Index

A

Access policy, use of Fund resources

• access limits in credit tranches and under Extended Fund Facility, 388–92

• access limits, guidelines, 387–92

• balance of payments needs, 378

• capital account crises, 392

• capital account crises, modifications to Supplemental Reserve Facility, 398

• capital account crises, prevention, 406

• exceptional circumstances, 393, 403

• exceptional circumstances, review, 402–6

• Flexible Credit Line, 294

• modifications to Supplemental Reserve Facility, 398–402

• post-conflict countries, 367

• review, 398–402

• revolving character of Fund resources, 365, 389

Accounting by members

• ownership of gold and currency subscriptions, 23

Accounts. See specific accounts by name:

• Administrative.

• Borrowed Resources Suspense

• Framework Administered (Technical Assistance)

• General Resources

• Loan

• Post-conflict emergency assistance to PRGF

• Post-SCA-2 Administered

• PRGF-ESF Trust Subsidy

• Reserve

• Special Contingent

• Special Disbursement

• Supplementary Financing Facility (SFF) Subsidy

Administrative Account balances, 781

• reserve tranche position, 781

Africa Regional Technical Assistance Centers Subaccount, 147

African Development Bank

• communication concerning members’ arrears to the Fund, 760

• exchange of document, 664

• prescribed holder of SDRs, 718

African Development Fund, 718

Andean Reserve Fund

• prescribed holder of SDRs, 717

Annual Report (IMF), 235, 278

Anti-money laundering

• assessing a global standard and preparing ROSCs, proposals, 133–38

• Fund involvement, 129

• methodology document, 134

• offshore financial center assessments, 126, 133

• twelve-month pilot, program review, 138–42

Arab Monetary Fund

• exchange of documents with, 664

• prescribed holder of SDRs, 718

Archives policy

• access by outside persons, 614

Arrears

• lending into arrears, 379, 380–85

• settlement of disputes between members, 104, 386

Arrears (member’s failure to provide foreign exchange for current international transactions). See Exchange restrictions

Arrears of a member to creditors other than the Fund

• debt strategy, 378

• extended arrangements, performance criterion, 352

• first credit tranche, 377

• Fund lending into nonsovereign arrears, 379

• Fund lending into sovereign arrears, 380

• Fund policies and procedures, 377

• nontoleration of arrears to official creditors, 378

• performance criteria, 379

• stand-by arrangement, performance criterion, 351

Arrears to the Fund. See Overdue financial obligations to the Fund

Article I (v), temporary availability of Fund’s general resources, 344

Article I, purposes of the Fund, 283, 513, 518

Article II, Section 2 membership, 24

Article III, Section 2(a), 3, 17

Article III, Section 2, adjustment of quotas, 3

Article III, Section 3(a), 9

Article IV consultations, 96, 97

• annual, principle of, 58

• Article VIII restrictions, 521

• Article XIV restrictions, 521

• Central African Economic and Monetary Union, 80

• collaborative efforts, 641

• conditionality discussions, 291

• consultation cycles, changes, 64–66

• data provision, 66

• document exchange with WTO, 656

• early warning system models, 59

• Eastern Caribbean Currency Union, 81

• enhanced surveillance, 105–8

• euro area, 71–78, 78

• European Central Bank, observer status, 653–54

• evaluation and review of related programs, 291–92

• Financial Sector Assessment Program (FSAP), 108–14

• governance issues, 85, 90, 92

• military expenditures, 96

• multiple currency practices, 524

• Policy Support Instrument, 65

• Post-Program Monitoring, 320

• prolonged users of Fund resources, 320

• Public Information Notices, release, 704–5

• Recent Economic Development reports, 58, 661, 665

• staff reports, release to international and multilateral agencies, 661–64

• surveillance priorities, 2008-2011, 52

• three-month period, 70

• use of Fund resources, 291

• World Bank, collaboration with, 645

• World Bank, observer status, 639

• World Trade Organization, observer status, 660, 864

Article IV, Section 1, principles for guidance of members’ policies, 42

Article IV, Section 1(iii), 29, 30

Article IV, Section 1(iii), manipulation of exchange rates, 46

Article IV, Section 2, notification of exchange arrangements, 27

Article IV, Section 3(a) surveillance over exchange rate policies, 29

Article IV, Section 3(a), surveillance over exchange rate policies, 662

Article IV, Section 3(b), surveillance over exchange rate policies, 662 619

Article V, Section 1, designation of fiscal agency, 477

Article V, Section 2(b), financial and technical services, 142, 143, 257, 273, 280

Article V, Section 3, conditions governing use of Fund’s general resources

• application of Fund policies to purchases of currency borrowed by Fund, 422, 474, 495

• early repurchase guidelines, 422

• meaning of “consistent with the provisions of this agreement,” under Article V, Section 3, 283

• New Arrangements to Borrow (NAB), 495

Article V, Section 3(b)(ii)

• balance of payments need, 214

• meaning of “represents” that a member has a need to make purchases, 284

Article V, Section 3(b)(iii), waiver of limitation of 200 percent of quota

• emergency assistance, 362

• Extended Fund Facility, 346

Article V, Section 3(d), operational budgets

• assessment of strength of members’ balance of payments and gross reserve position for operational budgets, 411, 416

• selection of currencies in purchases, 413

Article V, Section 3(f), transfers of SDRs, 412

Article V, Section 5, limitation on use of Fund’s resources, 301

Article V, Section 6(b), transfers of SDRs by the Fund, 416

Article V, Section 6(c), sales of SDRs by the Fund, 421

Article V, Section 7(b), early repurchases

• assessment of strength of member’s balance of payments and gross reserve position, 411

• assessment of strength of members’ balance of payments and gross reserve position, 422

Article V, Section 7(c), repurchases, 424

Article V, Section 7(i), selection of currencies for repurchases, 417, 425

Article V, Section 7, repurchases, 495

Article V, Section 8(a), charges, 432, 434

Article V, Section 8(b), charges, 424, 432, 434, 781

Article V, Section 8(c), charges, 428, 431, 434

Article V, Section 8(d), charges, 428

Article V, Section 8(e), charges, 428

Article V, Section 8, charges, 428

Article V, Section 9(a), remuneration, 781

Article V, Section 11, maintenance of value, 444

Article V, Section 12(f)(ii), Special Disbursement Account (SDA)

• resources for assistance to low-income developing members, 446

Article V, Section 12(f), other operations and transactions

• gold sales, 446, 465

• gold sales proceeds, placement in Special Disbursement Account, 446

Article V, Section 12(h), 683

Article V, Section 12(h), investment of member’s currency held in SDA, 446

Article V, Section 12(j), adoption of regulations for administration of Structural Adjustment Facility, 447

Article V, Section 12(k), 683

Article VI, capital transfers

• use of Fund resources for, 468

• WTO, information on Fund decisions requesting a member to exercise controls to prevent a large or sustained outflow of capital, 859

Article VI, Section 1, use of Fund’s resources for capital transfers

• freedom to adopt regulations on capital movements, 469

Article VI, Section 2 of the Articles of Agreement of the Bank, 807

Article VI, Section 3, controls on capital transfers, 469

Article VII, Section 1, replenishment and scarce resources borrowing by the Fund, 470, 486, 498

Article VII, Section 3(b), scarce currency, 512

Article VIII, general obligations of members

• acceptance of obligations, 520

• bilateral payments agreements, 357

• bilateral payments arrangements, 353

• bilateralism, 513

• consultations, World Bank observer, 639

• payments restrictions, 102, 513, 517–19

• restrictions, 520

• retention quotas, 516

• settlement of disputes between members, 102

Article VIII, Section 2, avoidance of restrictions on current payments

• acceptance of obligations under, 518

Article VIII, Section 2(a)

• restrictions on current payments and transfers, 512

• undue delays as payment restrictions, 520

Article VIII, Section 2(b), unenforceability of exchange contracts

• interpretation, 510–11

Article VIII, Section 3, avoidance of discriminatory currency practices

• acceptance of obligations under, 515, 518

• multiple currency practices, 518, 526, 527

Article VIII, Section 4, convertibility of foreign-held balances

• acceptance of obligations under, 520

Article VIII, Section 5, furnishing information to the Fund

• handling of potential breaches, 544

Article VIII, Section 5, furnishing of information to the Fund

• consideration of report by Managing Director, time periods, 536

• declaration of censure, 538

• members’ obligations, 535

• procedures prior to report by the Managing Director to the Executive Directors, 535

• report by Managing Director, 536

• review, 2008, 543

• sanctions, 538

• strengthening effectiveness of, 67, 534

Article VIII, Section 7, obligation to collaborate regarding policies on reserve assets, 725

Article IX, Section 5, immunity of archives, 614

Article IX, Section 7, privilege for communications, interpretation, Article X, relations with other international organizations, 827

Article XII, Section 3(b)(i), Executive Directors, appointed, interpretation, 666

Article XII, Section 3(c), additional appointed Executive Directors balances held in administrative accounts, 791

• interpretation, 666

• use of the preceding two years, 667

Article XII, Section 3(f), appointed Executive Directors

• interpretation, 666

Article XII, Section 3(j), 621

Article XII, Section 4, Managing Director and staff, 675

Article XII, Section 5(a)(i), 22

Article XII, Section 5(e), 22

Article XII, Section 6, reserves, distribution of net income, and investment, 676

Article XII, Section 6(f), 683

Article XII, Section 6(f)(ii), 683

Article XII, Section 6(f)(iii), 682

Article XII, Section 6(f)(vi), 682

Article XII, Section 7, publication of reports, 684

Article XII, Section 7(a), 706, 831

Article XIII, Section 2, 506

Article XIV, exchange restrictions under transitional arrangements

• availment of transitional provisions, 518

• bilateralism, 513

• commitment to current account convertibility, 520

• consultations, World Bank, 639

• multiple currency practices, 516

• retention quotas, 515

• settlement of disputes between members, 102

Article XIV, Section 2, exchange restrictions

• maintenance of orderly exchange arrangements, 526

• multiple currency practices, 526–30

• restrictions related to national security, 512

• transitional arrangements, 511, 514

• undue delays as payments restrictions, 520

Article XIV, Section 3, representation by the Fund

• application, 527

• meaning of “exceptional circumstances” in Article XIV, Section 3, 708

Article XVI, Section 2, 752

Article XVII, Section 3, other holders of SDRs, 279, 714

Article XVIII, 722

Article XVIII, Section 1(a), principles and considerations governing SDR allocation and cancellation, 724, 725, 730, 820

