Access policy, use of Fund resources

• access guidelines and limits in credit tranches and under Extended Fund Facility, 456

• balance of payments needs, 447

• capital account crises, 461

• capital account crises, modifications to Supplemental Reserve Facility, 467

• capital account crises, prevention, 475

• exceptional circumstances, 462, 473

• exceptional circumstances, review, 472–75

• Flexible Credit Line, 345

• modifications to Supplemental Reserve Facility, 467–71

• post-conflict countries, 436

• Rapid Credit Facility, 204

• Rapid Financing Instrument, 424

• review, 467–71

• revolving character of Fund resources, 434, 459

Accounting by members

• ownership of gold and currency subscriptions, 19

Administrative Account

• balances, 855

• reserve tranche position, 855

Africa Regional Technical Assistance Centers Subaccount, 178

African Development Bank

• communication concerning members’ arrears to the Fund, 834

• exchange of document, 742

• prescribed holder of SDRs, 799

African Development Fund, 799

Andean Reserve Fund

• prescribed holder of SDRs, 798

Annual Report (IMF), 273, 319

Anti-money laundering

• assessing a global standard and preparing ROSCs, proposals, 158–63

• effectiveness, review of program (2011), 168

• FSAP framework, 169

• Fund involvement, 154

• methodology document, 159

• offshore financial center assessments, 151, 158

• twelve-month pilot, program review, 163–73

Arab Monetary Fund

• exchange of documents with, 742

• prescribed holder of SDRs, 799

Archives policy

• access by outside persons, 692

Arrears

• lending into arrears, 448, 450–54

• settlement of disputes between members, 117, 455–56

Arrears of a member to creditors other than the Fund

• debt strategy, 448

• extended arrangements, performance criterion, 401

• first credit tranche, 446

• Fund lending into nonsovereign arrears, 449

• Fund lending into sovereign arrears, 449

• Fund policies and procedures, 447

• nontoleration of arrears to official creditors, 448

• performance criteria, 449

• stand-by arrangement, performance criterion, 401

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

Article I, purposes of the Fund, 334, 586, 591

Article I (v), temporary availability of Fund’s general resources, 394

Article II, Section 2 membership, 20

Article III, Section 2, adjustment of quotas, 3

Article IV consultations, 109, 110

• annual, principle of, 65

• Article VIII restrictions, 594

• Article XIV restrictions, 594

• Central African Economic and Monetary Union, 93

• collaborative efforts, 719

• conditionality discussions, 342

• consultation cycles, 71

• data provision, 74

• document exchange with WTO, 734

• early warning system models, 66

• Eastern Caribbean Currency Union, 95

• enhanced surveillance, 118–21

• euro area, 79–92, 92

• European Central Bank, observer status, 731–32

• evaluation and review of related programs, 342–43

• Financial Sector Assessment Program (FSAP), 121–27

• governance issues, 98, 103, 105

• integration of stability assessments, 134

• lapse of time procedures, 79

• military expenditures, 109

• multiple currency practices, 598

• Post-Program Monitoring, 373

• procedural deadlines for completion, 422

• prolonged users of Fund resources, 374

• Public Information Notices, release, 785–87

• Recent Economic Development reports, 65, 739, 743

• stability assessments under FSAP, integration of, 134

• staff reports, release to international and multilateral agencies, 739–42

• surveillance priorities, 2008-2011, 48

• three-month period, 78

• use of Fund resources, 342

• World Bank, collaboration with, 723

• World Bank, observer status, 717

• World Trade Organization, observer status, 738, 934

Article IV, Section 1, principles for guidance of members’ policies, 38

Article IV, Section 1(i), surveillance, 134

Article IV, Section 1(ii), surveillance, 134

Article IV, Section 1(iii), 25, 26

Article IV, Section 1(iii), manipulation of exchange rates, 42

Article IV, Section 2, notification of exchange arrangements, 23

Article IV, Section 3(a), surveillance over exchange rate policies, 25

Article IV, Section 3(b), surveillance over exchange rate policies consultation cycles, 71

Article V, Section 1, designation of fiscal agency, 547

Article V, Section 2(b), 761

Article V, Section 2(b), financial and technical services, 173, 298, 314, 321

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

• application of Fund policies to purchases of currency borrowed by Fund, 491, 544

• early repurchase guidelines, 491

• meaning of “consistent with the provisions of this agreement,” under Article V, Section 3, 334

Article V, Section 3(b)(ii)

• balance of payments need, 253

• meaning of “represents” that a member has a need to make purchases, 335

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

• Extended Fund Facility, 395

Article V, Section 3(d), operational budgets

• assessment of strength of members’ balance of payments and gross reserve position for operational budgets, 480, 485

• selection of currencies in purchases, 482

Article V, Section 3(f), transfers of SDRs, 481

Article V, Section 5, limitation on use of Fund’s resources, 352

Article V, Section 6(b), transfers of SDRs by the Fund, 485

Article V, Section 6(c), sales of SDRs by the Fund, 490

Article V, Section 7(b), early repurchases

• assessment of strength of member’s balance of payments and gross reserve position, 480

• assessment of strength of members’ balance of payments and gross reserve position, 491

Article V, Section 7(c), repurchases, 493

Article V, Section 7(i), selection of currencies for repurchases, 485, 494

Article V, Section 8, charges, 497

Article V, Section 8(a), charges, 501, 503

Article V, Section 8(b), charges, 493, 501, 503, 855

Article V, Section 8(c), charges, 497, 500, 503

Article V, Section 8(d), charges, 497

Article V, Section 8(e), charges, 497

Article V, Section 9(a), remuneration, 855

Article V, Section 11, maintenance of value, 514

Article V, Section 12(f)(ii), Special Disbursement Account (SDA) resources for assistance to low-income developing members, 516

Article V, Section 12(f), other operations and transactions gold sales, 535, 859

Article V, Section 12(h), investment of member’s currency held in SDA, 516

Article V, Section 12(j), adoption of regulations for administration of Structural Adjustment Facility, 516

Article VI, capital transfers

• use of Fund resources for, 538

• WTO, information on Fund decisions requesting a member to exercise controls to prevent a large or sustained outflow of capital, 928

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

• freedom to adopt regulations on capital movements, 539

Article VI, Section 2 of the Articles of Agreement of the Bank, 881

Article VI, Section 3, controls on capital transfers, 539

Article VII, Section 1, replenishment and scarce resources

• borrowing by the Fund, 540

Article VII, Section 3(b), scarce currency, 585

Article VIII, general obligations of members

• acceptance of obligations, 593

• bilateral payments agreements, 407

• bilateral payments arrangements, 402

• bilateralism, 586

• consultations, World Bank observer, 717

• payments restrictions, 115, 586, 590–92

• restrictions, 593

• retention quotas, 589

• settlement of disputes between members, 115

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

• acceptance of obligations under, 591

Article VIII, Section 2(a)

• restrictions on current payments and transfers, 585

• undue delays as payment restrictions, 593

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

• interpretation, 583–84

Article VIII, Section 3, avoidance of discriminatory currency practices

• acceptance of obligations under, 588, 591

• multiple currency practices, 591, 599, 600

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

• acceptance of obligations under, 593

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

• consideration of report by Managing Director, time periods, 610

• declaration of censure, 612

• handling of potential breaches, 617

• members’ obligations, 608

• procedures prior to report by the Managing Director to the Executive Directors, 609

• report by Managing Director, 610

• review, 2008, 616

• sanctions, 612

• strengthening effectiveness of, 75, 608

Article IX, Section 5, immunity of archives, 692

Article IX, Section 7, privilege for communications, interpretation, 697

Article X, relations with other international organizations, 897

Article XII, Section 3(b), proposed amendment, 14

Article XII, Section 3(b)(i), Executive Directors, appointed, interpretation, 745

Article XII, Section 3(b)(i), voting by Executive Directors, 18

Article XII, Section 3(c), election of Executive Directors, 18

Article XII, Section 3(c), proposed amendment, 14

Article XII, Section 3(d), proposed amendment, 15

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

• Alternate Executive Directors, additional, 11

• interpretation, 745

Article XII, Section 3(f), proposed amendment, 15

Article XII, Section 3(i), 15

Article XII, Section 3(i)(ii), voting by Executive Directors, 18

Article XII, Section 3(j), 699

Article XII, Section 3(j), proposed amendment, 16

Article XII, Section 4, Managing Director and staff, 754

Article XII, Section 6(d)

• partial distribution of windfall gold sale profits, 761

Article XII, Section 6(f), 759

Article XII, Section 6(f)(ii), 759

Article XII, Section 6(f)(ix), 761

Article XII, Section 6(f)(vi), 761

Article XII, Section 6, reserves, distribution of net income, and investment, 755

Article XII, Section 7, publication of reports, 765

Article XII, Section 7(a), 787, 901

Article XII, Section 8, proposed amendment, 16

Article XIII, Section 2, 579

Article XIV, exchange restrictions under transitional arrangements

• availment of transitional provisions, 591

• bilateralism, 586

• commitment to current account convertibility, 593

• consultations, World Bank, 717

• multiple currency practices, 589

• retention quotas, 588

• settlement of disputes between members, 115

Article XIV, Section 2, exchange restrictions

• maintenance of orderly exchange arrangements, 600

• multiple currency practices, 599–603

• restrictions related to national security, 585

• transitional arrangements, 584, 587

• undue delays as payments restrictions, 593

Article XIV, Section 3, representation by the Fund

• application, 600

• meaning of “exceptional circumstances” in Article XIV, Section 3, 789

Article XVII, Section 3, 761

Article XVII, Section 3, other holders of SDRs, 320, 795

Article XVIII, 803

Article XVIII, Section 1(a), principles and considerations governing SDR allocation and cancellation, 804

