Chapter

Appendix VIII

Author(s):
International Monetary Fund
Published Date:
September 1982
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Financial Statements of the General Department, Special Drawing Rights Department, Subsidy Account, Supplementary Financing Facility Subsidy Account, Trust Fund, and Staff Retirement Plan

Report of the External Audit Committee

Washington, D.C.

June 25, 1982

Authority and Scope of the Audit

In accordance with Section 20(b) of the By-Laws of the International Monetary Fund we have audited the financial statements of the Fund for the year ended April 30, 1982, covering the

  • —General Department (including the General Resources Account, Borrowed Resources Suspense Accounts and Special Disbursement Account),

  • —Special Drawing Rights Department, and

  • —Accounts Administered by the Fund which consist of the

    • Subsidy Account,

    • Supplementary Financing Facility Subsidy Account,

    • and Trust Fund.

  • The audit was conducted in accordance with international auditing guidelines and accordingly included reviews of accounting and control systems, tests of accounting records, evaluation of the extent and results of work performed by the Internal Auditor, and other audit procedures.

Audit Opinion

In our opinion, the financial statements of the General Department, Special Drawing Rights Department, and the Accounts Administered by the Fund have been prepared using acceptable accounting principles, consistently applied and give a true and fair view of the respective financial positions and of the allocations and holdings of Special Drawing Rights as at April 30, 1982, and of the financial results of operations and transactions during that year.

External Audit Committee:

  • /s/ David Ralph Hutton, Chairman (New Zealand)

  • /s/ Yuichi Ezawa (Japan)

  • /s/ Gerardo Rueda-Rabago (Mexico)

International Monetary Fund General Department

(Note 1)

Balance Sheet

as at April 30, 1982

Amounts expressed in special drawing rights (Note 2)

19821981
Assets
Currencies and Securities (Notes 3 and 4)59,861,432,68156,025,401,380
Special Drawing Rights5,456,084,3705,445,007,849
Gold with Depositories (Note 2)3,620,396,1203,620,396,120
Subscriptions to Capital—Receivable10,800,000
Borrowed Resources Held in Suspense (Note 1)236,446,919
Charges Receivable (Note 4)148,017,845104,291,449
Accrued Charges (Note 4)222,730,92280,526,816
Other Assets (Note 2)13,920,54510,622,922
Total Assets69,569,829,40265,286,246,536
Capital, Reserves, and Liabilities
Capital
Subscriptions of Members60,684,800,00059,605,500,000
Reserves (Note 6)935,319,992843,284,924
Liabilities
Borrowing (Note 5)6,772,754,0184,323,218,104
Remuneration Payable to Members (Note 4)908,632,800372,807,627
Interest Payable19,406,99437,198,768
Accrued Interest220,549,60078,827,405
Other Liabilities28,365,99825,409,708
Total Capital, Reserves, and Liabilities69,569,829,40265,286,246,536

The accompanying notes are an integral part of the financial statements.

The accompanying notes are an integral part of the financial statements.

/s/ W.O. Habermeier/s/ J. de Larosière
TreasurerManaging Director

Statement of Income and Expense

for the year ended April 30, 1982

Amounts expressed in special drawing rights

(Note 2)

19821981
Operational Income
Periodic charges (Note 4)1,092,054,930592,703,657
Interest on holdings of special drawing rights657,244,835265,814,019
Service charges34,800,81621,929,604
Other4,767,1921,828,496
1,788,867,773882,275,776
Operational Expense
Remuneration (Note 4)908,632,800372,807,627
Interest on borrowing674,510,508329,527,083
Less net income from temporary investments held in the
Borrowed Resources Suspense Accounts (Note 1).(39,651,089)
Other operational expense11,448
1,543,503,667702,334,710
Net Operational Income245,364,106179,941,066
Administrative Expense
Administrative budget
Personnel (Note 7)109,219,30874,848,368
Travel18,175,33512,472,756
0ther (Note 2)17,101,58713,520,936
Total administrative budget144,496,230100,842,060
Less recovery of expenses of conducting the Special
Drawing Rights Department and the Trust Fund2,100,0001,899,994
Net administrative budget142,396,23098,942,066
Fixed property (Note 2)11,438,2001,265,290
Amortization of prior service cost (Note 7)236,882
Net valuation adjustment (gain) on administrative accounts
not subject to maintenance of value (Note 3)(505,392)(586,069)
Total Administrative Expense153,329,03899,858,169
Net Income92,035,06880,082,897
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.

Statement of Reserves

for the year ended April 30, 1982

(Note 6)

Amounts expressed in special drawing rights

(Note 2)

19821981
Special Reserve
Balance at beginning of year477,705,221397,622,324
Add net income for year92,035,06880,082,897
Balance at end of year569,740,289477,705,221
General Reserve
Balance at beginning and end of year365,579,703365,579,703
Total Reserves935,319,992843,284,924
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.

Statement of Changes in Financial Position

for the year ended April 30, 1982

Amounts expressed in special drawing rights

(Note 2)

19821981
Resources were applied to:
Increase in currency holdings:
Changes in holdings which increased amounts
on which the Fund levies charges5,257,291,8661,837,995,864
Changes in holdings which increased creditor positions
on which the Fund pays remuneration(2,813,672,201)513,255,337
Changes in holdings which did not affect amounts
on which the Fund levies charges or pays remuneration1,392,411,63615,003,328,442
3,836,031,30117,354,579,643
Repayments of borrowing:
Oil facility1,002,135,115945,692,979
Increase in assets held in Borrowed Resources Suspense Accounts236,446,919
Increase in holdings of special drawing rights11,076,5214,038,010,432
5,085,689,85622,338,283,054
Resources were provided by:
Borrowing:
Supplementary financing facility2,093,977,4701,515,446,371
Policy on enlarged access1,357,693,559
3,451,671,0291,515,446,371
Subscriptions:
Increases in members’ quotas1,059,900,00020,489,000,000
Subscriptions of new members19,400,000100,000,000
1,079,300,00020,589,000,000
Net income92,035,06880,082,897
Sales of gold15,510,795
Increase in the excess of other liabilities over other assets462,683,759138,242,991
5,085,689,85622,338,283,054
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.

Notes to the Financial Statements

1. General Department

Under the Articles of Agreement, the General Department consists of the General Resources Account, the Special Disbursement Account, and the Investment Account. The Investment Account was not operative at April 30, 1981 and 1982. The General Department also includes Borrowed Resources Suspense Accounts which have been established by the Executive Board in order to hold and invest currencies borrowed before these can be used in a transaction or operation or received in repurchases before repayments to lenders can be made.

General Resources Account

Assets held in the General Resources Account comprise gold, currencies of the Fund’s member countries, and special drawing rights (SDRs). The Fund’s resources in the General Resources Account are made available to members in accordance with the Fund’s policies either in the form of currencies or SDRs which members purchase against the payment of their own currencies. The amount of such use is related to a member’s quota in the Fund.

In addition to purchases under the Fund’s regular facilities, members may use the Fund’s resources under decisions on compensatory financing (to assist members, particularly primary exporters, encountering payments difficulties produced by temporary shortfalls attributable to circumstances beyond their control and members encountering payments difficulties produced by an excess in the cost of their cereal imports) and buffer stock financing (to assist members in connection with the financing of international buffer stocks of primary products), the extended Fund facility (to provide medium-term assistance to members to make structural adjustments in their economies), and the supplementary financing facility and the policy on enlarged access (to assist members facing serious payments imbalances that are large in relation to their quotas). Members were also able to use the oil facility (for balance of payments problems caused by increases in the cost of petroleum and petroleum products). Use of the Fund’s resources is dependent on members having a balance of payments need.

Gold transactions, receipt of SDRs in payment of charges and repurchases by members, and use of SDRs by the Fund take place through the General Resources Account.

Borrowed Resources Suspense Accounts

Resources of the Borrowed Resources Suspense Accounts, which became operational in May 1981, derive from currencies of the Fund’s member countries borrowed under arrangements between the Fund and certain of its members or institutions within their territories, the Bank for International Settlements, and the Swiss National Bank. Members are not obligated to maintain the SDR value of their currencies held by the Fund in the Borrowed Resources Suspense Accounts, and their SDR value is covered mainly by investments in SDR-denominated obligations.

At April 30, 1982 borrowed resources held in suspense were as follows:

Investments (at cost)SDR 229,784,128
Accrued investment income6,662,791
SDR 236,446,919

Special Disbursement Account

The Special Disbursement Account was activated on June 30, 1981. The Fund, as Trustee, decided that the Trust Fund shall be terminated as of April 30, 1981. Under the relevant decision, resources received by the Trust Fund subsequent to the termination date are to be transferred to the Special Disbursement Account, the first SDR 750 million of which are to be transferred to the supplementary financing facility subsidy account. At April 30, 1982 SDR 14,990,527 has been received into the Special Disbursement Account from the Trust Fund and transferred to the Supplementary Financing Facility Subsidy Account. There were no resources held in the Special Disbursement Account at April 30, 1982.

2. Accounting Practices

Unit of Account

The accounts of the General Resources Account are expressed in terms of the SDR, the currency value of which is determined by the Fund. Members’ currencies and securities are converted into equivalent amounts of SDRs on the basis of representative rates of exchange determined in accordance with decisions of the Executive Board. Gold with depositories is valued on the basis that one unit of special drawing rights is equivalent to 0.888671 gram of fine gold.

Property, Furniture, and Equipment

The established policy of the Fund is to charge as an expense of each accounting period the total costs incurred for fixed property, furniture, and equipment. For the year ended April 30, 1982, the cost of property, furniture, and equipment charged as an expense amounted to SDR 12,481,546 (SDR 1,583,646 in 1981).

Income and Expense

The Fund maintains its books of accounts on an accrual basis and, accordingly, recognizes income as it is earned and records expenses as they are incurred. It is the practice of the Fund to make all calculations on the basis of the exact number of days in the accounting period.

3. Currencies and Securities

Each member has the option to substitute nonnegotiable and noninterest-bearing securities for that amount of the member’s currency held by the Fund which is in excess of ¼ of 1 per cent of the member’s quota.

A currency held by the Fund is revalued whenever that currency is used by the Fund in a transaction with another member, or for such other purposes as the Fund may decide. Members are not obligated to maintain the SDR value of their currencies held by the Fund in Borrowed Resources Suspense Accounts. All currency holdings are revalued as at April 30 each year. Whenever the Fund revalues its holdings of a member’s currency, an account receivable or an account payable is established for the amount of currency payable by or to the member in order to maintain the value of the currency in terms of the SDR. The balances of the accounts receivable or payable are reflected in the Fund’s currency holdings. At April 30, 1982, accounts receivable amounted to SDR 4,733,254,541 and accounts payable amounted to SDR 970,751,191.

4. Operational Transactions

During the year ended April 30, 1982, members’ purchases amounted to SDR 8,041 million of which SDR 1,080 million was in the reserve tranche, SDR 2,748 million was under the Fund’s regular policies, SDR 1,635 million was under compensatory financing, and SDR 2,578 million was under the extended Fund facility. Of the total purchases, SDR 2,094 million was financed under the supplementary financing facility and SDR 1,161 million under enlarged access resources. Over the same period, repurchases by members totaled SDR 2,010 million. Purchases in the reserve tranche made after April 1, 1978 are not subject to repurchase.

Outstanding purchases of members were as follows in (millions of SDRs):

April 30
19821981
Reserve tranche2436
Regular facilities3,2632,630
Compensatory financing3,6432,617
Extended Fund facility2,159980
Oil facility5651,581
Supplementary financing facility:
Under stand-by arrangements3,0181,510
Under extended arrangements1,094508
Enlarged access resources:
Under stand-by arrangements380
Under extended arrangements781
Total14,9279,862

The Fund levies charges on its holdings of a member’s currency to the extent that the holdings (i) have been acquired under a policy that has been the subject of an exclusion, or (ii) exceed the member’s quota after deducting holdings that are the subject of an exclusion. Remuneration is paid on the amounts by which 75 per cent of a member’s quota on April 1, 1978, adjusted for increases or decreases in the member’s quota after that date, exceeds the Fund’s holdings of the member’s currency after deducting amounts that are the subject of an exclusion. At April 30, 1982, the total holdings on which the Fund levies charges amounted to SDR 14,801 million and total creditor positions on which the Fund pays remuneration amounted to SDR 9,626 million.