Article XVIII, Section 2(a), 723

Article XVIII, Section 2(a), SDR allocations and cancellations, 727

Article XVIII, Section 2(b), 723, 728

Article XVIII, Section 2(c), 723, 727, 728

Article XVIII, Section 2(d), 728

Article XVIII, Section 2(e), 729

Article XVIII, Section 4, decisions on SDR allocations and cancellations, 729, 820

Article XVIII, Section 4(a), 723–25

Article XVIII, Section 4(b), 723–25, 820, 821

Article XVIII, Section 4(c), 724, 820

• allocation and cancellation of SDRs, 732

Article XVIII, Section 4(c)(ii), 727, 822

Article XVIII, Section 4(d), 821

Article XIX, Section 2(c), SDR operations and transactions between participants

• donations, 742

• forward operations, 741

• loans, 734

• other holders, 714

• pledges, 736–37

• settlement of financial obligation, 733

• swap operations, 740

• transfers as secruity for the performance of financial obligations, 738

Article XIX, Section 4, limit on SDR Department participant’s obligation to provide currency, 474, 495

Article XIX, Section 5, designation of participants to provide currency, 744

Article XIX, Section 5(a)(i), designation plans, 411, 747

Article XIX, Section 5(c), designation rules in SDR Department, 747

Article XIX, Section 6(b), reconstitution, 749

Article XIX, Section 7(a), calculation of exchange rates, 476, 497, 733, 734, 736, 738, 740

Article XX, Section 1, interest paid on holding of SDRs, 714

Article XX, Section 2, SDR Department interest and charges, 750

Article XX, Section 4

• assessments, 752

Article XX, Section 5, application against unpaid charges of SDRs acquired by participants after payment date, 751

Article XXI(a)(i), administration of General Department and SDR Department, 821

Article XXII, general obligations of participants in SDR department, 725

Article XXII, Section 3(e), 22

Article XXIII, Section 1, suspension of operations and transactions in SDRs, 716

Article XXIV, Section 4, 722

Article XXIV, Sections 1(a) and 1(b), 722

Article XXVI, Section 2(b), 802, 807

Article XXVI, Section 3, withdrawal from membership, 478, 499

Article XXVII, suspension of exchange transactions, 499

Article XXIX, interpretation

• New Arrangements to Borrow, interpretation outside the purview of Article XXIV, 479

• unenforceability of exchange contracts, 471

Article XXIX(a), interpretation

• Appointment of Executive Director by a member having one of five largest quotas, Article XII, Sections 3(b)(i) and 3(f), 666

• authority of the Fund to use its resources, 283, 797

• privilege for communications, Article IX, Section 7, 619

• unenforceability of exchange contracts under Article VIII, Section 2(b), 510

Article XXX(c), definition of reserve tranche purchase

• exclusion of purchases and holdings from EFF, 781

• exclusion of purchases and holdings from emergency assistance, 362

Article XXX(c)(iii), exclusion of purchases and holdings in credit tranches or under extended arrangements, 781

Article XXX(f), freely usable currencies, 709, 782

Article XXXI, Section 1, entry into force of Articles of Agreement, 3

Articles of Agreement

• investment authority, amendment to expand, 681

• voice and participation, amendment to enhance, 21

Asian Development Bank

• communications concerning members’ arrears to the Fund, 760

• exchange of documents with, 662

• prescribed holder of SDRs, 718

Attribution, rule of

• members indebted to Fund, 417

• reduction in Fund’s holdings of currency, 426–27

Audit

• external audit firm, 706

• framework Administered Account, 146

• Post-SCA-2 Administered Account, 280

• PRGF-HIPC Trust, 232, 242

• safeguards for use of Fund resources, 284

• Supplementary Financing Facility Subsidy Account, 785

Authorized signatories, 675

B

Balance of payments need

• access policy, 388

• conditionality, 284

• emergency assistance, natural disasters, 362

• emergency assistance, post-conflict countries, 365

• extended arrangements, 359

• Extended Fund Facility, 358

• Fund-supported programs, 286

• lenders to ESAF Trust, need because of developments in reserves, 204, 232

• protracted balance of payments problems, 449

Balance of payments position

• assessment of strength for purposes of designation plans, operational budgets and repurchases, 411–12

Bank for International Settlements (BIS)

• investment by Fund of currencies held by Borrowed Resources Suspense Accounts, 507

• investment by Fund of currencies received by SFF Subsidy Account, 792

• prescribed holder of SDRs, 717

Bank of Central African States

• prescribed holder of SDRs, 718

Bank-Fund collaboration. See also World Bank (International Bank for Reconstruction and Development)

• conditionality, 645–50

• country programs, 646

• debt sustainability assessments, 652

• Financial Sector Assessment Program, 110

• financial systems, 646

• IMF-World Bank Concordat, 627–39

• longer-term program engagement, 323

• observer status, generally, 639

• World Bank observer status, 640

Bilateral payments arrangements

• extended arrangement, 357

• stand-by arrangement, 354

• three-month settlement rule, temporary exemption, 514

Bilateralism and convertibility, 513–14

BIS. See Bank for International Settlements

Blackout periods

• reduction in GRA arrangements, 347

Board of Governors Resolutions

• Composite Resolution, 799

• Eleventh General Review of Quotas, 3

• investment authority of IMF, 681

• quota and voice reform, 17

• SDR allocation, First Basic Period, 722–23

• SDR allocation, Ninth Basic Period, 732

• SDR allocation, Third Basic Period, 723

• Thirteenth General Review of Quotas, 17

Borrowed Resources Suspense Accounts

• establishment, 506

• investment by the Fund of currencies held in, 506–7

Borrowing by the Fund. See also General Arrangements to Borrow (GAB); New Arrangements to Borrow (NAB)

• guidelines, 507

• Note Purchase Agreement, 509

Burden sharing

• implementation in FY 2000, 435

• implementation in FY 2001, 437

• implementation in FY 2007, 440

• principles of, 437

• rate of charge, determination of, 437

By-Laws

• Section 13, vote without meeting, 10, 15, 17, 681

• Section 20, audits, 146, 229, 234, 264, 271, 277, 281, 706, 791, 842

• Section 22, compulsory withdrawal, 762, 765, 766

C

Capital account crises

• access policy, 392

• exceptional access policy, 2004 review, 402

• exceptional access policy, SRF, 398

Capital flows

• action to limit disequilibrium flows, Composite Resolution, 813

• Eleventh General Review of Quotas, 6

• WTO, information on Fund decisions requesting a member to exercise capital controls, 863

Capital transfers

• controls by members, 469

• multiple currency practices applicable solely to, 523

• payments arrears, 368

• use of Fund’s resources for, 525

Caribbean Development Bank (CDB), 664

Censure

• draft declaration, 762

Central African Economic and Monetary Union

• surveillance over monetary and exchange rate policies, 80

CFF. See Compensatory Financing Facility

Charges. See also Burden sharing; Interest

• accounting for charges from members with overdue obligations, 428, 431

• administrative account balances, 781

• extended arrangements, 354

• Extended Fund Facility, 346

• future changes in charges, 428

• media of payment in General Resources Account, 430

• payment by nonparticipant in the SDR Department, 430

• payment of net charges and assessment in the SDR Department for FY ended April 30, 1982, 750

• rate of charge for use of Fund resources, FY 2010, 442

• setoff in connection with a retroactive reduction of charges due by members in arrears, 434

• special charges on overdue financial obligations to the Fund, 431–32, 433

• stand-by arrangements, 354

• surcharge on purchases in credit tranches and under EFF, 428

• value date for payments of special charges, 433

• waiver of special charges, 432

Code of Good Practices on Transparency in Monetary and Financial Policies, 307

Collateral, 574

• collateral guarantees on debt, international reserves template, 574

Combating the financing of terrorism, 126, 133–35, 135–38

Committee on Reform of the International Monetary System Composite Resolution, 799–810

Communications, privilege for interpretation of Article IX, Section 7, 619

Compensatory Financing Facility

• emergency assistance for natural disasters and, 362

• indicative targets, 288, 289, 290

• repeal, 296

• repurchase expectation, 422

• repurchases, 422

Compulsory withdrawal, 764, 766, 767, 772

Conditionality

• Bank-Fund collaboration, 646

• benchmarks, 288, 289, 290

• consistency with WTO agreements, 657

• consultation clauses, 288

• emergency assistance, natural disasters, 364–65

• emergency assistance, post-conflict countries, 367

• emergency financing mechanism, 315

• financing assurance reviews, 289

• first credit tranche, 330

• floating tranches, 291

• guidelines on, 284

• individual circumstances of members, 285

• letters of intent, 288

• modalities, 287

• outcomes-based, 287

• ownership, 285, 311, 646–50

• performance criteria, 289

• performance criteria and phasing, relationship, 334

• performance criteria on external debt, guidelines, 336

• performance criteria with respect to foreign borrowing, 342

• PRGF-ESF arrangements, 332

• principles, 284

• prior actions, 288, 299, 303, 333

• program design, 285

• program review, 289–92

• stand-by arrangement, normal access to credit tranches, 330

• streamlining, 331, 333

• structural benchmarks, 288–92

• structural performance criteria inapplicable, 292

• upper credit tranche stand-by arrangements, 390

• waiver, adopting measures prior to granting of, 288

• waiver, nonobservance of performance criteria, 290

Confidentiality

• exchange of documents with other international agencies, 663

• FSAP Confidentiality Protocol, 119–22

• side letters, 292–99

Consultation clause

• extended arrangements, 359

• stand-by arrangements, 354

Consultation cycles, Article IV. See also Article IV consultations

• annual in principle, 58

• flexibility in, 58

• interval between Article IV consultations, 58

Consultations other than under Article IV

• acceptance of obligations of Article VIII, Sections 2, 3, and 4, 518

• Article VIII restrictions, 512, 513, 639

• Article XIV restrictions, 513, 516, 639

• bilateral agreements, 513

• competitive depreciation, 521

• conditionality, consultation clauses, 288

• GATT Contracting Parties, 624

• multiple currency practices, 516

• prescribed holders of SDRs, 715

• PRGF-ESF, consultation with creditors, 207

• sale of members’ currencies, 413

• SDR allocation, 724, 821

• trade and payments restrictions, escalation, 521

• United Nations, 829, 831

• World Trade Organization, 656–59

Contingent Credit Lines (CCLs)

