Selected Decisions and Selected Documents of the International Monetary Fund
Chapter

INDEX

Author(s):
International Monetary Fund
Published Date:
April 2004
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A

Access policy, use of Fund resources

  • access limits, guidelines, 312, 320–321

  • access limits in individual cases, 313–20

  • augmentation of existing arrangements, 316

  • balance of payments need, 316–17, 318–19

  • capital account crises, modifications to Supplemental Reserve Facility, 328–32, 322–24

  • exceptional circumstances, 312, 314, 320, 322–24, 348

  • limits, credit tranches and Extended Fund Facility, 320–21

  • repurchases, 316–18

  • reviews, 313

  • revolving character of Fund resources, 289, 315, 317, 319

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, 698

African Development Bank

  • communications concerning members’ arrears to the Fund, 684

  • exchange of documents with, 609

  • prescribed holder of SDRs, 651

African Development Fund, 651

Africa Regional Technical Assistance Centers Subaccount, 162

Annual Report (IMF), 84, 92, 126

Andean Reserve Fund

  • prescribed holder of SDRs, 651

Anti-money laundering

  • assessing a global standard and preparing ROSCs, proposals, 186–208

  • enhancing contributions to, 196–99

  • Financial Action Task Force (FATF), 196–203

  • Fund involvement, 199–203

  • methodology document, 200, 201

  • offshore financial center assessments, 197, 198

Arab Monetary Fund

  • exchange of documents with, 609

  • prescribed holder of SDRs, 651

Architecture of international financial system, 19

Archives of the Fund

  • access policy, 585–86

  • attorney-client privilege, 585

  • Executive Board minutes, access, 585

  • Grievance Committee proceedings, 585

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, 278

  • first credit tranche, 304

  • Fund lending into nonsovereign arrears, 305–11

  • Fund lending into sovereign arrears, 305–11

  • Fund policies and procedures, 303–304, 304–305, 305–307

  • performance criteria, 304–305

  • stand-by arrangement, performance criterion, 282

Arrears, settlement of disputes between members, 170–71

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

Article I, purposes of the Fund, 209, 504, 509

Article I(v), temporary availability of Fund’s general resources, 270

Article II, Section 2, membership, 5

Article III, Section 2, adjustment of quotas, 3, 745

Article III, Section 2(a), 745

Article III, Section 3(a), 751

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

  • ad hoc consultations, 15, 16

  • annual, principle of, 13, 18–19, 23

  • Article VIII and XIV consultations, 13, 16

  • Article VIII restrictions, 512

  • Article XIV restrictions, 512

  • combined with program reviews, 287

  • conditionality discussion, 240–41

  • consultation cycles, changes, 36–38

  • Contingent Credit Lines, 351–52, 355–56

  • core and noncore issues, 20–21

  • data provision, 38–42

  • document exchange with WTO, 606

  • early warning system models, 22, 23–24

  • enhanced surveillance, 166–69

  • euro area, 43–44, 45–46

  • European Central Bank, observer status, 597–98

  • European Union accession countries, 598

  • evaluation and review of related programs, 240–41

  • exchange rate policies, 22

  • Financial Sector Assessment Program (FSAP), 24, 173, 176, 177–78

  • governance issues, 49, 54, 56

  • interval between, 14

  • macroeconomic relevance test, 20

  • military expenditures, 532–34

  • multiple currency practices, 515

  • noncore issues, 20–21

  • overdue financial obligations to the Fund, 679

  • program reviews, lapse of time, 287

  • Public Information Notices, release, 46–48

  • publication of Article IV staff reports, 21, 623–25, 626, 627, 630–31

  • publication of background reports, 626, 627, 630–31

  • Recent Economic Developments reports, 18, 606, 610, 626, 627, 630

  • representation of European Central Bank, 598–600

  • staff reports, core and noncore issues, 20–21

  • staff reports, data quality, 22

  • staff reports, release to international and multilateral agencies, 607–609

  • standards and codes, 24

  • surveillance procedures, 13–17

  • three-month rule for completion, 42–43

  • use of Fund resources, 240

  • World Bank, observer status, 596

  • World Trade Organization, observer status, 605–606, 825

Article IV, Section 1, general obligations of members, 10, 11, 13

Article IV, Section 2, notification of exchange arrangements, 8

Article IV, Section 3(a), surveillance over exchange rate policies, 10, 11, 607

Article IV, Section 3(b), surveillance over exchange rate policies, 10, 11, 14, 607

Article V, Section 1, designation of fiscal agency, 76, 456, 489

Article V, Section 2(b), financial and technical services, 87, 88, 93, 94, 157, 158

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

  • application of Fund policies to purchases of currency borrowed by Fund, 385, 453

  • early repurchase guidelines, 385

  • General Arrangements to Borrow (GAB), 470

  • meaning of “consistent with the provisions of this Agreement,” 209

  • New Arrangements to Borrow (NAB), 486

Article V, Section 3(b)(ii), balance of payments need, 103

Article V, Section 3(b)(ii), meaning of “represents” that a member has a need to make purchases, 210

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

  • Compensatory Financing Facility, 335

  • emergency assistance, 298

  • Extended Fund Facility, 272

  • Supplemental Reserve Facility, 351

  • Systemic Transformation Facility, 368

Article V, Section 3(d), operational budgets

  • assessment of strength of members’ balance of payments and gross reserve position for operational budgets, 370, 371, 377

  • sale of members’ currencies for repurchases, 384

  • selection of currencies in purchases, 371, 374

Article V, Section 3(f), transfers of SDRs, 373

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, 264–66, 380

Article V, Section 6(b), transfers of SDRs by the Fund, 371, 377, 382

Article V, Section 6(c), sales of SDRs by the Fund, 382

Article V, Section 7, repurchases, 346, 465

Article V, Section 7(b), early repurchases

  • assessment of strength of members’ balance of payments and gross reserve position, 370

Article V, Section 7(c), repurchases, 384, 387

Article V, Section 7(d), repurchases, 346, 369, 384

Article V, Section 7(i), selection of currencies for repurchases, 371, 372, 377, 378, 389, 390

Article V, Section 8, charges, 394

Article V, Section 8(a), charges, 396, 398

Article V, Section 8(b), charges, 350, 354, 387, 393, 396, 398

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

Article V, Section 8(c), charges, 393, 395, 398

Article V, Section 8(d), charges, 393

Article V, Section 8(e), charges, 393

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

Article V, Section 11, maintenance of value, 422

Article V, Section 12(c), consultation with United States on off-market gold sales, 392, 445

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

  • gold sales, 441, 445, 446

  • gold sales proceeds, placement in Special Disbursement Account, 445–46, 446

Article V, Section 12(f)(ii), Special Disbursement Account (SDA) resources for assistance to low-income developing members, 424

Article V, Section 12(h), investment of member’s currency held in SDA, 424, 445

Article V, Section 12(j), adoption of regulations for administration of Structural Adjustment Facility, 425

Article VI, capital transfers

  • use of Fund resources for, 209

  • WTO, information on Fund decisions requesting a member to exercise controls to prevent a large or sustained outflow of capital, 820

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

  • freedom to adopt regulations on capital movements, 448

  • Supplemental Reserve Facility, 348

Article VI, Section 3, controls on capital transfers, 448

Article VII, Section 1, replenishment and scarce resources

  • borrowing by the Fund, 449, 469, 477

Article VII, Section 3(b), scarce currency, 503

Article VIII, general obligations of members

  • bilateral payments agreements, 277, 282

  • bilateralism, 504

  • consultations, 13, 16, 596

  • consultations, World Bank observer, 596

  • enhanced surveillance, 167

  • payments restrictions, 168, 170, 504, 509–10, 511

  • retention quotas, 507

  • settlement of disputes between members, 170

Article VIII, Section 2, avoidance of restrictions on current payments acceptance of obligations under, 509, 510

Article VIII, Section 2(a)

  • restrictions on current payments and transfers, 503

  • undue delays as payments restrictions, 511

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

Article VIII, Section 3, avoidance of discriminatory currency practices

  • acceptance of obligations under, 509, 510

  • multiple currency practices, 9, 509, 510, 518, 519, 524, 525

Article VIII, Section 4, convertibility of foreign-held balances, acceptance of obligations under, 509, 510

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

  • consideration of report by Managing Director, time periods, 528–29

  • declaration of censure, 529–30

  • members’ obligations, 526

  • procedures prior to report by Managing Director to Executive Directors, 527–28

  • Report by Managing Director, 528

  • sanctions, 530–31

  • strengthening effectiveness of, 42, 264, 526–31

Article VIII, Section 7, obligation to collaborate regarding policies on reserve assets, 763

Article IX, Section 5, immunity of archives, 584

Article IX, Section 7, privilege for communications, interpretation, 587–88

Article X, relations with other international organizations, 777

Article XII, Section 3(b)(i), Executive Directors, appointed, interpretation, 612

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

  • balances held in administrative accounts, 698

  • interpretation, 612–13

Article XII, Section 3(f), appointed Executive Directors, interpretation, 612

Article XII, Section 4, Managing Director and staff, 622

Article XII, Section 7, publication of reports, 622–23

Article XII, Section 7(a), 781

Article XII, Section 8, communication of Fund views to members, 630

Article XIII, Section 2, depositories, 497

Article XIV, exchange restrictions under transitional arrangements

  • availment of transitional provisions, 510

  • bilateralism, 504

  • consultations, World Bank, 596

  • enhanced surveillance, 167

  • multiple currency practices, 520

  • retention quotas, 506, 507

  • settlement of disputes between members, 170

Article XIV, Section 2, exchange restrictions

  • multiple currency practices, 518, 519, 520–21

  • payments restrictions, 502, 503

  • transitional arrangements, 502, 509–10

  • undue delays as payments restrictions, 511

Article XIV, Section 3, representation by the Fund, 519, 520, 521

  • meaning of “exceptional circumstances,” 638

Article XVII, Section 3, other holders of SDRs, 76, 466, 650, 652, 653, 654

Article XVIII, Section 1(a), principles and considerations governing SDR allocation and cancellation, 759, 761, 762, 762–63, 769, 771

Article XVIII, Sections 1(a) and 1(b), 759

Article XVIII, Section 2(a), SDR allocation and cancellation, 761, 765

Article XVIII, Section 2(b), 761, 766

Article XVIII, Section 2(c), 761, 765, 766

Article XVIII, Section 2(d), 655, 765, 766

Article XVIII, Section 2(d), allocation of SDRs to new participants, 655

Article XVIII, Section 4, decisions on SDR allocations and cancellations, 759, 768–69, 771

Article XVIII, Section 4(a), 759, 761, 762

Article XVIII, Section 4(b), 759, 761, 762, 771, 772, 773

Article XVIII, Section 4(c), 761, 762, 765, 771

Article XVIII, Section 4(c)(ii), 765, 773

Article XVIII, Section 4(d), 771

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

  • donations, 666

  • forward operations, 665–66

  • loans, 657

  • other holders, 647

  • pledges, 659–61

  • settlement of financial obligations, 656

  • swap operations, 663–64

  • transfers as security for the performance of financial obligations, 661–63

Article XIX, Section 4, limit on SDR Department participant’s obligation to provide currency, 454, 473, 487

Article XIX, Section 5, designation of participants to provide currency, 667

Article XIX, Section 5(a)(i), designation plans, 370, 770

Article XIX, Section 5(c), designation rules in SDR Department, 770

Article XIX, Section 6(b), reconstitution, 672

Article XIX, Section 7(a), calculation of exchange rates, 456, 488, 656, 657, 658, 659, 661, 663

