Chapter

Appendix I The Fund in 1977/78

Author(s):
International Monetary Fund
Published Date:
September 1978
Share
  • ShareShare
Show Summary Details

The tables in this appendix supplement the information given in Chapter 3 on the activities of the Fund during the financial year ended April 30, 1978. In some tables in this appendix, however, data covering longer periods are included, viz., Table I.1 on exchange rates and exchange arrangements, Table I.13 setting out the charges on the use of the Fund’s resources, Table I.14 on the distribution of profits from gold sales, Table I.15 on Trust Fund loans, and Table I.17 on the increases in quotas.

Table I.1.Exchange Rates and Exchange Arrangements, June 30,1978(Currency units per unit listed)
Exchange Rate Maintained Against
MemberCurrencyU.S.

dollar1
Pound

sterling 1
French

franc 1
Other

single

currency 1
Special

drawing

right 1
Currency composite

other

than SDR 2
Other currencies

in a cooperative

arrangement 3
Exchange Rates

Otherwise

Determined 2, 4
Afghanistan 5Afghani39.00
Algeria 5dinar3.9805
Argentinapeso788.50
Australiadollar0.871460
Austriaschilling14.975
Bahamas 5dollar1.00
Bahraindinar0.4761900.388
Bangladesh 5taka28.025
Barbadosdollar2.00
Belgium 5franc48.657332.71
Beninfranc50.00
Boliviapeso20.00
Botswanapula0.828157
Brazil 5cruzeiro17.936
Burmakyat8.508476.87659
Burundifranc90.00
Cameroonfranc50.00
Canadadollar1.1245
Central African Empirefranc50.00
Chadfranc50.00
Chilepeso32.06
China, Republic ofnew Taiwan dollar38.00
Colombia 5peso38.906
Comorosfranc50.00
Congo, People’s Republic of thefranc50.00
Costa Rica 5colón8.57
Cypruspound0.379579
Denmarkkrone8.566565.6415
Dominican Republic 5peso1.00
Ecuador 5sucre25.00
Egypt 5pound0.391305
El Salvadorcolón2.50
Equatorial Guinea 5ekuele1.007
Ethiopia 5birr2.07
Fijidollar0.850702
Finlandmarkka4.243
Francefranc4.5015
Gabonfranc50.00
Gambia, Thedalasi4.00
Germany, Federaldeutsche
Republic ofmark3.156652.0753
Ghana 5cedi1.153851.35
Greecedrachma36.934
Grenada 5East Caribbean dollar2.70
Guatemalaquetzal1.00
Guineasyli24.685319.9508
Guinea-Bissaupeso35.5610
Guyanadollar2.55
Haitigourde5.00
Honduraslempira2.00
Icelandkróna260.10
Indiarupee8.2518
Indonesia 5rupiah415.00
Iran 5rial82.242570.475
Iraqdinar0.296051
Ireland 5pound1.00
Israelpound17.8378
Italy 5lira854.55
Ivory Coastfranc50.00
Jamaicadollar1.573250
Japanyen204.70
Jordandinar0.3877550.313385
Kampuchea, Democratic 8
Kenyashilling9.667.80726
Koreawon485.00
Kuwaitdinar0.27462
Lao People’skip of
Democratic Republic 5liberation400.00
Lebanonpound—.2.90
Lesothorand1.009
Liberiadollar1.00
Libyadinar0.296053
Luxembourg 5franc48.657332.71
Madagascarfranc50.00
Malawikwacha1.05407—.0.851905
Malaysiaringgit2.3668
Maldives 5rupee3.93——
Malifranc100.00
Maltapound0.393825
Mauritaniaouguiya46.22
Mauritius 5rupee7.7137596.23430
Mexicopeso22.817
Morocco 5dirham4.20955._
Nepal 5rupee12.00
Netherlandsguilder3.355072.2325
New Zealanddollar0.970214
Nicaraguacórdoba7.00
Nigerfranc50.00
Nigerianaira0.641025
Norwaykrone8.187065.403
Omanrial Omani0.345395
Pakistanrupee9.90
Panamabalboa1.00
Papua New Guineakina0.707814
Paraguay 5guaraní126.00
Peru 5sol154.5976
Philippinespeso7.36
Portugalescudo45.6566
Qatarriyal3.8785
Romania 5leu12.00
Rwandafranc92.84
São Tomè and Principedobra45.2536.5713
Saudi Arabiariyal3.8785
Senegalfranc50.00
Seychellesrupee13.3333
Sierra Leoneleone2.00
Singaporedollar2.3195
Somalia 5shilling6.23270
South Africa 5rand0.869565
Spainpeseta78.812
Sri Lankarupee15.72
Sudan 5pound0.40
Surinameguilder1.785
Swazilandlilangeni1.009
Swedenkrona4.5755
Syrian Arab Republic 5pound3.925
Tanzaniashilling9.667.80726
Thailandbaht20.40
Togofranc—.50.00
Trinidad and Tobagodollar2.40
Tunisiadinar0.418797
Turkey 5lira25.25
Ugandashilling9.667.80726
United Arab Emiratesdirham4.76193.878
United Kingdom 5pound0.537577
United Statesdollar1.00
Upper Voltafranc50.00
Uruguay 5new peso5.936
Venezuela 5bolË4.2925
Viet Nam 5dong2.663582.15272
Western Samoa 5tala0.74105
Yemen Arab Republicrial4.5625
Yemen, People’s Demo-dinar
cratic Republic ofdinar0.345395
Yugoslaviadinar18.8599
Zaïrezaïre1.000.808205
Zambiakwacha0.9763110.789059

Rates as notified to the Fund and in terms of currency units per unit listed.

Market rates in currency units per U.S. dollar.

Belgium, Denmark, the Federal Republic of Germany, Luxembourg, the Netherlands, and Norway maintain maximum margins of 2.25 percent for exchange rates in transactions in the official markets between their currencies and those of the other countries in this group. No announced margins are observed for other countries. Rates shown are central rates expressed in terms of SDRs, as valued in accordance with Article XXI, Section 2, of the Fund’s Articles of Agreement in effect on March 19, 1973.

Under this heading are listed those members that describe their exchange rate arrangements variously as floating independently, adjusting according to a set of indicators (see footnote 6), and certain other members whose exchange arrangements are not otherwise described in this table. In addition, U.S. dollar quotations are given for the currencies that are pegged to the SDR and for those that participate in the European common margins arrangement.

Member maintains multiple currency practices and/or dual exchange market. A description of the member’s exchange system as of December 31, 1977 is given in the Twenty-Ninth Annual Report on Exchange Restrictions.

Exchange rates adjusted according to a set of indicators.

Per Spanish peseta.

Information not available.

Per South African rand.

Rates as notified to the Fund and in terms of currency units per unit listed.

Market rates in currency units per U.S. dollar.

Belgium, Denmark, the Federal Republic of Germany, Luxembourg, the Netherlands, and Norway maintain maximum margins of 2.25 percent for exchange rates in transactions in the official markets between their currencies and those of the other countries in this group. No announced margins are observed for other countries. Rates shown are central rates expressed in terms of SDRs, as valued in accordance with Article XXI, Section 2, of the Fund’s Articles of Agreement in effect on March 19, 1973.

Under this heading are listed those members that describe their exchange rate arrangements variously as floating independently, adjusting according to a set of indicators (see footnote 6), and certain other members whose exchange arrangements are not otherwise described in this table. In addition, U.S. dollar quotations are given for the currencies that are pegged to the SDR and for those that participate in the European common margins arrangement.

Member maintains multiple currency practices and/or dual exchange market. A description of the member’s exchange system as of December 31, 1977 is given in the Twenty-Ninth Annual Report on Exchange Restrictions.

Exchange rates adjusted according to a set of indicators.

Per Spanish peseta.

Information not available.

Per South African rand.

