International Monetary Fund Annual Report 2014 : From stabilization to sustainable growth

Back Matter

Back Matter

International Monetary Fund. Secretary's Department
Published Date:
October 2014
    • ShareShare
    Show Summary Details

    Executive Directors and Alternates

    as of April 30, 2014


    Meg Lundsager

    United States
    Daikichi Momma

    Isao Hishikawa
    Hubert Temmeyer

    Steffen Meyer
    Hervé de Villeroché

    Stephen Field

    Christopher Yeates
    United Kingdom


    Menno Snel

    Willy Kiekens Oleksandr Petryk
    Armenia, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Georgia, Israel, Luxembourg, former Yugoslav Republic of Macedonia, Moldova, Montenegro, Netherlands, Romania, Ukraine
    José Rojas

    Fernando Varela María Angélica Arbeláez
    Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Spain, República Bolivariana de Venezuela
    Andrea Montanino

    Thanos Catsambas
    Albania, Greece, Italy, Malta, Portugal, San Marino
    Wimboh Santoso

    Rasheed Abdul Ghaffour
    Brunei Darussalam, Cambodia, Republic of Fiji, Indonesia, Lao P.D.R., Malaysia, Myanmar, Nepal, Philippines, Singapore, Thailand, Tonga, Vietnam
    ZHANG Tao

    Jong-Won Yoon

    Ian Davidoff Vicki Plater
    Australia, Kiribati, Korea, Marshall Islands, Federated States of Micronesia, Mongolia, New Zealand, Palau, Papua New Guinea, Samoa, Seychelles, Solomon Islands, Tuvalu, Uzbekistan, Vanuatu
    Thomas Hockin

    Mary T. 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
    Audun Groenn

    Pernilla Meyersson
    Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, Sweden
    Momodou Saho

    Chileshe M. Kapwepwe Okwu Joseph Nnanna
    Angola, Botswana, Burundi, Eritrea, Ethiopia, The Gambia, Kenya, Lesotho, Liberia, Malawi, Mozambique, Namibia, Nigeria, Sierra Leone, South Africa, Republic of South Sudan, Sudan, Swaziland, Tanzania, Uganda, Zambia, Zimbabwe
    A. Shakour Shaalan

    Sami Geadah
    Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Maldives, Oman, Qatar, Syrian Arab Republic, United Arab Emirates, Republic of Yemen
    Johann Prader

    Omer Yalvac Miroslav Kollar
    Austria, Belarus, Czech Republic, Hungary, Kosovo, Slovak Republic, Slovenia, Turkey
    Rakesh Mohan

    Kosgallana Ranasinghe
    Bangladesh, Bhutan, India, Sri Lanka
    Fahad Alshathri

    Hesham Alogeel
    Saudi Arabia
    Daniel Heller

    Dominik Radziwill
    Azerbaijan, Kazakhstan, Kyrgyz Republic, Poland, Serbia, Switzerland, Tajikistan, Turkmenistan
    Paulo Nogueira Batista, Jr.

    Hector Torres Luis Oliveira Lima
    Brazil, Cabo Verde, Dominican Republic, Ecuador, Guyana, Haiti, Nicaragua, Panama, Suriname, Timor-Leste, Trinidad and Tobago
    Aleksei V. Mozhin

    Andrei Lushin
    Russian Federation
    Jafar Mojarrad

    Mohammed Daïri
    Islamic Republic of Afghanistan, Algeria, Ghana, Islamic Republic of Iran, Morocco, Pakistan, Tunisia
    Alvaro Rojas-Olmedo

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

    Nguéto Tiraina Yambaye Woury Diallo
    Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Comoros, Democratic Republic of the Congo, Republic of Congo, Côte d’Ivoire, Djibouti, Equatorial Guinea, Gabon, Guinea, Mali, Mauritania, Mauritius, Niger, Rwanda, São Tomé and Príncipe, Senegal, Togo