Members incur certain obligations to the Fund with the use of Fund resources from the General Resources Account. One member, Democratic Kampuchea, has not fulfilled its financial obligations to repurchase a part of the Fund’s holdings of the member’s currency, to pay charges on currency balances held by the Fund, and to submit information on monetary reserves. At April 30, 1982, unpaid charges receivable from Democratic Kampuchea amounted to SDR 4,913,552 and are included in the balance sheet as charges receivable and as a deferred credit. On December 19, 1978 the Executive Board decided that Democratic Kampuchea may not make use of the general resources of the Fund until such time as Democratic Kampuchea is fulfilling its obligations under the Articles of Agreement to which Article XXVI, Section 2(a) applies.

5. Borrowing

Outstanding borrowing by the Fund at April 30, 1982 and 1981 were as follows:

19821981
Oil facilitySDR 525,989,555SDR 1,528,124,670
Supplementary
financing facility4,111,816,9042,017,839,434
Enlarged access
resources1,357,693,559
General Arrange-
ments to Borrow777,254,000777,254,000
SDR 6,772,754,018SDR 4,323,218,104

Oil Facility

The Fund entered into borrowing agreements with various members and Switzerland, or institutions within their territories, under which these lenders agreed to provide the Fund with specified currencies to finance purchases of currencies from the Fund by other members under the oil facility. The outstanding borrowings carry interest rates of 7 per cent for amounts called under the 1974 borrowing agreements and 7¼ per cent for amounts called under the 1975 borrowing agreements. Any calls made by the Fund under these agreements are repayable in installments beginning not later than 3½ years, to be completed not later than 7 years, after the date of the calls.

Supplementary Financing Facility (SFF)

The supplementary financing facility entered into force on February 23, 1979. The Fund has entered into borrowing agreements with 14 members, or institutions within their territories, and with the Swiss National Bank under which the lenders have agreed to make resources available to the Fund, at call, up to SDR 7.784 billion over the next four years to finance purchases by members under this facility. Interest paid by the Fund on amounts borrowed under the borrowing agreements is based on the average yield on U.S. Government securities with a constant maturity of five years.

Enlarged Access Resources (EAR)

The Fund has entered into borrowing agreements with various members, or institutions within their territories, the Bank for International Settlements, and the Swiss National Bank under which the lenders have agreed to make resources available to the Fund, up to SDR 9.305 billion, to finance purchases by members under the Fund’s policy on enlarged access. The maturities of borrowing by the Fund under these agreements vary from six months to seven years. Interest paid by the Fund on amounts borrowed under these agreements is at variable rates, which are established periodically, and are related to market interest rates.

General Arrangements to Borrow (GAB)

Ten members, or institutions within their territories, have adhered to the General Arrangements to Borrow under which the Fund may borrow their currencies up to specified amounts when supplementary resources are needed to forestall or cope with an impairment of the international monetary system. These arrangements first became effective from October 24, 1962 and have been renewed until October 23, 1985. The Swiss Confederation has been associated with the GAB since June 1964. The present arrangement with the Swiss Confederation expires on July 15, 1985. The Fund pays a transfer charge of ½ of 1 per cent on amounts borrowed under these arrangements, and, in addition, pays interest at the rates at which the Fund levies charges on the holdings of currencies resulting from purchases for which it incurred the indebtedness, provided that the rate of interest shall be not less than 4 per cent per annum on any part of the indebtedness. Any calls made by the Fund under the GAB are repayable within five years.

At April 30, 1982, the interest rate being paid by the Fund on indebtedness under the General Arrangements to Borrow was 4 per cent per annum.

The Fund has established guidelines for borrowing, which provide that the Fund will not allow the total of outstanding borrowing plus unused credit lines to exceed the range of 50 to 60 per cent of the total of Fund quotas. The total shall include, in respect of the GAB, either outstanding borrowing by the Fund under the GAB or one half of the total credit lines under the GAB, whichever is the greater. On April 30, 1982, total outstanding borrowing and unused credit lines, calculated in accordance with these guidelines, were equal to 34.3 per cent of quotas.

6. Reserves

The Fund determines annually what part of its net income shall be placed to the General Reserve or to the Special Reserve, and what part, if any, shall be distributed. The Fund may use the Special Reserve for any purpose for which it may use the General Reserve, except distribution.

Income from investments in U.S. Government securities was placed to the Special Reserve from November 1, 1957 until February 15, 1972 when the investment program was terminated. A decision by the Executive Board provides that any administrative deficit for any financial year must be written off first against this Reserve.

Net income for the year ended April 30, 1982 was placed to the Special Reserve by decision of the Executive Board.

7. Other Compensations and Benefits

The Fund pays various allowances to or on behalf of Executive Directors and staff including the employer’s contribution to the Staff Retirement Plan. All contributions to the Plan and all other assets, liabilities, and income of the Plan are held separately and can be used or incurred only for the benefit of the participants in the Plan and their beneficiaries. The funding of the Plan is based upon a percentage of a notional gross salary, and the employer contributes that part of the costs and expenses of the Plan not provided by the contributions of the participants.

A prior service cost amounting to SDR 236,882 resulting from Plan amendments approved in May 1980 was paid and charged against income in the year ended April 30, 1981.

Experience gains and losses of the Plan, as determined by the actuary engaged by the Pension Committee, are amortized over a period of 15 years. The unamortized experience losses at April 30, 1982 amounted to SDR 67.0 million (calculated at the SDR value of the U.S. dollar on that date). Payments over the next 15 years to amortize the actuarial experience losses are estimated to be approximately SDR 91.9 million (at the April 30, 1982 SDR/US$ rate), of which SDR 7.5 million was paid on May 3, 1982.

Contributions by the employer to the Staff Retirement Fund for the year ended April 30, 1982 amounted to SDR 22,747,704, including SDR 5,324,076 for the amortization of actuarial experience losses (SDR 4,232,677 in 1981) and SDR 7,251,095 to fund cost of living supplements to beneficiaries (SDR 4,030,794 in 1981).

Special Drawing Rights Department

(Note 1)

Balance Sheet

as at April 30, 1982

Amounts expressed in special drawing rights

19821981
Allocations
Net cumulative allocations of special drawing rights to participants21,433,330,20021,433,330,200
Charges due but not paid (Note 5)15,419,868
21,448,750,06821,433,330,200
Holdings
Participants
With holdings above allocations
Allocations5,195,458,8005,381,928,800
Net receipt of SDRs1,995,336,1841,822,601,834
7,190,794,9847,204,530,634
With holdings below allocations
Allocations16,237,871,40016,051,401,400
Net use of SDRs7,440,255,0117,279,654,314
8,797,616,3898,771,747,086
Total holdings by participants15,988,411,37315,976,277,720
General Resources Account5,456,084,3705,445,007,849
Other holders4,254,32512,044,631
21,448,750,06821,433,330,200

The accompanying notes are an integral part of the financial statements.

The accompanying notes are an integral part of the financial statements.

/s/ W. O. Habermeier/s/ J. De Larosière
TreasurerManaging Director

Statement of Source and Use of Special Drawing Rights

for the year ended April 30, 1982

Amounts expressed in special drawing rights

Total
ParticipantsGeneral Resources AccountOther Holders19821981
Total holdings at beginning of year15,976,277,7205,445,007,84912,044,63121,433,330,20017,380,836,200
Source of special drawing rights
Allocations
Net cumulative allocations4,052,494,000
Charges due but not paid15,419,86815,419,868
Transfers among participants and other holders
Transactions with designation1,874,681,3951,874,681,3951,882,850,125
Transactions by agreement1,242,038,1041,242,038,104418,465,926
Prescribed operations
Loans4,309,20020,000,00024,309,200
Settlement of financial obligations125,732,6197,576,377133,308,996
Transfers from participants to General
Resources Account
Repurchases838,080,839838,080,839929,956,199
Charges in General Resources Account23,236,595968,482,551991,719,146599,802,128
Quota payments266,010,000266,010,0005,090,640,000
Assessment2,095,3312,095,3311,599,994
Transfers from General Resources Account
to participants and other holders
Purchases2,035,221,4992,035,221,4992,033,001,239
Remuneration348,220,764348,220,764219,497,371
Reconstitution19,542,201
Repayments of Fund borrowings
Oil facility143,988,644143,988,644161,260,951
Interest on Fund borrowings
Oil facility9,803,9121,600,88111,404,79316,262,204
General Arrangements to Borrow7,772,5447,772,5445,820,590
Supplementary financing facility123,842,195123,842,19528,235,306
Enlarged access resources166,786166,786
In exchange for currencies of other members
Acquisitions to make quota payments340,738,210
Acquisitions for net charges (Special
Drawing Rights Department)2,921,3682,921,368
Acquisitions to pay charges
(General Resources Account)24,061,84724,061,847
Interest and charges in the Special Drawing
Rights Department
Net interest received244,154,825657,243,9671,209,850902,608,642489,066,110
Adjustment for underpayment of interest868________868
6,225,405,3792,731,913,55630,553,8948,987,872,82916,289,232,554
Use of special drawing rights
Transfers among participants and other holders
Transactions with designation1,874,681,3951,874,681,3951,882,850,125
Transactions by agreement1,208,003,10434,035,0001,242,038,104418,465,926
Prescribed operations
Loans20,000,0004,309,20024,309,200
Settlement of financial obligations133,308,996133,308,996
Transfers from participants to General
Resources Account
Repurchases838,080,839838,080,839929,956,199
Charges in General Resources Account968,482,55123,236,595991,719,146599,802,128
Quota payments266,010,000266,010,0005,090,640,000
Assessment2,095,3312,095,3311,599,994
Transfers from General Resources Account
to participants and other holders
Purchases2,035,221,4992,035,221,4992,033,001,239
Remuneration348,220,764348,220,764219,497,371
Reconstitution19,542,201
Repayments of Fund borrowings
Oil facility143,988,644143,988,644161,260,951
Interest on Fund borrowings
Oil facility11,404,79311,404,79316,262,204
General Arrangements to Borrow7,772,5447,772,5445,820,590
Supplementary financing facility123,842,195123,842,19528,235,306
Enlarged access resources166,786166,786
In exchange for currencies of other members
Acquisitions to make quota payments340,738,210
Acquisitions for net charges (Special
Drawing Rights Department)2,921,3682,921,368
Acquisitions to pay charges
(General Resources Account)24,061,84724,061,847
Interest and charges in the Special Drawing
Rights Department
Net charges paid887,188,774887,188,774489,066,110
Charges due but not paid15,419,86815,419,868
Return of excess interest received868____________868
6,213,271,7262,720,837,03538,344,2008,972,452,96112,236,738,554
Total holdings at end of financial year15,988,411,3735,456,084,3704,254,32521,448,750,06821,433,330,200
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.

Notes to the Financial Statements

1. Special Drawing Rights Department

All transactions and operations involving special drawing rights are conducted through the Special Drawing Rights Department. Special drawing rights do not constitute claims by holders against the Fund to provide currency, except in connection with the termination of participation or liquidation. Special drawing rights are allocated by the Fund to members that are participants in the Special Drawing Rights Department in proportion to their quotas in the Fund. Three allocations were made, in 1970, 1971, and 1972, aggregating SDR 9.3 billion. In accordance with Board of Governors Resolution No. 34-3, three further allocations were made as of January 1, 1979, 1980, and 1981, aggregating SDR 12.1 billion. The Fund is empowered to prescribe certain official entities as “other holders” of special drawing rights; to date 12 institutions have been prescribed as other holders. These other holders do not receive allocations.

2. Uses of Special Drawing Rights

A participant can use its special drawing rights in transactions and operations by agreement with another participant and in operations involving the General Resources Account, such as the payment of charges or repurchases. Special drawing rights may also be used in transactions and operations involving other official entities prescribed by the Fund as other holders of special drawing rights. In addition, the Fund ensures, by designating participants to provide freely usable currency in exchange for special drawing rights, that a participant can use its special drawing rights to obtain such currency if it has a need because of its balance of payments or its reserve position or developments in its reserves. A participant is not obliged to provide currency for special drawing rights beyond the point at which its holdings of special drawing rights in excess of its net cumulative allocation are equal to twice its net cumulative allocation or such higher limit as may be agreed between a participant and the Fund. A participant may, however, provide currency in excess of the obligatory limit or any agreed higher limit.