Table I.2.Transfers of Special Drawing Rights, January 1, 1970-April 30,1978(In millions of SDRs)
Financial Years Ended April 30Total
Jan. 1, 1970-

Apr. 30, 1970
19711972197319741975197619771978Jan. 1, 1970-

Apr. 30, 1978
Transfers between
participants
Transactions with
designation155348267117604402921193982,195
Transactions by
agreement202863803039962491763179273,655
1756336474201,0566884684361,3255,850
General Resources
Account
Transfers from
participants
Repurchases (net)183357501682924440738442,519
Charges (net)2966303029923547098012,139
Quota payments201201
Assessments1111112119
Interest received on
General Resources
Account holdings4710821212340135
213429540108671388178051,8875,003
Transfers to
participants
Purchases29274443256621,434
Reconstitution 1461071571174044454741,751
Replenishment of
participants
currencies12321
Remuneration181522061024122218
Distribution of
net income9817
Restoration of
participants’
holdings 229
Interest, transfer
charges on
Fund borrowings82937
Other 311
1511204011851278654951,2873,632
Total transfers3881,2131,3079291,3089532,1501,7364,49914,485
General Resources
Account holdings at
end of period2134909106174995104617711,3711,371

Including amounts acquired as part of purchases.

To offset the effect of failure to fulfill the requirement of balance of payments need when using SDRs in transactions with designation.

To enable participants to pay assessments or charges in the Special Drawing Rights Department.

Including amounts acquired as part of purchases.

To offset the effect of failure to fulfill the requirement of balance of payments need when using SDRs in transactions with designation.

To enable participants to pay assessments or charges in the Special Drawing Rights Department.

Table I.3.Summary of Transactions and Operations in Special Drawing Rights, Financial Year Ended April 30,1978 1(In thousands of SDRs)
Transactions and OperationsPositions at April 30, 1978
Between participants
ReceivedBetween participants

and the General

Resources Account
Holdings on

April 30, 1977
Through

designation
OtherUsedReceivedUsedInterest,

Charges, and

Assessment

(Net)
HoldingsNet

cumulative

allocations
Holdings as

of net

cumulative

allocations
Participants
Afghanistan4,6142,0009681,902−3035,37712,75342.2
Algeria43,1483,0002+20446,35440,290115.1
Argentina69,53419,67543,57522,486−2,932107,366152,52070.4
Australia27,416100,0001,0006,00018,759−6,620107,037225,64547.4
Austria96,570+69897,26876,745126.7
Bangladesh13,46112,530+2031,134
Barbados2,7483,0003,00063−22,6842,76996.9
Belgium407,12313+7,025414,135209,346197.8
Benin4,445−14,4444,44999.9
Bolivia6,652929950−231o,40012,75350.2
Botswana1,5671,5671,56999.9
Brazil171,6441,593+720173,958152,520114.1
Burma7,26756216,75022,0004,951−4707,65820,84436.7
Burundi2,8771,00082−1233,6726,56755.9
Cameroon8,2493,746−1404,36310,51341.5
Canada478,34281,01414+2,351399,665358,620111.4
Central African Empire1,370600667748−1001,7894,36541.0
Chad1,70735079483−1011,5524,44934.9
Chile54,38327,53922,267−1559,63954,654109.1
Colombia23,0625,500−1,08227,48054,44150.5
Congo, People’s Rep. of the1,9253,0973,418593−991,5544,44934.9
Costa Rica4,0362,0001,2402,294−2504,73211,01643.0
Cyprus7,2093,382−1273,6998,89841.6
Denmark90,2636,808+48197,55282,764117.9
Dominican Republic5,4041,3441,469−3374,94114,53534.0
Ecuador6,0704,000132−8710,11511,22990.1
Egypt21,73941,00051,26311,501−1,50818,99365,24429.1
El Salvador5,5313,000719−1827,63011,65565.5
Equatorial Guinea1,736−351,7012,71262.7
Fiji1,32612106−31,2291,37889.2
Finland52,44614,208−63637,60261,47061.2
France216,34617,112−9,036224,422484,98046.3
Gabon4,612−74,6054,79196.1
Gambia, The956136−527682,33133.0
Germany, Fed. Rep. of1,689,768753,331139,000+26,165823,603542,400151.8
Ghana9,9741,2382,4592,653−72310,29630,12334.2
Greece16,1054,36816,05819,541−1,15215,83946,19434.3
Grenada7472+ 12
Guatemala11,42271−1511,47911,86896.7
Guinea2,552582−2171,7538,30421.1
Guyana3,287763−1412,3836,78035.1
Haiti2,1211,500671−1682,7826,56742.4
Honduras2,1532,000683−2203,2508,51738.2
Iceland1,6764,0003,7533,706−1525,5717,41975.1
India182,13452,50056,017−6,003172,614326,22052.9
Indonesia8,76112,95096452−2,65819,96490,15622.1
Iran65,8566,0977482+24372,94361,896117.8
Iraq28,1586,00010+36534,53323,217148.7
Ireland45,550+22245,77239,213116.7
Israel8,09862,00044,510−94824,64042,81057.6
Italy111,46542,000466,951309,888714,855−7,093208,355318,00065.5
Ivory Coast8,5292,0002,209−2438,07714,26856.6
Jamaica8,9425,06035,70034,0254,390−3317,60617,67343.0
Japan463,34930,800+4,072498,222377,400132.0
Jordan7,369−87,3617,58797.0
Kampuchea, Democratic14−148,517
Kenya9032,00015,2204,504−16513,45315,60086.2
Korea6,7342,00016,7015,52320,918−5099,53122,23042.9
Lao People’s Dem. Rep.1,28178406309−1051,3514,44930.4
Lesotho454−404141,56926.4
Liberia3,325−2223,1039,53732.5
Luxembourg7,339106+37,4477,345101.4
Madagascar2,3235,42510,5571,501−1705,7848,73066.2
Malawi4,210475−413,6935,08572.6
Malaysia24,8945,00069385−1,25228,32660,61846.7
Mali2,609357403−1772,3867,54231.6
Malta5,147346+ 135,5075,088108.2
Mauritania1,011653883−1346484,44914.6
Mauritius2,511335−1791,9977,37427.1
Mexico40,18220,0005,08119,391−2,74543,127124,17034.7
Morocco8,0004,6292,7845,975−1,1108,32939,18921.3
Nepal2,058675−111,3722,21562.0
Netherlands542,62434,24792,06862,000+ 11,121433,925236,460183.5
New Zealand15,43649,00024,530−1,52438,38269,40255.3
Nicaragua4,1151,000384−1724,5588,94351.0
Niger4,384−34,3814,44998.5
Nigeria61,7504,000+71266,46245,555145.9
Norway89,9502,889+57793,41676,320122.4
Oman74174174299.9
Pakistan32,89552,00068,25027,477−1,86019,80881,63924.3
Panama4,3812,0003802,606−2833,87212,37231.3
Papua New Guinea1,3691,0001,591+23801
Paraguay6,564136,5776,567100.1
Peru2,9079,1167,45010,0569,340−1,3873,90240,4799.6
Philippines12,66716,68548,00055,17523,467−1,34711,71451,49522.7
Portugal5,8088,11113,862+ 133190
Romania10,66515,00020,06312,251+2293,705
Rwanda2,2721,00076−1423,2066,56748.8
Senegal3,0711,2481,824−3302,16511,44218.9
Sierra Leone2,446181,479−2247617,8459.7
Somalia4,182−864,0976,56762.4
South Africa36,79917,00033,57952,520−1,93732,92088,92037.0
Spain79,20088,75042,255−1,882123,813126,13598.2
Sri Lanka11,88045,00059,45910,530−74915,05933,97844.3
Sudan336,2451,9726,503−87986824,9123.5
Swaziland875−668092,71229.8
Sweden107,01933−10107,042107,025100.0
Syrian Arab Republic6,373−3815,99217,03435.2
Tanzania9,7152,5912247,494−2814,75514,32233.2
Thailand28,6083,0001,528+7430,15428,542105.6
Togo4,931248−114,6725,08591.9
Trinidad and Tobago8,6993,500−33111,86820,81157.0
Tunisia9,782361−1839,23814,71362.8
Turkey17,39428,100102,17298,75924,088−1,77616,21750,30732.2
Uganda4135,5002,7931,964−3226,41913,89646.2
United Kingdom542,599146,723136,527306,707−18,422500,7201,006,32049.8
United States2,051,24544,42286,716−5,5122,176,8712,293,98094.9
Upper Volta4,424−14,4234,44999.4
Uruguay2,8831,75015,30010,741−6358,55723,93735.7
Venezuela126,46410,00010,172+913147,549112,290131.4
Viet Nam5,1601,344−5513,26519,75816.5
Western Samoa5890106−63621217.0
Yemen Arab Republic2,1282,1282,13099.9
Yemen, People’s Dem. Rep. of3,4512,5362,374−2403,3749,87334.2
Yugoslavia5,69310,00016,48622,133−2,2647,78369,29111.2
Zaïre16,1016,30023,52314,62711,499−1,29571039,1891.8
Zambia17,468____________________________7,484−4439,54124,58838.8
Total Participants8,543,742398,117927,4131,325,5301,300,2661,859,552−40,4117,944,0459,314,835
General Resources Account771,094_____________________1,859,5521,300,266+40,7011,371,080
Total 29,314,835398,117927,4131,325,5303,159,8183,159,818+2909,315,1269,314,835

This table does not include those participants that did not receive allocations and do not presently hold SDRs. These participants are the Bahamas, Bahrain, the Republic of China, the Comoros, Ethiopia, Guinea-Bissau, Maldives, Qatar, São Tomè and Principe, Seychelles, and Suriname.

