Endnotes
See James Boughton, Silent Revolution: The International Monetary Fund, 1979-89, IMF, Washington, D.C., 2001; International Monetary Fund, Articles of Agreement of the International Monetary Fund, IMF, Washington, D.C., 1993; Margaret Garritsen de Vries, Balance of Payments Adjustment, 1945 to 1986: The IMF Experience, IMF, Washington, D.C., 1987; Margaret Garritsen de Vries, The International Monetary Fund, 1972-78: Cooperation on Trial, IMF, Washington, D.C., 1985; Margaret Garritsen de Vries, The International Monetary Fund, 1966-71: The System Under Stress, IMF, Washington, D.C., 1976; J. Keith Horsefield, The International Monetary Fund, 1945-1965: Twenty Years of International Cooperation, IMF, Washington, D.C., 1969.
The agreement between the IMF and the UN establishing such a relationship came into force on November 15, 1947.
The Articles of Agreement were amended on July 28, 1969, on April 1, 1978, and on November 11, 1992. A fourth amendment is pending (see Chapter 9).
Report on the External Evaluation of Fund Surveillance, June 30, 1999.
See also The Acting Chair’s Summing Up, Review of the 1977 Decision on Surveillance Over Exchange Rate Policies—Preliminary Considerations, Executive Board Meeting 06/66, July 19, 2006, available on the IMF’s external website http://www.imf.org/external/np/pp/eng/2006/pc.pdf.
A Factsheet – IMF Surveillance – The 2007 Decision on Bilateral Surveillance, available on the Internet at: http://www.imf.org/external/np/exr/facts/surv07.htm.
A timeline of major events in the history of the IMF is available on the Internet at: http://www.imf.org/external/np/exr/chron/chron2.asp.
These 29 countries were: Belgium, Bolivia, Brazil, Canada, China, Colombia, Costa Rica, Czechoslovakia, Ecuador, Egypt, Ethiopia, France, Greece, Guatemala, Honduras, Iceland, India, Iraq, Luxembourg, the Netherlands, Norway, Paraguay, the Phillipines, Poland, the Union of South Africa, the United Kingdom, the United States, Uruguay, and Yugoslavia. In addition, the Dominican Republic, Iran, Chile, Cuba, Mexico, and Peru signed before the end of the year, bringing to 35 the number of countries that ratified and signed the Articles of Agreement by December 31, 1945, the deadline set for the Articles of Agreement to come into force. The ten countries that did not sign the Agreement by December 31, 1945 were Australia, Denmark, El Salvador, Haiti, Liberia, New Zealand, Nicaragua, Panama, the Soviet Union, and Venezuela.
Article XII, Section 4 (d) of the Articles of Agreement. Available on the Internet at: http://www.imf.org/external/pubs/ft/aa/index.htm.
Articles of Agreement of the International Monetary Fund, available on the Internet at: http://www.imf.org/external/pubs/ft/aa/index.htm; “Biennial Review of the Implementation of the Fund’s Surveillance and of the 1977 Surveillance Decision—Overview”, available on the Internet at: http://www.imf.org/external/np/pdr/surv/2004/082404.htm; “Biennial Review of the Implementation of the Fund’s Surveillance and of the 1977 Surveillance Decision: Framework and Conduct of Surveillance in 2000-01. March 14, 2002”, available on the Internet at: http://www.imf.org/external/np/pdr/surv/2002/031402.pdf; “Biennial Review of the Implementation of the Fund’s Surveillance and of the 1977 Surveillance Decision, Overview. March 13, 2002,” available on the Internet at: http://www.imf.org/external/np/pdr/surv/2002/031302.pdf; “Review of the 1977 Decision on Surveillance Over
Exchange Rate Policies Preliminary Considerations, Background Information, and Summing Up of the Board Meeting, July 19, 2006,” available on the Internet at: http://www.imf.org/external/np/pp/eng/2006/pc.pdf; “Biennial Review of the Implementation of the IMF’s Surveillance and of the 1977 Surveillance Decision,” available on the Internet at: http://www.imf.org/external/np/pdr/surv/2002/index.htm.
The list was expanded effective January 1, 2005 and will be reviewed no later than December 31, 2007. Decision No. 13183-(04/10) January 30, 2004, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=13183-(04/10).
However, members can impose restrictions solely for the preservation of national or international security, for which IMF approval is not required, since the IMF is not a suitable forum for discussion of the political and military considerations that lead to restrictions. A member intending to impose restrictions solely for the preservation of national or international security is expected to inform the IMF before doing so, or, if this is not possible, within 30 days of doing so. The IMF will not object to restrictions that it is satisfied are imposed solely for security reasons. Decision No. 144-(52/51), August 14, 1952, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=144-(52/51).
The 1977 Decision on Surveillance over Exchange Rate Policies was reviewed in 2006 under “Review of the 1977 Decision on Surveillance Over Exchange Rate Policies Preliminary Considerations, Background Information, and Summing Up of the Board Meeting, July 19, 2006,” available on the Internet at: http://www.imf.org/external/np/pp/2007/eng/062107.htm.
See, for example, “Managing Director’s Report to the International Monetary and Financial Committee--Streamlining and Focusing Conditionality and Enhancing Ownership of Fund-Supported Programs, April 16, 2002,” available on the Internet at: http://www.imf.org/external/np/omd/2002/041702.htm.
The Chairman’s Summing Up—Biennial Review of the Implementation of the Fund’s Surveillance and of the 1977 Surveillance Decision, Executive Board Meeting 04/72, July 23, 2004, available on the Internet at: http://www.imf.org/external/np/sec/pn/2004/pn0495.htm.
Review of the 1977 Decision on Surveillance Over Exchange Rate Policies Preliminary Considerations, Background Information, and Summing Up of the Board Meeting, July 19, 2006, available on the Internet at: http://www.imf.org/external/np/pp/eng/2006/pc.pdf.
