMF Calls for Global Reform of Energy Subsidies: Sees Major Gains for Economic Growth and the Environment” (www.imf.org/external/np/sec/pr/2013/pr1393.htm).

    See PIN No. 12/137, “IMF Executive Board Discusses the Liberalization and Management of Capital Flows—An Institutional View” (www.imf.org/external/np/sec/pn/2012/pn12137.htm).

    These policy papers and discussions addressed the role of the IMF (November 2010), managing capital inflows (April 2011) and outflows (April 2012), multilateral aspects (November 2011), and capital flow liberalization (April 2012). See “Capital Flows” in Chapter 3 of the IMF’s Annual Report 2011: Pursuing Equitable and Balanced Growth (www.imf.org/external/pubs/ft/ar/2011/eng/) and in Chapter 3 of its Annual Report 2012: Working Together to Support Global Recovery (www.imf.org/external/pubs/ft/ar/2012/eng/).

    The integrated approach outlines a systematic process and pace of liberalization that is consistent with each country’s institutional and financial development. It suggests the removal of capital flow management measures in a manner that is properly timed and sequenced, taking into account other policies and conditions, notably macroeconomic and prudential policies.

    The guidance note is available on the IMF’s website (www.imf.org/external/np/pp/eng/2013/042513.pdf).

    The policy paper is available on the IMF’s website (www.imf.org/external/np/pp/eng/2013/012913.pdf).

    See “Modifications to Concessional Financing Facilities” in Chapter 4 of the IMF’s Annual Report 2010: Supporting a Balanced Global Recovery (www.imf.org/external/pubs/ft/ar/2010/eng/).

    See PIN No. 12/108, “The Review of Facilities for Low-Income Countries” (www.imf.org/external/np/sec/pn/2012/pn12108.htm).

    The current package for financing the IMF’s concessional lending, which was approved by the Board in 2009 in the wake of increased needs arising from the global crisis, is set to expire in 2014. The Board subsequently decided to use resources linked to the remaining windfall profits from gold sales as part of a strategy to make the PRGT sustainable; see Chapter 4.

    As member quotas will double under the quota increase proposed as part of the Fourteenth Review, maintaining access levels unchanged would then halve a member’s level of access, when expressed as a percentage of its quota.

    See PIN No. 13/45, “IMF Executive Board Reviews Facilities for Low-Income Countries and Eligibility for Using Concessional Financing” (www.imf.org/external/np/sec/pn/2013/pn1345.htm).

    In addition to the IMF’s concessional financing instruments (see Table 4.1), the IMF also offers a Policy Support Instrument to countries that have established broadly sustainable macroeconomic positions and do not generally require IMF financing. The Policy Support Instrument provides more frequent IMF assessments of a member’s economic and financial policies than are available through surveillance. This support from the IMF delivers clear signals to donors, creditors, and the general public on the strength of a country’s policies.

    That policy paper, “Review of Facilities for Low-Income Countries—Proposals for Implementation,” is available on the IMF’s website (www.imf.org/external/np/pp/eng/2013/031813.pdf).

    These are arrangements under which a period of eighteen months has lapsed since the date of the last completed program review.

    These provisions enable some of these very small states (those with populations of less than 200,000) to become eligible for support under the PRGT.

    See PIN No. 12/128, “IMF Executive Board Discusses Global Risks, Vulnerabilities, and Policy Challenges Facing Low-Income Countries” (www.imf.org/external/np/sec/pn/2012/pn12128.htm).

    The policy paper is available on the IMF’s website (www.imf.org/external/np/pp/eng/2012/041612.pdf).

    For more information on the HIPC Initiative, see “Factsheet: Debt Relief under the Heavily Indebted Poor Countries (HIPC) Initiative” (www.imf.org/external/np/exr/facts/hipc.htm).

    The resources of the Poverty Reduction and Growth–Heavily Indebted Poor Countries Trust, established to provide debt relief under the HIPC Initiative and to subsidize PRGT lending, consist of grants and deposits pledged from 93 member countries and contributions from the IMF itself.

    The IMF has also provided SDR 116 million (US$172 million) in debt relief to Liberia beyond that provided through the HIPC Initiative, as well as SDR 178 million (US$268 million) in debt relief to Haiti through the Post-Catastrophe Debt Relief Trust.