Article XX, Section 1, interest paid on holdings of SDRs, 647

Article XX, Section 2, SDR Department interest and charges, 673

Article XX, Section 5, application against unpaid charges of SDRs acquired by participants after payment date, 674

Article XXI, (a)(i), administration of General Department and SDR Department, 772

Article XXII, general obligations of participants in SDR department, 763

Article XXIII, Section 1, suspension of operations and transactions in SDRs, 649

Article XXIV, 759

Article XXVI, compulsory withdrawal, 675

Article XXVI, Section 2(a), ineligibility to use Fund resources, 675

Article XXVI, Section 2(b), 724, 727, 732

Article XXVI, Section 3, withdrawal from membership, 457, 473, 490

Article XXVII, Section 1(a)(i), suspension of exchange transactions, 457, 474, 490

Article XXIX, interpretation

  • General Arrangements to Borrow, interpretation outside the purview of Article XXIV, 459

  • New Arrangements to Borrow, interpretation outside the purview of Article XXIV, 491

  • transferability of claims under Saudi Arabia’s Borrowing Agreement, 474

  • unenforceability of exchange contracts, 450

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), 612

  • authority of the Fund to use its resources, 209, 675, 719

  • compulsory withdrawal under Article XXVI, Section 2, 675

  • privilege for communications, Article IX, Section 7, 587–88

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

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, 298

  • exclusion of purchases and holdings from SRF, 350

  • exclusion of purchases and holdings from STF, 368, 699

  • exclusion of purchases and holdings in credit tranches or under extended arrangements, 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, 571, 628

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

Asian Development Bank

  • communications concerning members’ arrears to the Fund, 684

  • exchange of documents with, 609

  • prescribed holder of SDRs, 651

Attribution, rule of

  • members indebted to Fund, 379

  • reduction in Fund’s holdings of currency, 390–91

Audit

  • Framework Administered Account, 161

  • Joint Vienna Institute, 814

  • Post-SCA-2 Administered Account, 95

  • PRGF Trust, 79

  • PRGF-HIPC Trust, 117–18, 126

  • safeguards for use of Fund resources, 217–221

  • Supplementary Financing Facility Subsidy Account, 713

Augmentation

  • access policy, existing arrangements, 316

  • rights to purchase, elimination under stand-by and extended arrangements, 269

Authorized signatories, 622

B

Balance of Payments Manual (5th Ed.), 539, 550, 562, 572, 573, 576

Balance of payments need

  • access policy, 316–17

  • Compensatory Financing Facility, 337

  • conditionality, 233–34

  • Contingent Credit Lines, 352, 355

  • emergency assistance, natural disasters, 288

  • emergency assistance, post-conflict countries, 291

  • extended arrangements, 269–70

  • Extended Fund Facility, 269–70

  • Fund-supported programs, 235

  • lenders to ESAF Trust, need because of developments in reserves, 103

  • PRGF loans, 64, 65–66

  • protracted balance of payments problem, 64, 428

  • Supplemental Reserve Facility, 348–51

  • Systemic Transformation Facility, 365–66

Balance of payments position

  • assessment of strength for purposes of designation plans, operational budgets and repurchases, 370–71

  • discrimination for balance of payments reasons, 508–509

Bank for International Settlements (BIS)

  • investment by Fund of currencies held by Borrowed Resources Suspense Accounts, 498

  • investment by Fund of currencies received by SFF Subsidy Account, 714

  • prescribed holder of SDRs, 650

Bank-Fund collaboration, 596, 596–97

Bank of Central African States

  • prescribed holder of SDRs, 651

Basel Core Principles for Effective Banking Supervision, 356

Bilateral payments arrangements

  • extended arrangement, 283

  • stand-by arrangement, 278

  • three-month settlement rule, temporary exemption, 505

Bilateralism and convertibility, 504–505

Board of Governors Resolutions

  • Composite Resolution, 721–24

  • Eleventh General Review of Quotas, 3, 752–54

  • Ninth General Review of Quotas, 437–38

  • SDR allocation, First Basic Period, 759–60

  • SDR allocation, Third Basic Period, 768–70

Borrowed Resources Suspense Accounts

  • establishment, 497

  • investment by the Fund of currencies held in, 498–99

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

  • guidelines, 499–500

BSFF. See Buffer Stock Financing Facility

Buffer Stock Financing Facility (BSFF)

  • elimination, 332–33, 334, 347

  • reserve tranche purchases, exclusion, 697

Burden sharing

  • disposition of net income for FY 2000, 399

    • for FY 2000, 399

    • for FY 2001, 408–409

    • for FY 2002, 412

    • FY 2003, 416

  • implementation

    • for FY 2000, 402–403

    • for FY 2001, 404–408

    • for FY 2002, 409–411

    • for FY 2003, 414–416

    • in FY 2004, 418–420

  • income position

    • for FY 2000, 408

    • for FY 2001—review, 408

    • for FY 2002—review, 412

    • for FY 2003—review, 416

    • for FY 2004—review, 420

  • principles of, 402, 404–405, 409, 414

  • rate of charge

    • for FY 2000, 399–400, 402

    • for FY 2001, 400, 405

    • for FY 2002, 409, 410

    • for FY 2003, 413, 414

    • for FY 2004, 416–417, 418

  • Special Contingent Account, amounts placed to

    • for FY 2000, 403–404

    • for FY 2001, 405–406

    • for FY 2002, 410

    • for FY 2003, 414–15

  • surcharges, disposition of net operating income, FY 2003, 413

  • surcharges, disposition of net operating income, FY 2004, 417

By-Laws

  • Section 13, vote without meeting, 752

  • Section 20, audits, 79, 91, 95, 118, 126, 153, 713

  • Section 22, compulsory withdrawal, 685, 688, 689

C

Capital account crises

  • access policy, 322–24, 328–32

  • exceptional access policy, Supplemental Reserve Facility, 348–51

Capital flows

  • action to limit disequilibrating flows, Composite Resolution, 738

  • Contingent Credit Lines, 352

  • Eleventh General Review of Quotas, 748

  • Supplemental Reserve Facility, 348

  • surveillance, 12

  • WTO, information on Fund decisions requesting a member to exercise capital controls, 824

Capital transfers

  • controls by members, 448

  • multiple currency practices applicable solely to, 210

  • payments arrears, 304–305

  • use of Fund’s resources for, 210, 447

Caribbean Development Bank

  • exchange of documents with, 609

CCFF. See Compensatory Financing Facility

CCLs. See Contingent Credit Lines

Censure, 684–85

  • draft declaration, 689

Central Bank of West African States (BCEAO)

  • prescribed holder of SDRs, 651

Cereal import costs

  • compensatory financing of fluctuations in, 341–44

  • repurchase, 387

CFF and CCFF. See Compensatory Financing Facility

Charges. See also Burden sharing

  • accounting for charges from members with overdue obligations, 394

  • accrued charges, 394

  • administrative account balances, 698

  • commitment charge, stand-by and extended arrangements, 400–401

  • Contingent Credit Lines, 354

  • extended arrangements, 282

  • Extended Fund Facility, 273, 283

  • future changes in charges, 393

  • interest on Trust Fund loans. See Interest

  • media of payment in General Resources Account, 394

  • payment by nonparticipant in the SDR Department, 394

  • payment of net charges and assessment in the SDR Department for FY ended April 30, 1982, 673–74

  • setoff in connection with a retroactive reduction of charges due by members in arrears, 398

  • special charges on overdue financial obligations to the Fund, 395—97

  • special charges system—review, 397

  • stand-by arrangements, 279

  • Supplementary Financing Facility, subsidy, 709

  • Supplemental Reserve Facility, 350–51

  • surcharge on purchases in credit tranches and under EFF, 393

  • use of Fund resources. See Burden sharing

  • value date for payment of special charges, 397

  • waiver of special charges, 396

Classified documents, 585

Collateral

  • collateral guarantees on debt, international reserves template, 552

Commitment charge, stand-by and extended arrangements, 400–401

Committee on Reform of the International Monetary System Composite Resolution, 721–41

Communications, privilege for interpretation of Article IX, Section 7, 587–88

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

  • access limits, 336–37

  • cereal import costs, 334, 341–44

  • contingency element elimination, 333, 335

  • decision, 335 345

  • emergency assistance for natural disasters and, 289

  • estimated data, 337

  • export fluctuations, 337–40

  • extended arrangements and, 283, 336

  • general provisions, 335–36

  • misreporting and noncomplying purchases, 262

  • overcompensation, 340, 344, 345–46, 346

  • phasing, 337–38, 334, 336

  • PRGF Trust and, 63–65

  • receipts from services, 339

  • repurchase expectation, 387, 388

  • repurchase of overcompensation, legal interpretation, 345–46

  • repurchases, 387

  • reserve tranche purchases, exclusion, 335, 697

  • stand-by arrangements and, 278, 336

Compulsory withdrawal, 675, 684, 685, 688, 689, 691, 692, 696

Concessional external debt, OECD definition, 257, 259

Conditionality. See also Side letters

  • Bank-Fund collaboration, 250

  • benchmarks, 238, 239, 240, 241

  • Compensatory Financing Facility, 337, 340

  • consistency with WTO agreements, 603–604

  • consultation clauses, 237

  • Contingent Credit Lines, 353, 360

  • cross-conditionality between Fund programs and WTO arrangements, avoidance, 603–604

  • emergency assistance, natural disasters, 289

  • emergency assistance, post-conflict countries, 291–92

  • emergency financing mechanism, 301

  • financing assurances reviews, 239

  • first credit tranche, 233

  • floating tranches, 240

  • governance issues, 54

  • guidelines, 233–41, 241–46

  • indicative targets, 238, 239, 241

  • letters of intent, 237

  • modalities, 237–41

  • nondiscriminatory treatment of members, 234–35

  • outcomes-based, 242

  • ownership, 234, 240, 241, 242, 243, 244, 246, 250

  • performance criteria and phasing, relationship, 253

  • performance criteria with respect to external debt, change in coverage, 256–60

  • performance criteria with respect to foreign borrowing, 261–62

  • performance criteria with respect to foreign borrowing, discount rate, 257, 261, 259