• extended arrangements and, 355

Convertibility

• acceptance of obligations of Article VIII, Sections 2, 3, and 4, 517

• bilateralism, 513

• currency, 515, 517

• current account of the balance of payments, 517, 519

• retention quotas, 514

Cross-conditionality

• avoidance, 637

Currencies

• attribution of reduction of Fund’s holdings, 426–27

• charges on Fund’s holdings in excess of quota, 428

• freely usable, 275, 709, 716, 782, 790

• General Resources Account, 411–13, 416, 430, 443–45

• guidelines for operational budget allocation of currencies, review, 415

• maintenance of value, 443–45

• presently needed for making payments, 284

• repurchases, 423

• reserve asset payments, 10, 24, 25

• sale of currencies of members with outstanding purchases, 413, 415

• SDR valuation basket, 709–12

• specification by the fund, 412–13

• subscription to the Fund, ownership, 24

• use in operational budgets, 411–13

Current international transactions (current account transactions)

• bilateralism, 513

• multiple currency practices, 523–27

• payments arrears, 378

• restrictions involving WTO members, 659, 863

• restrictions on payments and transfers, 513, 517

• undue delays in availability or use of foreign exchange, 520

• use of Fund resources, 284

D

Data Dissemination Standards. See Special Data Dissemination Standard (SDDS) and General Data Dissemination System (GDDS)

Data Dissemination Standards Bulletin Board

• General Data Dissemination System (GDDS), 612

• Special Data Dissemination Standards (SDDS), 556

Data provision to the Fund for surveillance, 66

• review, 2008, 543

Debt limits

• performance criteria in Fund arrangements, 336

Debt operations

• condition precedent clauses, 385

• management of the debt situation, 385

• mandatory prepayment, 385

• stand-by arrangements and, 357

Debt strategy

• payments of arrears to creditors, 376, 378, 520

Debt sustainability assessments, 650–53

• Fund-Bank collaboration, 650

Debt-service ratio, 248

Declaration of censure, 761

• draft declaration, 765

Declaration of ineligibility, 760–61, 765, 767

• publicity, 702, 776

• termination, 776

• timing, 771

Declaration of noncooperation, 761–62, 768

• draft declaration, 765

• publicity upon withdrawal, 777

• termination, 776

• timing, 771

De-escalation of remedial measures, 777–80

Default, sovereign, 316, 379

Designation, SDR Department

• acceptance limit, 746

• assessment of strength of balance of payments and governance position, 411–12

• rules for designation, review, 744–47

• rules for designation, revision, 747–48

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, 817–19

• composition, 806–7

• establishment, 804–10

• Executive Directors’ participation in meetings, 808

• HIPC Initiative, 235, 243

• Managing Director’s participation in meetings, 808

• procedures, 809–10

• rules of procedure, 817

• WTO observer, 660

Discrimination

• balance of payments reasons, 516

• disputes between members, comparable treatment of creditors, 103, 378

• multiple currency practices, 530

• nondiscriminatory treatment of members, use of general resources, 285–86

Disputes between members

• comparable treatment principle, 103

• role of the Fund, 105, 386

Document exchange. See Exchange of documents with other international agencies

DSBB. See Dissemination Standards Bulletin Board

E

Early repurchases

• emergency financing mechanism, 334

• guidelines, 422–24

• member’s balance of payments and gross reserve position, 422

Early warning system models, 59

East African Development Bank

• prescribed holder of SDRs, 718

East Caribbean Currency Authority

• prescribed holder of SDRs, 718

Eastern Caribbean Central Bank

• prescribed holder of SDRs, 718

Eastern Caribbean Currency Union

• surveillance over monetary and exchange rate policies, 81

EC. See European Commission

ECB. See European Central Bank

EFF. See Extended Fund Facility

EFM. See Emergency financing mechanism

Eleventh General Review of Quotas, increase in quotas of Fund members, 3, 16

Emergency assistance

• conversion to special policy, 362

• natural disasters, 362, 363

• post-conflict countries, 221, 368–73

• PRGF-HIPC Trust eligibility, 221

• PRGF-HIPC Trust qualification, 221–23

• repurchase, 423

Emergency financing mechanism (EFM), 314–19

• conditions for activation, 317

• early repurchase, 319

Enhanced Structural Adjustment Facility (ESAF) Trust (transformed into Poverty Reduction and Growth Facility (PRGF) Trust). See also PRGF-ESF Trust

• access limits, 212

• benchmarks, 211

• blend of general and SAF/ESAF resources, 775

• borrowing for Loan Account, consultation with creditors, 207

• commitment amount not normally reduced, 213

• commitment period, 208–9

• eligible members, 454–55

• emergency assistance, relation to, 367

• ESAF successor, initiation of operations, 208

• establishment, 208–9, 457–62

• gold pledge, 772, 775

• gold, use of, 210

• legal documentation, 213–14

• loans in conjunction with existing facility, 209

• loans in conjunction with SAF loans, 452

• loans to Trust as member’s official reserves, 214

• maturity of loans, 209

• objectives of programs, 211

• off-market gold sales, 824

• operational agreements, 208–13

• overdue financial obligations to Fund, 756

• performance criteria, 206, 211

• phasing of disbursements, 213

• prior actions, 205, 212

• rescheduling not available, 210

• review, 211

• review of arrangements, mid-year, 209, 211

• rights accumulation program, 774

• Special Disbursement Account, 209

• Structural Adjustment Facility, assistance in conjunction with, 452–53, 464–65

• Subsidy account, 210

• transfer and retransfer of resources from and to Special Disbursement Account, 462–64

• transformation to PRGF Trust, 204–5

• use of SDRs, 720

Enhanced surveillance

• annual and mid-year consultation reports, 99–100

• Article IV consultations, 100, 101

• Article VIII obligations, 520

• criteria and procedures, 106–7

• Executive Board involvement, 108

• Fund’s role in assisting members with creditors, 105–7

• midterm review, 99–100

• quantified economic policy programs, 101

• revised procedures, 100–101

• staff reports, transmittal by member to creditors, 100–101, 107

Enlarged access

• criteria for use of Fund resources, validity, 388–92

• repurchases, 389

ESAF Trust. See Enhanced Structural Adjustment Facility Trust

ESAF-HIPC Trust. See Trust for Special ESAF Operations for the Heavily Indebted Poor Countries and Interim ESAF Subsidy Operations

ESF Trust. See Exogenous Shocks Facility Trust

Euro

• freely usable currency, 782

• rates for computation and maintenance of value, 443

• reference rates, European System of Central Banks, 712

• weight in SDR valuation basket, 711

Euro area members

• surveillance over monetary and exchange rate policies, 78, 653–55

European Bank for Reconstruction and Development (EBRD)

• exchange of documents with, 664, 665

European Central Bank (ECB)

• euro reference rates, 712

• observer status, 653–54

European Commission (EC)

• Article IV consultations, 78–79

• exchange of documents with, 664, 665

European Investment Bank (EIB)

• exchange of documents with, 664

European System of Central Banks, 712

Exceptional access policy, 392

Exchange arrangements. See also Exchange rates; Multiple currency practices

• exchange taxes and subsidies, notification, 28

• flexible, notification of significant decision, 27

• intervention, 28

• multiple currency practices, prior Fund approval, 28

• notification of, 27

Exchange contracts

• unenforcability, Fund’s interpretation of Article VIII, Section 2(b), 510

Exchange controls. See also Exchange restrictions

• nonsovereign arrears stemming from imposition, 379

Exchange of documents with other international agencies

• ad hoc requests, 665

• agencies meeting criteria for exchange, 664

• Article IV consultation staff reports, 660, 665

• changes in procedures, 665

• criteria for access, 663–64

• Recent Economic Developments reports, 661, 665

• technical assistance reports, 662

• use of Fund resources staff papers, 661–62, 665

Exchange rate policies. See also Exchange arrangements

• euro area, 653–54

• surveillance over, 28–47, 54–55

Exchange rates. See also Exchange arrangements; Exchange rate policies; Multiple currency practices

• coherence in global policymaking, 656

• computations and maintenance of value, 443–45

• computations and maintenance of value (value date), 443

• fixed, 525

• floating guidelines, 812

• fluctuating, 27, 525–26

• General Arrangements to Borrow, 476

• manipulation, 46

• New Arrangements to Borrow, 477

• unification in multiple rate systems, 530

Exchange restrictions. See also Capital transfers; Multiple currency practices

• approval by Fund, 521

• Article VIII, Section 2, 3, and 4 obligations, 518–19

• avoidance of escalation, 522

• balance of payments reasons, 519

• bilateralism, 513–14

• competitive depreciation, 522

• consultations with Fund, 518–19, 522

• discrimination for balance of payments reasons, 517

• emergency assistance, 365

• Fund representation in exceptional circumstances under Article XIV, Section 3, 528, 708

• guiding principle on whether a measure is an exchange restriction, 518

• non-balance of payments reasons, 519

• performance criteria, extended arrangement, 357

• performance criteria, stand-by arrangement, 352

• retention quotas, 514–16

• security reasons, 512–14

• transitional arrangements under Article XIV, 515–16, 518

• undue delays, 469, 520

• World Trade Organization, information on Fund approval, 863

Exchange subsidies, 28

Exchange taxes, 28, 525, 529

Executive Board

• code of conduct, 667–73

• meetings, procedural guidelines, 673–74

• notification of exchange arrangements, 27

• report on Eleventh General Review of Quotas, 3–15, 296–99

• side letters procedures, 296

• surveillance over exchange rates, 37, 54

Executive Directors

• additional appointed, “the preceding two years,” in Article XII, Section 3(c), meaning of, 667

