Index
A
Access policy, use of Fund resources
access guidelines and limits in credit tranches and under Extended Fund Facility, 470
balance of payments needs, 462
capital account crises, 476
capital account crises, modifications to Supplemental Reserve Facility, 482
capital account crises, prevention, 490
exceptional circumstances, 477, 487
exceptional circumstances, review, 486–90
Flexible Credit Line, 366
modifications to Supplemental Reserve Facility, 482–86
post-conflict countries, 448
Rapid Credit Facility, 209
Rapid Financing Instrument, 435
review, 482–86
revolving character of Fund resources, 445, 473
Accounting by members
ownership of gold and currency subscriptions, 19
Administrative Account
balances, 923
reserve tranche position, 923
African Development Bank
communication concerning members’ arrears to the Fund, 902
exchange of document, 796
prescribed holder of SDRs, 866
African Development Fund, 866
Andean Reserve Fund
prescribed holder of SDRs, 866
Annual Report (IMF), 290, 335
Anti-money laundering
assessing a global standard and preparing ROSCs, proposals, 167–72
effectiveness, review of program (2011), 176
FSAP framework, 178
Fund involvement, 162
methodology document, 167
offshore financial center assessments, 160, 166
twelve-month pilot, program review, 172–78
Arab Monetary Fund
exchange of documents with, 796
prescribed holder of SDRs, 866
Archives policy
access by outside persons, 746
Arrears
lending into arrears, 463, 464–68
settlement of disputes between members, 121, 469–70
Arrears of a member to creditors other than the Fund
debt strategy, 462
extended arrangements, performance criterion, 412
first credit tranche, 461
Fund lending into nonsovereign arrears, 463
Fund lending into sovereign arrears, 463
Fund policies and procedures, 461
nontoleration of arrears to official creditors, 463
performance criteria, 463
stand-by arrangement, performance criterion, 412
Article I, purposes of the Fund, 351, 616, 621
Article I, Section 1(iii) manipulation of exchange rates, 42
Article II, Section 2 membership, 20
Article III, Section 2, adjustment of quotas, 3
Article IV consultations, 103, 104
2012 Decision on Bilateral and Multilateral Surveillance, 38
ad hoc consultations, 39
annual, principle of, 106
Article VIII restrictions, 624
Article XIV restrictions, 624
bilateral and multilateral consultations, 26
Central African Economic and Monetary Union, 67
collaborative efforts, 774
conditionality discussions, 359
consultation cycles, 111
data provision, 645
document exchange with WTO, 788
early warning system models, 63
Eastern Caribbean Currency Union, 69
enhanced surveillance, 122–25
euro area, 64–65, 66
European Central Bank, observer status, 785–87
evaluation and review of related programs, 359–63
excessive delay in completion, 113
Financial Sector Assessment Program (FSAP), 125–31
governance issues, 91, 97, 99
integration of stability assessments, 139
lapse of time procedures, 108
military expenditures, 102
multiple currency practices, 628
Post-Program Monitoring, 498
procedural deadlines for completion, 433
prolonged users of Fund resources, 498
Public Information Notices, release, 853–55
Recent Economic Development reports, 106, 793, 797
stability assessments under FSAP, integration of, 138
staff reports, release to international and multilateral agencies, 794–96
surveillance priorities, 2008–2011, 56
three-month period, 104
use of Fund resources, 359
World Bank, collaboration with, 777
World Bank, observer status, 771
World Trade Organization, observer status, 793, 1000
Article IV, Section 1, general obligations of members, 30
Article IV, Section 1, principles for guidance of members’ policies, 25, 29
Article IV, Section 1(i), surveillance, 139
Article IV, Section 1(ii), surveillance, 139
Article IV, Section 1(iii), 36, 43, 45
Article IV, Section 2, notification of exchange arrangements, 23
Article IV, Section 3, surveillance over exchange arrangements, 30
Article IV, Section 3(a), surveillance over exchange rate policies, 29
Article IV, Section 3(b), surveillance over exchange rate policies
consultation cycles, 111
excessive delays in completion of Article IV consultations, 113
Article V, Section 1, designation of fiscal agency, 572
Article V, Section 2(b), 242
Article V, Section 2(b), financial and technical services, 179, 315, 330, 331, 338
gold sale profits, 242, 246
Article V, Section 3, conditions governing use of Fund’s general resources
application of Fund policies to purchases of currency borrowed by Fund, 516, 569
early repurchase guidelines, 516
meaning of “consistent with the provisions of this agreement,” under Article V, Section 3, 351
Article V, Section 3(b)(ii)
balance of payments need, 268
meaning of “represents” that a member has a need to make purchases, 352
Article V, Section 3(b)(iii), waiver of limitation of 200 percent of quota
Extended Fund Facility, 407
Article V, Section 3(d), operational budgets
assessment of strength of members’ balance of payments and gross reserve position for operational budgets, 506, 511
selection of currencies in purchases, 508
Article V, Section 3(f), transfers of SDRs, 507
Article V, Section 5, limitation on use of Fund’s resources, 373
Article V, Section 6(b), transfers of SDRs by the Fund, 511
Article V, Section 6(c), sales of SDRs by the Fund, 515
Article V, Section 7(b), early repurchases
assessment of strength of member’s balance of payments and gross reserve position, 506
assessment of strength of members’ balance of payments and gross reserve position, 516
Article V, Section 7(c), repurchases, 518
Article V, Section 7(i), selection of currencies for repurchases, 511, 519
Article V, Section 8, charges, 522
Article V, Section 8(a), charges, 526, 528
Article V, Section 8(b), charges, 518, 526, 528, 923
Article V, Section 8(c), charges, 522, 525, 528
Article V, Section 8(d), charges, 522
Article V, Section 8(e), charges, 522
Article V, Section 9(a), remuneration, 923
Article V, Section 11, maintenance of value, 538
Article V, Section 12(f), other operations and transactions
gold sales, 560, 927
Article V, Section 12(f)(ii) Special Disbursement Account (SDA) resources for assistance to low-income developing members, 540
Article V, Section 12(h), investment of member’s currency held in SDA, 540
Article V, Section 12(j), adoption of regulations for administration of Structural Adjustment Facility, 540
Article VI, capital transfers
use of Fund resources for, 563
WTO, information on Fund decisions requesting a member to exercise controls to prevent a large or sustained outflow of capital, 995
Article VI, Section 1, use of Fund’s resources for capital transfers
freedom to adopt regulations on capital movements, 564
Article VI, Section 2 of the Articles of Agreement of the Bank, 949
Article VI, Section 3, controls on capital transfers, 564
Article VII, Section 1, replenishment and scarce resources
borrowing by the Fund, 565
Article VII, Section 3(b), scarce currency, 615
Article VIII, general obligations of members
acceptance of obligations, 623
bilateral payments arrangements, 413
bilateralism, 616
consultations, World Bank observer, 771
payments restrictions, 120, 616, 620–22
restrictions, 623
retention quotas, 619
settlement of disputes between members, 120
Article VIII, Section 2, avoidance of restrictions on current payments
acceptance of obligations under, 621
Article VIII, Section 2(a)
restrictions on current payments and transfers, 615
undue delays as payment restrictions, 623
Article VIII, Section 2(b), unenforceability of exchange contracts
interpretation, 613–14
Article VIII, Section 3, avoidance of discriminatory currency practices
acceptance of obligations under, 619, 621
multiple currency practices, 621, 629, 630
Article VIII, Section 4, convertibility of foreign-held balances
acceptance of obligations under, 623
Article VIII, Section 5, furnishing of information to the Fund
declaration of censure, 641
handling of potential breaches, 650
members’ obligations, 637
procedures prior to report by the Managing Director to the Executive Directors, 638
review, 2008, 649
sanctions, 642
strengthening effectiveness of, 637, 646
Article IX, Section 5, immunity of archives, 746
Article IX, Section 7, privilege for communications, interpretation, 751
Article X, relations with other international organizations, 965
Article XII, Section 3(b)(i), Executive Directors, appointed, interpretation, 799
Article XII, Section 3(b)(i), voting by Executive Directors, 18
Article XII, Section 3(b), proposed amendment, 14
Article XII, Section 3(c), additional appointed Executive Directors
interpretation, 799
use of the preceding two years, 800
Article XII, Section 3(c), election of Executive Directors, 18
Article XII, Section 3(c), proposed amendment, 14
Article XII, Section 3(d), proposed amendment, 15
Article XII, Section 3(f), appointed Executive Directors
Alternate Executive Directors, additional, 11
interpretation, 799
Article XII, Section 3(f), proposed amendment, 15
Article XII, Section 3(i), 15
Article XII, Section 3(i)(ii), voting by Executive Directors, 18
Article XII, Section 3(j), 753
Article XII, Section 3(j), proposed amendment, 16
Article XII, Section 4, Managing Director and staff, 810
Article XII, Section 6, reserves, distribution of net income, and investment, 811
Article XII, Section 6(d)
partial distribution of windfall gold sale profits, 243
Article XII, Section 6(f)(ii), 821
Article XII, Section 6(f)(vi), 243
Article XII, Section 6(f)(ix), 243
Article XII, Section 7, publication of reports, 826
Article XII, Section 7(a), 855, 969
