Index
A
Access policy Poverty Reduction and Growth Trust 165–168
Access policy, use of Fund resources access guidelines and limits in credit tranches and under Extended Fund Facility 404
capital account crises 407
capital account crises, modifications to Supplemental Reserve Facility 412
exceptional circumstances 408, 430
Flexible Credit Line 311
modifications to Supplemental Reserve Facility 412
review 413
Administered Account interim account for windfall gold sales profits 220
Administrative Account balances 715
reserve tranche position 715
African Development Bank exchange of documents 593
prescribed holder of SDRs 660
African Development Fund exchange of documents 593
prescribed holder of SDRs 660
Andean Reserve Fund exchange of documents 593
prescribed holder of SDRs 660
Annual Report of the IMF 249, 338
Anti–money laundering effectiveness, review of program (2011) 123
FSAP framework 124–125
Anti–money laundering and CFT
review of strategy, 2014 126
Arab Monetary Fund exchange of documents 593
prescribed holder of SDRs 660
Archives policy access by outside persons 550
Arrears settlement of disputes between members 403
Arrears of a member to creditors other than the Fund debt strategy 391
extended arrangements, performance criterion 353
Fund lending into arrears to private creditors 396–400
Fund lending into arrears to official creditors 391
performance criteria 396
stand–by arrangement, performance criterion 348–349
Article I, purposes of the Fund 283, 510, 515
Article II, Section 2 membership 1
Article IV consultations 2012 Decision on Bilateral and Multilateral Surveillance 6
ad hoc consultations 19
Article VIII restrictions 517–518
Article XIV restrictions 517–518
Central African Economic and Monetary Union 37
conditionality discussions 291
data provision 539
document exchange with WTO 583
Eastern Caribbean Currency Union 39
euro area 34–36
European Central Bank, observer status 580
evaluation and review of related programs 291
governance issues 57, 66
macro–financial surveillance 26–27
multiple currency practices 520
Post–Program Monitoring 427
procedural deadlines for completion 381
use of Fund resources 291
World Bank, collaboration with 571
World Bank, observer status 571
World Trade Organization, observer status 587, 780
Article IV, Section 1, general obligations of members 9–10
Article IV, Section 1, principles for guidance of members policies 9
Article IV, Section 1(iii) 16
Article IV, Section 1(iii), manipulation of exchange rates 22
Article IV, Section 2, notification of exchange arrangements 5
Article IV, Section 3, surveillance over exchange arrangements 9–13
Article IV, Section 3(a), surveillance over exchange rate policies 8, 12, 589
Article IV, Section 3(b), surveillance over exchange rate policies 589
Article V, Section 1, designation of fiscal agency 485–486
Article V, Section 2(b)
gold sale profits 220
interim administered account for remaining windfall gold sale profits 225
Article V, Section 2(b)
technical services 87
financial services 154
Article V, Section 3, conditions governing use of the Fund’s general resources early repurchase guidelines 440
meaning of consistent with the provisions of this Agreement 283
Article V, Section 3(b)(iii), waiver of limitation as a percent of quota Extended Fund Facility 345
Article V, Section 3(d), operational budgets assessment of strength of members balance of payments and gross reserve position for operational budgets 431, 435
selection of currencies in purchases 435–436
Article V, Section 3(f), transfers of SDRs 432
Article V, Section 5, limitation on use of the Fund’s resources 318, 438
Article V, Section 6(b), transfers of SDRs by the Fund 435
Article V, Section 6(c), sales of SDRs by the Fund 439
Article V, Section 7(b), early repurchases assessment of strength of members balance of payments and gross reserve position 431, 440
Article V, Section 7(c), repurchases 442
Article V, Section 7(i), selection of currencies for repurchases 435, 443
Article V, Section 8, charges 446
Article V, Section 8(a), special charges 450, 452
Article V, Section 8(b), charges 442, 450, 452, 715
Article V, Section 8(c), charges 446, 449, 452
Article V, Section 8(d), charges 446
Article V, Section 8(e), charges 446
Article V, Section 9(a), remuneration 715
Article V, Section 11, maintenance of value 458
Article V, Section 12(f), other operations and transactions gold sales 469
Article V, Section 12(f)(ii), Special Disbursement Account (SDA) resources for assistance to low–income developing members 461
Article V, Section 12(h), investment of members currency held in SDA 461
Article VI, capital transfers use of Fund resources for 471
WTO, information on Fund decisions requesting a member to exercise controls to prevent a large or sustained outflow of capital 779
Article VI, Section 1, use of the Fund’s resources for capital transfers freedom to adopt regulations on capital movements 472
Article VI, Section 2 of the Articles of Agreement of the Bank 731
Article VI, Section 3, controls on capital transfers 472
Article VII, Section 1, replenishment and scarce resources borrowing by the Fund 473
Article VII, Section 3(b), scarce currency 509
Article VIII, general obligations of members acceptance of obligations 517
bilateralism 510
bilateral payments arrangements 349
consultations, World Bank observer 571
payments restrictions 514
payments restrictions for security reasons 509, 514
retention quotas 513
Article VIII, Section 2, avoidance of restrictions on current payments acceptance of obligations under 515
Article VIII, Section 2(a)
restrictions on current payments and transfers 509
undue delays as payment restrictions 517
Article VIII, Section 2(b), unenforceability of exchange contracts interpretation 507
Article VIII, Section 3, avoidance of discriminatory currency practices acceptance of obligations under 513, 515
multiple currency practices 515, 523
Article VIII, Section 4, convertibility of foreign–held balances acceptance of obligations under 517
Article VIII, Section 5, furnishing of information to the Fund declaration of censure 535
handling of potential breaches 544
members obligations 531
procedures prior to report by the Managing Director to the Executive Directors 532
review, 2008 543
sanctions 535
