Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
April 2005
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INDEX

A

  • Access policy, use of Fund resources

    • access limits, guidelines, 307–308, 308–12

    • balance of payments need, 308, 310

    • capital account crises, modifications to Supplemental Reserve Facility, 313–15, 319–23

    • exceptional circumstances, 308, 313–14, 331

    • exceptional circumstances, review, 323–27

    • limits, credit tranches and Extended Fund Facility, 307–308

    • post-conflict countries, 290

    • repurchases, 308–10

    • revolving character of Fund resources, 287, 309, 311

    • review, 318–23

  • Accounting by members

    • ownership of gold and currency subscriptions, 3

  • Accounts. See specific accounts by name

    • Administrative

    • Borrowed Resources Suspense

    • Framework Administered (Technical Assistance)

    • General Resources

    • Loan

    • Post-conflict emergency assistance to PRGF

    • Post-SCA-2 Administered

    • PRGF Trust Subsidy

    • Reserve

    • Special Contingent

    • Special Disbursement

    • Supplementary Financing Facility (SFF) Subsidy

  • Administrative account

    • balances, 698

    • reserve tranche position, 697

  • African Development Bank

    • communications concerning members’ arrears to the Fund, 674–75

    • exchange of documents with, 590

    • prescribed holder of SDRs, 633

  • African Development Fund, 633

  • Africa Regional Technical Assistance Centers Subaccount, 131

  • Andean Reserve Fund

    • prescribed holder of SDRs, 632

  • Annual Report (IMF), 155, 190, 217

  • Anti-money laundering

    • assessing a global standard and preparing ROSCs, proposals, 117–21

    • FATF 40+8 Recommendations, use of, 122

    • Financial Action Task Force (FATF), 117–21

    • Fund involvement, 116

    • methodology document, 116, 117–21

    • offshore financial center assessments, 113–16, 124

    • twelve-month pilot, program review, 122–26

  • Arab Monetary Fund

    • exchange of documents with, 590

    • prescribed holder of SDRs, 633

  • Architecture of international financial system, 32

  • Archives of the Fund

    • access policy, 544

    • attorney-client privilege, 543

    • Executive Board minutes, access, 544

    • Grievance Committee proceedings, 543

  • Arrears

    • settlement of disputes between members, 88–89

    • lending into arrears, 302–306

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

  • Arrears of a member to creditors other than Fund

    • extended arrangement, performance criterion, 279

    • first credit tranche, 298

    • Fund lending into nonsovereign arrears, 300–306

    • Fund lending into sovereign arrears, 300–306

    • Fund policies and procedures, 298–99, 299–300, 300–302

    • performance criteria, 298, 300–302

    • stand-by arrangement, performance criterion, 276

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

  • Article I, purposes of the Fund, 222, 463, 468

  • Article I(v), temporary availability of Fund’s general resources, 267

  • Article II, Section 2, membership, 20

  • Article III, Section 2, adjustment of quotas, 3

  • Article III, Section 2(a), 3

  • Article III, Section 3(a), 9

  • Article IV consultations. See also Consultation cycles; Enhanced surveillance; Exchange of documents; Staff reports; Surveillance

    • ad hoc consultations, 29, 30

    • annual, principle of, 28, 31–32, 36

    • Article VIII and XIV consultations, 28

    • Article VIII restrictions, 471

    • Article XIV restrictions, 471

    • collaborative efforts, 574

    • combined with program reviews, 284

    • conditionality discussion, 230–31

    • consultation cycles, changes, 59–61

    • core and noncore issues, 33–34

    • data provision, 61–65

    • document exchange with WTO, 587

    • early warning system models, 35, 36–37

    • enhanced surveillance, 83–86

    • euro area, 66, 67–68, 68–69

    • European Central Bank, observer status, 579–81

    • evaluation and review of related programs, 230–31

    • exchange rate policies, 35

    • Financial Sector Assessment Program (FSAP), 37, 93, 96, 97–98

    • governance issues, 69, 75, 77

    • interval between, 28–29

    • macroeconomic relevance test, 33

    • military expenditures, 80–82

    • multiple currency practices, 575

    • noncore issues, 33–34

    • program reviews, lapse of time, 284

    • Public Information Notices, release, 619–21

    • publication of Article IV staff reports, 34, 603, 604, 609

    • publication of background reports, 603, 604, 609–11

    • Recent Economic Developments reports, 31, 587, 591, 603, 604, 609

    • representation of European Central Bank, 579–81

    • staff reports, core and noncore issues, 33–34

    • staff reports, data quality, 35

    • staff reports, release to international and multilateral agencies, 588–90

    • standards and codes, 37

    • surveillance procedures, 28–30

    • three-month rule for completion, 65

    • use of Fund resources, 230

    • World Bank, collaboration with, 574

    • World Bank, observer status, 568

    • World Trade Organization, observer status, 587, 785

  • Article IV, Section 1, general obligations of members, 25, 28

  • Article IV, Section 2, notification of exchange arrangements, 22

  • Article IV, Section 3(a), surveillance over exchange rate policies, 25, 588

  • Article IV, Section 3(b), surveillance over exchange rate policies, 25, 588

  • Article V, Section 1, designation of fiscal agency, 148, 415, 448

  • Article V, Section 2(b), financial and technical services, 126, 127, 213, 219, 220

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

    • application of Fund policies to purchases of currency borrowed by Fund, 363, 412

    • early repurchase guidelines, 363

    • General Arrangements to Borrow (GAB), 429

    • meaning of “consistent with the provisions of this Agreement,” 222

    • New Arrangements to Borrow (NAB), 445

  • Article V, Section 3(b)(ii), balance of payments need, 168

  • Article V, Section 3(b)(ii), meaning of “represents” that a member has a need to make purchases, 223

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

    • Compensatory Financing Facility, 335

    • emergency assistance, 285

    • Extended Fund Facility, 269

    • Supplemental Reserve Facility, 334

  • Article V, Section 3(d), operational budgets

    • assessment of strength of members’ balance of payments and gross reserve position for operational budgets, 350, 351, 357

    • selection of currencies in purchases, 351, 354

  • Article V, Section 3(f), transfers of SDRs, 353

  • Article V, Section 4, waiver of conditions governing use of Fund general resources, 346

  • Article V, Section 5, limitation on use of Fund’s resources, 236, 360

  • Article V, Section 6(b), transfers of SDRs by the Fund, 351, 357, 362

  • Article V, Section 6(c), sales of SDRs by the Fund, 362

  • Article V, Section 7, repurchases, 346, 445

  • Article V, Section 7(b), early repurchases

    • assessment of strength of members’ balance of payments and gross reserve position, 350, 363

  • Article V, Section 7(c), repurchases, 365

  • Article V, Section 7(d), repurchases, 346

  • Article V, Section 7(i), selection of currencies for repurchases, 351, 352, 357, 358, 367

  • Article V, Section 8, charges, 373

  • Article V, Section 8(a), charges, 375, 377

  • Article V, Section 8(b), charges, 333, 365, 372, 375, 377

  • Article V, Section 8(b)(ii), charges, 698

  • Article V, Section 8(c), charges, 372, 374, 377

  • Article V, Section 8(d), charges, 372

  • Article V, Section 8(e), charges, 372

  • Article V, Section 9(a), remuneration, 698

  • Article V, Section 11, maintenance of value, 385

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

    • gold sales, 402, 405

    • gold sales proceeds, placement in Special Disbursement Account, 405

  • Article V, Section 12(f)(ii), Special Disbursement Account (SDA) resources for assistance to low-income developing members, 387

  • Article V, Section 12(h), investment of member’s currency held in SDA, 387

  • Article V, Section 12(j), adoption of regulations for administration of Structural Adjustment Facility, 388

  • Article VI, capital transfers

    • use of Fund resources for, 222

    • WTO, information on Fund decisions requesting a member to exercise controls to prevent a large or sustained outflow of capital, 780

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

    • freedom to adopt regulations on capital movements, 407

    • Supplemental Reserve Facility, 331

  • Article VI, Section 3, controls on capital transfers, 407

  • Article VII, Section 1, replenishment and scarce resources

    • borrowing by the Fund, 408, 427, 436

  • Article VII, Section 3(b), scarce currency, 462

  • Article VIII, general obligations of members

    • acceptance of obligations, 470

    • bilateral payments agreements, 275, 280

    • bilateralism, 463

    • consultations, 28, 568

    • consultations, World Bank observer, 568

    • payments restrictions, 87, 463, 468–69, 470

    • retention quotas, 466

    • settlement of disputes between members, 87

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

    • acceptance of obligations under, 468, 469

  • Article VIII, Section 2(a)

    • restrictions on current payments and transfers, 462

    • undue delays as payments restrictions, 470

  • Article VIII, Section 2(b), unenforceability of exchange contracts, interpretation, 460–61

  • Article VIII, Section 3, avoidance of discriminatory currency practices

    • acceptance of obligations under, 468, 469

    • multiple currency practices, 24, 468, 469, 478, 479, 484, 485

  • Article VIII, Section 4, convertibility of foreign-held balances, acceptance of obligations under, 468, 469

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

    • consideration of report by Managing Director, time periods, 488–89

    • declaration of censure, 489–90

    • members’ obligations, 486

    • procedures prior to report by Managing Director to Executive Directors, 487–88

    • Report by Managing Director, 588

    • sanctions, 490–91

    • strengthening effectiveness of, 62, 486–91

  • Article VIII, Section 7, obligation to collaborate regarding policies on reserve assets, 641

  • Article IX, Section 5, immunity of archives, 542

  • Article IX, Section 7, privilege for communications, interpretation, 547–48

  • Article X, relations with other international organizations, 749

  • Article XII, Section 3(b)(i), Executive Directors, appointed, interpretation, 593

  • Article XII, Section 3(c), additional appointed Executive Directors

    • balances held in administrative accounts, 698

    • interpretation, 593–94

  • Article XII, Section 3(f), appointed Executive Directors, interpretation, 593

  • Article XII, Section 4, Managing Director and staff, 602

  • Article XII, Section 7, publication of reports, 603

  • Article XII, Section 7(a), 753

  • Article XII, Section 8, communication of Fund views to members, 609

  • Article XIII, Section 2, depositories, 456

  • Article XIV, exchange restrictions under transitional arrangements

    • availment of transitional provisions, 469

    • bilateralism, 464

    • commitment to current account convertibility, 470

    • consultations, 28

    • consultations, World Bank, 568

    • multiple currency practices, 480

    • retention quotas, 465, 466

    • settlement of disputes between members, 87

  • Article XIV, Section 2, exchange restrictions

    • multiple currency practices, 478, 479, 480–81

    • payments restrictions, 461, 462

    • transitional arrangements, 461, 468–69

    • undue delays as payments restrictions, 471

  • Article XIV, Section 3, representation by the Fund, 479, 480, 481

    • meaning of “exceptional circumstances,” 623

  • Article XVII, Section 3, other holders of SDRs, 148, 219, 425, 632, 634, 635

  • Article XVIII, Section 1(a), principles and considerations governing SDR allocation and cancellation, 637, 639, 640, 646, 743

  • Article XVIII, Sections 1(a)and 1(b), 637

  • Article XVIII, Section 2(a), SDR allocation and cancellation, 638, 642

  • Article XVIII, Section 2(b), 638, 644

  • Article XVIII, Section 2(c), 638, 643, 644

  • Article XVIII, Section 2(d), 643

  • Article XVIII, Section 2(e), 644

  • Article XVIII, Section 4, decisions on SDR allocations and cancellations, 637, 646, 743