    See PIN No. 13/39, “IMF Executive Board Concludes Macroeconomic Issues in Small States and Implications for Fund Engagement” (www.imf.org/external/np/sec/pn/2013/pn1339.htm).

    See PIN No. 12/109, “IMF Executive Board Concludes Discussion of 2011 Review of Conditionality” (www.imf.org/external/np/sec/pn/2012/pn12109.htm).

    This interdepartmental working group was convened in 2011 to define the IMF’s goals in the area of jobs and inclusive growth, identify gaps, and formulate a plan to fill them.

    The Managing Director’s October 2012 Global Policy Agenda is available on the IMF’s website (www.imf.org/external/np/pp/eng/2012/101312.pdf).

    See PR No. 12/391, “Communiqué of the Twenty-Sixth Meeting of the International Monetary and Financial Committee” (www.imf.org/external/np/sec/pr/2012/pr12391.htm).

    See PR No. 13/129, “Communiqué of the Twenty-Seventh Meeting of the International Monetary and Financial Committee” (www.imf.org/external/np/sec/pr/2013/pr13129.htm). The Managing Director’s April 2013 Global Policy Agenda is available on the IMF’s website (www.imf.org/external/np/pp/eng/2013/042013.pdf).

    The policy paper is available on the IMF’s website (www.imf.org/external/np/pp/eng/2013/031413.pdf).

    The policy paper is available on the IMF’s website (www.imf.org/external/np/pp/eng/2012/061512.pdf).

    See PIN No. 13/43, “IMF Executive Board Reviews the Policy on Debt Limits in Fund-Supported Programs” (www.imf.org/external/np/sec/pn/2013/pn1343.htm).

    See “Modernizing the Framework for Fiscal Policy and Public Debt Sustainability Analysis” in Chapter 3 of the IMF’s Annual Report 2012: Working Together to Support Global Recovery(www.imf.org/external/pubs/ft/ar/2012/eng/). For the purpose of the guidance note, market access countries are defined as those not eligible for support from the PRGT (see next section). This includes all advanced and most emerging market economies.

    The guidance note is available on the IMF’s website (www.imf.org/external/np/pp/eng/2013/050913.pdf).

    The policy paper that the Board discussed is available on the IMF’s website (www.imf.org/external/np/pp/eng/2012/082712.pdf). Resolution refers to the activities undertaken when a financial institution fails—that is, when it is no longer viable and there is no reasonable prospect of its becoming so.

    See PR No. 13/138, “IMF Publishes Revised Guidelines for Foreign Exchange Reserve Management” (www.imf.org/external/np/sec/pr/2013/pr13138.htm).

    The IMF uses the same per capita income threshold as is used by the World Bank Group to determine eligibility for International Development Association resources, which is revised annually.

    See PR No. 12/298, “IMF Executive Board Deems South Sudan Eligible for Concessional Lending” (www.imf.org/external/np/sec/pr/2012/pr12298.htm).

    Specifically, any modifications to access, financing terms, blending, eligibility, and other relevant policies would be expected to be designed in a way that average demand in normal periods could be covered through the resources available under the first pillar, and that periods of high financing needs, for example, as a result of significant shocks, could be covered through the contingent mechanisms.

    See PIN No. 12/118, “IMF Executive Board Approves the Distribution of Remaining Windfall Gold Sales Profits as Part of a Strategy to Make the Poverty Reduction and Growth Trust Sustainable over the Longer Term” (www.imf.org/external/np/sec/pn/2012/pn12118.htm); see also PR No. 12/368, “IMF Executive Board Approves Distribution of US$2.7 Billion in Remaining Windfall Gold Sales Profits as Part of a Strategy to Make Low-Income Lending Sustainable” (www.imf.org/external/np/sec/pr/2012/pr12368.htm).

    See PR No. 12/505, “IMF Executive Board Approves Extension of Temporary Interest Waiver for Low-Income Countries” (www.imf.org/external/np/sec/pr/2012/pr12505.htm).

    This is a gross amount, not netted for canceled arrangements.