strengthening effectiveness of 531, 540
Article IX, Section 5, archives policy 550
Article IX, Section 7, privilege for communications, interpretation 555
Article X, relations with other international organizations 560, 747
Article XII, Section 3(j), immunity of Fund officials 557
Article XII, Section 4, Managing Director and staff, as authorized signatories 610
Article XII, Section 6, reserves, distribution of net income, and investment 611
Article XII, Section 6(d)
partial distribution of windfall gold sale profits 220
Article XII, Section 6(f)(vi) 221
Article XII, Section 6(f)(ix) 221
Article XII, Section 7, publication of reports 625
Article XII, Section 7(a), Annual Report 751
Article XII, Section 8, communication of views to members 640
Article XIII, Section 2, depositaries 496
Article XIV, exchange restrictions under transitional arrangements availment of transitional provisions 515
bilateralism 510
commitment to current account convertibility 517
multiple currency practices 513, 515, 524
retention quotas 512
Article XIV, Section 2, exchange restrictions maintenance of orderly exchange arrangements 522–523
multiple currency practices 523
restrictions related to national security 509
transitional arrangements 511, 515
undue delays as payments restrictions 517
Article XIV, Section 3, representation by the Fund application 524, 647
meaning of exceptional circumstances 525–526
Article XVII, Section 3, other holders of SDRs 657
Article XVIII, Section 4(c)
allocation and cancellation of SDRs 664
Article XIX, Section 2(c), SDR operations and transactions between participants donations 675
forward operations 674
loans 667
pledges 669
settlement of financial obligation 666
swap operations 673
transfers as secruity for the performance of financial obligations 671
Article XIX, Section 3, other holders 657
Article XIX, Section 5, designation of participants to provide currency 678
Article XIX, Section 5(a)(i), designation plans 431, 681
Article XIX, Section 5(c), designation rules in SDR Department 681
Article XIX, Section 6(b), reconstitution 683
Article XIX, Section 7(a), calculation of exchange rates 484, 666, 668, 670, 672, 673
Article XX, Section 2, SDR department charges 684
Article XX, Section 5, application against unpaid charges of SDRs acquired by participants after payment date 685
Article XXIII, Section 1, suspension of operations and transactions in SDRs 659
Article XXVI, Section 2(b), suspension of voting rights 726, 731
Article XXVI, Section 3, withdrawal from membership 487
Article XXIX(a), interpretation authority of the Fund to use its resources 283, 721
privilege for communications, Article IX, Section 7 555
unenforceability of exchange contracts under Article VIII,
Section 2(b) 507
Article XXX(c)(iii), exclusion of purchases and holdings in credit tranches or under extended arrangements 715
Article XXX(f), freely usable currencies 716
Asian Development Bank exchange of documents with 593
prescribed holder of SDRs 660
Attribution, rule of sales of currencies of members indebted to the Fund 437
reduction in the Fund’s holdings of currency 444
Authorized Fund signatories 610
B
Balance of payments need conditionality 284
Fund–supported programs 286
Precautionary and Liquidity Line 361
Rapid Financing Instrument 385
Bank for International Settlements (BIS)
investment by the Fund of currencies held by Borrowed Resources Suspense Accounts 497
prescribed holder of SDRs 659
Bank–Fund collaboration debt sustainability assessments 577
IMF–World Bank Concordat 560
World Bank observer status 571
Bank of Central African States prescribed holder of SDRs 660
Bilateralism and convertibility 510
Bilateral payments arrangements stand–by arrangement 349
three–month settlement rule, temporary exemption 511
Blackout periods General Resources Account arrangements 305
Board of Governors Resolutions Composite Resolution 723
SDR allocation, Ninth Basic Period 664
Borrowed Resources Suspense Accounts establishment 496
investment by the Fund of currencies held in 497
Borrowing by the Fund guidelines 498
proposed modalities for 2012 503
Burden sharing implementation in FY 2001 452
implementation in FY 2007 455
rate of charge, determination of 452
By–Laws Section 20, audits 131, 244, 249
Section 22, compulsory withdrawal 695, 698, 699
C
Capital account crises access policy 407
exceptional access policy, 2004 review 413
exceptional access policy, SRF 412
Capital flows action to limit disequilibrium flows, Composite Resolution 737
institutional view of liberalization and management 44
role of the Fund 50
WTO, information on Fund decisions requesting a member to exercise capital controls 779
Capital transfers controls by members 472
multiple currency practices applicable solely to 530
use of Fund resources for 283
Caribbean Development Bank (CDB) 593
Catastrophe Containment and Relief Trust instrument to establish 264
Qualifying Public Health Disaster, definition 271–272
transformation of the Post–Catastrophe Debt Relief Trust 263
Umbrella Account, terms and conditions for administration 278
Censure draft declaration 698
Central African Economic and Monetary Union surveillance over monetary and exchange rate policies 37
Charges accounting for charges from members with overdue obligations 449
administrative account balances 715
extended arrangements 351
future changes in charges 446
media of payment in General Resources Account 448
payment by nonparticipant in the SDR Department 448
payment of net charges and assessment in the SDR Department 684
setoff in connection with a retroactive reduction of charges due by members in arrears 451
special charges on overdue financial obligations to the Fund 449
stand–by arrangements 350
surcharge on purchases in credit tranches and under the EFF 446
waiver of special charges 450
Chinese renminbi currency weights from October 16, 2016 653, 655
Code of Good Practices on Transparency in Monetary and Financial Policies 325
Committee on Reform of the International Monetary System Composite Resolution 723
Communications, privilege for interpretation of Article IX, Section 7 555
Compulsory withdrawal 698, 699
Concessional financing eligibility to use Fund facilities 198
Conditionality benchmarks 288, 289, 290
consistency with WTO agreements with Fund member 585
consultation clauses 288