The Acting Chair’s Summing Up, The Fund’s Transparency Policy—Issues and Next Steps, available on the Internet at: http://www.imf.org/external/np/sec/pn/2003/pn03122.htm; The Acting Chair’s Summing Up, Review of the Fund’s Transparency Policy, available on the Internet at: http://www.imf.org/external/np/sec/pn/2005/pn05116.htm.
The Chairman’s Summing Up, Biennial Review of the Implementation of the Fund’s Surveillance and of the 1977 Surveillance Decision, Executive Board Meeting 04/72, July 23, 2004, available on the Internet at: http://www.imf.org/external/np/sec/pn/2004/pn0495.htm.
The Chairman’s Summing Up, Biennial Review of the Implementation of the Fund’s Surveillance and of the 1977 Surveillance Decision, Executive Board Meeting 04/72, July 23, 2004, available on the Internet at: http://www.imf.org/external/np/sec/pn/2004/pn0495.htm.
The 1977 surveillance decision states: “Not later than three months after the termination of discussions between the member and the staff, the Executive Board shall reach conclusions and thereby complete the consultation under Article IV.” In this connection, see also Surveillance Procedures—Implementation of Three-Month Period, Decision No. 7427-(83/83), 6/8/83, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=7427-(83/83). The decisions on streamlining in November 2006 reduced the lag from three months to 65 days, except for PRGF-eligible members, where the lag is maintained at three months.
Implementing the Fund’s Medium-Term Strategy, available on the Internet at: http://www.imf.org/external/np/exr/ib/2006/041806.htm, The Managing Directors’ Report on Implementing the
Fund’s Medium-Term Strategy, available available on the Internet: http://www.imf.org/external/pp/longres.aspx?id=548, and Communiqué of the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund, available on the Internet at: http://www.imf.org/external/np/sec/pr/2006/pr0681.htm.
The typical schedule is: January – WEMD; March – WEO/WEMD; May/June – WEMD/Financial Markets Update; September – WEO/WEMD; November – WEMD/Financial Markets Update.
Modalities for Surveillance over Euro-Area Policies in the Context of Article IV Consultations with Member Countries, Decision No. 12899-(02/119), 12/4/02, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=12899-(02/119).
Board Decisions No. 13654-(06/1), available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=13654-(06/1), No. 13655-(06/1), available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=13655-(06/1), No. 13656-(06/1), available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=13656-(06/1).
See, in addition to the documents for the 2000 biennial review of surveillance, Factsheet – Vulneralility Indicators, available on the Internet at: http://www.imf.org/external/np/exr/facts/vul.htm; A Balance Sheet Approach to Financial Crisis, IMF Working Paper WP/02/210, available on the Internet at: http://www.imf.org/external/pubs/cat/longres.cfm?sk=16167.0; The Balance Sheet Approach and its Application at the Fund, on the Internet at: http://www.imf.org/external/np/pdr/bal/2003/eng/063003.htm; Integrating the Balance Sheet Approach into Fund Operations, available on the Internet at: http://www.imf.org/external/np/pdr/bal/2004/eng/022304.htm; Assessing Sustainability, available on the Internet at: http://www.imf.org/external/np/pdr/sus/2002/eng/052802.htm; Sustainability Assessments—Review of Application and Methodological Refinements, available on the Internet at: http://www.imf.org/external/np/pdr/sustain/2003/061003.pdf; The Acting Chair’s Summing Up, Sustainability Assessments—Review of Application and Methodological Refinements, available on the Internet at: http://www.imf.org/external/np/sec/pn/2003/pn03111.htm; Debt Sustainability in Low-Income Countries—Towards a Forward-Looking Strategy, available on the Internet at: http://www.imf.org/external/np/pdr/sustain/2003/052303.htm; Debt-Sustainability in Low-Income Countries—Proposal for an Operational Framework and Policy Implications, available on the Internet at: http://www.imf.org/external/np/pdr/sustain/2004/020304.pdf.
Summing Up by the Acting Chair, Review of Data Provision to the Fund for Surveillance Purposes, Executive Board Meeting 04/25, March 15, 2004, available on the Internet at: http://www.imf.org/external/np/sec/pn/2004/pn0437.htm.
A Balance Sheet Approach to Financial Crisis, IMF Working Paper WP/02/210, available on the Internet at: http://www.imf.org/external/pubs/cat/longres.cfm?sk=16167.0.
The Acting Chair’s Summing Up, Operational Framework for Debt Sustainability Assessments in Low-Income Countries-Further Considerations, Executive Board Meeting 05/34, April 11, 2005, available on the Internet at: http://www.imf.org/external/np/sec/pn/2005/pn0559.htm.
See Financial Sector Assessment: A Handbook, Monetary and Capital Markets Department, September 29, 2005, available on the Internet at: http://www.imf.org/external/pubs/ft/fsa/eng/index.htm. Financial Soundness Indicators, available on the Internet at: http://www.imf.org/external/np/sta/fsi/eng/2003/051403.htm; Financial Soundness Indicators—Background Paper, available on the Internet at: http://www.imf.org/external/np/sta/fsi/eng/2003/051403b.htm;Concluding Remarks by the Acting Chair, Financial Soundness Indicators, available on the Internet at: http://www.imf.org/external/np/sec/pn/2003/pn0371.htm; V. Sundararajan et al, Financial Soundness Indicators: Analytical Aspects and Country Practices, IMF, Occasional Paper 212, 2002, available on the Internet at: http://www.imf.org/external/pubs/nft/op/212/index.htm.
The Acting Chair’s Summing Up—Financial Sector Assessment Program-Review, Lessons, and Issues Going Forward, Executive Board Meeting 05/26, March 18, 2005, available on the Internet at: http://www.imf.org/external/np/sec/pn/2005/pn0547.htm.
