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International Monetary Fund. External Relations Dept.

The rules governing access to the IMF’s general resources apply uniformly to all members. Access is determined primarily by a member’s balance of payments need, the strength of its adjustment policies, and its ability to repay the IMF. With the exception of access under the Supplemental Reserve Facility (SRF) and the Contingent Credit Lines (CCL), annual and cumulative access limits under other facilities and policies are set in proportion to members’ quotas. The Executive Board reviews the access limits annually in light of, among other considerations, the extent of members’ payments problems and developments in the IMF’s liquidity.

Mr. John C. Odling-Smee

This article discusses the adjustment that takes place as economies recover from balance of payments difficulties. The experiences of seven countries that obtained financial assistance from the Fund illustrate various aspects of adjustment.

International Monetary Fund. External Relations Dept.

The annual conference of the American Economic Association (AEA) is one of the largest gatherings of economists in the world. The event, held this year in New Orleans on January 5-7, drew economists from around the globe and offered nearly 150 panel discussions and lectures on an extraordinary array of macro- and microeco-nomic topics. Here, Prakash Loungani and Sheila Meehan of the IMF’s External Relations Department report on several issues that emerged from the conference, including the direction of the U.S. economy, forecasting, choice of exchange rate regimes, and globalization.