IMF Financial Operations 2016

Back Matter

Back Matter

International Monetary Fund. Finance Dept.
Published Date:
November 2016
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    Appendix 1
    IMF Membership: Quotas, and Allocations and Holdings of SDRs(Millions of SDRs and percent; as of April 30, 2016)
    QuotaSDRExisting SDR
    MemberQuotaShareHoldingsCumulative Allocation
    Antigua and Barbuda20.00.0040.112.5
    Armenia, Republic of128.80.039.988.0
    Bahamas, The182.40.0454.1124.4
    Bahrain, Kingdom of395.00.0864.7124.4
    Belarus, Republic of681.50.14371.8368.6
    Bosnia and Herzegovina169.10.041.6160.9
    Brunei Darussalam301.30.06216.5203.5
    Burkina Faso120.40.0319.957.6
    Cabo Verde11.20.0020.89.2
    Central African Republic111.
    Congo, Democratic Republic of the1,066.00.23306.2510.9
    Congo, Republic of84.60.0270.379.7
    Costa Rica369.40.0885.1156.5
    Cote d’Ivoire650.40.14132.9310.9
    Czech Republic2,180.20.46457.2780.2
    Dominican Republic477.40.105.3208.8
    El Salvador287.20.06165.6163.8
    Equatorial Guinea157.50.0321.231.3
    Gambia, The62.20.017.629.8
    Iran, Islamic Republic of3,567.10.761,536.61,426.1
    Kyrgyz Republic88.80.02130.684.7
    Lao P.D.R.105.80.0237.850.7
    Macedonia, former Yugoslav Republic of140.30.033.865.6
    Marshall Islands3.50.0013.43.3
    New Zealand1,252.10.27776.1853.8
    Papua New Guinea131.60.039.1125.5
    Russian Federation12,903.72.744,822.35,671.8
    St. Kitts and Nevis8.90.0025.68.5
    St. Lucia21.40.00511.814.6
    St. Vincent and the Grenadines11.70.0020.47.9
    San Marino49.20.018.815.5
    Säo Tomé & Principe14.80.0030.37.1
    Saudi Arabia9,992.62.125,746.26,682.5
    Sierra Leone207.40.04107.599.5
    Slovak Republic1,001.00.21179.3340.5
    Solomon Islands20.80.0045.99.9
    South Africa3,051.20.651,492.51,785.4
    South Sudan246.00.052.1105.4
    Sri Lanka578.80.124.9395.5
    Trinidad and Tobago469.80.10242.2321.1
    United Arab Emirates752.50.16542.5568.4
    United Kingdom20,155.14.277,115.610,134.2
    United States82,994.217.6035,857.135,315.7
    Source: Finance Department, International Monetary Fund.

    Including China, Hong Kong SAR, and Macao SAR.

    Nauru became a member of the IMF on April 12, 2016, and has an initial quota of SDR 2.0 million. As of April 30, 2016, Nauru had not paid its quota subscription.

    Excluding SDRs allocated and placed in an escrow account under the Fourth Amendment of the IMF’s Articles of Agreement; such holdings will be available to the member upon settlement of all overdue obligations to the IMF.

    Appendix 2
    Special Voting Majorities for Selected Financial Decisions
    SubjectSpecial Majority1Article
    Adjustment of quotas85 percentIII, Sec. 2(c)
    Medium of payment for increased quota70 percentIII, Sec.3(d)
    Calculation of reserve tranche positions: exclusion of certain
    purchases and holdings85 percentXXX, Sec. (c)(iii)
    Change in obligatory periods for repurchase85 percentV, Sec. 7(c), (d)
    Postponement of a repurchase obligation70 percentV, Sec. 7 (g)
    Determination of rates of charge or remuneration70 percentV, Sec. 8(d), 9(a)
    Increase in percentage of quota for remuneration70 percentV, Sec. 9(c)
    Sale of gold85 percentV, Sec. 12(b), (c), (e)
    Acceptance of gold in payments to IMF85 percentV, Sec. 12(b), (d)
    Special Disbursement Account assetsV, Sec. 12(f)
    Transfer to General Resources Account70 percent
    Balance of payments assistance to developing members85 percent
    Distribution from general reserve70 percentXII, Sec. 6(d)
    Valuation of SDRXV, Sec. 2
    Change in the principle of valuation or a fundamental change in the application of the principle in effect85 percent
    Method of valuation70 percent
    Allocation of SDRs85 percentXVIII, Sec. 4(a), (d)
    Determination of rate of interest on SDRs70 percentXX, Sec. 3
    Prescription of official holders of SDRs85 percentXVII, Sec. 3
    Suspension or reinstatement of voting rights70 percentXXVI, Sec. 2(b)
    Compulsory withdrawal85 percent2XXVI, Sec. 2(c)
    Amendment of the IMF’s Articles of Agreement85 percent3XXVIII (a)
    Source: Legal Department, International Monetary Fund.

    Proportion of total voting power.

    Majority of Governors having 85 percent of voting power.

    Three-fifths of the members having 85 percent of the voting power.

    Appendix 3

    Administered Accounts

    The IMF may establish administered accounts for purposes such as financial and technical assistance. Such accounts are legally and financially separate from all other accounts of the IMF.1

    The role of the IMF as trustee has proved particularly useful in enabling the creation of mechanisms to

    • Reduce the cost of access for low-income developing member countries to the facilities of the General Resources Account, as in the case of the Oil Facility Subsidy Account (1975–83) and the Supplementary Financing Facility Subsidy Account (1979–84)

    • Provide balance of payments assistance on concessional terms, as in the case of the Trust Fund (1976–81), the Poverty Reduction and Growth Facility (PRGF) Trust (renamed the Poverty Reduction Trust in 2009) (1987–), and several accounts administered by the IMF on behalf of individual members to provide contributions to the PRGF Subsidy Account

    • Provide financing in the form of debt relief to heavily indebted poor countries, as in the case of the Poverty Reduction and Growth Facility-Heavily Indebted Poor Countries Trust.

    From time to time, the IMF also has decided to establish, on an ad hoc basis and as requested by members, accounts for the administration of resources for specific purposes. These are described below.

    Administered Account Japan

    The account was established in March 1989 to administer resources made available by Japan—and, under a subsequent amendment, by other countries with Japan’s concurrence—that are to be used to assist certain members with overdue obligations to the IMF. The resources of the account are to be disbursed in amounts specified by Japan and to members designated by Japan. Effective March 5, 2008, the instrument governing the account was amended to allow the provision of assistance to these members in the context of an internationally agreed comprehensive package that integrates arrears clearance and subsequent debt relief.

    Administered Account for Selected Fund Activities—Japan

    The account was established in March 1990 to administer resources contributed by Japan to finance technical assistance to member countries and to support the IMF’s Regional Office for Asia and the Pacific (OAP). The IMF and Japan agreed to terminate the account upon completion of ongoing projects, which happened during the financial year that ended April 30, 2015. The account was liquidated and the residual amounts were deposited by the IMF into the Japan subaccount under the Framework Administered Account for Selected Fund Activities during financial year ended April 30, 2016.

    Framework Administered Account for Technical Assistance Activities

    The Framework Administered Account for Technical Assistance Activities (the Framework Account) was established by the IMF in April 1995 to receive and administer contributed resources that are to be used to finance technical assistance provided by the IMF to member countries and to international organizations. The account is in the process of liquidation and any funds remaining in the account shall either be refunded to the contributors or, at their request, transferred to the Framework Administered Account for Selected Fund Activities.

    Framework Administered Account for Selected Fund Activities

    The Framework Administered Account for Selected Fund Activities (the SFA Framework Account) was established by the IMF in March 2009 to administer externally contributed resources that are to be used to finance selected IMF activities, including the full range of IMF technical assistance activities and activities in support of technical assistance provided directly to recipients. The financing of selected IMF activities is implemented through the establishment and operation of subaccounts within the SFA Framework Account. As of April 30, 2016, there were 45 subaccounts. The establishment of a subaccount requires the approval of the Executive Board. Disbursements are made from the SFA Framework Account to the GRA to reimburse the IMF for the costs incurred in connection with activities financed by resources from the SFA Framework Account. Resources are to be used in accordance with terms and conditions established by the IMF, with the concurrence of contributors. Resources in SFA subaccounts may be transferred to other SFA subaccounts if the terms and conditions of the subaccounts so provide.

    Administered Account for Interim Holdings of Voluntary Contributions for Fund Activities

    The Administered Account for Interim Holdings of Voluntary Contributions for Fund Activities was established in April 2010 to receive and hold externally contributed resources for an interim period until such time as they can be transferred to other Trusts or accounts administered by the IMF. The resources deposited into the Holdings Account ultimately fund activities for which understandings or modalities to use the resources have yet to be finalized but for which the contributors need to disburse under their own budgetary cycles.

    Trust Fund

    The Trust Fund, for which the IMF is Trustee, was established in 1976 to provide balance of payments assistance on concessional terms to eligible members that qualify for assistance. In 1980, the IMF, as Trustee, decided that, upon the completion of the final loan disbursements, the Trust Fund would be terminated as of April 30, 1981, and since then, the activities of the Trust Fund have been confined to receiving interest and repayments from outstanding loans.

    Supplementary Financing Facility Subsidy Account

    The account was established in December 1980 to assist low-income member countries to meet the costs of using resources made available through the IMF’s Supplementary Financing Facility and under the policy on exceptional access. All repurchases under these policies were due on or before January 31, 1991, and the final subsidy payments were approved in July 1991. However, one member (Sudan), overdue in the payment of charges to the IMF at April 30, 2016, remains eligible to receive previously approved subsidy payments of SDR 0.9 million when its overdue charges are settled. Accordingly, the account remains in operation and has retained amounts for payment to Sudan until after the overdue charges are paid.

    Post-SCA-2 Administered Account

    The account was established in December 1999 for the temporary administration of resources transferred by members following the termination of the second Special Contingent Account (SCA-2) in the General Department of the IMF, prior to the final disposition of those resources in accordance with members’ instructions.