Article XII, Section 8, 842
Article XII, Section 8, proposed amendment, 16
Article XIII, Section 2, 605
Article XIV, exchange restrictions under transitional arrangements
availment of transitional provisions, 621
bilateralism, 616
commitment to current account convertibility, 623
consultations, World Bank, 771
multiple currency practices, 619
retention quotas, 618
settlement of disputes between members, 120
Article XIV, Section 2, exchange restrictions
maintenance of orderly exchange arrangements, 629
multiple currency practices, 629–32
restrictions related to national security, 615
transitional arrangements, 613, 617
undue delays as payments restrictions, 623
Article XIV, Section 3, representation by the Fund
application, 631
meaning of “exceptional circumstances” in Article XIV, Section 3, 857
Article XVI, Section 2, 893
Article XVII, Section 3, 242
Article XVII, Section 3, other holders of SDRs, 337, 863
Article XVIII, 870
Article XVIII, Section 1(a), principles and considerations governing SDR allocation and cancellation, 871
Article XVIII, Section 4(c)
allocation and cancellation of SDRs, 872
Article XIX, Section 2(c), SDR operations and transactions between participants
donations, 883
forward operations, 882
loans, 875
other holders, 863
pledges, 877–78
settlement of financial obligation, 874
swap operations, 881
transfers as security for the performance of financial obligations, 879
Article XIX, Section 4, limit on SDR Department participant’s obligation to provide currency, 570
Article XIX, Section 5, designation of participants to provide currency, 885
Article XIX, Section 5(a)(i), designation plans, 506, 888
Article XIX, Section 5(c), designation rules in SDR Department, 888
Article XIX, Section 6(b), reconstitution, 890
Article XIX, Section 7(a), calculation of exchange rates, 572, 874, 875, 877, 879, 881
Article XX, Section 1, interest paid on holding of SDRs, 863
Article XX, Section 2, SDR Department interest and charges, 891
Article XX, Section 4, 893
Article XX, Section 5, application against unpaid charges of SDRs acquired by participants after payment date, 892
Article XXI(a)(ii), proposed amendment, 16
Article XXIII, Section 1, suspension of operations and transactions in SDRs, 865
Article XXIV, Section 4, 870
Article XXIV, Sections 1(a) and 1(b), 870
Article XXVI, Section 2(b), 944, 949
Article XXVI, Section 3, withdrawal from membership, 573
Article XXIX, interpretation
New Arrangements to Borrow, interpretation outside the purview of Article XXIV, 574
unenforceability of exchange contracts, 566
Article XXIX(a), interpretation
Appointment of Executive Director by a member having one of five largest quotas, Article XII, Sections 3(b)(i) and 3(f), 799
authority of the Fund to use its resources, 351, 939
privilege for communications, Article IX, Section 7, 751
unenforceability of exchange contracts under Article VIII, Section 2(b), 613
Article XXIX(a), proposed amendment, 17
Article XXX(c), definition of reserve tranche purchase
exclusion of purchases and holdings from EFF, 923
Article XXX(c)(iii), exclusion of purchases and holdings in credit tranches or under extended arrangements, 923
Article XXX(f), freely usable currencies, 858, 924
Article XXXI, Section 1, entry into force of Articles of Agreement, 3
Articles of Agreement
amendment, Resolution 66-2, 7
Asian Development Bank
communications concerning members’ arrears to the Fund, 902
exchange of documents with, 794
prescribed holder of SDRs, 866
Assessment under Article XX, Section 4, 893
Attribution, rule of
members indebted to Fund, 512
reduction in Fund’s holdings of currency, 520–21
Audit
external audit firm, 855
framework Administered Account, 182
Post-SCA-2 Administered Account, 338
PRGF-HIPC Trust, 287, 297
safeguards for use of Fund resources, 352
Supplementary Financing Facility Subsidy Account, 927
Authorized signatories, 810
B
Balance of payments need
access policy, 472
conditionality, 352
emergency assistance, post-conflict countries, 446
Fund-supported programs, 354
lenders to ESAF Trust, need because of developments in reserves, 259, 287
Precautionary and Liquidity Line, 438
protracted balance of payments problems, 542
Rapid Financing Instrument, 434
Bank for International Settlements (BIS)
cross-border capital flows, surveillance of, 73
investment by Fund of currencies held by Borrowed Resources Suspense Accounts, 606
investment by Fund of currencies received by SFF Subsidy Account, 935
prescribed holder of SDRs, 865
Bank of Central African States
prescribed holder of SDRs, 866
Bank-Fund collaboration
conditionality, 778–82
country programs, 778
debt sustainability assessments, 784
Financial Sector Assessment Program, 127
financial systems, 778
IMF-World Bank Concordat, 759–71
longer-term program engagement, 501
observer status, generally, 771
World Bank observer status, 772
Bilateral Borrowing Agreements
termination of 2009 agreements, 603
Bilateral payments arrangements
stand-by arrangement, 414
three-month settlement rule, temporary exemption, 617
Bilateralism and convertibility, 616–17
Blackout periods
General Resources Account arrangements, 408
Board of Governors Resolutions
Composite Resolution, 941
quota and voice reform, 3
SDR allocation, First Basic Period, 870–71
SDR allocation, Ninth Basic Period, 872
SDR allocation, Third Basic Period, 871
Borrowed Resources Suspense Accounts
establishment, 605
investment by the Fund of currencies held in, 605–6
Borrowing by the Fund. See also General Arrangements to Borrow (GAB); New Arrangements to Borrow (NAB)
guidelines, 607
Note Purchase Agreement, 612
proposed modalities for 2012, 609
Burden sharing
implementation in FY 2000, 529
implementation in FY 2001, 531
implementation in FY 2007, 534
rate of charge, determination of, 531
By-Laws
Section 20, audits, 182, 285, 290, 322, 329, 335, 339, 855, 934
Section 22, compulsory withdrawal, 903, 906, 907
C
Capital account crises
access policy, 476
exceptional access policy, 2004 review, 486
exceptional access policy, SRF, 482
Capital flows
action to limit disequilibrium flows, Composite Resolution, 956
cross-cutting themes and possible policy framework, 74
Fund’s role in cross-border flows, 72
institutional view of liberalization and management, 79
multilateral aspects of policies, 77
role of the Fund, 82
WTO, information on Fund decisions requesting a member to exercise capital controls, 999
Capital transfers
controls by members, 564
multiple currency practices applicable solely to, 627
payments arrears, 448
use of Fund’s resources for, 628
Caribbean Development Bank (CDB), 796
Censure
draft declaration, 904
Central African Economic and Monetary Union
surveillance over monetary and exchange rate policies, 66
CFF. See Compensatory Financing Facility
Charges
accounting for charges from members with overdue obligations, 522
administrative account balances, 923
extended arrangements, 414
future changes in charges, 522
media of payment in General Resources Account, 524
payment by nonparticipant in the SDR Department, 524
payment of net charges and assessment in the SDR Department for FY ended April 30, 1982, 891
setoff in connection with a retroactive reduction of charges due by members in arrears, 528
special charges on overdue financial obligations to the Fund, 525–26, 527
stand-by arrangements, 414
surcharge on purchases in credit tranches and under EFF, 522
value date for payments of special charges, 527
waiver of special charges, 526
Code of Good Practices on Transparency in Monetary and Financial Policies, 379
Collateral, 685
collateral guarantees on debt, international reserves template, 685
Combating the financing of terrorism, 160, 166–69, 169–71
Committee on Reform of the International Monetary System Composite Resolution, 941–53
Communications, privilege for interpretation of Article IX, Section 7, 751
Compensatory Financing Facility
indicative targets, 356, 357
repeal, 367
repurchase expectation, 516
repurchases, 516
Compulsory withdrawal, 905, 907, 908
Concessional financing
eligibility to use Fund’s facilities, 554
use of Fund’s facilities, 554
Conditionality
Bank-Fund collaboration, 778
benchmarks, 356, 358
consistency with WTO agreements, 789
consultation clauses, 356
emergency assistance, natural disasters, 444–46
emergency assistance, post-conflict countries, 448
emergency financing mechanism, 493
financing assurance reviews, 357
first credit tranche, 389
floating tranches, 359
guidelines on, 352
individual circumstances of members, 353
letters of intent, 356
modalities, 355
outcomes-based, 355
ownership, 353, 383, 778–82
performance criteria, 357
performance criteria and phasing, relationship, 393
performance criteria on external debt, guidelines, 395
performance criteria with respect to foreign borrowing, 403
PRGF-ESF arrangements, 390
principles, 352
prior actions, 356, 371, 374, 391
program design, 353
program review, 357–63
review, 2012, 360
stand-by arrangement, normal access to credit tranches, 388
streamlining, 390, 392
structural benchmarks, 356–63
structural performance criteria inapplicable, 363
upper credit tranche stand-by arrangements, 474
waiver, adopting measures prior to granting of, 356
waiver, nonobservance of performance criteria, 358
Confidentiality
exchange of documents with other international agencies, 795
FSAP Confidentiality Protocol, 150–54
side letters, 363–70
Consultation clause
stand-by arrangements, 415
Consultation cycles, Article IV. See also Article IV consultations
annual in principle, 106
FCL or PLL arrangement, effect of, 113
flexibility in, 106
