Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
May 2008
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Index

  • A

  • Access policy, use of Fund resources

    • access limits in credit tranches and under Extended Fund Facility, 354–58

    • access limits, guidelines, 353–58

    • balance of payments needs, 345

    • capital account crises, 358

    • capital account crises, modifications to Supplemental Reserve Facility, 364

    • capital account crises, prevention, 373

    • exceptional circumstances, 359, 370

    • exceptional circumstances, review, 369–73

    • modifications to Supplemental Reserve Facility, 364–69

    • post-conflict countries, 335

    • REVIEW, 353, 364–69

    • revolving character of Fund resources, 333, 355

  • Accounting by members

    • ownership of gold and currency subscriptions, 18

  • 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-ESF Trust Subsidy.

    • Reserve.

    • Special Contingent.

    • Special Disbursement.

    • Supplementary Financing Facility (SFF) Subsidy.

  • Administrative Account balances, 769

    • reserve tranche position, 769

  • Africa Regional Technical Assistance Centers Subaccount, 134

  • African Development Bank

    • communication concerning members’ arrears to the Fund, 746

    • exchange of document, 654

    • prescribed holder of SDRs, 706

  • African Development Fund, 706

  • Andean Reserve Fund

    • prescribed holder of SDRs, 705

  • Annual Report (IMF), 172, 211, 254

  • Anti-money laundering

    • assessing a global standard and preparing ROSCs, proposals, 120–24

    • FATF 40 + 8 Recommendations, use of, 125

    • Fund involvement, 118

    • methodology document, 120

    • offshore financial center assessments, 116, 119

    • twelve-month pilot, program review, 125–29

  • Arab Monetary Fund

    • exchange of documents with, 654

    • prescribed holder of SDRs, 706

  • Architecture of international financial system, 40

  • Archives of the Fund

    • access policy, 604

    • attorney-client privilege, 604

    • Executive Board minutes, access, 605

    • Grievance Committee proceedings, 604

  • Arrears

    • lending into arrears, 345, 347–51

    • settlement of disputes between members, 93, 352–53

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

  • Arrears of a member to creditors other than the Fund

    • debt strategy, 345

    • extended arrangements, performance criterion, 319

    • first credit tranche, 344

    • Fund lending into nonsovereign arrears, 346

    • Fund lending into sovereign arrears, 346

    • Fund policies and procedures, 344

    • nontoleration of arrears to official creditors, 345

    • performance criteria, 346

    • stand-by arrangement, performance criterion, 318

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

  • Article I, purposes of the Fund, 260, 509, 514

  • Article I (v), temporary availability of Fund’s general resources, 312

  • Article II, Section 2 membership, 19

  • Article III, Section 2(a), 3

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

  • Article III, Section 3(a), 9

  • Article IV consultations, 86

    • annual, principle of, 39

    • Article VIII restrictions, 517

    • Article XIV restrictions, 517

    • Central African Economic and Monetary Union, 69

    • collaborative efforts, 631

    • conditionality discussions, 267

    • consultation cycles, changes, 50–52

    • data provision, 60

    • document exchange with WTO, 645

    • early warning system models, 41

    • Eastern Caribbean Currency Union, 71

    • enhanced surveillance, 94–98

    • euro area, 66–68, 68

    • European Central Bank, observer status, 643–44

    • evaluation and review of related programs, 267–68

    • exchange rate policies, 40

    • Financial Sector Assessment Program (FSAP), 98–104

    • governance issues, 74, 80, 82

    • macroeconomic relevance test, 53

    • military expenditures, 85

    • multiple currency practices, 521

    • Policy Support Instrument, 51

    • Post-Program Monitoring, 292

    • prolonged users of Fund resources, 293

    • Public Information Notices, release, 692–94

    • publication of Article IV staff reports, 672–73, 677

    • publication of background reports, 672, 681–84

    • Recent Economic Development reports, 38, 650, 655, 672–73, 680

    • representation of European Central Bank, 643–44

    • staff reports, data quality, 41

    • staff reports, release to international and multilateral agencies, 651–54

    • three-month period, 65

    • use of Fund resources, 267

    • World Bank, collaboration with, 635

    • World Bank, observer status, 628

    • World Trade Organization, observer status, 650, 854

  • Article IV, Section 1, principles for guidance of members’ policies, 29

  • Article IV, Section 1(iii), manipulation of exchange rates, 33

  • Article IV, Section 2, notification of exchange arrangements, 23

  • Article IV, Section 3(a), surveillance over exchange rate policies, 652

  • Article IV, Section 3(b), surveillance over exchange rate policies, 652

  • Article V, Section 1, designation of fiscal agency, 163, 462

  • Article V, Section 2(b), financial and technical services, 130, 233, 249, 256

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

    • application of Fund policies to purchases of currency borrowed by Fund, 407, 460, 491

    • early repurchase guidelines, 407

    • General Arrangements to Borrow (GAB), 476

    • meaning of “consistent with the provisions of this agreement,” under Article V, Section 3, 259

    • New Arrangements to Borrow (NAB), 491

  • Article V, Section 3(b)(ii)

    • balance of payments need, 186

    • meaning of “represents” that a member has a need to make purchases, 260

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

    • Compensatory Financing Facility, 381

    • emergency assistance, 330

    • Extended Fund Facility, 314

    • Supplemental Reserve Facility, 380

  • Article V, Section 3(d), operational budgets assessment of strength of members’ balance of payments and gross reserve position for operational budgets, 394, 401

    • selection of currencies in purchases, 396, 398

  • Article V, Section 3(f), transfers of SDRs, 397

  • Article V, Section 4, waiver of conditions governing use of Fund’s general resources, 393

  • Article V, Section 5, limitation on use of Fund’s resources, 273

  • Article V, Section 6(b), transfers of SDRs by the Fund, 395, 401

  • Article V, Section 6(c), sales of SDRs by the Fund, 406

  • Article V, Section 7, repurchases, 393, 491

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

    • assessment of strength of member’s balance of payments and gross reserve position, 394

    • assessment of strength of members’ balance of payments and gross reserve position, 407

