Chapter

Appendix VI. Financial Statements of the General Account, Special Drawing Account, and Staff Retirement Fund

Author(s):
International Monetary Fund
Published Date:
September 1970
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Letter of Transmittal

July 22, 1970

My dear Mr. Chairman:

In accordance with Section 20(b) of the By-Laws of the Fund, I have the honor to submit for the consideration of the Board of Governors the audited financial statements of the General Account and the Staff Retirement Fund for the year ended April 30, 1970, and the Special Drawing Account for the period from January 1, the date on which the first allocation of special drawing rights was made, through April 30, 1970, together with two memoranda from the Audit Committee, which include the audit certificates.

In conformity with the By-Laws, the external audit of the Fund has been performed by an Audit Committee consisting of auditors nominated by three member countries. At the Fund’s request, France, Malaysia and Sierra Leone nominated auditors to serve on this Committee. They respectively nominated Mr. André Vails, Inspecteur des Finances, Ministry of Economy and Finance, France; Mr. Shamsir bin Omar, Accountant General of Malaysia; and Mr. A. S. C. Johnson, Auditor General of Sierra Leone. The Auditors thus nominated were confirmed by the Executive Directors.

It will be noted that, in the period under review for the General Account, ordinary income amounted to $138,126,935, and expenditure amounted to $80,574,457 (including $27,181,314 in remuneration on members’ net creditor positions pursuant to Article V, Section 9, of the Articles of Agreement), resulting in a net income of $57,552,478, which has been transferred provisionally to General Reserve pending action by the Board of Governors. In addition, income of $56,741,734 from the Fund’s investment program has been transferred to the Special Reserve.

The detailed report of the Audit Committee is being submitted separately to the Board of Governors.

Yours sincerely,

/s/

P.-P. Schweitzer

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund

Memorandum by the Audit Committee

June 26, 1970

To the Managing Director

and the Executive Directors

International Monetary Fund

The report of the Audit Committee, dated June 26, 1970, submitted through you to the Board of Governors, on the audit of the financial records, operations and transactions of the International Monetary Fund, for the fiscal year ended April 30, 1970, includes the following paragraphs relating to the scope of the audit and the audit certificate given:

Scope of the Audit

The audit was conducted in accordance with the requirements of Section 20 (b) of the By-Laws that the audit be comprehensive with respect to the examination of the financial records of the Fund; that it extend, insofar as practicable, to the ascertainment that operations and transactions conducted through the General Account or the Special Drawing Account during the period under review were supported by the necessary authority; and that it determine that there was adequate and faithful accounting for the assets and liabilities of the Fund and for special drawing rights. In considering the authority for operations and transactions, reference was made to the Articles of Agreement, the By-Laws, the Rules and Regulations, the Resolutions of the Board of Governors, the minutes of the Executive Board and the General Administrative Orders of the Fund. The Committee applied such tests to the accounting and other financial records as it considered necessary to establish the adequacy of the system of accounting and internal control. In determining the Committee’s program of test examination, consideration was given to the work carried out by the Internal Auditor, as reported by him, and to the standard of his work as observed by the Committee.

Audit Certificate

We have examined the Balance Sheet of the General Account of the International Monetary Fund as at April 30, 1970, the Statement of Income and Expenditure and the Statement of Reserves for the year then ended, and the schedules related thereto; and the Balance Sheet of the Special Drawing Account of the International Monetary Fund as at April 30, 1970 and its related schedules. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.

In our opinion, these Balance Sheets and Statements, together with the notes appearing thereon, present fairly the financial position of the International Monetary Fund as at April 30, 1970, and the results of the operations and transactions in the General Account for the year then ended, and in the Special Drawing Account for the period from January 1, the date on which the first allocation of special drawing rights was made, through April 30, 1970, in conformity with generally accepted accounting principles, and, with respect to the General Account, applied on a basis consistent with that of the preceding year.

Audit Committee:

/s/ André Vails, Chairman (France)

/s/ Shamsir bin Omar (Malaysia)

/s/ A.S.C. Johnson (Sierra Leone)

Exhibit A (General Account)

General Account Balance Sheet as at April 30, 1970

Values expressed in U.S. dollars on the basis of established parities or provisional rates—one U.S. dollar is equivalent to 0.888671 gram of fine gold

Assets
Gold Account
Gold with depositories (See Note 1)
(78,993,505.271 fine ounces at $35 per ounce)
Bars$2,516,082,708
General deposits248,689,976
$2,764,772,684
Less: 42,857.363 fine ounces held in suspense
for the account of the Yemen Arab Repub-
lic pending completion of the formalities of
membership1,500,008$2,763,272,676
Investments (See Note 2)
U.S. Government securities maturing
within 12 months at cost (face amount $844,250,000)$799,944,728
Funds awaiting investment46,783799,991,511$ 3,563,264,187
Special Drawing Rights (See Note 3)212,472,421
(212,472,421 units)
Currencies and Securities (See Note 4)
With depositories
Currencies$ 4,745,801,045
Securities13,818,725,55218,564,526,597
(nonnegotiable, noninterest-bearing
demand obligations, payable at face
value by members in their currencies)
Subscriptions to Capital—Receivable
Balances of original quotas—not due$769,182,177
Balances of increases in quotas—not due (Contra)1,075,000770,257,177
Other Assets (See Note 5)55,423,808
Total Assets$23,165,944,190
Capital, Reserves, and Liabilities
Capital
Subscriptions of members$21,348,700,000
Reserves (Exhibit C)
Special reserve$366,224,001
General reserve350,303,618716,527,619
Subscriptions in Respect of Increases in Quotas
Consented to but Not Yet Effective
Balances not due (Contra)$1,075,000
Partial payments725,0001,800,000
Indebtedness (See Note 6)
To Participants under General
Arrangements to Borrow$815,000,000
Other250,000,0001,065,000,000
Provision for Potential Refunds of
Stand-By Charges (See Note 7)740,447
Other Liabilities (See Note 5)33,176,124
Total Capital, Reserves, and Liabilities$23,165,944,190
Notes :

Excludes 24,948.188 fine ounces held under earmark for members.

Made with the proceeds of the sale of 22,856,900.312 fine ounces of gold. Upon termination of the investment, the same quantity of gold can be reacquired.

The unit of value of special drawing rights is equivalent to 0.888671 gram of fine gold.

Total outstanding drawings of members amount to $5,369 million. Currency holdings in excess of members’ quotas subject to Fund charges amount to $4,018 million.

The assets and liabilities of the Staff Retirement Fund are not included in this Balance Sheet.

Represents currencies borrowed under Article VII, Section 2(i), of the Articles of Agreement.

The charge for a stand-by arrangement is credited against the service charge for funds drawn under the arrangement. A member that cancels a stand-by arrangement will be paid a refund, which will be the prorated portion of the remaining stand-by charge.

/s/ Walter O. Habermeier/s/ Frank A. Southard, Jr.
TreasurerActing Managing Director

Notes :

Excludes 24,948.188 fine ounces held under earmark for members.

Made with the proceeds of the sale of 22,856,900.312 fine ounces of gold. Upon termination of the investment, the same quantity of gold can be reacquired.

The unit of value of special drawing rights is equivalent to 0.888671 gram of fine gold.

Total outstanding drawings of members amount to $5,369 million. Currency holdings in excess of members’ quotas subject to Fund charges amount to $4,018 million.

The assets and liabilities of the Staff Retirement Fund are not included in this Balance Sheet.

Represents currencies borrowed under Article VII, Section 2(i), of the Articles of Agreement.

The charge for a stand-by arrangement is credited against the service charge for funds drawn under the arrangement. A member that cancels a stand-by arrangement will be paid a refund, which will be the prorated portion of the remaining stand-by charge.