Article XVIII, Section 4(c)

• allocation and cancellation of SDRs, 805

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

• donations, 816

• forward operations, 815

• loans, 808

• other holders, 795

• pledges, 810–12

• settlement of financial obligation, 807

• swap operations, 814

• transfers as secruity for the performance of financial obligations, 812

Article XIX, Section 4, limit on SDR Department participant’s obligation to provide currency, 544

Article XIX, Section 5, designation of participants to provide currency, 818

Article XIX, Section 5(a)(i), designation plans, 480, 821

Article XIX, Section 5(c), designation rules in SDR Department, 821

Article XIX, Section 6(b), reconstitution, 823

Article XIX, Section 7(a), calculation of exchange rates, 546, 807, 808, 810, 812, 814

Article XX, Section 1, interest paid on holding of SDRs, 795

Article XX, Section 2, SDR Department interest and charges, 824

Article XX, Section 4, assessments, 826

Article XX, Section 5, application against unpaid charges of SDRs acquired by participants after payment date, 825

Article XXI(a)(ii), proposed amendment, 16

Article XXIII, Section 1, suspension of operations and transactions in SDRs, 797

Article XXIV, Sections 1(a) and 1(b), 803

Article XXIV, Section 4, 803

Article XXVI, Section 2(b), 876, 881

Article XXVI, Section 3, withdrawal from membership, 548

Article XXIX, interpretation

• New Arrangements to Borrow, interpretation outside the purview of Article XXIV, 549

• unenforceability of exchange contracts, 541

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), 745

• authority of the Fund to use its resources, 334, 871

• privilege for communications, Article IX, Section 7, 697

• unenforceability of exchange contracts under Article VIII, Section 2(b), 583

Article XXIX(a), proposed amendment, 17

Article XXX(c), definition of reserve tranche purchase

• exclusion of purchases and holdings from EFF, 855

Article XXX(c)(iii), exclusion of purchases and holdings in credit tranches or under extended arrangements, 855

Article XXX(f), freely usable currencies, 790, 856

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

Articles of Agreement

• amendment, Resolution 66-2, 7

• voice and participation, amendment to enhance, 6

Asian Development Bank

• communications concerning members’ arrears to the Fund, 834

• exchange of documents with, 740

• prescribed holder of SDRs, 799

Assessment under Article XX, Section 4, 826

Attribution, rule of

• members indebted to Fund, 486

• reduction in Fund’s holdings of currency, 495–96

Audit

• external audit firm, 787

• framework Administered Account, 176

• Post-SCA-2 Administered Account, 321

• PRGF-HIPC Trust, 271, 280

• safeguards for use of Fund resources, 335

• Supplementary Financing Facility Subsidy Account, 859

Authorized signatories, 754

Balance of payments need

• access policy, 458

• conditionality, 335

• emergency assistance, post-conflict countries, 435

• extended arrangements, 409

• Extended Fund Facility, 408

• Fund-supported programs, 337

• lenders to ESAF Trust, need because of developments in reserves, 242, 270

• Precautionary and Liquidity Line, 427

• protracted balance of payments problems, 518

• Rapid Financing Instrument, 423

Bank for International Settlements (BIS)

• cross-border capital flows, surveillance of, 55

• investment by Fund of currencies held by Borrowed Resources Suspense Accounts, 580

• investment by Fund of currencies received by SFF Subsidy Account, 867

• prescribed holder of SDRs, 798

Bank of Central African States

• prescribed holder of SDRs, 799

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

• conditionality, 723–28

• country programs, 724

• debt sustainability assessments, 730

• Financial Sector Assessment Program, 123

• financial systems, 724

• IMF-World Bank Concordat, 705–17

• longer-term program engagement, 377

• observer status, generally, 717

• World Bank observer status, 718

Bilateral payments arrangements

• extended arrangement, 407

• stand-by arrangement, 403

• three-month settlement rule, temporary exemption, 587

Bilateralism and convertibility, 586–87

BIS. See Bank for International Settlements

Blackout periods

• reduction in GRA arrangements, 397

Board of Governors Resolutions

• Composite Resolution, 873

• quota and voice reform, 3

• SDR allocation, First Basic Period, 803–4

• SDR allocation, Ninth Basic Period, 805

• SDR allocation, Third Basic Period, 804

Borrowed Resources Suspense Accounts

• establishment, 579

• investment by the Fund of currencies held in, 579–80

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

• guidelines, 580

• Note Purchase Agreement, 582

Burden sharing

• implementation in FY 2000, 504

• implementation in FY 2001, 506

• implementation in FY 2007, 509

• principles of, 506

• rate of charge, determination of, 507

By-Laws

• Section 13, vote without meeting, 3

• Section 20, audits, 176, 268, 273, 305, 312, 318, 322, 787, 866, 912

• Section 22, compulsory withdrawal, 836, 839, 840

Capital account crises

• access policy, 461

• exceptional access policy, 2004 review, 472

• exceptional access policy, SRF, 467

Capital flows

• action to limit disequilibrium flows, Composite Resolution, 887

• Fund’s role in cross-border flows, 54

• multilateral aspects of policies, 59

• possible policy framework, 56

• WTO, information on Fund decisions requesting a member to exercise capital controls, 933

Capital transfers

• controls by members, 539

• multiple currency practices applicable solely to, 597

• payments arrears, 437

• use of Fund’s resources for, 598

Caribbean Development Bank (CDB), 742

Censure

• draft declaration, 836

Central African Economic and Monetary Union

• surveillance over monetary and exchange rate policies, 93

CFF. See Compensatory Financing Facility

Charges

• accounting for charges from members with overdue obligations, 497

• administrative account balances, 855

• extended arrangements, 403

• Extended Fund Facility, 396

• future changes in charges, 497

• media of payment in General Resources Account, 499

• payment by nonparticipant in the SDR Department, 499

• payment of net charges and assessment in the SDR Department for FY ended April 30, 1982, 824

• rate of charge for use of Fund resources, FY 2011, 512

• rate of charge for use of Fund resources, FY 2012, 511

• setoff in connection with a retroactive reduction of charges due by members in arrears, 503

• special charges on overdue financial obligations to the Fund, 500–501, 502

• stand-by arrangements, 403

• surcharge on purchases in credit tranches and under EFF, 497

• value date for payments of special charges, 502

• waiver of special charges, 501

Code of Good Practices on Transparency in Monetary and Financial Policies, 358

Collateral, 649

• collateral guarantees on debt, international reserves template, 649

Combating the financing of terrorism, 151, 158–60, 160–63

Committee on Reform of the International Monetary System Composite Resolution, 873–84

Communications, privilege for interpretation of Article IX, Section 7, 697

Compensatory Financing Facility

• indicative targets, 339, 340, 341

• repeal, 347

• repurchase expectation, 491

• repurchases, 491

Compulsory withdrawal, 838, 840, 841, 846

Concessional financing

• eligibility to use Fund’s facilities, 529

• use of Fund’s facilities, 529

Conditionality

• Bank-Fund collaboration, 724

• benchmarks, 339, 340, 341

• consistency with WTO agreements, 735, 736

• consultation clauses, 339

• emergency assistance, natural disasters, 433–35

• emergency assistance, post-conflict countries, 436

• emergency financing mechanism, 368

• financing assurance reviews, 340

• first credit tranche, 379

• floating tranches, 342

• guidelines on, 335

• individual circumstances of members, 336

• letters of intent, 339

• modalities, 338

• outcomes-based, 338

• ownership, 336, 362, 724–28

• performance criteria, 340

• performance criteria and phasing, relationship, 384

• performance criteria on external debt, guidelines, 386

• performance criteria with respect to foreign borrowing, 392

• PRGF-ESF arrangements, 381

• principles, 335

• prior actions, 339, 350, 354, 382

• program design, 336

• program review, 340–43

• stand-by arrangement, normal access to credit tranches, 379

• streamlining, 380, 382

• structural benchmarks, 339–43

• structural performance criteria inapplicable, 343

• upper credit tranche stand-by arrangements, 459

• waiver, adopting measures prior to granting of, 339

• waiver, nonobservance of performance criteria, 341

Confidentiality

• exchange of documents with other international agencies, 741

• FSAP Confidentiality Protocol, 144–47

• side letters, 343–50

Consultation clause

• extended arrangements, 408

• stand-by arrangements, 404

Consultation cycles, Article IV. See also Article IV consultations

• annual in principle, 65

• FCL or PLL arrangement, effect of, 73

• flexibility in, 65

• interval between Article IV consultations, 65

Consultations other than under Article IV

• acceptance of obligations of Article VIII, Sections 2, 3, and 4, 591

• Article VIII restrictions, 585, 586, 717

• Article XIV restrictions, 586, 589, 717

• bilateral agreements, 586

• competitive depreciation, 595

• conditionality, consultation clauses, 339

• GATT Contracting Parties, 702

• multiple currency practices, 589

• prescribed holders of SDRs, 796

• PRGF-ESF, consultation with creditors, 246

• sale of members’ currencies, 481

• trade and payments restrictions, escalation, 595

• United Nations, 899, 901

• World Trade Organization, 734–37

Contingent Credit Lines (CCLs)

