Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
April 2005
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    INDEX

    A

    • Access policy, use of Fund resources

      • access limits, guidelines, 307–308, 308–12

      • balance of payments need, 308, 310

      • capital account crises, modifications to Supplemental Reserve Facility, 313–15, 319–23

      • exceptional circumstances, 308, 313–14, 331

      • exceptional circumstances, review, 323–27

      • limits, credit tranches and Extended Fund Facility, 307–308

      • post-conflict countries, 290

      • repurchases, 308–10

      • revolving character of Fund resources, 287, 309, 311

      • review, 318–23

    • Accounting by members

      • ownership of gold and currency subscriptions, 3

    • Accounts. See specific accounts by name

      • Administrative

      • Borrowed Resources Suspense

      • Framework Administered (Technical Assistance)

      • General Resources

      • Loan

      • Post-conflict emergency assistance to PRGF

      • Post-SCA-2 Administered

      • PRGF Trust Subsidy

      • Reserve

      • Special Contingent

      • Special Disbursement

      • Supplementary Financing Facility (SFF) Subsidy

    • Administrative account

      • balances, 698

      • reserve tranche position, 697

    • African Development Bank

      • communications concerning members’ arrears to the Fund, 674–75

      • exchange of documents with, 590

      • prescribed holder of SDRs, 633

    • African Development Fund, 633

    • Africa Regional Technical Assistance Centers Subaccount, 131

    • Andean Reserve Fund

      • prescribed holder of SDRs, 632

    • Annual Report (IMF), 155, 190, 217

    • Anti-money laundering

      • assessing a global standard and preparing ROSCs, proposals, 117–21

      • FATF 40+8 Recommendations, use of, 122

      • Financial Action Task Force (FATF), 117–21

      • Fund involvement, 116

      • methodology document, 116, 117–21

      • offshore financial center assessments, 113–16, 124

      • twelve-month pilot, program review, 122–26

    • Arab Monetary Fund

      • exchange of documents with, 590

      • prescribed holder of SDRs, 633

    • Architecture of international financial system, 32

    • Archives of the Fund

      • access policy, 544

      • attorney-client privilege, 543

      • Executive Board minutes, access, 544

      • Grievance Committee proceedings, 543

    • Arrears

      • settlement of disputes between members, 88–89

      • lending into arrears, 302–306

    • Arrears, member’s failure to provide foreign exchange for current international transactions. See Exchange restrictions

    • Arrears of a member to creditors other than Fund

      • extended arrangement, performance criterion, 279

      • first credit tranche, 298

      • Fund lending into nonsovereign arrears, 300–306

      • Fund lending into sovereign arrears, 300–306

      • Fund policies and procedures, 298–99, 299–300, 300–302

      • performance criteria, 298, 300–302

      • stand-by arrangement, performance criterion, 276

    • Arrears to the Fund. See Overdue financial obligations to the Fund

    • Article I, purposes of the Fund, 222, 463, 468

    • Article I(v), temporary availability of Fund’s general resources, 267

    • Article II, Section 2, membership, 20

    • Article III, Section 2, adjustment of quotas, 3

    • Article III, Section 2(a), 3

    • Article III, Section 3(a), 9

    • Article IV consultations. See also Consultation cycles; Enhanced surveillance; Exchange of documents; Staff reports; Surveillance

      • ad hoc consultations, 29, 30

      • annual, principle of, 28, 31–32, 36

      • Article VIII and XIV consultations, 28

      • Article VIII restrictions, 471

      • Article XIV restrictions, 471

      • collaborative efforts, 574

      • combined with program reviews, 284

      • conditionality discussion, 230–31

      • consultation cycles, changes, 59–61

      • core and noncore issues, 33–34

      • data provision, 61–65

      • document exchange with WTO, 587

      • early warning system models, 35, 36–37

      • enhanced surveillance, 83–86

      • euro area, 66, 67–68, 68–69

      • European Central Bank, observer status, 579–81

      • evaluation and review of related programs, 230–31

      • exchange rate policies, 35

      • Financial Sector Assessment Program (FSAP), 37, 93, 96, 97–98

      • governance issues, 69, 75, 77

      • interval between, 28–29

      • macroeconomic relevance test, 33

      • military expenditures, 80–82

      • multiple currency practices, 575

      • noncore issues, 33–34

      • program reviews, lapse of time, 284

      • Public Information Notices, release, 619–21

      • publication of Article IV staff reports, 34, 603, 604, 609

      • publication of background reports, 603, 604, 609–11

      • Recent Economic Developments reports, 31, 587, 591, 603, 604, 609

      • representation of European Central Bank, 579–81

      • staff reports, core and noncore issues, 33–34

      • staff reports, data quality, 35

      • staff reports, release to international and multilateral agencies, 588–90

      • standards and codes, 37

      • surveillance procedures, 28–30

      • three-month rule for completion, 65

      • use of Fund resources, 230

      • World Bank, collaboration with, 574

      • World Bank, observer status, 568

      • World Trade Organization, observer status, 587, 785

    • Article IV, Section 1, general obligations of members, 25, 28

    • Article IV, Section 2, notification of exchange arrangements, 22

    • Article IV, Section 3(a), surveillance over exchange rate policies, 25, 588

    • Article IV, Section 3(b), surveillance over exchange rate policies, 25, 588

    • Article V, Section 1, designation of fiscal agency, 148, 415, 448

    • Article V, Section 2(b), financial and technical services, 126, 127, 213, 219, 220

    • Article V, Section 3, conditions governing use of Fund’s general resources

      • application of Fund policies to purchases of currency borrowed by Fund, 363, 412

      • early repurchase guidelines, 363

      • General Arrangements to Borrow (GAB), 429

      • meaning of “consistent with the provisions of this Agreement,” 222

      • New Arrangements to Borrow (NAB), 445

    • Article V, Section 3(b)(ii), balance of payments need, 168

    • Article V, Section 3(b)(ii), meaning of “represents” that a member has a need to make purchases, 223

    • Article V, Section 3(b)(iii), waiver of limitation of 200 percent of quota

      • Compensatory Financing Facility, 335

      • emergency assistance, 285

      • Extended Fund Facility, 269

      • Supplemental Reserve Facility, 334

    • Article V, Section 3(d), operational budgets

      • assessment of strength of members’ balance of payments and gross reserve position for operational budgets, 350, 351, 357

      • selection of currencies in purchases, 351, 354

    • Article V, Section 3(f), transfers of SDRs, 353

    • Article V, Section 4, waiver of conditions governing use of Fund general resources, 346

    • Article V, Section 5, limitation on use of Fund’s resources, 236, 360

    • Article V, Section 6(b), transfers of SDRs by the Fund, 351, 357, 362

    • Article V, Section 6(c), sales of SDRs by the Fund, 362

    • Article V, Section 7, repurchases, 346, 445

    • Article V, Section 7(b), early repurchases

      • assessment of strength of members’ balance of payments and gross reserve position, 350, 363

    • Article V, Section 7(c), repurchases, 365

    • Article V, Section 7(d), repurchases, 346

    • Article V, Section 7(i), selection of currencies for repurchases, 351, 352, 357, 358, 367

    • Article V, Section 8, charges, 373

    • Article V, Section 8(a), charges, 375, 377

    • Article V, Section 8(b), charges, 333, 365, 372, 375, 377

    • Article V, Section 8(b)(ii), charges, 698

    • Article V, Section 8(c), charges, 372, 374, 377

    • Article V, Section 8(d), charges, 372

    • Article V, Section 8(e), charges, 372

    • Article V, Section 9(a), remuneration, 698

    • Article V, Section 11, maintenance of value, 385

    • Article V, Section 12(f), other operations and transactions

      • gold sales, 402, 405

      • gold sales proceeds, placement in Special Disbursement Account, 405

    • Article V, Section 12(f)(ii), Special Disbursement Account (SDA) resources for assistance to low-income developing members, 387

    • Article V, Section 12(h), investment of member’s currency held in SDA, 387

    • Article V, Section 12(j), adoption of regulations for administration of Structural Adjustment Facility, 388

    • Article VI, capital transfers

      • use of Fund resources for, 222

      • WTO, information on Fund decisions requesting a member to exercise controls to prevent a large or sustained outflow of capital, 780

    • Article VI, Section 1, use of Fund’s resources for capital transfers

      • freedom to adopt regulations on capital movements, 407

      • Supplemental Reserve Facility, 331

    • Article VI, Section 3, controls on capital transfers, 407

    • Article VII, Section 1, replenishment and scarce resources

      • borrowing by the Fund, 408, 427, 436

    • Article VII, Section 3(b), scarce currency, 462

    • Article VIII, general obligations of members

      • acceptance of obligations, 470

      • bilateral payments agreements, 275, 280

      • bilateralism, 463

      • consultations, 28, 568

      • consultations, World Bank observer, 568

      • payments restrictions, 87, 463, 468–69, 470

      • retention quotas, 466

      • settlement of disputes between members, 87

    • Article VIII, Section 2, avoidance of restrictions on current payments

      • acceptance of obligations under, 468, 469

    • Article VIII, Section 2(a)

      • restrictions on current payments and transfers, 462

      • undue delays as payments restrictions, 470

    • Article VIII, Section 2(b), unenforceability of exchange contracts, interpretation, 460–61

    • Article VIII, Section 3, avoidance of discriminatory currency practices

      • acceptance of obligations under, 468, 469

      • multiple currency practices, 24, 468, 469, 478, 479, 484, 485

    • Article VIII, Section 4, convertibility of foreign-held balances, acceptance of obligations under, 468, 469

    • Article VIII, Section 5, furnishing of information to the Fund

      • consideration of report by Managing Director, time periods, 488–89

      • declaration of censure, 489–90

      • members’ obligations, 486

      • procedures prior to report by Managing Director to Executive Directors, 487–88

      • Report by Managing Director, 588

      • sanctions, 490–91

      • strengthening effectiveness of, 62, 486–91

    • Article VIII, Section 7, obligation to collaborate regarding policies on reserve assets, 641

    • Article IX, Section 5, immunity of archives, 542

    • Article IX, Section 7, privilege for communications, interpretation, 547–48

    • Article X, relations with other international organizations, 749

    • Article XII, Section 3(b)(i), Executive Directors, appointed, interpretation, 593

    • Article XII, Section 3(c), additional appointed Executive Directors

      • balances held in administrative accounts, 698

      • interpretation, 593–94

    • Article XII, Section 3(f), appointed Executive Directors, interpretation, 593

    • Article XII, Section 4, Managing Director and staff, 602

    • Article XII, Section 7, publication of reports, 603

    • Article XII, Section 7(a), 753

    • Article XII, Section 8, communication of Fund views to members, 609

    • Article XIII, Section 2, depositories, 456

    • Article XIV, exchange restrictions under transitional arrangements

      • availment of transitional provisions, 469

      • bilateralism, 464

      • commitment to current account convertibility, 470

      • consultations, 28

      • consultations, World Bank, 568

      • multiple currency practices, 480

      • retention quotas, 465, 466

      • settlement of disputes between members, 87

    • Article XIV, Section 2, exchange restrictions

      • multiple currency practices, 478, 479, 480–81

      • payments restrictions, 461, 462

      • transitional arrangements, 461, 468–69

      • undue delays as payments restrictions, 471

    • Article XIV, Section 3, representation by the Fund, 479, 480, 481

      • meaning of “exceptional circumstances,” 623

    • Article XVII, Section 3, other holders of SDRs, 148, 219, 425, 632, 634, 635

    • Article XVIII, Section 1(a), principles and considerations governing SDR allocation and cancellation, 637, 639, 640, 646, 743

    • Article XVIII, Sections 1(a)and 1(b), 637

    • Article XVIII, Section 2(a), SDR allocation and cancellation, 638, 642

    • Article XVIII, Section 2(b), 638, 644

    • Article XVIII, Section 2(c), 638, 643, 644

    • Article XVIII, Section 2(d), 643

    • Article XVIII, Section 2(e), 644

    • Article XVIII, Section 4, decisions on SDR allocations and cancellations, 637, 646, 743

