International Monetary Fund Annual Report 2012 : Working Together To Support Global Recovery

Back Matter

Back Matter

International Monetary Fund
Published Date:
October 2012
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    Executive Directors and Alternates

    as of April 30, 20121


    Meg Lundsager

    United States
    Mitsuhiro Furusawa

    Tomoyuki Shimoda
    Hubert Temmeyer

    Steffen Meyer
    Ambroise Fayolle

    Alice Terracol
    Alexander Gibbs

    Robert Elder
    United Kingdom


    Willy Kiekens


    Johann Prader

    Austria, Belarus, Belgium, Czech Republic, Hungary, Kosovo, Luxembourg, Slovak Republic, Slovenia, Turkey
    Carlos Pérez-Verdía


    José Rojas Ramirez

    Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Spain, Venezuela
    Menno Snel


    Yuriy G. Yakusha

    Armenia, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Georgia, Israel, former Yugoslav Republic of Macedonia, Moldova, Montenegro, Netherlands, Romania, Ukraine
    Arrigo Sadun


    Thanos Catsambas

    Albania, Greece, Italy, Malta, Portugal, San Marino, Timor-Leste
    Der Jiun Chia


    Aida Budiman

    Brunei Darussalam, Cambodia, Fiji, Indonesia, Lao P.D.R., Malaysia, Myanmar, Nepal, Philippines, Singapore, Thailand, Tonga, Vietnam
    Tao Zhang


    Ping Sun

    Christopher Legg


    Hoseung Lee

    Australia, Kiribati, Korea, Marshall Islands, Micronesia, Mongolia, New Zealand, Palau, Papua New Guinea, Samoa, Seychelles, Solomon Islands, Tuvalu, Uzbekistan, Vanuatu
    Thomas Hockin


    Mary O’Dea

    Antigua and Barbuda, The Bahamas, Barbados, Belize, Canada, Dominica, Grenada, Ireland, Jamaica, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines
    Benny Andersen


    Audun Grønn

    Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, Sweden
    Moeketsi Majoro


    Momodou Saho

    (The Gambia)
    Angola, Botswana, Burundi, Eritrea, Ethiopia, The Gambia, Kenya, Lesotho, Liberia, Malawi, Mozambique, Namibia, Nigeria, Sierra Leone, South Africa, Sudan, Swaziland, Tanzania, Uganda, Zambia, Zimbabwe
    A. Shakour Shaalan


    Sami Geadah

    Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Maldives, Oman, Qatar, Syria, United Arab Emirates, Yemen
    Arvind Virmani


    P. Nandalal Weerasinghe

    (Sri Lanka)
    Bangladesh, Bhutan, India, Sri Lanka
    Paulo Nogueira Batista, Jr.


    María Angélica Arbeláez

    Brazil, Colombia, Dominican Republic, Ecuador, Guyana, Haiti, Panama, Suriname, Trinidad and Tobago
    Ahmed Alkholifey

    (Saudi Arabia)

    Fahad I. Alshathri

    (Saudi Arabia)
    Saudi Arabia
    René Weber


    Katarzyna Zajdel-Kurowska

    Azerbaijan, Kazakhstan, Kyrgyz Republic, Poland, Serbia, Switzerland, Tajikistan, Turkmenistan
    Aleksei V. Mozhin

    (Russian Federation)

    Andrei Lushin

    (Russian Federation)
    Russian Federation
    Jafar Mojarrad

    (Islamic Republic of Iran)

    Mohammed Daïri

    Afghanistan, Algeria, Ghana, Islamic Republic of Iran, Morocco, Pakistan, Tunisia
    Alfredo Mac Laughlin


    Pablo Garcia-Silva

    Argentina, Bolivia, Chile, Paraguay, Peru, Uruguay
    Kossi Assimaidou


    Nguéto Tiraina Yambaye

    Benin, Burkina Faso, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Democratic Republic of the Congo, Republic of Congo, Côte d’Ivoire, Djibouti, Equatorial Guinea, Gabon, Guinea-Bissau, Mali, Mauritania, Mauritius, Niger, Rwanda, São Tomé and Príncipe, Senegal, Togo
    1Information concerning the voting power of each chair is provided in Appendix IV, which can be accessed via the Annual Report web page (; changes in the Executive Board during FY2012 are listed in Appendix V, also accessible via the Annual Report web page.

