Index
A
Access policy
access limits to Funds General Resources and under exceptional access policy, 469
Catastrophe Containment and Relief Trust, 310
Poverty Reduction and Growth Trust, 233
temporary increases in annual limits, 2020, 467
Access Policy
temporary increases in access limits from July 13, 2020, to April 6, 2021, 469
Access policy, use of Fund resources
capital account crises, 487
exceptional circumstances, 474, 488
exceptional circumstances, review, 2004, 473
Flexible Credit Line, 357
review of policy under credit tranches and the Extended Fund Policy and in capital account crises, 2003, 477
revolving character of Fund resources, 472
Administrative Account
balances, 814
reserve tranche position, 814
African Development Bank
communication concerning members arrears to the Fund, 793
exchange of document, 685
prescribed holder of SDRs, 754
African Development Fund, 754
Andean Reserve Fund
prescribed holder of SDRs, 754
Annual Report (IMF), 286
Anti-money laundering
effectiveness, review of program (2011), 145
FSAP framework, 146
Anti-money laundering and CFT
review of strategy, 2014, 147
Anti-Money Laundering/CFT Assessments
participation of Fund staff in other assessor bodies, 150
Arab Monetary Fund
exchange of documents with, 685
prescribed holder of SDRs, 754
Archives policy
access by outside persons, 637
Arrears
lending into arrears, 458
settlement of disputes between members, 105, 462
Arrears of a member to creditors other than the Fund
extended arrangements, performance criterion, 393
Fund lending into nonsovereign arrears, 456
Fund lending into sovereign arrears, 457
performance criteria, 456
stand-by arrangement, performance criterion, 393
Arrears to official creditors
Fund policy of nontoleration, 451
Arrears to private creditors stemming from sovereign defaults and from exchange controls
Fund lending into arrears, 456
Article I, purposes of the Fund, 319, 591, 596
Article I, Section 1(iii), manipulation of exchange rates, 21
Article II, Section 2 membership, 1
Article IV consultations
2012 Decision on Bilateral and Multilateral Surveillance, 18
ad hoc consultations, 19
Article VIII restrictions, 599
Article XIV restrictions, 599
Central African Economic and Monetary Union, 41
conditionality discussions, 327
consultation cycle, 92
consultation cycles, 91, 92
data provision, 626
document exchange with WTO, 675
Eastern Caribbean Currency Union, 42
euro area, 38, 40
European Central Bank, observer status, 673
evaluation and review of related programs, 327
excessive delay in completion, 95
extension of cycles due to CoVID-19
pandemic, 94
governance in areas of Fund expertisessues, 82
governance issues, 75, 81
lapse of time procedures, 100
macro-financial surveillance, 36
macro-financical surveillance, 30
military expenditures, 89
multiple currency practices, 602
procedural deadlines for completion, 435
three-month period, 98
use of Fund resources, 327
World Bank, collaboration with, 664
World Bank, observer status, 658
World Trade organization, observer status, 680, 879
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 2, notification of exchange arrangements, 5
Article IV, Section 3, surveillance over exchange arrangements, 9
Article IV, Section 3(a), surveillance over exchange rate policies, 12
consultation cycles, 91
excessive delays in completion of Article IV consultations, 95
Article IV, Section 3(b), surveillance over exchange rate policies
consultation cycles, 91
excessive delays in completion of Article IV consultations, 95
Article V, Section 1, designation of fiscal agency, 568
Article V, Section 2(b), financial and technical services, 150, 151
Interim Administered Account for Remaining Windfall Gold Sale Profits, 260
windfall gold sale profits, 254
Article V, Section 3, conditions governing use of Funds general resources
application of Fund policies to purchases of currency borrowed by Fund, 520, 563
early repurchase guidelines, 520
meaning of with the provisions of this agreement,Article V, Section 3, 319
Article V, Section 3(b)(iii), waiver of limitation of 200 percent of quota
Extended Fund Facility, 390
Article V, Section 3(d), operational budgets
assessment of strength of members balance of payments and gross reserve position for operational budgets, 511, 515
selection of currencies in purchases, 513
Article V, Section 3(f), transfers of SDRs, 512
Article V, Section 5, limitation on use of Funds resources, 363
Article V, Section 6(b), transfers of SDRs by the Fund, 515
Article V, Section 6(c), sales of SDRs by the Fund, 519
Article V, Section 7(b), early repurchases
assessment of strength of members balance of payments and gross reserve position, 511, 520
Article V, Section 7(c), repurchases, 522
Article V, Section 7(i), selection of currencies for repurchases, 516, 523
Article V, Section 8, charges, 526
Article V, Section 8(a), charges, 530, 532
Article V, Section 8(b), charges, 522, 530, 532, 814
Article V, Section 8(c), charges, 526, 529, 532
Article V, Section 8(d), charges, 526
Article V, Section 8(e), charges”, 526
Article V, Section 9(a), remuneration, 814
Article V, Section 11, maintenance of value, 539
Article V, Section 12(f), other operations and transactions gold sales, 550
Article V, Section 12(f)(ii), Special Disbursement Account (SDA) resources for assistance to low-income developing members, 541
Article V, Section 12(h), investment of members currency held in SDA, 541
Article VI, capital transfers
use of Fund resources for, 553
WTO, information on Fund decisions requesting a member to exercise controls to prevent a large or sustained outflow of capital, 874
Article VI, Section 1, use of Funds resources for capital transfers
freedom to adopt regulations on capital movements, 554
Article VI, Section 2 of the Articles of Agreement of the Bank, 829
Article VI, Section 3, controls on capital transfers, 554
Article VII, Section 3(b), scarce currency, 590
Article VIII, general obligations of members
acceptance of obligations, 598
bilateralism, 591
bilateral payments arrangements, 394
consultations, world Bank observer, 658
payments restrictions, 104, 591, 595
restrictions, 598
retention quotas, 594
settlement of disputes between members, 104
Article VIII, Section 2, avoidance of restrictions on current payments
acceptance of obligations under, 596
Article VIII, Section 2(a)
restrictions on current payments and transfers, 590
undue delays as payment restrictions, 598
Article VIII, Section 2(b), unenforceability of exchange contracts
interpretation, 588
Article VIII, Section 3, avoidance of discriminatory currency practices
acceptance of obligations under, 594, 596
multiple currency practices, 596, 604, 605
Article VIII, Section 4, convertibility of foreign-held balances
acceptance of obligations under, 598
Article VIII, Section 5, furnishing of information to the Fund
declaration of censure, 622
handling of potential breaches, 632
members obligations, 619
procedures prior to report by the Managing Director to the Executive Directors, 620
review, 2008, 631
sanctions, 623
strengthening effectiveness of, 618, 627
Article IX, Section 5, immunity of archives, 637
Article IX, Section 7, privilege for communications, interpretation, 642
Article X, relations with other international organizations, 845
Article XII, Section 3(j), 644
Article XII, Section 4, Managing Director and staff, 702
Article XII, Section 6, reserves, distribution of net income, and investment, 703
