Selected Decisions and Selected Documents of the International Monetary Fund

Back Matter

Author(s):
International Monetary Fund
Published Date:
May 2003
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    INDEX

    A

    Access policy, use of Fund resources

    • access limits, guidelines 295, 303–304

    • access limits in individual cases, 297–303

    • augmentation of existing arrangements, 299

    • balance of payments need, 300, 302–303

    • exceptional circumstances, 298, 302

    • repurchases, 300–302

    • reviews, 296

    • revolving character of Fund resources, 272, 298, 300, 303

    Accounting by members

    • ownership of gold and currency subscriptions, 4

    Accounts. See specific accounts by name

    • Administrative

    • Borrowed Resources Suspense

    • Framework Administered (Technical Assistance)

    • General Resources

    • Loan

    • Post-conflict emergency assistance to PRGF Facility

    • Post-SCA-2 Administered

    • PRGF Trust Subsidy

    • Reserve

    • Special Contingent

    • Special Contingent-2

    • Special Disbursement

    • Supplementary Financial Facility (SFF) Subsidy

    Administrative account

    • balances, 626

    • reserve tranche position, 626

    African Development Bank

    • communications concerning members’ arrears to the Fund, 612

    • exchange of documents with, 543

    • prescribed holder of SDRs, 579

    African Development Fund, 579

    Africa Regional Technical Assistance Centers Subaccount, 154–55

    Annual Report (IMF), 84, 91, 125

    Andean Reserve Fund

    • prescribed holder of SDRs, 579

    Anti-money laundering

    • assessing a global standard and preparing ROSCs, proposals, 186–91

    • enhancing contributions to, 178–82

    • Financial Action Task Force (FATF), 179–86

    • Fund involvement, 182–86

    • methodology document, 183, 184

    • offshore financial center assessments, 180, 181

    Arab Monetary Fund

    • exchange of documents with, 543

    • prescribed holder of SDRs, 579

    Architecture of international financial system, 19

    Archives of the Fund

    • access on request, 521

    • attorney-client privilege, 521

    • Executive Board minutes, access, 521

    • Grievance Committee proceedings, 521

    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, 261

    • first credit tranche, 287

    • Fund lending into nonsovereign arrears, 288–94

    • Fund lending into sovereign arrears, 288–94

    • Fund policies and procedures, 286–87, 287–88, 288–90

    • performance criteria, 287–88

    • stand-by arrangement, performance criterion, 265

    Arrears, settlement of disputes between members, 163–64

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

    Article I, purposes of the Fund, 192, 475, 480

    Article I(v), temporary availability of Fund’s general resources, 253

    Article II, Section 2, membership, 5

    Article III, Section 2, adjustment of quotas, 3, 673

    Article III, Section 2(a), 673

    Article III, Section 3(a), 679

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

    • ad hoc consultations, 15, 16

    • annual, principle of, 13, 18–19, 23

    • Article VIII and XIV consultations, 13, 16

    • Article VIII restrictions, 483

    • Article XIV restrictions, 483

    • combined with program reviews, 270

    • conditionality discussion, 224

    • consultation cycles, changes, 36–38

    • Contingent Credit Lines, 329, 332

    • core and noncore issues, 20–22

    • data provision, 38–42

    • document exchange with WTO, 540

    • early warning system models, 22, 23–24

    • enhanced surveillance, 159–62

    • euro area, 43–44, 45–46

    • European Central Bank, observer status, 532–33

    • European Union accession countries, 533

    • evaluation and review of related programs, 224

    • exchange rate policies, 22

    • Financial Sector Assessment Program (FSAP), 24, 166, 169, 171

    • governance issues, 49, 54, 56

    • interval between, 14

    • macroeconomic relevance test, 20

    • military expenditures, 497–99

    • multiple currency practices, 496

    • noncore issues, 20–21

    • overdue financial obligations to the Fund, 607

    • program reviews, lapse of time, 270

    • Public Information Notices, release, 46–48

    • publication of Article IV staff reports, 21, 556–58, 559, 560, 563–64

    • publication of background reports, 559, 560, 563–64

    • Recent Economic Developments reports, 18, 540, 544, 559, 560, 563

    • staff reports, core and noncore issues, 20–21

    • staff reports, data quality, 22

    • staff reports, release to international and multilateral agencies, 541–43

    • standards and codes, 24

    • surveillance procedures, 13–17

    • three-month rule for completion, 42–43

    • use of Fund resources, 224

    • World Bank, observer status, 531

    • World Trade Organization, observer status, 539–40, 750

    Article IV, Section 1, general obligations of members, 10, 11, 13

    Article IV, Section 2, notification of exchange arrangements, 8

    Article IV, Section 3(a), surveillance over exchange rate policies, 10, 11, 541

    Article IV, Section 3(b), surveillance over exchange rate policies, 10, 11, 14,541

    Article V, Section 1, designation of fiscal agency, 76, 428, 461

    Article V, Section 2(b), financial and technical services, 87, 94, 150

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

    • application of Fund policies to purchases of currency borrowed by Fund, 359, 425

    • early repurchase guidelines, 359

    • General Arrangements to Borrow (GAB), 442

    • meaning of “consistent with the provisions of this Agreement,” 192

    • New Arrangements to Borrow (NAB), 458

    Article V, Section 3(b)(ii), balance of payments need, 103

    Article V, Section 3(b)(ii), meaning of “represents” that a member has a need to make purchases, 193

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

    • Compensatory Financing Facility, 314

    • emergency assistance, 281

    • Extended Fund Facility, 255

    • Supplemental Reserve Facility, 328

    • Systemic Transformation Facility, 342

    Article V, Section 3(d), operational budgets

    • assessment of strength of members’ balance of payments and gross reserve position for operational budgets, 344, 345, 351

    • sale of members’ currencies for repurchases, 358

    • selection of currencies in purchases, 345, 348

    Article V, Section 3(f), transfers of SDRs, 347

    Article V, Section 4, waiver of conditions governing use of Fund general resources, 324

    Article V, Section 5, limitation on use of Fund’s resources, 247–49, 354

    Article V, Section 6(b), transfers of SDRs by the Fund, 345, 351, 356

    Article V, Section 6(c), sales of SDRs by the Fund, 356

    Article V, Section 7, repurchases, 324, 437

    Article V, Section 7(b), early repurchases

    • assessment of strength of members’ balance of payments and gross reserve position, 344

    • early repurchase guidelines, 330, 331–32

    • repurchase expectation, 332

    Article V, Section 7(c), repurchases, 358, 361

    Article V, Section 7(d), repurchases, 324, 342, 358

    Article V, Section 7(i), selection of currencies for repurchases, 345, 346, 351, 352, 363, 364

    Article V, Section 8, charges, 368

    Article V, Section 8(a), charges, 370, 372

    Article V, Section 8(b), charges, 328, 331, 361, 367, 370, 372

    Article V, Section 8(b)(ii), charges, 626

    Article V, Section 8(c), charges, 367, 369, 372

    Article V, Section 8(d), charges, 367

    Article V, Section 8(e), charges, 367

    Article V, Section 9(a), remuneration, 626

    Article V, Section 11, maintenance of value, 395

    Article V, Section 12(c), consultation with United States on off-market gold sales, 366, 417

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

    • gold sales, 414, 418

    • gold sales proceeds, placement in Special Disbursement Account, 416–17, 418

    Article V, Section 12(f)(ii), Special Disbursement Account (SDA) resources for assistance to low-income developing members, 396

    Article V, Section 12(h), investment of member’s currency held in SDA, 396, 393, 417

    Article V, Section 12(j), adoption of regulations for administration of Structural Adjustment Facility, 397

    Article VI, capital transfers

    • use of Fund resources for, 192

    • WTO, information on Fund decisions requesting a member to exercise controls to prevent a large or sustained outflow of capital, 749

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

    • freedom to adopt regulations on capital movements, 420

    • Supplemental Reserve Facility, 326

    Article VI, Section 3, controls on capital transfers, 420

    Article VII, Section 1, replenishment and scarce resources

    • borrowing by the Fund, 421, 441, 449

    Article VII, Section 3(b), scarce currency, 474

    Article VIII, general obligations of members

    • bilateral payments agreements, 260, 265

    • bilateralism, 475

    • consultations, 13, 531

    • consultations, World Bank observer, 531

    • enhanced surveillance, 161

    • payments restrictions, 161, 163, 462, 475, 480–81, 482

    • retention quotas, 478

    • settlement of disputes between members, 163

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

    • acceptance of obligations under, 480, 481

    Article VIII, Section 2(a)

    • restrictions on current payments and transfers, 474

    • undue delays as payments restrictions, 482

    Article VIII, Section 2(b), unenforceability of exchange contracts, interpretation, 472–73

    Article VIII, Section 3, avoidance of discriminatory currency practices

    • acceptance of obligations under, 480, 481

    • multiple currency practices 9, 480, 481, 489, 490, 495, 496

    Article VIII, Section 4, convertibility of foreign-held balances

    • acceptance of obligations under, 480, 481

    Article VIII, Section 5, furnishing of information to the Fund, 247, 497

    Article VIII, Section 7, obligation to collaborate regarding policies on reserve assets, 689

    Article IX, Section 5, immunity of archives, 521

    Article IX, Section 7, privilege for communications, interpretation, 522–23

    Article X, relations with other international organizations, 703

    Article XII, Section 3(b)(i), Executive Directors, appointed, interpretation, 546

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

    • balances held in administrative accounts, 626

    • interpretation, 546–47

    Article XII, Section 3(f), appointed Executive Directors, interpretation, 546

    Article XII, Section 4, Managing Director and staff, 555

    Article XII, Section 7, publication of reports, 556–65

    Article XII, Section 7(a) 707

    Article XII, Section 8, communication of Fund views to members, 563

    Article XIII, Section 2, depositories, 469

    Article XIV, exchange restrictions under transitional arrangements

    • availment of transitional provisions, 481

    • bilateralism, 454

    • consultations, World Bank, 531

    • enhanced surveillance, 160

    • multiple currency practices, 491

    • retention quotas, 477, 478

    • settlement of disputes between members, 163

    Article XIV, Section 2, exchange restrictions

    • multiple currency practices, 489, 490, 491–92

    • payments restrictions, 473, 474, 482

    • transitional arrangements, 473, 480–81

    • undue delays as payments restrictions, 482

    Article XIV, Section 3, representation by the Fund, 490, 491, 492

    • meaning of “exceptional circumstances,” 566

    Article XVII, Section 3, other holders of SDRs, 76, 438, 578, 580, 581, 582

    Article XVIII, Section 1(a), principles and considerations governing SDR allocation and cancellation, 685, 687, 688, 688–89, 695, 697

    Article XVIII, Sections 1(a) and 1(b), 685

    Article XVIII, Section 2(a), SDR allocation and cancellation, 687, 691

    Article XVIII, Section 2(b) 687, 692

    Article XVIII, Section 2(c) 687, 691, 692

    Article XVIII, Section 2(d), 583, 691, 692

    Article XVIII, Section 2(d), allocation of SDRs to new participants, 583

    Article XVIII, Section 4, decisions on SDR allocations and cancellations, 685, 694–95, 697

    Article XVIII, Section 4(a) 685, 687, 688

    Article XVIII, Section 4(b), 685, 687, 688, 697, 698, 699

    Article XVIII, Section 4(c), 687, 688, 691, 697

    Article XVIII, Section 4(c)(ii), 691, 699

    Article XVIII, Section 4(d), 697

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

    • donations, 594

    • forward operations, 593–94

    • loans, 585

    • other holders, 575

    • pledges, 587–89

    • settlement of financial obligations, 584

    • swap operations, 591–92

    • transfers as security for the performance of financial obligations, 589–91

    Article XIX, Section 4, limit on SDR Department participant’s obligation to provide currency, 426, 445, 459