See Joint Report on Review of the Twelve-Month Pilot Program of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Assessments, available on the Internet at: http://www.imf.org/external/np/aml/eng/2004/031004.htm; and The Acting Chair’s Summing Up, Twelve-Month Pilot Program of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Assessments—Joint Report on the Review of the Pilot Program, available on the Internet at: http://www.imf.org/external/np/sec/pn/2004/pn0433.htm.
See “Offshore Financial Centers--The Assessment Program--A Progress Report and the Future of the Program,” 7/31/03; available available on the Internet: http://www.imf.org/external/np/mae/oshore/2003/eng/073103.htm.
Articles of Agreement of the International Monetary Fund, available on the Internet at: http://www.imf.org/external/pubs/ft/aa/index.htm; Review of Data Provision to the Fund for Surveillance Purposes, available on the Internet at: http://www.imf.org/external/np/pdr/surv/2004/022404.htm; Summing Up by the Acting Chair—Review of Data Provision to the Fund for Surveillance Purposes, available on the Internet at: http://www.imf.org/external/np/sec/pn/2004/pn0437.htm; Strengthening the Effectiveness of Article VIII, Section 5—Decision No. 13183-(04/10), 1/30/04, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=13183-(04/10); Strengthening the Effectiveness of Article VIII, Section 5, available on the Internet at: http://www.imf.org/external/np/a8/eng/2003/050203.htm.
The Acting Chair’s Summing Up Strengthening IMF-World Bank Collaboration on Country Programs and Conditionality-Progress Report, Executive Board Meeting 04/26, March 17, 2004, available on the Internet at: http://www.imf.org/external/np/sec/pn/2004/pn0436.htm; The Acting Chair’s Summing Up, The Fund’s Role in Low-Income Member Countries-Considerations on Instruments and Financing, Executive Board Meeting 04/32, March 31, 2004, available on the Internet at: http://www.imf.org/external/np/sec/pn/2004/pn0440.htm; The Chairman’s Summing Up, Biennial Review of the Implementation of the Fund’s Surveillance and of the 1977 Surveillance Decision, Executive Board Meeting 04/72, July 23, 2004, available on Internet at: http://www.imf.org/external/np/sec/pn/2004/pn0495.htm; The Chairman’s Summing Up, Crisis Prevention and Precautionary Arrangements-Status Report, Executive Board Meeting 04/90, September 24, 2004, available on the Internet at: http://www.imf.org/external/np/sec/pn/2004/pn04117.htm.
General sources: Articles of Agreement of the International Monetary Fund, available on the Internet at: http://www.imf.org/external/pubs/ft/aa/index.htm; Financial Organization and Operations of the IMF, IMF Pamphlet Series No. 45, Sixth Edition, available on the Internet at: http://www.imf.org/external/pubs/cat/longres.cfm?sk=15251.0. See also: General Arrangements to Borrow, Decision No. 1289-(62/1), 1/5/62, as amended, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=1289-(62/1); General Arrangements to Borrow: Borrowing Agreement with Saudi Arabia, Decision No. 7403-(83/73), 5/20/83, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=7403-(83/73); New Arrangements to Borrow, Decision No. 11428-(97/6), 1/27/97, as amended, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=11428-(97/6); Guidelines for Borrowing by the Fund, Decision No. 9862-(91/156), 11/15/91, available available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=9862-(91/156); Instrument to Establish the Poverty Reduction and Growth Facility Trust, Annex to Poverty Reduction and Growth Facility Trust, Decision No. 12087-(99/118) PRGF, 10/21/99, as amended, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=12087-(99/118); Instrument to Establish a Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and Interim PRGF Subsidy Operations, Annex to Decision No. 11436-(97/10), as amended, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=11436-(97/10).
Gold was sold at market price by the IMF to Brazil and Mexico, and then the immediate returned at the same price to the IMF by these countries in repayment of obligations falling due. The transactions left the IMF’s holdings of gold unchanged, but with a net profit of SDR 2.226 billion.
The one-year FCC is defined as the stock of usable resources plus projected repayments during the coming 12 months, less undrawn balances under existing arrangements, less a prudential balance intended to safeguard the liquidity of creditors’ claims and to take account of any potential erosion of the IMF’s resource base.
See section on the reserve tranche position below.
The terms “purchase” to draw down a loan and “repurchase” to repay a loan are used when financing is provided from GRA resources. When financing is provided from concessional resources, the terms “disbursement” and “repayment” are used.
Public Information Notice (PIN) No. 06/94, 10/10/06, available on the Internet at: http://www.imf.org/external/np/sec/pn/2006/pn0694.htm.
Under certain conditions, borrowing from the Compensatory Financing Facility does require an arrangement.
Again, there are exceptions to this general rule in connection with borrowing from the first credit tranche and the Compensatory Financing Facility.
Formally, the member has to make a representation to the IMF that it has a balance of payments need. As such a representation cannot be challenged by the IMF, access to the reserve tranche is de facto automatic.
Criteria for the Amount of Access in Individual Cases, EBS/83/233, 10/31/83; The Chairman’s Summing Up at the Conclusion of the Discussion on Criteria for the Amount of Access in Individual Cases, BUFF/83/279, 12/6/83; Summing Up by the Acting Chair, Access Policy in Capital Account Crises, available on the Internet at: http://www.imf.org/external/np/tre/access/2003/072902.htm; The Acting Chair’s Summing Up, Review of Access Policy Under the Credit Tranches and the Extended Fund Facility, and Access Policy in Capital Account Crises—Modifications to the Supplemental Reserve Facility and Follow-Up Issues Related to Exceptional Access Policy, available on the Internet at: http://www.imf.org/external/np/sec/pn/2003/pn0337.htm; Review of Exceptional Access Policy, available on the Internet at: http://www.imf.org/external/np/acc/2004/eng/032304.pdf; Summing Up by the Acting Chair—Review of Exceptional Access Policy, available on the Internet at: http://www.imf.org/external/np/sec/pn/2004/pn0454.htm.