Article XII, Section 6(d)
partial distribution of windfall gold sale profits, 254
Article XII, Section 6(f)(vi), 255
Article XII, Section 6(f)(ix), 255
Article XII, Section 7(a), 849
Article XII, Section 7, publication of reports, 717
Article XII, Section 8, 733
Article XIII, Section 2, 577
Article XIV, exchange restrictions under transitional arrangements
availment of transitional provisions, 596
bilateralism, 591
commitment to current account convertibility, 598
multiple currency practices, 594
retention quotas, 593
settlement of disputes between members, 104
Article XIV, Section 2, exchange restrictions
maintenance of orderly exchange arrangements, 604
multiple currency practices, 604
restrictions related to national security, 590
transitional arrangements, 589, 592
undue delays as payments restrictions, 598
Article XIV, Section 3, representation by the Fund
application, 605
meaning of exceptional circumstancesnArticleXIV,Section3, 741
Article XVII, Section 3, 254
Article XVII, Section 3, other holders of SDRs, 751
Article XIX, Section 2(c), SDR operations and transactions between participants
donations, 770
forward operations, 769
loans, 762
other holders, 751
pledges, 764
settlement of financial obligation, 761
swap operations, 768
transfers as secruity for the performance of financial obligations, 766
Article XIX, Section 4, limit on SDR Department participants obligation to provide currency, 563
Article XIX, Section 5(a)(i), designation plans, 511, 776
Article XIX, Section 5(c), designation rules in SDR Department, 776
Article XIX, Section 5, designation of participants to provide currency, 773
Article XIX, Section 6(b), reconstitution, 778
Article XIX, Section 7(a), calculation of exchange rates, 566, 762, 764, 766, 768
Article XX, Section 1, interest paid on holding of SDRs, 751
Article XX, Section 2, SDR Department interest and charges, 779
Article XX, Section 5, application against unpaid charges of SDRs acquired by participants after payment date, 780
Article XXIII, Section 1, suspension of operations and transactions in SDRs, 753
Article XXVI, Section 2(b), 824, 829
Article XXVI, Section 3, withdrawal from membership, 569
Article XXIX(a), interpretation
authority of the Fund to use its resources, 319
privilege for communications, Article IX, Section 7, 642
unenforceability of exchange contracts under Article VIII, Section 2(b), 588
Article XXIX, interpretation
New Arrangements to Borrow, interpretation outside the purview of Article XXIV, 570
unenforceability of exchange contracts, 557
Article XXX(c), definition of reserve tranche purchase
exclusion of purchases and holdings from EFF, 814
Article XXX(c)(iii), exclusion of purchases and holdings in credit tranches or under extended arrangements, 814
Article XXX(f), freely usable currencies, 745, 815
Asian Development Bank
communications concerning members arrears to the Fund, 793
exchange of documents with, 685
prescribed holder of SDRs, 754
Attribution, rule of
members indebted to Fund, 517
reduction in Funds holdings of currency, 524
Audit
framework Administered Account, 154
PRGF-HIPC Trust, 284, 293
safeguards for use of Fund resources, 320
Authorized Fund signatories, 702
B
Balance of payments need
conditionality, 320
Fund-supported programs, 322
Precautionary and Liquidity Line, 407
Rapid Financing Instrument, 439
Bank for International Settlements (BIS)
investment by Fund of currencies held by Borrowed Resources Suspense Accounts, 578
prescribed holder of SDRs, 753
Bank-Fund collaboration
debt sustainability assessments, 666
IMF-world Bank Concordat, 647
world Bank observer status, 658
Bank of Central African States
prescribed holder of SDRs, 754
Bilateralism and convertibility, 591
Bilateral payments arrangements
stand-by arrangement, 395
three-month settlement rule, temporary exemption, 592
Blackout periods
General Resources Account arrangements, 350
Blended access to financing
under PRGT and GRA, 225
Board of Governors Resolutions
Composite Resolution, 821
Borrowed Resources Suspense Accounts
establishment, 577
investment by the Fund of currencies held in, 577
Borrowing agreements for the PRGT, Poverty Reduction and Growth Trust
zero percent interest rate floor on borrowing, 231
Borrowing by the Fund
guidelines, 2020, 579
proposed modalities for 2012 round, 584
Burden sharing
implementation in FY 2000, 532
implementation in FY 2001, 535
rate of charge, determination of, 535
By-Laws
Section 20, audits, 153, 281, 286
Section 22, compulsory withdrawal, 794, 797, 798
C
Capital account crises
access policy, 487
exceptional access policy, 2004 review, 473
Capital flows
action to limit disequilibrium flows, Composite Resolution, 835
institutional view of liberalization and management, 54
Integrated Policy Framework, 46
role of macroprudential policies, 49
role of the Fund, 57
WTO, information on Fund decisions requesting a member to exercise capital controls, 878
Capital transfers
controls by members, 554
multiple currency practices applicable solely to, 601
use of Funds resources for, 603
Caribbean Development Bank (CDB), 685
Catastrophe Containment and Relief Trust
amount of assistance, 310
grant assistance for debt relief, 318
instrument to establish, 301
qualification for assistance, 308
Qualifying Public Health Disaster, 308
transformation of the Post-Catastrophe Debt Relief Trust, 299
Umbrella Account, terms and conditions for administration, 315
Censure
draft declaration, 795
Central African Economic and Monetary Union
surveillance over monetary and exchange rate policies, 41
Charges
accounting for charges from members with overdue obligations, 526
administrative account balances, 814
extended arrangements, 395
future changes in charges, 526
media of payment in General Resources Account, 528
payment by nonparticipant in the SDR Department, 528
payment of net charges and assessment in the SDR Department for Fy ended April 30, 1982, 779
setoff in connection with a retroactive reduction of charges due by members in arrears, 532
special charges on overdue financial obligations to the Fund, 529, 531
stand-by arrangements, 395
surcharge on purchases in the credit tranches, under the SLL, and under the EFF, 526
value date for payments of special charges, 531
waiver of special charges, 530
Chinese renminbi
weight in SDR valuation basket, 747
Climate change
IMF strategy, 66
Code of Good Practices on Transparency in Monetary and Financial Policies, 370
Committee on Reform of the International Monetary System Composite Resolution, 821
Communications, privilege for interpretation of Article IX, Section 7, 642
Compensatory Financing Facility
indicative targets, 324, 325, 326
repurchase expectation, 520
repurchases, 520
Compulsory withdrawal, 796, 798, 799
Concessional financing
review of eligibility framework, 2017, 229
review of eligibility framework, 2019, 226
review of eligibility framework, review, 2015, 229
Conditionality
benchmarks, 324, 325, 326
consistency with WTO agreements with Fund member, 677
consultation clauses, 324
currency unions, 335
emergency financing mechanism, 499
financing assurance reviews, 325
first credit tranche, 383
floating tranches, 327
guidelines on, 320
individual circumstances of members, 321
letters of intent, 324
modalities, 323
monetary policy consultation clause (MPCC), 352
monetary policy regimes, 352
national ownership, 321
outcomes-based, 323
ownership, 321, 374
