Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
May 2008
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    Index

    A

    Access policy, use of Fund resources

    • access limits in credit tranches and under Extended Fund Facility, 356–59

    • access limits, guidelines, 355–59

    • balance of payments needs, 347

    • capital account crises, 360

    • capital account crises, modifications to Supplemental Reserve Facility, 366

    • capital account crises, prevention, 374

    • exceptional circumstances, 360, 371

    • exceptional circumstances, review, 370–74

    • modifications to Supplemental Reserve Facility, 366–70

    • post-conflict countries, 336

    • PRGF-ESF Trust, 156

    • review, 355, 366–70

    • revolving character of Fund resources, 334, 357

    • Short-Term Liquidity Facility, 329

    Accounting by members

    • ownership of gold and currency subscriptions, 22

    Accounts. See specific accounts by name:

    • Administrative

    • Borrowed Resources Suspense

    • Framework Administered (Technical Assistance)

    • General Resources

    • Loan

    • Post-conflict emergency assistance to PRGF

    • Post-SCA-2 Administered

    • PRGF-ESF Trust Subsidy

    • Reserve

    • Special Contingent

    • Special Disbursement

    • Supplementary Financing Facility (SFF) Subsidy.

    Administrative Account

    • balances, 758

    • reserve tranche position, 758

    Africa Regional Technical Assistance Centers Subaccount, 140

    African Development Bank

    • communication concerning members’ arrears to the Fund, 736

    • exchange of document, 640

    • prescribed holder of SDRs, 695

    African Development Fund, 695

    Andean Reserve Fund

    • prescribed holder of SDRs, 694

    Annual Report (IMF), 210, 252

    Anti-money laundering

    • assessing a global standard and preparing ROSCs, proposals, 126–31

    • Fund involvement, 121

    • methodology document, 126

    • offshore financial center assessments, 119, 125

    • twelve-month pilot, program review, 131–35

    Arab Monetary Fund

    • exchange of documents with, 640

    • prescribed holder of SDRs, 695

    Archives of the Fund

    • access policy, 592

    • attorney-client privilege, 592

    • Executive Board minutes, access, 593

    • Grievance Committee proceedings, 592

    Arrears

    • lending into arrears, 347, 349–53

    • settlement of disputes between members, 97, 354

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

    Arrears of a member to creditors other than the Fund

    • debt strategy, 347

    • extended arrangements, performance criterion, 316

    • first credit tranche, 346

    • Fund lending into nonsovereign arrears, 348

    • Fund lending into sovereign arrears, 348

    • Fund policies and procedures, 346

    • nontoleration of arrears to official creditors, 347

    • performance criteria, 348

    • stand-by arrangement, performance criterion, 315

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

    Article I (v), temporary availability of Fund’s general resources, 310

    Article I, purposes of the Fund, 257, 493, 498

    Article II, Section 2 membership, 23

    Article III, Section 2, adjustment of quotas, 3

    Article III, Section 2(a), 3, 16

    Article III, Section 3(a), 9

    Article IV consultations, 90, 91

    • annual, principle of, 52

    • Article VIII restrictions, 501

    • Article XIV restrictions, 501

    • Central African Economic and Monetary Union, 73

    • collaborative efforts, 618

    • conditionality discussions, 265

    • consultation cycles, changes, 58–59

    • data provision, 60

    • document exchange with WTO, 632

    • early warning system models, 53

    • Eastern Caribbean Currency Union, 75

    • enhanced surveillance, 98–101

    • euro area, 65–72, 72

    • European Central Bank, observer status, 630–31

    • evaluation and review of related programs, 265–66

    • Financial Sector Assessment Program (FSAP), 101–7

    • governance issues, 78, 84, 86

    • military expenditures, 89

    • multiple currency practices, 505

    • Policy Support Instrument, 59

    • Post-Program Monitoring, 290

    • prolonged users of Fund resources, 291

    • Public Information Notices, release, 681–82

    • publication of Article IV staff reports, 661–62, 666

    • publication of background reports, 661, 670–73

    • Recent Economic Development reports, 51, 637, 641, 661–62, 669

    • representation of European Central Bank, 630–31

    • staff reports, release to international and multilateral agencies, 638–40

    • three-month period, 64

    • use of Fund resources, 265

    • World Bank, collaboration with, 622

    • World Bank, observer status, 616

    • World Trade Organization, observer status, 637, 842

    Article IV, Section 1, principles for guidance of members’ policies, 36

    Article IV, Section 1(iii), 29, 30

    Article IV, Section 1 (iii), manipulation of exchange rates, 40

    Article IV, Section 2, notification of exchange arrangements, 27

    Article IV, Section 3(a), surveillance over exchange rate policies, 29, 639

    Article IV, Section 3(b), surveillance over exchange rate policies, 639

    Article V, Section 1, designation of fiscal agency, 458

    Article V, Section 2(b), financial and technical services, 135, 136, 232, 248, 254

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

    • application of Fund policies to purchases of currency borrowed by Fund, 405, 455, 476

    • early repurchase guidelines, 405

    • meaning of “consistent with the provisions of this agreement,” under Article V, Section 3, 257

    • New Arrangements to Borrow (NAB), 476

    Article V, Section 3(b)(ii)

    • balance of payments need, 190

    • meaning of “represents” that a member has a need to make purchases, 258

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

    • Compensatory Financing Facility, 382

    • emergency assistance, 331

    • Extended Fund Facility, 311

    • Supplemental Reserve Facility, 381

    Article V, Section 3(d), operational budgets

    • assessment of strength of members’ balance of payments and gross reserve position for operational budgets, 394, 399

    • selection of currencies in purchases, 396

    Article V, Section 3(f), transfers of SDRs, 395

    Article V, Section 4, waiver of conditions governing use of Fund’s general resources, 393

    Article V, Section 5, limitation on use of Fund’s resources, 271

    Article V, Section 6(b), transfers of SDRs by the Fund, 399

    Article V, Section 6(c), sales of SDRs by the Fund, 404

    Article V, Section 7(b), early repurchases

    • assessment of strength of member’s balance of payments and gross reserve position, 394, 405

    Article V, Section 7(c), repurchases, 407

    Article V, Section 7(d), repurchases, 393

    Article V, Section 7(i), selection of currencies for repurchases, 400, 409

    Article V, Section 7, repurchases, 393, 476

    Article V, Section 8, charges, 414

    Article V, Section 8(a), charges, 417, 419

    Article V, Section 8(b), charges, 328, 380, 407, 414, 417, 419, 758

    Article V, Section 8(c), charges, 414, 416, 419

    Article V, Section 8(d), charges, 414

    Article V, Section 8(e), charges, 414

    Article V, Section 9(a), remuneration, 758

    Article V, Section 11, maintenance of value, 429

    Article V, Section 12(f)(ii), Special Disbursement Account (SDA) resources for assistance to low-income developing members, 431

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

    • gold sales, 431, 446

    • gold sales proceeds, placement in Special Disbursement Account, 431

    Article V, Section 12(h), 659

    Article V, Section 12(h), investment of member’s currency held in SDA, 431

    Article V, Section 12(j), adoption of regulations for administration of Structural Adjustment Facility, 432

    Article V, Section 12(k), 659

    Article VI, capital transfers

    • use of Fund resources for, 449

    • WTO, information on Fund decisions requesting a member to exercise controls to prevent a large or sustained outflow of capital, 837

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

    • freedom to adopt regulations on capital movements, 450

    • Supplemental Reserve Facility, 378

    Article VI, Section 2 of the Articles of Agreement of the Bank, 785

    Article VI, Section 3, controls on capital transfers, 450

    Article VII, Section 1, replenishment and scarce resources

    • borrowing by the Fund, 451, 467, 479

    Article VII, Section 3(b), scarce currency, 492

    Article VIII, general obligations of members

    • acceptance of obligations, 500

    • bilateral payments agreements, 321

    • bilateral payments arrangements, 317

    • bilateralism, 493

    • consultations, World Bank observer, 616

    • payments restrictions, 95, 493, 497–500

    • restrictions, 500

    • retention quotas, 496

    • settlement of disputes between members, 95

    Article VIII, Section 2, avoidance of restrictions on current payments acceptance of obligations under, 498

    Article VIII, Section 2(a)

    • restrictions on current payments and transfers, 492

    • undue delays as payment restrictions, 500

    Article VIII, Section 2(b), unenforceability of exchange contracts

    • interpretation, 490–91

    Article VIII, Section 3, avoidance of discriminatory currency practices

    • acceptance of obligations under, 495, 498

    • multiple currency practices, 498, 507

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

    • acceptance of obligations under, 500

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

    • consideration of report by Managing Director, time periods, 517

    • declaration of censure, 519

    • handling of potential breaches, 525

    • members’ obligations, 516

    • procedures prior to report by the Managing Director to the Executive Directors, 516

    • report by Managing Director, 517

    • review, 2008, 524

    • sanctions, 519

    • strengthening effectiveness of, 61, 515

    Article VIII, Section 7, obligation to collaborate regarding policies on reserve assets, 702

    Article IX, Section 5, immunity of archives, 592

    Article IX, Section 7, privilege for communications, interpretation, 596

    Article X, relations with other international organizations, 805

    Article XII, Section 3(b)(i), Executive Directors, appointed, interpretation, 643

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

    • balances held in administrative accounts, 768

    • interpretation, 643

    • use of the preceding two years, 644

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

    • interpretation, 643

    Article XII, Section 3(j), 598

    Article XII, Section 4, Managing Director and staff, 652

    Article XII, Section 5(a)(i), 22

    Article XII, Section 5(e), 22

    Article XII, Section 6, reserves, distribution of net income, and investment, 653

    Article XII, Section 6(f), 660

    Article XII, Section 6(f)(ii), 660

    Article XII, Section 6(f)(iii), 659

    Article XII, Section 6(f)(vi), 659

    Article XII, Section 7(a), 683, 809

    Article XII, Section 7, publication of reports, 661

    Article XII, Section 8, communication of Fund views to members, 670

    Article XIII, Section 2, 487

    Article XIV, exchange restrictions under transitional arrangements

    • availment of transitional provisions, 499

    • bilateralism, 493

    • commitment to current account convertibility, 500

    • consultations, World Bank, 616

    • multiple currency practices, 496

    • retention quotas, 495

    • settlement of disputes between members, 95

    Article XIV, Section 2, exchange restrictions

    • maintenance of orderly exchange arrangements, 507

    • multiple currency practices, 506–10

    • restrictions related to national security, 492

    • transitional arrangements, 490, 494

    • undue delays as payments restrictions, 500

    Article XIV, Section 3, representation by the Fund

    • application, 508

    • meaning of “exceptional circumstances” in Article XIV, Section 3, 685

    Article XVI, Section 2, separation of assets and property, 728

    • assessment for FY 2008, 728

    Article XVII, Section 3, other holders of SDRs, 253, 691

    Article XVIII, 699

    Article XVIII, Section 1(a), principles and considerations governing SDR allocation and cancellation, 701, 702, 707, 798