  • Article V, Section 7 (c), repurchases, 409

  • Article V, Section 7(d), repurchases, 393

  • Article V, Section 7(i), selection of currencies for repurchases, 395, 402, 411

  • Article V, Section 8, charges, 416

  • Article V, Section 8(a), charges, 419, 421

  • Article V, Section 8(b), charges, 379, 409, 416, 419, 421, 769

  • Article V, Section 8(c), charges, 416, 418, 421

  • Article V, Section 8(d), charges, 416

  • Article V, Section 8(e), charges, 416

  • Article V, Section 9(a), remuneration, 769

  • Article V, Section 11, maintenance of value, 433

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

    • gold sales, 435, 450

    • gold sales proceeds, placement in Special Disbursement Account, 435

  • Article V, Section 12(f)(ii), Special Disbursement Account (SDA) resources for assistance to low-income developing members, 435

  • Article V, Section 12(h), investment of member’s currency held in SDA, 435

  • Article V, Section 12(j), adoption of regulations for administration of Structural Adjustment Facility, 436

  • Article VI, capital transfers

    • use of Fund resources for, 453

    • WTO, information on Fund decisions requesting a member to exercise controls to prevent a large or sustained outflow of capital, 849

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

    • freedom to adopt regulations on capital movements, 454

    • Supplemental Reserve Facility, 377

  • Article VI, Section 2 of the Articles of Agreement of the Bank, 797

  • Article VI, Section 3, controls on capital transfers, 454

  • Article VII, Section 1, replenishment and scarce resources borrowing by the Fund, 455, 482, 494

  • Article VII, Section 3(b), scarce currency, 508

  • Article VIII, general obligations of members

    • acceptance of obligations, 516

    • bilateral payments agreements, 325

    • bilateral payments arrangements, 320

    • bilateralism, 509

    • consultations, World Bank observer, 628

    • payments restrictions, 92, 509, 513–16

    • restrictions, 516

    • retention quotas, 512

    • settlement of disputes between members, 92

  • Article VIII, Section 2, avoidance of restrictions on current payments acceptance of obligations under, 514

  • Article VIII, Section 2(a)

    • restrictions on current payments and transfers, 508

    • undue delays as payment restrictions, 516

  • Article VIII, Section 2(b), unenforceability of exchange contracts interpretation, 506–7

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

    • acceptance of obligations under, 512, 514

    • multiple currency practices, 514, 523, 524

  • Article VIII, Section 4, convertibility of foreign-held balances

    • acceptance of obligations under, 516

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

    • consideration of report by Managing Director, time periods, 533

    • declaration of censure, 535

    • members’ obligations, 531

    • procedures prior to report by the Managing Director to the Executive Directors, 532

    • report by Managing Director, 533

    • sanctions, 535

    • strengthening effectiveness of, 61, 531

  • Article VIII, Section 7, obligation to collaborate regarding policies on reserve assets, 713

  • Article IX, Section 5, immunity of archives, 604

  • Article IX, Section 7, privilege for communications, interpretation, 608

  • Article X, relations with other international organizations, 817

  • Article XII, Section 3(b)(i), Executive Directors, appointed, interpretation, 657

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

    • balances held in administrative accounts, 780

    • interpretation, 657

    • use of the preceding two years, 658

  • Article XII, Section 3(f), appointed Executive Directors interpretation, 657

  • Article XII, Section 3(j), 610

  • Article XII, Section 4, Managing Director and staff, 666

  • Article XII, Section 6, reserves, distribution of net income, and investment, 667

  • Article XII, Section 7, publication of reports, 672

  • Article XII, Section 7(a), 694, 821

  • Article XII, Section 8, communication of Fund views to members, 681

  • Article XIII, Section 2, 503

  • Article XIV, exchange restrictions under transitional arrangements availment of transitional provisions, 515

    • bilateralism, 509

    • commitment to current account convertibility, 516

    • consultations, World Bank, 629

    • multiple currency practices, 512

    • retention quotas, 511

    • settlement of disputes between members, 92

  • Article XIV, Section 2, exchange restrictions

    • maintenance of orderly exchange arrangements, 523

    • multiple currency practices, 523–26

    • restrictions related to national security, 508

    • transitional arrangements, 507, 510

    • undue delays as payments restrictions, 516

  • Article XIV, Section 3, representation by the Fund

    • application, 524

    • meaning of “exceptional circumstances” in Article XIV, Section 3, 696

  • Article XVII, Section 3, other holders of SDRs, 164, 255, 472, 702

  • Article XVIII, 709

  • Article XVIII, Section 1(a), principles and considerations governing SDR allocation and cancellation, 711, 712, 718, 810

  • Article XVIII, Section 2(a), 710

  • Article XVIII, Section 2(a), SDR allocations and cancellations, 714

  • Article XVIII, Section 2(b), 710, 716

  • Article XVIII, Section 2(c), 710, 715, 716

  • Article XVIII, Section 2(d), 715

  • Article XVIII, Section 2(e), 716

  • Article XVIII, Section 4, decisions on SDR allocations and cancellations, 716, 810

  • Article XVIII, Section 4(a), 710–12

  • Article XVIII, Section 4(b), 710–12, 810, 811

  • Article XVIII, Section 4(c), 711, 810

  • Article XVIII, Section 4(c)(ii), 715, 812

  • Article XVIII, Section 4(d), 811

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

    • donations, 730

    • forward operations, 729

    • loans, 721

    • other holders, 702

    • pledges, 723–25

    • settlement of financial obligation, 720

    • swap operations, 727

    • transfers as secruity for the performance of financial obligations, 725

  • Article XIX, Section 4, limit on SDR Department participant’s obligation to provide currency, 460, 478, 492

  • Article XIX, Section 5, designation of participants to provide currency, 731

  • Article XIX, Section 5(a)(i), designation plans, 394, 734

  • Article XIX, Section 5(c), designation rules in SDR Department, 734

  • Article XIX, Section 6(b), reconstitution, 736

  • Article XIX, Section 7(a), calculation of exchange rates, 462, 494, 720, 721, 723, 725, 727