performance criteria, 325
performance criteria and phasing, relationship, 332
performance criteria with respect to foreign borrowing, 348
PRGF-ESF arrangements, 385
principles, 320
prior actions, 325, 361, 365, 385
program design, 321
program review, 325
review, 2019, 328
stand-by arrangement, normal access to credit tranches, 382
streamlining, 384, 386
structural, 330
structural benchmarks, 324
structural performance criteria inapplicable, 354
structural performance criteria replaced by review-based approach, 355
waiver, adopting measures prior to granting of, 324
waiver, nonobservance of performance criteria, 327
Confidentiality
exchange of documents with other international agencies, 684
FSAP Confidentiality Protocol, 125
side letters, 358
Consultation clause
stand-by arrangements, 396
Consultation cycles
currency unions, extension, 94
Consultations other than under Article IV
acceptance of obligations of Article VIII, Sections 2, 3, and 4, 596
Article VIII restrictions, 590, 591
Article XIV restrictions, 591, 594, 658
bilateral agreements, 591
competitive depreciation, 600
conditionality, consultation clauses, 324
multiple currency practices, 594
prescribed holders of SDRs, 752
sale of members currencies, 512
trade and payments restrictions, escalation, 600
United Nations, 846, 849
World Trade organization, 675
Contingent Credit Lines (CCLs)
extended arrangements and, 396
Convertibility
acceptance of obligations of Article VIII, Sections 2, 3, and 4, 595
bilateralism, 591
currency, 593, 595
current account of the balance of payments, 595, 597
retention quotas, 592
COVID-19 pandemic
Qualifying Public Health Disaster under the CCRT, 318
COVID-19 pandemic response
consultation cycles extension, 45
emergency procedures, 503
extension of consultation cycle stability assessments under FSAP, 120
increases in access limits in the GRA, temporary, 467
increases in access limits under emergency financing and GRA, temporary, 465
increases in access limits under the PRGT, temporary, 467
lending options, 423
Post-Financing Assessment thresholds, 506
Rapid Credit Facility, increased access, 441
Rapid Financing Instrument, increased access, 441
suspension for 2020 of issuance of Annual Report on Delayed Article IV consultations, 98
suspension of steps to address excessive delays in completion of Article IV consultations, 98
temporary modification of access limits, review, 2021, 463
Cross-conditionality
avoidance, 657
Currencies
attribution of reduction of Funds holdings, 524
charges on Funds holdings in excess of quota, 526
freely usable, 745, 753, 815
General Resources Account, 511, 515, 528, 538
guidelines for operational budget allocation of currencies, review, 514
maintenance of value, 538
presently needed for making payments, 320
repurchases, 521
reserve asset payments, 2
sale of currencies of members with outstanding purchases, 512, 514
SDR valuation basket, 745
subscription to the Fund, ownership, 1
use in operational budgets, 511
Currency unions
design of Fund-supported programs, 334
Current international transactions (current account transactions)
bilateralism, 591
multiple currency practices, 601
restrictions involving WTO members, 679, 878
restrictions on payments and transfers, 591, 595
undue delays in availability or use of foreign exchange, 598
D
Data provision to the Fund for surveillance
review, 2008, 630
review, 2012, 634, 635
review, 2022, 615
Data Standards Initiative
ninth review, 2015, 139
Debt operations
condition precedent clauses, 462
management of the debt situation, 461
mandatory prepayment, 462
Debt strategy
payments of arrears to creditors, 598
Debt sustainability assessments, 664
Fund-Bank collaboration, 664
Debt sustainability framework
low income countries, 242
low-income countries, 245
market access countries, 670
Declaration of censure, 793
Declaration of ineligibility, 797, 799
overdue financial obligations to the Fund, 792
publicity, 809
termination, 809
timing, 803
Declaration of noncooperation, 793
draft declaration, 797
publicity upon withdrawal, 809
termination, 809
timing, 804
De-escalation of remedial measures, 810
Designation, SDR Department
acceptance limit, 775
assessment of strength of balance of payments and governance position, 511
rules for designation, review, 773
rules for designation, revision, 776
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, 840
establishment and composition, 828
Executive Directors participation in meetings, 830
HIPC Initiative, 286
Managing Directors participation in meetings, 830
procedures, 831
rules of procedure, 839
WTO observer, 680
Digital money
IMF strategy, 68
Discrimination
balance of payments reasons, 595
disputes between members, comparable treatment of creditors, 105
multiple currency practices, 608
nondiscriminatory treatment of members, use of general resources, 321
Disputes between members
comparable treatment principle, 105
role of the Fund, 462
Dissemination Standards Bulletin Board
Enhanced General Dissemination Standard (e-GDDS), 636
SDDS Plus, 636
Special Data Dissemination Standard, 636
E
Early repurchases
guidelines, 520
members balance of payments and gross reserve position, 520
Easing work pressures
omnibus paper, 431
East African Development Bank
prescribed holder of SDRs, 754
East Caribbean Currency Authority
prescribed holder of SDRs, 754
Eastern Caribbean Central Bank
prescribed holder of SDRs, 754
Eastern Caribbean Currency Union
surveillance over monetary and exchange rate policies, 42
Economic Development Document
Poverty Reduction and Growth Trust, 249
Emergency assistance
global pandemic, 503
repurchase, 521
Emergency financing mechanism (EFM)
conditions for activation, 501
early repurchase, 503
Enhanced financing limits
Rapid Credit Facility and Rapid Financing Instrument, 472
Enhanced General Data Dissemination Standard (e-GDDS), 636
endorsed by Executive Board, 140
Enhanced Structural Adjustment Facility (ESAF) Trust (transformed into Poverty Reduction and Growth Facility (PRGF) Trust)
blend of general and SAF/ESAF resources, 807
gold pledge, 807
overdue financial obligations to Fund, 788
prior actions, 367
rights accumulation program, 807
transformation to PRGF Trust, 252
use of SDRs, 756
Enhanced surveillance
Article VIII obligations, 598
Enlarged access
repurchases, 472
Euro
freely usable currency, 815
rates for computation and maintenance of value, 539
Euro area members
surveillance over monetary and exchange rate policies, 40, 673
European Bank for Reconstruction and Development (EBRD)
exchange of documents with, 685, 687
European Central Bank (ECB)
euro reference rates, 749
observer status, 673
European Commission (EC)
Article IV consultations, 40
exchange of documents with, 685
European Investment Bank (EIB)
exchange of documents with, 685
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), 588
Exchange controls
nonsovereign arrears stemming from imposition, 456
Exchange of documents with other international agencies
ad hoc requests, 686
Article IV consultation staff reports, 679, 687
changes in procedures, 687
criteria for access, 684
Recent Economic Developments reports, 680
use of Fund resources staff papers, 687
Exchange rate policies
euro area, 38
Exchange rates
coherence in global policymaking, 676
computations and maintenance of value, 538
computations and maintenance of value (value date), 538
fixed, 602
floating guidelines, 834
fluctuating, 6, 603