    Senior Officers

    as of April 30, 2014

    Christine LagardeManaging Director

    David LiptonFirst Deputy Managing Director

    Naoyuki ShinoharaDeputy Managing Director

    Min ZhuDeputy Managing Director

    Olivier J. Blanchard, Economic Counsellor

    José Viñals, Financial Counsellor

    Area Departments

    Antoinette Monsio Sayeh

    Director, African Department

    Chang Yong Rhee

    Director, Asia and Pacific Department

    Reza Moghadam

    Director, European Department

    Masood Ahmed

    Director, Middle East and Central Asia Department

    Alejandro M. Werner

    Director, Western Hemisphere Department

    Functional Departments

    Gerard T. Rice

    Director, Communications Department

    Andrew Tweedie

    Director, Finance Department

    Sanjeev Gupta

    Acting Director, Fiscal Affairs Department

    Sharmini A. Coorey

    Director, Institute for Capacity Development

    Sean Hagan

    General Counsel and Director, Legal Department

    José Viñals

    Director, Monetary and Capital Markets Department

    Olivier J. Blanchard

    Director, Research Department

    Louis Marc Ducharme

    Director, Statistics Department

    Siddharth Tiwari

    Director, Strategy, Policy, and Review Department

    Information and Liaison

    Odd Per Brekk

    Director, Regional Office for Asia and the Pacific

    Christian Mumssen

    Director, Offices in Europe

    Axel Bertuch-Samuels

    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

    Susan Swart

    Chief Information Officer, Technology and General Services Department


    Daniel A. Citrin

    Director, Office of Budget and Planning

    Clare Brady

    Director, Office of Internal Audit and Inspection

    Moises J. Schwartz

    Director, Independent Evaluation Office

    IMF Organization Chart

    as of April 30, 2014

    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.