  • PRGF arrangements, 247–48

  • principles, 233–37

  • prior actions, 238, 244, 367

  • program design, 234–35

  • program review, 238–39, 240–41

  • stand-by arrangement, normal access to credit tranches, 232–33

  • streamlining, 241, 243, 244, 245, 246, 247, 249, 250, 252

  • structural benchmarks, 238, 239, 240, 241

  • Supplemental Reserve Facility, 351

  • Systemic Transformation Facility, 368

  • test dates, even distribution, 254

  • uniformity of treatment, 234–35, 257

  • upper credit tranche stand-by arrangements, 318

  • waiver, adopting measures prior to granting of, 238

  • waiver, nonobservance of performance criteria, 240

  • waiver of applicability of performance criteria, 240

Confidentiality

  • archives, 585

  • exchange of documents with other international agencies, 585

  • FSAP Confidentiality Protocol, 185–92

  • side letters, 212–15

Consultation clause

  • extended arrangements, 279

  • stand-by arrangements, 279, 220

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

  • annual in principle, 13, 18, 23

  • changes in, 36–38

  • flexibility in, 18

  • interval between Article IV consultations, 14

  • not affected by ad hoc consultations, 16

Consultations other than under Article IV

  • acceptance of obligations of Article VIII, Sections 2, 3, and 4, 510

  • Article VIII restrictions, 13, 16, 504–505, 509–10, 596

  • Article XIV restrictions, 13, 16, 504–505, 510, 596

  • bilateral arrangements, 504–505

  • competitive depreciations, 513

  • conditionality, consultation clauses, 237

  • GATT Contracting Parties, 592–96

  • multiple currency practices, 514

  • prescribed holders of SDRs, 648

  • PRGF, consultation with creditors, 105

  • sale of members’ currencies, 374–76, 379

  • SDR allocation, 761, 772

  • trade and payments restrictions, escalation, 492

  • United Nations, 779, 781

  • World Trade Organization, 601, 603, 605, 824

Contingent Credit Lines (CCLs), 351–54, 355–61, 362–65

  • access, 351–52, 359

  • activation review, 352–53, 360

  • Article IV consultation, positive assessment criterion, 351, 356

  • benchmarks not needed, 358–59

  • commitment period, 352–53

  • commitment under extended arrangement in effect, 352, 359–60

  • commitment under stand-by arrangement, 352, 359–60

  • conditionality, 353, 357, 360

  • constructive relations with private creditors criterion, 352, 355

  • disposition of net operating income, 365, 399, 408–409, 412, 416

  • economic and financial program criterion, 352, 358

  • eligibility criteria, 351–52, 355–61

  • establishment, 351–54

  • exchange controls, 357

  • extended arrangements and, 278, 283

  • external payments arrears, 357

  • internationally accepted standards, adherence to, 351, 355, 356

  • midterm review, 361

  • performance criteria not needed, 358

  • phasing, 353, 360, 363

  • possible alternatives, 364–65

  • post-activation review, 353, 361

  • rate of charge, 354

  • review, 362–65

  • repurchase expectation, installment periods 353

  • repurchases, installment periods, 353

  • stand-by arrangements and, 278, 283, 352, 353, 359

  • stress simulations, 358

  • subscription to SDDS, 356, 352

  • sudden and disruptive loss of market confidence test, 360, 352

  • “sustainability checks,” 357

Convertibility

  • acceptance of obligations of Article VIII, Sections 2, 3, and 4, 509, 510

  • bilateralism, 504–505

  • currency, 506, 508

  • current account of the balance of payments, 167–68, 508

  • retention quotas, 506

Cross-conditionality, avoidance, 603

Currencies

  • attribution of reductions of Fund’s holdings, 390–91

  • charges on Fund’s holdings in excess of quota, 393

  • freely usable, 62, 68, 77, 89, 470, 642, 649, 700, 712

  • General Resources Account, 370–73, 377, 394, 421–23

  • guidelines for operational budget allocation of currencies, review, 376–77

  • harmonization, balanced positions in the Fund, 372

  • maintenance of value, 421–23

  • presently needed for making payments, 210

  • PRGF Trust loans, 68

  • repurchases, 388

  • reserve asset payments, 6

  • sale of currencies of members with outstanding purchases, 374–76, 379

  • SDR valuation basket, 644–42, 642–43

  • SDR valuation method, 639–40

  • specification by the Fund, 371–73, 377–78

  • subscription to the Fund, ownership, 4

  • use in operational budgets, 371–73, 376–77

Currency stabilization funds, elimination, 347

Current international transactions (current account transactions)

  • bilateralism, 504

  • multiple currency practices, 515–16, 519

  • payments arrears, 304–305

  • restrictions on payments and transfers, 12, 504, 509

  • undue delays in availability or transfers use of foreign exchange, 448, 511

  • use of Fund resources, 209, 703

D

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

Data provision to the Fund for surveillance, 38–42

Debt, external. See External debt

Debt operations

  • “condition precedent” clauses, 311

  • extended arrangements and, 283

  • management of the debt situation, 311–12

  • “mandatory prepayment” clauses, 311

  • performance criteria, 278

  • stand-by arrangements and, 279

Debt strategy

  • payments of arrears to creditors, 303–304, 304–305

Declaration of censure, 684–85

  • draft declaration, 689

Declaration of ineligibility, 683–84, 691, 692

  • publicity, 231, 623

  • termination, 231

  • timing, 695

Declaration of noncooperation, 684–85, 691–92

  • draft declaration, 689

  • publicity upon withdrawal, 231

  • termination, 231

  • timing, 695

Default, sovereign, 299

Designation, SDR Department

  • acceptance limit, 669

  • assessment of strength of balance of payments and governance position, 370–71

  • rules for designation review, 667–70

  • rules for designation—revision, 670–71

Deutsche mark

  • conversion into euro, 645

  • weight in SDR valuation basket, 641, 642

  • weight in SDR valuation method, 639

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, 773–44

  • composition, 731–32

  • establishment, 730–36

  • Executive Directors’ participation in meetings, 733

  • HIPC Initiative, 119, 132

  • Managing Director’s participation in meetings, 733

  • procedures, 734–35

  • rules of procedure, 742–43

  • terms of reference, 734

  • WTO observer, 605–606

Discrimination

  • balance of payments reasons, 508–509

  • disputes between members, comparable treatment of creditors, 171

  • multiple currency practices, 522

  • nondiscriminatory treatment of members, use of general resources, 234–35

Disputes between members

  • comparable treatment principle, 171

  • role of the Fund, 169–72

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

  • certification requirement, 545

  • establishment, 543

  • removal from, 543–45

Document exchange. See Exchange of documents with other international agencies

DSBB. See Dissemination Standards Bulletin Board

E

Early repurchases

  • emergency financing mechanism, 303

  • guidelines, 383–84, 385–87

  • member’s balance of payments and gross reserve position, 370–71, 383

Early repurchase expectations, Supplemental Reserve Facility, 350

Early warning system models, 22, 23

East African Development Bank

  • prescribed holder of SDRs, 651

East Caribbean Currency Authority

  • prescribed holder of SDRs, 651

Eastern Caribbean Central Bank

  • prescribed holder of SDRs, 651

EFF. See Extended Fund Facility

EFM. See Emergency financing mechanism

Eleventh General Review of Quotas, extension of period for consent

  • to increases, 3

Emergency assistance

  • conversion to special policy, 298

  • misreporting and noncomplying purchases, 262

  • natural disasters, 287–88, 298

  • post-conflict countries, 110, 290–92, 293–97

  • PRGF-HIPC Trust eligibility, 110–11

  • PRGF-HIPC Trust qualification, 111–12

  • repurchases, 387

Emergency financing mechanism, 299–303

  • conditions for activation, 301

  • early repurchase, 303

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

  • access limits, 101, 103–104

  • access to general resources by ESAF-qualified members, 103

  • access to general resources by lenders to Trust, 103

  • balance of payments need, 103

  • benchmarks, 100

  • blend of general and SAF/ESAF resources, 229

  • borrowing for Loan Account, consultation with creditors, 105

  • commitment amount not normally reduced, 101–102

  • commitment period, 97–98, 431–32

  • disbursement of loans, 102

  • eligible members, 96–98, 433–35

  • emergency assistance, relation to, 291

  • ESAF successor—initiation of operations, 96

  • establishment, 96–97, 435–37

  • extension of commitment and disbursement periods for agreement, 438

  • gold, use of, 226, 229

  • gold pledge, 226, 229

  • interest rate on Trust loans, 104–105

  • legal documentation, 103

  • loans to Trust as member’s official reserves, 103

  • maturity of loans, 98

  • objectives of programs, 100

  • off-market gold sales, 774

  • operational arrangements, 96–102

  • overdue financial obligations to Fund, 679

  • performance criteria, 100–101

  • phasing of disbursements, 102

  • policy framework papers, 100. See also Poverty Reduction Strategy Papers

  • prior actions, 101

  • rescheduling not available, 4

  • review, 100, 104

  • review of arrangement, mid-year, 100, 101, 102

  • rights accumulation program and, 228

  • Special Disbursement Account, 98

  • Structural Adjustment Facility assistance in conjunction with, 431–32, 440–41

  • Subsidy account, 96, 98

  • transfer and retransfer of resources from and to Special Disbursement Account, 438–40

  • transfer to the ESAF-HIPC Trust, 96

  • transformation to PRGF Trust, 126–28

  • use of SDRs, 653–54

Enhanced surveillance

  • annual and mid-year consultation reports, 162–63

  • Article IV consultations, 167, 168

  • criteria and procedures, 164–66

  • Executive Board involvement, 166

  • Fund’s role in assisting members with creditors, 163–66

  • midterm review, 166–67

  • quantified economic policy program, 168

  • revised procedures, 167–69

  • staff reports, transmittal by member to creditors, 162, 165, 169

Enlarged access

  • criteria for use of Fund resources, validity, 313, 316–20

  • lapse, 312

  • repurchases, 317

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, 700

  • rates for computation and maintenance of value, 422

  • reference rates, European System of Central Banks, 646

  • weight in SDR valuation basket, 642, 644, 645

Euro area members

  • surveillance over monetary and exchange rate policies, 43–45, 597–98, 598, 598–600

European Bank for Reconstruction and Development (EBRD)

  • exchange of documents with, 609, 610

European Central Bank (ECB)

  • Article IV consultations, 44–45, 597

  • euro reference rates, 646

  • observer status, 597–98

  • observer status, 2002 Review, 598–600

European Commission (EC)

  • Article IV consultations, 45

  • exchange of documents with, 609, 610

European Economic and Monetary Union (EMU), 43–44

European Investment Bank (EIB)

  • exchange of documents with, 609

European System of Central Banks, 646

Exceptional Access Policy, 328–33, 348–51

Exchange arrangements. See also Exchange rates; Multiple currency practices

  • exchange taxes and subsidies, notification, 9

  • flexible, notification of significant decision, 9

  • intervention, 9, 11, 12

  • multiple currency practices, prior Fund approval, 9

  • notification of, 8–9

Exchange contracts

  • unenforceability, Fund’s interpretation of Article VIII, Section 2(b), 501–502

Exchange controls, See also Exchange restrictions

  • exchange contracts contrary to, 501–502

  • nonsovereign arrears stemming from imposition, 306

Exchange of documents with other international agencies

  • ad hoc requests, 610

  • agencies meeting criteria for exchange, 609

  • Article IV consultation staff reports, 606, 611

  • changes in procedures, 610

  • criteria for access, 608–609

  • Recent Economic Developments reports, 606, 611

  • technical assistance reports, 607

  • use of Fund resources staff papers, 607, 611

Exchange rate policies. See also Exchange arrangements

  • euro area, 43–45, 597

  • surveillance over, 10–14, 14–16, 18, 19–24

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

  • coherence in global policymaking, 602

  • computations and maintenance of value, 421–23

  • computations and maintenance of value—value date, 421

  • fixed, 9, 516

  • floating guidelines, 738

  • fluctuating, 9, 517–18

  • General Arrangements to Borrow, 456

  • New Arrangements to Borrow, 488–89

  • notification of changes in peg, 8–9

  • unification in multiple rate systems, 522

Exchange restrictions. See also Capital transfers; Multiple currency practices

  • approval by Fund, 570, 512

  • Article VIII, Sections 2, 3, and 4 obligations, 509–10

  • avoidance of escalation, 513

  • balance of payments reasons, 510, 511

  • bilateralism, 504–505

  • consultations with Fund, 509–510, 513

  • discrimination for balance of payments reasons, 508–509

  • emergency assistance, 289

  • Fund representation “in exceptional circumstances” under Article XIV, Section 3, 519, 638

  • guiding principle on whether a measure is an exchange restriction, 509

  • nonbalance of payments reasons, 510

  • payments arrears to creditors, 304

  • performance criteria, extended arrangement, 282

  • performance criteria, stand-by arrangement, 277–78

  • retention quotas, 506–508

  • security reasons, 503–504

  • surveillance, 12

  • transitional arrangements under Article XIV, 507, 510

  • undue delays, 448, 511

  • World Trade Organization, information on Fund approval, 824

Exchange subsidies, 9

Exchange taxes, 9, 517, 521

Executive Board

  • code of conduct, 613–19

  • cooperation with other entities, date of next review, 621

  • lapse of time completion of reviews under Fund arrangements, 285

  • notification of exchange arrangements, 8–9

  • report on Eleventh General Review of Quotas, 745–56

  • side letters procedures, 212–16

  • surveillance over exchange rates, 10, 12, 13, 14, 15

Executive Directors

  • additional appointed, meaning of “the preceding two years” in Article XII, Section 3(c), 613