    SCA-1/Deferred Charges Administered Account

    The account was established in March 2008 as an interim vehicle to hold and administer members’ refunds resulting from the distribution of certain SCA-1 balances and from the payment of deferred charges adjustments that had been made in respect of overdue charges attributed to Liberia. Following Liberia’s arrears clearance, members were given the option to temporarily deposit their refunds into this account pending their decisions as to the final disposition of those resources. The account is scheduled to be terminated March 13, 2018.

    Administered Account People’s Bank of China

    At the request of China, the IMF established an account to administer and invest resources deposited on July 2, 2012 by the People’s Bank of China to support the IMF’s technical assistance and training programs. The deposit is scheduled to be repaid on the fifth anniversary date of the deposit and the account terminated shortly thereafter.

    Interim Administered Account for Windfall Gold Sales Profits

    The Interim Administered Account for Windfall Gold Sales Profits was established in October 2012 to temporarily hold and administer contributions representing all or a portion of members’ shares of the partial distribution (SDR 0.7 billion) of amounts in the IMF’s General Reserve attributable to windfall gold sales profits. Members were given the option to temporarily deposit the proceeds from the distribution into this account pending their decision as the final disposition of these resources. The account is scheduled to be terminated October 17, 2017.

    Interim Administered Account for Remaining Windfall Gold Sales Profits

    The Interim Administered Account for Remaining Windfall Gold Sales Profits was established in October 2013 to temporarily hold and administer contributions representing all or a portion of members’ shares of the final distribution (SDR 1.75 million) of amounts in the IMF’s General Reserve attributable to windfall gold sales profits. Members were given the option to temporarily deposit the proceeds from the distribution into this account pending their decision as the final disposition of these resources. The account is scheduled to be terminated October 13, 2016.

    Post-EPCA/ENDA Interim Administered Account

    The Post-EPCA/ENDA Interim Administered Account was established on January 29, 2014 to temporarily hold and administer resources transferred by members in the context of the termination of the Post-Conflict and Natural Disaster Emergency Assistance Subsidy Account. The account is scheduled to be terminated January 29, 2017.

    Post-MDRI-II Interim Administered Account

    The account was established in August 2015 to serve as an interim vehicle for temporarily holding and administering resources transferred by members in the context of the termination of the Multilateral Debt Relief Initiative-II Trust, prior to the final disposition of those resources in accordance with members’ instructions. The account is scheduled to be terminated June 22, 2018.

    Appendix 4

    Disclosure of Financial Position with the IMF in the Balance Sheet of a Member’s Central Bank

    This appendix elaborates on the final section of Chapter 2 in the text, “Disclosure of Financial Position with the IMF by the Member Countries.”1 The accounting treatment of IMF transactions should reflect the member’s legal and institutional arrangements and the substance of the transactions, as well as be compliant with the relevant financial reporting standards. The following four examples illustrate the gross and net methods for reporting IMF-related assets and liabilities in the balance sheet of a central bank.

    In the examples below, all figures represent local currency units.

    • I. The basic underlying assumptions for Examples 1 and 2 are the following:

      • (a) On the balance sheet date, the member has a quota equal to 2 million in local currency and an SDR allocation of 1 million.

      • (b) The reserve tranche portion of the subscription (25 percent of the quota) has been paid in SDRs. Hence, the central bank’s SDR holdings, originally equal to 1 million in local currency, are lower by 500,000 on the balance sheet date.

      • (c) The member has elected to pay 99 percent of the local currency subscription (75 percent of its quota) in the form of nonnegotiable, non-interest-bearing securities. Of the remaining 1 percent (15,000), 9/10 has been paid into the IMF No. 1 Account and 1/10 is maintained in the No. 2 Account.

    • II. Additional assumptions for Examples 3 and 4 are the following:

      • (a) The member has drawn its reserve tranche position of 500,000 in local currency.

      • (b) The member has received IMF resources (used IMF credit) equal to 4.5 million, for which securities have been issued.2

    Reporting IMF-Related Assets and Liabilities: Example 1—Gross Method
    Balance Sheet
    Foreign assets:Foreign liabilities:
    IMF quota2,000,000IMF No. 1 Account13,500
    IMF No. 2 Account1,500
    IMF Securities Account1,485,000
    Total IMF currency holdings1,500,000
    SDR holdings500,000SDR allocation1,000,000
    Total assets2,500,000Total liabilities2,500,000
    Reporting IMF-Related Assets and Liabilities: Example 2—Net Method
    Balance Sheet
    Foreign assets:Foreign liabilities:
    IMF No. 2 Account1,500
    IMF reserve tranche position501,500
    SDR holdings500,000SDR allocation1,000,000
    Total assets1,001,500Total liabilities1,001,500
    Reporting IMF-Related Assets and Liabilities: Example 3—Gross Method
    Balance Sheet
    Foreign assets:Foreign liabilities:
    IMF quota2,000,000IMF No. 1 Account13,500
    IMF No. 2 Account1,500
    IMF Securities Account6,485,000
    Total IMF currency holdings16,500,000
    SDR holdings500,000SDR allocation1,000,000
    Foreign reserves5,000,000
    Total assets7,500,000Total liabilities7,500,000

    Includes 4,500,000 in local currency stemming from the use of IMF credit and 500,000 from the drawing of the reserve tranche.

    Reporting IMF-Related Assets and Liabilities: Example 4—Net Method
    Balance Sheet
    Foreign assets:Foreign liabilities:
    Foreign reserves15,000,000Use of IMF credit4,500,000
    SDR holdings500,000SDR allocation1,000,000
    Total assets5,500,000Total liabilities5,500,000

    Foreign reserves are net of the balance in the No. 2 Account. This balance includes 4,500,000 from the use of IMF credit and 500,000 from the drawing of the reserve tranche. Since the reserve tranche was part of foreign reserves, the drawing changes the composition of foreign reserves but not the total balance.


    This glossary covers basic operational and financial terms as used in the International Monetary Fund.


    Access Policy and Access Limits. The IMF has established policies that govern the use of its resources by members and provide guidance to member countries about the amount that can normally be borrowed from the IMF. A member country’s access limits are set as percentages of the member’s quota and vary with the facility being used; the limits are reviewed periodically. The policy governing access by members to IMF financial resources has changed over time to reflect members’ changing financing needs balanced against the need to safeguard the revolving nature of the institution’s resources and liquidity needs.

    Accounting Unit. The IMF’s unit of account, in which its financial records are kept, is the Special Drawing Right (SDR). Members’ currencies are valued by the IMF in terms of the SDR on the basis of their representative rates of exchange, normally against the U.S. dollar at spot market rates.

    Accounts and Departments. The IMF operates its financial functions through the General Department, the SDR Department, and the Administered Accounts, which are accounting constructs and not organizational units. The financial functions of the IMF are discharged by the Finance Department, which is an organizational unit of the staff.

    Accounts of the IMF in Member Countries. The IMF’s currency holdings are held in accounts of the IMF in designated depositories in member countries. These accounts are the No. 1 and No. 2 Accounts and the Securities Account. The No. 1 Account is used for quota subscription payments, purchases and repurchases, repayment of borrowing, and sales of the member’s currency. All these transactions may also be carried out through the Securities Account, which may be established by the member to hold nonnegotiable, non-interest-bearing notes, or similar obligations, payable to the IMF on demand. These notes or similar obligations are issued by the member as a substitute for the currency holdings of the IMF. The No. 2 Account is used for the IMF’s administrative expenditures and receipts in the member’s currency and within its territory.

    Administered Accounts. Accounts are established to perform financial and technical services that are consistent with the purposes of the IMF, including the administration of resources contributed by individual members to provide assistance to other members. All transactions involving the Administered Accounts are separate from those of the IMF’s other accounts (see Appendix 3).

    Advance Repurchase. A repurchase (repayment) before the scheduled value date made at the discretion of the member. A member is free to make advance repurchases at any time. The member can elect to apply the advance repurchase(s) to any scheduled repurchase.

    Amendments (to the Articles of Agreement). The Articles of Agreement have been amended seven times. The First Amendment (July 1969) introduced the Special Drawing Right (SDR). The Second Amendment (April 1978) reflected the change from the par value system based on a fixed price for gold to an international monetary system based on floating exchange rates. The Third Amendment (November 1992) allowed for suspension of the voting and certain related rights of a member that fails to fulfill any of its obligations under the Articles (other than obligations with respect to SDRs). The Fourth Amendment allowed for a special one-time allocation of SDRs and was adopted by the Board of Governors in August 2009. The Fifth Amendment (February 2011) expanded the investment authority of the IMF. The Sixth Amendment (March 2011) was part of the package of quota and voice reforms adopted in 2008 and provided for an increase in basic votes and an additional alternate Executive Director for the largest constituencies. The Seventh Amendment (January 2016) allows for an all-elected Board. It was part of a package of quota and governance reforms adopted in 2010 and became effective when it was accepted by three-fifths of membership having 85 percent of the total voting power.

    Arrears. A stock of outstanding debt, either domestic or external, resulting from payments not made to the IMF when due.

    Articles of Agreement. An international treaty that sets out the purposes, principles, and financial structure of the IMF. The Articles were drafted in July 1944 by representatives of 45 nations at a conference held in Bretton Woods, New Hampshire, and entered into force in December 1945.

    Article IV Consultations. A regular, usually annual, comprehensive discussion is held between the IMF staff and representatives of individual member countries concerning the member’s economic and financial policies. The basis for these discussions is in Article IV of the IMF Articles of Agreement (as amended, effective 1978), which directs the IMF to exercise firm surveillance over each member’s exchange rate policies.


    Basic Period. This refers to each of the consecutive periods of 5 years (or less) during which a determination is made whether there is a global need for additional international reserves to justify a new allocation of SDRs.

    Basic Rate of Charge. A single interest charge is applied to outstanding IMF credit financed from the IMF’s general resources. The basic rate of charge is a key element of the IMF’s financial operations. It is composed of the SDR interest rate, and a margin to cover the cost of IMF financing to members as well as to help accumulate reserves.

