Chapter

Appendix VI. Financial Statements of International Monetary Fund and Staff Retirement Fund Letter of Transmittal

Author(s):
International Monetary Fund
Published Date:
September 1968
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July 19, 1968

My dear Mr. Chairman:

In accordance with Section 20(b) of the By-Laws of the Fund, I have the honor to submit for the consideration of the Board of Governors the audited financial statements of the International Monetary Fund, and the Staff Retirement Fund, for the year ended April 30, 1968, together with two memoranda from the Audit Committee, which include the audit certificates.

In conformity with the By-Laws, the external audit of the Fund has been performed by an Audit Committee consisting of auditors nominated by three member countries. At the Fund’s request, Canada, Ethiopia and Spain nominated auditors to serve on this Committee. They respectively nominated Mr. George R. Long, Assistant Auditor General of Canada; Mr. Teferra Liben, Chief Auditor, Inland Revenue Department of Ethiopia, and Mr. Francisco Estevez Jimenez, Accounting and Auditing Service of the Ministry of Finance, Spain. The Auditors thus nominated were confirmed by the Executive Directors.

It will be noted that, in the period under review, ordinary income amounted to $89,442,756 and expenditure amounted to $33,699,031, resulting in a net income of $55,743,725, which has been transferred provisionally to General Reserve pending Board of Governors’ action. In addition, income of $39,750,857 from the Fund’s Investment program has been transferred to the Special Reserve.

The detailed report of the Audit Committee is being submitted separately to the Board of Governors.

Yours sincerely,

/s/

P.-P. Schweitzer

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund

Memorandum by the Audit Committee

June 21, 1968

To the Managing Director

and the Executive Directors

International Monetary Fund

The report of the Audit Committee, dated June 21, 1968, submitted through you to the Board of Governors, on the audit of the financial records and transactions of the Fund for the fiscal year ended April 30, 1968, includes the following paragraphs relating to the scope of the audit and the audit certificate given:

Scope of the Audit

The audit was conducted in accordance with the requirements of Section 20(b) of the By-Laws that the audit be comprehensive with respect to the examination of the financial records of the Fund; that it extend, insofar as practicable, to the ascertainment that financial transactions consummated during the period under review were supported by the necessary authority; and that it determine that there was adequate and faithful accounting for the assets of the Fund. In considering the authority for financial transactions, reference was made to the Articles of Agreement, the By-Laws and Rules and Regulations of the Fund, the resolutions of the Board of Governors, the minutes of the Executive Board and the General Administrative Orders of the Fund. The Committee applied such tests to the accounting and other financial records as it considered necessary to establish the adequacy of the system of accounting and internal control. In determining the Committee’s program of test examination, consideration was given to the work carried out by the Internal Auditor, as reported by him, and to the standard of his work as observed by the Committee.

Audit Certificate

We have examined the Balance Sheet of the International Monetary Fund as at April 30, 1968, the Statement of Income and Expenditure and the Statement of Reserves for the year then ended, and the schedules related to these statements. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.

In our opinion, the Balance Sheet and Statement of Income and Expenditure, together with the notes appearing thereon, present fairly the financial position of the International Monetary Fund as at April 30, 1968, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year.

Audit Committee:

/s/ G. R. Long, Chairman (Canada)

/s/ Teferra Liben (Ethiopia)

/s/ F. Estevez (Spain)

Exhibit A Balance Sheet

as at April 30, 1968

Values expressed in U.S. dollars on the basis of established parities or provisional rates

Assets
Gold Account
Gold with depositories (See Note 1)
(86,182,177.767 fine ounces at $35 per ounce)
Bars$2,727,238,948
General deposits289,137,274
$3,016,376,222
Less: 5,718.657 fine ounces held
in suspense for the account of
Botswana and Lesotho pending
completion of the formalities of
membership200,153$ 3,016,176,069
Investments (See Note 2)
U.S. Government securities ma-
turing within 12 months, at
cost (face amount $831,740,000)$799,886,302
Funds awaiting investment105,209799,991,511$ 3,816,167,580
Currencies and Securities (See Note 3)
With depositories
Currencies$ 3,283,373,511
Securities14,512,445,31417,795,818,825
(nonnegotiable, noninterest-
bearing demand obligations,
payable at face value by
members in their currencies)
Subscriptions to Capital—Receivable
Balances of original quotas—not due$741,152,827
Balances of increases in quotas:
Due$27,750,000
Not due (Contra)51,200,00078,950,000820,102,827
Withdrawing Members Currency (See Note 4)2,499,965
Other Assets (See Note 5)39,517,952
Total Assets$22,474,107,149
Notes:

Excludes 11,994.698 fine ounces earmarked for members.

Made with the proceeds of the sale of 22,856,900.312 fine ounces of gold. Upon termination of the investment, the same quantity of gold can be reacquired.

Total outstanding drawings of members amount to $4,560 million. Currency holdings in excess of members’ quotas subject to Fund charges amount to $2,442 million.

Redeemable by Cuba in gold, or convertible currencies acceptable to the Fund, not later than July 1, 1968.

The assets and liabilities of the Staff Retirement Fund are not included in this Balance Sheet.

Represents currencies borrowed under Article VII, Section 2(i), of the Articles of Agreement.

The charge for a stand-by arrangement is credited against the service charge for funds drawn under that arrangement which raise the Fund’s holding of currency above 100 per cent of the member’s quota. A member that cancels a stand-by arrangement will be paid a refund, which will be the prorated portion of the remaining stand-by charge.

Capital, Reserves, and Liabilities
Capital
Subscriptions of members$21,119,350,000
Reserves (Exhibit C)
Special reserve$262,892,557
General reserve291,267,499554,160,056
Subscriptions in Respect of Increases in Quotas
Consented to but Not Yet Effective
Balances not due (Contra)$51,200,000
Partial payments700,00051,900,000
Indebtedness (See Note 6)
To Participants under General
Arrangements to Borrow$490,000,000
Other250,000,000740,000,000
Provision for Potential Refunds of
Stand-By Charges (See Note 7)4,764,356
Other Liabilities (See Note 5)3,932,737
Total Capital, Reserves, and Liabilities$22,474,107,149
Notes:

Excludes 11,994.698 fine ounces earmarked for members.

Made with the proceeds of the sale of 22,856,900.312 fine ounces of gold. Upon termination of the investment, the same quantity of gold can be reacquired.

Total outstanding drawings of members amount to $4,560 million. Currency holdings in excess of members’ quotas subject to Fund charges amount to $2,442 million.

Redeemable by Cuba in gold, or convertible currencies acceptable to the Fund, not later than July 1, 1968.

The assets and liabilities of the Staff Retirement Fund are not included in this Balance Sheet.

Represents currencies borrowed under Article VII, Section 2(i), of the Articles of Agreement.