Decision No. 13462-(05/32), April 1, 2005, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=13462-(05/32).
Decision No. 13462-(05/32), April 1, 2005, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=13462-(05/32).
Early Repurchases, Decision No. 5704-(78/39), 2/22/78; Guidelines for Early Repurchase, Decision No. 6172-(79/101), 6/2/79, as amended by Decision No. 12425-(01/14), 2/9/01, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=6172-(79/101).
Article V, Section 7 (b), available on the Internet at: http://www.imf.org/external/pubs/ft/aa/index.htm.
Guidelines on Conditionality, Decision No. 12864-(02/102), 9/25/02, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=12864-(02/102); Concluding Remarks by the Chairman, The Modalities of Conditionality—Further Considerations, BUFF/02/13, 2/1/02; Relationship Between Performance Criteria and Phasing of Purchases Under Fund Arrangements—Operational Guidelines, Decision No. 7925-(85/38), 3/8/85, as amended by Decision No. 8887-(88/89), 6/6/88, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=7925-(85/38). See also http://www.imf.org/external/np/exr/facts/conditio.htm.
Summing Up by the Chairman, Operational Modalities of the Rights Approach, Executive Board Meeting 90/97, 6/20/90, BUFF/90/130, 6/22/90; Statement by the Managing Director on the Strengthened Cooperative Strategy on Overdue Financial Obligations to the Fund, Executive Board Meeting 90/37, 3/16/90, BUFF/90/58, 3/15/90.
Arrears to Creditors and Debt Strategy, Decision No. 3153-(70/95), 10/26/70, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=3153-(70/95); Review of Fund Policies and Procedures on Payments Arrears, EBS/80/190, 8/27/80; Summing Up by the Chairman—Management of the Debt Situation, Executive Board Meeting 91/48, 4/3/91, BUFF/91/65, 4/5/91. The Acting Chairman’s Summing Up on Fund Policy on Arrears to Private Creditors—Further Considerations, Executive Board Meeting 99/64, 6/14/99, BUFF/99/71, 6/18/99. The Acting Chair’s Summing Up, Fund Policy on Lending Into Arrears to Private Creditors—Further Consideration of the Good Faith Criterion, Executive Board Meeting 02/92, 9/4/02, available on the Internet at: http://www.imf.org/external/np/sec/pn/2002/pn02107.htm.
Conclusions of the Task Force on the Prolonged Use of Fund Resources, available on the Internet at: http://www.imf.org/external/np/pdr/ufr/2003/020403.pdf; The Acting Chair’s Summing Up—Conclusions of the Task Force on Prolonged Use of Fund Resources, available on the Internet at: http://www.imf.org/external/np/sec/pn/2003/pn0349.htm; Guidance Note on Prolonged Use of Fund Resources, avaliable available on the Internet at: http://www.imf.org/external/np/pdr/ufr/2003/082003.htm.
Review of Ex Post Assessments and Issues Relating to the Policy on Longer-Term Program Engagement, available on the Internet at: http://www.imf.org/external/np/pp/eng/2006/032006r.pdf.
Misreporting and Noncomplying Disbursements in Arrangements Under the Poverty Reduction and Growth Facility—Provisions on Corrective Action, Appendix I of Poverty Reduction and Growth Facility Trust, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=8759-(87/176); Decision No. 12087-(99/118) PRGF, 10/21/99, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=12087-(99/118); The Acting Chair’s Concluding Remarks—Strengthening the Effectiveness of Article VIII, Section, available on the Internet at: http://www.imf.org/external/np/a8/eng/2003/050203.htm.
The Acting Chair’s Summing Up, Making the Misreporting Policies Less Onerous in De Minimis Cases, July 26, 2006, available on the Internet at: http://www.imf.org/external/np/sec/pn/2006/pn0695.htm.
Safeguards Assessment—Review of Experience and Next Steps, available on the Internet at: http://www.imf.org/external/np/tre/safegrds/2002/review.pdf; The Acting Chair’s Summing Up, Safeguards Assessment—Review of Experience and Next Steps, available on the Internet at: http://www.imf.org/external/np/sec/pr/2002/pr0219.htm. Summing Up by the Acting Chairman, Strengthening Safeguards on the Use of Fund Resources and Misreporting on Information to the Fund, March 23, 2000, available on the Internet at: http://www.imf.org/external/np/sec/pn/2000/pn0028.htm.
However, in the case of the CFF, the policy applies if the member is using the CFF in conjunction with an IMF arrangement.
Review of Fund Facilities—Preliminary Considerations, available on the Internet at: http://www.imf.org/external/np/pdr/fac/2000/faciliti.pdf; Review of Fund Facilities—Further Considerations, available on the Internet at: http://www.imf.org/external/np/pdr/roff/2000/eng/fc/index.htm; Review of Fund Facilities—Follow Up, available on the Internet at: http://www.imf.org/external/np/pdr/roff/2000/eng/fu/index.htm; Summing Up by the Acting Chairman, Review of Fund Facilities—Proposed Decisions and Implementation Guidelines, BUFF/00/175, 11/27/00; Summing Up by the Acting Chairman, Review of Fund Facilities—Supplementary Information, BUFF/00/153, 9/18/00; Summing Up by the Acting Chairman, Review of Fund Facilities—Follow Up, BUFF/00/145, 9/8/00; Summing Up by the Acting Chairman, Review of Fund Facilities—Preliminary Considerations, BUFF/00/41, 3/24/00.
In December 2005, when the Exogenous Shocks Facility was established, the PRGF Trust and PRGF-HIPC Trusts were re-named the PRGF-ESF Trust and the PRGF-ESF-HIPC Trust, respectively.
