Index
A
Access policy
access limits to Fund’s General Resources and under exceptional access policy, 430
Catastrophe Containment and Relief Trust, 283
Poverty Reduction and Growth Trust, 167, 205
Access policy
temporary increases in access limits from July 13, 2020, to April 6, 2021, 429, 431
Access policy, use of Fund resources
capital account crises, 443
exceptional circumstances, 435, 444
exceptional circumstances, review, 2004, 434
Flexible Credit Line, 326
review of policy under credit tranches and the Extended Fund Policy and in capital account crises, 2003, 438
revolving character of Fund resources, 433
Administrative Account
balances, 761
reserve tranche position, 761
African Development Bank
communication concerning members’ arrears to the Fund, 740
exchange of documents, 636
Andean Reserve Fund
prescribed holder of SDRs, 706
Annual Report (IMF), 259
Anti-money laundering
effectiveness, review of program (2011), 123
FSAP framework, 124
Anti-money laundering and CFT
review of strategy, 2014, 126
Anti-Money Laundering/CFT Assessments
participation of Fund staff in other assessor bodies, 128
Arab Monetary Fund
exchange of documents with, 636
Archives policy
access by outside persons, 593
Arrears
lending into arrears, 423
settlement of disputes between members, 89, 428
Arrears of a member to creditors other than the Fund
debt strategy, 416
extended arrangements, performance criterion, 362
Fund lending into nonsovereign arrears, 421
nontoleration of arrears to official creditors, 416
stand-by arrangement, performance criterion, 367
Arrears to official creditors
Fund policy of nontoleration, 416
Arrears to private creditors stemming from sovereign defaults and from
exchange controls
Fund lending into arrears, 421
Article I, purposes of the Fund, 293, 550, 555
Article II, Section 2 membership, 1
Article IV consultations
2012 Decision on Bilateral and Multilateral Surveillance, 18
ad hoc consultations, 19
Article VIII restrictions, 558
Article XIV restrictions, 558
Central African Economic and Monetary Union, 37
conditionality discussions, 301
consultation cycles, 77, 78
data provision, 582
document exchange with WTO, 626
Eastern Caribbean Currency Union, 39
euro area, 34, 36
European Central Bank, observer status, 623
evaluation and review of related programs, 301
excessive delay in completion, 80
extension of cycles due to COVID-19 pandemic, 80
governance in areas of Fund expertise, 68
governance issues, 61, 66
lapse of time procedures, 84
macro-financical surveillance, 26, 32
military expenditures, 75
multiple currency practices, 561
procedural deadlines for completion, 401
three-month period, 83
use of Fund resources, 301
World Bank, collaboration with, 620
World Bank, observer status, 614
World Trade Organization, observer status, 630, 827
Article IV, Section 1, general obligations of members, 9
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, 21
Article IV, Section 2, notification of exchange arrangements, 5
Article IV, Section 3, surveillance over exchange arrangements, 9
Article IV, Section 3(a), survaeillance over exchange rate policies, 8
Article IV, Section 3(a), surveillance over exchange rate policies, 12
consultation cycles, 77
excessive delays in completion of Article IV consultations, 80
Article IV, Section 3(b), surveillance over exchange rate policies
consultation cycles, 77
excessive delays in completion of Article IV consultations, 80
Article V, Section 1, designation of fiscal agency, 522
Article V, Section 2(b), 226
Article V, Section 2(b), financial and technical services, 128, 129
Interim Administered Account for Remaining Windfall Gold Sale Profits, 233
windfall gold sale profits, 226
Article V, Section 3, conditions governing use of Funds general resources
application of Fund policies to purchases of currency borrowed by Fund, 517
meaning of \consistent with the provisions of this agreement,\under Article V, Section 3, 293
Article V, Section 3(b)(iii), waiver of limitation of 200 percent of quota
Extended Fund Facility, 359
Article V, Section 3(d), operational budgets
assessment of strength of members balance of payments and gross reserve position for operational budgets, 465, 469
selection of currencies in purchases, 467
Article V, Section 3(f), transfers of SDRs, 466
Article V, Section 5, limitation on use of Funds resources, 332
Article V, Section 6(b), transfers of SDRs by the Fund, 469
Article V, Section 6(c), sales of SDRs by the Fund, 473
Article V, Section 7(b), early repurchases
assessment of strength of members balance of payments and gross reserve position, 465, 474
Article V, Section 7(c), repurchases, 476
Article V, Section 7(i), selection of currencies for repurchases, 470, 477
Article V, Section 8, charges, 480
Article V, Section 8(a), charges, 484, 486
Article V, Section 8(b), charges, 476, 484, 486, 761
Article V, Section 8(c), charges, 480, 483, 486
Article V, Section 8(d), charges, 480
Article V, Section 8(e), charges”, 480
Article V, Section 9(a), remuneration, 761
Article V, Section 11, maintenance of value, 493
Article V, Section 12(f)(ii), Special Disbursement Account (SDA) resources
for assistance to low-income developing members, 495
Article V, Section 12(f), other operations and transactions
gold sales, 504
Article V, Section 12(h), investment of members currency held in
SDA, 495
Article VI, capital transfers
use of Fund resources for, 507
WTO, information on Fund decisions requesting a member to exercise controls to prevent a large or sustained outflow of capital, 822
Article VI, Section 1, use of Funds resources for capital transfers
freedom to adopt regulations on capital movements, 508
Article VI, Section 2 of the Articles of Agreement of the Bank, 777
Article VI, Section 3, controls on capital transfers, 508
Article VII, Section 3(b), scarce currency, 549
Article VIII, general obligations of members
acceptance of obligations, 557
bilateral payments arrangements, 363
bilateralism, 550
consultations, World Bank observer, 614
payments restrictions, 88, 550, 554
restrictions, 557
retention quotas, 553
settlement of disputes between members, 88
Article VIII, Section 2(a)
restrictions on current payments and transfers, 549
undue delays as payment restrictions, 557
Article VIII, Section 2(b), unenforceability of exchange contracts
interpretation, 547
Article VIII, Section 2, avoidance of restrictions on current payments
acceptance of obligations under, 555
Article VIII, Section 3, avoidance of discriminatory currency practices
acceptance of obligations under, 553, 555
multiple currency practices, 555, 563, 564
Article VIII, Section 4, convertibility of foreign-held balances
acceptance of obligations under, 557
Article VIII, Section 5, furnishing of information to the Fund
declaration of censure, 578
handling of potential breaches, 587
members obligations, 574
procedures prior to report by the Managing Director to the Executive Directors, 575
review, 2008, 586
sanctions, 578
strengthening effectiveness of, 574, 583
Article IX, Section 5, archives policy, 593
Article IX, Section 7, privilege for communications, interpretation, 598
Article X, relations with other international organizations, 793