    Article XIX, Section 5, designation of participants to provide currency, 595

    Article XIX, Section 5(a)(i), designation plans, 344, 598

    Article XIX, Section 5(c), designation rules in SDR Department, 598

    Article XIX, Section 6(b), reconstitution, 600

    Article XIX, Section 7(a), calculation of exchange rates, 428, 460, 584, 585, 586, 587, 589, 591

    Article XX, Section 1, interest paid on holdings of SDRs, 575

    Article XX, Section 2, SDR Department interest and charges, 601

    Article XX, Section 5, application against unpaid charges of SDRs acquired by participants after payment date, 602

    Article XXI, (a)(i), administration of General Department and SDR Department, 698

    Article XXII, general obligations of participants in SDR department, 689

    Article XXIII, Section 1, suspension of operations and transactions in SDRs, 577

    Article XXIV, 685

    Article XXVI, compulsory withdrawal, 603

    Article XXVI, Section 2(a), ineligibility to use Fund resources, 603

    Article XXVI, Section 2(b), 652, 655, 660

    Article XXVI, Section 3, withdrawal from membership, 429, 445, 462

    Article XXVII, Section 1(a)(i), suspension of exchange transactions, 429, 446, 462

    Article XXIX, interpretation

    • General Arrangements to Borrow, interpretation outside the purview of Article XXIV, 407, 431

    • New Arrangements to Borrow, interpretation outside the purview of Article XXIV, 463

    • transferability of claims under Saudi Arabia’s Borrowing Agreement, 446

    • unenforceability of exchange contracts, 472

    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), 546

    • authority of the Fund to use its resources, 192, 647

    • compulsory withdrawal under Article XXVI, Section 2, 603

    • privilege for communications, Article IX, Section 7, 522–23

    • unenforceability of exchange contracts under Article VIII, Section 2(b), 472–73

    Article XXX(c), definition of reserve tranche purchase

    • exclusion of purchases and holdings from BSFF, 625

    • exclusion of purchases and holdings from CFF, 313, 625

    • exclusion of purchases and holdings from emergency assistance, 281

    • exclusion of purchases and holdings from SRF, 327, 328

    • exclusion of purchases and holdings from STF, 341, 627

    • exclusion of purchases and holdings in credit tranches or under extended arrangements, 626

    Article XXX(c)(ii), exclusion of purchases and holdings from BSFF, 625

    Article XXX(c)(iii), exclusion of purchases and holdings in credit tranches or under extended arrangements, 626

    Article XXX(f), freely usable currencies, 571, 628

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

    Asian Development Bank

    • communications concerning members’ arrears to the Fund, 612

    • exchange of documents with, 543

    • prescribed holder of SDRs, 579

    Attribution, rule of

    • members indebted to Fund, 353

    • reduction in Fund’s holdings of currency, 364–65

    Audit

    • Framework Administered Account, 153

    • Joint Vienna Institute, 739

    • Post-SCA-2 Administered Account, 95

    • PRGF Trust, 79

    • PRGF-HIPC Trust, 118, 125

    • safeguards for use of Fund resources, 200–204

    • Supplementary Financing Facility Subsidy Account, 641

    Augmentation

    • access policy, existing arrangements, 299

    • rights to purchase, elimination under stand-by and extended arrangements, 252

    Authorized signatories, 555

    B

    Balance of Payments Manual (5th Ed.), 504

    Balance of payments need

    • access policy, 300

    • Compensatory Financing Facility, 315

    • conditionality, 218

    • Contingent Credit Lines, 329, 332

    • emergency assistance, natural disasters, 271

    • emergency assistance, post-conflict countries, 274

    • extended arrangements, 252–53

    • Extended Fund Facility, 252–53

    • Fund-supported programs, 219

    • lenders to ESAF Trust, need because of developments in reserves, 103

    • PRGF loans, 64, 65–66

    • protracted balance of payments problem, 64, 400

    • Supplemental Reserve Facility, 325–26

    • Systemic Transformation Facility, 339

    Balance of payments position

    • assessment of strength for purposes of designation plans, operational budgets and repurchases, 344–45

    • discrimination for balance of payments reasons, 479–80

    Bank for International Settlements (BIS)

    • investment by Fund of currencies held by Borrowed Resources Suspense Accounts, 470

    • investment by Fund of currencies received by SFF Subsidy Account, 642

    • prescribed holder of SDRs, 578

    Bank/Fund collaboration, 531, 531–32

    Bank of Central African States

    • prescribed holder of SDRs, 579

    Basle Core Principles for Banking Supervision, 333

    Bilateral payments arrangements

    • extended arrangement, 266

    • stand-by arrangement, 261

    • three-month settlement rule, temporary exemption, 476

    Bilateralism and convertibility, 475–76

    Board of Governors Resolutions

    • Composite Resolution, 649–72

    • Eleventh General Review of Quotas, 3, 680–82

    • Ninth General Review of Quotas, 410

    • SDR allocation, First Basic Period, 685–86

    • SDR allocation, Third Basic Period, 694–96

    Borrowed Resources Suspense Accounts

    • establishment, 469

    • investment by the Fund of currencies held in, 469–70

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

    • guidelines, 471

    BSFF. See Buffer Stock Financing Facility

    Buffer Stock Financing Facility (BSFF)

    • elimination, 310–11, 312, 325

    • reserve tranche purchases, exclusion, 625

    • disposition of net income

      • for FY 2000, 372–73

      • for FY 2001, 382

      • for FY 2002, 386

    • extended burden sharing, 390–92, 392–93

    • implementation

      • for FY 2000, 372–73, 376–78

      • for FY 2001, 378–81

      • for FY 2002, 387–89

      • for FY 2003, 387–89

    • income position

      • for FY 2000, 372–73, 381–82

      • for FY 2001–review, 382

      • for FY 2002–review, 386

      • for FY 2003–review, 390

    • principles of, 378, 383, 387

    • rate of charge

      • for FY 2000, 373, 376

      • for FY 2001, 373–74, 378

      • for FY 2002, 382–83, 383

      • for FY 2003, 386–87, 388

    • Special Contingent Account, amounts placed to

      • for FY 2000, 376

      • for FY 2001, 378–80

      • for FY 2002, 383–85

    • surcharges, disposition of net operating income, 387

    By-Laws

    • Section 13, vote without meeting, 680

    • Section 20, audits, 79, 91, 95, 118, 125, 153, 641

    • Section 22, compulsory withdrawal, 613, 616, 617

    C

    Capital flows

    • action to limit disequilibrating flows, Composite Resolution, 666

    • Contingent Credit Lines, 329

    • Eleventh General Review of Quotas, 676

    • Supplemental Reserve Facility, 325

    • surveillance, 12

    • WTO, information on Fund decisions requesting a member to exercise capital controls, 749

    Capital transfers

    • controls by members, 420

    • multiple currency practices applicable solely to, 193

    • payments arrears, 288

    • use of Fund’s resources for, 193, 419

    Caribbean Development Bank

    • exchange of documents with, 543

    CCFF. See Compensatory Financing Facility

    CCLs. See Contingent Credit Lines

    Censure, 612–13

    • draft declaration, 617

    Central Bank of West African States (BCEAO)

    • prescribed holder of SDRs, 579

    Cereal import costs

    • compensatory financing of fluctuations in, 319–22

    • repurchase, 361

    CFF and CCFF. See Compensatory Financing Facility

    Charges. See also Burden sharing

    • accounting for charges from members with overdue obligations, 368

    • accrued charges, 368

    • administrative account balances, 626

    • commitment charge, stand-by and extended arrangements, 374

    • Contingent Credit Lines, 331

    • extended arrangements, 265

    • Extended Fund Facility, 256, 266

    • future changes in charges, 367

    • interest on Trust Fund loans. See Interest

    • media of payment in General Resources Account, 368

    • payment by nonparticipant in the SDR Department, 368

    • payment of net charges and assessment in the SDR Department for FY ended April 30, 1982, 601–602

    • setoff in connection with a retroactive reduction of charges due by members in arrears, 372

    • special charges on overdue financial obligations to the Fund, 369-71

    • special charges system–review, 371

    • stand-by arrangements, 262

    • Supplemental Financing Facility, subsidy, 637

    • Supplemental Reserve Facility, 328

    • surcharge on purchases in credit tranches and under EFF, 367

    • use of Fund resources. See Burden sharing

    • waiver of special charges, 370

    Classified documents, 521

    Collateral

    • collateral guarantees on debt, international reserves template, 517

    Commitment charge, stand-by and extended arrangements, 374

    Committee on Reform of the International Monetary System Composite Resolution, 649–69

    Communications, privilege for interpretation of Article IX, Section 7, 522–23

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

    • access limits, 314–15

    • cereal import costs, 312, 319–22

    • contingency element elimination, 311–12, 312

    • decision, 313, 323

    • emergency assistance for natural disasters and, 272

    • estimated data, 315

    • export fluctuations, 315–18

    • extended arrangements and, 266, 314

    • external contingency element elimination, 311, 312

    • general provisions, 313–14

    • misreporting and noncomplying purchases, 245

    • overcompensation, 318, 322, 323–24, 324

    • phasing, 315–16, 312, 314

    • PRGF Trust and, 63–65

    • receipts from services, 317

    • repurchase expectation, 361, 362

    • repurchase of overcompensation, legal interpretation, 323–24

    • repurchases, 361

    • reserve tranche purchases, exclusion, 313, 625

    • stand-by arrangements and, 261, 314

    Compulsory withdrawal, 603, 612, 613, 616, 617, 619, 620, 624

    Concessional external debt, OECD definition, 240, 240–45

    Conditionality. See also Side letters

    • Bank-Fund collaboration, 233

    • benchmarks, 221, 222, 223

    • Compensatory Financing Facility, 315, 318

    • consistency with WTO agreements, 537–38

    • consultation clauses, 220

    • Contingent Credit Lines, 329

    • cross-conditionality between Fund programs and WTO arrangements, avoidance, 537–38

    • emergency assistance, natural disasters, 272

    • emergency assistance, post-conflict countries, 274–75

    • emergency financing mechanism, 284

    • financing assurances reviews, 222–23

    • first credit tranche, 216, 217

    • floating tranches, 226

    • governance issues, 54

    • guidelines, 217–24, 225–30

    • indicative targets, 221, 238

    • letters of intent, 220, 221

    • modalities, 220–24

    • nondiscriminatory treatment of members, 218

    • outcomes-based, 225

    • ownership, 224

    • performance criteria and phasing, relationship, 237

    • performance criteria with respect to external debt, change in coverage, 239, 240–44

    • performance criteria with respect to foreign borrowing, 244–45

    • performance criteria with respect to foreign borrowing, discount rate, 240, 244