  • Article XX, Section 1, interest paid on holding of SDRs, 702

  • Article XX, Section 2, SDR Department interest and charges, 737

  • Article XX, Section 5, application against unpaid charges of SDRs acquired by participants after payment date, 738

  • Article XXI(a)(i), administration of General Department and SDR Department, 811

  • Article XXII, general obligations of participants in SDR department, 713

  • Article XXIII, Section 1, suspension of operations and transactions in SDRs, 704

  • Article XXIV, Sections 1(a) and 1(b), 709

  • Article XXIV, Section 4, 709

  • Article XXVI Remedial Measures on Overdue Financial Obligations, 739

  • Article XXVI, Section 2(b), 792, 797

  • Article XXVI, Section 3, withdrawal from membership, 463, 496

  • Article XXVII, suspension of exchange transactions, 495

  • Article XXIX, interpretation

    • New Arrangements to Borrow, interpretation outside the purview of Article XXIV, 465

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

    • unenforceability of exchange contracts, 456

  • Article XXIX(a), interpretation

    • Appointment of Executive Director by a member having one of five largest quotas, Article XII, Sections 3(b)(i) and 3(f), 657

    • authority of the Fund to use its resources, 259, 787

    • privilege for communications, Article IX, Section 7, 608

    • unenforceability of exchange contracts under Article VIII, Section 2(b), 506

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

    • exclusion of purchases and holdings from CFF, 381, 768

    • exclusion of purchases and holdings from EFF, 768

    • exclusion of purchases and holdings from emergency assistance, 330

    • exclusion of purchases and holdings from SRF, 379, 769

  • Article XXX(c)(iii), exclusion of purchases and holdings in credit tranches or under extended arrangements, 768

  • Article XXX(f), freely usable currencies, 697, 770

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

  • Asian Development Bank

    • communications concerning members’ arrears to the Fund, 747

    • exchange of documents with, 652

    • prescribed holder of SDRs, 706

  • Attribution, rule of

    • members indebted to Fund, 402

    • reduction in Fund’s holdings of currency, 414–15

  • Audit

    • external audit firm, 694

    • framework Administered Account, 133

    • Post-SCA-2 Administered Account, 256

    • PRGF-ESF Trust, 163

    • PRGF-HIPC Trust, 208, 218

    • safeguards for use of Fund resources, 261

    • Supplementary Financing Facility Subsidy Account, 773

  • Authorized Signatories, 666

  • B

  • Balance of Payments Manual (5th Ed.), 581, 592, 595

  • Balance of payments need

    • access policy, 354

    • Compensatory Financing Facility, 381

    • conditionality, 261

    • emergency assistance, natural disasters, 330

    • emergency assistance, post-conflict countries, 333

    • extended arrangements, 327

    • Extended Fund Facility, 326

    • Fund-supported programs, 262

    • lenders to ESAF Trust, need because of developments in reserves, 174, 208

    • PRGF-ESF loans, 148

    • protracted balance of payments problems, 438

    • Supplemental Reserve Facility, 377–81

  • Balance of payments position

    • assessment of strength for purposes of designation plans, operational budgets and repurchases, 394–95

  • Bank for International Settlements (BIS)

    • investment by Fund of currencies held by Borrowed Resources Suspense Accounts, 504

    • investment by Fund of currencies received by SFF Subsidy Account, 781

    • prescribed holder of SDRs, 705

  • Bank of Central African States prescribed holder of SDRs, 706

  • Bank-Fund collaboration. See also World Bank (International Bank for Reconstruction and Development)

    • conditionality, 635–39

    • country programs, 635

    • debt sustainability assessments, 642

    • Financial Sector Assessment Program, 100

    • financial systems, 635

    • IMF-World Bank Concordat, 617–28

    • longer-term program engagement, 296

    • observer status, generally, 628

    • World Bank observer status, 629

  • Bilateral payments arrangements

    • extended arrangement, 325

    • stand-by arrangement, 321

    • three-month settlement rule, temporary exemption, 510

  • Bilateralism and convertibility, 509–10

  • BIS. See Bank for International Settlements

  • Board of Governors

    • Eleventh General Review of Quotas, 3

  • Board of Governors Resolutions

    • Composite Resolution, 789

    • SDR allocation, First Basic Period, 709–10

    • SDR allocation, Third Basic Period, 710

  • Borrowed Resources Suspense Accounts

    • establishment, 503

    • investment by the Fund of currencies held in, 503–4

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

    • guidelines, 504

  • Burden sharing

    • implementation in FY 2001, 424

    • implementation in FY 2007, 427, 429

    • income position, FY 2007, 429

    • income position, FY 2007, mid-year review, 429

    • income position, FY 2008, mid-year review, 431

    • investment income, FY 2007, 430

    • MDRI-I Trust reimbursement, 430

    • principles of, 424

    • rate of charge determination of, 425

    • rate of charge, FY 2008, 430

  • By-Laws

    • Section 13, vote without meeting, 10, 15

    • Section 20, audits, 133, 166, 205, 210, 241, 248, 254, 257, 694, 780, 832

    • Section 22, compulsory withdrawal, 748, 751, 752

  • C

  • Capital account crises

    • access policy, 358

    • exceptional access policy, 2004 review, 369

    • exceptional access policy, SRF, 364

  • Capital flows

    • action to limit disequilibrium flows, Composite Resolution, 803

    • Eleventh General Review of Quotas, 6, 17

    • Supplemental Reserve Facility, 377

    • surveillance, 44

    • WTO, information on Fund decisions requesting a member to exercise capital controls, 853

  • Capital transfers

    • controls by members, 454

    • multiple currency practices applicable solely to, 520

    • payments arrears, 336

    • use of Fund’s resources for, 521

  • Caribbean Development Bank (CDB), 654

  • CCLs. See Contingent Credit Lines

  • Censure

    • draft declaration, 749

  • Central African Economic and Monetary Union

    • surveillance over monetary and exchange rate policies, 69

  • Cereal import costs

    • compensatory financing of fluctuations in, 387, 392

  • CFF. See Compensatory Financing Facility

  • Charges. See also Burden sharing; Interest

    • accounting for charges from members with overdue obligations, 416, 417

    • accrued charges, 416

    • administrative account balances, 769

    • extended arrangements, 321

    • Extended Fund Facility, 314

    • future changes in charges, 416

    • media of payment in General Resources Account, 417

    • payment by nonparticipant in the SDR Department, 417

    • payment of net charges and assessment in the SDR Department for FY ended April 30, 1982, 737