    Article XVIII, Section 2(a), 700

    Article XVIII, Section 2(a), SDR allocations and cancellations, 704

    Article XVIII, Section 2(b), 700, 705

    Article XVIII, Section 2(c), 700, 704, 705

    Article XVIII, Section 2(d), 705

    Article XVIII, Section 2(e), 706

    Article XVIII, Section 4, decisions on SDR allocations and cancellations, 706, 798

    Article XVIII, Section 4(a), 700–702

    Article XVIII, Section 4(b), 700–702, 798, 799

    Article XVIII, Section 4(c), 701, 798

    Article XVIII, Section 4(c)(ii), 704, 800

    Article XVIII, Section 4(d), 799

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

    • donations, 718

    • forward operations, 717

    • loans, 710

    • other holders, 691

    • pledges, 712–13

    • settlement of financial obligation, 709

    • swap operations, 716

    • transfers as secruity for the performance of financial obligations, 714

    Article XIX, Section 4, limit on SDR Department participant’s obligation to provide currency, 455, 476

    Article XIX, Section 5, designation of participants to provide currency, 720

    Article XIX, Section 5(a)(i), designation plans, 394, 723

    Article XIX, Section 5(c), designation rules in SDR Department, 723

    Article XIX, Section 6(b), reconstitution, 725

    Article XIX, Section 7(a), calculation of exchange rates, 457, 478, 709, 710, 712, 714, 716

    Article XX, Section 1, interest paid on holding of SDRs, 691

    Article XX, Section 2, SDR Department interest and charges, 726

    Article XX, Section 4, assessments, 728

    • assessment for FY 2008, 728

    Article XX, Section 5, application against unpaid charges of SDRs acquired by participants after payment date, 727

    Article XXI(a)(i), administration of General Department and SDR Department, 799

    Article XXII, general obligations of participants in SDR department, 702

    Article XXII, Section 3(e), 21

    Article XXIII, Section 1, suspension of operations and transactions in SDRs, 693

    Article XXIV, Sections 1(a) and 1(b), 699

    Article XXIV, Section 4, 699

    Article XXVI Remedial Measures on Overdue Financial Obligations, 729

    Article XXVI, Section 2(b), 780, 785

    Article XXVI, Section 3, withdrawal from membership, 459, 480

    Article XXVII, suspension of exchange transactions, 480

    Article XXIX, interpretation

    • New Arrangements to Borrow, interpretation outside the purview of Article XXIV, 460

    • unenforceability of exchange contracts, 452

    Article XXIX(a), interpretation

    • Appointment of Executive Director by a member having one of five largest quotas, Article XII, Sections 3(b)(i) and 3(f), 643

    • authority of the Fund to use its resources, 257, 775

    • privilege for communications, Article IX, Section 7, 596

    • unenforceability of exchange contracts under Article VIII, Section 2(b), 490

    Article XXX(c), definition of reserve tranche purchase

    • exclusion of purchases and holdings from CFF, 382, 757

    • exclusion of purchases and holdings from EFF, 757

    • exclusion of purchases and holdings from emergency assistance, 331

    • exclusion of purchases and holdings from Short-Term Liquidity Facility, 328

    Article XXX(c)(iii), exclusion of purchases and holdings in credit tranches or under extended arrangements, 757

    • exclusion of purchases and holdings from SRF, 380, 758

    Article XXX(f), freely usable currencies, 686, 759

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

    Articles of Agreement

    • investment authority, amendment to expand, 657

    • voice and participation, amendment to enhance, 21

    Asian Development Bank

    • communications concerning members’ arrears to the Fund, 736

    • exchange of documents with, 639

    • prescribed holder of SDRs, 695

    Attribution, rule of

    • members indebted to Fund, 400

    • reduction in Fund’s holdings of currency, 412–13

    Audit

    • external audit firm, 683

    • framework Administered Account, 139

    • Post-SCA-2 Administered Account, 254

    • PRGF-HIPC Trust, 208, 217

    • safeguards for use of Fund resources, 258

    • Supplementary Financing Facility Subsidy Account, 762

    Authorized Signatories, 652

    B

    Balance of Payments Manual (5th Ed.), 569, 580, 583

    Balance of payments need

    • access policy, 356

    • Compensatory Financing Facility, 382

    • conditionality, 258

    • emergency assistance, natural disasters, 330

    • emergency assistance, post-conflict countries, 334

    • extended arrangements, 323

    • Extended Fund Facility, 322

    • Fund-supported programs, 260

    • lenders to ESAF Trust, need because of developments in reserves, 178, 207

    • protracted balance of payments problems, 434

    • Supplemental Reserve Facility, 377–82

    Balance of payments position

    • assessment of strength for purposes of designation plans, operational budgets and repurchases, 394–95

    Bank for International Settlements (BIS)

    • investment by Fund of currencies held by Borrowed Resources Suspense Accounts, 488

    • investment by Fund of currencies received by SFF Subsidy Account, 769

    • prescribed holder of SDRs, 694

    Bank of Central African States

    • prescribed holder of SDRs, 695

    Bank-Fund collaboration. See also World Bank (International Bank for Reconstruction and Development)

    • conditionality, 622–27

    • country programs, 623

    • debt sustainability assessments, 629

    • Financial Sector Assessment Program, 103

    • financial systems, 623

    • IMF-World Bank Concordat, 604–16

    • longer-term program engagement, 293

    • observer status, generally, 616

    • World Bank observer status, 617

    Bilateral payments arrangements

    • extended arrangement, 321

    • stand-by arrangement, 318

    • three-month settlement rule, temporary exemption, 494

    Bilateralism and convertibility, 493–94

    BIS. See Bank for International Settlements

    Board of Governors Resolutions

    • Composite Resolution, 777

    • Eleventh General Review of Quotas, 3

    • investment authority of IMF, 657

    • reform of quota and voice, 17

    • SDR allocation, First Basic Period, 699–700

    • SDR allocation, Third Basic Period, 700

    • Thirteenth General Review of Quotas, 17

    Borrowed Resources Suspense Accounts

    • establishment, 487

    • investment by the Fund of currencies held in, 487–88

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

    • New Arrangements to Borrow (NAB)

    • guidelines, 489

    Burden sharing

    • implementation in FY 2000, 419

    • implementation in FY 2001, 422

    • implementation in FY 2007, 424

    • principles of, 422

    • rate of charge determination of, 422

    • rate of charge, FY 2008, 426

    By-Laws

    • Section 13, vote without meeting, 10, 15, 17, 657

    • Section 20, audits, 138, 205, 210, 240, 246, 252, 255, 683, 768, 820

    • Section 22, compulsory withdrawal, 738, 741, 742

    C

    Capital account crises

    • access policy, 360

    • exceptional access policy, 2004 review, 370

    • exceptional access policy, SRF, 366

    Capital flows

    • action to limit disequilibrium flows, Composite Resolution, 791

    • Eleventh General Review of Quotas, 6

    • Supplemental Reserve Facility, 378

    • WTO, information on Fund decisions requesting a member to exercise capital controls, 841

    Capital transfers

    • controls by members, 450

    • multiple currency practices applicable solely to, 504

    • payments arrears, 336

    • use of Fund’s resources for, 505

    Caribbean Development Bank (CDB), 640

    CCLs. See Contingent Credit Lines

    Censure

    • draft declaration, 738

    Central African Economic and Monetary Union

    • surveillance over monetary and exchange rate policies, 73

    Cereal import costs

    • compensatory financing of fluctuations in, 388, 392

    CFF. See Compensatory Financing Facility

    Charges. See also Burden sharing;

    • Interest

    • accounting for charges from members with overdue obligations, 414, 415

    • accrued charges, 414

    • administrative account balances, 758

    • extended arrangements, 318

    • Extended Fund Facility, 312

    • future changes in charges, 414

    • media of payment in General Resources Account, 415

    • payment by nonparticipant in the SDR Department, 415

    • payment of net charges and assessment in the SDR Department for FY ended April 30, 1982, 726

    • setoff in connection with a retroactive reduction of charges due by members in arrears, 418

    • special charges on overdue financial obligations to the Fund, 416, 418

    • stand-by arrangements, 318

    • Supplemental Reserve Facility, 380

    • surcharge on purchases in credit tranches and under EFF, 414

    • value date for payments of special charges, 417

    • Waiver of Special Charges, 417

    Classified documents, 592

    Code of Good Practices on Transparency in Monetary and Financial Policies, 277

    Collateral, 555

    • collateral guarantees on debt, international reserves template, 555

    Combating the financing of terrorism, 119, 125–28, 128–31

    Committee on Reform of the International Monetary System Composite Resolution, 777–88

    Communications, privilege for interpretation of Article IX, Section 7, 596

    Compensatory Financing Facility

    • access limits, 384

    • cereal import costs, 382, 388

    • decision, 382–91

    • emergency assistance for natural disasters and, 331

    • estimated data, 384

    • export fluctuations, 384

    • extended arrangements, 383

    • general provisions, 382

    • indicative targets, 262, 263, 264

    • overcompensation, 384, 387, 391, 392

    • phasing, 384

    • receipts from services, 386

    • repurchase expectation, 405

    • repurchase of overcompensation, legal interpretation, 387

    • repurchases, 405

    • reserve tranche purchases, 382

    • reserve tranche purchases, exclusion, 757

    • stand-by arrangements and, 317, 383

    Compulsory withdrawal, 740, 742, 743, 748

    Concessional external debt, OECD definition, 304

    Conditionality

    • Bank-Fund collaboration, 623

    • benchmarks, 262, 263, 264

    • Compensatory Financing Facility, 382

    • consistency with WTO agreements, 634

    • consultation clauses, 262

    • emergency assistance, natural disasters, 333–34

    • emergency assistance, post-conflict countries, 336

    • emergency financing mechanism, 285

    • financing assurance reviews, 263

    • first credit tranche, 296

    • floating tranches, 265

    • guidelines on, 258

    • individual circumstances of members, 259

    • letters of intent, 262

    • modalities, 261

    • outcomes-based, 261

    • ownership, 259, 281, 623–27

    • performance criteria, 263

    • performance criteria and phasing, relationship, 301

    • performance criteria with respect to external debt, change in coverage, 303

    • performance criteria with respect to foreign borrowing, 308

    • performance criteria with respect to foreign borrowing, discount rate, 304, 306