Article XII, Section 4, Managing Director and staff, 654
Article XII, Section 6(d)
partial distribution of windfall gold sale profits, 227
Article XII, Section 6(f)(vi), 227
Article XII, Section 6(f)(ix), 227
Article XII, Section 6, reserves, distribution of net income, and investment, 655
Article XII, Section 7, publication of reports, 669
Article XII, Section 7(a), 797
Article XII, Section 8, 685
Article XIII, Section 2, 537
Article XIV, exchange restrictions under transitional arrangements
availment of transitional provisions, 555
bilateralism, 550
commitment to current account convertibility, 557
multiple currency practices, 553
retention quotas, 552
Article XIV, Section 2, exchange restrictions
maintenance of orderly exchange arrangements, 563
multiple currency practices, 563
restrictions related to national security, 549
transitional arrangements, 548, 551
undue delays as payments restrictions, 557
Article XIV, Section 3, representation by the Fund
application, 564
meaning of exceptional circumstances, 693
Article XVII, Section 3, 227
Article XVII, Section 3, other holders of SDRs, 703
Article XIX, Section 2(c), SDR operations and transactions between participants
donations, 721
forward operations, 720
loans, 713
other holders, 703
pledges, 715
settlement of financial obligation, 712
swap operations, 719
transfers as secruity for the performance of financial obligations, 717
Article XIX, Section 4, limit on SDR Department participants obligation to provide currency, 517
Article XIX, Section 5, designation of participants to provide currency, 724
Article XIX, Section 5(a)(i), designation plans, 465, 727
Article XIX, Section 5(c), designation rules in SDR Department, 727
Article XIX, Section 6(b), reconstitution, 729
Article XIX, Section 7(a), calculation of exchange rates, 520, 713, 715, 717, 719
Article XX, Section 1, interest paid on holding of SDRs, 703
Article XX, Section 2, SDR Department interest and charges, 730
Article XX, Section 5, application against unpaid charges of SDRs acquired by participants after payment date, 731
Article XXIII, Section 1, suspension of operations and transactions in SDRs, 705
Article XXIV, Sections 1(a) and 1(b), 710
Article XXIV, Section 4, 710
exclusion of purchases and holdings from EFF, 761
Article XXIX(a), interpretation
authority of the Fund to use its resources, 293
privilege for communications, Article IX, Section 7, 598
unenforceability of exchange contracts under Article VIII, Section 2(b), 547
Article XXIX, interpretation
New Arrangements to Borrow, interpretation outside the purview of Article XXIV, 524
Article XXVI, Section 2(b), 772, 777
Article XXVI, Section 3, withdrawal from membership, 523
Article XXX(c), definition of reserve tranche purchase
exclusion of purchases and holdings from EFF, 761
Article XXX(c)(iii), exclusion of purchases and holdings in credit tranches
or under extended arrangements, 761
Article XXX(f), freely usable currencies, 697, 762
Asian Development Bank
communications concerning members arrears to the Fund, 740
exchange of documents with, 636
Attribution, rule of
members indebted to Fund, 471
reduction in Funds holdings of currency, 478
Audit
framework Administered Account, 132
PRGF-HIPC Trust, 257, 267
safeguards for use of Fund resources, 294
Authorized Fund signatories, 654
B
Balance of payments need
conditionality, 294
Fund-supported programs, 296
lenders to ESAF Trust, need because of developments in reserves, 224
Precautionary and Liquidity Line, 376
Rapid Financing Instrument, 405
Bank for International Settlements (BIS)
investment by Fund of currencies held by Borrowed Resources Suspense Accounts, 538
prescribed holder of SDRs, 705
Bank-Fund collaboration
debt sustainability assessments, 622
IMF-World Bank Concordat, 603
World Bank observer status, 614
Bilateral payments arrangements
stand-by arrangement, 363
three-month settlement rule, temporary exemption, 551
Bilateralism and convertibility, 550
Blackout periods
General Resources Account arrangements, 319
Board of Governors Resolutions
Composite Resolution, 769
SDR allocation, Ninth Basic Period, 710
Borrowed Resources Suspense Accounts
establishment, 537
investment by the Fund of currencies held in, 537
Borrowing by the Fund. See also General Arrangements to Borrow (GAB); New Arrangements to Borrow (NAB)
guidelines, 2020, 538
proposed modalities for 2012 round, 543
Burden sharing
implementation in FY 2001, 486
implementation in FY 2007, 489
rate of charge, determination of, 489
By-Laws
Section 20, audits, 254, 259
Section 22, compulsory withdrawal, 741, 744, 745
C
Capital account crises
access policy, 443
exceptional access policy, 2004 review, 434
Capital flows
action to limit disequilibrium flows, Composite Resolution, 783
institutional view of liberalization and management, 47
role of macroprudential policies, 41
role of the Fund, 50
WTO, information on Fund decisions requesting a member to exercise capital controls, 826
Capital transfers
controls by members, 508
use of Funds resources for, 562
Caribbean Development Bank (CDB), 636
Catastrophe Containment and Relief Trust
amount of assistance, 283
grant assistance for debt relief, 291
instrument to establish, 275
qualification for assistance, 281
Qualifying Public Health Disaster, 281
transformation of the Post-Catastrophe Debt Relief Trust, 273
Umbrella Account, terms and conditions for administration, 288
Censure
draft declaration, 744
Central African Economic and Monetary Union
surveillance over monetary and exchange rate policies, 37
CFF. See Compensatory Financing Facility
Charges
accounting for charges from members with overdue obligations, 480
administrative account balances, 761
extended arrangements, 368
future changes in charges, 480
media of payment in General Resources Account, 482
payment by nonparticipant in the SDR Department, 482
payment of net charges and assessment in the SDR Department for FY ended April 30, 1982, 730
Poverty Reduction and Growth Trust, 172
setoff in connection with a retroactive reduction of charges due by members in arrears, 486
special charges on overdue financial obligations to the Fund, 483, 485
stand-by arrangements, 364
surcharge on purchases in the credit tranches, under the SLL, and under the EFF, 480
use of Fund resources for FY 2019 and FY 2020, 491
value date for payments of special charges, 485
waiver of special charges, 484
Chinese renminbi
weight in SDR valuation basket, 699
Code of Good Practices on Transparency in Monetary and Financial Policies, 339
Committee on Reform of the International Monetary System Composite Resolution, 769
Communications, privilege for interpretation of Article IX, Section 7, 598
Compensatory Financing Facility
indicative targets, 298, 299, 300
repealed, 327
repurchase expectation, 474
repurchases, 474
Compulsory withdrawal, 743, 745, 746
Concessional financing
review of eligibility framework, 2017, 201
review of eligibility framework, 2019, 198
Concessional Financing
review of eligibility framework, 2015, 202
Conditionality
benchmarks, 298, 299, 300
consistency with WTO agreements with Fund member, 628
consultation clauses, 298