General Arrangements to Borrow, 566
New Arrangements to Borrow, 566
unification in multiple rate systems, 608
Exchange restrictions
approval by Fund, 599
Article VIII, Section 2, 3, and 4 obligations, 596
avoidance of escalation, 600
balance of payments reasons, 597
bilateralism, 591
competitive depreciation, 600
consultations with Fund, 596, 600
discrimination for balance of payments reasons, 595
Fund representation in exceptional circumstances under Article XIV, Section 3, 606, 741
guiding principle on whether a measure is an exchange restriction, 596
non-balance of payments reasons, 597
performance criteria, stand-by arrangement, 393
retention quotas, 592
security reasons, 590
transitional arrangements under Article XIV, 593, 596
undue delays, 554, 598
World Trade Organization, information on Fund approval, 878
Exchange subsidies, 6
Exchange taxes, 6, 603, 607
Executive Board
Code of Conduct, 695
meetings, procedural guidelines, 701
minimum circulation period for Article IV consultations documents, 100
notification of exchange arrangements, 5
report on Eleventh General Review of Quotas, 358
side letters procedures, 358
Executive Directors
IMFC meetings participation, 823
voting power, effect of adjustment of quota, 695
Ex-post assessments
discontinued, 437
press releases, 735
repeal decision, 435
Extended arrangements
charges, 395
completion of reviews, 401
consultation clauses, 396
form, standard, 396
misreporting and noncomplying purchases, 362, 366
phasing, 396
structural performance criteria not applicable, 354
Extended Fund Facility
applicable situations, 388
arrangements for periods not exceeding four years, 390
charges, 391
form of extended arrangement, 396
phasing of purchases, 390
repurchases, 390
review, 391
stand-by arrangement policies applicable, 391
waiver of conditions of Article V, Section 3(b)(iii), 390
External debt
management of debt situation, 462
External debt performance criteria
concessionality, definition, 349
stand-by arrangement, 393
F
Financial Action Task Force
Fund collaboration with, 146
Financial Sector Assessment Program (FSAP)
Bank-Fund collaboration, 125
Confidentiality Protocol, 125
coverage of macroprudential frameworks, 123
Financial System Stability Assessments (FSSAs), 120
offshore financial centers (OFCs), 141
review, 2014, 122, 166
review, 2021, 106
scope and modalities, 111
stability assessments, mandatory, 120
Financial Stability Board
membership of the Fund, 687, 690
First credit tranche purchase
liberal Fund attitude, 383
reasonable efforts test, 383
First credit tranche stand-by arrangements
phasing and performance clauses omitted, 383
Fiscal agency
safeguards on use of Fund resources when fiscal agent not central bank, 369
Flexible Credit Line
ARA metric, 418, 422
Emergency Financing Mechanism procedures not applicable, 404
establishment, 401
indicators of institutional strength, 418, 422
performance criteria not applicable, 402
phasing not applicable, 402
qualification criteria, 401
review, 2014, 414, 419
review, 2017, 412, 414
Flexible Credit Line (FCL)
consultation cycle, 92
Forms
draft declaration on censure or noncooperation, 797
draft first letter to all Governors regarding a members overdue financial obligations to the Fund, 795
draft second letter to all Governors regarding a members overdue financial obligations to the Fund, 796
extended arrangement, 396
stand-by arrangement, 392
Fragile and Conflict-Affected States
IMF Strategy, 63
Framework Administered Account for Selected Fund Activities
instrument to establish, 155
Framework Administered Account for Technical Assistance Activities
instrument to establish, 151
investment of resources, 153
Pacific Financial Technical Assistance Centre Subaccount, 154
Fund arrangement
consultation cycle, 92
Fund-Bank collaboration
attendance at Fund Board Meetings, 658
Fund lending into arrears
arrears to private creditors, 456, 458
review of policy, 461
Furnishing of information to the Fund, 362, 618
G
G-20 mutual assessment process
role of the Fund, 131
General Agreement on Tariffs and Trade (GATT)
Fund collaboration with, 674, 835
import restrictions for balance of payments reasons, 597
Voluntary Declaration on Trade and other Current Account Measures, 835
General Arrangements to Borrow (GAB)
emergency financing mechanism, 499
repayment by the Fund, 563
sales of currencies of members indebted to Fund, 517
General Resources Account (GRA)
adjustment of Fund holdings of members currency, 539
annual reimbursement of PRGF-ESF Trust expenses, 551
blended access to financing under PRGT and GRA, 225
designation, assessment of strength of members balance of payments and gross reserve position, 511
gold held, sale, 550
maintenance of value, 539
media payment in, 528
misreporting and noncomplying purchases, 362
overdue charges, 530
rates for computation and maintenance of value, 538
rights approach, 806
rules, applicability to PRGF Trust administration, 252
sale of currencies at the request of members with outstanding purchase, 513
sale of SDRs by the Fund for payment for increase in quota, 519
specification of currencies by the Fund, 515
transfers of SDRs instead of currencies under Article V, Section 3(f), 512
Gold
gold pledge for use of ESAF Trust resources, 807
harmonization of excess holdings of SDRs, 774
Interim Administered Account for Remaining windfall Gold Sales Profits, 260
Interim Administered Account for Windfall Gold Sales Profits, 254
Interim Remaining Windfall Gold Sales Profits Subaccount, 264
Interim Windfall Gold Sales Profits Subaccount, 259
payment for repurchases, 523
use of gold sales profits in Investment Account, 716
Governance
enhanced Fund engagement, framework, 70
vulnerabilities, 71
Governance issues
1997 Guidance Note, review, 86
Article IV consultations, 81, 83
coordination with bilateral donors and multilateral agencies, 84
corruption, 76, 77, 79, 80
identification of problems, 83
macroeconomic impact test for Fund involvement, 76, 82, 84
policy advice, 76, 77
role of the Fund, 89
technical assistance, 76, 83
technical issues, 76, 77
transparency, 76, 80
use of Fund resources, 81
Gross reserve position
assessment for purposes of designation plans, operational budgets, and early repurchases, 513
Guidelines
access limits to Fund’s General Resources and under exceptional access policy, 469
allocation of currencies, operational budget, 514
borrowing by the Fund, 2020 review, 582
borrowing by the Fund, amendment, 2020, 579
conditionality, 320, 383
cooperation with the world Trade organization, 674
corrective action, 362
corrective action for failure to meet a repurchase expectation, 367
designation plans, 511
early repurchases, guidelines, 520, 524
Fund staff collaboration with the WTO, 674
governance issues, 75, 86
minimum circulation periods for Executive Board documents, 99
misreporting and noncomplying purchases, 362
operational budget, 511
payment of reserve assets for subscription, 1
performance criteria and phasing, 332
performance criteria with respect to foreign borrowing, discount rate for assessing concessionality, 349
procedures for Executive Board meetings, 700
SDR valuation basket, calculation of currency amounts, 745
selection of currencies by the Fund, 514, 515
I
Immunities and Privileges of Specialized Agencies, United Nations Convention, 851
Immunity of Fund officials
policy statement, 644
Import restrictions for balance of payments reasons