The charge for a stand-by arrangement is credited against the service charge for funds drawn under that arrangement which raise the Fund’s holding of currency above 100 per cent of the member’s quota. A member that cancels a stand-by arrangement will be paid a refund, which will be the prorated portion of the remaining stand-by charge.

Notes:

Excludes 11,994.698 fine ounces earmarked for members.

Made with the proceeds of the sale of 22,856,900.312 fine ounces of gold. Upon termination of the investment, the same quantity of gold can be reacquired.

Total outstanding drawings of members amount to $4,560 million. Currency holdings in excess of members’ quotas subject to Fund charges amount to $2,442 million.

Redeemable by Cuba in gold, or convertible currencies acceptable to the Fund, not later than July 1, 1968.

The assets and liabilities of the Staff Retirement Fund are not included in this Balance Sheet.

Represents currencies borrowed under Article VII, Section 2(i), of the Articles of Agreement.

The charge for a stand-by arrangement is credited against the service charge for funds drawn under that arrangement which raise the Fund’s holding of currency above 100 per cent of the member’s quota. A member that cancels a stand-by arrangement will be paid a refund, which will be the prorated portion of the remaining stand-by charge.

/s/ Oscar L. Altman/s/ Frank A. Southard, Jr
TreasurerActingManagingDirector

Exhibit B Statement of Income and Expenditure

for the year ended April 30, 1968

Income
Operational charges$ 7,404,603
Charges on balances in excess of quotas82,028,681
Other9,472
Total Income (See Note 1)$89,442,756
Expenditure
Administrative expenditure
Board of Governors$ 835,961
Executive Directors
Salaries and expense allowances.$1,324,075
Other compensations and benefits294,829
Travel333,0761,951,980
Staff
Salaries$8,955,035
Other compensations and benefits3,080,731
Travel2,226,98114,262,747
Special services to member countries1,774,917
Other administrative expenses
Communications$626,683
Office occupancy expenses478,960
Books and printing (See Note 2)351,673
Supplies and equipment494,556
Miscellaneous (See Note 3)521,9622,473,834
Total administrative expenditure$21,299,439
Operational expenditure
Interest on indebtedness
Under General Arrangements
to Borrow$8,188,125
Other3,750,000
Gold handling and sundry
other costs (net)6,952
Total operational expenditure11,945,077
Fixed property expenditure454,515
Total Expenditure33,699,031
Net Income$55,743,725
(Transferred provisionally to General Reserve pending
Board of Governors’ action) (Exhibit C)
Notes:

Excludes income from investments amounting to $39,750,857 transferred to Special Reserve (Exhibit C).

After deduction of $79,649 for sales of Fund’s publications.

After deduction of $252,909 for food service sales.

Notes:

Excludes income from investments amounting to $39,750,857 transferred to Special Reserve (Exhibit C).

After deduction of $79,649 for sales of Fund’s publications.

After deduction of $252,909 for food service sales.

Exhibit C Statement of Reserves

for the year ended April 30, 1968

Special Reveserve (See Note)
Balance, April 30, 1967$223,141,700
Add
Income from investments in U.S. Government
securities39,750,857
Balance, April 30, 1968$262,892,557
General Reserve
Balance, April 30, 1967$236,783,492
Deduct
Transfer to Staff Retirement Fund
for past service costs relating
to previous years1,259,718
$235,523,774
Add
Net income (Exhibit B), transferred
provisionally pending Board of Governors’ action55,743,725
Balance, April 30, 1968291,267,499
Total Reserves (per Balance Sheet)$554,160,056
Note: Consists of income from investments in U.S. Government securities from November 1, 1957.
Note: Consists of income from investments in U.S. Government securities from November 1, 1957.

Staff Retirement Fund Memorandum by the Audit Committee

To the Managing Director

and the Executive Directors International Monetary Fund

June 21, 1968

The report of the Audit Committee, dated June 21, 1968, submitted through you to the Board of Governors, on the audit of the financial records and transactions of the International Monetary Fund for the fiscal year ended April 30, 1968, includes the following paragraphs relating to the scope of the audit conducted, the audit certificate given and the investments held with respect to the Staff Retirement Fund:

Scope of the Audit

The Audit Committee has examined the separate accounts and financial statements relating to the Staff Retirement Fund for the year ended April 30, 1968. In the course of the examination, the Committee referred to the Articles of the Staff Retirement Plan and to the decisions of the Pension, Administration and Investment Committees created under the Plan. The Audit Committee made what it considered an adequate test check of the various classes of transactions, taking into account the audit coverage of the Internal Auditor, whose report to the Committee showed that a detailed examination had been made of the participants’ accounts.

Audit Certificate

In our opinion, the Balance Sheet, Statement of Source and Application of Funds, and the related Schedules of Participants’ Account, Accumulation Account, Retirement Reserve Account, and Reserve Against Investments present fairly the financial position of the Staff Retirement Fund at April 30, 1968 and the results of its operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year.

Investments

A change in the General Rules on Investment was made by the Pension Committee during the year in order to lower the floor on the holdings of obligations of the U.S. Government from 25 per cent to 20 per cent.

Holdings of the various classes of investments at April 30, 1968 were within the limiting percentages, stated in original investment values, prescribed by the Pension Committee, as follows:

PercentagePercentage
AuthorizedHeld
Bonds
U.S. GovernmentMinimum 2024.18
International Bank for Reconstruction and Development and
Inter-American Development BankMaximum 2013.85
Corporate (other than convertible)Maximum 2522.99
Corporate (convertible)Maximum 50.13
Total bonds61.15
Corporate stocksMaximum 5038.85
Total portfolio100.00

The Audit Committee received directly from the depository confirmation of the investments held as at April 30, 1968.

Audit Committee:

s/ G. R. Long, Chairman (Canada)

/s/ Teferra Liben (Ethiopia)

/s/ F. Estevez (Spain)

Exhibit I Staff Retirement Fund Balance Sheet

as at April 30, 1968

Assets
Cash at Banks$ 82,422
Investments
Bonds, at amortized cost
United States Government$5,480,865
(market value, $4,221,849)
International Bank for Recon-
struction and Development and
Inter-American Development Bank3,182,533
(market value, $2,657,835)
Corporate5,392,405
(market value, $4,667,883)
Corporate convertible30,000$14,085,803
(market value, $31,950)
Stocks (common), at cost10,784,53024,870,333
(market value $13,563,717)
Accrued Interest on Bonds and Contributions
From Participants and Employer215,077
Total Assets$25,167,832
Liabilities and Reserves
Participants’ Account$ 4,968,805
Accumulation Account15,662,877
Retirement Reserve Account3,358,071
Reserve Against Investments1,178,079
Total Liabilities and Reserves$25,167,832
/s/ Oscar L. Altman/s/ Frank A. Southard, Jr.
TreasurerActing Managing Director

See Annual Report, 1965, page 123.