    1The IMF’s financial year (FY) begins on May 1 and ends the following April 30.
    2Information on the findings and recommendations of the MAP and IMF staff analysis can be found at
    3See the “Macroeconomic and Reform Priorities Report,” prepared by the IMF staff, with inputs from the OECD and World Bank (
    4See “2014 Triennial Surveillance Review—Concept Note” (
    5As part of the IMF’s annual consultation with each member country under Article IV of the Articles of Agreement, an IMF team visits the country to exchange views with officials and consider risks to domestic and global stability that argue for policy adjustments. On its return to IMF headquarters, the team submits a report to the Executive Board for discussion—the “Article IV report”—and the Executive Board concludes the consultation. See Web Box 3.1, “Bilateral Surveillance,” for additional information.
    7See “Global Liquidity—Issues for Surveillance” (
    8See PR No. 13/324, “IMF Executive Board Discusses Nordic Regional Report on Denmark, Finland, Norway, and Sweden” (
    9See PR No. 14/167, “IMF Executive Board Reviews the Fund’s Strategy for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)” (
    10See “Factsheet—Standards and Codes: The Role of the IMF” (
    11See “Financial Surveillance Strategy—Progress Report” (
    12See PR No. 14/08, “IMF Executive Board Reviews Mandatory Financial Stability Assessments under the Financial Sector Assessment Program” (
    13See PR No. 13/376, “IMF Executive Board Discusses 2013 Low-Income Countries Global Risks and Vulnerabilities Report” (
    14See “Debt Limits in Fund Programs with Low-Income Countries” (
    15See PR No. 13/252, “Heads of Agency Pledge to Do More to Support Poorest Countries to Benefit from Trade” (
    16See “Sustaining Long-Run Growth and Macroeconomic Stability in Low-Income Countries—The Role of Structural Transformation and Diversification” (
    18For additional information, visit
    19See PR No. 14/11, “Vienna Initiative Sets Priorities for 2014” (
    20See “Toward New Horizons—Arab Economic Transformation Amid Political Transitions” (
    21See PR No. 14/164, “IMF Launches Quarterly Bulletin on Asia and Pacific Small States” (
    22Chapter 4 explains the IMF’s quota system.
    23This figure includes outstanding drawings from the 2009–10 round of bilateral borrowing agreements which were discontinued as of April 1, 2013. There are no outstanding drawings under the new round of borrowing in 2012 (the 2012 Bilateral Borrowing Agreements), which serves as a second line of defense to quota and NAB resources.
    24See “Factsheet—IMF Standing Borrowing Arrangements” (
    25See “Stocktaking the Fund’s Engagements with Regional Financing Arrangements” (
    26See PR No. 14/84, “IMF Executive Board Discusses FCL, PLL, and RFI Review” (
    27See PR No. 14/148, “IMF Executive Board Reviews Conditionality in Evolving Monetary Policy Regimes” (
    28This is a gross amount, not netted for canceled arrangements. Amounts have been converted to U.S. dollars employing the SDR 0.645290/U.S. dollar exchange rate on April 30, 2014.
    29Disbursements under financing arrangements from the General Resources Account are termed “purchases,” and repayments are referred to as “repurchases.”
    30See PR No. 13/306, “Hungary Repays Early Its Outstanding Obligations to the IMF” (
    31Debt relief under these initiatives is provided in a two-step process: interim debt relief in the initial stage, referred to as the decision point, and when a country meets its commitments, full debt relief at the completion point. For more information on these initiatives, see “Factsheet—Debt Relief Under the Heavily Indebted Poor Countries (HIPC) Initiative” ( and “Factsheet—The Multilateral Debt Relief Initiative” (
    32See PR Nos. 13/231, “IMF Executive Board Completes Sixth Review under Policy Support Instrument for Mozambique and Approves a New Three-Year PSI” (; 13/239 “IMF Executive Board Completes Sixth Review under Policy Support Instrument for Uganda and Approves a New Three-Year PSI” (, and 13/483, “IMF Executive Board Completes Seventh and Final Review under the Policy Support Instrument with Rwanda and Approves New Three-Year PSI” (
    33See “Reassessing the Role and Modalities of Fiscal Policy in Advanced Economies” (
    34See “Fiscal Policy and Income Inequality” (
    35See “International Taxation and the Role of the IMF” (
    36The Code is available online at
    37See PR No. 13/408, “IMF Approves Unification of Discount Rates Used in External Debt Analysis for Low-Income Countries” (
    38See PIN No. 13/61, “IMF Executive Board Discusses Sovereign Debt Restructuring—Recent Developments and Implications for the Fund’s Legal and Policy Framework” (
    39The Paris Club is an informal group of 19 official creditors whose role is to find coordinated and sustainable solutions to the payment difficulties experienced by debtor countries. See
    40See PR No. 13/233, “Public Debt Management Forum and U.S. Treasury Roundtable on Treasury Markets and Debt Management Held at IMF Headquarters” (
    41See PR No. 14/181, “IMF–World Bank Publish Revised Guidelines for Public Debt Management” (
    42See “Modernizing the Framework for Fiscal Policy and Public Debt Sustainability Analysis” (
    43See “Global Impact and Challenges of Unconventional Monetary Policies” at
    44See “Unconventional Monetary Policy—Recent Experiences and Prospects” (
    45See “Global Liquidity—Credit and Funding Indicators” (
    46See PR No. 13/342, “IMF Executive Board Discusses Key Aspects of Macroprudential Policy” (
    47Specifically, one of the purposes of the Fund is “to facilitate the expansion and balanced growth of international trade, and to contribute thereby to the promotion and maintenance of high levels of employment and real income and to the development of the productive resources of all members as primary objectives of economic policy.”