    • PRGF-ESF arrangements, 298

    • principles, 258

    • prior actions, 262, 269, 273, 299

    • program design, 259

    • program review, 263–66

    • stand-by arrangement, normal access to credit tranches, 296

    • streamlining, 297, 299

    • structural benchmarks, 262–66

    • Supplemental Reserve Facility, 381

    • test dates, even distribution, 302

    • uniformity of treatment, 306

    • upper credit tranche stand-by arrangements, 358

    • waiver, adopting measures prior to granting of, 262

    • waiver, nonobservance of performance criteria, 264

    Confidentiality

    • archives, 592

    • exchange of documents with other international agencies, 639

    • FSAP Confidentiality Protocol, 111–15

    • side letters, 266–69

    Consultation clause

    • extended arrangements, 323

    • stand-by arrangements, 318

    Consultation cycles, Article IV. See also Article IV consultations

    • annual in principle, 52

    • flexibility in, 52

    • interval between Article IV consultations, 51

    Consultations other than under Article IV

    • acceptance of obligations of Article VIII, Sections 2, 3, and 4, 498

    • Article VIII restrictions, 492, 493, 616

    • Article XIV restrictions, 493, 496, 616

    • bilateral agreements, 493

    • competitive depreciation, 502

    • conditionality, consultation clauses, 262

    • GATT Contracting Parties, 601

    • multiple currency practices, 496

    • prescribed holders of SDRs, 692

    • PRGF-ESF, consultation with creditors, 182

    • sale of members’ currencies, 396

    • SDR allocation, 701, 799

    • trade and payments restrictions, escalation, 502

    • United Nations, 807, 809

    • World Trade Organization, 632–35

    Contingent Credit Lines (CCLs)

    • extended arrangements and, 317, 319

    • stand-by arrangements and, 321

    Convertibility

    • acceptance of obligations of Article VIII, Sections 2, 3, and 4, 498

    • bilateralism, 493

    • currency, 495, 497

    • current account of the balance of payments, 497, 499

    • retention quotas, 494

    Cross-conditionality

    • avoidance, 614

    Currencies

    • attribution of reduction of Fund’s holdings, 412–13

    • charges on Fund’s holdings in excess of quota, 414

    • data template on international reserves, 565

    • freely usable, 250, 686, 693, 759, 767

    • General Resources Account, 394–96, 399, 415, 428–30

    • guidelines for operational budget allocation of currencies, review, 398

    • maintenance of value, 428–30

    • presently needed for making payments, 258

    • repurchases, 406

    • reserve asset payments, 10, 23, 24

    • sale of currencies of members with outstanding purchases, 396, 398

    • SDR valuation basket, 686–89

    • specification by the fund, 395–96

    • subscription to the Fund, ownership, 23

    • use in operational budgets, 394–96

    Current international transactions (current account transactions)

    • bilateralism, 493

    • multiple currency practices, 504–8

    • payments arrears, 347

    • restrictions involving WTO members, 636, 841

    • restrictions on payments and transfers, 493, 498

    • undue delays in availability or use of foreign exchange, 500

    • use of Fund resources, 258

    D

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

    Data provision to the Fund for surveillance, 60

    • review, 2008, 524

    Debt operations

    • condition precedent clauses, 353

    • extended arrangements and, 317

    • management of the debt situation, 353

    • mandatory prepayment, 354

    • stand-by arrangements and, 321

    Debt strategy

    • payments of arrears to creditors, 345, 347, 501

    Debt sustainability assessments, 627–30

    • Fund-Bank collaboration, 627

    Debt-service ratio, 223

    Declaration of censure, 737

    • draft declaration, 741

    Declaration of ineligibility, 736–37, 741, 743

    • publicity, 679, 752

    • termination, 752

    • timing, 747

    Declaration of noncooperation, 737–38, 744

    • draft declaration, 741

    • publicity upon withdrawal, 753

    • termination, 752

    • timing, 747

    De-escalation of remedial measures, 753–56

    Default, sovereign, 286, 348

    Designation, SDR Department

    • acceptance limit, 722

    • assessment of strength of balance of payments and governance position, 394–95

    • rules for designation, review, 720–23

    • rules for designation, revision, 723–24

    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, 795–97

    • composition, 784–85

    • establishment, 782–88

    • Executive Directors’ participation in meetings, 786

    • HIPC Initiative, 211, 218

    • Managing Director’s participation in meetings, 786

    • procedures, 787–88

    • rules of procedure, 795

    • WTO observer, 637

    Discrimination

    • balance of payments reasons, 497

    • disputes between members, comparable treatment of creditors, 96, 347

    • multiple currency practices, 510

    • nondiscriminatory treatment of members, use of general resources, 259–60

    Disputes between members

    • comparable treatment principle, 96

    • role of the Fund, 98, 354

    Document exchange. See Exchange of documents with other international agencies

    DSBB. See Dissemination Standards Bulletin Board

    E

    Early repurchase expectations, Supplemental Reserve Facility, 380

    Early repurchases

    • emergency financing mechanism, 300

    • guidelines, 405–7

    • member’s balance of payments and gross reserve position, 405

    Early warning system models, 53

    East African Development Bank

    • prescribed holder of SDRs, 695

    East Caribbean Currency Authority

    • prescribed holder of SDRs, 695

    Eastern Caribbean Central Bank

    • prescribed holder of SDRs, 695

    Eastern Caribbean Currency Union

    • surveillance over monetary and exchange rate policies, 75

    EC. See European Commission

    ECB. See European Central Bank

    EFF. See Extended Fund Facility

    EFM. See Emergency financing mechanism

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

    Emergency assistance

    • conversion to special policy, 330

    • natural disasters, 331, 332

    • post-conflict countries, 197, 337–42

    • PRGF-HIPC Trust eligibility, 197

    • PRGF-HIPC Trust qualification, 197–99

    • repurchase, 406

    Emergency financing mechanism (EFM), 285–89

    • conditions for activation, 287

    • early repurchase, 289

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

    • access limits, 180, 188

    • access to general resources by ESAF-qualified members, 181

    • benchmarks, 187

    • blend of general and SAF/ESAF resources, 751

    • borrowing for Loan Account, consultation with creditors, 183

    • commitment amount not normally reduced, 189

    • commitment period, 184–85

    • eligible members, 185, 439–40

    • emergency assistance, relation to, 336

    • ESAF successor, initiation of operations, 184

    • establishment, 184–85, 442–43

    • gold pledge, 748, 751

    • gold, use of, 186

    • interest rate on Trust loans, 182

    • legal documentation, 190

    • loans in conjunction with existing facility, 185

    • loans in conjunction with SAF loans, 437

    • loans to Trust as member’s official reserves, 190

    • maturity of loans, 185

    • objectives of programs, 187

    • off-market gold sales, 802

    • operational agreements, 184–89

    • overdue financial obligations to Fund, 732

    • performance criteria, 180, 187

    • phasing of disbursements, 189

    • prior actions, 180, 188

    • rescheduling not available, 186

    • review, 187

    • review of arrangements, mid-year, 185, 187

    • rights accumulation program, 750

    • Special Disbursement Account, 185

    • Structural Adjustment Facility, assistance in conjunction with, 437–38, 445–46

    • Subsidy account, 186, 204

    • transfer and retransfer of resources from and to Special Disbursement Account, 443–45

    • transformation to PRGF Trust, 178–79

    • use of SDRs, 697

    Enhanced surveillance

    • annual and mid-year consultation reports, 92–93

    • Article IV consultations, 93, 94

    • Article VIII obligations, 500

    • criteria and procedures, 99–100

    • Executive Board involvement, 101

    • Fund’s role in assisting members with creditors, 98–100

    • midterm review, 92–93

    • quantified economic policy programs, 94

    • revised procedures, 93–94

    • staff reports, transmittal by member to creditors, 93–94, 100

    Enlarged access

    • criteria for use of Fund resources, validity, 356–59

    • repurchases, 357

    ESAF Trust. See Enhanced Structural Adjustment Facility Trust

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

    ESF Trust. See Exogenous Shocks Facility Trust

    Euro

    • freely usable currency, 759

    • rates for computation and maintenance of value, 428

    • reference rates, European System of Central Banks, 689

    • weight in SDR valuation basket, 688

    Euro area members

    • surveillance over monetary and exchange rate policies, 72, 630–31

    European Bank for Reconstruction and Development (EBRD)

    • exchange of documents with, 640, 641

    European Central Bank (ECB)

    • Article IV consultations, 630–31

    • confidentiality, agreement by ECB to preserve, 631

    • euro reference rates, 689

    • observer status, 630–31

    European Commission (EC)

    • Article IV consultations, 72–73

    • exchange of documents with, 640, 641

    European Investment Bank (EIB)

    • exchange of documents with, 640

    European System of Central Banks, 689

    Exceptional access policy, 360

    Exchange arrangements. See also Exchange rates;

    • Multiple currency practices

    • exchange taxes and subsidies, notification, 28

    • flexible, notification of significant decision, 27

    • intervention, 28

    • multiple currency practices, prior Fund approval, 28

    • notification of, 27

    Exchange contracts

    • unenforcability, Fund’s interpretation of Article VIII, Section 2(b), 490

    Exchange controls. See also Exchange restrictions

    • nonsovereign arrears stemming from imposition, 348

    Exchange of documents with other international agencies

    • ad hoc requests, 641

    • agencies meeting criteria for exchange, 640

    • Article IV consultation staff reports, 637, 642

    • changes in procedures, 642

    • criteria for access, 639–40

    • Recent Economic Developments reports, 637, 641

    • technical assistance reports, 639

    • use of Fund resources staff papers, 638, 642

    Exchange rate policies. See also Exchange arrangements

    • euro area, 630–31

    • surveillance over, 28–41, 48

    Exchange rates. See also Exchange arrangements;

    • Exchange rate policies;

    • Multiple currency practices

    • coherence in global policymaking, 633

    • computations and maintenance of value, 428–30

    • computations and maintenance of value (value date), 428

    • fixed, 505

    • floating guidelines, 790

    • fluctuating, 27, 505–6

    • General Arrangements to Borrow, 457

    • manipulation, 40

    • New Arrangements to Borrow, 458

    • unification in multiple rate systems, 510

    Exchange restrictions. See also Capital transfers;

    • Multiple currency practices

    • approval by Fund, 501

    • Article VIII, Section 2, 3, and 4 obligations, 498–99

    • avoidance of escalation, 502

    • balance of payments reasons, 499, 500

    • bilateralism, 493–94

    • competitive depreciation, 502

    • consultations with Fund, 498–99, 502

    • discrimination for balance of payments reasons, 497

    • emergency assistance, 334

    • Fund representation in exceptional circumstances under Article XIV, Section 3, 508, 685

    • guiding principle on whether a measure is an exchange restriction, 498

    • non-balance of payments reasons, 499

    • payments arrears to creditors, 346

    • performance criteria, extended arrangement, 321

    • performance criteria, stand-by arrangement, 316

    • retention quotas, 494–96

    • security reasons, 492–94

    • transitional arrangements under Article XIV, 495–96, 499

    • undue delays, 450, 500

    • World Trade Organization, information on Fund approval, 841

    Exchange subsidies, 28

    Exchange taxes, 28, 505, 510

    Executive Board

    • code of conduct, 644–50

    • meetings, procedural guidelines, 650–51

    • notification of exchange arrangements, 27

    • report on Eleventh General Review of Quotas, 3–15, 266–68

    • side letters procedures, 266

    • surveillance over exchange rates, 31, 48

    Executive Directors

    • additional appointed, “the preceding two years,” in Article XII, Section 3(c), meaning of, 644