    Burden Sharing. The burden-sharing policy seeks to ensure that the IMF’s cash flow from its lending operations is not negatively affected by members’ failure to settle financial obligations to the IMF. Since its establishment in 1986 the burden-sharing mechanism has compensated the IMF for deferred charges of members in arrears, which offsets the impact of unpaid charges on IMF income and has helped generate precautionary balances against possible credit default. Under burden sharing, temporary financing in equal amounts is obtained from debtor and creditor members by increasing the rate of charge and reducing the rate of remuneration, respectively, to (1) cover shortfalls in the IMF’s regular income from unpaid charges (“deferred charges”) and (2) accumulate precautionary balances against possible credit default in a contingent account, the Special Contingent Account (SCA-1).


    Catastrophe Containment and Relief (CCR) Trust. Established in 2015, the CCRT allows the IMF to provide grants for debt relief for the poorest and most vulnerable countries hit by catastrophic natural disasters such as massive earthquakes, or to public health disasters including life-threatening, fast-spreading epidemics with international spillover potential. The relief on debt service payments frees up additional resources to meet exceptional balance of payments needs created by the disaster, and for containment and recovery efforts. The CCR Trust supersedes the Post Catastrophe Debt Relief Trust (PCDR), which was set up in 2010 in response to the earthquake that devastated Haiti and is intended to broaden the situations covered by IMF disaster assistance to include public health disasters.

    Charges, Periodic. Charges (interest) are payable by a member on its outstanding use of IMF credit. Charges are normally levied quarterly.

    Commitment Fee. Charges are levied at the beginning of each 12-month period of an arrangement on the amounts available for purchase during that period. As disbursements are made, the commitment fees paid are refunded based on the size of the disbursement relative to the amount available for purchase in the period.

    Conditionality. Economic policies that members intend to follow as a condition for the use of IMF resources. These are often expressed as performance criteria (for example, monetary and budgetary targets) or benchmarks and are intended to ensure that the use of IMF credit is temporary and consistent with the adjustment program designed to correct a member’s external payments imbalance.


    Debt Relief. Agreements by creditors to lessen the debt burden of debtor countries by either rescheduling interest and principal payments falling due over a specified time period, sometimes on a concessional basis, or by partially or fully cancelling debt-service payments falling due during a specified period.

    Depository and Fiscal Agency. The IMF conducts its financial dealings with a member through the fiscal agency and the depository designated by the member. The fiscal agency may be the member’s treasury (ministry of finance), central bank, official monetary agency, stabilization fund, or similar agency. The depository maintains the accounts of the IMF with member’s currency and also holds on behalf of the IMF for safe custody nonnegotiable, non-interest-bearing notes, or similar instruments, issued by the member in substitution for part of the IMF’s currency holdings.

    Designation Plan. A list of participants in the SDR Department whose balance of payments and reserve positions are sufficiently strong for them to be called upon (“designated”) to provide freely usable currency in exchange for SDRs within a year, together with the amounts they may be called upon to provide. The designation plan is established in advance on an annual basis (currently only on a precautionary basis) by approval of the Executive Board.


    Early Repurchase. An early repurchase is made by a member before the scheduled repurchase date when the Fund represents to the member that it should repurchase because of an improvement in its balance of payments and reserve position.

    ELRIC. A safeguards assessment is a diagnostic review of a central bank’s governance and control framework carried out by the IMF staff. ELRIC is an acronym that summarizes the assessments used to evaluate the adequacy of the five key areas of control and governance within a central bank. They are as follows: External audit mechanism, Legal structure and autonomy, financial Reporting, Internal audit mechanism, and system of internal Controls. Governance is an overarching principle transcending all ELRIC areas.

    Emergency Assistance. Since 1962, the IMF has provided emergency assistance in the form of purchases to help members overcome balance of payments problems arising from sudden unforeseeable natural disasters such as floods, earthquakes, hurricanes, or droughts. In 1995, the IMF’s policy on emergency assistance was expanded to cover countries in postconflict situations. In 2011, coverage of General Resources Account emergency assistance was enhanced and broadened under the Rapid Financing Instrument, which is similar to the Rapid Credit Facility under the Poverty Reduction and Growth Trust.

    Extended Credit Facility (ECF). The ECF succeeds the Poverty Reduction and Growth Facility as the IMF’s main tool for providing medium-term support to low-income countries. ECF arrangements support programs that enable members with protracted balance of payments problems to make significant progress toward stable and sustainable macroeconomic positions consistent with strong durable poverty reduction and growth.

    Extended Fund Facility (EFF). This financing facility provides longer-term assistance to support members’ structural reforms to address medium- and longer-term balance of payments difficulties. The EFF can be adopted for up to 4 years with a structural agenda and annual detailed statement of policies for the next 12 months.


    Financial Transactions Plan (FTP). The Executive Board adopts a Financial Transactions Plan for each upcoming quarter specifying the amounts of SDRs and selected member currencies to be used in purchases and repurchases (transfers and receipts) expected to be conducted through the General Resources Account during that period.

    Flexible Credit Line (FCL). The FCL is a flexible instrument introduced to address all balance of payments needs, potential or actual. It is for countries with very strong fundamentals, policies, and track records of policy implementation. FCL arrangements are approved, at the member country’s request, for countries meeting preset qualification criteria. Access is not subject to access limits and is available in a single up-front disbursement subject to a midterm review after a year. Disbursements are not conditional on implementation of specific policy understandings.

    Forward Commitment Capacity (FCC). The FCC measures the IMF’s capacity to make new financial resources available to members from the General Resources Account for the forthcoming 12-month period, taking into account resources available. The FCC is defined as the IMF’s stock of usable resources, minus undrawn balances under GRA lending commitments, plus projected repurchases during the coming 12 months, minus repayments of borrowing 1 year forward, minus a prudential balance intended to safeguard the liquidity of creditors’ claims and to take into account any erosion of the IMF’s resource base. Under the expanded and amended New Arrangements to Borrow (NAB), the maximum activation period within which the IMF may make commitments funded with NAB resources is 6 months. Therefore, the 1-year FCC has been modified to allow the inclusion of these shorter duration NAB resources within the FCC concept.

    Freely usable currency. A currency that the IMF has determined is widely used to make payments for international transactions and widely traded in the principal exchange markets. From October 1, 2016, the Chinese renminbi, euro, Japanese yen, pound sterling, and U.S. dollar are classified as freely usable currencies.


    General Arrangements to Borrow (GAB). The GAB has been in place since 1962 and was originally conceived as a means by which the main industrialized countries could stand ready to lend to the IMF up to a specified amount of currencies. The GAB currently amounts to SDR 17 billion, and there is also an associated arrangement with Saudi Arabia for SDR 1.5 billion. In principle, the GAB can only be called upon when a proposal for an activation period under the New Arrangements to Borrow (NAB) is rejected by NAB participants. The GAB does not add to the IMF’s overall lending envelope because outstanding drawings and available commitments under the NAB and the GAB cannot exceed the total amount of NAB credit arrangements.

    General Department. An accounting entity of the IMF comprising the General Resources Account, the Special Disbursement Account, and the Investment Account.

    General Resources Account (GRA). The principal account of the IMF, consisting of a pool of currencies and reserve assets, representing the paid subscriptions of member countries’ quotas. The GRA is the account from which the regular lending operations of the IMF are financed.


    Heavily Indebted Poor Countries (HIPC) Initiative. The HIPC Initiative, adopted in 1996, provides exceptional assistance to eligible countries to reduce their external debt burdens to sustainable levels, thereby enabling them to service their external debt without the need for further debt relief and without compromising growth. The HIPC Initiative is a comprehensive approach to debt relief that involves multilateral, Paris Club, and other official and bilateral creditors. To ensure that debt relief is put to effective use, assistance under the HIPC Initiative is limited to countries eligible for the Poverty Reduction and Growth Fund (PRGF) and the International Development Association (IDA) that have established a strong track record of policy implementation under PRGF- and IDA-supported programs. Following a comprehensive review in 1999, the initiative was enhanced to provide faster, deeper, and broader debt relief and to strengthen the links between debt relief, poverty reduction, and social policies. In 2005, the HIPC Initiative was supplemented by the Multilateral Debt Relief Initiative.


    Investment Account (IA). The Second Amendment to the IMF’s Articles of Agreement in 1978 authorized the IMF to establish an Investment Account to generate income from other sources. There are two IA subaccounts: the Fixed-Income Subaccount and the Endowment Subaccount. The investment goal of the Fixed-Income Subaccount is to achieve returns that exceed the SDR interest rate over time while minimizing the frequency and extent of negative returns and underperformance over an investment horizon of 3 to 5 years. The investment goal of the Endowment Subaccount is to achieve a long-term real return target of 3 percent in U.S. dollar terms.


    Management Letter. Under IMF safeguards assessments, a letter issued by an external auditor to the management of a central bank that draws attention to material weaknesses in the internal control systems that have come to the attention of the auditor during the audit of financial statements.

    Medium-Term Instruments. Under the IMF’s investment strategy, these instruments perform similarly to domestic government bonds but are claims on the Bank for International Settlements (BIS) that offer liquidity and the possibility to benefit from a credit spread over domestic bonds.

    Misreporting. This term is used to broadly cover situations in which a member provides incorrect information to the IMF.

    Multilateral Debt Relief Initiative (MDRI). The MDRI, which was launched to complement the Heavily Indebted Poor Countries (HIPC) Initiative, provided 100 percent relief on eligible debt to a group of low-income countries from three multilateral institutions—the IMF, the International Development Association (IDA), and the African Development Fund (AfDF). The initiative was intended to free up additional resources to help these countries reach the United Nation’s Millennium Development Goals. The debt relief covered the full stock of debt owed to the IMF as of December 31, 2004, and still outstanding at the time the country qualifies for such debt relief. Unlike the HIPC Initiative, the MDRI did not propose any parallel debt relief on the part of official bilateral or private creditors, or of multilateral institutions beyond the IMF, IDA, and the AfDF. There is no longer any outstanding IMF debt eligible for MDRI debt relief.