3. Interest, Charges, and Assessment

Interest is paid to each holder on its holdings of special drawing rights and charges are levied at the same rate on each participant’s net cumulative allocation plus any negative balance of the participant or unpaid charges. Interest and charges are settled by crediting and debiting individual holdings accounts on April 30 each year. The Fund is required to pay interest to each holder, whether or not sufficient charges are received. The expenses of conducting the business of the Special Drawing Rights Department are paid by the Fund from the General Resources Account, which is reimbursed in special drawing rights at the end of each financial year. For this purpose, the Fund levies an assessment, at the same rate for all participants, on their net cumulative allocations.

4. Suspension of Right to Use Special Drawing Rights

On December 19, 1978 the Executive Board decided to suspend the right of Democratic Kampuchea to use special drawing rights acquired after the date of the suspension because the Fund found that Democratic Kampuchea had failed to meet certain obligations in the Special Drawing Rights Department.

5. Charges Due but not Paid

Charges due but not paid represent the amount of unpaid charges by Equatorial Guinea, Ghana, Guinea, Lao People’s Democratic Republic, and Viet Nam for the financial year ended April 30, 1982. Under Article XX, Section 1, the Fund is required to pay interest to each holder, whether or not sufficient charges are received. The total of SDRs held by all holders on April 30, 1982 exceeds the total of net cumulative allocations to the extent of these unpaid charges. At June 25, 1982 charges due from Viet Nam amounting to SDR 6.2 million remained outstanding.

Subsidy Account

(Note 1)

Statement of Financial Position

Changes during year and Position as at April 30, 1982

Amounts expressed in special drawing rights

(Note 2)

19821981
Balance at beginning of year62,090,03473,934,615
Contributions received (Note 2)3,476,8096,899,951
Interest earned on investments2,730,4765,316,542
6,207,28512,216,493
Exchange valuation gain2,083,4223,711,209
8,290,70715,927,702
70,380,74189,862,317
Less: Subsidy payments (Note 3)50,051,54727,772,283
Balance at end of year20,329,19462,090,034
Balance represented by:
Currency on deposit372,0341,002,900
Investments in United States Government obligations, at cost
(market value: SDR 19,226,893—1982; SDR 58,405,807—1981)19,223,87458,711,464
Accrued interest receivable733,2862,375,670
Total assets20,329,19462,090,034

The accompanying notes are an integral part of the financial statement.

The accompanying notes are an integral part of the financial statement.

/s/ W. O. Habermeier/s/ J. De Larosière
TreasurerManaging Director

Notes to the Financial Statement

1. Purpose

The Subsidy Account, which is administered by the Fund, was established to assist the most seriously affected members to meet the interest cost of using resources made available through the Fund’s oil facility for 1975. The assets of the Subsidy Account are separate from the assets of all other accounts of the Fund and are not used to discharge liabilities or to meet losses incurred in the administration of other accounts.

2. Accounting Practices

Unit of Account

The accounts of the Subsidy Account are expressed in terms of the SDR, the currency value of which is determined by the Fund.

Contributions

Contributions to the Subsidy Account are made in currencies which are valued in terms of SDRs on the basis of exchange rates against the SDR at the time of receipt. Cumulative contributions to the Subsidy Account at April 30, 1982 amounted to SDR 159,913,034.

Income

The accounts are maintained on an accrual basis and, accordingly, income is recognized as it is earned.

It is the practice of the Fund to make all calculations on the basis of the exact number of days in the calendar year.

3. Subsidy Payments

The rate of subsidy for the financial years ended April 30, 1976 through 1982 was set by the Fund at 5 per cent per annum of the average daily balances in each year of the Fund’s holdings of recipient members’ currencies subject to the schedule of charges applicable to the 1975 oil facility. Subsidy payments are made after the end of each financial year in U.S. dollars at the SDR/US$ rate determined for the date of payment. Cumulative payments from the Subsidy Account at April 30, 1982 amounted to SDR 163,198,296. Subsidy payments for the financial year ended April 30, 1982 amounted to SDR 9.3 million and were made on June 1, 1982.

Supplementary Financing Facility Subsidy Account

(Note 1)

Balance Sheet

as at April 30, 1982

Amounts expressed in special drawing rights

(Note 2)

Assets
Currencies18,175
Investments, at cost30,889,553
Accrued interest on investments1,536,479
Total32,444,207
Liability and Resources
Borrowing (Note 3)3,261,164
Resources—Account balance29,183,043
Total32,444,207

The accompanying notes are an integral part of the financial statements.

The accompanying notes are an integral part of the financial statements.

/s/ W. O. Habermeier/s/ J. De Larosière
TreasurerManaging Director

Statement of Resources

for the year ended April 30, 1982

Amounts expressed in special drawing rights

(Note 2)

Balance at beginning of year
Transfers from Special Disbursement Account14,990,527
Contributions34,264,775
Investment income2,785,518
Exchange valuation gain63,228
Balance before subsidy payments52,104,048
Subsidy payments22,921,005
Balance at end of year29,183,043
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.

Notes to the Financial Statements

1. Purpose

The Supplementary Financing Facility Subsidy Account, which is administered by the Fund, was established in December 1980 to assist the low-income developing members to meet the cost of using resources made available through the Fund’s supplementary financing facility and under the policy on exceptional use. The assets of the Supplementary Financing Facility Subsidy Account are separate from the assets of all other accounts of the Fund and are not used to discharge liabilities or to meet losses incurred in the administration of other accounts. The Supplementary Financing Facility Subsidy Account became operational in May 1981 and the first subsidy payments were made in December of that year. The resources of the Account arise from contributions and loans from members, interest income earned on investments, and transfers of amounts received in interest and loan repayments from the Trust Fund through the Special Disbursement Account.

2. Accounting Practices

Unit of Account

The accounts of the Supplementary Financing Facility Subsidy Account are expressed in terms of the SDR, the currency value of which is determined by the Fund.

Contributions

Contributions and loans to the Supplementary Financing Facility Subsidy Account are made in currencies which are valued in terms of SDRs on the basis of exchange rates against the SDR at the time of receipt. Cumulative contributions to the Supplementary Financing Facility Subsidy Account at April 30, 1982 amounted to SDR 34,264,775.

Income and Expense

The accounts are maintained on an accrual basis and, accordingly, income is recognized as it is earned and expenses are recorded as they are incurred.

It is the practice of the Fund to make all calculations on the basis of the exact number of days in the financial year.

3. Borrowing

Certain members have made loans to the International Monetary Fund in its capacity as trustee of the Supplementary Financing Facility Subsidy Account. The total amount of these loans, which are without interest, are to be repaid on December 31, 1984.

4. Subsidy Payments

The amount of the subsidy is calculated as a percentage per annum of the average daily balances in each year of the Fund’s holdings of recipient members’ currencies subject to the schedule of charges applicable to the supplementary financing facility and the policy on exceptional use. The rate of subsidy to be paid is determined by the Fund in the light of the resources available and the subsidy may not exceed the equivalent of 3 per cent per annum of the currency holdings to which the supplementary financing facility and exceptional use charges apply nor reduce the effective charge on such holdings which would have been applicable had they been acquired under the Fund’s policies on the regular use of its resources.

Trust Fund

(Note 1)

Balance Sheet

as at April 30, 1982

Amounts expressed in special drawing rights

(Note 2)

19821981
Assets
Loans (Note 3)2,991,334,7012,991,334,701
Accrued interest on loans4,917,2604,469,834
Investments, at cost (market value SDR 3,599,918—1982; SDR 3,337,284—1981)3,599,9183,337,284
Accrued interest on investments46,6691,418
Sight deposit40,696
Total2,999,898,5482,999,183,933
Trust Resources and Liabilities
Trust resources2,994,029,8522,993,518,328
Liabilities—
Undistributed profits from sale of gold (Note 4)3,532,6793,329,588
Borrowing (Note 5)2,332,1832,332,183
Accrued interest on borrowing3,8343,834
Total2,999,898,5482,999,183,933

The accompanying notes are an integral part of the financial statements.

The accompanying notes are an integral part of the financial statements.

/s/ W. O. Habermeier/s/ J. De Larosière
TreasurerManaging Director

Statement of Income and Expense

for the year ended April 30, 1982

Amounts expressed in special drawing rights

(Note 2)

19821981
Income:
Interest income on loans14,956,52812,282,913
Investment income547,14968,835,544
Exchange valuation gain (loss)10,037(5,411,118)
Net proceeds realized from the sale of gold156,269,154
15,513,714231,976,493
Expenses:
Interest on borrowing (Note 5)11,66319,499
Administrative expenses (Note 2)300,000
11,663319,499
Net income15,502.051231,656,994
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.

Statement of Trust Resources

for the year ended April 30, 1982

Amounts expressed in special drawing rights

(Note 2)

19821981
Balance at beginning of year2,993,518,3283,124,497,410
Net income for the year15,502,051231,656,994
Contributions received38,946,655
3,009,020,3793,395,101,059
Transfer to the Special Disbursement Account (Note 6)14,990,527
Distribution of profits to developing countries (Note 4)
Amount disbursed400,339,128
Amount pending disbursement1,243,603
Balance at end of year2.994,029.8522,993,518,328
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.

Notes to the Financial Statements

1. Purpose

The Trust, which is administered by the Fund as Trustee, was established in 1976 to provide balance of payments assistance on concessional terms to eligible members that qualify for assistance. The resources of the Trust are separate from the assets of all other accounts of the Fund and are not used to discharge liabilities or to meet losses incurred in the administration of other accounts.

2. Accounting Practices

Unit of Account

The accounts of the Trust Fund are expressed in terms of the special drawing right (SDR), the currency value of which is determined by the Fund.

Valuation Adjustments

Valuation adjustments arising from changes in the SDR rate of currencies held by the Trust Fund are charged to net income.

Income and Expense

The accounts are maintained on an accrual basis and, accordingly, income is recognized as it is earned and expenses are recorded as they are incurred. The expenses of conducting the business of the Trust Fund that are paid from the General Resources Account of the IMF are reimbursed by the Trust on the basis of a reasonable estimate of these expenses by the IMF. Following the termination of the Trust Fund on April 30, 1981, residual administrative costs have been absorbed by the General Resources Account. It is the practice of the Fund to make all calculations on the basis of the exact number of days in the accounting year.

3. Loans

Loans are made from the Trust Fund to those eligible members that qualify for assistance in accordance with the provisions of the Trust Instrument. The final loan disbursements were made on March 31, 1981. Each loan disbursement is repayable in ten semiannual installments which shall begin not later than the end of the first six months of the sixth year, and be completed at the end of the tenth year, after the date of disbursement, except that the final loan disbursements made to members on March 31, 1981 that amounted to about 0.4 per cent of quotas are to be repaid in a single installment not later than ten years after the date of that disbursement. Interest on the outstanding loan balances is charged at the rate of ½ of 1 per cent per annum.

4. Direct Distribution of Profits

The International Monetary Fund decided that the Trustee make, through the Trust Fund, the direct distribution of part of the profits from the sale of gold for the benefit of developing members. The share of each developing member in this direct distribution of profits is calculated on the basis of its share in total IMF quotas as of August 31, 1975 and on the basis of the actual profits realized in the gold auctions.

The direct distribution of profits has been completed, except that an amount of US$3,990,776 representing the share of Democratic Kampuchea will continue to be held in the Trust Fund until relations with that member have been restored.

5. Borrowing

One beneficiary of the direct distribution of profits from the Trust Fund has lent a part of its entitlements to the Trust Fund. The amounts borrowed by the Trust Fund are repayable in ten semiannual installments beginning not later than the end of the first six months of the sixth year after the date of borrowing. Interest on the amounts outstanding is paid at the same rate as interest is charged on Trust Fund loans, provided that the rate shall not be less than ½ of 1 per cent per annum.

6. Termination and Transfer of Resources

The Fund, as Trustee, decided that upon the completion of the final loan disbursements, the Trust Fund shall be terminated as of April 30, 1981. After that date, the activities of the Trust Fund shall be confined to the completion of any unfinished business of the Trust Fund and the winding up of its affairs.

The resources of the Trust Fund held on the termination date or subsequently received by the Trustee will be employed firstly to satisfy current administrative expenses, secondly to pay interest and principal as it falls due on loan obligations (Note 5), and thirdly to make transfers to the Special Disbursement Account, the first SDR 750 million of which will flow through to the Supplementary Financing Facility Subsidy Account.

Staff Retirement Plan

Report of the External Audit Committee Staff Retirement Plan

Washington, D.C.