    • review, 421

    • setoff in connection with a retroactive reduction of charges due by members in arrears, 421

    • special charges on overdue financial obligations to the Fund, 418, 420

    • special charges system, review, 420, 430

    • stand-by arrangements, 321

    • Supplemental Reserve Facility, 379

    • surcharge on purchases in credit tranches and under EFF, 416

    • value date for payments of special charges, 419

    • Waiver of Special Charges, 419

  • Classified documents, 604

  • Code of Good Practices on Transparency in Monetary and Financial Policies, 279

  • Collateral, 567

    • collateral guarantees on debt, international reserves template, 567

  • Combating the financing of terrorism, 116, 119–22, 122–24

  • Committee on Reform of the International Monetary System Composite Resolution, 789–800

  • Communications, privilege for interpretation of Article IX, Section 7, 608

  • Compensatory Financing

    • Facility access limits, 383

    • cereal import costs, 381, 387

    • decision, 381–90

    • emergency assistance for natural disasters and, 330

    • estimated data, 383

    • export fluctuations, 383

    • extended arrangements, 382

    • general provisions, 381

    • indicative targets, 265, 266

    • overcompensation, 383, 386, 390, 392

    • phasing, 383

    • PRGF-ESF Trust and, 146

    • receipts from services, 385

    • repurchase expectation, 407

    • repurchase of overcompensation, legal interpretation, 386

    • repurchases, 407

    • reserve tranche purchases, 381

    • reserve tranche purchases, exclusion, 768

    • stand-by arrangements and, 320, 382

  • Compulsory withdrawal, 751, 752, 754, 759

  • Concessional external debt, OECD definition, 306

  • Conditionality

    • Bank-Fund collaboration, 635

    • benchmarks, 265, 266, 267

    • Compensatory Financing Facility, 381

    • consistency with WTO agreements, 647

    • consultation clauses, 264

    • emergency assistance, natural disasters, 332–33

    • emergency assistance, post-conflict countries, 335

    • emergency financing mechanism, 287, 288

    • financing assurance reviews, 266

    • first credit tranche, 298

    • floating tranches, 267

    • guidelines on, 261

    • individual circumstances of members, 261

    • letters of intent, 264

    • modalities, 264

    • outcomes-based, 263

    • ownership, 261, 284, 635–39

    • performance criteria, 265

    • performance criteria and phasing, relationship, 303

    • performance criteria with respect to external debt, change in coverage, 306

    • performance criteria with respect to foreign borrowing, 310

    • performance criteria with respect to foreign borrowing, discount rate, 306, 309

    • PRGF-ESF arrangements, 300

    • principles, 261

    • prior actions, 265, 271, 276, 301

    • program design, 262

    • program review, 265–68

    • stand-by arrangement, normal access to credit tranches, 298

    • streamlining, 300, 302

    • structural benchmarks, 264–68

    • Supplemental Reserve Facility, 380

    • test dates, even distribution, 304

    • uniformity of treatment, 308

    • upper credit tranche stand-by arrangements, 356

    • waiver, adopting measures prior to granting of, 265

    • waiver, nonobservance of performance criteria, 267

  • Confidentiality

    • archives, 604

    • exchange of documents with other international agencies, 653

    • FSAP Confidentiality Protocol, 108–12

    • side letters, 268–71

  • Consultation clause

    • extended arrangements, 326

    • stand-by arrangements, 321

  • Consultation cycles, Article IV. See also Article IV consultations

    • annual in principle, 39, 42

    • flexibility in, 39, 42

    • interval between Article IV consultations, 38

  • Consultations other than under Article IV

    • acceptance of obligations of Article VIII, Sections 2, 3, and 4, 514

    • Article VIII restrictions, 508, 509, 629

    • Article XIV restrictions, 509, 512, 628

    • bilateral agreements, 509

    • competitive depreciation, 518

    • conditionality, consultation clauses, 264

    • GATT Contracting Parties, 613

    • multiple currency practices, 512

    • prescribed holders of SDRs, 703

    • PRGF-ESF, consultation with creditors, 179

    • sale of members’ currencies, 398

    • SDR allocation, 711, 811

    • trade and payments restrictions, escalation, 518

    • United Nations, 819, 821

    • World Trade Organization, 645–49

  • Contingent Credit Lines (CCLs)

    • extended arrangements and, 320, 322

    • stand-by arrangements and, 325

  • Convertibility

    • acceptance of obligations of Article VIII, Sections 2, 3, and 4, 514

    • bilateralism, 509

    • currency, 511, 513

    • current account of the balance of payments, 513, 515

    • retention quotas, 510

  • Cross-conditionality

    • avoidance, 627

  • Currencies

    • attribution of reduction of Fund’s holdings, 414–15

    • charges on Fund’s holdings in excess of quota, 416

    • data template on international reserves, 577

    • freely usable, 145, 153, 165, 251, 476, 697, 704, 770, 779

    • General Resources Account, 394–97, 401, 417, 432–34

    • guidelines for operational budget allocation of currencies, review, 400

    • harmonization, balanced positions in the Fund, 396

    • maintenance of value, 432–34

    • presently needed for making payments, 260

    • PRGF-ESF Trust loans, 153

    • repurchases, 408

    • reserve asset payments, 10, 19, 20

    • sale of currencies of members with outstanding purchases, 398, 400

    • SDR valuation basket, 697–700

    • specification by the fund, 395–97

    • subscription to the Fund, ownership, 19

    • use in operational budgets, 394–97

  • Current international transactions (current account transactions)