/s/ Walter O. Habermeier/s/ Frank A. Southard, Jr.
TreasurerActing Managing Director

Exhibit B (General Account)

General Account Statement of Income and Expenditure for the year ended April 30, 1970

Income
Operational charges$ 12,971,049
Charges on balances in excess of quotas124,728,392
Interest on holdings of special drawing rights413,883
Other13,611
Total Income (See Note 1)$138,126,935
Expenditure
Administrative expenditure
Board of Governors$ 659.828
Executive Directors
Salaries and expense allowances$1,704,610
Other compensations and benefits460,102
Travel308,7122,473,424
Staff
Salaries$11,858,137
Other compensations and benefits4,708,909
Travel3,086,71419,653,760
Special services to member countries2,175,493
Other administrative expenses
Communications$797,915
Office occupancy expenses741,181
Books and printing (See Note 2)636,996
Supplies and equipment542,085
Miscellaneous (See Note 3)951,9143,670,091
Total administrative expenditure$28,632,596
Deduct: Estimated expenses of operating the Special Drawing Account887,656
Net administrative expenditure$27,744,940
Operational expenditure
Remuneration$27,181,314
Transfer charges on currencies borrowed
under General Arrangements to Borrow2,420,000
Interest on indebtedness
Under General Arrangements to Borrow12,990,916
Other3,750,000
Gold handling and sundry other costs (net)31,328 Cr.
Total operational expenditure46,310,902
Fixed property expenditure6,518,615
Total Expenditure80,574,457
Net Income$ 57,552,478
(Transferred provisionally to General Reserve pending
action by Board of Governors) (Exhibit C)
Notes:

Excludes income from investments amounting to $56,741,734 transferred to Special Reserve (Exhibit C).

After deduction of $90,604 for sales of Fund’s publications.

After deduction of $306,561 for food service sales.

Notes:

Excludes income from investments amounting to $56,741,734 transferred to Special Reserve (Exhibit C).

After deduction of $90,604 for sales of Fund’s publications.

After deduction of $306,561 for food service sales.

Exhibit C (General Account)

General Account Statement of Reserves for the year ended April 30, 1970

Special Reserve (See Note 1)
Balance, April 30, 1969$309,482,267
Add
Income from investments in U.S
Government securities56,741,734
Balance, April 30, 1970$366,224,001
General Reserve
Balance, April 30, 1969 (See Note 2)$324,646,839
Deduct
Distribution of net income for fiscal
year 1969 in accordance with Board
of Governors’ Resolution No. 24-1431,895,699
$292,751,140
Add
Net income (Exhibit B),
transferred provisionally pending
action by Board of Governors57,552,478
Balance, April 30, 1970350,303,618
Total Reserves (per Balance Sheet)$716,527,619
Notes:

From November 1, 1957 income from investments in U.S. Government securities has been placed to this reserve. Any administrative deficit for any fiscal year of the Fund must be written off first against this reserve. Pursuant to Article XII, Section 6(c), of the Articles of Agreement, the Fund may make transfers from this reserve to the General Reserve.

Includes net income of $70,837,822 for fiscal year ended April 30, 1969 transferred provisionally to the General Reserve pending action by the Board of Governors. In accordance with Board of Governors’ Resolution No. 24-14, $38,942,123 was allocated to the General Reserve and $31,895,699 was distributed to members pursuant to Article XII, Section 6(b).

Notes:

From November 1, 1957 income from investments in U.S. Government securities has been placed to this reserve. Any administrative deficit for any fiscal year of the Fund must be written off first against this reserve. Pursuant to Article XII, Section 6(c), of the Articles of Agreement, the Fund may make transfers from this reserve to the General Reserve.

Includes net income of $70,837,822 for fiscal year ended April 30, 1969 transferred provisionally to the General Reserve pending action by the Board of Governors. In accordance with Board of Governors’ Resolution No. 24-14, $38,942,123 was allocated to the General Reserve and $31,895,699 was distributed to members pursuant to Article XII, Section 6(b).

Exhibit A (Special Drawing Account)

Special Drawing Account Balance Sheet as at April 30, 1970

Values expressed in units of value of special drawing rights—one unit of value is equivalent to 0.888671 gram of fine gold

Allocations
Net cumulative allocations of special
drawing rights to participants (See Note 1)SDR 3,414,045,600
Holdings
Holdings of special drawing rights (See Note 2)
Participants
Holdings above allocations
AllocationsSDR 1,944,936,000
Received (net)175,013,254SDR 2,119,949,254
Holdings below allocations
AllocationsSDR 1,469,109,600
Used (net)387,485,6751,081,623,925SDR 3,201,573,179
General Account212,472,421
SDR 3,414,045,600
Notes:

Under Articles XXX and XXXI of the Fund Agreement which cover termination of participation in or the liquidation of the Special Drawing Account, each participant has an obligation to pay to the Fund an amount equal to its net cumulative allocation of special drawing rights and any other amounts that may be due and payable because of participation in the Special Drawing Account. The Fund also has an obligation to redeem, in accordance with these Articles, the special drawing rights held by each participant.

Special drawing rights allocated by the Fund do not constitute claims by holders against the Fund to provide currency, except as prescribed by the provisions of Articles XXX and XXXI relating to the termination of participation and liquidation. Participants may use their special drawing rights to obtain currency in accordance with the provisions of Article XXV, and under Section 5 of this Article they are entitled to request the Fund’s assistance in the form of designation of participants to provide currency in exchange for special drawing rights. The obligation of a participant to provide currency for special drawing rights does not extend beyond the point at which its holdings of special drawing rights in excess of its net cumulative allocations are equal to twice its net cumulative allocation or such higher limit as may be agreed between a participant and the Fund. A participant may, however, provide currency in excess of the obligation limit or any agreed higher limit.

/s/ Walter O. Habermeier/s/ Frank A. Southard, Jr.
TreasurerActing Managing Director

Notes:

Under Articles XXX and XXXI of the Fund Agreement which cover termination of participation in or the liquidation of the Special Drawing Account, each participant has an obligation to pay to the Fund an amount equal to its net cumulative allocation of special drawing rights and any other amounts that may be due and payable because of participation in the Special Drawing Account. The Fund also has an obligation to redeem, in accordance with these Articles, the special drawing rights held by each participant.

Special drawing rights allocated by the Fund do not constitute claims by holders against the Fund to provide currency, except as prescribed by the provisions of Articles XXX and XXXI relating to the termination of participation and liquidation. Participants may use their special drawing rights to obtain currency in accordance with the provisions of Article XXV, and under Section 5 of this Article they are entitled to request the Fund’s assistance in the form of designation of participants to provide currency in exchange for special drawing rights. The obligation of a participant to provide currency for special drawing rights does not extend beyond the point at which its holdings of special drawing rights in excess of its net cumulative allocations are equal to twice its net cumulative allocation or such higher limit as may be agreed between a participant and the Fund. A participant may, however, provide currency in excess of the obligation limit or any agreed higher limit.

/s/ Walter O. Habermeier/s/ Frank A. Southard, Jr.
TreasurerActing Managing Director

Staff Retirement Fund

Memorandum by the Audit Committee

June 26, 1970

To the Managing Director

and the Executive Directors

International Monetary Fund

The report of the Audit Committee, dated June 26, 1970, submitted through you to the Board of Governors, on the audit of the financial records and transactions of the International Monetary Fund for the fiscal year ended April 30, 1970, includes the following paragraphs relating to the scope of the audit conducted, and the audit certificate given with respect to the Staff Retirement Fund:

Scope of the Audit

The Audit Committee has examined the separate accounts and financial statements relating to the Staff Retirement Fund for the year ended April 30, 1970. In the course of the examination, the Committee referred to the Articles of the Staff Retirement Plan and to the decisions of the Pension, Administration and Investment Committees created under the Plan. The Audit Committee made what it considered an adequate test check of the various classes of transactions, taking into account the audit coverage of the Internal Auditor, whose report to the Committee showed that a detailed examination had been made of the participants’ accounts.

Audit Certificate

In our opinion, the Balance Sheet, Statement of Source and Application of Funds, and the related Schedules of Participants’ Account, Accumulation Account, Retirement Reserve Account and Reserve Against Investments present fairly the financial position of the Staff Retirement Fund as at April 30, 1970, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year.