    • appointment by members having five largest quotas, Article XII, 643

    • appointment of two additional directors, Article XII, Section 3(c), 643–44

    • IMFC meetings participation, 779

    • procedural guidelines, 650–51

    • voting power, effect of adjustment of quota, 644

    Exogenous Shocks Facility (ESF) Trust. See Poverty Reduction and Growth Facility (PRGF) and Exogenous Shocks Facility (ESF) Trust

    Export shortfalls, compensatory financing. See Compensatory Financing Facility

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

    • Extended Fund Facility;

    • Use of Fund resources

    • applicable situations, 309–10

    • benchmarks, 303

    • charges, 312, 318

    • Compensatory Financing Facility, 317

    • Consultation clauses, 318

    • Contingent Credit Lines, 317

    • debt and debt-service reduction, 317

    • emergency assistance and, 336

    • exclusion of reserve tranche purchases, 757

    • form, standard, 319–21

    • Guidelines on Corrective Action, 281, 321

    • ineligiblity, 729

    • lapse of time completion of reviews, 323

    • misreporting and noncomplying purchases, 270, 274, 275

    • noncomplying purchases, 322

    • overdue financial obligation to the Fund, 321

    • overdue financial obligations to the Fund, 729–30, 729–30

    • performance criteria and phasing, guidelines, 301–3

    • performance criteria form, 319–21

    • period not exceeding three years to four years, 311–12

    • period of arrangement, extension, 311

    • phasing, 301–3, 312, 319–20

    • repayment expectation under PRGF Trust, 322

    • repayment obligation under PRGF Trust, 322

    • repurchase expectation, 312, 323

    • repurchases, 312, 313, 322

    • stand-by arrangements policies applicable, 312

    • Supplemental Reserve Facility and, 322, 379

    • suspension of transactions, 322

    • test dates for performance criteria, 302

    Extended Fund Facility (EFF). See also Extended arrangements

    • applicability of policies on stand-by arrangements, 312

    • establishment, 309–14

    • situations to which facility could apply, 310

    External Audit Committee, 683

    External audit of Fund financial statements, 683–84

    External debt

    • management of debt situation, 354

    External debt performance criteria

    • concessionality, definition, 304, 308

    • coverage, 304–7

    • extended arrangement, 320

    • external debt, definition, 304–7

    • leases, 307

    • loans, 307

    • stand-by arrangement, 307, 316

    F

    FATF. See Financial Action Task Force

    Federal Reserve Bank of New York, 689

    Financial Action Task Force (FATF), 126–31

    • 40+8 Recommendations, 126

    • endorsement of methodology, 131

    • Fund collaboration with, 133

    • surveillance, 104

    Financial crisis 2007–08

    • stock-taking of Fund response, 65

    Financial Sector Assessment Program (FSAP)

    • anti-money laundering, 108, 119

    • Article IV consultations, 102, 104, 106, 108, 110

    • Bank-Fund collaboration, 103, 107, 111

    • confidentiality, 106, 107

    • Confidentiality Protocol, 111–15

    • coverage, 108

    • coverage and frequency, 103–5

    • Financial System Stability Assessments (FSSAs), 102, 103, 110

    • frequency, 104, 109

    • FSSA reports, presumed publication, 110

    • Independent Evaluation Office review, 111

    • offshore financial centers (OFCs), 105, 119, 120, 122

    • publication of FSAP reports, 106

    • publication of FSAP reports not authorized, 106

    • publication of FSSA reports endorsed, 107

    • Reports on Observance of Standards and Codes (ROSCs), 103

    • review, 107

    • review, 2005, 107

    • standards and codes, 102–3

    • stress tests, 102

    • surveillance, 102, 108, 109, 110

    • updates, 108

    • World Bank, collaboration with, 102, 103

    Financial Stability Forum, 65

    First credit tranche purchase

    • elimination of payments arrears, 346

    • liberal Fund attitude, 297

    • reasonable efforts test, 297, 346

    First credit tranche stand-by arrangements

    • phasing and performance clauses omitted, 296

    Fiscal agency

    • safeguards on use of Fund resources when fiscal agent not central bank, 277

    Foreign borrowing. See External debt

    Forms

    • draft declaration on censure or noncooperation, 741

    • draft first letter to all Governors regarding a member’s overdue financial obligations to the Fund, 738–39

    • draft second letter to all Governors regarding a member’s overdue financial obligations to the Fund, 739–41

    • extended arrangement, 319–23

    • stand-by arrangement, 314–19

    Framework Administered Account for Technical Assistance Activities

    • adoption of Instrument to establish, 136

    • Africa Regional Technical Assistance Centers Subaccount, 140

    • Instrument to establish, 135–39

    • investment of resources, 137

    • Pacific Financial Technical Assistance Centre Subaccount, 140

    Freely usable currencies (euro, Japanese yen, pound sterling, U.S. dollar), 250, 686, 693

    FSAP. See Financial Sector Assessment Program

    Fund-Bank collaboration. See also World Bank (International Bank for Reconstruction and Development)

    • attendance at Fund Board Meetings, 616, 648

    • Financial Sector Assessment Program, 108

    Furnishing of information to the Fund, 270, 515–23

    G

    GAB. See General Arrangements to Borrow

    GATT. See General Agreement on Tariffs and Trade

    GDDS. See General Data Dissemination System

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

    • arrangement for consultation and cooperation with the Contracting Parties, 601–5

    • Fund collaboration with, 631–38, 791

    • import restrictions for balance of payments reasons, 500

    • Voluntary Declaration on Trade and Other Current Account Measures, 791

    General Arrangements to Borrow (GAB), 451–67

    • associated borrowing arrangements, 482–83

    • borrowing by the Fund, guidelines, 489

    • Eleventh General Review of Quotas, 7

    • emergency financing mechanism, 285

    • interest, 437

    • letter from France’s Minister of Finance to U.S. Secretary of the Treasury, 463–66

    • participants and amounts of credit, 462

    • quotas, Eleventh General Review, 3

    • repayment by the Fund, 455–57

    • sales of currencies of members indebted to Fund, 400

    • transferability of claims, 458

    • use of credit arrangements for nonparticipants, 461

    General Data Dissemination System (GDDS)

    • coverage, 565–77

    • participation, 591

    • periodicity, 576–78

    • phased approach, 564

    • purposes, 563

    • timeliness, 577

    General Resources Account

    • annual reimbursement of PRGF-ESF Trust expenses, 448

    General Resources Account (GRA)

    • adjustment of Fund holdings of members’ currency, 429

    • designation, assessment of strength of member’s balance of payments and gross reserve position, 395

    • gold held, sale, 447

    • maintenance of value, 429

    • media payment in, 415

    • misreporting and noncomplying purchases, 270–73

    • overdue charges, 417

    • rates for computation and maintenance of value, 428

    • repayment expectation under PRGF Trust, failure to meet, 177

    • repurchase expectation, failure to meet, 281

    • rights approach, 750

    • rules, applicability to PRGF Trust administration, 178

    • sale of currencies at the request of members with outstanding purchase, 397

    • sale of SDRs by the Fund for payment for increase in quota, 404

    • special charge on overdue charges, 417

    • specification of currencies by the Fund, 395–96, 395, 398–99

    • Subsidy Account, reimbursement of administrative expenses, 768

    • transfer of investment income for FY 2008, 657

    • transfers of SDRs instead of currencies under Article V, Section 3(f), 396

    Global Financial Stability Report (GFSR), 43

    Gold

    • designation of SDRs, 721

    • gold pledge for use of ESAF Trust resources, 748–51, 751–52

    • gold pledge for use of PRGF-ESF Trust resources under rights approach, modalities, 446–47

    • harmonization of excess holdings of SDRs, 721–22

    • off-market transactions by Fund, Resolution, 801

    • ownership of gold and currency for subscriptions, 22

    • payment for repurchases, 409

    • Special Disbursement Account, use of proceeds of off-market sales, 802

    Governance issues

    • Article IV consultations, 84, 86

    • coordination with bilateral donors and multilateral agencies, 87–89

    • corruption, 79, 80, 82, 83

    • HIPC Initiative, 219

    • identification of problems, 86–87

    • macroeconomic impact test for Fund involvement, 79, 85, 87

    • policy advice, 79, 81

    • role of the Fund, 89–91, 90, 91, 563, 564, 579, 580, 581

    • technical assistance, 79, 86

    • technical issues, 79, 81

    • transparency, 79, 83

    • use of Fund resources, 85–86

    GRA. See General Resources Account

    Grievance Committee, archives on, 592

    Gross reserve position

    • assessment for purposes of designation plans, operational budgets, and early repurchases, 395–96, 397

    Guidelines

    • allocation of currencies, operational budget, 398–99

    • borrowing by the Fund, 489

    • conditionality, 258–66, 296

    • corrective action, 194, 270–73, 280

    • corrective action, as referenced in extended arrangement form, 322

    • corrective action, as referenced in stand-by arrangement form, 317

    • designation plans, 394

    • early repurchases, guidelines, 405–7, 413

    • emergency assistance, natural disasters, 330–31

    • emergency assistance, post-conflict, 330–31, 337–42, 334–37

    • Fund staff collaboration with the WTO, 632–38

    • governance issues, 78–89

    • misreporting and noncomplying purchases, 270–73

    • operational budget, 394–95

    • payment of reserve assets for subscription, 23–26

    • performance criteria and phasing, relationship, 301–3

    • performance criteria with respect to external debt, 301

    • performance criteria with respect to foreign borrowing, discount rate for assessing concessionality, 308–9

    • SDR valuation basket, calculation of currency amounts, 686–88, 688–89

    • SDR valuation basket, conversion into euro of deutsche mark and French franc, 689–90

    • selection of currencies by the Fund, 397, 398–99, 399–400

    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), 469, 483

    I

    IBRD. See World Bank

    IMFC. See International Monetary and Financial Committee

    Immunities and Privileges of Specialized Agencies, United Nations Convention, 812–29

    Immunity of archives, 592

    Import restrictions for balance of payments reasons

    • extended arrangements, 321

    • GATT, 346

    • stand-by arrangements, 317

    Income Position. See Burden sharing

    Ineligibility to use Fund resources

    • declaration of ineligibility, 519, 736, 740, 742–48, 752

    • extended arrangements, 321, 729

    • limitation and ineligibility under Article V, Section 5, 402

    • publicity, 678, 752

    • stand-by arrangements, 317, 729

    Inter-American Development Bank (IDB)

    • communication regarding members’ arrears to the Fund, 737

    • exchange of documents with, 640

    Interest

    • means of payment under Trust Fund, 760

    • PRGF-HIPC Trust, interest-free loans, 203

    Interim Committee. See also International Monetary and Financial Committee

    • governance, 275

    • International Monetary and Financial Committee, transformation of Interim Committee into, 779–82

    • rules of procedures, 794

    • safeguards for use of Fund resources, 275

    • terms of reference, 781

    International agencies, 639

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

    International Court of Justice, 808, 824

    International Development Association (IDA)

    • HIPC Initiative, 219, 221

    • prescribed holder of SDRs, 695

    International Financial Statistics (IFS), 62

    International Fund for Agricultural Development (IFAD)