    Senior Officers

    as of April 30, 2012

    Olivier J. Blanchard, Economic Counsellor

    José Viñals, Financial Counsellor

    Area Departments

    Antoinette Monsio Sayeh

    Director, African Department

    Anoop Singh

    Director, Asia and Pacific Department

    Reza Moghadam

    Director, European Department

    Masood Ahmed

    Director, Middle East and Central Asia Department

    Nicolas Eyzaguirre

    Director, Western Hemisphere Department

    Functional and Special Services Departments

    Gerard T. Rice

    Director, External Relations Department

    Andrew Tweedie

    Director, Finance Department

    Carlo Cottarelli

    Director, Fiscal Affairs Department

    Sharmini A. Coorey

    Director, IMF Institute

    Sean Hagan

    General Counsel and Director, Legal Department

    José Viñals

    Director, Monetary and Capital Markets Department

    Olivier J. Blanchard

    Director, Research Department

    Adelheid Burgi-Schmelz

    Director, Statistics Department

    Siddharth Tiwari

    Director, Strategy, Policy, and Review Department

    Information and Liaison

    Shogo Ishii

    Director, Regional Office for Asia and the Pacific

    Emmanuel van der Mensbrugghe

    Director, Offices in Europe

    Elliott C. Harris

    Special Representative to the United Nations

    Support Services

    Mark W. Plant

    Director, Human Resources Department

    Jianhai Lin

    Secretary of the Fund, Secretary’s Department

    Frank Harnischfeger

    Director, Technology and General Services Department

    Jonathan Palmer

    Chief Information Officer, Technology and General Services Department


    Daniel A. Citrin

    Director, Office of Budget and Planning

    G. Russell Kincaid

    Director, Office of Internal Audit and Inspection

    J. Roberto Rosales

    Director, Office of Technical Assistance Management

    Moises J. Schwartz

    Director, Independent Evaluation Office

    IMF Organization Chart

    as of April 30, 2012

    1 Known formally as the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries.


    Chapter 1

    1The IMF’s financial year (FY) begins on May 1 and ends the following April 30. The 2012 Annual Report covers the period May 1, 2011, through April 30, 2012 (FY2012).
    2This amount was subsequently increased, to US$456 billion, during the Group of Twenty Leaders’ Summit in Los Cabos in June 2012.
    3The IMF’s Special Drawing Right (SDR) is an international reserve asset whose value is based on a basket of four key international currencies (see Web Box 3.1), All conversions of SDR amounts to specific currencies are approximate.