  • appointment by members having five largest quotas, Article XII, Sections 3(b)(i) and 3(f), 612

  • appointment of two additional directors, Article XII, Section 3(c), 612–13

  • Development Committee meetings participation, 773

  • IMFC meetings participation, 727

  • voting power, effect of adjustment of quota, 613

Export shortfalls, compensatory financing. See Compensatory Financing Facility

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

  • applicable situations, 269–70

  • augmentation of rights to make purchases, elimination, 269

  • benchmarks, 256

  • charges, 273, 283

  • commitment charge, 400–401

  • Compensatory Financing Facility, 283

  • Consultation clauses, 284

  • Contingent Credit Lines, 283

  • debt and debt-service reduction, 283

  • emergency assistance and, 291–92

  • exclusion of reserve tranche purchase, 268–69, 698

  • form, standard, 280–84

  • Guidelines on Corrective Action, 284

  • ineligibility, 283, 676

  • lapse of time completion of reviews, 285–87

  • misreporting and noncomplying purchases, 264–66, 266–67, 267

  • noncomplying purchases, 282–83

  • overdue financial obligations to the Fund, 282–83, 676

  • performance criteria, form, 281–82

  • performance criteria and phasing, guidelines, 253–56

  • period of arrangement, extension, 271

  • periods not exceeding three years to four years, 271

  • phasing, 253–56, 272, 280–81

  • repayment expectation under PRGF Trust, 282

  • repayment obligation under PRGF Trust, 283

  • repurchase expectation, 267, 273, 283, 284

  • repurchases, 272, 273, 283–84

  • review, completion of, 256

  • standard clause on external contingency mechanism, eliminated, 285

  • standard clauses on set asides in support of debt reduction operations, eliminated, 285

  • stand-by arrangement policies applicable, 273

  • Supplemental Reserve Facility and, 283, 349

  • suspension of transactions, 283

  • test dates for performance criteria, 254

Extended Fund Facility (EFF). See also Extended arrangements

  • applicability of policies on stand-by arrangements, 273

  • establishment, 269–74

  • review of access policy and limits, 320–21

  • situations to which facility could apply, 269–70

External contingency mechanism in CFF, elimination, 333, 334

External debt

  • management of debt situation, 311–12

  • surveillance, 12

External debt performance criteria

  • concessionality, definition, 257, 261

  • coverage, 256–61

  • extended arrangement, 281

  • external debt, definition, 256–61

  • leases, 260

  • stand-by arrangement, 276

  • suppliers’ credits, 260

F

FATF. See Financial Action Task Force

Federal Reserve Bank of New York, 425, 646

Financial Action Task Force (FATF)

  • endorsement of methodology, 208

  • 40+8 Recommendations, 203–204

Financial Sector Assessment Program (FSAP)

  • anti-money laundering, 182–83, 196, 198, 201

  • Article IV consultations, 173, 174, 176, 178, 181, 185

  • confidentiality, 177, 178, 184, 185

  • Confidentiality Protocol, 185–92

  • coverage and frequency, 175–76

  • Financial System Stability Assessments (FSSAs), 173, 174

  • offshore financial centers (OFCs), 170, 194

  • publication of FSAP reports not authorized, 177, 184–85

  • publication of FSSA reports endorsed, 178, 185

  • Reports on Observance of Standards and Codes (ROSCs), 174

  • review, 179

  • standards and codes, 174–75

  • stress tests, 174

  • surveillance, 174, 176, 181, 183

  • World Bank, collaboration with, 174, 175, 185

First credit tranche purchase

  • elimination of payments arrears, 304

  • liberal Fund attitude, 233

  • reasonable efforts test, 233, 304

First credit tranche stand-by arrangement

  • phasing and performance clauses omitted, 233

Fiscal agency

  • safeguards on use of Fund resources when fiscal agent not central bank, 218

  • transfer of claims, PRGF Trust, 76

Foreign borrowing. See External debt

Forms

  • draft declaration on censure or noncooperation, 689

  • draft first letter to all Governors regarding a member’s overdue financial obligations to the Fund, 686–87

  • draft second letter to all Governors regarding a member’s overdue financial obligations to the Fund, 687–88

  • extended arrangement, 280–84

  • stand-by arrangement, 275–80

Framework Administered Account for Technical Assistance Activities

  • adoption of Instrument to establish, 158

  • Africa Regional Technical Assistance Centers Subaccount, 162

  • Instrument to establish, 158–61

  • investments of resources, 159

  • Pacific Financial Technical Assistance Centre Subaccount, 162

Freely usable currencies (euro, Japanese yen, pound sterling, U.S. dollar), 62, 68, 77, 89, 470, 649, 712

French franc

  • conversion into euro, 645

  • weight in SDR valuation basket, 641, 642

  • weight in SDR valuation method, 639

FSAP. See Financial Sector Assessment Program

Fund-Bank collaboration, attendance at Fund Board Meetings, 596–97

Furnishing of information to the Fund, 264, 526–31

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, 592–96

  • Fund collaboration with, 600–607, 738

  • import restrictions for balance of payments reasons, 511

  • Voluntary Declaration on Trade and Other Current Account Measures, 738

General Arrangements to Borrow (GAB), 449–64

  • associated borrowing arrangements, 493

  • attribution of reduction in Fund’s holdings of currencies, 390–91

  • borrowing agreement with Saudi Arabia, 468–76

  • borrowing agreement with Saudi Arabia—renewal, 475–76

  • borrowing by the Fund, guidelines, 499–500

  • Eleventh General Review of Quotas, 748

  • emergency financing mechanism, 299

  • interest, 461

  • letter from France’s Minister of Finance to U.S. Secretary of the Treasury, 462–65

  • participants and amounts of credit, 460–61

  • quotas, Eleventh General Review, 732

  • repayment by the Fund, 454–56

  • sales of currencies of members indebted to Fund, 379

  • Saudi Arabia, renewal of borrowing agreement, 475

  • transferability of claims, 456, 465–66

  • transferability of claims under Saudi Arabia’s borrowing agreement, 466–68

  • use of credit arrangements for nonparticipants, 459

General Data Dissemination System (GDDS)

  • coverage, 559–69

  • participation, 583–84

  • periodicity, 569–70

  • phased approach, 557

  • purposes, 556–57

  • timeliness, 570

General Resources Account (GRA)

  • adjustment of Fund holdings of members’ currency, 421–22

  • designation, assessment of strength of member’s balance of payments and gross reserve position, 370–71

  • gold held, sale, 442

  • maintenance of value, 421–23

  • media of payment in, 394

  • misreporting and noncomplying purchases, 264–66

  • overdue charges, 396

  • rates for computation and maintenance of value, 421–23

  • repayment expectation under PRGF Trust, failure to meet, 86

  • repurchase expectation, failure to meet, 267

  • rights approach, 229

  • rules, applicability to PRGF Trust administration, 78

  • sale of currencies at the request of members with outstanding purchases, 374–7650, 379

  • sale of SDRs by the Fund for payment for increase in quota, 382

  • special charge on overdue charges, 396

  • specification of currencies by the Fund, 371–73, 376–77, 377–79

  • Subsidy Account, reimbursement of administrative expenses, 712

  • transfers of SDRs instead of currencies under Article V, Section 3(f), 373

GDDS. See General Data Dissemination System

Gold

  • acceptance in payment of repurchase obligation, 391–92

  • designation of SDRs, 668

  • ESAF-HIPC Trust, sales to benefit, 774

  • gold pledge for use of ESAF Trust resources, 226, 229

  • gold pledge for use of PRGF Trust resources under rights approach, modalities, 441–43

  • harmonization of excess holdings of SDRs, 668

  • off-market sales, 391–92, 401, 445–46, 446

  • off-market transactions, use of investment income, 446

  • off-market transactions by Fund, Resolution, 774

  • off-market transactions for FY 2000, mitigation of the cost to the Fund, 401

  • ownership of gold and currency for subscriptions, 4

  • payment for repurchases, 388, 389, 391–92, 446

  • profits, distribution to developing countries through Trust Fund, 701

  • profits, final direct distribution for developing members through Trust Fund, 705

  • Special Disbursement Account, use of proceeds of off-market sales, 445–46, 774

  • use of investment income on proceeds from off-market gold transactions, 446

Governance issues

  • Article IV consultations, 54, 56

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

  • corruption, 49, 50, 52, 53

  • HIPC Initiative, 132

  • identification of problems, 56–57

  • macroeconomic impact test for Fund involvement, 49, 52, 53

  • policy advice, 49, 51,

  • role of the Fund, 48–59

  • technical assistance, 49, 50, 51, 56

  • transparency, 49, 51, 53

  • use of Fund resources, 54–56

GRA. See General Resources Account

Grievance Committee, archives on, 585

Gross reserve position

  • assessment for purposes of designation plans, operational budgets, and early repurchases, 371–73, 377–78

  • early repurchases, 384

Guidelines

  • access in individual cases, 313–20

  • access limits policy, 312–13, 320–21

  • allocation of currencies, operational budget, 376–77

  • borrowing by the Fund, 500

  • conditionality, 232–33, 233–41, 241–46

  • Contingent Credit Lines, 355–61

  • Corrective Action, 65, 262, 278, 283

  • designation plans, 370–71

  • early repurchases, guidelines, 385–87, 391

  • early repurchases, summary of guidelines, 383–84

  • emergency assistance, natural disasters, 287–89, 298

  • emergency assistance, post-conflict, 290–92, 293–97, 298

  • Fund staff collaboration with the WTO, 600–607

  • Fund support for Currency Stabilization Funds, 65

  • governance issues, 48–59

  • misreporting and noncomplying purchases, 262–64, 264–66

  • operational budgets, 370–71

  • payment of reserve assets for subscription, 4–7

  • performance criteria and phasing, relationship, 253–56

  • performance criteria with respect to external debt, 256

  • performance criteria with respect to foreign borrowing—discount rate for assessing concessionality, 261–62

  • SDR valuation basket, calculation of currency amounts, 642–43, 643–45

  • SDR valuation basket, conversion into euro of deutsche mark and French franc, 645

  • SDR valuation method, calculation of currency amounts, 639–40

  • selection of currencies by the Fund, 371–73, 374–76, 376–77, 377–78

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), 478–79, 494

I

IMFC. See International Monetary and Financial Committee

Immunities and Privileges of Specialized Agencies, United Nations Convention, 784–806

Immunity of archives, 585

Import restrictions for balance of payments reasons

  • extended arrangements, 282

  • GATT, 511

  • stand-by arrangements, 278

Ineligibility to use Fund resources

  • declaration of ineligibility, 231, 675, 676, 683–84, 690, 692, 695

  • extended arrangements, 283, 676

  • limitation and ineligibility under Article V, Section 5, 380

  • publicity, 231, 623

  • stand-by arrangements, 676

Inter-American Development Bank (IDB)

  • communication regarding members’ arrears to the Fund, 684

  • exchange of documents with, 609

Interest

  • means of payment under Trust Fund, 704

  • PRGF-HIPC Trust, interest-free loans, 116

  • PRGF loans, 51

Interim Committee. See also International Monetary and Financial Committee

  • composition, 723–24

  • establishment, 722–26

  • governance, 217

  • International Monetary and Financial Committee, transformation of Interim Committee into, 726–30