emergency financing mechanism 422–423
financing assurance reviews 290
first credit tranche 338
floating tranches 291
guidelines on 284
individual circumstances of members 285
letters of intent 288
modalities 287
monetary policy consultation clause (MPCC) 307
monetary policy regimes 307
national ownership 285
ownership 285
performance criteria 289
performance criteria and phasing, relationship 292
performance criteria with respect to foreign borrowing 298
PRGF–ESF arrangements 340
principles 284
prior actions 288–289, 316, 320, 340
program review 289
stand–by arrangement, first credit tranches policies 337
streamlining 339, 341
structural performance criteria inapplicable 310
waiver, adopting measures prior to granting of 228
waiver, nonobservance of performance criteria 291
Confidentiality exchange of documents with other international agencies 593
FSAP Confidentiality Protocol 106
side letters 313
Consultation clause, use of Fund resources extended arrangements 355
stand–by arrangements 350
Consultations other than under Article IV
acceptance of obligations of Article VIII, Sections 2, 3, and 4 515
Article VIII restrictions 509, 510
Article XIV restrictions 509, 510
bilateral arrangements 510
competitive depreciation 519
multiple currency practices 513
prescribed holders of SDRs 659
sale of members currencies 432
trade and payments restrictions, escalation 519
United Nations 748, 751
World Trade Organization 586
Convertibility acceptance of obligations of Article VIII, Sections 2, 3, and 4 515
bilateralism 510
current account of the balance of payments 517
retention quotas 511
Cross–conditionality avoidance 570
Currencies attribution of reduction of the Fund’s holdings 444
charges on the Fund’s holdings in excess of quota 446
freely usable 651, 716
General Resources Account 432, 448, 458
guidelines for allocation of currencies, review 434
maintenance of value 458
repurchases 440
reserve asset payments 2
sale of currencies of members with outstanding purchases 432
subscription to the Fund 1
use in operational budgets 431
Current international transactions (current account transactions)
bilateralism 510
multiple currency practices 520
restrictions for security reasons 510
restrictions involving WTO members 583, 779
restrictions on payments and transfers 514
undue delays in availability or use of foreign exchange 517
D
Data provision to the Fund for surveillance review, 2004 539
review, 2008 543
review, 2012 547
Data Standards Initiative ninth review, 2015 117
Debt operations condition precedent clauses 403
mandatory prepayment 403
role of the Fund in the settlement of disputes between members 403
Debt strategy nontoleration of arrears to official creditors 391, 517
Debt sustainability assessments 579
Fund–Bank collaboration 537
Debt sustainability framework low–income countries 212
Declaration of censure 694
Declaration of ineligibility overdue financial obligations to the Fund 700
termination 710
Declaration of noncooperation 694
draft declaration 698
publicity upon withdrawal 710
termination 710
De–escalation of remedial measures 710
Default, sovereign 396, 423
Designation, SDR Department acceptance limit 680
assessment of strength of balance of payments and reserve position 431
rules for designation, review 678
rules for designation, revision 681
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 742
establishment and composition 730
Executive Directors participation in meetings 732
HIPC Initiative 250
Managing Directors participation in meetings 732
procedures 733
rules of procedure 741
Discrimination balance of payments reasons 513
nondiscriminatory treatment of creditors 391
multiple currency practices 529
Disputes between members role of the Fund 403
E
Early repurchases guidelines 440
members balance of payments and gross reserve position 440
Easing work pressures omnibus paper 377
East African Development Bank prescribed holder of SDRs 660
East Caribbean Currency Authority prescribed holder of SDRs 660
Eastern Caribbean Central Bank prescribed holder of SDRs 660
Eastern Caribbean Currency Union surveillance over monetary and exchange rate policies 37
Economic Development Document Poverty Reduction and Growth Trust 215
Emergency assistance post–conflict countries 235
PRGF–HIPC Trust qualification 236
Emergency financing mechanism (EFM)
conditions for activation 425
early repurchase 426
Enhanced General Data Dissemination Standard (e–GDDS)
Dissemination Standards Bulletin Board online 549
Enhanced Structural Adjustment Facility (ESAF) Trust,
transformed into Poverty Reduction and Growth Facility
(PRGF) Trust eligible members 461
overdue financial obligations to Fund 689
performance criteria 220
rights accumulation program 705
use of SDRs 662
Euro currency weights from October 16, 2016 653
freely usable currency 716
rates for computation and maintenance of value 458
Euro area members surveillance over monetary and exchange rate policies 36
European Bank for Reconstruction and Development (EBRD)
exchange of documents with 593, 595
European Central Bank (ECB)
observer status 580
European Commission (EC)
Article IV consultations 36
exchange of documents with 593
European Investment Bank (EIB)
exchange of documents with 593
Exceptional access repurchases 407
Exceptional access policy 407
Exchange arrangements change of exchange arrangement, notification 5
exchange taxes and subsidies, notification 6
intervention 6
multiple currency practices, prior Fund approval 6
Exchange contracts unenforcability, Fund’s interpretation of Article VIII, Section 2(b) 507
Exchange controls arrears stemming from imposition 396
Exchange of documents with other international agencies ad hoc requests 594
Article IV consultation staff reports 587, 595
changes in procedures 594
criteria for access 592
use of Fund resources for staff reports 595
Exchange rate policies euro area 34
Exchange rates coherence in global policymaking 584
computations and maintenance of value 458
fixed 521
floating guidelines 736
fluctuating 522
New Arrangements to Borrow 484
unification in multiple rate systems 526
Exchange restrictions approval by Fund 518
Article VIII, Section 2, 3, and 4 obligations 515
avoidance of escalation 519
balance of payments reasons 516
bilateralism 510
competitive depreciation 519