    • PRGF arrangements, 231

    • principles, 217–20

    • prior actions, 221, 227–28, 340–41

    • program design, 218

    • program review, 222, 224

    • stand-by arrangement, normal access to credit tranches, 216

    • streamlining, 230

    • structural benchmarks, 223, 230

    • Supplemental Reserve Facility, 325, 328

    • Systemic Transformation Facility, 339–41

    • test dates, even distribution, 238

    • uniformity of treatment, 218, 241

    • upper credit tranche stand-by arrangements, 301

    • waiver, adopting measures prior to granting of, 221

    • waiver, nonobservance of performance criteria, 223

    • waiver of applicability of performance criteria, 223

    Confidentiality

    • archives, 521

    • exchange of documents with other international agencies, 521

    • FSAP Confidentiality Protocol, 172–79

    • side letters, 195–98

    Consultation clause

    • extended arrangements, 262

    • stand-by arrangements, 262, 203

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

    • annual in principle, 13, 18, 23

    • changes in, 36–38

    • flexibility in, 18

    • interval between Article IV consultations, 14

    • not affected by ad hoc consultations, 16

    Consultations other than under Article IV

    • acceptance of obligations of Article VIII, Sections 2, 3, and 4, 481

    • Article VIII restrictions, 13, 16, 475–76, 480–81, 531

    • Article XIV restrictions, 13, 16, 475–76, 481, 531

    • bilateral arrangements, 475–76

    • competitive depreciations, 484

    • conditionality, consultation clauses, 220

    • GATT Contracting Parties, 527–31

    • multiple currency practices, 485

    • prescribed holders of SDRs, 576

    • PRGF, consultation with creditors, 105

    • sale of members’ currencies, 348–50, 353

    • SDR allocation, 687, 698

    • trade and payments restrictions, escalation, 464

    • United Nations, 705, 707

    • World Trade Organization, 535, 537, 539, 749

    Contingent Credit Lines (CCLs), 329–31, 331–38

    • access, 330, 336

    • activation review, 330, 336–37

    • Article IV consultation, positive assessment criterion, 329, 332

    • benchmarks not needed, 335–36

    • commitment period, 330

    • commitment under extended arrangement in effect, 330, 336

    • commitment under stand-by arrangement, 330, 336

    • conditionality, 330, 335, 337

    • constructive relations with private creditors criterion, 329, 333–34

    • disposition of net operating income, 338, 372–73, 382, 386

    • economic and financial program criterion, 335

    • eligibility criteria, 329, 331–38

    • establishment, 329–31

    • exchange controls, 324

    • extended arrangements and, 261, 266, 330

    • external payments arrears, 324

    • internationally accepted standards, adherence to, 329, 332, 333

    • mid-term review, 338

    • performance criteria not needed, 335

    • phasing, 330, 337

    • post-activation review, 330, 337

    • rate of charge, 331

    • stand-by arrangements and, 261, 266, 330, 336

    • stress simulations, 335

    • subscription to SDDS, 329, 333

    • sudden and disruptive loss of market confidence test, 329

    • ” sustainability checks,” 334

    Convertibility

    • acceptance of obligations of Article VIII, Sections 2, 3, and 4, 480, 481

    • bilateralism, 475–76

    • currency, 477, 479

    • current account of the balance of payments, 160, 479

    • retention quotas, 477

    Cross-conditionality, avoidance, 537

    Currencies

    • attribution of reductions of Fund’s holdings, 364–65

    • charges on Fund’s holdings in excess of quota, 367

    • freely usable, 62, 68, 77, 89, 442, 570, 577, 628, 640,

    • General Resources Account, 344–47, 351, 368, 394–95

    • guidelines for operational budget allocation of currencies, review, 350–51

    • harmonization, balanced positions in the Fund, 346

    • maintenance of value, 394–95

    • presently needed for making payments, 193

    • PRGF Trust loans, 68

    • repurchases, 362

    • reserve asset payments, 6

    • sale of currencies of members with outstanding purchases, 348–50, 353

    • SDR valuation basket, 569–70, 570–72

    • SDR valuation method, 567–68

    • specification by the Fund, 345–47, 351–52

    • subscription to the Fund, ownership, 4

    • use in operational budgets, 345–47, 350–51

    Currency stabilization funds, elimination, 325

    Current international transactions (current account transactions)

    • bilateralism, 475

    • multiple currency practices, 486–87, 490

    • payment arrears, 288

    • restrictions on payments and transfers, 12, 475, 480

    • undue delays in availability or transfers use of foreign exchange, 420, 482

    • use of Fund resources, 192, 631

    D

    Data Dissemination Standard. See Special Data Dissemination Standard (SDDS)

    Data provision to the Fund for surveillance, 38–42

    Debt, external. See External debt

    Debt operations

    • “condition precedent” clauses, 295

    • extended arrangements and, 266

    • management of the debt situation, 295

    • “mandatory prepayment” clauses, 295

    • performance criteria, 261

    • stand-by arrangements and, 262

    Debt strategy

    • payments of arrears to creditors, 287–88, 288–89

    Declaration of censure, 612–13

    • draft declaration, 617

    Declaration of ineligibility, 611–12, 619, 620

    • publicity, 214, 556

    • termination, 214

    • timing, 623

    Declaration of noncooperation, 612–13, 619–20

    • draft declaration, 617

    • publicity upon withdrawal, 214–15

    • termination, 214–15

    • timing, 623

    Default, sovereign, 282

    Designation, SDR Department

    • acceptance limit, 597

    • assessment of strength of balance of payments and governance position, 344–45

    • rules for designation review, 595–98

    • rules for designation–revision, 598–99

    Deutsche mark

    • conversion into euro, 573

    • weight in SDR valuation basket, 569, 570

    • weight in SDR valuation method, 567

    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, 671–72

    • composition, 659–60

    • establishment, 658–64

    • Executive Directors’ participation in meetings, 661

    • HIPC Initiative, 119, 131

    • Managing Director’s participation in meetings, 661

    • procedures, 662–63

    • rules of procedure, 670–71

    • terms of reference, 662

    • WTO observer, 540

    Discrimination

    • balance of payments reasons, 479–80

    • disputes between members, comparable treatment of creditors, 164

    • multiple currency practices, 493

    • nondiscriminatory treatment of members, use of general resources, 218

    Disputes between members

    • comparable treatment principle, 164

    • role of the Fund, 162–65

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

    • certification requirement, 510

    • establishment, 508

    • removal from, 508–10

    Document exchange. See Exchange of documents with other international agencies

    DSBB. See Dissemination Standard Bulletin Board

    E

    Early repurchases

    • emergency financing mechanism, 286

    • guidelines, 357–58, 359–61

    • member’s balance of payments and gross reserve position, 344–45, 357

    Early repurchase expectations

    • Contingent Credit Lines, 327, 330

    • Supplementary Financing Facility, 327

    Early warning system models, 22, 23

    East African Development Bank

    • prescribed holder of SDRs, 579

    East Caribbean Currency Authority

    • prescribed holder of SDRs, 579

    Eastern Caribbean Central Bank

    • prescribed holder of SDRs, 579

    EFF. See Extended Fund Facility

    EFM. See Emergency financing mechanism

    Eleventh General Review of Quotas, extension of period for consent to increases, 3

    Emergency assistance

    • conversion to special policy, 281

    • misreporting and noncomplying purchases, 245

    • natural disasters, 270–71, 281

    • post-conflict countries, 110, 273–75, 276–80

    • PRGF-HIPC Trust eligibility, 110–11

    • PRGF-HIPC Trust qualification, 111–12

    • repurchases, 361

    Emergency financing mechanism, 282–86

    • conditions for activation, 284

    • early repurchase, 286

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

    • access limits, 101, 102, 103–104

    • access to general resources by ESAF-qualified members, 102

    • access to general resources by lenders to Trust, 103

    • balance of payments need, 103

    • benchmarks, 100

    • blend of general and SAF/ESAF resources, 212

    • borrowing for Loan Account, consultation with creditors, 105

    • commitment amount not normally reduced, 101

    • commitment period, 96–98, 403–404

    • disbursement of loans, 102

    • eligible members, 96–98, 405–407

    • emergency assistance, relation to, 274

    • ESAF successor–initiation of operations, 95

    • establishment, 96–97, 408–409

    • extension of commitment and disbursement periods for agreement, 410

    • gold, use of, 209, 212

    • gold pledge, 209, 212

    • interest rate on Trust loans, 104

    • legal documentation, 102–103

    • loans to Trust as member’s official reserves, 103

    • maturity of loans, 98

    • objectives of programs, 100

    • off-market gold sales, 700

    • operational arrangements, 96–102

    Enhanced Structural Adjustment Facility (ESAF) Trust (continued):

    • overdue financial obligations to Fund, 607

    • performance criteria, 100–101

    • phasing of disbursements, 102

    • policy framework papers, 99–100 (See also poverty reduction strategy papers)

    • prior actions, 100

    • rescheduling not available, 4

    • review, 100, 104

    • review of arrangement, mid-year, 102

    • rights accumulation program and, 211

    • Special Disbursement Account, 98

    • Structural Adjustment Facility assistance in conjunction with, 403–404, 412–13

    • Subsidy account, 95, 98

    • transfer and retransfer of resources from and to Special Disbursement Account, 410–11

    • transfer to the ESAF-HIPC Trust, 96

    • transformation to PRGF Trust, 126–27

    • use of SDRs, 581–82

    Enhanced surveillance

    • annual and mid-year consultation reports, 155

    • Article IV consultations, 160, 161, 162

    • criteria and procedures, 157–59

    • Executive Board involvement, 159

    • Fund’s role in assisting members with creditors, 156–59

    • midterm review, 159

    • quantified economic policy program, 161

    • revised procedures, 160–62

    • staff reports, transmittal by member to creditors, 155, 158, 162

    Enlarged access

    • criteria for use of Fund resources, validity, 297, 300–303

    • lapse, 295

    • repurchases, 301

    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, 628

    • rates for computation and maintenance of value, 394

    • reference rates, European System of Banks, 574

    • weight in SDR valuation basket, 570, 572, 573

    Euro area members

    • surveillance over monetary and exchange rate policies, 43–45, 532–33

    European Bank for Reconstruction and Development (EBRD)

    • exchange of documents with, 543, 544

    European Central Bank (ECB)

    • Article IV consultations, 44–45, 532

    • euro reference rates, 574

    • observer status, 532–33

    European Commission (EC)

    • Article IV consultations, 45

    • exchange of documents with, 543, 544

    European Economic and Monetary Union (EMU), 43–44

    European Investment Bank (EIB)

    • exchange of documents with, 543

    European System of Banks, 574

    Exchange arrangements. See also Exchange rates; Multiple currency practices

    • exchange taxes and subsidies, notification, 9

    • flexible, notification of significant decision, 9

    • intervention, 9, 11, 12

    • multiple currency practices, prior Fund approval, 9

    • notification of, 8–9

    Exchange contracts

    • unenforceability, Fund’s interpretation of Article VIII, Section 2(b), 472–73

    Exchange controls, See also Exchange restrictions

    • exchange contracts contrary to, 472–73

    • nonsovereign arrears stemming from imposition, 290

    Exchange of documents with other international agencies

    • ad hoc requests, 544

    • agencies meeting criteria for exchange, 543

    • Article IV consultation staff reports, 540, 545

    Exchange of documents with other international agencies (continued):

    • changes in procedures, 544

    • criteria for access, 542–43

    • Recent Economic Developments reports, 540, 545

    • technical assistance reports, 541

    • use of Fund resources staff papers, 541, 545

    Exchange rate policies. See also Exchange arrangements

    • euro area, 43–45, 510

    • surveillance over, 10–14, 14–16, 18, 19–24

    Exchange rates. See also Exchange arrangements; Exchange rate Policies; Multiple currency practices

    • coherence in global policymaking, 536

    • computations and maintenance of value, 394–95

    • fixed, 9, 487

    • floating guidelines, 666

    • fluctuating, 9, 488–89

    • General Arrangements to Borrow, 428

    • New Arrangements to Borrow, 460–61

    • notification of changes in peg, 8–9

    • unification in multiple rate systems, 493

    Exchange restrictions. See also Capital transfers; Multiple currency practices

    • approval by Fund, 481, 483

    • Article VIII, Sections 2, 3, and 4 obligations, 480–81

    • avoidance of escalation, 484

    • balance of payments reasons, 481, 482

    • bilateralism, 475–76

    • consultations with Fund, 480–81, 484

    • discrimination for balance of payments reasons, 479–80

    • emergency assistance, 272

    • Fund representation “in exceptional circumstances” under Article XIV, Section 3, 490, 566