    Multilateral Debt Relief Initiative (MDRI)Trusts. The

    MDRI Trusts were MDRI resources administered by the IMF as trustee. They consisted of MDRI-I and MDRI-II Trusts, which received and provided resources for debt relief under the MDRI to two groups of countries differentiated by their levels of income per capita—above or below US$380 a year. The MDRI-I and the MDRI-II Trust were liquidated in 2015.


    Net Present Value (NPV). The NPV of debt is a measure that takes into account the degree of concessionality. It is the sum of all future debt-service obligations (interest and principal) on existing debt, discounted at the market interest rate. Whenever the interest rate on a loan is lower than the market rate, the resulting NPV of debt is smaller than its face value, with the difference reflecting the grant (concessionality) element.

    New Arrangements to Borrow (NAB). Arrangements under which 40 participants stand ready to lend to the IMF. The NAB do not replace the General Arrangements to Borrow but are to be the first and principal recourse in the event of a need to provide supplementary resources to the IMF.

    Norm for Remuneration. A member’s norm determines its remunerated reserve tranche position. It is the sum of (1) 75 percent of a member’s quota before the Second Amendment of the Articles (April 1, 1978), and (2) subsequent quota increases. For a country that became a member after April 1, 1978, the norm is a percentage of its quota equal to the weighted average relative to quota of the norms applicable to all members on the date that the member joined the IMF, plus subsequent quota increases.


    Phasing. The practice of making the IMF’s resources available to its members in installments over the period of an arrangement. The pattern of phasing can be even, frontloaded, or backloaded, depending on the financing needs and the speed of adjustment.

    Policy Support Instrument (PSI). The PSI is a nonfinancial instrument established by the IMF’s Executive Board in 2005 to support low-income countries that do not want—or need—IMF financial assistance but seek to consolidate their economic performance with IMF monitoring and support. The PSI is available to all countries eligible for the Poverty Reduction and Growth Trust with a poverty reduction strategy in place and a framework focused broadly on achieving and maintaining a stable and sustainable macroeconomic position, including debt sustainability, consistent with strong and durable poverty reduction and growth. The PSI helps countries design effective economic programs that, once approved by the IMF’s Executive Board, deliver clear signals to donors, multilateral development banks, and markets of the IMF’s endorsement of the strength of a member’s policies.

    Post-Catastrophe Debt Relief (PCDR) Trust. The PCDR Trust, established in June 2010, allowed the IMF to join international debt relief efforts when poor countries are hit by the most catastrophic of natural disasters. In February 2015, the Executive Board approved its transformation to the Catastrophe Containment and Relief Trust. This has expanded the circumstances under which the IMF can provide exceptional assistance to low-income members to include public health disasters.

    Poverty Reduction and Growth Trust (PRGT). In July 2009, the IMF’s Executive Board approved a new concessional financing framework under which a new Poverty Reduction and Growth Trust replaced the Poverty Reduction Growth Facility-Exogenous Shock Facility (PRGF-ESF) Trust. Separate loan and subsidy accounts were established under the PRGT to receive and provide resources to finance new low-income country lending facilities under the new trust. These reforms became effective and operational in January 2010, when all lenders and subsidy contributors to the PRGF-ESF Trust provided their consent. The trust comprises four Loan Accounts, a Reserve Account, and four Subsidy Accounts:

    • GeneralLoanAccount(GLA): The purpose of the account is to cover all facilities of the PRGT. The GLA borrows resources from central banks, governments, and official institutions, as under the previous PRGF-ESF Trust, largely at market-related rates. The proceeds of these loans are used to finance lending to eligible low-income countries under all facilities of the PRGT.

    • SpecialLoanAccounts(SLAs): These accounts accommodate donors’ preferences for earmarking their contributions for specific facilities. Three separate loan accounts were created for the Extended Credit Facility, Standby Credit Facility, and Rapid Credit Facility.

    • ReserveAccount: The coverage of the Reserve Account was expanded to provide security for loans under all facilities of the PRGT. The role of the Reserve Account remains the same, however—to provide payment to the lenders to the Loan Accounts of the PRGT in the event of a payment delay or nonpayment by borrowers. It also serves to bridge temporary mismatches between repayments from borrowers and repayments to lenders. The Reserve Account is, and will continue to be, replenished upon the settlement by borrowers of the payment arrears or mismatches that resulted in disbursements from the Reserve Account.

    • GeneralSubsidyAccount(GSA): This account receives and provides subsidies for existing and new loans under all facilities of the PRGT. Resources in a special subsidy account are used first to subsidize loans under the facility to which it is linked before resources in the General Subsidy Account are drawn.

    • SpecialSubsidyAccounts(SSAs): These were established to accommodate donors’ preferences for earmarking their contributions for specific facilities. Three separate subsidy accounts were created, for the Extended Credit Facility (ECF), Standby Credit Facility (SCF), and Rapid Credit Facility (RCF).

    • ECFSubsidyAccount provides resources to subsidize new ECF loans, outstanding PRGF loans, and loans disbursed under the ESF. The ECF Subsidy Account is the “default” subsidy account for the receipt of existing subsidy resources to be transferred from the PRGF-only and PRGF-ESF Subsidy Accounts of the PRGF-ESF Trust, and can also receive new bilateral contributions. The PRGF and PRGF-ESF Subsidy Accounts were terminated when the PRGT reforms became effective.

    • SCFSubsidyAccount provides resources for subsidizing SCF loans.

    • RCFSubsidyAccount provides resources for subsidizing RCF loans.

    PrecautionaryBalances. Financial resources held in the form of General and Special Reserves and in the first Special Contingent Account, the latter of which was established in the context of the arrears strategy for dealing with existing or potential overdue obligations.

    PrecautionaryandLiquidityLine(PLL). This is an additional financing tool of the IMF to flexibly meet the needs of member countries with sound economic fundamentals but with some remaining vulnerabilities that preclude them from using the Flexible Credit Line. The PLL provides financing to meet any balance of payments needs and is intended to serve as insurance or help resolve crises under a broad range of situations.

    PrescribedHolder. A nonparticipant in the SDR Department that has been prescribed by the IMF as a holder of SDRs, including nonmembers, member countries that are not SDR Department participants, institutions that perform the functions of a central bank for more than one member, and other official entities.

    PovertyReductionandGrowth—HeavilyIndebtedPoorCountries(PRG-HIPC)Trust. This trust is composed of three subaccounts for receiving and providing grants for debt relief and subsidization of outstanding Extended Credit Facility (ECF) loans and Umbrella Accounts:

    • Subaccounts: The ECF subaccount, the HIPC subaccount, and the ECF-HIPC subaccount permit contributors to earmark resources for either ECF or HIPC or both operations. In addition, resources in the ECF-HIPC account that are not earmarked for HIPC operations can be transferred to the ECF Subsidy Account if resources in the latter are insufficient for subsidizing ECF lending.

    • Umbrella accounts: Separate subaccounts (Umbrella Accounts) are established for each HIPC beneficiary. Resources placed in the Umbrella Accounts—representing HIPC grants approved by the Executive Board and disbursed to the member at the completion point, interim assistance between the decision and completion points, plus accumulated interest—are used to meet each beneficiary’s obligations to the IMF as they fall due based on a schedule approved by the Executive Board.

    ProgramReview. Provides a framework to assess progress on policies that cannot easily be quantified or defined as performance criteria and to assess overall progress toward program objectives of macroeconomic adjustment and structural reform in the context of an IMF program. The completion of a review makes available the next installment for purchases under the arrangement.

    ProtractedArrears. Arrears to the IMF of more than 6 months.

    PurchasesandRepurchases. When the IMF makes its general resources available to a member, it does so by allowing the member to purchase SDRs or other members’ currencies in exchange for its own (domestic) currency. The IMF’s general resources are, by nature, revolving: purchases (loans) have to be reversed by repurchases (repayments) in installments within the period specified for a particular policy or facility. Although the purchase-repurchase mechanism is not technically or legally a loan, it is the functional equivalent of a loan.


    QuantitativePerformanceCriteria(QPC). These are specific and measurable conditions that are so critical as to stop disbursements in the event of nonobservance. QPCs normally include targets on monetary and credit aggregates, international reserves, fiscal balances, and external borrowing.

    Quota. Quotas constitute the primary source of the IMF’s financial base and play several key roles in its relationship with its members. Each member is assigned a quota based broadly on its relative position in the world economy and pays a capital subscription to the IMF equal to the quota. Quotas also determine the distribution of voting power to IMF members and thereby their decision making and representation on the Executive Board. Quotas also play a role in determining members’ access to IMF resources and their share in a general allocation of SDRs. Quotas are reviewed regularly, normally every 5 years.


    RapidCreditFacility(RCF). The RCF provides rapid, low-access financing with limited conditionality to low-income countries facing an urgent balance of payments need. The RCF streamlines the IMF’s emergency assistance, provides significantly higher levels of concessionality, can be used flexibly in a wide range of circumstances, and places greater emphasis on a country’s poverty reduction and growth objectives.

    RapidFinancingInstrument(RFI). The RFI provides rapid and low-access financial assistance to all members facing an urgent balance of payments need without the need for a full-fledged program. It can provide support to meet a broad range of urgent needs, including those arising from commodity price shocks, natural disasters, postconflict situations, and emergencies resulting from fragility. As a single, flexible mechanism with broad coverage, the RFI replaced the IMF’s previous policy that covered Emergency Natural Disaster Assistance and Emergency Post-Conflict Assistance. The RFI is similar to the RCF for member countries eligible for the Poverty Reduction and Growth Trust.