Audit Committee:

/s/ André Vails, Chairman (France)

/s/ Shamsir bin Omar (Malaysia)

/s/ A.S.C. Johnson (Sierra Leone)

Exhibit I

Staff Retirement Fund Balance Sheet as at April 30, 1970

Assets
Cash at Banks$ 130,377
Investments
Bonds at amortized cost
United States Government$ 6,011,097
(including de lacto guaranteed notes)
(market value, $4,982,417)
International Bank for Reconstruction

and Development and

Inter-American Development Bank

(market value, $3,376,520)
4,484,246
Corporate5,368.804
(market value, $3,921,414)
Corporate Convertible30,000$15,894,147
(market value, $28,200)
Stocks, at cost
Preferred Convertible$ 7.073
(market value, $8,625)
Common15,888,70715,895,78031,789,927
(market value, $15,320,073)
Accrued Interest on Bonds and Contributions
from Participants and Employer298,402
Total Assets$32,218,706
Liabilities and Reserves
Participants’ Account$ 6,574,515
Accumulation Account19,892,863
Retirement Reserve Account4,866,991
Reserve Against Investments872,692
Accounts Payable11,645
Total Liabilities and Reserves$32,218,706
/s/ Walter O. Habermeier/s/ Frank A. Southard, Jr.
TreasurerActing Managing Director

INDEX

Numbers refer to pages. An asterisk (*) denotes a table, a dagger (†) denotes a chart.

Afghanistan—purchases from Fund, 137*, 140*; repurchase from Fund, 141*; stand-by arrangements, 138-39; special drawing rights, 30*, 32*

Africa—balance of payments, 73*, 103; exports, 59*, 60, 61*, 62, 64, 67†, 68†; imports, 67†, 68†, 69*, 70; gross national product, 104*; international reserves, 23*; public debt, 111*; sisal prices, 651; terms of trade, 59*; trade balance, 71*; see also individual countries

African Development Bank—Fund relations with, 147

Algeria—economic situation and policy, 107; exports, 61*, 64, 67†, 70, 107; Fund quota increase, 136*; gold purchases, 126*; imports, 69*, 70; special drawing rights, 30*, 32*

Argentina—balance of payments, 104, 105*, 109, 110; capital movements, 110; currency devaluation, 110; economic situation and policy, 70, 110; exports, 61*, 63, 67†, 106*; Fund Article VIII, acceptance of, 133*; gold purchases, 126; gross national product, 70, 104*, 110; imports, 69*, 70, 106*; prices, 110; special drawing rights, 30*

Articles of Agreementsee Fund Articles of Agreement

Asia—balance of payments, 73*, 103, 108; exports, 59*, 60, 61*, 62, 65, 67†, 68†, 109; gross national product, 103, 104*; imports, 68, 69*; international reserves, 23*; public debt, 111*; rice exporters, 109; terms of trade, 59*; trade balance, 71*; see also individual countries

Asian Development Bank—Fund relations with, 149

Association of African Central Banks—Fund relations with, 149

Australia—balance of payments, 8, 73*, 101*, 102; capital movements, 102; economic situation and policy, 102; exports, 59*, 60, 61*, 102; Fund Article VIII, acceptance of, 133*; gold production, 122*; gold subsidy program, 130; imports, 69*, 102; interest rates, 102; international bond issues, 97*; international reserves, 23*; monetary policy, 102; special drawing rights, 30*, 32*; terms of trade, 59*; trade balance, 71*

Austria—balance of payments, 74*, 89, 90, 156*; capital movements, 90, 96, 114; discount rate, 116; economic situation and policy, 90; exchange rate, 116; exports, 45, 49*, 51†; Fund Article VIII, acceptance of, 133*; gold sales to Fund, 35, 37, 124; gross national product, 44*; imports, 44*, 90; import/gross national product ratio, 44*; interest rates, 90, 96, 116; prices, 90; special drawing rights, 30*, 32*

Bahama Islands—par value changed, 134*, 135

Balance of Payments—3, 8-12, 14, 72-111, 155-71*; industrial countries, 155-68*; primary producing countries, less developed, 170-71*; primary producing countries, more developed, 98, 169*; summary, 73*; see also individual countries

Bank for International Settlements—gold transactions, 19, 123, 126

Belgium—balance of payments, 89, 90; borrowing and repayment under General Arrangements to Borrow 144, 146*; capital movements, 90, 96, 113, 114, 115, 120; discount rate, 116; economic situation and policy, 90; exchange rate, 112, 113, 115, 116, 117-18, 120; Fund Article VIII, acceptance of, 133*; gold purchases, 126*; interest rates, 96, 116; international reserves, 23*; prices, 90; purchases from Fund, 136, 137*; repurchases from Fund, 36, 141*, 143; special drawing rights, 29, 30*, 32*; swap transactions, 90; see also Belgium-Luxembourg

Belgium-Luxembourg—balance of payments, 74*, 76*, 157*; capital movements, 76*; exports, 45, 49, 51†, 53†; gross national product, 44*; imports, 44*; import/gross national product ratio, 44*

Bermuda—par value changed, 134*, 135

Bolivia—exports, 104; Fund Article VIII, acceptance of, 133*; international trade, 106*; special drawing rights, 30*, 32*; stand-by arrangement, 139*

Board of Governorssee Fund Board of Governors

Bond Market, International—90, 91; issues, 96-98; yields, 98, 99†

Botswana—par value established, 134*, 135; special drawing rights, 30*

Brazil—balance of payments, 8-9, 104, 105*, 109; coffee prices, 64†; economic situation and policy, 70, 109; exchange rate, 109; exports, 61*, 63, 67†, 106*, 109; gross national product, 104*; imports, 69*, 70, 106*, 109; special drawing rights, 30*, 32*; stand-by arrangement, 138-39

Burma—exports, 67†; 106*; imports, 106*; international reserves, 103; purchases from Fund, 137, 139*, 140*; special drawing rights, 30*, 32*; stand-by arrangement, 139*

Burundi—purchase from Fund, 137*; repurchases from Fund, 32*, 141*; special drawing rights, 30*, 32*; stand-by arrangement, 139*

Cambodia—membership in Fund, 133; special drawing rights, 30*, 32*

Cameroon—exchange rate, 134; Fund quota increase, 136*; special drawing rights, 30*

Canada—balance of payments, 11, 74*, 76*, 78-79, 80, 117, 158*; banks’ reserve requirements, 80; borrowing and repayment under General Arrangements to Borrow, 146*; budget, 80; capital movements, 11, 76*, 80, 96, 113, 117; credit situation, 79†; discount rate, 79-80; economic situation and policy, 5, 55, 78-80; exchange rate, 11-12, 28, 80, 112, 113, 114†, 115, 116, 117, 119†, 120; exports, 41*, 47†, 48, 49, 51, 53†, 55, 56-57†, 80; Fund Article VIII, acceptance of, 133*; gold production, 122*, 123; gold sales, 126*; gold subsidy program, 130; government expenditures, 79; gross national product, 6†, 44*, 79; imports, 42, 43*, 44*, 46†, 47†, 48, 62, 63*, 80; import/gross national product ratio, 44*; industrial production, 46†; interest rates, 11, 80, 94†; international bond issues and yields, 97, 99†; international reserves, 11, 22, 23*, 80, 117; prices, 3, 5, 6†, 7, 53, 54*, 55, 56-57†, 65†, 78, 79, 80; special drawing rights, 30*, 32*; swap transactions, 80, 117; unemployment, 79; wages, 80

Capital Movements—3, 8, 14, 73, 90, 91, 92, 112, 113, 114; see also individual countries

Caribbean Development Bank—Fund relations with, 150

Central African Republic—exchange rate, 134; Fund quota increase, 136*; special drawing rights, 30*

Central America—gross national product, 104*; international trade, 69*, 71*, 106*

Central American Monetary Council—Fund relations with, 150

Central Banking Experts of the American Continent—Fund relations with, 150

Central Banking Servicesee Fund Services

Ceylon—exports, 65, 67†, 106*; gross national product, 104*; imports, 106*; international reserves, 103; purchases from Fund, 137*; 140*; repurchases from Fund, 32*, 36, 141; special drawing rights, 30*, 32*; stand-by arrangements, 138-39; tea prices, 64†

Chad—exchange rate, 134; Fund quota increase, 136*; purchases from Fund, 137; special drawing rights, 30*, 32*