consultations with Fund 515, 518
discrimination for balance of payments reasons 514
Fund representation in exceptional circumstances under Article XIV,
Section 3 524, 647
guiding principle on whether a measure is an exchange restriction 515
non–balance of payments reasons 516
performance criteria, extended arrangement 353
performance criteria, stand–by arrangement 348
retention quotas 511
reasons 509
transitional arrangements under Article XIV 513, 515
undue delays 472, 517
World Trade Organization, information on Fund approval 779
Exchange subsidies 6
Exchange taxes 6, 522, 526
Executive Board Code of Conduct 603
notification of exchange arrangements 5
side letters procedures 313
Executive Directors IMFC meetings participation 725
voting power, effect of adjustment of quota 603
Ex–post assessments repealed 381
Extended arrangements charges 350
completion of reviews 355
consultation clauses 350
form, standard 346
ineligiblity 688
misreporting and noncomplying purchases 317, 320, 321
overdue financial obligations to the Fund 687
phasing 347
structural performance criteria not applicable 310
Extended Fund Facility applicable situations 343
arrangements for periods not exceeding four years 344
charges 345
form of extended arrangement 351
phasing of purchases 345
repurchases 345
review 346
stand–by arrangement policies applicable 345
waiver of conditions of Article V, Section 3(b)(iii) 345
External debt management of debt situation 402–403
External debt performance criteria concessionality, definition 304
extended arrangement 353
stand–by arrangement 348
F
Financial Action Task Force Fund collaboration with 125
Financial Sector Assessment Program (FSAP)
Bank–Fund collaboration 106
Confidentiality Protocol 106
coverage of macroprudential frameworks 104
Financial Stability Assessments (FSSAs) 100–102
offshore financial centers (OFCs) 119
review, 2014 103
Financial Stability Board membership of the Fund 595, 597
First credit tranche purchase liberal Fund attitude 338
reasonable efforts test 338
First credit tranche stand–by arrangements phasing and performance clauses omitted 338
Fiscal agency safeguards on use of Fund resources when fiscal agent not central bank 324
Flexible Credit Line ARA metric 372, 377
Emergency Financing Mechanism procedures not applicable 359
establishment 356
indicators of institutional strength 373, 376
performance criteria not applicable 356
phasing not applicable 356
qualification criteria 356
review, 2014 369, 373–374
review no later than November 2014 384
Forms draft declaration on censure or noncooperation 698
draft first letter to all Governors regarding a member’s overdue financial obligations to the Fund 696
draft second letter to all Governors regarding a member’s overdue financial obligations to the Fund 697
extended arrangement 351
stand–by arrangement 346
Framework Administered Account for Selected Fund Activities instrument to establish 133
Framework Administered Account for Technical Assistance Activities adoption of Instrument to establish 128
Instrument to establish 128
investment of resources 130
Freely usable currency renminbi 648, 651
Furnishing of information to the Fund 317, 531
G
G–20 mutual assessment process role of the Fund 112
General Agreement on Tariffs and Trade (GATT)
Fund collaboration with 582
import restrictions for balance of payments reasons 516
Voluntary Declaration on Trade and Other Current Account Measures 737
General Resources Account (GRA)
adjustment of Fund holdings of member’s currency 459
annual reimbursement of PRGF–ESF Trust expenses 470
designation, assessment of strength of members balance of payments and gross reserve position 431
media payment in 448
misreporting and noncomplying purchases 317
overdue charges 450
rates for computation and maintenance of value 458
rights approach 705–708
sale of currencies at the request of members with outstanding purchase 433–434
sale of SDRs by the Fund for payment for increase in quota 439
specification of currencies by the Fund 434, 435
transfers of SDRs instead of currencies under Article V, Section 3(f) 432
Gold harmonization of excess holdings of SDRs 679
interim administered account for remaining windfall gold sales profits 225
interim administered account for windfall gold sales profits 220
payment for repurchases 443
use of gold sales profits in Investment Account 624
Governance issues Article IV consultations 66
corruption 62, 65
macroeconomic impact test for Fund involvement 61, 67
policy advice 61, 63
technical assistance 61
transparency 62, 65
use of Fund resources 67
Gross reserve position assessment for purposes of designation plans, operational budgets, and early repurchases 431, 434
Guidelines access by members to Fund’s general resources 404
allocation of currencies, operational budget 434
borrowing by the Fund 498
conditionality 284, 338
corrective action 317, 322
designation plans 431
early repurchases 440, 444
Fund staff collaboration with the WTO 582
governance issues 61
misreporting and noncomplying purchases 317
operational budget 431
payment of reserve assets for subscription 1
performance criteria and phasing 292
performance criteria with respect to foreign borrowing, discount rate for assessing concessionality 304
public debt conditionality 298
SDR valuation basket, calculation of currency amounts 654
selection of currencies by the Fund 433–435
I
Immunities and Privileges of Specialized Agencies, United Nations Convention 753
Immunity of Fund officials policy statement 557
Import restrictions for balance of payments reasons extended arrangements 353
stand–by arrangements 349
Income position assessment under Article XX, Section 4, for FY 2018 686
rate of charge for FY 2019 and 2020 457
Ineligibility to use Fund resources declaration of ineligibility 535, 700, 704
de–escalation of remedial measures 710
limitation and ineligibility under Article V, Section 5 438
publicity 710
Inter–American Development Bank (IDB)
exchange of documents with 593
Interest means of payment under Trust Fund 717
Poverty Reduction and Growth Trust 170
PRGF–HIPC Trust, interest–free loans 243
Interim Committee governance 323
International Monetary and Financial Committee, transformation of Interim Committee into 725
rules of procedures 740
safeguards for use of Fund resources 323