INDEX

Numbers refer to pages. An asterisk (*) denotes a table, a dagger (†) denotes a chart.

Afghanistan—drawing, 99*; repurchase from Fund, 103*; stand-by arrangement, 100*

Africa—balance of payments and reserves, 33, 73*, 74, 122-23*; economic developments, 68; export earnings, 61*, 63*, 66*; gold, foreign exchange, and reserve position in Fund, 41*; international trade, 60, 61, 62†, 63, 67, 68-70; international trade of Equatorial Africa, 69*; international trade of West Africa, 69*; see also individual countries

African Development Bank—Fund relations with, 110

Agricultural Products—prices, 64, 65†

Algeria—economic developments, 70; Fund quota increase, 98*; gold purchases, 89*; international trade, 69*

Angola—international trade, 69*

Antigua—par value changed, 96*

Argentina—balance of payments and reserves, 32, 73*, 74, 122-23*; currency used in Fund transactions, 20, 104*; economic developments, 70, 71; export earnings, 66*; international trade, 63, 71*; repurchase from Fund, 103*; stand-by arrangements, 98, 100*

Articles of Agreementsee Fund Articles of Agreement

Asia—balance of payments and reserves, 33, 73*, 122-23*; export earnings, 61*, 63*, 66*, 67; gold, foreign exchange, and reserve position in Fund, 41*; international trade, 60, 62†, 63, 67, 68; see also individual countries

Asian Development Bank—Fund relations with, 110

Australia—balance of payments and reserves, 7, 32, 33*, 35†, 81*, 122-23*; capital market, 57*; currency used in Fund transactions, 20, 104*; economic developments, 78, 79; export earnings, 61*, 63*, 66*; fiscal policy, 79; Fund Article VIII, acceptance of, 95*; gold, foreign exchange, and reserve position in Fund, 41*; gold production, 87, 88*; gold subsidy program, 92; gross national product, 79; international trade, 60, 62†, 63, 79, 80*

Austria—balance of payments and reserves, 34*; currency used in Fund transactions, 20, 104*; discount rate, 48-49; Fund Article VIII, acceptance of, 95*; gold policy, 84; gold purchases, 89*; international trade, 30*; monetary policy, 48-49

Balance of Payments—3, 32-39, 113-23*; industrial countries, 3, 5, 7, 32, 33-39, 113-21*; primary producing countries, 7, 32-33, 35†, 122-23*; primary producing countries, less developed, 7, 32-33, 35†, 122-23*; primary producing countries, more developed, 7, 32, 122-23*; see also individual countries

Bank for International Settlements—Fund relations with, 110; gold transactions, 85*; swap transactions, 42

Belgium—capital market, 52; currency used in Fund transactions, 20, 104*; discount rate, 48-49, 50; employment, 5, 45; fiscal policy, 46, 47; Fund Article VIII, acceptance of, 95*; gold transactions, 42, 89*; gross national product, 44; interest rates, 56; monetary policy, 48-49, 50; prices, 5, 46; swap transactions, 40; wages, 5; see also Belgium-Luxembourg

Belgium-Luxembourg—balance of payments and reserves, 34*, 37*, 113*; gold, foreign exchange, and reserve position in Fund, 41*; gross national product, 44; industrial production, 44†; international trade, 30*, 31

Bermuda—par value changed, 96*

Board of Governorssee Fund Board of Governors

Bolivia—balance of payments and reserves, 122-23*; drawing, 99*; economic developments, 70, 72; export earnings, 66*; Fund Article VIII, acceptance of, 21, 95; international trade, 71*; stand-by arrangements, 100*, 101

Bonds, Government—yields, 54, 55 Bonds, Industrial—yields, 54, 56† Botswana—membership in Fund, terms and conditions approved for, 95

Brazil—balance of payments and reserves, 73*, 74, 122-23*; coffee prices, 65†; currency used in Fund transactions, 20, 104*; economic developments, 70, 71, 72, 76-77; export earnings, 66*; gold sales, 89*; industrial production, 72; inflation, 76; international trade, 71*, 77; repurchase from Fund, 103*; stand-by arrangements, 100*, 101

British Honduras—par value changed, 96*

Brunei—currency unit changed, 96

Burma—balance of payments and reserves, 122-23*; drawings, 99*, 101*; economic developments, 68; Fund quota increase, 97; international trade, 67*

Burundi—drawing, 99*; repurchase from Fund, 103*; stand-by arrangements, 100*, 101

Cambodia—economic developments, 68; international trade, 67*

Cameroon—international trade, 69* Canada—balance of payments and reserves, 33, 34*, 36, 37*, 114*; bonds, government, yields on, 55†; bonds, industrial, yields on, 561; capital market, 52, 53, 54, 55, 56, 57*; capital movements, 36, 37*, 53, 54, 59; cost of living, 46†; currency used in Fund transactions, 104*; discount rate, 48†, 49-50; drawing, 19, 98, 99*, 104*; economic policy, 10; economic situation, 4, 5; employment, 5, 45; fiscal policy, 4, 5, 47-48; Fund Article VIII, acceptance of, 95*; gold, foreign exchange, and reserve position in Fund, 41*; gold policy, 84; gold price, 84; gold production, 87, 88; gold sales, 89*; gold subsidy program, 92; gross national product, 44; industrial production, 5, 44; interest rates, 53†, 54, 55, 57†; international trade, 28†, 29, 30*, 31; loan to Fund repaid, 107; monetary policy, 5, 48-49, 50; prices, 5, 46; wages, 45, 46; wheat prices, 65†

Capital Markets—industrial countries, 5, 51-58; see also individual countries

Capital Movements—industrial countries, 36-39, 58-59; primary producing countries, less developed, 7; see also individual countries

Central Banking Service—see Fund Organization and Administration

Centro de Estudios Monetarios Latinoamericanos—21-22

Ceylon—balance of payments and reserves, 74, 122-23*; drawings, 99*, 101*; economic developments, 68; international trade, 67*; par value changed, 96*, 97; stand-by arrangement, 100*; tea prices, 65†

Chad—economic developments, 68; Fund quota increase, 98*

Chile—balance of payments and reserves, 73*, 74, 75, 122-23*; copper prices, 65†; drawings, 99*; economic developments, 70-71, 72, 75; export earnings, 66*; Fund quota increase, 98*; inflation, 75; international trade, 71*; repurchase from Fund, 103*; stand-by arrangement, 98,100*

China, mainland—gold purchases, 85; international trade, 60, 61*

China, Republic of—balance of payments and reserves, 33, 73*, 74, 122-23*; economic developments, 68; export earnings, 63*; gross national product, 68; international trade, 67*