• appointment by members having five largest quotas, Article XII, 666

• appointment of two additional directors, Article XII, Section 3(c), 666–67

• IMFC meetings participation, 801

• procedural guidelines, 673–74

• voting power, effect of adjustment of quota, 667

Exogenous Shocks Facility (ESF) Trust. See Poverty Reduction and Growth Facility (PRGF) and Exogenous Shocks Facility (ESF) Trust

Export shortfalls, compensatory financing. See Compensatory Financing Facility

Extended arrangements. See also Access policy, use of Fund resources; Extended Fund Facility; Use of Fund resources

• applicable situations, 343–44

• blackout periods, reduction of, 347

• charges, 347, 354

• Consultation clauses, 354

• emergency assistance and, 367

• form, standard, 355–57

• Guidelines on Corrective Action, 310, 357

• ineligiblity, 753

• lapse of time completion of reviews, 359

• misreporting and noncomplying purchases, 300, 304

• overdue financial obligations to the Fund, 753–54, 753–54

• performance criteria form, 355–57

• period not exceeding three years to four years, 346–47

• period of arrangement, extension, 346

• phasing, 346, 355–56

• repurchase expectation, 346–47, 358

• repurchases, 346, 358

• stand-by arrangements policies applicable, 347

• structural performance criteria not applicable, 292

• suspension of transactions, 358

Extended Fund Facility (EFF). See also Extended arrangements

• applicability of policies on stand-by arrangements, 347

• establishment, 344–50

• situations to which facility could apply, 344

External Audit Committee, 706

External audit of Fund financial statements, 706–7

External debt

• management of debt situation, 386

External debt performance criteria

• concessionality, definition, 342

• extended arrangement, 356

• guidelines, 337

• stand-by arrangement, 352

F

FATF. See Financial Action Task

Force Federal Reserve Bank of New York, 712

Financial Action Task Force (FATF), 133–38

• 40+8 Recommendations, 134

• endorsement of methodology, 138

• Fund collaboration with, 140

• surveillance, 111

Financial crisis 2007-08

• stock-taking of Fund response, 71

Financial Sector Assessment Program (FSAP)

• anti-money laundering, 115, 126

• Article IV consultations, 109, 111, 113, 115, 117

• Bank-Fund collaboration, 110, 114, 119

• confidentiality, 113, 114

• Confidentiality Protocol, 119–22

• coverage, 115

• coverage and frequency, 110–12

• Financial System Stability Assessments (FSSAs), 109, 110, 117

• frequency, 111, 116

• FSSA reports, presumed publication, 117

• Independent Evaluation Office review, 118

• offshore financial centers (OFCs), 112, 126, 128, 129

• publication of FSAP reports, 113

• publication of FSAP reports not authorized, 113

• publication of FSSA reports endorsed, 114

• Reports on Observance of Standards and Codes (ROSCs), 110

• review, 114

• review, 2005, 114

• standards and codes, 109–10

• stress tests, 109

• surveillance, 109, 115, 116, 117

• updates, 115

• World Bank, collaboration with, 109, 110

Financial Stability Forum, 71

First credit tranche purchase

• elimination of payments arrears, 377

• liberal Fund attitude, 330–31

• reasonable efforts test, 330, 377

First credit tranche stand-by arrangements

• phasing and performance clauses omitted, 330

Fiscal agency

• safeguards on use of Fund resources when fiscal agent not central bank, 306

Flexible Credit Line

• Emergency Financing Mechanism procedures not applicable, 329

• establishment, 326

• performance criteria not applicable, 327

• phasing not applicable, 327

• qualification criteria, 326

Foreign borrowing. See External debt

Forms

• draft declaration on censure or noncooperation, 765

• draft first letter to all Governors regarding a member’s overdue financial obligations to the Fund, 762–63

• draft second letter to all Governors regarding a member’s overdue financial obligations to the Fund, 763–65

• extended arrangement, 355–59

• stand-by arrangement, 350–55

Framework Administered Account for Selected Fund Activities

• instrument to establish, 148

Framework Administered Account for Technical Assistance Activities

• adoption of Instrument to establish, 143

• Africa Regional Technical Assistance Centers Subaccount, 148

• Instrument to establish, 143–47

• investment of resources, 145

• Pacific Financial Technical Assistance Centre Subaccount, 147

Freely usable currencies (euro, Japanese yen, pound sterling, U.S. dollar), 275, 709, 716

FSAP. See Financial Sector Assessment Program

Fund-Bank collaboration. See also World Bank (International Bank for Reconstruction and Development)

• attendance at Fund Board Meetings, 639, 671

• Financial Sector Assessment Program, 115

Furnishing of information to the Fund, 300, 534–42

G

G-20 mutual assessment process, 118

GAB. See General Arrangements to Borrow

GATT. See General Agreement on Tariffs and Trade

GDDS. See General Data Dissemination System

General Agreement on Tariffs and Trade (GATT). See also World Trade Organization (WTO)

• arrangement for consultation and cooperation with the Contracting Parties, 624–28

• Fund collaboration with, 655–62, 813

• import restrictions for balance of payments reasons, 519

• Voluntary Declaration on Trade and Other Current Account Measures, 813

General Arrangements to Borrow (GAB), 470–86

• associated borrowing arrangements, 501–2

• borrowing by the Fund, guidelines, 507

• Eleventh General Review of Quotas, 7

• emergency financing mechanism, 315

• interest, 452

• letter from France’s Minister of Finance to U.S. Secretary of the Treasury, 482–85

• participants and amounts of credit, 481

• quotas, Eleventh General Review, 3

• repayment by the Fund, 474–76

• sales of currencies of members indebted to Fund, 417

• transferability of claims, 477

• use of credit arrangements for nonparticipants, 480

General Data Dissemination System (GDDS) access by the public, 606

• bulletin board on the internet, 612

• coverage, periodicity, timeliness of data, 586

• integrity, 607

• periodicity, 597–613

• phased approach, 583

• purposes, 582, 584

• quality, 609

General Resources Account (GRA)

• adjustment of Fund holdings of members’ currency, 444

• annual reimbursement of PRGF-ESF Trust expenses, 467

• designation, assessment of strength of member’s balance of payments and gross reserve position, 412

• gold held, sale, 466

• income transfer to Special Reserve, FY 2009, 680

• maintenance of value, 444

• media payment in, 431

• misreporting and noncomplying purchases, 300–303

• overdue charges, 432

• rates for computation and maintenance of value, 443

• repayment expectation under PRGF Trust, failure to meet, 203

• repurchase expectation, failure to meet, 310

• rights approach, 774

• rules, applicability to PRGF Trust administration, 204

• sale of currencies at the request of members with outstanding purchase, 414

• sale of SDRs by the Fund for payment for increase in quota, 421

• special charge on overdue charges, 432

• specification of currencies by the Fund, 412–13, 412, 415–16

• Subsidy Account, reimbursement of administrative expenses, 791

• transfers of SDRs instead of currencies under Article V, Section 3(f), 413

Global Financial Stability Report (GFSR), 49

Gold

• designation of SDRs, 745

• gold pledge for use of ESAF Trust resources, 772–75, 775–76

• gold pledge for use of PRGF-ESF Trust resources under rights approach, modalities, 465–66

• harmonization of excess holdings of SDRs, 745–46

• off-market transactions by Fund, Resolution, 823

• ownership of gold and currency for subscriptions, 23

• payment for repurchases, 425

• Special Disbursement Account, use of proceeds of off-market sales, 824

Governance issues

• Article IV consultations, 90, 93

• coordination with bilateral donors and multilateral agencies, 94–95

• corruption, 86, 89, 90

• HIPC Initiative, 244

• identification of problems, 93

• macroeconomic impact test for Fund involvement, 86, 91, 94

• policy advice, 85, 87

• role of the Fund, 96–98, 96, 97, 582, 583

• technical assistance, 85, 92

• technical issues, 85, 87

• transparency, 85, 90

• use of Fund resources, 91–92

GRA. See General Resources Account

Gross reserve position

• assessment for purposes of designation plans, operational budgets, and early repurchases, 412–13, 414

Guidelines

• access by members to Fund’s general resources, 387

• allocation of currencies, operational budget, 415–16

• conditionality, 284–92, 330

• corrective action, 219, 300–303, 310

• designation plans, 411

• early repurchases, guidelines, 422–24, 427

• emergency assistance, natural disasters, 362–63

• emergency assistance, post-conflict, 362–63, 368–73, 365–68

• Fund staff collaboration with the WTO, 655–61

• governance issues, 85–96

• misreporting and noncomplying purchases, 300–303

• operational budget, 411–12

• payment of reserve assets for subscription, 24–26

• performance criteria on external debt in Fund arrangements, 336

• performance criteria with respect to foreign borrowing, discount rate for assessing concessionality, 342–43

• SDR valuation basket, calculation of currency amounts, 709–11, 711–12

• SDR valuation basket, conversion into euro of deutsche mark and French franc, 712–13

• selection of currencies by the Fund, 414, 415–16, 416–17

H

HIPC Initiative. See Trust for Special ESAF Operations for the

• Heavily Indebted Poor Countries and Interim ESAF Subsidy

• Operations (ESAF-HIPC Trust); Trust for Special PRGF

• Operations for the Heavily Indebted Poor Countries and Interim

• PRGF Subsidy Operations (PRGF-HIPC Trust)

Hong Kong Monetary Authority (HKMA), 488, 502

I

IBRD. See World Bank

IMFC. See International Monetary and Financial Committee

Immunities and Privileges of Specialized Agencies, United Nations Convention, 834–51

Import restrictions for balance of payments reasons

• extended arrangements, 357

• GATT, 377

• stand-by arrangements, 353

Income Position. See Burden sharing

Ineligibility to use Fund resources

• declaration of ineligibility, 538, 760, 764, 766–72, 776

• extended arrangements, 357, 753

• limitation and ineligibility under Article V, Section 5, 419

• publicity, 776

• stand-by arrangements, 353, 753

Inter-American Development Bank (IDB)