June 25, 1982

Authority and Scope of the Audit

In accordance with Section 20(b) of the By-Laws of the International Monetary Fund we have audited the financial statements of the Staff Retirement Plan for the year ended April 30, 1982, which consist of statements of

  • —Accumulated plan benefits and net assets available for benefits,

  • —Changes in accumulated plan benefits, and

  • —Changes in net assets available for benefits.

The audit was conducted in accordance with international auditing guidelines and accordingly included reviews of accounting and control systems, tests of accounting records, evaluation of the extent and results of work performed by the Internal Auditor, and other audit procedures.

Audit Opinion

In our opinion, the financial statements have been prepared using acceptable accounting principles, consistently applied and give a true and fair view of the financial position of the Staff Retirement Plan as at April 30, 1982 and of the financial results of operations and transactions during that year.

External Audit Committee:

  • /s/ David Ralph Hutton, Chairman (New Zealand)

  • /s/ Yuichi Ezawa (Japan)

  • /s/ Gerardo Rueda-Rabago (Mexico)

Statement of Accumulated Plan Benefits and Net Assets Available for Benefits

As at April 30, 1982

Amounts expressed in U.S. dollars

19821981
Accumulated Plan benefits (Note 2):
Actuarial present value of accumulated Plan benefits:
Vested benefits
Retired participants97,600,00083,500,000
Other participants86,600,00067,900,000
Nonvested benefits27,500,00023,900,000
Total actuarial present value of accumulated Plan benefits211,700,000175,300,000
Net assets available for benefits:
Investments, at current value (Note 2):
Portfolio managed within the United States212,631,410197,093,295
Portfolio managed outside the United States26,114,93917,758,154
238,746,349214,851,449
Receivables:
Contributions522,396352,352
Accrued interest and dividends (Note 2)1,984,2891,619,426
Other1,2661,388
2,507,9511,973,166
Cash at banks57,04626,306
Total assets241,311,346216,850,921
Liabilities:
Accounts payable377,497819,339
Net assets available for benefits240,933,849216,031,582
Excess of net assets available for benefits over
actuarial present value of accumulated Plan benefits29,233,84940,731,582

The accompanying notes are an integral part of the financial statements.

The accompanying notes are an integral part of the financial statements.

/s/ W. O. Habermeier/s/ J. De Larosière
TreasurerManaging Director

Statement of Changes in Accumulated Plan Benefits

for the year ended April 30, 1982

Amounts expressed in U.S. dollars

19821981
Actuarial present value of accumulated Plan benefits at beginning of year175,300,000142,500,000
Increase (decrease) during the year attributable to:
Benefits accumulated45,436,41340,655,071
Benefits paid(9,036,413)(7,855,071)
Net increase36,400,00032,800,000
Actuarial nresent value of accumulated
Plan benefits at end of year (Note 2)211,700,000175,300,000
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.

Statement of Changes in Net Assets Available for Benefits

for the year ended April 30, 1982

Amounts expressed in U.S. dollars

19821981
Investment income (Note 2):
Net appreciation (depreciation) in current value of investments (Note 4)(18,745,186)28,256,996
Interest9,780,2948,162,333
Dividends6,575,2754,785,479
(2,389,617)41,204,808
Contributions (Notes 1 and 3):
International Monetary Fund28,944,78021,748,427
Participants7,082,5615,328,519
Participants restored to service42,22061,263
Net transfers from (to) retirement plans of other international organizations258,736(31,196)
36,328.29727,107.013
Total additions33,938,68068,311,821
Benefits (Note 1):
Pensions7,842,1086,254,312
Withdrawal benefits715,404800,981
Commutation benefits444,229678,159
Death benefits34,672121,619
Total payments9,036,4137,855,071
Net additions24,902,26760,456,750
Net assets available for benefits at: Beginning of year216,031,582155,574,832
End of year240,933,849216,031,582
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.

Notes to the Financial Statements

1. Description of Plan

General

The Staff Retirement Plan (Plan) is a defined benefit pension plan covering nearly all staff members of the International Monetary Fund (employer). All assets and income of the Plan are the property of the employer and are held and administered by it separately from all its other property and assets and are to be used solely for the benefit of participants and retired participants or their beneficiaries. The account is valued in U.S. dollars.

Benefits

Participants are entitled to an annual pension beginning at normal retirement age (65). The amount of the pension is based on number of years of service and highest average gross remuneration. Participants who have reached the age of 55 may retire with a reduced pension (or with an unreduced pension if the sum of their age and years of service equals 90 or more). The Plan also provides for disability retirement and death benefits to a surviving spouse and minor children. Upon termination before age 55 a participant with at least three years of eligible service may elect to receive either a withdrawal benefit (accumulated contributions of the participant plus an amount equal to a percentage of such accumulated contributions, the percentage being based on number of months of eligible service) or a deferred pension to commence after the participant has reached the age of 55. A participant entitled to receive a normal, early retirement, or deferred pension may elect to commute up to one third of his or her pension, and receive a lump sum amount in lieu of the amount of pension commuted. A participant entitled to receive a disability pension may elect to commute one third of the early retirement pension that would otherwise have been applicable.

Contributions

As a condition of service, regular staff members are required to participate in the Plan and to contribute 7 per cent of their gross remuneration to the Plan. Certain other categories of staff members may elect to participate in the Plan. The employer meets the administrative costs of the Plan, such as actuarial, management, and custodial fees, and is to contribute any additional amounts not provided by the contributions of participants to pay costs and expenses of the Plan not otherwise covered.

2. Accounting Practices

Valuation of Investments

Investments in securities listed in stock exchanges are valued at the last reported sales price on the last business day of the accounting period. Over-the-counter securities are valued at their bid price on the last business day of the year. Purchases and sales made by U.S. investment managers are recorded on the settlement date basis and transactions made by the non-U.S. investment manager are recorded on the trade date basis.

Accumulated Benefits—Vested and Nonvested

The actuarial value of vested benefits is shown for two categories. For retired participants, the amount shown equals the present value of the benefits expected to be paid over the future lifetime of the pensioner, and, if applicable, the surviving spouse of the pensioner. For other participants, the amount shown equals the present value of the deferred pension earned to the valuation date for a participant, or, if greater, the value of the withdrawal benefit for that participant, summed over all participants. For the purpose of determining the actuarial value of the vested benefits at the end of the Plan year, it is assumed that the Plan will continue to exist but that participants will not earn pension benefits beyond the date of the calculation.

The amount of nonvested benefits represents the total of the withdrawal benefits for all participants with less than three years of eligible service.

Other

Dividend and interest income from investments are recorded as earned.

3. Funding

The employer makes normal contributions to the Plan equal to 14 per cent of gross remuneration. Whenever the cost of living for a financial year increases, pensions shall be augmented by a pension supplement, which shall be the lesser of the increase in the cost of living for the financial year or 2 per cent. If the increase in the cost of living for a year exceeds 2 per cent, pensions shall be augmented by an additional supplement to be paid from contributions from the employer equal to the difference between 2 per cent and the increase in the cost of living. The employer has the right for good cause to reduce the additional supplement to not less than 1 per cent.

4. Investments

The net appreciation (depreciation) in the current value of investments for the periods ending April 30, 1982 and 1981 were as follows (in U.S. dollars):

19821981
Portfolio managed within
the United States(15,387,372)26,393,386
Portfolio managed outside
the United States:
—Net market appreciation
(depreciation)(2,197,106)2,836,790
—Net exchange
valuation loss(1,160,708)(973,180)
(3,357,814)1,863,610
Total net appreciation
(depreciation)(18,745,186)28,256,996

The net exchange loss was calculated by converting the book value of securities in currencies other than U.S. dollars to U.S. dollars at the exchange rates in effect at both the beginning and the end of the accounting period (or at the time a security was purchased or sold if this occurs during the accounting period) and subtracting one from the other to determine the exchange gain or loss.

At April 30, 1982, 9.67 per cent of the net assets available for benefits was held in the Wells Fargo Bank Equity Index Fund, which has underlying investments in approximately 500 equity issues comprising the Standard & Poor’s index. There were no other investments which represented 5 per cent or more of the net assets available for benefits.

5. Actuarial Valuation

The most recent valuation of the Plan by the actuary engaged by the Pension Committee was made as at April 30, 1981. Actuarial assumptions used in the valuation were (a) life expectancy of participants as based on the 1960 United Nations Service Tables, (b) certain percentages of staff, differing by sex, would retire at each age between 55 and 65, and (c) an assumed average rate of return on investments of 6 per cent per annum. The purpose of the annual valuation is to determine, on the basis of the actuarial assumptions used, the level of additional employer contributions necessary to fund experience losses and cost of living increases beyond the first 2 per cent. It is further assumed that the Plan will continue to exist and that participants will continue to earn pension benefits beyond the date of the valuation until the date of withdrawal, disability, death, or retirement. This valuation therefore differs from that in which the actuarial value of vested benefits is determined (Note 2).

Experience gains and losses of the Plan, as determined by the actuary, are amortized over a period of 15 years. The most recent valuation (at April 30, 1981) showed an experience loss of $19.9 million for the year then ended. Unamortized experience losses amounted to $75.7 million at April 30, 1982, of which $8.4 million was paid by the employer on May 3, 1982.

Index

Letters are used as follows: c for chart, n for footnote, and t for table.

Abu Dhabi

  • oil facility, lending for, 115t

  • supplementary financing facility, lending for, 116t

Accounts of Fund

  • Borrowed Resources Suspense Accounts, 86, 161

  • General Department financial statements, 157-63

  • Oil Facility Subsidy Account, 93, 93t, 94t, 167-68

  • Special Drawing Rights Department financial statement, 164-66

  • Staff Retirement Plan, financial statement, 176-81

  • Supplementary Financing Facility Subsidy Account, 93-95, 94t, 95t, 169-71

  • Trust Fund, 93, 172-75

  • See also General Resources Account Transactions

Afghanistan

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • SDRs, operations in, 120t

Africa

  • balance of payments, 18t, 55

  • debt, 36t

  • exchange rate, 53

  • Fund resources, use of, 75t

  • growth rate, 16

  • output, 12t

  • prices, 13t, 54c

Algeria

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • SDRs: operations in, 120t; transactions in, 91t

Antigua and Barbuda

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • membership in Fund, 77

  • status in Fund, 95

Arab Monetary Fund

  • SDRs, transactions in, 90t

Argentina

  • Article VIII acceptance, 118t

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • growth rate, 16

  • output, 13

  • SDRs, operations in, 120t

Articles of Agreement

  • Article IV, 57, 76, 95, 131

  • Article V, 84, 87, 132, 133

  • Article VIII, members accepting obligations of, 95, 118t

  • Article XIV, 95

  • Article XVIII, 134, 135

  • Article XXI, 135

  • Article XXX, 78n

  • Second Amendment, 57, 58, 79t(n)

  • Schedule B, 84, 84n

Asia

  • balance of payments, 18t

  • debt, 36t

  • Fund resources, use of, 75t

  • growth rate, 16

  • output, 12t

  • prices, 13t, 54c

Australia

  • Article VIII acceptance, 118t

  • balance of payments, 23

  • enlarged access policy, lending for, 86, 86n

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • growth rate, 7

  • Oil Facility Subsidy Account, contribution to, 94t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 120t; transactions in, 90t, 91t

  • Supplementary Financing Facility Subsidy Account, donation to, 95t

Austria

  • Article VIII acceptance, 118t

  • enlarged access policy, lending for, 86, 86n

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • oil facility, lending for, 115t

  • Oil Facility Subsidy Account, contribution to, 94t

  • SDRs: operations in, 120t; transactions in, 90t, 91t

  • supplementary financing facility, lending for, 116t

  • Supplementary Financing Facility Subsidy Account, donation to, 95t

Bahamas

  • Article VIII acceptance, 118t

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • repurchases from Fund, 112t

  • SDRs, operations in, 120t

Bahrain

  • Article VIII acceptance, 118t

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • SDRs: operations in, 120t; transactions in, 91t

Balance of Payments

  • adjustment: by centrally planned economies, 55-56; by developing countries, 31, 52-55

  • capital markets, financing through, 70-71

  • deficits: industrial countries, 3; net oil exporters and net oil importers, 32c; non-oil developing countries, 32c, 34t

  • exchange rates, effect on, 27, 45

  • financing and adjustment of, Fund’s role in, 73, 76

  • global changes, 17; and imbalances, 38; summary, 20t

  • in industrial countries, 23c;summary, 21t

  • in non-oil developing countries, 27-31, 30c

  • summary, on current account, 18t; global summary, 20t

Bangladesh

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • extended arrangement with Fund, 114t