See Financial Organization and Operations of the IMF, Box II.5.
Guidelines on Conditionality—Stand-By Arrangements, Decision No. 12865-(02/102), 9/25/02, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=12865-(02/102).
Annual Report of the Executive Directors, 1963, page 16. (Cited in Selected Decisions and Selected Documents of the International Monetary Fund, 29th issue, June 30, 2005.)
Extended Fund Facility, Decision No. 4377-(74/114), 9/13/74, as amended, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=4377-(74/114).
Supplemental Reserve Facility and Contingent Credit Lines, Decision No. 11627-(97/123), 12/17/97, as amended, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=11627-(97/123).
Access Policy in Capital Account Crises, Modifications to the Supplemental Reserve Facility (SRF) and Follow-up Issues Related to Exceptional Access Policy, available on the Internet at: http://www.imf.org/external/np/tre/access/2003/pdf/011403.pdf.
Compensatory Financing Facility, Decision No. 8955-(88/126), 8/23/88, as amended, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=8955-(88/126).
Fund Policies with Regard to Emergency Assistance Related to Natural Disasters, SM/82/7, 1/8/82; An Emergency Financing Mechanism, SM/95/216, 8/22/95; Summing Up by the Chairman, Fund Involvement in Post-Conflict Countries, BUFF/95/98, 9/19/95; Fund Assistance to Post-Conflict Countries, EBS/99/46, 3/19/99; Summing Up by the Acting Chairman, Fund Assistance to Post-Conflict Countries, BUFF/99/48, 4/9/99; Conversion of Emergency Assistance into a Special Policy, Decision No. 12341-(00/117), 11/28/00, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=12341-(00/117); The Acting Chair’s Summing Up HIPC Initiative-Status of Implementation; and Update of PRGF and HIPC Operations and Subsidization of Post-Conflict Emergency Assistance, Executive Board Meeting 02/94, September 6, 2002, available on the Internet at: http://www.imf.org/external/np/sec/pn/2002/pn02112.htm; The Acting Chair’s Summing Up, The Fund’s Role in Low-Income Member Countries-Considerations on Instruments and Financing, Executive Board Meeting 04/32, March 31, 2004, available on the Internet at: http://www.imf.org/external/np/sec/pn/2004/pn0440.htm.
The Fund’s Support of Low-Income Member Countries—Considerations on Instruments and Financing, SM/04/53, 2/24/04, available on the Internet at: http://www.imf.org/external/np/pdr/lic/2004/eng/022404.htm; The Acting Chair’s Summing Up, The Fund’s Role in Low-Income Member Countries—Considerations on Instruments and Financing, available on the Internet at: http://www.imf.org/external/np/sec/pn/2004/pn0440.htm; Poverty Reduction and Growth Facility Trust, Decision No. 12087-(99/118) PRGF, 10/21/99, as amended, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=12087-(99/118).
Update on the Financing of the Fund’s Concessional Assistance and Debt Relief to Low-Income Member Countries, August 20, 2006, available on the Internet at: http://www.imf.org/external/np/pp/eng/2006/083006a.pdf.
Decision No. 13463-(05/32), April 1, 2005, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=13463-(05/32).
The Acting Chair’s Summing Up: Multilateral Debt Relief and Exogenous Shocks Facility—Proposed Decisions, available on the Internet at: http://www.imf.org/external/np/pp/eng/2005/111605.pdf; The Chairman’s Summing Up—Establishment of an Exogenous Shocks Facility Under the Poverty Reduction and Growth Facility Trust, available on the Internet at: http://www.imf.org/external/np/sec/pn/2005/pn05163.htm; Establishment of an Exogenous Shocks Facility Under the Poverty Reduction and Growth Facility Trust, available on the Internet at: http://www.imf.org/external/np/pp/eng/2005/100405.pdf.
Fund Support for Trade-Related Balance of Payments Adjustments, available on the Internet at: http://www.imf.org/external/np/pdr/tim/2004/eng/022704.htm; The Acting Chair’s Summing Up, Fund Support for Trade-Related Balance of Payments Adjustments, BUFF/04/72, 4/9/04.
Decision No. 13229-(04/33), April 2, 2004, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=13229-(04/33).
SM/92/234; Summing Up by the Chairman Biennial Review of the Fund’s Surveillance Policy, Executive Board Meeting 93/15, January 29, 1993 (SUR/93/15); The Chairman’s Summing Up of the Discussion of the Role of the Fund in Assisting Members with Commercial Banks and Official Creditors, Executive Board Meeting 85/132, 9/4/85 (BUFF/85/152).
Summing Up by the Chairman, Operational Modalities of the Rights Approach, EBM/90/97, 6/20/90, (BUFF/90/130); Statement by the Managing Director on the Strengthened Cooperative Strategy on Overdue Financial Obligations to the Fund, Executive Board Meeting 90/37, 3/16/90 (BUFF/90/58).
The Acting Chairman’s Summing Up, Overdue Financial Obligations-De-escalation of Remedial Measures under the Strengthened Cooperative Strategy-Further Considerations, Executive Board Meeting 99/79, July 22, 1999 (BUFF/99/90). See also the section on overdue obligations to the IMF in Chapter 3.
Review of Fund Facilities, available on the Internet at: http://www.imf.org/external/np/pdr/fac/2000/02/index.htm.
Guidance Note on the Implementation of Post-Program Monitoring, Annex III, available on the Internet at: http://www.imf.org/external/np/pdr/fac/2000/02/index.htm.