• communication regarding members’ arrears to the Fund, 761

• exchange of documents with, 664

Interest

• means of payment under Trust Fund, 783

• Poverty Reduction and Growth Trust, 176

• PRGF-HIPC Trust, interest-free loans, 228

Interim Committee. See also International Monetary and Financial Committee

• governance, 305

• International Monetary and Financial Committee, transformation of Interim Committee into, 801–4

• rules of procedures, 816

• safeguards for use of Fund resources, 305

• terms of reference, 803

International agencies, 662

International Bank for Reconstruction and Development (IBRD). See World Bank

International Court of Justice, 830, 846

International Development Association (IDA)

• HIPC Initiative, 244, 245–46

• prescribed holder of SDRs, 718

International Financial Statistics (IFS), 69

International Fund for Agricultural Development (IFAD)

• prescribed holders of SDRs, 718

International Monetary and Financial Committee (IMFC, formerly Interim Committee)

• participation of Executive Directors in meetings, 802

• participation of Managing Director in meetings, 802

• procedures, 803–4

• terms of reference, 803

International organizations

• transmittal of Fund documents, 662

Interpretation

• Article IX, Section 7, privilege for communications, 619–20

• Article VI, use of Fund resources for capital transfers, 283

• Article VIII, Section 2(b), unenforceability of exchange contracts, 510–11

• Article XII, Section 3(b)(i) and Section 3(f), appointment of directors by members having one of five largest quotas, 666

• Article XII, Section 3(c), appointment of two additional directors, 666

• Article XIV, Section 3, Fund representation in exceptional circumstances on withdrawal of Article XIV, Section 3 restrictions, 708

• Articles of Agreement, 283

Investigation of Fund activities, cooperation procedures, 616–18

Investment Account adoption of rules and regulations, 676

• establishment, 676

• guidelines for investing assets, 677–79

• income transfer to GRA account, FY 2009, 680

• objective, 676

• sources of assets, 677

• termination, 677

• transfer of currencies, 679

• uses of income, 677

Investment authority of the Fund

• amendment to expand, 681

Islamic Development Bank (IsDB)

• exchange of documents with, 664

• prescribed holder of SDRs, 718

J

Japanese yen

• freely usable currency, 782

• weight in SDR valuation basket, 710

Joint Ministerial Committee on the Transfer of Real Resources to Developing Countries. See Development Committee

Joint Staff Advisory Notes streamline modalities, amendments to, 254

Joint Staff Assessments, 246

L

Lapse of time procedure, Fund arrangements, 359

Leases, definition of external debt, 342–43

Lending into arrears, 381–85

• review of policy, 384

Letters of intent (LOIs)

• deletion from documents released to aid agencies, 665

• side letters, 296–99

Longer-term program engagement

• definition, 324

• review, 322

Low-income countries

• concessional financing framework, reform of, 161

• role of the Fund, 373, 375

M

Maintenance of value

• overdue adjustments, 756

• rates for computations, 443–45

Managing Director

• authorized signatories, 675

• consultation by member before requesting an extended arrangement, 345

• consultation with creditors for additional borrowing for PRGF Trust Loan Account, 207

• consultation with member on changes in exchange rate policies, 28

• consultation with member with outstanding purchases on sale of currency, 417

• Development Committee, participation in meetings of, 808

• General Arrangements to Borrow, proposals for calls, 480

• International Monetary and Financial Committee, participation in meetings of, 802

• nondiscriminatory treatment of members, 286

• SDR allocation, proposals for first basic period, 722

• SDR allocation, proposals for fourth basic period, report of Managing Director on, 820

• SDR allocation, proposals for third basic period, 723

• use of Fund resources, recommendation regarding approval, 286

MDRI. See Multilateral Debt Relief Initiative; Multilateral Debt Relief Initiative-I Trust; Multilateral Debt Relief Initiative-II Trust

MEFPs. See Memoranda of economic and financial policies

Military expenditure and the role of the Fund

• Article IV consultations, 96, 97

• performance criteria, 97

Misreporting and noncomplying disbursements, PRGF-ESF Trust

• missed repurchase expectation, 702

• prior action, accuracy of information, 205

• repayment expectation, 217, 226

• safeguards for use of Fund resources, 306

• waiver of applicability or for nonobservance of performance criteria, 206

Misreporting and noncomplying purchases, General Resources Account

• corrective action, 300–302

• performance criteria or other conditions, accuracy of information, 300, 309–10, 304

• prior actions, accuracy of information, 303

• publication of cases, 702

• safeguards for use of Fund resources, 304–9

• waivers, 301

Misreporting and noncomplying purchases, Policy Support Instrument (PSI)

• corrective action, 156

Misreporting and noncomplying purchases, PRGF and PRG Trust

• corrective action, 196

Misreporting in de minimis cases

• Article VIII, Section 5, 540

• de minimis, definition, 303

• General Resources Account, 302

• Policy Support Instrument, 158

• Special PRGF Operations for HIPC, 225

Moral hazard, 315, 371, 393, 404

Multilateral Debt Relief Initiative (MDRI)

• proposed decisions, 255

• qualification of non-HIPCs, 255

Multilateral Debt Relief Initiative-I (MDRI-I) Trust

• administration, 263

• amendment, 265

• completion point, 259

• decision point, 259

• eligibility, 261

• investment of resources, 265

• media of payment of contributions, 260

• purposes, 259

• reimbursement to GRA Account for FY 2009, 272

• unit of account, 260

Multilateral Debt Relief Initiative-II (MDRI-II) Trust

• administration, 270

• amendment, 272

• completion point, 266

• decision point, 266

• eligibility, 268

• instrument to establish, 266

• investment of resources, 271

• liquidation, 272

• media of payment of contributions, 267

• purposes, 266

• unit of account, 267

Multiple currency practices

• approval, 28, 530

• approval criteria, when imposed for balance of payments reasons, 518, 532

• approval criteria, when imposed for non-balance of payments reasons, 518

• Article IV consultations, 533

• balance of payments reasons, 524, 532

• capital transactions, 533

• consultation with Fund prior to changes, 524, 525

• discrimination, 532

• exchange taxes, 529

• jurisdiction of the Fund, 526

• nonbalance of payments reasons, 533

• non-balance of payments reasons, 524

• official action, 531, 532

• policy in 1947, 522–30

• policy in 1957, 530

• policy in 1998, 531–33

• simplification of complex rate systems, 530

• spread, 531

• statement to members transmitting Funds decisions, 522

• unification of exchange rates as basic Fund objectives, 530

Multi-year rescheduling arrangements (MYRAs)

• enhanced surveillance and, 106

MYRAs. See Multi-year rescheduling arrangements

N

NAB. See New Arrangements to Borrow

Natural disasters, emergency assistance, 362–63, 363–65

New Arrangements to Borrow (NAB), 486–503

• credit arrangements, 488

• Eleventh General Review of Quotas, 7

• entry into force, 490

• Hong Kong Monetary Authority, 488, 502

• meeting of participants, 503–4

• nonparticipants, 490

• participants, 490, 502

• relationship with the GAB and associated borrowing arrangements, 500

• transferability of claims, 497, 504–5

Noncooperation draft declaration, 761

Nondiscriminatory treatment of members

• Paris Club, 103

• Use of Fund resources, 285

Nordic Investment Bank

• prescribed holder of SDRs, 718

Note Purchase Agreement

• issuance of notes by Fund to official sector, 509

O

Observer status in the Fund

• European Central Bank, 653

• World Bank, 639–42

• World Trade Organization, 655, 864

Observer status of the Fund

• World Bank, 639

• World Trade Organization, 864

OECD. See Organization for Economic Cooperation and Development

Official clearing and payments arrangements

• temporary exemption from three-month settlement rule, 514

Offshore financial centers (OFCs), 127

• assessment program, 126–29

• inclusion in FSAP reports, 112

• integration of assessment program with FSAP, 129

• publication of reports, 128

Operational budgets

• assessment of strength of member’s balance of payments and gross reserve position, 411

• guidelines for operational budget allocation of currencies, review, 415

• specification of currencies by the Fund, 415, 416

• transfers of SDRs under Article V, Section 3(f), 413

Organization for Economic Cooperation and Development (OECD)

• exchange of documents, 665

Overdue financial obligations to the Fund. See also Rights accumulation programs; Rights approach

• accounting charges, 431

• Annual Report (IMF), 759

• complaint by Managing Director, 759

• compulsory withdrawal, 761, 762, 766, 768

• declaration of censure, 761, 765

• declaration of ineligibility, 760, 765, 767, 768, 776

• declaration of noncooperation, 762, 765, 768, 776

• de-escalation of remedial measures, 777

• draft first letter to all Governors, 762–63

• draft second letter to all Governors, 764–65

• Eleventh General Review of Quotas, 3

• ESAF, no access, 755–56

• extended arrangements and, 754

• Ninth General Review of Quotas, 759, 769

• nontoleration of arrears to official creditors, 378

• overdue maintenance of value adjustments, 756

• Overseas Economic Cooperation Fund (OECF), 342

• preferred creditor status of Fund, 756–62, 756, 757, 765, 769

• prevention/deterrence measures, strengthened timetable of procedures, 770

• PSI, nonapproval, 154

• requests for the use of Fund resources under a stand-by or extended arrangements, management will not submit, 754

• review period, 754

• SAF, no access, 755

• setoff in connection with retroactive reduction of charges, 434

• special charges, 432

• stand-by arrangements and, 754

• strengthened cooperative strategy, 766–72, 775–76, 776–77

• suspension of voting rights, 769, 771

• technical assistance suspension, 779

Overdue payments to the Fund. See Overdue financial obligations to the Fund

P

Paris Club

• Agreed Minute, 104

• debt rescheduling and Fund arrangements or programs, 768

• debtors’ negotiations with, 103

• PRGF qualification for assistance, 222

• rescheduling discussions, 665

• rescheduling in the absence of Fund arrangement, 769

• rescheduling operations, Fund opposition to matching, 372

• settlement of disputes between Fund members and Fund neutrality, 104

Payments arrears of a member to other (non-Fund) creditors

• Fund lending into nonsovereign arrears, 379–85

• Fund lending into sovereign arrears, 379–85

• Fund policies and procedures, 379–85

• performance criteria, 377

Payments arrears to the Fund. See Overdue financial obligations to the Fund

Payments arrears, capital transfers. See Capital transfers

Payments arrears, member’s failure to provide foreign exchange for current international transactions. See Exchange restrictions