    48See “Jobs and Growth: Analytical and Operational Considerations for the Fund” (
    49See PR No. 14/96, “IMF Executive Board Discusses Further Considerations on Assessing Reserve Adequacy” (,
    50See “Assessing Reserve Adequacy” in Chapter 3 of the IMF’s Annual Report 2011: Pursuing Equitable and Balanced Growth (
    51See PR No. 10/418, “IMF Executive Board Approves Major Overhaul of Quotas and Governance” (
    52The outcome of the comprehensive quota formula review was presented in the Executive Board’s report to the Board of Governors in January 2013. See PR No. 13/30, “IMF Executive Board Reports on the quota Formula Review” (
    53No increase in quotas under the Fourteenth General Review can become effective until three general conditions have been met: (i) consent to quota increases by members having at least 70 percent of quotas as of November 5, 2010, (ii) entry into force of the proposed Amendment on the Reform of the Executive Board, and (iii) entry into force of the Amendment on Voice and Participation. Only condition (ii) is pending. Entry into force of the proposed amendment requires acceptance by three-fifths of the members representing 85 percent of the total voting power.
    54See PR No. 14/22, “IMF Executive Board Reports to the Board of Governors on the 2010 Reforms and the Fifteenth General Review of Quotas” (
    55The report included a resolution to this effect which was adopted by the Board of Governors.
    56Forty-seven members had not yet accepted the Board Reform Amendment. Acceptance by the United States is needed to reach the required acceptance threshold for the amendment.
    57See IMF Staff Paper “Quota Formula—Data Update and Further Considerations” at
    58See PIN No. 13/72, “IMF Executive Board Reviews the Fund’s Capacity Development Strategy” (
    59See PR No. 13/208, “IMF Welcomes Paraguay’s First Anti-Money Laundering and Combating the Financing of Terrorism Plan” (
    60See PR No. 13/527, “Donors Pledge $18.9 Million to Strengthen Technical Assistance on Anti–Money Laundering and Combating the Financing of Terrorism” (
    61See PR No. 13/316, “Palau Begins Participation in the IMF’s General Data Dissemination System” (
    62See PR No. 13/449, “Myanmar Begins Participation in the IMF’s General Data Dissemination System” (
    63See PR No. 14/89, “The Republic of Marshall Islands Begins Participation in the IMF’s General Data Dissemination System” (
    64See PR No. 13/160, “Special Data Dissemination Standard Workshop in Gaborone, Botswana” (
    65See PR No. 13/397, “Statement by the IMF Executive Board on Argentina” (
    66See “Strengthening the Effectiveness of Article VIII, Section 5” (
    67See PR No. 13/251, “G20 Officials Welcome Progress in implementing the G20 Data Gaps Initiative” (
    68See PR No. 14/54, “IMF Statistics Department Drafts Template to Collect Data on Government Revenues from Natural Resources” (
    69See PR No. 13/236, “IMF Releases Data on the Currency Composition of Foreign Exchange Reserves with Additional Data on Australian and Canadian Dollar Reserves” (
    70See PR No. 13/486, “IMF Releases Results from 2012 Coordinated Direct Investment Survey” (
    71See PR No. 13/230, “IMF Releases Revised Results and Expands Coordinated Direct Investment Survey to 100 Economies” (
    72See PR No. 13/444, “IMF Releases Results of 2012 Coordinated Portfolio Investment Survey” (
    73See PR No. 13/345, “IMF Releases 2013 Financial Access Survey Data” (
    74See “New Rules and Regulations for the Investment Account” in the IMF’s Annual Report 2013: Promoting and More Secure and Stable Global Economy (
    75See “Charges” in Chapter 5 of the IMF’s Annual Report 2012: Working Together to Support Global Recovery (
    76Credit 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.
    77Because gold sales profits are part of the IMF’s general resources available for the benefit of the entire membership, they cannot be placed directly in the PRGT, which is available only to low-income member countries. Accordingly, using these resources for PRGT financing required a distribution of the resources to all IMF member countries in proportion to their quota shares, on the expectation that members would direct the institution to transfer these resources (or would provide broadly equivalent amounts) to the PRGT as subsidy contributions. See “Factsheet—Gold in the IMF” ( and “Factsheet—IMF Quotas” (
    78See PR No. 13/398, “IMF Secures Financing to Sustain Concessional Lending to World’s Poorest Countries over Longer Term” (
    79The difference between gross and net expenditures relates to receipts, which are primarily external donor financing for capacity development activities carried out by the IMF.
    80See “IMF Executive Board Discusses the Adequacy of the Fund’s Precautionary Balances” (
    81Progress on diversity is addressed separately in the Diversity Annual Report.
    82See Printed copies of many IEO evaluation documents are also available from the IMF Bookstore (
    83See PR No. 13/302, “IMF Executive Board Discusses Implementation Plan in Response to Board-Endorsed Recommendations for the IEO Evaluation of the Role of the IMF as Trusted Advisor” (
    84The first external evaluation was completed in 2006.
    85For the full text of the IMF’s transparency policy, see “The Fund’s Transparency Policy” (
    86See “Key Trends in Implementation of the Fund’s Transparency Policy” (
    87See PR No. 13/270, “IMF Executive Board Reviews the IMF’s Transparency Policy” (
    88See PR No. 14/86, “IMF Executive Board Reduces Lag of Public Access to Executive Board Minutes” (