  • Article XVIII, Section 4(a), 637, 638, 639

  • Article XVIII, Section 4(b), 637, 638, 639, 743, 744, 745

  • Article XVIII, Section 4(c), 637, 639, 643, 743

  • Article XVIII, Section 4(c)(ii), 643, 745

  • Article XVIII, Section 4(d), 743

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

    • donations, 658

    • forward operations, 657–58

    • loans, 649

    • other holders, 629

    • pledges, 651–53

    • settlement of financial obligations, 648

    • swap operations, 655–56

    • transfers as security for the performance of financial obligations, 653–55

  • Article XIX, Section 4, limit on SDR Department participant’s obligation to provide currency, 413, 432, 446

  • Article XIX, Section 5, designation of participants to provide currency, 659

  • Article XIX, Section 5(a)(i), designation plans, 350, 662

  • Article XIX, Section 5(c), designation rules in SDR Department, 662

  • Article XIX, Section 6(b), reconstitution, 664

  • Article XIX, Section 7(a), calculation of exchange rates, 415, 447, 648, 649, 650, 651, 653, 655

  • Article XX, Section 1, interest paid on holdings of SDRs, 629

  • Article XX, Section 2, SDR Department interest and charges, 665

  • Article XX, Section 5, application against unpaid charges of SDRs acquired by participants after payment date, 665

  • Article XXI, (a)(i), administration of General Department and SDR Department, 744

  • Article XXII, general obligations of participants in SDR department, 641

  • Article XXIII, Section 1, suspension of operations and transactions in SDRs, 631

  • Article XXIV, 637

  • Article XXVI, remedial measures on overdue obligations, 667

  • Article XXVI, Section 2(b), 722, 725, 730

  • Article XXVI, Section 3, withdrawal from membership, 416, 432, 449

  • Article XXVII, Section l(a)(i), suspension of exchange transactions, 416, 433, 449

  • Article XXIX, interpretation

    • General Arrangements to Borrow, interpretation outside the purview of Article XXIV, 418

    • New Arrangements to Borrow, interpretation outside the purview of Article XXIV, 450

    • transferability of claims under Saudi Arabia’s Borrowing Agreement, 433

    • unenforceability of exchange contracts, 409

  • Article XXIX(a), interpretation

    • Appointment of Executive Director by a member having one of five largest quotas, Article XII, Section 3(b)(i) and 3(f), 593

    • authority of the Fund to use its resources, 222, 717

    • privilege for communications, Article IX, Section 7, 547–48

    • unenforceability of exchange contracts under Article VIII, Section 2(b), 460–61

  • Article XXX(c), definition of reserve tranche purchase

    • exclusion of purchases and holdings from BSFF, 697

    • exclusion of purchases and holdings from CFF, 335, 697

    • exclusion of purchases and holdings from emergency assistance, 285

    • exclusion of purchases and holdings from SRF, 333

    • exclusion of purchases and holdings from STF, 698

  • Article XXX(c)(ii), exclusion of purchases and holdings from BSFF, 697

  • Article XXX(c)(iii), exclusion of purchases and holdings in credit tranches or under extended arrangements, 698

  • Article XXX(f), freely usable currencies, 624, 699

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

  • Asian Development Bank

    • communications concerning members’ arrears to the Fund, 675

    • exchange of documents with, 590

    • prescribed holder of SDRs, 633

  • Attribution, rule of

    • members indebted to Fund, 359

    • reduction in Fund’s holdings of currency, 370–71

  • Audit

    • external audit firm, 622

    • framework Administered Account, 130

    • Post-SCA-2 Administered Account, 221

    • PRGF Trust, 150–51

    • PRGF-HIPC Trust, 185–86, 190–91

    • safeguards for use of Fund resources, 239

    • Supplementary Financing Facility Subsidy Account, 709

  • Authorized signatories, 602

B

  • Balance of Payments Manual (5th Ed.), 497, 508, 520, 530, 531, 534

  • Balance of payments need

    • access policy, 308–309

    • Compensatory Financing Facility, 337

    • conditionality, 223

    • emergency assistance, natural disasters, 286

    • emergency assistance, post-conflict countries, 289

    • extended arrangements, 268

    • Extended Fund Facility, 268

    • Fund-supported programs, 225

    • lenders to ESAF Trust, need because of developments in reserves, 168

    • PRGF loans, 136, 137

    • protracted balance of payments problem, 136, 390–91

    • Supplemental Reserve Facility, 331–34

  • Balance of payments position

    • assessment of strength for purposes of designation plans, operational budgets and repurchases, 350–51

    • discrimination for balance of payments reasons, 463–64, 467

  • Bank for International Settlements (BIS)

    • investment by Fund of currencies held by Borrowed Resources Suspense Accounts, 457

    • investment by Fund of currencies received by SFF Subsidy Account, 711

    • prescribed holder of SDRs, 632

  • Bank-Fund collaboration

    • conditionality, 575–79

    • country programs, 575–79

    • financial systems, 569–75

    • IMF-World Bank Concordat, 556–68

    • observer status, generally, 568–69

    • World Bank observer status, 568

  • Bank of Central African States

    • prescribed holder of SDRs, 633

  • Bilateral payments arrangements

    • extended arrangement, 280

    • stand-by arrangement, 275

    • three-month settlement rule, temporary exemption, 464

  • Bilateralism and convertibility, 463–64

  • Board of Governors Resolutions

    • Composite Resolution, 719–22

    • Eleventh General Review of Quotas, 3, 10–12

    • SDR allocation, First Basic Period, 637–38

    • SDR allocation, Third Basic Period, 646–47

  • Borrowed Resources Suspense Accounts

    • establishment, 456

    • investment by the Fund of currencies held in, 457–58

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

    • guidelines, 458–59

  • BSFF. See Buffer Stock Financing Facility

  • Buffer Stock Financing Facility (BSFF)

    • elimination, 347–48

    • reserve tranche purchases, exclusion, 697

  • Burden sharing

    • disposition of net income

      • FY 2005, 381

    • implementation

      • in FY 2001, 378–80

      • in FY 2005, 381–83

    • income position

      • for FY 2005, 380–81

    • principles of, 378, 381

    • rate of charge

      • determination of, 378, 382

      • for FY 2005, 380

    • Special Contingent Account, amounts placed to

      • for FY 2005, 382–83

    • surcharges on purchases under SRF, credit tranches, and extended Fund facility, 381

  • By-Laws

    • Section 13, vote without meeting, 11, 16

    • Section 20, audits, 11, 130, 151, 186, 190, 217, 221, 622, 709

    • Section 22, compulsory withdrawal, 676, 679, 680

C

  • Capital account crises

    • access policy, 312–18, 318–22

    • exceptional access policy, Supplemental Reserve Facility, 319–23, 331–34

    • exceptional access policy, 2004 review, 323–27

  • Capital flows

    • action to limit disequilibrating flows, Composite Resolution, 736

    • Eleventh General Review of Quotas, 6, 11

    • Supplemental Reserve Facility, 331

    • surveillance, 27, 35, 40

    • WTO, information on Fund decisions requesting a member to exercise capital controls, 784

  • Capital transfers

    • controls by members, 407

    • multiple currency practices applicable solely to, 485

    • payments arrears, 299–300

    • use of Fund’s resources for, 406, 485

  • Caribbean Development Bank

    • exchange of documents with, 590

  • CCFF. See Compensatory Financing Facility

  • CCLs. See Contingent Credit Lines

  • Censure, 675–76

    • draft declaration, 680

  • Central Bank of West African States (BCEAO)

    • prescribed holder of SDRs, 633

  • Cereal import costs

    • compensatory financing of fluctuations in, 335, 336, 341–44

    • repurchase, 365

  • CFF and CCFF. See Compensatory Financing Facility

  • CFT. See Combating the Financing of Terrorism,

  • Charges. See also Burden sharing

    • accounting for charges from members with overdue obligations, 373

    • accrued charges, 373

    • administrative account balances, 698

    • extended arrangements, 281

    • Extended Fund Facility, 270

    • future changes in charges, 372

    • interest on Trust Fund loans. See Interest

    • media of payment in General Resources Account, 373

    • payment by nonparticipant in the SDR Department, 373

    • payment of net charges and assessment in the SDR Department for FY ended April 30, 1982, 665–66

    • setoff in connection with a retroactive reduction of charges due by members in arrears, 377

    • special charges on overdue financial obligations to the Fund, 374–76, 377, 378

    • special charges system, 2004 review, 376

    • stand-by arrangements, 276

    • Supplementary Financing Facility, subsidy, 706

    • Supplemental Reserve Facility, 333–34

    • surcharge on purchases in credit tranches and under EFF, 372

    • use of Fund resources. See Burden sharing

    • value date for payment of special charges, 376

    • waiver of special charges, 375

  • Classified documents, 543

  • Code of Good Practices on Transparency in Monetary and Financial Policies, 241

  • Collateral

    • collateral guarantees on debt, international reserves template, 510

  • Combating the financing of terrorism, 102, 113, 116, 117–21, 122, 122–26

  • Committee on Reform of the International Monetary System Composite Resolution, 719–39

  • Communications, privilege for interpretation of Article IX, Section 7, 547–48

  • Compensatory Financing Facility (CFF; previously Compensatory and Contingency Financing Facility, CCFF)

    • access limits, 336–37

    • cereal import costs, 335, 336, 341–44

    • decision, 335–45

    • emergency assistance for natural disasters and, 287

    • estimated data, 337

    • export fluctuations, 337–40

    • extended arrangements and, 283, 336

    • general provisions, 335–36

    • overcompensation, 340, 344, 345–46

    • phasing, 337–38

    • PRGF Trust and, 136

    • receipts from services, 339

    • repurchase expectation, 365–66

    • repurchase of overcompensation, legal interpretation, 345–46

    • repurchases, 365

    • reserve tranche purchases, exclusion, 335, 697

    • stand-by arrangements and, 275, 336

  • Compulsory withdrawal, 679, 680, 681, 682, 683, 687

  • Concessional external debt, OECD definition, 262, 263–64

  • Conditionality. See also Side letters

    • Bank-Fund collaboration, 575–79

    • benchmarks, 227, 228, 229, 230, 241

    • Compensatory Financing Facility, 337, 340

    • consistency with WTO agreements, 584–85

    • consultation clauses, 227

    • cross-conditionality between Fund programs and WTO arrangements, avoidance, 585

    • emergency assistance, natural disasters, 287–88

    • emergency assistance, post-conflict countries, 290

    • emergency financing mechanism, 251

    • financing assurances reviews, 229

    • first credit tranche, 254

    • floating tranches, 230

    • governance issues, 54

    • guidelines, 223–31

    • indicative targets, 227, 228, 229

    • individual circumstances of members, 224–25

    • letters of intent, 227, 232

    • modalities, 227–30

    • outcomes-based, 226

    • ownership, 224, 230, 254, 258, 575, 576, 579

    • performance criteria, 228

    • performance criteria and phasing, relationship, 258–60

    • performance criteria with respect to external debt, change in coverage, 261–65

    • performance criteria with respect to foreign borrowing, 265–66

    • performance criteria with respect to foreign borrowing, discount rate, 261–62, 263, 265

    • PRGF arrangements, 255–56

    • principles, 223–26

    • prior actions, 228, 261–62

    • program design, 224–25

    • program review, 228–29, 230–31

    • stand-by arrangement, normal access to credit tranches, 253–54

    • streamlining, 254, 255, 257

    • structural benchmarks, 227, 228, 229, 230

    • Supplemental Reserve Facility, 334

    • test dates, even distribution, 259

    • uniformity of treatment, 224–25, 261–62

    • upper credit tranche stand-by arrangements, 310

    • waiver, adopting measures prior to granting of, 228

    • waiver, nonobservance of performance criteria, 230

    • waiver of applicability of performance criteria, 230

  • Confidentiality

    • archives, 543

    • exchange of documents with other international agencies, 543

    • FSAP Confidentiality Protocol, 105–12

    • side letters, 231–34

  • Consultation clause

    • extended arrangements, 282

    • stand-by arrangements, 277

  • Consultation cycles, Article IV. See alsoArticle IV consultations, Enhanced surveillance; Surveillance