  • oil facility subsidy, 93t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 120t; transactions in, 90t, 91t

  • supplementary financing facility: subsidy, 94t; use of, 82t

Bank for International Settlements

  • enlarged access policy, lending for, 82, 86

  • holdings of SDR-denominated assets, 69

Barbados

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 120t; transactions in, 91t

Belgium

  • Article VIII acceptance, 118t

  • balance of payments, 23

  • enlarged access policy, lending for, 86, 86n

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • General Arrangements to Borrow, 115t

  • monetary policy, 37

  • oil facility, lending for, 115t

  • Oil Facility Subsidy Account, contribution to, 94t

  • SDRs, operations in, 120t

  • stand-by arrangement renewal, 109t(n)

  • supplementary financing facility, lending for, 116t

  • Supplementary Financing Facility Subsidy Account, loan to, 95t

Belize

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • membership in Fund, 77

  • status in Fund, 95

Benin

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • SDRs, operations in, 120t

Bhutan

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • membership in Fund, 77

Board of Governors

  • Managing Director’s report on allocations of SDRs, 134-35

  • quota reviews required by, 77

  • See also Development Committeeand Interim Committee

Bolivia

  • Article VIII acceptance, 118t

  • buffer stock financing facility, use of, 81

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • repurchases from Fund, 112t

  • SDRs: operations in, 120t; transactions in, 90t

  • supplementary financing facility subsidy, 94t

Borrowing by Fund, 84-86

  • enlarged access policy, 82, 85t

  • General Arrangements to Borrow, 78, 79t, 115t

  • guidelines for, 76, 125

  • interest and transfer charges on, 119t

  • interest rates on, 85

  • oil facility, 791, 85, 115t

  • outstanding borrowing at end of financial year, 85

  • repayments of Fund borrowings, 119t

  • supplementary financing facility, 79t, 116t

  • Swiss National Bank, 79t

Botswana

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • SDRs, operations in, 120t

Brazil

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • growth rate, 16

  • Oil Facility Subsidy Account, contribution to, 94t

  • output, 13

  • SDRs: operations in, 120t; transactions in, 91t

Buffer Stock Financing Facility charges, 117t

  • purchases by members, 78c, 79t, 81

Burma

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 120t; transactions in, 90t, 91t

  • stand-by arrangements with Fund, 108t

Burundi

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • SDRs, operations in, 120t

Cameroon

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • oil facility subsidy, 93t

  • repurchases from Fund, 112t

  • SDRs: operations in, 120t; transactions in, 90t

Canada

  • Article VIII acceptance, 118t

  • balance of payments, 19, 21t, 23, 23c

  • enlarged access policy, lending for, 86, 86n

  • exchange rate, 24c, 47c, 48c, 50c, 104t

  • exchange rate arrangement, 59t, 104t

  • General Arrangements to Borrow, 115t

  • growth rate, 7, 8

  • inflation rates, 49t

  • interest rates, 4c, 50c

  • manufactures, costs and prices of, 26c

  • monetary growth rates, 49t

  • oil facility, lending for, 115t

  • Oil Facility Subsidy Account, contribution to, 94t

  • output, 6t, 9c

  • prices, 5c, 6t

  • SDRs: operations in, 120t; sale of, 89; transactions in, 90t

  • supplementary financing facility, lending for, 116t

Cape Verde

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • SDRs, operations in, 120t

Capital Markets, International, 70-72

Central African Republic

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • oil facility subsidy, 93t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 120t; transactions in, 90t, 91t

  • stand-by arrangements with Fund, 108t

Chad

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • repurchases from Fund, 112t

  • SDRs: operations in, 120t; transactions in, 90t

Chile

  • Article VIII acceptance, 118t

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • repurchases from Fund, 112t

  • SDRs: operations in, 120t; transactions in, 90t, 91t

China, People’s Republic of

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • output, 13

  • SDRs: operations in, 120t; transactions in, 90t

  • stand-by arrangement with Fund, 108t

Colombia

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • SDRs: operations in, 120t; transactions in, 91t

Commodities

  • manufactures: labor costs, 25t; trade prices, 15t

  • non-oil primary, prices of, 15t, 22c

  • oil, trade prices of, 15t

  • world trade prices of major, 15t

Comoros

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • SDRs, operations in, 120t

Compensatory Financing Facility

  • charges, 117t

  • use by members, 78c, 79t, 80, 110t, 112t

  • compensatory financing of fluctuations in the cost of cereal imports, 80-81

  • conditionality, 72-73

Congo

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • repurchases from Fund, 112t

  • SDRs: operations in, 120t; transactions in, 90t

Consultations with Fund Members, 57-58,76-77,95, 129-31

Costa Rica

  • Article VIII acceptance, 118t

  • enlarged access resources, use of, 83t

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • extended arrangement with Fund, 114t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 120t; transactions in, 90t

  • supplementary financing facility, use of, 81, 82t

Credit Tranche

  • charges on purchases, 117t

  • use by members, 78c, 78-79, 79t, 110t, 112t

Currencies

  • attribution of reductions in Fund’s holdings of, 127

  • composition of reserves, 64-66

  • Eurocurrencies and ECUs, 28, 66, 66n, 66t

  • in exchange markets, 44c, 46c

  • exchange rate arrangements: developing countries, 53t; members, 59t, 104t

  • exchange rate changes, 23-25, 52

  • exchange rates of major, 43c

  • investments in, growth of, 68c

  • multiple reserve currency system, 64

  • official holdings of foreign exchange, 63t

  • purchases from Fund, 110t

  • rates of return on, 67-69

  • repurchases from Fund, 112t

  • share in SDR value of foreign exchange holdings, 65t

  • SDR as a currency peg, 92

  • trends in pegging, 52

Cyprus

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • repurchases from Fund, 112t

  • SDRs: operations in, 120t; transactions in, 90t

  • stand-by arrangement with Fund, 108t

Denmark

  • Article VIII acceptance, 118t

  • enlarged access policy, lending for, 86, 86n

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • monetary policy, 37

  • Oil Facility Subsidy Account, contribution to, 94t

  • SDRs, operations in, 120t

  • Supplementary Financing Facility Subsidy Account, donation to, 95t

Developing Countries

  • balance of payments, 18t

  • bank lending to, 71

  • exchange rate arrangements, 52-53, 53t

  • exchange rate volatility, 41

  • foreign exchange holdings, share of currencies in SDR value of, 65t

  • Fund resources, use of, 75t

  • gold, distribution of profits from sales, 75t

  • inflation, 16-17

  • interest rate policies, 54

  • output, changes in, 12t

  • policies: adjustment, 53-55; domestic, 11-17

  • prices: changes in, 13t; relative, 54c

  • reserves, currency composition of, 64-65

  • trade, changes in, 14t, 15t

Non-Oil Developing Countries

  • balance of payments, 18t, 29-31, 30c, 39-40; deficits, 32c, 34t; summary, 20t

  • borrowing, 34t; in capital markets, 70-71

  • debt, 31-34; debt/export ratio, 33-34, 35, 35c, 71; debt service payments, 34-35, 36c; external, 36t; financing, 34t, 39

  • foreign exchange, 61t; reserves, 62

  • Fund resources, use of, 33, 75t

  • gold holdings, 61t

  • growth rates, 13-17

  • inflation rate, 16-17

  • investment flows, 34t

  • output, 12t

  • policies: domestic, 39; monetary, 17

  • prices, 13t, 22c, 54c

  • reserves: Fund-related, 61t; holdings of, 62; non-gold, 62c; use of, 34t

  • trade, 14, 14t, 29c, 30c,

  • Net Oil Exporters

    • balance of payments, 20t, 30c; deficits, 32c

    • debt, 36t; debt/export ratio, 35c; debt service payments, 36c

    • growth rates, 16

    • output, 12t

    • prices, 54c

    • trade, 29-30, 29c, 30c

  • Net Oil Importers

    • balance of payments, 20t; deficits, 15, 32c

    • debt, 36t

    • growth rates, 14

    • output, 12t, 15c

    • prices, 13t

    • trade, 14

Oil Exporting Countries

  • balance of payments, 18t, 27-28; summary, 20t

  • foreign exchange, 61t; reserves, 62

  • Fund resources, use of, 75t

  • gold holdings, 61t

  • inflation, 11

  • investment abroad, 28-29

  • output, 12t, 11-13

  • policies, domestic, 11-13, 40

  • prices, 11, 13t, 54c

  • reserves: Fund-related, 61t; holdings of, 62; non-gold, 62c

  • trade, 14t

Development Committee

  • communiqués: eighteenth meeting (1982), 144-47; seventeenth meeting (1981), 142-44

Djibouti

  • Article VIII acceptance, 118t

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • SDRs, operations in, 120t

Dominica

  • Article VIII acceptance, 118t

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • extended arrangement with Fund, 114t

  • purchases from Fund, 110t

  • SDRs: operations in, 120t; transactions in, 91t

  • supplementary financing facility: subsidy, 94t; use of, 82t

Dominican Republic

  • Article VIII acceptance, 118t

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 120t; transactions in, 91t

Ecuador

  • Article VIII acceptance, 118t

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • SDRs: operations in, 120t; transactions in, 91t

Egypt

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • extended arrangement with Fund, 114t

  • oil facility subsidy, 93t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 120t; transactions in, 90t

El Salvador

  • Article VIII acceptance, 118t

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • purchases from Fund, 110t

  • SDRs: operations in, 120t; transactions in, 90t, 91t

  • stand-by arrangements with Fund, 108t

Enlarged Access to Fund Resources

  • adoption of policy, decision on, 82, 82n

  • Borrowed Resources Suspense Accounts for, 86

  • borrowing by Fund for, 79t, 85t

  • charges, 87, 117t

  • guidelines for, 83

  • stand-by arrangements under, 108t(n)

  • use by members, 78c, 82-83, 83t, 110t

  • value date for purchases and repurchases, 128

Equatorial Guinea

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 120t; transactions in, 90t

  • stand-by arrangement with Fund, 108t

Ethiopia

  • enlarged access resources, use of, 831

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • purchases from Fund, 110t

  • SDRs: operations in, 120t; transactions in, 91t

  • stand-by arrangement with Fund, 79, 108t

Europe

  • balance of payments, 18t

  • debt, 36t

  • Fund resources, use of, 75t

  • growth rate, 7, 16

  • output, 12t

  • prices, 13t, 54c

  • trade deterioration, 7

  • unemployment, 10

European Monetary System

  • ECU holdings, 61t(n), 62

  • exchange rates, effect on, 27

  • SDRs, use by participants, 90

Exchange Markets

  • Asian market, 70

  • Euromarket, 66, 69

  • foreign exchange: holdings, 60-62; reserves, 64-66

  • intervention in, 57

  • risk: indicators, 44c; in industrial countries, 42

  • for SDR-denominated assets, 70

  • spreads in forward, 46c

  • volatility, 57, 58

Exchange Rates

  • and adjustment: in developing countries, 52-53; in industrial countries, 51

  • arrangements: developing countries, 52-53, 53t; members of Fund as of June 30, 1982, 59t, 104t

  • and balance of payments, 45

  • changes related to costs and prices of manufactures, 26c

  • and currency fluctuations, 52

  • in industrial countries, 24c, 25t, 41-42, 45-51, 47c, 48c, 50c

  • and inflation, 45, 56

  • and interest rates, 56

  • and investment rates of return, 67

  • of major currencies, 23-25, 43c

  • policy, 56-57

  • prices adjusted for, 54c

  • volatility, 41-42, 50c

  • See also Surveillance over Exchange Rate Policiesand individual countries

Executive Board

  • compensatory financing facility, review of, 80

  • compensatory financing of fluctuations in the cost of cereal imports, review of, 81

  • extended Fund facility, review of, 79

  • Fund liquidity, review of, 84, 84n

  • guidelines: for borrowing, 76; for enlarged access to Fund resources, 83

  • Managing Director’s report on allocations of SDRs, 134-35

  • membership, changes in, 151-53

  • names of Executive Directors and alternates, 148-50

  • quota reviews, 76, 77

  • SDR allocations, review of, 72

  • substitution of supplementary financing resources for enlarged access, authorization for, 81

  • surveillance, review of implementation of, 56, 57

  • technical assistance, review of, 76

  • voting power of Executive Directors, 148-50

  • World Economic Outlook, review of, 58

  • See also Executive Board Decisions

Executive Board Decisions

  • Article IV consultations, provision for, 57, 57n

  • balances in administrative accounts as related to member’s reserve tranche position, 128