  • participation of Executive Directors in meetings, 723

  • participation of Managing Director in meetings, 724

  • procedures, 725–26

  • rules of procedures, 741–42

  • safeguards for use of Fund resources, 217

  • terms of reference, 724–25

International agencies. See also specific international agencies

  • exchange of documents with, 607–608

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

International Court of Justice, 780, 796

International Development Association (IDA)

  • HIPC Initiative, 132, 134

  • prescribed holder of SDRs, 651

International Fund for Agricultural Development (IFAD)

  • prescribed holder of SDRs, 651

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

  • participation of Executive Directors in meetings, 727

  • participation of Managing Director in meetings, 727

  • procedures, 729

  • terms of reference, 728

  • transformation of Interim Committee into IMFC, 726–30

International organizations. See also specific international organizations

  • transmittal of Fund documents, 607–608

Interpretation

  • Article VI, use of Fund resources for capital transfers, 209

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

  • Article IX, Section 7, privilege for communications, 587–88

  • Article XII, Sections 3(b)(i) and 3(f), appointment of directors by members having one of five largest quotas, 612

  • Article XII, Section 3(c), appointment of two additional directors, 612–13

  • Article XIV, Section 3, Fund representation in exceptional circumstances on withdrawal of Article XIV, Section 3 restrictions, 638

  • Article XXVI, Section 2(a), compulsory withdrawal, 675

  • Articles of Agreement, use of Fund resources, 209

Investigation of Fund, cooperation procedures, 619–21

Investigation of Fund activities, cooperation procedures date of next review, 621

Immunity of Archives, access policy, 585–86

Islamic Development Bank (IsDB)

  • exchange of documents with, 609

  • prescribed holder of SDRs, 651

J

Japanese yen

  • freely usable currency, 700

  • weight in SDR valuation basket, 605, 641, 642

  • weight in SDR valuation method, 639

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

Joint Vienna Institute

  • establishment, 807–18

  • amendments to Agreement for the Establishment of, 807

Joint Staff Assessments, 152–53

L

Lapse of time procedure for reviews under Fund arrangements, 285–87

Leases, definition of external debt, 257, 260

Letters of intent

  • deletion from documents released to aid agencies, 611

  • publication, 626, 627, 631

  • side letters, 212–15

Limits

  • access to credit tranches—review, 320–21

  • access to Extended Fund Facility—review, 320–21

Loan Account, PRGF Trust, 69–71, 72, 76

M

Maintenance of value

  • overdue adjustments, 679

  • rates for computations, 421–23

Managing Director

  • authorized signatories, 622

  • consultation by member before requesting an extended arrangement, 270

  • consultation with creditors for additional borrowing for PRGF Trust Loan Account, 105

  • consultation with member on changes in exchange rate policies, 9, 14

  • consultation with member with outstanding purchases on sale of currency, 374, 379

  • Development Committee, participation in meetings of, 733

  • General Arrangements to Borrow, proposals for calls, 452

  • International Monetary and Financial Committee, participation in meetings of, 727

  • nondiscriminatory treatment of members, 234–35

  • procedures for addressing overdue financial obligations, 80, 81, 82, 83, 84

  • SDR allocation, proposals for

    • first basic period, 759

    • third basic period, 761

    • fourth basic period, report of Managing Director on, 771–73

  • use of Fund resources, recommendation regarding approval, 235

Memoranda of economic and financial policies, publication, 626, 627, 631

Military expenditure and the role of the Fund

  • Article IV consultations, 533, 534

  • performance criteria, 534

  • surveillance, 532–34

Misreporting and noncomplying disbursements, PRGF Trust

  • condition, nonobservance of, 80–81

  • corrective action, 68, 82

  • early repayment, 81

  • performance criteria, accuracy of information, 85

  • prior action, accuracy of information, 85

  • repayment expectation, 82

  • safeguards for use of Fund resources, 205

  • waiver of applicability or for nonobservance of performance criteria, 81, 85

  • waiver of early repayment, 81

Misreporting and noncomplying purchases, General Resources Account

  • Article VIII, Section 5, 264

  • corrective action, 262–64, 264–66

  • limitation period of four years, 263

  • outright purchases covered by guidelines, 263

  • performance criteria or other conditions, accuracy of information, 221, 267

  • prior actions, accuracy of information, 263, 266–67

  • publication of cases, 263

  • safeguards for use of Fund resources, 216

  • waivers, 263, 266, 267, 272

Moral hazard, 299, 348

Multi-year rescheduling arrangements (MYRAs)

  • enhanced surveillance and, 164, 165

Multiple currency practices

  • approval, 9, 522

  • approval criteria, when imposed for balance of payments reasons, 510, 524

  • approval criteria, when imposed for nonbalance of payments reasons, 510, 525

  • Article IV consultations, 525

  • balance of payments reasons, 516, 524

  • capital transactions, 210

  • consultation with Fund prior to changes, 515, 516, 517

  • discrimination, 524

  • exchange taxes, 521

  • jurisdiction of the Fund, 518

  • nonbalance of payments reasons, 516, 525

  • official action, 523, 524

  • policy, 1947, 514–21

  • policy, 1957, 521–23

  • policy, 1998, 523–25

  • simplification of complex rate systems, 522–23

  • spread, 523

  • statement to members transmitting Fund’s decisions, 514–15

  • taxes on exchange drafts, 517

  • unification of exchange rates as basic Fund objective, 522

MYRAs. See Multi-year rescheduling arrangements

N

Natural disasters, emergency assistance, 287–89, 298

Need. See Balance of payments need

Net income. See Burden sharing

New Arrangements to Borrow (NAB), 477–94

  • credit arrangements, 479

  • Eleventh General Review of Quotas, 748

  • entry into force, 480

  • Hong Kong Monetary Authority, 478–79, 493

  • meetings of participants, 494–95

  • nonparticipants, 481–82

  • participants, 481, 493–94

  • relationship with the GAB and associated borrowing arrangements, 492–93

  • transferability of claims, 489, 496–97

Noncooperation draft declaration, 689

Nondiscriminatory treatment of members

  • Paris Club, 171

  • Use of Fund resources, 235

Nordic Investment Bank

  • prescribed holder of SDRs, 651

O

Observer status in the Fund

  • European Central Bank, 597–98, 598, 598–600

  • World Bank, 596, 596–98

  • World Trade Organization, 605–606, 825

Observer status of the Fund

  • World Bank, 596

  • World Trade Organization, 825–26

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, 505

Offshore financial centers (OFCs)

  • assessment program, 192–96

  • inclusion in FSAP reports, 177

  • publication of reports, 194

  • separate from FSAP, 194

Operational budgets

  • assessment of strength of member’s balance of payments and gross reserve position, 370–71

  • guidelines for operational budget allocation of currencies, review, 376–77

  • specification of currencies by the Fund, 371–73, 376–77, 377–78

  • transfers of SDRs under Article V, Section 3(f), 373

Organization for Economic Cooperation and Development (OECD)

  • concessional external loans, definition, 257, 261

  • exchange of documents with, 610

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

  • accounting for charges, 394–95

  • Annual Report (IMF), 682

  • complaint by Managing Director, 682

  • compulsory withdrawal, 684, 685, 690, 691, 692

  • declaration of censure, 684, 689

  • declaration of ineligibility, 231, 683, 684, 685, 689, 690, 691, 692

  • declaration of noncooperation, 231, 684, 685, 689, 691

  • draft first letter to all Governors, 686–87

  • draft second letter to all Governors, 697–88

  • Eleventh General Review of Quotas, 734

  • ESAF, no access, 678

  • extended arrangements and, 283, 676

  • Ninth General Review of Quotas, 683, 693

  • overdue maintenance of value adjustments, 679

  • preferred creditor status of Fund, 122, 680, 689, 692

  • prevention/deterrence measures—strengthened timetable of procedures, 694–96

  • PRGF arrangement, nonapproval, 65

  • procedures for dealing with members, 679–96

  • publication of missed repurchase expectation, 623

  • requests for the use of Fund resources under a stand-by or extended arrangement, management will not submit, 676

  • review period, 678

  • SAF, no access, 678

  • setoff in connection with retroactive reduction of charges, 398

  • special charges, 395–96

  • stand-by arrangements and, 278, 676

  • strengthened cooperative strategy, 230, 231–32, 690–96

  • suspension of voting rights, 693–94, 695

  • technical assistance suspension, 685

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

Overseas Economic Cooperation Fund (OECF) of Japan, 261

P

Pacific Financial Technical Assistance Centre Subaccount, 162

Paris Club

  • Agreed Minute, 171

  • debt rescheduling and Fund arrangements or programs, 693

  • debtors’ negotiations with, 171

  • exchange of documents with, 644

  • PRGF-HIPC Trust, 108, 111

  • settlement of disputes between Fund members and Fund neutrality, 172

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, 169–72

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

  • Fund lending into nonsovereign arrears, 305–11

  • Fund lending into sovereign arrears, 305–11

  • Fund policies and procedures, 303–304, 304–305, 305–307

  • performance criteria, 303–304

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, 266, 267

  • conditionality guidelines, 233–41

  • coverage initially, 255

  • definition, 238

  • external debt, guidelines on coverage of debt limits, 256–60

  • first credit tranche, not subject to, 233

  • foreign borrowing, guidelines on calculation of discount rate, 256–57, 261–32

  • number and content of, 238

  • omitted in stand-by arrangements within first credit tranche, 233

  • phasing, relationship, 253–56

  • reporting lags, 253–54

  • test dates, even distribution, 254

  • waiver of applicability, 81, 266–67

  • waiver of nonobservance, 81, 255, 266–67

Phasing and performance criteria under Fund arrangements

  • omitted in stand-by arrangements within first credit tranche, 233

  • relationship, 253–56

PINs. See Public Information Notices

Position in the Fund, defined, 372, 376

Post-conflict emergency assistance, 88, 110–111, 111, 290–92, 293–97, 298

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

  • administration, 91–92

  • establishment, 88

  • fees, none, 92

  • instrument to establish, 88–93

  • investment of resources, 91

  • purpose, 88

  • rate of charge subsidy, 90

  • resources, 88–89

  • SDRs, use of, 93

  • settlement of questions, 93

  • termination, 92

  • use of resources, 90

Post-SCA-2 Administered Account

  • adoption of Instrument to establish, 83

  • Instrument to establish, 94

Pound sterling

  • freely usable currency, 700

  • weight in SDR valuation basket, 641, 642, 644

  • weight in SDR valuation method, 639

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, 78–79

  • amendment of, 80

  • contributions, value date for operations and transactions, 86

  • declaration of noncooperation, 84

  • electing lenders, 77

  • ESAF successor—initiation of operations, 96

  • establishment, adoption of Instrument, 60

  • extension and enlargement, 87

  • freely usable currency, 62, 77

  • General Resources Account, no reimbursement to, 96

  • Instrument to establish, 61–84

  • investment of resources, 79

  • Loan Account, 62, 69, 73, 76, 87, 105

  • Loans. See Poverty Reduction and Growth Facility Trust loans

  • media of payment, 62

  • misreporting and noncomplying disbursements, 68, 80–82

  • modalities of gold pledge under rights approach, 441–43

  • other provisions, 86

  • period of operation and liquidation, 80

  • post-conflict emergency assistance, 111, 112

  • post SCA-2 Administered Account, 94

  • Poverty Reduction Strategy Papers (PRSPs), 108, 111

  • prior actions, accuracy of information, 85

  • purposes, 61

  • qualifying for assistance, 111–12

  • removal from eligibility, 84

  • repayment expectation, 82, 86–87

  • Reserve Account, 62, 73, 74–76

  • Reserve Account, reviews, 443–45

  • Reserve Account, transfer to the PRGF-HIPC Trust, 75, 96

  • Special Disbursement Account, transfers from or to, 74, 75, 76, 86

  • Subsidy Account, 62, 71–74, 87, 96

  • transfer of claims, 76–78

  • transformation of ESAF to PRGF, 126–28

  • Trust Account and resources, 109

  • unit of account, SDR, 62

  • waiver of performance criteria, accuracy of information, 85

Poverty Reduction and Growth Facility (PRGF) Trust loans

  • access, 65–66

  • adjustment program, 64, 65

  • arrangement period, extension, 66

  • balance of payments need, 65–66

  • benchmarks, 64, 67

  • commitment period, 63, 64, 66

  • commitment period, extension, 87

  • eligibility and conditions for assistance, 63

  • interest, 68, 72, 73, 74, 75

  • misreporting and noncomplying disbursements, 68, 80–82

  • overdue financial obligations to Fund, 64

  • overdue financial obligations to PRGF Trust, 82–84

  • performance criteria, 64, 67, 81, 85

  • performance criteria, accuracy of information, 85

  • phasing of disbursements, 64, 67

  • prior action, accuracy of information, 84–85

  • protracted balance of payment problem, 64

  • repayment expectation, 65, 82, 87

  • rephasing, 66, 67

  • repurchase expectation, 65

  • rescheduling of loan repayments not possible, 68

  • reviews under arrangements, 64, 65, 67, 84

  • structural reforms, 64, 67

  • waiver, early repayment, 81

  • waiver of applicability or for nonobservance of performance criterion, 81, 85

Poverty Reduction Strategy Papers (PRSPs)