    Chapter 3

    4See Press Release (PR) No. 12/13, “Statement by IMF Managing Director Christine Lagarde Following Executive Board Discussion on the Adequacy of Fund Resources” (
    5The Executive Board’s discussion on the setting of the margin (that is, the amount in excess of the SDR interest rate) for FY2012 is covered in Chapter 5.
    6There are exceptions; in FCL and PLL arrangements, for example, the full amount of resources committed is available at any time during the period of the arrangements, subject to review requirements inherent in each type of arrangement.
    7This is a gross amount, not netted for cancelled arrangements.
    8The arrangement for Georgia is a blend of an SBA and a Standby Credit Facility.
    9Disbursements under financing arrangements from the General Resources Account are termed “purchases,” and repayments are referred to as “repurchases.”
    10The IMF uses the same per capita income threshold as is used by the World Bank Group to determine eligibility for International Development Association resources, which is revised annually.
    11Specifically, an income that exceeds twice the International Development Association per capita income threshold.
    12See Public Information Notice (PIN) No. 12/22, “IMF Reviews Eligibility for Using Concessional Financing Resources” (
    13See PR No. 09/268, “IMF Announces Unprecedented Increase in Financial Support to Low-Income Countries” (
    14“Windfall” profits from the IMF’s gold sales refer to the difference between the profits projected at the time the gold sales were proposed, and the actual profits realized, given that gold prices rose considerably in the interim. See Chapter 5.
    15See PIN No. 11/152, “The Fund’s Financing Role—Reform Proposals on Liquidity and Emergency Assistance and the Review of the Flexible Credit Line and Precautionary Credit Line” (
    16See PIN No. 12/25, “IMF Executive Board Discusses Amendment to the Extended Fund Facility to Extend the Arrangement Duration at Approval” (
    17See PIN No. 11/95, “IMF Executive Board Discusses the Macroeconomic and Operational Challenges in Countries in Fragile Situations” ( As defined in the staff paper that formed the basis for the Board’s discussion, fragility has a number of dimensions, with economic conditions being only one. The paper notes that common characteristics of fragile states are institutions that are seen as being weak and governments that are perceived to lack legitimacy, all of which elevate the risk of violence, and that virtually all existing definitions of fragility incorporate a measure of institutional weakness.
    18Credit tranches refer to the size of a member’s purchases (disbursements) in proportion to its quota in the IMF. Disbursements up to 25 percent of a member’s quota are disbursements under the first credit tranche and require members to demonstrate reasonable efforts to overcome their balance of payments problems. Disbursements above 25 percent of quota are referred to as upper-credit-tranche drawings; they are made in installments, as the borrower meets certain established performance targets. Such disbursements are normally associated with Stand-By or Extended Arrangements (and also the Flexible Credit Line). Access to IMF resources outside an arrangement is rare and expected to remain so.
    19See PIN No. 11/98, “IMF Executive Board Discusses Systemic Crises, Financial Linkages, and the Role of Global Financial Safety Nets” (
    20A consolidated spillover report was prepared in early FY2013, covering the same five systemic economies as in the FY2012 pilot exercise.
    21See PIN No. 11/130, “IMF Executive Board Reviews Surveillance: Making IMF Surveillance as Interconnected as the Global Economy” (
    22See “Managing Director’s Statement on Strengthening Surveillance: 2011 Triennial Surveillance Review” (
    23These are missions conducted in connection with the Fund’s regular Article IV consultations with members; see “Bilateral Surveillance” earlier in the chapter.
    24In its evaluation of IMF performance in the run-up to the financial and economic crisis, available on the IEO’s website (
    25See PIN No. 11/61, “IMF Executive Board Discusses Monitoring Financial Interconnectedness, Including the Data Template for Global Systemically Important Financial Institutions” (
    26See PIN No. 11/74, “IMF Executive Board Reviews Efforts in Anti–Money Laundering and Combating the Financing of Terrorism” (
    27Reports on the Observance of Standards and Codes (see Web Box 4.1) are prepared and published at the request of member countries and summarize the extent to which those countries observe certain internationally recognized standards and codes in 12 areas, including AML/CFT. They are used to help sharpen the institutions’ policy discussions with national authorities, and in the private sector (including by rating agencies) for risk assessment.
    28This review took place in March 2011; see Chapter 3 of the IMF’s Annual Report 2011: Pursuing Balanced and Equitable Growth (
    29See PIN No. 12/37, “IMF Discusses Work Agenda for Financial Sector Surveillance” (
    30See PIN No. 11/118, “IMF Executive Board Discusses Modernizing Fiscal Policy Framework and Public Debt Sustainability Analysis” (
    31See PIN No. 11/139, “IMF Executive Board Discusses Managing Global Growth Risks and Commodity Price Shocks—Vulnerabilities and Policy Challenges for Low-Income Countries” (
    32See PIN No. 11/143, “IMF Executive Board Discusses the Multilateral Aspects of Policies Affecting Capital Flows” (
    33See PIN No. 12/42, “IMF Executive Board Discusses Liberalizing Capital Flows and Managing Outflows” (
    34See PIN No. 11/137, “IMF Executive Board Discusses Criteria for Broadening the SDR Currency Basket” (
    35Since 2000, the SDR basket has consisted of the four currencies that (1) are issued by Fund members (or monetary unions of Fund members) which are the largest exporters and (2) have been determined by the Fund to be a “freely usable” currency—a currency that is, in fact, widely used to make payments for international transactions and is widely traded in the principal foreign exchange markets. The SDR basket currencies are currently the U.S. dollar, the euro, the pound sterling and the Japanese yen. Considerations relating to the freely usable concept have been taken into account for SDR valuation since the Second Amendment to the Articles of Agreement in 1978, but a formal requirement that currencies in the SDR basket be freely usable was adopted only in 2000.