interval between Article IV consultations, 106
Consultations other than under Article IV
acceptance of obligations of Article VIII, Sections 2, 3, and 4, 621
Article VIII restrictions, 615, 616, 771
Article XIV restrictions, 616, 619, 771
bilateral agreements, 616
competitive depreciation, 625
conditionality, consultation clauses, 356
GATT Contracting Parties, 756
multiple currency practices, 619
prescribed holders of SDRs, 864
PRGF-ESF, consultation with creditors, 261
sale of members’ currencies, 507
trade and payments restrictions, escalation, 625
United Nations, 967, 969
World Trade Organization, 788–91
Contingent Credit Lines (CCLs)
extended arrangements and, 415
Convertibility
acceptance of obligations of Article VIII, Sections 2, 3, and 4, 620
bilateralism, 616
currency, 618, 620
current account of the balance of payments, 620, 622
retention quotas, 617
Cross-border capital flows
surveillance, 72
Cross-conditionality
avoidance, 770
Currencies
attribution of reduction of Fund’s holdings, 520–21
charges on Fund’s holdings in excess of quota, 522
freely usable, 332, 858, 865, 924, 932
General Resources Account, 506–7, 511, 524, 537–39
guidelines for operational budget allocation of currencies, review, 509
maintenance of value, 537–39
presently needed for making payments, 352
repurchases, 517
reserve asset payments, 19, 21
sale of currencies of members with outstanding purchases, 507, 509
SDR valuation basket, 858–61
subscription to the Fund, ownership, 19
use in operational budgets, 506–7
Current international transactions (current account transactions)
bilateralism, 616
multiple currency practices, 627–30
payments arrears, 462
restrictions involving WTO members, 792, 999
restrictions on payments and transfers, 616, 620
undue delays in availability or use of foreign exchange, 623
use of Fund resources, 352
D
Data Dissemination Standard. See Special Data Dissemination Standard (SDDS) and General Data Dissemination System (GDDS)
Data Dissemination Standards Bulletin Board
General Data Dissemination System (GDDS), 744
Data provision to the Fund for surveillance, 645
review, 2008, 649
review, 2012, 653, 654
Debt limits
performance criteria in Fund arrangements, 395
policy in Fund-supported programs, 401
Debt operations
condition precedent clauses, 469
management of the debt situation, 469
mandatory prepayment, 469
Debt strategy
payments of arrears to creditors, 460, 462, 623
Debt sustainability assessments, 782–85
Fund-Bank collaboration, 782
Debt sustainability framework
low-income countries, 254
Debt-service ratio, 303
Declaration of censure, 902
Declaration of ineligibility, 901–2, 906, 908
publicity, 851, 918
termination, 918
timing, 913
Declaration of noncooperation, 902–3, 909
draft declaration, 906
publicity upon withdrawal, 919
termination, 918
timing, 913
De-escalation of remedial measures, 919–21
Default, sovereign, 463, 494
Designation, SDR Department
acceptance limit, 887
assessment of strength of balance of payments and governance position, 506–7
rules for designation, review, 885–88
rules for designation, revision, 888–89
Development Committee (Joint Ministerial Committee on the Transfer of Real Resources to Developing Countries)
changes in the organization of work and structure of the Secretariat function, 961
establishment and composition, 948
Executive Directors’ participation in meetings, 950
HIPC Initiative, 290, 298
Managing Director’s participation in meetings, 950
procedures, 951–52
rules of procedure, 960
WTO observer, 793
Discrimination
balance of payments reasons, 620
disputes between members, comparable treatment of creditors, 120, 463
multiple currency practices, 633
nondiscriminatory treatment of members, use of general resources, 353–54
Disputes between members
comparable treatment principle, 120
role of the Fund, 122, 469
Document exchange. See Exchange of documents with other international agencies
DSBB. See Dissemination Standards Bulletin Board
E
Early repurchases
guidelines, 516–18
member’s balance of payments and gross reserve position, 516
Early warning system models, 63
Easing work pressures
omnibus paper, 428
East African Development Bank
prescribed holder of SDRs, 866
East Caribbean Currency Authority
prescribed holder of SDRs, 866
Eastern Caribbean Central Bank
prescribed holder of SDRs, 866
Eastern Caribbean Currency Union
surveillance over monetary and exchange rate policies, 69
Emergency assistance
post-conflict countries, 276, 449–54
PRGF-HIPC Trust qualification, 276–78
repeal and replacement by Rapid Financing Instrument, 436
repurchase, 517
Emergency financing mechanism (EFM)
conditions for activation, 495
early repurchase, 497
Enhanced Structural Adjustment Facility (ESAF) Trust (transformed into Poverty Reduction and Growth Facility (PRGF) Trust)
access limits, 267
benchmarks, 266
blend of general and SAF/ESAF resources, 917
borrowing for Loan Account, consultation with creditors, 262
commitment amount not normally reduced, 267
commitment period, 263
eligible members, 547
emergency assistance, relation to, 447
establishment, 262–63, 549–56
gold pledge, 914, 916
gold, use of, 265
legal documentation, 268–69
loans in conjunction with existing facility, 264
loans in conjunction with SAF loans, 545
loans to Trust as member’s official reserves, 268
maturity of loans, 264
objectives of programs, 265
operational agreements, 262–68
overdue financial obligations to Fund, 897
performance criteria, 260, 266
phasing of disbursements, 267
prior actions, 266, 376
rescheduling not available, 265
review, 265
review of arrangements, mid-year, 264, 265
rights accumulation program, 916
Special Disbursement Account, 264
Structural Adjustment Facility, assistance in conjunction with, 545–46, 558–59
Subsidy Account, 264
transfer and retransfer of resources from and to Special Disbursement Account, 556–58
transformation to PRGF Trust, 259–60
use of SDRs, 869
Enhanced surveillance
annual and mid-year consultation reports, 116–17
Article IV consultations, 117, 118
Article VIII obligations, 623
criteria and procedures, 123–24
Executive Board involvement, 125
Fund’s role in assisting members with creditors, 122–24
midterm review, 116–17
quantified economic policy programs, 118
revised procedures, 117–18
staff reports, transmittal by member to creditors, 118, 124
Enlarged access
criteria for use of Fund resources, validity, 472–76
repurchases, 473
Euro
freely usable currency, 924
rates for computation and maintenance of value, 538
reference rates, European System of Central Banks, 862
weight in SDR valuation basket, 860
Euro area members
surveillance over monetary and exchange rate policies, 66, 785–87
European Bank for Reconstruction and Development (EBRD)
exchange of documents with, 796, 798
European Central Bank (ECB)
euro reference rates, 862
observer status, 785–87
European Commission (EC)
Article IV consultations, 66–67
exchange of documents with, 796, 798
European Investment Bank (EIB)
exchange of documents with, 796
European System of Central Banks, 862
Exceptional access policy, 476
Exchange arrangements
exchange taxes and subsidies, notification, 24
flexible, notification of significant decision, 24
intervention, 24
multiple currency practices, prior Fund approval, 24
notification of, 23
Exchange contracts
unenforcability, Fund’s interpretation of Article VIII, Section 2(b), 613
Exchange controls
nonsovereign arrears stemming from imposition, 463
Exchange of documents with other international agencies
ad hoc requests, 797
Article IV consultation staff reports, 792, 798
changes in procedures, 797
criteria for access, 795–96
Recent Economic Developments reports, 793, 797
technical assistance reports, 794
use of Fund resources staff papers, 794, 797
Exchange rate policies
euro area, 785–87
Exchange rates
coherence in global policymaking, 789
computations and maintenance of value, 537–39
computations and maintenance of value (value date), 537
fixed, 628
floating guidelines, 956
fluctuating, 24, 628–29
General Arrangements to Borrow, 572
New Arrangements to Borrow, 572
unification in multiple rate systems, 633
Exchange restrictions
approval by Fund, 624
Article VIII, Section 2, 3, and 4 obligations, 621–22
avoidance of escalation, 625
balance of payments reasons, 622
bilateralism, 616–17
competitive depreciation, 625
consultations with Fund, 621–22, 625
discrimination for balance of payments reasons, 620
emergency assistance, 445–46
Fund representation in exceptional circumstances under Article XIV, Section 3, 631, 857
guiding principle on whether a measure is an exchange restriction, 621
non-balance of payments reasons, 622
performance criteria, stand-by arrangement, 413
retention quotas, 617–19
security reasons, 615–17
transitional arrangements under Article XIV, 618–19, 621
undue delays, 564, 623
World Trade Organization, information on Fund approval, 999
Exchange subsidies, 24
Exchange taxes, 24, 628, 632
Executive Board
Alternate Executive Directors, additional, 11
code of conduct, 800–6
meetings, procedural guidelines, 806–7
minimum circulation period for documents, 108
notification of exchange arrangements, 23
reform of, Resolution 66-2, 7
report on Eleventh General Review of Quotas, 3
side letters procedures, 368
Executive Directors
additional appointed, “the preceding two years,” in Article XII,
Section 3(c), meaning of, 800
appointment by members having five largest quotas, Article XII, 799
appointment of two additional directors, Article XII, Section 3(c), 799–800
IMFC meetings participation, 943
procedural guidelines, 806–7
voting power, effect of adjustment of quota, 800