    RemuneratedReserveTranchePosition. The IMF pays interest, called remuneration, on a member’s reserve tranche position except on a small portion that is provided to the IMF as interest-free resources. This unremunerated (non-interest-bearing) portion of the reserve tranche position is equal to 25 percent of the member’s quota on April 1, 1978—that part of the quota that was paid in gold prior to the Second Amendment of the IMF’s Articles of Agreement. The gold tranche was never remunerated historically, so it was natural to set aside this same amount in SDRs on this date as the unremunerated reserve tranche. For a member that joined the IMF after that date, the unremunerated reserve tranche is the same percentage of its initial quota as the average unremunerated reserve tranche was as a percentage of the quotas of all other members when the new member joined the IMF. The unremunerated reserve tranche remains fixed for each member in nominal terms, but because of subsequent quota increases, it is now significantly lower when expressed as a percentage of quota.

    ReserveTranchePosition(RTP). In exchange for the reserve asset portion of its quota payment, an IMF member acquires a liquid claim on the IMF, called a reserve tranche position (RTP). The RTP forms part of the member’s external reserves and is calculated as the difference between quota and the Fund’s holdings of a member’s currency, excluding holdings acquired as a result of the use of Fund credit, and excluding holdings in the No. 2 Account that are less than 1/10 of 1 percent quota.

    ResourceMobilizationPlan(RMP). The RMP allows for effective use of the New Arrangements to Borrow (NAB) for crisis prevention and ensures adequate burden sharing among NAB participants. The RMP is approved on a quarterly basis by the Executive Board for use of the NAB and to finance the General Resources Account. Previously, the NAB could be activated only on a loan-by-loan basis through procedures that were complex and relatively lengthy.

    RightsAccumulationProgram(RAP). An economic program agreed between the IMF and an eligible member in protracted arrears to the IMF that provides a framework for the member to establish a satisfactory track record of policy and payments performance and permits the member to accumulate rights to future drawings of IMF resources following its clearance of arrears to the IMF up to the level of arrears outstanding at the beginning of the program.


    SafeguardsAssessment. A diagnostic review of a central bank’s governance and control framework. Specifically, it evaluates a member country’s central bank’s governance, control, reporting, and auditing systems. Assessments aim to ensure that resources, including those provided by the IMF, are adequately monitored and controlled (See also ELRIC).

    ServiceCharge. A service charge of 0.5 percent is levied on each drawing from the General Resources Account.

    SpecialCharges(AdditionalCharges). The IMF levies special charges on principal payments and charges that are less than 6 months overdue.

    SpecialContingentAccount(SCA). Account established to hold precautionary balances to strengthen the IMF’s financial position in connection with members’ overdue financial obligations.

    SpecialDrawingRight(SDR). International reserve asset created by the IMF in 1969 as a supplement to existing reserve assets.

    • SDRAllocation. Distribution of SDRs to members by decision of the IMF. A “general” allocation requires a finding by the IMF that there is a global need for additional liquidity.

    • SDRAssessment. An assessment levied by the IMF, at the same rate for all participants in the SDR Department, on a participant’s net cumulative SDR allocations to cover the expenses of conducting the business of the SDR Department.

    • SDRDepartment. This department, an accounting entity rather than an organizational unit of the IMF, records and administers all transactions and operations involving SDRs.

    • SDRInterestRate. Determined on a weekly basis, the SDR interest rate is a weighted average of interest rates on short-term financial instruments in the markets of the currencies included in the SDR valuation basket, except if the weighted average falls below the floor for the SDR interest rate of 0.050 percent (5 basis points). It is used to calculate interest payable/receivable on member’s SDR holdings/allocations, the remuneration payable on creditor member’s reserve tranche position and interest payable to creditor members for the use of borrowed resources.

    • SDRInterestandChargesonSDRHoldingsandAllocations. Based on the SDR Interest Rate, interest is paid to each holder of SDRs and charges are levied, at the same rate, on each participant’s net cumulative SDR allocations.

    • SDRUse. The SDR is used almost exclusively in transactions with the IMF, and it serves as the unit of account of the IMF and other international organizations.

    • SDRValuation. The currency value of the SDR is determined daily by the IMF by summing the values in U.S. dollars, based on market exchange rates, of a basket of five major currencies—U.S. dollar, euro, Chinese renminbi, Japanese yen, and pound sterling. The SDR valuation basket is normally reviewed every 5 years.

    Staff-MonitoredProgram(SMP). A Staff-Monitored Program is an informal and flexible instrument for dialogue between the IMF staff and a member country on its economic policies. Under a Staff-Monitored Program the country’s targets and policies are monitored by the IMF staff; a staff-monitored program is not supported by the use of the IMF’s financial resources, nor is it subject to the endorsement of the Executive Board of the IMF.

    Stand-ByArrangement(SBA). A decision of the IMF by which a member is assured that it will be able to make purchases from the General Resources Account up to a specified amount and during a specified period, so long as the member observes the terms specified.

    StandbyCreditFacility(SCF). The SCF provides financing similar to SBAs to low-income countries with short-term balance of payments needs, allowing also for precautionary use. SCF arrangements support programs that enable members with actual or potential short-term balance of payments needs to achieve, maintain, or restore stable and sustainable macroeconomic positions consistent with strong and durable poverty reduction and growth.

    SurchargetotheBasicRateofCharge. Surcharges are an important component of the IMF’s risk-mitigation framework. The system of surcharges is based on the amount of credit above a certain quota-based threshold (level-based surcharges) and the period during which credit at that level is outstanding (time-based surcharges).

    Surveillance. An essential aspect of the IMF’s responsibilities associated with overseeing the policies of its members in complying with their obligations specified in the Articles of Agreement to ensure the effective operation of the international monetary system.


    TransactionsbyAgreement. Transactions in which participants in the SDR Department (currently all IMF members) and/ or prescribed holders voluntarily exchange SDRs for currency at the official rate determined by the IMF.


    UpperCreditTranche. This originally referred to credit available from the IMF in an amount between 25 and 100 percent of a country’s quota. Since access to IMF credit is now permitted substantially above 100 percent of quota, the upper credit tranches now refer to any use of IMF credit above 25 percent of quota.

    UsableCurrency. The currency of a member that the IMF considers to be in a sufficiently strong external position that its currency can be used to finance IMF transactions with other members through the financial transactions plan. Not to be confused with freely usable currency.


    • Access limits, 51–52, 52t, 127, 165

    • Access policy, 30–31, 32f, 48t, 165

    • Accounting unit, 165

    • Accounts, in member countries, 37–38, 165

    • Additional charges. See Special charges

    • Ad hoc increases, for quotas, 16, 18t

    • Administered Account for Interim Holdings of Voluntary Contributions for Fund Activities, 161

    • Administered accounts, 160–62, 165

    • Advance repurchase, 165

    • Alternative Executive Director, 3, 18, 165

    • Amendments. See Articles of Agreement amendments

    • Arrears, 166

      • burden sharing for, 141–42

      • clearance modalities for, 134

      • collaboration strategy for, 130–31

      • to General Department, 147

      • history of, 131t

      • of IMF, 130–35, 131t, 132f, 146

      • prevention of, 130

      • to PRGT, 148

      • remedial measures for, 133–34, 148

      • risk management and, 130–35

      • to SDR Department, 147

      • special charges for, 134, 134n14

    • Article IV consultations, 166

    • Articles of Agreement, 166

      • for balance of payments, 30

      • burden sharing and, 141

      • charges and, 107n6

      • decision making and, 10

      • designation mechanism and, 103

      • freely usable currency in, 85, 85n6

      • gold in, 34

      • IA and, 8, 105

      • repurchase policies and, 33

      • risk management and, 123

      • SDA and, 83

      • SDRs and, 89–90, 103

      • Voice and Participation amendments to, 18

    • Articles of Agreement amendments, 165–66

      • Fifth Amendment, 105–6, 109, 110

      • Fourth Amendment, 8, 88–89, 89n12

      • New Income Model and, 108–9

      • Second Amendment, 37

      • Sixth Amendment, 18–19

      • voting power for, 159

    • Assets, of IMF, 26–35

    • Audit framework, 137–38

    • Balance of payments, 1, 8, 29–30

      • access policy and, 31

      • globalization and, 4

      • RMP and, 26n28

      • UCT and, 48t

      • Balance of Payments Manual, sixth edition (BPM6), xi

      • Balance sheets

        • of central banks, 38, 38n46

        • of GRA, 35, 36n40, 39

        • of IMF, 35–37, 35t, 163–64

        • of SDR Department, 93t

      • Bank for International Settlements (BIS), xi, 92–93

      • Basic period, 166

      • Basic rate of charge, 114–15, 166

        • surcharge to, 172

      • Benchmark rates, 87, 87n8, 129n6

      • Bilateral loan and note purchase agreements, 22

      • Bilateral services, 120

      • BIS. See Bank for International Settlements

      • Blackout periods, 33

      • Blending, 52, 52n7

      • Board of Governors, 3, 15, 19, 138, 153

      • Board Reform Amendment, 10, 11n4

      • Borrowing, 19–22, 20f

      • burden sharing and, 141

      • financial crisis of 2008 and, 4–5

      • SDRs, 100

      • See also General Arrangements to Borrow; New Arrangements to Borrow

    • Borrowing Agreements of 2012, 22

    • BPM6. See Balance of Payments Manual, sixth edition

    • Brazil, 4, 19

    • Bretton Woods Convention, 2, 14, 83, 84, 84n4, 94

    • Burden sharing, 9, 26, 92, 107n7, 124, 127, 166

      • for arrears, 141–42

    • Catastrophe Containment and Relief Trust (CCR Trust), xi, 55–57, 63, 63f, 65, 65t, 72, 166