    This Annual Report was prepared by the Editorial and Publications Division of the IMF’s Communications Department. David Hawley, Jeremy Clift, and Nagwa Riad oversaw the work of the Report team, which was under the direction of the Executive Board’s Evaluation Committee, chaired by Menno Snel. The editors were S. Alexandra Russell (who also served as chief writer and coordinated the drafting and production processes), Cathy Gagnet, and Michael Harrup. Nagwa Riad and Anthony Annett made substantial contributions to the writing. Akshay Modi and Suzanne Alavi provided editorial and administrative assistance.


    Liu Ying/Xinhua /Photoshot/Newscomfront cover (top)
    Thomas Imo/Photothek via Getty Imagesfront cover (bottom)
    QQ7/Shutterstockback cover
    IMF staff photographspp. 4–7
    Stephen Jaffe/© IMF photop. 59 (left and right), p. 64 (left), p. 68 (left)
    Michael Spilotro/© IMF photop. 64 (right), p 67 (box), p. 68 (right)
    Yuri Gripas/© IMF photop.58 (left and right), p. 64 (right), p. 67 (right)
    Ryan Rayburn/© IMF photop.57 (top and bottom), p. 67 (left)
    Alfredo Caliz/Panos Picturesp. 9 (top)
    Petr Sznapka/CTK via AP Imagesp. 9 (bottom)
    Franck Robichon/EPA/Newscomp. 10 (left)
    Rosseforp/ImageBROKER/Glow Imagesp. 10 (right)
    Dorte Vernerp.11 (left), p. 23 (right), p. 51 (left)
    James Akena/Reuters/Newscomp. 11 (right)
    © Westend61 GmbH/Alamyp. 13 (top)
    Eduard Korniyenko/Reuters/Newscomp. 13 (bottom)
    Erik Isakson/Blend/Glow Imagesp. 14 (left)
    Yorgos Karahalis/Reuters/Newscomp. 14 (right)
    John Vizcaino/Reuters/Newscomp. 15 (left)
    Veronica Bacalup. 15 (right)
    Bay Ismoyo/AFP/Getty Imagesp. 17 (top)
    Ian Teh/Panos Picturesp. 17 (bottom)
    Adrian Alterp. 18 (left)
    Dinuka Liyanawatte/Reuters/Newscomp. 18 (right)
    Hazir Reka/Reuters/Newscomp. 19 (left)
    Rupak De Chowdhuri/Reuters/Newscomp. 19 (right)
    Nacho Doce/Reuters/Newscomp. 20 (left)
    Philippe Lissac/Glow Imagesp. 20 (right)
    Thomas Imo/Photothek via Getty Imagesp. 23 (left)
    Youssef Boudlal/Reuters/Newscomp. 26 (left)
    © Design Pics Inc.–RM Content/Alamyp. 26 (right)
    Ahmad Sidique/Xinhua/Photoshot/Newscomp. 29 (left)
    Bogdan Cristel/Reuters/Newscomp. 29 (right)
    LOOK/Robert Hardingp. 35 (top)
    Tim Gartside/age fotostockp. 35 (bottom)
    Morten Andersen/Bloomberg via Getty Imagesp. 36 (left)
    Indranil Mukherjee/AFP/Getty Images/Newscomp. 36 (right)
    EPA/Khaled Elfiqi/Newscomp. 37 (left)
    Petterik Wiggers/Panos Picturesp. 37 (right)
    Nicolas Celaya/Xinhua/Photoshot/Newscomp. 41 (left)
    José Manuel Ribeiro/Reuters/Newscomp. 41 (right)
    Superstock/Glow Imagesp. 42 (left)
    Keith Miaop. 42 (right)
    Lynn Bo Bo/EPA/Newscomp. 47 (left)
    Orestis Panagiotou/EPA/Newscomp. 47 (right)
    Imaginechina via AP Imagesp. 51 (right)
    Akos Stiller/Bloomberg via Getty Imagesp. 52 (left)
    Marc Shoul/Panos Picturesp. 52 (right)
    © Stephanie Rabemiafara/DanitaDelimont.comp. 54 (left)
    STR/EPA/Newscomp. 54 (right)
    Neena Kapurp. 55 (left)
    Exactostock/Superstockp. 55 (right)
      You are not logged in and do not have access to this content. Please login or, to subscribe to IMF eLibrary, please click here

      Other Resources Citing This Publication