The total of SDRs held by participants and the General Resources Account on April 30, 1978 exceeds the total of net cumulative allocations by the amount of charges due but not paid by Democratic Kampuchea (SDR 290,144). See the Balance Sheet of the Special Drawing Rights Department as at April 30, 1978, Note 2, reproduced in Appendix VIII.

This table does not include those participants that did not receive allocations and do not presently hold SDRs. These participants are the Bahamas, Bahrain, the Republic of China, the Comoros, Ethiopia, Guinea-Bissau, Maldives, Qatar, São Tomè and Principe, Seychelles, and Suriname.

The total of SDRs held by participants and the General Resources Account on April 30, 1978 exceeds the total of net cumulative allocations by the amount of charges due but not paid by Democratic Kampuchea (SDR 290,144). See the Balance Sheet of the Special Drawing Rights Department as at April 30, 1978, Note 2, reproduced in Appendix VIII.

Table I.4.Purchases of Currencies and Special Drawing Rights from the Fund, Financial Year Ended April 30, 1978(In millions of SDRs)
Within Credit TranchesUnder Decision onTotal Purchases
WithinUnderCom-ExtendedSpecial
MemberReservestand-bypensatoryFunddrawing
PurchasingTranchearrangementsOther 1financingfacilityCurrenciesrights 2Total
Barbados3.003.003.00
Burma35.0013.0022.0035.00
China, Rep. of30.0030.0030.00
Comoros0.480.480.48
Congo, People’s Rep. of the7.954.703.257.95
Egypt105.0054.0051.00105.00
Equatorial Guinea1.7631.761.76
Fiji1.906.508.408.40
Germany, Fed. Rep. of41.0641.0641.06
Guinea8.708.708.70
Italy90.0090.0090.00
Jamaica19.203.0016.2019.20
Madagascar9.439.439.43
Malawi5.435.435.43
Mauritania4.714.714.71
Mauritius5.4911.0016.4916.49
Pakistan80.0021.1558.85480.00
Peru10.0010.0010.00
Philippines108.7553.7555.00108.75
Portugal46.4029.2567.658.0075.65
Romania25.0047.5052.5020.0072.50
Sierra Leone7.007.007.00
Somalia4.754.754.75
South Africa123.0093.0030.00123.00
Spain98.7510.0088.7598.75
Sri Lanka55.0055.0055.00
Syrian Arab Republic12.5012.5012.50
Tunisia24.00−—24.0024.00
Turkey37.7550.0073.5062.7598.505161.25
United Kingdom1,250.001,120.00130.0061,250.00
Zaïre5.0028.2523.2510.0033.25
Total135.691,922.6814.13321.75108.751,834.03668.982,503.01

In accordance with Executive Board Decision No. 102-(52/11), adopted February 13, 1952. (See Selected Decisions of the International Monetary Fund and Selected Documents (Eighth Issue, Washington, 1976), pages 37-40.)

Except where noted, in accordance with Article XXV, Section 1(f) of the Articles of Agreement in effect before Second Amendment and Executive Board Decision No. 5355-(77/36) G/S, adopted March 15, 1977. (See Annual Report, 1977, pages 105-106.)

Prior to the establishment of an initial par value in accordance with Executive Board Decision No. 1687-(64/22), adopted April 22, 1964. (See Selected Decisions, page 88.)

Of which, SDR 6.85 million was purchased in accordance with Article XXV, Section 1(f) of the Articles of Agreement in effect before Second Amendment and Executive Board Decision No. 3457-(71/121) G/S, as amended, to promote reconstitution. (See Selected Decisions, pages 173-74.)

In accordance with Article V, Section 3(f) in effect after Second Amendment and Executive Board Decision No. 5355-(77/36) G/S, adopted March 15, 1977. (See Annual Report, 1977, pages 105-106.)

In accordance with Article XXV, Section 1(f) of the Articles of Agreement in effect before Second Amendment and Executive Board Decision No. 5460-(77/92) G/S, adopted June 23, 1977.

In accordance with Executive Board Decision No. 102-(52/11), adopted February 13, 1952. (See Selected Decisions of the International Monetary Fund and Selected Documents (Eighth Issue, Washington, 1976), pages 37-40.)

Except where noted, in accordance with Article XXV, Section 1(f) of the Articles of Agreement in effect before Second Amendment and Executive Board Decision No. 5355-(77/36) G/S, adopted March 15, 1977. (See Annual Report, 1977, pages 105-106.)

Prior to the establishment of an initial par value in accordance with Executive Board Decision No. 1687-(64/22), adopted April 22, 1964. (See Selected Decisions, page 88.)

Of which, SDR 6.85 million was purchased in accordance with Article XXV, Section 1(f) of the Articles of Agreement in effect before Second Amendment and Executive Board Decision No. 3457-(71/121) G/S, as amended, to promote reconstitution. (See Selected Decisions, pages 173-74.)

In accordance with Article V, Section 3(f) in effect after Second Amendment and Executive Board Decision No. 5355-(77/36) G/S, adopted March 15, 1977. (See Annual Report, 1977, pages 105-106.)

In accordance with Article XXV, Section 1(f) of the Articles of Agreement in effect before Second Amendment and Executive Board Decision No. 5460-(77/92) G/S, adopted June 23, 1977.

Table I.5.Repurchases of Currencies from the Fund, Financial Year Ended April 30,1978(In millions of SDRs)
Repurchases in Respect of
Member

Repurchasing
Purchases

under

oil facility
Purchases

under stand-by

arrangements
Schedules

approved

by Fund
Article V,

7(Section b) 1
Voluntary

Repurchases
Other

Repurchases
Total
Afghanistan9.29.2
Argentina76.192.0152.3320.4
Australia85.685.6
Bahamas22
Bangladesh5.79.523.438.6
Bolivia2.82.8
Botswana0.60.6
Burma7.97.9
Burundi4.84.8
Cameroon0.61.72.3
Central African Empire0.20.10.3
Chad0.21.41.6
Chile−1.7382.9−1.8379.5
China, Rep. of30.030.0
Colombia−0.130.1
Congo, People’s Rep. of the3.33.3
Costa Rica1.50.71.94.2
Cyprus7.07.0
Dominican Republic−0.130.1
Egypt28.028.0
El Salvador−0.13−1.5323.121.6
Greece77.177.1
Guinea0.21.51.7
Guinea-Bissau0.80.8
Haiti0.33.03.3
Honduras12.512.5
Iceland1.01.0
India281.2—-281.2
Indonesia65.065.0
Iraq3.1−3.13
Israel12.514.627.1
Italy42.2237.41,029.01,308.6
Ivory Coast10.010.0
Jordan0.1−0.13
Kenya14.522.937.4
Korea−0.3327.827.6
Madagascar0.88.18.8
Mali0.30.3
Mexico92.592.5
Nepal3.13.1
New Zealand6.89.42.118.3
Nicaragua6.76.7
Pakistan12.265.89:287.2
Panama0.92.02.9
Papua New Guinea5.05.0
Philippines−0.33−2.5341.638.8
Portugal4.04.0
Romania55.055.0
Sao Tome and Principe0.40.4
Senegal1.01.0
Seychelles0.10.1
Sierra Leone0.61.52.1
Somalia0.50.5
South Africa85.085.0
Sri Lanka2.820.923.7
Sudan2.417.019.4
Swaziland22
Tanzania24.0—.24.0
Turkey−9.6337.89.637.8
United Kingdom715.7594.31,310.0
Uruguay−14.0335.721.6
Western Samoa0.70.7
Yemen, Peoples Dem. Rep. of0.60.91.5
Yugoslavia114.7114.7
Zambia0.518.519.0
Total169.2972.0270.92,800.5 4123.9148.64,485.0

In effect before Second Amendment.