stand-by arrangements, 394
Income position
assessment under Article XX, Section 4, 781
assessment under Article XX, Section 4, for Fy 2014, 781
Ineligibility to use Fund resources
declaration of ineligibility, 623, 796, 809
limitation and ineligibility under Article V, Section 5, 518
publicity, 809
stand-by arrangements, 394
Inter-American Development Bank (IDB)
communication regarding members arrears to the Fund, 793
exchange of documents with, 685
Interest
means of payment under Trust Fund, 816
PRGF-HIPC Trust, interest-free loans, 279
Interim Committee
governance, 368
International Monetary and Financial Committee, transformation of Interim Committee into, 823
rules of procedures, 838
safeguards for use of Fund resources, 368
terms of reference, 824
International Court of Justice, 848
International Development Association IDA
prescribed holder of SDRs, 754
International Fund for Agricultural Development IFAD
prescribed holder of SDRs, 754
International Monetary and Financial Committee (IMFC, formerly Interim Committee)
participation of Executive Directors in meetings, 824
participation of Managing Director in meetings, 824
procedures, 825
terms of reference, 824
Interpretation
Articles of Agreement, 319
Article VI, use of Fund resources for capital transfers, 319
Article VIII, Section 2(b), unenforceability of exchange contracts, 588
Article IX, Section 7, privilege for communications, 642
Article XIV, Section 3, Fund representation in exceptional circumstances on withdrawal of Article XIV Section 3 restrictions, 741
Investigation of Fund activities, cooperation procedures, 639
Investment Account
endowment subaccount, 704
establishment, 703
fixed income subaccount, 704
investment strategy for the fixed-income subaccount, review, 2015, 712
objective, 703
revision of rules and regulations, 2018, 712
rules and regulations, 703
sources of assets, 704
use of gold sales profits, 716
Investment authority of the Fund
additional considerations, 713
Islamic Development Bank (IsDB)
exchange of documents with, 685
Islamic Development Bank IsDB
prescribed holder of SDRs, 754
J
Japanese yen
freely usable currency, 815
weight in SDR valuation basket, 747
L
Lapse of time procedures
Article IV consultations, 100
program reviews, completion, 431, 437
transmittal of supplementary information to WTO, 676
Letters of intent (LoIs)
deletion from documents released to aid agencies, 687
side letters, 358
Low-income countries
access to concessional resources, 447
blended access under PRGT and GRA, 225
concessional financing framework, 446
contingency financing, 447
debt sustainability framework, 242, 245
design of PRGT arrangements, 448
poverty reduction strategies inof the Fund engagement, 248
review of facilities, 2012, 446
review of facilities, 2019, 442
M
Macroprudential policies
role in capital flows, 48
Maintenance of value
overdue adjustments, 788
rates for computations, 538
Managing Director
authorized signatories, 702
consultation with member on changes in exchange rate policies, 6
consultation with member with outstanding purchases on sale of currency, 517
Development Committee, participation in meetings of, 830
International Monetary and Financial Committee, participation in meetings of, 824
use of Fund resources, recommendation regarding approval, 322
Medium-term budget, Fy 16-18
streamlining proposals, 436
Military expenditure and the role of the Fund
Article IV consultations, 90
performance criteria, 91
Misreporting and noncomplying disbursements, PRGF-ESF Trust
prior action, accuracy of information, 367
safeguards for use of Fund resources, 369
Misreporting and noncomplying purchases
publication of cases, 738
safeguards for use of Fund resources, 367
Misreporting and noncomplying purchases, General Resources Account
corrective action, 362
performance criteria or other conditions, accuracy of information, 362, 366
prior actions, accuracy of information, 365
waivers, 363
Misreporting and noncomplying purchases, Policy Support Instrument (PSI)
corrective action, 164
Misreporting in de minimis cases
Article VIII, Section 5, 624
de minimis, definition, 365
General Resources Account, 364
Policy Support Instrument, 166
Monetary policy regimes
conditionality, 352
Monetary unions, surveillance
Central African Economic and Monetary Union, 41
Eastern Caribbean Currency Union, 42
Euro area, 38, 40
West African Economic and Monetary Union, 44
Moral hazard, 475, 488
Multilateral Debt Relief Initiative-II (MDRI-II) Trust
liquidation, 296
Post-MDRI-II Interim Administered Account, 296
Multiple currency practices
approval, 6, 608
approval criteria, when imposed for balance of payments reasons, 597, 613
approval criteria, when imposed for non-balance of payments reasons, 597
Article IV consultations, 614
balance of payments reasons, 602, 613
capital transactions, 614
consultation with Fund prior to changes, 602, 603
discrimination, 613
exchange taxes, 607
jurisdiction of the Fund, 604
nonbalance of payments reasons, 602, 614
official action, 612, 613
policy, 1947, 600
policy, 1957, 607
policy, 1998, 612
review of policy, 2019, 609
simplification of complex rate systems, 608
spread, 612
statement to members transmitting Funds decisions, 600
unification of exchange rates as basic Fund objectives, 607
Mutual assessment process
G-20, 131
N
Natural disasters
financial safety net for developing countries, 238
Rapid Credit Facility, 238
Rapid Financing Instrument, 238
Natural disasters
resilience strategies in vulnerable developing countries, 235
New Arrangements to Borrow
bilateral borrowing agreements, 2016 or 2020, 580
establishment, 555
extension of terms of 2016 borrowing agreements, 583
New Arrangements to Borrow (NAB)
activation period, 559
adherence, 557
General Terms and Conditions for NAB Notes, 562
Interest, 562
meeting of participants, 575
Special Calls, 561
transferability of claims, 576
Noncooperation draft declaration, 793
Nondiscriminatory treatment of members
Paris Club, 105
Use of Fund resources, 321
Nordic Investment Bank
prescribed holder of SDRs, 754
O
Observer status in the Fund
European Central Bank, 673
World Bank, 658
World Trade Organization, 674, 879
Observer status of the Fund
World Bank, 658
World Trade Organization, 879
Official clearing and payments arrangements
temporary exemption from three-month settlement rule, 592
Offshore financial centers (OFCs)
integration of assessment program with FSAP, 141
Operational budgets
assessment of strength of members balance of payments and gross reserve position, 511
guidelines for operational budget allocation of currencies, review, 514
specification of currencies by the Fund, 514, 515
transfers of SDRs under Article V, Section 3(f), 512
Organization for Economic Cooperation and Development (OECD)
exchange of documents, 687
Overdue financial obligations to the Fund
accounting charges, 529
Annual Report (IMF), 791
complaint by Managing Director, 791
compulsory withdrawal, 793, 794, 799, 800
declaration of censure, 793, 797
declaration of ineligibility, 792, 797, 799, 801, 809
declaration of noncooperation, 794, 798, 800, 809
de-escalation of remedial measures, 810
draft first letter to all Governors, 795
draft second letter to all Governors, 796
extended arrangements and, 786
flexibility in de-escalation policy because of Qualifying Catastrophic Disaster, 812
Ninth General Review of Quotas, 792, 801
overdue maintenance of value adjustments, 788