Article XV, Section 1 of the Articles of Agreement, available on the Internet at: http://www.imf.org/external/pubs/ft/aa/index.htm. See also Article XVIII, Section 1 (a) of the Articles of Agreement; Financial Organization and Operations of the IMF, IMF Pamphlet Series No. 45, Sixth Edition, available on the Internet at: http://www.imf.org/external/pubs/cat/longres.cfm?sk=15251.0; SDR Allocations—The Concept of Long-Term Global Need to Supplement Existing Reserve Assets and the Objective of Making the SDR the Principal Reserve Asset, SM/93/146, 7/6/93; The Future of the SDR as a Reserve Asset, EBS/93/89, 6/15/93.
The African Development Bank, African Development Fund, Andean Reserve Fund, Arab Monetary Fund, Asian Development Bank, Bank of Central African States, Bank for International Settlements, Central Bank of West African States, Eastern Caribbean Central Bank, European Central Bank, International Bank for Reconstruction and Development and International Development Association, International Fund for Agricultural Development, Islamic Development Bank, Latin American Reserve Fund, and Nordic Investment Bank.
Communiqué of the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund, September 17, 2006, available on the Internet at: http://www.imf.org/external/np/cm/2006/091706.htm.
Review of Rules for Designation and Method of Calculating Designation Amounts, Decision No. 6209-(79/124) S, 7/24/79; Rules for Designation—Revision, Decision No. 11976-(99/59) S, 6/3/99.
Twelve of these arrangements are currently active.
A “transaction” refers to the exchange of SDRs for another monetary asset; an “operation” refers to other uses of SDRs.
Use of SDRs in Settlement of Financial Transactions, Decision No. 6000-(79/1) S, 12/28/78, as amended by Decision No. 6438-(80/37) S, 3/5/80; Use of SDRs in Loans, Decision No. 6001-(79/1) S, 12/28/78; Use of SDRs in Pledges, Decision No. 6053-79/34) S, 2/26/79, as amended by Decision No. 6438-(80/37) S, 3/5/80; Use of SDRs in Transfers as Security for the Performance of Financial Obligations, Decision No. 6054-(79/34) S, 2/26/79, as amended by Decision No. 6438-(80/37) S, 3/5/80; Use of SDRs in Swap Operations, Decision No. 6336-(79/178) S, 11/28/79; Use of SDRs in Forward Operations, Decision No. 6337-(79/178) S, 11/28/79; and Use of SDRs in Donations, Decision No. 6437-(80/37) S, 3/5/80.
SDR Valuation Basket—Revised Guidelines for Calculation of Currency Amounts, Decision No. 12281-(00/98), 10/11/00; SDR Valuation Basket—Guidelines for the Calculation of Currency Amounts, Decision No. 8160-(85/186) G/S, 12/23/85, as amended by Decision No. 12383-(00/98), 10/11/00; and Method of Collecting Exchange Rates for the Calculation of the Value of the SDR for the Purposes of Rule O-2(a), Decision No. 6709-(80/189) S, 12/19/80 as amended by Decision No. 12157-(00/24) S, 3/9/00; By-Laws, Rules and Regulations of the International Monetary Fund, Sixtieth Issue, May 2006, available on the Internet at: http://www.imf.org/external/pubs/ft/bl/blcon.htm.
A freely usable currency is defined in Article XXX (f) as one that the IMF determines to be widely used to make payments for international transactions and widely traded in the principal exchange markets.
If the exchange rate for any currency cannot be obtained from the London exchange market, the midpoint noon rate on the New York market is used; if not available there, the midpoint of the euro reference rates of the European System of Central Banks communicated by the European Central Bank is used.
Report of the Acting Managing Director to the International Monetary and Financial Committee on the IMF’s Policy Agenda, available on the Internet at: http://www.imf.org/external/np/omd/2004/eng/041904.htm; The Fund’s Support of Low-Income Member Countries—Considerations on Instruments and Financing, available on the Internet at: http://www.imf.org/external/np/pdr/lic/2004/eng/022404.htm; The Acting Chair’s Summing Up, The Fund’s Role in Low-Income Member Countries—Considerations on Instruments and Financing, available on the Internet at: http://www.imf.org/external/np/sec/pn/2004/pn0440.htm; and Report of the Managing Director to the International Monetary and Financial Committee on the Role of the IMF in Low-Income Countries, available on the Internet at: http://www.imf.org/external/np/omd/2002/041502.htm.
Poverty Reduction Strategy Papers—Operational Issues, available on the Internet at: http://www.imf.org/external/np/pdr/prsp/poverty1.htm; The Poverty Reduction and Growth Facility—Operational Issues, available on the Internet at: http://www.imf.org/external/np/pdr/prsp/poverty2.htm; Concluding Remarks by the Chairman, available on the Internet at: http://www.imf.org/external/np/pdr/prsp/1999/991221.htm; and Review of the Poverty Reduction Strategy Paper Approach—Main Findings, available on the Internet at: http://www.imf.org/External/NP/prspgen/review/2002/031502a.htm.
Poverty Reduction Strategy Documents – Updated Staff Guidance, available on the Internet at: http://www.imf.org/external/np/pp/eng/2005/063005.htm, Poverty Reduction Strategy Papers – Progress in Implementation, available on the Internet at: http://www.imf.org/external/np/prspgen/2004/092004.htm.
Guidelines for Joint Staff Assessment of a Poverty Reduction Strategy Paper, Annex 2 of Poverty Reduction Strategy Papers—Progress in Implementation, available on the Internet at: http://www.imf.org/external/np/prsp/2001/042001.htm; and Poverty Reduction Strategy Papers—Proposed Amendments to the PRGF Trust and PRGF-HIPC Trust Instruments, available on the Internet at: http://www.imf.org/external/np/prsp/2004/110404.htm.
Aligning the Poverty Reduction and Growth Facility (PRGF) and the Poverty Reduction Strategy Paper (PRSP) Approach—Issues and Options, available available on the Internet at http://www.imf.org/external/np/prsp/2003/eng/042503.htm; Key Features of PRGF-Supported Programs, available on the Internet at: http://www.imf.org/external/np/prgf/2000/eng/key.htm.