    Disbursements under financing arrangements from the GRA are termed “purchases,” and repayments are referred to as “repurchases.”

    See PIN No. 13/33, “IMF Membership in the Financial Stability Board” (www.imf.org/external/np/sec/pn/2013/pn1333.htm).

    See PR No. 12/422, “IMF to Open Regional Training Center for Sub-Saharan Africa in Mauritius” (www.imf.org/external/np/sec/pr/2012/pr12422.htm); PR No. 12/507, “IMF Managing Director Christine Lagarde Exchanges Financing Documents with Mauritius for New Africa Training Institute” (www.imf.org/external/np/sec/pr/2012/pr12507.htm); and PR No. 13/133, “IMF and Mauritius Sign Memorandum of Understanding to Create Africa Training Institute” (www.imf.org/external/np/sec/pr/2013/pr13133.htm).

    See PR No. 13/134, “Ghana and IMF Sign Memorandum of Understanding to Create New Africa Regional Technical Assistance Center (AFRITAC) in Accra” (www.imf.org/external/np/sec/pr/2013/pr13134.htm).

    See PR No. 12/242, “Joint Vienna Institute Celebrates 20th Anniversary with High-Level Conference” (www.imf.org/external/np/sec/pr/2012/pr12242.htm), as well as “Celebration of the 20th Anniversary of the Joint Vienna Institute” (www.imf.org/external/np/seminars/eng/2012/jvi/).

    Technical assistance data include delivery to nonmembers, such as West Bank and Gaza, with the Executive Board’s approval.

    These figures are for total IMF training, which includes training delivered both through the Institute for Capacity Development program and outside of it.

    For more information on the SDDS and GDDS, see “Factsheet: IMF Standards for Data Dissemination” (www.imf.org/external/np/exr/facts/data.htm).

    See PR No. 12/283, “The Islamic Republic of Iran Begins Participation in the IMF’s General Data Dissemination System” (www.imf.org/external/np/sec/pr/2012/pr12283.htm); PR No. 12/362, “Samoa Begins Participation in the IMF’s General Data Dissemination System” (www.imf.org/external/np/sec/pr/2012/pr12362.htm); PR No. 12/406, “The Democratic Republic of Timor-Leste Begins Participation in the IMF’s General Data Dissemination System” (www.imf.org/external/np/sec/pr/2012/pr12406.htm); PR No. 13/46, “The Union of the Comoros Joins the IMF’s General Data Dissemination System” (www.imf.org/external/np/sec/pr/2013/pr1346); PR No. 13/104, “Tuvalu Joins the IMF’s General Data Dissemination System” (www.imf.org/external/np/sec/pr/2013/pr13104); and PR No. 13/122, “Bosnia and Herzegovina Joins the IMF’s General Data Dissemination System” (www.imf.org/external/np/sec/pr/2013/pr13122).

    See PR No. 12/264, “IMF Unveils Japanese-Funded Project to Help Produce Internationally Comparable National Accounts and Price Statistics in South-Eastern Europe” (www.imf.org/external/np/sec/pr/2012/pr12264.htm); PR No. 12/394, “IMF Launches Japan-Funded Project to Improve External Sector Statistics in Asia and Pacific Countries” (www.imf.org/external/np/sec/pr/2012/pr12394.htm); and PR No. 12/440, “IMF Launches Japanese-Funded Project to Improve External Sector Statistics in the Pacific” (www.imf.org/external/np/sec/pr/2012/pr12440.htm).

    See PR No. 12/185, “IMF Convenes Advisory Committee Meeting on Modernizing Government Finance Statistics” (www.imf.org/external/np/sec/pr/2012/pr12185.htm).

    See PR No. 12/459, “BIS, ECB and IMF Publish Third Part of Handbook on Securities Statistics” (www.imf.org/external/np/sec/pr/2012/pr12459.htm).

    See PR No. 12/284, “IMF Releases Balance of Payments and International Investment Position Statistics Based on the Latest International Standard” (www.imf.org/external/np/sec/pr/2012/pr12284.htm).

    See PR No. 12/219, “IMF Releases Expanded Coordinated Direct Investment Survey” (www.imf.org/external/np/sec/pr/2012/pr12219.htm), and PR No. 12/473, “IMF Releases 2011 Coordinated Direct Investment Survey Results” (www.imf.org/external/np/sec/pr/2012/pr12473).