Less than SDR 50,000.

Reversal of amounts repurchased in previous years.

Total includes SDR 12.8 million, SDR 1.1 million, SDR 23.9 million, SDR 55.7 million, and SDR 494.2 million relating to repurchase obligations incurred as of April 30, 1971, 1973, 1974, 1975, and 1976, respectively, under Article V, Section 1(b) in effect before Second Amendment as follows: 1971—SDR 3.1 million by Iraq, SDR 9.6 million by Turkey; 1973—SDR 0.1 million by Colombia, SDR 0.1 million by El Salvador, SDR 0.1 million by Jordan, and SDR 0.8 million by the Philippines; 1974—SDR 3.4 million by Chile, SDR 2 million by the Philippines, and SDR 18.5 million by Zambia; 1975—SDR 0.1 million by the Dominican Republic, SDR 1.5 million by El Salvador, SDR 1.3 million by Nicaragua, SDR 38.8 million by the Philippines, and SDR 14 million by Uruguay; 1976—SDR 8.2 million by Afghanistan, SDR 0.003 million by the Bahamas, SDR 0.6 million by Botswana, SDR 21.6 million by El Salvador, SDR 77.1 million by Greece, SDR 12.5 million by Honduras,

SDR 65 million by Indonesia, SDR 10 million by Ivory Coast, SDR 22.9 million by Kenya, SDR 27.8 million by Korea, SDR 8.1 million by Madagascar, SDR 2.1 million by New Zealand, SDR 5.4 million by Nicaragua, SDR 9.2 million by Pakistan, SDR 0.004 million by the Philippines, SDR 0.5 million by Somalia, SDR 85 million by South Africa, SDR 1.6 million by Tanzania, SDR 21.6 million by Uruguay, SDR 0.3 million by Western Samoa, and SDR 114.7 million by Yugoslavia.

Note:

Included in repurchases shown in the table are the following amounts related to purchases under the decision on compensatory financing of export fluctuations (amounts in millions of SDRs):

Argentina152.3
Australia85.6
Bangladesh23.4
Chile10.0
Egypt28.0
Guinea1.5
Sri Lanka19.7
Western Samoa0.2
Total320.7

In effect before Second Amendment.

Less than SDR 50,000.

Reversal of amounts repurchased in previous years.

Total includes SDR 12.8 million, SDR 1.1 million, SDR 23.9 million, SDR 55.7 million, and SDR 494.2 million relating to repurchase obligations incurred as of April 30, 1971, 1973, 1974, 1975, and 1976, respectively, under Article V, Section 1(b) in effect before Second Amendment as follows: 1971—SDR 3.1 million by Iraq, SDR 9.6 million by Turkey; 1973—SDR 0.1 million by Colombia, SDR 0.1 million by El Salvador, SDR 0.1 million by Jordan, and SDR 0.8 million by the Philippines; 1974—SDR 3.4 million by Chile, SDR 2 million by the Philippines, and SDR 18.5 million by Zambia; 1975—SDR 0.1 million by the Dominican Republic, SDR 1.5 million by El Salvador, SDR 1.3 million by Nicaragua, SDR 38.8 million by the Philippines, and SDR 14 million by Uruguay; 1976—SDR 8.2 million by Afghanistan, SDR 0.003 million by the Bahamas, SDR 0.6 million by Botswana, SDR 21.6 million by El Salvador, SDR 77.1 million by Greece, SDR 12.5 million by Honduras,

SDR 65 million by Indonesia, SDR 10 million by Ivory Coast, SDR 22.9 million by Kenya, SDR 27.8 million by Korea, SDR 8.1 million by Madagascar, SDR 2.1 million by New Zealand, SDR 5.4 million by Nicaragua, SDR 9.2 million by Pakistan, SDR 0.004 million by the Philippines, SDR 0.5 million by Somalia, SDR 85 million by South Africa, SDR 1.6 million by Tanzania, SDR 21.6 million by Uruguay, SDR 0.3 million by Western Samoa, and SDR 114.7 million by Yugoslavia.

Note:

Included in repurchases shown in the table are the following amounts related to purchases under the decision on compensatory financing of export fluctuations (amounts in millions of SDRs):

Argentina152.3
Australia85.6
Bangladesh23.4
Chile10.0
Egypt28.0
Guinea1.5
Sri Lanka19.7
Western Samoa0.2
Total320.7

Table I.6.Fund Stand-By Arrangements far Members, Financial Year Ended April 30,1978(In millions of SDRs)
MemberTotal Number

of Stand-Bys

Approved

for Member
Date of

Inception
Date of

Expiration
Amount

Approved

1976/77
Amount Not

Purchased at

Expiration
Amount

Approved

1977/78
Amount Not

Purchased

April 30, 1978
Argentina9Aug. 6, 1976Aug. 5, 1977260.00100.50
Sept. 16, 1977Sept. 15, 1978159.50159.50
Burma4May 6, 1977May 5, 197835.00
Congo, People’s Rep. of the1Jan. 1, 1977Dec. 31, 19774.70
Costa Rica6July 23, 1976July 22, 197711.6011.60
Egypt3Apr. 20, 1977Apr. 19, 1978125.0020.00
Gambia, The1May 18, 1977May 17, 19782.532.53
Guyana10June 18, 1976June 17, 19777.25
Haiti17Aug. 2, 1976Aug. 1, 19776.883.88
Aug. 2, 1977Aug. 1, 19786.906.90
Israel3Oct. 20, 1976Oct. 19, 197729.2517.25
Italy2Apr. 25, 1977Dec. 31, 1978450.00360.00
Jamaica3Aug. 11, 1977Aug. 10, 197964.0044.80
Korea12May 6, 1977Dec. 31, 197720.0020.00
Madagascar1Dec. 21, 1977Dec. 20, 19789.43
Mauritania1May 25, 1977May 24, 19784.71
Mauritius1Feb. 24, 1978Feb. 23, 19797.977.97
Pakistan7Mar. 9, 1977Mar. 8, 197880.00
Panama10Apr. 6, 1977Apr. 5, 197811.2511.25
Peru17Nov. 18, 1977Dec. 31, 197990.0080.00
Portugal1Apr. 25, 1977Apr. 24, 197842.40
Romania2Sept. 9, 1977Sept. 8, 197864.1339.13
Sierra Leone4June 3, 1977June 2, 19789.022.02
South Africa4Aug. 6, 1976Aug. 5, 1977152.00
Spain1Feb. 6, 1978Feb. 5, 1979143.19143.19
Sri Lanka7Dec. 2, 1977Dec. 1, 197893.0038.00
Turkey11Apr. 24, 1978Apr. 23, 1980300.00250.00
United Kingdom11Jan. 3, 1977Jan. 2, 19793,360.001,720.00
Uruguay9Aug. 4, 1976Aug. 3, 197725.0025.00
Sept. 14, 1977Sept. 13, 197825.0025.00
Western Samoa3Jan. 31, 1977Jan. 30, 19780.590.59
Feb. 6, 1978Feb. 5, 19790.730.73
Zaïre3Apr. 25, 1977Apr. 24, 197845.0040.00
Zambia3July 30, 1976July 29, 197762.0053.50
Apr. 26, 1978Apr. 25, 1980______________250.00250.00
Total4,672.92303.571,285.093,129.76
Table I.7.Summary of Members’ Purchases and Repurchases, Years Ended April 30, 1948-78(In millions of SDRs)
YearTotal Purchases

by Members
Total Repurchases

by Members
1948606.04
1949119.44
195051.8024.21
195128.0019.09
195246.2536.58
195366.12184.96
1954231.29145.11
195548.75276.28
195638.75271.66
19571,114.0575.04
1958665.7386.81
1959263.52537.32
1960165.53522.41
1961577.00658.60
19622,243.201,260.00
1963579.97807.25
1964625.90380.41
19651,897.44516.97
19662,817.29406.00
19671,061.28340.12
19681,348.251,115.51
19692,838.851,542.33
19702,995.651,670.69
19711,167.411,656.86
19722,028.493,122.33
19731,175.43540.30
19741,057.72672.49
19755,102.45518.08
19766,591.42960.10
19774,910.33868.19
19782,503.014,485.01
Total44,966.36123,700.702

Includes purchases that raised the level of the Fund’s holdings of the drawing members’ currencies to no more than 75 percent of quota. These purchases are not subject to repurchase.