Cocoa—prices, 64, 65†, 66*, 67

Coffee—prices, 64, 65†, 66*, 67

Colombia—balance of payments and reserves, 73*, 74, 122-23*; coffee prices, 65†; drawings, 99*, 101*; economic developments, 71, 72; export earnings, 66*; gold production, 88*; international trade, 71*; repurchase from Fund, 103*; standby arrangements, 100*,101

Commodity Pricessee Prices

Compensatory Financingsee Fund Transactions

Congo (Brazzaville)—economic developments, 68; Fund quota increase, 98*

Congo, Democratic Republic of—balance of payments and reserves, 74; currency unit changed, 96; economic developments, 70; export earnings, 66*; Fund quota increase, 98*; gold production, 88*; repurchase from Fund, 103*; stand-by arrangement, 98-99, 100*

Copper—prices, 64, 65†, 66*, 67

Costa Rica—balance of payments and reserves, 122-23*; drawing, 99*; economic developments, 72; Fund Article VIII, acceptance of, 95*; international trade, 71*; repurchase from Fund, 103*; standby arrangement, 100*, 101

Cost of Living—industrial countries, 46†

Cotton—prices, 64, 65†, 66*

Council for Mutual Economic Assistance Countries—27; international trade, 60, 61*

Currency Devaluations—U.K., 3, 8, 31, 39, 43, 50-51; primary producing countries, 7; see also Fund Members: par values

Cyprus—balance of payments and reserves, 122-23*; par value changed, 96*, 97; repurchase from Fund, 103*

Dahomey—Fund quota increase, 98*

Denmark—balance of payments and reserves, 34*; currency devaluation, 43; currency used in Fund transactions, 104*; discount rate, 49*; Fund Article VIII, acceptance of, 21, 95; international trade, 30; par value changed, 96*, 97

Discount Rates—industrial countries, 43, 48†, 49*

Dominica—par value changed, 96*

Dominican Republic—balance of payments and reserves, 122-23*; drawing, 101*; economic developments, 72; Fund Article VIII, acceptance of, 95*; Fund quota increase, 98*; international trade, 71*; repurchase from Fund, 103*

Drawingssee Fund Transactionsand individual countries

East Africa—sisal prices, 65†

Ecuador—balance of payments and reserves, 122-23*; economic developments, 71; international trade, 71*; repurchase from Fund, 103*; stand-by arrangement, 100*

Edible Oils—prices, 65†

El Salvador—balance of payments and reserves, 122-23*; drawing, 99*; economic developments, 72; Fund Article VIII, acceptance of, 95*; international trade, 71*; repurchase from Fund, 103*; stand-by arrangement, 99, 100*

Employment—industrial countries, 45-46

Ethiopia—balance of payments and reserves, 74, 122-23*; economic developments, 69; international trade, 69*

Euro-Currency Markets—38, 39, 42, 51, 52-53, 54

Euro-Issues—37, 55†, 56-57, 58

Europe—balance of payments and reserves, 3, 6, 8, 11, 33-34, 35†, 36, 81*; capital market, 52, 53, 55, 57, 58; capital movements, 36, 37, 38, 53, 58; economic situation, 4-5; employment, 45; export earnings, 61*, 63*; fiscal policy, 5; gold, foreign exchange, and reserve position in Fund, 40, 41*, 42; industrial production, 27; international trade, 25*, 27, 28†, 29, 31, 60, 61, 62†, 63, 80*; monetary policy, 5; prices, 5, 6; see also individual countries

European Economic Community—balance of payments and reserves, 34*, 35†, 36; capital market, 57*; cost of living, 46†; industrial production, 44†; international trade, 28†, 29, 31; prices, 46†; wages, 45†; see also individual countries

European Free Trade Association—international trade, 28†, 29, 31*; see also individual countries

European Fund—gold transactions, 85*

Executive Directorssee Fund Executive Board

Export Earnings—61*, 63*, 66*; see also individual countries

Falkland Islands—par value changed, 96*

Fiji—par value changed, 96*

Finland—balance of payments and reserves, 81*, 122-23*; currency devaluation, 80; drawings, 99*; economic developments, 78, 80; international trade, 80; par value changed, 96*; stand-by arrangement, 100*

Fiscal Policy—industrial countries, 4-5, 43, 46-48

France—balance of payments and reserves, 34*, 36, 37*, 115*; bonds, industrial, yields on, 56†; capital market, 37, 52, 56; capital movements, 37*, 59; currency used in Fund transactions, 20, 104*; discount rate, 48†, 49*, 50; drawing, 19, 107; economic policy, 10, 43; economic situation, 5; employment, 5, 45; fiscal policy, 46-47; Fund Article VIII, acceptance of, 95*; gold, foreign exchange, and reserve position in Fund, 41; gold market, 90-91; gold policy, 87; gold prices, 90-91; gold purchases, 89*; gross national product, 4†, 44; industrial production, 5, 26†, 44†; interest rates, 53†; international trade, 26†, 30*, 31; monetary policy, 5, 49, 50; prices, 5,46; wages, 5, 46†

Fund Articles of Agreement—Amendment, Proposed, 12-16, 17, 95, 127, 154-70; Article III, Section 2, adjustment of quotas, 12; Article V, Section 7, repurchase of currency, 16; Article V, Section 7(b), repurchase obligations, 103-104, 127; Article V, Section 8(f), payment of Fund charges, 107; Article VII, scarce currencies, 107; Article VIII, Sections 2, 3, and 4, acceptance of, 17, 95; Article VIII, Sections 2, 3, and 4, consultations, 21, 108; Article XII, Section 6(a) and (b), distribution of net income, 22; Article XIV, Section 2, consultations, 21, 108

Fund Assistance to Memberssee Fund Services to Members

Fund Board of Governors—decisions under Proposed Amendment to Articles of Agreement, 16; Resolution on Proposed Amendment to Articles of Agreement, 12, 14, 127, 153-54; Resolution 22-8: Establish-ment of a Facility Based on Special Drawing Rights in the Fund and Modifications in the Rules and Practices of the Fund, 17, 127; Resolution 22-9: Stabilization of Prices of Primary Products, 17, 110; Standing Committee on Interpretation to be created, 16; to consider distribution of net income, 22

Fund Consultations with Members—21, 108

Fund Currency Holdingssee Fund Resources

Fund Executive Board—95; Executive Directors, list and voting power, 175-77; membership changes, 178-80; proposal on distribution of net income, 22; report on Proposed Amendment to Articles of Agreement, 129-74

Fund Executive Board Decisions—7(648), voluntary repurchases, 103; 705-(57/55), minimal repurchase obligations procedure, 127; 1034-(60/27), Article VIII and Article XIV, 108; 1371-(62/36), currencies for use in repurchase, 104; 1813-(65/4), calculation of repurchase obligations, 127; 2493-(68/74), Proposed Amendment to Articles of Agreement, 128; 2499-(68/77), Repurchases: Small Amounts Included in Article V, Section 7(b) Obligations, 127