  • comprehensive development framework, 153

  • joint staff assessments, 152–53

  • publication policies relating to, 629, 631

  • reviews of progress relating to, 132, 137, 143, 147, 150–53

  • role in PRGF operations, 108, 111

Precautionary arrangements, 264, 359–60

Preferred creditor status of Fund, 122, 680, 689, 692

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, 85, 101, 215, 237–38, 244, 266–67, 301, 367

Program Reviews, 238–39

Protracted balance of payments problem, 64, 428

Public Information Notices (PINs)

  • Article IV consultation, 46, 47, 48, 624, 626, 627, 630

  • member’s consent, 47

  • policy matters, 626, 629, 631

  • presumed publication, 634

  • use of Fund resources, Chairman’s Statement in lieu of PIN, 624- 25

Publication

  • Article IV and combined Article IV/Use of Fund Resources staff reports, 626, 627, 603

  • Article IV consultations background reports (Selected Issues Papers, Statistical Appendices), 626, 627, 630

  • Article IV consultations staff reports, pilot project, 556, 557

  • Article IV staff reports, 634

  • Chairman’s statements, use of Fund resources, 609, 626, 628

  • declaration of ineligibility, 231

  • deletions prior to publication, 635–36, 627, 628

  • Financial Sector Stability Assessment (FSSA) Reports, 631

  • Fund policy papers, 626, 629, 631

  • HIPC Initiative, preliminary, decision point, and completion point documents, 626, 627, 631

  • Joint Fund/World Bank Staff Assessments of PRSPs, Interim PRSPs, and PRSP Progress Reports, 626, 627, 628, 631

  • Letters of Intent, 626, 627, 632, 637

  • Letters of Intent (LOIs)/Memoranda of Economic and Financial Progress (MEFPs) for staff-monitored programs (SMPs), 626, 627, 628, 632

  • member’s statement regarding Fund staff reports, 627

  • Memoranda of Economic and Financial Policies, 626, 627, 628, 631

  • misreporting, 263

  • overdue financial obligations to Fund, 623, 631

  • overdue financial obligations to PRGF Trust, 84

  • pilot project for the publication of Article IV consultation staff reports, 624

  • PINs following Executive Board discussions on policy issues, 626, 629, 631

  • PINs following Executive Board discussions on post-program monitoring, 605, 627, 629

  • PINs on Article IV consultations, 46–48, 624, 626, 627, 631

  • PINs on use of Fund resources, 624

  • Poverty Reduction Strategy Papers (PRSPs), Interim PRSPs, and PRSP Progress Reports, 626, 628, 629, 631

  • publication policies of the Fund, 626–32

  • Recent Economic Developments reports (REDs), Article IV consultations, 630

  • removal from list of PRGF-eligible countries, 84

  • Reports on Observance of Standards and Codes (ROSCs), 626, 629, 631

  • repurchase expectations, failure to meet, 623

  • staff reports on staff-monitored programs, stand-alone, 626, 629, 632

  • staff-monitored programs, presumption of publication, 33

  • statistical appendices and annexes, Article IV consultations, 626, 630

  • suspension of voting rights and termination of suspension, 623

  • Technical Memoranda of Economic and Financial Policies, 626, 627, 631

  • use of Fund resources—Chairman’s Statement, 624, 625, 626, 628, 631

  • use of Fund resources and post-program monitoring staff reports, 626, 633

  • waivers of applicability or for nonobservance of performance criteria, 626, 628, 631

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

  • augmentation of rights to purchase under stand-by and extended arrangements, elimination, 269

  • resumption of purchases under extended arrangement after decision of formal ineligibility, 283

  • resumption of purchases under stand-by arrangement after decision of formal ineligibility, 278

  • suspension of transactions under extended arrangements, 283

  • suspension of transactions under stand-by arrangements, 278

  • temporary suspension under Article XXVII, effect on GAB, 457

  • temporary suspension under Article XXVII, effect on NAB, 490

Q

Quotas

  • ad hoc increases, 7

  • adjustment, first interval of five years, 3

  • Eleventh General Review, 3, 312

  • Eleventh General Review, extension of period for consent to increases, 3

  • Eleventh General Review, Report of the Executive Board, 745–56

  • Eleventh General Review, Resolution, 752–54

  • Ninth General Review, 683, 693, 749, 753

  • Twelfth General Review, report to Board of Governors and proposed resolution, 757–58

  • payment of reserve assets in connection with subscription, 4–7

  • sales of SDRs by Fund to members for quota payments, 382

  • Seventh General Review, 5, 6, 382, 670, 765, 767

  • Sixth General Review, 5

  • Tenth General Review, 745

  • voting power and adjustment of quotas, 613

R

Recent Economic Developments reports (REDs)

  • balance of payments consultations, WTO, 601–602

  • publication, 626, 627, 631

  • transmittal to multilateral agencies, 610

Reconstitution of SDRs

  • abrogation of rules, 672

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

Repayment expectations, PRGF Trust, 65, 86–87

Reports on Observance of Standards and Codes (ROSCs)

  • anti-money laundering initiatives, 203–208

  • no longer circulated to Executive Directors in hard copy form, 198, 199, 200, 201

  • publication policies, 626, 627, 629, 631, 634

Repurchase expectations

  • attribution of reduction of currency, 390–91

  • Compensatory Financing Facility, 340, 387–88

  • Contingent Credit Lines, 353

  • failure to meet and CFF, 388

  • failure to meet and extended arrangements, 267, 283, 388

  • failure to meet and PRGF Trust, 65

  • failure to meet and stand-by arrangements, 267, 278, 388

  • failure to meet under Supplemental Reserve Facility, 350

  • misreporting and noncomplying purchases, 264–66, 267

  • publication of failure to meet, 623

  • Supplemental Reserve Facility, 349–50

Repurchases. See also Repurchase expectations

  • access policy, 317

  • assessment of strength of members’ balance of payments and gross reserve position, 370–71

  • attribution of reductions in Fund’s holdings of currencies, 390–91

  • Compensatory Financing Facility, 340, 387–88

  • credit tranches, 387

  • currencies of other members, 388, 389

  • early repurchases, guidelines, 383–84, 385–86

  • emergency assistance, 387

  • extended arrangements, 272, 284

  • gold, acceptance in payment, 389, 391–92, 401

  • gold, obligation to pay, 388, 389, 389–90

  • gold, off-market sales, 391–92

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

  • overdue, 395

  • periods, 387

  • procedures, 387–89

  • purchases under credit tranches and CFF, 387–88

  • Schedule B, 389

  • SDRs, 302, 389

  • selection of currencies by Fund, 371–73, 377–78

  • special charges on overdue repurchases, 395–97

  • stand-by arrangements, 279

  • Systemic Transformation Facility, 369

  • timing of repurchases within a calendar month, 388

  • use of Fund’s resources, 211–12

Reserve Account of PRGF Trust

  • resources, 75

  • review of adequacy, 415–16

  • transfer to the PRGF-HIPC Trust, 96

Reserve assets

  • payment in connection with subscriptions, 4–7

  • SDR allocation, 762, 772

  • SDR as principal reserve asset, 772

Reserve currency and specification of currencies, 373

Reserve position, gross

  • assessment for purposes of designation plans, operational budgets, and early repurchases, 370–71, 377

  • SDDS reporting, 550

Reserve tranche position

  • attribution of reductions in Fund’s holdings of currencies, 379, 390, 391

  • balances held in Administrative Account, 698

  • Eleventh General Review of Quotas, 751

  • extended arrangements, 198, 698

  • remunerated position, 6

  • stand-by arrangements, 268

Reserve tranche purchases, exclusion of purchases and holdings

  • administrative accounts, 698

  • Buffer Stock Financing Facility, 697

  • Compensatory Financing Facility, 335, 697

  • Contingent Credit Lines, 350, 354

  • credit tranches, 698

  • emergency assistance, 298

  • extended arrangements, 268, 698

  • General Arrangements to Borrow, 454–55

  • New Arrangements to Borrow, 487

  • stand-by arrangements, 268

  • Supplemental Reserve Facility, 350, 699

  • Systemic Transformation Facility, 368, 699

Resolutions. See Board of Governors Resolutions

Restrictions. See Exchange restrictions

Retention quotas, 506–508

Reviews under Fund arrangements

  • extended arrangement, 282

  • lapse of time procedure, 285–87

  • PRGF arrangement, 64, 65, 66, 67

  • stand-by arrangement, 277

Revolving character of the Fund’s resources, 317, 748

Rights accumulation programs, 76–79, 110–111, 112

Rights approach

  • arrears to the Fund, reduction, 227

  • extension of period, 232

  • gold pledge, 226

  • modalities of gold pledge for use of PRGF Trust resources, 229, 441–43

  • operational modalities, 226–30

  • phasing, 228

  • PRGF-HIPC Trust eligibility, 110–11

  • PRGF-HIPC Trust qualification, 112

  • three-year period norm, 227

ROSCs. See Reports on Observance of Standards and Codes

Rules and Regulations

  • Rule G-1, fiscal agency, 456, 489

  • Rule G-4, request for a purchase, 380

  • Rule I-6(4), rate of charge, 350, 354, 369, 395, 398, 399, 402, 405, 406, 409, 410, 413, 414, 416, 418, 711

  • Rule I-6(4)(a), 399, 400, 402, 405, 406, 409, 410, 413, 414, 416

  • Rule I-6(4)(b), 405, 406, 408, 410, 412, 414, 416, 420

  • Rule I-8, charge for stand-by and extended arrangements, 400

  • Rule I-10, rate of remuneration, 402, 405, 406, 410, 414, 418

  • Rule K-1, 528

  • Rule O-1, value of SDR, 646

  • Rule O-2, valuation of currencies in terms of SDRs, 456, 473, 645, 656, 657, 658, 659, 661, 663

  • Rule O-2(a), value of U.S. dollar in terms of SDRs, 392, 422, 446, 445

  • Rule O-10, operational budget, 373

  • Rule P-7, prescribed operation, 657, 659, 660, 662, 664, 665, 666

  • Rule P-9, recording of SDR transactions, 93, 652, 653, 654, 657, 659, 661, 663, 664, 666