terms of reference 726
International Court of Justice 750
International Development Association (IDA)
HIPC Initiative 254, 255
prescribed holder of SDRs 660
International Financial Statistics (IFS) 542–543
International Fund for Agricultural Development (IFAD)
prescribed holders of SDRs 660
International Monetary and Financial Committee (IMFC, formerly Interim Committee)
participation of Executive Directors in meetings 725–726
participation of Managing Director in meetings 725–726
procedures 727
terms of reference 726–727
Interpretation Article IX, Section 7, privilege for communications 555
Articles of Agreement 283
Article VIII, Section 2(b), unenforceability of exchange contracts 507
Article VI, use of Fund resources for capital transfers 283
Article XIV, Section 3, Fund representation in exceptional circumstances on withdrawal of Article XIV, Section 3
restrictions 647
Investigation of Fund activities, cooperation procedures 552
Investment Account amendment of rules and regulations, 2015 613
Endowment Subaccount 619
establishment 611
Fixed Income Subaccount 616
objective 613
responsibilities of Managing Director 614
sources of assets 614
use of gold sales profits 624
use of investment income 615
Investment authority of the Fund additional considerations 622
Islamic Development Bank (IsDB)
exchange of documents with 593
prescribed holder of SDRs 660
J
Japanese yen currency weights from October 16, 2016 653
freely usable currency 716
weight in SDR valuation basket 653
L
Lapse of time procedures program review, completion 377, 383
Lending into arrears 397
review of policy 402
Letters of intent (LOIs)
deletion from documents released to aid agencies 595
side letters 313
Loan Account borrowing for 173
Low–income countries access to concessional resources 388
concessional financing framework 387
contingency financing 388–389
debt sustainability framework 212
design of PRGT arrangements 389
poverty reduction strategies of the Fund 214
review of facilities 387
M
Maintenance of value overdue adjustments 689
rates for computations 458
Managing Director authorized signatories 610
consultation with member on changes in exchange rate policies 6
consultation with member with outstanding purchases on sale of currency 437
Development Committee, participation in meetings of 732
International Monetary and Financial Committee, participation in meetings of 726
uniform treatment of members 286
use of Fund resources, recommendation regarding approval 286
Medium–term budget, FY 16–18
streamlining proposals 382–384
Misreporting and noncomplying disbursements, PRGF–ESF Trust prior action, accuracy of information 320
safeguards for use of Fund resources 323
waiver of applicability or for nonobservance of performance criteria 220
Misreporting and noncomplying purchases publication of cases 645
Misreporting and noncomplying purchases, General Resources Account corrective action 317
performance criteria or other conditions, accuracy of information 317, 321
prior actions, accuracy of information 322
safeguards for use of Fund resources 322–323
waivers 192
Misreporting and noncomplying purchases, Policy Support Instrument (PSI)
corrective action 143
Misreporting and noncomplying purchases, PRGF and PRGT facilities corrective action 191
Misreporting in de minimis cases Article VIII, Section 5 537
de minimis, definition 143, 320
Policy Support Instrument 143
Special PRGF Operations for HIPC 240
Monetary policy regimes conditionality 307
Moral hazard 408, 423
Multilateral Debt Relief Initiative–II (MDRI–II) Trust liquidation 259
Post–MDRI–II Interim Administered Account 260
Multiple currency practices approval 6, 526
approval criteria, when imposed for balance of payments reasons 516, 529
approval criteria, when imposed for non–balance of payments reasons 516
Article IV consultations 530
balance of payments reasons 521, 529
capital transactions 530
consultation with Fund prior to changes 520, 521
discrimination 529
exchange taxes 526
non–balance of payments reasons 521, 529
official action 528
policy in 1947 519
policy in 1957 527
policy in 1998 528
simplification of complex rate systems 527
spread 528
statement to members transmitting the Fund’s decisions 519
unification of exchange rates as basic Fund objectives 526
Mutual assessment process G–20 112
N
New Arrangements to Borrow activation period 475
adherence 475
General Terms and Conditions for NAB Notes 480
interest 480
meeting of participants 492–493
new participants 475
rates of exchange 484
rollback of credit arrangements 494
Special Calls 478
transferability 484
transferability of claims 495
withdrawal from membership 487
withdrawal of adherence 487
Noncooperation draft declaration 696
Nondiscriminatory treatment of members use of Fund resources 286
Nordic Investment Bank prescribed holder of SDRs 660
Note Purchase Agreement issuance of notes by Fund to official sector 506
O
Observer status in the Fund European Central Bank 580
World Bank 571
World Trade Organization 587, 780
Official clearing and payments arrangements temporary exemption from three–month settlement rule 511
Offshore financial centers (OFCs)
integration of assessment program with FSAP 119
Operational budgets assessment of strength of members balance of payments and gross reserve position 431
guidelines for operational budget allocation of currencies, review 434
specification of currencies by the Fund 434, 435
transfers of SDRs under Article V, Section 3(f) 432
Organization for Economic Cooperation and Development (OECD)
exchange of documents 595
Overdue financial obligations to the Fund accounting for charges 449
Annual Report of the IMF 692
complaint by Managing Director 692
compulsory withdrawal 694, 695, 698–699
declaration of censure 694, 698
declaration of ineligibility 693, 698, 700, 702, 710
declaration of noncooperation 695, 699, 701, 710
de–escalation of remedial measures 711
draft first letter to all Governors 696
draft second letter to all Governors 697
flexibility in de–escalation policy because of Qualifying Catastrophic Disaster 713
Ninth General Review of Quotas 693, 702
nontoleration of arrears to official creditors 391
overdue maintenance of value adjustments 689
Overseas Economic Cooperation Fund (OECF) 304
preferred creditor status of the Fund 698, 702