currency unions, 309
emergency financing mechanism, 455
financing assurance reviews, 299
first credit tranche, 352
floating tranches, 301
guidelines on, 294
individual circumstances of members, 295
letters of intent, 298
modalities, 297
monetary policy consultation clause (MPCC), 321
monetary policy regimes, 321
national ownership, 295
outcomes-based, 297
performance criteria, 299
performance criteria and phasing, relationship, 306
performance criteria with respect to foreign borrowing, 317
PRGF-ESF arrangements, 354
principles, 294
prior actions, 298, 330, 334, 354
program design, 295
program review, 299
review, 2019, 302
stand-by arrangement, normal access to credit tranches, 351
streamlining, 353, 355
structural, 304
structural benchmarks, 298
structural performance criteria inapplicable, 324
structural performance criteria replaced by review-based approach, 324
waiver, adopting measures prior to granting of, 298
waiver, nonobservance of performance criteria, 301
Confidentiality
exchange of documents with other international agencies, 635
FSAP Confidentiality Protocol, 106
side letters, 327
Consultation clause
stand-by arrangements, 364
Consultation Cycles
currency unions, extension, 80
Consultations other than under Article IV
acceptance of obligations of Article VIII, Sections 2, 3, and 4, 555
Article VIII restrictions, 549, 550
Article XIV restrictions, 550, 553, 614
bilateral agreements, 550
competitive depreciation, 559
conditionality, consultation clauses, 298
multiple currency practices, 553
prescribed holders of SDRs, 704
sale of members currencies, 466
trade and payments restrictions, escalation, 559
United Nations, 794, 797
World Trade Organization, 626
Convertibility
acceptance of obligations of Article VIII, Sections 2, 3, and 4, 554
bilateralism, 550
currency, 552, 554
current account of the balance of payments, 554, 556
retention quotas, 551
COVID-19 pandemic
pandemic emergency procedures, 459
Qualifying Public Health Disaster under the CCRT, 291
COVID-19 pandemic response
increases in access limits in the GRA, temporary, 429
increases in access limits under the PRGT, temporary, 429
Rapid Credit Facility, increased access, 407
Rapid Financing Instrument, increased access, 407
Cross-conditionality
avoidance, 613
Currencies
attribution of reduction of Funds holdings, 478
charges on Funds holdings in excess of quota, 480
freely usable, 697, 705, 762
General Resources Account, 465, 469, 482, 492
guidelines for operational budget allocation of currencies, review, 468
maintenance of value, 492
presently needed for making payments, 294
repurchases, 475
reserve asset payments, 2
sale of currencies of members with outstanding purchases, 466, 468
SDR valuation basket, 697
subscription to the Fund, ownership, 1
use in operational budgets, 465
Currency unions
design of Fund-supported programs, 308
Current international transactions (current account transactions)
bilateralism, 550
multiple currency practices, 560
restrictions involving WTO members, 629, 826
restrictions on payments and transfers, 550, 554
undue delays in availability or use of foreign exchange, 557
D
Data provision to the Fund
surveillance, 582
Data provision to the Fund for surveillance
review, 2008, 586
review, 2012, 590, 591
Data Standards Initiative
ninth review, 2015, 117
Debt operations
condition precedent clauses, 427
management of the debt situation, 427
mandatory prepayment, 427
Debt strategy
payments of arrears to creditors, 416, 557
Debt sustainability assessments, 620
Fund-Bank collaboration, 620
Debt sustainability framework
low income countries, 215, 218
Declaration of censure, 740
Declaration of ineligibility, 744, 746
overdue financial obligations to the Fund, 739
publicity, 756
termination, 756
timing, 750
Declaration of noncooperation, 740
draft declaration, 744
publicity upon withdrawal, 756
termination, 756
timing, 751
De-escalation of remedial measures, 757
Designation, SDR Department
acceptance limit, 726
assessment of strength of balance of payments and governance position, 465
rules for designation, review, 724
rules for designation, revision, 727
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, 788
establishment and composition, 776
Executive Directors participation in meetings, 778
HIPC Initiative, 260
Managing Directors participation in meetings, 778
procedures, 779
rules of procedure, 787
WTO observer, 630
Discrimination
balance of payments reasons, 554
disputes between members, comparable treatment of creditors, 89, 416
multiple currency practices, 567
nondiscriminatory treatment of members, use of general resources, 295
Disputes between members
comparable treatment principle, 89
role of the Fund, 428
Dissemination Standards Bulletin Board
Enhanced General Dissemination Standard (e-GDDS), 592
SDDS Plus, 592
Special Data Dissemination Standard, 592
Document exchange. See Exchange of documents with other international agencies
E
Early repurchases
guidelines, 474
members balance of payments and gross reserve position, 474
Easing work pressures
omnibus paper, 397
Eastern Caribbean Currency Union
surveillance over monetary and exchange rate policies, 39
Economic Development Document
Poverty Reduction and Growth Trust, 221
Emergency assistance
global pandemic, 459
repeal and replacement by Rapid Financing Instrument, 406
repurchase, 475
Emergency financing mechanism (EFM)
conditions for activation, 457
early repurchase, 458
Enhanced General Data Dissemination Standard (e-GDDS), 592
endorsed by Executive Board, 118
Enhanced Structural Adjustment Facility (ESAF) Trust (transformed into Poverty Reduction and Growth Facility (PRGF) Trust)
blend of general and SAF/ESAF resources, 754
gold pledge, 754
overdue financial obligations to Fund, 735
prior actions, 336
rights accumulation program, 754
transformation to PRGF Trust, 224
use of SDRs, 708
Enhanced surveillance
Article VIII obligations, 557
Enlarged access
repurchases, 434
Euro
freely usable currency, 762
rates for computation and maintenance of value, 493
Euro area members
surveillance over monetary and exchange rate policies, 36, 623
European Bank for Reconstruction and Development (EBRD)
exchange of documents with, 636, 638
European Central Bank (ECB)
euro reference rates, 701
observer status, 623
European Commission (EC)
Article IV consultations, 36
exchange of documents with, 636
European Investment Bank (EIB)
exchange of documents with, 636
ex post assessments
press releases, 687
Exchange arrangements
exchange taxes and subsidies, notification, 6
flexible, notification of significant decision, 6
intervention, 6
multiple currency practices, prior Fund approval, 6
notification of, 5
Exchange contracts
unenforcability, Funds interpretation of Article VIII, Section 2(b), 547
Exchange controls
nonsovereign arrears stemming from imposition, 421
Exchange of documents with other international agencies
ad hoc requests, 637
Article IV consultation staff reports, 630, 638
changes in procedures, 638
criteria for access, 635
Recent Economic Developments reports, 631
use of Fund resources staff papers, 638
Exchange rate policies
euro area, 34
Exchange rates
coherence in global policymaking, 627