    • Article XVIII, Section 4(a), 637, 638, 639

    • Article XVIII, Section 4(b), 637, 638, 639, 743, 744, 745

    • Article XVIII, Section 4(c), 637, 639, 643, 743

    • Article XVIII, Section 4(c)(ii), 643, 745

    • Article XVIII, Section 4(d), 743

    • Article XIX, Section 2(c), SDR operations and transactions between participants

      • donations, 658

      • forward operations, 657–58

      • loans, 649

      • other holders, 629

      • pledges, 651–53

      • settlement of financial obligations, 648

      • swap operations, 655–56

      • transfers as security for the performance of financial obligations, 653–55

    • Article XIX, Section 4, limit on SDR Department participant’s obligation to provide currency, 413, 432, 446

    • Article XIX, Section 5, designation of participants to provide currency, 659

    • Article XIX, Section 5(a)(i), designation plans, 350, 662

    • Article XIX, Section 5(c), designation rules in SDR Department, 662

    • Article XIX, Section 6(b), reconstitution, 664

    • Article XIX, Section 7(a), calculation of exchange rates, 415, 447, 648, 649, 650, 651, 653, 655

    • Article XX, Section 1, interest paid on holdings of SDRs, 629

    • Article XX, Section 2, SDR Department interest and charges, 665

    • Article XX, Section 5, application against unpaid charges of SDRs acquired by participants after payment date, 665

    • Article XXI, (a)(i), administration of General Department and SDR Department, 744

    • Article XXII, general obligations of participants in SDR department, 641

    • Article XXIII, Section 1, suspension of operations and transactions in SDRs, 631

    • Article XXIV, 637

    • Article XXVI, remedial measures on overdue obligations, 667

    • Article XXVI, Section 2(b), 722, 725, 730

    • Article XXVI, Section 3, withdrawal from membership, 416, 432, 449

    • Article XXVII, Section l(a)(i), suspension of exchange transactions, 416, 433, 449

    • Article XXIX, interpretation

      • General Arrangements to Borrow, interpretation outside the purview of Article XXIV, 418

      • New Arrangements to Borrow, interpretation outside the purview of Article XXIV, 450

      • transferability of claims under Saudi Arabia’s Borrowing Agreement, 433

      • unenforceability of exchange contracts, 409

    • Article XXIX(a), interpretation

      • Appointment of Executive Director by a member having one of five largest quotas, Article XII, Section 3(b)(i) and 3(f), 593

      • authority of the Fund to use its resources, 222, 717

      • privilege for communications, Article IX, Section 7, 547–48

      • unenforceability of exchange contracts under Article VIII, Section 2(b), 460–61

    • Article XXX(c), definition of reserve tranche purchase

      • exclusion of purchases and holdings from BSFF, 697

      • exclusion of purchases and holdings from CFF, 335, 697

      • exclusion of purchases and holdings from emergency assistance, 285

      • exclusion of purchases and holdings from SRF, 333

      • exclusion of purchases and holdings from STF, 698

    • Article XXX(c)(ii), exclusion of purchases and holdings from BSFF, 697

    • Article XXX(c)(iii), exclusion of purchases and holdings in credit tranches or under extended arrangements, 698

    • Article XXX(f), freely usable currencies, 624, 699

    • Article XXXI, Section 1, entry into force of Articles of Agreement, 3

    • Asian Development Bank

      • communications concerning members’ arrears to the Fund, 675

      • exchange of documents with, 590

      • prescribed holder of SDRs, 633

    • Attribution, rule of

      • members indebted to Fund, 359

      • reduction in Fund’s holdings of currency, 370–71

    • Audit

      • external audit firm, 622

      • framework Administered Account, 130

      • Post-SCA-2 Administered Account, 221

      • PRGF Trust, 150–51

      • PRGF-HIPC Trust, 185–86, 190–91

      • safeguards for use of Fund resources, 239

      • Supplementary Financing Facility Subsidy Account, 709

    • Authorized signatories, 602

    B

    • Balance of Payments Manual (5th Ed.), 497, 508, 520, 530, 531, 534

    • Balance of payments need

      • access policy, 308–309

      • Compensatory Financing Facility, 337

      • conditionality, 223

      • emergency assistance, natural disasters, 286

      • emergency assistance, post-conflict countries, 289

      • extended arrangements, 268

      • Extended Fund Facility, 268

      • Fund-supported programs, 225

      • lenders to ESAF Trust, need because of developments in reserves, 168

      • PRGF loans, 136, 137

      • protracted balance of payments problem, 136, 390–91

      • Supplemental Reserve Facility, 331–34

    • Balance of payments position

      • assessment of strength for purposes of designation plans, operational budgets and repurchases, 350–51

      • discrimination for balance of payments reasons, 463–64, 467

    • Bank for International Settlements (BIS)

      • investment by Fund of currencies held by Borrowed Resources Suspense Accounts, 457

      • investment by Fund of currencies received by SFF Subsidy Account, 711

      • prescribed holder of SDRs, 632

    • Bank-Fund collaboration

      • conditionality, 575–79

      • country programs, 575–79

      • financial systems, 569–75

      • IMF-World Bank Concordat, 556–68

      • observer status, generally, 568–69

      • World Bank observer status, 568

    • Bank of Central African States

      • prescribed holder of SDRs, 633

    • Bilateral payments arrangements

      • extended arrangement, 280

      • stand-by arrangement, 275

      • three-month settlement rule, temporary exemption, 464

    • Bilateralism and convertibility, 463–64

    • Board of Governors Resolutions

      • Composite Resolution, 719–22

      • Eleventh General Review of Quotas, 3, 10–12

      • SDR allocation, First Basic Period, 637–38

      • SDR allocation, Third Basic Period, 646–47

    • Borrowed Resources Suspense Accounts

      • establishment, 456

      • investment by the Fund of currencies held in, 457–58

    • Borrowing by the Fund. See also General Arrangements to Borrow (GAB); New Arrangements to Borrow (NAB)

      • guidelines, 458–59

    • BSFF. See Buffer Stock Financing Facility

    • Buffer Stock Financing Facility (BSFF)

      • elimination, 347–48

      • reserve tranche purchases, exclusion, 697

    • Burden sharing

      • disposition of net income

        • FY 2005, 381

      • implementation

        • in FY 2001, 378–80

        • in FY 2005, 381–83

      • income position

        • for FY 2005, 380–81

      • principles of, 378, 381

      • rate of charge

        • determination of, 378, 382

        • for FY 2005, 380

      • Special Contingent Account, amounts placed to

        • for FY 2005, 382–83

      • surcharges on purchases under SRF, credit tranches, and extended Fund facility, 381

    • By-Laws

      • Section 13, vote without meeting, 11, 16

      • Section 20, audits, 11, 130, 151, 186, 190, 217, 221, 622, 709

      • Section 22, compulsory withdrawal, 676, 679, 680

    C

    • Capital account crises

      • access policy, 312–18, 318–22

      • exceptional access policy, Supplemental Reserve Facility, 319–23, 331–34

      • exceptional access policy, 2004 review, 323–27

    • Capital flows

      • action to limit disequilibrating flows, Composite Resolution, 736

      • Eleventh General Review of Quotas, 6, 11

      • Supplemental Reserve Facility, 331

      • surveillance, 27, 35, 40

      • WTO, information on Fund decisions requesting a member to exercise capital controls, 784

    • Capital transfers

      • controls by members, 407

      • multiple currency practices applicable solely to, 485

      • payments arrears, 299–300

      • use of Fund’s resources for, 406, 485

    • Caribbean Development Bank

      • exchange of documents with, 590

    • CCFF. See Compensatory Financing Facility

    • CCLs. See Contingent Credit Lines

    • Censure, 675–76

      • draft declaration, 680

    • Central Bank of West African States (BCEAO)

      • prescribed holder of SDRs, 633

    • Cereal import costs

      • compensatory financing of fluctuations in, 335, 336, 341–44

      • repurchase, 365

    • CFF and CCFF. See Compensatory Financing Facility

    • CFT. See Combating the Financing of Terrorism,

    • Charges. See also Burden sharing

      • accounting for charges from members with overdue obligations, 373

      • accrued charges, 373

      • administrative account balances, 698

      • extended arrangements, 281

      • Extended Fund Facility, 270

      • future changes in charges, 372

      • interest on Trust Fund loans. See Interest

      • media of payment in General Resources Account, 373

      • payment by nonparticipant in the SDR Department, 373

      • payment of net charges and assessment in the SDR Department for FY ended April 30, 1982, 665–66

      • setoff in connection with a retroactive reduction of charges due by members in arrears, 377

      • special charges on overdue financial obligations to the Fund, 374–76, 377, 378

      • special charges system, 2004 review, 376

      • stand-by arrangements, 276

      • Supplementary Financing Facility, subsidy, 706

      • Supplemental Reserve Facility, 333–34

      • surcharge on purchases in credit tranches and under EFF, 372

      • use of Fund resources. See Burden sharing

      • value date for payment of special charges, 376

      • waiver of special charges, 375

    • Classified documents, 543

    • Code of Good Practices on Transparency in Monetary and Financial Policies, 241

    • Collateral

      • collateral guarantees on debt, international reserves template, 510

    • Combating the financing of terrorism, 102, 113, 116, 117–21, 122, 122–26

    • Committee on Reform of the International Monetary System Composite Resolution, 719–39

    • Communications, privilege for interpretation of Article IX, Section 7, 547–48

    • Compensatory Financing Facility (CFF; previously Compensatory and Contingency Financing Facility, CCFF)

      • access limits, 336–37

      • cereal import costs, 335, 336, 341–44

      • decision, 335–45

      • emergency assistance for natural disasters and, 287

      • estimated data, 337

      • export fluctuations, 337–40

      • extended arrangements and, 283, 336

      • general provisions, 335–36

      • overcompensation, 340, 344, 345–46

      • phasing, 337–38

      • PRGF Trust and, 136

      • receipts from services, 339

      • repurchase expectation, 365–66

      • repurchase of overcompensation, legal interpretation, 345–46

      • repurchases, 365

      • reserve tranche purchases, exclusion, 335, 697

      • stand-by arrangements and, 275, 336

    • Compulsory withdrawal, 679, 680, 681, 682, 683, 687

    • Concessional external debt, OECD definition, 262, 263–64

    • Conditionality. See also Side letters

      • Bank-Fund collaboration, 575–79

      • benchmarks, 227, 228, 229, 230, 241

      • Compensatory Financing Facility, 337, 340

      • consistency with WTO agreements, 584–85

      • consultation clauses, 227

      • cross-conditionality between Fund programs and WTO arrangements, avoidance, 585

      • emergency assistance, natural disasters, 287–88

      • emergency assistance, post-conflict countries, 290

      • emergency financing mechanism, 251

      • financing assurances reviews, 229

      • first credit tranche, 254

      • floating tranches, 230

      • governance issues, 54

      • guidelines, 223–31

      • indicative targets, 227, 228, 229

      • individual circumstances of members, 224–25

      • letters of intent, 227, 232

      • modalities, 227–30

      • outcomes-based, 226

      • ownership, 224, 230, 254, 258, 575, 576, 579

      • performance criteria, 228

      • performance criteria and phasing, relationship, 258–60

      • performance criteria with respect to external debt, change in coverage, 261–65

      • performance criteria with respect to foreign borrowing, 265–66

      • performance criteria with respect to foreign borrowing, discount rate, 261–62, 263, 265

      • PRGF arrangements, 255–56

      • principles, 223–26

      • prior actions, 228, 261–62

      • program design, 224–25

      • program review, 228–29, 230–31

      • stand-by arrangement, normal access to credit tranches, 253–54

      • streamlining, 254, 255, 257

      • structural benchmarks, 227, 228, 229, 230

      • Supplemental Reserve Facility, 334

      • test dates, even distribution, 259

      • uniformity of treatment, 224–25, 261–62

      • upper credit tranche stand-by arrangements, 310

      • waiver, adopting measures prior to granting of, 228

      • waiver, nonobservance of performance criteria, 230

      • waiver of applicability of performance criteria, 230

    • Confidentiality

      • archives, 543

      • exchange of documents with other international agencies, 543

      • FSAP Confidentiality Protocol, 105–12

      • side letters, 231–34

    • Consultation clause

      • extended arrangements, 282

      • stand-by arrangements, 277

    • Consultation cycles, Article IV. See alsoArticle IV consultations, Enhanced surveillance; Surveillance