    • bilateralism, 509

    • multiple currency practices, 520–24

    • payments arrears, 345

    • restrictions involving WTO members, 649, 853

    • restrictions on payments and transfers, 509, 514

    • undue delays in availability or use of foreign exchange, 516

    • use of Fund resources, 260

  • D

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

  • Data provision to the Fund for surveillance, 60

  • Debt operations

    • condition precedent clauses, 352

    • extended arrangements and, 320

    • management of the debt situation, 352

    • mandatory prepayment, 352

    • stand-by arrangements and, 325

  • Debt strategy

    • payments of arrears to creditors, 343, 345, 517

  • Debt sustainability assessments, 640–42

    • Fund-Bank collaboration, 640

  • Debt-service ratio, 224

  • Declaration of censure, 747

    • draft declaration, 752

  • Declaration of ineligibility, 746–47, 752, 753

    • publicity, 690, 763

    • termination, 763

    • timing, 758

  • Declaration of noncooperation, 747–48, 754

    • draft declaration, 752

    • publicity upon withdrawal, 764

    • termination, 763

    • timing, 758

  • De-escalation of remedial measures, 764–67

  • Default, sovereign, 288, 345

  • Designation, SDR Department

    • acceptance limit, 733

    • assessment of strength of balance of payments and governance position, 394–95

    • rules for designation, review, 731–34

    • rules for designation, revision, 734–35

  • 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, 807–9

    • composition, 796–97

    • establishment, 794–800

    • Executive Directors’ participation in meetings, 798

    • HIPC Initiative, 211, 219

    • Managing Director’s participation in meetings, 798

    • procedures, 799–800

    • rules of procedure, 807

    • WTO observer, 650

  • Discrimination

    • balance of payments reasons, 513

    • disputes between members, comparable treatment of creditors, 93, 345

    • multiple currency practices, 527

    • nondiscriminatory treatment of members, use of general resources, 261–62

  • Disputes between members

    • comparable treatment principle, 93

    • role of the Fund, 94, 352

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

  • DSBB. See Dissemination Standards Bulletin Board

  • E

  • Early repurchase expectations, Supplemental Reserve Facility, 379

  • Early repurchases

    • emergency financing mechanism, 303

    • guidelines, 407–9

    • member’s balance of payments and gross reserve position, 407

  • Early warning system, 42

  • Early warning system models, 41

  • East African Development Bank

    • prescribed holder of SDRs, 706

  • East Caribbean Currency Authority

    • prescribed holder of SDRs, 706

  • Eastern Caribbean Central Bank

    • prescribed holder of SDRs, 706

  • Eastern Caribbean Currency Union

    • surveillance over monetary and exchange rate policies, 71

  • EC. See European Commission

  • ECB. See European Central Bank

  • EFF. See Extended Fund Facility

  • EFM. See Emergency financing mechanism Eleventh General Review of Quotas, increase in quotas of Fund members, 3

  • Emergency assistance

    • conversion to special policy, 330

    • natural disasters, 330, 331

    • post-conflict countries, 197, 336–41

    • PRGF-HIPC Trust eligibility, 197

    • PRGF-HIPC Trust qualification, 197–99

    • repurchase, 408

  • Emergency financing mechanism (EFM), 287–91

    • conditions for activation, 290

    • early repurchase, 291

  • Enhanced Structural Adjustment Facility (ESAF) Trust (transformed into Poverty Reduction and Growth Facility (PRGF) Trust). Seealso PRGF-ESF Trust

    • access limits, 177, 185

    • access to general resources by ESAF-qualified members, 177

    • balance of payments needs, 187

    • benchmarks, 184

    • blend of general and SAF/ESAF resources, 762

    • borrowing for Loan Account, consultation with creditors, 179

    • commitment amount not normally reduced, 185

    • commitment period, 181

    • eligible members, 181, 443–44

    • emergency assistance, relation to, 335

    • ESAF successor, initiation of operations, 180

    • establishment, 180–81, 446–47

    • gold pledge, 759, 761

    • gold, use of, 182

    • interest rate on Trust loans, 178

    • legal documentation, 186–87

    • loans in conjunction with existing facility, 181

    • loans in conjunction with SAF loans, 441

    • loans to Trust as member’s official reserves, 186

    • maturity of loans, 182

    • objectives of programs, 183

    • off-market gold sales, 814

    • operational agreements, 180–85

    • overdue financial obligations to Fund, 742

    • performance criteria, 176, 184

    • phasing of disbursements, 185

    • prior actions, 176, 184

    • rescheduling not available, 183

    • review, 183, 187

    • review of arrangements, mid-year, 181, 183

    • rights accumulation program, 761

    • Special Disbursement Account, 181

    • Structural Adjustment Facility, assistance in conjunction with, 441–42, 449–50

    • Subsidy account, 182, 204

    • transfer and retransfer of resources from and to Special Disbursement Account, 447–49

    • transformation to PRGF Trust, 174–76

    • use of SDRs, 708

  • Enhanced surveillance

    • annual and mid-year consultation reports, 88–89

    • Article IV consultations, 89, 90

    • Article VIII obligations, 516

    • criteria and procedures, 95–97

    • Executive Board involvement, 97

    • Fund’s role in assisting members with creditors, 94–97

    • midterm review, 88–89

    • quantified economic policy programs, 90

    • revised procedures, 90–91

    • staff reports, transmittal by member to creditors, 90–91, 97

  • Enlarged access

    • criteria for use of Fund resources, validity, 354–58

    • repurchases, 355

  • ESAF Trust. See Enhanced Structural Adjustment Facility Trust

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

  • ESF Trust. See Exogenous Shocks Facility Trust

  • Euro

    • freely usable currency, 770

    • rates for computation and maintenance of value, 432

    • reference rates, European System of Central Banks, 700

    • weight in SDR valuation basket, 699

  • Euro area members

    • surveillance over monetary and exchange rate policies, 68, 643–44

  • European Bank for Reconstruction and Development (EBRD)

    • exchange of documents with, 654, 655

  • European Central Bank (ECB)

    • Article IV consultations, 643–44

    • confidentiality, agreement by ECB to preserve, 644

    • euro reference rates, 700

    • observer status, 643–44

  • European Commission (EC)