• extended arrangements and, 404

Convertibility

• acceptance of obligations of Article VIII, Sections 2, 3, and 4, 590

• bilateralism, 586

• currency, 588, 590

• current account of the balance of payments, 590, 592

• retention quotas, 587

Cross-border capital flows

• surveillance, 54

Cross-conditionality

• avoidance, 715

Currencies

• attribution of reduction of Fund’s holdings, 495–96

• charges on Fund’s holdings in excess of quota, 497

• freely usable, 316, 790, 797, 856, 865

• General Resources Account, 480–81, 485, 499, 513–15

• guidelines for operational budget allocation of currencies, review, 483

• maintenance of value, 513–15

• presently needed for making payments, 335

• repurchases, 492

• reserve asset payments, 19, 21

• sale of currencies of members with outstanding purchases, 481, 483

• SDR valuation basket, 790–94

• subscription to the Fund, ownership, 19

• use in operational budgets, 480–81

Current international transactions (current account transactions)

• bilateralism, 586

• multiple currency practices, 597–600

• payments arrears, 448

• restrictions involving WTO members, 737, 933

• restrictions on payments and transfers, 586, 590

• undue delays in availability or use of foreign exchange, 593

• use of Fund resources, 335

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

Data Dissemination Standards Bulletin Board

• General Data Dissemination System (GDDS), 688

• Special Data Dissemination Standards (SDDS), 630

Data provision to the Fund for surveillance, 74

• review, 2008, 616

Data Standards Initiative

• review (2012), 689

• SDDS Plus tier, 689

Debt limits

• performance criteria in Fund arrangements, 386

Debt operations

• condition precedent clauses, 455

• management of the debt situation, 454

• mandatory prepayment, 455

• stand-by arrangements and, 407

Debt-service ratio, 286

Debt strategy

• payments of arrears to creditors, 446, 448, 593

Debt sustainability assessments, 728–31

• Fund-Bank collaboration, 728

Debt sustainability framework

• low-income countries, 238

Declaration of censure, 835

• draft declaration, 839

Declaration of ineligibility, 834–35, 839, 841

• publicity, 783, 850

• termination, 850

• timing, 845

Declaration of noncooperation, 835, 842

• draft declaration, 839

• publicity upon withdrawal, 851

• termination, 850

• timing, 845

De-escalation of remedial measures, 851–54

Default, sovereign, 369, 448

Designation, SDR Department

• acceptance limit, 820

• assessment of strength of balance of payments and governance position, 480–81

• rules for designation, review, 818–21

• rules for designation, revision, 821–22

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, 892

• establishment and composition, 880

• Executive Directors’ participation in meetings, 882

• HIPC Initiative, 274, 281

• Managing Director’s participation in meetings, 882

• procedures, 883–84

• rules of procedure, 891

• WTO observer, 738

Discrimination

• balance of payments reasons, 589

• disputes between members, comparable treatment of creditors, 116, 448

• multiple currency practices, 603

• nondiscriminatory treatment of members, use of general resources, 336–37

Disputes between members

• comparable treatment principle, 116

• role of the Fund, 118, 455

Document exchange. See Exchange of documents with other international agencies

Early repurchases

• emergency financing mechanism, 383

• guidelines, 491–93

• member’s balance of payments and gross reserve position, 491

Early warning system models, 66

Easing work pressures

• omnibus paper, 417

East African Development Bank

• prescribed holder of SDRs, 799

East Caribbean Currency Authority

• prescribed holder of SDRs, 799

Eastern Caribbean Central Bank

• prescribed holder of SDRs, 799

Eastern Caribbean Currency Union

• surveillance over monetary and exchange rate policies, 95

EC. See European Commission

ECB. See European Central Bank

EFF. See Extended Fund Facility

EFM. See Emergency financing mechanism

Emergency assistance

• natural disasters, 433

• post-conflict countries, 260, 438–42

• PRGF-HIPC Trust qualification, 260–62

• repeal and replacement by Rapid Financing Instrument, 425

• repurchase, 492

Emergency financing mechanism (EFM), 368–72

• conditions for activation, 371

• early repurchase, 372

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

• access limits, 251

• benchmarks, 250

• blend of general and SAF/ESAF resources, 849

• borrowing for Loan Account, consultation with creditors, 246

• commitment amount not normally reduced, 251

• commitment period, 247

• eligible members, 523

• emergency assistance, relation to, 436

• establishment, 246–47, 525–32

• gold pledge, 846, 849

• gold, use of, 249

• legal documentation, 252–53

• loans in conjunction with existing facility, 248

• loans in conjunction with SAF loans, 521

• loans to Trust as member’s official reserves, 252

• maturity of loans, 248

• objectives of programs, 250

• operational agreements, 246–52

• overdue financial obligations to Fund, 830

• performance criteria, 245, 250

• phasing of disbursements, 252

• prior actions, 244, 250

• rescheduling not available, 249

• review, 250

• review of arrangements, mid-year, 248, 250

• rights accumulation program, 848

• Special Disbursement Account, 248

• Structural Adjustment Facility, assistance in conjunction with, 521–22, 534

• Subsidy account, 248

• transfer and retransfer of resources from and to Special Disbursement Account, 532–34

• transformation to PRGF Trust, 242–44

• use of SDRs, 801

Enhanced surveillance

• annual and mid-year consultation reports, 112–13

• Article IV consultations, 113, 114

• Article VIII obligations, 593

• criteria and procedures, 119–20

• Executive Board involvement, 121

• Fund’s role in assisting members with creditors, 118–20

• midterm review, 112–13

• quantified economic policy programs, 114

• revised procedures, 113–14

• staff reports, transmittal by member to creditors, 113–14, 120

Enlarged access

• criteria for use of Fund resources, validity, 458–61

• repurchases, 459

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, 856

• rates for computation and maintenance of value, 513

• reference rates, European System of Central Banks, 794

• weight in SDR valuation basket, 792

Euro area members

• surveillance over monetary and exchange rate policies, 92, 731–33

European Bank for Reconstruction and Development (EBRD)

• exchange of documents with, 742, 743

European Central Bank (ECB)

• euro reference rates, 794

• observer status, 731–32

European Commission (EC)

• Article IV consultations, 92–93

• exchange of documents with, 742, 743

European Investment Bank (EIB)

• exchange of documents with, 742

European System of Central Banks, 794

Exceptional access policy, 462

Exchange arrangements. See also Exchange rates; Multiple currency practices

• exchange taxes and subsidies, notification, 24

• flexible, notification of significant decision, 23

• intervention, 24

• multiple currency practices, prior Fund approval, 24

• notification of, 23

Exchange contracts

• unenforcability, Fund’s interpretation of Article VIII, Section 2(b), 583

Exchange controls. See also Exchange restrictions

• nonsovereign arrears stemming from imposition, 449

Exchange of documents with other international agencies

• ad hoc requests, 743

• agencies meeting criteria for exchange, 742

• Article IV consultation staff reports, 738, 743

• changes in procedures, 743

• criteria for access, 741–42

• Recent Economic Developments reports, 739, 743

• technical assistance reports, 740

• use of Fund resources staff papers, 739–40, 743

Exchange rate policies. See also Exchange arrangements

• euro area, 731–32

• surveillance over, 24–43, 61

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

• coherence in global policymaking, 734

• computations and maintenance of value, 513–15

• computations and maintenance of value (value date), 513

• fixed, 598

• floating guidelines, 886

• fluctuating, 23, 598–99

• General Arrangements to Borrow, 546

• manipulation, 42

• New Arrangements to Borrow, 547

• unification in multiple rate systems, 603

Exchange restrictions. See also Capital transfers; Multiple currency practices

• approval by Fund, 594

• Article VIII, Section 2, 3, and 4 obligations, 591–92

• avoidance of escalation, 595

• balance of payments reasons, 592

• bilateralism, 586–87

• competitive depreciation, 595

• consultations with Fund, 591–92, 595

• discrimination for balance of payments reasons, 590

• emergency assistance, 434–35

• Fund representation in exceptional circumstances under Article XIV, Section 3, 601, 789

• guiding principle on whether a measure is an exchange restriction, 591

• non-balance of payments reasons, 592

• performance criteria, extended arrangement, 406

• performance criteria, stand-by arrangement, 401

• retention quotas, 587–89

• security reasons, 585–87

• transitional arrangements under Article XIV, 588–89, 591

• undue delays, 539, 593

• World Trade Organization, information on Fund approval, 933

Exchange subsidies, 24

Exchange taxes, 24, 598, 602

Executive Board

• Alternate Executive Directors, additional, 11

• code of conduct, 746–52

• meetings, procedural guidelines, 752–53

• minimum circulation period for documents, 111

• notification of exchange arrangements, 23

• reform of, Resolution 66-2, 7

• report on Eleventh General Review of Quotas, 3, 347–50

• side letters procedures, 347

• surveillance over exchange rates, 33, 61

Executive Directors

• additional appointed, “the preceding two years,” in Article XII, Section 3(c), meaning of, 746