    Direct investment is a category of cross-border investment in which a resident in one economy has control or a significant degree of influence on the management of an enterprise resident in another economy.

    See PR No. 12/320, “IMF Releases 2012 Financial Access Survey Data” (www.imf.org/external/np/sec/pr/2012/pr12320.htm).

    Data from these surveys are available on the IMF’s website (at http://cdis.imf.org, http://cpis.imf.org, and http://fas.imf.org, respectively) and via the IMF’s eLibrary (www.elibrary.imf.org).

    See PR No. 12/438, “IMF Releases Results of 2011 Coordinated Portfolio Investment Survey” (www.imf.org/external/np/sec/pr/2012/pr12438.htm).

    See PR No. 13/135, “International Monetary Fund and Arab Monetary Fund Welcome the Launching of ArabStat” (www.imf.org/external/np/sec/pr/2013/pr13135.htm).

    See PR Nos. 12/221, 12/309, 12/499, and 13/127, “IMF Executive Board Reviews Progress toward Implementation of the 2010 Quota and Governance Reform” (www.imf.org/external/np/sec/pr/2012/pr12221.htm, www.imf.org/external/np/sec/pr/2012/pr12309.htm, www.imf.org/external/np/sec/pr/2012/pr12499.htm, and www.imf.org/external/np/sec/pr/2013/pr13127.htm).

    See Box 5.1, “The Role of Quotas and Basic Votes,” in the IMF’s Annual Report 2008: Making the Global Economy Work for All (www.imf.org/external/pubs/ft/ar/2008/eng/), for additional information.

    See PR No. 12/409, “New IMF Executive Board Begins Two-Year Term” (www.imf.org/external/np/sec/pr/2012/pr12409.htm).

    The current additive quota formula consists of four variables. GDP has the largest weight (50 percent), consisting of a blend of GDP converted at market exchange rates (30 percent) and purchasing-power-parity-based GDP (20 percent). Openness, which measures the sum of current payments and receipts (30 percent); variability of current receipts and net capital flows (15 percent); and official foreign exchange reserves (5 percent) are the remaining variables. A compression factor of 0.95 is applied to the weighted sum of the four variables in the quota formula and reduces the dispersion in calculated quota shares across members. This has the effect of reducing the share calculated under the formula for the largest members, and raising those for all other countries.

    See “Review of the Quota Formula” in Chapter 5 of the IMF’s Annual Report 2012: Working Together to Support Global Recovery(www.imf.org/external/pubs/ft/ar/2012/eng/).

    See PIN Nos. 12/94, 12/120, and 12/145, “IMF Executive Board Discusses Quota Formula Review (www.imf.org/external/np/sec/pn/2012/pn1294.htm, www.imf.org/external/np/sec/pn/2012/pn12120.htm, and www.imf.org/external/np/sec/pn/2012/pn12145.htm, respectively), as well as PR No. 13/30, “IMF Executive Board Reports on the Quota Formula Review” (www.imf.org/external/np/sec/pr/2013/pr1330.htm).

    The Executive Board’s report to the Board of Governors is available on the IMF’s website (www.imf.org/external/np/pp/eng/2013/013013.pdf).

    See “Quota and Voice Reform” in Chapter 5 of the IMF’s Annual Report 2008: Making the Global Economy Work for All(www.imf.org/external/pubs/ft/ar/2008/eng/).

    For more information on quota reviews, see “Factsheet: IMF Quotas” (www.imf.org/external/np/exr/facts/quotas.htm).

    As part of the March 2011 expansion of the NAB, each new participant was required to notify the IMF of its adherence to the arrangements. Among the 14 new participants, as of April 30, 2013, Ireland and Greece had not provided this notification.

    See PR No. 12/229, “IMF Executive Board Approves Modalities for Bilateral Borrowing to Boost IMF Resources” (www.imf.org/external/np/sec/pr/2012/pr12229.htm).