Overseas Economic Cooperation Fund (OECF), 349
preferred creditor status of Fund, 788, 797, 801
prevention/deterrence measures, strengthened timetable of procedures, 802
PSI, nonapproval, 160
requests for the use of Fund resources under a stand-by or extended arrangements, management will not submit, 786
review period, 787
rights approach, 812
setoff in connection with retroactive reduction of charges, 532
stand-by arrangements and, 786
strengthened cooperative strategy, 798, 807, 809
suspension of voting rights, 802
technical assistance suspension, 812
P
Paris Club
Agreed Minute, 105
debtors’ negotiations with, 105
debt rescheduling and Fund arrangements or programs, 801
rescheduling discussions, 686
rescheduling in the absence of Fund arrangement, 801
settlement of disputes between Fund members and Fund neutrality, 105
Payments arrears
settlement of disputes between members, 104
Payments arrears of a member to other (non-Fund) creditors
Fund lending into nonsovereign arrears, 458
Fund lending into sovereign arrears, 458
Performance criteria under Fund arrangements
accuracy of information, 365
conditionality guidelines, 320
definition, 325
first credit tranche, not subject to, 383
number and content of, 325
omitted in stand-by arrangements within first credit tranche, 383
phasing, relationship, 332
reporting on implementation, confidentiality relating to, 361
side letters, 361
structural performance criteria not applicable, 354
waiver for nonobservance, 327, 363, 365
waiver of applicability, 327, 365
Phasing and performance criteria under Fund arrangements
omitted in stand-by arrangements within first credit tranche, 383
operational guidelines, 332
relationship, 332
Policy Coordination Instrument (PCI)
consultation cycle, 92
framework, 170
global financial safety net, 168
upper credit tranche standard required, 168
Policy Support Instrument (PSI)
application of Guidelines on Conditionality, 166
assessment criteria, 163
definition, 160
documents required, 160
Economic Development Document (EDD), 161
eligibility, 160
Fund to no longer establish structural assessment criteria, 163
misreporting, 165
policy on arrears, 166
policy on side letters, 166
program reviews, 161
provision of Fund technical services, 160
review, 167
termination, 167
Position in the Fund, 514
Post-Catastrophe Debt Relief Trust
establishment, 300
flexibility in de-escalation policy with respect to overdue payments to the Fund, 812
transformation to Catastrophe Containment and Relief Trust, 299
Post-Financing Assessment
previously named Post-Program Monitoring, 505
Post-MDRI-II Interim Administered Account
establishment, 296
Post-Program Monitoring
renamed Post-Financing Assessment, 505
streamlining proposals under the Fy 2016-18 budget, 437
strengthening the framework, 508
Pound sterling
freely usable currency, 815
weight in SDR valuation basket, 747
Poverty Reduction and Growth Facility
amount of assistance, 189
Standby Credit Facility, 184
Poverty Reduction and Growth Facility (PRGF) and Exogenous Shocks Facility (ESF) Trust
modalities of gold pledge under rights approach, 550
prior actions, accuracy of information, 367
Poverty Reduction and Growth Facility (PRGF) and Exogenous Shocks Facility (ESF) Trust loans
waiver of applicability or for nonobservance of performance criterion, 367
Poverty Reduction and Growth Facility Trust
other provisions, 251
Poverty Reduction and Growth Trust
access limits, 233
accuracy of data to assess observance of performance criteria, 253
blended access under PRGT and GRA, 225
Economic Development Document, 249
eligibility and conditions for assistance, 181
eligibility criteria, 544
eligibility, criteria for graduation, 544
Extended Credit Facility, 181
failure to meet repayment obligation or expectation, 251
instrument to establish, 179
misreporting and noncomplying disbursements, 220, 254
performance criteria, accuracy of information, 253
overdue financial obligations, 222
Rapid Credit Facility, 187
review of interest rate structure, 2019, 234
review of the eligibility framework, 2015, 229
review of the eligibility framework, 2017, 229
review of the eligibility framework, 2019, 226
Subsidy Accounts, 202
waiver of nonobservancewaiver of performance criteria, accuracy of information, 253
waiver of the applicability of a performance criterion, 254
zero percent interest on loans, 196
Poverty Reduction Strategy Papers
web posting, 737
Precautionary and Liqudity Line (PLL)
access limits, 407
ARA metric, 418, 422
balance of payments need, 407
conditionality, 407
consultation cycle, 92
duration, 406
eligibility, 405
indicators of institutional strength, 418, 422
relationship between performance criteria and phasing not applicable, 332
review, 2014, 414, 419
review, 2017, 412, 414
safeguards assessment, 411
terms and conditions, 405
Precautionary Credit Line
repealed, 412
Preferred creditor status of Fund, 289, 801
overdue financial obligations to the Fund, 788
Press releases
Article IV consultations, 725
Executive Board consideration of FSAP reports, 725
regional surveillance discussions, 725
Prior actions
accuracy of information regarding implementation, 366
definition, 324
implementation under PRGF, 367
reporting on implementation, confidentiality relating to, 361
side letters, 361
use in emergency financing mechanism, 501
use in Extended Credit Facility, Standby Credit Facility and Exogenous Shocks Facility, 367
use in Policy Support Instrument, 164
Program reviews, 325
ex-post evaluations, multi-country, 434
lapse of time completion, 431
procedural deadlines for completion, 435
Publication
authorization and consent, 717
country documents, 718
Fund policy documents, 727
multi-country documents, 729
transparency policy, 717
Publicity
suspension of voting rights, 738
termination of suspension of voting rights, 738
Purchase transactions
resumption of purchases under stand-by arrangement after decision of formal ineligibility, 394
suspension of transactions under stand-by arrangement, 395
temporary suspension under Article XXVII, effect on GAB, 569
Q
Qualifying Public Health Disaster under the (CCRT)
COVID-19 pandemic, 318
Quotas
ad hoc increases, 3
Ninth General Review, 801
payments of reserve assets in connection with subscription, 1
sales of SDRs by Fund to members for quota payments, 519
Seventh General Review, 2, 519, 776
Sixth General Review, 2
voting power and adjustment of quotas, 695
R
Rapid Credit Facility
natural disasters, 239
Rapid Financing Instrument (RFI)
access limits, 439
balance of payments need, 439
natural disasters, 239
qualification, 439
review, 2014, 414
Recent Economic Developments reports (REDs)
balance of payments consultations, WTO, 676
transmittal to multilateral agencies, 676
Reconstitution of SDRs
abrogation of rules, 778
Regional Financing Arrangements
collaboration with the Fund, 690
exchange of documents with the Fund, 693
Reports on Observance of Standards and Codes (ROSCs)
anti-money laundering initiatives, 146
assessment principles, 144
surveillance, 630
Repurchase expectations
attribution of reduction of currency, 524
Compensatory Financing Facility, 520
failure to meet and extended arrangements, 363, 367
failure to meet and stand-by arrangements, 367
misreporting and noncomplying purchases, 362, 367
Repurchases
assessment of strength of members balance of payments and gross reserve position, 511
attribution of reductions in Fund’s holdings of currencies, 524
