Includes decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the International Monetary Fund, as well selected documents, to which frequent reference is made in the current activities of the Fund. In addition, it includes certain documents relating to the Fund, the United States, and other international organizations;.
This paper describes the appropriate maturity of IMF lending in capital account crises, and of the related issue of the mix between Supplemental Reserve Facility (SRF) and Stand-By Arrangement (SBA) resources. Several of the programs supported by exceptional access have been quite successful in helping the member achieve external viability, resume growth with limited vulnerability, and regain access to private markets, although more slowly than at first expected. In other countries, however, the combination of adjustment and exceptional access in the context of the associated political and external environment was not sufficient to avoid a restructuring of obligations. Directors emphasized in particular the importance of rigorous debt sustainability analyses to support requests for exceptional access. Several Directors saw scope for further strengthening the criteria so as to ensure their strict application. Management will consult with the Board specifically before concluding discussions on a program and before any public statement on a proposed level of access.
The Thirty-Sixth Issue of Selected Decisions and Selected Documents of the International Monetary Fund includes decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the IMF, as well as selected documents relevant to the current activities of the Fund.