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International Monetary Fund. External Relations Dept.

Member country use of IMF resources decreased in 1999, to SDR 10.8 billion (about $14.7 billion) from SDR 21.5 billion ($29.3 billion) in 1998, as member country economies recovered from the severe crises that had affected many regions in 1998. While lending under all facilities decreased in 1999, several member countries received large disbursements during the year. Brazil received the largest disbursement of any member, under the Supplemental Reserve Facility, for SDR 3.6 billion ($4.9 billion) and also SDR 814.1 million ($1.1 billion) under a Stand-By Arrangement. Mexico received the largest disbursement under a Stand-By Arrangement, SDR 1.04 billion ($1.4 billion). Disbursements under the Extended Fund Facility (EFF) were dominated by drawings totaling SDR 1.0 billion ($1.4 billion) by Indonesia. Nicaragua received the largest disbursement under the Poverty Reduction and Growth Facility (PRGF), for SDR 78.3 million ($106.7 million).

Mr. Antonio Spilimbergo
IMF research summaries on (1) oil market developments and the global economy (by Selim Elekdag), and (2) credit booms (by Marco Terrones); country study on India (by Helene Poirson); call for papers for November 2007 Jacques Polak Eighth Annual Research Conference; listing of contents of Vol. 54, Issue No. 2 of IMF Staff Papers; listing of recent IMF Working Papers; and listing of visiting scholars at the IMF during April-June 2007
International Monetary Fund. External Relations Dept.

IMF Managing Director Rodrigo de Rato traveled to Brazil at the invitation of President Luáz Inácio Lula da Silva on January 10-11 to mark the nation’s December 2005 repayment of its outstanding obligations (about $15.6 billion) to the Fund. The early repayment—two years ahead of schedule—was made possible by a major improvement in the country’s external position, marked by a doubling of exports since 2002, renewed confidence in the economy, and rising capital inflows, which have restored foreign reserves to more comfortable levels.

International Monetary Fund
This paper essentially confirms the main findings of the paper previously discussed by the Board. It (i) discusses the external conditions and the domestic economic policy stance needed for a country to reaccess international Capital markets and (2) describes other considerations to reaccess markets, including a communications strategy and the design of debt instruments to regain market access.
International Monetary Fund
In discussing the June 2014 paper, Executive Directors broadly supported staff’s proposal to introduce more flexibility into the Fund’s exceptional access framework to reduce unnecessary costs for the member, its creditors, and the overall system. Directors’ views varied on staff’s proposal to eliminate the systemic exemption introduced in 2010. Many Directors favored removing the exemption but some others preferred to retain it and requested staff to consult further with relevant stakeholders on possible approaches to managing contagion. This paper offers specific proposals on how the Fund’s policy framework could be changed, presents staff’s analysis on the specific issue of managing contagion, and addresses some implementation issues. No Board decision is proposed at this stage. The paper is consistent with the Executive Board’s May 2013 endorsement of a work program focused on strengthening market-based approaches to resolving sovereign debt crises.
International Monetary Fund. External Relations Dept.

At the end of January, Tom Dawson steps down as Director of the IMF’s External Relations Department—and IMF spokesman—a position he has held since July 1999. Previously, he spent about 25 years in the public and private sectors, including as Director of Financial Institutions at Merrill Lynch, IMF Executive Director for the United States (1989-93), and Deputy Assistant to the President at the White House (1985-87). He spoke with Laura Wallace of the IMF Survey about the IMF’s image and the challenges of communicating its work to a diverse, and sometimes highly political, audience.

International Monetary Fund. Independent Evaluation Office

Abstract

This report seeks to help the IMF enhance its effectiveness by identifying major recurring issues from the IEO’s first 20 evaluations and assessing where they stand. The IMF’s core areas of responsibility are surveillance, lending, and capacity development. The aim of this report is to strengthen the follow-up process by focusing on key issues that recurred in IEO evaluations, rather than on specific recommendations on their implementation. The IEO believes that a framework of reviewing and monitoring recurring issues would be useful in establishing incentives for progress, strengthening the Board’s oversight, and providing learning opportunities for the IMF.

International Monetary Fund. External Relations Dept.

An anticipated decline in flows of foreign direct investment (FDI) to Asia in the wake of the 1997-98 financial crisis failed to materialize, according to a United Nations Conference on Trade and Development (UNCTAD) press release issued on January 25. Preliminary UNCTAD estimates for 1999 show, instead, that FDI flows to developing Asia in 1999 actually increased slightly by 1 percent to $91 billion in 1999 over 1998.