credit tranches, 522
early repurchases, guidelines, 524
emergency assistance, 522
gold, acceptance in payment, 523
gold, obligation to pay, 523
procedures, 522
Schedule B, 523, 524
SDRs, 523
selection of currencies by Fund, 513, 515
special charges on overdue repurchases, 522
timing of repurchases within a calendar month, 522
Reserve position, gross
assessment for purposes of designation plans, operational budgets, and early repurchases, 511
Reserve tranche position
administrative accounts, 814
attribution of reductions in Funds holdings of currencies, 524
balances held in Administrative Account, 814
extended arrangements, 814
remunerated position, 3
Reserve tranche purchases, exclusion of purchases and holdings
credit tranches, 814
extended arrangements, 814
General Arrangements to Borrow, 564
Retention quotas, 592
Reviews under Fund arrangements
stand-by arrangement, 392
Rights accumulation programs, 374, 804, 808, 810
gold pledge, 807
Rights approach
arrears to the Fund, reduction, 805
extension of availability to August 2022, 812
extension of eligibility, 812
gold pledge, 804
modalities of gold pledge for use of PRGF Trust resources, 549, 804
operational modalities, 804
PRG-HIPC Trust eligibility, 272
three-year period norm, 805
Rules and Regulations
Rule G-1, fiscal agency, 568
Rule G-4, request for a purchase, 518
Rule I-6(4)(a), 536
Rule I-6(4)(b), 536
Rule I-6(4), rate of charge, 530, 532, 535
Rule I-6, rate of charge(4), 536
Rule I-10, rate of remuneration, 536
Rule K-1, 646
Rule O-1, value of SDR, 749
Rule O-2(a), 749
Rule O-2, valuation of currencies in terms of SDRs, 539, 566, 749, 761, 762, 764, 766, 768
Rule O-10, operational budget, 512
Rule P-7, prescribed operation, 761, 763, 764, 766, 769, 770
Rule P-9, recording of SDR transactions, 755, 756, 762, 763, 765, 767, 769, 770
Rule R-1 through Rule R-6, rules for reconstitution (abrogated), 778
Rule T-1(c), Chinese renminbi, 748
S
Safeguards assessment policy
review of experience, 2010, 377
review of experience, 2015, 379
Safeguards assessment process
audits, 370, 371
confidentiality, 371, 377
distinction between first and second stages no longer applicable, 376
first stage, 370, 376
Precautionary and Liquidity Line, 411
Rapid Financing Instrument, 439
reports to remain confidential, 373
review, 371
second stage, 371, 376
Safeguards assessments
central banks’ compliance with internal control procedures, 369
Safeguards, use of Fund resources
benchmarks based on Code of Good Practices on Transparency in Monetary and Financial Policies, 370
publication of audited central bank financial statements, 370
Sales of currencies of members indebted to the Fund
sale of currencies at the request of members with outstanding purchases, 517
Santiago Principles, 60
Schedule B, transitional provisions, 2, 523
Schedule F, designation, 774
Schedule G, paragraph 1(a), reconstitution, 778
Schedule J, settlement of accounts with withdrawing members, 569
Schedule K, administration of liquidation, 569
Schedule L
suspension of voting rights, 824
Second Amendment
Article IV (surveillance over exchange rate policies), 2
payment of reserve assets in connection with subscription, 1
repurchase under Schedule B, 523
surveillance over exchange rate policies, 2
Security reasons, exchange restrictions for, 590
Settlement of disputes between members relating to external debt
comparable treatment of creditors, 105
Paris Club, 105
role of the Fund, 103
Short-Term Liquidity Line (SLL)
access limit, 428
establishment as part of CoVID-19 response, 425
consultation cycle, 92
phasing, performance criteria, ex-post program monitoring not applicable, 428
purposes, 425
qualification criteria, 427
Side letters, use of Fund resources, 358
Social safeguards
PRGT and PSI-supported programs, 240
Sovereign debt restructuring
Fund’s lending framework, 493
Sovereign wealth funds
generally accepted principles and practices (GAPPs), 60
Santiago Principles, 59
Special Data Dissemination Standard Plus (SDDS Plus), 636
Special Data Dissemination Standard (SDDS), 636
balance-sheet approach, 628
liquidity management, 628
Special Disbursement Account (SDA)
investment, 541
Special Drawing Rights (SDRs)
allocation for tenth basic period, 758
consideration of a broader role, 771
currency weights, 746
designation rules, revision, 776
euro, weight in valuation basket, 747
harmonization of excess holdings, 774
holders prescribed by the Fund, 753, 754
means of repayment by members on indebtedness under loan agreements, 816
payment of net charges and assessment in the SDR Department for Fy ended April 30, 1982, 779
reconstitution, abrogation of rules, 778
reserve asset payments, 1
rules for designation, review, 773
sales by the Fund for payment of subscriptions, 1
sales by the Fund for the payment of charges, 529
terms and conditions for accepting, holding, or using SDRs, 751
transfers of SDRs for purchases under Article V, Section 3(f), 512
U.S. dollar, weight in valuation basket, 747
use in donations, 770
use in ESAF Trust operations or under an administered acount, 756
use in forward operations, 769
use in loans, 762
use in payment of Trust Fund obligations, 755, 816
use in pledges, 764
use in PRGF-HIPC Trust operations or under an administered account, 757
use in repurchases, 522
use in settlement of financial obligations, 761
use in Structural Adjustment Facility operations, 755
use in subsidy payment from SFF Subsidy Account, 755
use in swap operations, 768
use in transfers as security for the performance of financial obligations, 766
valuation basket, guidelines for calculation of currency amounts, 745
valuation basket, guidelines for calculation of currency amounts, revised guidelines, 745
valuation of US dollar for purposes of Rule O-2(a), 749
value of SDR, method of collecting exchange rates for calculation for purposes of Rule O-2(a), 749
Specification of currencies, 515
Staff reports on Article IV consultations
military expenditure, 89
transmittal to international agencies, 685, 686
Staff reports on enhanced surveillance
transmittal by members to creditors, 128
Standards and Codes Initiative
key attributes of resolution regimes, 138
review (2017), 136
review (2022), 133
Stand-by arrangements
access to credit tranches, normally through, 382
arrangements not international agreements, 323
completion of reviews, 401
conditionality guidelines, 320
consultation clauses, 324, 394
contractual connotation avoidance, 324
duration, normal, 383
first credit tranche, 383
form, standard, 392
ineligibility, 395
misreporting and noncomplying purchases, 362, 365, 366
noncomplying purchases, 364
nondiscriminatory treatment of members, 322
performance criteria, accuracy of information, 366
performance criteria with respect to external debt, 348, 393
period for, 383
phasing, 383
policies and procedures, 383
prior actions, accuracy of information, 365
program evaluation, 327
repurchase, 395
repurchase expectation, 363, 395
reserve tranche purchases, 814
review, 392
structural performance criteria not applicable, 354
suspension of right to engage in transactions, 395
uniform treatment of members, 322
waiver for nonobservance of performance criteria, 363, 365, 366
waiver of applicability of performance criteria, 365, 366
Strengthened cooperative strategy
de-escalation of remedial measures, 810
procedures, 799
reversibility of actions, 809
Structural Adjustment Facility (SAF)