    • annual in principle, 28, 31, 36

    • changes in, 59–61

    • flexibility in, 31

    • interval between Article IV consultations, 28–29

  • Consultations other than under Article IV

    • acceptance of obligations of Article VIII, Sections 2, 3, and 4, 469

    • Article VIII restrictions, 28, 463–64, 468–69, 568

    • Article XIV restrictions, 28, 463–64, 469, 568

    • bilateral arrangements, 463–64

    • competitive depreciations, 473

    • conditionality, consultation clauses, 227

    • GATT Contracting Parties, 552–56

    • multiple currency practices, 474

    • prescribed holders of SDRs, 630

    • PRGF, consultation with creditors, 161

    • sale of members’ currencies, 354–56, 358–59

    • SDR allocation, 639, 744

    • trade and payments restrictions, escalation, 451

    • United Nations, 751, 753

    • World Trade Organization, 582–83, 584–85, 586, 784

  • Contingent Credit Lines (CCLs),

    • extended arrangements and, 275, 280

    • stand-by arrangements and, 275, 280

    • termination, 348

  • Convertibility

    • acceptance of obligations of Article VIII, Sections 2, 3, and 4, 468, 469

    • bilateralism, 463–64

    • currency, 465, 467

    • current account of the balance of payments, 467, 470

    • retention quotas, 465

  • Cross-conditionality, avoidance, 566

  • Currencies

    • attribution of reductions of Fund’s holdings, 370–71

    • charges on Fund’s holdings in excess of quota, 372

    • freely usable, 134, 140, 149, 214, 429, 624, 631, 699, 708

    • General Resources Account, 350–53, 357, 373, 384–86

    • guidelines for operational budget allocation of currencies, review, 356–57

    • harmonization, balanced positions in the Fund, 352

    • maintenance of value, 384–86

    • presently needed for making payments, 223

    • PRGF Trust loans, 140

    • repurchases, 366–67

    • reserve asset payments, 10, 19, 20–22

    • sale of currencies of members with outstanding purchases, 354–56, 358–59

    • SDR valuation basket, 624–26, 626–27

    • specification by the Fund, 351–53, 357–58

    • subscription to the Fund, ownership, 19

    • use in operational budgets, 351–53, 356–57

  • Currency stabilization funds, elimination, 348

  • Current international transactions (current account transactions)

    • bilateralism, 463

    • multiple currency practices, 475–76, 479

    • payments arrears, 299–300

    • restrictions involving WTO members, 586, 784

    • restrictions on payments and transfers, 26–27, 463, 468

    • undue delays in availability or transfers use of foreign exchange, 407, 471

    • use of Fund resources, 222

D

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

  • Data provision to the Fund for surveillance, 61–65

  • Debt, external. See External debt

  • Debt operations

    • “condition precedent” clauses, 306

    • extended arrangements and, 280

    • management of the debt situation, 306

    • “mandatory prepayment” clauses, 306

    • stand-by arrangements and, 275

  • Debt strategy

    • payments of arrears to creditors, 299–300, 471–72

  • Declaration of censure, 675–76

    • draft declaration, 680

  • Declaration of ineligibility, 674–75, 681, 683

    • publicity, 617, 692

    • termination, 691–92

    • timing, 686

  • Declaration of noncooperation, 675–76, 682–83

    • draft declaration, 680

    • publicity upon withdrawal, 692

    • termination, 692

    • timing, 686

  • De-escalation of remedial measures, 693–95

  • Default, sovereign, 249

  • Designation, SDR Department

    • acceptance limit, 661

    • assessment of strength of balance of payments and governance position, 350–51

    • rules for designation review, 659–62

    • rules for designation—revision, 662–63

  • Development Committee (Joint Ministerial Committee on the Transfer of Real Resources to Developing Countries)

    • changes in the organization of work and structure of the Secretariat function, 741–42

    • composition, 729–30

    • establishment, 728–34

    • Executive Directors’ participation in meetings, 731

    • HIPC Initiative, 172, 199

    • Managing Director’s participation in meetings, 731

    • procedures, 732–34

    • rules of procedure, 740–41

    • terms of reference, 726

    • WTO observer, 587

  • Discrimination

    • balance of payments reasons, 467–68

    • disputes between members, comparable treatment of creditors, 87–88

    • multiple currency practices, 482

    • nondiscriminatory treatment of members, use of general resources, 224–25

  • Disputes between members

    • comparable treatment principle, 87–88

    • role of the Fund, 89, 307

  • Dissemination Standards Bulletin Board (DSBB). See also Special Data Dissemination Standard

    • certification requirement, 503

    • establishment, 501

    • removal from, 502–503

  • Document exchange. See Exchange of documents with other international agencies

  • DSBB. See Dissemination Standards Bulletin Board

E

  • Early repurchase expectations, Supplemental Reserve Facility, 333

  • Early repurchases

    • emergency financing mechanism, 253

    • guidelines, 363–65

    • member’s balance of payments and gross reserve position, 350–51

  • Early warning system models, 35, 36

  • East African Development Bank

    • prescribed holder of SDRs, 632

  • East Caribbean Currency Authority

    • prescribed holder of SDRs, 632

    • termination of status as prescribed holder of SDRs, 633

  • Eastern Caribbean Central Bank

    • prescribed holder of SDRs, 632

  • EFF. See Extended Fund Facility

  • EFM. See Emergency financing mechanism

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

  • Emergency assistance

    • conversion to special policy, 284–85

    • natural disasters, 284–85, 285–86

    • post-conflict countries, 178, 288–91, 291–96

    • PRGF-HIPC Trust eligibility, 178–79

    • PRGF-HIPC Trust qualification, 179–80

    • repurchases, 365

  • Emergency financing mechanism, 249–53

    • conditions for activation, 251

    • early repurchase, 253

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

    • access limits, 160, 166

    • access to general resources by ESAF-qualified members, 160

    • balance of payments need, 168

    • benchmarks, 165–66

    • blend of general and SAF/ESAF resources, 690

    • borrowing for Loan Account, consultation with creditors, 161

    • commitment amount not normally reduced, 167

    • commitment period, 162–63, 395

    • disbursement of loans, 167

    • eligible members, 162–63, 396–97

    • emergency assistance, relation to, 289

    • ESAF successor—initiation of operations, 162

    • establishment, 162–63, 398–99

    • gold, use of, 687, 690

    • gold pledge, 687, 690

    • interest rate on Trust loans, 160

    • legal documentation, 168

    • loans to Trust as member’s official reserves, 168

    • maturity of loans, 163

    • objectives of programs, 165

    • off-market gold sales, 746

    • operational arrangements, 162–67

    • overdue financial obligations to Fund, 670

    • performance criteria, 159, 166

    • phasing of disbursements, 167

    • policy framework papers, 165. See also Poverty Reduction Strategy Papers

    • prior actions, 159, 166

    • rescheduling not available, 164

    • review, 165, 169

    • review of arrangement, mid-year, 165, 166, 167

    • rights accumulation program and, 689

    • Special Disbursement Account, 163

    • Structural Adjustment Facility assistance in conjunction with, 393–94, 401–402

    • Subsidy account, 163, 164, 185

    • transfer and retransfer of resources from and to Special Disbursement Account, 399–401

    • transfer to the ESAF-HIPC Trust, 404

    • transformation to PRGF Trust, 157–58

    • use of SDRs, 635

  • Enhanced surveillance

    • annual and mid-year consultation reports, 83

    • Article IV consultations, 84, 85

    • Article VIII obligations, 470

    • criteria and procedures, 90–92

    • Executive Board involvement, 92

    • Fund’s role in assisting members with creditors, 89–92

    • midterm review, 83–84

    • quantified economic policy program, 85

    • revised procedures, 84–86

    • staff reports, transmittal by member to creditors, 83, 85–86, 92

  • Enlarged access

    • criteria for use of Fund resources, validity, 308–12

    • repurchases, 309

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

  • ESAF Trust. See Enhanced Structural Adjustment Facility Trust

  • Euro

    • freely usable currency, 699

    • rates for computation and maintenance of value, 385

    • reference rates, European System of Central Banks, 627

    • weight in SDR valuation basket, 625, 626

  • Euro area members

    • surveillance over monetary and exchange rate policies, 579–81

  • European Bank for Reconstruction and Development (EBRD)

    • exchange of documents with, 590, 591

  • European Central Bank (ECB)

    • Article IV consultations, 68–69, 580

    • euro reference rates, 627

    • observer status, 579–80

    • observer status, review, 581

  • European Commission (EC)

    • Article IV consultations, 68–69

    • exchange of documents with, 590, 591

  • European Investment Bank (EIB)

    • exchange of documents with, 590

  • European System of Central Banks, 627

  • Exceptional Access Policy, 312

  • Exchange arrangements. See also Exchange rates; Multiple currency practices

    • exchange taxes and subsidies, notification, 24

    • flexible, notification of significant decision, 23

    • intervention, 24, 26, 27

    • multiple currency practices, prior Fund approval, 24

    • notification of, 23

  • Exchange contracts

  • Exchange controls, See also Exchange restrictions

    • exchange contracts contrary to, 460–61

    • nonsovereign arrears stemming from imposition, 300

  • Exchange of documents with other international agencies

    • ad hoc requests, 591

    • agencies meeting criteria for exchange, 590

    • Article IV consultation staff reports, 587, 592

    • changes in procedures, 591

    • criteria for access, 589–90

    • Recent Economic Developments reports, 587, 592

    • technical assistance reports, 588

    • use of Fund resources staff papers, 588, 592

  • Exchange rate policies. See also Exchange arrangements

    • euro area, 66–68, 579–80

    • surveillance over, 24–27, 29–30, 31–32, 34–35, 41, 51–52

    • surveillance over, review, 59

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

    • coherence in global policymaking, 583

    • computations and maintenance of value, 384–86

    • computations and maintenance of value—value date, 384

    • fixed, 476

    • floating guidelines, 736

    • fluctuating, 23, 477–78

    • General Arrangements to Borrow, 415

    • New Arrangements to Borrow, 447–48

    • unification in multiple rate systems, 482

  • Exchange restrictions. See also Capital transfers; Multiple currency practices

    • approval by Fund, 472, 528

    • Article VIII, Sections 2, 3, and 4 obligations, 468–69

    • avoidance of escalation, 473

    • balance of payments reasons, 469, 470

    • bilateralism, 463–64

    • consultations with Fund, 468–69, 473

    • discrimination for balance of payments reasons, 467–68

    • emergency assistance, 287–88

    • Fund representation “in exceptional circumstances” under Article XIV, Section 3, 479, 623

    • guiding principle on whether a measure is an exchange restriction, 468

    • nonbalance of payments reasons, 469

    • payments arrears to creditors, 298

    • performance criteria, extended arrangement, 279

    • performance criteria, stand-by arrangement, 273–74

    • retention quotas, 465–67

    • security reasons, 462–64

    • surveillance, 26–27

    • transitional arrangements under Article XIV, 466, 469

    • undue delays, 407, 470

    • World Trade Organization, information on Fund approval, 784

  • Exchange subsidies, 24

  • Exchange taxes, 24, 477, 481

  • Executive Board

    • code of conduct, 594–600

    • cooperation with other entities, date of next review, 546

    • lapse of time completion of reviews under Fund arrangements, 283

    • meetings, procedural guidelines, 600–601

    • notification of exchange arrangements, 23

    • procedural guidelines, 600–601

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

    • side letters procedures, 231–34

    • surveillance over exchange rates, 24, 26, 28, 29, 30

  • Executive Directors

    • additional appointed, meaning of “the preceding two years” in Article XII, Section 3(c), 594