      • annual in principle, 28, 31, 36

      • changes in, 59–61

      • flexibility in, 31

      • interval between Article IV consultations, 28–29

    • Consultations other than under Article IV

      • acceptance of obligations of Article VIII, Sections 2, 3, and 4, 469

      • Article VIII restrictions, 28, 463–64, 468–69, 568

      • Article XIV restrictions, 28, 463–64, 469, 568

      • bilateral arrangements, 463–64

      • competitive depreciations, 473

      • conditionality, consultation clauses, 227

      • GATT Contracting Parties, 552–56

      • multiple currency practices, 474

      • prescribed holders of SDRs, 630

      • PRGF, consultation with creditors, 161

      • sale of members’ currencies, 354–56, 358–59

      • SDR allocation, 639, 744

      • trade and payments restrictions, escalation, 451

      • United Nations, 751, 753

      • World Trade Organization, 582–83, 584–85, 586, 784

    • Contingent Credit Lines (CCLs),

      • extended arrangements and, 275, 280

      • stand-by arrangements and, 275, 280

      • termination, 348

    • Convertibility

      • acceptance of obligations of Article VIII, Sections 2, 3, and 4, 468, 469

      • bilateralism, 463–64

      • currency, 465, 467

      • current account of the balance of payments, 467, 470

      • retention quotas, 465

    • Cross-conditionality, avoidance, 566

    • Currencies

      • attribution of reductions of Fund’s holdings, 370–71

      • charges on Fund’s holdings in excess of quota, 372

      • freely usable, 134, 140, 149, 214, 429, 624, 631, 699, 708

      • General Resources Account, 350–53, 357, 373, 384–86

      • guidelines for operational budget allocation of currencies, review, 356–57

      • harmonization, balanced positions in the Fund, 352

      • maintenance of value, 384–86

      • presently needed for making payments, 223

      • PRGF Trust loans, 140

      • repurchases, 366–67

      • reserve asset payments, 10, 19, 20–22

      • sale of currencies of members with outstanding purchases, 354–56, 358–59

      • SDR valuation basket, 624–26, 626–27

      • specification by the Fund, 351–53, 357–58

      • subscription to the Fund, ownership, 19

      • use in operational budgets, 351–53, 356–57

    • Currency stabilization funds, elimination, 348

    • Current international transactions (current account transactions)

      • bilateralism, 463

      • multiple currency practices, 475–76, 479

      • payments arrears, 299–300

      • restrictions involving WTO members, 586, 784

      • restrictions on payments and transfers, 26–27, 463, 468

      • undue delays in availability or transfers use of foreign exchange, 407, 471

      • use of Fund resources, 222

    D

    • Data Dissemination Standard. See Special Data Dissemination Standard (SDDS) and General Data Dissemination System (GDDS)

    • Data provision to the Fund for surveillance, 61–65

    • Debt, external. See External debt

    • Debt operations

      • “condition precedent” clauses, 306

      • extended arrangements and, 280

      • management of the debt situation, 306

      • “mandatory prepayment” clauses, 306

      • stand-by arrangements and, 275

    • Debt strategy

      • payments of arrears to creditors, 299–300, 471–72

    • Declaration of censure, 675–76

      • draft declaration, 680

    • Declaration of ineligibility, 674–75, 681, 683

      • publicity, 617, 692

      • termination, 691–92

      • timing, 686

    • Declaration of noncooperation, 675–76, 682–83

      • draft declaration, 680

      • publicity upon withdrawal, 692

      • termination, 692

      • timing, 686

    • De-escalation of remedial measures, 693–95

    • Default, sovereign, 249

    • Designation, SDR Department

      • acceptance limit, 661

      • assessment of strength of balance of payments and governance position, 350–51

      • rules for designation review, 659–62

      • rules for designation—revision, 662–63

    • Development Committee (Joint Ministerial Committee on the Transfer of Real Resources to Developing Countries)

      • changes in the organization of work and structure of the Secretariat function, 741–42

      • composition, 729–30

      • establishment, 728–34

      • Executive Directors’ participation in meetings, 731

      • HIPC Initiative, 172, 199

      • Managing Director’s participation in meetings, 731

      • procedures, 732–34

      • rules of procedure, 740–41

      • terms of reference, 726

      • WTO observer, 587

    • Discrimination

      • balance of payments reasons, 467–68

      • disputes between members, comparable treatment of creditors, 87–88

      • multiple currency practices, 482

      • nondiscriminatory treatment of members, use of general resources, 224–25

    • Disputes between members

      • comparable treatment principle, 87–88

      • role of the Fund, 89, 307

    • Dissemination Standards Bulletin Board (DSBB). See also Special Data Dissemination Standard

      • certification requirement, 503

      • establishment, 501

      • removal from, 502–503

    • Document exchange. See Exchange of documents with other international agencies

    • DSBB. See Dissemination Standards Bulletin Board

    E

    • Early repurchase expectations, Supplemental Reserve Facility, 333

    • Early repurchases

      • emergency financing mechanism, 253

      • guidelines, 363–65

      • member’s balance of payments and gross reserve position, 350–51

    • Early warning system models, 35, 36

    • East African Development Bank

      • prescribed holder of SDRs, 632

    • East Caribbean Currency Authority

      • prescribed holder of SDRs, 632

      • termination of status as prescribed holder of SDRs, 633

    • Eastern Caribbean Central Bank

      • prescribed holder of SDRs, 632

    • EFF. See Extended Fund Facility

    • EFM. See Emergency financing mechanism

    • Eleventh General Review of Quotas, increase in quotas of Fund members, 3

    • Emergency assistance

      • conversion to special policy, 284–85

      • natural disasters, 284–85, 285–86

      • post-conflict countries, 178, 288–91, 291–96

      • PRGF-HIPC Trust eligibility, 178–79

      • PRGF-HIPC Trust qualification, 179–80

      • repurchases, 365

    • Emergency financing mechanism, 249–53

      • conditions for activation, 251

      • early repurchase, 253

    • Enhanced Structural Adjustment Facility (ESAF) Trust (transformed into Poverty Reduction and Growth Facility (PRGF) Trust). See also PRGF Trust

      • access limits, 160, 166

      • access to general resources by ESAF-qualified members, 160

      • balance of payments need, 168

      • benchmarks, 165–66

      • blend of general and SAF/ESAF resources, 690

      • borrowing for Loan Account, consultation with creditors, 161

      • commitment amount not normally reduced, 167

      • commitment period, 162–63, 395

      • disbursement of loans, 167

      • eligible members, 162–63, 396–97

      • emergency assistance, relation to, 289

      • ESAF successor—initiation of operations, 162

      • establishment, 162–63, 398–99

      • gold, use of, 687, 690

      • gold pledge, 687, 690

      • interest rate on Trust loans, 160

      • legal documentation, 168

      • loans to Trust as member’s official reserves, 168

      • maturity of loans, 163

      • objectives of programs, 165

      • off-market gold sales, 746

      • operational arrangements, 162–67

      • overdue financial obligations to Fund, 670

      • performance criteria, 159, 166

      • phasing of disbursements, 167

      • policy framework papers, 165. See also Poverty Reduction Strategy Papers

      • prior actions, 159, 166

      • rescheduling not available, 164

      • review, 165, 169

      • review of arrangement, mid-year, 165, 166, 167

      • rights accumulation program and, 689

      • Special Disbursement Account, 163

      • Structural Adjustment Facility assistance in conjunction with, 393–94, 401–402

      • Subsidy account, 163, 164, 185

      • transfer and retransfer of resources from and to Special Disbursement Account, 399–401

      • transfer to the ESAF-HIPC Trust, 404

      • transformation to PRGF Trust, 157–58

      • use of SDRs, 635

    • Enhanced surveillance

      • annual and mid-year consultation reports, 83

      • Article IV consultations, 84, 85

      • Article VIII obligations, 470

      • criteria and procedures, 90–92

      • Executive Board involvement, 92

      • Fund’s role in assisting members with creditors, 89–92

      • midterm review, 83–84

      • quantified economic policy program, 85

      • revised procedures, 84–86

      • staff reports, transmittal by member to creditors, 83, 85–86, 92

    • Enlarged access

      • criteria for use of Fund resources, validity, 308–12

      • repurchases, 309

    • ESAF-HIPC Trust. See Trust for Special ESAF Operations for the Heavily Indebted Poor Countries and Interim ESAF Subsidy Operations

    • ESAF Trust. See Enhanced Structural Adjustment Facility Trust

    • Euro

      • freely usable currency, 699

      • rates for computation and maintenance of value, 385

      • reference rates, European System of Central Banks, 627

      • weight in SDR valuation basket, 625, 626

    • Euro area members

      • surveillance over monetary and exchange rate policies, 579–81

    • European Bank for Reconstruction and Development (EBRD)

      • exchange of documents with, 590, 591

    • European Central Bank (ECB)

      • Article IV consultations, 68–69, 580

      • euro reference rates, 627

      • observer status, 579–80

      • observer status, review, 581

    • European Commission (EC)

      • Article IV consultations, 68–69

      • exchange of documents with, 590, 591

    • European Investment Bank (EIB)

      • exchange of documents with, 590

    • European System of Central Banks, 627

    • Exceptional Access Policy, 312

    • Exchange arrangements. See also Exchange rates; Multiple currency practices

      • exchange taxes and subsidies, notification, 24

      • flexible, notification of significant decision, 23

      • intervention, 24, 26, 27

      • multiple currency practices, prior Fund approval, 24

      • notification of, 23

    • Exchange contracts

    • Exchange controls, See also Exchange restrictions

      • exchange contracts contrary to, 460–61

      • nonsovereign arrears stemming from imposition, 300

    • Exchange of documents with other international agencies

      • ad hoc requests, 591

      • agencies meeting criteria for exchange, 590

      • Article IV consultation staff reports, 587, 592

      • changes in procedures, 591

      • criteria for access, 589–90

      • Recent Economic Developments reports, 587, 592

      • technical assistance reports, 588

      • use of Fund resources staff papers, 588, 592

    • Exchange rate policies. See also Exchange arrangements

      • euro area, 66–68, 579–80

      • surveillance over, 24–27, 29–30, 31–32, 34–35, 41, 51–52

      • surveillance over, review, 59

    • Exchange rates. See also Exchange arrangements; Exchange rate policies; Multiple currency practices

      • coherence in global policymaking, 583

      • computations and maintenance of value, 384–86

      • computations and maintenance of value—value date, 384

      • fixed, 476

      • floating guidelines, 736

      • fluctuating, 23, 477–78

      • General Arrangements to Borrow, 415

      • New Arrangements to Borrow, 447–48

      • unification in multiple rate systems, 482

    • Exchange restrictions. See also Capital transfers; Multiple currency practices

      • approval by Fund, 472, 528

      • Article VIII, Sections 2, 3, and 4 obligations, 468–69

      • avoidance of escalation, 473

      • balance of payments reasons, 469, 470

      • bilateralism, 463–64

      • consultations with Fund, 468–69, 473

      • discrimination for balance of payments reasons, 467–68

      • emergency assistance, 287–88

      • Fund representation “in exceptional circumstances” under Article XIV, Section 3, 479, 623

      • guiding principle on whether a measure is an exchange restriction, 468

      • nonbalance of payments reasons, 469

      • payments arrears to creditors, 298

      • performance criteria, extended arrangement, 279

      • performance criteria, stand-by arrangement, 273–74

      • retention quotas, 465–67

      • security reasons, 462–64

      • surveillance, 26–27

      • transitional arrangements under Article XIV, 466, 469

      • undue delays, 407, 470

      • World Trade Organization, information on Fund approval, 784

    • Exchange subsidies, 24

    • Exchange taxes, 24, 477, 481

    • Executive Board

      • code of conduct, 594–600

      • cooperation with other entities, date of next review, 546

      • lapse of time completion of reviews under Fund arrangements, 283

      • meetings, procedural guidelines, 600–601

      • notification of exchange arrangements, 23

      • procedural guidelines, 600–601

      • report on Eleventh General Review of Quotas, 3–15

      • side letters procedures, 231–34

      • surveillance over exchange rates, 24, 26, 28, 29, 30

    • Executive Directors

      • additional appointed, meaning of “the preceding two years” in Article XII, Section 3(c), 594