SDRs, use in operations, 755, 756, 757
Subscriptions
reserve asset payments, 1
Supplemental Reserve Facility (SRF)
exchange rate for payment of subsidies, 834
overdue financial obligations, 394
Supplementary Financing Facility (SFF) Subsidy Account
SDRs, use of, 755
Surveillance
2012 Decision on Bilateral and Multilateral Surveillance, 6
Article IV consultations, 18
bilateral surveillance, 2012
Decision, 9
Central African Economic and Monetary Union, 41
comprehensive review, 2019, 26
comprehensive review, 2021, 22
corruption, 87
currency unions, 11
data provision to the Fund, 2004 review, 626
data provision to the Fund, 2022 review, 615
Eastern Caribbean Currency Union, 42
euro area, 38, 40
extension of three-month period, 99
interim review, 2018, 26
macro-financial, 30, 36
modalities, 13
multilateral consultations, 20
multilateral surveillance, 110
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, 627, 630
scope, 9
Special Data Dissemination Standard, 629
stability assessments under FSAP, integration of, 109
stability assessments under FSAP, mandatory, 108, 121
systemically important financial sectors, 110, 121
systemic stability, 10
three-month rule, 98
triennial review, 2014, 29
West African Economic and Monetary Union, 44
Suspension of membership, 794
Suspension of voting rights
participation in International Monetary and Financial Committee, 824
Systemically important financial sectors
conceptual framework, 115
financial stability assessments in surveillance, 109
methodology for identifying jurisdictions, 117
T
Technical assistance
cooperation with Trusteeship Council, 847
exchange rate system simplification, 608
members not cooperating with the Fund, 793
Trade
role of trade in Fund work, 58
Trade Integration Mechanism, 449
trade-related balance of payments adjustments, 449
Trade Integration Mechanism, 449
Trade restrictions
avoidance of escalation, 835
import restrictions for balance of payments reasons, GATT, 597
import restrictions for balance of payments reasons, stand-by arrangements, 394
WTO involvement, 675
Tranche policies
first credit tranche, 383
floating tranche, 327
Transparency
archives, access by outside persons, 637
foreign reserves management, 369
governance, 76
monetary and financial policies, 137
review of policy, 2013, 717
safeguards for use of Fund resources, 370
use of Fund resources, 738
Trust for Special PRGF operations for the Heavily Indebted Poor Countries and for Interim PRGF Subsidy operations (PRGF-HIPC Trust)
Annual Progress Report (APR), 270
completion point, 269
contributions by other donors, 283
debt sustainability, 269
debt sustainability analysis, 268
decision point, 268, 287
eligibility, 272
Guidelines on Misreporting, 270
instrument to establish, 266
interest, 269
Interim Poverty Reduction Strategy Papers (I-PRSPs), 270
Joint Staff Advisory Note (JSAN), 270
Paris Club, 269
Poverty Reduction Strategy Papers (PRSPs), 269
SDRs, use in operations, 757
special charges on overdue interest and repayments, 530
Trust Fund
means of repayment by members on their indebtedness under loan agreement, 816
SDRs, use in payment of Trust Fund obligations, 755
special charges on overdue financial obligations, 529
U
Undue delay in availability or use of foreign exchange, 554, 598
Uniformity of treatment principle
settlement of disputes among members, comparable treatment, 105
use of Funds general resources, 322
United Nations
agreement with the IMF, 845
Convention on the Privileges and Immunities of the Specialized Agencies, 851
exchange of documents with, 847
UN Convention on Privileges and Immunities of the Specialized Agencies, Annex V on IMF, 867
UNDP, exchange of documents with, 685
Uniting for Peace General Assembly Resolution, 820
United States (U.S.) dollars
financial statements of Framework Account, expressed in, 153
maintenance of value, rates for computation, 539
means of payment by members on indebtedness under Trust Fund loan agreements, 816
payment of special charges on overdue payments, Trust Fund loans, 531
payments of interest on members indebtedness under Trust Fund loans, 816
valuation in terms of special drawing rights as per Rule O-2(a), 749
weight in SDR valuation basket, 747
Use of Fund resources
accordance with purposes of the Fund, 319
arrears, resolving the problem of, 796
authority of the Fund to use its resources, 319
capital transfers, 319, 553
conditionality guidelines, 320
currency unions, 334
financing current account deficits, 319
Flexible Credit Line, 355, 401
form, extended arrangement, 396
form, stand-by arrangement, 392
governance vulnerabilities, 74
ineligibility, effect on purchases under stand-by arrangement, 395
ineligibility under Article V, Section 5, 518
interpretation of Articles of Agreement, 319
limitation and ineligibility under Article V, Section 5, 518
meaning of with the provisions of this AgreementArticle V, Section 3, 319
nondiscriminatory treatment of members, 322
performance criteria and phasing, 332
postponement and limitation under Article V, Section 5, 518
public debt limits, 338
repeal of Compensatory Financing Facility, Supplemental Reserve Facility, and Short-term Liquidity Facility, 358
resumption of purchases under stand-by arrangement after decision of formal ineligibility, 395
safeguards, strengthening of, 367
side letters, 358
side letters review, 2002, 361
suspension of exchange transactions, effect on General Arrangements to Borrow, 569
suspension of transactions under stand-by arrangements, 395
Use of Fund Resources
discontinuation of summings up for internal purposes, 740
failure to meet repayment obligation or expectation to PRGT, 251
transparency, 738
V
Voluntary Declaration on Trade and other Current Account Measures, 835
Voting power majority
compulsory withdrawal, 800
W
waiver of performance criteria
applicability, 327, 365, 366
nonobservance, 365, 366
nonobservance under PSI, 163
Waiver of special charges, 530
Windfall gold sales profits
interim administered account, 260
Windfall Gold Sales Profits Subaccount, Interim
establishment, 259
Windfall Gold Sales Profits Subaccount, Interim Remaining
establishment, 264
World Bank (International Bank for Reconstruction and Development)
agreement with WTO, 873, 874, 876
Bank-Fund collaboration, 91, 648, 658
Bank-Fund Concordat, 659
collaboration with Fund and WTO, 678, 679
collaboration with Fund on shifting resources from military, 91
Development Committee, 827
Fund-Bank Concordat, 647
governance, 77, 78, 84
HIPC Initiative, 287
military expenditures, 91
observer status in the Fund, 658
PRG-HIPC Trust, 268
rights approach, 805
suspension of voting rights, 802
World Bank International Bank for Reconstruction and Development
prescribed holder of SDRs, 754
World Economic Outlook (WEO)
military spending, 89
multilateral surveillance, 321
WTO observer status, 879
World Trade Organization (WTO)
balance of payments consultations, 675
coherence in global policymaking, 676
consistency of policy advice and obligations, 676
cross-conditionality, avoidance, 678
document exchange, 680
Fund staff observer at WTO meetings, 879
guidelines/framework for Fund staff collaboration, 674
IMF-WTO Agreement, text, 877
lapse of time procedure in transmittal of supplementary information to WTO, 676
observer status, 680
resolution of open jurisdictional issues, 678
suspension of transactions under stand-by arrangements, 395
WTO staff observer at Executive Board meetings, 878