  • Borrowed Resources Suspense Accounts, establishment of, 86, 86n

  • borrowing agreement with Bank for International Settlements, 86, 86n

  • borrowing by Fund, guidelines for, 85, 85n, 125

  • charges by Fund: structure of, 86, 86n; rate effective May 1, 1982, 133-34

  • compensatory financing facility liberalization, 80, 80n

  • compensatory financing of fluctuations in cost of cereal imports, 80, 80n

  • consultation and surveillance procedures, review of, 128-32

  • enlarged access policy: adoption of 82, 82n; borrowing agreement with Saudi Arabia, 86, 86n; value date for purchases and repurchases, 128

  • extended Fund facility, review of decision on, 79, 79n

  • guidelines: for borrowing by Fund, 85, 85n, 125; for early repurchases, 84, 84n

  • income position of Fund, review of, 133

  • repurchases, guidelines for early, 84, 84n

  • reserve tranche: attribution of reductions in Fund’s holdings of currencies, 127; treatment of, 78, 78n

  • Rule G-4, amendment of, 128

  • Rule I-2, amendment of, 133

  • SDR holdings by Fund, level of, 134

  • SDR interest rate and rate of remuneration, relationship to combined market interest rate, 86, 86n

  • SDRs, use by other holders and participants, 89-90, 89n

  • stand-by and extended arrangements involving borrowed resources, amendment of paragraph 3, 127

  • stand-by arrangements, use of Fund’s resources in, 57, 57n

  • supplementary financing: recommitment, 81, 81n; reduction of cost to low-income countries, 93, 93n; utilization with new stand-by or extended arrangements, 126

  • surveillance over exchange rate policies, review of, 128

  • Trust Fund, termination of, 93, 93n

Extended Fund Facility

  • amendment of paragraph 3 of extended arrangements involving borrowed resources, 127

  • arrangements under, 80, 75t, 114t

  • charges, 117t

  • decision of Executive Board, 79, 79n

  • enlarged access resources, use of, 83t

  • supplementary financing facility, purchases under, 82t

  • use by members, 78c, 79t, 80, 110t

Fiji

  • Article VIII acceptance, 118t

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs, operations in, 120t

Finances of Fund

  • audit, report on external, 156

  • budget for financial year 1982/83, 154

  • charges: rate effective May 1, 1982, 133-34

  • expenses for financial years 1980/81 and 1981/82, 154

  • financial statements, 157-81

  • income and expense, 87-89; comparative statement of, 155

  • income position for financial years 1982 and 1983, review of, 133

  • reserves, 87-89

  • SDR holdings, level of, 134

  • See also Liquidity, Fund

Finland

  • Article VIII acceptance, 118t

  • enlarged access policy, lending for, 86, 86n

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • Oil Facility Subsidy Account, contribution to, 94t

  • repurchases from Fund, 112t

  • SDRs: operations in, 120t; transactions in, 90t

Foreign Exchange

  • official holdings, 61t; by currency, 65t; sources of, 66t

  • SDR value of holdings, 63t

  • share of currencies in SDR value of, 65t

  • See also Exchange Marketsand Exchange Rates

France

  • Article VIII acceptance, 118t

  • balance of payments, 19, 21t, 23c

  • enlarged access policy, lending for, 86, 86n

  • exchange rate, 24c, 25t, 47c, 48c, 50c, 104t

  • exchange rate arrangement, 59t, 104t

  • General Arrangements to Borrow, 115t

  • growth rate, 7, 8, 133

  • inflation rate, 7, 49t

  • interest rate, 4c, 50c, 88c

  • manufactures: costs and prices of, 26c; labor costs for, 25t

  • monetary growth rates, 49t

  • Oil Facility Subsidy Account, contribution to, 94t

  • output, 6t, 9c

  • policy, monetary, 37

  • prices, 5c, 6t

  • SDRs, operations in, 120t

  • Supplementary Financing Facility Subsidy Account, donation to, 95t

  • unemployment, 10

Gabon

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • extended arrangement with Fund, 114t

  • SDRs: operations in, 120t; sale of, 89; transactions in, 90t

  • Supplementary Financing Facility Subsidy Account, loan to, 95t

Gambia, The

  • enlarged access resources, use of, 831

  • exchange rate, 104t

  • exchange rate arrangement, 59t, 104t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 120t; transactions in, 90t, 91t

  • stand-by arrangement with Fund, 79, 108t

General Arrangements to Borrow

  • borrowing by Fund, 79t, 85, 115t

  • borrowing through, related to reserve tranche, 128

  • credit arrangements, 115t

  • guidelines for borrowing, 125

  • participants, 115t

  • purchase by members under, 78

  • See also Borrowing by Fund

General Resources Account Transactions, 77-84

  • charges, 117t, 132; payment in SDRs, 91, 119t; rate effective May 1, 1982, 133-34; schedule of, 86-87

  • financial statement of General Department, 157-63

  • Fund resources, use of, 78c

  • gold sales by Fund, 79t

  • holdings, 79t, 92, 119t

  • interest payments to, 119t

  • overview of year, 74-76

  • purchases by members, 75t, 77-83, 79t, 109t, 110t, 119t; credit tranche, 78-79; reserve tranche, 78

  • quota payments, 119t

  • remuneration: for financial year, 84n; to members, 86-87; norm defined, 87; rate of, 87,88c

  • repurchases by members, 79t, 83-84, 91-92, 119t

  • SDRs: operations in, 120t; receipt of, 119t, 120t; transfer of, 69, 92, 119t

  • stand-by arrangements, 78-79

  • See also Finances of Fund

Germany, Federal Republic of

  • Article VIII acceptance, 118t

  • balance of payments, 19, 21t, 22, 23c

  • enlarged access policy, lending for, 86, 86n

  • exchange rate, 24c, 25t, 47c, 48c, 50c, 105t

  • exchange rate arrangement, 59t, 105t

  • General Arrangements to Borrow, 115t

  • growth rate, 7, 8

  • inflation rate, 49t

  • interest rates, 4c, 50c, 88c

  • manufactures: costs and prices of, 26c; labor costs for, 25t

  • monetary growth rate, 49t

  • oil facility, lending for, 115t

  • Oil Facility Subsidy Account, contribution to, 94t

  • output, 6t, 9c

  • policy, monetary, 37

  • prices, 5c, 7

  • SDRs: operations in, 120t; sale of, 89; transactions in, 90t, 91t

  • supplementary financing facility: lending for, 116t; transfer of loan claims, 86

  • unemployment, 10

Ghana

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • repurchases from Fund, 112t

  • SDRs: operations in, 121t; transactions in, 90t

Gold

  • officials holdings of, 61t

  • profits from sales, distribution of, 75t

  • reserves, share in, 64

  • sales by Fund, 79t

Greece

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • Oil Facility Subsidy Account, contribution to, 94t

  • repurchases from Fund, 112t

  • SDRs: operations in, 121t; transactions in, 90t

Grenada

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • oil facility subsidy, 93t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 121t; transactions in, 90t, 91t

  • stand-by arrangement with Fund, 108t

Guatemala

  • Article VIII acceptance, 118t

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • purchases from Fund, 110t

  • SDRs: operations in, 121t; transactions in, 90t, 91t

  • stand-by arrangements with Fund, 79, 108t

  • supplementary financing facility: encashment of claims, 86; lending for, 116t

Guinea

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 121t; transactions in, 90t

Guinea-Bissau

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • purchases from Fund, 110t

  • SDRs: operations in, 121t; transactions in, 90t, 91t

Guyana

  • Article VIII acceptance, 118t

  • enlarged access resources, use of, 83t

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • extended arrangements with Fund, 80, 114t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 121t; transactions in, 90t

  • supplementary financing facility: subsidy, 94t; use of, 82t

Haiti

  • Article VIII acceptance, 118t

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • extended arrangement with Fund, 114t

  • oil facility subsidy, 93t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 121t; transactions in, 90t

Honduras

  • Article VIII acceptance, 118t

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • extended arrangement with Fund, 114t

  • purchases from Fund, 110t

  • SDRs: operations in, 121t; transactions in, 91t

Hungary

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • membership in Fund, 77

Iceland

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • repurchases from Fund, 112t

  • SDRs: operations in, 121t; transactions in, 90t

India

  • enlarged access resources, use of, 83t

  • extended arrangement with Fund, 80, 114t

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • oil facility subsidy, 93t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 121t; transactions in, 91t

  • stand-by arrangement with Fund, 74

Indonesia

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • SDRs: operations in, 121t; transactions in, 91t

Industrial Countries

  • balance of payments: adjustment, 3, 38; current account, 18t, 19-27, 23c; summary, 20t, 21t

  • capital markets, borrowing in, 70-71

  • exchange rates, 24c, 47c; changes in, 25t; and cost competitiveness, 48c; volatility of, 41-42

  • foreign exchange, 61t; reserves, 62; share of currencies in SDR value of, 65t

  • Fund resources, use of, 75t

  • gold holdings, 61t

  • GNP deflators, 5-7

  • growth rates, 7-11

  • household consumption, changes in, 8t

  • income, changes in, 8, 8t

  • inflation, 1-2, 4-5; rates of, 49t

  • interest rates: short-term, 4c; variations in, 4

  • investment, 8-10

  • manufactures: costs and prices of, 26c; labor costs for, 25t

  • monetary growth, 3, 49t

  • output, 9c; changes in, 6t; growth of, 15c

  • policies, domestic, 2-11

  • prices: changes in, 6t; consumer, 5c

  • reserves: currency composition of, 64-66; Fund-related, 61t; holdings of, 62; non-gold, 62c

  • stagflation, policies on, 35-36

  • trade, changes in, 14t, 15t

  • unemployment, 8, 8t, 10-11, 37-38

  • wages and salaries, changes in, 6, 6t, 8t

Inflation

  • and exchange rate volatility, 45

  • in industrial countries, 1-2, 4-5, 49t

  • measured by GNP deflators, 7

  • and monetary policy, 37

  • in non-oil developing countries, 16

  • in oil exporting developing countries, 11

  • stagflation in industrial countries, 35-36

Interest Rates

  • on borrowings by Fund, 85

  • in capital markets, 71

  • on debt of non-oil developing countries, 30

  • and exchange rates, 27, 47, 56

  • in industrial countries, 4, 4c, 50c

  • on investments in currencies and SDRs, 67-69

  • policies in developing countries, 106

  • SDR interest rates, 87, 88c

  • short-term, 88c

  • variability in, 37, 50c

Interim Committee

  • communiqués: eighteenth meeting (1982), 138-41; seventeenth meeting (1981), 136-38

  • inflation, views on, 2

  • SDR allocations, review of, 72, 76, 135

  • World Economic Outlook, discussion of, 58

International Organizations

  • Fund relations with, 58, 96-97

Iran

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • oil facility, lending for, 115t

  • Oil Facility Subsidy Account, contribution to, 94t

  • SDRs, operations in, 121t

Iraq

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

Ireland

  • Article VIII acceptance, 118t

  • balance of payments, 23

  • enlarged acces policy, lending for, 86, 86n

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • monetary policy, 37

  • SDRs, operations in, 121t

Israel

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • repurchases from Fund, 112t

  • SDRs: operations in, 121t; transactions in, 90t

Italy

  • Article VIII acceptance, 118t

  • balance of payments, 21t, 23c

  • enlarged access policy, lending for, 86, 86n

  • exchange rate, 24c, 47c, 48c, 50c, 105t

  • exchange rate arrangement, 59t, 105t

  • Fund resources, use of, 75t

  • General Arrangements to Borrow, 115t

  • growth rate, 7, 8

  • inflation rate, 5, 6, 49t

  • interest rates, 4c, 50c

  • manufactures, costs and prices of, 26c

  • monetary growth rates, 49t

  • Oil Facility Subsidy Account, contribution to, 94t

  • output, 6t, 9c

  • policy, monetary, 37

  • prices, 5c, 6t

  • SDRs, operations in, 121t

Ivory Coast

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • extended arrangement with Fund, 114t

  • oil facility subsidy, 931

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 121t

  • transactions in, 90t, 91t

  • supplementary financing facility: subsidy, 94t; use of, 82t

Jamaica

  • Article VIII acceptance, 118t

  • enlarged access resources, use of, 83t

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • extended arrangements with Fund, 80, 114t

