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.
Parmeshwar Ramlogan and Mr. Bernhard Fritz-Krockow
This paper describes the functions, policies, and operations of the IMF. The IMF is an independent international organization, and is a cooperative of 185 member countries, whose objective is to promote world economic stability and growth. The member countries are the shareholders of the cooperative, providing the capital of the IMF through quota subscriptions. In return, the IMF provides its members with macroeconomic policy advice, financing in times of balance-of-payments need, and technical assistance and training to improve national economic management.