      • appointment by members having five largest quotas, Article XII, Sections 3(b)(i) and 3(f), 593

      • appointment of two additional directors, Article XII, Section 3(c), 593–94

      • Development Committee meetings participation, 745

      • IMFC meetings participation, 725

      • procedural guidelines, 600–601

      • voting power, effect of adjustment of quota, 594

    • Export shortfalls, compensatory financing. See Compensatory Financing Facility

    • Extended arrangements. See also Access policy; use of Fund resources; Extended Fund Facility

      • applicable situations, 267

      • benchmarks, 261

      • charges, 270, 281

      • Compensatory Financing Facility, 280

      • Consultation clauses, 281–82

      • Contingent Credit Lines, 280

      • debt and debt-service reduction, 280

      • emergency assistance and, 290

      • exclusion of reserve tranche purchase, 697

      • form, standard, 277–82

      • Guidelines on Corrective Action, 236, 244, 280

      • ineligibility, 281, 667

      • lapse of time completion of reviews, 282–84

      • misreporting and noncomplying purchases, 235–37, 237, 238

      • noncomplying purchases, 280

      • overdue financial obligations to the Fund, 280, 667, 668

      • performance criteria, form, 278–79

      • performance criteria and phasing, guidelines, 258–60

      • period of arrangement, extension, 269

      • periods not exceeding three years to four years, 269

      • phasing, 258–60, 270, 277–78

      • repayment expectation under PRGF Trust, 281

      • repayment obligation under PRGF Trust, 280

      • repurchase expectation, 270–71, 281

      • repurchases, 270, 271, 281

      • review, completion of, 282

      • stand-by arrangement policies applicable, 270

      • Supplemental Reserve Facility and, 280, 332

      • suspension of transactions, 280

      • test dates for performance criteria, 259

    • Extended Fund Facility (EFF). See also Extended arrangements

      • applicability of policies on stand-by arrangements, 270

      • establishment, 267–71

      • review of access policy and limits, 307–308

      • situations to which facility could apply, 267

    • External Audit Committee, 622

    • External audit of Fund financial statements, 621–22

    • External debt

      • management of debt situation, 306–307

      • surveillance, 27, 40

    • External debt performance criteria

      • concessionality, definition, 261–62, 265–66

      • coverage, 261–65

      • extended arrangement, 279

      • external debt, definition, 261–65

      • leases, 264–65

      • loans, 264

      • stand-by arrangement, 274

      • suppliers’ credits, 264

    F

    • FATF. See Financial Action Task Force

    • Federal Reserve Bank of New York, 627

    • Financial Action Task Force (FATF)

      • endorsement of methodology, 122

      • 40+8 Recommendations, 117

    • Financial Sector Assessment Program (FSAP)

      • anti-money laundering, 102–103, 116

      • Article IV consultations, 93, 94, 96, 98, 101–105

      • confidentiality, 97, 98, 104, 105

      • Confidentiality Protocol, 105–12

      • coverage and frequency, 95–96

      • Financial System Stability Assessments (FSSAs), 93, 94

      • offshore financial centers (OFCs), 114

      • publication of FSAP reports not authorized, 97, 104–105

      • publication of FSSA reports endorsed, 98, 105

      • Reports on Observance of Standards and Codes (ROSCs), 94

      • review, 99

      • standards and codes, 94–95

      • stress tests, 94

      • surveillance, 94, 96, 101, 103

      • World Bank, collaboration with, 94, 95, 105

    • First credit tranche purchase

      • elimination of payments arrears, 298

      • liberal Fund attitude, 254

      • reasonable efforts test, 254, 298–99

    • First credit tranche stand-by arrangement

      • phasing and performance clauses omitted, 253–54

    • Fiscal agency

      • safeguards on use of Fund resources when fiscal agent not central bank, 240

      • transfer of claims, PRGF Trust, 148

    • Foreign borrowing. See External debt

    • Forms

      • draft declaration on censure or noncooperation, 680

      • draft first letter to all Governors regarding a member’s overdue financial obligations to the Fund, 677–78

      • draft second letter to all Governors regarding a member’s overdue financial obligations to the Fund, 678–79

      • extended arrangement, 277–82

      • stand-by arrangement, 272–77

    • Framework Administered Account for Technical Assistance Activities

      • adoption of Instrument to establish, 127

      • Africa Regional Technical Assistance Centers Subaccount, 131

      • Instrument to establish, 126–31

      • investments of resources, 129

      • Pacific Financial Technical Assistance Centre Subaccount, 131

    • Freely usable currencies (euro, Japanese yen, pound sterling, U.S. dollar), 134, 140, 149, 214, 429, 631, 703

    • FSAP. See Financial Sector Assessment Program

    • Fund-Bank collaboration, attendance at Fund Board Meetings, 598–69

    • Furnishing of information to the Fund, 235, 486–92

    G

    • GAB. See General Arrangements to Borrow

    • GATT. See General Agreement on Tariffs and Trade

    • General Agreement on Tariffs and Trade (GATT). See also World Trade Organization (WTO)

      • arrangement for consultation and cooperation with the Contracting Parties, 552–56

      • Fund collaboration with, 581–88, 736

      • import restrictions for balance of payments reasons, 470

      • Voluntary Declaration on Trade and Other Current Account Measures, 736

    • General Arrangements to Borrow (GAB), 408–23

      • associated borrowing arrangements, 452

      • borrowing agreement with Saudi Arabia, 427–35

      • borrowing agreement with Saudi Arabia—renewal, 434–35

      • borrowing by the Fund, guidelines, 458–59

      • Eleventh General Review of Quotas, 7

      • emergency financing mechanism, 249

      • interest, 420

      • letter from France’s Minister of Finance to U.S. Secretary of the Treasury, 421–24

      • participants and amounts of credit, 419–20

      • quotas, Eleventh General Review, 730

      • repayment by the Fund, 413–15

      • sales of currencies of members indebted to Fund, 358–59

      • Saudi Arabia, renewal of borrowing agreement, 434

      • transferability of claims, 415, 424–25

      • transferability of claims under Saudi Arabia’s borrowing agreement, 425–27

      • use of credit arrangements for nonparticipants, 418

    • General Data Dissemination System (GDDS)

      • coverage, 517–27

      • participation, 541–42

      • periodicity, 527–28

      • phased approach, 515

      • purposes, 514–15

      • timeliness, 528

    • General Resources Account (GRA)

      • adjustment of Fund holdings of members’ currency, 384–85

      • designation, assessment of strength of member’s balance of payments and gross reserve position, 350–51

      • gold held, sale, 403

      • maintenance of value, 384–85

      • media of payment in, 373

      • misreporting and noncomplying purchases, 235–37

      • overdue charges, 375

      • rates for computation and maintenance of value, 484–85

      • repayment expectation under PRGF Trust, failure to meet, 157

      • repurchase expectation, failure to meet, 244

      • rights approach, 229

      • rules, applicability to PRGF Trust administration, 78

      • sale of currencies at the request of members with outstanding purchases, 354–55, 358–59

      • sale of SDRs by the Fund for payment for increase in quota, 362

      • special charge on overdue charges, 375

      • specification of currencies by the Fund, 351–53, 356–57, 357–59

      • Subsidy Account, reimbursement of administrative expenses, 709

      • transfers of SDRs instead of currencies under Article V, Section 3(f), 353

    • GDDS. See General Data Dissemination System

    • Gold

      • designation of SDRs, 660

      • ESAF-HIPC Trust, sales to benefit, 746

      • gold pledge for use of ESAF Trust resources, 687, 690

      • gold pledge for use of PRGF Trust resources under rights approach, modalities, 402–404

      • harmonization of excess holdings of SDRs, 660

      • off-market sales, 405

      • off-market transactions, use of investment income, 405

      • off-market transactions by Fund, Resolution, 746

      • ownership of gold and currency for subscriptions, 4

      • payment for repurchases, 366, 367, 405

      • profits, final direct distribution for developing members through Trust Fund, 701

      • Special Disbursement Account, use of proceeds of off-market sales, 746

      • use of investment income on proceeds from off-market gold transactions, 405

    • Governance issues

      • Article IV consultations, 75, 77

      • coordination with bilateral donors and multilateral agencies, 57–59

      • corruption, 70, 71, 73, 74

      • HIPC Initiative, 200

      • identification of problems, 77–78

      • macroeconomic impact test for Fund involvement, 70, 73, 74

      • policy advice, 70, 72

      • role of the Fund, 69–80

      • technical assistance, 70, 71, 72, 77

      • transparency, 70, 72, 74

      • use of Fund resources, 75–77

    • GRA. See General Resources Account

    • Grievance Committee, archives on, 543

    • Gross reserve position

      • assessment for purposes of designation plans, operational budgets, and early repurchases, 351–53, 357

    • Guidelines

      • access limits policy, 307–12

      • allocation of currencies, operational budget, 356–57

      • borrowing by the Fund, 459

      • conditionality, 223–31, 253–54

      • corrective action, 136, 152, 176, 235–37, 244

      • corrective action, as referenced in stand-by arrangement form, 275

      • corrective action, as referenced in extended arrangement form, 280

      • designation plans, 350–51

      • early repurchases, guidelines, 363–56, 371

      • emergency assistance, natural disasters, 284–85, 285–88

      • emergency assistance, post-conflict, 284–85, 288–291, 291–96

      • Fund staff collaboration with the WTO, 581–89

      • Fund support for currency stabilization funds, 137

      • governance issues, 69–80

      • misreporting and noncomplying purchases, 235–37

      • operational budgets, 350–51

      • payment of reserve assets for subscription, 19–22

      • performance criteria and phasing, relationship, 258–60

      • performance criteria with respect to external debt, 258

      • performance criteria with respect to foreign borrowing—discount rate for assessing concessionality, 265–66

      • SDR valuation basket, calculation of currency amounts, 624–26, 626–27

      • SDR valuation basket, conversion into euro of deutsche mark and French franc, 627–28

      • selection of currencies by the Fund, 351–53, 354–55, 356–57, 357–59

    H

    • HIPC Initiative. See Trust for Special ESAF Operations for the Heavily Indebted Poor Countries and Interim ESAF Subsidy Operations (ESAF-HIPC Trust); Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and Interim PRGF Subsidy Operations (PRGF-HIPC Trust)

    • Hong Kong Monetary Authority (HKMA), 437–38, 453

    I

    • IMFC. See International Monetary and Financial Committee

    • Immunities and Privileges of Specialized Agencies, United Nations Convention, 756–78

    • Immunity of archives, 543

    • Import restrictions for balance of payments reasons

      • extended arrangements, 280

      • GATT, 298

      • stand-by arrangements, 275

    • Ineligibility to use Fund resources

      • declaration of ineligibility, 490, 674, 675, 680, 681–87, 692

      • extended arrangements, 280, 667

      • limitation and ineligibility under Article V, Section 5, 360

      • publicity, 617, 692

      • stand-by arrangements, 275, 667

    • Inter-American Development Bank (IDB)

      • communication regarding members’ arrears to the Fund, 675

      • exchange of documents with, 590

    • Interest

      • means of payment under Trust Fund, 700

      • PRGF-HIPC Trust, interest-free loans, 184

      • PRGF loans, 140

    • Interim Committee. See also International Monetary and Financial Committee

      • composition, 721–22

      • establishment, 720–24

      • governance, 239

      • International Monetary and Financial Committee, transformation of Interim Committee into, 724–28