Fund Financial Statements—181-92

Fund Gold Holdingssee Fund Resources

Fund Managing Director—addresses, etc., 83, 110

Fund Members—applications to become, 95; currency devaluations, 8, 17; new, 18, 95; par values, 18, 95, 96-97; terms and conditions for membership approved, 95

Fund Organization and Administration—Audit Committee, 111, 185, 190-91; budget, 111, 181-82; Central Banking Service, 108-109; Fiscal Affairs Department, 108; income, expenditure, and reserves, 22, 111, 182, 183, 188, 189; IMF Institute, 109; publications, 110, 111-12; staff, 111; Staff Retirement Fund, 184, 190-92; see also Fund Board of Governors, Fund Executive Board,and Fund Managing Director

Fund Quotas—increases, 18, 97, 98*

Fund Relations with other International Organizations—109-11; see also individual organizations

Fund Resources—General Arrangements to Borrow, 19, 20, 21, 85, 98, 102, 104, 107; gold and currency holdings, 85; U.S. securities, investment in, 186, 189

Fund Services to Members—IMF Institute, 21, 109; technical assistance, 21, 108-109; see also Fund Organization and Administration: Central Banking Service, Fiscal Affairs Department

Fund Transactions—18-21; charges to members, 105, 107; compensatory financing, 19, 97, 98*, 99*, 101-102; currencies used by Fund, 20-21, 103-105; drawings, 18-19, 97-98, 99*, 101, 104*, 105*, 106†; financial agreement with Switzer-land, 108; gold transactions, 85*; interest payments, 105, 107; repayment to Canada, 107; replenishment of currencies, 107-108; repurchases by members, 19-20, 102-103, 104*, 105*; stand-by arrangements, 19, 98, 99-101, 105*, 106†; summary, 105; waivers, 102

Fund Work on International Liquidity, 1963-68—12-14

Gabon—economic developments, 68; Fund quota increase, 98*

Gambia, The—exchange rate change agreed with Fund, 97; membership in Fund, 18, 95; par value established, 97

General Agreement on Tariffs and Trade—Fund relations with, 110

General Arrangements to Borrow—see Fund Resources

Germany—balance of payments and reserves, 7, 33-34, 36, 37, 38, 39*, 116*; bonds, government, yields on, 55†; bonds, industrial, yields on, 56†; capital market, 52, 56, 57-58; capital movements, 36, 37, 38, 39, 57-58; currency used in Fund transactions, 20, 104*; discount rate, 48, 49*; economic situation, 4, 5, 43; employment, 5, 45; fiscal policy, 46; Fund Article VIII, acceptance of, 95*; gold, foreign exchange, and reserve position in Fund, 40, 41*, 42; gold policy, 84; gross national product, 4, 44; industrial production, 5, 26†, 27, 43-44; interest rates, 53†, 56; international trade, 27, 281, 29, 30, 31; monetary policy, 5, 48-49, 50; prices, 5, 45, 46; swap transactions, 40-41, 42; wages, 5, 45, 46†

Ghana—balance of payments and reserves, 73*, 74, 122-23*; cocoa prices, 65†; drawings, 99*, 101*; economic developments, 68, 76; export earnings, 66*; gold production, 87, 88*; gross national product, 68; international trade, 69*; par value changed, 96*; prices, 76; repurchase from Fund, 103*; stand-by arrangements, 100*, 101

Gibraltar—par value changed, 96*

Gold—absorption by private holders, industry, and arts, 85-87, 89*; demand for, 3, 42, 43, 54, 83, 90; holdings, 32, 39-40, 84-87; markets, 90-92; movements, 89-90; national policies affecting, 83-84; price, 3, 9, 43, 83, 90-92; production, 84-85, 86†, 87-88; subsidy programs, 92; see also Fund Transactions

Gold Pool—3, 9, 42, 43, 83, 89-90

Greece—balance of payments and reserves, 81*, 122-23*; economic developments, 82; international trade, 80*

Gross National Product—industrial countries, 4, 5, 44-45; primary producing countries, 6

Group of Ten—report on international liquidity, 13

Guatemala—balance of payments and reserves, 122-23*; drawings, 99*, 101*; economic developments, 72; Fund Article VIII, acceptance of, 95*; international trade, 71*; repurchase from Fund, 103*; standby arrangements, 100*, 101

Guyana—Fund Article VIII, acceptance of, 95*; international trade, 71*; par value changed, 96*, 97; stand-by arrangements, 100*, 101

Haiti—balance of payments and reserves, 122-23*; drawings, 99*, 101*; Fund Article VIII, accept-ance of, 95*; repurchase from Fund, 103*; stand-by arrangement, 100*

Honduras—balance of payments and reserves, 122-23*; economic developments, 72; Fund Article VIII, acceptance of, 95*; international trade, 71*; repurchase from Fund, 103*; stand-by arrangement, 99, 100*

Hong Kong—export earnings, 63*; gold prices, 92; international trade, 67*; par value changed, 96*

Iceland—balance of payments and reserves, 81*, 122-23*; currency devaluation, 80; drawings, 99*, 101*; economic developments, 78, 80; export earnings, 80; international trade, 80*; par value changed, 96*, 97

Income, Proposed Distribution of Fund’s Net—22

India—balance of payments and reserves, 73*, 74, 122-23*; discount rate, 77; drawings, 99*, 101*; economic developments, 67, 77; gold prices, 92; gross national product, 67-68; international trade, 67*, 77; repurchase from Fund, 103*

Indonesia—balance of payments and reserves, 73*, 74, 122-23*; drawing, 98, 99*; economic developments, 68, 77-78; export earnings, 66*; fiscal measures, 78; gold policy, 84; inflation, 77; international trade, 67*; prices, 77-78; repurchase from Fund, 103*; stand-by arrangement, 99, 100*, 101

Industrial Countries—3, 4-6, 27; balance of payments and reserves, 3, 5, 7, 32, 33-39; capital markets, 51-58; capital movements, 36-39, 58-59; discount rates, 43; drawings, 106†; economic situation, 3, 4-5, 43-59; employment, 45; fiscal policy, 5, 43, 46-48; gold, foreign exchange, and reserve position in Fund, 40, 41*; gross national product, 4, 5, 44-45; industrial production, 26†, 43-44, 64†; interest rates, 48-50; international trade, 6, 25-29, 30-32, 61-63; markets for primary producing countries, 60-63; monetary policy, 43, 48-50; prices, 43, 45-46; stand-by arrangements, 106†; wages, 43, 45†

Industrial Production—industrial countries, 26†, 43, 44†, 64†

Inter-American Development Bank—Fund relations with, 110

Interest Rates—industrial countries, 48-50, 53†, 57†; see also Discount Rates

International Bank for Reconstruction and Development (World Bank)—Fund relations with, 110, 111