    See PR No. 12/231, “IMF Managing Director Christine Lagarde Welcomes Additional Pledges to Increase IMF Resources, Bringing Total Commitments to US$456 Billion” (www.imf.org/external/np/sec/pr/2012/pr12231.htm), and PR No. 12/388, “IMF Managing Director Christine Lagarde Welcomes Pledges from Algeria and Brunei Darussalam to Boost Fund Resources” (www.imf.org/external/np/sec/pr/2012/pr12388.htm). These press releases referred to 37 member countries and 2 member countries, respectively. However, given the economic developments in one member (Cyprus), it is no longer included in the list.

    See PR No. 12/471, “IMF Signs SDR 350 Million Borrowing Agreement with the National Bank of Belgium to Support Lending to Low-Income Countries” (www.imf.org/external/np/sec/pr/2012/pr12471.htm)

    Because gold sales profits are part of the IMF’s general resources available for the benefit of the entire membership, they cannot be placed directly in the PRGT, which is available only to low-income member countries. Accordingly, using these resources for PRGT financing required a distribution of the resources to all IMF member countries in proportion to their quota shares (see Web Box 5.1), on the expectation that members would direct the institution to transfer these resources (or would provide broadly equivalent amounts) to the PRGT as subsidy contributions.

    See PR No. 12/389, “IMF Distributes US$1.1 Billion of Gold Sales Profits in Strategy to Boost Low-Cost Crisis Lending to Low-Income Countries” (www.imf.org/external/np/sec/pr/2012/pr12389.htm).

    See PR No. 13/37, “IMF Approves New Rules and Regulations for Investment Account” (www.imf.org/external/np/sec/pr/2013/pr1337.htm).

    For an explanation of the SDR and related issues, see “Factsheet: IMF Special Drawing Rights (SDRs)” (www.imf.org/external/np/exr/facts/sdr.htm).

    See note 3 in Table 4.1 for an explanation of credit tranches.

    The difference between gross and net expenditures relates to receipts, mostly external donor financing for capacity development activities carried out by the IMF.

    Although the IMF’s Annual Report covers the institution’s activities during each financial year, Human Resources Department data on workforce characteristics are maintained on a calendar year, rather than a financial year, basis.

    Progress on diversity is addressed in greater detail in the IMF’s Diversity Annual Report (see also next subsection).

    See PIN No. 12/100, “IMF Executive Board Discusses the 2011 Diversity Annual Report” (www.imf.org/external/np/sec/pn/2012/pn12100.htm). To change the reporting period from calendar year to the IMF’s financial year, the 2011 report covered a 16-month period (calendar year 2011 through the end of FY2012 in April 2012), making it timelier relative to the Board’s consideration of the report and aligning it with other major reports produced in the Human Resources Department.

    See PR No. 13/119, “IMF Recognizes the Federal Government of Somalia” (www.imf.org/external/np/sec/pr/2013/pr13119.htm).

    See PR No. 12/30, “Statement by the IMF Executive Board on Argentina” (www.imf.org/external/np/sec/pr/2012/pr1230.htm).

    See PR No. 12/319, “Statement by the IMF Executive Board on Argentina” (www.imf.org/external/np/sec/pr/2012/pr12319.htm).

    See PR No. 12/488, “Statement by the IMF Spokesman on Argentina” (www.imf.org/external/np/sec/pr/2012/pr12488.htm).

    See PR No. 13/33, “Statement by the IMF Executive Board on Argentina” (www.imf.org/external/np/sec/pr/2013/pr1333.htm).

    For the full text of the IMF’s transparency policy, see “The Fund’s Transparency Policy” (www.imf.org/external/np/pp/eng/2009/102809.pdf).

    See “Key Trends in Implementation of the Fund’s Transparency Policy” (www.imf.org/external/np/pp/eng/2012/071612.pdf).

    See “Consultation on the 2013 Review of the IMF’s Transparency Policy” (www.imf.org/external/np/exr/consult/2013/transpol/).

    On May 1, 2013, the External Relations Department became the Communications Department.

    The REOs are available via the REO web page on the IMF’s website (www.imf.org/external/pubs/ft/reo/reorepts.aspx). Materials related to the REOs published in the course of the year can also be found on the website.