    • guiding principle on whether a measure is an exchange restriction, 480

    • nonbalance of payments reasons, 481

    • payments arrears to creditors, 287

    • performance criteria, extended arrangement, 265

    • performance criteria, stand-by arrangement, 260–61

    • retention quotas, 477–79

    • security reasons, 474–75

    • surveillance, 12

    • transitional arrangements under Article XIV, 478, 481

    • undue delays, 420, 482

    • World Trade Organization, information on Fund approval, 749

    Exchange subsidies, 9

    Exchange taxes, 9, 488, 492

    Executive Board

    • code of conduct, 547–53

    • lapse of time completion of reviews under Fund arrangements, 268

    • notification of exchange arrangements, 8–9

    • report on Eleventh General Review of Quotas, 673–84

    • side letters procedures, 195–99

    • surveillance over exchange rates, 10, 12, 13, 14, 15

    Executive Directors

    • additional appointed, meaning of “the preceding two years” in Article XII, Section 3(c), 547

    • appointment by members having five largest quotas, Article XII, Sections 3(b)(i) and 3(f), 546

    • appointment of two additional directors, Article XII, Section 3(c), 546–47

    • Development Committee meetings participation, 661

    • IMFC meetings participation, 655

    • voting power, effect of adjustment of quota, 547

    Export shortfalls, compensatory financing. See Compensatory Financing Facility

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

    • applicable situations, 252–53

    • augmentation of rights to make purchases, elimination, 252

    • benchmarks, 239

    • charges, 256, 266

    • commitment charge, 374–75

    • Compensatory Financing Facility, 266

    • Consultation clauses, 267

    • Contingent Credit Lines, 266

    • debt and debt-service reduction, 266

    • emergency assistance and, 274–75

    • exclusion of reserve tranche purchase, 251–52, 626

    • form, standard, 263–67

    • Guidelines on Corrective Action, 266

    • ineligibility, 266, 604

    • lapse of time completion of reviews, 268–70

    • misreporting and noncomplying purchases, 247–49, 250

    • noncomplying purchases, 265–66

    • overdue financial obligations to the Fund, 265–66, 604

    • performance criteria, form, 264–65

    • performance criteria and phasing, guidelines, 237–39

    • period of arrangement, extension, 254–55

    • periods not exceeding three years to four years, 254

    • phasing, 237–39, 255, 263–64

    • repayment expectation under PRGF Trust, 266

    • repayment obligation under PRGF Trust, 266

    • repurchase expectation, 251, 256, 266, 267

    • repurchases, 255, 256, 266–67

    • review, completion of, 239

    • standard clause on external contingency mechanism, eliminated, 268

    • standard clauses on set asides in support of debt reduction operations, eliminated, 268

    • stand-by arrangement policies applicable, 256

    • Supplemental Reserve Facility and, 266, 326

    • suspension of transactions, 266

    • test dates for performance criteria, 238

    Extended burden sharing. See also Burden sharing

    • review, 393

    • SCA-2 account, early termination, 393

    • SCA-2 account, modalities, 390–92

    • SCA-2 account, rate of charge, 392

    Extended Fund Facility (EFF). See also Extended arrangements

    • applicability of policies on stand-by arrangements, 256

    • establishment, 252–57

    • situations to which facility could apply, 253

    External contingency mechanism in CFF, elimination, 311, 312

    External debt

    • management of debt situation, 294–95

    • surveillance, 12

    External debt performance criteria

    • concessionality, definition, 240, 244–45

    • coverage, 239–44

    • extended arrangement, 264

    • external debt, definition, 239–44

    • leases, 243

    • stand-by arrangement, 259

    • suppliers’ credits, 243

    F

    FATF. See Financial Action Task Force

    Federal Reserve Bank of New York, 397, 574

    Financial Action Task Force (FATF)

    • endorsement of methodology, 191

    • 40+8 Recommendations, 186–87

    Financial Sector Assessment Program (FSAP)

    • anti-money laundering, 179, 181, 184

    • Article IV consultations, 166, 167, 169, 171

    • confidentiality, 170, 171

    • Confidentiality Protocol, 172–79

    • coverage and frequency, 168–69

    • Financial System Stability Assessments (FSSAs), 166, 167

    • offshore financial centers (OFCs), 169

    • publication of FSAP reports not authorized, 170

    • publication of FSSA reports endorsed, 171

    • Reports on Observance of Standards and Codes (ROSCs), 167

    • review, 166

    • standards and codes, 167

    • stress tests, 167

    • surveillance, 167, 169

    • World Bank, collaboration with, 167, 168, 172

    First credit tranche purchase

    • elimination of payments arrears, 287

    • liberal Fund attitude, 216

    • reasonable efforts test, 217, 287

    First credit tranche stand-by arrangement

    • phasing and performance clauses omitted, 216

    Fiscal agency

    • safeguards on use of Fund resources when fiscal agent not central bank, 201

    • transfer of claims, PRGF Trust, 76

    Foreign borrowing. See External debt

    Forms

    • draft declaration on censure or noncooperation, 617

    • draft first letter to all Governors regarding a member’s overdue financial obligations to the Fund, 614–15

    • draft second letter to all Governors regarding a member’s overdue financial obligations to the Fund, 615–16

    • extended arrangement, 263–67

    • stand-by arrangement, 258–63

    Framework Administered Account for Technical Assistance Activities

    • adoption of Instrument to establish, 150

    • Africa Regional Technical Assistance Centers Subaccount, 154–55

    • Instrument to establish, 150–154

    • investments of resources, 152

    • Pacific Financial Technical Assistance Centre Subaccount, 154

    Freely usable currencies (euro, Japanese yen, pound sterling, U.S. dollar), 62, 68, 77, 89, 442, 577, 640

    French franc

    • conversion into euro, 573

    • weight in SDR valuation basket, 569, 570

    • weight in SDR valuation method, 567

    FSAP. See Financial Sector Assessment Program

    Fund/Bank collaboration, attendance at Fund Board Meetings,

    • 531–32

    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, 527–31

    • Fund collaboration with, 534–41, 666

    • import restrictions for balance of payments reasons, 482

    • Voluntary Declaration on Trade and Other Current Account Measures, 666

    General Arrangements to Borrow (GAB), 421–36

    • associated borrowing arrangements, 465

    • attribution of reduction in Fund’s holdings of currencies, 364–65

    • borrowing agreement with Saudi Arabia, 440–47

    • borrowing agreement with Saudi Arabia–renewal, 447–48

    • borrowing by the Fund, guidelines, 471

    • Eleventh General Review of Quotas, 676

    • emergency financing mechanism, 282

    • interest, 425

    • letter from France’s Minister of Finance to U.S. Secretary of the Treasury, 434–37

    • participants and amounts of credit, 432–33

    • quotas, Eleventh General Review, 660

    • repayment by the Fund, 426–28

    • sales of currencies of members indebted to Fund, 353

    • Saudi Arabia, renewal of borrowing agreement, 447

    • transferability of claims, 428, 437–38

    • transferability of claims under Saudi Arabia’s borrowing agreement, 438–40

    • use of credit arrangements for nonparticipants, 431

    General Resources Account (GRA)

    • adjustment of Fund holdings of members’ currency, 394–95

    • designation, assessment of strength of member’s balance of payments and gross reserve position, 344–45

    • gold held, sale, 414

    • maintenance of value, 394–95

    • media of payment in, 368

    • misreporting and noncomplying purchases, 247–49

    • overdue charges, 370

    • rates for computation and maintenance of value, 394–95

    • repayment expectation under PRGF Trust, failure to meet, 86

    • repurchase expectation, failure to meet, 251

    • rights approach, 212

    • rules, applicability to PRGF Trust administration, 78

    • sale of currencies at the request of members with outstanding purchases, 348–50, 353

    • sale of SDRs by the Fund for payment for increase in quota, 356

    • special charge on overdue charges, 370

    • specification of currencies by the Fund, 345–47, 350–51, 351–53

    • Subsidy Account, reimbursement of administrative expenses, 640

    • transfers of SDRs instead of currencies under Article V, Section 3(f), 347

    Gold

    • acceptance in payment of repurchase obligation, 365–66

    • designation of SDRs, 596

    • ESAF-HIPC Trust, sales to benefit, 700

    • gold pledge for use of ESAF Trust resources, 209, 212

    • gold pledge for use of PRGF Trust resources under rights approach, modalities, 413–15

    • harmonization of excess holdings of SDRs, 596

    • off-market sales, 365–66, 375, 416–17, 418

    • off-market transactions, use of investment income, 418

    • off-market transactions by Fund, Resolution, 700

    • off-market transactions for FY 2000, mitigation of the cost to the Fund, 375

    • ownership of gold and currency for subscriptions, 4

    • payment for repurchases, 362, 363, 365–66, 417

    • profits, distribution to developing countries through Trust Fund, 629

    • profits, final direct distribution for developing members through Trust Fund, 633

    • Special Disbursement Account, use of proceeds of off-market sales, 416–17, 700

    • use of investment income on proceeds from off-market gold transactions, 418

    Governance issues

    • Article IV consultations, 54, 56

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

    • corruption, 49, 50, 52, 53

    • HIPC Initiative, 132

    • identification of problems, 56–57

    • macroeconomic impact test for Fund involvement, 49, 52, 53

    • policy advice, 49, 51,

    • role of the Fund, 48–59

    • technical assistance, 49, 50, 51, 56

    • transparency, 49, 51, 53

    • use of Fund resources, 54–56

    GRA. See General Resources Account

    Grievance Committee, archives on, 521

    Gross reserve position

    • assessment for purposes of designation plans, operational budgets, and early repurchases, 345–47, 351–52

    • early repurchases, 358

    Guidelines

    • access in individual cases, 297–303

    • access limits policy, 295–96, 303–304

    • allocation of currencies, operational budget, 350–51

    • borrowing by the Fund, 471

    • conditionality, 216, 217–24, 225–30

    • Contingent Credit Lines, 331–38

    • Corrective Action, 65, 245, 261, 266

    • designation plans, 344–45

    • early repurchases, guidelines, 359–61, 365

    • early repurchases, summary of guidelines, 357–58

    • emergency assistance, natural disasters, 270–72, 281

    • emergency assistance, post-conflict, 273–75, 276–80, 281

    • Fund staff collaboration with the WTO, 534–41

    • Fund support for Currency Stabilization Funds, 65

    • governance issues, 48–59

    • misreporting and noncomplying purchases, 245–47, 247–49

    • operational budgets, 344–455

    • payment of reserve assets for subscription, 4–7

    • performance criteria and phasing, relationship, 237–39

    • performance criteria with respect to external debt, 239

    • performance criteria with respect to foreign borrowing–discount rate for assessing concessionality, 244–45

    • SDR valuation basket, calculation of currency amounts, 570–71, 571–73

    • SDR valuation basket, conversion into euro of deutsche mark and French franc, 573

    • SDR valuation method, calculation of currency amounts, 567–68

    • selection of currencies by the Fund, 345–47, 348–50, 350–51, 351–52

    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), 450–51, 466

    I

    IMFC. See International Monetary and Financial Committee

    Immunities and Privileges of Specialized Agencies, United Nations Convention, 710–32

    Immunity of archives, 521

    Import restrictions for balance of payments reasons

    • extended arrangements, 265

    • GATT, 482

    • stand-by arrangements, 261

    Ineligibility to use Fund resources

    • declaration of ineligibility, 214, 603, 604, 611–12, 618, 620, 623

    • extended arrangements, 266, 604

    • limitation and ineligibility under Article V, Section 5, 354

    • publicity, 214, 556

    • stand-by arrangements, 604

    Inter-American Development Bank (IDB)