Exogenous Shocks Facility
assistance under, 241
Exogenous Shocks Facility (ESF) Trust. See Poverty Reduction and Growth Facility (PRGF) and Exogenous Shocks Facility (ESF) Trust
Extended arrangements
charges, 414
completion of reviews, 420
Consultation clauses, 415
emergency assistance and, 447–48
form, standard, 415–20
ineligibility, 894
misreporting and noncomplying purchases, 371, 375, 376
overdue financial obligations to the Fund, 894–95
phasing, 415–20
structural performance criteria not applicable, 363
Extended Credit Facility
interest rate, 251
Extended Fund Facility
applicable situations, 405
arrangements for periods not exceeding four years, 407
charges, 408
form of extended arrangement, 415
phasing of purchases, 407
repurchases, 407
review, 408
stand-by arrangement policies applicable, 408
waiver of conditions of Article V, Section 3(b)(iii), 407
External Audit Committee, 856
External audit of Fund financial statements, 855–56
External debt
management of debt situation, 469–70
External debt performance criteria
concessionality, definition, 405
guidelines, 396
stand-by arrangement, 413
F
Federal Reserve Bank of New York, 862
Financial Action Task Force
Fund collaboration with, 178
Financial Action Task Force (FATF) 167–72
40+8 Recommendations, 168
endorsement of methodology, 172
Fund collaboration with, 174
surveillance, 126, 132, 134
Financial crisis 2007–08
stock-taking of Fund response, 83
Financial Sector Assessment Program (FSAP)
anti-money laundering, 133, 160
Article IV consultations, 126, 129, 131, 132, 134
Bank-Fund collaboration, 127, 131, 150
confidentiality, 130, 131
Confidentiality Protocol, 150–54
coverage, 133
coverage and frequency, 128–29
Financial Stability Assessments (FSSAs), 147
Financial System Stability Assessments (FSSAs), 126, 127, 134
frequency, 128, 133
FSSA reports, presumed publication, 135
Independent Evaluation Office review, 135
offshore financial centers (OFCs), 129, 160, 161, 163
publication of FSAP reports, 130
publication of FSAP reports not authorized, 130
publication of FSSA reports endorsed, 131
Reports on Observance of Standards and Codes (ROSCs), 127
review, 131
review, 2005, 131
stability assessments, integration of, 135
stability assessments, mandatory, 147
standards and codes, 127
stress tests, 127
surveillance, 126, 127, 132, 134
updates, 132
World Bank, collaboration with, 126, 128
Financial stability assessment
mandatory, 113
Financial Stability Board
cross-border capital flows, surveillance of, 73
membership of the Fund, 85, 88
Financial Stability Forum, 84
First credit tranche purchase
elimination of payments arrears, 461
liberal Fund attitude, 389
reasonable efforts test, 389, 461
First credit tranche stand-by arrangements
phasing and performance clauses omitted, 389
Fiscal agency
safeguards on use of Fund resources when fiscal agent not central bank, 378
Flexible Credit Line
Article IV consultation cycle, 112
Emergency Financing Mechanism procedures not applicable, 423
establishment, 420
performance criteria not applicable, 421
phasing not applicable, 421
qualification criteria, 420
requirement to review 12-month arrangement after six months eliminated, 424
review (2011), 425
review no later than November 2014, 443
review of decision, 424
Forms
draft declaration on censure or noncooperation, 906
draft first letter to all Governors regarding a member’s overdue financial obligations to the Fund, 904–5
draft second letter to all Governors regarding a member’s overdue financial obligations to the Fund, 905–6
extended arrangement, 415–20
stand-by arrangement, 411–15
Fourteenth General Review of Quotas, 7
Fragile situations, countries in
unique challenges, 251
Framework Administered Account for Selected Fund Activities
instrument to establish, 184
Framework Administered Account for Technical Assistance Activities
adoption of Instrument to establish, 179
Instrument to establish, 179–83
investment of resources, 181
Pacific Financial Technical Assistance Centre Subaccount, 183
Freely usable currencies (euro, Japanese yen, pound sterling, U.S. dollar), 332, 858, 865
Fund-Bank collaboration
attendance at Fund Board Meetings, 771, 804
Financial Sector Assessment Program, 133
Furnishing of information to the Fund, 372, 637–49
G
G-20 mutual assessment process, 149, 150
General Agreement on Tariffs and Trade (GATT)
arrangement for consultation and cooperation with the Contracting Parties, 756–60
Fund collaboration with, 787–94, 956
import restrictions for balance of payments reasons, 622
Voluntary Declaration on Trade and Other Current Account Measures, 956
General Arrangements to Borrow (GAB), 565–81
borrowing by the Fund, guidelines, 607
emergency financing mechanism, 493
interest, 544
letter from France’s Minister of Finance to U.S. Secretary of the Treasury, 577–80
participants and amounts of credit, 576
quotas, Eleventh General Review, 3
repayment by the Fund, 570–72
sales of currencies of members indebted to Fund, 512
transferability of claims, 572
use of credit arrangements for nonparticipants, 575
General Data Dissemination System (GDDS)
access by the public, 657
bulletin board on the Internet, 744
coverage, periodicity, timeliness of data, 711
integrity, 739
phased approach, 708
purposes, 707, 709
quality, 741
General Resources Account (GRA)
adjustment of Fund holdings of members’ currency, 538
annual reimbursement of PRGF-ESF Trust expenses, 561
designation, assessment of strength of member’s balance of payments and gross reserve position, 506
gold held, sale, 560
maintenance of value, 538
media payment in, 524
misreporting and noncomplying purchases, 371–74
overdue charges, 526
rates for computation and maintenance of value, 538
repayment expectation under PRGF Trust, failure to meet, 258
rights approach, 916
rules, applicability to PRGF Trust administration, 259
sale of currencies at the request of members with outstanding purchase, 509
sale of SDRs by the Fund for payment for increase in quota, 515
specification of currencies by the Fund, 509–10
Subsidy Account, reimbursement of administrative expenses, 933
transfers of SDRs instead of currencies under Article V, Section 3(f), 507
Global Financial Stability Report (GFSR), 53
Gold
designation of SDRs, 886, 887
gold pledge for use of ESAF Trust resources, 913–17
gold pledge for use of PRGF-ESF Trust resources under rights approach, modalities, 559–61
harmonization of excess holdings of SDRs, 886–87
interim administered account for windfall gold sales profit, 246
interim administered account for windfall gold sales profits, 242
ownership of gold and currency for subscriptions, 19
payment for repurchases, 519
use of gold sales profits in Investment Account, 825
Governance issues
Article IV consultations, 97, 99
coordination with bilateral donors and multilateral agencies, 100
corruption, 93, 95, 96
HIPC Initiative, 299
identification of problems, 99
macroeconomic impact test for Fund involvement, 93, 98, 100
policy advice, 92, 94
role of the Fund, 102, 104, 707, 708
technical assistance, 92, 99
technical issues, 92, 94
transparency, 92, 96
use of Fund resources, 98
Gross reserve position
assessment for purposes of designation plans, operational budgets, and early repurchases, 509
Guidelines
access by members to Fund’s general resources, 470
allocation of currencies, operational budget, 509–10
borrowing by the Fund, 607
conditionality, 352–63, 389
corrective action, 371–74, 382
designation plans, 506
early repurchases, guidelines, 516–18, 520
emergency assistance, natural disasters, 445
emergency assistance, post-conflict, 446–49, 449–54
Fund staff collaboration with the WTO, 787–94
governance issues, 91–102
minimum circulation periods for Executive Board documents, 108
misreporting and noncomplying purchases, 371–74
operational budget, 506–7
payment of reserve assets for subscription, 19–22
performance criteria on external debt in Fund arrangements, 395
performance criteria with respect to foreign borrowing, discount rate for assessing concessionality, 403–4
SDR valuation basket, calculation of currency amounts, 858–60, 860–61
SDR valuation basket, conversion into euro of deutsche mark and French franc, 862
selection of currencies by the Fund, 509–10, 511–12
H
Heavily Indebted Poor Countries (HIPC) Initiative status of implementation (2011), 310
I
Immunities and Privileges of Specialized Agencies, United Nations Convention, 972–89
Import restrictions for balance of payments reasons
GATT, 461
stand-by arrangements, 413
Income position
MDRI-I Trust reimbursement for FY 2013, 330
PCDR Trust reimbursement for FY 2013, 934
placement of FY 2013 net income of GRA to Special Reserve and General Reserve, 821
PRGT reimbursement for FY 2013, 250
PRGT Reserve Account Transfer to Subsidy Account, 536
PRGT Reserve Account transfer to Subsidy Account, FY 2012 and FY 2013–14, 536
rate of charge on UFR for FY 2013 and FY 2014, 536
rate of charge on UFR for FY 2014, 536
transfer of investment income for FY 2012 to GRA, 820
transfer of investment income for FY 2013 to GRA, 821
Ineligibility to use Fund resources
declaration of ineligibility, 641, 901, 905, 907–13, 918
extended arrangements, 894
limitation and ineligibility under Article V, Section 5, 514
publicity, 918
stand-by arrangements, 412, 894
Inter-American Development Bank (IDB)
communication regarding members’ arrears to the Fund, 902
exchange of documents with, 796
Interest
means of payment under Trust Fund, 925
Poverty Reduction and Growth Trust, 214
PRGF-HIPC Trust, interest-free loans, 283
Interim Committee
governance, 377