    See PR No. 12/494, “IMF Management and Staff Welcome Opportunity to Discuss Independent Evaluation Office Report on International Reserves” (www.imf.org/external/np/sec/pr/2012/pr12494.htm) for the response of IMF management and the IMF staff to the evaluation.

    See PR No. 13/54, “IMF Management and Staff Welcome Independent Evaluation Office’s Report on the Role of IMF as Trusted Advisor” (www.imf.org/external/np/sec/pr/2013/pr1354.htm) for the response of IMF management and the IMF staff to the evaluation.

    www.ieo-imf.org. Hard copies of this and many other IEO evaluation documents are also available from the IMF Bookstore (www.imfbookstore.org).

    See PIN No. 12/54, “IMF Executive Board Discusses Implementation Plan in Response to Board-Endorsed Recommendations for the IEO Evaluation of IMF Performance in the Run-Up to the Financial and Economic Crisis” (www.imf.org/external/np/sec/pn/2012/pn1254.htm). The full text of the report, as well as the Summing Up of the Board discussion, is available on the IEO’s website (www.ieo-imf.org).

    See PIN No. 13/32, “IMF Executive Board Considers Implementation Plan Following IEO Evaluation of Research at the IMF” (www.imf.org/external/np/sec/pn/2013/pn1332.htm). The full text of the report, as well as the Summing Up of the Board discussion, is available on the IEO’s website (www.ieo-imf.org).

    See PIN No. 13/63, “IMF Executive Board Discusses Implementation Plan in Response to Board-Endorsed Recommendations for the IEO Evaluation of International Reserves—IMF Concerns and Country Perspectives” (www.imf.org/external/np/sec/pn/2013/pn1363.htm). The full text of the report, as well as the Summing Up of the Board discussion, is available on the IEO’s website (www.ieo-imf.org).

    See PIN No. 13/62, “IMF Executive Board Concludes Fifth Periodic Report on Implementing IEO Recommendations Endorsed by the Executive Board” (www.imf.org/external/np/sec/pn/2013/pn1362.htm).

    The first external evaluation was published in 2006.

    See PIN No. 13/40, “IMF Executive Board Considers External Evaluation of the Independent Evaluation Office” (www.imf.org/external/np/sec/pn/2013/pn1340.htm), as well as PR No. 12/285, “External Evaluation of the Independent Evaluation Office of the IMF Gets Underway” (www.imf.org/external/np/sec/pr/2012/pr12285.htm).

    The International Monetary Fund

    The IMF is the world’s central organization for international monetary cooperation. With 188 member countries, it is an organization in which almost all of the countries in the world work together to promote the common good. The IMF’s primary purpose is to safeguard the stability of the international monetary system—the system of exchange rates and international payments that enables countries (and their citizens) to buy goods and services from one another. This is essential for achieving sustainable economic growth and raising living standards.

    All of the IMF’s member countries are represented on its Executive Board, which discusses the national, regional, and global consequences of each member’s economic policies. This Annual Report covers the activities of the Executive Board and IMF management and staff during the financial year May 1, 2012, through April 30, 2013.

    The main activities of the IMF include

    • providing advice to members on adopting policies that can help them prevent or resolve a financial crisis, achieve macroeconomic stability, accelerate economic growth, and alleviate poverty;

    • making financing temporarily available to member countries to help them address balance of payments problems, that is, when they find themselves short of foreign exchange because their payments to other countries exceed their foreign exchange earnings; and

    • offering technical assistance and training to countries, at their request, to help them build the expertise and institutions they need to implement sound economic policies.

    The IMF is headquartered in Washington, D.C., and, reflecting its global reach and close ties with its members, also has offices around the world.

    Additional information on the IMF and its member countries can be found on the Fund’s website, www.imf.org.

    Ancillary materials for the Annual Report—Web Boxes, Web Tables, Appendixes (including the IMF’s financial statements for the financial year ended April 30, 2013), and other pertinent documents—can be accessed via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2013/eng. Print copies of the financial statements are available from IMF Publication Services, P.O. Box 92780, Washington, DC 20090. A CD-ROM version of the Annual Report, including the ancillary materials posted on the web page, is also available from IMF Publication Services.