Chile—balance of payments, 8-9, 104, 105*, 109; economic situation and policy, 109, 110; exports, 61*, 64, 66, 106*; gross national product, 104*; imports, 106*; prices, 64†, 109, 110; purchase from Fund, 137*; repurchase from Fund, 141*; special drawing rights, 30*, 32*; stand-by arrangement, 139*; wages, 109

China, Republic of—balance of payments, 8-9, 105*; economic situation and policy, 104, 106; exports, 61*, 65, 66, 67†, 104, 106*; gross national product, 104*; imports, 8, 68, 69*, 106*; special drawing rights, 29(fn)

China, mainland—gold purchases, 121

Classification of Countries—42(fn), 62(fn)

CMEA Countries, mainland China, etc.—gold transactions, 121, 123, 124†

Colombia—balance of payments, 109; exports, 61*, 63, 64, 106*; gold production, 122*; gross national product, 104*; imports, 106*; purchases from Fund, 137*, 140*; repurchases from Fund, 32*, 36, 140*, 141*, 143; special drawing rights, 30*, 32*; stand-by arrangements, 138-39

Commodity Pricessee Prices

Comoro Islands—par value changed, 134*

Compensatory Financingsee Fund General Account

Congo, Democratic Republic of—balance of payments, 103, 105*, 107; economic situation and policy, 64, 107; exchange rate, 107; exports, 61*, 64, 107; Fund quota increase, 135, 136*; gold holdings, 121; gold production, 122*; gross national product, 104*; imports, 69*, 70, 107; prices, 107; repurchase from Fund, 141*; special drawing rights, 30*, 32*

Congo, People’s Republic of the—exchange rate, 134; Fund quota increase, 136*; special drawing rights, 30*

Costa Rica—Fund Article VIII, acceptance of, 133*; repurchase from Fund, 32*, 141*; special drawing rights, 30*, 32*

Cyprus—repurchase from Fund, 141*; special drawing rights, 30*

Dahomey—exchange rate, 134; Fund quota increase, 136*; special drawing rights, 30*

Denmark—balance of payments, 74*, 88-89, 159*; economic situation and policy, 89; exports, 49*, 51†; Fund Article VIII, acceptance of, 133*; gold reserves, 121; gross national product, 44*; imports, 44*; import/gross national product ratio, 44*; interest rates, 89; international bond issues, 98; purchases from Fund, 136, 137*; special drawing rights, 30*

Dominican Republic—Fund Article VIII, acceptance of, 133*; purchases from Fund, 137, 140*; repurchases from Fund, 32*, 36, 140-41; special drawing rights, 30*, 32*

Ecuador—purchases from Fund, 36, 137, 139-40; repurchases from Fund, 32*, 141*; special drawing rights, 30*, 32*; stand-by arrangement, 139*

El Salvador—Fund Article VIII, acceptance of, 133*; purchases from Fund, 36, 137, 139-40; repurchase Fund, 32*, 141*; special drawing rights, 30*; stand-by arrangement, 139*

Equatorial Guinea—membership in Fund, 133; special drawing rights, 30*

Ethiopia—gross national product, 104*; international trade, 106*

Euro-Currency Markets—8, 19, 22, 26, 72-73, 77, 90-91, 92-96, 115, 118; interest rates, 88, 93, 94, 95, 96, 97, 98, 112, 113, 114, 116, 120

Europe—balance of payments, 73*; capital movements, 8, 88; economic situation, 3, 4, 7, 8, 45, 54, 72; economic policy, 12, 136; exports, 47†, 54*, 59*, 60, 61*, 68†; imports, 42, 43*, 47†, 63*, 68†, 69*; interest rates, 8, 70, 88, 114; international bond issues, 97; international reserves, 8; prices, 53, 54; terms of trade, 59*; trade balance, 71*; see also individual countries

European Economic Community—economic situation, 7; exchange rates, 115; exports, 41*, 42, 47, 49, 54; gross national product, 6†; imports, 42, 45, 47†, 48, 62, 63*; international bond issues, 97*; prices, 6†, 42, 54, 113; trade balance, 49, 50†; see also individual countries

European Fund—gold transactions, 123*

European Free Trade Association—exports, 41*, 42; trade balance, 50†

Executive Directorssee Fund Executive Board

Fiji—par value changed, 134*, 135

Finland—balance of payments, 8, 98, 100, 101*; capital movements, 100; economic situation and policy, 100; exchange rate, 98, 100; exports, 61*, 100; imports, 67, 69*, 100; international reserves, 100; special drawing rights, 30*, 32*

Foreign Exchange Markets—3, 112-20

France—balance of payments, 3, 4, 9, 10, 15, 73, 74*, 76*, 83, 84, 112, 114, 117, 159*; borrowing and repayment under General Arrangements to Borrow, 146*; budget, 84; capital movements, 9, 72, 76*, 83, 85, 113, 116-17, 120; credit situation, 84†; debt repayment, 15, 21, 27, 112, 117; discount rate, 84†; economic situation and policy, 5, 9, 48, 58, 83-85; exchange rate, 112, 113, 114†, 115, 116, 117, 119†, 120; exports, 9, 49*, 51, 53†, 58, 83, 84; Fund Article VIII, acceptance of, 133*; gold market, 128, 129; gold sales, 22, 126; government expenditures, 84† gross national product, 6†, 44*, 48, 84, 85; imports, 44*, 46†, 48, 49, 51, 63*, 83, 84; import/gross national product ratio, 44*, 51; industrial production, 46† interest rates, 72, 94†, 117, 120; international bond issues and yields, 98, 99†; international reserves, 22, 23*, 83, 112, 121; monetary policy, 72; par value changed, 3, 8, 9, 28, 48, 58, 83, 84, 85, 112, 115, 118, 134; prices, 3, 6†, 54*, 58, 84; purchases from Fund, 36, 37, 136, 137*, 142*; special drawing rights, 30*; stand-by arrangements, 138-39; trade balance, 50†, 52*

French Guiana—par value changed, 134*

French Polynesia—par value changed, 134*

Fund Articles of Agreement—amendment, 28, 35, 136 (fn), 138, 152; Article III, Section 4(a), 34; Article IV, Section 3, 117; Article V, Section 6(a), 35; Article V, Section 7(b) and (c), 36, 142; Article V, Section 8(f), 151-52; Article V, Section 9, 37-38, 152; Article VII, 37; Article VIII, Sections 2, 3, and 4, 28, 133-34, 144, 146; Article XII, Section 6(b), 153; Article XIV, 28, 144, 146; Article XIX, (a) and (e), 151; Article XIX, (j), 138; Article XXIII, Section 1, 133; Article XXV, Section 2(a) and (b)(i), 29; Article XXV, Section 3(a), 29; Article XXV, Section 5, 29; Article XXV, Section 7 (c) (i) and (d), 37, 151; Article XXVI, Section 4, 151; Article XXXII (b)(1) and (2), 31

Fund Board of Governors—distribution of Fund’s net income approved, 153; increase in members’ quotas approved, 15, 28, 33, 135, 180-83; gold mitigation, 33-34; special drawing rights, allocation of, approved, 15, 28-29, 144

Fund By-Laws and Rules and Regulations—amendment, 28; Rule 1-9, 152

Fund Consultations with Members—28, 144, 146

Fund Executive Board—133; Executive Directors, list and voting power, 191-93; mechanism of exchange rate adjustment, study on, 14, 28; membership changes, 194; report to the Board of Governors on Increases in Quotas of Members, Fifth General Review, 28, 31, 33, 126, 177-83

Fund Executive Board Decisions—purchases under stand-by arrangements, 138; 7-(648), Voluntary Repurchases, 142; 1034-(60/ 27), Article VIII and Article XIV, 144, 146; 1371-(62/36), currencies for use in repurchases, 36-37; 2772-(69/47), Stabilization of Prices of Primary Products, 28, 175; 2836-(69/87), Gold Tranche Purchases Under Article V, Section 3(d), 35, 138, 175-76; 2901-(69/122), Use of Special Drawing Rights in Repurchases and Payment of Charges, 29, 176; 2909-(69/124), Special Drawing Account, 29; 2914-(69/127), South Africa: Policy on Sales of Gold to the Fund, 28, 34-35, 183-84; 2916-(69/127), Sale of Gold to the Fund by Participants Designated Under Article XXV, Section 5, 35, 187; 2918-(69/128)S, currency convertible in fact, 29; 3010-(70/25), Currencies to Be Used by Participants Acquiring Special Drawing Rights from the General Account for Payment of Charges and Assessments, 190; 3032-(70/38)G/S, Exclusion of Special Drawing Rights in Certain Calculations of Monetary Reserves, 190; 3033-(70/38), Use of Special Drawing Rights in Payment of Remuneration, 38, 152, 190; 3034-(70/38), special drawing rights, treatment of in calculating monetary reserves, 190