prevention/deterrence measures, strengthened timetable of procedures 703
PSI, ineligibility 138
requests for the use of Fund resources under a stand–by or extended arrangements, management will not submit 687
review period 688
setoff in connection with retroactive reduction of charges 451
strengthened cooperative strategy 699, 708
suspension of voting rights 703
technical assistance suspension 713
P
Paris Club debt rescheduling and Fund arrangements or programs 702
lending into arrears to official bilateral creditors 392
PRGF qualification for assistance 236
rescheduling discussions 594
rescheduling in the absence of Fund arrangement 702
Payments arrears of a member to other (non–Fund) creditors Fund lending into nonsovereign arrears 398
Fund lending into sovereign arrears 391
Performance criteria under Fund arrangements accuracy of information 320
conditionality guidelines 284
definition 289
first credit tranche, not subject to 338
number and content of 289
phasing, relationship 292
side letters 313, 316
structural performance criteria not applicable 310
waiver for nonobservance 291, 318–319
Phasing and performance criteria under Fund arrangements omitted in stand–by arrangements within first credit tranche 338
operational guidelines 292
relationship 292
Policy Support Instrument application of Guidelines on Conditionality 144
assessment criteria 141
definition 137
documents required 138
Economic Development Document (EDD) 138
eligibility 137, 138
misreporting 143
policy on arrears 144
policy on side letters 144
program reviews 139
provision of Fund technical services 138
termination 145
Position in the Fund 434
Post–Catastrophe Debt Relief Trust establishment 263
flexibility in de–escalation policy with respect to overdue payments to the Fund 713
transformation to Catastrophe Containment and Relief Trust 263
Umbrella Account 263
Post–conflict emergency assistance 253, 257
Post–MDRI–II Interim Administered Account establishment 259
instrument to establish 260
Post–Program Monitoring Article IV consultation 430
publication policies 428
streamlining proposals under the FY 2016–18 budget 382
Pound sterling currency weights from October 16, 2016 653
freely usable currency 716
weight in SDR valuation basket 653
Poverty Reduction and Growth Facility (PRGF) and Exogenous Shocks Facility (ESF) Trust decision waivering of the applicability of a performance criterion 220
instrument to establish 156
modalities of gold pledge under rights approach 468
other provisions 217
prior action, accuracy of information 322
repayment expectation 218
Poverty Reduction and Growth Trust accuracy of data to assess observance of performance criteria 220
assistance, amount of 165
assistance, eligibility and conditions 158
Economic Development Document 215
eligibility and conditions for assistance 158
eligibility criteria 463
eligibility criteria for graduation 464
eligibility framework, review, 2015 198
Extended Credit Facility 157
failure to meet repayment obligation or expectation 218
instrument to establish 156
loans, terms of 170
misreporting and noncomplying disbursements 191
overdue financial obligations 194
Rapid Credit Facility 157
Standby Credit Facility 157
Subsidy Accounts 177
Poverty Reduction Strategy Papers (PRSPs)
definition 232–233
Precautionary and Liquidity Line access limits 362
ARA metric 372, 377
balance of payments need 362
conditionality 361
duration 361
indicators of institutional strength 373, 376
relationship between performance criteria and phasing not applicable 292
review, 2014 369, 373–374
safeguards assessment 385
terms and conditions 359
Preferred creditor status of the Fund overdue financial obligations to the Fund 689, 702
Press releases Article IV consultations 632
Executive Board consideration of FSAP reports 632
regional surveillance discussions 632
use of Fund resources, Policy Coordination Instrument 631
Prior actions definition 288
implementation 320
reporting on implementation, confidentiality relating to 316
side letters 316
use in Extended Credit Facility, Standby Credit Facility and Exogenous Shocks Facility 322
use in Policy Support Instrument 142
Program reviews ex–post evaluations, multi–country 380
lapse of time completion 377
procedural deadlines for completion 381
Protracted balance of payments problem 160
Publication authorization and consent 625
country documents 626
Fund policy documents 635
multi–country documents 636
press releases 631
transparency policy 625
Publicity suspension of voting rights 644
termination of suspension of voting rights 644
Purchase transactions resumption of purchases under stand–by arrangement after decision of formal ineligibility 349
suspension of transactions under stand–by arrangement 349
Q
Quotas ad hoc increases 3
Ninth General Review 702
payments of reserve assets in connection with subscription 2
sales of SDRs by Fund to members for quota payments 439
voting power and adjustment of quotas 603
R
Rapid Credit Facility assistance under RCF 164
lending into arrears to official bilateral creditors 395
Rapid Financing Instrument balance of payments need 385
lending into arrears to official bilateral creditors 396
outright purchases 386
qualification 385
review, 2014 369
terms and conditions 384
Reconstitution of SDRs abrogation of rules 683
Renminbi freely usable currency 651
Repayment expectations, PRGF–HIPC Trust 218, 232, 241
Reports on Observance of Standards and Codes (ROSCs) AML/CFT assessments initiatives 123
assessment procedures 122
Repurchase expectations attribution of reduction of currency 444
Extended Fund Facility 440
failure to meet and extended arrangements 319, 322
failure to meet and stand–by arrangements 319, 322
misreporting and noncomplying purchases 317, 322
Repurchases assessment of strength of members balance of payments and gross reserve position 431
attribution of reductions in Fund’s holdings of currencies 444
credit tranches 442
early repurchases, guidelines 444
emergency assistance 442
gold, acceptance in payment 443
gold, obligation to pay 443
procedures 442
Schedule B 443, 444
SDRs 443
selection of currencies by Fund 432, 434
timing of repurchases within a calendar month 442
Reserve position, gross assessment for purposes of designation plans, operational budgets, and early repurchases 431