    • appointment by members having five largest quotas, Article XII, Sections 3(b)(i) and 3(f), 593

    • appointment of two additional directors, Article XII, Section 3(c), 593–94

    • Development Committee meetings participation, 745

    • IMFC meetings participation, 725

    • procedural guidelines, 600–601

    • voting power, effect of adjustment of quota, 594

  • Export shortfalls, compensatory financing. See Compensatory Financing Facility

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

    • applicable situations, 267

    • benchmarks, 261

    • charges, 270, 281

    • Compensatory Financing Facility, 280

    • Consultation clauses, 281–82

    • Contingent Credit Lines, 280

    • debt and debt-service reduction, 280

    • emergency assistance and, 290

    • exclusion of reserve tranche purchase, 697

    • form, standard, 277–82

    • Guidelines on Corrective Action, 236, 244, 280

    • ineligibility, 281, 667

    • lapse of time completion of reviews, 282–84

    • misreporting and noncomplying purchases, 235–37, 237, 238

    • noncomplying purchases, 280

    • overdue financial obligations to the Fund, 280, 667, 668

    • performance criteria, form, 278–79

    • performance criteria and phasing, guidelines, 258–60

    • period of arrangement, extension, 269

    • periods not exceeding three years to four years, 269

    • phasing, 258–60, 270, 277–78

    • repayment expectation under PRGF Trust, 281

    • repayment obligation under PRGF Trust, 280

    • repurchase expectation, 270–71, 281

    • repurchases, 270, 271, 281

    • review, completion of, 282

    • stand-by arrangement policies applicable, 270

    • Supplemental Reserve Facility and, 280, 332

    • suspension of transactions, 280

    • test dates for performance criteria, 259

  • Extended Fund Facility (EFF). See also Extended arrangements

    • applicability of policies on stand-by arrangements, 270

    • establishment, 267–71

    • review of access policy and limits, 307–308

    • situations to which facility could apply, 267

  • External Audit Committee, 622

  • External audit of Fund financial statements, 621–22

  • External debt

    • management of debt situation, 306–307

    • surveillance, 27, 40

  • External debt performance criteria

    • concessionality, definition, 261–62, 265–66

    • coverage, 261–65

    • extended arrangement, 279

    • external debt, definition, 261–65

    • leases, 264–65

    • loans, 264

    • stand-by arrangement, 274

    • suppliers’ credits, 264

F

  • FATF. See Financial Action Task Force

  • Federal Reserve Bank of New York, 627

  • Financial Action Task Force (FATF)

    • endorsement of methodology, 122

    • 40+8 Recommendations, 117

  • Financial Sector Assessment Program (FSAP)

    • anti-money laundering, 102–103, 116

    • Article IV consultations, 93, 94, 96, 98, 101–105

    • confidentiality, 97, 98, 104, 105

    • Confidentiality Protocol, 105–12

    • coverage and frequency, 95–96

    • Financial System Stability Assessments (FSSAs), 93, 94

    • offshore financial centers (OFCs), 114

    • publication of FSAP reports not authorized, 97, 104–105

    • publication of FSSA reports endorsed, 98, 105

    • Reports on Observance of Standards and Codes (ROSCs), 94

    • review, 99

    • standards and codes, 94–95

    • stress tests, 94

    • surveillance, 94, 96, 101, 103

    • World Bank, collaboration with, 94, 95, 105

  • First credit tranche purchase

    • elimination of payments arrears, 298

    • liberal Fund attitude, 254

    • reasonable efforts test, 254, 298–99

  • First credit tranche stand-by arrangement

    • phasing and performance clauses omitted, 253–54

  • Fiscal agency

    • safeguards on use of Fund resources when fiscal agent not central bank, 240

    • transfer of claims, PRGF Trust, 148

  • Foreign borrowing. See External debt

  • Forms

    • draft declaration on censure or noncooperation, 680

    • draft first letter to all Governors regarding a member’s overdue financial obligations to the Fund, 677–78

    • draft second letter to all Governors regarding a member’s overdue financial obligations to the Fund, 678–79

    • extended arrangement, 277–82

    • stand-by arrangement, 272–77

  • Framework Administered Account for Technical Assistance Activities

    • adoption of Instrument to establish, 127

    • Africa Regional Technical Assistance Centers Subaccount, 131

    • Instrument to establish, 126–31

    • investments of resources, 129

    • Pacific Financial Technical Assistance Centre Subaccount, 131

  • Freely usable currencies (euro, Japanese yen, pound sterling, U.S. dollar), 134, 140, 149, 214, 429, 631, 703

  • FSAP. See Financial Sector Assessment Program

  • Fund-Bank collaboration, attendance at Fund Board Meetings, 598–69

  • Furnishing of information to the Fund, 235, 486–92

G

  • GAB. See General Arrangements to Borrow

  • GATT. See General Agreement on Tariffs and Trade

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

    • arrangement for consultation and cooperation with the Contracting Parties, 552–56

    • Fund collaboration with, 581–88, 736

    • import restrictions for balance of payments reasons, 470

    • Voluntary Declaration on Trade and Other Current Account Measures, 736

  • General Arrangements to Borrow (GAB), 408–23

    • associated borrowing arrangements, 452

    • borrowing agreement with Saudi Arabia, 427–35

    • borrowing agreement with Saudi Arabia—renewal, 434–35

    • borrowing by the Fund, guidelines, 458–59

    • Eleventh General Review of Quotas, 7

    • emergency financing mechanism, 249

    • interest, 420

    • letter from France’s Minister of Finance to U.S. Secretary of the Treasury, 421–24

    • participants and amounts of credit, 419–20

    • quotas, Eleventh General Review, 730

    • repayment by the Fund, 413–15

    • sales of currencies of members indebted to Fund, 358–59

    • Saudi Arabia, renewal of borrowing agreement, 434

    • transferability of claims, 415, 424–25

    • transferability of claims under Saudi Arabia’s borrowing agreement, 425–27

    • use of credit arrangements for nonparticipants, 418

  • General Data Dissemination System (GDDS)

    • coverage, 517–27

    • participation, 541–42

    • periodicity, 527–28

    • phased approach, 515

    • purposes, 514–15

    • timeliness, 528

  • General Resources Account (GRA)

    • adjustment of Fund holdings of members’ currency, 384–85

    • designation, assessment of strength of member’s balance of payments and gross reserve position, 350–51

    • gold held, sale, 403

    • maintenance of value, 384–85

    • media of payment in, 373

    • misreporting and noncomplying purchases, 235–37

    • overdue charges, 375

    • rates for computation and maintenance of value, 484–85

    • repayment expectation under PRGF Trust, failure to meet, 157

    • repurchase expectation, failure to meet, 244

    • rights approach, 229

    • rules, applicability to PRGF Trust administration, 78

    • sale of currencies at the request of members with outstanding purchases, 354–55, 358–59

    • sale of SDRs by the Fund for payment for increase in quota, 362

    • special charge on overdue charges, 375

    • specification of currencies by the Fund, 351–53, 356–57, 357–59

    • Subsidy Account, reimbursement of administrative expenses, 709

    • transfers of SDRs instead of currencies under Article V, Section 3(f), 353

  • GDDS. See General Data Dissemination System

  • Gold

    • designation of SDRs, 660

    • ESAF-HIPC Trust, sales to benefit, 746

    • gold pledge for use of ESAF Trust resources, 687, 690

    • gold pledge for use of PRGF Trust resources under rights approach, modalities, 402–404

    • harmonization of excess holdings of SDRs, 660

    • off-market sales, 405

    • off-market transactions, use of investment income, 405

    • off-market transactions by Fund, Resolution, 746

    • ownership of gold and currency for subscriptions, 4

    • payment for repurchases, 366, 367, 405

    • profits, final direct distribution for developing members through Trust Fund, 701

    • Special Disbursement Account, use of proceeds of off-market sales, 746

    • use of investment income on proceeds from off-market gold transactions, 405

  • Governance issues

    • Article IV consultations, 75, 77

    • coordination with bilateral donors and multilateral agencies, 57–59

    • corruption, 70, 71, 73, 74

    • HIPC Initiative, 200

    • identification of problems, 77–78

    • macroeconomic impact test for Fund involvement, 70, 73, 74

    • policy advice, 70, 72

    • role of the Fund, 69–80

    • technical assistance, 70, 71, 72, 77

    • transparency, 70, 72, 74

    • use of Fund resources, 75–77

  • GRA. See General Resources Account

  • Grievance Committee, archives on, 543

  • Gross reserve position

    • assessment for purposes of designation plans, operational budgets, and early repurchases, 351–53, 357

  • Guidelines

    • access limits policy, 307–12

    • allocation of currencies, operational budget, 356–57

    • borrowing by the Fund, 459

    • conditionality, 223–31, 253–54

    • corrective action, 136, 152, 176, 235–37, 244

    • corrective action, as referenced in stand-by arrangement form, 275

    • corrective action, as referenced in extended arrangement form, 280

    • designation plans, 350–51

    • early repurchases, guidelines, 363–56, 371

    • emergency assistance, natural disasters, 284–85, 285–88

    • emergency assistance, post-conflict, 284–85, 288–291, 291–96

    • Fund staff collaboration with the WTO, 581–89

    • Fund support for currency stabilization funds, 137

    • governance issues, 69–80

    • misreporting and noncomplying purchases, 235–37

    • operational budgets, 350–51

    • payment of reserve assets for subscription, 19–22

    • performance criteria and phasing, relationship, 258–60

    • performance criteria with respect to external debt, 258

    • performance criteria with respect to foreign borrowing—discount rate for assessing concessionality, 265–66

    • SDR valuation basket, calculation of currency amounts, 624–26, 626–27

    • SDR valuation basket, conversion into euro of deutsche mark and French franc, 627–28

    • selection of currencies by the Fund, 351–53, 354–55, 356–57, 357–59

H

  • HIPC Initiative. See Trust for Special ESAF Operations for the Heavily Indebted Poor Countries and Interim ESAF Subsidy Operations (ESAF-HIPC Trust); Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and Interim PRGF Subsidy Operations (PRGF-HIPC Trust)

  • Hong Kong Monetary Authority (HKMA), 437–38, 453

I

  • IMFC. See International Monetary and Financial Committee

  • Immunities and Privileges of Specialized Agencies, United Nations Convention, 756–78

  • Immunity of archives, 543

  • Import restrictions for balance of payments reasons

    • extended arrangements, 280

    • GATT, 298

    • stand-by arrangements, 275

  • Ineligibility to use Fund resources

    • declaration of ineligibility, 490, 674, 675, 680, 681–87, 692

    • extended arrangements, 280, 667

    • limitation and ineligibility under Article V, Section 5, 360

    • publicity, 617, 692

    • stand-by arrangements, 275, 667

  • Inter-American Development Bank (IDB)

    • communication regarding members’ arrears to the Fund, 675

    • exchange of documents with, 590

  • Interest

    • means of payment under Trust Fund, 700

    • PRGF-HIPC Trust, interest-free loans, 184

    • PRGF loans, 140

  • Interim Committee. See also International Monetary and Financial Committee

    • composition, 721–22

    • establishment, 720–24

    • governance, 239

    • International Monetary and Financial Committee, transformation of Interim Committee into, 724–28