• appointment by members having five largest quotas, Article XII, 745

• appointment of two additional directors, Article XII, Section 3(c), 745–46

• IMFC meetings participation, 875

• procedural guidelines, 752–53

• voting power, effect of adjustment of quota, 746

Exogenous Shocks Facility

• assistance under, 233

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, 393–94

• blackout periods, reduction of, 397

• charges, 396, 403

• Consultation clauses, 404

• emergency assistance and, 436–37

• form, standard, 404–7

• Guidelines on Corrective Action, 362, 407

• ineligiblity, 827

• lapse of time completion of reviews, 409

• misreporting and noncomplying purchases, 351, 355, 356

• overdue financial obligations to the Fund, 827–28, 827–28

• performance criteria form, 405–6

• period not exceeding three years to four years, 395–96

• period of arrangement, extension, 395

• phasing, 396, 404–5

• repurchase expectation, 396, 408

• repurchases, 396, 408

• stand-by arrangements policies applicable, 396

• structural performance criteria not applicable, 343

• suspension of transactions, 407

Extended Credit Facility

• interest rate, 234

Extended Fund Facility (EFF). See also Extended arrangements

• applicability of policies on stand-by arrangements, 396

• establishment, 393–99

• situations to which facility could apply, 394

External Audit Committee, 788

External audit of Fund financial statements, 787–88

External debt

• management of debt situation, 455–56

External debt performance criteria

• concessionality, definition, 392

• extended arrangement, 405

• guidelines, 386

• stand-by arrangement, 401

FATF. See Financial Action Task Force

Federal Reserve Bank of New York, 794

Financial Action Task Force

• Fund collaboration with, 169

Financial Action Task Force (FATF), 158–63

• 40+8 Recommendations, 159

• endorsement of methodology, 163

• Fund collaboration with, 165

• surveillance, 124

Financial crisis 2007-08

• stock-taking of Fund response, 82

Financial Sector Assessment Program (FSAP)

• anti-money laundering, 128, 151

• Article IV consultations, 122, 124, 126, 128, 130

• Bank-Fund collaboration, 123, 127, 144

• confidentiality, 125, 126

• Confidentiality Protocol, 144–47

• coverage, 128

• coverage and frequency, 123–25

• Financial System Stability Assessments (FSSAs), 122, 123, 130

• frequency, 123, 129

• FSSA reports, presumed publication, 130

• Independent Evaluation Office review, 130

• offshore financial centers (OFCs), 125, 151, 153, 154

• publication of FSAP reports, 125

• publication of FSAP reports not authorized, 126

• publication of FSSA reports endorsed, 126

• Reports on Observance of Standards and Codes (ROSCs), 123

• review, 127

• review, 2005, 127

• stability assessments, integration of, 131

• standards and codes, 122–23

• stress tests, 122

• surveillance, 122, 128, 129

• updates, 128

• World Bank, collaboration with, 122, 123

Financial Stability Board

• cross-border capital flows, surveillance of, 55

• membership of the Fund, 84

Financial Stability Forum, 82

• terms of Fund membership, 87

First credit tranche purchase

• elimination of payments arrears, 446

• liberal Fund attitude, 380

• reasonable efforts test, 380, 447

First credit tranche stand-by arrangements

• phasing and performance clauses omitted, 379

Fiscal agency

• safeguards on use of Fund resources when fiscal agent not central bank, 358

Flexible Credit Line

• Article IV consultation cycle, 72

• Emergency Financing Mechanism procedures not applicable, 412

• establishment, 409

• performance criteria not applicable, 410

• phasing not applicable, 410

• qualification criteria, 409

• requirement to review 12-month arrangement after six months eliminated, 413

• review (2011), 414

• review no later than November 2014, 432

• review of decision, 413

Foreign borrowing. See External debt

Forms

• draft declaration on censure or noncooperation, 839

• draft first letter to all Governors regarding a member’s overdue financial obligations to the Fund, 836–37

• draft second letter to all Governors regarding a member’s overdue financial obligations to the Fund, 837–39

• extended arrangement, 404–8

• stand-by arrangement, 399–404

Fourteenth General Review of Quotas, 7

Fragile situations, countries in

• unique challenges, 235

Framework Administered Account for Selected Fund Activities

• instrument to establish, 179

Framework Administered Account for Technical Assistance Activities

• adoption of Instrument to establish, 173

• Africa Regional Technical Assistance Centers Subaccount, 178

• Instrument to establish, 173–77

• investment of resources, 175

• Pacific Financial Technical Assistance Centre Subaccount, 177

Freely usable currencies (euro, Japanese yen, pound sterling, U.S. dollar), 316, 790, 797

FSAP. See Financial Sector Assessment Program

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

• attendance at Fund Board Meetings, 717, 750

• Financial Sector Assessment Program, 127

Furnishing of information to the Fund, 351, 608–16

G-20 mutual assessment process, 142

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, 702–6

• Fund collaboration with, 733–40, 887

• import restrictions for balance of payments reasons, 592

• Voluntary Declaration on Trade and Other Current Account Measures, 887

General Arrangements to Borrow (GAB), 540–56

• borrowing by the Fund, guidelines, 580

• emergency financing mechanism, 368

• interest, 520

• letter from France’s Minister of Finance to U.S. Secretary of the Treasury, 552–54

• participants and amounts of credit, 551

• quotas, Eleventh General Review, 3

• repayment by the Fund, 544–46

• sales of currencies of members indebted to Fund, 486

• transferability of claims, 547

• use of credit arrangements for nonparticipants, 550

General Data Dissemination Standard

• review (2012), 690

General Data Dissemination System (GDDS)

• access by the public, 682

• bulletin board on the internet, 688

• coverage, periodicity, timeliness of data, 661

• integrity, 683

• periodicity, 673–89

• phased approach, 658

• purposes, 657, 659

• quality, 685

General Reserve

• placement of income from GRA in FY 2012, 760

General Resources Account

• transfer of currencies to Investment Account, 759

General Resources Account (GRA)

• adjustment of Fund holdings of members’ currency, 514

• annual reimbursement of PRGF-ESF Trust expenses, 536

• designation, assessment of strength of member’s balance of payments and gross reserve position, 480

• gold held, sale, 535

• maintenance of value, 514

• media payment in, 500

• misreporting and noncomplying purchases, 351–54

• overdue charges, 501

• rates for computation and maintenance of value, 513

• repayment expectation under PRGF Trust, failure to meet, 242

• repurchase expectation, failure to meet, 362

• rights approach, 848

• rules, applicability to PRGF Trust administration, 243

• sale of currencies at the request of members with outstanding purchase, 483

• sale of SDRs by the Fund for payment for increase in quota, 490

• special charge on overdue charges, 501

• specification of currencies by the Fund, 483–84

• Subsidy Account, reimbursement of administrative expenses, 866

• transfers of SDRs instead of currencies under Article V, Section 3(f), 481

Global Financial Stability Report (GFSR), 45

Gold

• designation of SDRs, 819–20

• gold pledge for use of ESAF Trust resources, 846–49, 849–50

• gold pledge for use of PRGF-ESF Trust resources under rights approach, modalities, 535–36

• harmonization of excess holdings of SDRs, 819–20

• interim administered account for windfall gold sales profits, 761

• ownership of gold and currency for subscriptions, 19

• payment for repurchases, 494

• profit from gold sales to Special Reserve and General Reserve, 760

Governance issues

• Article IV consultations, 103, 106

• coordination with bilateral donors and multilateral agencies, 107–9

• corruption, 99, 102, 103

• HIPC Initiative, 283

• identification of problems, 106

• macroeconomic impact test for Fund involvement, 99, 105, 107

• policy advice, 98, 100

• role of the Fund, 109–11, 109, 111, 657, 658

• technical assistance, 98, 106

• technical issues, 99, 100

• transparency, 99, 103

• use of Fund resources, 104–5

GRA. See General Resources Account

Gross reserve position

• assessment for purposes of designation plans, operational budgets, and early repurchases, 483

Guidelines

• access by members to Fund’s general resources, 456

• allocation of currencies, operational budget, 483–84

• conditionality, 335–43, 379

• corrective action, 257, 351–54, 361

• designation plans, 480

• early repurchases, guidelines, 491–93, 496

• emergency assistance, natural disasters, 432

• emergency assistance, post-conflict, 438–42, 435–37

• Fund staff collaboration with the WTO, 733–39

• governance issues, 98–109

• minimum circulation periods for Executive Board documents, 111

• misreporting and noncomplying purchases, 351–54

• operational budget, 480–81

• payment of reserve assets for subscription, 19–22

• performance criteria on external debt in Fund arrangements, 386

• performance criteria with respect to foreign borrowing, discount rate for assessing concessionality, 392–93

• SDR valuation basket, calculation of currency amounts, 790–92, 792–93

• SDR valuation basket, conversion into euro of deutsche mark and French franc, 794

• selection of currencies by the Fund, 483–84, 485–86

Heavily Poor Countries (HIPC) Initiative

• status of implementation (2011), 293

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)

IBRD. See World Bank

IMFC. See International Monetary and Financial Committee

Immunities and Privileges of Specialized Agencies, United Nations Convention, 904–21

Import restrictions for balance of payments reasons

• extended arrangements, 407

• GATT, 446

• stand-by arrangements, 402

Income position

• PRGT Reserve Account Transfer to Subsidy Account, 511

• rate of charge for use of Fund resources, FY 2011, 512

Income Position. See Burden sharing

Ineligibility to use Fund resources

• declaration of ineligibility, 612, 834, 838, 840–46, 850

• extended arrangements, 407, 827

• limitation and ineligibility under Article V, Section 5, 488

• publicity, 850

• stand-by arrangements, 402, 827

Inter-American Development Bank (IDB)