Reserve tranche position attribution of reductions in the Fund’s holdings of currencies 444
balances held in Administrative Account 715
transactions within the first credit tranche 338
Reserve tranche purchases, exclusion of purchases and holdings credit tranches 715
extended arrangements 715
Retention quotas 511
Reviews under Fund arrangements extended arrangements 355
stand–by arrangement 350
Revolving character of the Fund’s resources 406
Rights accumulation programs 329, 705, 707–708, 711
gold pledge 708
Rights approach arrears to the Fund, reduction 705
gold pledge 705
modalities of gold pledge for use of PRGF Trust resources 468
operational modalities 705
PRGF eligibility 235
PRGF qualification 237
three–year period norm 706
Rules and Regulations Rule G–1, fiscal agency 485
Rule G–4, request for a purchase 438
Rule I–6(4)(a) 455
Rule I–6(4)(b) 455
Rule I–6(4), rate of charge 450, 451, 455
Rule I–10, rate of remuneration 453, 455
Rule K–1 559
Rule O–2, valuation of currencies in terms of SDRs 459, 484, 666, 667, 669, 671, 673
Rule O–10, operational budget 432
Rule P–7, prescribed operation 666, 668, 669, 671, 674, 675
Rule P–9, recording of SDR transactions 661, 662, 667, 668, 670, 672, 674, 675
Rule R–1 through Rule R–6, rules for reconstitution (abrogated) 683
S
Safeguards assessment policy review of experience, 2010 332
review of experience, 2015 334
Safeguards assessment process confidentiality 326
distinction between first and second stages no longer applicable 331
first stage 325, 331
Precautionary and Liquidity Line 366
Rapid Financing Instrument 385
review 327
review of procedures and controls 323
second stage 326, 331
Safeguards, use of Fund resources benchmarks based on Code of Good Practices on Transparency in Monetary and Financial Policies 325
publication of audited central bank financial statements 325
Sales of currencies of members indebted to the Fund sale of currencies at the request of members with outstanding purchases 437
Santiago Principles 53
Schedule B, transitional provisions 2, 443
Schedule F, designation 679
Schedule G, paragraph 1(a), reconstitution 683
Schedule J, settlement of accounts with withdrawing members 487
Schedule K, administration of liquidation 487
Schedule L suspension of voting rights 726
Security reasons, exchange restrictions for 509
Side letters, use of Fund resources 313
Sovereign default 396, 423
Sovereign wealth funds generally accepted principles and practices (GAPPs) 53
Santiago Principles 53
Special Data Dissemination Standard (SDDS) Bulletin Board online 549
Special Data Dissemination Standard Plus (SDDS Plus) 549
Bulletin Board online 549
Special Disbursement Account (SDA) investment 461
PRG–HIPC Trust 232, 246
repayment expectation under PRGF Trust, failure to meet 218
Special drawing rights (SDRs) allocation for the ninth basic period 664
contributions to PRGF Trust 158
currency weights from October 16, 2016 652, 653
designation rules, revision 681
euro, weight in valuation basket 653
harmonization of excess holdings 679
holders prescribed by the Fund African Development Bank 660
African Development Fund 660
Andean Reserve Fund 660
Arab Monetary Fund 660
Asian Development Bank 660
Bank for International Settlements 659
Bank of Central African States 660
Central Bank of West African States 660
East African Development Bank 660
East Caribbean Currency Authority 660
Eastern Caribbean Central Bank 660
European Central Bank 660
International Bank for Reconstruction and Development (World Bank) 660
International Development Association 660
International Fund for Agricultural Development 660
Islamic Development Bank 660
Nordic Investment Bank 660
payment of net charges and assessment in the SDR Department for FY ended April 30, 1982 684
PRGF–HIPC Trust unit of account and media of payment 158
reconstitution, abrogation of rules 683
reserve asset payments 2
rules for designation, review 678, 681
terms and conditions for accepting, holding, or using SDRs 657
transfers of SDRs for purchases under Article V, Section 3(f) 432
U.S. dollar, weight in valuation basket 652
use in donations 675
use in ESAF Trust operations or under an administered account 662
use in forward operations 674
use in loans 666
use in payment of Trust Fund obligations 661, 717
use in pledges 669
use in PRGF–HIPC Trust operations or under an administered account 662
use in settlement of financial obligations 666
use in Structural Adjustment Facility operations 661
use in subsidy payment from SFF Subsidy Account 661
use in swap operations 673
use in transfers as security for the performance of financial obligations 671
valuation method from October 16, 2016 651, 654
Specification of currencies 435
Staff reports on Article IV consultations document exchange with WTO 591
transmittal to international agencies 589, 593
Stand–by arrangements arrangements not international agreements 288
completion of reviews 355
conditionality guidelines 284
consultation clauses 288, 349
contractual connotation avoidance 288
duration, normal 338
first credit tranche 338
form, standard 346
ineligibility 349, 688
misreporting and noncomplying purchases 317, 320, 321
noncomplying purchases 319
nondiscriminatory treatment of members 286
overdue financial obligations to the Fund 687
performance criteria, accuracy of information 320
performance criteria with respect to external debt 303–304, 348
period for 338
phasing 338
policies and procedures 338
PRGF–ESF Trust eligibility 235
prior actions, accuracy of information 320
program evaluation 291
repurchase 350
repurchase expectation 318, 319, 350
reserve tranche purchases 338, 715
review 347
structural performance criteria not applicable 310
suspension of right to engage in transactions 349
uniform treatment of members 286
waiver for nonobservance of performance criteria 318, 319, 320
waiver of applicability of performance criteria 320
Strengthened cooperative strategy de–escalation of remedial measures 711
procedures 700
reversibility of actions 710
Structural Adjustment Facility (SAF) eligibility criteria 464
eligible members list 461
SDRs, use in operations 661, 662
Subscriptions reserve asset payments 1
Supplementary Financing Facility (SFF) Subsidy Account SDRs, use of 661
Surveillance 2012 Decision on Bilateral and Multilateral Surveillance 6