    • participation of Executive Directors in meetings, 721

    • participation of Managing Director in meetings, 722

    • procedures, 723–24

    • rules of procedures, 739–40

    • safeguards for use of Fund resources, 239

    • terms of reference, 722–23

  • International agencies. See also specific international agencies exchange of documents with, 588–89

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

  • International Court of Justice, 752, 768

  • International Development Association (IDA)

    • HIPC Initiative, 200, 202

    • prescribed holder of SDRs, 633

  • International Financial Statistics (IFS), 64

  • International Fund for Agricultural Development (IFAD)

    • prescribed holder of SDRs, 633

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

    • participation of Executive Directors in meetings, 725

    • participation of Managing Director in meetings, 725

    • procedures, 727

    • terms of reference, 726

    • transformation of Interim Committee into IMFC, 724–28

  • International organizations. See also specific international organizations

    • transmittal of Fund documents, 588–89

  • Interpretation

    • Article VI, use of Fund resources for capital transfers, 222

    • Article VIII, Section 2(b), unenforceability of exchange contracts, 501–502

    • Article IX, Section 7, privilege for communications, 547–48

    • Article XII, Sections 3(b)(i) and 3(f), appointment of directors by members having one of five largest quotas, 593

    • Article XII, Section 3(c), appointment of two additional directors, 593–94

    • Article XIV, Section 3, Fund representation in exceptional circumstances on withdrawal of Article XIV, Section 3 restrictions, 623

    • Articles of Agreement, use of Fund resources, 222

  • Investigation of Fund, cooperation procedures, 544–46

  • Investigation of Fund activities, cooperation procedures, date of next review, 546

  • Islamic Development Bank (IsDB)

    • exchange of documents with, 590

    • prescribed holder of SDRs, 633

J

  • Japanese yen

    • freely usable currency, 699

    • weight in SDR valuation basket, 625

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

  • Joint Staff Assessments, 203, 211

L

  • Lapse of time procedure, reviews under Fund arrangements, 282–84

  • Leases, definition of external debt, 261, 264–65

  • Lending into arrears, 302–306

  • Letters of intent

    • deletion from documents released to aid agencies, 592

    • publication, 603, 604, 610

    • side letters, 231–34

  • Limits

    • access to credit tranches—review, 307–308

    • access to Extended Fund Facility—review, 307, 308

  • Loan Account, PRGF Trust, 142, 144, 148

M

  • Maintenance of value

    • overdue adjustments, 670

    • rates for computations, 384–86

  • Managing Director

    • authorized signatories, 602

    • consultation by member before requesting an extended arrangement, 268

    • consultation with creditors for additional borrowing for PRGF Trust Loan Account, 161

    • consultation with member on changes in exchange rate policies, 24, 29

    • consultation with member with outstanding purchases on sale of currency, 354, 358–59

    • Development Committee, participation in meetings of, 731

    • General Arrangements to Borrow, proposals for calls, 411

    • International Monetary and Financial Committee, participation in meetings of, 725

    • nondiscriminatory treatment of members, 224–25

    • procedures for addressing overdue financial obligations, 152–53, 154–56

    • SDR allocation, proposals for

      • first basic period, 637

      • third basic period, 638

      • fourth basic period, report of Managing Director on, 743–45

    • use of Fund resources, recommendation regarding approval, 225

  • Memoranda of economic and financial policies, publication, 603, 604, 610

  • Military expenditure and the role of the Fund

    • Article IV consultations, 81, 82

    • performance criteria, 82

    • surveillance, 80–82

  • Misreporting and noncomplying disbursements, PRGF Trust

    • condition, nonobservance of, 152

    • corrective action, 140, 154

    • early repayment, 153

    • performance criteria, accuracy of information, 159

    • prior action, accuracy of information, 159

    • publication policy, 617

    • repayment expectation, 153

    • safeguards for use of Fund resources, 238–43

    • waiver of applicability or for nonobservance of performance criteria, 153, 159

    • waiver of early repayment, 153

  • Misreporting and noncomplying purchases, General Resources Account

    • corrective action, 235–37

    • performance criteria or other conditions, accuracy of information, 238, 243–44

    • prior actions, accuracy of information, 237

    • publication of cases, 617–18

    • safeguards for use of Fund resources, 238–43

    • waivers, 236, 270

  • Moral hazard, 249, 331

  • Multi-year rescheduling arrangements (MYRAs)

    • enhanced surveillance and, 90, 91

  • Multiple currency practices

    • approval, 24, 482

    • approval criteria, when imposed for balance of payments reasons, 469, 484

    • approval criteria, when imposed for nonbalance of payments reasons, 469, 484

    • Article IV consultations, 485

    • balance of payments reasons, 476, 484

    • capital transactions, 485

    • consultation with Fund prior to changes, 475, 476, 477

    • discrimination, 484

    • exchange taxes, 481

    • jurisdiction of the Fund, 478

    • nonbalance of payments reasons, 476, 485

    • official action, 483, 484

    • policy in 1947, 474–81

    • policy in 1957, 481–83

    • policy in 1998, 483–85

    • simplification of complex rate systems, 482–83

    • spread, 483

    • statement to members transmitting Fund’s decisions, 474–75

    • taxes on exchange drafts, 477

    • unification of exchange rates as basic Fund objective, 482

  • MYRAs. See Multi-year rescheduling arrangements

N

  • Natural disasters, emergency assistance, 284–85, 285–88

  • Need. See Balance of payments need

  • Net income. See Burden sharing

  • New Arrangements to Borrow (NAB), 436–53

    • credit arrangements, 438

    • Eleventh General Review of Quotas, 7

    • entry into force, 439

    • Hong Kong Monetary Authority, 437–48, 452

    • meetings of participants, 453–54

    • nonparticipants, 440–41

    • participants, 440, 452–53

    • relationship with the GAB and associated borrowing arrangements, 451–52

    • transferability of claims, 448, 455–56

  • Noncooperation draft declaration, 680

  • Nondiscriminatory treatment of members

    • Paris Club, 88

    • Use of Fund resources, 224–25

  • Nordic Investment Bank

    • prescribed holder of SDRs, 633

O

  • Observer status in the Fund

    • European Central Bank, 579–81, 581

    • World Bank, 568, 568–70

    • World Trade Organization, 587, 785

  • Observer status of the Fund

    • World Bank, 568

    • World Trade Organization, 785–86

  • OECD. See Organization for Economic Cooperation and Development

  • Official clearing and payments arrangements. See also Bilateralism and convertibility; Bilateral payments arrangements

    • temporary exemption from three-month settlement rule, 464

  • Offshore financial centers (OFCs)

    • assessment program, 113–16

    • inclusion in FSAP reports, 97

    • publication of reports, 115

    • separate from FSAP, 114

  • Operational budgets

    • assessment of strength of member’s balance of payments and gross reserve position, 350–51

    • guidelines for operational budget allocation of currencies, review, 356–57

    • specification of currencies by the Fund, 351–53, 356–57, 357–58

    • transfers of SDRs under Article V, Section 3(f), 353

  • Organization for Economic Cooperation and Development (OECD)

    • concessional external loans, definition, 262, 266

    • exchange of documents with, 591

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

    • accounting for charges, 373–74

    • Annual Report (IMF), 674

    • complaint by Managing Director, 673

    • compulsory withdrawal, 675, 676, 681, 682, 683

    • declaration of censure, 675, 680

    • declaration of ineligibility, 674–75, 680, 681, 682, 683, 692

    • declaration of noncooperation, 675–76, 680, 682, 692

    • de-escalation of remedial measures, 693–95

    • draft first letter to all Governors, 677–78

    • draft second letter to all Governors, 678–79

    • Eleventh General Review of Quotas, 732

    • ESAF, no access, 669–70

    • extended arrangements and, 280, 667

    • Ninth General Review of Quotas, 674, 684

    • overdue maintenance of value adjustments, 670

    • preferred creditor status of Fund, 194, 671, 680, 683

    • prevention/deterrence measures—strengthened timetable of procedures, 685–87

    • PRGF arrangement, nonapproval, 136–37

    • procedures for dealing with members, 670–80

    • publication of missed repurchase expectation, 617

    • requests for the use of Fund resources under a stand-by or extended arrangement, management will not submit, 668