    Chapter 4

    36The resources of this trust, established to provide debt relief under the HIPC Initiative and to subsidize PRGT lending, consist of grants and deposits pledged from 93 member countries and contributions from the IMF itself.
    37The IMF has also provided SDR 116 million in debt relief to Liberia beyond that provided through the HIPC Initiative, as well as SDR 178 million in debt relief to Haiti through the Post-Catastrophe Debt Relief Trust.
    38See PIN No. 11/151, “IMF Executive Board Discusses the Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI)—Status of Implementation and Proposals for the Future of the HIPC Initiative” (
    39Chad, Comoros, Côte d’Ivoire, Eritrea, Guinea, Somalia, and Sudan.
    40See PIN No. 12/17, “IMF Executive Board Reviews the Joint IMF–World Bank Debt Sustainability Framework for Low-Income Countries” (
    41As noted previously, in May 2012 the IMF Institute was merged into a new Fund department, the Institute for Capacity Development.
    42For more information on the SDDS and GDDS, see “Factsheet: IMF Standards for Data Dissemination” (, as well as Web Box 4.1.
    43See PR No. 11/423, “The Former Yugoslav Republic of Macedonia Subscribes to the IMF Special Data Dissemination Standard” (, and PR No. 12/62, “Mauritius Subscribes to the IMF’s Special Data Dissemination Standard” (
    44See PR No. 11/242, “The Solomon Islands Begins Participating in the IMF’s General Data Dissemination System” (; PR No. 11/247, “The Republic of Guyana Begins Participating in the IMF’s General Data Dissemination System” (; PR No. 11/305, “Burundi Begins Participation in the IMF’s General Data Dissemination System” (; PR No. 11/367, “The Republic of Maldives Begins Participation in the IMF’s General Data Dissemination System” (; PR No. 11/441, “Montenegro Begins Participation in the IMF’s General Data Dissemination System” (; PR No. 12/48, “The Republic of Djibouti Begins Participating in the IMF’s General Data Dissemination System” (; and PR No. 12/51, “Papua New Guinea Begins Participation in the IMF’s General Data Dissemination System” (
    45This bulletin board is available via the IMF’s website (
    46See PIN No. 12/18, “IMF Executive Board Discusses Eighth Review of Data Standards” (
    47See PR No. 11/274, “IMF Releases 2011 Financial Access Survey Data” ( The database is available publicly on the IMF’s website ( and through the IMF’s e-Library–Data (
    48See PR No. 11/271, “IMF Expands Foreign Direct Investment Coverage to 84 Economies” (, and PR No. 11/479, “IMF Releases Results from Its 2010 Coordinated Direct Investment Survey” ( The database is available publicly on the IMF’s website ( and through the IMF’s e-Library–Data (
    49See PR No. 11/428, “Cross-Border Holdings Increased 7.7 Percent in 2010, Shows IMF Annual Coordinated Portfolio Investment Survey Now Available via New Online Database” ( The new database is available on the IMF’s website ( and through the IMF’s eLibrary–Data (
    50See PR No. 11/161, “IMF and World Bank Co-Host Third Global SDMX Conference to Advance Implementation of Worldwide Standards for Data and Metadata Exchange” (
    52See PIN No. 11/72, “IMF Executive Board Reviews Experience with the Fund’s Involvement in the G-20 Mutual Assessment Process” (
    53See IMF and FSB, “The Financial Crisis and Information Gaps: Implementation Progress Report” (