Includes repurchases that reduced the Fund’s holdings of members’ currencies below the amounts originally paid on subscription account and repurchases of members’ currencies paid in settlement of charges. Excludes sales of currencies of members held by the Fund in excess of 75 percent of quota, as a result of previous purchases, and adjustments due primarily to settlement of accounts with countries that have withdrawn from the Fund; these sales and adjustments have the effect of repurchase.

Includes purchases that raised the level of the Fund’s holdings of the drawing members’ currencies to no more than 75 percent of quota. These purchases are not subject to repurchase.

Includes repurchases that reduced the Fund’s holdings of members’ currencies below the amounts originally paid on subscription account and repurchases of members’ currencies paid in settlement of charges. Excludes sales of currencies of members held by the Fund in excess of 75 percent of quota, as a result of previous purchases, and adjustments due primarily to settlement of accounts with countries that have withdrawn from the Fund; these sales and adjustments have the effect of repurchase.

Table I.8.Summary of Stand-By Arrangements That Became Effective During the Financial Years Ended April 30,1953-781(In millions of SDRs)
YearNumberAmount
1953255.00
1954262.50
1955240.00
1956247.50
195791,162.28
1958111,043.78
1959151,056.63
196014363.88
196115459.88
1962241,633.13
1963191,531.10
1964192,159.85
1965242,159.05
196624575.35
196725591.15
1968322,352.36
196926541.15
1970232,381.28
197118501.70
197213313.75
197313321.85
1974151,394.00
197514389.75
1976181,188.02
1977194,679.64
1978181,285.09
Total41628,289.67

Includes renewals and extensions for one year or less, except the renewals each six months of the stand-by arrangement for Belgium granted in June 1952 until that member purchased the full amount of the equivalent of SDR 50 million in April 1957.

Includes renewals and extensions for one year or less, except the renewals each six months of the stand-by arrangement for Belgium granted in June 1952 until that member purchased the full amount of the equivalent of SDR 50 million in April 1957.

Table I.9.Status of General Arrangements to Borrow (GAB) and Other Borrowing 1 on April 30, 1978(In millions of SDR equivalents)
ParticipantsMaximum Amounts

of Credit Arrangements
Fund

Indebtedness
Belgium189.530.2
Canada155.936.0
Deutsche Bundesbank1,577.7478.2
France480.237.7
Italy323.4
Japan1,244.1339.0
Netherlands267.266.1
Sveriges Riksbank91.413.6
United Kingdom533.4
United States1,631.2575.3
Total GAB6,494.01,576.1
Other borrowing
Swiss National Bank337.5153.9
Total6,831.51,730.0

See the Balance Sheet of the General Department—General Resources Account as at April 30, 1978, Note 7, reproduced in Appendix VIII.

See the Balance Sheet of the General Department—General Resources Account as at April 30, 1978, Note 7, reproduced in Appendix VIII.

Table I.10.Borrowing in Connection with Purchases Under the Oil Facility and Repayments to Lenders, September 4,1974-April 30,1978(In millions of SDRs)
LenderAmount

Borrowed
Amount Repaid as

of April 30, 1978
Balance Outstanding

as of April 30, 1978
Abu Dhabi100.0018.7881.22
Austrian National Bank100.006.5193.49
National Bank of Belgium200.00200.00
Canada246.9384.07162.86
Deutsche Bundesbank600.0047.34552.66
Central Bank of Iran990.0090.66899.34
Central Bank of Kuwait685.0026.25658.75
Netherlands350.006.38343.63
Nigeria300.006.26293.74
Bank of Norway100.002.6197.39
Central Bank of Oman20.505.9414.56
Saudi Arabian Monetary Agency2,250.00159.132,090.87
Sveriges Riksbank50.0050.00
Swiss National Bank100.00100.00
Switzerland150.0012.72137.28
Central Bank of Trinidad and Tobago10.0010.00
Central Bank of Venezuela650.00107.05542.95
Total6,902.43573.7016,328.73

Total includes SDR 0.34 million and SDR 200 million repaid during financial years ended April 30, 1976 and 1977, respectively, as follows: 1976—SDR 0.34 million to the Central Bank of Oman; 1977—SDR 60 million to the Central Bank of Iran, SDR 100 million to the Saudi Arabian Monetary Agency, and SDR 40 million to the Central Bank of Venezuela.

Total includes SDR 0.34 million and SDR 200 million repaid during financial years ended April 30, 1976 and 1977, respectively, as follows: 1976—SDR 0.34 million to the Central Bank of Oman; 1977—SDR 60 million to the Central Bank of Iran, SDR 100 million to the Saudi Arabian Monetary Agency, and SDR 40 million to the Central Bank of Venezuela.

Table I.11..Currencies Replenished by the Fund in Connection with the Fund Gold Sales Program, Financial Year Ended April 30,1978(In millions of SDRs)
Sales for Distribution
CurrencyDirectIndirectTotalSales by

Auctions
Total
Austrian schillings2.022.824.8437.5642.39
Barbados dollars0.190.1910.19
Belgian francs4.876.1611.0329.5740.60
Bolivian pesos0.280.2810.28
Brazilian cruzeiros3.301.004.304.30
Canadian dollars8.243.8412.089.1821.26
CFA francs (Upper Volta)0.100.100.10
Colombian pesos1.181.181.18
Danish kroner1.951.951.95
Deutsche mark11.9812.7824.7634.5659.32
French francs11.235.2916.5245.9662.49
Guatemalan quetzales0.270.270.27
Indonesian rupiahs1.951.951.95
Iranian rials1.441.441.44
Iraqi dinars0.820.820.82
Irish pounds0.910.915.005.91
Japanese yen8.9910.3719.3518.3837.73
Kuwaiti dinars0.490.498.378.85
Luxembourg francs0.150.150.15
Malaysian ringgit1.391.391.39
Malta pounds0.120.120.12
Moroccan dirhams0.850.8510.85
Netherlands guilders5.244.379.619.1818.79
Nigerian naira1.011.011.01
Norwegian kroner1.801.032.824.377.19
Paraguayan guaranies0.140.140.14
Peruvian soles0.920.9210.92
Qatar riyals0.150.150.15
Rials Omani0.050.050.05
Saudi Arabian riyals1.001.001.00
South African rand (Lesotho)0.070.0710.07
Swedish kronor2.431.423.863.86
Trinidad and Tobago dollars0.470.470.47
U.A.E. dirhams0.110.110.11
U.S. dollars50.1732.4182.5818.36100.94
Venezuelan bolivares2.471.664.1318.3822.51
Yemen rials0.070.070.07
Zambian kwacha1.141.1411.14
Total129.9783.14213.10238.87451.97

Currency of member that had postponed purchase of gold distribution until after the Second Amendment of the Articles of Agreement. (Barbados, Lesotho, and Zambia had postponed purchase of the First and Second Distribution, and Bolivia, Morocco, and Peru had postponed purchase of the Second Distribution.)

Currency of member that had postponed purchase of gold distribution until after the Second Amendment of the Articles of Agreement. (Barbados, Lesotho, and Zambia had postponed purchase of the First and Second Distribution, and Bolivia, Morocco, and Peru had postponed purchase of the Second Distribution.)