• communication regarding members’ arrears to the Fund, 834

• exchange of documents with, 742

Interest

• means of payment under Trust Fund, 857

• Poverty Reduction and Growth Trust, 207

• PRGF-HIPC Trust, interest-free loans, 266

Interim Committee. See also International Monetary and Financial Committee

• governance, 356

• International Monetary and Financial Committee, transformation of Interim Committee into, 875–78

• rules of procedures, 890

• safeguards for use of Fund resources, 356

• terms of reference, 877

International agencies, 740

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

International Court of Justice, 900, 916

International Development Association (IDA)

• HIPC Initiative, 283, 284

• prescribed holder of SDRs, 799

International Financial Statistics (IFS), 77

International Fund for Agricultural Development (IFAD)

• prescribed holders of SDRs, 799

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

• Fourteenth General Review of Quotas, 7

• participation of Executive Directors in meetings, 876

• participation of Managing Director in meetings, 876

• procedures, 877–78

• terms of reference, 877

International organizations

• transmittal of Fund documents, 740

Interpretation

• Article VI, use of Fund resources for capital transfers, 334

• Article VIII, Section 2(b), unenforceability of exchange contracts, 583–84

• Article IX, Section 7, privilege for communications, 697–98

• Article XII, Section 3(b)(i) and Section 3(f), appointment of directors by members having one of five largest quotas, 745

• Article XII, Section 3(c), appointment of two additional directors, 745

• Article XIV, Section 3, Fund representation in exceptional circumstances on withdrawal of Article XIV, Section 3 restrictions, 789

• Articles of Agreement, 334

Investigation of Fund activities, cooperation procedures, 694–96

Investment Account

• adoption of rules and regulations, 755

• establishment, 755

• guidelines for investing assets, 756–58

• objective, 756

• sources of assets, 756

• termination, 756

• transfer of currencies, FY 2010 and FY 2012, 759

• transfer of currencies, FY 2011 and FY 2012, 759

• transfer of income to General Resources Account, 760

• uses of income, 756

Investment authority of the Fund

• broadening the investment mandate, 762

Islamic Development Bank (IsDB)

• exchange of documents with, 742

• prescribed holder of SDRs, 799

Japanese yen

• freely usable currency, 856

• weight in SDR valuation basket, 791

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

Joint Staff Advisory Notes

• streamline modalities, amendments to, 295

Joint Staff Assessments, 285

Lapse of time procedures

• Article IV consultations, 79

• program reviews, completion, 417

• transmittal of supplementary information to WTO, 734

Leases, definition of external debt, 392–93

Lending into arrears, 450–54

• review of policy, 454

Letters of intent (LOIs)

• deletion from documents released to aid agencies, 744

• side letters, 347–50

Loan Account

• borrowing for, 209

Longer-term program engagement

• definition, 378

• review, 375

Low-income countries

• concessional financing framework, reform of, 191

• debt sustainability framework, 238

• fragile situations, 235

• role of the Fund, 442, 444

Maintenance of value

• overdue adjustments, 830

• rates for computations, 513–15

• Managing Director

• authorized signatories, 754

• consultation by member before requesting an extended arrangement, 394

• consultation with creditors for additional borrowing for PRGF Trust Loan Account, 246

• consultation with member on changes in exchange rate policies, 24

• consultation with member with outstanding purchases on sale of currency, 486

• Development Committee, participation in meetings of, 882

• General Arrangements to Borrow, proposals for calls, 550

• International Monetary and Financial Committee, participation in meetings of, 876

• nondiscriminatory treatment of members, 337

• SDR allocation, proposals for first basic period, 803

• use of Fund resources, recommendation regarding approval, 337

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, 109, 110

• performance criteria, 111

Misreporting and noncomplying disbursements, PRGF-ESF Trust

• missed repurchase expectation, 783

• prior action, accuracy of information, 244

• repayment expectation, 256, 265

• safeguards for use of Fund resources, 357

• waiver of applicability or for nonobservance of performance criteria, 245

Misreporting and noncomplying purchases, General Resources Account

• corrective action, 351–54

• performance criteria or other conditions, accuracy of information, 351, 360–61, 355

• prior actions, accuracy of information, 355

• publication of cases, 783

• safeguards for use of Fund resources, 355–60

• waivers, 352

Misreporting and noncomplying purchases, Policy Support Instrument (PSI)

• corrective action, 186

Misreporting and noncomplying purchases, PRGF and PRG Trust

• corrective action, 227

Misreporting in de minimis cases

• Article VIII, Section 5, 614

• de minimis, definition, 354

• General Resources Account, 353

• Policy Support Instrument, 188

• Special PRGF Operations for HIPC, 264

Moral hazard, 369, 440, 463, 473

Multilateral Debt Relief Initiative

• status of implementation (2011), 293

Multilateral Debt Relief Initiative (MDRI)

• proposed decisions, 296

• qualification of non-HIPCs, 296

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

• administration, 304

• amendment, 307

• completion point, 300

• decision point, 300

• eligibility, 302

• investment of resources, 306

• media of payment of contributions, 301

• purposes, 300

• Trust reimbursement for FY 2011, 313

• unit of account, 301

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

• administration, 311

• amendment, 313

• completion point, 307

• decision point, 307

• eligibility, 309

• instrument to establish, 307

• liquidation, 313

• media of payment of contributions, 309

• purposes, 308

• unit of account, 308

Multiple currency practices

• approval, 24, 603

• approval criteria, when imposed for balance of payments reasons, 591, 605

• approval criteria, when imposed for non-balance of payments reasons, 591

• Article IV consultations, 606

• balance of payments reasons, 598, 605

• capital transactions, 606

• consultation with Fund prior to changes, 597, 598

• discrimination, 606

• exchange taxes, 602

• jurisdiction of the Fund, 599

• nonbalance of payments reasons, 597, 606

• official action, 605

• policy in 1947, 595–603

• policy in 1957, 603

• policy in 1998, 604–6

• simplification of complex rate systems, 603

• spread, 605

• statement to members transmitting Funds decisions, 596

• unification of exchange rates as basic Fund objectives, 603

Multi-year rescheduling arrangements (MYRAs)

• enhanced surveillance and, 119

Mutual assessment process, G-20, 142

MYRAs. See Multi-year rescheduling arrangements

NAB. See New Arrangements to Borrow

Natural disasters, emergency assistance, 432–35

New Arrangements to Borrow

• new participants, 576

New Arrangements to Borrow (NAB), 556–76

• activation period, 560

• adherence, 559

• Fourteenth General Review of Quotas, 10

• General Terms and Conditions for NAB Notes, 563

• interest, 564

• meeting of participants, 577

• rates of exchange, 567

• special calls, 562

• transferability, 568

• transferability of claims, 578–79

• withdrawal from adherence, 571

• withdrawal from membership, 571

Noncooperation draft declaration, 835

Nondiscriminatory treatment of members

• Paris Club, 116

• Use of Fund resources, 336

Nordic Investment Bank

• prescribed holder of SDRs, 799

Note Purchase Agreement

• issuance of notes by Fund to official sector, 582

Observer status in the Fund

• European Central Bank, 731

• World Bank, 717–20

• World Trade Organization, 733, 933

Observer status of the Fund

• World Bank, 717

• World Trade Organization, 934

OECD. See Organization for Economic Cooperation and Development

Official clearing and payments arrangements

• temporary exemption from three-month settlement rule, 587

Offshore financial centers (OFCs), 152

• assessment program, 151–54

• inclusion in FSAP reports, 125

• integration of assessment program with FSAP, 154

• publication of reports, 153

Operational budgets

• assessment of strength of member’s balance of payments and gross reserve position, 480

• guidelines for operational budget allocation of currencies, review, 483

• specification of currencies by the Fund, 483, 485

• transfers of SDRs under Article V, Section 3(f), 481

Organization for Economic Cooperation and Development (OECD)

• exchange of documents, 743

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

• accounting charges, 500

• Annual Report (IMF), 833

• complaint by Managing Director, 832

• compulsory withdrawal, 835, 836, 840, 842

• declaration of censure, 835, 839

• declaration of ineligibility, 834, 839, 841, 842, 850

• declaration of noncooperation, 835, 839, 842, 850

• de-escalation of remedial measures, 851

• draft first letter to all Governors, 836–37

• draft second letter to all Governors, 838–39

• Eleventh General Review of Quotas, 3

• ESAF, no access, 829–30

• extended arrangements and, 828

• flexibility in de-escalation policy because of Qualifying Catastrophic Disaster, 854

• Ninth General Review of Quotas, 833, 843

• nontoleration of arrears to official creditors, 448

• overdue maintenance of value adjustments, 830

• Overseas Economic Cooperation Fund (OECF), 392

• preferred creditor status of Fund, 830–36, 830, 831, 839, 843

• prevention/deterrence measures, strengthened timetable of procedures, 844

• PSI, nonapproval, 184

• requests for the use of Fund resources under a stand-by or extended arrangements, management will not submit, 828