Payments arrears, settlement of disputes between members, 103

Payments restrictions. See Exchange restrictions

Performance criteria under Fund arrangements

• accuracy of information, 303

• conditionality guidelines, 284

• debt limits, 336

• definition, 289

• first credit tranche, not subject to, 330

• number and content of, 289

• omitted in stand-by arrangements within first credit tranche, 330

• phasing, relationship, 334–36

• reporting on implementation, confidentiality relating to, 299

• side letters, 299

• structural performance criteria not applicable, 292

• waiver for nonobservance, 290, 301, 303

• waiver of applicability, 291, 303

Phasing and performance criteria under Fund arrangements

• omitted in stand-by arrangements within first credit tranche, 330

• operational guidelines, 334

• relationship, 334

PINs. See Public Information Notices

Policy framework papers. See also Poverty Reduction Strategy Papers

Policy Reviews

• extension of deadlines, 325

Policy Support Instrument (PSI), 148–60

• application of Guidelines on Conditionality, 159

• arrears, 159

• assessment criteria, 155

• definition, 153

• documents required, 154

• eligibility, 154

• implementation, 155

• misreporting, 157

• poverty reduction strategy documents, 154

• review, 160

• side letters, 159

• structural assessment criteria not needed for monitoring, 160

• termination, 159

Position in the Fund, 414

Post-conflict emergency assistance, 238, 242, 273, 362–63, 365–68, 368–73

Post-Conflict Emergency Assistance Subsidy Account for PRGF-Eligible Members

• administration, 277

• establishment, 273

• fees, none, 278

• instrument to establish, 273–79

• investment of resources, 276

• purpose, 273

• rate of charge subsidy, 276

• resources, 274

• SDRs, use of, 279

• settlement of questions, 279

• termination, 278

• use of resources, 275

Post-Program Monitoring

• Article IV consultation, 320

• publication policies, 320

Post-SCA-2 Administered Account

• adoption of Instrument to establish, 280

• instrument to establish, 280–82

Pound sterling

• freely usable currency, 782

• weight in SDR valuation basket, 710

Poverty Reduction and Growth Facility (PRGF) and Exogenous Shocks Facility (ESF) Trust. See also Enhanced Structural Adjustment Facility (ESAF) Trust; Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and Interim PRGF Subsidy Operations (PRGF-HIPC Trust)

• contributions, value date for operations and transactions, 207

• decision waiving the applicability of a performance criterion, 206

• establishment, adoption of Instrument, 163

• instrument to establish, 165

• Loan Account, 207

• modalities of gold pledge under rights approach, 465

• other provisions, 202

• post-SCA-2 Administered Account, 281

• prior actions, accuracy of information, 205

• proposed decisions, 255

• repayment expectation, 203

• transformation of ESAF to PRGF, 204–5

• transformation to Poverty Reduction and Growth Trust, 161

• waiver of performance criteria, accuracy of information, 206

Poverty Reduction and Growth Facility (PRGF) and Exogenous Shocks Facility (ESF) Trust loans

• performance criteria, 206, 211

• performance criteria, accuracy of information, 206

• prior action, accuracy of information, 205

• repayment expectation, 203

• waiver of applicability or for nonobservance of performance criterion, 205

Poverty Reduction and Growth Trust

• accuracy of data to assess observance of performance criteria, 206

• assistance, amount of, 173

• assistance, eligibility and conditions, 167

• eligibility criteria, 457

• Exogenous Shocks Facility, assistance under, 201

• Extended Credit Facility, 161

• instrument to establish, 165

• loans, terms of, 176

• misreporting and noncomplying disbursements, 196

• overdue financial obligations, 198

• Rapid Credit Facility, 165

• Subsidy Accounts, 181

Poverty Reduction Strategy (PRS). See also Poverty Reduction Strategy Papers (PRSPs)

• conflict-affected states, special requirements, 253

• goals, 251

• Millennium Development Goals (MDGs), achievement of, 251

• review, 250

Poverty Reduction Strategy Papers (PRSPs). See also Poverty Reduction Strategy (PRS)

• core principles, 250

• definition, 218

• progress, 245

• role in HIPC initiative, 221

• role in PSI operations, 154

Preferred creditor status of Fund, 238, 371, 757, 765, 769

Press Notices. See Public Information Notices

PRGF. See Poverty Reduction and Growth Facility

PRGF-ESF Trust. See Poverty Reduction and Growth Facility and Exogenous Shocks Facility Trust

Prior actions

• accuracy of information regarding implementation, 303

• definition, 288

• implementation under PRGF, 205

• reporting on implementation, confidentiality relating to, 299

• side letters, 299

• use in emergency financing mechanism, 317

• use in enhanced structural adjustment facility, 212

• use in Extended Credit Facility, Standby Credit Facility and Exogenous Shocks Facility, 205

• use in Policy Support Instrument, 156

Program reviews, 289

Prolonged use of Fund resources

• Article IV consultations, 320

• assessment, 320

• definition, 321

• precautionary arrangements, 321

Protracted balance of payments problem, 255, 449

PSI. See Policy Support Instrument

Public Information Notices (PINs)

• presumed publication, 697

Publication Article IV

• consultation staff reports, pilot project, 703

• Letters of Intent, 697

• PINs on use of Fund resources, 698

• staff-monitored programs, presumption of publication, 62

• suspension of voting rights and termination of suspension, 702

• transparency policy, 684

Purchase transactions. See Reserve tranche purchases; Use of Fund resources

• resumption of purchases under extended arrangement after decision of formal ineligibility, 357

• resumption of purchases under stand-by arrangement after decision of formal ineligibility, 353

• suspension of transactions under extended arrangement, 358

• suspension of transactions under stand-by arrangement, 353

• temporary suspension under Article XXVII, effect on GAB, 478

Q

Quotas

• ad hoc increases, 26

• adjustment, first interval of five years, 3

• Eleventh General Review, 3

• Eleventh General Review, increases of quotas, new period of consent, 15

• Eleventh General Review, Report of the Executive Board, 3

• Eleventh General Review, Resolution, 10–12

• new period for receipt of consents to quota increases, 15

• Ninth General Review, 8, 9, 12, 769

• payments of reserve assets in connection with subscription, 24

• sales of SDRs by Fund to members for quota payments, 421

• Seventh General Review, 25, 421, 727, 729, 731, 747

• Sixth General Review, 25

• Tenth General Review, 3

• Thirteenth General Review, 17

• voice and quota, reform of, 17

• voting power and adjustment of quotas, 667

R

Recent Economic Developments reports (REDs)

• balance of payments consultations, WTO, 656

• no longer included in Article IV consultation documentation, 58

• transmittal to multilateral agencies, 656, 661, 662

Reconstitution of SDRs

• abrogation of rules, 749

REDs. See Recent Economic Developments reports (REDs); Article IV consultations

Regional Economic Outlooks (REOs), 49

Repayment expectations, PRGF Trust, 203, 217, 226

Reports on Observance of Standards and Codes (ROSCs)

• anti-money laundering initiatives, 128, 134

• assessment procedures, 134

• no longer circulated to Executive Directors in hard copy form, 126

• principle of uniformity, 136

• reports on observance associated with FATF-led assessments generally not designated as ROSCs, 136

• surveillance, 70

Repurchase expectations

• attribution of reduction of currency, 426

• Compensatory Financing Facility, 422

• failure to meet and extended arrangements, 301, 310

• failure to meet and stand-by arrangements, 310

• misreporting and noncomplying purchases, 300–303, 310

• publication of failure to meet, 701

Repurchases. See also Repurchase expectations

• access policy, 388–90

• assessment of strength of members’ balance of payments and gross reserve position, 411

• attribution of reductions in Fund’s holdings of currencies, 426

• credit tranches, 424

• early repurchases, guidelines, 426

• emergency assistance, 424

• extended arrangements, 346, 389

• gold, acceptance in payment, 425

• gold, obligation to pay, 425

• procedures, 424

• Schedule B, 425

• SDRs, 425

• selection of currencies by Fund, 413, 416

• special charges on overdue repurchases, 424–26

• stand-by arrangements, 389

• timing of repurchases within a calendar month, 424

Reserve assets

• payment in connection with subscriptions, 24

• SDR allocation, 723, 821

• SDR as principal reserve asset, 821

Reserve position, gross

• assessment for purposes of designation plans, operational budgets, and early repurchases, 411

• SDDS reporting, 546

Reserve tranche position

• administrative accounts, 781

• attribution of reductions in Fund’s holdings of currencies, 426, 427

• balances held in Administrative Account, 781

• Eleventh General Review of Quotas, 10

• extended arrangements, 781

• remunerated position, 26

Reserve tranche purchases, exclusion of purchases and holdings

• credit tranches, 781

• emergency assistance, 362

• extended arrangements, 781

• General Arrangements to Borrow, 475

• New Arrangements to Borrow, 496

Resolutions. See Board of Governors Resolutions

Restrictions. See Exchange restrictions

Retention quotas, 514–16

Reviews under Fund arrangements

• extended arrangement, 355

• stand-by arrangement, 350

Revolving character of the Fund’s resources, 365, 389

Rights accumulation programs, 312, 772, 776, 777

• gold pledge, 775

Rights approach

• arrears to the Fund, reduction, 772

• extension of availability, 780

• gold pledge, 772

• modalities of gold pledge for use of PRGF Trust resources, 465, 772

• operational modalities, 772

• PRGF-HIPC Trust eligibility, 221

• PRGF-HIPC Trust qualification, 221

• three-year period norm, 773

ROSCs. See Reports on Observance of Standards and Codes

Rules and Regulations

• Rule G-1, fiscal agency, 477, 498

• Rule G-4, request for a purchase, 419

• Rule I-10, rate of remuneration, 438, 440

• Rule I-6(4)(a), 438, 440, 442

• Rule I-6(4)(6), 438, 440

• Rule I-6(4), rate of charge, 432, 434, 437, 790

• Rule I-6, rate of charge(4), 440

• Rule K-1, 623

• Rule O-1, value of SDR, 712

• Rule O-10, operational budget, 412

• Rule O-2(a), 712

• Rule O-2, valuation of currencies in terms of SDRs, 444, 477, 497, 712, 733, 734, 736, 738, 740