International Monetary and Financial Committee, transformation of Interim Committee into, 943–46
rules of procedures, 959
safeguards for use of Fund resources, 377
terms of reference, 945
International agencies, 794
International Court of Justice, 968
International Development Association (IDA)
HIPC Initiative, 299, 301
prescribed holder of SDRs, 866
International Financial Statistics (IFS), 648
International Fund for Agricultural Development (IFAD) prescribed holders of SDRs, 866
International Monetary and Financial Committee (IMFC, formerly Interim Committee)
Fourteenth General Review of Quotas, 7
participation of Executive Directors in meetings, 944
participation of Managing Director in meetings, 944
procedures, 945–46
terms of reference, 945
International organizations
transmittal of Fund documents, 794–95
Interpretation
Article VI, use of Fund resources for capital transfers, 351
Article VIII, Section 2(b), unenforceability of exchange contracts, 613–14
Article IX, Section 7, privilege for communications, 751–52
Article XII, Section 3(b)(i) and Section 3(f), appointment of directors by members having one of five largest quotas, 799
Article XII, Section 3(c), appointment of two additional directors, 799
Article XIV, Section 3, Fund representation in exceptional circumstances on withdrawal of Article XIV, Section 3 restrictions, 857
Articles of Agreement, 351
Investigation of Fund activities, cooperation procedures, 748–50
Investment account
rules and regulations, 811
Investment Account
Endowment Subaccount, 816
establishment, 811
Fixed-Income Subaccount, 815
objective, 812
responsibilities of Managing Director, 813
sources of assets, 812
subaccounts and allocation of assets, 812
Temporary Windfall Profits Subaccount, 820
use of gold sales profits, 825
Investment authority of the Fund
additional considerations, 822
broadening the investment mandate, 811
Islamic Development Bank (IsDB)
exchange of documents with, 796
prescribed holder of SDRs, 866
J
Japanese yen
freely usable currency, 924
weight in SDR valuation basket, 859
Joint Staff Advisory Notes
streamline modalities, amendments to, 310
Joint Staff Assessments, 301
L
Lapse of time procedures
Article IV consultations, 108
program reviews, completion, 428
transmittal of supplementary information to WTO, 789
Leases, definition of external debt, 403–4
Lending into arrears, 464–68
review of policy, 468
Letters of intent (LOIs)
deletion from documents released to aid agencies, 798
side letters, 368–70
Loan Account
borrowing for, 216
Longer-term program engagement
definition, 502
review, 500
Low-income countries
access to concessional resources, 458
concessional financing framework, 458
concessional financing framework, reform of, 196
contingency financing, 459
debt sustainability framework, 254
design of PRGT arrangements, 460
fragile situations, 252
review of facilities, 457
role of the Fund, 454, 455
M
Maintenance of value
overdue adjustments, 897
rates for computations, 537–39
Managing Director
authorized signatories, 810
consultation with creditors for additional borrowing for PRGF Trust Loan Account, 262
consultation with member on changes in exchange rate policies, 24
consultation with member with outstanding purchases on sale of currency, 512
Development Committee, participation in meetings of, 950
General Arrangements to Borrow, proposals for calls, 575
International Monetary and Financial Committee, participation in meetings of, 944
nondiscriminatory treatment of members, 354
SDR allocation, proposals for first basic period, 870
use of Fund resources, recommendation regarding approval, 354
Military expenditure and the role of the Fund
Article IV consultations, 103, 104
performance criteria, 104
Misreporting and noncomplying disbursements, PRGF-ESF Trust
missed repurchase expectation, 851
prior action, accuracy of information, 376
repayment expectation, 272, 281
safeguards for use of Fund resources, 378
waiver of applicability or for nonobservance of performance criteria, 261
Misreporting and noncomplying purchases, General Resources Account
corrective action, 371–74
performance criteria or other conditions, accuracy of information, 372, 381–82
prior actions, accuracy of information, 375
publication of cases, 851
safeguards for use of Fund resources, 376–81
waivers, 372
Misreporting and noncomplying purchases, Policy Support Instrument (PSI)
corrective action, 191
Misreporting and noncomplying purchases, PRGF and PRG Trust
corrective action, 235
Misreporting in de minimis cases
Article VIII, Section 5, 643
de minimis, definition, 374
General Resources Account, 373
Policy Support Instrument, 193
Special PRGF Operations for HIPC, 280
Moral hazard, 451, 477, 488, 493
Multilateral Debt Relief Initiative
status of implementation (2011), 310
Multilateral Debt Relief Initiative (MDRI)
proposed decisions, 312
qualification of non-HIPCs, 313
Multilateral Debt Relief Initiative-I (MDRI-I) Trust
administration, 321
amendment, 323
completion point, 317
decision point, 317
eligibility, 319
investment of resources, 322
media of payment of contributions, 318
purposes, 317
unit of account, 318
Multilateral Debt Relief Initiative-II (MDRI-II) Trust
administration, 328
amendment, 330
completion point, 324
decision point, 324
eligibility, 326
instrument to establish, 324
liquidation, 329
media of payment of contributions, 325
purposes, 324
unit of account, 325
Multiple currency practices
approval, 24, 633
approval criteria, when imposed for balance of payments reasons, 621, 635
approval criteria, when imposed for non-balance of payments reasons, 622
Article IV consultations, 636
balance of payments reasons, 628, 635
capital transactions, 636
consultation with Fund prior to changes, 627, 628
discrimination, 635
exchange taxes, 632
jurisdiction of the Fund, 629
nonbalance of payments reasons, 627, 636
official action, 634, 635
policy in 1947, 626–32
policy in 1957, 633
policy in 1998, 634–36
simplification of complex rate systems, 633
spread, 634
statement to members transmitting Funds decisions, 626
unification of exchange rates as basic Fund objectives, 633
Multi-year rescheduling arrangements (MYRAs)
enhanced surveillance and, 123
Mutual assessment process, G-20, 149
N
Natural disasters, emergency assistance, 443
New Arrangements to Borrow
new participants, 599
rollback of credit arrangements, 602
New Arrangements to Borrow (NAB), 581–601
activation period, 585
adherence, 584
Fourteenth General Review of Quotas, 10
General Terms and Conditions for NAB Notes, 588
interest, 589
meeting of participants, 601
rates of exchange, 592
special calls, 587
transferability, 593
transferability of claims, 604–5
withdrawal from adherence, 595
withdrawal from membership, 596
Noncooperation draft declaration, 902
Nondiscriminatory treatment of members
Paris Club, 121
Use of Fund resources, 353
Nordic Investment Bank
prescribed holder of SDRs, 866
Note Purchase Agreement
issuance of notes by Fund to official sector, 612
O
Observer status in the Fund
European Central Bank, 785
World Bank, 771–74
World Trade Organization, 787, 999
Observer status of the Fund
World Bank, 771
World Trade Organization, 1000
Official clearing and payments arrangements
temporary exemption from three-month settlement rule, 617
Offshore financial centers (OFCs), 161
assessment program, 160–63
inclusion in FSAP reports, 129
integration of assessment program with FSAP, 163
publication of reports, 162
Operational budgets
assessment of strength of member’s balance of payments and gross reserve position, 506
guidelines for operational budget allocation of currencies, review, 509
specification of currencies by the Fund, 509, 511
transfers of SDRs under Article V, Section 3(f), 507
Organization for Economic Cooperation and Development (OECD)
exchange of documents, 798
Overdue financial obligations to the Fund
accounting charges, 525
Annual Report (IMF), 900
complaint by Managing Director, 900
compulsory withdrawal, 902, 903, 908, 909
declaration of censure, 902, 906
declaration of ineligibility, 901, 906, 908, 910, 918
declaration of noncooperation, 903, 907, 909, 918
de-escalation of remedial measures, 919
draft first letter to all Governors, 904–5
draft second letter to all Governors, 905–6
Eleventh General Review of Quotas, 3
ESAF, no access, 896–97
extended arrangements and, 894
flexibility in de-escalation policy because of Qualifying Catastrophic Disaster, 922
Ninth General Review of Quotas, 901, 910
nontoleration of arrears to official creditors, 462
overdue maintenance of value adjustments, 897
Overseas Economic Cooperation Fund (OECF), 404
preferred creditor status of Fund, 897, 898, 906, 910
prevention/deterrence measures, strengthened timetable of procedures, 912
PSI, nonapproval, 189
requests for the use of Fund resources under a stand-by or extended arrangements, management will not submit, 894
review of strategy (2012), 922
review period, 895
setoff in connection with retroactive reduction of charges, 528
stand-by arrangements and, 894
strengthened cooperative strategy, 907–13, 917–18
suspension of voting rights, 911
technical assistance suspension, 921
P
Paris Club
Agreed Minute, 121
debt rescheduling and Fund arrangements or programs, 910
debtors’ negotiations with, 120
PRGF qualification for assistance, 276
rescheduling discussions, 797
rescheduling in the absence of Fund arrangement, 910
rescheduling operations, Fund opposition to matching, 453
settlement of disputes between Fund members and Fund neutrality, 121
Payments arrears of a member to other (non-Fund) creditors