    • prescribed holders of SDRs, 695

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

    • participation of Executive Directors in meetings, 780

    • participation of Managing Director in meetings, 780

    • procedures, 781–82

    • terms of reference, 781

    International organizations

    • transmittal of Fund documents, 639

    Interpretation

    • Article VI, use of Fund resources for capital transfers, 257

    • Article VIII, Section 2(b), unenforceability of exchange contracts, 490–91

    • Article IX, Section 7, privilege for communications, 596–97

    • Article XII, Section 3(b)(i) and Section 3(f), appointment of directors by members having one of five largest quotas, 643

    • Article XII, Section 3(c), appointment of two additional directors, 643

    • Article XIV, Section 3, Fund representation in exceptional circumstances on withdrawal of Article XIV, Section 3 restrictions, 685

    • Articles of Agreement, 257

    Investigation of Fund activities, cooperation procedures, 593–95

    Investment Account

    • adoption of rules and regulations, 653

    • establishment, 653

    • guidelines for investing assets, 654–56

    • objective, 653

    • sources of assets, 654

    • termination, 654

    • transfer of currencies, 656

    • uses of income, 654

    Islamic Development Bank (IsDB)

    • exchange of documents with, 640

    • prescribed holder of SDRs, 695

    J

    Japanese yen

    • freely usable currency, 759

    • weight in SDR valuation basket, 687

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

    Joint Staff Assessments, 221

    L

    Lapse of time procedure, Fund arrangements, 324

    Leases, definition of external debt, 304, 308–9

    Lending into arrears, 349–53

    • review of policy, 353

    Letters of intent (LOIs)

    • deletion from documents released to aid agencies, 642

    • publication, 661, 662, 671

    • side letters, 266–68

    Limits

    • access to Extended Fund Facility, review, 356

    Longer-term program engagement

    • definition, 294

    • review, 292

    Low-income countries

    • role of the Fund, 342, 343

    M

    Maintenance of value

    • overdue adjustments, 732

    • rates for computations, 428–30

    Managing Director

    • authorized signatories, 652

    • consultation by member before requesting an extended arrangement, 310

    • consultation with creditors for additional borrowing for PRGF Trust Loan Account, 183

    • consultation with member on changes in exchange rate policies, 28

    • consultation with member with outstanding purchases on sale of currency, 401

    • Development Committee, participation in meetings of, 786

    • General Arrangements to Borrow, proposals for calls, 461

    • International Monetary and Financial Committee, participation in meetings of, 780

    • nondiscriminatory treatment of members, 260

    • SDR allocation, proposals for first basic period, 699

    • SDR allocation, proposals for fourth basic period, report of Managing Director on, 798

    • SDR allocation, proposals for third basic period, 700

    • use of Fund resources, recommendation regarding approval, 260

    MDRI. See Multilateral Debt Relief Initiative;

    • Multilateral Debt Relief Initiative-I Trust;

    • Multilateral Debt Relief Initiative-II Trust

    MEFPs. See Memoranda of economic and financial policies

    Memoranda of economic and financial policies, publication, 661, 662, 672

    Military expenditure and the role of the Fund

    • Article IV consultations, 90, 91

    • performance criteria, 91

    Misreporting and noncomplying disbursements, PRGF-ESF Trust

    • missed repurchase expectation, 679

    • prior action, accuracy of information, 180

    • repayment expectation, 193, 202

    • safeguards for use of Fund resources, 276

    • waiver of applicability or for nonobservance of performance criteria, 180

    Misreporting and noncomplying purchases, General Resources Account

    • corrective action, 270–72

    • performance criteria or other conditions, accuracy of information, 270, 279–80, 274

    • prior actions, accuracy of information, 273

    • publication of cases, 679

    • safeguards for use of Fund resources, 274–79

    • waivers, 271

    Misreporting and noncomplying purchases, Policy Support Instrument (PSI)

    • corrective action, 143

    Misreporting in de minimis cases

    • Article VIII, Section 5, 521

    • de minimis, definition, 273

    • General Resources Account, 272

    • Policy Support Instrument, 145

    • Special PRGF Operations for HIPC, 201

    Moral hazard, 286, 339, 361, 372, 378

    Multilateral Debt Relief Initiative (MDRI)

    • proposed decisions, 229

    • qualification of non-HIPCs, 230

    Multilateral Debt Relief Initiative-I (MDRI-I) Trust

    • administration, 239

    • amendment, 241

    • completion point, 234

    • decision point, 234

    • eligibility, 236

    • investment of resources, 240

    • media of payment of contributions, 236

    • purposes, 235

    • reimbursement for FY 2008, 426

    • unit of account, 235

    Multilateral Debt Relief Initiative-II (MDRI-II) Trust

    • administration, 245

    • amendment, 247

    • completion point, 241

    • decision point, 241

    • eligibility, 243

    • instrument to establish, 241

    • investment of resources, 246

    • liquidation, 247

    • media of payment of contributions, 243

    • purposes, 242

    • unit of account, 242

    Multiple currency practices

    • approval, 28, 511

    • approval criteria, when imposed for balance of payments reasons, 499, 512

    • approval criteria, when imposed for non-balance of payments reasons, 499

    • Article IV consultations, 513

    • balance of payments reasons, 505, 512

    • capital transactions, 514

    • consultation with Fund prior to changes, 504, 505

    • discrimination, 513

    • exchange taxes, 510

    • jurisdiction of the Fund, 507

    • nonbalance of payments reasons, 513

    • non-balance of payments reasons, 505

    • official action, 512

    • policy in 1947, 503–10

    • policy in 1957, 510

    • policy in 1998, 511–13

    • simplification of complex rate systems, 511

    • spread, 512

    • statement to members transmitting Funds decisions, 503

    • unification of exchange rates as basic Fund objectives, 510

    Multi-year rescheduling arrangements (MYRAs)

    • enhanced surveillance and, 99

    MYRAs. See Multi-year rescheduling arrangements

    N

    NAB. See New Arrangements to Borrow

    Natural disasters, emergency assistance, 330–31, 332–34

    New Arrangements to Borrow (NAB), 467–84

    • credit arrangements, 469

    • Eleventh General Review of Quotas, 7

    • entry into force, 471

    • Hong Kong Monetary Authority, 469, 483

    • meeting of participants, 485

    • nonparticipants, 471

    • participants, 471, 483

    • relationship with the GAB and associated borrowing arrangements, 481

    • transferability of claims, 478, 486–87

    Noncooperation draft declaration, 737

    Nondiscriminatory treatment of members

    • Paris Club, 96

    • Use of Fund resources, 259

    Nordic Investment Bank

    • prescribed holder of SDRs, 695

    O

    Observer status in the Fund

    • European Central Bank, 630–31

    • World Bank, 616–19

    • World Trade Organization, 631, 842

    Observer status of the Fund

    • World Bank, 616

    • World Trade Organization, 842

    OECD. See Organization for Economic Cooperation and Development

    Official clearing and payments arrangements

    • temporary exemption from three-month settlement rule, 494

    Offshore financial centers (OFCs), 120

    • assessment program, 119–22

    • inclusion in FSAP reports, 105

    • integration of assessment program with FSAP, 122

    • publication of reports, 120

    Operational budgets

    • assessment of strength of member’s balance of payments and gross reserve position, 394

    • guidelines for operational budget allocation of currencies, review, 398

    • specification of currencies by the Fund, 398, 399

    • transfers of SDRs under Article V, Section 3(f), 396

    Organization for Economic Cooperation and Development (OECD)

    • concessional external loans, definition, 304, 306

    • exchange of documents, 641

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

    • Rights approach

    • accounting charges, 415

    • Annual Report (IMF), 735

    • complaint by Managing Director, 735

    • compulsory withdrawal, 737, 738, 742, 744

    • declaration of censure, 737, 741

    • declaration of ineligibility, 736, 741, 743, 744, 752

    • declaration of noncooperation, 738, 741, 744, 752

    • de-escalation of remedial measures, 753

    • draft first letter to all Governors, 738–39

    • draft second letter to all Governors, 740–41

    • Eleventh General Review of Quotas, 3

    • ESAF, no access, 731–32

    • extended arrangements and, 317, 730

    • Ninth General Review of Quotas, 735, 745

    • nontoleration of arrears to official creditors, 347

    • overdue maintenance of value adjustments, 732

    • Overseas Economic Cooperation Fund (OECF), 308

    • preferred creditor status of Fund, 732–38, 732, 733, 741, 745

    • prevention/deterrence measures, strengthened timetable of procedures, 746

    • PSI, nonapproval, 141

    • requests for the use of Fund resources under a stand-by or extended arrangements, management will not submit, 730

    • review of Fund strategy, 756

    • review period, 730

    • SAF, no access, 731

    • setoff in connection with retroactive reduction of charges, 419

    • special charges, 417

    • stand-by arrangements and, 317, 730

    • strengthened cooperative strategy, 742–48, 751–52, 752–53

    • suspension of voting rights, 745, 747

    • technical assistance suspension, 755

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

    P

    Paris Club

    • Agreed Minute, 97

    • debt rescheduling and Fund arrangements or programs, 744

    • debtors’ negotiations with, 96

    • PRGF qualification for assistance, 197

    • rescheduling discussions, 641

    • rescheduling in the absence of Fund arrangement, 745

    • rescheduling operations, Fund opposition to matching, 341

    • settlement of disputes between Fund members and Fund neutrality, 97

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

    • Fund lending into nonsovereign arrears, 347–53

    • Fund lending into sovereign arrears, 347–53

    • Fund policies and procedures, 347–53

    • performance criteria, 345

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

    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, 96

    Payments restrictions. See Exchange restrictions

    Performance criteria under Fund arrangements

    • accuracy of information, 273

    • conditionality guidelines, 258

    • coverage initially, 302

    • definition, 263

    • external debt, guidelines on coverage of debt limits, 303–7

    • first credit tranche, not subject to, 297

    • foreign borrowing, guidelines on calculation of discount rate, 304, 306

    • number and content of, 263

    • omitted in stand-by arrangements within first credit tranche, 296

    • phasing, relationship, 301–3

    • reporting lag, 301

    • reporting on implementation, confidentiality relating to, 269

    • side letters, 269

    • test dates, even distribution, 302

    • waiver for nonobservance, 264, 271, 273

    • waiver of applicability, 265, 273

    Phasing and performance criteria under Fund arrangements

    • omitted in stand-by arrangements within first credit tranche, 296

    • relationship, 301

    PINs. See Public Information Notices

    Policy framework papers. See also Poverty Reduction Strategy Papers

    Policy Support Instrument

    • termination, 146

    Policy Support Instrument (PSI), 140–47

    • application of Guidelines on Conditionality, 146

    • arrears, 146

    • assessment criteria, 143

    • definition, 141

    • documents required, 141

    • eligibility, 141

    • implementation, 142

    • misreporting, 144

    • poverty reduction strategy documents, 141

    • publication policies, 661

    • review, 147

    • side letters, 146

    • termination, 146

    Position in the Fund, 397

    Post-conflict emergency assistance, 214, 217, 248, 330–31, 334–37, 337–42

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

    • administration, 251

    • establishment, 248

    • fees, none, 252

    • instrument to establish, 248–53

    • investment of resources, 251

    • purpose, 248

    • rate of charge subsidy, 251

    • resources, 249

    • SDRs, use of, 253

    • settlement of questions, 253

    • termination, 252

    • use of resources, 250

    Post-Program Monitoring

    • Article IV consultation, 290

    • publication policies, 290

    Post-SCA-2 Administered Account

    • adoption of Instrument to establish, 254

    • instrument to establish, 254–56

    Pound sterling

    • freely usable currency, 759

    • weight in SDR valuation basket, 687

    Poverty Reduction and Growth (PRGF) and Exogenous Shocks Facility (ESF) Trust

    • removal from eligibility, 176

    Poverty Reduction and Growth Facility (PRGF) and Exogenous Shocks Facility (ESF) 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)