• review of strategy (2011), 854

• review period, 828

• SAF, no access, 829

• setoff in connection with retroactive reduction of charges, 503

• special charges, 501

• stand-by arrangements and, 827

• strengthened cooperative strategy, 840–46, 849–50, 850–51

• suspension of voting rights, 843, 845

• technical assistance suspension, 853

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

Paris Club

• Agreed Minute, 117

• debt rescheduling and Fund arrangements or programs, 842

• debtors’ negotiations with, 116

• PRGF qualification for assistance, 260

• rescheduling discussions, 743

• rescheduling in the absence of Fund arrangement, 843

• rescheduling operations, Fund opposition to matching, 442

• settlement of disputes between Fund members and Fund neutrality, 117

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

• Fund lending into nonsovereign arrears, 448–54

• Fund lending into sovereign arrears, 448–54

• Fund policies and procedures, 448–54

• performance criteria, 446

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, 116

Payments restrictions. See Exchange restrictions

Performance criteria under Fund arrangements

• accuracy of information, 354

• conditionality guidelines, 335

• debt limits, 386

• definition, 340

• first credit tranche, not subject to, 380

• number and content of, 340

• omitted in stand-by arrangements within first credit tranche, 379

• phasing, relationship, 384–85

• reporting on implementation, confidentiality relating to, 350

• side letters, 351

• structural performance criteria not applicable, 343

• waiver for nonobservance, 341, 352, 354

• waiver of applicability, 342, 354

Phasing and performance criteria under Fund arrangements

• omitted in stand-by arrangements within first credit tranche, 379

• operational guidelines, 384

• relationship, 384

PINs. See Public Information Notices

Policy framework papers. See also Poverty Reduction Strategy Papers

Policy Support Instrument (PSI), 178–90

• application of Guidelines on Conditionality, 189

• arrears, 189

• Article IV consultation cycle, 72

• assessment criteria, 186

• definition, 184

• documents required, 184

• eligibility, 184, 185

• implementation, 185

• misreporting, 187

• poverty reduction strategy documents, 184

• review, 190

• side letters, 189

• structural assessment criteria not needed for monitoring, 191

• termination, 189

Position in the Fund, 483

Post-Catastrophe Debt Relief Trust

• debt flow relief, 327

• debt stock relief, 327

• eligibility, 326

• establishment, 323

• flexibility in de-escalation policy with respect to overdue payments to the Fund, 854

• purposes, 324

• Qualifying Catastrophic Disaster, 327

• reimbursement to General Resources Account, 867

• Special Disbursement Account, 325

• Umbrella Account, 333

Post-conflict emergency assistance, 277, 281, 314, 423–32, 435–37, 438–42

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

• establishment, 314

• fees, none, 319

• instrument to establish, 314–20

• investment of resources, 317

• purpose, 314

• rate of charge subsidy, 317

• resources, 315

• SDRs, use of, 320

• settlement of questions, 320

• termination, 319

• use of resources, 316

Post-Program Monitoring

• Article IV consultation, 373

• publication policies, 373

Post-SCA-2 Administered Account

• adoption of Instrument to establish, 321

• instrument to establish, 321–23

Pound sterling

• freely usable currency, 856

• weight in SDR valuation basket, 791

Poverty and Growth Reduction Trust

• cost of administering, 537

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, 246

• decision waiving the applicability of a performance criterion, 245

• establishment, adoption of Instrument, 194

• instrument to establish, 195

• modalities of gold pledge under rights approach, 535

• other provisions, 241

• post-SCA-2 Administered Account, 322

• prior actions, accuracy of information, 244

• proposed decisions, 296

• repayment expectation, 242

• transformation of ESAF to PRGF, 242–44

• transformation to Poverty Reduction and Growth Trust, 191

• waiver of performance criteria, accuracy of information, 244–45

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

• performance criteria, 245, 250

• performance criteria, accuracy of information, 244–45

• prior action, accuracy of information, 244

• repayment expectation, 242

• waiver of applicability or for nonobservance of performance criterion, 244

Poverty Reduction and Growth Trust

• accuracy of data to assess observance of performance criteria, 245

• assistance, amount of, 203

• assistance, eligibility and conditions, 198

• eligibility criteria, 525

• Exogenous Shocks Facility, assistance under, 233

• Extended Credit Facility, 192

• instrument to establish, 195

• interest rate structure, review, 234

• loans, terms of, 207

• misreporting and noncomplying disbursements, 227

• Note Purchase Agreement, 240

• overdue financial obligations, 230

• Rapid Credit Facility, 196

• Subsidy Accounts, 213

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

• conflict-affected states, special requirements, 292

• goals, 290

• Millennium Development Goals (MDGs), achievement of, 290

• review, 289

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

• core principles, 289

• definition, 257

• progress, 283

• role in HIPC initiative, 260

• role in PSI operations, 184

Precautionary and Liqudity Line

• conditionality, 426

Precautionary and Liquidity Line

• access limits, 427

• balance of payments need, 427

• duration, 426

• eligibility, 425

• establishment to replace Precautionary Credit Line, 414

• relationship between performance criteria and phasing not applicable, 384

• review no later than November 2012, 432

• safeguard assessment, 431

• terms and conditions, 425

Precautionary Credit Line

• Article IV consultation cycle, 72

• repealed, 431

• review (2011), 414

• review of decision, 413

Preferred creditor status of Fund, 277, 440, 831, 839, 843

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, 355

• definition, 339

• implementation under PRGF, 244

• reporting on implementation, confidentiality relating to, 350

• side letters, 351

• use in emergency financing mechanism, 370

• use in enhanced structural adjustment facility, 250

• use in Extended Credit Facility, Standby Credit Facility and Exogenous Shocks Facility, 244

• use in Policy Support Instrument, 187

Program reviews, 340

• ex-post assessments, 420

• ex-post evaluations, multi-country, 420

• lapse of time completion, 417

• procedural deadlines for completion, 422

Prolonged use of Fund resources

• Article IV consultations, 374

• assessment, 374

• definition, 375

• precautionary arrangements, 375

Protracted balance of payments problem, 296, 518

PSI. See Policy Support Instrument

Public Information Notices (PINs)

• presumed publication, 778

Publication

• Article IV consultation staff reports, pilot project, 784

• Letters of Intent, 778

• PINs on use of Fund resources, 779

• staff-monitored programs, presumption of publication, 69

• suspension of voting rights and termination of suspension, 783

• transparency policy, 765

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

• resumption of purchases under extended arrangement after decision of formal ineligibility, 407

• resumption of purchases under stand-by arrangement after decision of formal ineligibility, 402

• suspension of transactions under extended arrangement, 407

• suspension of transactions under stand-by arrangement, 403

• temporary suspension under Article XXVII, effect on GAB, 548

Quotas

• ad hoc increases, 22

• adjustment, first interval of five years, 3

• Eleventh General Review, 3

• Fourteenth General Review, 7

• Ninth General Review, 843

• payments of reserve assets in connection with subscription, 19

• sales of SDRs by Fund to members for quota payments, 490

• Seventh General Review, 20, 490, 805, 821

• Sixth General Review, 20

• voice and quota, reform of, 3

• voting power and adjustment of quotas, 746

Rapid Credit Facility

• access, 204

• assistance under RCF, 201

• interest rate, 234

• low-income countries in fragile situations, 235

Rapid Financing Facility

• balance of payments need, 423

Rapid Financing Instrument

• access limits, 424

• establishment to replace emergency assistance policy, 415

• outright purchases, 424

• terms and conditions, 423

Recent Economic Developments reports (REDs)

• balance of payments consultations, WTO, 734

• no longer included in Article IV consultation documentation, 65

• transmittal to multilateral agencies, 734, 739, 740

Reconstitution of SDRs

• abrogation of rules, 823

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

Reform of the Executive Board, Resolution 66-2, 7

Regional Economic Outlooks (REOs), 45

Repayment expectations, PRGF Trust, 242, 256, 265

Reports on Observance of Standards and Codes (ROSCs)

• anti-money laundering initiatives, 153, 159, 168

• assessment procedures, 159

• no longer circulated to Executive Directors in hard copy form, 151

• principle of uniformity, 161

• reports on observance associated with FATF-led assessments generally not designated as ROSCs, 161

• surveillance, 78

Repurchase expectations

• attribution of reduction of currency, 495

• Compensatory Financing Facility, 491

• failure to meet and extended arrangements, 353, 362

• failure to meet and stand-by arrangements, 362

• misreporting and noncomplying purchases, 351–54, 361

• publication of failure to meet, 782

Repurchases. See also Repurchase expectations

• access policy, 458–59

• assessment of strength of members’ balance of payments and gross reserve position, 480

• attribution of reductions in Fund’s holdings of currencies, 495–96

• credit tranches, 493

• early repurchases, guidelines, 495

• emergency assistance, 493

• extended arrangements, 396, 459

• gold, acceptance in payment, 494

• gold, obligation to pay, 494

• procedures, 493

• Schedule B, 494

• SDRs, 494

• selection of currencies by Fund, 482, 485

• special charges on overdue repurchases, 493–95

• stand-by arrangements, 459

• timing of repurchases within a calendar month, 493

Reserve assets

• payment in connection with subscriptions, 19

Reserve position, gross

• assessment for purposes of designation plans, operational budgets, and early repurchases, 480