Fund Financial Statements—195-206

Fund General Account—35-38; balance sheet, 200-201; borrowing from Italy, 144, 152; charges to members, 29, 32*, 151-52; compensatory financing, 33 (fn), 36, 135, 137, 138, 139-40, 142-43; currencies used by Fund, 31, 37, 136, 142*; General Arrangements to Borrow, 36, 37, 136, 142, 143-44, 146*, 152; gold and currency holdings, 18*, 19, 20, 36, 37, 123, 126; gold purchases from Austria, 35, 37, 123; gold purchases from South Africa, 4, 15, 28, 34-35, 37, 121, 122, 123, 183-84; gold transactions, 37, 83, 123*, 126, 136, 137, 142*; purchases by members, 28, 35, 36, 37, 83, 126, 135-38, 139-40, 141*, 142*, 143, 144†, 145†; remuneration, 37-38, 152; repurchases by members, 28, 29, 32*, 36, 37, 139*, 140, 141-43, 147*; reserve positions in Fund, 16†, 17*, 18*, 19, 20, 21, 22, 26; resources available for financing, 33, 36-37; special drawing rights, 29, 30*, 32*, 37, 63*, 142*, 143, 144, 147*, 151; stand-by arrangements, 28, 36, 138-39, 145†

Fund Gold Holdingssee Fund General Account

Fund Managing Director—addresses, etc., 149; special drawing rights, proposal for allocation of, 19, 20, 21, 28-29, 144

Fund Members—exchange rates, 28, 112, 117, 134; new, 28, 133; par values, 14, 28, 112, 115, 116, 134, 135; terms and conditions for membership approved, 133

Fund Organization and Administration—Audit Committee, 153, 199, 205; budget, 153, 195; IMF Institute, 148-49; income, expenditure, and reserves, 38, 151-53, 197, 202-203; publications, 28, 153-54; staff, 151; Staff Retirement Fund, 198, 205, 206; see also Fund Board of Governors; Fund Executive Board, Fund Managing Director, and Fund Services to Members

Fund Quotas—133, 135; calculation of, 33; Fifth General Review, 15, 26, 31, 33-34, 135; gold payments, mitigation of, 33-34; increases in, 4, 31, 33-34, 135, 136*

Fund Relations with Other International Organizations—28, 132, 149-51; see also individual organizations

Fund Services to Members—Balance of Payments Division, 149; Bureau of Statistics, 148; Central Banking Service, 147-48; Fiscal Affairs Department, 147; gold transactions service, 132; IMF Institute, 148-149; technical assistance, 28, 146-48

Fund Special Drawing Account—3-4, 28-31, 144; assessments to cover expenses, 151, 152; balance sheet, 204; currencies convertible in fact and currency conversions, 31; gold sales to Fund by participants, 35; participants, 28, 30*, 133; special drawing rights, allocation of, 15, 17, 21, 22, 28-29, 30*, 133, 144; special drawing rights, designation system, 29, 30-31, 123; special drawing rights, method of recording in balance of payments, 149; special drawing rights, percent of total reserves, 16†, 21; special drawing rights, unit of value, 15(fn), 29(fn), 144(fn); special drawing rights, uses of, 29, 31, 32*, 37, 136, 142*, 143, 144, 147*, 151, 152

Fund Transactionssee Fund General Accountand Fund Special Drawing Account

Gabon—exchange rate, 134; Fund quota increase, 136*; special drawing rights, 30*

Gambia, The—special drawing rights, 30*

General Agreement on Tariffs and Trade—Fund relations with, 151

General Arrangements to Borrowsee Fund General Account

Germany—balance of payments, 4, 9, 10, 15, 55, 73, 74*, 75†, 76†, 86, 161*; banks’ foreign asset position, 96; banks’ reserve requirements, 85, 86; borrowing and repayment under General Arrangements to Borrow, 146*; capital movements, 9, 16, 17, 72, 73, 76*, 85, 86-87, 96, 114, 115, 116, 120; claims under General Arrangements to Borrow transferred, 144; credit situation, 86†; discount rate, 85, 86, 116; economic situation and policy, 4, 7, 45, 55, 85-87; exchange rate, 112, 113†, 115-16, 118-19, 120; exports, 45, 47†, 49*, 51, 52, 53†, 55, 86; Fund Article VIII, acceptance of, 133*; gold sales, 126; government expenditure, 86†; gross national product, 5, 6†, 44*, 45, 86†; imports, 44*, 45, 46†, 47†, 49, 51, 55, 63*; import/gross national product ratio, 44*, 45; industrial production, 46†; interest arbitrage, 95†; interest rates, 9, 72, 85, 86, 94†, 96, 116; international bond issues and yields, 98, 99†; international reserves, 16, 22, 23*, 121; monetary situation and policy, 9, 72, 85; par value changed, 3, 8, 9, 28, 45, 49, 53, 55, 58, 66, 85, 116, 134, 135; prices, 6†, 45, 52, 54*, 55, 85, 86; purchases from Fund, 36, 136, 137, 142*; special drawing rights, 29, 30*, 32*; trade balance, 49, 50†, 52*; unemployment, 85; wages, 85, 86

Ghana—cocoa prices, 64†; gold production, 122*; gross national product, 104*; international trade, 106*; purchases from Fund, 137*, 140*; repurchases from Fund, 36, 140*, 141, 143; special drawing rights, 30*; stand-by arrangements, 138-39

Gold—absorption by private holders, industry, and arts, 121 123, 124†, 125, 126, 128; holdings, 161, 17, 18*, 19, 21, 22, 123, 124†, 125*; markets, 120-21, 123, 125, 127-30; movements, 34-35, 126, 127; price, 120-21 126, 127-30; production, 121, 122, 123*, 124†, 125*; subsidy programs, 130; two-tier price system, 120, 121, 129; see also Fund General Account and individual countries

Greece—balance of payments, 101*; exports, 61*; imports, 67; special drawing rights, 30*, 32*

Gross National Product—41*; industrial countries, 44*

Guadeloupe—par value changed, 134*

Guatemala—Fund Article VIII, acceptance of, 133*; purchases from Fund, 137*, 140*; repurchases from Fund, 32*, 36, 140*, 141*, 143; special drawing rights, 30*, 32*; stand-by arrangement, 139*

Guinea—purchases from Fund, 137; repurchase from Fund, 141*; special drawing rights, 30*, 32*

Guyana—Fund Article VIII, acceptance of, 133*; special drawing rights, 30*, 32*; stand-by arrangements, 138-39

Haiti—Fund Article VIII, acceptance of, 133*; purchases from Fund, 137, 140*, repurchases from Fund, 32*, 141*, 143; special drawing rights, 30*, 32*

Honduras—Fund Article VIII, acceptance of, 133*; special drawing rights, 30*; stand-by arrangement, 139*

Hong Kong—exports, 61*, 65, 66, 67†; gold market, 128, 130; imports, 8, 68

Iceland—balance of payments, 98; exchange rate, 98, 100; purchase from Fund, 140*; special drawing rights, 30*

India—agriculture, 103, 108; balance of payments, 8-9, 103, 105*, 108; economic situation and policy, 70, 108; exports, 60, 61*, 65, 67†, 106*, 108; gold market, 128, 130; gross national product, 104*; imports, 69*, 70, 103, 106*; purchase from Fund, 140*; repurchases from Fund, 32*, 36, 140, 141*, 142-43; special drawing rights, 30*, 32*