computations and maintenance of value, 492
fixed, 561
floating guidelines, 782
fluctuating, 6, 562
New Arrangements to Borrow, 520
unification in multiple rate systems, 566
Exchange restrictions
approval by Fund, 558
Article VIII, Section 2, 3, and 4 obligations, 555
avoidance of escalation, 559
balance of payments reasons, 556
bilateralism, 550
competitive depreciation, 559
consultations with Fund, 555, 559
discrimination for balance of payments reasons, 554
Fund representation in exceptional circumstances under Article XIV, Section 3, 564, 693
guiding principle on whether a measure is an exchange restriction, 555
non-balance of payments reasons, 556
performance criteria, stand-by arrangement, 362
retention quotas, 551
security reasons, 549
transitional arrangements under Article XIV, 552, 555
undue delays, 508, 557
World Trade Organization, information on Fund approval, 826
Exchange subsidies, 6
Exchange taxes, 6, 562, 566
Executive Board
Code of Conduct, 647
meetings, procedural guidelines, 653
minimum circulation period for Article IV consultations documents, 84
notification of exchange arrangements, 5
side letters procedures, 327
Executive Directors
IMFC meetings participation, 771
voting power, effect of adjustment of quota, 647
Ex-post assessments
discontinued, 403
repeal decision, 401
Extended arrangements
charges, 368
completion of reviews, 369
consultation clauses, 369
form, standard, 365
misreporting and noncomplying purchases, 331, 335
phasing, 365
structural performance criteria not applicable, 324
Extended Fund Facility
applicable situations, 357
arrangements for periods not exceeding four years, 358
charges, 359
form of extended arrangement, 365
phasing of purchases, 359
repurchases, 359
review, 360
stand-by arrangement policies applicable, 359
waiver of conditions of Article V, Section 3(b)(iii), 359
External debt
management of debt situation, 428
External debt performance criteria
concessionality, definition, 318
stand-by arrangement, 362
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), 101
offshore financial centers (OFCs), 119
review, 2014, 103
stability assessments, mandatory, 102
Financial stability assessment
mandatory, 80
scope and modalities, 93
Financial Stability Board
membership of the Fund, 638, 640
First credit tranche purchase
liberal Fund attitude, 352
reasonable efforts test, 352
First credit tranche stand-by arrangements
phasing and performance clauses omitted, 352
Fiscal agency
safeguards on use of Fund resources when fiscal agent not central bank, 338
Flexible Credit Line
ARA metric, 386, 391
Emergency Financing Mechanism procedures not applicable, 373
establishment, 370
indicators of institutional strength, 387, 390
performance criteria not applicable, 370
phasing not applicable, 370
qualification criteria, 370
review, 2014, 383, 387
review, 2017, 381, 383
Flexible Credit Line (FCL)
consultation cycle, 78
Forms
draft declaration on censure or noncooperation, 744
draft first letter to all Governors regarding a members overdue financial obligations to the Fund, 742
draft second letter to all Governors regarding a members overdue financial obligations to the Fund, 743
extended arrangement, 365
stand-by arrangement, 360
Framework Administered Account for Selected Fund Activities
instrument to establish, 133
Framework Administered Account for Technical Assistance Activities
Instrument to establish, 129
investment of resources, 131
Fund arrangement
consultation cycle, 78
Fund lending into arrears
arrears to private creditors, 421, 423
review of policy, 426
Fund-Bank collaboration
attendance at Fund Board Meetings, 614
Furnishing of information to the Fund, 331, 574
G
G-20 mutual assessment process
role of the Fund, 112
General Agreement on Tariffs and Trade (GATT)
Fund collaboration with, 625, 783
import restrictions for balance of payments reasons, 556
Voluntary Declaration on Trade and Other Current Account Measures, 783
General Arrangements to Borrow (GAB)
emergency financing mechanism, 455
repayment by the Fund, 517
sales of currencies of members indebted to Fund, 471
General Resources Account (GRA)
adjustment of Fund holdings of members currency, 493
annual reimbursement of PRGF-ESF Trust expenses, 505
designation, assessment of strength of members balance of payments and gross reserve position, 465
gold held, sale, 504
maintenance of value, 493
media of payment in, 482
misreporting and noncomplying purchases, 331
overdue charges, 484
rates for computation and maintenance of value, 492
rights approach, 753
sale of currencies at the request of members with outstanding purchase, 467
sale of SDRs by the Fund for payment for increase in quota, 473
specification of currencies by the Fund, 469
transfers of SDRs instead of currencies under Article V, Section 3(f), 466
Gold
gold pledge for use of ESAF Trust resources, 754
harmonization of excess holdings of SDRs, 725
Interim Administered Account for Remaining Windfall Gold Sales Profits, 233
Interim Administered Account for Windfall Gold Sales Profits, 226
Interim Remaining Windfall Gold Sales Profits Subaccount, 237
Interim Windfall Gold Sales Profits Subaccount, 231
payment for repurchases, 477
use of gold sales profits in Investment Account, 668
Governance
enhanced Fund engagement, framework, 56
vulnerabilities, 57
Governance issues
1997 Guidance Note, review, 71
Article IV consultations, 66, 68
coordination with bilateral donors and multilateral agencies, 69
corruption, 62, 65
identification of problems, 68
macroeconomic impact test for Fund involvement, 62, 67, 69
policy advice, 61, 63
role of the Fund, 75
technical assistance, 61, 68
transparency, 62, 65
use of Fund resources, 67
Gross reserve position
assessment for purposes of designation plans, operational budgets, and early repurchases, 467
Guidelines
access limits to Fund’s General Resources and under exceptional access policy, 430
allocation of currencies, operational budget, 468
borrowing by the Fund, 2020 review, 541
borrowing by the Fund, amendment, 2020, 538
conditionality, 294, 352
cooperation with the World Trade Organization, 625
corrective action, 331
corrective action for failure to meet a repurchase expectation, 336
designation plans, 465
early repurchases, guidelines, 474, 478
Fund staff collaboration with the WTO, 625
governance issues, 61, 72
minimum circulation periods for Executive Board documents, 84
misreporting and noncomplying purchases, 331
operational budget, 465
payment of reserve assets for subscription, 1
performance criteria and phasing, 306
performance criteria with respect to foreign borrowing, discount rate for assessing concessionality, 318
procedures for Executive Board meetings, 652
public debt conditionality, 313
SDR valuation basket, calculation of currency amounts, 697
selection of currencies by the Fund, 468, 469
I
Immunities and Privileges of Specialized Agencies, United Nations Convention, 799
Immunity of Fund officials
policy statement, 600
Import restrictions for balance of payments reasons
stand-by arrangements, 363
Income position
assessment under Article XX, Section 4, 732
rate of charge for FY 2015 and 2016, 491
Ineligibility to use Fund resources