      • participation of Executive Directors in meetings, 721

      • participation of Managing Director in meetings, 722

      • procedures, 723–24

      • rules of procedures, 739–40

      • safeguards for use of Fund resources, 239

      • terms of reference, 722–23

    • International agencies. See also specific international agencies exchange of documents with, 588–89

    • International Bank for Reconstruction and Development (IBRD). See World Bank

    • International Court of Justice, 752, 768

    • International Development Association (IDA)

      • HIPC Initiative, 200, 202

      • prescribed holder of SDRs, 633

    • International Financial Statistics (IFS), 64

    • International Fund for Agricultural Development (IFAD)

      • prescribed holder of SDRs, 633

    • International Monetary and Financial Committee (IMFC, formerly Interim Committee)

      • participation of Executive Directors in meetings, 725

      • participation of Managing Director in meetings, 725

      • procedures, 727

      • terms of reference, 726

      • transformation of Interim Committee into IMFC, 724–28

    • International organizations. See also specific international organizations

      • transmittal of Fund documents, 588–89

    • Interpretation

      • Article VI, use of Fund resources for capital transfers, 222

      • Article VIII, Section 2(b), unenforceability of exchange contracts, 501–502

      • Article IX, Section 7, privilege for communications, 547–48

      • Article XII, Sections 3(b)(i) and 3(f), appointment of directors by members having one of five largest quotas, 593

      • Article XII, Section 3(c), appointment of two additional directors, 593–94

      • Article XIV, Section 3, Fund representation in exceptional circumstances on withdrawal of Article XIV, Section 3 restrictions, 623

      • Articles of Agreement, use of Fund resources, 222

    • Investigation of Fund, cooperation procedures, 544–46

    • Investigation of Fund activities, cooperation procedures, date of next review, 546

    • Islamic Development Bank (IsDB)

      • exchange of documents with, 590

      • prescribed holder of SDRs, 633

    J

    • Japanese yen

      • freely usable currency, 699

      • weight in SDR valuation basket, 625

    • Joint Ministerial Committee on the Transfer of Real Resources to Developing Countries. See Development Committee

    • Joint Staff Assessments, 203, 211

    L

    • Lapse of time procedure, reviews under Fund arrangements, 282–84

    • Leases, definition of external debt, 261, 264–65

    • Lending into arrears, 302–306

    • Letters of intent

      • deletion from documents released to aid agencies, 592

      • publication, 603, 604, 610

      • side letters, 231–34

    • Limits

      • access to credit tranches—review, 307–308

      • access to Extended Fund Facility—review, 307, 308

    • Loan Account, PRGF Trust, 142, 144, 148

    M

    • Maintenance of value

      • overdue adjustments, 670

      • rates for computations, 384–86

    • Managing Director

      • authorized signatories, 602

      • consultation by member before requesting an extended arrangement, 268

      • consultation with creditors for additional borrowing for PRGF Trust Loan Account, 161

      • consultation with member on changes in exchange rate policies, 24, 29

      • consultation with member with outstanding purchases on sale of currency, 354, 358–59

      • Development Committee, participation in meetings of, 731

      • General Arrangements to Borrow, proposals for calls, 411

      • International Monetary and Financial Committee, participation in meetings of, 725

      • nondiscriminatory treatment of members, 224–25

      • procedures for addressing overdue financial obligations, 152–53, 154–56

      • SDR allocation, proposals for

        • first basic period, 637

        • third basic period, 638

        • fourth basic period, report of Managing Director on, 743–45

      • use of Fund resources, recommendation regarding approval, 225

    • Memoranda of economic and financial policies, publication, 603, 604, 610

    • Military expenditure and the role of the Fund

      • Article IV consultations, 81, 82

      • performance criteria, 82

      • surveillance, 80–82

    • Misreporting and noncomplying disbursements, PRGF Trust

      • condition, nonobservance of, 152

      • corrective action, 140, 154

      • early repayment, 153

      • performance criteria, accuracy of information, 159

      • prior action, accuracy of information, 159

      • publication policy, 617

      • repayment expectation, 153

      • safeguards for use of Fund resources, 238–43

      • waiver of applicability or for nonobservance of performance criteria, 153, 159

      • waiver of early repayment, 153

    • Misreporting and noncomplying purchases, General Resources Account

      • corrective action, 235–37

      • performance criteria or other conditions, accuracy of information, 238, 243–44

      • prior actions, accuracy of information, 237

      • publication of cases, 617–18

      • safeguards for use of Fund resources, 238–43

      • waivers, 236, 270

    • Moral hazard, 249, 331

    • Multi-year rescheduling arrangements (MYRAs)

      • enhanced surveillance and, 90, 91

    • Multiple currency practices

      • approval, 24, 482

      • approval criteria, when imposed for balance of payments reasons, 469, 484

      • approval criteria, when imposed for nonbalance of payments reasons, 469, 484

      • Article IV consultations, 485

      • balance of payments reasons, 476, 484

      • capital transactions, 485

      • consultation with Fund prior to changes, 475, 476, 477

      • discrimination, 484

      • exchange taxes, 481

      • jurisdiction of the Fund, 478

      • nonbalance of payments reasons, 476, 485

      • official action, 483, 484

      • policy in 1947, 474–81

      • policy in 1957, 481–83

      • policy in 1998, 483–85

      • simplification of complex rate systems, 482–83

      • spread, 483

      • statement to members transmitting Fund’s decisions, 474–75

      • taxes on exchange drafts, 477

      • unification of exchange rates as basic Fund objective, 482

    • MYRAs. See Multi-year rescheduling arrangements

    N

    • Natural disasters, emergency assistance, 284–85, 285–88

    • Need. See Balance of payments need

    • Net income. See Burden sharing

    • New Arrangements to Borrow (NAB), 436–53

      • credit arrangements, 438

      • Eleventh General Review of Quotas, 7

      • entry into force, 439

      • Hong Kong Monetary Authority, 437–48, 452

      • meetings of participants, 453–54

      • nonparticipants, 440–41

      • participants, 440, 452–53

      • relationship with the GAB and associated borrowing arrangements, 451–52

      • transferability of claims, 448, 455–56

    • Noncooperation draft declaration, 680

    • Nondiscriminatory treatment of members

      • Paris Club, 88

      • Use of Fund resources, 224–25

    • Nordic Investment Bank

      • prescribed holder of SDRs, 633

    O

    • Observer status in the Fund

      • European Central Bank, 579–81, 581

      • World Bank, 568, 568–70

      • World Trade Organization, 587, 785

    • Observer status of the Fund

      • World Bank, 568

      • World Trade Organization, 785–86

    • OECD. See Organization for Economic Cooperation and Development

    • Official clearing and payments arrangements. See also Bilateralism and convertibility; Bilateral payments arrangements

      • temporary exemption from three-month settlement rule, 464

    • Offshore financial centers (OFCs)

      • assessment program, 113–16

      • inclusion in FSAP reports, 97

      • publication of reports, 115

      • separate from FSAP, 114

    • Operational budgets

      • assessment of strength of member’s balance of payments and gross reserve position, 350–51

      • guidelines for operational budget allocation of currencies, review, 356–57

      • specification of currencies by the Fund, 351–53, 356–57, 357–58

      • transfers of SDRs under Article V, Section 3(f), 353

    • Organization for Economic Cooperation and Development (OECD)

      • concessional external loans, definition, 262, 266

      • exchange of documents with, 591

    • Overdue financial obligations to the Fund. See also Rights accumulation programs; Rights approach

      • accounting for charges, 373–74

      • Annual Report (IMF), 674

      • complaint by Managing Director, 673

      • compulsory withdrawal, 675, 676, 681, 682, 683

      • declaration of censure, 675, 680

      • declaration of ineligibility, 674–75, 680, 681, 682, 683, 692

      • declaration of noncooperation, 675–76, 680, 682, 692

      • de-escalation of remedial measures, 693–95

      • draft first letter to all Governors, 677–78

      • draft second letter to all Governors, 678–79

      • Eleventh General Review of Quotas, 732

      • ESAF, no access, 669–70

      • extended arrangements and, 280, 667

      • Ninth General Review of Quotas, 674, 684

      • overdue maintenance of value adjustments, 670

      • preferred creditor status of Fund, 194, 671, 680, 683

      • prevention/deterrence measures—strengthened timetable of procedures, 685–87

      • PRGF arrangement, nonapproval, 136–37

      • procedures for dealing with members, 670–80

      • publication of missed repurchase expectation, 617

      • requests for the use of Fund resources under a stand-by or extended arrangement, management will not submit, 668

      • review period, 668–69

      • SAF, no access, 669–70

      • setoff in connection with retroactive reduction of charges, 377

      • special charges, 374–76

      • stand-by arrangements and, 275, 667

      • strengthened cooperative strategy, 681–87, 690–91, 691–92

      • suspension of voting rights, 684–85, 686

      • technical assistance suspension, 676

    • Overdue payments to the Fund. See Overdue financial obligations to the Fund

    • Overseas Economic Cooperation Fund (OECF) of Japan, 265

    P

    • Pacific Financial Technical Assistance Centre Subaccount, 131

    • Paris Club

      • Agreed Minute, 88

      • debt rescheduling and Fund arrangements or programs, 684

      • debtors’ negotiations with, 88

      • rescheduling discussions, 591

      • rescheduling in absence of Fund arrangement, 685

      • rescheduling operations, Fund opposition to matching, 295

      • settlement of disputes between Fund members and Fund neutrality, 89

    • Payments arrears, capital transfers. See Capital transfers

    • Payments arrears, member’s failure to provide foreign exchange for current international transactions. See Exchange restrictions

    • Payments arrears, settlement of disputes between members, 86–89

    • Payments arrears of a member to other (non-Fund) creditors

      • Fund lending into nonsovereign arrears, 300–306

      • Fund lending into sovereign arrears, 300–306

      • Fund policies and procedures, 298–99, 299–300, 300–302

      • performance criteria, 298–99

    • Payments arrears to the Fund. See Overdue financial obligations to the Fund

    • Payments restrictions. See Exchange restrictions

    • Performance criteria under Fund arrangements

      • accuracy of information, 238

      • conditionality guidelines, 223–31

      • coverage initially, 259–60

      • definition, 228

      • external debt, guidelines on coverage of debt limits, 261–65

      • first credit tranche, not subject to, 254

      • foreign borrowing, guidelines on calculation of discount rate, 261, 266

      • number and content of, 228

      • omitted in stand-by arrangements within first credit tranche, 253–54

      • phasing, relationship, 258–60

      • reporting lags, 258

      • reporting on implementation, confidentiality relating to, 235

      • test dates, even distribution, 259

      • waiver of applicability, 153, 228, 237, 238

      • waiver of nonobservance, 153, 228, 237, 238

    • Phasing and performance criteria under Fund arrangements

      • omitted in stand-by arrangements within first credit tranche, 253–54

      • relationship, 258–60

    • PINs. See Public Information Notices

    • Position in the Fund, defined, 352, 356

    • Post-conflict emergency assistance, 178, 213, 284–85, 288–91, 291–96

    • Post-Conflict Emergency Assistance Subsidy Account for PRGF-Eligible Members

      • administration, 216–17

      • establishment, 213

      • fees, none, 217

      • instrument to establish, 213–18

      • investment of resources, 216

      • purpose, 213

      • rate of charge subsidy, 215

      • resources, 214

      • SDRs, use of, 219

      • settlement of questions, 218

      • termination, 217–18

      • use of resources, 215–16

    • Post-SCA-2 Administered Account

      • adoption of Instrument to establish, 219

      • Instrument to establish, 219–20

    • Pound sterling

      • freely usable currency, 699

      • weight in SDR valuation basket, 625

    • Poverty Reduction and Growth Facility (PRGF) Trust. See also Enhanced Structural Adjustment Facility (ESAF) Trust; Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and Interim PRGF Subsidy Operations (PRGF-HIPC Trust)