    Acronyms and Abbreviations

    AFRITAC

    Africa Regional Technical Assistance Center

    ASEAN+3

    Association of Southeast Asian Nations plus China, Japan, and Korea

    ATI

    Africa Training Institute

    BIS

    Bank for International Settlements

    BPM6

    Balance of Payments Manual, sixth edition

    BOPS

    Balance of Payments Statistics

    CDIS

    Coordinated Direct Investment Survey

    CPIS

    Coordinated Portfolio Investment Survey

    COFER

    Currency Composition of Foreign Exchange Reserves

    CPI-GBA

    Consumer Price Index for Greater Buenos Aires

    EAC

    External Audit Committee

    EC

    European Commission

    ECB

    European Central Bank

    EUO

    Offices in Europe

    FAS

    Financial Access Survey

    FSAP

    Financial Sector Assessment Program

    FSB

    Financial Stability Board

    FY

    financial year

    GAB

    General Arrangements to Borrow

    G-20

    Group of Twenty

    GDDS

    General Data Dissemination System

    GDP

    gross domestic product

    GFSM 2001

    Government Finance Statistics Manual

    GRA

    General Resources Account

    HIPC

    Heavily Indebted Poor Countries

    ICD

    Institute for Capacity Development

    IEO

    Independent Evaluation Office

    IFRS

    International Financial Reporting Standards

    IFS

    International Financial Statistics

    IT

    information technology

    MAP

    Mutual Assessment Process

    MDRI

    Multilateral Debt Relief Initiative

    NAB

    New Arrangements to Borrow

    OAP

    Regional Office for Asia and the Pacific

    OECD

    Organisation for Economic Co-operation and Development

    OIA

    Office of Internal Audit and Inspection

    PIN

    Public Information Notice

    PR

    Press Release

    PRGT

    Poverty Reduction and Growth Trust

    RA-FIT

    Revenue Administration Fiscal Information Tool

    REO

    Regional Economic Outlook

    RTC

    regional training center

    RTAC

    regional technical assistance center

    SDDS

    Special Data Dissemination Standard

    SDR

    special drawing right

    Credits

    This Annual Report was prepared by the Editorial and Publications Division of the IMF’s Communications Department. David Hawley, Jeremy Clift, and Karen Ongley oversaw the work of the Report team, which was under the direction of the Executive Board’s Evaluation Committee, chaired by Menno Snel. The editors were Michael Harrup (who also served as chief writer and coordinated the drafting and production processes) and Cathy Gagnet. Karen Ongley made substantial contributions to the writing. Suzanne Alavi, Phoebe Kieti, and Rob Newman provided editorial and administrative assistance.

    Photography:

    Iain Masterton/age fotostock/SuperStock

    Tips Images/SuperStock

    Gavin Hellier/Robert Harding Picture Library/SuperStock

    Stephen Jaffe/© IMF photo

    © IMF photo

    Jose Manuel Ribeiro/Reuters/Landov

    age fotostock/SuperStock

    Siphiwe Sibeko/Reuters/Newscom

    Peter Andrews/Reuters/Landov

    Walter Bibikow/AWL Images

    Hemis.fr/SuperStock

    image 100/SuperStock

    Jason Larkin/Panos Pictures

    Kosuke Okahara/New York Times/Redux Pictures

    Abedin Taherkenareh/EPA/Landov

    © Horizons WWP/Alamy

    © Peter Bowater/Alamy

    © Ian Shipley SHPS/Alamy

    Ton Koene/age fotostock/SuperStock

    Cliff Owen/© IMF photo

    imagebroker.net/SuperStock

    Yo Nagoya/© IMF photo

    Swoan Parker/Reuters/Landov

    View Pictures Ltd./SuperStock

    Frans Lemmens/SuperStock

    © John Gress/Corbis

    Holly Pickett/Redux/

    Sukree Sukplang/Reuters/Newscom

    Zhao Yingquan/Xinhua/Landov

    © Anthony Asael/DanitaDelimont.com

    Michael Spilotro/© IMF photo

    AP Photo/Amel Emric

    Alex Silver/© IMF photo

    © mediacolor’s

    Antonio Dasiparu/EPA/Landov

    Jose Miguel Gomez/Reuters/Newscom

    Yuko Ide/© IMF photo

    © Bethany Versoy Photography

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