Indonesia-—economic situation and policy, 68, 108; exports, 61*, 65, 67†, 106*; gross national product, 104*; imports, 68, 69*, 106*; purchase from Fund, 137*; repurchases from Fund, 32*, 141*; special drawing rights, 30*, 32*; stand-by arrangement, 138-39

Industrial Countries—balance of payments, 9, 12, 13, 14, 73, 74, 75†, 155-68*; capital movements, 8, 9, 12, 73, 76*; economic assistance to developing nations, 14; economic situation and policy, 3, 4, 7, 12-14, 43, 53, 72; exchange rates, 58; exports, 42, 43*, 49*, 50, 54, 66, 681; gross national product, 4, 5, 6†, 41*, 43, 44; imports, 7, 8, 41, 42, 43*, 44-45, 62, 63*, 67, 68†; import/gross national product ratio, 44-45; incomes policy, 13-14; industrial production, 60, 62†; interest rates, 3; international bond issues, 97*; international reserves, 16, 22, 23*; prices, 3, 4, 5, 6†, 13, 42, 43, 52-53, 54; purchases from Fund, 136, 1451; stand-by arrangements, 145†; swap transactions, 16, 26; unemployment, 13; wages, 4, 5, 13, 43; see also individual countries

Inter-American Center of Tax Administrators—Fund relations with, 150

Inter-American Development Bank—Fund relations with, 150

Interest Arbitrage—94†, 118-20

Interest Rates—8, 9, 72-73, 81, 83, 85, 88, 89, 96, 100, 110, 112, 114; industrial countries, 11, 15, 17, 81, 85, 86, 88, 89, 94, 96; see also individual countries

International Bank for Reconstruction and Development—Fund relations with, 28, 149-150

International Liquidity—3-4, 14, 15-27, 28

International Monetary Fundsee Fund

International Monetary System—3, 7, 12-13

International Organizations—Fund relations with, 28, 130, 149-51; gold holdings, 123; international bond issues, 97*

International Reserves, 15, 16, 17, 19*, 20, 23*; composition of, 16†, 18*, 19*, 21-27; distribution, 21-27; growth and composition, 16-21; relation to increase in Fund quotas, 33-34

International Tradesee World Tradeand individual countries

Iran—balance of payments, 105*, 107; economic situation and policy, 104, 106, 107; exports, 61*, 65, 67†, 104, 106*; gross national product, 104*; imports, 69*, 70, 106*, 107; special drawing rights, 30*,32*

Iraq—balance of payments, 105*; exports, 61*, 65, 67†; gold purchases, 126*; gross national product, 104*; imports, 70; petroleum industry, 65; purchase from Fund, 140*; repurchase from Fund, 140*

Ireland—balance of payments, 98, 101; economic situation and policy, 101; exchange rate, 98, 100; exports, 61*, 101; Fund Article VIII, acceptance of, 133*; gold reserves, 121; gold transactions, 126; imports, 67, 101; international reserves, 101; purchases from Fund, 137*, 138; special drawing rights, 30*, 32*

Israel—exports, 61*; imports, 68, 69*; purchases from Fund, 137; special drawing rights, 30*, 32*

Italy—balance of payments, 9-11, 74*, 75†, 76*, 87, 88, 162*; borrowing and repayment under General Arrangements to Borrow, 37, 146*; borrowing by Fund, 144, 146*, 152; capital movements, 9-10, 76*, 88, 113, 114, 117, 118, 120; claims under General Arrangements to Borrow transferred, 37; credit situation, 871; discount rate, 87†, 88; economic situation and policy, 10-11, 48, 87-88; exchange rate, 112, 113, 114†, 115, 116, 117, 118, 120; exports, 48, 49*, 50-51, 52, 53†, 55, 88; fiscal measures, 87-88; Fund Article VIII, acceptance of, 133*; gold purchases, 126; government expenditures, 87†; gross national product, 6†, 44*, 48, 87†; imports, 44*, 46†, 48, 51, 88; import/gross national product ratio, 44*; industrial production, 46†; interest arbitrage, 95†; interest rates, 11, 88, 113, 114, 120; international bond issues and yields, 98, 99†; international reserves, 22, 23*, 88; monetary situation and policy, 11, 88; prices, 6†, 7, 11, 52, 54*, 55, 87, 88; purchase from Fund, 36; special drawing rights, 30*, 32*; trade balance, 50†, 51, 52*; unemployment, 87; wages, 88

Ivory Coast—exchange rate, 134; Fund quota increase, 136*; special drawing rights, 30*

Jamaica—Fund Article VIII, acceptance of, 133*; Fund quota increase, 135, 136*; par value changed, 134, 135; repurchase from Fund, 141*; special drawing rights, 30*

Japan—balance of payments, 10, 11, 74*, 75†, 76*, 80-81, 163*; banks’ foreign asset position, 96; borrowing and repayment under General Arrangements to Borrow, 146*; capital movements, 11, 76*, 80-81; economic situation and policy, 3, 5, 11, 55, 80-81; exchange rate, 112, 113†, 114†, 115, 116, 117; exports 41*, 42, 47†, 48, 49, 50, 51, 52, 53†, 54, 55, 56-57†; Fund Article VIII, acceptance of, 133*; gold production, 122*; gross national product, 6†, 44*, 79; imports, 43*, 44*, 45, 46†, 47†, 48, 51-52, 62, 63*, 81; import/gross national product ratio, 44*, 51; industrial production, 461; interest rates, 81, 96; international bond issues, 97*; international reserves, 22, 23*, 81, 121; monetary measures, 81; prices, 3, 6†, 7, 11, 42, 52, 54, 55, 56-57†, 81; special drawing rights, 30*, 32*; trade balance, 50†, 51, 52*

Jordan—special drawing rights, 30*

Kenya—balance of payments, 103, 105*; gross national product, 104*; repurchase from Fund, 141*; special drawing rights, 30*

Korea—balance of payments, 8-9, 103, 105*; economic situation and policy, 104, 106; exports, 61*, 65, 66, 67†, 104, 106*; gross national product, 104*; imports, 8, 68, 69*, 106*; repurchase from Fund, 141*; special drawing rights, 30*, 32*; stand-by arangements, 138-39

Kuwait—economic conditions, 70; exports, 61*, 65, 67†; Fund Article VIII, acceptance of, 133*; gold reserves, 121; gold sales, 126; imports, 70; petroleum industry, 65

Laos—Fund quota increase, 135, 136*; special drawing rights, 30*, 32*

Latin America—balance of payments, 104; gross national product, 103, 109; international trade, 68†; swap transactions, 24-25*; see also Western Hemisphereand individual countries

Lebanon—gold market, 128, 130; gold purchases, 126*

Lesotho—repurchases from Fund, 32*, 141*, 143; special drawing rights, 30*, 32*

Liberia—purchase from Fund, 137*; repurchases from Fund, 32*, 141*; special drawing rights, 30*, 32*; stand-by arrangements, 138-39

Libyan Arab Republic—balance of payments, 8-9, 103, 105*; economic situation and policy, 104, 106, 107; exports, 61*, 64, 67†, 104, 106*; gross national product, 104*; imports, 69*, 70, 106*

Liquiditysee International Liquidity

Luxembourg—Fund Article VIII, acceptance of, 133*; Fund quota increase, 136*; special drawing rights, 30*; see also Belgium-Luxembourg

Malagasy Republic—exchange rate, 134; special drawing rights, 30*

Malawi—special drawing rights, 30*

Malaysia—balance of payments, 8-9, 103, 105*; economic conditions, 70; exports, 61*, 65, 67†, 70, 106*; Fund Article VIII, acceptance of, 133*; Fund quota increase, 136*; gross national product, 104*; imports, 69*, 70, 106*; special drawing rights, 30*, 32*; tin prices, 64†

Mali—exchange rate, 134; purchase from Fund, 137*; repurchases from Fund, 32*, 141*; special drawing rights, 30*, 32*; stand-by arrangements, 138-39

Malta—par value established, 134*, 135; special drawing rights, 30*

Martinique—par value changed, 134*

Mauritania—exchange rate, 134; Fund quota increase, 136*; special drawing rights, 30*