International Liquidity—12-14

International Monetary Fundsee Fund

International Organizations—Fund relations with, 109-11

International Trade—see World Tradeand individual countries

Iran—balance of payments and reserves, 73*, 122-23*; drawing, 99*; economic developments, 70; export earnings, 63*; international trade, 69*; repurchase from Fund, 103*

Iraq—balance of payments and reserves, 73, 122-23*; drawings, 99*, 101*; economic developments, 70; international trade, 69*; repurchase from Fund, 103*

Ireland—balance of payments and reserves, 81*, 122-23*; currency used in Fund transactions, 20, 103, 104*; economic developments, 78, 79; Fund Article VIII, acceptance of, 95*; gross national product, 79; international trade, 79, 80*; par value changed, 96*, 97; repurchase from Fund, 103*

Israel—balance of payments and reserves, 32, 73*, 122-23*; economic developments, 70; export earnings, 63*; international trade, 69*; par value changed, 96*, 97

Italy—balance of payments and reserves, 34*, 36, 37, 38, 39*, 117*; bonds, government, yields on, 55†; bonds, industrial, yields on, 56†; capital market, 52; capital movements, 37, 38, 39*; currency used in Fund transactions, 20, 104*; discount rate, 48†; economic situation, 5, 44-45; employment, 45; Fund Article VIII, acceptance of, 95*; gold, foreign exchange, and reserve position in Fund, 40, 41*, 42; gold policy, 84; gold transactions, 89*; gross national product, 4; industrial production, 26†, 27, 441; interest rates, 56; international trade, 261, 27, 29, 30*, 32; monetary policy, 50; prices, 46; swap transactions, 40; wages, 46†

Ivory Coast—balance of payments and reserves, 122-23*; export earnings, 66*; Fund quota increase, 98*; international trade, 69*

Jamaica—balance of payments and reserves, 122-23*; Fund Article VIII, acceptance of, 95*; international trade, 71*; par value changed, 96*, 97

Japan—balance of payments and reserves, 7, 33-34, 36, 37*, 38, 118*; capital market, 52, 53, 57*; capital movements, 36, 37*, 38, 59; cost of living, 46†; currency used in Fund transactions, 104*; discount rate, 48†, 49*, 50; economic policy, 10; economic situation, 5, 44-45; fiscal policy, 4, 45, 48; Fund Article VIII, acceptance of, 95*; gold, foreign exchange, and reserve position in Fund, 41*; gold policy, 84; gold production, 87, 88*; gross national product, 4; industrial production, 26†, 44†; international trade, 25*, 26†, 27, 28†, 29, 30*, 31, 32, 61, 621, 63; monetary policy, 45, 50; prices, 45, 46; wages, 45, 46†

Jordan—balance of payments and reserves, 32, 73*, 74, 122-23*; economic developments, 70; Fund quota increase, 98*; international trade, 69*

Kenya—balance of payments and reserves, 122-23*; economic developments, 69; international trade, 69*

Korea—balance of payments and reserves, 33, 73*, 74, 122-23*; economic developments, 68; export earnings, 63*; Fund quota increase, 97, 98*; gross national product, 68; international trade, 67*; stand-by arrangements, 100*, 101

Kuwait—Fund Article VIII, acceptance of, 95*; international trade, 69*

Latin America—export earnings, 61*; international trade, 60, 67; see also Western Hemisphereand individual countries

Lead—prices, 64, 65†

Lebanon—gold policy, 87; gold prices, 92; international trade, 69*

Lesotho—membership in Fund, terms and conditions approved for, 95

Liberia—drawing, 99*; repurchase from Fund, 103*; stand-by arrangements, 100*, 101

Liquiditysee International Liquidity

Libya—balance of payments and reserves, 73*, 74, 122-23*; economic developments, 68, 70; international trade, 69*

Luxembourg—Fund Article VIII, acceptance of, 95*; Fund quota increase, 98*; see also Belgium-Luxembourg

Maize—prices, 65†

Malagasy Republic—international trade, 69*

Malawi—balance of payments and reserves, 122-23*; par value changed, 96*, 97

Malaysia—balance of payments and reserves, 74, 122-23*; currency unit changed, 95; economic developments, 68; export earnings, 66*; Fund quota increase, 98*; gross domestic product, 68; international trade, 67*; repurchase from Fund, 103*; rubber prices, 65†; tin prices, 65†

Mali—drawing, 99*; economic developments, 69; repurchase from Fund, 103*; stand-by arrangement, 99-101

Malta—membership in Fund, application for, 95

Manufacturing Countriessee Industrial Countries

Martinique—international trade, 71*

Mauritania—Fund quota increase, 98*

Mauritius—membership in Fund, application for, 95; par value changed, 96*

Metalssee Minerals and Metals

Mexico—balance of payments and reserves, 73*, 74, 122-23*; cotton prices, 65†; currency used in Fund transactions, 20, 104*; economic developments, 71, 72; export earnings, 66*; Fund Article VIII, acceptance of, 95*; gold production, 88*; international trade, 71*

Middle East—balance of payments and reserves, 32, 33*, 73-74, 122-23*; export earnings, 61*, 63*; gold, foreign exchange, and reserve position in Fund, 41*; international trade, 61, 62†, 63, 67, 69*, 70

Minerals and Metals—prices, 64, 65†

Monetary Policy—industrial countries, 43, 48-50; see also individual countries

Montserrat—par value changed, 96*

Morocco—balance of payments and reserves, 122-23*; economic developments, 70; Fund quota increase, 98*; international trade, 69*; standby arrangements, 100*, 101

Mozambique—international trade, 69*

Nepal—par value established, 96*, 97

Netherlands—balance of payments and reserves, 34*, 37*, 119*; bonds, government, yields on, 55†; capital market, 52; capital movements, 37*, 59; currency used in Fund transactions, 20, 104*; discount rate, 48-49; economic situation, 5; employment, 5, 45; fiscal policy, 46, 47; Fund Article VIII, acceptance of, 95*; gold, foreign exchange, and reserve position in Fund, 41*, 42; gold policy, 84, 92; gold prices, 92; gold purchases, 89*; gross national product, 44; industrial production, 5, 44†; interest rates, 53†, 57†; international trade, 30*, 31; monetary policy, 5, 49, 50; prices, 5, 46; swap transactions, 40; wages, 5

Netherlands Antilles—international trade, 71*

New Zealand—balance of payments and reserves, 7, 32, 33*, 35†, 81*, 122-23*; capital market, 57*; currency devaluation, 80; drawings, 99*, 101*; economic developments, 78, 80; export earnings, 61*, 63*, 66*; gold, foreign exchange, and reserve position in Fund, 41*; international trade, 60, 62†, 63, 80; par value changed, 95, 96*, 97; repurchase from Fund, 103*; stand-by arrangement, 100*, 101; wool prices, 65†, 79-80