declaration of ineligibility, 578, 743, 756
limitation and ineligibility under Article V, Section 5, 472
publicity, 756
stand-by arrangements, 363
Inter-American Development Bank (IDB)
communication regarding members arrears to the Fund, 740
exchange of documents with, 636
Interest
means of payment under Trust Fund, 763
PRGF-HIPC Trust, interest-free loans, 252
Interim Committee
governance, 337
International Monetary and Financial Committee, transformation of Interim Committee into, 771
rules of procedures, 786
safeguards for use of Fund resources, 337
terms of reference, 772
International Court of Justice, 796
International Monetary and Financial Committee (IMFC, formerly Interim Committee)
participation of Executive Directors in meetings, 772
participation of Managing Director in meetings, 772
procedures, 773
terms of reference, 772
Interpretation
Article IX, Section 7, privilege for communications, 598
Article VI, use of Fund resources for capital transfers, 293
Article VIII, Section 2(b), unenforceability of exchange contracts, 547
Article XIV, Section 3, Fund representation in exceptional circumstances on withdrawal of Article XIV, Section 3 restrictions, 693
Articles of Agreement, 293
Investigation of Fund activities, cooperation procedures, 595
Investment Account
endowment subaccount, 656
establishment, 655
fixed income subaccount, 656
investment strategy for the fixed-income subaccount, review, 2018, 664
objective, 655
revision of rules and regulations, 2018, 664
rules and regulations, 655
sources of assets, 656
use of gold sales profits, 668
Investment authority of the Fund
additional considerations, 665
Islamic Development Bank (IsDB)
exchange of documents with, 636
J
Japanese yen
freely usable currency, 762
weight in SDR valuation basket, 699
L
Lapse of time procedures
Article IV consultations, 84
program reviews, completion, 397
transmittal of supplementary information to WTO, 626
Letters of intent (LOIs)
deletion from documents released to aid agencies, 638
side letters, 327
Loan Account
borrowing for, 174
Low-income countries
access to concessional resources, 412
concessional financing framework, 412
contingency financing, 413
debt sustainability framework, 215, 218
design of PRGT arrangements, 413
poverty reduction strategies in Fund engagement, 220
review of facilities, 2012, 411
review of facilities, 2019, 408
M
Macroprudential policies
role in capital flows, 41
Maintenance of value
overdue adjustments, 735
rates for computations, 492
Managing Director
authorized signatories, 654
consultation with member on changes in exchange rate policies, 6
consultation with member with outstanding purchases on sale of currency, 471
Development Committee, participation in meetings of, 778
International Monetary and Financial Committee, participation in meetings of, 772
use of Fund resources, recommendation regarding approval, 296
Medium-term budget, FY 16-18
streamlining proposals, 402
Military expenditure and the role of the Fund
Article IV consultations, 75
performance criteria, 76
Misreporting and noncomplying disbursements
prior action, accuracy of information, 336
safeguards for use of Fund resources, 338
Misreporting and noncomplying purchases
publication of cases, 690
Misreporting and noncomplying purchases
safeguards for use of Fund resources, 336
Misreporting and noncomplying purchases, General Resources Account
corrective action, 331
performance criteria or other conditions, accuracy of information, 331, 335
prior actions, accuracy of information, 334
waivers, 332
Misreporting and noncomplying purchases, Policy Support Instrument (PSI)
corrective action, 141
Misreporting and noncomplying purchases, PRGF and PRGT facilities
corrective action, 193
Misreporting in de minimis cases
Article VIII, Section 5, 580
de minimis, definition, 334
General Resources Account, 333
Policy Support Instrument, 143
Monetary policy regimes
conditionality, 321
Monetary unions, surveillance
Central African Economic and Monetary Union, 37
Eastern Caribbean Currency Union, 39
Euro area, 34, 36
West African Economic and Monetary Union, 40
Moral hazard, 436, 444
Multilateral Debt Relief Initiative-II (MDRI-II) Trust
liquidation, 269
Post-MDRI-II Interim Administered Account, 269
Multiple currency practices
approval, 6, 567
approval criteria, when imposed for balance of payments reasons, 556, 572
approval criteria, when imposed for non-balance of payments reasons, 556
Article IV consultations, 573
balance of payments reasons, 561, 572
capital transactions, 573
consultation with Fund prior to changes, 561, 562
discrimination, 572
exchange taxes, 566
jurisdiction of the Fund, 563
nonbalance of payments reasons, 561, 573
official action, 571, 572
policy in 1947, 559
policy in 1957, 566
policy, 1998, 571
review of policy, 2019, 568
simplification of complex rate systems, 567
spread, 571
statement to members transmitting Fund’s decisions, 559
unification of exchange rates as basic Fund objectives, 566
Mutual assessment process
G-20, 113
N
Natural disasters
financial safety net for developing countries, 211
Rapid Credit Facility, 211
Rapid Financing Instrument, 211
Natural disasters
resilience strategies in vulnerable developing countries, 207
New Arrangements to Borrow
amendments and changes to credit arrangements, 2019, 530
bilateral borrowing agreements, 2016 or 2020, 539
establishment, 509
extension of terms of 2016 borrowing agreements, 543
new participants, 526
rollback of credit arrangements, 534
New Arrangements to Borrow (NAB)
activation period, 513
adherence, 511
General Terms and Conditions for NAB Notes, 516
interest, 516
meeting of participants, 529
Special Calls, 515
transferability of claims, 535
Noncooperation draft declaration, 740
Nondiscriminatory treatment of members
Paris Club, 89
Use of Fund resources, 295
Note Purchase Agreement
issuance of notes by Fund to official sector, 546
O
Observer status in the Fund
European Central Bank, 623
World Bank, 614
World Trade Organization, 827
Observer status of the Fund
World Trade Organization, 827
Official clearing and payments arrangements
temporary exemption from three-month settlement rule, 551
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, 465
guidelines for operational budget allocation of currencies, review, 468
specification of currencies by the Fund, 468, 469
transfers of SDRs under Article V, Section 3(f), 466
Organization for Economic Cooperation and Development (OECD)
exchange of documents, 638
Overdue financial obligations to the Fund
accounting for charges, 483
Annual Report (IMF), 738
complaint by Managing Director, 738
compulsory withdrawal, 740, 741, 746, 747
declaration of censure, 740, 744
declaration of ineligibility, 739, 744, 746, 748, 756
declaration of noncooperation, 741, 745, 747, 756
de-escalation of remedial measures, 757
draft first letter to all Governors, 742
draft second letter to all Governors, 743
extended arrangements and, 733
flexibility in de-escalation policy because of Qualifying Catastrophic Disaster, 759
Ninth General Review of Quotas, 739, 748
nontoleration of arrears to official creditors, 416
overdue maintenance of value adjustments, 735