• SDDS reporting, 620

Reserve tranche position

• administrative accounts, 855

• attribution of reductions in Fund’s holdings of currencies, 495, 496

• balances held in Administrative Account, 855

• extended arrangements, 855

• remunerated position, 21

Reserve tranche purchases, exclusion of purchases and holdings

• credit tranches, 855

• extended arrangements, 855

• General Arrangements to Borrow, 545

Resolutions. See Board of Governors Resolutions

Restrictions. See Exchange restrictions

Retention quotas, 587–89

Reviews under Fund arrangements

• extended arrangement, 404

• stand-by arrangement, 400

Revolving character of the Fund’s resources, 434, 458

Rights accumulation programs, 363, 846, 850, 851

• gold pledge, 849

Rights approach

• arrears to the Fund, reduction, 846

• extension of availability, 854

• gold pledge, 846

• modalities of gold pledge for use of PRGF Trust resources, 535, 846

• operational modalities, 846

• PRGF-HIPC Trust eligibility, 259

• PRGF-HIPC Trust qualification, 260

• three-year period norm, 847

ROSCs. See Reports on Observance of Standards and Codes

Rules and Regulations

• Rule G-1, fiscal agency, 547

• Rule G-4, request for a purchase, 488

• Rule I-6(4), rate of charge, 501, 503, 507, 510, 864

• Rule I-6(4)(a), 507, 510

• Rule I-6(4)(b), 507, 510

• Rule I-10, rate of remuneration, 507, 510

• Rule K-1, 701

• Rule O-1, value of SDR, 794

• Rule O-2, valuation of currencies in terms of SDRs, 514, 547, 794, 807, 808, 810, 812, 814

• Rule O-2(a), 794

• Rule O-10, operational budget, 481

• Rule P-7, prescribed operation, 807, 809, 810, 812, 815, 816

• Rule P-9, recording of SDR transactions, 320, 324, 799, 800, 801, 808, 810, 811, 813, 815, 816, 817

• Rule R-1 through Rule R-6, rules for reconstitution (abrogated), 823

• Rule T-1, 511

SAF. See Structural Adjustment Facility

Safeguard assessment process

• Rapid Financing Instrument, 424

Safeguards assessment policy

• review of experience, 2010, 366

Safeguards assessment process

• audits, 357, 358, 359

• confidentiality, 359, 366

• distinction between first and second stages no longer applicable, 365

• first stage, 358, 365

• information/documents to obtain from central banks, 359

• Precautionary and Liquidity Line, 431

• reports to remain confidential, 362

• review, 360

• second stage, 359, 365

Safeguards, use of Fund resources

• benchmarks based on Code of Good Practices on Transparency in Monetary and Financial Policies, 358

• publication of audited central bank financial statements, 358

Sales of currencies of members indebted to the Fund

• sale of currencies at the request of members with outstanding purchases, 487

Santiago Principles, 87

Schedule B, transitional provisions, 20, 494

Schedule D

• paragraph 1(a), proposed amendment, 17

• paragraph 5(e), proposed deletion, 17

• paragraph 5(f), proposed amendment, 17

Schedule E

• proposed amendment, 18

Schedule F, designation, 819

Schedule G, paragraph 1(a), reconstitution, 823

Schedule J, settlement of accounts with withdrawing members, 548

Schedule K, administration of liquidation, 548

Schedule L

• suspension of voting rights, 876

• paragraph 1(b), proposed amendment, 18

• paragraph 3(c), proposed amendment, 18

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), 20

• payment of reserve assets in connection with subscription, 20

• repurchase under Schedule B, 494

• surveillance over exchange rate policies, 20

Security reasons, exchange restrictions for, 585

Settlement of disputes between members relating to external debt

• comparable treatment of creditors, 116

• Paris Club, 116

• role of the Fund, 115–18

SFF. See Supplementary Financing Facility

Short-Term Liqudity Facility

• repeal, 347

Side letters, use of Fund resources, 347–50

Sovereign default, 369, 448

Sovereign wealth funds

• generally accepted principles and practices (GAPPs), 87

• Santiago Principles, 87

Special accounts for administrative purposes

• calculation of holdings of a member’s currency, 745

Special Contingent Account. See also Burden sharing

• additions to, 829

Special Data Dissemination Standards (SDDS)

• access by the public, 620, 627

• balance-sheet approach, 76

• coverage, 622

• Data Dissemination Bulletin Board, 629

• debt sustainability assessments, 76

• integrity, 627

• liquidity management, 76

• periodicity and timeliness, 623

• purpose and framework, 621

• quality, 628

• review (2012), 689

• SDDS Plus tier, 689

• subscription, 629

Special Disbursement Account (SDA)

• ESAF-HIPC Trust, 270

• investment, 516

• Post-Catastrophe Debt Relief Trust, 325

• PRGF-HIPC Trust, 256, 269

• repayment expectation under PRGF Trust, failure to meet, 242

• Structural Adjustment Facility administration, 516

• termination and transfer of resources from Trust Fund, 858

• termination of assistance from SAF in conjunction with loans from ESAF Trust, 534

• transfer of resources to the ESAF Trust and retransfer to the SDA, 532

Special drawing rights (SDRs)

• allocation for first basic period, 803

• allocation for the ninth basic period, 805

• allocation for third basic period, 804

• contributions to PRGF-HIPC Trust, 259

• currency reference rates, 792

• currency weights, 791

• designation review rules, 818

• designation rules, revision, 821

• euro, weight in valuation basket, 791

• harmonization of holdings, 819

• holders prescribed by the Fund

  • African Development Bank, 799

  • African Development Fund, 799

  • Andean Reserve Fund, 798

  • Arab Monetary Fund, 799

  • Asian Development Bank, 799

  • Bank for International Settlements, 798

  • Bank of Central African States, 799

  • Central Bank of West African States, 799

  • East African Development Bank, 799

  • East Caribbean Currency Authority, 799

  • Eastern Caribbean Central Bank, 799

  • European Central Bank, 799

  • International Bank for Reconstruction and Development (World Bank), 799

  • International Development Association, 799

  • International Fund for Agricultural Development, 799

  • Islamic Development Bank, 799

  • Nordic Investment Bank, 799

• Japanese yen, weight in valuation basket, 791

• means of repayment by members on indebtedness under loan agreements, 857

• media of payment for charges in GRA, 499

• method of valuation, 793

• other holders, acceptance, holding or use, 795

• payment of net charges and assessment in the SDR Department for FY ended April 30, 1982, 824

• payment of subscriptions, 19

• pound sterling, weight in valuation basket, 791

• PRGF-HIPC Trust unit of account and media of payment, 258

• reconstitution, abrogation of rules, 823

• reserve asset payments, 19

• sales by the Fund for payment of subscriptions, 19

• sales by the Fund for the payment of charges, 500

• terms and conditions for accepting, holding, or using SDRs, 795

• transfers of SDRs for purchases under Article V, Section 3(f), 481

• U.S. dollar, weight in valuation basket, 791

• use in donations, 816

• use in ESAF Trust operations or under an administered acount, 801

• use in forward operations, 815

• use in loans, 810

• use in payment of Trust Fund obligations, 745, 857

• use in pledges, 810

• use in PRGF-HIPC Trust operations or under an administered account, 801

• use in repurchases, 493

• use in settlement of financial obligations, 807

• use in Structural Adjustment Facility operations, 800

• use in subsidy payment from SFF Subsidy Account, 800

• use in swap operations, 814

• use in transfers as security for the performance of financial obligations, 812

• valuation basket, guidelines for calculation of currency amounts, 790

• valuation basket, guidelines for calculation of currency amounts, revised guidelines, 790

• valuation of US dollar for purposes of Rule O-2(a), 794

• value of SDR, method of collecting exchange rates for calculation for purposes of Rule O-2(a), 794

Special Reserve

• placement of income of GRA in FY 2012, 760

Specification of currencies, 485

SRF. See Supplemental Reserve Facility

Staff reports on Article IV consultations. See also Surveillance; Enhanced surveillance

• document exchange with WTO, 740

• military expenditure, 109

• presumed publication, 778

• transmittal to international agencies, 740, 742

Staff reports on enhanced surveillance

• transmittal by members to creditors, 65–66, 120, 147

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

• publication policy, 778

Staff-monitored programs (SMPs), 69

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

Standards and Codes Initiative

• crisis resolution and deposit insurance, new policy areas, 171

• review (2011), 170

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

• access to credit tranches, normally through, 379

• arrangements not international agreements, 338

• blackout periods, reduction of, 397

• conditionality guidelines, 335

• consultation clauses, 339, 402

• contractual connotation avoidance, 338

• duration, normal, 379

• emergency purchases and, 433, 434, 437

• external debt performance criteria, guidelines, 386

• first credit tranche, 379

• form, standard, 400

• ineligibility, 403, 827

• misreporting and noncomplying purchases, 351–54, 354, 355

• noncomplying purchases, 353

• nondiscriminatory treatment of members, 337

• overdue financial obligations to the Fund, 827

• performance criteria, accuracy of information, 355

• performance criteria with respect to external debt, 392, 401

• period for, 379

• phasing, 379

• policies and procedures, 379

• PRGF-HIPC Trust eligibility, 259

• PRGF-HIPC Trust qualification, 260

• prior actions, accuracy of information, 354

• program evaluation, 342

• repurchase, 403

• repurchase expectation, 352, 353, 403

• reserve tranche purchases, 855

• review, 400

• structural performance criteria not applicable, 343

• suspension of right to engage in transactions, 403

• uniform treatment of members, 337

• waiver for nonobservance of performance criteria, 352, 354, 355

• waiver of applicability of performance criteria, 354, 355

Stand-by Credit Facility

• interest rate, 234

Strengthened cooperative strategy

• de-escalation of remedial measures, 851

• procedures, 840

• reversibility of actions, 850

• rights approach eligibility, extension, 854

Structural Adjustment Facility (SAF)

