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International Monetary Fund. External Relations Dept.

This paper highlights that 1976 was an important year for the IMF. With the end of 1976, the IMF closed its books on a year of virtually unprecedented activity. It launched the New Year with a US$3.9 billion stand-by arrangement for the United Kingdom, the largest ever made for a member country. The outlook at the beginning of 1977 suggests another busy year ahead for the IMF. The proposed second amendment to the IMF’s Articles of Agreement and the increase in members’ quotas are expected to go into effect before the end of the year.

International Monetary Fund. External Relations Dept.

Teresa Ter-Minassian, an Italian national, has been the Director of the IMF’s Fiscal Affairs Department since January 2001. She joined the IMF’s staff in 1971 as an Economist in the Fiscal Affairs Department, returning to serve as Deputy Director in 1988. Before taking on her present position, she held various senior positions in the IMF’s former European Department and, most recently, in the Western Hemisphere Department, where she served as Deputy Director from 1997. Ter-Minassian spoke recently with the IMF Survey about the work of the department and the new directions it is pursuing in line with the evolving mandate of the IMF.