  • purchases from Fund, 110t

  • repurchases from Fund, 84, 112t

  • SDRs: operations in, 121t; transactions in, 90t, 91t

  • supplementary financing facility, use of, 81, 82t

Japan

  • Article VIII acceptance, 118t

  • balance of payments, 19, 21t, 23c

  • enlarged access policy, lending for, 86, 86n

  • exchange rate, 24c, 25t, 47c, 48c, 50c, 105t

  • exchange rate arrangement, 59t, 105t

  • General Arrangements to Borrow, 115t

  • growth rate, 7, 8

  • inflation rate, 49t

  • interest rates, 4c, 50c, 88c

  • labor practices, 38

  • manufactures: costs and prices of, 26c; labor costs for, 25t

  • monetary growth rate, 49t

  • Oil Facility Subsidy Account, contribution to, 94t

  • output, 6t, 9c

  • prices, 5c, 6t

  • SDRs, operations in, 121t

  • supplementary financing facility, lending for, 116t

  • unemployment, 10

Joint World- Bank Ministerial Committee on the Transfer of Real Resources to Developing CountriesSee Development Committee

Jordan

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • SDRs, operations in, 121t

Kampuchea, Democratic

  • exchange arrangement, 105t

  • SDRs, operations in, 121t

Kenya

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • extended arrangement with Fund, 114t

  • oil facility subsidy, 93t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 121t; transactions in, 91t

  • stand-by arrangements with Fund, 79, 108t

  • supplementary financing facility: subsidy, 94t; use of, 81, 82t

Korea

  • compensatory financing of fluctuations in cost of cereal imports, 81

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 121; transactions in, 90t, 91t

  • stand-by arrangements with Fund, 78, 108t

Kuwait

  • Article VIII acceptance, 118t

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • oil facility, lending for, 115t

  • SDRs: operations in, 121t; transactions in, 91t

  • supplementary findancing facility, lending for, 116t

Lao People’s Democratic Republic

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 121t; transactions in, 90t, 91t

  • stand-by arrangement with Fund, 108t

Lebanon

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • SDRs, operations in, 121t

Lesotho

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • repurchases from Fund, 112t

  • SDRs, operations in, 121t

Liberia

  • enlarged access resources, use of, 83t

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 121t; transactions in, 90t, 91t

  • stand-by arrangements with Fund, 79, 108t

  • supplementary financing facility: subsidy, 94t; use of, 81, 82t

Libyan Arab Jamahiriya

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • SDRs: operations in, 121t; transactions in, 91t

Liquidity, Fund

  • definition, 84n

  • Executive Board review of, 84

  • resources at end of financial year, 84

  • See also Finances of Fund

Luxembourg

  • Article VIII acceptance, 118t

  • balance of payments, 23

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • Oil Facility Subsidy Account, contribution to, 94t

  • SDRs, operations in, 121t

  • Supplementary Financing Facility Subsidy Account, loan to, 95t

Madagascar

  • enlarged access resources, use of, 83t

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 121t; transactions in, 90t, 91t

  • stand-by arrangements with Fund, 79, 108t

  • supplementary financing facility: subsidy, 94t; use of, 81, 82t

Malawi

  • compensatory financing of fluctuations in cost of cereal imports, 81

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • oil facility subsidy, 93t

  • purchases from Fund, 110t

  • repurchases from Fund, 84, 112t

  • SDRs: operations in, 121t; transactions in, 90t, 91t

  • stand-by arrangements with Fund, 108t

  • supplementary financing facility subsidy, 94t

Malaysia

  • Article VIII acceptance, 118t

  • buffer stock facility, use of, 81

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • purchases from Fund, 110t

  • SDRs: operations in, 121t; transactions in, 91t

Maldives

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • SDRs, operations in, 121t

Mali

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • oil facility subsidy, 93t

  • repurchases from Fund, 112t

  • SDRs: operations in, 121t; transactions in, 90t

Malta

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • SDRs, operations in, 121t

Managing Director

  • allocations of SDRs, report on, 134-35

  • surveillance over exchange rate policies: summing up of Board review, 129-32; role in, 129

  • utilization of supplementary financing, statement on, 126

Mauritania

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • oil facility subsidy, 93t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 121t; transactions in, 90t, 91t

  • stand-by arrangements with Fund, 79, 108t

  • supplementary financing facility: subsidy, 94t; use of, 81

Mauritius

  • enlarged access resources, use of, 83t

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • purchases from Fund, 110t

  • repurchases from Fund, 84, 112t

  • SDRs: operations in, 121t; transactions in, 90t, 91t

  • stand-by arrangements with Fund, 79, 108t

  • supplementary financing facility subsidy, 94t

Membership in Fund

  • application of Polish People’s Republic, 77

  • new members, 77

Mexico

  • Article VIII acceptance, 118t

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • extended arrangement with Fund, 114t

  • purchases from Fund, 110t

  • SDRs: operations in, 121t; transactions in, 90t, 91t

Middle East

  • balance of payments, 18t

  • debt, 36t

  • exchange rate, 53

  • Fund resources, use of, 75t

  • growth rate, 16

  • output, 12t

  • prices, 13t, 54c

Morocco

  • compensatory financing of fluctuations in cost of cereal imports, 81

  • enlarged access resources, use of, 83t

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • extended arrangement with Fund, 80, 114t

  • oil facility subsidy, 93t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 121t; transactions in, 90t, 91t

  • stand-by arrangements with Fund, 79, 108t

  • supplementary financing facility subsidy, 94t

Nepal

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • repurchases from Fund, 112t

  • SDRs: operations in, 121t; transactions in, 90t

Netherlands

  • Article VIII acceptance, 118t

  • enlarged access policy, lending for, 86, 86n

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • General Arrangements to Borrow, 115t

  • oil facility, lending for, 115t

  • Oil Facility Subsidy Account, contribution to, 94t

  • SDRs: operations in, 12It; transactions in, 91t

  • supplementary financing facility, lending for, 116t

  • Supplementary Financing Facility Subsidy Account, donation to, 95t

New Zealand

  • balance of payments, 23

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • growth rate, 7

  • Oil Facility Subsidy Account, contribution to, 94t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 121t; transactions in, 90t

Nicaragua

  • Article VIII acceptance, 118t

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • repurchases from Fund, 112t

  • SDRs: operations in, 121t; transactions in, 90t

Niger

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • repurchases from Fund, 112t

  • SDRs, operations in, 121t

Nigeria

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • oil facility: encashment of claims, 85; lending for, 115t

  • purchases from Fund, 110t

  • SDRs: operations in, 121t; transactions in, 90t, 91t

  • supplementary financing facility: encashment of claims, 86; lending for, 116t

Non-Oil Developing Countries

  • See Developing Countries

Nordic Investment Bank

  • SDR transactions, 90t

Norway

  • Article VIII acceptance, 118t

  • enlarged access policy, lending for, 86, 86n

  • exchange rate, 105t

  • exchange rate arrangement, 59t, 105t

  • oil facility, lending for, 115t

  • Oil Facility Subsidy Account, contribution to, 94t

  • SDRs: operations in, 121t; transactions in, 91t

  • Supplementary Financing Facility Subsidy Account, donation to, 95t

Oil Exporting Countries

  • See Developing Countries

Oil Facility in Fund

  • balance at end of financial year, 85

  • borrowing by Fund for, 79t, 85, 115t

  • charges, 87, 117t

  • purchases by members, 79t

  • repayments by Fund to lenders, 115t

  • repurchases, 112t

  • subsidy account: contributions by members to, 94t; grants, 75t; payments to members in financial year, 93t

  • use by members, 78c

Oman

  • Article VIII acceptance, 118t

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • oil facility, lending for, 115t

  • SDRs: operations in, 121t; transactions in, 91t

Pakistan

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • extended arrangement with Fund, 80, 114t

  • oil facility subsidy, 93t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs, operations in, 121t

  • supplementary financing facility: subsidy, 94t; use of, 81, 82t

Panama

  • Article VIII acceptance, 118t

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 121t; transactions in, 90t

  • stand-by arrangements with Fund, 108t

Papua New Guinea

  • Article VIII acceptance, 118t

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • oil facility subsidy, 93t

  • purchases from Fund, 110t

  • repurchases from Fund, 84, 112t

  • SDRs, operations in, 121t

Paraguay

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • SDRs: operations in, 121t; transactions in, 91t

Peru

  • Article VIII acceptance, 118t

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • repurchases from Fund, 112t

  • SDRs: operations in, 121t; transactions in, 90t

  • supplementary financing facility subsidy, 94t

Philippines

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • extended arrangement with Fund, 114t

  • oil facility subsidy, 93t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 122t; transactions in, 90t

  • supplementary financing facility subsidy, 94t

Portugal

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 122t; transactions in, 90t

Prices

  • consumer: changes in developing countries, 13t; in industrial countries, 5c

  • increases, effect of, 7

  • in developing countries, 13t, 54c

  • in industrial countries, 5c, 6t; and cost competitiveness, 48c; of manufactures, 26c

  • in oil exporting developing countries, 11

  • non-oil primary commodities, 22c

  • oil price increases, 31

  • trade prices: changes in, 15t; of commodities, 15t; foreign, 18; world, 15t

Publications of Fund, 124

Qatar

  • Article VIII acceptance, 118t

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • SDRs: operations in, 122t; transactions in, 91t

Quotas of Fund Members

  • adjustment of Saudi Arabia’s quota, 77

  • calculation of, 77

  • Eighth General Review of, 73, 76, 77

  • increase in, 73, 73n, 77

  • payments in SDRs, 119t

Reserves, International

  • by country groups, 62

  • currency composition of, 64

  • decline in non-oil developing countries, 33

  • definition of, 60

  • demand for, 71-72

  • ECUs in European Monetary System, 62

  • foreign exchange: holdings of, 60-62, 61t, 64-66, 65t; sources of, 66, 66t

  • Fund-related assets, 61t, 69-70

  • gold, 61t, 64

  • non-gold, 62

  • reserve positions in Fund, 60-64, 61t, 67, 72-73

  • SDRs, 69-70

Reserve Tranche

  • balances in administrative accounts as related to, 128

  • decisions of Executive Board on, 78, 78n, 127

  • purchases by members, 78c, 79t, 110t

  • remuneration to members, 87

  • repurchases, 112t

Romania

  • enlarged access resources, use of, 83t

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 122t; transactions in, 90t, 91t

  • stand-by arrangements with Fund, 79, 108t

Rules and Regulations of Fund

  • Rule G-4, amendment of, 128

  • Rule I-2, amendment of, 133

  • Rule I-6, 133-34

Rwanda

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • SDRs: operations in, 122t; transactions in, 91t

St. Lucia

  • Article VIII acceptance, 118t

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • SDRs, operations in, 122t

St. Vincent and the Grenadines

  • Article VIII acceptance, 95, 118t

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • SDRs, operations in, 122t

Sâo Tomé and Principe

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • SDRs, operations in, 122t

Saudia Arabia

  • Article VIII acceptance, 118t

  • enlarged access policy, lending for, 29, 82, 85t, 86

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • foreign exchange, 61t(n)

  • oil facility, lending for, 115t

  • Oil Facility Subsidy Account, contribution to, 94t

  • quota: adjustment, 77; payment in SDRs, 91

  • reserve position in Fund, 60

  • SDRs: operations in, 122t; transactions in, 91t

  • supplementary financing facility: lending for, 116t; transfer of claims to, 85

  • Supplementary Financing Facility Subsidy Account, donation to, 95t

Senegal

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • extended arrangement with Fund, 80, 114t

  • oil facility subsidy, 93t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 122t; transactions in, 90t, 91t

  • stand-by arrangements with Fund, 79, 108t

  • supplementary financing facility: subsidy, 94t; use of, 81, 82t

Seychelles

  • Article VIII acceptance, 118t

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • SDRs, operations in, 122t

Sierra Leone

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • extended arrangement with Fund, 80, 114t

  • oil facility subsidy, 93t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 122t; transactions in, 90t

  • supplementary financing facility subsidy, 94t

Singapore

  • Article VIII acceptance, 118t

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • SDRs: operations in, 122t; transactions in, 91t

Solomon Islands

  • Article VIII acceptance, 118t

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • purchases from Fund, 110t

  • SDRs: operations in, 122t; transactions in, 91t

  • stand-by arrangement with Fund, 79, 108t

Somalia

  • enlarged access resources, use of, 83t

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs, operations in, 122t

  • stand-by arrangements with Fund, 79, 108t

South Africa

  • Article VIII acceptance, 118t

  • enlarged access policy, lending for, 86, 86n

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • Oil Facility Subsidy Account, contribution to, 94t