See Instrument to Establish a Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and Interim PRGF Subsidy Operations, Annex to Decision No. 11436-(97/10), as amended, available on the Internet at: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=11436-(97/10); Debt Relief for Low-Income Countries: The HIPC Initiative, IMF Pamphlet Series No. 51, available on the Internet at: http://www.imf.org/external/pubs/ft/pam/pam51/contents.htm; Debt Relief for Poverty Reduction: The Role of
99
the Enhanced HIPC Initiative, pamphlet prepared by the IMF and the World Bank, available on the Internet at: http://www.imf.org/external/pubs/ft/exrp/debt/eng/index.htm.
Initiative for Heavily Indebted Poor Countries—Issues Related to the Sunset Clause, available on the Internet at: http://www.imf.org/external/np/pp/eng/2006/081606.pdf.
Summing Up by the Acting Chair: Enhanced HIPC Initiative-Completion Point Considerations, available on the Internet at: http://www.imf.org/external/np/sec/pn/2001/pn01100.htm; Heavily Indebted Poor Countries (HIPC) Initiative – Status of Implementation, August 19, 2005, available on the Internet at: http://www.imf.org/external/np/pp/eng/2005/081905.pdf.
Summing Up by the Chairman: Multilateral Debt Relief Initiative—A First Assessment of Eligible Countries, available on the Internet at: http://www.imf.org/external/np/sec/pn/2005/pn05168.htm.
Review of Technical Assistance Policy and Experience, available on the Internet at: http://www.imf.org/external/np/ta/2002/eng/061202.pdf; Review of Technical Assistance, available on the Internet at: http://www.imf.org/external/np/ta/2004/eng/021704.htm; Policy Statement on IMF Technical Assistance, Office of Technical Assistance Management, April 2001, available on the Internet at: http://www.imf.org/external/pubs/ft/psta/index.htm.
See Ensuring Alignment of Technical Assistance with the IMF’s Policy Priorities, SM/00/284, 12/20/00.
See the Annex to OTM’s Policy Statement on IMF Technical Assistance, available on the Internet at: http://www.imf.org/external/pubs/ft/psta/index.htm.
Ensuring Alignment of Technical Assistance with the IMF’s Policy Priorities, SM/00/284 and Supplement 1, 12/20/00, and Correction 1, 12/27/00.
Conclusions of the Task Force on IMF Technical Assistance, available on the Internet at: http://www.imf.org/external/np/pp/eng/2005/071205.htm.
The Acting Chair’s Summing Up, Review of the Fund’s Technical Assistance Program, available on the Internet at: http://www.imf.org/external/np/sec/pn/2004/pn0421.htm.
The Acting Chair’s Summing Up, The Fund’s Africa Capacity-Building Initiative, available on the Internet at: http://www.imf.org/external/np/sec/pr/2002/pr0224.htm.
Progress Report on the Implementation of the Fund’s Africa Capacity-Building Initiative, available on the Internet at: http://www.imf.org/external/np/afr/2003/121103.htm; The Fund’s Africa Capacity-Building Initiative, available on the Internet at: http://www.imf.org/external/np/afr/2002/042302.pdf.
Report of the Managing Director to the International Monetary and Financial Committee on the IMF in the Process of Change, available on the Internet at: http://www.imf.org/external/np/omd/2002/092502.pdf; Communiqué of the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund, 9/24/00, available on the Internet at: http://www.imf.org/external/np/sec/pr/2000/pr0054.htm; Reform of the International Financial Architecture: A Work in Progress, Remarks by Horst Köhler, Managing Director of the International Monetary Fund, at the Central Bank Governors’ Symposium, Bank of England Conference Center, 7/5/02, available on the Internet at: http://www.imf.org/external/np/speeches/2002/070502.htm; Asia-Pacific Economic Cooperation—Revised Report on Progress in Crisis Prevention and the Reform of the International Financial Architecture, SM/01/265, Revision 1, 10/18/01; Communiqué of the Interim Committee of the Board of Governors of the International Monetary Fund, 4/27/99, available on the Internet at: http://www.imf.org/external/np/cm/1999/042799a.htm.
International Standards and Fund Surveillance, EBS/98/116, 7/10/98; Summing Up by the Acting Chairman, International Standards and Fund Surveillance, SUR/98/95, 7/30/98; International Standards and Fund Surveillance—Further Issues, EBS/99/34, 3/10/99; Summing Up by the Acting Chairman, International Standards and Fund Surveillance—Further Issues, SUR/99/42, 3/31/99; International Standards—Strengthening Surveillance, Domestic Institutions, and International Markets, available on the Internet at: http://www.imf.org/external/np/pdr/sac/2003/030503.htm; Summing Up by the Acting Chair, International Standards—Strengthening Surveillance, Domestic Institutions, and International Markets, available on the Internet at: http://www.imf.org/external/np/sec/pn/2003/pn0343.htm.
The Standards and Codes Initiative—Is It Effective? And How Can It Be Improved?, available on the Internet at: http://www.imf.org/external/np/pp/eng/2005/070105a.pdf; The Acting Chairman’s Summing Up, The Standards and Codes Initiative—Is It Effective? And How Can It Be Improved?, available on the Internet at: http://www.imf.org/external/np/sec/pn/2005/pn05106.htm.
Summing Up by the Acting Chairman, Standards for the Dissemination of Economic and Financial Statistics to the Public by Member Countries and Implementation of the SDDS, available on the Internet at: http://www.imf.org/external/np/sec/pr/1996/pr9618.htm. The General Data Dissemination System, SM/97/275, 11/26/97 and Correction 1, 12/17/97; Summing Up by the Acting Chairman, The General Data Dissemination System, BUFF/97/128, 12/24/97; IMF Executive Board Approves Amendment to General Data Dissemination System Designed to Enhance Statitstical Reporting Related to the Millennium Development Goals, Press Release No. 03/184, 11/6/03, available on the Internet at: http://www.imf.org/external/np/sec/pr/2003/pr03184.htm.