      • concessional lending and, 8

      • GRA and, 113

      • LICs and, 6

      • MDRI and, 8n9

      • PRGT and, 55, 55n14

      • SDR Department and, 105n3

    • CCL. See Contingent Credit Line

    • CCR Trust. See Catastrophe Containment and Relief Trust

    • Central banks

      • arrears and, 130

      • balance sheet of, 38, 38n46

      • safeguard assessments of, 135–37, 135f, 137f, 150

      • SDRs and, 89n14

    • CEP. See Committee of Eminent Persons

    • Charges

      • Articles of Agreement and, 107n6

      • basic rate of charge, 114–15, 166

      • Executive Board and, 107

      • by IMF, 108

      • periodic, 166

      • service charges, 108, 171

      • special charges, 134, 134n14, 171

      • voting power for, 159

      • See also Surcharges

    • China, 3, 4, 8, 18, 19, 161

    • Commitment fees, 118–19, 127, 166

    • Committee of Eminent Persons (CEP), xi, 105, 110, 120

    • Compensatory and Contingency Financing Facility, 29f

    • Compression factor, for quotas, 15n3

    • Concessional lending, 4, 57–65

      • ECF for, 50

      • encashment for, 59–60

      • by ESAF, 50f

      • framework for, 57–59, 58f

      • fundraising for, 78

      • GLA for, 57

      • GRA and, 49f

      • GSA and, 59

      • by IMF, 6–8

      • interest rates and, 51, 59, 70

      • investments for, 77

      • to LICs, 47–49, 48t, 49f, 50f

      • maturities for, 59

      • note issuance for, 60

      • by PRGT, 6, 49–53, 105

      • RA for, 59, 61

      • by RCF, 50, 50f

      • reimbursement for administrative expenses, 79

      • resources for, 59–61

      • by SAF, 50f

      • by SCF, 50, 50f

      • SLAs for, 59

      • SSAs and, 59

      • subsidy resources for, 60–61

      • by TF, 50f

      • timeline for, 66

      • transferability for, 59–60

    • Conditionality, 31–32, 43, 50n2, 51, 166

    • Contingent Credit Line (CCL), 118

    • Cooperative arrears, 130

    • Credit intermediation, 120

    • Credit risk, 123–26, 139

    • Currencies

      • FTP and, 26

      • in GRA, 37

      • of IMF, 37

      • RTP and, 35, 36

      • in SDR basket, 85, 86f, 86t, 111

      • SDRs and, 24, 95

      • weighting of, 96–97, 98

      • See also Freely usable currency; Usable currency

    • Debt relief, 57–65, 75, 166

      • by CCR, 63, 63f

      • concessional lending and, 7

      • framework for, 62–63, 63f

      • HIPC Initiative for, 55

      • for LICs, 54, 54f

      • by PRG-HIPC, 62, 63f

      • timeline for, 72

    • Debt sustainability, 31n33

    • Debt Sustainability Analysis (DSA), 52

    • De minimis cases, 152

    • Departments, 165

    • Depository and fiscal agency, 166

    • Derivatives, 112

    • Designation mechanism, for SDR Department, 103

    • Designation plan, 88, 93, 103, 166–67

    • DSA. See Debt Sustainability Analysis

    • EAC. See External Audit Committee

    • Early repurchase, 167

    • ECF. See Extended Credit Facility

    • Economic Development Document (EDD), xi, 71

    • EFF. See Extended Fund Facility

    • Eleventh General Review of Quotas, 21

    • ELRIC. See External audit mechanism Legal structure and autonomy financial Reporting Internal audit mechanism and system of internal Controls

    • Emergency assistance, 2, 5, 29f, 30, 67, 70, 167

    • Emergency Natural Disaster Assistance (ENDA), xi, 30, 67, 162

    • Emergency Post-Conflict Assistance (EPCA), xi, 30, 67, 162

    • ENDA. See Emergency Natural Disaster Assistance

    • Endowment Subaccount, 109, 110–12

    • Enhanced Structural Adjustment Facility (ESAF), xi, 49, 50f, 61

    • EPCA. See Emergency Post-Conflict Assistance

    • ERP. See Extended Rights to Purchase

    • ESAF. See Enhanced Structural Adjustment Facility

    • ESF. See Exogenous Shock Facility

    • ESF-HAC. See Exogenous Shock Facility-High Access Component

    • Exceptional Access Framework, 31, 50

    • Excess holdings ratio, 103

    • Exchange rate, Bretton Woods Convention and, 83

    • Exchange rates

      • Bretton Woods Convention and, 2, 84

      • credit risk and, 124

      • risk, 129–30, 139

    • Executive Board, 3, 19

      • basic rate of charge and, 114

      • charges and, 107

      • decision making by, 10

      • default size of, 11n2

      • EAC and, 137–38, 153

      • gold and, 35

      • GRA and, 5

      • IA and, 8

      • investment income and, 110

      • misreporting and, 151

      • NAB and, 21, 22, 26

      • PRGT and, 35n39, 62

      • PRS and, 71

      • PSI and, 69

      • QPCs and, 33

      • RA and, 78

      • reform of, 4

      • safeguard assessments and, 137

      • SDR basket and, 86

      • SDRs and, 84n2, 85, 95

      • voting power on, 14

    • Executive Directors, 4, 10, 18, 19, 86, 147

    • Exogenous Shock Facility (ESF), xi, 50f, 68

    • Exogenous Shock Facility-High Access Component (ESF-HAC), 48t

    • Extended Arrangements, 14, 29f, 32f

    • Extended Credit Facility (ECF), xi, 167

      • access limits for, 52t

      • for concessional lending, 50

      • concessional lending by, 48t

      • interest rates for, 70

      • LICs and, 5

      • PRGT and, 169

      • subaccounts of, 63

    • Extended Fund Facility (EFF), xi, 29, 108, 167

      • nonconcessional lending from, 6

      • surcharges and, 108, 116–17

    • Extended Rights to Purchase (ERP), 33, 33n34

    • External Audit Committee (EAC), xi, 137–38, 153

    • External audit mechanism Legal structure and autonomy financial Reporting Internal audit mechanism and system of internal Controls (ELRIC), 167

    • Facilities for Low-Income Countries, 93

    • FCC. See Forward Commitment Capacity

    • FCL. See Flexible Credit Line

    • Fifteenth General Review of Quotas, 15, 19

    • Financial crisis of 2008, 1, 4–6, 27

    • Financial risk management. See Risk management

    • Financial Sector Assessment Program (FSAP), xi

    • Financial Transactions Plan (FTP), xi, 23–26, 167

      • currencies and, 26

      • FCC and, 145

      • liquidity risk and, 126–27

      • SDRs and, 26, 103

    • Financial Year (FY), xi

    • Financing for Development, 51n3

    • Fixed-Income Subaccount, 109, 110–12

    • Flexible Credit Line (FCL), xi, 2, 5, 27, 29, 167

      • nonconcessional lending from, 6

      • safeguard assessments and, 150

    • Forward Commitment Capacity (FCC), xi, 22n18, 126, 128f, 145, 167

    • Fourteenth General Review of Quotas, 3–4, 5, 11n4, 18, 22

    • Framework Administered Account for Selected Fund Activities, 161

    • Framework Administered Account for Technical Assistance Activities, 160–61

    • France, 4

    • Freely usable currency, 23n20, 167

      • in Articles of Agreement, 85, 85n6

      • SDRs and, 8, 96

    • FSAP. See Financial Sector Assessment Program

    • FTP. See Financial Transactions Plan

    • FY. See Financial Year

    • G7. See Group of Seven

    • G8. See Group of Eight

    • G10. See Group of Ten

    • G20. See Group of Twenty

    • GAB. See General Arrangements to Borrow

    • GDP. See Gross Domestic Product

    • General Arrangements to Borrow (GAB), xi, 13, 19–21, 21t, 167

      • burden sharing and, 141

      • FCC and, 145

      • liquidity risk and, 127

    • General Department, 13, 167

      • arrears to, 147

      • SDA and, 83

      • See also General Resources Account; Investment Account; Special Disbursement Account

    • General Loan Account (GLA), xi, 5, 57, 169

    • General Reserve, 110, 125, 143

    • General Resources Account (GRA), xi, 13, 25f, 27t–28t, 168

      • access policy and, 31, 32f

      • arrears to, 130

      • balance sheet of, 35, 36n40, 39

      • commitment fees and, 118

      • concessional lending by, 49f

      • currencies in, 37

      • Executive Board and, 5

      • financial crisis of 2008 and, 5, 27

      • IA and, 36

      • income from, 105

      • lending toolkit of, 26–30

      • liquidity risk and, 126–27

      • nonconcessional lending from, 6

      • precautionary balances in, 125, 125t

      • PRGT and, 52, 78

      • purchase repurchase mechanisms of, 4n5

      • quota subscriptions and, 13

      • reimbursements to, 113

      • RFI and, 5

      • RTP and, 23n21

      • RTS and, 42

      • SDA and, 83

      • SDR Department and, 105n3

      • SDRs in, 90

      • service charge from, 108

      • special charges and, 134

    • General Subsidy Account (GSA), xi, 5, 59, 62, 78, 169

    • Germany, 4

    • GFSR. See Global Financial Stability Report

    • GLA. See General Loan Account

    • Global Financial Stability Report (GFSR), xi

    • Globalization, 1, 4

    • Gold

      • administered account for, 161–62

      • in Articles of Agreement, 34

      • Bretton Woods Convention and, 94

      • IA and, 8

      • IMF and, 33–35, 35n41

      • key transactions of, 44

      • New Income Model and, 108

      • SDA and, 63n25, 78

      • SDRs and, 94, 106n4

      • voting power for, 159

    • GRA. See General Resources Account

    • Great Depression, 1

    • Gross Domestic Product (GDP), xi, 3n4, 15, 127

    • Group of Eight (G8), 76

    • Group of Seven (G7), 21, 21n10

    • Group of Ten (G10), 21, 21n11

    • Group of Twenty (G20), xi, 4–5, 21–22

    • GSA. See General Subsidy Account

    • Guidelines for Borrowing, 22n15

    • HAC. See High Access Component

    • HAPA. See High Access Precautionary Arrangement

    • Heavily indebted poor countries (HIPCs), xi, 168

      • concessional lending to, 6–8

      • umbrella accounts for, 63, 151

    • Heavily Indebted Poor Countries Initiative (HIPC Initiative)