  • purchases from Fund, 110t

  • SDRs: operations in, 122t; transactions in, 90t, 91t

Spain

  • enlarged access policy, lending for, 86, 86n

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • Oil Facility Subsidy Account, contribution to, 94t

  • repurchases from Fund, 112t

  • SDRs: operations in, 122t; transactions in, 90t

Special Drawing Rights

  • acquisition for payment of charges, 132

  • allocations: to members, 72, 75t, 120t; report by Managing Director on, 134-35

  • assessments of, 119t, 120t

  • certificates of deposit in, 70

  • charges, payment of, 91, 119t, 120t

  • currency quantity changes and SDR value, 63t

  • decisions of Executive Board: on level of holdings, 134; on SDR interest rate, 86, 86n

  • financing of purchases from Fund, use in, 110t

  • holdings: in General Resources Account, 92; of participants in Special Drawing Rights Department, 120t

  • interest: payment of, 119t, 120t; rate of, 88c

  • interest and loan payments by Fund in, 92

  • Interim Committee discussion of, 76

  • investment rates of return on, 67, 67n, 87

  • investments in, growth of, 68c

  • loans denominated in, 70, 70n, 90

  • official holdings of, 61t

  • operations in, summary, 120t

  • “other holders,” 89, 120t

  • price changes and SDR value, 63t

  • purchases from Fund, 110t

  • reconstitution, use in, 119t

  • remuneration paid to Fund members in, 92, 119t

  • replenishment of currencies, use in, 119t

  • repurchases paid in, 91-92

  • reserve positions in Fund denominated in, 72-73

  • transactions: by agreement, 89, 90t; with designation, 90-91, 91t; summary of, 120t

  • transfers among participants and other holders, 69, 119t, 120t; General Resources Account, to and from, 92, 119t

  • use: as currency peg, 92; as unit of account outside Fund, 69-70, 92; other, 89-90

  • value in SDRs: of foreign exchange holdings, 63t, 65t; of return on investments, 67

Special Drawing Rights Department

  • financial statement, 164-66

  • overview of year’s activity, 76

  • participants, 77, 120t

  • transactions and operations, summary, 120t

  • transactions: by agreement, 89, 90t; with designation, 90-91, 91t

  • transfers, 89

Sri Lanka

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • extended arrangement with Fund, 114t

  • oil facility subsidy, 93t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 122t; transactions in, 90t, 91t

Stand-By Arrangements for Fund Members

  • amendment of paragraph 3 of stand-by arrangements involving borrowed resources, 127

  • enlarged access resources, use of, 83t

  • and extended arrangements, 75t

  • in financial year 1981/82, 108t; in 1953-82, 109t

  • purchases from Fund under, 110t

  • supplementary financing facility purchases under, 82t

Sudan

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • extended arrangement with Fund, 80, 114t

  • oil facility subsidy, 93t

  • purchases from Fund, 110t

  • repurchases from Fund, 84, 112t

  • SDRs: operations in, 122t; transactions in, 90t, 91t

  • stand-by arrangements with Fund, 79, 108t

  • supplementary financing facility: subsidy, 94t; use of, 81, 82t

Supplementary Financing Facility

  • borrowing by Fund for, 79t, 85, 116t

  • charges, 87, 117t

  • decision establishing, 81, 81n

  • extended arrangements, use with, 82t

  • financing of, 81

  • purchases by members, 82t, 108t(n), 110t

  • stand-by arrangements approved under, 82t, 108t(n)

  • subsidy account, 93-95; contributions to, 95t; financial statement, 169-71; grants, 75t; payments to members, 94t

  • substitution of resources for enlarged access, 81

  • supplementary financing with stand-by and extended arrangements, decision on, 126-27

  • transfer of claims by members, 85-86

  • use by members, 78c, 81

Suriname

  • Article VIII acceptance, 118t

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • SDRs: operations in, 122t; transactions in, 91t

Surveillance over Exchange Rate Policies, 56-58

  • decision on, 56, 56n

  • Executive Board review of, 128

  • implementation by Fund, 56, 57, 128

  • Managing Director, role of, 130

  • notification of changes in arrangements, 132

  • principles and procedures, 56, 128

Swaziland

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 122t; transactions in, 90t

Sweden

  • Article VIII acceptance, 118t

  • enlarged access policy, lending for, 86, 86n

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • General Arrangements to Borrow, 115t

  • monetary policy, 37

  • oil facility, lending for, 115t

  • Oil Facility Subsidy Account, contribution to, 94t

  • SDRs, operations in, 122t

  • Supplementary Financing Facility Subsidy Account, donation to, 95t

Switzerland

  • association with General Arrangements to Borrow, 85

  • claims on the Fund, 61t(n)

  • enlarged access policy, lending for, 82, 86, 86n

  • exchange rate, 47c

  • oil facility, lending for, 85, 115t

  • Oil Facility Subsidy Account, contribution to, 94t

  • SDRs: sale of, 89; transactions of Swiss National Bank in, 90t

  • supplementary financing facility, lending for, 85, 116t

  • Supplementary Financing Facility Subsidy Account, donation to, 95t

Syrian Arab Republic

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • SDRs, operations in, 122t

Tanzania

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • oil facility subsidy, 93t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 122t; transactions in, 90t

  • stand-by arrangements with Fund, 108t

  • supplementary financing facility: subsidy, 94t; use of, 82t

Technical Assistance by Fund

  • to members, 76, 95-96

  • to regional organizations, 97

Thailand

  • enlarged access resources, use of, 83t

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 122t; transactions in, 90t, 91t

  • stand-by arrangements with Fund, 78, 79, 108t

Togo

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • repurchases from Fund, 112t

  • SDRs, operations in, 122t

  • stand-by arrangements with Fund, 108t

  • supplementary financing facility: subsidy, 94t; use of, 82t

Trade, International

  • and balance of payments, 17

  • consultations on trade restrictions, arrangements with GATT, 97

  • exports of industrial countries, 8

  • growth rate, 17—18

  • of non-oil developing countries, 29-30, 29c, 30c

  • prices, foreign trade, 18

  • world summary, 14t

Trinidad and Tobago

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • oil facility, lending for, 115t

  • SDRs: operations on, 122t; transactions in, 91t

Trust Fund

  • financial statement, 172-75

  • loans, 75t

  • termination, 74

Tunisia

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • SDRs, operations in, 122t

Turkey

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • SDRs: operations in, 122t; transactions in, 90t, 91t

  • stand-by arrangements with Fund, 78, 108t

  • supplementary financing facility, use of, 82t

Uganda

  • enlarged access resources, use of, 83t

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • purchases from Fund, 110t

  • repurchases from Fund, 112t

  • stand-by arrangements with Fund, 79, 108t

  • SDRs: operations in, 122t; transactions in, 90t, 91t

Unemployment

  • industrial countries, 10-11, 37-38

  • labor costs, 38

  • non-oil developing countries’ balance of payments, effect on, 30

  • rate increase, 7

United Arab Emirates

  • Article VIII acceptance, 118t

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • SDRs: operations in, 122t; transactions in, 91t

United Kingdom

  • Article VIII acceptance, 118t

  • balance of payments, 3, 19, 21t, 22, 23c

  • enlarged access policy, lending for, 86, 86n

  • exchange rate, 24c, 25t, 47c, 48c, 50c, 106t

  • exchange rate arrangement, 59t, 106t

  • Fund resources, use of, 75t

  • General Arrangements to Borrow, 115t

  • growth rate, 7, 8

  • inflation rate, 5, 6, 49t

  • interest rates, 4c, 50c, 88c

  • manufactures: costs and prices of, 26c; labor costs for, 25t

  • monetary growth rate, 49t

  • oil facility repurchase, 85

  • Oil Facility Subsidy Account, contribution to, 94t

  • output, 6t, 9c

  • prices, 5c, 6t

  • repurchases from Fund, 84, 112t

  • SDRs: designated to provide, 91; operations in, 122t; transactions in, 90t, 91t

United States

  • Article VIII acceptance, 118t

  • balance of payments, 19, 21t, 22, 23c

  • claims on residents, official, 66, 66t

  • exchange rate, 24c, 25t, 48c, 106t

  • exchange rate arrangement, 59t, 106t

  • exchange rate differentials, 50c

  • Fund resources, use of, 75t

  • General Arrangements to Borrow, 115t; use of, 85

  • growth rate, 7, 8, 133

  • inflation rate, 7, 49t

  • interest rate, 4c, 88c; differentials, 50c

  • manufactures: costs and prices of, 26c; labor costs for, 25t

  • monetary growth rate, 49t

  • output, 6t, 9c

  • policy, monetary, 4, 37

  • prices, 5c, 6t, 7

  • reserve position in Fund, 60

  • SDRs: designated to provide, 91; operations in, 122t; transactions in, 91t

  • supplementary financing facility, lending for, 116t

  • tax cut, effect of, 7

Upper Volta

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • SDRs, operations in, 122t

Uruguay

  • Article VIII acceptance, 118t exchange rate, 106t exchange rate arrangement, 59t, 106t

  • repurchases from Fund, 113t

  • stand-by arrangements with Fund, 79, 108t

  • SDRs: operations in, 122t; transactions in, 91t

Vanuatu

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • membership in Fund, 77

  • SDRs: operations in, 122t; payment in, 91; pegging to, 92; transactions in, 90t

  • status in Fund, 95

Venezuela

  • Article VIII acceptance, 118t

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • oil facility, lending for, 115t

  • Oil Facility Subsidy Account, contribution to, 94t

  • SDRs: operations in, 122t; transactions in, 91t

  • supplementary financing facility, lending for, 116t

VietNam

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • purchases from Fund, 111t

  • repurchases from Fund, 113t

  • SDRs: operations in, 122t; transactions in, 90t

Western Hemisphere

  • balance of payments, 18t

  • debt, 36t

  • Fund resources, use of, 75t

  • growth rate, 16

  • output, 12t

  • prices, 13t, 54c

  • unemployment, 10

Western Samoa

  • exchange rate, 106t

  • exchange rate arrangement, 59t, 106t

  • oil facility subsidy, 93t

  • purchases from Fund, 111t

  • repurchases from Fund, 113t

  • SDRs: operations in, 122t; transactions in, 90t

Yemen Arab Republic

  • exchange rate, 107t

  • exchange rate arrangement, 59t, 107t

  • purchases from Fund, 111t

  • SDRs: operations in, 122t; transactions in, 91t

Yemen, People’s Democratic Republic of

  • exchange rate, 107t

  • exchange rate arrangement, 59t

  • oil facility subsidy, 93t

  • repurchases from Fund, 113t

  • SDRs: operations in, 122t; transactions, 90t

Yugoslavia

  • exchange rate, 107t

  • exchange rate arrangement, 59t, 107t

  • Oil Facility Subsidy Account, contribution to, 94t

  • purchases from Fund, 111t

  • repurchases from Fund, 84, 113t

  • SDRs: operations in, 122t; transactions in, 90t

  • stand-by arrangements with Fund, 77, 108t

  • supplementary financing facility, use of, 82t

Zambia

  • enlarged access resources, use of, 83t

  • exchange rate, 107t

  • exchange rate arrangement, 59t, 107t

  • extended arrangement with Fund, 80, 114t

  • oil facility subsidy, 93t

  • purchases from Fund, 111t

  • repurchases from Fund, 113t

  • SDRs: operations in, 123t; transactions in, 90t, 91t

  • supplementary financing facility subsidy, 94t

Zaïre

  • enlarged access resources, use of, 83t

  • exchange rate, 107t

  • exchange rate arrangement, 59t, 107t

  • extended arrangement with Fund, 80, 114t

  • oil facility subsidy, 93t

  • purchases from Fund, 111t

  • repurchases from Fund, 113t

  • SDRs: operations in, 122t; transactions in, 90t, 91t

Zimbabwe

  • exchange rate, 107t

  • exchange rate arrangement, 59t, 107t

  • SDRs, operations in, 123t

  • stand-by arrangement with Fund, 108t

Selected Decisions of the International Monetary Fund and Selected Documents, Ninth Issue (Washington, 1981), page 98.

Ibid., pages 31-37.

Ibid., pages 39-43.

Ibid., page 10.

For a discussion of surveillance procedures, see Chapter 2, pages 57-58.

For a discussion of surveillance issues, see Chapter 2, pages 56-57.

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