    • access limits, review, 182

    • administration of the Trust, 170

    • amendment of the instrument, 172

    • borrowing for the Loan Account, 159

    • contributions, value date for operations and transactions, 182

    • decision waiving the applicability of a performance criterion, 180

    • declaration of noncooperation, 176

    • establishment, adoption of Instrument, 148

    • instrument to establish, 149

    • Loan Account, 183

    • misreporting and noncomplying disbursements, 172

    • modalities of gold pledge under rights approach, 446

    • other provisions, 177

    • overdue financial obligations, 174

    • period of operation and liquidation, 171

    • post-SCA-2 Administered Account, 255

    • prior actions, accuracy of information, 179

    • proposed decisions, 229

    • repayment expectation, 177

    • Reserve Account, 166

    • Subsidy Account, 161

    • transfer of claims, 168

    • transformation of ESAF to PRGF, 178–79

    • trust loans, 151

    • waiver of performance criteria, accuracy of information, 180

    Poverty Reduction and Growth Facility (PRGF) and Exogenous Shocks Facility (ESF) Trust loans

    • commitment period, 181

    • performance criteria, 180, 187

    • performance criteria, accuracy of information, 180

    • prior action, accuracy of information, 179

    • repayment expectation, 177

    • waiver of applicability or for nonobservance of performance criterion, 180

    Poverty Reduction Strategy (PRS). See also Poverty Reduction Strategy Papers (PRSPs)

    • conflict-affected states, special requirements, 229

    • goals, 227

    • Millennium Development Goals (MDGs), achievement of, 226

    • Policy Support Instrument requirements, 142

    • review, 225

    Poverty Reduction Strategy Papers (PRSPs). See also Poverty Reduction Strategy (PRS)

    • core principles, 226

    • definition, 194

    • progress, 220

    • publication policies relating to, 661, 662, 665, 669

    • role in HIPC initiative, 197

    • role in PSI operations, 141

    Preferred creditor status of Fund, 213, 339, 733, 741, 745

    Press Notices. See Public Information Notices

    PRGF. See Poverty Reduction and Growth Facility

    PRGF-ESF Trust. See Poverty Reduction and Growth Facility and Exogenous Shocks Facility Trust

    Prior actions

    • accuracy of information regarding implementation, 273

    • definition, 262

    • implementation under PRGF, 179

    • reporting on implementation, confidentiality relating to, 269

    • side letters, 269

    • use in emergency financing mechanism, 287

    • use in enhanced structural adjustment facility, 188

    • use in Policy Support Instrument, 144

    Program Reviews, 263

    Prolonged use of Fund resources

    • assessment, 291

    • definition, 291

    • precautionary arrangements, 292

    Prolonged use of Fund Resources

    • Article IV consultations, 291

    Protracted balance of payments problem, 230, 434

    PSI. See Policy Support Instrument

    Public Information Notices (PINs)

    • Article IV consultation, 666, 668, 669, 671

    • member’s consent, 667

    • presumed publication, 673

    • use of Fund resources, Chairman’s Statement in lieu of PIN, 665, 667

    Publication

    • Article IV and combined Article IV/Use of Fund Resources staff reports, 661, 671

    • Article IV consultation background reports, 666

    • Article IV consultation staff reports, pilot project, 680

    • Article IV staff reports, 671

    • Chairman’s statements, use of Fund resources, 667, 671

    • deletions prior to publication, 663, 664

    • Financial System Stability Assessment (FSSA) Reports, 671

    • Fund policy documents, 661, 664, 667, 672

    • HIPC Initiative, preliminary, decision point, and completion point documents, 661, 662, 671

    • Interim Poverty Reduction Strategy Papers (I-PRSPs), PRSPs, PRSP Preparation Status Reports, and Annual Progress Reports (APRs) in the context of PSIs, 662, 663, 672

    • Joint Fund/World Bank Staff Advisory Notes on Interim PRSPs, PRSPs, PRSP Preparation Status Reports, and APRs, 661, 662, 671

    • Letters of Intent, 661, 672, 673

    • Letters of Intent (LOIs)/Memoranda of Economic and Financial Policies (MEFPs) for Policy Support Instruments (PSIs), 661, 672

    • Letters of Intent (LOIs)/Memoranda of Economic and Financial Policies (MEFPs) for staff-monitored programs (SMPs), 661, 672

    • member’s statement regarding Fund staff report, 663

    • Memoranda of Economic and Financial Policies (MEFPs), 662, 672

    • overdue financial obligations to the Fund, 671

    • PINs following Article IV consultations, 661, 668, 669, 671

    • PINs following Executive Board discussions on policy issues, 661, 673

    • PINs following Executive Board discussions on post-program monitoring, 661, 672

    • PINs on use of Fund resources, 675

    • Policy Support Instrument documents, 661, 665, 672

    • Poverty Reduction Strategy Papers (PRSPs), 661

    • publication policies of the Fund, 661–70

    • Recent Economic Development reports (REDs), Article IV consultations, 669

    • Reports on Observance of Standards and Codes (ROSCs), 661, 663, 671

    • repurchase expectations, failure to meet, 678

    • staff reports on staff-monitored programs, stand-alone, 661, 672

    • staff-monitored programs, presumption of publication, 56

    • statistical appendices and annexes, Article IV consultations, 669

    • suspension of voting rights and termination of suspension, 679

    • Technical Memoranda of Economic and Financial Policies, 661, 666, 671

    • use of Fund resources, Chairman’s Statement, 661, 663

    • use of Fund resources, Post-Program Monitoring and Ex Post Assessment Staff Reports, 661, 671

    • waivers of applicability or for nonobservance of performance criteria, 665

    Purchase transactions. See Reserve tranche purchases;

    • Use of Fund resources

    • resumption of purchases under extended arrangement after decision of formal ineligibility, 321

    • resumption of purchases under stand-by arrangement after decision of formal ineligibility, 317

    • suspension of transactions under extended arrangement, 322

    • suspension of transactions under stand-by arrangement, 317

    • temporary suspension under Article XXVII, effect on GAB, 459

    Q

    Quotas

    • ad hoc increases, 25

    • adjustment, first interval of five years, 3

    • Eleventh General Review, 3

    • Eleventh General Review, increases of quotas, new period of consent, 15

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

    • Eleventh General Review, Resolution, 10–12

    • new period for receipt of consents to quota increases, 15

    • Ninth General Review, 8, 9, 12, 745

    • payments of reserve assets in connection with subscription, 23

    • sales of SDRs by Fund to members for quota payments, 404

    • Seventh General Review, 24, 404, 704, 706, 708, 723

    • Sixth General Review, 24

    • Tenth General Review, 3

    • Thirteenth General Review, 16

    • voice and quota, reform of, 17

    • voting power and adjustment of quotas, 644

    R

    Recent Economic Developments reports (REDs)

    • balance of payments consultations, WTO, 633

    • no longer included in Article IV consultation documentation, 51

    • publication, 669

    • transmittal to multilateral agencies, 633, 637, 639

    Reconstitution of SDRs

    • abrogation of rules, 725

    REDs. See Recent Economic Developments reports (REDs);

    • Article IV consultations

    Regional Economic Outlooks (REOs), 43

    Repayment expectations, PRGF Trust, 177, 193, 202

    Reports on Observance of Standards and Codes (ROSCs)

    • anti-money laundering initiatives, 120, 126

    • assessment procedures, 127

    • no longer circulated to Executive Directors in hard copy form, 118

    • principle of uniformity, 129

    • publication policies, 661, 662, 669, 671

    • reports on observance associated with FATF-led assessments generally not designated as ROSCs, 128

    • surveillance, 63

    Repurchase expectations

    • attribution of reduction of currency, 412

    • Compensatory Financing Facility, 405

    • failure to meet and extended arrangements, 271, 281, 321, 408

    • failure to meet and stand-by arrangements, 281, 317, 408

    • failure to meet under Supplemental Reserve Facility, 380

    • misreporting and noncomplying purchases, 270–73, 280

    • overcompensation in Compensatory Financing Facility (CFF), 387, 392

    • publication of failure to meet, 677

    • Supplemental Reserve Facility, 378

    • time-based repurchase expectations in credit tranches, EFF, and CFF, 410

    Repurchases. See also Repurchase expectations

    • access policy, 356–57

    • assessment of strength of members’ balance of payments and gross reserve position, 394

    • attribution of reductions in Fund’s holdings of currencies, 412–13

    • Compensatory Financing Facility, 387, 388, 390, 407

    • credit tranches, 407

    • currencies of other members, 408

    • early repurchases, guidelines, 410–12

    • emergency assistance, 407

    • extended arrangements, 312, 313, 357

    • gold, acceptance in payment, 409

    • gold, obligation to pay, 408, 410

    • overcompensation under CFF, legal interpretation, 387, 392

    • overdue, 411

    • periods, 407

    • procedures, 407

    • purchases under credit tranches and CFF, 407

    • Schedule B, 408, 409

    • SDRs, 409

    • selection of currencies by Fund, 397, 399

    • special charges on overdue repurchases, 407–9

    • stand-by arrangements, 357

    • timing of repurchases within a calendar month, 407

    Reserve assets

    • payment in connection with subscriptions, 23

    • SDR allocation, 700, 799

    • SDR as principal reserve asset, 799

    Reserve position, gross

    • assessment for purposes of designation plans, operational budgets, and early repurchases, 394