Table I.12.Currencies and Special Drawing Rights Obtained from the Fund by Members in Purchases for Their Own Currencies; Currencies and Special Drawing Rights Used by Members in Repurchases, Financial Year Ended April 30,1978(In millions of SDRs)
Currencies and SDRs Obtained by Members

in Purchases
Currencies and SDRs Used by Members

in Repurchases
MediumFor EEC settlements

by the

Federal Republic of Germany
Other

countries
TotalUnder

Article V,

7(Section b)1
OtherTotal
SDRs669.0669.0832.111.9844.1
Argentine pesos18.018.0
Australian dollars0.50.5
Austrian schillings16.516.55.015.620.6
Belgian francs38.638.64.2109.5113.7
Brazilian cruzeiros5.05.011.711.7
Canadian dollars39.439.460.9225.9239.7
Colombian pesos21.721.7
CFA francs (Niger)1.01.0
CFA francs (Upper Volta)0.50.5
Danish kroner6.86.80.10.1
Deutsche mark376.0376.0464.5259.3723.8
Fiji dollars1.01.022
French francs29.629.647.5164.9187.4
Irish pounds4.54.50.81.72.5
Japanese yen207.8207.894.9281.6314.1
Kuwaiti dinars3.03.00.10.10.1
Malaysian ringgit6.96.922
Malta pounds0.10.1
Mexican pesos22
Netherlands guilders34.264.598.845.1126.7131.7
Nigerian naira10.010.0
Norwegian kroner8.08.00.114.414.6
Paraguayan guaranies1.01.0
Pounds sterling62.862.8
Qatar riyals1.01.01.71.7
Saudi Arabian riyals22.022.022
Singapore dollars22
Swedish kronor15.515.52.630.733.3
U.S. dollars826.6826.61,201.7598.71,800.4
Venezuelan bolivares10.010.02.142.744.8
Yemen rials2.02.0
Total41.12,462.02,503.02,800.531,684.54,485.0

In effect before Second Amendment

Less than SDR 50,000

Total includes SDR 12.8 million, SDR 1.1 million, SDR 23.9 million, SDR 55.7 million, and SDR 494.2 million relating to repurchase obligations incurred as of April 30, 1971, 1973, 1974, 1975, and 1976, respectively, under Article V, 7(Section b) in effect before Second Amendment as follows: 1971—SDR 12.8 million in SDRs; 1973—SDR 1.1 million in SDRs; 1974—SDR 7 million in SDRs; SDR 0.1 million in Canadian dollars, SDR 3.4 million in deutsche mark, SDR 1.1 million in French francs, SDR 6 million in Japanese yen, SDR 0.004 million in Kuwaiti dinars, and SDR 6.4 million in U.S. dollars; 1975—SDR 16.4 million in SDRs, SDR 3.4 million in deutsche mark, SDR 0.03 million in Irish pounds, SDR 3.3 million in Japanese yen, and SDR 32.5 million in U.S. dollars; 1976—SDR 51.4 million in SDRs, SDR 0.5 million in Australian dollars, SDR 3.9 million in Austrian schillings; SDR 2.1 million in Belgian francs, SDR 13 million in Canadian dollars, SDR 0.04 million in Danish kroner, SDR 120.5 million in deutsche mark, SDR 0.001 million in Fiji dollars, SDR 16.4 million in French francs, SDR 0.8 million in Irish pounds, SDR 4.2 million in Japanese yen, SDR 0.1 million in Kuwaiti dinars, SDR 0.1 million in Malaysian ringgit, SDR 0.01 million in Mexican pesos, SDR 1.5 million in Netherlands guilders, SDR 0.1 million in Norwegian kroner, SDR 0.01 million in Saudi Arabian riyals, SDR 0.003 million in Singapore dollars, SDR 1.1 million in Swedish kronor, SDR 276.2 million in U.S. dollars, and SDR 2.1 million in Venezuelan bolivares.

In effect before Second Amendment

Less than SDR 50,000

Total includes SDR 12.8 million, SDR 1.1 million, SDR 23.9 million, SDR 55.7 million, and SDR 494.2 million relating to repurchase obligations incurred as of April 30, 1971, 1973, 1974, 1975, and 1976, respectively, under Article V, 7(Section b) in effect before Second Amendment as follows: 1971—SDR 12.8 million in SDRs; 1973—SDR 1.1 million in SDRs; 1974—SDR 7 million in SDRs; SDR 0.1 million in Canadian dollars, SDR 3.4 million in deutsche mark, SDR 1.1 million in French francs, SDR 6 million in Japanese yen, SDR 0.004 million in Kuwaiti dinars, and SDR 6.4 million in U.S. dollars; 1975—SDR 16.4 million in SDRs, SDR 3.4 million in deutsche mark, SDR 0.03 million in Irish pounds, SDR 3.3 million in Japanese yen, and SDR 32.5 million in U.S. dollars; 1976—SDR 51.4 million in SDRs, SDR 0.5 million in Australian dollars, SDR 3.9 million in Austrian schillings; SDR 2.1 million in Belgian francs, SDR 13 million in Canadian dollars, SDR 0.04 million in Danish kroner, SDR 120.5 million in deutsche mark, SDR 0.001 million in Fiji dollars, SDR 16.4 million in French francs, SDR 0.8 million in Irish pounds, SDR 4.2 million in Japanese yen, SDR 0.1 million in Kuwaiti dinars, SDR 0.1 million in Malaysian ringgit, SDR 0.01 million in Mexican pesos, SDR 1.5 million in Netherlands guilders, SDR 0.1 million in Norwegian kroner, SDR 0.01 million in Saudi Arabian riyals, SDR 0.003 million in Singapore dollars, SDR 1.1 million in Swedish kronor, SDR 276.2 million in U.S. dollars, and SDR 2.1 million in Venezuelan bolivares.

Table I.13.Schedules of Fund Charges
Charges on Transactions Effected from July 1, 1974 Charges in percent per annum 1 payable on holdings in excess of quota and holdings representing transactions effected under the compensatory financing and buffer stock financing facilities, for period stated:
Service charge0.5
Up to 1 year4.375
1 to 2 years4.875
2 to 3 years5.375
3 to 4 years5.875
4 to 5 years6.375

Except for service charge, which is payable once per transaction and is stated as a percent of the amount of the transaction.

Charges on Transactions Effected Under the Extended Fund Facility
Charges in percent per annum 1 payable on holdings in excess of quota, for period stated:
Service charge0.5
Up to 1 year4.375
1 to 2 years4.875
2 to 3 years5.375
3 to 4 years5.875
4 to 5 years6.375
5 to 6 years6.875
6 to 7 years6.875
7 to 8 years6.875

Except for service charge, which is payable once per transaction and is stated as a percent of the amount of the transaction.

Charges on Transactions Effected Under the Oil Facility for 1974
Charges in percent per annum 1 payable on holdings for period stated:
Service charge0.5
Up to 1 year6.875
1 to 2 years6.875
2 to 3 years6.875
3 to 4 years7.000
4 to 5 years7.125
5 to 6 years7.125
6 to 7 years7.125

Except for service charge, which is payable once per transaction and is stated as a percent of the amount of the transaction.

Charges on Transactions Effected Under the Oil Facility for 1975
Charges in percent per annum 1 payable on holdings for period stated:
Service charge0.5
Up to 1 year7.625
1 to 2 years7.625
2 to 3 years7.625
3 to 4 years7.750
4 to 5 years7.875
5 to 6 years7.875
6 to 7 years7.875

Except for service charge, which is payable once per transaction and is stated as a percent of the amount of the transaction.

Charges on Transactions Effected from May 1, 1963 and up to June 30, 1974
Charges in percent per annum 1 for period stated and for portion of holdings in excess of quota by (percent)
More than050100
But not more than50100
Service charge0.50.50.5
0 to 3 months0.00.00.0
3 to 6 months2.02.02.0
½to 1 year2.02.02.5
1 to 1½years2.02.53.0
1½to 2 years2.53.03.5
2 to 2½years3.03.54.0
2½ to 3 years3.54.04.5
3 to 3½ years4.04.55.0
3½to 4 years4.55.0
4 to 4½ years5.0

Except for service charge, which is payable once per transaction and is stated as a percent of the amount of the transaction.

Charges on Transactions Effected Under the Supplementary Financing Facility
Charges in percent per annum 1 payable on holdings for period stated:
Service charge0.5
Up to 3½ yearsRate of interest paid by the Fund plus 0.20 percent
3½ to 4½yearsRate of interest paid by the Fund plus 0.325 percent
Over 4½ yearsRate of interest paid by the Fund plus 0.375 percent

Except for service charge, which is payable once per transaction and is stated as a percent of the amount of the transaction.

Charges on Transactions Effected in Excess of 200 percent of Members’ Quotas
Charges in percent per annum 1 payable on holdings in excess of 200 percent of quota for period stated:
Service charge0.5
Each six monthsRate of interest paid by the Fund plus 0.25 percent

Except for service charge, which is payable once per transaction and is stated as a percent of the amount of the transaction.

Except for service charge, which is payable once per transaction and is stated as a percent of the amount of the transaction.