Overseas Economic Cooperation Fund (OECF), 318
preferred creditor status of Fund, 744, 748
prevention/deterrence measures, strengthened timetable of procedures, 749
PSI, nonapproval, 138
requests for the use of Fund resources under a stand-by or extended arrangements, management will not submit, 733
review period, 734
rights approach, 759
setoff in connection with retroactive reduction of charges, 486
stand-by arrangements and, 733
strengthened cooperative strategy, 745, 754, 756
suspension of voting rights, 749
technical assistance suspension, 759
P
Paris Club
Agreed Minute, 89
debt rescheduling and Fund arrangements or programs, 748
debtors negotiations with, 88
rescheduling discussions, 637
rescheduling in the absence of Fund arrangement, 748
Payments arrears
settlement of disputes between members, 88
Payments arrears of a member to other (non-Fund) creditors
Fund lending into sovereign arrears, 423
Performance criteria under Fund arrangements
accuracy of information, 334
conditionality guidelines, 294
definition, 299
first credit tranche, not subject to, 352
number and content of, 299
omitted in stand-by arrangements within first credit tranche, 352
phasing, relationship, 306
reporting on implementation, confidentiality relating to, 331
side letters, 331
structural performance criteria not applicable, 324
waiver for nonobservance, 301, 332, 334
waiver of applicability, 301, 334
Phasing and performance criteria under Fund arrangements
omitted in stand-by arrangements within first credit tranche, 352
operational guidelines, 306
relationship, 306
Policy Coordination Instrument
consultation cycle, 78
framework, 148
global financial safety net, 146
upper credit tranche standard required, 146
Policy Support Instrument
consultation cycle, 78
program reviews, 139
Policy Support Instrument (PSI)
application of Guidelines on Conditionality, 144
assessment criteria, 141
definition, 138
documents required, 138
eligibility, 138
Fund to no longer establish structural assessment criteria, 141
misreporting, 143
policy on arrears, 144
policy on side letters, 144
provision of Fund technical services, 138
review, 145
termination, 145
Position in the Fund, 468
Post-Catastrophe Debt Relief Trust
flexibility in de-escalation policy with respect to overdue payments to the Fund, 759
transformation to Catastrophe Containment and Relief Trust, 273
Post-MDRI-II Interim Administered Account
establishment, 269
Post-program monitoring
publication policies, 462
streamlining proposals under the FY 2016-18 budget, 403
strengthening the framework, 462
thresholds, 460
Pound sterling
freely usable currency, 762
weight in SDR valuation basket, 699
Poverty Reduction and Growth Trust
amount of assistance, 167
Economic Development Document, 221
eligibility and conditions for assistance, 159
eligibility criteria, 498
eligibility, criteria for graduation, 498
Extended Credit Facility, 157
failure to meet repayment obligation or expectation, 224
misreporting and noncomplying disbursements, 193, 226
overdue financial obligations, 195
Rapid Credit Facility, 157
review of the eligibility framework, 2015, 202
review of the eligibility framework, 2017, 201
review of the eligibility framework, 2019, 198
Standby Credit Facility, 157
Subsidy Accounts, 179
waiver of nonobservance of performance criteria, accuracy of information, 226
zero percent interest rate floor on borrowing, 204
Poverty Reduction and Growth Trust
review of interest rate structure, 2019, 206
Poverty Reduction Strategy Papers
web posting, 689
Precautionary and Liquidity Line
access limits, 376
ARA metric, 386, 391
balance of payments need, 376
conditionality, 375
duration, 375
eligibility, 374
indicators of institutional strength, 387, 390
relationship between performance criteria and phasing not applicable, 306
review, 2014, 383, 388
review, 2017, 381, 383
safeguards assessment, 379
Precautionary and Liquidity Line (PLL)
consultation cycle, 78
Precautionary and Liquidity Line Arrangements
terms and conditions, 373
Precautionary Credit Line
repealed, 380
Preferred creditor status of Fund, 263, 748
overdue financial obligations to the Fund, 735
Press releases
Article IV consultations, 677
Executive Board consideration of FSSA reports, 677
regional surveillance discussions, 677
Prior actions
accuracy of information regarding implementation, 335
definition, 298
reporting on implementation, confidentiality relating to, 330
side letters, 331
use in emergency financing mechanism, 457
use in Extended Credit Facility, Standby Credit Facility and Exogenous Shocks Facility, 336
use in Policy Support Instrument, 142
Program reviews, 299
ex-post evaluations, multi-country, 400
lapse of time completion, 397
procedural deadlines for completion, 401
Publication
authorization and consent, 669
country documents, 670
Fund policy documents, 679
multi-country documents, 681
transparency policy, 669
Publicity
suspension of voting rights, 690
termination of suspension of voting rights, 690
Purchase transactions
resumption of purchases under stand-by arrangement after decision of formal ineligibility, 363
suspension of transactions under stand-by arrangement, 363
temporary suspension under Article XXVII, effect on NAB, 523
Q
Qualifying Public Health Disaster under the CCRT
COVID-19 pandemic, 291
Quotas
ad hoc increases, 3
Ninth General Review, 748
payments of reserve assets in connection with subscription, 1
sales of SDRs by Fund to members for quota payments, 473
Seventh General Review, 2, 473, 727
Sixth General Review, 2
voting power and adjustment of quotas, 647
R
Rapid Credit Facility
assistance under RCF, 165
natural disasters, 211
Rapid Financing Instrument
access limits, 405
natural disasters, 211
qualification, 405
review, 2014, 383
terms and conditions, 404
Recent Economic Developments reports (REDs)
balance of payments consultations, WTO, 626
Reconstitution of SDRs
abrogation of rules, 729
Regional Financing Arrangements
collaboration with the Fund, 641
exchange of documents with the Fund, 644
Reports on Observance of Standards and Codes (ROSCs)
anti-money laundering initiatives, 124
assessment principles, 122
Repurchase expectations
attribution of reduction of holdings of currency, 478
Compensatory Financing Facility, 474
failure to meet and extended arrangements, 333, 336
failure to meet and stand-by arrangements, 336
misreporting and noncomplying purchases, 331, 336
Repurchases
assessment of strength of members balance of payments and gross reserve position, 465
attribution of reductions in Funds holdings of currencies, 478
credit tranches, 476
early repurchases, guidelines, 478
emergency assistance, 476
gold, acceptance in payment, 477
gold, obligation to pay, 477
procedures, 476
Schedule B, 477, 478
SDRs, 477
selection of currencies by Fund, 467, 469
special charges on overdue repurchases, 476
timing of repurchases within a calendar month, 476
Reserve position, gross
assessment for purposes of designation plans, operational budgets, and early repurchases, 465
Reserve tranche position
administrative accounts, 761
attribution of reductions in Funds holdings of currencies, 478
balances held in Administrative Account, 761