    • review period, 668–69

    • SAF, no access, 669–70

    • setoff in connection with retroactive reduction of charges, 377

    • special charges, 374–76

    • stand-by arrangements and, 275, 667

    • strengthened cooperative strategy, 681–87, 690–91, 691–92

    • suspension of voting rights, 684–85, 686

    • technical assistance suspension, 676

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

  • Overseas Economic Cooperation Fund (OECF) of Japan, 265

P

  • Pacific Financial Technical Assistance Centre Subaccount, 131

  • Paris Club

    • Agreed Minute, 88

    • debt rescheduling and Fund arrangements or programs, 684

    • debtors’ negotiations with, 88

    • rescheduling discussions, 591

    • rescheduling in absence of Fund arrangement, 685

    • rescheduling operations, Fund opposition to matching, 295

    • settlement of disputes between Fund members and Fund neutrality, 89

  • Payments arrears, capital transfers. See Capital transfers

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

  • Payments arrears, settlement of disputes between members, 86–89

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

    • Fund lending into nonsovereign arrears, 300–306

    • Fund lending into sovereign arrears, 300–306

    • Fund policies and procedures, 298–99, 299–300, 300–302

    • performance criteria, 298–99

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

  • Payments restrictions. See Exchange restrictions

  • Performance criteria under Fund arrangements

    • accuracy of information, 238

    • conditionality guidelines, 223–31

    • coverage initially, 259–60

    • definition, 228

    • external debt, guidelines on coverage of debt limits, 261–65

    • first credit tranche, not subject to, 254

    • foreign borrowing, guidelines on calculation of discount rate, 261, 266

    • number and content of, 228

    • omitted in stand-by arrangements within first credit tranche, 253–54

    • phasing, relationship, 258–60

    • reporting lags, 258

    • reporting on implementation, confidentiality relating to, 235

    • test dates, even distribution, 259

    • waiver of applicability, 153, 228, 237, 238

    • waiver of nonobservance, 153, 228, 237, 238

  • Phasing and performance criteria under Fund arrangements

    • omitted in stand-by arrangements within first credit tranche, 253–54

    • relationship, 258–60

  • PINs. See Public Information Notices

  • Position in the Fund, defined, 352, 356

  • Post-conflict emergency assistance, 178, 213, 284–85, 288–91, 291–96

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

    • administration, 216–17

    • establishment, 213

    • fees, none, 217

    • instrument to establish, 213–18

    • investment of resources, 216

    • purpose, 213

    • rate of charge subsidy, 215

    • resources, 214

    • SDRs, use of, 219

    • settlement of questions, 218

    • termination, 217–18

    • use of resources, 215–16

  • Post-SCA-2 Administered Account

    • adoption of Instrument to establish, 219

    • Instrument to establish, 219–20

  • Pound sterling

    • freely usable currency, 699

    • weight in SDR valuation basket, 625

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

    • administration of, 150–51

    • amendment of, 152

    • contributions, value date for operations and transactions, 161

    • cost of administration, 405

    • declaration of noncooperation, 156

    • electing lenders, 148–49

    • establishment, adoption of Instrument, 132

    • freely usable currency, 134, 140, 149

    • General Resources Account, no reimbursement to, 404

    • Instrument to establish, 133–56

    • investment of resources, 151

    • Loan Account, 134, 140–41, 145, 148, 161

    • Loans. See Poverty Reduction and Growth Facility Trust loans

    • media of payment, 134

    • misreporting and noncomplying disbursements, 140, 152–53

    • modalities of gold pledge under rights approach, 402–404

    • other provisions, 156–57

    • overdue financial obligations, 136–37

    • period of operation and liquidation, 151

    • post-conflict emergency assistance, 178, 179

    • post SCA-2 Administered Account, 220

    • Poverty Reduction Strategy Papers (PRSPs), 175, 179

    • prior actions, accuracy of information, 159

    • purposes, 133

    • qualifying for assistance, 179–80

    • removal from eligibility, 155–56

    • repayment expectation, 153, 156–157

    • Reserve Account, 134, 145, 146–48

    • Reserve Account, reviews, 404

    • Reserve Account, transfer to the PRGF-HIPC Trust, 146, 404

    • Special Disbursement Account, transfers from or to, 146, 147, 148

    • Subsidy Account, 134, 145

    • transfer of claims, 148–49

    • transformation of ESAF to PRGF, 156–58

    • Trust Account and resources, 177

    • unit of account, SDR, 134

    • waiver of performance criteria, accuracy of information, 159

  • Poverty Reduction and Growth Facility (PRGF) Trust loans

    • access, 137

    • adjustment program, 135, 137

    • arrangement period, extension, 138

    • balance of payments need, 137, 138

    • benchmarks, 135, 139

    • commitment period, 135, 136, 138

    • eligibility and conditions for assistance, 134–37

    • interest, 140, 143, 144, 145, 146, 147

    • misreporting and noncomplying disbursements, 140, 152–53

    • overdue financial obligations to Fund, 136

    • overdue financial obligations to PRGF Trust, 154–56

    • performance criteria, 136, 139, 153, 159

    • performance criteria, accuracy of information, 159

    • phasing of disbursements, 135–36, 138–39

    • prior action, accuracy of information, 159

    • protracted balance of payments problem, 136

    • repayment expectation, 137, 153, 157

    • rephasing, 138, 139

    • repurchase expectation, 137

    • rescheduling of loan repayments not possible, 140

    • reviews under arrangements, 136, 137, 139, 155

    • structural reforms, 136, 139

    • waiver, early repayment, 153

    • waiver of applicability or for nonobservance of performance criterion, 152, 159

  • Poverty Reduction Strategy Papers (PRSPs)

    • definition, 175

    • implementation, 208–13

    • flexibility regarding implementation, 205

    • publication policies relating to, 171, 603, 604, 605, 606, 610

    • role in HIPC initiative, 169, 175, 179, 180

    • role in PRGF operations, 108, 111

    • progress, 201, 208–13

  • Preferred creditor status of Fund, 194, 671, 680, 683

  • Press notices. See Public Information Notices

  • PRGF. See Poverty Reduction and Growth Facility

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

  • Prior actions

    • definition, 228

    • implementation under PRGF, 159

    • reporting on implementation, confidentiality relating to, 235

    • use in emergency financing mechanism, 251

    • use in enhanced structural adjustment facility, 166

    • waiver of applicability, 238

    • waiver of nonperformance, 238

  • Program Reviews, 228–29

  • Protracted balance of payments problem, 136, 390

  • Public Information Notices (PINs)

    • Article IV consultation, 603, 604, 605, 609, 619, 620, 621

    • member’s consent, 620

    • policy matters, 603, 607, 610

    • presumed publication, 613

    • use of Fund resources, Chairman’s Statement in lieu of PIN, 607, 618–19

  • Publication

    • Article IV and combined

    • Article IV/Use of Fund Resources staff reports, 603, 604, 609, 613

    • Article IV consultations background reports (Selected Issues Papers, Statistical Appendices), 603, 604, 609, 613

    • Article IV consultations staff reports, pilot project, 514, 515

    • Article IV staff reports, 613

    • Chairman’s statements, use of Fund resources, 603, 604, 606, 607, 610

    • deletions prior to publication, 605, 615

    • Financial Sector Stability Assessment (FSSA) Reports, 609, 613

    • Fund policy documents, 603, 607, 610

    • HIPC Initiative, preliminary, decision point, and completion point documents, 603, 604, 610

    • Joint Fund/World Bank Staff Assessments of PRSPs, Interim PRSPs, and PRSP Progress Reports, 603, 604

    • Letters of Intent, 603, 604, 611

    • Letters of Intent (LOIs)/Memoranda of Economic and Financial Progress (MEFPs) for staff-monitored programs (SMPs), 603, 604, 611

    • member’s statement regarding Fund staff reports, 605

    • Memoranda of Economic and Financial Policies, 603, 604, 611

    • overdue financial obligations to Fund, 610, 616–17

    • overdue financial obligations to PRGF Trust, 154–55

    • PINs following Executive Board discussions on policy issues, 603, 607, 610

    • PINs following Executive Board discussions on post-program monitoring, 603, 604, 610

    • PINs on Article IV consultations, 603, 604, 607, 610, 619, 620, 621

    • PINs on use of Fund resources, 613

    • Poverty Reduction Strategy Papers (PRSPs), Interim PRSPs, and PRSP Progress Reports, 603, 604, 606, 610

    • publication policies of the Fund, 603–11

    • Recent Economic Developments reports (REDs), Article IV consultations, 609

    • removal from list of PRGF-eligible countries, 155

    • Reports on Observance of Standards and Codes (ROSCs), 603, 604, 609, 613

    • repurchase expectations, failure to meet, 616–17

    • staff reports on staff-monitored programs, stand-alone, 603, 604, 611

    • staff-monitored programs, presumption of publication, 58

    • statistical appendices and annexes, Article IV consultations, 609

    • suspension of voting rights and termination of suspension, 617

    • Technical Memoranda of Economic and Financial Policies, 603, 604, 610

    • use of Fund resources—Chairman’s Statement, 603, 604, 606, 607, 610

    • use of Fund resources and post-program monitoring staff reports, 603, 604, 610

    • waivers of applicability or for nonobservance of performance criteria, 606, 610

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

    • resumption of purchases under extended arrangement after decision of formal ineligibility, 280

    • esumption of purchases under stand-by arrangement after decision of formal ineligibility, 275

    • suspension of transactions under extended arrangements, 281

    • suspension of transactions under stand-by arrangements, 276

    • temporary suspension under Article XXVII, effect on GAB, 416

    • temporary suspension under Article XXVII, effect on NAB, 449

Q

  • Quotas

    • ad hoc increases, 22

    • adjustment, first interval of five years, 3

    • Eleventh General Review, 3

    • Eleventh General Review, increases of quotas, new period of consent, 16

    • Eleventh General Review, Report of the Executive Board, 3–15

    • Eleventh General Review, Resolution, 10–12

    • Ninth General Review, 8, 9, 12, 674, 684

    • new period for receipt of consents to quota increases, 16

    • Twelfth General Review, report to Board of Governors and proposed resolution, 17–18

    • payment of reserve assets in connection with subscription, 19–22

    • sales of SDRs by Fund to members for quota payments, 362

    • Seventh General Review, 20, 21, 362, 642, 645, 647, 662

    • Sixth General Review, 20

    • Tenth General Review, 3, 4

    • voting power and adjustment of quotas, 594

R

  • Recent Economic Developments reports (REDs)

    • balance of payments consultations, WTO, 582–83

    • publication, 609

    • transmittal to multilateral agencies, 591

  • Reconstitution of SDRs

    • abrogation of rules, 664

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

  • Repayment expectations, PRGF Trust, 137, 153, 156–57

  • Reports on Observance of Standards and Codes (ROSCs)

    • anti-money laundering initiatives, 94, 113–16, 117–21, 122–26

    • no longer circulated to Executive Directors in hard copy form, 112

    • publication policies, 603, 604, 608, 609

    • surveillance, 42, 53, 62, 65

  • Repurchase expectations

    • attribution of reduction of currency, 370–71

    • Compensatory Financing Facility, 340, 365–66

    • failure to meet and CFF, 366

    • failure to meet and extended arrangements, 237, 280, 366

    • failure to meet and PRGF Trust, 136–37

    • failure to meet and stand-by arrangements, 237, 275, 366

    • failure to meet under Supplemental Reserve Facility, 333

    • misreporting and noncomplying purchases, 235–37, 244

    • publication of failure to meet, 616–17

    • Supplemental Reserve Facility, 332–33

  • Repurchases. See also Repurchase expectations

    • access policy, 308–309

    • assessment of strength of members’ balance of payments and gross reserve position, 350–51

    • attribution of reductions in Fund’s holdings of currencies, 370–71

    • Compensatory Financing Facility, 340, 365–66

    • credit tranches, 365

    • currencies of other members, 366, 367

    • early repurchases, guidelines, 363–65

    • emergency assistance, 365

    • extended arrangements, 270, 281

    • gold, acceptance in payment, 367

    • gold, obligation to pay, 366, 367

    • overcompensation under CFF, legal interpretation, 340, 345–46

    • overdue, 374

    • periods, 365–66

    • procedures, 365–67

    • purchases under credit tranches and CFF, 365–66

    • Schedule B, 366, 367

    • SDRs, 252, 367

    • selection of currencies by Fund, 351–53, 357–58

    • special charges on overdue repurchases, 374–76

    • stand-by arrangements, 276

    • Systemic Transformation Facility, 347

    • timing of repurchases within a calendar month, 366

  • Reserve Account of PRGF Trust

    • resources, 147

    • transfer to the PRGF-HIPC Trust, 404

  • Reserve assets

    • payment in connection with subscriptions, 19–22

    • SDR allocation, 639, 744

    • SDR as principal reserve asset, 744

  • Reserve currency and specification of currencies, 353

  • Reserve position, gross

    • assessment for purposes of designation plans, operational budgets, and early repurchases, 350–51, 357

    • SDDS reporting, 508

  • Reserve tranche position

    • attribution of reductions in Fund’s holdings of currencies, 358–59, 370, 371

    • balances held in Administrative Account, 698

    • Eleventh General Review of Quotas, 10

    • extended arrangements, 697

    • remunerated position, 21

  • Reserve tranche purchases, exclusion of purchases and holdings

    • administrative accounts, 698

    • Compensatory Financing Facility, 335

    • credit tranches, 698

    • emergency assistance, 285

    • extended arrangements, 297

    • General Arrangements to Borrow, 413–14

    • New Arrangements to Borrow, 446

    • Supplemental Reserve Facility, 333, 698

  • Resolutions. See Board of Governors Resolutions

  • Restrictions. See Exchange restrictions

  • Retention quotas, 465–67

  • Reviews under Fund arrangements

    • extended arrangement, 697

    • lapse of time procedure, 282–84

    • PRGF arrangement, 136, 137, 138, 139

    • stand-by arrangement, 274

  • Revolving character of the Fund’s resources, 6, 309

  • Rights accumulation programs, 148–49, 178–79, 179

  • Rights approach

    • arrears to the Fund, reduction, 688

    • extension of period, 696

    • gold pledge, 687

    • modalities of gold pledge for use of PRGF Trust resources, 402–404, 690

    • operational modalities, 687–90

    • phasing, 689

    • PRGF-HIPC Trust eligibility, 178–79

    • PRGF-HIPC Trust qualification, 179–80

    • three-year period norm, 688

  • ROSCs. See Reports on Observance of Standards and Codes

  • Rules and Regulations

    • Rule G-1, fiscal agency, 415, 448

    • Rule G-4, request for a purchase, 360

    • Rule I-6(4), rate of charge, 333, 372, 374, 377, 378, 380, 382, 707

    • Rule I-6(4)(a), 378, 380, 382

    • Rule I-6(4)(b), 378, 382

    • Rule I-10, rate of remuneration, 378, 382

    • Rule K-1, 551

    • Rule O-1, value of SDR, 627

    • Rule O-2, valuation of currencies in terms of SDRs, 385, 415, 432, 648, 649, 650, 651, 653, 655