Table I.14..Total Direct Distribution of Profits from Gold Sales for the First Two-Year Period, July 1,1976-June 30,1978
MemberShare in

Quotas

(percent)
Amount

(U.S.

dollars)
Afghanistan0.1271,658,385
Algeria0.4455,810,875
Argentina1.50619,665,569
Bahamas0.068887,954
Bahrain0.034443,977
Bangladesh0.4285,588,887
Barbados0.045587,617
Benin0.045587,617
Bolivia0.1271,658,385
Botswana0.017221,989
Brazil1.50619,665,569
Burma0.2052,676,920
Burundi0.065848,780
Cameroon0.1201,566,978
Central African Empire0.045587,617
Chad0.045587,617
Chile0.5417,064,458
Colombia0.5377,012,225
Congo, People’s Rep. of the0.045587,617
Costa Rica0.1101,436,396
Cyprus0.0891,162,175
Dominican Republic0.1471,919,548
Ecuador0.1131,475,571
Egypt0.6448,409,447
El Salvador0.1201,566,978
Equatorial Guinea0.027352,570
Ethiopia0.0921,201,350
Fiji0.045587,617
Gabon0.051665,966
Gambia, The0.024313,396
Ghana0.2983,891,328
Grenada0.00791,407
Guatemala0.1231,606,152
Guinea0.0821,070,768
Guyana0.068887,954
Haiti0.065848,780
Honduras0.0861,123,001
India3.21842,021,117
Indonesia0.89011,621,751
Iran0.6578,579,203
Iraq0.3734,870,689
Ivory Coast0.1782,324,350
Jamaica0.1812,363,525
Jordan0.0791,031,594
Kampuchea, Democratic0.0861,123,001
Kenya0.1642,141,536
Korea0.2743,577,932
Kuwait0.2232,911,967
Lao People’s Dem. Rep.0.045587,617
Lebanon0.031404,803
Lesotho0.017221,989
Liberia0.0991,292,757
Libya0.0821,070,768
Madagascar0.0891,162,175
Malawi0.051665,966
Malaysia0.6378,318,040
Mali0.075979,361
Malta0.055718,198
Mauritania0.045587,617
Mauritius0.075979,361
Mexico1.26716,544,672
Morocco0.3875,053,503
Nepal0.042548,442
Nicaragua0.0921,201,350
Niger0.045587,617
Nigeria0.4626,032,864
Oman0.024313,396
Pakistan0.80410,498,750
Panama0.1231,606,152
Papua New Guinea0.068887,954
Paraguay0.065848,780
Peru0.4215,497,480
Philippines0.5316,933,876
Portugal0.4015,236,317
Qatar0.068887,954
Romania0.6508,487,796
Rwanda0.065848,780
Saudi Arabia0.4595,993,690
Senegal0.1161,514,745
Sierra Leone0.0861,123,001
Singapore0.1271,658,385
Somalia0.065848,780
Sri Lanka0.3354,374,479
Sudan0.2463,212,304
Swaziland0.027352,570
Syrian Arab Republic0.1712,232,943
Tanzania0.1441,880,373
Thailand0.4595,993,690
Togo0.051665,966
Trinidad and Tobago0.2162,820,560
Tunisia0.1642,141,536
Turkey0.5176,751,062
Uganda0.1371,788,966
United Arab Emirates0.051665,966
Upper Volta0.045587,617
Uruguay0.2363,081,723
Venezuela1.13014,755,706
Viet Nam0.2122,768,327
Western Samoa0.00791,407
Yemen Arab Republic0.034443,977
Yemen, People’s Dem. Rep. of0.0991,292,757
Yugoslavia0.7099,258,226
Zaïre0.3875,053,503
Zambia0.2603,395,118
Total27.771362,637,817
Table I.15.Trust Fund Loans for the First Period, July 1, 1976-June 30, 1978
MemberQuota

(at December 31, 1975)
Amount

(In millions of SDRs)
Bangladesh12551.809
Benin135.388
Bolivia3715.336
Burma6024.868
Burundi197.875
Cameroon3514.507
Central African Empire135.388
Chad135.388
Congo, People’s Rep. of the135.388
Egypt18877.921
Ethiopia2711.191
Gambia, The72.901
Grenada20.829
Guinea249.947
Haiti197.875
Ivory Coast5221.553
Kenya4819.895
Lao People’s Dem. Rep.135.388
Lesotho52.072
Liberia2912.020
Madagascar2610.776
Malawi156.217
Mali229.118
Mauritania135.388
Mauritius229.118
Morocco11346.836
Nepal1415.803
Niger135.388
Pakistan23597.401
Papua New Guinea208.289
Philippines15564.244
Senegal3414.092
Sierra Leone2510.362
Sri Lanka9840.618
Sudan7229.842
Tanzania4217.408
Thailand13455.540
Togo156.217
Upper Volta135.388
Viet Nam6225.697
Western Samoa20.829
Yemen, People’s Dem. Rep. of2912.020
Zaïre11346.836
Total2,029840.968

Amount to which Nepal had consented as at December 31, 1975.

Amount to which Nepal had consented as at December 31, 1975.

Table I.16.Members That Have Accepted Article VIII, April 30,1978
MemberEffective Date

of Acceptance
ArgentinaMay 14, 1968
AustraliaJuly 1, 1965
AustriaAugust 1, 1962
BahamasDecember 5, 1973
BahrainMarch 20, 1973
BelgiumFebruary 15, 1961
BoliviaJune 5, 1967
CanadaMarch 25, 1952
ChileJuly 27, 1977
Costa RicaFebruary 1, 1965
DenmarkMay 1, 1967
Dominican RepublicAugust 1, 1953
EcuadorAugust 31, 1970
El SalvadorNovember 6, 1946
FijiAugust 4, 1972
FranceFebruary 15, 1961
Germany, Fed. Rep. ofFebruary 15, 1961
GuatemalaJanuary 27, 1947
GuyanaDecember 27, 1966
HaitiDecember 22, 1953
HondurasJuly 1, 1950
IrelandFebruary 15, 1961
ItalyFebruary 15, 1961
JamaicaFebruary 22, 1963
JapanApril 1, 1964
KuwaitApril 5, 1963
LuxembourgFebruary 15, 1961
MalaysiaNovember 11, 1968
MexicoNovember 12, 1946
NetherlandsFebruary 15, 1961
NicaraguaJuly 20, 1964
NorwayMay 11, 1967
OmanJune 19, 1974
PanamaNovember 26, 1946
Papua New GuineaDecember 4, 1975
PeruFebruary 15, 1961
QatarJune 4, 1973
Saudi ArabiaMarch 22, 1961
SeychellesJanuary 3, 1978
SingaporeNovember 9, 1968
South AfricaSeptember 15, 1973
SwedenFebruary 15, 1961
United Arab EmiratesFebruary 13, 1974
United KingdomFebruary 15, 1961
United StatesDecember 10, 1946
VenezuelaJuly 1, 1976
Table I.17.Increases in Quotas Under Board of Governors Resolution No. 31-2, as of June 30, 19781(In millions of SDRs)
MemberQuota on