    • SDDS reporting, 527

    Reserve tranche position

    • administrative accounts, 758

    • attribution of reductions in Fund’s holdings of currencies, 412, 413

    • balances held in Administrative Account, 758

    • Eleventh General Review of Quotas, 10

    • extended arrangements, 757

    • remunerated position, 25

    Reserve tranche purchases, exclusion of purchases and holdings

    • Compensatory Financing Facility, 382

    • credit tranches, 757

    • emergency assistance, 331

    • extended arrangements, 757

    • General Arrangements to Borrow, 456

    • New Arrangements to Borrow, 477

    • Supplemental Reserve Facility, 380, 381, 758

    Resolutions. See Board of Governors Resolutions

    Restrictions. See Exchange restrictions

    Retention quotas, 494–96

    Reviews under Fund arrangements

    • extended arrangement, 319

    • stand-by arrangement, 314

    Revolving character of the Fund’s resources, 334, 357

    Rights accumulation programs, 282, 748, 752, 753

    • gold pledge, 751

    Rights approach

    • arrears to the Fund, reduction, 748

    • availability period, 756

    • gold pledge, 748

    • modalities of gold pledge for use of PRGF Trust resources, 446, 748

    • operational modalities, 748

    • PRGF-HIPC Trust eligibility, 196

    • PRGF-HIPC Trust qualification, 197

    • three-year period norm, 749

    ROSCs. See Reports on Observance of Standards and Codes

    Rules and Regulations

    • rate of charge, 380

    • Rule G-1, fiscal agency, 458, 479

    • Rule G-4, request for a purchase, 402

    • Rule I-6(4)(a), 422, 425

    • Rule I-6(4)(a), rate of charge, 427

    • Rule I-6(4)(b), 422, 425

    • Rule I-6(4), rate of charge, 380, 414, 416, 418, 422, 767

    • Rule I-6, rate of charge(4), 425

    • Rule I-10, rate of remuneration, 422, 425

    • Rule K-1, 600

    • Rule O-1, value of SDR, 689

    • Rule O-2(a), 689

    • Rule O-2, valuation of currencies in terms of SDRs, 429, 458, 478, 689, 709, 710, 712, 714, 716

    • Rule O-10, operational budget, 395

    • Rule P-7, prescribed operation, 709, 711, 712, 714, 717, 718

    • Rule P-9, recording of SDR transactions, 253, 695, 696, 697, 710, 712, 713, 715, 717, 718,719

    • Rule R-1 through Rule R-6, rules for reconstitution (abrogated), 725

    • Rule T-1, interest and charges in respect of SDR, 427

    S

    SAF. See Structural Adjustment Facility

    Safeguards assessment process

    • audits, 276, 277, 278

    • confidentiality, 278, 284

    • distinction between first and second stages no longer applicable, 284

    • first stage, 277, 284

    • information/documents to obtain from central banks, 278

    • reports to remain confidential, 281

    • review, 279

    • second stage, 278, 284

    Safeguards, use of Fund resources

    • benchmarks based on Code of Good Practices on Transparancy in Monetary and Financial Policies, 277

    • publication of audited central bank financial statements, 277

    Sales of currencies of members indebted to the Fund

    • sale of currencies at the request of members with outstanding purchases, 401

    Santiago Principles, 67

    Schedule B, transitional provisions, 24, 408, 409

    Schedule F, designation, 721

    Schedule G, paragraph 1(a), reconstitution, 725

    Schedule J, settlement of accounts with withdrawing members, 459, 480

    Schedule K, administration of liquidation, 459, 480

    Schedule L, suspension of voting rights, 22, 780

    SDA. See Special Disbursement Account

    SDDS. See Special Data Dissemination Standard

    SDRs. See Special drawing rights

    Second Amendment

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

    • compensatory financing repurchase obligation, 393

    • payment of reserve assets in connection with subscription, 23

    • repurchase under Schedule B, 408

    • surveillance over exchange rate policies, 24

    Security reasons, exchange restrictions for, 492

    Settlement of disputes between members relating to external debt

    • comparable treatment of creditors, 96

    • Paris Club, 96

    • role of the Fund, 95–98

    SFF. See Supplementary Financing Facility

    Short-Term Liquidity Facility

    • access limits, 329

    • emergency financing mechanism not applicable, 330

    • establishment, 326

    • post-program monitoring, 330

    Side letters, use of Fund resources, 266–68

    Sovereign default, 286, 347

    Sovereign wealth funds

    • generally accepted principles and practices (GAPPs), 68

    • Santiago Principles, 67

    Special Contingent Account. See also Burden sharing

    • additions to, 731–32

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

    • access by the public, 528

    • balance-sheet approach, 62

    • debt sustainability assessments, 62

    • liquidity management, 62

    • scope and operational characteristics, 529

    Special Disbursement Account (SDA)

    • ESAF-HIPC Trust, 207

    • investment, 431

    • PRGF-HIPC Trust, 194, 206

    • repayment expectation under PRGF Trust, failure to meet, 177

    • Structural Adjustment Facility administration, 432

    • termination and transfer of resources from Trust Fund, 761

    • termination of assistance from SAF in conjunction with loans from ESAF Trust, 445

    • transfer of resources to the ESAF Trust and retransfer to the SDA, 443

    • transfers to PRGF-HIPC Trust account, 180

    Special drawing rights (SDRs)

    • allocation for first basic period, 699

    • allocation for fourth basic period, report of Managing Director, 799

    • allocation for third basic period, 700

    • allocations to new participants, third basic period, 705

    • contributions to PRGF-HIPC Trust, 196

    • currency reference rates, 688

    • currency weights, 687

    • designation review rules, 720

    • designation rules, revision, 723

    • euro, weight in valuation basket, 687

    • harmonization of holdings, 721

    • holders prescribed by the Fund

      • African Development Bank, 695

      • African Development Fund, 695

      • Andean Reserve Fund, 694

      • Arab Monetary Fund, 695

      • Asian Development Bank, 695

      • Bank for International Settlements, 694

      • Bank of Central African States, 695

      • Central Bank of West African States, 695

      • East African Development Bank, 695

      • East Caribbean Currency Authority, 695

      • Eastern Caribbean Central Bank, 695

      • European Central Bank, 695

      • International Bank for Reconstruction and Development (World Bank), 695

      • International Development Association, 695

      • International Fund for Agricultural Development, 695

      • Islamic Development Bank, 695

      • Nordic Investment Bank, 695

    • Japanese yen, weight in valuation basket, 687

    • means of repayment by members on indebtedness under loan

      • agreements, 760

    • media of payment for charges in GRA, 415

    • other holders, acceptance, holding or use, 691

    • payment of net charges and assessment in the SDR Department for

      • FY ended April 30, 1982, 726

    • payment of subscriptions, 23

    • pound sterling, weight in valuation basket, 687

    • PRGF-HIPC Trust unit of account and media of payment, 195

    • reconstitution, abrogation of rules, 725

    • reserve asset payments, 10, 23

    • sales by the Fund for payment of subscriptions, 23

    • sales by the Fund for the payment of charges, 415

    • terms and conditions for accepting, holding, or using SDRs, 691

    • transfers of SDRs for purchases under Article V, Section 3(f), 396

    • U.S. dollar, weight in valuation basket, 687

    • use in donations, 718

    • use in ESAF Trust operations or under an administered acount, 697

    • use in forward operations, 717

    • use in loans, 712

    • use in payment of Trust Fund obligations, 643, 760

    • use in pledges, 712

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

      • account, 697

    • use in repurchases, 407

    • use in settlement of financial obligations, 709

    • use in Structural Adjustment Facility operations, 696

    • use in subsidy payment from SFF Subsidy Account, 696

    • use in swap operations, 716

    • use in transfers as security for the performance of financial

      • obligations, 714

    • valuation basket, guidelines for calculation of currency amounts, 686

    • valuation basket, guidelines for calculation of currency amounts, revised guidelines, 686

    • valuation of US dollar for purposes of Rule O-2(a), 689

    • value of SDR, method of collecting exchange rates for calculation for purposes of Rule O-2(a), 689

    Specification of currencies, 395–96, 399

    SRF. See Supplemental Reserve Facility

    Staff reports on Article IV consultations. See also Surveillance;

    • Enhanced surveillance

    • document exchange with WTO, 639

    • military expenditure, 89

    • presumed publication, 673

    • publication, 661, 663, 666

    • transmittal to international agencies, 639, 640, 641

    Staff reports on enhanced surveillance

    • transmittal by members to creditors, 52, 92, 100, 114

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

    • publication policy, 673

    Staff-monitored programs (SMPs), 55

    Standards and Codes. See also Financial Sector Assessment Program;

    • Reports on Observance of Standards and Codes;

    • and Special Data Dissemination Standard (SDDS)

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

    • Use of Fund resources

    • access to credit tranches, normally through, 296

    • arrangements not international agreements, 261

    • Compensatory Financing Facility, 317

    • conditionality guidelines, 258

    • consultation clauses, 262, 317

    • Contingent Credit Lines, 317

    • contractual connotation avoidance, 261

    • debt- and debt-service-reduction operations, 317

    • duration, normal, 296

    • emergency purchases and, 333, 337

    • first credit tranche, 296

    • form, standard, 314

    • Guidelines on Corrective Action, 317

    • indicative targets, 302

    • ineligibility, 318, 730

    • misreporting and noncomplying purchases, 270–73, 273, 274

    • noncomplying purchases, 271, 317

    • nondiscriminatory treatment of members, 260

    • overdue financial obligations to the Fund, 317, 729

    • performance criteria and phasing of purchases, relationship, 301

    • performance criteria with respect to external debt, 304, 308, 316

    • performance criteria, accuracy of information, 274

    • period for, 296

    • phasing, 296

    • policies and procedures, 296

    • PRGF-HIPC Trust eligibility, 196

    • PRGF-HIPC Trust qualification, 197

    • prior actions, accuracy of information, 273

    • program evaluation, 265

    • repayment expectation under PRGF Trust, 317

    • repayment obligations under PRGF Trust, 317

    • repurchase, 318

    • repurchase expectation, 271, 318

    • reserve tranche purchases, 757

    • review, 314, 315

    • Supplemental Reserve Facility and, 317

    • suspension of right to engage in transactions, 317

    • test dates, 302

    • uniform treatment of members, 260

    • waiver for nonobservance of performance criteria, 271, 273, 274

    • waiver of applicability of performance criteria, 273, 274

    Strengthened cooperative strategy

    • de-escalation of remedial measures, 753

    • extension of deadline to enter a rights accumulation program, 752

    • procedures, 742

    • reversibility of actions, 752

    Structural Adjustment Facility (SAF)

    • access, potential, 434, 439

    • amounts of assistance, 433

    • commitment period, 434

    • commitment period, new, 439

    • disbursements, 435, 438

    • eligible members list, 439

    • income from investment and loans, 443

    • interest, 436

    • loans under Enhanced Structural Adjustment Facility (ESAF), 437

    • protracted balance of payments problem, 230, 434

    • purposes, 433

    • qualification for assistance, 434

    • resources, 433

    • review, 442

    • SDRs, use in operations, 439, 696, 697

    • terms of loans, 436

    Subscriptions. See also Quotas

    • accounting by members, 22

    • ownership of gold and currency, 22

    • reserve asset payments, 23–26

    Subsidy Account. See Supplementary Financing Facility Subsidy Account

    Summings up and concluding remarks for policy items

    • review and finalization process, 49

    Supplemental Reserve Facility (SRF)