      • administration of, 150–51

      • amendment of, 152

      • contributions, value date for operations and transactions, 161

      • cost of administration, 405

      • declaration of noncooperation, 156

      • electing lenders, 148–49

      • establishment, adoption of Instrument, 132

      • freely usable currency, 134, 140, 149

      • General Resources Account, no reimbursement to, 404

      • Instrument to establish, 133–56

      • investment of resources, 151

      • Loan Account, 134, 140–41, 145, 148, 161

      • Loans. See Poverty Reduction and Growth Facility Trust loans

      • media of payment, 134

      • misreporting and noncomplying disbursements, 140, 152–53

      • modalities of gold pledge under rights approach, 402–404

      • other provisions, 156–57

      • overdue financial obligations, 136–37

      • period of operation and liquidation, 151

      • post-conflict emergency assistance, 178, 179

      • post SCA-2 Administered Account, 220

      • Poverty Reduction Strategy Papers (PRSPs), 175, 179

      • prior actions, accuracy of information, 159

      • purposes, 133

      • qualifying for assistance, 179–80

      • removal from eligibility, 155–56

      • repayment expectation, 153, 156–157

      • Reserve Account, 134, 145, 146–48

      • Reserve Account, reviews, 404

      • Reserve Account, transfer to the PRGF-HIPC Trust, 146, 404

      • Special Disbursement Account, transfers from or to, 146, 147, 148

      • Subsidy Account, 134, 145

      • transfer of claims, 148–49

      • transformation of ESAF to PRGF, 156–58

      • Trust Account and resources, 177

      • unit of account, SDR, 134

      • waiver of performance criteria, accuracy of information, 159

    • Poverty Reduction and Growth Facility (PRGF) Trust loans

      • access, 137

      • adjustment program, 135, 137

      • arrangement period, extension, 138

      • balance of payments need, 137, 138

      • benchmarks, 135, 139

      • commitment period, 135, 136, 138

      • eligibility and conditions for assistance, 134–37

      • interest, 140, 143, 144, 145, 146, 147

      • misreporting and noncomplying disbursements, 140, 152–53

      • overdue financial obligations to Fund, 136

      • overdue financial obligations to PRGF Trust, 154–56

      • performance criteria, 136, 139, 153, 159

      • performance criteria, accuracy of information, 159

      • phasing of disbursements, 135–36, 138–39

      • prior action, accuracy of information, 159

      • protracted balance of payments problem, 136

      • repayment expectation, 137, 153, 157

      • rephasing, 138, 139

      • repurchase expectation, 137

      • rescheduling of loan repayments not possible, 140

      • reviews under arrangements, 136, 137, 139, 155

      • structural reforms, 136, 139

      • waiver, early repayment, 153

      • waiver of applicability or for nonobservance of performance criterion, 152, 159

    • Poverty Reduction Strategy Papers (PRSPs)

      • definition, 175

      • implementation, 208–13

      • flexibility regarding implementation, 205

      • publication policies relating to, 171, 603, 604, 605, 606, 610

      • role in HIPC initiative, 169, 175, 179, 180

      • role in PRGF operations, 108, 111

      • progress, 201, 208–13

    • Preferred creditor status of Fund, 194, 671, 680, 683

    • Press notices. See Public Information Notices

    • PRGF. See Poverty Reduction and Growth Facility

    • PRGF-HIPC Trust. See Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and Interim PRGF Subsidy Operations

    • Prior actions

      • definition, 228

      • implementation under PRGF, 159

      • reporting on implementation, confidentiality relating to, 235

      • use in emergency financing mechanism, 251

      • use in enhanced structural adjustment facility, 166

      • waiver of applicability, 238

      • waiver of nonperformance, 238

    • Program Reviews, 228–29

    • Protracted balance of payments problem, 136, 390

    • Public Information Notices (PINs)

      • Article IV consultation, 603, 604, 605, 609, 619, 620, 621

      • member’s consent, 620

      • policy matters, 603, 607, 610

      • presumed publication, 613

      • use of Fund resources, Chairman’s Statement in lieu of PIN, 607, 618–19

    • Publication

      • Article IV and combined

      • Article IV/Use of Fund Resources staff reports, 603, 604, 609, 613

      • Article IV consultations background reports (Selected Issues Papers, Statistical Appendices), 603, 604, 609, 613

      • Article IV consultations staff reports, pilot project, 514, 515

      • Article IV staff reports, 613

      • Chairman’s statements, use of Fund resources, 603, 604, 606, 607, 610

      • deletions prior to publication, 605, 615

      • Financial Sector Stability Assessment (FSSA) Reports, 609, 613

      • Fund policy documents, 603, 607, 610

      • HIPC Initiative, preliminary, decision point, and completion point documents, 603, 604, 610

      • Joint Fund/World Bank Staff Assessments of PRSPs, Interim PRSPs, and PRSP Progress Reports, 603, 604

      • Letters of Intent, 603, 604, 611

      • Letters of Intent (LOIs)/Memoranda of Economic and Financial Progress (MEFPs) for staff-monitored programs (SMPs), 603, 604, 611

      • member’s statement regarding Fund staff reports, 605

      • Memoranda of Economic and Financial Policies, 603, 604, 611

      • overdue financial obligations to Fund, 610, 616–17

      • overdue financial obligations to PRGF Trust, 154–55

      • PINs following Executive Board discussions on policy issues, 603, 607, 610

      • PINs following Executive Board discussions on post-program monitoring, 603, 604, 610

      • PINs on Article IV consultations, 603, 604, 607, 610, 619, 620, 621

      • PINs on use of Fund resources, 613

      • Poverty Reduction Strategy Papers (PRSPs), Interim PRSPs, and PRSP Progress Reports, 603, 604, 606, 610

      • publication policies of the Fund, 603–11

      • Recent Economic Developments reports (REDs), Article IV consultations, 609

      • removal from list of PRGF-eligible countries, 155

      • Reports on Observance of Standards and Codes (ROSCs), 603, 604, 609, 613

      • repurchase expectations, failure to meet, 616–17

      • staff reports on staff-monitored programs, stand-alone, 603, 604, 611

      • staff-monitored programs, presumption of publication, 58

      • statistical appendices and annexes, Article IV consultations, 609

      • suspension of voting rights and termination of suspension, 617

      • Technical Memoranda of Economic and Financial Policies, 603, 604, 610

      • use of Fund resources—Chairman’s Statement, 603, 604, 606, 607, 610

      • use of Fund resources and post-program monitoring staff reports, 603, 604, 610

      • waivers of applicability or for nonobservance of performance criteria, 606, 610

    • Purchase transactions. See also Reserve tranche purchases; Use of Fund resources

      • resumption of purchases under extended arrangement after decision of formal ineligibility, 280

      • esumption of purchases under stand-by arrangement after decision of formal ineligibility, 275

      • suspension of transactions under extended arrangements, 281

      • suspension of transactions under stand-by arrangements, 276

      • temporary suspension under Article XXVII, effect on GAB, 416

      • temporary suspension under Article XXVII, effect on NAB, 449

    Q

    • Quotas

      • ad hoc increases, 22

      • adjustment, first interval of five years, 3

      • Eleventh General Review, 3

      • Eleventh General Review, increases of quotas, new period of consent, 16

      • Eleventh General Review, Report of the Executive Board, 3–15

      • Eleventh General Review, Resolution, 10–12

      • Ninth General Review, 8, 9, 12, 674, 684

      • new period for receipt of consents to quota increases, 16

      • Twelfth General Review, report to Board of Governors and proposed resolution, 17–18

      • payment of reserve assets in connection with subscription, 19–22

      • sales of SDRs by Fund to members for quota payments, 362

      • Seventh General Review, 20, 21, 362, 642, 645, 647, 662

      • Sixth General Review, 20

      • Tenth General Review, 3, 4

      • voting power and adjustment of quotas, 594

    R

    • Recent Economic Developments reports (REDs)

      • balance of payments consultations, WTO, 582–83

      • publication, 609

      • transmittal to multilateral agencies, 591

    • Reconstitution of SDRs

      • abrogation of rules, 664

    • REDs. See Recent Economic Developments reports (REDs); Article IV consultations

    • Repayment expectations, PRGF Trust, 137, 153, 156–57

    • Reports on Observance of Standards and Codes (ROSCs)

      • anti-money laundering initiatives, 94, 113–16, 117–21, 122–26

      • no longer circulated to Executive Directors in hard copy form, 112

      • publication policies, 603, 604, 608, 609

      • surveillance, 42, 53, 62, 65

    • Repurchase expectations

      • attribution of reduction of currency, 370–71

      • Compensatory Financing Facility, 340, 365–66

      • failure to meet and CFF, 366

      • failure to meet and extended arrangements, 237, 280, 366

      • failure to meet and PRGF Trust, 136–37

      • failure to meet and stand-by arrangements, 237, 275, 366

      • failure to meet under Supplemental Reserve Facility, 333

      • misreporting and noncomplying purchases, 235–37, 244

      • publication of failure to meet, 616–17

      • Supplemental Reserve Facility, 332–33

    • Repurchases. See also Repurchase expectations

      • access policy, 308–309

      • assessment of strength of members’ balance of payments and gross reserve position, 350–51

      • attribution of reductions in Fund’s holdings of currencies, 370–71

      • Compensatory Financing Facility, 340, 365–66

      • credit tranches, 365

      • currencies of other members, 366, 367

      • early repurchases, guidelines, 363–65

      • emergency assistance, 365

      • extended arrangements, 270, 281

      • gold, acceptance in payment, 367

      • gold, obligation to pay, 366, 367

      • overcompensation under CFF, legal interpretation, 340, 345–46

      • overdue, 374

      • periods, 365–66

      • procedures, 365–67

      • purchases under credit tranches and CFF, 365–66

      • Schedule B, 366, 367

      • SDRs, 252, 367

      • selection of currencies by Fund, 351–53, 357–58

      • special charges on overdue repurchases, 374–76

      • stand-by arrangements, 276

      • Systemic Transformation Facility, 347

      • timing of repurchases within a calendar month, 366

    • Reserve Account of PRGF Trust

      • resources, 147

      • transfer to the PRGF-HIPC Trust, 404

    • Reserve assets

      • payment in connection with subscriptions, 19–22

      • SDR allocation, 639, 744

      • SDR as principal reserve asset, 744

    • Reserve currency and specification of currencies, 353

    • Reserve position, gross

      • assessment for purposes of designation plans, operational budgets, and early repurchases, 350–51, 357

      • SDDS reporting, 508

    • Reserve tranche position

      • attribution of reductions in Fund’s holdings of currencies, 358–59, 370, 371

      • balances held in Administrative Account, 698

      • Eleventh General Review of Quotas, 10

      • extended arrangements, 697

      • remunerated position, 21

    • Reserve tranche purchases, exclusion of purchases and holdings

      • administrative accounts, 698

      • Compensatory Financing Facility, 335

      • credit tranches, 698

      • emergency assistance, 285

      • extended arrangements, 297

      • General Arrangements to Borrow, 413–14

      • New Arrangements to Borrow, 446

      • Supplemental Reserve Facility, 333, 698

    • Resolutions. See Board of Governors Resolutions

    • Restrictions. See Exchange restrictions

    • Retention quotas, 465–67

    • Reviews under Fund arrangements

      • extended arrangement, 697

      • lapse of time procedure, 282–84

      • PRGF arrangement, 136, 137, 138, 139

      • stand-by arrangement, 274

    • Revolving character of the Fund’s resources, 6, 309

    • Rights accumulation programs, 148–49, 178–79, 179

    • Rights approach

      • arrears to the Fund, reduction, 688

      • extension of period, 696

      • gold pledge, 687

      • modalities of gold pledge for use of PRGF Trust resources, 402–404, 690

      • operational modalities, 687–90

      • phasing, 689

      • PRGF-HIPC Trust eligibility, 178–79

      • PRGF-HIPC Trust qualification, 179–80

      • three-year period norm, 688

    • ROSCs. See Reports on Observance of Standards and Codes

    • Rules and Regulations

      • Rule G-1, fiscal agency, 415, 448

      • Rule G-4, request for a purchase, 360

      • Rule I-6(4), rate of charge, 333, 372, 374, 377, 378, 380, 382, 707

      • Rule I-6(4)(a), 378, 380, 382

      • Rule I-6(4)(b), 378, 382

      • Rule I-10, rate of remuneration, 378, 382

      • Rule K-1, 551

      • Rule O-1, value of SDR, 627

      • Rule O-2, valuation of currencies in terms of SDRs, 385, 415, 432, 648, 649, 650, 651, 653, 655