• Rule P-7, prescribed operation, 733, 735, 736, 738, 741, 742

• Rule P-9, recording of SDR transactions, 279, 718, 719, 720, 734, 736, 737, 739, 741, 742, 743

• Rule R-1 through Rule R-6, rules for reconstitution (abrogated), 749

• Rule T-1, 442

• Rule T-2, 752

S

SAF. See Structural Adjustment Facility

Safeguards assessment process

• audits, 306, 307, 308

• confidentiality, 308, 314

• distinction between first and second stages no longer applicable, 313

• first stage, 307, 313

• information/documents to obtain from central banks, 308

• reports to remain confidential, 311

• review, 308

• second stage, 308, 313

Safeguards, use of Fund resources

• benchmarks based on Code of Good Practices on Transparancy in Monetary and Financial Policies, 307

• publication of audited central bank financial statements, 307

Sales of currencies of members indebted to the Fund

• sale of currencies at the request of members with outstanding purchases, 418

Santiago Principles, 74

Schedule B, transitional provisions, 25, 425

Schedule F, designation, 745

Schedule G, paragraph 1(a), reconstitution, 749

Schedule J, settlement of accounts with withdrawing members, 478, 499

Schedule K, administration of liquidation, 478, 499

Schedule L, suspension of voting rights, 22, 802

SDA. See Special Disbursement Account

SDDS. See Special Data Dissemination Standard

SDRs. See Special drawing rights

Second Amendment

• Article IV (surveillance over exchange rate policies), 25

• payment of reserve assets in connection with subscription, 24

• repurchase under Schedule B, 425

• surveillance over exchange rate policies, 25

Security reasons, exchange restrictions for, 512

Settlement of disputes between members relating to external debt

• comparable treatment of creditors, 103

• Paris Club, 103

• role of the Fund, 102–5

SFF. See Supplementary Financing Facility

Short-Term Liqudity Facility

• repeal, 296

Side letters, use of Fund resources, 296–99

Sovereign default, 315, 379

Sovereign wealth funds

• generally accepted principles and practices (GAPPs), 74

• Santiago Principles, 74

Special accounts for administrative purposes

• calculation of holdings of a member’s currency, 666

Special Contingent Account. See also Burden sharing

• additions to, 755–56

Special Data Dissemination Standard (SDDS). See Dissemination Standards Bulletin Board

Special Data Dissemination Standards (SDDS)

• access by the public, 547

• balance-sheet approach, 68

• bulletin board on the internet, 556

• coverage, periodicity, and timeliness of data, 548

• debt sustainability assessments, 68

• integrity, 553

• liquidity management, 68

• quality, 554

• subscription, 555

Special Disbursement Account (SDA)

• ESAF-HIPC Trust, 232

• investment, 446

• PRGF-HIPC Trust, 218, 230

• repayment expectation under PRGF Trust, failure to meet, 203

• Structural Adjustment Facility administration, 447

• termination and transfer of resources from Trust Fund, 784

• termination of assistance from SAF in conjunction with loans from ESAF Trust, 464

• transfer of resources to the ESAF Trust and retransfer to the SDA, 462

Special drawing rights (SDRs)

• allocation for first basic period, 722

• allocation for fourth basic period, report of Managing Director, 821

• allocation for the ninth basic period, 732

• allocation for third basic period, 723

• allocations to new participants, third basic period, 728

• contributions to PRGF-HIPC Trust, 220

• currency reference rates, 711

• currency weights, 710

• designation review rules, 744

• designation rules, revision, 747

• euro, weight in valuation basket, 710

• harmonization of holdings, 745

• holders prescribed by the Fund

  • African Development Bank, 718

  • African Development Fund, 718

  • Andean Reserve Fund, 717

  • Arab Monetary Fund, 718

  • Asian Development Bank, 718

  • Bank for International Settlements, 717

  • Bank of Central African States, 718

  • Central Bank of West African States, 718

  • East African Development Bank, 718

  • East Caribbean Currency Authority, 718

  • Eastern Caribbean Central Bank, 718

  • European Central Bank, 718

  • International Bank for Reconstruction and Development (World Bank), 718

  • International Development Association, 718

  • International Fund for Agricultural Development, 718

  • Islamic Development Bank, 718

  • Nordic Investment Bank, 718

• Japanese yen, weight in valuation basket, 710

• means of repayment by members on indebtedness under loan

  • agreements, 783

• media of payment for charges in GRA, 430

• other holders, acceptance, holding or use, 714

• payment of net charges and assessment in the SDR Department for

  • FY ended April 30, 1982, 750

• payment of subscriptions, 24

• pound sterling, weight in valuation basket, 710

• PRGF-HIPC Trust unit of account and media of payment, 220

• reconstitution, abrogation of rules, 749

• reserve asset payments, 10, 24

• sales by the Fund for payment of subscriptions, 24

• sales by the Fund for the payment of charges, 431

• terms and conditions for accepting, holding, or using SDRs, 714

• transfers of SDRs for purchases under Article V, Section 3(f), 413

• U.S. dollar, weight in valuation basket, 710

• use in donations, 742

• use in ESAF Trust operations or under an administered acount, 720

• use in forward operations, 741

• use in loans, 736

• use in payment of Trust Fund obligations, 666, 783

• use in pledges, 736

• use in PRGF-HIPC Trust operations or under an administered account, 720

• use in repurchases, 424

• use in settlement of financial obligations, 733

• use in Structural Adjustment Facility operations, 719

• use in subsidy payment from SFF Subsidy Account, 719

• use in swap operations, 740

• use in transfers as security for the performance of financial obligations, 738

• valuation basket, guidelines for calculation of currency amounts, 709

• valuation basket, guidelines for calculation of currency amounts, revised guidelines, 709

• valuation of US dollar for purposes of Rule O-2(a), 712

• value of SDR, method of collecting exchange rates for calculation for purposes of Rule O-2(a), 712

Special Reserve

• income transfer from GRA account, FY 2009, 680

Specification of currencies, 412–13, 416

SRF. See Supplemental Reserve Facility

Staff reports on Article IV consultations. See also Surveillance;

• Enhanced surveillance

  • document exchange with WTO, 662

  • military expenditure, 96

  • presumed publication, 697

  • transmittal to international agencies, 662, 664

Staff reports on enhanced surveillance

• transmittal by members to creditors, 58–59, 107, 122

Staff reports on use of Fund resources and post-program monitoring

• publication policy, 697

Staff-monitored programs (SMPs), 62

Standards and Codes. See also Financial Sector Assessment Program; Reports on Observance of Standards and Codes; and Special Data Dissemination Standard (SDDS)

Stand-by arrangements. See also Access policy, use of Fund resources; Use of Fund resources

• access to credit tranches, normally through, 330

• arrangements not international agreements, 287

• blackout periods, reduction of, 347

• conditionality guidelines, 284

• consultation clauses, 288, 353

• contractual connotation avoidance, 287

• duration, normal, 330

• emergency purchases and, 364, 368

• external debt performance criteria, guidelines, 336

• first credit tranche, 330

• form, standard, 350

• ineligibility, 354, 754

• misreporting and noncomplying purchases, 300–303, 303, 304

• noncomplying purchases, 301

• nondiscriminatory treatment of members, 286

• overdue financial obligations to the Fund, 753

• performance criteria with respect to external debt, 342, 352

• performance criteria, accuracy of information, 304

• period for, 330

• phasing, 330

• policies and procedures, 330

• PRGF-HIPC Trust eligibility, 221

• PRGF-HIPC Trust qualification, 221

• prior actions, accuracy of information, 303

• program evaluation, 291

• repurchase, 354

• repurchase expectation, 301, 354

• reserve tranche purchases, 781

• review, 350, 351

• structural performance criteria not applicable, 292

• suspension of right to engage in transactions, 353

• uniform treatment of members, 286

• waiver for nonobservance of performance criteria, 301, 303, 304

• waiver of applicability of performance criteria, 303, 304

Strengthened cooperative strategy

• de-escalation of remedial measures, 777

• procedures, 766

• reversibility of actions, 776

• rights approach availability, extension, 780

Structural Adjustment Facility (SAF)

• access, potential, 449, 454

• amounts of assistance, 448

• commitment period, 449

• commitment period, new, 454

• disbursements, 450, 453

• eligible members list, 454

• income from investment and loans, 462

• interest, 451

• loans under Enhanced Structural Adjustment Facility (ESAF), 452

• protracted balance of payments problem, 255, 449

• purposes, 448

• qualification for assistance, 449

• resources, 448

• review, 457

• SDRs, use in operations, 454, 719, 720

• terms of loans, 451

Subscriptions. See also Quotas

• accounting by members, 23

• ownership of gold and currency, 23

• reserve asset payments, 24–26

Subsidy Account. See Supplementary Financing Facility Subsidy Account

Summings up and concluding remarks for policy items

• review and finalization process, 55

Supplemental Reserve Facility (SRF)

• exchange rate for payment of subsidies, 812

• overdue financial obligations, 353, 357

• repeal, 296

Supplementary Financing Facility (SFF) Subsidy Account, 786

• eligible members, 788

• instrument to establishment, 786

• investment, 788

• means of subsidy payments, 793

• rescheduling in cases of serious hardship, 785

• resources, 786

• SDRs, use of, 719

• subsidy amount, 788

• suspension of transfers and re-transfer of surplus, 793

• transfer from Special Disbursement Account, 787, 793

Surveillance. See also Article IV consultations;