Fund lending into nonsovereign arrears, 462–68
Fund lending into sovereign arrears, 462–68
Fund policies and procedures, 462–68
performance criteria, 460
Payments arrears, settlement of disputes between members, 120
Performance criteria under Fund arrangements
accuracy of information, 375
conditionality guidelines, 352
debt limits, 395
definition, 357
first credit tranche, not subject to, 389
number and content of, 357
omitted in stand-by arrangements within first credit tranche, 389
phasing, relationship, 393–95
reporting on implementation, confidentiality relating to, 371
side letters, 371
structural performance criteria not applicable, 363
waiver for nonobservance, 358, 372, 374
waiver of applicability, 359, 374
Phasing and performance criteria under Fund arrangements
omitted in stand-by arrangements within first credit tranche, 389
operational guidelines, 393
relationship, 393
Policy framework papers. See also Poverty Reduction Strategy Papers
Policy Support Instrument
Article IV consultation cycle, 112
Policy Support Instrument (PSI), 183–95
application of Guidelines on Conditionality, 194
arrears, 194
assessment criteria, 191
definition, 189
documents required, 189
eligibility, 189,190
implementation, 190
misreporting, 192
poverty reduction strategy documents, 189
review, 195
side letters, 194
structural assessment criteria not needed for monitoring, 196
termination, 336
Position in the Fund, 509
Post-Catastrophe Debt Relief Trust
debt flow relief, 344
debt stock relief, 344
eligibility, 343
establishment, 340
flexibility in de-escalation policy with respect to overdue payments to the Fund, 922
purposes, 341
Qualifying Catastrophic Disaster, 344
Special Disbursement Account, 342
Umbrella Account, 350
Post-conflict emergency assistance, 294, 297, 330, 446–47, 449–54
Post-Conflict Emergency Assistance Subsidy Account for PRGF-Eligible Members
establishment, 331
fees, none, 336
instrument to establish, 331–37
investment of resources, 334
purpose, 331
rate of charge subsidy, 333
resources, 332
SDRs, use of, 337
settlement of questions, 337
termination, 336
use of resources, 333
Post-Program Monitoring
Article IV consultation, 498
publication policies, 498
Post-SCA-2 Administered Account
adoption of Instrument to establish, 338
instrument to establish, 338–40
Pound sterling
freely usable currency, 924
weight in SDR valuation basket, 859
Poverty and Growth Reduction Trust
cost of administering, 562
Poverty Reduction and Growth Facility (PRGF) and Exogenous Shocks Facility (ESF) Trust
contributions, value date for operations and transactions, 261
decision waiving the applicability of a performance criterion, 261
establishment, adoption of Instrument,198
instrument to establish, 200
modalities of gold pledge under rights approach, 559
other provisions, 258
post-SCA-2 Administered Account, 339
prior actions, accuracy of information, 376
proposed decisions, 312
repayment expectation, 258
transformation to Poverty Reduction and Growth Trust, 196
waiver of performance criteria, accuracy of information, 260–61
Poverty Reduction and Growth Facility (PRGF) and Exogenous Shocks Facility (ESF) Trust loans
performance criteria, 260, 266
performance criteria, accuracy of information, 260–61
prior action, accuracy of information, 376
repayment expectation, 258
waiver of applicability or for nonobservance of performance criterion, 376
Poverty Reduction and Growth Trust
accuracy of data to assess observance of performance criteria, 260
assistance, amount of, 209
assistance, eligibility and conditions, 202
eligibility criteria, 549
Exogenous Shocks Facility, assistance under, 241
Extended Credit Facility, 196
instrument to establish, 200
interest rate structure, review, 251
loans, terms of, 214
misreporting and noncomplying disbursements, 235
Note Purchase Agreement, 257
overdue financial obligations, 238
Rapid Credit Facility, 201
Subsidy Accounts, 221
Poverty Reduction Strategy (PRS)
conflict-affected states, special requirements, 309
goals, 307
Millennium Development Goals (MDGs), achievement of, 306
review, 305
Poverty Reduction Strategy Papers (PRSPs)
core principles, 306
definition, 273
progress, 300
role in HIPC initiative, 276
role in PSI operations, 189
Poverty Strategy Reduction Paper (PSRP)
followed by Joint Staff Advisory Paper, 310
Precautionary and Liqudity Line
conditionality, 437
Precautionary and Liquidity Line
access limits, 438
balance of payments need, 438
duration, 437
eligibility, 436
establishment to replace Precautionary Credit Line, 425
relationship between performance criteria and phasing not applicable, 393
review no later than November 2012, 443
safeguard assessment, 441
terms and conditions, 436
Precautionary Credit Line
Article IV consultation cycle, 112
repealed, 442
review (2011), 425
review of decision, 424
Preferred creditor status of Fund, 293, 451, 898, 907, 910
Prior actions
accuracy of information regarding implementation, 375
definition, 356
implementation under PRGF, 376
reporting on implementation, confidentiality relating to, 371
side letters, 371
use in emergency financing mechanism, 495
use in enhanced structural adjustment facility, 266
use in Extended Credit Facility, Standby Credit Facility and Exogenous Shocks Facility, 376
use in Policy Support Instrument, 192
Program reviews, 362
ex-post assessments, 432
ex-post evaluations, multi-country, 431
lapse of time completion, 428
procedural deadlines for completion, 433
Prolonged use of Fund resources
Article IV consultations, 498
assessment, 498
definition, 499
precautionary arrangements, 499
Protracted balance of payments problem, 313, 542
Public Information Notices (PINs)
presumed publication, 846
Publication
Article IV consultation staff reports, pilot project, 852
authorization and consent, 826
country documents, 827
Fund policy documents, 836
Letters of Intent, 846
multi-country documents, 837
PINs on use of Fund resources, 847
suspension of voting rights and termination of suspension, 851
transparency policy, 826
Purchase transactions
resumption of purchases under stand-by arrangement after decision of formal ineligibility, 413
suspension of transactions under stand-by arrangement, 414
temporary suspension under Article XXVII, effect on GAB, 573
Q
Quotas
ad hoc increases, 22
Eleventh General Review, 3
Fourteenth General Review, 7
Ninth General Review, 910
payments of reserve assets in connection with subscription, 19
sales of SDRs by Fund to members for quota payments, 515
Seventh General Review, 20, 515, 872, 888
Sixth General Review, 20
voice and quota, reform of, 3
voting power and adjustment of quotas, 800
R
Rapid Credit Facility (RCF)
access, 209
assistance under RCF, 207
interest rate, 251
low-income countries in fragile situations, 252
Rapid Financing Facility
balance of payments need, 434
Rapid Financing Instrument
access limits, 435
establishment to replace emergency assistance policy, 427
outright purchases, 435
terms and conditions, 434
Recent Economic Developments reports (REDs)
balance of payments consultations, WTO, 788
no longer included in Article IV consultation documentation, 106
transmittal to multilateral agencies, 788, 793, 795
Reconstitution of SDRs
abrogation of rules, 890
Reform of the Executive Board, Resolution 66-2, 7
Regional Economic Outlooks (REOs), 53
Repayment expectations, PRGF Trust, 258, 281, 272
Reports on Observance of Standards and Codes (ROSCs)
anti-money laundering initiatives, 161, 167, 177
assessment procedures, 168
no longer circulated to Executive Directors in hard copy form, 157
principle of uniformity, 170
reports on observance associated with FATF-led assessments generally not designated as ROSCs, 170
surveillance, 649
Repurchase expectations
attribution of reduction of currency, 520
Compensatory Financing Facility, 516
failure to meet and extended arrangements, 373, 382
failure to meet and stand-by arrangements, 382
misreporting and noncomplying purchases, 371–74, 382
publication of failure to meet, 850
Repurchases
access policy, 472–73
assessment of strength of members’ balance of payments and gross reserve position, 506
attribution of reductions in Fund’s holdings of currencies, 520
credit tranches, 518
early repurchases, guidelines, 520
emergency assistance, 518
extended arrangements, 473
gold, acceptance in payment, 519
gold, obligation to pay, 519
procedures, 518
Schedule B, 519
SDRs, 519
selection of currencies by Fund, 508, 511
special charges on overdue repurchases, 518–20
stand-by arrangements, 473
timing of repurchases within a calendar month, 518
Reserve assets
payment in connection with subscriptions, 19
Reserve position, gross
assessment for purposes of designation plans, operational budgets, and early repurchases, 506
Reserve tranche position
administrative accounts, 923
attribution of reductions in Fund’s holdings of currencies, 520
balances held in Administrative Account, 923
extended arrangements, 923
remunerated position, 21
Reserve tranche purchases, exclusion of purchases and holdings
credit tranches, 923
extended arrangements, 923
General Arrangements to Borrow, 570
Retention quotas, 617–19
Reviews under Fund arrangements
stand-by arrangement, 411
Revolving character of the Fund’s resources, 445, 473
Rights accumulation programs, 383, 914, 917, 919
gold pledge, 916
Rights approach
arrears to the Fund, reduction, 914
extension of availability, 922
gold pledge, 914
modalities of gold pledge for use of PRGF Trust resources, 559, 914
operational modalities, 914
PRGF-HIPC Trust eligibility, 275
PRGF-HIPC Trust qualification, 276
three-year period norm, 914