    • communication regarding members’ arrears to the Fund, 612

    • exchange of documents with, 543

    Interest

    • means of payment under Trust Fund, 632

    • PRGF-HIPC Trust, interest-free loans, 116

    • PRGF loans, 51

    Interim Committee (IC), See also International Monetary and Financial Committee

    • composition, 651–52

    • establishment, 650–54

    • governance, 200

    • International Monetary and Financial Committee, transformation of Interim Committee into, 654–58

    • participation of Executive Directors in meetings, 651

    • participation of Managing Director in meetings, 652

    • procedures, 653–54

    • rules of procedures, 669–70

    • safeguards for use of Fund resources, 200

    • terms of reference, 652–53

    International agencies. See also specific international agencies

    • exchange of documents with, 541–42

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

    International Court of Justice, 706, 722

    International Development Association (IDA)

    • HIPC Initiative, 132, 134

    • prescribed holder of SDRs, 579

    International Fund for Agricultural Development (IFAD)

    • prescribed holder of SDRs, 579

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

    • participation of Executive Directors in meetings, 655

    • participation of Managing Director in meetings, 655

    • procedures, 657

    • terms of reference, 656

    • transformation of Interim Committee into IMFC, 654–58

    International organizations. See also specific international organizations

    • transmittal of Fund documents, 541–42

    Interpretation

    • Article VI, use of Fund resources for capital transfers, 192

    • Article VIII, Section 2(b), unenforceability of exchange contracts, 472–73

    • Article IX, Section 7, privilege for communications, 522–23

    • Article XII, Sections 3(b)(i) and 3(f), appointment of directors by members having one of five largest quotas, 546

    • Article XII, Section 3(c), appointment of two additional directors, 546–47

    • Article XIV, Section 3, Fund representation in exceptional circumstances on withdrawal of Article XIV, Section 3 restrictions, 566

    • Article XXVI, Section 2(a), compulsory withdrawal, 603

    • Articles of Agreement, use of Fund resources, 192

    Investigation of Fund, cooperation procedures, 553–54

    Islamic Development Bank (IsDB)

    • exchange of documents with, 543

    • prescribed holder of SDRs, 579

    J

    Japanese yen

    • freely usable currency, 628

    • weight in SDR valuation basket, 539, 569, 570

    • weight in SDR valuation method, 567

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

    Joint Vienna Institute

    • establishment, 733–43

    • extension of agreement until August 19, 2004, 741

    L

    Lapse of time procedure for reviews under Fund arrangements, 268- 70

    Leases, definition of external debt, 240, 243

    Letters of intent

    • deletion from documents released to aid agencies, 545

    • publication, 559, 560, 564

    • side letters, 195–98

    Loan Account, PRGF Trust, 69–71, 72, 76

    M

    Maintenance of value

    • overdue adjustments, 607

    • rates for computations, 394–95

    Managing Director

    • authorized signatories, 555

    • consultation by member before requesting an extended arrangement, 254

    • consultation with creditors for additional borrowing for PRGF Trust Loan Account, 105

    • consultation with member on changes in exchange rate policies, 9, 14

    • consultation with member with outstanding purchases on sale of currency, 348, 353

    • Development Committee, participation in meetings of, 661

    • General Arrangements to Borrow, proposals for calls, 424

    • International Monetary and Financial Committee, participation in meetings of, 655

    • nondiscriminatory treatment of members, 218

    • procedures for addressing overdue financial obligations, 80, 81, 82, 83, 84

    • SDR allocation, proposals for

      • first basic period, 685

      • third basic period, 687

      • fourth basic period, report of Managing Director on, 697–99

    • use of Fund resources, recommendation regarding approval, 218

    Memoranda of economic and financial policies, publication, 559, 560, 564

    Military expenditure and the role of the Fund

    • Article IV consultations, 497, 498

    • performance criteria, 498

    • surveillance, 497–99

    Misreporting and noncomplying disbursements, PRGF Trust

    • condition, nonobservance of, 80–81

    • corrective action, 68, 82

    • early repayment, 81

    • performance criteria, accuracy of information, 85

    • prior action, accuracy of information, 85

    • repayment expectation, 82

    • safeguards for use of Fund resources, 188

    • waiver of applicability or for nonobservance of performance criteria, 81, 85

    • waiver of early repayment, 81

    Misreporting and noncomplying purchases, General Resources Account

    • Article VIII, Section 5, 247

    • corrective action, 245–47, 247–49

    • limitation period of four years, 246

    • outright purchases covered by guidelines, 246

    • performance criteria or other conditions, accuracy of information, 204, 250

    • prior actions, accuracy of information, 246, 250

    • publication of cases, 246

    • safeguards for use of Fund resources, 199

    • waivers, 246, 248, 249, 250

    Moral hazard, 282, 326

    Multi-year rescheduling arrangements (MYRAs)

    • enhanced surveillance and, 156, 157, 158

    Multiple currency practices

    • approval, 9, 493

    • approval criteria, when imposed for balance of payments reasons, 481, 495

    • approval criteria, when imposed for nonbalance of payments reasons, 481, 496

    • Article IV consultations, 496

    • balance of payments reasons, 487, 495

    • capital transactions, 193

    • consultation with Fund prior to changes, 486, 487, 488

    • discrimination, 495

    • exchange taxes, 492

    • jurisdiction of the Fund, 489

    • nonbalance of payments reasons, 487, 496

    • official action, 494, 495

    • policy, 1947, 485–92

    • policy, 1957, 492–94

    • policy, 1998, 494–96

    • simplification of complex rate systems, 493–94

    • spread, 494

    • statement to members transmitting Fund’s decisions, 485–86

    • taxes on exchange drafts, 488

    • unification of exchange rates as basic Fund objective, 493

    MYRAs. See Multi-year rescheduling arrangements

    N

    Natural disasters, emergency assistance, 270–72, 281

    Need. See Balance of payments need

    Net income. See Burden sharing

    New Arrangements to Borrow (NAB), 449–66

    • credit arrangements, 451

    • Eleventh General Review of Quotas, 676

    • entry into force, 452

    • Hong Kong Monetary Authority, 450–51, 465

    • meetings of participants, 466–67

    • nonparticipants, 453–54

    • participants, 453, 465–66

    • relationship with the GAB and associated borrowing arrangements, 464–65

    • transferability of claims, 461, 468–69

    Noncooperation draft declaration, 617

    Nondiscriminatory treatment of members

    • Paris Club, 164

    • Use of Fund resources, 218

    Nordic Investment Bank

    • prescribed holder of SDRs, 579

    O

    Observer status in the Fund

    • European Central Bank, 532–33, 533, 534

    • World Bank, 531, 531–32

    • World Trade Organization, 539–40, 750

    Observer status of the Fund

    • World Bank, 531

    • World Trade Organization, 750–51

    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, 476

    Offshore financial centers (OFCs), 169–70

    Operational budgets

    • assessment of strength of member’s balance of payments and gross reserve position, 344–45

    • guidelines for operational budget allocation of currencies, review, 350–51

    • specification of currencies by the Fund, 345–47, 350–51, 351–52

    • transfers of SDRs under Article V, Section 3(f), 347

    Organization for Economic Cooperation and Development (OECD)

    • concessional external loans, definition, 240, 244

    • exchange of documents with, 544

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

    • accounting for charges, 368–69

    • Annual Report (IMF), 610

    • complaint by Managing Director, 610

    • compulsory withdrawal, 612, 613, 618, 619, 620

    • declaration of censure, 612, 617

    • declaration of ineligibility, 214, 611, 612, 613, 617, 618, 619, 620

    • declaration of noncooperation, 214, 612, 613, 617, 619

    • draft first letter to all Governors, 614–15

    • draft second letter to all Governors, 615–16

    • Eleventh General Review of Quotas, 662

    • ESAF, no access, 606

    • extended arrangements and, 266, 604

    • Ninth General Review of Quotas, 611, 621

    • overdue maintenance of value adjustments, 607

    • preferred creditor status of Fund, 122, 608, 617, 620

    • prevention/deterrence measures–strengthened timetable of procedures, 622–24

    • PRGF arrangement, nonapproval, 65

    • procedures for dealing with members, 607–24

    • publication of missed repurchase expectation, 556

    • requests for the use of Fund resources under a stand-by or extended arrangement, management will not submit, 604

    • review period, 606

    • SAF, no access, 606

    • setoff in connection with retroactive reduction of charges, 372

    • special charges, 369–70

    • stand-by arrangements and, 261, 604

    • strengthened cooperative strategy, 213, 214–15, 215, 618–24

    • suspension of voting rights, 621–22, 623

    • technical assistance suspension, 613

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

    Overseas Economic Cooperation Fund (OECF) of Japan, 244

    p

    Pacific Financial Technical Assistance Centre Subaccount, 154

    Paris Club

    • Agreed Minute, 164

    • debt rescheduling and Fund arrangements or programs, 621

    • debtors’ negotiations with, 164

    • exchange of documents with, 544

    • PRGF-HIPC Trust, 107, 111

    • settlement of disputes between Fund members, 164

    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, 162–65

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

    • Fund lending into nonsovereign arrears, 288–94

    • Fund lending into sovereign arrears, 288–94

    • Fund policies and procedures, 286–87, 287–88, 288–90

    • performance criteria, 287

    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, 250

    • conditionality guidelines, 217–30

    • coverage initially, 238

    • definition, 221–22

    • external debt, guidelines on coverage of debt limits, 239–44

    • first credit tranche, not subject to, 216

    • foreign borrowing, guidelines on calculation of discount rate, 240, 244–45

    • number and content of, 221

    • omitted in stand-by arrangements within first credit tranche, 216

    • phasing, relationship, 237–39

    • reporting lags, 237

    • test dates, even distribution, 238

    • waiver of applicability, 81, 250

    • waiver of nonobservance, 81, 239, 250

    Phasing and performance criteria under Fund arrangements

    • omitted in stand-by arrangements within first credit tranche, 216

    • relationship, 237

    PINs. See Public Information Notices

    Position in the Fund, defined, 346, 350

    Post-conflict emergency assistance, 87, 110, 111, 273–75, 276–80, 281

    Post-conflict Emergency Assistance Subsidy Account for PRGF Eligible Members

    • administration, 91–92

    • establisment, 87

    Post-conflict Emergency Assistance Subsidy Account for PRGF Eligible Members (continued):