  • Rules R-1 through R-6, rules for reconstitution (abrogated), 672

  • Rule T-1, interest and charges in respect of SDR, 78, 399, 400, 409, 413, 416

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, 219

  • publication of audited central bank financial statements, 218, 220

Safeguards assessment process

  • first stage, 219

  • audits, 218, 220, 221

  • confidentiality, 219

  • information/documents to obtain from central banks, 221–22

  • second stage, 219

Saudi Arabia

  • borrowing agreement, 468–75

Schedule B, transitional provisions, 5, 384, 388, 389

Schedule F, designation, 668

Schedule G, paragraph 1(a), reconstitution, 672

Schedule J, settlement of accounts with withdrawing members, 457, 473, 490

Schedule K, administration of liquidation, 457, 474, 490

Schedule L, suspension of voting rights, 724, 732

SDDS. See Special Data Dissemination Standard

SDRs. See Special drawing rights

Second Amendment

  • Article IV (surveillance over exchange rate policies), 10, 13

  • compensatory financing repurchase obligation, 346

  • payment of reserve assets in connection with subscription, 4–7

  • renumbered Articles, 210, 272, 393, 501, 510, 521, 587, 638, 675

  • repurchases, guidelines, 383

  • repurchases under Schedule B, 388, 389

  • surveillance over exchange rate policies, 10, 13

Security reasons, exchange restrictions for, 503–504

Settlement of disputes between members relating to external debt

  • comparable treatment of creditors, 171

  • neutrality of Fund, 172

  • Paris Club, 171

  • role of the Fund, 169–72

SFF. See Supplementary Financing Facility

Side letters, use of Fund resources, 212–14

Sovereign default, 300, 305

Special charges, review, 397

Special Contingent Account. See also Burden sharing

  • additions to, 678

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

  • access by the public, 541

  • certification requirement, 544–45

  • coverage, 537

  • Dissemination Standards Bulletin Board (DSBB), 543

  • external debt, 39

  • fiscal data, 41

  • flexibility options, 540

  • integrity, 541

  • international reserves, 39–40

  • periodicity, 538

  • provision for surveillance purposes, 38–42

  • purpose and framework, 536

  • quality, 541–42

  • removal from the DSBB, 543–45

  • review, 545

  • revision, 41–42

  • subscription, 542

  • template on international reserves/foreign currency liquidity, 550–55

  • timeliness, 222

  • vulnerability assessments, 40–41

Special Disbursement Account (SDA)

  • ESAF-HIPC Trust, 120

  • investment, 424–25, 425

  • off-market gold sales, 391

  • PRGF-HIPC Trust, 108

  • repayment expectation under PRGF Trust, failure to meet, 86

  • Structural Adjustment Facility administration, 425–33

  • termination and transfer of resources from Trust Fund, 705–706

  • termination of assistance from SAF in conjunction with loans from ESAF Trust, 440–41

  • transfer of resources to the ESAF Trust and retransfer to the SDA, 438–39

  • transfers to PRGF-HIPC Trust account, 109

  • transitional investment of balances with the Federal Reserve Bank of New York, 425

Special drawing rights (SDRs)

  • allocation for first basic period, 759–60

  • allocation for fourth basic period, report of Managing Director, 771

  • allocation for third basic period, 655, 761–70

  • allocations to new participants, third basic period, 655

  • contributions to PRGF-HIPC Trust, 109

  • designation review rules, 667–69

  • designation rules, version, 670–71

  • euro, conversion of deutsche mark and French franc, 642

  • euro reference rates, 646

  • euro weight in valuation basket, 642, 644, 645

  • harmonization of holdings, 372, 668

  • holders prescribed by the Fund African Development Bank, 651

    • African Development Fund, 651

    • Andean Reserve Fund, 650

    • Arab Monetary Fund, 625

    • Asian Development Bank, 651

    • Bank for International Settlements, 650

    • Bank of Central African States, 651

    • Central Bank of West African States, 651

    • East African Development Bank, 651

    • East Caribbean Currency Authority, 651

    • Eastern Caribbean Central Bank, 651

    • European Central Bank, 651, 652

    • International Bank for Reconstruction and Development (World Bank), 651

    • International Development Association, 651

    • International Fund for Agricultural Development, 651

    • Islamic Development Bank, 651

    • Nordic Investment Bank, 651

    • Swiss National Bank, termination of status, 651

  • Japanese yen

    • weight in valuation basket, 641, 642, 644

    • weight in valuation method, 639

  • means of repayment by members on indebtedness under loan agreements, 704

  • media of payment for charges in GRA, 394

  • other holders, acceptance, holding or use, 647–49

  • payment of net charges and assessment in the SDR Department for FY ended April 30, 1982, 673

  • payment of subscriptions, 6, 7

  • pound sterling

    • weight in valuation basket, 641, 642, 643

    • weight in valuation method, 639

  • PRGF-HIPC Trust unit of account and media of payment, 109

  • PRGF Trust unit of account and media of payment, 62, 68

  • reconstitution, abrogation of rules, 672

  • reserve asset payments, 6, 7

  • sales by the Fund for payment of charges, 394

  • sales by the Fund for payment of subscriptions, 382

  • terms and conditions for accepting, holding, or using SDRs, 647–49

  • transfers of SDRs for payment of subscriptions under Article V, Section 6(b), 371, 382

  • transfers of SDRs for purchases under Article V, Section 3(f), 347

  • U.S. dollar

    • weight in valuation basket, 641, 642

    • weight in valuation method, 639

  • use in donations, 666

  • use in ESAF Trust operations or under an administered account, 653–54

  • use in forward operations, 665–66

  • use in loans, 657–59

  • use in payment by members on their indebtedness under loan agreements, 704

  • use in payment of Trust Fund obligations, 612

  • use in pledges, 659–61

  • use in PRGF-HIPC Trust operations or under an administered account, 654

  • use in PRGF loans, 68

  • use in repurchases, 388–89

  • use in settlement of financial obligations, 656–57

  • use in Structural Adjustment Facility operations, 653

  • use in subsidy payment from SFF Subsidy Account, 652–53

  • use in swap operations, 663–64

  • use in transfers as security for the performance of financial obligations, 661–63

  • valuation basket, guidelines for calculation of currency amounts, 642–43

  • valuation basket, guidelines for calculation of currency amounts, revised, 643–45

  • valuation basket, review, 641–42

  • valuation method, 639–40

  • valuation of U.S. dollar for purposes of Rule O-2(a), 445–46, 646

  • value of SDR, method of collecting exchange rates for calculation for purposes of Rule O-2(a), 646

Specification of currencies, 371–73, 377–79

  • harmonization, 372

SRF. See Supplemental Reserve Facility

Staff-monitored programs, 32–33

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

  • document exchange with WTO, 608

  • military expenditure, 532–34

  • presumed publication, 634

  • publication, 626, 627, 630

  • publication under pilot project, 623–25, 625

  • transmittal to international agencies, 607, 610, 611

Staff reports on enhanced surveillance

  • transmittal by members to creditors, 162–65, 165–66, 169

Staff reports on use of Fund resources and post-program monitoring publication policy, 633

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

  • access to credit tranches, normally through, 232

  • arrangements not international agreements, 237

  • augmentation of rights to make purchases, elimination, 269

  • charges, 279

  • commitment charge, 400–401

  • Compensatory Financing Facility, 278

  • conditionality guidelines, 233–41, 241–45

  • consultation clauses, 237, 278

  • Contingent Credit Lines, 278

  • contractual connotation avoidance, 237

  • debt- and debt-service-reduction operations, 278

  • duration, normal, 233

  • emergency purchases and, 288, 291–92, 294

  • exclusion of purchases for definition of “reserve tranche purchases,” 268–69

  • external debt, performance criteria, 256–60, 276

  • first credit tranche, 233, 276

  • form, standard, 275–80

  • Guidelines on Corrective Action, 278

  • indicative targets, 255

  • ineligibility, 278, 676

  • lapse of time procedure, reviews, 285–87

  • misreporting and noncomplying purchases, 262–64, 264–66, 266- 67, 267

  • noncomplying purchases, 262–64, 266–67, 278

  • nondiscriminatory treatment, 234–35

  • overdue financial obligations to the Fund, 278, 676

  • performance criteria, accuracy of information, 267

  • performance criteria and phasing of purchases, relationship, 254–56

  • performance criteria with respect to external debt, 256–60, 261–64, 276–77

  • period for, 233

  • phasing, 233, 254

  • policies and procedures, 232–33

  • PRGF-HIPC Trust eligibility, 110–11

  • PRGF-HIPC Trust qualification, 111–12

  • prior actions, accuracy of information, 266–67

  • program evaluation, 240–41

  • repayment expectation under PRGF Trust, 86, 278

  • repayment obligation under PRGF Trust, 278

  • reporting lags, 253–54

  • repurchase, 279, 318

  • repurchase expectation, 266, 267, 278

  • reserve tranche purchases, 268–69

  • review, 241, 256, 277

  • review, completion, 256

  • review, lapse of time, 285–86

  • standard clause on external contingency mechanism, eliminated, 285

  • standard clauses on set asides in support of operations involving debt reduction, eliminated, 285–86

  • Supplemental Reserve Facility and, 278, 349

  • suspension of right to engage in transactions, 278

  • test dates, 254

  • uniform treatment of members, 234–35

  • waiver for nonobservance of performance criteria, 263, 265, 266, 267

  • waiver of applicability of performance criteria 263, 266–67

Standards and codes. See also Financial Sector Assessment Program; and Special Data Dissemination Standard (SDDS)

  • Basel Core Principles for Effective Banking Supervision, 356

  • Code of Good Practices in Fiscal Transparency, 356

  • Code of Good Practices in Monetary and Financial Transparency, 356

  • Contingent Credit Lines and, 355, 356

  • reports on observance of, 174, 199, 200

  • safeguards for use of Fund resources and, 218

STF. See Systemic Transformation Facility

Strengthened cooperative strategy, 230, 231–32, 690–96

Structural Adjustment Facility (SAF)

  • access, potential, 425–26, 433, 437–38

  • amount of assistance, 425–26

  • commitment period, 427, 428

  • commitment period, extension, 438

  • commitment period, new, 432

  • disbursement period, extension, 438

  • disbursements, 428–29, 431

  • eligible members list, 433–35

  • income from investment and loans, 438–40

  • interest, 429

  • loans under Enhanced Structural Adjustment Facility, 431–33

  • PRGF-HIPC Trust qualification, 111–12

  • phasing, 431

  • protracted balance of payments problem, 64, 428

  • purposes, 425

  • qualification for assistance, 427–28

  • resources, 425

  • review, 436, 437–38, 438

  • rights accumulation programs and, 111–12

  • SDRs, use in operations, 433, 653

  • terms of loans, 429–30

Subscriptions. See also Quotas

  • accounting by members, 4

  • basic source of Fund financing, 499

  • ownership of gold and currency, 4

  • reserve asset payments, 4–7

Subsidy Account. See Supplementary Financing Facility Subsidy Account

Supplemental Reserve Facility (SRF)

  • availability through stand-by or extended arrangement, 349

  • commitment period, 349

  • conditionality, 351

  • contagion risk, 348

  • net operational income not taken into account in rate of charge calculations, 399, 409