Mar. 31, 1978
New

Quota
Effective Date

of Change
Afghanistan37.0045.00June 25, 1978
Algeria130.00285.00June 26, 1978
Argentina440.00535.00May 12, 1978
Austria270.00330.00May 19, 1978
Bahamas20.0033.00June 9, 1978
Bahrain10.0020.00May 30, 1978
Bangladesh125.00152.00May 17, 1978
Barbados13.0017.00May 30, 1978
Belgium650.00890.00May 25, 1978
Benin13.0016.00May 30, 1978
Bolivia37.0045.00May 20, 1978
Botswana5.009.00May 26, 1978
Brazil440.00665.00May 22, 1978
Burma60.0073.00May 19, 1978
Burundi19.0023.00June 19, 1978
Cameroon35.0045.00May 29, 1978
Canada1,100.001,357.00May 17, 1978
Central African Empire13.0016.00June 7, 1978
Chad13.0016.00June 8, 1978
Chile158.00217.00April 26, 1978
Colombia157.00193.00May 17, 1978
Comoros1.902.30May 25, 1978
Congo, People’s
Rep. of the13.0017.00May 25, 1978
Costa Rica32.0041.00May 20, 1978
Cyprus26.0034.00May 30, 1978
Denmark260.00310.00April 25, 1978
Dominican Rep.43.0055.00May 9, 1978
Ecuador33.0070.00April 27, 1978
Egypt188.00228.00May 23, 1978
El Salvador35.0043.00May 19, 1978
Ethiopia27.0036.00May 26, 1978
Fiji13.0018.00May 15, 1978
Finland190.00262.00May 18, 1978
France1,500.001,919.00June 9, 1978
Gabon15.0030.00May 12, 1978
Gambia, The7.009.00May 19, 1978
Germany, Fed. Rep. of1,600.002,156.00April 18, 1978
Ghana87.00106.00May 26, 1978
Greece138.00185.00April 25, 1978
Grenada2.003.00May 22, 1978
Guatemala36.0051.00April 28, 1978
Guinea24.0030.00June 15, 1978
Guinea-Bissau3.203.90May 22, 1978
Guyana20.0025.00May 19, 1978
Haiti19.0023.00May 24, 1978
Honduras25.0034.00May 24, 1978
Iceland23.0029.00May 25, 1978
India940.001,145.00May 31, 1978
Indonesia260.00480.00May 31, 1978
Iran192.00660.00May 31, 1978
Ireland121.00155.00May 29, 1978
Israel130.00205.00April 24, 1978
Italy1,000.001,240.00May 5, 1978
Ivory Coast52.0076.00May 31, 1978
Jamaica53.0074.00May 31, 1978
Japan1,200.001,659.00May 15, 1978
Kenya48.0069.00June 24, 1978
Korea80.00160.00May 31, 1978
Kuwait65.00235.00May 31, 1978
Lao People’s Dem. Rep13.0016.00June 27, 1978
Lebanon9.0012.00June 10, 1978
Lesotho5.007.00May 15, 1978
Liberia29.0037.00May 31, 1978
Libya24.00185.00May 30, 1978
Luxembourg20.0031.00April 28, 1978
Madagascar26.0034.00June 23, 1978
Malawi15.0019.00May 30, 1978
Malaysia186.00253.00May 24, 1978
Maldives0.700.90May 30, 1978
Mali22.0027.00May 29, 1978
Malta16.0020.00June 23, 1978
Mauritius22.0027.00May 29, 1978
Mexico370.00535.00May 19, 1978
Morocco113.00150.00April 25, 1978
Nepal12.40219.00May 22, 1978
Netherlands700.00948.00April 21, 1978
New Zealand202.00232.00May 30, 1978
Nicaragua27.0034.00May 31, 1978
Niger13.0016.00May 22, 1978
Nigeria135.00360.00May 31, 1978
Norway240.00295.00May 16, 1978
Pakistan235.00285.00May 15, 1978
Panama36.0045.00May 30, 1978
Papua New Guinea20.0030.00May 30, 1978
Paraguay19.0023.00May 31, 1978
Peru123.00164.00May 19, 1978
Philippines155.00210.00May 31, 1978
Portugal117.00172.00May 31, 1978
Qatar20.0040.00May 31, 1978
Romania190.00245.00May 13, 1978
Rwanda19.0023.00May 31, 1978
Sao Tome and Principe1.602.00May 15, 1978
Saudi Arabia134.00600.00May 29, 1978
Senegal34.0042.00May 24, 1978
Seychelles1.001.30May 24, 1978
Sierra Leone25.0031.00May 19, 1978
Singapore37.0049.003June 26, 1978
Somalia19.0023.00May 12, 1978
South Africa320.00424.00May 30, 1978
Spain395.00557.00May 29, 1978
Sri Lanka98.00119.00April 20, 1978
Sudan72.0088.00May 31, 1978
Swaziland8.0012.00May 31, 1978
Sweden325.00450.00April 28, 1978
Tanzania42.0055.00June 3, 1978
Thailand134.00181.00May 15, 1978
Togo15.0019.00May 25, 1978
Trinidad and Tobago63.0082.00May 30, 1978
Tunisia48.0063.00May 24, 1978
Turkey151.00200.00April 21, 1978
T Jganda40.0050.00June 24, 1978
United Arab Emirates15.00120.00May 31, 1978
United Kingdom2,800.002,925.00May 18, 1978
United States6,700.008,405.00April 10, 1978
Upper Volta13.0016.00May 24, 1978
Uruguay69.0084.00May 9, 1978
Venezuela330.00660.00May 3, 1978
Viet Nam62.0090.00June 20, 1978
Western Samoa2.003.00May 25, 1978
Yemen Arab Republic10.0013.00May 25, 1978
Yemen, People’s
Dem. Rep. of29.0041.00June 14, 1978
Yugoslavia207.00277.00May 15, 1978
Zaïre113.00152.00June 9, 1978
Zambia76.00141.00April 1, 1978

Members that had not completed the requirements for increasing their quotas on this date were as follows: Equatorial Guinea, Iraq, Mauritania, and the Syrian Arab Republic. The quota of Oman was increased from SDR 7 million to SDR 20 million, effective July 1, 1978. Members that had not consented to their increases in quota on June 30, 1978 were as follows: Australia, Democratic Kampuchea, and Jordan. The quota of China was not increased under the Sixth General Review of Quotas. Suriname became a member after April 1, 1978.

Nepal’s quota was first increased to SDR 14 million on April 25, 1978, upon payment of its last two installments under the Fifth General Review of Quotas.

Singapore consented to a quota of less than the maximum amount listed in the Annex to Resolution No. 31-2, which was SDR 110 million.

Members that had not completed the requirements for increasing their quotas on this date were as follows: Equatorial Guinea, Iraq, Mauritania, and the Syrian Arab Republic. The quota of Oman was increased from SDR 7 million to SDR 20 million, effective July 1, 1978. Members that had not consented to their increases in quota on June 30, 1978 were as follows: Australia, Democratic Kampuchea, and Jordan. The quota of China was not increased under the Sixth General Review of Quotas. Suriname became a member after April 1, 1978.

Nepal’s quota was first increased to SDR 14 million on April 25, 1978, upon payment of its last two installments under the Fifth General Review of Quotas.

Singapore consented to a quota of less than the maximum amount listed in the Annex to Resolution No. 31-2, which was SDR 110 million.

Table I.18.Publications Issued, Financial Year Ended April 30,1978
Reports and Other Documents
Annual Report of the Executive Directors for the Fiscal Year Ended April 30, 1977(English, French, German, and Spanish). Free
Summary Proceedings of the Thirty-Second Annual Meeting of the Board of Governors Free
Twenty-Eighth Annual Report on Exchange Restrictions Free
Subscription Publications
Balance of Payments Yearbook Vol. 29. Annual, 11 monthly booklets, and supplement. US$20.00 US$8.00 to university libraries, faculty members, and students.
Direction of Trade Monthly, with annual supplement. US$16.00 a year. US$6.00 to university libraries, faculty members, and students.
International Financial Statistics Monthly (English, French, and Spanish).US$35.00 a year. US$14.00 to university libraries, faculty members, and students.
Staff Papers Four times a year. US$7.00 a year. US$3.00 to university libraries, faculty members, and students.
University libraries, faculty members, and students may obtain the four subscription publications listed above at the reduced rate of US$26.00 for all four publications.
Government Finance Statistics Yearbook Vol. 1, 1977. (Introduction and titles of lines in English, French, and Spanish). US$10.00. US$4.00 to university libraries, faculty members, and students.
For users of Fund publications that have access to a computer, tape subscriptions to International Financial Statistics, Direction of Trade, the Government Finance Statistics Yearbook, and the Balance of Payments Yearbook are available at US$1,000.00 a year each. This price includes the book
version of the publication. The price to universities is US$400.00 a year for each subscription.
Books
Balance of Payments Manual US$4.00. Fourth edition, 1977.
Surveys of African Economies US$5.00 a volume
Volume 7, covering Algeria, Mali, Morocco, and Tunisia, was published in English; the French edition is in preparation.
The volumes in this series are available to university libraries, faculty members, and students at a reduced price of US$2.50 a volume.
Pamphlet Series
No. 19 Floating Currencies, Gold, and SDRs: Some Recent Legal Developments
By Joseph Gold (French and German). Free No. 20 Voting Majorities in the Fund: Effects of Second Amendment of the Articles
By Joseph Gold (English). Free No. 21 International Capital Movements Under the Law of the International Monetary Fund
By Joseph Gold (English). Free No. 22 Floating Currencies, SDRs, and Gold: Further Legal Developments
By Joseph Gold (English; “Conclusions,” pages 63-69 in English, in German). Free
Other
Finance and Development

Issued jointly with IBRD; quarterly (English, French, German, and Spanish. A selection of articles is published quarterly in Arabic and annually in Portuguese). Free
IMF Survey

Twice monthly but only once in December (English, French, and Spanish). Private firms and individuals are charged for delivery at the annual rate of US$10.00.

    Other Resources Citing This Publication