      • Rule O-2(a), value of U.S. dollar in terms of SDRs, 627

      • Rule O-10, operational budget, 353

      • Rule P-7, prescribed operation, 649, 651, 652, 654, 656, 657, 658

      • Rule P-9, recording of SDR transactions, 219, 634, 635, 636, 649, 651, 653, 655, 656, 658

      • Rules R-1 through R-6, rules for reconstitution (abrogated), 664

      • Rule T-1, interest and charges in respect of SDR, 149, 380

    S

    • SAF. See Structural Adjustment Facility

    • Safeguards, use of Fund resources

      • benchmarks based on Code of Good Practices on Transparency in Monetary and Financial Policies, 241

      • publication of audited central bank financial statements, 241, 242

    • Safeguards assessment process

      • audits, 241, 242, 244

      • confidentiality, 242

      • first stage, 241

      • information/documents to obtain from central banks, 243–44

      • reports to remain confidential, 248

      • review, 245–48

      • second stage, 242

    • Saudi Arabia

      • borrowing agreement, 427–34

    • Schedule B, transitional provisions, 20, 366, 367

    • Schedule F, designation, 660

    • Schedule G, paragraph 1(a), reconstitution, 664

    • Schedule J, settlement of accounts with withdrawing members, 416, 432, 449

    • Schedule K, administration of liquidation, 416, 433, 449

    • Schedule L, suspension of voting rights, 722, 730

    • SDDS. See Special Data Dissemination Standard

    • SDRs. See Special drawing rights

    • Second Amendment

      • Article IV (surveillance over exchange rate policies), 20, 24

      • compensatory financing repurchase obligation, 346

      • payment of reserve assets in connection with subscription, 19–22

      • renumbered Articles, 223, 269, 372, 460, 469, 481, 547, 623

      • repurchases under Schedule B, 366, 367

      • surveillance over exchange rate policies, 20, 24

    • Security reasons, exchange restrictions for, 462–63

    • Settlement of disputes between members relating to external debt

      • comparable treatment of creditors, 87–88

      • neutrality of Fund, 89

      • Paris Club, 88

      • role of the Fund, 86–89

    • SFF. See Supplementary Financing Facility

    • Side letters, use of Fund resources, 231–34

    • Sovereign default, 250, 300

    • Special Contingent Account. See also Burden sharing

      • additions to, 669–70

    • Special Data Dissemination Standard (SDDS). See also Dissemination Standards Bulletin Board

      • access by the public, 499

      • balance sheet approach, 63, 63–64

      • certification requirement, 502–503

      • coverage, 495

      • debt sustainability assessments, 63

      • Dissemination Standards Bulletin Board (DSBB), 502–503

      • external debt, 63, 86

      • financial soundness indicators, 63

      • flexibility options, 498–99

      • integrity, 499–500

      • liquidity management, 63

      • periodicity, 496

      • provision for surveillance purposes, 61–65

      • purpose and framework, 494

      • quality, 500

      • removal from the DSBB, 502–503

      • review, 503

      • subscription, 500–501

      • template on international reserves/foreign currency liquidity, 508–13

      • timeliness, 496

    • Special Disbursement Account (SDA)

      • ESAF-HIPC Trust, 191

      • investment, 387–88

      • PRGF-HIPC Trust, 175

      • repayment expectation under PRGF Trust, failure to meet, 156–57

      • Structural Adjustment Facility administration, 388–96

      • termination and transfer of resources from Trust Fund, 701–703

      • termination of assistance from SAF in conjunction with loans from ESAF Trust, 401–402

      • transfer of resources to the ESAF Trust and retransfer to the SDA, 399–400

      • transfers to PRGF-HIPC Trust account, 177

    • Special drawing rights (SDRs)

      • allocation for first basic period, 637–38

      • allocation for fourth basic period, report of Managing Director, 743

      • allocation for third basic period, 638–47

      • allocations to new participants, third basic period

      • contributions to PRGF-HIPC Trust, 177

      • currency reference rates, 626

      • designation review rules, 659–61

      • designation rules, version, 662–63

      • euro weight in valuation basket, 625

      • harmonization of holdings, 352, 660

      • holders prescribed by the Fund

        • African Development Bank, 633

        • African Development Fund, 633

        • Andean Reserve Fund, 632

        • Arab Monetary Fund, 633

        • Asian Development Bank, 633

        • Bank for International Settlements, 632

        • Bank of Central African States, 633

        • Central Bank of West African States, 633

        • East African Development Bank, 633

        • East Caribbean Currency Authority, 633

        • Eastern Caribbean Central Bank, 633

        • European Central Bank, 633

        • International Bank for Reconstruction and Development (World Bank), 633

        • International Development Association, 633

        • International Fund for Agricultural Development, 633

        • Islamic Development Bank, 633

        • Nordic Investment Bank, 633

        • Swiss National Bank, termination of status, 633

      • Japanese yen

        • weight in valuation basket, 625

        • means of repayment by members on indebtedness under loan agreements, 700–701

        • media of payment for charges in GRA, 373 other holders, acceptance, holding or use, 629–31

        • payment of net charges and assessment in the SDR Department for FY ended April 30, 1982, 665

        • payment of subscriptions, 21, 22

        • pound sterling

          • weight in valuation basket, 625

        • PRGF-HIPC Trust unit of account and media of payment, 176–77

        • PRGF Trust unit of account and media of payment, 134, 140

        • reconstitution, abrogation of rules, 664

        • reserve asset payments, 10, 19, 20–22

        • sales by the Fund for payment of charges, 373–74

        • sales by the Fund for payment of subscriptions, 362

        • terms and conditions for accepting, holding, or using SDRs, 629–31

        • transfers of SDRs for payment of subscriptions under Article V, Section 6(b), 353, 362

        • transfers of SDRs for purchases under Article V, Section 3(f), 353

        • U.S. dollar

          • weight in valuation basket, 626

        • use in donations, 658

        • use in ESAF Trust operations or under an administered account, 635

        • use in forward operations, 657–58

        • use in loans, 549–50

        • use in payment by members on their indebtedness under loan agreements, 700, 700–701

        • use in payment of Trust Fund obligations, 593

        • use in pledges, 651–53

        • use in PRGF-HIPC Trust operations or under an administered account, 636

        • use in PRGF loans, 140

        • use in repurchases, 366–67

        • use in settlement of financial obligations, 648–49

        • use in Structural Adjustment Facility operations, 634

        • use in subsidy payment from SFF Subsidy Account, 634

        • use in swap operations, 655–56

        • use in transfers as security for the performance of financial obligations, 653–55

        • valuation basket, guidelines for calculation of currency amounts, 625–26

        • valuation basket, guidelines for calculation of currency amounts, revised, 624–25

        • valuation of U.S. dollar for purposes of Rule O-2(a), 627

        • value of SDR, method of collecting exchange rates for calculation for purposes of Rule O-2(a), 627

    • Specification of currencies, 351–53, 357–59

      • harmonization, 352

    • SRF. See Supplemental Reserve Facility

    • Staff-monitored programs, 46

    • Staff reports on Article IV consultations. See also Surveillance; Enhanced surveillance

      • document exchange with WTO, 589

      • military expenditure, 80–82

      • presumed publication, 613

      • publication, 603, 604, 605, 609

      • transmittal to international agencies, 588–89, 591, 592

    • Staff reports on enhanced surveillance

      • transmittal by members to creditors, 31–32, 83, 92, 108

    • Staff reports on use of Fund resources and post-program monitoring

      • publication policy, 612

    • Stand-by arrangements. See also Access policy; Use of Fund resources

      • access to credit tranches, normally through, 253

      • arrangements not international agreements, 226

      • charges, 276

      • Compensatory Financing Facility, 275

      • conditionality guidelines, 223–31

      • consultation clauses, 227, 275

      • Contingent Credit Lines, 275

      • contractual connotation avoidance, 226

      • debt- and debt-service-reduction operations, 275

      • duration, normal, 253

      • emergency purchases and, 286, 287, 290

      • external debt, performance criteria, 261–65, 273

      • first credit tranche, 253–54

      • form, standard, 272–77

      • Guidelines on Corrective Action, 236, 244, 275

      • indicative targets, 260

      • ineligibility, 276, 668

      • lapse of time procedure, reviews, 282–84

      • misreporting and noncomplying purchases, 235–37, 237, 238

      • noncomplying purchases, 237, 275

      • nondiscriminatory treatment, 224

      • overdue financial obligations to the Fund, 275, 667

      • performance criteria, accuracy of information, 238

      • performance criteria and phasing of purchases, relationship, 258–60

      • performance criteria with respect to external debt, 261–65, 265–66, 274

      • period for, 253

      • phasing, 253–54, 258

      • policies and procedures, 253–54

      • PRGF-HIPC Trust eligibility, 178–79

      • PRGF-HIPC Trust qualification, 179–80

      • prior actions, accuracy of information, 237

      • program evaluation, 230–31

      • repayment expectation under PRGF Trust, 157, 275

      • repayment obligation under PRGF Trust, 275

      • reporting lags, 258

      • repurchase, 276, 311

      • repurchase expectation, 236, 244, 275

      • reserve tranche purchases, 697

      • review, 231, 282, 274

      • review, completion, 282

      • review, lapse of time, 282

      • Supplemental Reserve Facility and, 275, 332

      • suspension of right to engage in transactions, 276

      • test dates, 259

      • uniform treatment of members, 224–25

      • waiver for nonobservance of performance criteria, 236, 237, 238

      • waiver of applicability of performance criteria 237, 238

    • Standards and codes. See also Financial Sector Assessment Program; Reports on Observance of Standards and Codes; and Special Data Dissemination Standard (SDDS)

    • STF. See Systemic Transformation Facility

    • Strengthened cooperative strategy

      • De-escalation of remedial measures, 693–95

      • Extension of deadline to enter a rights accumulation program, 690–91

      • extension of rights approach, 695

      • reversibility of actions, 691–92

      • review, 696

    • Structural Adjustment Facility (SAF)

      • access, potential, 389–90, 395–96

      • amount of assistance, 389–90

      • commitment period, 390, 391

      • commitment period, new, 395

      • disbursements, 391, 394

      • eligible members list, 395–97

      • income from investment and loans, 399–401

      • interest, 392

      • loans under Enhanced Structural Adjustment Facility, 393–95

      • PRGF-HIPC Trust qualification, 179–80

      • phasing, 394

      • protracted balance of payments problem, 136, 390

      • purposes, 389

      • qualification for assistance, 390–91

      • resources, 389

      • review, 398–99

      • rights accumulation programs and, 179–80

      • SDRs, use in operations, 395–96, 634, 635, 636

      • terms of loans, 392

    • Subscriptions. See also Quotas

      • accounting by members, 19

      • basic source of Fund financing, 458

      • ownership of gold and currency, 19

      • reserve asset payments, 19–22

    • Subsidy Account. See Supplementary Financing Facility Subsidy Account

    • Supplemental Reserve Facility (SRF)

      • availability through stand-by or extended arrangement, 332

      • commitment period, 332

      • conditionality, 334

      • contagion risk, 331

      • overdue financial obligations, 136–37, 275, 280

      • phasing, 332

      • PRGF Trust and, 136–37

      • rate of charge, 334

      • repurchase, 332–33

      • repurchase expectation, 333

      • repurchases, installment periods 332–33

      • reserve tranche purchases, exclusion, 331, 333

      • sudden and disruptive loss of market confidence test, 331

    • Supplementary Financing Facility (SFF) Subsidy Account

      • additional subsidy payments for May 1–June 30, 1990 and subsidy payments for July 1, 1990–June 30, 1991, 712–13