extended arrangements, 761
remunerated position, 3
Reserve tranche purchases, exclusion of purchases and holdings
credit tranches, 761
extended arrangements, 761
General Arrangements to Borrow, 518
Retention quotas, 551
Rights accumulation programs, 343, 751, 755
gold pledge, 754
Rights approach
arrears to the Fund, reduction, 752
extension of availability to August 2022, 759
gold pledge, 751
operational modalities, 751
PRG-HIPC Trust eligibility, 245
three-year period norm, 752
Rule T-1(c)
Chinese renminbi, 700
Rules and Regulations
Rule G-1, fiscal agency, 522
Rule G-4, request for a purchase, 472
Rule I-10, rate of remuneration, 490
Rule I-6, rate of charge(4), 490
Rule I-6(4)(a), 490
Rule I-6(4)(b), 490
Rule I-6(4), rate of charge, 484, 486, 489
Rule K-1, 602
Rule O-1, value of SDR, 701
Rule O-10, operational budget, 466
Rule O-2, valuation of currencies in terms of SDRs, 493, 520, 701, 712, 713, 715, 717, 719
Rule O-2(a), 701
Rule P-7, prescribed operation, 712, 714, 715, 717, 720, 721
Rule P-9, recording of SDR transactions, 707, 708, 713, 714, 716, 718, 720, 721
Rule R-1 through Rule R-6, rules for reconstitution (abrogated), 729
S
Safeguards assessment policy
review of experience, 2010, 346
review of experience, 2015, 348
Safeguards assessment process
audits, 339, 340
confidentiality, 340, 346
distinction between first and second stages no longer applicable, 345
first stage, 339, 345
Precautionary and Liquidity Line, 379
Rapid Financing Instrument, 405
second stage, 340, 345
Safeguards assessments
central bank’s compliance with internal control procedures, 338
Safeguards, use of Fund resources
benchmarks based on Code of Good Practices on Transparency in Monetary and Financial Policies, 339
publication of audited central bank financial statements, 339
Sales of currencies of members indebted to the Fund
sale of currencies at the request of members with outstanding purchases, 471
Santiago Principles, 53
Schedule B, transitional provisions, 2, 477
Schedule F, designation, 725
Schedule G, paragraph 1(a), reconstitution, 729
Schedule J, settlement of accounts with withdrawing members, 523
Schedule K, administration of liquidation, 523
Schedule L
suspension of voting rights, 772
Second Amendment
Article IV (surveillance over exchange rate policies), 2
payment of reserve assets in connection with subscription, 1
repurchase under Schedule B, 477
surveillance over exchange rate policies, 2
Security reasons, exchange restrictions for, 549
Settlement of disputes between members relating to external debt
comparable treatment of creditors, 89
Paris Club, 89
role of the Fund, 87
Short-Term Liquidity Line (SLL)
access limit, 394
consultation cycle, 78
establishment as part of COVID-19 response, 391
phasing, performance criteria, ex-post program monitoring not applicable, 394
purposes, 391
qualification criteria, 393
Side letters, use of Fund resources, 327
Social safeguards
PRGT and PSI-supported programs, 212
Sovereign debt restructuring
Fund’s lending framework, 449
Sovereign wealth funds
generally accepted principles and practices (GAPPs), 53
Santiago Principles, 53
Special Data Dissemination Standard Plus (SDDS Plus), 592
Special Disbursement Account (SDA)
investment, 495
Special drawing rights (SDRs)
allocation for ninth basic period, 710
currency weights, 698
designation rules, revision, 727
euro, weight in valuation basket, 699
harmonization of excess holdings, 725
holders prescribed by the Fund, 705, 706 Bank for International Settlements, 705
means of repayment by members on indebtedness under loan agreements, 763
payment of net charges and assessment in the SDR Department for FY ended April 30, 1982, 730
reconstitution, abrogation of rules, 729
reserve asset payments, 1
rules for designation, review, 724
sales by the Fund for payment of subscriptions, 1
sales by the Fund for the payment of charges, 483
terms and conditions for accepting, holding, or using SDRs, 703
U.S. dollar, weight in valuation basket, 698
use in donations, 721
use in ESAF Trust operations or under an administered acount, 708
use in forward operations, 720
use in loans, 713
use in payment of Trust Fund obligations, 707, 763
use in pledges, 715
use in PRGF-HIPC Trust operations or under an administered account, 708
use in repurchases, 476
use in settlement of financial obligations, 712
use in Structural Adjustment Facility operations, 707
use in subsidy payment from SFF Subsidy Account, 707
use in swap operations, 719
use in transfers as security for the performance of financial obligations, 717
valuation basket, guidelines for calculation of currency amounts, 697
valuation basket, guidelines for calculation of currency amounts, revised guidelines, 697
valuation of US dollar for purposes of Rule O-2(a), 701
value of SDR, method of collecting exchange rates for calculation for purposes of Rule O-2(a), 701
Special Drawing Rights (SDRs)
consideration of a broader role, 722
transfers of SDRs for purchases under Article V, Section 3(f), 466
Specification of currencies, 469
Staff reports on Article IV consultations
military expenditure, 75
transmittal to international agencies, 636, 637
Standards and Codes Initiative
review (2017), 114
Stand-by arrangements
access to credit tranches, normally through, 351
arrangements not international agreements, 297
conditionality guidelines, 294
consultation clauses, 298, 363
contractual connotation avoidance, 298
duration, normal, 352
first credit tranche, 352
form, standard, 360
misreporting and noncomplying purchases, 331, 334, 335
noncomplying purchases, 333
nondiscriminatory treatment of members, 296
performance criteria with respect to external debt, 317, 362
performance criteria, accuracy of information, 335
period for, 352
phasing, 352
policies and procedures, 352
prior actions, accuracy of information, 334
program evaluation, 301
repurchase, 364
repurchase expectation, 332, 333, 364
reserve tranche purchases, 761
review, 361
structural performance criteria not applicable, 324
suspension of right to engage in transactions, 363
uniform treatment of members, 296
waiver for nonobservance of performance criteria, 332, 334, 335
waiver of applicability of performance criteria, 334, 335
Stand-By Arrangements
completion of reviews, 369
Strengthened cooperative strategy
de-escalation of remedial measures, 757
procedures, 746
reversibility of actions, 756
Structural Adjustment Facility (SAF)
SDRs, use in operations, 707, 708
Subscriptions
reserve asset payments, 1
Supplemental Reserve Facility (SRF)
exchange rate for payment of subsidies, 782
overdue financial obligations, 363
repealed, 327
Supplementary Financing Facility (SFF) Subsidy Account
SDRs, use of, 707
Surveillance
2012 Decision on Bilateral and Multilateral Surveillance, 6
Article IV consultations, 18
bilateral surveillance, 2012 Decision, 9
Central African Economic and Monetary Union, 37
comprehensive review, 2019, 23
corruption, 73
currency unions, 11
data provision, 582
Eastern Caribbean Currency Union, 39
euro area, 34, 36
extension of three-month period, 83
interim review, 2018, 22
macro-financial, 26, 32
modalities, 13
multilateral consultations, 20