• access, potential, 518, 523

• amounts of assistance, 517

• commitment period, 518

• commitment period, new, 522

• disbursements, 519, 522

• eligible members list, 523

• income from investment and loans, 532

• interest, 520

• loans under Enhanced Structural Adjustment Facility (ESAF), 521

• protracted balance of payments problem, 296, 518

• purposes, 517

• qualification for assistance, 518

• resources, 517

• SDRs, use in operations, 800, 801

• terms of loans, 519

Subscriptions. See also Quotas

• accounting by members, 19

• ownership of gold and currency, 19

• reserve asset payments, 19–22

Subsidy Account. See Supplementary Financing Facility Subsidy Account

Summings up and concluding remarks for policy items

• review and finalization process, 62

Supplemental Reserve Facility (SRF)

• exchange rate for payment of subsidies, 886

• overdue financial obligations, 402, 407

• repeal, 347

Supplementary Financing Facility (SFF) Subsidy Account, 860

• eligible members, 863

• instrument to establishment, 860

• investment, 862

• means of subsidy payments, 868

• rescheduling in cases of serious hardship, 859

• resources, 860

• SDRs, use of, 800

• subsidy amount, 862

• suspension of transfers and re-transfer of surplus, 867

• transfer from Special Disbursement Account, 861, 867

Surveillance. See also Article IV consultations; Enhanced surveillance

• 1977 Decision, review of and proposal, 24

• balance-sheet analysis, 76

• bilateral surveillance over members’ policies, 33

• bilateral surveillance, 2007 decision, 33

• bilateral, 2007 decision, transitional issues, 63

• Central African Economic and Monetary Union, 93

• cross-border capital flows, 54

• data provision, 74

• Eastern Caribbean Currency Union, 95

• euro area, 90, 92

• extension of theree-month period, 79

• principles for the guidance of members’ policies, 38

• principles for the guidance of the Fund, 35

• priorities, 2008-2011, 48

• procedures, 40

• publicity, 783

• review of general implementation, two-year intervals, 66, 69

• ROSCs, 75, 78

• Special Data Dissemination Standards, 77

• stability assessments under FSAP mandatory, 131

• stability assessments under FSAP, integration of, 134

• staff-monitored programs, 69

• systematically important financial sectors, 135

• three-month rule, 78

• timetable of procedures, 830

• triennial review, 2008, 43

• triennial review, 2011, 51

• West African Economic and Monetary Union, 96

Suspension of membership, 836

Suspension of voting rights

• participation in International Monetary and Financial Committee, 876

Swiss National Bank

• GAB participant, 551, 555

• NAB participant, 576

Systematically important financial sectors

• financial stability assessments in surveillance, 135

Systemically Important Financial Sectors

• conceptual framework, 138

Technical assistance

• cooperation with Trusteeship Council, 900

• exchange rate system simplification, 604

• Framework Administered Account for, 173

• members not cooperating with the Fund, 835, 836

• post-conflict countries, 435

• transmittal of reports to international agencies, 740

Terrorism financing. See Combating the Financing of Terrorism

Trade. See also World Trade Organization

• structural maladjustments in trade, Extended Fund Facility, 393

• Trade Integration Mechanism, 478

• trade-related balance of payments adjustments, 478

Trade Integration Mechanism, 478

Trade restrictions

• avoidance of escalation, 595, 887

• emergency assistance, 423, 434

• ESAF, 250

• import restrictions for balance of payments reasons, extended arrangements, 407

• import restrictions for balance of payments reasons, GATT, 592

• import restrictions for balance of payments reasons, stand-by arrangements, 402

• WTO involvement, 734

Tranche policies

• first credit tranche, 380

• floating tranche, 342

Transferability of claims

• General Arrangements to Borrow, 555

Transparency. See also Publication

• archives, access by outside persons, 692

• foreign reserves management, 358

• governance, 99

• policy on disclosure and information, 765

• safeguards for use of Fund resources, 359

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, 254

• instrument to establish, 254

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

• administration of, 267

• amendment of, 269

• Annual Progress Report (APR), 257

• assistance amount, 262

• completion point, 256, 263, 264, 265, 266, 275, 277, 278

• contributions by other donors, 271

• contributions to, 309

• debt sustainability, 256, 262, 265, 266, 276, 277, 285

• debt sustainability analysis, 255

• debt-to-exports ratio, 256, 265, 279

• debt-to-revenue ratio, 256

• decision point, 255, 260, 262, 263, 274, 277, 282, 285, 286

• eligibility, 259, 285

• grace period on loans, 266

• grants and loans, 259

• Guidelines on Misreporting, 257

• implementation, progress, 277–81

• implementation, review, 281–85

• instrument to establish, adoption of, 253

• interest, 256, 266

• interim assistance, 263

• Interim Poverty Reduction Strategy Papers (I-PRSPs), 257, 283, 284

• investment of resources, 258, 268, 271

• Joint Staff Advisory Note (JSAN), 257

• liquidation, 269

• maturity of loans, 266

• operation and liquidation, 269

• Paris Club, 256, 260, 262, 278, 283, 287, 288

• performance-related conditions, 264, 271

• Poverty and Social Impact Analysis (PSIA), 291

• Poverty Reduction Strategy Papers (PRSPs), 257, 260, 278, 281, 289

• purposes, 258

• qualification for assistance, 260

• rescheduling of payments not allowed, 266

• retransfers authorized, 271

• SDRs, use in operations, 269, 801

• self-sustained operations, 256, 269, 281

• special charges on overdue interest and repayments, 501

• Special Disbursement Account, transfers from, 258

• streamlining preliminary HIPC documents, 285

• subsidies for interim PRGF operations, 267

• terms of assistance, 265

• track record of performance, 276, 278, 282, 285, 288

• transformation of ESAF-HIPC Trust to PRGF-HIPC Trust, 242

• Trust Account and resources, 258

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

• status of implementation (2011), 293

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

• completion point, 286

• decision point, 286

• eligibility and eligible members, 288

• implementation status, 286

• sunset clause, 270, 288

Trust Fund

• final direct distribution of profits, 858

• means of repayment by members on their indebtedness under loan agreement, 857

• overdue interest and repayments, 501

• SDRs, use in payment of Trust Fund obligations, 799

• special charges on overdue financial obligations, 500–501, 858

• termination and transfer of resources to Special Disbursement Account, 858

• terms of repayment of final loan disbursement and amendment of Trust instrument, 860

Undue delay in availability or use of foreign exchange, 539, 593

Uniformity of treatment principle

• post-conflict assistance, 440

• settlement of disputes among members, comparable treatment, 116

• use of Fund’s general resources, 337

United Nations

• agreement with the IMF, 897–903

• Convention on the Privileges and Immunities of the Specialized Agencies, 904–21

• exchange of documents with, 899

• UNDP, exchange of documents with, 742

• Uniting for Peace General Assembly Resolution, 872

United States (U.S.) dollars

• financial statements of Framework Account, expressed in, 176

• maintenance of value, rates for computation, 514

• means of payment by members on indebtedness under Trust Fund loan agreements, 857

• medium of payment, loan disbursements, repayments, and interest under GAB, 520

• medium of payment, MDRI-I Trust, 301

• medium of payment, MDRI-II Trust, 309

• medium of payment, PRGF-HIPC Trust, 259

• payment of special charges on overdue payments, Trust Fund loans, 502

• payments of interest on members’ indebtedness under Trust Fund loans, 857

• valuation in terms of special drawing rights as per Rule O-2(a), 794

• weight in SDR valuation basket, 791

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(b)(iii)

• accordance with purposes of the Fund, 334

• arrears, resolving the problem of, 838

• authority of the Fund to use its resources

  • Resolution, 871

  • resolving problem of arrears, 334

• capital transfers, 334, 538

• concessional financing, eligibility, 529

• conditionality guidelines, 335–43

• financing current account deficits, 334

• Flexible Credit Line, 344, 409

• form, extended arrangement, 404

• form, stand-by arrangement, 400

• inelibility, effect on purchases under extended arrangement, 407

• ineligibility under Article V, Section 5, 488

• ineligibility, effect on purchases under stand-by arrangement, 403

• interpretation of Articles of Agreement, 334

• limitation and ineligibility under Article V, Section 5, 488

• meaning of “consistent with the provisions of this Agreement” under Article V, Section 3, 334

• meaning of “represents,” 335

• meaning of “represents” that a member has a need to make purchases, 335

• nondiscriminatory treatment of members, 337

• performance criteria and phasing, 384

• postponement and limitation under Article V, Section 5, 488

• repayment expectation under PRGF-ESF Trust, failure to meet, 242

• repeal of CFF, SRF, and Short-term Liquidity Facility, 346

• resumption of purchases under extended arrangement after decision of formal ineligibility, 407

• resumption of purchases under stand-by arrangement after decision of formal ineligibility, 403

• safeguards, strengthening of, 355–60

• side letters, 347, 350

• suspension of exchange transactions, effect on General Arrangements to Borrow, 548

• suspension of transactions under extended arrangement, 407

• suspension of transactions under stand-by arrangements, 403

Voluntary Declaration on Trade and Other Current Account Measures, 887

Voting power majority

• compulsory withdrawal, 842