    • Rule O-2(a), value of U.S. dollar in terms of SDRs, 627

    • Rule O-10, operational budget, 353

    • Rule P-7, prescribed operation, 649, 651, 652, 654, 656, 657, 658

    • Rule P-9, recording of SDR transactions, 219, 634, 635, 636, 649, 651, 653, 655, 656, 658

    • Rules R-1 through R-6, rules for reconstitution (abrogated), 664

    • Rule T-1, interest and charges in respect of SDR, 149, 380

S

  • SAF. See Structural Adjustment Facility

  • Safeguards, use of Fund resources

    • benchmarks based on Code of Good Practices on Transparency in Monetary and Financial Policies, 241

    • publication of audited central bank financial statements, 241, 242

  • Safeguards assessment process

    • audits, 241, 242, 244

    • confidentiality, 242

    • first stage, 241

    • information/documents to obtain from central banks, 243–44

    • reports to remain confidential, 248

    • review, 245–48

    • second stage, 242

  • Saudi Arabia

    • borrowing agreement, 427–34

  • Schedule B, transitional provisions, 20, 366, 367

  • Schedule F, designation, 660

  • Schedule G, paragraph 1(a), reconstitution, 664

  • Schedule J, settlement of accounts with withdrawing members, 416, 432, 449

  • Schedule K, administration of liquidation, 416, 433, 449

  • Schedule L, suspension of voting rights, 722, 730

  • SDDS. See Special Data Dissemination Standard

  • SDRs. See Special drawing rights

  • Second Amendment

    • Article IV (surveillance over exchange rate policies), 20, 24

    • compensatory financing repurchase obligation, 346

    • payment of reserve assets in connection with subscription, 19–22

    • renumbered Articles, 223, 269, 372, 460, 469, 481, 547, 623

    • repurchases under Schedule B, 366, 367

    • surveillance over exchange rate policies, 20, 24

  • Security reasons, exchange restrictions for, 462–63

  • Settlement of disputes between members relating to external debt

    • comparable treatment of creditors, 87–88

    • neutrality of Fund, 89

    • Paris Club, 88

    • role of the Fund, 86–89

  • SFF. See Supplementary Financing Facility

  • Side letters, use of Fund resources, 231–34

  • Sovereign default, 250, 300

  • Special Contingent Account. See also Burden sharing

    • additions to, 669–70

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

    • access by the public, 499

    • balance sheet approach, 63, 63–64

    • certification requirement, 502–503

    • coverage, 495

    • debt sustainability assessments, 63

    • Dissemination Standards Bulletin Board (DSBB), 502–503

    • external debt, 63, 86

    • financial soundness indicators, 63

    • flexibility options, 498–99

    • integrity, 499–500

    • liquidity management, 63

    • periodicity, 496

    • provision for surveillance purposes, 61–65

    • purpose and framework, 494

    • quality, 500

    • removal from the DSBB, 502–503

    • review, 503

    • subscription, 500–501

    • template on international reserves/foreign currency liquidity, 508–13

    • timeliness, 496

  • Special Disbursement Account (SDA)

    • ESAF-HIPC Trust, 191

    • investment, 387–88

    • PRGF-HIPC Trust, 175

    • repayment expectation under PRGF Trust, failure to meet, 156–57

    • Structural Adjustment Facility administration, 388–96

    • termination and transfer of resources from Trust Fund, 701–703

    • termination of assistance from SAF in conjunction with loans from ESAF Trust, 401–402

    • transfer of resources to the ESAF Trust and retransfer to the SDA, 399–400

    • transfers to PRGF-HIPC Trust account, 177

  • Special drawing rights (SDRs)

    • allocation for first basic period, 637–38

    • allocation for fourth basic period, report of Managing Director, 743

    • allocation for third basic period, 638–47

    • allocations to new participants, third basic period

    • contributions to PRGF-HIPC Trust, 177

    • currency reference rates, 626

    • designation review rules, 659–61

    • designation rules, version, 662–63

    • euro weight in valuation basket, 625

    • harmonization of holdings, 352, 660

    • holders prescribed by the Fund

      • African Development Bank, 633

      • African Development Fund, 633

      • Andean Reserve Fund, 632

      • Arab Monetary Fund, 633

      • Asian Development Bank, 633

      • Bank for International Settlements, 632

      • Bank of Central African States, 633

      • Central Bank of West African States, 633

      • East African Development Bank, 633

      • East Caribbean Currency Authority, 633

      • Eastern Caribbean Central Bank, 633

      • European Central Bank, 633

      • International Bank for Reconstruction and Development (World Bank), 633

      • International Development Association, 633

      • International Fund for Agricultural Development, 633

      • Islamic Development Bank, 633

      • Nordic Investment Bank, 633

      • Swiss National Bank, termination of status, 633

    • Japanese yen

      • weight in valuation basket, 625

      • means of repayment by members on indebtedness under loan agreements, 700–701

      • media of payment for charges in GRA, 373 other holders, acceptance, holding or use, 629–31

      • payment of net charges and assessment in the SDR Department for FY ended April 30, 1982, 665

      • payment of subscriptions, 21, 22

      • pound sterling

        • weight in valuation basket, 625

      • PRGF-HIPC Trust unit of account and media of payment, 176–77

      • PRGF Trust unit of account and media of payment, 134, 140

      • reconstitution, abrogation of rules, 664

      • reserve asset payments, 10, 19, 20–22

      • sales by the Fund for payment of charges, 373–74

      • sales by the Fund for payment of subscriptions, 362

      • terms and conditions for accepting, holding, or using SDRs, 629–31

      • transfers of SDRs for payment of subscriptions under Article V, Section 6(b), 353, 362

      • transfers of SDRs for purchases under Article V, Section 3(f), 353

      • U.S. dollar

        • weight in valuation basket, 626

      • use in donations, 658

      • use in ESAF Trust operations or under an administered account, 635

      • use in forward operations, 657–58

      • use in loans, 549–50

      • use in payment by members on their indebtedness under loan agreements, 700, 700–701

      • use in payment of Trust Fund obligations, 593

      • use in pledges, 651–53

      • use in PRGF-HIPC Trust operations or under an administered account, 636

      • use in PRGF loans, 140

      • use in repurchases, 366–67

      • use in settlement of financial obligations, 648–49

      • use in Structural Adjustment Facility operations, 634

      • use in subsidy payment from SFF Subsidy Account, 634

      • use in swap operations, 655–56

      • use in transfers as security for the performance of financial obligations, 653–55

      • valuation basket, guidelines for calculation of currency amounts, 625–26

      • valuation basket, guidelines for calculation of currency amounts, revised, 624–25

      • valuation of U.S. dollar for purposes of Rule O-2(a), 627

      • value of SDR, method of collecting exchange rates for calculation for purposes of Rule O-2(a), 627

  • Specification of currencies, 351–53, 357–59

    • harmonization, 352

  • SRF. See Supplemental Reserve Facility

  • Staff-monitored programs, 46

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

    • document exchange with WTO, 589

    • military expenditure, 80–82

    • presumed publication, 613

    • publication, 603, 604, 605, 609

    • transmittal to international agencies, 588–89, 591, 592

  • Staff reports on enhanced surveillance

    • transmittal by members to creditors, 31–32, 83, 92, 108

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

    • publication policy, 612

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

    • access to credit tranches, normally through, 253

    • arrangements not international agreements, 226

    • charges, 276

    • Compensatory Financing Facility, 275

    • conditionality guidelines, 223–31

    • consultation clauses, 227, 275

    • Contingent Credit Lines, 275

    • contractual connotation avoidance, 226

    • debt- and debt-service-reduction operations, 275

    • duration, normal, 253

    • emergency purchases and, 286, 287, 290

    • external debt, performance criteria, 261–65, 273

    • first credit tranche, 253–54

    • form, standard, 272–77

    • Guidelines on Corrective Action, 236, 244, 275

    • indicative targets, 260

    • ineligibility, 276, 668

    • lapse of time procedure, reviews, 282–84

    • misreporting and noncomplying purchases, 235–37, 237, 238

    • noncomplying purchases, 237, 275

    • nondiscriminatory treatment, 224

    • overdue financial obligations to the Fund, 275, 667

    • performance criteria, accuracy of information, 238

    • performance criteria and phasing of purchases, relationship, 258–60

    • performance criteria with respect to external debt, 261–65, 265–66, 274

    • period for, 253

    • phasing, 253–54, 258

    • policies and procedures, 253–54

    • PRGF-HIPC Trust eligibility, 178–79

    • PRGF-HIPC Trust qualification, 179–80

    • prior actions, accuracy of information, 237

    • program evaluation, 230–31

    • repayment expectation under PRGF Trust, 157, 275

    • repayment obligation under PRGF Trust, 275

    • reporting lags, 258

    • repurchase, 276, 311

    • repurchase expectation, 236, 244, 275

    • reserve tranche purchases, 697

    • review, 231, 282, 274

    • review, completion, 282

    • review, lapse of time, 282

    • Supplemental Reserve Facility and, 275, 332

    • suspension of right to engage in transactions, 276

    • test dates, 259

    • uniform treatment of members, 224–25

    • waiver for nonobservance of performance criteria, 236, 237, 238

    • waiver of applicability of performance criteria 237, 238

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

  • STF. See Systemic Transformation Facility

  • Strengthened cooperative strategy

    • De-escalation of remedial measures, 693–95

    • Extension of deadline to enter a rights accumulation program, 690–91

    • extension of rights approach, 695

    • reversibility of actions, 691–92

    • review, 696

  • Structural Adjustment Facility (SAF)

    • access, potential, 389–90, 395–96

    • amount of assistance, 389–90

    • commitment period, 390, 391

    • commitment period, new, 395

    • disbursements, 391, 394

    • eligible members list, 395–97

    • income from investment and loans, 399–401

    • interest, 392

    • loans under Enhanced Structural Adjustment Facility, 393–95

    • PRGF-HIPC Trust qualification, 179–80

    • phasing, 394

    • protracted balance of payments problem, 136, 390

    • purposes, 389

    • qualification for assistance, 390–91

    • resources, 389

    • review, 398–99

    • rights accumulation programs and, 179–80

    • SDRs, use in operations, 395–96, 634, 635, 636

    • terms of loans, 392

  • Subscriptions. See also Quotas

    • accounting by members, 19

    • basic source of Fund financing, 458

    • ownership of gold and currency, 19

    • reserve asset payments, 19–22

  • Subsidy Account. See Supplementary Financing Facility Subsidy Account

  • Supplemental Reserve Facility (SRF)

    • availability through stand-by or extended arrangement, 332

    • commitment period, 332

    • conditionality, 334

    • contagion risk, 331

    • overdue financial obligations, 136–37, 275, 280

    • phasing, 332

    • PRGF Trust and, 136–37

    • rate of charge, 334

    • repurchase, 332–33

    • repurchase expectation, 333

    • repurchases, installment periods 332–33

    • reserve tranche purchases, exclusion, 331, 333

    • sudden and disruptive loss of market confidence test, 331

  • Supplementary Financing Facility (SFF) Subsidy Account

    • additional subsidy payments for May 1–June 30, 1990 and subsidy payments for July 1, 1990–June 30, 1991, 712–13