    • Article IV consultations, 68–69

    • exchange of documents with, 654, 655

  • European Investment Bank (EIB)

    • exchange of documents with, 654

  • European System of Central Banks, 700

  • Exceptional access policy, 359

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

    • exchange taxes and subsidies, notification, 24

    • flexible, notification of significant decision, 24

    • intervention, 24

    • multiple currency practices, prior Fund approval, 24

    • notification of, 23

  • Exchange contracts

    • unenforcability, Fund’s interpretation of Article VIII, Section 2(b), 506

  • Exchange controls. See also Exchange restrictions nonsovereign arrears stemming from imposition, 346

  • Exchange of documents with other international agencies

    • ad hoc requests, 655

    • agencies meeting criteria for exchange, 654

    • Article IV consultation staff reports, 650, 655

    • changes in procedures, 655

    • criteria for access, 653–54

    • Recent Economic Developments reports, 650, 655

    • technical assistance reports, 652

    • use of Fund resources staff papers, 651–52, 655

  • Exchange rate policies. See also Exchange arrangements

    • euro area, 643–44

    • surveillance over, 24–34, 35, 41, 45, 55

    • surveillance over, review, 59

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

    • coherence in global policymaking, 646

    • computations and maintenance of value, 432–34

    • computations and maintenance of value (value date), 432

    • fixed, 521

    • floating guidelines, 802

    • fluctuating, 24, 522–23

    • General Arrangements to Borrow, 462

    • manipulation, 33

    • New Arrangements to Borrow, 462, 480

    • unification in multiple rate systems, 526

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

    • approval by Fund, 517

    • Article VIII, Section 2, 3, and 4 obligations, 514–15

    • avoidance of escalation, 518

    • balance of payments reasons, 515, 516

    • bilateralism, 509–10

    • competitive depreciation, 518

    • consultations with Fund, 514–15, 518

    • discrimination for balance of payments reasons, 513

    • emergency assistance, 333

    • Fund representation in exceptional circumstances under Article XIV, Section 3, 524, 696

    • guiding principle on whether a measure is an exchange restriction, 514

    • non-balance of payments reasons, 515

    • payments arrears to creditors, 344

    • performance criteria, extended arrangement, 324

    • performance criteria, stand-by arrangement, 318

    • retention quotas, 510–12

    • security reasons, 508–10

    • transitional arrangements under Article XIV, 511–12, 515

    • undue delays, 454, 516

    • World Trade Organization, information on Fund approval, 853

  • Exchange subsidies, 24

  • Exchange taxes, 24, 521, 526

  • Executive Board

    • code of conduct, 658–64

    • meetings, procedural guidelines, 664–65

    • notification of exchange arrangements, 23

    • report on Eleventh General Review of Quotas, 3–15, 268–71

    • side letters procedures, 268

    • surveillance over exchange rates, 24, 35

  • Executive Directors

    • additional appointed, “the preceding two years,” in Article XII, Section 3(c), meaning of, 658

    • appointment by members having five largest quotas, Article XII, 657

    • appointment of two additional directors, Article XII, Section 3(c), 657–58

    • IMFC meetings participation, 791

    • procedural guidelines, 664–65

    • voting power, effect of adjustment of quota, 658

  • Exogenous Shocks Facility (ESF) Trust. See Poverty Reduction and Growth Facility (PRGF) and Exogenous Shocks Facility (ESF) Trust

  • Export shortfalls, compensatory financing. See Compensatory Financing Facility

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

    • applicable situations, 311–12

    • benchmarks, 305

    • charges, 315, 321

    • Compensatory Financing Facility, 320

    • Consultation clauses, 321

    • Contingent Credit Lines, 320

    • debt and debt-service reduction, 320

    • emergency assistance and, 335

    • exclusion of reserve tranche purchases, 768

    • form, standard, 322–25

    • Guidelines on Corrective Action, 283, 325

    • ineligiblity, 739

    • lapse of time completion of reviews, 327

    • misreporting and noncomplying purchases, 272, 276, 277

    • noncomplying purchases, 325

    • overdue financial obligation to the Fund, 325

    • overdue financial obligations to the Fund, 739–40

    • performance criteria and phasing, guidelines, 303–5

    • performance criteria form, 322–24

    • period not exceeding three years to four years, 314–15

    • period of arrangement, extension, 314

    • phasing, 303–5, 315, 322–23

    • repayment expectation under PRGF Trust, 325

    • repayment obligation under PRGF Trust, 325

    • repurchase expectation, 315, 326

    • repurchases, 315, 326

    • review, completion of, 329

    • stand-by arrangements policies applicable, 315

    • Supplemental Reserve Facility and, 325, 378

    • suspension of transactions, 325

    • test dates for performance criteria, 304

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

    • applicability of policies on stand-by arrangements, 315

    • establishment, 312–16

    • situations to which facility could apply, 312

  • External Audit Committee, 695

  • External audit of Fund financial statements, 694–95

  • External debt

    • management of debt situation, 352–53

    • surveillance, 44

  • External debt performance criteria

    • concessionality, definition, 307, 310

    • coverage, 306–10

    • extended arrangement, 323

    • external debt, definition, 306–10

    • leases, 309–10

    • loans, 309

    • stand-by arrangement, 309, 319

  • F

  • FATF. See Financial Action Task Force

  • Federal Reserve Bank of New York, 700

  • Financial Action Task Force (FATF), 120–24

    • 40+8 Recommendations, 120–21

    • endorsement of methodology, 125

    • Fund collaboration with, 127

    • surveillance, 101

  • Financial Sector Assessment Program (FSAP)