      • eligible members, 706

      • exchange rate for payment of subsidies, 713

      • Instrument to establish, 703–10

      • investment, 705, 709, 711

      • means of subsidy payments, 712

      • purpose, 704

      • rescheduling in cases of serious hardship, 702

      • resources, 704

      • SDRs, use of, 634

      • subsidy amount, 707

      • suspension of transfers and re-transfer of surplus, 711

      • transfer from Special Disbursement Account, 701–703, 704, 711

    • Suppliers’ credits, coverage in external debt limits, 261, 264

    • Surcharges on purchases, disposition for FY 2005, 381

    • Surveillance. See alsoArticle IV consultations; Enhanced surveillance

      • ad hoc Article IV consultation, 30

      • architecture of international financial system, 32

      • balance sheet analysis, 63–64

      • capital flows, 27, 35

      • communication, 55–56

      • comprehensive analysis, 28

      • consultation cycles, changes, 59–61

      • core and noncore issues, 33

      • coverage principles, 40

      • data provision, 61–65

      • euro area, 66–68, 68–69

      • extension of three-month period, 65

      • external evaluation, 32, 33

      • financial sector soundness and vulnerability, 35

      • macroeconomic relevance tests, 33

      • policy dialogue with country authorities, 54–55

      • principles, general, 25–26

      • principles for guidance of members, 26

      • principles of Fund surveillance over exchange rate policies, 26–27

      • procedures, 28–29, 45, 65

      • review, 2004, 59

      • review of general implementation, two-year intervals, 38–46, 47–49, 59–61

      • ROSCs, 42, 62, 65

      • signaling, 56

      • Special Data Dissemination Standard, 64

      • staff-monitored programs, 46

      • supplemental procedures, 30

      • three-month rule, 65

      • use of staff resources, 57–58

      • World Economic Outlook, 43

    • Suspension of membership, 676

    • Suspension of voting rights

      • participation in Interim Committee, 722

      • participation in International Monetary and Financial Committee, 725

      • publicity, 617

      • timetable of procedures, 686, 687

    • Swiss National Bank

      • GAB participant, 420, 424, 426

      • NAB participant, 453

      • termination of status as prescribed holder of SDRs, 633

    • Systemic Transformation Facility (STF)

      • termination, 347

    T

    • Technical assistance

      • cooperation with Trusteeship Council, 752

      • exchange rate system simplification, 483

      • Framework Administered Account for, 127–37

      • members not cooperating with the Fund, 675, 676

      • post-conflict countries, 288, 289

      • transmittal of reports to international agencies, 588

    • Terrorism financing. See Combating the Financing of Terrorism

    • Trade. See also World Trade Organization

      • structural maladjustments in trade, Extended Fund Facility, 267

    • Trade-related balance of payments adjustments fund, 329–30

    • Trade restrictions

      • avoidance of escalation, 473, 736

      • emergency assistance, 288

      • ESAF, 165

      • import restrictions for balance of payments reasons

        • extended arrangements, 280

        • GATT, 470

        • stand-by arrangements, 275

    • Voluntary Declaration on Trade and Other Current Account

      • Measures, 736

    • Tranche policies

      • application in connection with CFF, 335

      • first credit tranche, 253, 254, 298

      • floating tranche, 230

    • Transferability of claims

      • General Arrangements to Borrow, 416, 424–25

      • New Arrangements to Borrow, 455–56

      • Saudi Arabia, borrowing agreement with, 425–27

    • Transparency. See also Publication

      • foreign reserves management, 240

      • governance, 70

      • safeguards for use of Fund resources, 242, 246

      • use of Fund resources, 618–19

    • Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and for Interim PRGF Subsidy Operations (PRGF-HIPC Trust)

      • administration of, 185–86

      • amendment of, 187

      • assistance amount, 180–83

      • completion point, 174, 179, 180, 181, 182, 183, 193, 195, 196, 197, 199, 200, 203, 204, 205, 211

      • contributions by other donors, 188

      • contributions to, 178

      • debt service to exports ratio, 183

      • debt sustainability, 174, 181, 193–94

      • debt sustainability analysis, 174–75, 203

      • debt to exports ratio, 174, 175, 183

      • debt to revenue ratio, 174

      • decision point, 174, 175, 179, 180, 181, 182, 183, 192, 193, 195, 197, 200, 203, 204, 205, 211

      • eligibility and eligible members, 178–79, 203

      • grace period on loans, 184

      • grants and loans, 178

      • Guidelines on Misreporting, 176

      • Instrument to establish, 173–87

      • Instrument to establish, adoption, 172

      • interest, 175, 184

      • interim assistance, 182

      • interim PRSP, 169, 201, 202, 203

      • investment of resources, 186, 189

      • maturity of loans, 183–84

      • Millennium Development Goals (MDGs), 208–13

      • off-market gold transactions, use of investment income, 405

      • Paris Club, 175, 179, 181, 195, 196, 201, 207

      • period of operation and liquidation, 187

      • performance-related conditions, nonobservance, 182

      • Poverty and Social Impact Analysis (PSIA), 170, 210

      • Poverty Reduction Strategy Papers (PRSPs), 175, 176, 179, 180, 196, 199, 201, 202, 203, 205, 206, 208, 209, 210, 211, 212, 213

      • progress in implementation, 195–99, 204–208

      • purposes, 176

      • qualification for assistance, 179–80

      • rescheduling of repayments not allowed, 184

      • reserve account review, 404

      • retransfers authorized, 188

      • SDRs, use in operations, 186, 636

      • self-sustained PRGF operations, 175, 187, 204

      • special charges on overdue interest and repayments, 375

      • Special Disbursement Account, transfers from, 177

      • streamlining preliminary HIPC documents, 203

      • subsidies, interim PRGF operations, 185

      • terms of assistance, 183–84

      • track record of performance, 179, 180, 194, 196, 200, 203, 204, 208

      • transformation of ESAF-HIPC Trust to PRGF-HIPC Trust, 157–58

      • Trust Account and resources, 177

    • Trust Fund

      • final direct distribution of profits, 701

      • means of payment of interest by members on indebtedness under loan agreements, 700–701

      • overdue interest and repayments, 375

      • SDRs, use in payment of Trust Fund obligations, 633–34

      • special charges on overdue financial obligations, 374–76, 701

      • termination and transfer of resources to Special Disbursement Account, 387, 701–703

      • terms of repayment of final loan disbursement and amendment of Trust instrument, 703

    • Twelfth General Review of Quotas

      • report to Board of Governors and proposed resolution, 17–18

    U

    • Undue delay in availability or use of foreign exchange, 407, 448

    • Uniformity of treatment principle

      • consultation cycles, 36

      • external debt in Fund arrangements, guidelines on performance criteria, 262

      • post-conflict assistance, 294

      • settlement of disputes among members, comparable treatment, 87–88

      • use of Fund’s general resources, nondiscrimination, 225

    • United Nations

      • agreement with the IMF, 749–55

      • Convention on the Privileges and Immunities of the Specialized Agencies, 756–78

      • exchange of documents with, 751

      • “Uniting for Peace” General Assembly resolution, 718

    • United Nations Development Program

      • exchange of documents, 590

    • U.S. dollars

      • maintenance of value, rates for computation, 387

      • means of payment by members on indebtedness under Trust Fund loan agreements, 700–701

      • medium of payment, PRGF Trust, 134

      • payments of interest on members’ indebtedness under Trust Fund loans, 700–701

      • use for Subsidy Account payments, 711

      • valuation in terms of special drawing rights pursuant to Rule O-2(a), 627

      • weight in SDR valuation basket, 626

    • Use of Fund resources. See also Access policy; Charges; Compensatory Financing Facility; Conditionality; Contingent Credit Lines; Emergency assistance; Emergency financing mechanism; Extended arrangements; Extended Fund Facility; First credit tranche; General Resources Account; Misreporting and noncomplying purchases; Purchase transactions; Repurchases; Reserve tranche purchases; Stand-by arrangements; Supplemental Reserve Facility; Supplementary Financing Facility; Systemic Transformation Facility; Waiver of the limitation of 200 percent of quota

      • accordance with purposes of the Fund, 222

      • authority of the Fund to use its resources, resolving problem of arrears, 679

      • authority to use resources of Fund, interpretation of Articles of Agreement, 222

      • capital transfers, 222, 406

      • conditionality guidelines, 223–31, 253–54

      • financing current account deficits, 222

      • form, extended arrangement, 277–82

      • form, stand-by arrangement, 272–77

      • ineligibility

        • effect on purchases under extended arrangement, 281

        • effect on purchases under stand-by arrangement, 276

        • under Article V, Section 5, 360

      • interpretation of Articles of Agreement, 222

      • limitation and ineligibility under Article V, Section 5, 360

      • meaning of “consistent with the provisions of this Agreement,” Article V, Section 3, 222

      • meaning of “represents” in respect of need, Article V, Section 3(b)(ii), 223

      • monetary stabilization, 223

      • nondiscriminatory treatment of members, 224–25

      • performance criteria and phasing, 258–60

      • postponement and limitation under Article V, Section 5, 360–61

      • repayment expectation under PRGF Trust, failure to meet, 156–57

      • resumption of purchases under extended arrangement after decision of formal ineligibility, 281

      • resumption of purchases under stand-by arrangement after decision of formal ineligibility, 276

      • safeguards, strengthening of, 238–44

      • side letters, 231–34, 234–35

      • suspension of exchange transactions, effect on General Arrangements to Borrow, 416

      • suspension of transactions under extended arrangements, 281

      • suspension of transactions under stand-by arrangements, 276

    V

    • Vienna Institute, Joint. See Joint Vienna Institute

    • Voluntary Declaration on Trade and Other Current Account Measures, 736

    • Voting power majority

      • compulsory withdrawal, 682

      • Eleventh General Review of Quotas, 10

      • SDR allocation, 744

    • Voting rights, suspension. See Suspension of voting rights

    W

    • Waiver of limitation of 200 percent of quota under Article V, Section 3(b)(iii)

      • Compensatory Financing Facility, 335

      • emergency assistance, 285

      • Extended Fund Facility, 269

      • Supplemental Reserve Facility, 334

    • Waiver of performance criteria

      • applicability, 152–53, 230, 237, 238

      • nonobservance, 152–53, 230, 237, 259–60

    • Waiver of special charges, 375

    • World Bank (International Bank for Reconstruction and Development)

      • agreement with WTO, 779, 780, 782

      • Bank-Fund collaboration, 82, 556–58, 568–69, 569–75, 575–79

      • collaboration with Fund on corporate sector vulnerability analysis, 35

      • collaboration with Fund on shifting resources from military, 82

      • Development Committee, 728–34

      • ESAF policy framework process, 165

      • Financial Sector Assessment Program, 94–95, 95–96

      • Fund-Bank Concordat, 556–68

      • governance, 71, 72, 78

      • HIPC Initiative, 192, 199, 202

      • investment by Fund of currencies received by SFF Subsidy Account, 711

      • military expenditures, 82

      • observer status in Fund, 568, 568–69

      • post-conflict assistance, 288–89

      • prescribed holder of SDRs, 633

      • PRGF-HIPC Trust, 174

      • publication policies of the Fund, 603–11

      • rights approach, 688–89

      • suspension of voting rights, 685

    • World Economic Outlook, 431

      • European Central Bank, observer, 579–81

      • military spending, 80, 82

      • multilateral surveillance, 36, 43–44

      • surveillance procedures, 28–29

    • World Trade Organization (WTO)

      • balance of payments consultations, 582–83

      • coherence in global policymaking, 583, 781, 784

      • consistency of policy advice and obligations, 583–85

      • cross-conditionality, avoidance, 585

      • decision of IMF on IMF-WTO Agreement, 779

      • decision of WTO General Council on IMF-WTO Agreement, 779–83

      • documents exchange with, 587–88, 786

      • Fund staff observer at WTO meetings, 587, 785–86

      • guidelines/framework for Fund staff collaboration, 581–88

      • IMF-WTO Agreement, text, 783–88

      • observer status in Fund meetings, 587, 785

      • resolution of open jurisdictional issues, 585–86

      • suspension of exchange transactions, effect on General Arrangements to Borrow, 416

      • suspension of transactions under extended arrangements, 281

      • suspension of transactions under stand-by arrangements, 276

    Y

    • Y2K Facility, 347

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