    • fees, none, 92

    • instrument to establish, 88–93

    • investment of resources, 90–91

    • purpose, 88

    • rate of charge subsidy, 89

    • resources, 88

    • SDRs, use of, 93

    • settlement of questions, 93

    • termination, 114–15

    • use of resources, 89–90

    Post-SCA-2 Administered Account

    • adoption of Instrument to establish, 83

    • Instrument to establish, 94–95

    Pound sterling

    • freely usable currency, 628

    • weight in SDR valuation basket, 569, 570, 572

    • weight in SDR valuation method, 567

    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, 78–79

    • amendment of, 80

    • declaration of noncooperation, 84

    • electing lenders, 77

    • ESAF successor–initiation of operations, 95–96

    • establishment, adoption of Instrument, 60

    • extension and enlargement, 87

    • freely usable currency, 62, 77

    • General Resources Account, no reimbursement to, 96

    • Instrument to establish, 61–84

    • investment of resources, 79

    • Loan Account, 62, 69, 73, 76, 87, 105

    • Loans. See Poverty Reduction and Growth Facility Trust loans

    • media of payment, 62

    • misreporting and noncomplying disbursements, 68, 80–82

    • modalities of gold pledge under rights approach, 413–15

    • other provisions, 86

    • period of operation and liquidation, 80

    • post-conflict emergency assistance, 110–15

    • post SCA-2 Administered Account, 94

    • Poverty Reduction Strategy Papers (PRSPs), 108, 111

    • PRGF-HIPC Trust qualification, 111–12

    • prior actions, accuracy of information, 85

    • purposes, 61

    • removal from eligibility, 84

    • repayment expectation, 82, 86

    • Reserve Account, 62, 73, 74–76

    • Reserve Account, review, 415, 416

    • Reserve Account, transfer to the PRGF-HIPC Trust, 75, 96

    • Special Disbursement Account, transfers from or to, 74, 75, 76, 86

    • Subsidy Account, 62, 71–74, 87, 95

    • transfer of claims, 76–78

    • transformation of ESAF to PRGF, 126–27

    • Trust Account and resources, 109

    • unit of account, SDR, 62

    • waiver of performance criteria, accuracy of information, 85

    Poverty Reduction and Growth Facility (PRGF) Trust loans

    • access, 65–66

    • adjustment program, 64, 65

    • arrangement period, extension, 66

    • balance of payment need, 65–66

    • benchmarks, 64, 67

    • commitment period, 63, 64, 66

    • commitment period, extension, 87

    • eligibility and conditions for assistance, 63

    • interest, 68, 72, 73, 74, 75

    • misreporting and noncomplying disbursements, 68, 80–82

    • overdue financial obligations to Fund, 64

    • overdue financial obligations to PRGF Trust, 82–84

    • performance criteria, 64, 67, 81, 85

    • performance criteria, accuracy of information, 85

    • phasing of disbursements, 64, 67

    • prior action, accuracy of information, 84–85

    • protracted balance of payment problem, 64

    • repayment expectation, 65, 82, 86

    • rephasing, 66, 67

    • repurchase expectation, 65

    • rescheduling of loan repayments not possible, 68

    • reviews under arrangements, 64, 65, 67, 84

    • structural reforms, 64, 67

    • waiver, early repayment, 81

    • waiver of applicability or for nonobservance of performance criterion, 81, 85,

    • Poverty reduction strategy papers (PRSPs), 108, 111, 131, 559, 561, 562, 564

    Precautionary arrangements, 247, 336

    Preferred creditor status of Fund, 122, 608, 617, 620

    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, 84–85, 100, 221, 250, 284, 340, 341

    Program Reviews, 222

    Protracted balance of payments problem, 64, 400

    Public Information Notices (PINs)

    • Article IV consultation, 46, 47, 48, 557, 559, 560, 563

    • member’s consent, 47

    • policy matters, 559, 562, 564

    • use of Fund resources, Chairman’s Statement in lieu of PIN, 557- 58

    Publication

    • Article IV and combined Article IV/Use of Fund Resources staff reports, 559, 560, 563

    • Article IV consultations background reports (Selected Issues Papers, Statistical Appendices), 559, 560, 563

    • Article IV consultations staff reports, pilot project, 556, 557

    • Chairman’s statements, use of Fund resources, 543, 559, 561

    • declaration of ineligibility, 214

    • deletions prior to publication, 560, 561

    • Financial Sector Stability Assessment (FSSA) Reports, 564

    • Fund policy papers, 559, 562, 564

    • HIPC Initiative, preliminary, decision point, and completion point documents, 559, 560, 564

    • Joint Fund/World Bank Staff Assessments of PRSPs, Interim PRSPs, and PRSP Progress Reports, 559, 560, 561, 564

    • letters of intent, 559, 560, 565

    • Letters of Intent (LOIs)/Memoranda on Economic and Financial Progress (MEFPs) for staff-monitored programs (SMPs), 559, 560, 561, 565

    • member’s statement regarding Fund staff reports, 560

    • memoranda of economic and financial policies, 559, 560, 561, 564

    • misreporting, 246

    • overdue financial obligations to Fund, 556, 564

    • overdue financial obligations to PRGF Trust, 84

    • pilot project for the publication of Article IV consultation staff reports, 557

    • PINs following Executive Board discussions on policy issues, 559, 562, 564

    • PINs following Executive Board discussions on post-program monitoring, 539, 560, 562

    • PINs on Article IV consultations, 46–48, 557, 559, 560, 564

    • PINs on use of Fund resources, 557

    • Poverty reduction strategy papers (PRSPs), Interim PRSPs, and PRSP Progress Reports, 559, 561, 562, 564

    • publication policies of the Fund, 559–65

    • Recent Economic Developments reports (REDs), Article IV consultations, 563

    • removal from list of PRGF-eligible countries, 84

    • Reports on Observance of Standards and Codes (ROSCs), 559, 562, 564

    • repurchase expectations, failure to meet, 556

    • staff reports on staff-monitored programs, stand-alone, 559, 562, 565

    • staff-monitored programs, presumption of publication, 33

    • statistical appendices and annexes, Article IV consultations, 559, 563

    • suspension of voting rights and termination of suspension, 556

    • Technical Memoranda of Economic and Financial Policies, 559, 560, 564

    • use of Fund resources–Chairman’s Statement, 557, 558, 559, 561, 564

    • use of Fund resources and post-program monitoring staff reports, 559

    • waivers of applicability or for nonobservance of performance criteria, 559, 561, 564

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

    • augmentation of rights to purchase under stand-by and extended arrangements, elimination, 252

    • resumption of purchases under extended arrangement after decision of formal ineligibility, 266

    • resumption of purchases under stand-by arrangement after decision of formal ineligibility, 261

    • suspension of transactions under extended arrangements, 266

    • suspension of transactions under stand-by arrangements, 261

    • temporary suspension under Article XXVII, effect on GAB, 429

    • temporary suspension under Article XXVII, effect on NAB, 462

    Q

    Quotas

    • ad hoc increases, 7

    • adjustment, first interval of five years, 3

    • Eleventh General Review, 3, 295

    • Eleventh General Review, extension of period for consent to increases, 3

    • Eleventh General Review, Report of the Executive Board, 673–84

    • Eleventh General Review, Resolution, 680–82

    • Ninth General Review, 611, 621, 677, 681

    • payment of reserve assets in connection with subscription, 4–7

    • sales of SDRs by Fund to members for quota payments, 356

    • Seventh General Review, 5, 6, 356, 598, 691, 693

    • Sixth General Review, 5

    • Tenth General Review, 673

    • voting power and adjustment of quotas, 547

    R

    Recent Economic Developments reports (REDs)

    • balance of payments consultations, WTO, 535–36

    • publication, 559, 560, 564

    • transmittal to multilateral agencies, 544

    Reconstitution of SDRs

    • abrogation of rules, 600

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

    Repayment expectations, PRGF Trust, 65, 86

    Reports on Observance of Standards and Codes (ROSCs)

    • anti-money laundering initiatives, 186–91

    • no longer circulated to Executive Directors in hard copy form, 181, 182, 183, 184

    • publication policies, 559, 560, 562, 564

    Repurchase expectations

    • attribution of reduction of currency, 364–65

    • Compensatory Financing Facility, 318, 361–62

    • Contingent Credit Lines, 327, 331

    • failure to meet and CFF, 362

    • failure to meet and extended arrangements, 251, 266, 362

    • failure to meet and PRGF Trust, 65

    • failure to meet and stand-by arrangements, 251, 261, 362

    • failure to meet under Supplemental Reserve Facility, 327

    • misreporting and noncomplying purchases, 247–49, 251

    • publication of failure to meet, 556

    • Supplemental Reserve Facility, 327

    Repurchases. See also Repurchase expectations

    • access policy, 301

    • assessment of strength of members’ balance of payments and gross reserve position, 344–45

    • attribution of reductions in Fund’s holdings of currencies, 364–65

    • Compensatory Financing Facility, 318, 361–62

    • credit tranches, 361

    • currencies of other members, 362, 363

    • early repurchases, guidelines, 357–58, 359–60

    • emergency assistance, 361

    • extended arrangements, 255, 267

    • gold, acceptance in payment, 363, 365–66, 375

    • gold, obligation to pay, 362, 363, 363–64

    • gold, off-market sales, 365–66

    • overcompensation under CFF, legal interpretation, 318, 323–24

    • overdue, 369

    • periods, 361

    • procedures, 361–63

    • purchases under credit tranches and CFF, 361–62

    • Schedule B, 363

    • SDRs, 302, 363

    • selection of currencies by Fund, 345–47, 351–52

    • special charges on overdue repurchases, 369–71

    • stand-by arrangements, 262

    • Systemic Transformation Facility, 342

    • timing of repurchases within a calendar month, 362

    • use of Fund’s resources, 194–95

    Reserve Account of PRGF Trust

    • resources, 75

    • review of adequacy, 415–16

    • transfer to the PRGF-HIPC Trust, 96

    Reserve assets

    • payment in connection with subscriptions, 4–7

    • SDR allocation, 688, 698

    • SDR as principal reserve asset, 698

    Reserve currency and specification of currencies, 347

    Reserve position, gross

    • assessment for purposes of designation plans, operational budgets, and early repurchases, 344–45, 351

    • SDDS reporting, 515

    Reserve tranche position

    • attribution of reductions in Fund’s holdings of currencies, 353, 364, 365

    • balances held in Administrative Account, 626

    • Eleventh General Review of Quotas, 679

    • extended arrangements, 181, 626

    • remunerated position, 6

    • stand-by arrangements, 252

    Reserve tranche purchases, exclusion of purchases and holdings

    • administrative accounts, 626

    • Buffer Stock Financing Facility, 625

    • Compensatory Financing Facility, 313, 625

    • credit tranches, 626

    • emergency assistance, 281

    • extended arrangements, 252, 626

    • General Arrangements to Borrow, 426–27

    • New Arrangements to Borrow, 459

    • stand-by arrangements, 252

    • Supplemental Reserve Facility, 327, 627

    • Systemic Transformation Facility, 341, 627

    Resolutions. See Board of Governors Resolutions

    Restrictions. See Exchange restrictions

    Retention quotas, 477–79

    Reviews under Fund arrangements

    • extended arrangement, 265

    • lapse of time procedure, 268–70

    • PRGF arrangement, 64, 65, 66, 67

    • stand-by arrangement, 260

    Revolving character of the Fund’s resources, 300, 676

    Rights accumulation programs, 76–79, 110, 111

    Rights approach

    • arrears to the Fund, reduction, 210

    • extension of period, 215

    • gold pledge, 209

    Rights approach (continued):

    • modalities of gold pledge for use of PRGF Trust resources, 212, 413–15

    • operational modalities, 209–13

    • phasing, 211

    • PRGF-HIPC Trust eligibility, 110

    • PRGF-HIPC Trust qualification, 111

    • three-year period norm, 210

    ROSCs. See Reports on Observance of Standards and Codes

    Rules and Regulations

    • Rule G-1, fiscal agency, 428, 461

    • Rule G-4, request for a purchase, 354

    • Rule I-6(4), rate of charge, 328, 367, 368, 369, 372, 373, 376, 379, 380, 383, 384, 386, 388, 390

    • Rule I-6(4)(a), 373, 382, 384, 386, 388, 399

    • Rule I-6(4)(b), 376, 379, 380, 384, 388

    • Rule I-8, charge for stand-by and extended arrangements, 374

    • Rule I-10, rate of remuneration, 314, 322, 325, 329, 332, 336, 339, 342, 345, 350, 356, 358, 363, 366

    • Rule I-10(d), rate of remuneration, 376, 379, 380, 384, 386, 390

    • Rule O-l, value of SDR, 574

    • Rule O-2, valuation of currencies in terms of SDRs, 395, 428, 445, 461, 584, 585, 586, 587, 589, 591

