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United States: United States 2008 Article IV Consultation Staff Report—Informational Annex

Author(s):
International Monetary Fund
Published Date:
July 2008
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Annex I. United States: Fund Relations

(As of May 31, 2008)

I. Membership Status: Joined 12/27/45; Article VIII

II. General Resources Account:

SDR MillionPercent Quota
Quota37,149.30100.0
Fund holdings of currency33,994.8591.5
Reserve position in Fund3,153.638.5

III. SDR Department:

SDR MillionPercent Allocation
Net cumulative allocation4,899.53100.0
Holdings6,029.04123.1

IV. Outstanding Purchases and Loans: None

V. Financial Arrangements: None

VI. Projected Obligations to Fund: None

VII. Exchange Rate Arrangements: The exchange rate of the U.S. dollar floats independently and is determined freely in the foreign exchange market.

VIII. Payments Restrictions: The United States maintains restrictions on payments and transfers for current international transactions to the Balkans, Belarus, Cote d’Ivoire, Cuba, Democratic People’s Republic of Korea, Iraq, Islamic Republic of Iran, Liberia, Myanmar, Sudan, Syrian Arab Republic, and Zimbabwe and has notified the Fund of these restrictions under Decision No. 144–(52/51). The United States restricts the sale of arms and petroleum to the National Union for the Total Independence of Angola (UNITA) and to the territory of Angola and has prohibitions against transactions with international narcotics traffickers. The United States notified the Fund under Decision No. 144–(52/51) on August 2, 1995 of the imposition of further restrictions on current transactions with Islamic Republic of Iran. On March 21, 2002, the United States notified the Fund of exchange restrictions related to the financing of terrorism. The United States notified the Fund under the Framework of Decision 144 of the imposition of two additional exchange restrictions solely for the preservation of national and international security in March 2007 (EBD/07/34, 3/19/07): (i) the blocking of property of and prohibiting transactions with the Government of Sudan and prohibiting transactions with the petroleum and petrochemical industries in Sudan and (ii) the blocking of property of certain persons contributing to the conflict in the Democratic Republic of Congo.

IX. Article IV Consultation. The 2007 Article IV consultation was concluded in July 2007 and the Staff Report was published as IMF Country Report 07/264. A fiscal ROSC was completed in the context of the 2003 consultation.

The 2008 Article IV discussions were conducted from April 28–June 17. Concluding meetings with Chairman Bernanke of the Board of Governors of the Federal Reserve System and Treasury Secretary Paulson occurred on June 16 and 17. A press conference on the consultation was held on June 20. The team comprised R. Teja (Head), T. Bayoumi, M. Estevão, R. Balakrishnan, V. Klyuev, K. Mathai, and H. Tong (all WHD); A. Bhatia, C. Capuano, J. Kiff, and P. Mills (all MCM); and J. Hallaert (PDR). Ms. Lundsager (Executive Director), Mr. Heath (Alternate Executive Director), and Mr. Lin (Advisor) attended some of the meetings. Outreach included discussions with the private sector and think tanks. The authorities have agreed to the publication of the staff report.

Annex II. Statistical Issues

Statistical Issues: Comprehensive economic data are available for the United States on a timely basis. The quality, coverage, periodicity, and timeliness of U.S. economic data are adequate for surveillance. Coverage of international capital flows in external sector statistics has been improved, with the June 2007 releases of BOP and IIP data on financial derivatives. The United States has subscribed to the Special Data Dissemination Standard (SDDS) and its metadata are posted on the Dissemination Standard Bulletin Board (DSBB).

United States: Table of Common Indicators Required for Surveillance(As of June 13, 2008)
Date of

latest

observation
Date

received
Frequency

of data6
Frequency

of reporting6
Frequency

of

publication6
Exchange ratessame daysame dayDDD
International reserve assets and reserveJun. 6Jun. 12WWW
liabilities of the monetary authorities1
Reserve/base moneyJun. 4Jun. 12BWW
Broad moneyJun. 2Jun. 12WWW
Central bank balance sheetJun. 11Jun. 12WWW
Interest rates2same daysame dayDDD
Consumer price indexMay 2008Jun. 13MMM
Revenue, expenditure, balance and composition of financing3 – general government42008 Q1Jun. 5QQQ
Revenue, expenditure, balance and composition of financing3 – central governmentMay 2008Jun. 11MMM
Stocks of central government and central government-guaranteed debtMay 2008Jun. 11MMM
External current account balance2007 Q4Mar. 17QQQ
Exports and imports of goods and servicesApr. 2008Jun. 10MMM
GDP/GNP2008 Q1May 30QMM
Gross External Debt2007 Q4Mar. 28QQQ
International Investment Position52006Jul. 9, 2007AAA

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Daily (D), Weekly (W), Biweekly (B), Monthly (M), Quarterly (Q), Annually (A); NA: Not Available.

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Daily (D), Weekly (W), Biweekly (B), Monthly (M), Quarterly (Q), Annually (A); NA: Not Available.

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