    • availability through stand-by or extended arrangement), 379

    • commitment period, 379

    • contagion risk, 378

    • exchange rate for payment of subsidies, 790

    • overdue financial obligations, 317, 321

    • phasing, 379

    • rate of charge, 381

    • repurchase, 380

    • repurchase expectation, 380

    • repurchases, installment periods, 380

    • reserve tranche purchase, exclusion, 380

    • sudden and disruptive loss of market confidence test, 378

    Supplementary Financing Facility (SFF) Subsidy Account, 763

    • eligible members, 765

    • instrument to establishment, 763

    • investment, 765

    • means of subsidy payments, 770

    • rescheduling in cases of serious hardship, 762

    • resources, 763

    • SDRs, use of, 696

    • subsidy amount, 765

    • suspension of transfers and re-transfer of surplus, 770

    • transfer from Special Disbursement Account, 764, 770

    Suppliers’ credits, coverage in external debt limits, 304, 306

    Surveillance. See also Article IV consultations;

    • Enhanced surveillance

    • 1977 Decision, review of and proposal, 28

    • balance-sheet analysis, 62

    • bilateral surveillance over members’ policies, 31

    • bilateral surveillance, 2007 decision, 31

    • bilateral, 2007 decision, transitional issues, 50

    • Central African Economic and Monetary Union, 73

    • consultation cycles, changes, 58

    • data provision, 60

    • Eastern Caribbean Currency Union, 75

    • euro area, 70, 72

    • extension of theree-month period, 64

    • principles for the guidance of members’ policies, 36

    • Principles for the Guidance of the Fund, 33

    • priorities, 2008 statement, 46

    • procedures, 37

    • publicity, 679

    • review of general implementation, two-year intervals, 53, 56

    • ROSCs, 61, 63

    • Special Data Dissemination Standard, 63

    • staff-monitored programs, 55

    • three-month rule, 64

    • timetable of procedures, 732

    • triennial review, 2008, 41

    • West African Economic and Monetary Union, 77

    Suspension of membership, 738

    Suspension of voting rights

    • participation in International Monetary and Financial Committee, 780

    Swiss National Bank

    • GAB participant, 462, 466

    • NAB participant, 484

    T

    Technical assistance

    • cooperation with Trusteeship Council, 808

    • exchange rate system simplification, 511

    • Framework Administered Account for, 135

    • members not cooperating with the Fund, 737, 738

    • post-conflict countries, 334

    • transmittal of reports to international agencies, 639

    Terrorism financing. See Combating the Financing of Terrorism

    Trade. See also World Trade Organization

    • structural maladjustments in trade, Extended Fund Facility, 309

    • Trade Integration Mechanism, 376

    • trade-related balance of payments adjustments, 376

    Trade Integration Mechanism, 376

    Trade restrictions

    • avoidance of escalation, 502, 791

    • emergency assistance, 330, 334

    • ESAF, 187

    • import restrictions for balance of payments reasons, extended arrangements, 321

    • import restrictions for balance of payments reasons, GATT, 500

    • import restrictions for balance of payments reasons, stand-by arrangements, 317

    • WTO involvement, 632

    Tranche policies

    • application in connection with CFF, 382

    • first credit tranche, 297

    • floating tranche, 265

    Transferability of claims

    • General Arrangements to Borrow, 466

    • New Arrangements to Borrow, 478

    Transparency. See also Publication

    • foreign reserves management, 277

    • governance, 79

    • safeguards for use of Fund resources, 278

    • use of Fund resources, 661

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

    • administration of, 204

    • amendment of, 206

    • Annual Progress Report (APR), 194

    • assistance amount, 199

    • completion point, 193, 200, 201, 202, 203, 212, 214, 215

    • contributions by other donors, 207

    • contributions to, 243

    • debt sustainability, 193, 197, 199, 202, 213, 214, 222

    • debt sustainability analysis, 192

    • debt-to-exports ratio, 193, 202, 216

    • debt-to-revenue ratio, 193

    • decision point, 192, 197, 199, 200, 211, 214, 218, 222, 223

    • eligibility, 196, 222

    • grace period on loans, 203

    • grants and loans, 196

    • Guidelines on Misreporting, 194

    • implementation, progress, 214–18

    • implementation, review, 218–22

    • instrument to establish, 191–206

    • instrument to establish, adoption of, 191

    • interest, 193, 203

    • interim assistance, 200

    • Interim Poverty Reduction Strategy Papers (I-PRSPs), 194, 220, 221

    • Interim Poverty Reduction Strategy Papers (I-PRSPs), publication, 661

    • investment of resources, 195, 205, 207

    • Joint Staff Advisory Note (JSAN), 194

    • liquidation, 206

    • maturity of loans, 202

    • operation and liquidation, 206

    • Paris Club, 193, 197, 199, 215, 220, 224

    • performance-related conditions, 201, 208

    • Poverty and Social Impact Analysis (PSIA), 228

    • Poverty Reduction Strategy Papers (PRSPs), 194, 197, 215, 218, 225

    • purposes, 195

    • qualification for assistance, 197

    • rescheduling of payments not allowed, 203

    • retransfers authorized, 208

    • SDRs, use in operations, 205, 697

    • self-sustained operations, 193, 206, 218

    • special charges on overdue interest and repayments, 417

    • Special Disbursement Account, transfers from, 195

    • streamlining preliminary HIPC documents, 222

    • subsidies for interim PRGF operations, 204

    • terms of assistance, 202

    • track record of performance, 213, 215, 219, 222, 225

    • transformation of ESAF-HIPC Trust to PRGF-HIPC Trust, 178

    • Trust Account and resources, 195

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

    • completion point, 223

    • decision point, 223

    • eligibility and eligible members, 224

    • implementation status, 223

    • sunset clause, 206, 224

    Trust Fund

    • final direct distribution of profits, 761

    • means of repayment by members on their indebtedness under loan agreement, 760

    • overdue interest and repayments, 417

    • SDRs, use in payment of Trust Fund obligations, 695

    • special charges on overdue financial obligations, 416, 761

    • termination and transfer of resources to Special Disbursement Account, 431, 761

    • terms of repayment of final loan disbursement and amendment of Trust instrument, 762

    U

    Undue delay in availability or use of foreign exchange, 450, 500

    Uniformity of treatment principle

    • external debt in Fund arrangements, guidelines on performance criteria, 305

    • post-conflict assistance, 340

    • settlement of disputes among members, comparable treatment, 96

    • use of Fund’s general resources, 260

    United Nations

    • agreement with the IMF, 805–11

    • Convention on the Privileges and Immunities of the Specialized Agencies, 812–29

    • exchange of documents with, 807

    • UNDP, exchange of documents with, 640

    • Uniting for Peace General Assembly Resolution, 776

    United States (U.S.) dollars

    • dissemination of monthly data on official reserve assets under GDDS, expressed in, 584

    • financial statements of Framework Account, expressed in, 138

    • maintenance of value, rates for computation, 429

    • means of payment by members on indebtedness under Trust Fund loan agreements, 760

    • medium of payment, loan disbursements, repayments, and interest under GAB, 437

    • medium of payment, MDRI-I Trust, 236

    • medium of payment, MDRI-II Trust, 243

    • medium of payment, PRGF-HIPC Trust, 196

    • payment of special charges on overdue payments, Trust Fund loans, 418

    • payments of interest on members’ indebtedness under Trust Fund loans, 760

    • valuation in terms of special drawing rights as per Rule O-2(a), 689

    • weight in SDR valuation basket, 687

    Use of Fund resources. See also Access policy, use of Fund resources;

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

    • accordance with purposes of the Fund, 257

    • arrears, resolving the problem of, 740

    • authority of the Fund to use its resources

      • Resolution, 775

      • resolving problem of arrears, 257

    • capital transfers, 257, 449

    • conditionality guidelines, 258–66

    • financing current account deficits, 257

    • form, extended arrangement, 319

    • form, stand-by arrangement, 314

    • inelibility, effect on purchases under extended arrangement, 322

    • ineligibility under Article V, Section 5, 402

    • ineligibility, effect on purchases under stand-by arrangement, 317

    • interpretation of Articles of Agreement, 257

    • limitation and ineligibility under Article V, Section 5, 402

    • meaning of “consistent with the provisions of this

      • Agreement” under Article V, Section 3, 257

    • meaning of “represents”, 258

    • meaning of “represents” that a member has a need to make

      • purchases, 258

    • nondiscriminatory treatment of members, 260

    • performance criteria and phasing, 301

    • postponement and limitation under Article V, Section 5, 402

    • repayment expectation under PRGF-ESF Trust, failure to meet, 177

    • resumption of purchases under extended arrangement after

      • decision of formal ineligibility, 322

    • resumption of purchases under stand-by arrangement after decision

      • of formal ineligibility, 317

    • safeguards, strengthening of, 274–79

    • Short-Term Liquidity Facility, 326

    • side letters, 266, 269

    • suspension of exchange transactions, effect on General

      • Arrangements to Borrow, 459

    • suspension of transactions under extended arrangement, 322

    • suspension of transactions under stand-by arrangements, 317

    Use of Fund Resources

    • rate of charge, FY 2009, 427

    V

    Voluntary Declaration on Trade and Other Current Account

    • Measures, 791

    Voting power majority

    • compulsory withdrawal, 744

    • Eleventh General Review of Quotas, 10

    • SDR allocation, 799

    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, 382

    • emergency assistance, 331

    • Extended Fund Facility, 414

    • Supplemental Reserve Facility, 381

    Waiver of performance criteria

    • applicability, 264, 273, 274

    • nonobservance, 143, 273, 274, 303

    Waiver of special charges, 417

    World Bank (International Bank for Reconstruction and Development)

    • agreement with WTO, 836, 837, 839

    • Bank-Fund collaboration, 91, 606, 616, 617, 623

    • collaboration with Fund and WTO, 635, 636

    • collaboration with Fund on corporate sector vulnerability analysis, 53

    • collaboration with Fund on shifting resources from military, 91

    • Development Committee, 783

    • ESAF policy framework process, 187

    • Financial Sector Assessment Program, 103

    • Fund-Bank Concordat, 604

    • governance, 80, 81, 88

    • HIPC Initiative, 212, 218, 221

    • investment by Fund of currencies received by SFF Subsidy, 769

    • military expenditures, 91

    • observer status in the Fund, 616

    • post-conflict assistance, 335

    • prescribed holder of SDRs, 695

    • PRGF-HIPC Trust, 192

    • publication authorization required for certain documents, 661

    • rights approach, 749

    • suspension of voting rights, 745

    World Economic Outlook (WEO)

    • European Central Bank, observer, 630

    • military spending, 89

    • multilateral surveillance, 43, 54, 259

    • publication policies relating to, 668

    • WTO observer status, 842

    World Trade Organization (WTO)

    • balance of payments consultations, 632

    • coherence in global policymaking, 633

    • consistency of policy advice and obligations, 633

    • cross-conditionality, avoidance, 635

    • document exchange, 637

    • Fund staff observer at WTO meetings, 842

    • guidelines/framework for Fund staff collaboration, 631

    • IMF-WTO Agreement, text, 36

    • observer status, 637

    • resolution of open jurisdictional issues, 636

    • suspension of exchange transactions, effect on General

      • Arrangements to Borrow, 459

    • suspension of transactions under extended arrangements, 322

    • suspension of transactions under stand-by arrangements, 317

    • WTO staff observer at Executive Board meetings, 842

    WTO. See World Trade Organization

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