Mauritius—special drawing rights, 30*, 32*

Mexico—balance of payments, 105*; cotton prices, 65†; economic conditions, 70; exports, 61*, 63, 67†, 106*; Fund Article VIII, acceptance of, 133*; gold production, 122*; gross national product, 70, 104*; imports, 69*, 70, 106*; special drawing rights, 30*, 32*; trade balance, 71*

Middle East—balance of payments, 71*, 104; exports, 59* 60, 61*, 65, 67†, 68†; gross national product, 104*; imports, 681, 69*; international reserves, 23*; public debt, 111*; terms of trade, 59*; trade balance, 71*; see also individual countries

Minerals and Metals—7, 9, 43, 58†, 59, 107

Morocco—balance of payments, 103, 107, 108; economic situation and policy, 70, 107, 108; exports, 64, 67†, 70, 106*; Fund quota increase, 136*; gross national product, 104*; imports, 70, 106*; repurchases from Fund, 32*, 141*; special drawing rights, 30*, 32*; stand-by arrangements, 138-39

Nepal—repurchase from Fund, 141*

Netherlands—balance of payments, 74*, 76*, 89, 90, 164*; bond yields, 99†; borrowing and repayment under General Arrangements to Borrow, 146*; capital movements, 76*, 90, 96, 113, 114, 117; economic situation and policy, 90; exchange rate, 112, 113, 115, 116, 117, 118, 120; exports, 45, 49, 51†, 53†, 90; Fund Article VIII, acceptance of, 133*; gold purchases, 126*; gross national product, 44*; imports, 42, 44*; import/gross national product ratio, 44*; interest arbitrage, 951; interest rates, 113; international reserves, 23*, 96; prices, 3, 90; special drawing rights, 29, 30*, 32*; swap transactions 24-25*

Netherlands Antilles—exports, 61*; imports, 69*

New Zealand—balance of payments, 73*, 100, 101*, 102; economic situation and policy, 102; exchange rate, 98, 100, 102; exports, 59*, 60, 61*, 102; imports, 67, 69*; international bond issues, 97*; international reserves, 23*; prices, 65†, 102; purchase from Fund, 140*; repurchases from Fund, 140*, 141*; special drawing rights, 30*; terms of trade, 59*; trade balance, 71*; wool prices, 65†

New Caledonia—par value changed, 134*

Nicaragua—Fund Article VIII, acceptance of, 133*; purchase from Fund, 137*; repurchase from Fund, 141*; special drawing rights, 30*, 32*; stand-by arrangement, 139*

Niger—exchange rate, 134; Fund quota increase, 136*; special drawing rights, 30*

Nigeria—balance of payments, 103, 105*; economic situation and policy, 107; exports, 60, 61*, 64, 106*; imports, 69*, 70, 106*; special drawing rights, 30*

Nordic Countries—swap transactions, 24-25*; see also individual countries

Norway—balance of payments, 74*, 90, 165*; banks’ reserve requirements, 89; capital movements, 90; discount rate, 89; economic situation and policy, 89-90; exports, 49*, 51†, 90; Fund Article VIII, acceptance of, 133*; gross national product, 44*; imports, 44*, 90; import/gross national product ratio, 44*; interest rates, 96; international reserves, 90; prices, 89; special drawing rights, 30*, 32*

Organization for Economic Cooperation and Development—Fund relations with, 149, 150; imports of members, 62, 66*, 67†

Organization of American States—Fund relations with, 150, 151

Pakistan—economic conditions, 70; exports, 60, 61*, 65, 67†, 70, 106*; gross national product, 104*; imports, 69*, 70, 106*; jute prices, 65†; purchase from Fund, 137*; repurchases from Fund, 32*, 141*; special drawing rights, 30*, 32*; stand-by arrangement, 139*

Panama—Fund Article VIII, acceptance of, 133*; repurchases from Fund, 32*, 141*; special drawing rights, 30*, 32*; stand-by arrangements, 138-39

Par Valuessee Fund Membersand individual countries

Paraguay—special drawing rights, 30*; stand-by arrangement, 139*

Peru—balance of payments, 110; capital movements, 110; cost of living, 110; economic situation and policy, 70, 110; exchange regulations, 110; exports, 61*, 63, 64, 106*, 110; Fund Article VIII, acceptance of, 133*; gold transactions, 126*; gross national product, 70, 104*, 110; imports, 70, 106*, purchase from Fund, 137*, repurchase from Fund, 141*; special drawing rights, 30*; stand-by arrangements, 138-39

Petroleum Producers—64-65, 67†, 70, 104; see also individual countries

Philippines—balance of payments, 68, 105*, 108; economic situation and policy, 108-109; exchange rate, 108-109; exports, 61*, 65, 67†, 68, 106*; gold production, 122*; gold sales, 126; gold subsidy program, 130; gross national product, 104*; imports, 68, 69*, 70, 106*, 108; international reserves, 103; purchase from Fund, 137*; special drawing rights, 30*, 32*; swap transactions, 24-25*; stand-by arrangement, 139*

Portugal—exports, 61*; gold holdings, 121; imports, 67

Príces—4-8, 52, 54-55 112; commodity, 41, 58-60; 62†, 64-65†; industrial countries, 52; see also individual countries

Primary Producing Countries—balance of payments, 3, 8, 73*; capital movements, 8; debt servicing, 8; economic situation, 3, 8; exports, 7-8, 42, 43, 53, 58-60, 61*, 62-63, 67, 68†, 71; imports, 8, 43, 60, 62†, 66-67, 68†, 69*, 70; international bond issues, 97*; international reserves, 23*; prices, 7, 43, 52-53, 58, 59-60, 64-65†; production, 42; terms of trade, 59*, 60; trade balance, 66, 71; see also Primary Producing Countries, Less Developed; Primary Producing Countries, More Developed; and individual countries

Primary Producing Countries, Less Developed—balance of payments, 8, 9, 73*, 74, 102-103, 110, 170-71*; capital movements, 8, 103; debt servicing, 110, 111; economic situation and policy, 8-9, 102, 109; exports, 8, 9, 41*, 42-43, 59*, 60, 62, 64, 66, 67†, 74; gross national product, 4, 41*, 66, 74, 103; international reserves, 8, 22, 103; purchases from Fund, 136, 137; terms of trade, 7, 43, 59*, 60; trade balance, 43; see also individual countries

Primary Producing Countries, More Developed—balance of payments, 8, 73*, 74, 98, 169*; exports, 41*, 42, 59*, 60; gross national product, 41*, 103; imports, 8, 60, 67; international reserves, 22; terms of trade, 59*, 60; see also individual countries

Quotas of Fund Memberssee Fund Quotas

Réunion—par value changed, 134*

Rhodesia—gold production, 122*

Rwanda—purchase from Fund, 137*; special drawing rights, 30*, 32*; stand-by arrangement, 139*

St. Pierre and Miquelon—par value changed, 134*

Saudi Arabia—balance of payments, 105*; exports 61*, 65, 67†; Fund Article VIII, acceptance of, 133*; gold purchases, 126; petroleum industry, 65

Scandinavian Countries—exports 45; international bond issues, 97*; see also individual countries

Senegal—exchange rate, 134; special drawing rights, 30*, 32*

Sierra Leone—repurchases from Fund, 32*, 141*; special drawing rights, 30*, 32*; stand-by arrangement, 139*

Singapore—exports, 61*, 671; Fund Article VIII, acceptance of, 133*; gold market, 126*, 130

Somalia—special drawing rights, 30*, 32*; stand-by arrangements, 138-39

South Africa—balance of payments, 8, 73*, 101*, 102; capital movements, 102; economic situation and policy, 102; exports, 59*, 60, 61*, 102; gold production, 122, 123; gold sales, 4, 15, 28, 34-35, 37, 121, 122, 123, 184-87; gold subsidy program, 130; imports, 67, 69*, 102; international bond issues, 97*; international reserves, 19, 22, 23*, 121; purchase from Fund, 36; repurchases from Fund, 36, 141*, 143; special drawing rights, 30*, 32*; terms of trade, 59*; trade balance, 71*