Article IV consultations 17, 91
bilateral surveillance, 2012 Decision 6, 91
Central African Economic and Monetary Union 37
currency unions 11
data provision 539
Eastern Caribbean Currency Union 39
euro area 34, 35
macro–financial 26–27
modalities 13
modernizing the legal framework, 2012 6
multilateral consultations 13
multilateral surveillance, 2012 Decision 6, 13
principles for guidance to the Fund 8
principles for the guidance of member’s policies 15
procedures 17
review of 2012 Decision 21
ROSCs 540
scope 9
stability assessments under FSAP mandatory 100
systemically important financial sectors 100
systemic stability 10
triennial review, 2014 25
West African Economic and Monetary Union 40
Suspension of access to the Fund 692
Suspension of voting rights, 705, 726
Swiss National Bank NAB participant 491
Systemically Important Financial Sectors conceptual framework 96
T
Technical assistance AML/CFT 122
exchange rate system simplification 527
Framework Administered Account 128
FSAP and G–20 Mutual Assessment 90
members not cooperating with the Fund 694
Policy Coordination Instrument 148
Policy Support Instrument 137
standards and codes 114
transmittal of reports to international agencies 589
Trade Fund–WTO Agreement 774
role of trade in Fund work 51
Trade Integration Mechanism 389
trade–related balance of payments adjustments 389
Trade Integration Mechanism 389
Trade restrictions avoidance of escalation 737
import restrictions for balance of payments reasons 516
import restrictions for balance of payments reasons, stand–by arrangements 349
import restrictions for non–balance of payments reasons 516
WTO members 583
Tranche policies first credit tranche 338
floating tranche 291
Transparency archives, access by outside persons 550
foreign reserves management 324
governance 61
review of policy, 2018 625
safeguards for use of Fund resources 325
use of Fund resources 625
Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and for Interim ECF Subsidy Operations (PRG–HIPC Trust)
administration of 243–244
Annual Progress Report (APR) 233
assistance amount 238
completion point 231
contributions by other donors 247
debt sustainability 232
debt sustainability analysis 231
debt–to–exports ratio 232
debt–to–revenue ratio 232
decision point 231
eligibility 235
grace period on loans 242
grants and loans 235
Guidelines on Misreporting 233
implementation, progress 253
implementation, review 258
instrument to establish 229
interest 232, 242
interim assistance 239, 247
Interim Poverty Reduction Strategy Papers (I–PRSPs) 233
investment of resources 234, 245, 247
Joint Staff Advisory Note (JSAN) 233
liquidation 245
maturity of loans 242
operation and liquidation 245
Paris Club 232, 236, 238, 254
performance–related conditions 240, 247
Poverty Reduction Strategy Papers (PRSPs) 232, 236, 255, 258
qualification for assistance 236
rescheduling of payments not allowed 242
retransfers authorized 247
SDRs, use in operations 248, 662
self–sustained operations 232, 257
special charges on overdue interest and repayments 450
Special Disbursement Account, transfers from 234
streamlining preliminary HIPC documents 258
subsidies for interim PRGF operations 243
sunset clause 246
terms of assistance 241
track record of performance 252, 255, 258, 259
Trust Account and resources 234
U
Undue delay in availability or use of foreign exchange 472, 517
Uniformity of treatment principle use of the Fund’s general resources 286
United Nations agreement with IMF 747
Convention on the Privileges and Immunities of the Specialized Agencies 753
exchange of documents with 749
UNDP, exchange of documents with 593
Uniting for Peace General Assembly Resolution 722
United States (U.S.) dollars currency weight in SDR basket from October 16, 2016 653
financial statements of Framework Account, expressed in 130
maintenance of value, rates for computation 459
medium of payment, PRG–HIPC Trust 234
payment of special charges on overdue payments, Trust Fund loans 451
payments of interest on members indebtedness under Trust Fund loans 717
Use of Fund resources accordance with purposes of the Fund 283
authority of the Fund to use its resources 283
capital transfers 283, 471
conditionality guidelines 284
financing current account deficits 283
Flexible Credit Line 311, 356
form, extended arrangement 351
form, stand–by arrangement 346
ineligibility, effect on purchases under stand–by arrangement 349
interpretation of Articles of Agreement 283
limitation and ineligibility under Article V, Section 5 438
meaning of consistency with the provisions of this Agreement Article V, Section 3 284
nondiscriminatory treatment of members 286
performance criteria and phasing 292
postponement and limitation under Article V, Section 5 438
repeal of CFF, SRF, and Short–term Liquidity Facility 313
resumption of purchases under stand–by arrangement after decision of formal ineligibility 349
safeguards, strengthening of 322
side letters 313, 316
summings up no longer prepared 646
suspension of transactions under stand–by arrangements 349
transparency 645
V
Voluntary Declaration on Trade and Other Current Account Measures 737
Voting power majority compulsory withdrawal 701
W
Waiver of performance criteria applicability 291, 320, 321
nonobservance 320, 321
nonobservance under PSI 141
Waiver of special charges 450
World Bank (International Bank for Reconstruction and Development)
agreement with WTO 774, 775, 777
Bank–Fund collaboration 560, 571, 572
Bank–Fund Concordat 572
collaboration with Fund and WTO 586, 587
Development Committee 729
Fund–Bank Concordat 560
governance 62
HIPC Initiative 251
observer status in the Fund 571
prescribed holder of SDRs 660
PRG–HIPC Trust 231
rights approach 706
suspension of voting rights 703
World Economic Outlook (WEO)
multilateral surveillance 285
World Trade Organization (WTO)
balance of payments consultations 583
coherence in global policymaking 584
consistency of policy advice and obligations 584–586
cross–conditionality, avoidance 585–586
document exchange 588
Fund staff observer at WTO meetings 780
guidelines/framework for Fund staff collaboration 582
IMF–WTO Agreement, text 778
observer status 587
resolution of open jurisdictional issues 586
WTO staff observer at Executive Board meetings 779