• Enhanced surveillance

  • 1977 Decision, review of and proposal, 28

  • balance-sheet analysis, 68

  • bilateral surveillance over members’ policies, 37

  • bilateral surveillance, 2007 decision, 37

  • bilateral, 2007 decision, transitional issues, 57

  • Central African Economic and Monetary Union, 80

  • consultation cycles, changes, 64

  • data provision, 66

  • Eastern Caribbean Currency Union, 81

  • euro area, 77, 78

  • extension of theree-month period, 71

  • principles for the guidance of members’ policies, 42

  • principles for the guidance of the Fund, 39

  • priorities, 2008–2011, 52

  • procedures, 43

  • publicity, 702

  • review of general implementation, two-year intervals, 59, 62

  • ROSCs, 67, 70

  • Special Data Dissemination Standards, 69

  • staff-monitored programs, 62

  • three-month rule, 70

  • timetable of procedures, 756

  • triennial review, 2008, 47

  • West African Economic and Monetary Union, 83

Suspension of membership, 762

Suspension of voting rights

• participation in International Monetary and Financial Committee, 802

Swiss National Bank

• GAB participant, 481, 485

• NAB participant, 503

T

Technical assistance

• cooperation with Trusteeship Council, 830

• exchange rate system simplification, 531

• Framework Administered Account for, 142

• members not cooperating with the Fund, 761, 762

• post-conflict countries, 366

• transmittal of reports to international agencies, 662

Terrorism financing. See Combating the Financing of Terrorism

Trade. See also World Trade Organization

• structural maladjustments in trade, Extended Fund Facility, 344

• Trade Integration Mechanism, 408

• trade-related balance of payments adjustments, 408

Trade Integration Mechanism, 408

Trade restrictions

• avoidance of escalation, 521, 813

• emergency assistance, 362, 365

• ESAF, 211

• import restrictions for balance of payments reasons, extended arrangements, 357

• import restrictions for balance of payments reasons, GATT, 519

• import restrictions for balance of payments reasons, stand-by arrangements, 353

• WTO involvement, 656

Tranche policies

• first credit tranche, 330

• floating tranche, 291

Transferability of claims

• General Arrangements to Borrow, 485

• New Arrangements to Borrow, 497

Transparency. See also Publication

• archives, access by outside persons, 614

• foreign reserves management, 306

• governance, 85

• policy on disclosure and information, 684

• safeguards for use of Fund resources, 307

Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries and for Interim ECF Subsidy Operations (PRG-HIPC Trust)

• amendment of PRGF-HIPC Trust to PRG-HIPC Trust, 216

• instrument to establish, 216

Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and for Interim PRGF Subsidy Operations (PRGF-HIPC Trust)

• administration of, 229

• amendment of, 231

• Annual Progress Report (APR), 218

• assistance amount, 223

• completion point, 217, 224, 225, 226, 227, 237, 238, 239, 240

• contributions by other donors, 232

• contributions to, 268

• debt sustainability, 217, 221, 223, 226, 227, 237, 238, 247

• debt sustainability analysis, 217

• debt-to-exports ratio, 217, 226, 240

• debt-to-revenue ratio, 217

• decision point, 217, 221, 223, 225, 236, 238, 243, 247, 248

• eligibility, 221, 247

• grace period on loans, 228

• grants and loans, 221

• Guidelines on Misreporting, 219

• implementation, progress, 238–42

• implementation, review, 242–46

• instrument to establish, adoption of, 214

• interest, 218, 228

• interim assistance, 225

• Interim Poverty Reduction Strategy Papers (I-PRSPs), 218, 245

• investment of resources, 220, 230, 232

• Joint Staff Advisory Note (JSAN), 218

• liquidation, 230

• maturity of loans, 227

• operation and liquidation, 230

• Paris Club, 217, 222, 224, 239, 244, 248, 249

• performance-related conditions, 225, 233

• Poverty and Social Impact Analysis (PSIA), 253

• Poverty Reduction Strategy Papers (PRSPs), 218, 222, 240, 243, 250

• purposes, 219

• qualification for assistance, 221

• rescheduling of payments not allowed, 228

• retransfers authorized, 232

• SDRs, use in operations, 230, 720

• self-sustained operations, 218, 230, 242

• special charges on overdue interest and repayments, 432

• Special Disbursement Account, transfers from, 220

• streamlining preliminary HIPC documents, 247

• subsidies for interim PRGF operations, 228

• terms of assistance, 227

• track record of performance, 237, 239, 243, 247, 250

• transformation of ESAF-HIPC Trust to PRGF-HIPC Trust, 204

• Trust Account and resources, 219

Trust for Special PRGF Operations Heavily Indebted Poor Countries and for Interim PRGF Subsidy Operations (PRGF-HIPC Trust)

• completion point, 248

• decision point, 248

• eligibility and eligible members, 249

• implementation status, 247

• sunset clause, 231, 249

Trust Fund

• final direct distribution of profits, 784

• means of repayment by members on their indebtedness under loan agreement, 783

• overdue interest and repayments, 432

• SDRs, use in payment of Trust Fund obligations, 718

• special charges on overdue financial obligations, 431–32, 784

• termination and transfer of resources to Special Disbursement Account, 446, 784

• terms of repayment of final loan disbursement and amendment of Trust instrument, 785

U

Undue delay in availability or use of foreign exchange, 469, 520

Uniformity of treatment principle

• post-conflict assistance, 371

• settlement of disputes among members, comparable treatment, 103

• use of Fund’s general resources, 286

United Nations

• agreement with the IMF, 827–33

• Convention on the Privileges and Immunities of the Specialized Agencies, 834–51

• exchange of documents with, 829

• UNDP, exchange of documents with, 664

• Uniting for Peace General Assembly Resolution, 798

United States (U.S.) dollars

• financial statements of Framework Account, expressed in, 145

• maintenance of value, rates for computation, 444

• means of payment by members on indebtedness under Trust Fund loan agreements, 783

• medium of payment, loan disbursements, repayments, and interest under GAB, 452

• medium of payment, MDRI-I Trust, 260

• medium of payment, MDRI-II Trust, 267

• medium of payment, PRGF-HIPC Trust, 220

• payment of special charges on overdue payments, Trust Fund loans, 433

• payments of interest on members’ indebtedness under Trust Fund loans, 783

• valuation in terms of special drawing rights as per Rule O-2(a), 712

• weight in SDR valuation basket, 710

Use of Fund resources. See also Access policy, use of Fund resources;

• Charges;

• Compensatory Financing Facility;

• Conditionality;

• Contingent Credit Lines;

• Emergency assistance;

• Emergency financing mechanism;

• Extended arrangements;

• Extended Fund Facility;

• First credit tranche;

• General Resources Account;

• Misreporting and noncomplying purchases;

• Purchase transactions;

• Repurchases;

• Reserve tranche purchases;

• Stand-by arrangements;

• Supplemental Reserve Facility;

• Supplementary Financing Facility;

• Systemic Transformation Facility;

• Waiver of limitation of 200 percent of quota under Article V, Section 3(6)(iii)

• accordance with purposes of the Fund, 283

• arrears, resolving the problem of, 764

• authority of the Fund to use its resources

  • Resolution, 797

  • resolving problem of arrears, 283

• capital transfers, 283, 468

• conditionality guidelines, 284–92

• financing current account deficits, 283

• Flexible Credit Line, 293, 326

• form, extended arrangement, 355

• form, stand-by arrangement, 350

• inelibility, effect on purchases under extended arrangement, 358

• ineligibility under Article V, Section 5, 419

• ineligibility, effect on purchases under stand-by arrangement, 353

• interpretation of Articles of Agreement, 283

• limitation and ineligibility under Article V, Section 5, 419

• meaning of “consistent with the provisions of this

• Agreement”under Article V, Section 3, 283

• meaning of “represents”, 284

• meaning of “represents” that a member has a need to make purchases, 284

• nondiscriminatory treatment of members, 286

• performance criteria and phasing, 334

• postponement and limitation under Article V, Section 5, 419

• rate of charge, FY 2010, 442

• repayment expectation under PRGF-ESF Trust, failure to meet, 203

• repeal of CFF, SRF, and Short-term Liquidity Facility, 295

• resumption of purchases under extended arrangement after decision of formal ineligibility, 358

• resumption of purchases under stand-by arrangement after decision of formal ineligibility, 353

• safeguards, strengthening of, 304–9

• side letters, 296, 299

• suspension of exchange transactions, effect on General

  • Arrangements to Borrow, 478

• suspension of transactions under extended arrangement, 358

• suspension of transactions under stand-by arrangements, 353

V

Voluntary Declaration on Trade and Other Current Account Measures, 813

Voting power majority

• compulsory withdrawal, 768

• Eleventh General Review of Quotas, 10

• SDR allocation, 821

Voting rights, suspension. See Suspension of voting rights

W

Waiver of limitation of 200 percent of quota under Article V, Section 3(b)(iii)

• emergency assistance, 362

Waiver of performance criteria

• applicability, 290, 303, 304

• nonobservance, 156, 303, 304

Waiver of special charges, 432

World Bank (International Bank for Reconstruction and Development)

• agreement with WTO, 858, 859, 861

• Bank-Fund collaboration, 97, 629, 639, 640, 646

• collaboration with Fund and WTO, 659, 660

• collaboration with Fund on corporate sector vulnerability analysis, 59

• collaboration with Fund on shifting resources from military, 97

• Development Committee, 805

• ESAF policy framework process, 211

• Financial Sector Assessment Program, 110

• Fund-Bank Concordat, 627

• governance, 86, 88, 94

• HIPC Initiative, 236, 243, 245

• investment by Fund of currencies received by SFF Subsidy, 792

• military expenditures, 97

• observer status in the Fund, 639

• post-conflict assistance, 366

• prescribed holder of SDRs, 718

• PRGF-HIPC Trust, 217

• rights approach, 773

• suspension of voting rights, 769

World Economic Outlook (WEO)

• military spending, 96

• multilateral surveillance, 49, 60, 285

• WTO observer status, 864

World Trade Organization (WTO)

• balance of payments consultations, 656

• coherence in global policymaking, 656

• consistency of policy advice and obligations, 657

• cross-conditionality, avoidance, 658

• document exchange, 661

• Fund staff observer at WTO meetings, 864

• guidelines/framework for Fund staff collaboration, 655

• IMF-WTO Agreement, text, 36

• observer status, 660

• resolution of open jurisdictional issues, 659

• suspension of exchange transactions, effect on General Arrangements to Borrow, 478

• suspension of transactions under extended arrangements, 358

• suspension of transactions under stand-by arrangements, 353

• WTO staff observer at Executive Board meetings, 864

WTO. See World Trade Organization