    • anti-money laundering, 105, 116

    • Article IV consultations, 99, 101, 103, 105, 107

    • Bank-Fund collaboration, 100, 104, 108

    • confidentiality, 103, 104

    • Confidentiality Protocol, 108–12

    • coverage, 105

    • coverage and frequency, 100–102

    • Financial System Stability Assessments (FSSAs), 99, 107

    • frequency, 100, 106

    • FSSA reports, presumed publication, 107

    • Independent Evaluation Office review, 108

    • offshore financial centers (OFCs), 102, 116, 117

    • publication of FSAP reports, 103

    • publication of FSAP reports not authorized, 103

    • publication of FSSA reports endorsed, 103

    • Reports on Observance of Standards and Codes (ROSCs), 100

    • review, 104

    • review, 2005, 104

    • standards and codes, 99–100

    • stress tests, 99

    • surveillance, 99, 105, 106, 107

    • updates, 105

    • World Bank, collaboration with, 99, 100

  • First credit tranche purchase

    • elimination of payments arrears, 344

    • liberal Fund attitude, 299

    • reasonable efforts test, 299, 344

  • First credit tranche stand-by arrangements phasing and performance clauses omitted, 299

  • Fiscal agency

    • safeguards on use of Fund resources when fiscal agent not central bank, 279

    • transfer of claims, PRGF Trust, 164

  • Foreign borrowing. See External debt

  • Forms

    • draft declaration on censure or noncooperation, 752

    • draft first letter to all Governors regarding a member’s overdue financial obligations to the Fund, 749–50

    • draft second letter to all Governors regarding a member’s overdue financial obligations to the Fund, 750–51

    • extended arrangement, 322–27

    • stand-by arrangement, 317–22

  • Framework Administered Account for Technical Assistance Activities

    • adoption of Instrument to establish, 130

    • Africa Regional Technical Assistance Centers Subaccount, 135

    • Instrument to establish, 130–34

    • investment of resources, 132

    • Pacific Financial Technical Assistance Centre Subaccount, 134

  • Freely usable currencies (euro, Japanese yen, pound sterling, U.S. dollar), 145, 153, 165, 251, 476, 697, 704

  • FSAP. See Financial Sector Assessment Program

  • Fund-Bank collaboration. See also World Bank (International Bank for Reconstruction and Development)

    • attendance at Fund Board Meetings, 628, 662

    • Financial Sector Assessment Program, 105

  • Furnishing of information to the Fund, 272, 531–39

  • G

  • GAB. See General Arrangements to Borrow

  • GATT. See General Agreement on Tariffs and Trade

  • GDDS. See General Data Dissemination System

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

    • arrangement for consultation and cooperation with the Contracting Parties, 613–18

    • Fund collaboration with, 644–52, 803

    • import restrictions for balance of payments reasons, 516

    • Voluntary Declaration on Trade and Other Current Account Measures, 803

  • General Arrangements to Borrow (GAB), 455–72

    • associated borrowing arrangements, 498

    • borrowing agreement with Saudi Arabia, 474–80

    • borrowing by the Fund, guidelines, 504

    • Eleventh General Review of Quotas, 7

    • emergency financing mechanism, 288

    • interest, 441

    • letter from France’s Minister of Finance to U.S. Secretary of the Treasury, 467–70

    • participants and amounts of credit, 466

    • quotas, Eleventh General Review, 3

    • repayment by the Fund, 460–62

    • sales of currencies of members indebted to Fund, 402

    • Saudi Arabia agreement, renewal, 481

    • transferability of claims, 462, 472

    • transferability of claims under Saudi Arabia’s borrowing agreement, 472

    • use of credit arrangements for nonparticipants, 465

  • General Data Dissemination System (GDDS)

    • coverage, 578–89

    • participation, 603

    • periodicity, 588–90

    • phased approach, 576

    • purposes, 575

    • timeliness, 589

  • General Resources Account (GRA)

    • adjustment of Fund holdings of members’ currency, 433

    • designation, assessment of strength of member’s balance of payments and gross reserve position, 395

    • gold held, sale, 451

    • maintenance of value, 433

    • media payment in, 417

    • misreporting and noncomplying purchases, 272–75

    • overdue charges, 419

    • rates for computation and maintenance of value, 432

    • repayment expectation under PRGF Trust, failure to meet, 174

    • repurchase expectation, failure to meet, 283

    • rights approach, 761

    • rules, applicability to PRGF Trust administration, 175

    • sale of currencies at the request of members with outstanding purchase, 399

    • sale of SDRs by the Fund for payment for increase in quota, 406

    • special charge on overdue charges, 419

    • specification of currencies by the Fund, 395–97, 395, 400–401

    • Subsidy Account, reimbursement of administrative expenses, 780

    • transfers of SDRs instead of currencies under Article V, Section 3(f), 397

  • Gold

    • designation of SDRs, 732–33

    • gold pledge for use of ESAF Trust resources, 759–62, 762–63

    • gold pledge for use of PRGF-ESF Trust resources under rights approach, modalities, 450–51

    • harmonization of excess holdings of SDRs, 732–33

    • off-market transactions by Fund, Resolution, 813

    • ownership of gold and currency for subscriptions, 18

    • payment for repurchases, 411

    • profits, final direct distribution for developing members through Trust Fund, 772

    • Special Disbursement Account, use of proceeds of off-market sales, 814

  • Governance issues

    • Article IV consultations, 80, 82

    • coordination with bilateral donors and multilateral agencies, 83–85

    • corruption, 75, 76, 78, 79

    • HIPC Initiative, 220

    • identification of problems, 82–83

    • macroeconomic impact test for Fund involvement, 75, 81, 83

    • policy advice, 75, 77

    • role of the Fund, 85–87, 86, 87, 575, 576, 591, 592, 593

    • technical assistance, 75, 82

    • technical issues, 75, 77

    • transparency, 75, 79

    • use of Fund resources, 80–82

  • GRA. See General Resources Account

  • Grievance Committee, archives on, 604

  • Gross reserve position

    • assessment for purposes of designation plans, operational budgets, and early repurchases, 395–97, 399