    • Rule O-2(a), value of U.S. dollar in terms of SDRs, 366, 417, 574

    • Rule O-10, operational budget, 347

    • Rule P-7, prescribed operation, 585, 588, 590, 592, 593, 594

    • Rule P-9, recording of SDR transactions, 93, 580, 581, 582, 585, 586,588,591,592,594

    • Rules R-l through R-6, rules for reconstitution (abrogated), 600

    • Rule T-l, interest and charges in respect of SDR, 78, 373

    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, 202

    • publication of audited central bank financial statements, 201, 203

    Safeguards assessment process

    • first stage, 202

    • audits, 201,203, 204

    • confidentiality, 202

    • information/documents to obtain from central banks, 204–205

    • second stage, 202

    Saudi Arabia

    • borrowing agreement, 440–47

    SCA-2. See Special Contingent Account 2

    Schedule B, transitional provisions, 5, 358, 362, 363

    Schedule F, designation, 596

    Schedule G, paragraph l(a), reconstitution, 600

    Schedule J, settlement of accounts with withdrawing members, 429, 445, 462

    Schedule K, administration of liquidation, 429, 446, 462

    Schedule L, suspension of voting rights, 652, 660

    SDDS. See Special Data Dissemination Standard

    SDRs. See Special drawing rights

    Second Amendment

    • Article IV (surveillance over exchange rate policies), 10, 13

    • compensatory financing repurchase obligation, 324

    • payment of reserve assets in connection with subscription, 4–7

    • renumbered Articles, 193, 255, 367, 472, 481, 490, 492, 522, 566, 603

    • repurchases, guidelines, 357

    • repurchases under Schedule B, 362, 362–63

    • surveillance over exchange rate policies, 10,13

    Security reasons, exchange restrictions for, 474–75

    Settlement of disputes between members relating to external debt

    • comparable treatment of creditors, 164

    • neutrality of Fund, 165

    • Paris Club, 124,164

    • role of the Fund, 162–65

    SFF. See Supplementary Financing Facility

    Side letters, use of Fund resources, 195–97

    Sovereign default, 283, 287

    Special charges, review, 371

    Special Contingent Account. See also Burden sharing

    • additions to, 606

    • losses related to undischarged repurchase obligations, 392

    Special Contingent Account 2 (SCA-2)

    • early termination, 393

    • implementation and modalities, 390–92, 392–93

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

    • access by the public, 505–506

    • certification requirement, 509

    • coverage, 501–502

    • Dissemination Standard Bulletin Board (DSBB), 508

    • external debt, 39

    • fiscal data, 41

    • flexibility options, 505

    • integrity, 506

    • international reserves, 39–40

    • periodicity, 502

    • provision for surveillance purposes, 38–42

    • purpose and framework, 501

    • quality, 506–507

    • removal from the DSBB, 508–509

    • review, 510

    • revision, 41–42

    • subscription, 507–508

    • template on international reserves/foreign currency liquidity, 515–20

    • timeliness, 205

    • vulnerability assessments, 40–41

    Special Disbursement Account (SDA)

    • ESAF-HIPC Trust, 119

    • investment, 396–97, 397

    • off-market gold sales, 365

    • PRGF-HIPC Trust, 108

    • repayment expectation under PRGF Trust, failure to meet, 86

    • Structural Adjustment Facility administration, 397–405

    • termination and transfer of resources from Trust Fund, 633–34

    • termination of assistance from SAF in conjunction with loans from ESAF Trust, 412–13

    • transfer of resources to the ESAF Trust and retransfer to the SDA, 410–11

    • transfers to PRGF-HIPC Trust account, 109

    • transitional investment of balances with the Federal Reserve Bank of New York, 397

    • allocation for first basic period, 685–86

    • allocation for fourth basic period, report of Managing Director, 697–99

    • allocation for third basic period, 583, 687–96

    • allocations to new participants, third basic period, 583

    • contributions to PRGF-HIPC Trust, 109

    • designation review rules, 595–97

    • designation rules, version, 598–99

    • euro, conversion of deutsche mark and French franc, 570

    • euro reference rates, 574

    • euro weight in valuation basket, 570, 572, 573

    • harmonization of holdings, 346, 596

    • holders prescribed by the Fund

      • African Development Bank, 579

      • African Development Fund, 579

      • Andean Reserve Fund, 578

      • Arab Monetary Fund, 558

      • Asian Development Bank, 579

      • Bank for International Settlements, 578

      • Bank of Central African States, 579

      • Central Bank of West African States, 579

      • East African Development Bank, 579

      • East Caribbean Currency Authority, 579

      • Eastern Caribbean Central Bank, 579

      • European Central Bank, 579, 580

      • International Bank for Reconstruction and Development (World Bank), 579

      • International Development Association, 579

      • International Fund for Agricultural Development, 579

      • Islamic Development Bank, 579

      • Nordic Investment Bank, 579

      • Swiss National Bank, termination of status, 579

    • Japanese yen

      • weight in valuation basket, 569, 570, 572

      • weight in valuation method, 567

    • means of repayment by members on indebtedness under loan agreements, 632

    • media of payment for charges in GRA, 368

    • other holders, acceptance, holding or use, 575–77

    • payment of net charges and assessment in the SDR Department for FY ended April 30, 1982,601

    • payment of subscriptions, 6, 7

    • pound sterling

      • weight in valuation basket, 569, 570, 572

      • weight in valuation method, 567

    • PRGF-HIPC Trust unit of account and media of payment, 109

    • PRGF Trust unit of account and media of payment, 62, 68

    • reconstitution, abrogation of rules, 600

    • reserve asset payments, 6, 7

    • sales by the Fund for payment of charges, 368

    • sales by the Fund for payment of subscriptions, 356

    • terms and conditions for accepting, holding, or using SDRs, 575–77

    • transfers of SDRs for payment of subscriptions under Article V, Section 6(b), 345, 356

    • transfers of SDRs for purchases under Article V, Section 3(f), 347

    • U.S. dollar

      • weight in valuation basket, 569, 570

      • weight in valuation method, 567

    • use in donations, 594

    • use in ESAF Trust operations or under an administered account, 581–82

    • use in forward operations, 593–94

    • use in loans, 585–87

    • use in payment by members on their indebtedness under loan agreements, 632

    • use in payment of Trust Fund obligations, 546

    • use in pledges, 587–89

    • use in PRGF-HIPC Trust operations or under an administered account, 582

    • use in PRGF loans, 68

    • use in repurchases, 362–63

    • use in settlement of financial obligations, 584–85

    • use in Structural Adjustment Facility operations, 581

    • use in subsidy payment from SFF Subsidy Account, 580–81

    • use in swap operations, 591–92

    • use in transfers as security for the performance of financial obligations, 589–91

    • valuation basket, guidelines for calculation of currency amounts, 570–71

    • valuation basket, guidelines for calculation of currency amounts, revised, 571–73

    • valuation basket, review, 569–70

    • valuation method, 567–68

    • valuation of U.S. dollar for purposes of Rule O-2(a), 416–17, 574

    • value of SDR, method of collecting exchange rates for calculation for purposes of Rule O-2(a), 574

    Specification of currencies, 345–47, 351–53

    • harmonization, 346

    SRF. See Supplemental Reserve Facility

    Staff-monitored programs, 32–33

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

    • document exchange with WTO, 542

    • military expenditure, 497–98

    • publication, 559, 560, 563

    • publication under pilot project, 556–58, 558

    • transmittal to international agencies, 541, 544, 545

    Staff reports on enhanced surveillance

    • transmittal by members to creditors, 155, 158, 161

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

    • access to credit tranches, normally through, 216

    • arrangements not international agreements, 220

    • augmentation of rights to make purchases, elimination, 252

    • charges, 262

    • commitment charge, 374

    • Compensatory Financing Facility, 261

    • conditionality guidelines, 217–24, 225–30

    • consultation clauses, 220, 261

    • Contingent Credit Lines, 261

    • contractual connotation avoidance, 220

    • debt- and debt-service-reduction operations, 261

    • duration, normal, 216

    • emergency purchases and, 271, 274–75, 277

    • exclusion of purchases for definition of “reserve tranche purchases,” 251–52

    • external debt, performance criteria, 239–44, 259

    • first credit tranche, 216, 259

    • form, standard, 258–63

    • Guidelines on Corrective Action, 261

    • indicative targets, 238

    • ineligibility, 261,604

    • lapse of time procedure, reviews, 268–70

    • misreporting and noncomplying purchases, 245–47, 247–49, 250

    • noncomplying purchases, 245–47, 250, 261

    • nondiscriminatory treatment, 218

    • overdue financial obligations to the Fund, 261, 604

    • performance criteria, accuracy of information, 250

    • performance criteria and phasing of purchases, relationship, 237- 39

    • performance criteria with respect to external debt, 239–44, 244–47, 259–60

    • period for, 216

    • phasing, 216, 237

    • policies and procedures, 216–17

    • PRGF-HIPC Trust eligibility, 110

    • PRGF-HIPC Trust qualification, 111

    • prior actions, accuracy of information, 250

    • program evaluation, 224

    • repayment expectation under PRGF Trust, 86, 261

    • repayment obligation under PRGF Trust, 261

    • reporting lags, 237–38

    • repurchase, 262, 301

    • repurchase expectation, 249, 251, 261

    • reserve tranche purchases, 251–52

    • review, 224, 239, 260

    • review, completion, 239

    • review, lapse of time, 268–69

    • standard clause on external contingency mechanism, eliminated,268

    • standard clauses on set asides in support of operations involving debt reduction, eliminated, 268–69

    • Supplemental Reserve Facility and, 261, 326

    • suspension of right to engage in transactions, 261

    • test dates, 238

    • uniform treatment of members, 218

    • waiver for nonobservance of performance criteria, 246, 249, 250

    • waiver of applicability of performance criteria 246, 250

    Standards and codes. See also Financial Sector Assessment Program; and Special Data Dissemination Standard (SDDS)

    • Basel Core Principles for Effective Banking Supervision, 333

    • Code of Good Practices in Fiscal Transparency, 333

    • Code of Good Practices in Monetary and Financial Transparency,333

    • Contingent Credit Lines and, 332, 333

    • reports on observance of,167, 182, 183

    • safeguards for use of Fund resources and, 201

    STF. See Systemic Transformation Facility

    Strengthened cooperative strategy, 213, 214–15, 618–24

    Structural Adjustment Facility (SAF)

    • access, potential, 397–98, 405, 410

    • amount of assistance, 397–98

    • commitment period, 399, 400

    • commitment period, extension, 410

    • commitment period, new, 404

    • disbursement period, extension, 410

    • disbursements, 400–401, 403

    • eligible members list, 405–407

    • income from investment and loans, 410–11

    • interest, 401

    • loans under Enhanced Structural Adjustment Facility, 403–405

    • PRGF-HIPC Trust qualification, 111

    • phasing, 403

    • protracted balance of payments problem, 64, 400

    • purposes, 397

    • qualification for assistance, 399–400

    • resources, 397

    • review, 408, 409, 410

    • rights accumulation programs and, 111

    • SDRs, use in operations, 405, 581

    • terms of loans, 401–02

    Subscriptions. See also Quotas

    • accounting by members, 4

    • basic source of Fund financing, 471

    • ownership of gold and currency, 4

    • reserve asset payments, 4–7

    Subsidy Account. See Supplementary Financing Facility Subsidy

    • Account

    Supplemental Reserve Facility (SRF)

    • availability through stand-by or extended arrangement, 326

    • commitment period, 327

    • conditionality, 328

    • contagion risk, 326

    • net operational income not taken into account in rate of charge calculations, 373, 383