    • eligible members, 706

    • exchange rate for payment of subsidies, 713

    • Instrument to establish, 703–10

    • investment, 705, 709, 711

    • means of subsidy payments, 712

    • purpose, 704

    • rescheduling in cases of serious hardship, 702

    • resources, 704

    • SDRs, use of, 634

    • subsidy amount, 707

    • suspension of transfers and re-transfer of surplus, 711

    • transfer from Special Disbursement Account, 701–703, 704, 711

  • Suppliers’ credits, coverage in external debt limits, 261, 264

  • Surcharges on purchases, disposition for FY 2005, 381

  • Surveillance. See alsoArticle IV consultations; Enhanced surveillance

    • ad hoc Article IV consultation, 30

    • architecture of international financial system, 32

    • balance sheet analysis, 63–64

    • capital flows, 27, 35

    • communication, 55–56

    • comprehensive analysis, 28

    • consultation cycles, changes, 59–61

    • core and noncore issues, 33

    • coverage principles, 40

    • data provision, 61–65

    • euro area, 66–68, 68–69

    • extension of three-month period, 65

    • external evaluation, 32, 33

    • financial sector soundness and vulnerability, 35

    • macroeconomic relevance tests, 33

    • policy dialogue with country authorities, 54–55

    • principles, general, 25–26

    • principles for guidance of members, 26

    • principles of Fund surveillance over exchange rate policies, 26–27

    • procedures, 28–29, 45, 65

    • review, 2004, 59

    • review of general implementation, two-year intervals, 38–46, 47–49, 59–61

    • ROSCs, 42, 62, 65

    • signaling, 56

    • Special Data Dissemination Standard, 64

    • staff-monitored programs, 46

    • supplemental procedures, 30

    • three-month rule, 65

    • use of staff resources, 57–58

    • World Economic Outlook, 43

  • Suspension of membership, 676

  • Suspension of voting rights

    • participation in Interim Committee, 722

    • participation in International Monetary and Financial Committee, 725

    • publicity, 617

    • timetable of procedures, 686, 687

  • Swiss National Bank

    • GAB participant, 420, 424, 426

    • NAB participant, 453

    • termination of status as prescribed holder of SDRs, 633

  • Systemic Transformation Facility (STF)

    • termination, 347

T

  • Technical assistance

    • cooperation with Trusteeship Council, 752

    • exchange rate system simplification, 483

    • Framework Administered Account for, 127–37

    • members not cooperating with the Fund, 675, 676

    • post-conflict countries, 288, 289

    • transmittal of reports to international agencies, 588

  • Terrorism financing. See Combating the Financing of Terrorism

  • Trade. See also World Trade Organization

    • structural maladjustments in trade, Extended Fund Facility, 267

  • Trade-related balance of payments adjustments fund, 329–30

  • Trade restrictions

    • avoidance of escalation, 473, 736

    • emergency assistance, 288

    • ESAF, 165

    • import restrictions for balance of payments reasons

      • extended arrangements, 280

      • GATT, 470

      • stand-by arrangements, 275

  • Voluntary Declaration on Trade and Other Current Account

    • Measures, 736

  • Tranche policies

    • application in connection with CFF, 335

    • first credit tranche, 253, 254, 298

    • floating tranche, 230

  • Transferability of claims

    • General Arrangements to Borrow, 416, 424–25

    • New Arrangements to Borrow, 455–56

    • Saudi Arabia, borrowing agreement with, 425–27

  • Transparency. See also Publication

    • foreign reserves management, 240

    • governance, 70

    • safeguards for use of Fund resources, 242, 246

    • use of Fund resources, 618–19

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

    • administration of, 185–86

    • amendment of, 187

    • assistance amount, 180–83

    • completion point, 174, 179, 180, 181, 182, 183, 193, 195, 196, 197, 199, 200, 203, 204, 205, 211

    • contributions by other donors, 188

    • contributions to, 178

    • debt service to exports ratio, 183

    • debt sustainability, 174, 181, 193–94

    • debt sustainability analysis, 174–75, 203

    • debt to exports ratio, 174, 175, 183

    • debt to revenue ratio, 174

    • decision point, 174, 175, 179, 180, 181, 182, 183, 192, 193, 195, 197, 200, 203, 204, 205, 211

    • eligibility and eligible members, 178–79, 203

    • grace period on loans, 184

    • grants and loans, 178

    • Guidelines on Misreporting, 176

    • Instrument to establish, 173–87

    • Instrument to establish, adoption, 172

    • interest, 175, 184

    • interim assistance, 182

    • interim PRSP, 169, 201, 202, 203

    • investment of resources, 186, 189

    • maturity of loans, 183–84

    • Millennium Development Goals (MDGs), 208–13

    • off-market gold transactions, use of investment income, 405

    • Paris Club, 175, 179, 181, 195, 196, 201, 207

    • period of operation and liquidation, 187

    • performance-related conditions, nonobservance, 182

    • Poverty and Social Impact Analysis (PSIA), 170, 210

    • Poverty Reduction Strategy Papers (PRSPs), 175, 176, 179, 180, 196, 199, 201, 202, 203, 205, 206, 208, 209, 210, 211, 212, 213

    • progress in implementation, 195–99, 204–208

    • purposes, 176

    • qualification for assistance, 179–80

    • rescheduling of repayments not allowed, 184

    • reserve account review, 404

    • retransfers authorized, 188

    • SDRs, use in operations, 186, 636

    • self-sustained PRGF operations, 175, 187, 204

    • special charges on overdue interest and repayments, 375

    • Special Disbursement Account, transfers from, 177

    • streamlining preliminary HIPC documents, 203

    • subsidies, interim PRGF operations, 185

    • terms of assistance, 183–84

    • track record of performance, 179, 180, 194, 196, 200, 203, 204, 208

    • transformation of ESAF-HIPC Trust to PRGF-HIPC Trust, 157–58

    • Trust Account and resources, 177

  • Trust Fund

    • final direct distribution of profits, 701

    • means of payment of interest by members on indebtedness under loan agreements, 700–701

    • overdue interest and repayments, 375

    • SDRs, use in payment of Trust Fund obligations, 633–34

    • special charges on overdue financial obligations, 374–76, 701

    • termination and transfer of resources to Special Disbursement Account, 387, 701–703

    • terms of repayment of final loan disbursement and amendment of Trust instrument, 703

  • Twelfth General Review of Quotas

    • report to Board of Governors and proposed resolution, 17–18

U

  • Undue delay in availability or use of foreign exchange, 407, 448

  • Uniformity of treatment principle

    • consultation cycles, 36

    • external debt in Fund arrangements, guidelines on performance criteria, 262

    • post-conflict assistance, 294

    • settlement of disputes among members, comparable treatment, 87–88

    • use of Fund’s general resources, nondiscrimination, 225

  • United Nations

    • agreement with the IMF, 749–55

    • Convention on the Privileges and Immunities of the Specialized Agencies, 756–78

    • exchange of documents with, 751

    • “Uniting for Peace” General Assembly resolution, 718

  • United Nations Development Program

    • exchange of documents, 590

  • U.S. dollars

    • maintenance of value, rates for computation, 387

    • means of payment by members on indebtedness under Trust Fund loan agreements, 700–701

    • medium of payment, PRGF Trust, 134

    • payments of interest on members’ indebtedness under Trust Fund loans, 700–701

    • use for Subsidy Account payments, 711

    • valuation in terms of special drawing rights pursuant to Rule O-2(a), 627

    • weight in SDR valuation basket, 626

  • Use of Fund resources. See also Access policy; Charges; Compensatory Financing Facility; Conditionality; Contingent Credit Lines; Emergency assistance; Emergency financing mechanism; Extended arrangements; Extended Fund Facility; First credit tranche; General Resources Account; Misreporting and noncomplying purchases; Purchase transactions; Repurchases; Reserve tranche purchases; Stand-by arrangements; Supplemental Reserve Facility; Supplementary Financing Facility; Systemic Transformation Facility; Waiver of the limitation of 200 percent of quota

    • accordance with purposes of the Fund, 222

    • authority of the Fund to use its resources, resolving problem of arrears, 679

    • authority to use resources of Fund, interpretation of Articles of Agreement, 222

    • capital transfers, 222, 406

    • conditionality guidelines, 223–31, 253–54

    • financing current account deficits, 222

    • form, extended arrangement, 277–82

    • form, stand-by arrangement, 272–77

    • ineligibility

      • effect on purchases under extended arrangement, 281

      • effect on purchases under stand-by arrangement, 276

      • under Article V, Section 5, 360

    • interpretation of Articles of Agreement, 222

    • limitation and ineligibility under Article V, Section 5, 360

    • meaning of “consistent with the provisions of this Agreement,” Article V, Section 3, 222

    • meaning of “represents” in respect of need, Article V, Section 3(b)(ii), 223

    • monetary stabilization, 223

    • nondiscriminatory treatment of members, 224–25

    • performance criteria and phasing, 258–60

    • postponement and limitation under Article V, Section 5, 360–61

    • repayment expectation under PRGF Trust, failure to meet, 156–57

    • resumption of purchases under extended arrangement after decision of formal ineligibility, 281

    • resumption of purchases under stand-by arrangement after decision of formal ineligibility, 276

    • safeguards, strengthening of, 238–44

    • side letters, 231–34, 234–35

    • suspension of exchange transactions, effect on General Arrangements to Borrow, 416

    • suspension of transactions under extended arrangements, 281

    • suspension of transactions under stand-by arrangements, 276

V

  • Vienna Institute, Joint. See Joint Vienna Institute

  • Voluntary Declaration on Trade and Other Current Account Measures, 736

  • Voting power majority

    • compulsory withdrawal, 682

    • Eleventh General Review of Quotas, 10

    • SDR allocation, 744

  • Voting rights, suspension. See Suspension of voting rights

W

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

    • Compensatory Financing Facility, 335

    • emergency assistance, 285

    • Extended Fund Facility, 269

    • Supplemental Reserve Facility, 334

  • Waiver of performance criteria

    • applicability, 152–53, 230, 237, 238

    • nonobservance, 152–53, 230, 237, 259–60

  • Waiver of special charges, 375

  • World Bank (International Bank for Reconstruction and Development)

    • agreement with WTO, 779, 780, 782

    • Bank-Fund collaboration, 82, 556–58, 568–69, 569–75, 575–79

    • collaboration with Fund on corporate sector vulnerability analysis, 35

    • collaboration with Fund on shifting resources from military, 82

    • Development Committee, 728–34

    • ESAF policy framework process, 165

    • Financial Sector Assessment Program, 94–95, 95–96

    • Fund-Bank Concordat, 556–68

    • governance, 71, 72, 78

    • HIPC Initiative, 192, 199, 202

    • investment by Fund of currencies received by SFF Subsidy Account, 711

    • military expenditures, 82

    • observer status in Fund, 568, 568–69

    • post-conflict assistance, 288–89

    • prescribed holder of SDRs, 633

    • PRGF-HIPC Trust, 174

    • publication policies of the Fund, 603–11

    • rights approach, 688–89

    • suspension of voting rights, 685

  • World Economic Outlook, 431

    • European Central Bank, observer, 579–81

    • military spending, 80, 82

    • multilateral surveillance, 36, 43–44

    • surveillance procedures, 28–29

  • World Trade Organization (WTO)

    • balance of payments consultations, 582–83

    • coherence in global policymaking, 583, 781, 784

    • consistency of policy advice and obligations, 583–85

    • cross-conditionality, avoidance, 585

    • decision of IMF on IMF-WTO Agreement, 779

    • decision of WTO General Council on IMF-WTO Agreement, 779–83

    • documents exchange with, 587–88, 786

    • Fund staff observer at WTO meetings, 587, 785–86

    • guidelines/framework for Fund staff collaboration, 581–88

    • IMF-WTO Agreement, text, 783–88

    • observer status in Fund meetings, 587, 785

    • resolution of open jurisdictional issues, 585–86

    • suspension of exchange transactions, effect on General Arrangements to Borrow, 416

    • suspension of transactions under extended arrangements, 281

    • suspension of transactions under stand-by arrangements, 276

Y

  • Y2K Facility, 347

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