Southern Yemen—membership in Fund, 133; special drawing rights, 30*

Spain—balance of payments, 8, 100, 101*; capital movements, 100, 101; economic situation and policy, 100; exchange rate, 100; exports, 61*, 100; imports, 67, 69*, 100; interest rates, 100, 101; international reserves, 101; repurchase from Fund, 141*; special drawing rights, 30*

Special Drawing Rightssee Fund Special Drawing Account

Stand-By Arrangementssee Fund General Account and individual countries

Sudan—cotton prices, 65†; exports, 64, 67†, 106*; imports, 106*; repurchases from Fund, 32*, 141*; special drawing rights, 30*, 32*; stand-by arrangements, 139*

Swap Arrangements—15, 16, 17*, 19, 20, 24-25*, 26

Swaziland—membership in Fund, 133; par value established, 134, 135*; repurchase from Fund, 32*, 141*, 143; special drawing rights, 30*,32*

Sweden—balance of payments, 74*, 88-89, 166*; borrowing and repayment under General Arrangements to Borrow, 146*; capital movements, 88, 89, 113, 114†, 118; economic situation and policy, 89; exchange rate, 112, 113, 114†, 118; exports, 49*, 51, 53†, 56-57†; Fund Article VIII, acceptance of, 133*; gross national product, 44*; imports, 44*; import/gross national product ratio, 44*; interest rates, 89, 113; international reserves, 89; prices, 56-57†; special drawing rights, 30*

Switzerland—balance of payments, 74*, 76*, 89; bond yields, 99†; capital movements, 76*, 90, 96, 114, 120; discount rate, 116; economic situation and policy, 90; exchange rate, 112, 113†, 114†, 115, 116, 117, 118, 119†; exports, 45, 49*, 51†; gold market, 127, 128, 129; gold purchases, 126; gross national product, 44*; imports, 44*; import/gross national product ratio 44*; interest arbitrage, 95†; interest rates, 90, 94†, 96, 116, 120; international reserves, 23*; prices, 90

Syrian Arab Republic—purchases from Fund, 137, 140*; repurchase from Fund, 141*; special drawing rights, 30*, 32*

Tanzania—repurchase from Fund, 141*; special drawing rights, 30*

Technical Assistancesee Fund Services To Members

Thailand—exports, 61*, 65, 67†, 104, 106*; gross national product, 104*; imports, 106*; international reserves, 103; rice prices, 65†

Togo—exchange rate, 134; special drawing rights, 30*

Trinidad and Tobago—imports, 69*; repurchases from Fund, 141*, 143; special drawing rights, 30*

Tunisia—balance of payments, 107; economic situation and policy, 107; exports, 64, 67†, 106*; gross national product, 104*; imports, 106*; purchase from Fund, 137*; repurchase from Fund, 141*; special drawing rights, 30*, 32*; stand-by arrangements, 138-39

Turkey—exports, 61*; gold purchases, 126*; imports, 67; purchase from Fund, 137*; repurchase from Fund, 141*; special drawing rights, 30*, 32*; stand-by arrangement, 139*

Uganda—coffee prices, 64†; special drawing rights, 30*

Union of Soviet Socialist Republics—gold sales, 124†; see also CMEA Countries, mainland China, etc.

United Arab Republic—balance of payments, 105*; exports, 61*, 64, 67†, 106*; gross national product, 104*; imports, 69, 106*; purchase from Fund, 140*; repurchase from Fund, 141*; special drawing rights, 30*, 32*

United Kingdom—balance of payments, 3, 4, 9, 10, 15, 48, 73, 74*, 75†, 76*, 81, 82, 83, 112, 114, 117, 167*; banks’ non-sterling external liabilities and claims, 92*, 93; budget, 80; capital movements, 9, 72, 76*, 81, 83, 113, 116-17, 120; currency devaluation, effects of, 9, 48, 52, 55, 58, 82; debt repayment, 15, 21, 27, 83, 112-13, 117; discount rate, 82†; economic situation and policy, 48-49, 72, 81-83; exchange rate, 112, 113†, 115, 116, 117, 119, 120; exports, 9, 47†, 48-49, 50, 51, 53†, 54, 55, 56-57†;, 82, 143; financial policy, 9, 49, 82, 83; Fund Article VIII, acceptance of, 133*; gold market, 127, 128, 129; gold transactions, 126, 127; government expenditures, 82†; gross domestic product, 4, 6†, 44*, 49, 82; imports, 44*, 46†, 47†, 49, 62, 63*, 65, 83; import/gross domestic product ratio, 44*, 51; industrial production, 46†; interest arbitrage, 95†; interest rates, 72, 83, 94†, 112, 120; international bond issues and yields, 98, 99†; international reserves, 18*, 19, 20, 22, 23*, 112; monetary policy, 72; prices, 3, 4, 6†, 7, 9, 52, 54, 55, 56-57†, 58, 83; purchases from Fund, 36, 37, 83, 136, 137*, 142*, 145†; repurchases from Fund, 32*, 36, 141*, 142; special drawing rights, 20, 30*, 32*; stand-by arrangements, 138-39, 145†; sterling balances, dollar-value guarantee on, 15, 20; trade balance, 50†, 51, 52*; wages, 83

United Nations—Conference on Trade and Development, 149, 150; Fund relations with, 149, 150

United States—balance of payments, 3, 4, 5, 7, 10, 11, 20, 73, 74*, 75†, 76*, 77†, 78, 93, 168*; capital movements, 3, 4, 9, 11, 20, 72, 75†, 76*, 78; credit situation, 77†; discount rate, 77; economic situation, 3, 4, 5, 7, 45, 48, 53, 55, 72, 74-78; economic policy 4, 5, 7, 11, 12, 14, 72, 74-78; Euro-dollar market, 20, 22, 26, 77, 78, 91, 93, 94, 95, 96, 113; exports 41*, 42, 47†, 49, 51, 53†, 54, 55, 56-57†; Fund Article VIII, acceptance of, 133*; Fund gold policy, position on, 34, 187; gold holdings under earmark, 126, 127; gold price, 129-30; gold production, 122*, 123; gold transactions, 126-27; government expenditures, 77†; gross national product, 3, 4, 5, 6†, 7, 44*, 45, 77†; imports, 3, 7, 42, 43*, 44*, 45, 46†, 47†, 48, 51, 62, 63*; import/gross national product ratio, 7, 44*, 51; industrial production, 461; interest rates, 4, 11, 72, 77, 94; international bond issues and yields, 96, 97, 98, 99†; international reserves, 15, 16, 18*, 19, 20, 22, 23*, 121, 126; monetary measures, 77; prices, 3, 4, 5, 6†, 7, 42, 43, 45, 52, 53, 54, 55, 56-57†, 65†, 76, 77; purchases from Fund, 36, 145†; special drawing rights, 29, 30*, 32*; stand-by arrangement, 145t; swap transactions, 24-25*, 26; trade balance, 50, 51, 52*; unemployment, 5, 77

Upper Volta—exchange rate, 134; Fund quota increase, 136*; special drawing rights, 30*

Uruguay—gold holdings, 121; purchases from Fund, 137, 140*; repurchases from Fund, 32*, 141*; special drawing rights, 30*, 32*

Venezuela—balance of payments, 105*; economic conditions, 70; exports, 61*, 65, 67†, 106*; gross national product, 104*; imports, 69*, 70, 106*; petroleum industry, 65; special drawing rights, 30*, 32*

Viet-Nam—special drawing rights, 30*

Wallis and Futuna Islands—par value changed, 134*

Western Hemisphere—balance of payments, 73*; exports, 59*, 60, 61*, 62, 63, 67†; gross national product, 104*; imports, 69*; international reserves, 23*; public debt, 111*; terms of trade, 59*; trade balance, 71*; see also Latin America and individual countries

World Bank—see International Bank for Reconstruction and Development

World Production—3, 4-5, 45

World Trade—3, 7-8, 41-71

Yemen Arab Republic—membership in Fund, 133

Yugoslavia—exports, 61*; imports, 67, 69*; repurchases from Fund, 32*, 141*; special drawing rights, 30*, 32*

Zambia—balance of payments, 103; economic situation and policy, 70, 107; exports, 61*, 64; imports, 69*, 70; gross national product, 104*; repurchase from Fund, 141*; special drawing rights, 30*, 32*

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