    • overdue financial obligations, 64–65, 261, 266

    • phasing, 327

    • rate of charge, 328

    • repurchase, 327

    • repurchase expectation, 327

    • reserve tranche purchases, exclusion, 328, 627

    • sudden and disruptive loss of market confidence test, 325–26

    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, 643–44

    • eligible members, 637–38

    • Instrument to establish, 635–42

    • investment, 636, 640, 642

    • means of subsidy payments, 643

    • purpose, 635

    • rescheduling in cases of serious hardship, 634

    • resources, 635

    • SDRs, use of, 547

    • subsidy amount, 639

    • suspension of transfers and re-transfer of surplus, 642–43

    • transfer from Special Disbursement Account, 633–34, 635, 642

    Suppliers’ credits, coverage in external debt limits, 184

    Surcharges on purchases, disposition for FY 2002, 385–86

    Surveillance. See also Article IV consultations; Enhanced Surveillance

    • ad hoc Article IV consultation, 15, 16

    • architecture of international financial system, 19

    • capital flows, 12, 22

    • comprehensive analysis, 13

    • consultation cycles, changes, 36–38

    • core and noncore issues, 20

    • coverage principles, 27

    • data provision, 38–42

    • euro area, 43–45, 45–46

    • extension of three-month period, 43

    • external evaluation, 19, 20

    • financial sector soundness and vulnerability, 22

    • macroeconomic relevance tests, 20

    • principles, general, 10–11

    • principles for guidance of members, 11

    • principles of Fund surveillance over exchange rate policies, 12–13

    • procedures, 13–14, 16–17, 32, 36

    • review of general implementation, two-year intervals, 10, 16, 24–33, 33–36

    • ROSCs, 29

    • Special Data Dissemination Standard, 38–39

    • staff-monitored programs, 32–33

    • supplemental procedures, 15–16

    • three-month rule, 42–43

    • World Economic Outlook, 30

    Suspension of membership, 613

    Suspension of voting rights

    • participation in Interim Committee, 652

    • participation in International Monetary and Financial Committee, 655

    • publicity, 556

    • timetable of procedures, 623, 624

    Swiss National Bank

    • GAB participant, 433, 437, 439

    • NAB participant, 466

    • termination of status as prescribed holder of SDRs, 579

    Systemic Transformation Facility (STF), 339–42

    • access, 339

    • conditionality, 341

    • future of, 343

    • period not extended, 343

    • prior actions, 340

    • repurchases, 342

    • reserve tranche purchases, exclusion, 341, 627

    T

    Technical assistance

    • cooperation with Trusteeship Council, 706

    • exchange rate system simplification, 494

    • Framework Administered Account for, 150–54

    • members not cooperating with the Fund, 611,612, 613

    • post-conflict countries, 273

    • transmittal of reports to international agencies, 541

    Terrorism financing, 184

    Trade. See also World Trade Organization

    • severe disruptions, Systemic Transformation Facility, 339

    • structural maladjustments in trade, Extended Fund Facility, 253

    Trade restrictions

    • avoidance of escalation, 484, 666

    • emergency assistance, 272

    • ESAF, 100

    • import restrictions for balance of payments reasons extended arrangements, 265

    • GATT, 482

    • stand-by arrangements, 261

    • Voluntary Declaration on Trade and Other Current Account Measures, 666

    Tranche policies

    • application in connection with CFF, 313

    • application in connection with STF, 341

    • exclusion of credit tranches in definition of reserve tranche purchase, 251–52

    • first credit tranche, 216, 287

    • floating tranche, 225

    Transferability of claims

    • General Arrangements to Borrow, 429, 437–38

    • New Arrangements to Borrow, 468–69

    • Saudi Arabia, borrowing agreement with, 438–40

    Transparency. See also Publication

    • foreign reserves management, 202

    • governance, 49

    • safeguards for use of Fund resources, 200

    • use of Fund resources, 557–58

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

    • administration of, 117–18

    • amendment of, 119

    • assistance amount, 112–13

    • completion point, 107, 111, 112, 114, 121, 132, 136

    • contributions by other donors, 123

    • contributions to, 110

    • debt service to exports ratio, 115

    • debt sustainability, 107, 112, 121

    • debt sustainability analysis, 107, 135

    • debt to exports ratio, 107, 115

    • debt to revenue ratio, 107

    • decision point, 107, 111, 112, 121, 132, 136

    • eligibility and eligible members, 110–11, 135

    • grace period on loans, 116

    • grants and loans, 115

    • Guidelines on Misreporting, 108

    • Instrument to establish, 106–19

    • Instrument to establish, adoption, 105

    • interest, 108, 116

    • interim assistance, 113

    • interim PRSP, 133, 134

    • investment of resources, 118, 123

    • maturity of loans, 116

    • Millennium Development Goals (MDGs), 138

    • off-market gold transactions, use of investment income, 418

    • Paris Club, 107, 111, 112, 142

    • period of operation and liquidation, 118–19

    • performance related conditions, nonobservance, 114

    • Poverty and Social Impact Analysis (PSIA), 129, 139

    • Poverty reduction strategy papers (PRSPs), 108, 111, 128, 129, 131, 133, 134, 135, 136, 137, 138, 139, 140, 143

    • purposes, 108–109

    • qualification for assistance, 111–12

    • rescheduling of repayments not allowed, 116

    • reserve account review, 415, 416

    • retransfers authorized, 123

    • SDRs, use in operations, 118, 582

    • self-sustained PRGF operations, 108

    • special charges on overdue interest and repayments, 343

    • Special Disbursement Account, transfers from, 109

    • streamlining preliminary HIPC documents, 135

    • subsidies, interim PRGF operations, 116

    • terms of assistance, 115–16

    • track record of performance, 111, 132, 135

    • transformation of ESAF-HIPC Trust to PRGF-HIPC Trust, 127

    • Trust Account and resources, 109, 122

    Trust Fund

    • distribution to developing countries of profits from gold sales, 629

    • final direct distribution of profits, 633

    • loan disbursement, timing, 630

    • means of payment of interest by members on indebtedness under loan agreements, 632

    • overdue interest and repayments, 310

    • period for qualification, extension, 630

    • procedures for final payments of profits and loans for period July 1, 1976-June 30, 1978, 629

    • SDRs, use in payment of Trust Fund obligations, 580

    • second period, extension, 630–31, 631

    • special charges on overdue financial obligations, 369–71, 632

    • termination and transfer of resources to Special Disbursement Account, 396, 633–34

    • terms of repayment of final loan disbursement and amendment of Trust instrument, 634

    U

    Undue delay in availability or use of foreign exchange, 420, 461

    Uniformity of treatment principle

    • consultation cycles, 23

    • external debt in Fund arrangements, guidelines on performance criteria, 241

    • post-conflict assistance, 278, 279

    • settlement of disputes between members, comparable treatment, 164

    • use of Fund’s general resources, nondiscrimination, 218

    United Nations

    • agreement with the IMF, 703–709

    • anti-money laundering, 179

    • Convention on the Privileges and Immunities of the Specialized Agencies, 710–32

    • exchange of documents with, 705

    • “Uniting for Peace” General Assembly resolution, 648

    United Nations Development Program

    • exchange of documents, 543

    U.S. dollars

    • freely usable currency, 628

    • maintenance of value, rates for computation, 396

    • means of payment by members on indebtedness under Trust Fund loan agreements, 632

    • medium of payment, PRGF Trust, 62

    • off-market gold sales made in, 416

    • payments of interest on members’ indebtedness under Trust Fund loans, 632

    • use for Subsidy Account payments, 643

    • valuation in terms of special drawing rights pursuant to Rule O-2(a), 416–17, 574

    • weight in SDR valuation basket, 569, 570, 578

    • weight in SDR valuation method, 567

    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, 192

    • authority of the Fund to use its resources, resolving problem of arrears, 616

    • authority to use resources of Fund, interpretation of Articles of Agreement, 192

    • capital transfers, 192, 419 conditionality guidelines, 216, 217–24, 225–30

    • financing current account deficits, 192

    • form, extended arrangement, 263–67

    • form, stand-by arrangement, 258–63

    • ineligibility

      • effect on purchases under extended arrangement, 266

      • effect on purchases under stand-by arrangement, 262

      • under Article V, Section 5, 354

      • under Article XXVI, Section 2(a), 603

    • interpretation of Articles of Agreement, 192

    • limitation and ineligibility under Article V, Section 5, 354

    • meaning of “consistent with the provisions of this Agreement,” Article V, Section 3, 192

    • meaning of “represents” in respect of need, Article V, Section 3(b)(ii), 193

    • monetary stabilization, 193

    • nondiscriminatory treatment of members, 218

    • performance criteria and phasing, 237–39

    • postponement and limitation under Article V, Section 5, 354–55

    • repayment expectation under PRGF Trust, failure to meet, 86

    • resumption of purchases under extended arrangement after decision of formal ineligibility, 266

    • resumption of purchases under stand-by arrangement after decision of formal ineligibility, 261

    • safeguards, strengthening of, 199–205

    • side letters, 195–98

    • suspension of exchange transactions, effect on General Arrangements to Borrow, 429

    • suspension of transactions under extended arrangements, 266

    • suspension of transactions under stand-by arrangements, 261

    V

    Vienna Institute, Joint

    • establishment, 733–43

    • extension of agreement until August 19, 2004, 741

    Voluntary Declaration on Trade and Other Current Account Measures, 666

    Voting power majority

    • compulsory withdrawal, 619

    • Eleventh General Review of Quotas, 680

    • SDR allocation, 698

    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, 313–14

    • emergency assistance, 281

    • Extended Fund Facility, 255

    • Supplemental Reserve Facility, 328

    • Systemic Transformation Facility, 342

    Waiver of performance criteria

    • applicability, 80–81, 223, 250

    • nonobservance, 80–81, 223, 239, 250

    Waiver of special charges, 370

    World Bank (International Bank for Reconstruction and Development)

    • agreement with WTO, 744, 745, 747

    • anti-money laundering, 179, 183

    • Bank/Fund collaboration, 531–32

    • collaboration with Fund on corporate sector vulnerability analysis, 22

    • collaboration with Fund on shifting resources from military, 498–99

    • Development Committee, 658–64

    • ESAF policy framework process, 99–100

    • Financial Sector Assessment Program, 167, 168

    • governance, 50, 51, 57

    • HIPC Initiative, 120, 131, 134

    • investment by Fund of currencies received by SFF Subsidy Account, 642

    • military expenditures, 498

    • observer status in Fund, 531, 531–32

    • post-conflict assistance, 273

    World Bank (International Bank for Reconstruction and Development) (continued):

    • prescribed holder of SDRs, 579

    • PRGF-HIPC Trust, 106

    • publication policies of the Fund, 559, 564

    • rights approach, 210–11

    • suspension of voting rights, 622

    World Economic Outlook, 444

    • European Central Bank, observer, 532

    • military spending, 497, 499

    • multilateral surveillance, 23, 30–31

    • surveillance procedures, 13–14

    World Trade Organization (WTO)

    • balance of payments consultations, 535–36

    • coherence in global policy-making, 536, 746, 749

    • consistency of policy advice and obligations, 536–38

    • cross-conditionality, avoidance, 537–38

    • decision of IMF on IMF-WTO Agreement, 744

    • decision of WTO General Council on IMF-WTO Agreement, 744–48

    • documents exchange with, 540–41, 751

    • Fund staff observer at WTO meetings, 532–33, 750–51

    • guidelines/framework for Fund staff collaboration, 534–43

    • IMF-WTO Agreement, text, 748–53

    • observer status in Fund meetings, 532, 750

    • resolution of open jurisdictional issues, 538–39

    WTO. See World Trade Organization

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