Rule I-6(4)(a), 536
Rule I-6(4)(b), 536
Rule T-2, 893
Rules and Regulations
Rule G-1, fiscal agency, 572
Rule G-4, request for a purchase, 514
Rule I-10, rate of remuneration, 532, 534
Rule I-6(4)(a), 531, 534
Rule I-6(4)(b), 532, 534
Rule I-6(4), rate of charge, 526, 528, 531, 534, 932
Rule K-1, 755
Rule O-1, value of SDR, 862
Rule O-10, operational budget, 507
Rule O-2(a), 862
Rule O-2, valuation of currencies in terms of SDRs, 538, 572, 862, 874, 875, 877, 879, 881
Rule P-7, prescribed operation, 874, 876, 877, 879, 882, 883
Rule P-9, recording of SDR transactions, 337, 867, 868, 875, 877, 878, 880, 882, 883, 884
Rule R-1 through Rule R-6, rules for reconstitution (abrogated), 890
S
Safeguard assessment process
Rapid Financing Instrument, 435
Safeguards assessment policy
review of experience, 2010, 387
Safeguards assessment process
audits, 378, 379, 380
confidentiality, 380, 386
distinction between first and second stages no longer applicable, 385
first stage, 379, 385
Precautionary and Liquidity Line, 441
reports to remain confidential, 382
review, 380
second stage, 379, 385
Safeguards, use of Fund resources
benchmarks based on Code of Good Practices on Transparency in Monetary and Financial Policies, 379
publication of audited central bank financial statements, 379
Sales of currencies of members indebted to the Fund
sale of currencies at the request of members with outstanding purchases, 513
Santiago Principles, 88
Schedule B, transitional provisions, 20, 519
Schedule D
paragraph 1(a), proposed amendment, 17
paragraph 5(e), proposed deletion, 17
paragraph 5(f), proposed amendment, 17
Schedule E
proposed amendment, 18
Schedule F, designation, 886
Schedule G, paragraph 1(a), reconstitution, 890
Schedule J, settlement of accounts with withdrawing members, 573
Schedule K, administration of liquidation, 573
Schedule L
paragraph 1(b), proposed amendment, 18
paragraph 3(c), proposed amendment, 18
suspension of voting rights, 944
Second Amendment
Article IV (surveillance over exchange rate policies), 20
payment of reserve assets in connection with subscription, 20
repurchase under Schedule B, 519
surveillance over exchange rate policies, 20
Security reasons, exchange restrictions for, 615
Settlement of disputes between members relating to external debt
comparable treatment of creditors, 120
Paris Club, 121
role of the Fund, 119
Short-Term Liquidity Facility
repeal, 367
Side letters, use of Fund resources, 368–70
Small states
Fund’s engagement with, 62
Sovereign default, 463, 494
Sovereign wealth funds
generally accepted principles and practices (GAPPs), 89
Santiago Principles, 88
Special accounts for administrative purposes
calculation of holdings of a member’s currency, 799
Special Contingent Account
additions to, 896
Special Data Dissemination Standard (SDDS)
coverage, 657
flexibility, 661
purpose and framework, 656
subscription, 664
Special Data Dissemination Standard Plus (SDDS Plus)
dimensions, four, 694
Dissemination Standards Bulletin Board, 699
establishment, 694
implementation, 699
purpose and framework, 694
Special Data Dissemination Standards (SDDS)
access by the public, 656
balance-sheet approach, 647
debt sustainability assessments, 647
liquidity management, 647
Special Data Dissemination Standard (SDDS)
Dissemination Standards Bulletin Board, 664
Special Disbursement Account
Post-Catastrophe Debt Relief Trust, 342
Special Disbursement Account (SDA)
ESAF-HIPC Trust, 287
investment, 540
PRGF-HIPC Trust, 272, 286
repayment expectation under PRGF Trust, failure to meet, 258
Structural Adjustment Facility administration, 540
termination and transfer of resources from Trust Fund, 926
termination of assistance from SAF in conjunction with loans from ESAF Trust, 558
transfer of resources to the ESAF Trust and retransfer to the SDA, 556
Special drawing rights (SDRs)
allocation for first basic period, 870
allocation for the ninth basic period, 872
allocation for third basic period, 871
contributions to PRGF-HIPC Trust, 275
currency reference rates, 860
currency weights, 859
designation review rules, 885
designation rules, revision, 888
euro, weight in valuation basket, 859
harmonization of holdings, 886
holders prescribed by the Fund
African Development Bank, 866
African Development Fund, 866
Andean Reserve Fund, 866
Arab Monetary Fund, 866
Asian Development Bank, 866
Bank for International Settlements, 865
Bank of Central African States, 866
Central Bank of West African States, 866
East African Development Bank, 866
East Caribbean Currency Authority, 866
Eastern Caribbean Central Bank, 866
European Central Bank, 866
International Bank for Reconstruction and Development (World Bank), 866
International Development Association, 866
International Fund for Agricultural Development, 866
Islamic Development Bank, 866
Nordic Investment Bank, 866
Japanese yen, weight in valuation basket, 859
means of repayment by members on indebtedness under loan agreements, 925
other holders, acceptance, holding or use, 863
payment of net charges and assessment in the SDR Department for FY
ended April 30, 1982, 891
payment of subscriptions, 19
pound sterling, weight in valuation basket, 859
PRGF-HIPC Trust unit of account and media of payment, 274
reconstitution, abrogation of rules, 890
reserve asset payments, 19
sales by the Fund for payment of subscriptions, 19
sales by the Fund for the payment of charges, 525
terms and conditions for accepting, holding, or using SDRs, 863
transfers of SDRs for purchases under Article V, Section 3(f), 507
U.S. dollar, weight in valuation basket, 859
use in donations, 883
use in ESAF Trust operations or under an administered account, 868
use in forward operations, 882
use in loans, 877
use in payment of Trust Fund obligations, 799, 925
use in pledges, 877
use in PRGF-HIPC Trust operations or under an administered account, 869
use in repurchases, 518
use in settlement of financial obligations, 874
use in Structural Adjustment Facility operations, 867
use in subsidy payment from SFF Subsidy Account, 867
use in swap operations, 881
use in transfers as security for the performance of financial obligations, 879
valuation basket, guidelines for calculation of currency amounts, 858
valuation basket, guidelines for calculation of currency amounts, revised guidelines, 858
valuation of US dollar for purposes of Rule O-2(a), 862
value of SDR, method of collecting exchange rates for calculation for purposes of Rule O-2(a), 862
Special Drawing Rights (SDRs)
method of valuation, 861
Specification of currencies, 511
Staff reports on Article IV consultations
document exchange with WTO, 795
military expenditure, 102
presumed publication, 846
transmittal to international agencies, 794, 796, 797
Staff reports on enhanced surveillance
transmittal by members to creditors, 106, 124, 153
Staff reports on use of Fund resources and post-program monitoring
publication policy, 846
Standards and Codes Initiative
crisis resolution and deposit insurance, new policy areas, 158
review (2011), 157
Stand-by arrangements
access to credit tranches, normally through, 388
arrangements not international agreements, 355
conditionality guidelines, 352
consultation clauses, 356, 413
contractual connotation avoidance, 356
duration, normal, 389
emergency purchases and, 444, 445, 449
external debt performance criteria, guidelines, 395
first credit tranche, 389
form, standard, 411
ineligibility, 414, 894
misreporting and noncomplying purchases, 371–74, 374, 375
noncomplying purchases, 373
nondiscriminatory treatment of members, 354
overdue financial obligations to the Fund, 894
performance criteria with respect to external debt, 403, 413
performance criteria, accuracy of information, 375
period for, 388
phasing, 389
policies and procedures, 389
PRGF-HIPC Trust eligibility, 275
PRGF-HIPC Trust qualification, 276
prior actions, accuracy of information, 374
program evaluation, 359
repurchase, 414
repurchase expectation, 373, 414
reserve tranche purchases, 923
review, 411
structural performance criteria not applicable, 363
suspension of right to engage in transactions, 414
uniform treatment of members, 354
waiver for nonobservance of performance criteria, 372, 374, 375
waiver of applicability of performance criteria, 374, 375
Stand-By Arrangements
completion of reviews, 420
Stand-by Credit Facility
interest rate, 251
Strengthened cooperative strategy
de-escalation of remedial measures, 919
procedures, 908
reversibility of actions, 918
rights approach eligibility, extension, 922
Structural Adjustment Facility (SAF)
access, potential, 542, 547
amounts of assistance, 541
commitment period, 542
commitment period, new, 546
disbursements, 543, 546
eligible members list, 547
income from investment and loans, 556
loans under Enhanced Structural Adjustment Facility (ESAF), 545
protracted balance of payments problem, 313, 542
purposes, 541
qualification for assistance, 542
resources, 541
SDRs, use in operations, 867, 868
terms of loans, 543
Subscriptions
accounting by members, 19
ownership of gold and currency, 19
reserve asset payments, 19–22
Summings up and concluding remarks for policy items
review and finalization process, 807
Supplemental Reserve Facility (SRF)
exchange rate for payment of subsidies, 955
overdue financial obligations, 414
repeal, 367
Supplementary Financing Facility (SFF) Subsidy Account, 928
eligible members, 931
exchange rate for payment of subsidies, 936
instrument to establishment, 928
investment, 930
means of subsidy payments, 936
rescheduling in cases of serious hardship, 927
resources, 928