Nicaragua—balance of payments and reserves, 122-23*; economic developments, 72; Fund Article VIII, acceptance of, 95*; international trade, 71*; repurchase from Fund, 103*; stand-by arrangement, 100*, 101

Niger—Fund quota increase, 98*

Nigeria—balance of payments and reserves, 73*, 74, 122-23*; drawing, 98, 99*; economic developments, 68, 69; export earnings, 66*; Fund quota increase, 97, 98*; international trade, 69*

North America—capital market, 52, 57*; international trade, 25*; see also individual countries

Norway—balance of payments and reserves, 34*; currency used in Fund transactions, 20, 104*; Fund Article VIII, acceptance of, 21, 95; international trade, 30*, 31

Organization for Economic Cooperation and Development—Fund relations with, 110

Organization of American States—Fund relations with, 110

Pakistan—balance of payments and reserves, 73*, 74, 77, 122-23*; economic developments, 68, 77; fiscal measures, 77; gross national product, 68; international trade, 67*, 68; repurchase from Fund, 103*

Panama—balance of payments and reserves, 122-23*; economic developments, 72; Fund Article VIII, acceptance of, 95*; gross domestic product, 72; international trade, 71*; repurchase from Fund, 103*

Par Valuessee Fund Membersand individual countries

Paraguay—balance of payments and reserves, 122-23*; economic developments, 71; international trade, 71*; stand-by arrangements, 100*, 101

Peru—balance of payments and reserves, 73*, 74, 122-23*; currency used in Fund transactions, 104*; drawing, 99*; economic developments, 70-71, 72, 75-76; export earnings, 66*; fiscal measures, 76; Fund Article VIII, acceptance of, 95*; Fund quota increase, 97, 98*; gold sales, 89*; gross national product, 72; international trade, 71*; stand-by arrangement, 100*, 101

Petroleum Exporters—60, 61, 64, 68, 70, 73; balance of payments and reserves, 73; export earnings, 63*; international trade, 63, 69*, 71*

Philippines—balance of payments and reserves, 73*, 74, 122-23*; drawing, 99*; economic developments, 68; gold production, 87, 88*; gold subsidy program, 92; gross national product, 68; international trade, 67*; stand-by arrangements, 100*, 101

Portugal—balance of payments and reserves, 81*, 122-23*; economic developments, 82; international trade, 80*

Prices—commodity, 3, 29, 63-67, 76; industrial countries, 43, 45-46; see also Cost of Living

Primary Producing Countries—3, 6-7, 27; balance of payments and reserves, 7, 32-33, 35†, 122-23*; capital market, 57*; currency devaluations, 7; economic developments, 60-82; export earnings, 60-67; gold and foreign exchange reserves, 7; gross national product, 6; imports by industrial countries, 60-63; international trade, 6, 27, 29-30, 61*, 62†, 63*, 66*; see also Primary Producing Countries, Less Developed; Primary Producing Countries, More Developed;and individual countries

Primary Producing Countries, Less Developed—27; balance of payments and reserves, 7, 32-33, 351, 72-74, 122-23*; capital movements, 7; economic developments, 67-78; export earnings, 63*; gold, foreign exchange, and reserve position in Fund, 41*; international trade, 30†, 67*, 69*, 71*; see also individual countries

Primary Producing Countries, More Developed—27; balance of payments and reserves, 7, 32-33, 81*, 122-23*; economic developments, 78-82; export earnings, 63*; gold, foreign exchange, and reserve position in Fund, 41*; international trade, 30†, 80*; see also individual countries

Quotas of Fund Memberssee Fund Quotas

Reserve Position in Fund—8-9, 39, 40, 41

Reserves, Gold and Foreign Exchange—39-42; world, 8-10

Rhodesia—gold production, 88*; gold subsidy program, 92; international trade, 69*

Rice—prices, 64, 65†

Rubber—prices, 64, 65t, 66*, 67, 68

Rwanda—drawing, 99*; Fund quota increase, 98*; repurchase from Fund, 103*; stand-by arrangements, 100*, 101

St. Christopher-Nevis-Anguilla—par value changed, 96*

St. Lucia—par value changed, 96*

St. Vincent—par value changed, 96*

Saudi Arabia—balance of payments and reserves, 122-23*; Fund Article VIII, acceptance of, 95*; international trade, 69*

Scandinavian Countries—borrowing in European capital market, 37, 57*; see also individual countries

Securities Marketssee Capital Markets

Senegal—international trade, 69*

Seychelles—par value changed, 96*

Sierra Leone—balance of payments and reserves, 122-23*; drawing, 99*; economic developments, 69, 76; international trade, 69*; par value changed, 96*, 97; prices, 76; stand-by arrangements, 100*, 101

Singapore—balance of payments and reserves, 122-23*; currency unit changed, 95; international trade, 67*; par value established, 96*

Sisal—prices, 64, 65†

Somalia—balance of payments and reserves, 122-23*; drawing, 99*; repurchase from Fund, 103*; standby arrangements, 100*, 101

South Africa—balance of payments and reserves, 7, 32, 33*, 35†, 79, 81*, 122-23*; capital market, 57*; currency used in Fund transactions, 20, 103, 104*; economic developments, 78, 79; export earnings, 61*, 63*, 66*; gold, foreign exchange, and reserve position in Fund, 41*; gold policy, 84; gold production, 87, 88; gold subsidy program, 92; gross domestic product, 79; international trade, 60, 62†, 63, 79, 80*

Spain—balance of payments and reserves, 81*, 122-23*; currency devaluation, 82; economic developments, 78, 80, 82; gold purchases, 89*; international trade, 80*, 82; par value changed, 96*, 97

Special Drawing Account—15, 135-36, 142-43, 158-59, 163-64, 166, 169-70, 171

Special Drawing Rights, Establishment of Facility Based on—14-15, 129-74

Stabilization of Prices of Primary Products—17, 110

Stand-By Arrangementssee Fund Transactionsand individual countries

Sudan—balance of payments and reserves, 74, 122-23*; drawing, 99*; economic developments, 69-70; export earnings, 66*; international trade, 69*; repurchase from Fund, 103*; stand-by arrangements, 100*, 101

Sugar—prices, 64

Surinam—international trade, 71*

Swap Transactions—39*, 40-41, 42

Sweden—balance of payments and reserves, 34*; capital market, 52; currency used in Fund transactions, 20, 104*; discount rate, 48-49, 50; fiscal policy, 46, 47; Fund Article VIII, acceptance of, 95*; international trade, 30, 31; monetary policy, 48-49, 50; prices, 46