Dissemination Standard Bulletin Board, available available on the Internet: http://dsbb.imf.org/Applications/web/sddshome.
Dissemination Standard Bulletin Board, available available on the Internet: http://dsbb.imf.org/Applications/web/gdds/gddshome.
Dissemination Standard Bulletin Board, available available on the Internet: http://dsbb.imf.org/Applications/web/sddshome.
Data Quality Assessment Framework, available available on the Internet: http://dsbb.imf.org/Applications/web/dqrs/dqrsdqaf.
Code of Good Practices on Fiscal Transparency, available available on the Internet: http://www.imf.org/external/pp/longres.aspx?id=4175.
Standards & Codes, available available on the Internet: http://www.imf.org/external/standards/index.htm.
Code of Good Practices on Fiscal Transparency, available available on the Internet: http://www.imf.org/external/pp/longres.aspx?id=4175.
Reports on the Observance of Standards and Codes (ROSCs), available available on the Internet: http://www.imf.org/external/np/rosc/rosc.asp.
Standards & Codes, available available on the Internet: http://www.imf.org/external/standards/index.htm.
On the effectiveness of fiscal ROSCs, see Farhan Hameed, “Fiscal Transparency and Economic Outcomes,” IMF Working Paper No. 05/225 (Washington).
Transparency and Fund Policies--Publication Policies, Decision No. 13564-(05/85), 10/5/05; Review of the Fund’s Transparency Policy, 5/24/05, available on the Internet: http://www.imf.org/external/np/pp/eng/2005/052405.htm.
Progress Report to the International Monetary and Financial Committee on Crisis Resolution, 4/20/04, available on the Internet at: http://www.imf.org/external/np/pdr/cr/2004/eng/042004.htm; Charles Collyns and G. Russell Kincaid (eds.), Managing Financial Crises: Recent Experience and Lessons for Latin America, Chapter VIII, IMF Occasional Paper No. 217 (Washington, 2003); Involving the Private Sector in Resolving Financial Crises—Experience and Principles, EBS/00/42, 3/7/00; Involving the Private Sector in the Resolution of Financial Crises—Further Considerations, EBS/99/194, 10/19/99.
Involving the Private Sector in the Resolution of Financial Crises—Complementing the Catalytic Approach, EBS/02/2, 1/8/02; Concluding Remarks by the Acting Chair, Involving the Private Sector in the Resolution of
Financial Crises—Complementing the Catalytic Approach, and the Restructuring of International Sovereign Bonds—Further Considerations, BUFF/02/19, 2/15/02.
Seminar on Involving the Private Sector in the Resolution of Financial Crises: The Restructuring of International Sovereign Bonds—Further Considerations, EBS/02/15, 1/31/02; Anne O. Krueger, A New Approach to Sovereign Debt Restructuring (Washington: IMF, April 2002), available on the Internet: http://www.imf.org/external/pubs/cat/longres.cfm?sk=15722.0.
The IMF staff had proposed a Sovereign Debt Restructuring Mechanism (SDRM), but this was not accepted by the Executive Board. In its place, the IMF endorses CACs.
Collective Action Clauses—Recent Developments and Issues, 3/25/03, available on the Internet: http://www.imf.org/external/np/psi/2003/032503.htm.
Bank-Fund Collaboration in Assisting Member Countries, SM/89/54, Revision 1, 3/31/89; Report of the Managing Director and the President on Bank-Fund Collaboration, SM/98/226, Revision 1, 9/25/98 and Correction 1, 9/29/98; Bank-Fund Collaboration in Strengthening Financial Sectors, SM/97/200, 8/1/97; Review of Bank-Fund Collaboration in Strengthening Financial Systems, SM/98/224, 9/2/98; Guidelines on Collaboration Between the Bank and the Fund in Financial Sector Work, SM/99/158, 7/2/99; Bank-Fund Collaboration on Public Expenditure Work, EBD/95/123, 9/7/95; World Bank and IMF, Civil Service Reform: Strengthening World Bank and IMF Collaboration (Washington: World Bank, 2002).
See also Poverty Reduction Strategy Papers—Operational Issues, 12/10/99, available on the Internet at: http://www.imf.org/external/np/pdr/prsp/poverty1.htm; The Acting Chair’s Summing Up, Operational Framework for Debt Sustainability Assessments in Low-Income Countries--Further Considerations, 3/28/05, available on the Internet at: http://www.imf.org/External/np/pp/eng/2005/032805.htm.
Decision No. 11381-(96/105), November 25, 1996, available available on the Internet: http://www.imf.org/external/pubs/ft/sd/index.asp?decision=11381-(96/105).
See Articles of Agreement of the International Monetary Fund; By-Laws, Rules, and Regulations of the International Monetary Fund, IMF, May 2001; Board of Governors, Composite Resolution on the Work of the Ad Hoc Committee on Reform of the International Monetary System and Related Issues and on a Program of Immediate Action, October 2, 1974 and as amended September 30, 1999 (available in IMF, Selected Decisions and Selected Documents of the International Monetary Fund, 30th Issue, December 31, 2005); Leo Van Houtven, Governance of the IMF, IMF Pamphlet Series No. 53, August 2002.
Article XII declares: “All powers of the Fund shall be vested in the Board of Governors.”
Articles of Agreement, Schedule D.
Van Houtven, Chapter V.
Margaret Garritsen de Vries, The International Monetary Fund, 1972-78: Cooperation on Trial, Volume II, p. 997.
Rule C-3 of the By-Laws, Rules, and Regulations.