      • for debt relief, 55

      • eligibility for, 54–55

      • financing requirements for, 57t

      • implementation of, 56t

      • misreporting in, 151

      • PRG and, 57t

      • PRGT and, 53, 53t

      • PRS and, 71

      • resources for, 63

      • sunset clause for, 73

      • topping-up assistance of, 74

      • Umbrella Account of, 151

      • World Bank and, 72

      • See also Poverty Reduction and Growth-Heavily Indebted Poor Countries Trust

    • Hedging, 111

    • High Access Component (HAC), 68

    • High Access Precautionary Arrangement (HAPA), xi, 118

    • HIPC Initiative. See Heavily Indebted Poor Countries Initiative

    • HIPCs. See Heavily indebted poor countries

    • IA. See Investment Account

    • IDA. See International Development Association

    • IFI. See International Financial Institution

    • IFRS. See International Financial Reporting Standards

    • IFS. See International Financial Statistics

    • IMF. See International Monetary Fund

    • IMFC. See International Monetary and Financial Committee

    • Income risk, 127–30, 139

    • Income statements

      • of IMF, 35–37, 36t, 106f

      • of SDR Department, 93t

    • India, 4, 19

    • Integrated Surveillance Decision, 2, 2n2

    • Interest rates, 107f

      • benchmark, 87, 87n8, 129n6

      • for concessional lending, 51, 59, 70

      • credit risk and, 124

      • risk, 127–29, 139

      • SDR basket and, 99n2

      • of SDRs, 8, 84, 87, 87n8, 99, 99n3, 114, 134, 141, 159, 171

    • Interim Administered Account for Windfall Gold Sales Profits, 161–62

    • International Bank for Reconstruction and Development. See World Bank

    • International Development Association (IDA), xi, 76

    • International Financial Institution (IFI), xi

    • International Financial Reporting Standards (IFRS), xi, 125, 138, 141, 144, 144nn1–2

    • International Financial Statistics (IFS), xi

    • International Monetary and Financial Committee (IMFC), xi, 5, 19

    • International Monetary Fund (IMF), xi

      • administered accounts of, 160–62

      • administrative expenses of, 36–37

      • arrears of, 130–35, 131t, 132f, 146

      • assets of, 26–35

      • balance sheets of, 35–37, 35t, 163–64

      • borrowing by, 19–22, 20f

      • capacity building by, 3

      • charges by, 108

      • concessional lending by, 6–8

      • credit by facility of, 27, 29f

      • credit outstanding of, 30–33, 36

      • currencies of, 37

      • decision making by, 10–11

      • financial structure of, 4, 6–8, 7f

      • financing mechanism of, 22–26

      • founding of, 1

      • gold and, 33–35, 35n41

      • income of, 8, 105–20

      • income statements of, 35–37, 36t, 106f

      • information sources on, 9

      • investment income of, 110–13, 113f

      • lending by, 2, 6–8

      • lending income of, 106–7

      • lending mechanism of, 23f

      • liquidity of, 129t

      • member countries of, 155–58

      • net income of, 37

      • New Income Model for, 108–9, 109f

      • nonconcessional lending by, 6, 13–41

      • operational expenses of, 36

      • operational income of, 36

      • precautionary balances of, 125–26, 143

      • preferred creditor status of, 140

      • quotas of, 3, 155–58

      • risk management by, 8–9, 123–53

      • role and purposes of, 2–4

      • safeguard assessments of, 150

      • SDRs and, 91, 91f, 155–58

      • surveillance by, 2

      • voting power in, 3n3

      • website of, 9

    • Investment Account (IA), xi, 8, 13, 105, 168

      • GRA and, 36

      • risk management for, 112

      • Rules and Regulations for, 109, 111, 112

      • subaccounts of, 110

    • Italy, 4

    • Japan, 4, 160

    • Korea, 3, 18

    • Lending

      • credit risk and, 124–25

      • by IMF, 2, 6–8

      • See also Concessional lending; Nonconcessional lending

    • Level-based surcharges, 107, 116, 172

    • Liberia, 75, 134

    • LICs. See Low-income countries

    • Liquidity

      • of IMF, 129t

      • risk, 126–27, 139

      • See also Precautionary and Liquidity Line

    • Low-income countries (LICs), xi

      • concessional lending to, 47–49, 48t, 49f, 50f

      • debt relief for, 54, 54f

      • financial assistance to, 47–68

      • financial crisis of 2008 and, 5–6

      • policy reform for, 1–2

      • PRGF for, 49–53

      • Quota and Voice Reforms of 2008 and, 3

    • Management letter, 168

    • Maturities, for concessional lending, 59

    • MDRI. See Multilateral Debt Relief Initiative

    • Medium-Term Instruments (MTIs), 168

    • Member countries

      • accounts in, 37–38

      • disclosure of financial position by, 38

      • of IMF, 155–58

    • Mexico, 3, 18

    • Millennium Development Goals, of United Nations, 47, 76, 168

    • Misreporting, 151–52, 168

    • MTIs. See MediumTerm Instruments

    • Multilateral Debt Relief Initiative (MDRI), xi, 72, 76, 168

      • administered account for, 162

      • CCR and, 8n9

      • HIPC Initiative and, 63

      • RA and, 61

      • SDRs and, 64n26

    • NAB. See New Arrangements to Borrow

    • Net present value (NPV), xi, 78, 168

    • New Arrangements to Borrow (NAB), xi, 5, 5n6, 13, 21–22, 21t, 168

      • credit risk and, 124

      • Executive Board and, 26

      • FCC, 22n18

      • in financial crisis of 2008, 1

      • liquidity risk and, 126

      • nonconcessional lending from, 6

      • RMP and, 26

      • SBAs and, 26

    • New Income Model, for IMF, 108–9, 109f

    • Nonconcessional lending

      • from GRA, 6

      • by IMF, 6, 13–41

      • quotas and, 13–19

    • Norm for remuneration, 168–69

    • Note issuance, for concessional lending, 60

    • NPV. See Net present value

    • OBP. See Office of Budget and Planning

    • OECD. See Organisation for Economic Co-operation and Development

    • Office of Budget and Planning (OBP), 79

    • Office of Internal Audit and Inspection (OIA), 138

    • Oil Facility, 49n1

    • Operational risk, 124, 139

    • Organisation for Economic Co-operation and Development (OECD), xi

    • Overdue financial obligations. See Arrears

    • PCDR. See Post-Catastrophe Debt Relief Trust

    • PCL. See Precautionary Credit Line

    • PCR. See Post-Catastrophe Relief

    • People’s Bank of China, administered account for, 161

    • Phasing, 31–32, 169

    • PLL. See Precautionary and Liquidity Line

    • Policy Support Instrument (PSI), xi, 50, 69, 169

      • misreporting and, 151

      • safeguard assessments and, 150

    • Post-Catastrophe Debt Relief Trust (PCDR), xi, 55, 72, 169

      • LICs and, 6

      • resources of, 65, 65t

    • Post-Catastrophe Relief (PCR), 55

    • Post-conflict cases. See Emergency Post-Conflict Assistance

    • Post-EPCA/ENDA Interim Administered Account, 162

    • Post-MDRI-II Interim Administered Account, 162

    • Post-SCA-2 Administered Account, 161

    • Poverty Reduction and Growth Facility (PRGF), xi, 48t, 169

      • arrears to, 130

      • cumulative commitments of, 60t

      • eligible countries for, 49f

      • gold and, 35

      • for LICs, 49–53

      • self-sustained, 61–62

      • terms of, 51–53

    • Poverty Reduction and Growth Facility-Exogenous Shocks Facility (PRGF-ESF), 49, 68

    • Poverty Reduction and Growth-Heavily Indebted Poor Countries Trust (PRG-HIPC Trust), 170

      • concessional lending and, 8

      • debt relief by, 62, 63f

      • financial structure of, 64f

      • resources of, 65t

    • Poverty Reduction and Growth Trust (PRGT)

      • access limits for, 51–52, 52t

      • account coverage of, 62f

      • arrears to, 148

      • blending for, 52, 52n7

      • CCR and, 55, 55n14

      • central bank balance sheets and, 38n46

      • concessional lending by, 6–8, 49–53, 105

      • conditionality for, 51

      • Executive Board and, 35n39

      • expenses of, 105

      • GRA and, 52, 113

      • GRA for, 78

      • HIPC Initiative and, 53, 53t

      • LICs and, 5

      • New Income Model and, 109

      • PSI and, 69

      • RA and, 61

      • RAP and, 133, 133n9

      • remedial measures with, 134

      • RTP and, 51n4

      • SDR Department and, 105n3

      • SDRs for, 92–93

      • special charges and, 134

      • sustainability of, 80

    • Poverty Reduction Strategy (PRS), 51, 52–53, 71

    • Poverty Reduction Strategy Paper (PRSP), 71

    • PPP. See Purchasing-power-parity

    • Precautionary and Liquidity Line (PLL), xi, 5, 27, 169–70

      • balance of payments and, 29–30

      • commitment fees and, 118–19

      • credit by, 29f

      • lending through, 2

      • nonconcessional lending from, 6

    • Precautionary balances, 125–26, 125n4, 125t, 143, 169

    • Precautionary Credit Line (PCL), 5

    • Preferred creditor status, 140

    • Prescribed holders, 89, 89n14, 91f, 170

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

    • PRG-HIPC Trust, Poverty Reduction Growth–Heavily Indebted Poor Countries Trust

    • PRGT. See Poverty Reduction and Growth Facility; Poverty Reduction and Growth Trust