multilateral surveillance, 92
multilateral surveillance, 2012 decision, 12
principles for guidance to the Fund, 8
principles for the guidance of member’s policies, 15
procedures, 17
review of 2012 Decision, 21
ROSCs, 583, 586
scope, 9
Special Data Dissemination Standards, 585
stability assessments under FSAP mandatory, 102
stability assessments under FSAP, integration of, 91
systemic stability, 10
systemically important financial sectors, 102
three-month rule, 83
triennial review, 2014, 25
West African Economic and Monetary Union, 40
Suspension of membership, 741
Suspension of voting rights
participation in International Monetary and Financial Committee, 772
Systemically important financial sectors
financial stability assessments in surveillance, 91
methodology for identifying jurisdictions, 98
Systemically important financial sectors
conceptual framework, 96
T
Technical assistance
cooperation with Trusteeship Council, 795
exchange rate system simplification, 567
members not cooperating with the Fund, 740
Trade
role of trade in Fund work, 51
Trade Integration Mechanism, 414
trade-related balance of payments adjustments, 414
Trade Integration Mechanism, 414
Trade restrictions
avoidance of escalation, 783
import restrictions for balance of payments reasons, GATT, 556
import restrictions for balance of payments reasons, stand-by arrangements, 363
WTO involvement, 626
Tranche policies
first credit tranche, 352
floating tranche, 301
Transparency
archives, access by outside persons, 593
foreign reserves management, 338
governance, 62
monetary and financial policies, 116
review of policy, 2013, 669
safeguards for use of Fund resources, 339
use of Fund resources, 690
Trust for Special PRG Operations for the Heavily Indebted Poor Countries and for Interim ECF Subsidy Operations (PRG-HIPC Trust)
instrument to establish, 239
Trust for Special PRG Operations for the Heavily Indebted Poor Countries and for Interim PRG Subsidy Operations (PRG.-HIPC Trust)
Interim Poverty Reduction Strategy Papers (I-PRSPs), 243
Trust for Special PRG Operations for the Heavily Indebted Poor Countries and for Interim PRG Subsidy Operations (PRG-HIPC Trust)
Annual Progress Report (APR), 243
debt sustainability, 242
debt sustainability analysis, 241
eligibility, 245
Guidelines on Misreporting, 243
interest, 242
Joint Staff Advisory Note (JSAN), 243
Poverty Reduction Strategy Papers (PRSPs), 242
Trust for Special PRG Operations for the Heavily Indebted Poor Countries and for Interim PRGF Subsidy Operations (PRG-HIPC Trust)
completion point, 241
decision point, 241
Paris Club, 242
Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and for Interim PRGF Subsidy Operations (PRGF-HIPC Trust)
contributions by other donors, 257
decision point, 260
SDRs, use in operations, 708
special charges on overdue interest and repayments, 484
Trust Fund
means of repayment by members on their indebtedness under loan agreement, 763
SDRs, use in payment of Trust Fund obligations, 707
special charges on overdue financial obligations, 483
U
Undue delay in availability or use of foreign exchange, 508, 557
Uniformity of treatment principle
settlement of disputes among members, comparable treatment, 89
use of Funds general resources, 296
United Nations
agreement with the IMF, 793
Convention on the Privileges and Immunities of the Specialized Agencies, 799
exchange of documents with, 795
UN Convention on Privileges and Immunities of the Specialized Agencies, Annex V on IMF, 815
UNDP, exchange of documents with, 636
Uniting for Peace General Assembly Resolution, 768
United States (U.S.) dollars
financial statements of Framework Account, expressed in, 131
maintenance of value, rates for computation, 493
means of payment by members on indebtedness under Trust Fund loan agreements, 763
payment of special charges on overdue payments, Trust Fund loans, 485
payments of interest on members indebtedness under Trust Fund loans, 763
valuation in terms of special drawing rights as per Rule O-2(a), 701
weight in SDR valuation basket, 698
Use of Fund resources
accordance with purposes of the Fund, 293
arrears, resolving the problem of, 743
authority of the Fund to use its resources, 293
capital transfers, 293, 507
conditionality guidelines, 294
currency unions, 308
financing current account deficits, 293
Flexible Credit Line, 325, 370
form, extended arrangement, 365
form, stand-by arrangement, 360
governance vulnerabilities, 60
ineligibility under Article V, Section 5, 472
ineligibility, effect on purchases under stand-by arrangement, 363
interpretation of Articles of Agreement, 293
limitation and ineligibility under Article V, Section 5, 472
meaning of \consistent with the provisions of this Agreement\under Article V, Section 3, 293
nondiscriminatory treatment of members, 296
performance criteria and phasing, 306
postponement and limitation under Article V, Section 5, 472
repeal of Compensatory Financing Facility, Supplemental Reserve Facility, and Short-term Liquidity Facility, 327
resumption of purchases under stand-by arrangement after decision of formal ineligibility, 364
safeguards, strengthening of, 336
side letters, 327
side letters review, 2002, 330
suspension of exchange transactions, effect on New Arrangements to Borrow, 523
suspension of transactions under stand-by arrangements, 363
Use of Fund Resources
discontinuation of summings up for internal purposes, 692
failure to meet repayment obligation or expectation to PRGT, 224
transparency, 690
V
Voluntary Declaration on Trade and Other Current Account Measures, 783
Voting power majority
compulsory withdrawal, 747
W
Waiver of performance criteria
applicability, 301, 334, 335
nonobservance, 334, 335
Waiver of special charges, 484
Windfall gold sales profits
interim administered account, 233
Windfall Gold Sales Profits, Remaining
Interim Administered Account, 226
Windfall Gold Sales Profits Subaccount, Interim Administered Account, 231
Windfall Gold Sales Profits Subaccount, Interim Administered Account 237
World Bank (International Bank for Reconstruction and Development)
agreement with WTO, 821, 822, 824
Bank-Fund collaboration, 76, 604, 614
Bank-Fund Concordat, 615
collaboration with Fund and WTO, 629, 630
collaboration with Fund on shifting resources from military, 76
Development Committee, 775
Fund-Bank Concordat, 603
governance, 62, 64, 70
HIPC Initiative, 261
military expenditures, 76
observer status in the Fund, 614
PRG-HIPC Trust, 241
rights approach, 752
suspension of voting rights, 749
World Economic Outlook (WEO)
military spending, 75
multilateral surveillance, 295
WTO observer status, 827
World Trade Organization (WTO)
balance of payments consultations, 626
coherence in global policymaking, 627
consistency of policy advice and obligations, 627
cross-conditionality, avoidance, 628
document exchange, 631
Fund staff observer at WTO meetings, 827
guidelines/framework for Fund staff collaboration, 625
IMF-WTO Agreement, text, 825
lapse of time procedure in transmittal of supplementary information to WTO, 626
observer status, 630
resolution of open jurisdictional issues, 629
WTO staff observer at Executive Board meetings, 826