SDRs, use of, 867
subsidy amount, 930
suspension of transfers and re-transfer of surplus, 935
transfer from Special Disbursement Account, 929, 935
Surveillance
1977 Decision, review of and proposal, 43
2012 Decision on Bilateral and Multilateral Surveillance, 27
Article IV consultations, 38
balance-sheet analysis, 647
bilateral surveillance, 2012 Decision, 30
bilateral, 2007 decision, transitional issues, 107
Central African Economic and Monetary Union, 67
cross-border capital flows, 72
currency unions, 31
data provision, 645
Eastern Caribbean Currency Union, 69
euro area, 64, 66
extension of three-month period, 105
legal framework, 25
modalities, 34
modernizing the legal framework, 2012, 24
multilateral consultations, 40
multilateral surveillance, 2012 decision, 32
principles for guidance to the Fund, 29
principles for the guidance of member’s policies, 35
priorities, 2008-2011, 56
procedures, 38
publicity, 851
review of 2012 Decision, 41
ROSCs, 646, 649
scope, 30
Special Data Dissemination Standards, 648
stability assessments under FSAP mandatory, 136, 147
stability assessments under FSAP, integration of, 138
systematically important financial sectors, 140
systemic stability, 30
systemically important financial sectors, 147
three-month rule, 104
triennial review, 2008, 51
triennial review, 2011, 59
West African Economic and Monetary Union, 70
Suspension of membership, 903
Suspension of voting rights
participation in International Monetary and Financial Committee, 944
Swiss National Bank
GAB participant, 576, 580
Systematically important financial sectors
financial stability assessments in surveillance, 140
Systemically Important Financial Sectors
conceptual framework, 142
T
Technical assistance
cooperation with Trusteeship Council, 968
exchange rate system simplification, 634
members not cooperating with the Fund, 902, 904
post-conflict countries, 446
transmittal of reports to international agencies, 795
Trade
Trade Integration Mechanism, 504
trade-related balance of payments adjustments, 504
Trade Integration Mechanism, 503
Trade restrictions
avoidance of escalation, 625, 956
emergency assistance, 445
ESAF, 266
import restrictions for balance of payments reasons, GATT, 622
import restrictions for balance of payments reasons, stand-by arrangements, 413
WTO involvement, 788
Tranche policies
first credit tranche, 389
floating tranche, 359
Transferability of claims
General Arrangements to Borrow, 580
Transparency
2013 review of policy, 826
archives, access by outside persons, 746
foreign reserves management, 378
governance, 92
safeguards for use of Fund resources, 379
Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries and for Interim ECF Subsidy Operations (PRG-HIPC Trust)
amendment of PRGF-HIPC Trust to PRG-HIPC Trust, 270
instrument to establish, 270
Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and for Interim PRGF Subsidy Operations (PRGF-HIPC Trust)
administration of, 284
amendment of, 286
Annual Progress Report (APR), 273
assistance amount, 278
completion point, 271, 279, 280, 281, 282, 292, 294, 295
contributions by other donors, 287
contributions to, 325
debt sustainability, 272, 278, 282, 283, 293, 294, 302
debt sustainability analysis, 271
debt-to-exports ratio, 272, 281, 296
debt-to-revenue ratio, 272
decision point, 271, 276, 278, 279, 291, 294, 298, 302, 303
eligibility, 275, 302
grace period on loans, 283
grants and loans, 275
Guidelines on Misreporting, 273
implementation, progress, 294–98
implementation, review, 298–302
instrument to establish, adoption of, 269
interest, 272, 283
interim assistance, 280
Interim Poverty Reduction Strategy Papers (I-PRSPs), 273, 300
investment of resources, 274, 285, 287
Joint Staff Advisory Note (JSAN), 273
liquidation, 285
maturity of loans, 282
operation and liquidation, 285
Paris Club, 272, 276, 279, 295, 300, 305
performance-related conditions, 280, 289
Poverty and Social Impact Analysis (PSIA), 308
Poverty Reduction Strategy Papers (PRSPs), 273, 276, 295, 296, 308
qualification for assistance, 276
rescheduling of payments not allowed, 283
retransfers authorized, 288
SDRs, use in operations, 285, 337
self-sustained operations, 272, 286, 298
special charges on overdue interest and repayments, 526
Special Disbursement Account, transfers from, 274
streamlining preliminary HIPC documents, 302
subsidies for interim PRGF operations, 283
terms of assistance, 282
track record of performance, 293, 295, 299, 302, 305
Trust Account and resources, 274
Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and the Interim PRGF Subsidy Operations (PRGF-HIPC Trust)
status of implementation (2011), 310
Trust for Special PRGF Operations Heavily Indebted Poor Countries and for Interim PRGF Subsidy Operations (PRGF-HIPC Trust)
completion point, 303
decision point, 303
eligibility and eligible members, 305
implementation status, 303
sunset clause, 286, 305
Trust Fund
final direct distribution of profits, 926
means of repayment by members on their indebtedness under loan agreement, 925
SDRs, use in payment of Trust Fund obligations, 867
special charges on overdue financial obligations, 525–26, 926
termination and transfer of resources to Special Disbursement Account, 926
terms of repayment of final loan disbursement and amendment of Trust instrument, 928
U
Undue delay in availability or use of foreign exchange, 564, 623
Uniformity of treatment principle
post-conflict assistance, 452
settlement of disputes among members, comparable treatment, 120
use of Fund’s general resources, 354
United Nations
agreement with the IMF, 965–71
Convention on the Privileges and Immunities of the Specialized Agencies, 972–89
exchange of documents with, 967
UNDP, exchange of documents with, 796
Uniting for Peace General Assembly Resolution, 940
United States (U.S.) dollars
financial statements of Framework Account, expressed in, 182
maintenance of value, rates for computation, 538
means of payment by members on indebtedness under Trust Fund loan agreements, 925
medium of payment, loan disbursements, repayments, and interest under GAB, 544
medium of payment, MDRI-I Trust, 318
medium of payment, MDRI-II Trust, 325
medium of payment, PRGF-HIPC Trust, 275
payment of special charges on overdue payments, Trust Fund loans, 527
payments of interest on members’ indebtedness under Trust Fund loans, 925
valuation in terms of special drawing rights as per Rule O-2(a), 862
weight in SDR valuation basket, 859
Use of Fund resources
accordance with purposes of the Fund, 351
arrears, resolving the problem of, 905
authority of the Fund to use its resources
Resolution, 939
resolving problem of arrears, 351
capital transfers, 351, 563
concessional financing, eligibility, 554
conditionality guidelines, 352–63
financing current account deficits, 351
Flexible Credit Line, 364, 420
form, extended arrangement, 415
form, stand-by arrangement, 411
ineligibility under Article V, Section 5, 514
ineligibility, effect on purchases under stand-by arrangement, 414
interpretation of Articles of Agreement, 351
limitation and ineligibility under Article V, Section 5, 514
meaning of “consistent with the provisions of this Agreement” under Article V, Section 3, 351
meaning of “represents”, 352
meaning of “represents” that a member has a need to make purchases, 352
nondiscriminatory treatment of members, 354
performance criteria and phasing, 393
postponement and limitation under Article V, Section 5, 514
repayment expectation under PRGF-ESF Trust, failure to meet, 258
repeal of CFF, SRF, and Short-term Liquidity Facility, 367
resumption of purchases under stand-by arrangement after decision of formal ineligibility, 414
safeguards, strengthening of, 376–81
side letters, 368, 370
suspension of exchange transactions, effect on General Arrangements to Borrow, 573
suspension of transactions under stand-by arrangements, 414
V
Voluntary Declaration on Trade and Other Current Account Measures, 956
Voting power majority
compulsory withdrawal, 909
W
Waiver of performance criteria
applicability, 358, 374, 375
nonobservance, 191, 374, 375
Waiver of special charges, 526
World Bank (International Bank for Reconstruction and Development)
agreement with WTO, 994, 995, 997
Bank-Fund collaboration, 104, 761, 772, 773, 778
collaboration with Fund and WTO, 791, 792
collaboration with Fund on corporate sector vulnerability analysis, 64
collaboration with Fund on shifting resources from military, 104
Development Committee, 947
ESAF policy framework process, 265
Financial Sector Assessment Program, 127
Fund-Bank Concordat, 760
governance, 93, 94, 101
HIPC Initiative, 291, 298, 301
investment by Fund of currencies received by SFF Subsidy, 935
military expenditures, 104
observer status in the Fund, 771
post-conflict assistance, 466
prescribed holder of SDRs, 866
PRGF-HIPC Trust, 271
rights approach, 915
suspension of voting rights, 911
World Economic Outlook (WEO)
military spending, 102
multilateral surveillance, 53, 353
WTO observer status, 1000
World Trade Organization (WTO)
balance of payments consultations, 788
coherence in global policymaking, 789
consistency of policy advice and obligations, 789
cross-conditionality, avoidance, 791
document exchange, 793
Fund staff observer at WTO meetings, 1000
guidelines/framework for Fund staff collaboration, 787
IMF-WTO Agreement, text, 998
lapse of time procedure in transmittal of supplementary information to WTO, 789
observer status, 793
resolution of open jurisdictional issues, 791
suspension of transactions under stand-by arrangements, 414
WTO staff observer at Executive Board meetings, 999