    • Program review, 170

    • PRS. See Poverty Reduction Strategy

    • PRSP. See Poverty Reduction Strategy Paper

    • Prudential balance, 24, 24n22, 127

    • PSI. See Policy Support Instrument

    • Public goods, 120

    • Purchase repurchase mechanisms, 24, 170

      • of GRA, 4n5

      • SDRs and, 23

    • Purchasing-power-parity (PPP), xi, 15

    • Quantitative Performance Criteria (QPC), xi, 32–33, 170

    • Quota and Governance Reform of 2010, 3–4, 5, 18–19

      • Board of Governors and, 15

    • Quota and Voice Reforms of 2006 (Singapore Resolution), 18

    • Quota and Voice Reforms of 2008, 3, 14, 18

    • Quotas, 170

      • Bretton Woods Convention and, 14

      • compression factor for, 15n3

      • financial crisis of 2008 and, 5

      • financing access and, 14

      • formula for, 14–15, 41

      • GDP and, 3n4, 15

      • general reviews for, 15, 16t, 17f

      • of IMF, 3, 155–58

      • increases of, 15, 16t, 17f

      • payment procedures for, 40

      • PPP and, 15

      • recent reforms for, 2

      • SDRs and, 4, 13–14, 14n1

      • voting power for, 13, 14, 159

    • Quota subscriptions, 1, 14

      • GRA and, 13

      • nonconcessional lending and, 6

      • SDRs and, 35n42, 100

    • RA. See Reserve Account

    • RAC. See Rapid-Access Component

    • RAP. See Rights Accumulation Program

    • Rapid-Access Component (RAC), ESF and, 68

    • Rapid Credit Facility (RCF), xi, 170

      • access limits for, 52t

      • concessional lending by, 48t, 50, 50f

      • interest rates for, 70

      • lending through, 2

      • LICs and, 5

      • PRGT and, 169

      • PSI and, 69

      • safeguard assessments and, 150

    • Rapid Financing Instrument (RFI), xi, 27, 170

      • balance of payments and, 30

      • GRA and, 5

      • lending through, 2

      • nonconcessional lending from, 6

      • safeguard assessments and, 150

    • RCF. See Rapid Credit Facility

    • Real Estate Investment Trust (REIT), xi, 111

    • Reconstitution requirement, SDR Department and, 88n11

    • REIT. See Real Estate Investment Trust

    • Remedial measures

      • for arrears, 133–34, 148

      • de-escalation of, 149

    • Remunerated reserve tranche position, 42, 170–71

    • Republic of Nauru, 2n1

    • Repurchase policies, 33, 33nn37–38

      • voting power for, 33n36, 159

    • Reserve Account (RA), xi

      • for concessional lending, 59, 61

      • to GSA, 78

      • PRGF and, 61–62

      • PRGT and, 169

    • Reserve coverage ratio, 126

    • Reserve tranche position (RTP), 35, 36, 42, 141, 159, 171

      • GRA and, 23n21

      • PRGT and, 51n4

    • Resource Mobilization Plan (RMP), 26, 26n28, 127, 171

    • Review of Conditionality of 2011, 43

    • RFI. See Rapid Financing Instrument

    • Rights Accumulation Program (RAP), xi, 133, 133n9, 171

    • Risk management

      • arrears and, 130–35

      • audit framework and, 137–38

      • central bank safeguard assessments and, 135–37, 135f, 137f

      • credit risk, 123–26, 139

      • exchange rate risk, 129–30, 139

      • financial reporting and risk disclosure in, 138, 144

      • for IA, 112

      • by IMF, 8–9, 123–53

      • income risk, 127–30, 139

      • liquidity risk, 126–27, 139

      • operational risk, 124, 139

      • surcharges and, 107–8

    • RMP. See Resource Mobilization Plan

    • RTP. See Reserve tranche position

    • Rules and Regulations, for IA, 109, 111, 112

    • Russia, 4, 19

    • SAF. See Structural Adjustment Facility

    • Safeguard assessments, 171

      • of central banks, 135–37, 135f, 137f, 150

      • of IMF, 150

    • SBAs. See Stand-By Arrangements

    • SCA. See Special Contingent Account

    • SCA-1/Deferred Charges Administered Account, 161

    • SCF. See Standby Credit Facility

    • SDA. See Special Disbursement Account

    • SDR basket, 84

      • China and, 8

      • composition criteria for, 96

      • currencies in, 85, 86f, 86t, 111

      • Executive Board and, 86

      • interest rates and, 99n2

    • SDR Department

      • arrears to, 147

      • balance sheets of, 93t

      • designation mechanism for, 103

      • financial statements of, 93

      • GRA and, 105n3, 113

      • income statements of, 93t

      • operation of, 89–93

      • reconstitution requirement and, 88n11

    • SDRs. See Special Drawing Rights

    • Service charge, 171

      • from GRA, 108

    • Singapore Resolution (Quota and Voice Reforms of 2006), 18

    • SLAs. See Special Loan Accounts

    • SMP. See Staff-Monitored Program

    • Special charges (additional charges), 171

      • for arrears, 134, 134n14

    • Special Contingent Account (SCA), xi, 171

      • administered accounts for, 161

      • burden sharing and, 141

      • precautionary balances in, 125, 143

    • Special Disbursement Account (SDA), xi, 13, 37

      • arrears to, 130

      • gold and, 63n25, 78

      • HIPC Initiative and, 63

      • PRGF and, 61

      • voting power for, 159

    • Special Drawing Rights (SDRs), xi, 8, 83–103, 171

      • allocations and cancellations of, 87–89, 89f

      • Articles of Agreement and, 89–90

      • assessments for, 83n1

      • background and characteristics of, 83

      • basic rate of charge and, 114

      • borrowing, 100

      • borrowing agreements and, 59n18

      • Bretton Woods Convention and, 84n4

      • burden sharing and, 141

      • central banks and, 89n14

      • creation of, 94

      • credit risk and, 124

      • currencies and, 24, 95

      • excess holdings ratio for, 103

      • Executive Board and, 84n2, 85, 95

      • FCC and, 145

      • financial crisis of 2008 and, 5

      • flow of, 89, 90f, 91

      • Fourth Amendment and, 89n12

      • freely usable currency and, 96

      • FTP and, 26, 103

      • gold and, 94, 106n4

      • in GRA, 90

      • of IMF, 155–58

      • IMF and, 91, 91f

      • interest rates of, 84, 87, 87n8, 99, 99n3, 114, 134, 141, 159

      • MDRI and, 64n26, 76

      • NPV and, 78

      • prescribed holders of, 89, 89n14, 91f

      • for PRGT, 92–93

      • purchase repurchase mechanisms and, 23

      • quotas and, 4, 13–14, 14n1

      • quota subscriptions and, 35n42, 100

      • select transactions of, 91f

      • valuation of, 84–86, 95–96

      • voting power for, 159

      • VTAs and, 84, 91–93, 93n16, 101–2

      • See also SDR basket; SDR Department

    • Special Loan Accounts (SLAs), 59, 169

    • Special Reserve, 125n4, 143

    • Special Subsidy Accounts (SSAs), xii, 59, 169

    • SRF. See Supplemental Reserve Facility

    • SSAs. See Special Subsidy Accounts

    • Staff-Monitored Program (SMP), xi, 133, 150, 171

    • Stand-By Arrangements (SBAs), xi, 27–28, 171

      • access policy and, 32f

      • commitment fees and, 118

      • credit by, 29f

      • financing access and, 14

      • lending through, 2

      • NAB and, 26

      • nonconcessional lending from, 6

    • Standby Credit Facility (SCF), xi, 172

      • access limits for, 52t

      • concessional lending by, 48t, 50, 50f

      • interest rates for, 70

      • lending through, 2

      • LICs and, 5

      • PRGT and, 169

      • PSI and, 69

    • Strengthened Cooperative Strategy on Overdue Financial Obligations, 130

    • Structural Adjustment Facility (SAF), 47–49, 50f

    • Subaccounts

      • of ECF, 63

      • Endowment, 109, 110–12

      • Fixed-Income, 109, 110–12

      • of IA, 110–12

    • Supplemental Reserve Facility (SRF), 29f, 116

    • Supplementary Financing Facility Subsidy Account, 161

    • Surcharges, 116–17

      • level-based, 107, 116, 172

      • liquidity risk and, 127

      • New Income Model and, 108

      • risk management and, 107–8

    • Surcharge to basic rate of charge, 172

    • Surveillance, 2, 172

    • Systemic Transformation Facility, 29f

    • TBRE. See Time Based Repurchase Expectations Policy

    • Technical Memorandum of Understanding (TMU), xii, 33n34

    • TF. See Trust Fund

    • TIM. See Trade Integration Mechanism

    • Time Based Repurchase Expectations Policy (TBRE), xii, 108

    • TMU. See Technical Memorandum of Understanding

    • Trade Integration Mechanism (TIM), xii, 30

    • Transactions by agreement, 172

      • See also Voluntary trading arrangements

    • Trust Fund (TF), xii, 47, 161

      • arrears to, 130

      • concessional lending by, 50f

    • Turkey, 3, 18

    • UCT. See Upper credit tranche

    • Umbrella accounts, 63, 151

    • United Kingdom, 4

    • United Nations, Millennium Development Goals of, 47, 76, 168

    • United States, 4

    • Upper credit tranche (UCT), xii, 172

      • balance of payments and, 48t

      • conditionality for, 50n2

    • Usable currency, 172

      • See also Freely usable currency

    • Voice and Participation amendments, 18

    • Voluntary trading arrangements (VTAs), xii, 84, 91–93, 93n16, 101–2

    • Voting power, 3n3

      • for quotas, 13, 14, 159

      • repurchase policies and, 33n36

    • VTAs. See Voluntary trading arrangements

    • World Bank, 2, 6, 10, 54, 72, 73, 133

    The legal authority of the IMF to act as an administrator of such resources derives from Article V, Section 2(b), which empowers it, if requested, to “perform financial and technical services, including the administration of resources contributed by members that are consistent with the purposes of the Fund.” The operations involved in the performance of such financial services cannot “be on the account of the Fund.”

    Refer also to Box 2.4 “The Reserve Tranche Position” and Figure 2.3 “Members’ Financial Position in the General Resources Account.”

    As discussed in Chapter 2, additional considerations may arise when the credit is directed to the state treasury for budget financing.

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