Switzerland—balance of payments and reserves, 34*; bonds, government, yields on, 55†; bonds, industrial, yields on, 56†; capital market, 56, 57; capital movements, 59; discount rate, 48-49; financial agreement with Fund, 108; gold, foreign exchange, and reserve position in Fund, 41*, 42; gold market, 91-92; gold policy, 84, 87; gold prices, 91-92; gold purchases, 89*; gross national product, 44; interest rates, 53†, 56; international trade, 30*; monetary policy, 48-49, 50; prices, 46; swap transactions, 41

Syrian Arab Republic—balance of payments and reserves, 122-23*; drawings, 99*, 101*; economic developments, 70; export earnings, 66*; international trade, 69*; repurchase from Fund, 103*

Tanzania—balance of payments and reserves, 122-23*; economic developments, 69; international trade, 69*; repurchase from Fund, 103*

Tea—prices, 651, 67

Technical Assistance and Cooperationsee Fund Organization and Administrationand Fund Services to Members

Thailand—balance of payments and reserves, 122-23*; economic developments, 68; gross domestic product, 68; international trade, 67*; rice prices, 65†

Tin—prices, 64, 65†, 66*, 67, 68

Trinidad and Tobago—balance of payments and reserves, 122-23*; Fund quota increase, 97; international trade, 71*; par value changed, 96*, 97

Tunisia—balance of payments and reserves, 74, 122-23*; drawing, 99*; economic developments, 70; international trade, 69*; repurchase from Fund, 103*; stand-by arrangements, 100*,101

Turkey—balance of payments and reserves, 81*, 122-23*; drawing, 99*; economic developments, 82; gold purchases, 89*; international trade, 80*; repurchase from Fund, 103*; stand-by arrangements, 100*, 101

Uganda—economic developments, 69, 76; international trade, 69*; prices, 76

Union of Soviet Socialist Republics—gold sales, 32, 85, 86†; see also Council for Mutual Economic Assistance Countries

United Arab Republic—balance of payments and reserves, 73*, 78, 122-23*; drawings, 99*, 101*; economic developments, 70, 78; export earnings, 66*; fiscal measures, 78; international trade, 69*; repurchase from Fund, 103*

United Kingdom—balance of payments and reserves, 3, 4, 7-8, 11, 34, 35†, 36, 37, 38-39, 43, 120*; bonds, government, yields on, 55; bonds, industrial, yields on, 56†; capital market, 52, 53, 54, 55; capital movements, 36, 37, 38-39, 51, 53, 54, 58; cost of living, 46†; currency devaluation, 3, 8, 31, 39, 43, 50-51; currency used in Fund transactions, 20, 104*; discount rate, 48-49, 50, 51, 55; drawings, 19, 106†, 107-108; economic policy, 10; economic situation, 3, 5, 45, 50-51; employment, 5, 45, 50, 51; fiscal policy, 3, 4, 5, 47; Fund Article VIII, acceptance of, 95*; gold, foreign exchange, and reserve position in Fund, 40*, 41, 42; gold market, 90; gold policy, 84; gold prices, 90, 91†; gold transactions, 89*, 90; gross domestic product, 4†; incomes policy, 5; industrial production, 5, 26†, 43-44; interest rates, 8, 39, 49, 52, 53†, 54-55, 57†; international trade, 25*, 26†, 27, 28†, 29, 30, 31, 32, 63; monetary policy, 5, 48-49, 50, 51; par value changed, 18, 96*, 97; prices, 5, 46; repurchases from Fund, 19-20, 41, 102, 103*, 104*, 107; stand-by arrangements, 19, 98, 100*, 101, 106†, 108; sterling crisis, 3, 38, 50-51; swap transactions, 40, 41; wages, 5, 45, 46†, 50, 51

United Nations—Conference on Trade and Development, 110; Fund relations with, 12, 110

United States—balance of payments and reserves, 3, 5, 7, 8, 11, 32, 33, 34, 36, 38*, 39, 43, 121*; bonds, government, yields on, 55†; bonds, industrial, yields on, 56†; capital market, 52, 53, 54, 55, 56, 57; capital movements, 36, 37, 38, 39, 58-59; cost of living, 46†; currency used in Fund transactions, 20, 104*; discount rate, 48-49, 50; drawings, 19, 98, 99*, 104*, 106†; economic policy, 10; economic situation, 4, 5, 43; employment, 45; fiscal policy, 4, 5, 43, 48; Fund Article VIII, acceptance of, 95*; gold, foreign exchange, and reserve position in Fund, 40, 41, 42, 43; gold holdings under earmark, 90; gold policy, 83-84; gold prices, 91†; gold production, 87, 88; gold transactions, 89; gross national product, 4†, 44; income tax surcharge, 5; industrial production, 5, 26†, 43, 44†; interest equalization tax, 59; interest rates, 39, 50, 53-54, 55, 56-57; international trade, 6, 26†, 27, 28†, 29, 30*, 31, 32, 60, 61, 62†; investment, direct, curbs on, 58-59; monetary policy, 5, 48-49, 50; prices, 5, 6, 43, 46; stand-by arrangements, 106†; swap transactions, 40, 41, 42; wages, 5, 43, 45, 46†

Upper Volta—Fund quota increase, 98*

Uruguay—balance of payments and reserves, 122-23*; drawings, 99*, 101*; economic developments, 71; export earnings, 66*; Fund quota increase, 97, 98*; international trade, 63, 71*; repurchase from Fund, 103*; stand-by arrangements, 100*, 101

Venezuela—balance of payments and reserves, 32, 73*, 74, 122-23*; economic developments, 70, 71; international trade, 71*

Viet-Nam—balance of payments and reserves, 122-23*; Fund quota increase, 97, 98*; international trade, 67*

Wages—cost per manufactured unit, 45, 461; industrial countries, 43, 45f† rates, 45†

Western Hemisphere—balance of payments and reserves, 32, 33*, 73*, 74, 122-23*; economic developments, 70; export earnings, 61*, 63*, 66*; gold, foreign exchange, and reserve position in Fund, 41*; international trade, 62†, 63, 70-72; see also Latin Americaand individual countries

Wheat—prices, 65†

Wool—prices, 63, 64, 65†, 66*, 67

World Banksee International Bank for Reconstruction and Development

World Reservessee Reserves, Gold and Foreign Exchange

World Trade—3, 6, 25-32; industrial countries, 6, 25-29, 30-32, 61-63; primary producing countries, 6, 27, 29-30, 61*, 62†, 63*, 66*; primary producing countries, less developed, 30†, 67*, 69*, 71*; primary producing countries, more developed, 30†, 80*

Yugoslavia—balance of payments and reserves, 81*, 122-23*; drawing, 99*; economic developments, 78, 82; international trade, 80*, 82; repurchase from Fund, 103*; stand-by arrangement, 100*

Zambia—balance of payments and reserves, 122-23*; economic developments, 70; export earnings, 66*; international trade, 69*; par value changed, 95, 96*; repurchase from Fund, 103*

Zinc—prices, 65†

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