  • overdue financial obligations, 64–65, 278, 283

  • phasing, 349

  • rate of charge, 351

  • repurchase, 349–50

  • repurchases, installment periods 349–50

  • repurchase expectation, 350

  • reserve tranche purchases, exclusion, 350, 699

  • sudden and disruptive loss of market confidence test, 348

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, 715–16

  • eligible members, 709–10

  • exchange rate for payment of subsidies, 716

  • Instrument to establish, 707–14

  • investment, 708, 712, 714

  • means of subsidy payments, 715

  • purpose, 707

  • rescheduling in cases of serious hardship, 706

  • resources, 707

  • SDRs, use of, 613

  • subsidy amount, 711

  • suspension of transfers and re-transfer of surplus, 714–15

  • transfer from Special Disbursement Account, 705–706, 707, 714

Suppliers’ credits, coverage in external debt limits, 201

Surcharges on purchases, disposition for FY 2002, 412

Surcharges on purchases, disposition for FY 2003, 413

Surcharges on purchases, disposition for FY 2004, 417

Surveillance. See also Article IV consultations; Enhanced surveillance

  • ad hoc Article IV consultation, 15, 16

  • architecture of international financial system, 19

  • capital flows, 12, 22

  • comprehensive analysis, 13

  • consultation cycles, changes, 36–38

  • core and noncore issues, 20

  • coverage principles, 27

  • data provision, 38–42

  • euro area, 43–45, 45–46

  • extension of three-month period, 43

  • external evaluation, 19, 20

  • financial sector soundness and vulnerability, 22

  • macroeconomic relevance tests, 20

  • principles, general, 10–11

  • principles for guidance of members, 11

  • principles of Fund surveillance over exchange rate policies, 12–13

  • procedures, 13–14, 16–17, 32, 36

  • review of general implementation, two-year intervals, 10, 16, 24–33, 33–36

  • ROSCs, 29

  • Special Data Dissemination Standard, 38–39

  • staff-monitored programs, 32–33

  • supplemental procedures, 15–16

  • three-month rule, 42–43

  • World Economic Outlook, 30

Suspension of membership, 685

Suspension of voting rights

  • participation in Interim Committee, 724

  • participation in International Monetary and Financial Committee, 727

  • publicity, 623

  • timetable of procedures, 695, 696

Swiss National Bank

  • GAB participant, 461, 465, 467

  • NAB participant, 494

  • termination of status as prescribed holder of SDRs, 651

Systemic Transformation Facility (STF), 365–69

  • access, 369–70

  • conditionality, 368

  • future of, 369

  • period not extended, 369

  • prior actions, 367

  • repurchases, 369

  • reserve tranche purchases, exclusion, 368, 699

T

Technical assistance

  • cooperation with Trusteeship Council, 780

  • exchange rate system simplification, 523

  • Framework Administered Account for, 158–61

  • members not cooperating with the Fund, 683, 684, 685

  • post-conflict countries, 290

  • transmittal of reports to international agencies, 607

Terrorism financing, 201

Trade. See also World Trade Organization

  • severe disruptions, Systemic Transformation Facility, 365–66

  • structural maladjustments in trade, Extended Fund Facility, 269

Trade restrictions

  • avoidance of escalation, 513, 738

  • emergency assistance, 289

  • ESAF, 100

  • import restrictions for balance of payments reasons

    • extended arrangements, 282

    • GATT, 511

    • stand-by arrangements, 278

  • Voluntary Declaration on Trade and Other Current Account

    • Measures, 738

Tranche policies

  • application in connection with CFF, 335

  • application in connection with STF, 368

  • exclusion of credit tranches in definition of reserve tranche purchase, 268–69

  • first credit tranche, 233, 304

  • floating tranche, 242

Transferability of claims

  • General Arrangements to Borrow, 457, 465–66

  • New Arrangements to Borrow, 496–97

  • Saudi Arabia, borrowing agreement with, 466–68

Transparency. See also Publication

  • foreign reserves management, 219

  • governance, 49

  • safeguards for use of Fund resources, 217

  • use of Fund resources, 624–25

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

  • administration of, 117–18

  • amendment of, 119

  • assistance amount, 112–15

  • completion point, 107, 111, 112, 113, 114, 115, 121, 122, 133, 136, 140, 141, 142, 143, 144, 146, 147, 154, 155, 156

  • contributions by other donors, 123

  • contributions to, 110

  • debt service to exports ratio, 115

  • debt sustainability, 107, 113, 122

  • debt sustainability analysis, 107, 136

  • debt to exports ratio, 107, 115

  • debt to revenue ratio, 1.07

  • decision point, 107, 111, 112, 113, 114, 115, 120, 122, 132, 133, 136, 142, 144, 146, 147, 154

  • eligibility and eligible members, 110–11, 136

  • grace period on loans, 116

  • grants and loans, 116

  • Guidelines on Misreporting, 108

  • Instrument to establish, 106–19

  • Instrument to establish, adoption, 105

  • interest, 108, 116

  • interim assistance, 114

  • interim PRSP, 129, 134, 135

  • investment of resources, 118, 124

  • maturity of loans, 116

  • Millennium Development Goals (MDGs), 139

  • off-market gold transactions, use of investment income, 446

  • Paris Club, 108, 111, 113, 143

  • period of operation and liquidation, 119

  • performance-related conditions, nonobservance, 114

  • Poverty and Social Impact Analysis (PSIA), 130, 140

  • Poverty Reduction Strategy Papers (PRSPs), 108, 111, 128, 129, 131, 132, 134, 135, 137, 138, 139, 140, 141, 142, 143, 147

  • progress in implementation, 154–57

  • purposes, 109

  • qualification for assistance, 111–12

  • rescheduling of repayments not allowed, 116

  • reserve account review, 443–45

  • retransfers authorized, 124

  • SDRs, use in operations, 118, 654

  • self-sustained PRGF operations, 108, 119, 146

  • special charges on overdue interest and repayments, 396

  • Special Disbursement Account, transfers from, 109

  • streamlining preliminary HIPC documents, 136

  • subsidies, interim PRGF operations, 116–17

  • terms of assistance, 115–16

  • track record of performance, 111, 112, 122, 132, 136, 143, 150

  • transformation of ESAF-HIPC Trust to PRGF-HIPC Trust, 127

  • Trust Account and resources, 109

Trust Fund

  • distribution to developing countries of profits from gold sales, 701

  • final direct distribution of profits, 705

  • loan disbursement, timing, 702

  • means of payment of interest by members on indebtedness under loan agreements, 704

  • overdue interest and repayments, 396

  • period for qualification, extension, 702

  • procedures for final payments of profits and loans for period July 1, 1976–June 30, 1978, 701

  • SDRs, use in payment of Trust Fund obligations, 652

  • second period, extension, 702–703, 703

  • special charges on overdue financial obligations, 395–97, 704

  • termination and transfer of resources to Special Disbursement Account, 424, 705–706

  • terms of repayment of final loan disbursement and amendment of Trust instrument, 706

Twelfth General Review of Quotas

  • report to Board of Governors and proposed resolution, 757–58

U

Undue delay in availability or use of foreign exchange, 448, 489

Uniformity of treatment principle

  • consultation cycles, 23

  • external debt in Fund arrangements, guidelines on performance criteria, 258

  • post-conflict assistance, 295, 296

  • settlement of disputes among members, comparable treatment, 171

  • use of Fund’s general resources, nondiscrimination, 235

United Nations

  • agreement with the IMF, 777–83

  • anti-money laundering, 196

  • Convention on the Privileges and Immunities of the Specialized Agencies, 784–806

  • exchange of documents with, 779

  • “Uniting for Peace” General Assembly resolution, 720

United Nations Development Program

  • exchange of documents, 609

U.S. dollars

  • freely usable currency, 700

  • maintenance of value, rates for computation, 424

  • means of payment by members on indebtedness under Trust Fund loan agreements, 704

  • medium of payment, PRGF Trust, 62

  • off-market gold sales made in, 445

  • payments of interest on members’ indebtedness under Trust Fund loans, 704

  • use for Subsidy Account payments, 715

  • valuation in terms of special drawing rights pursuant to Rule O-2(a), 445–46, 646

  • weight in SDR valuation basket, 641, 642, 650

  • weight in SDR valuation method, 639

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; Standby 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, 209

  • authority of the Fund to use its resources, resolving problem of arrears, 688

  • authority to use resources of Fund, interpretation of Articles of Agreement, 209

  • capital transfers, 209, 447

  • conditionality guidelines, 232–33, 233–41, 241–46

  • financing current account deficits, 209

  • form, extended arrangement, 280–84

  • form, stand-by arrangement, 275–80

  • ineligibility

    • effect on purchases under extended arrangement, 283

    • effect on purchases under stand-by arrangement, 279

    • under Article V, Section 5, 380

    • under Article XXVI, Section 2(a), 675

  • interpretation of Articles of Agreement, 209

  • limitation and ineligibility under Article V, Section 5, 380

  • meaning of “consistent with the provisions of this Agreement,” Article V, Section 3, 209

  • meaning of “represents” in respect of need, Article V, Section 3(b)(ii), 210

  • monetary stabilization, 210

  • nondiscriminatory treatment of members, 234–35

  • performance criteria and phasing, 253–56

  • postponement and limitation under Article V, Section 5, 380–81

  • repayment expectation under PRGF Trust, failure to meet, 86–87

  • resumption of purchases under extended arrangement after decision of formal ineligibility, 283

  • resumption of purchases under stand-by arrangement after decision of formal ineligibility, 278

  • safeguards, strengthening of, 216–22

  • side letters, 212–15

  • suspension of exchange transactions, effect on General Arrangements to Borrow, 457

  • suspension of transactions under extended arrangements, 283

  • suspension of transactions under stand-by arrangements, 278

V

Vienna Institute, Joint. See Joint Vienna Institute

Voluntary Declaration on Trade and Other Current Account Measures, 738

Voting power majority

  • compulsory withdrawal, 691

  • Eleventh General Review of Quotas, 752

  • SDR allocation, 772

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, 335–36

  • emergency assistance, 298

  • Extended Fund Facility, 272

  • Supplemental Reserve Facility, 351

  • Systemic Transformation Facility, 368

Waiver of performance criteria

  • applicability, 80–81, 240, 266, 267

  • nonobservance, 80–81, 240, 255, 266

Waiver of special charges, 396

World Bank (International Bank for Reconstruction and Development)

  • agreement with WTO, 819, 820, 822

  • anti-money laundering, 196, 200

  • Bank-Fund collaboration, 596–97

  • collaboration with Fund on corporate sector vulnerability analysis, 22

  • collaboration with Fund on shifting resources from military, 534

  • Development Committee, 730–36

  • ESAF policy framework process, 100

  • Financial Sector Assessment Program, 174–75, 175–76

  • governance, 50, 51, 57

  • HIPC Initiative, 120–21, 132, 134–35

  • investment by Fund of currencies received by SFF Subsidy Account, 714

  • military expenditures, 534

  • observer status in Fund, 596, 596–97

  • post-conflict assistance, 290

  • prescribed holder of SDRs, 651

  • PRGF-HIPC Trust, 106–107

  • publication policies of the Fund, 626, 631

  • rights approach, 227–28

  • suspension of voting rights, 694

World Economic Outlook, 472

  • European Central Bank, observer, 597

  • military spending, 532, 534

  • multilateral surveillance, 23, 30–31

  • surveillance procedures, 13–14

World Trade Organization (WTO)

  • balance of payments consultations, 601–602

  • coherence in global policymaking, 602, 821, 824

  • consistency of policy advice and obligations, 602–604

  • cross-conditionality, avoidance, 603–604

  • decision of IMF on IMF-WTO Agreement, 819

  • decision of WTO General Council on IMF-WTO Agreement, 819–23

  • documents exchange with, 606–607, 826

  • Fund staff observer at WTO meetings, 597–98, 825–26

  • guidelines/framework for Fund staff collaboration, 600–607

  • IMF-WTO Agreement, text, 823–28

  • observer status in Fund meetings, 597, 825

  • resolution of open jurisdictional issues, 604–605

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