    Chapter 5

    55See PIN No. 12/35, “IMF Executive Board Begins Review of Quota Formula” (
    56The current additive quota formula consists of four variables. GDP has the largest weight (50 percent), consisting of a blend of GDP converted at market exchange rates (30 percent) and purchasing-power-parity-based GDP (20 percent). Openness, which measures the sum of current payments and receipts (30 percent); variability of current receipts and net capital flows (15 percent); and official foreign exchange reserves (5 percent) are the remaining variables.
    57A compression factor of 0.95 is applied to the weighted sum of the four variables in the quota formula, which reduces the dispersion in calculated quota shares across members. This has the effect of reducing the share calculated under the formula for the largest members, and raising those for all other countries.
    58Activation requires the consent of NAB participants with an 85 percent majority of total credit arrangements among participants eligible to vote, and the approval of the Executive Board.
    59Individual member countries in the euro area contributed toward this €150 billion pledge in the following amounts: Austria, €6.1 billion; Belgium, €10.0 billion; Cyprus, €0.5 billion; Finland, €3.8 billion; France, €31.4 billion; Germany, €41.5 billion; Italy, €23.5 billion; Luxembourg, €2.1 billion; Malta, €0.3 billion; the Netherlands, €13.6 billion; the Slovak Republic, €1.6 billion; Slovenia, €0.9 billion; and Spain, €14.9 billion.
    60Norway’s April 2012 announcement confirmed a pledge made in December 2011; see PR No. 12/138, “Statement by IMF Managing Director Christine Lagarde on Pledges by Denmark, Norway and Sweden to Increase IMF Resources by over US$26 Billion” (
    61See PR No. 12/137, “Statement by IMF Managing Director Christine Lagarde on Japan’s $60 Billion Pledge” (; PR No. 12/138, “Statement by IMF Managing Director Christine Lagarde on Pledges by Denmark, Norway and Sweden to Increase IMF Resources by over US$26 Billion” (; PR No. 12/141, “Statement by IMF Managing Director Christine Lagarde on Pledge by Poland to Increase IMF Resources by about US$8 Billion” (; PR No. 12/142, “Statement by IMF Managing Director Christine Lagarde on Further Pledges by Switzerland and Other Members to Increase IMF Resources by about US$26 Billion” (; PR No. 12/146, “Statement by IMF Managing Director Christine Lagarde on Pledges by Australia, Korea, Singapore and the United Kingdom to Increase IMF Resources by about US$41 Billion” (; PR No. 12/147, “IMF Managing Director Christine Lagarde Welcomes Pledges by Members to Increase Fund Resources by over US$430 Billion” (; and PR No 12/148, “Statement from Indonesia, Malaysia and Thailand” ( As noted previously, this amount was subsequently increased, to US$456 billion, in June 2012.
    62See PR No. 11/485 “IMF Executive Board Adopts New Rule for Basic Rate of Charge on IMF’s GRA Lending” (
    63For an explanation of credit tranches, see note 18.
    64See PIN No. 11/48, “IMF Executive Board Considers Use of Gold Sale Profits” (
    65See PR No. 12/56, “IMF Executive Board Approves Distribution of US$1.1 Billion Gold Sales Profits to Facilitate Contributions to Support Concessional Lending to Low-Income Countries” (
    66See PIN No. 11/121, “IMF Executive Board Considers Use of Windfall Gold Sale Profits” (
    67The difference between gross and net expenditures relates to receipts, mostly external donor financing for capacity-building activities carried out by the IMF.
    68See PR No. 11/292, “IMF Statement on South Sudan” (; PR No. 11/472, “Statement by IMF Managing Director Christine Lagarde Following a Meeting with South Sudan’s President Salva Kiir Mayardit” (; and PR No. 12/140, “Republic of South Sudan becomes IMF’s 188th Member” (
    69Diversity issues are addressed separately in the Diversity Annual Report, including a Discussion Note on Broadening the IMF Diversity Agenda, which is responsive to issues raised by the Executive Board in its May 2011 discussion on the 2010 Diversity Annual Report.
    70The IMF’s Diversity Annual Reports are available at
    71See PIN No. 11/63, “IMF Executive Board Discusses the 2010 Diversity Annual Report” (
    72See PR No. 11/187, “IMF Managing Director Dominique Strauss-Kahn Resigns” (
    73See PR No. 11/191, “IMF Executive Board Initiates Selection Process for Next IMF Managing Director” (, and PR No. 11/195, “Statement by the IMF Executive Directors Representing Brazil, Russia, India, China and South Africa on the Selection Process for Appointing an IMF Managing Director” (
    74See PR No. 11/259, “IMF Executive Board Selects Christine Lagarde as Managing Director” (
    75See PR No. 11/275, “IMF Managing Director Christine Lagarde Proposes Appointment of Mr. David Lipton as First Deputy Managing Director and Mr. Min Zhu as Deputy Managing Director” (
    76For the full text of the IMF’s transparency policy, see “The Fund’s Transparency Policy” (
    77See “Key Trends in Implementation of the Fund’s Transparency Policy” (
    79See PIN No. 11/123, “IMF Executive Board Concludes Fourth Periodic Report on Implementing IEO Recommendations Endorsed by the Executive Board” (
    80See “Ethics Framework: IMF Updates Standards for Staff Conduct” (
    81The Code of Conduct for Executive Directors is available at
    82The REOs are available via the REO web page on the IMF’s website ( Materials related to the REOs published in FY2012 can also be found on the website.


    This Annual Report was prepared by the Editorial and Publications Division of the IMF’s External Relations Department. Tim Callen, Sandy Donaldson, and Nicole Laframboise oversaw the work of the Report team, which was under the direction of the Executive Board’s Evaluation committee, chaired by Moeketsi Majoro. The editors were Michael Harrup (who also served as chief writer and coordinated the drafting and production processes), S. Alexandra Russell, and Cathy Gagnet. Nicole Laframboise made substantial contributions to the writing. Teresa Evaristo and Phoebe Kieti provided editorial assistance.


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