  • Guidelines

    • allocation of currencies, operational budget, 400–401

    • borrowing by the Fund, 504–5

    • conditionality, 261–68, 299

    • corrective action, 150, 168, 194, 272–75, 283

    • corrective action, as referenced in extended arrangement form, 325

    • corrective action, as referenced in stand-by arrangement form, 320

    • designation plans, 394

    • early repurchases, guidelines, 407–9, 415

    • emergency assistance, natural disasters, 330

    • emergency assistance, post-conflict, 330, 336–41, 333–36

    • Fund staff collaboration with the WTO, 645–51

    • governance issues, 74–85

    • misreporting and noncomplying purchases, 272–75

    • operational budget, 394–95

    • payment of reserve assets for subscription, 19–22

    • performance criteria and phasing, relationship, 303–5

    • performance criteria with respect to external debt, 303

    • performance criteria with respect to foreign borrowing, discount rate for assessing concessionality, 310–11

    • SDR valuation basket, calculation of currency amounts, 697–99, 699–700

    • SDR valuation basket, conversion into euro of deutsche mark and French franc, 700–701

    • selection of currencies by the Fund, 395–97, 399, 400–401, 401–2

  • 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), 484, 499

  • I

  • IBRD. See World Bank

  • IMFC. See International Monetary and Financial Committee

  • Immunities and Privileges of Specialized Agencies, United Nations Convention, 824–41

  • Immunity of archives, 604

  • Import restrictions for balance of payments reasons

    • extended arrangements, 325

    • GATT, 344

    • stand-by arrangements, 320

  • Income Position. See Burden sharing

  • Ineligibility to use Fund resources

    • declaration of ineligibility, 535, 746, 750, 752, 753–58, 763

    • extended arrangements, 325, 739

    • limitation and ineligibility under Article V, Section 5, 404

    • publicity, 690, 763

    • stand-by arrangements, 320, 739

  • Inter-American Development Bank (IDB)

    • communication regarding members’ arrears to the Fund, 747

    • exchange of documents with, 654

  • Interest

    • means of payment under Trust Fund, 771

    • PRGF loans, 153

    • PRGF-HIPC Trust, interest-free loans, 203

  • Interim Committee. See also International Monetary and Financial Committee

    • governance, 277

    • International Monetary and Financial Committee, transformation of Interim Committee into, 791–94

    • rules of procedures, 806

    • safeguards for use of Fund resources, 277

    • terms of reference, 793

  • International agencies, 652

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

  • International Court of Justice, 820, 836

  • International Development Association (IDA)

    • HIPC Initiative, 220, 222

    • prescribed holder of SDRs, 706

  • International Financial Statistics (IFS), 63

  • International Fund for Agricultural Development (IFAD)

    • prescribed holders of SDRs, 706

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

    • participation of Executive Directors in meetings, 792

    • participation of Managing Director in meetings, 792

    • procedures, 793–94

    • terms of reference, 793

  • International organizations

    • transmittal of Fund documents, 652

  • Interpretation

    • Article VI, use of Fund resources for capital transfers, 259

    • Article VIII, Section 2(b), unenforceability of exchange contracts, 506–7

    • Article IX, Section 7, privilege for communications, 608–9

    • Article XII, Section 3(b)(i) and Section 3(f), appointment of directors by members having one of five largest quotas, 657

    • Article XII, Section 3(c), appointment of two additional directors, 657

    • Article XIV, Section 3, Fund representation in exceptional circumstances on withdrawal of Article XIV, Section 3 restrictions, 696

    • Articles of Agreement, 259

  • Investigation of Fund activities, cooperation procedures, 605–7

  • Investment Account

    • adoption of rules and regulations, 667

    • establishment, 667

    • guidelines for investing assets, 668–71

    • objective, 667

    • sources of assets, 668

    • termination, 668

    • transfer of currencies, 671

    • uses of income, 668

  • Islamic Development Bank (IsDB)

    • exchange of documents with, 654

    • prescribed holder of SDRs, 706

  • J

  • Japanese yen

    • freely usable currency, 770

    • weight in SDR valuation basket, 698

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

  • Joint Staff Assessments, 222

  • L

  • Lapse of time procedure, Fund arrangements, 327

  • Leases, definition of external debt, 306–7, 310–11

  • Lending into arrears, 347–51

    • review of policy, 351

  • Letters of intent (LOIs)

    • deletion from documents released to aid agencies, 656

    • publication, 672, 673, 682

    • side letters, 268–71

  • Limits

    • access to Extended Fund Facility, review, 354

  • Loan Account, PRGF-ESF Trust, 155, 159, 164

  • Longer-term program engagement

    • definition, 297

    • review, 294

  • M

  • Maintenance of value

    • overdue adjustments, 742

    • rates for computations, 432–34

  • Managing Director

    • authorized signatories, 666

    • consultation by member before requesting an extended arrangement, 313

    • consultation with creditors for additional borrowing for PRGF Trust Loan Account, 179

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

    • consultation with member with outstanding purchases on sale of currency, 402

    • Development Committee, participation in meetings of, 798

    • General Arrangements to Borrow, proposals for calls, 465

    • International Monetary and Financial Committee, participation in meetings of, 792

    • nondiscriminatory treatment of members, 262

    • procedures for addressing overdue financial obligations, 168–70, 170

    • SDR allocation, proposals for first basic period, 709

    • SDR allocation, proposals for fourth basic period, report of Managing Director on, 810

    • SDR allocation, proposals for third basic period, 710

    • use of Fund resources, recommendation regarding approval, 262

  • MDRI. See Multilateral Debt Relief Initiative; Multilateral Debt Relief Initiative-I Trust; Multilateral Debt Relief Initiative-II Trust

  • MEFPs. See Memoranda of economic and financial policies Memoranda of economic and financial policies, publication, 672, 673, 683

  • Military expenditure and the role of the Fund

    • Article IV consultations, 86

    • performance criteria, 87

  • Misreporting and noncomplying disbursements, PRGF-ESF Trust

    • condition, nonobservance of, 168

    • corrective action, 150

    • early repayment, 168

    • missed repurchase expectation, 690

    • prior action, accuracy of information, 176

    • repayment expectation, 193, 202

    • safeguards for use of Fund resources, 278

    • waiver of applicability or for nonobservance of performance criteria, 177

    • waiver of early repayment, 169

  • Misreporting and noncomplying purchases, General Resources Account

    • corrective action, 272–75

    • performance criteria or other conditions, accuracy of information, 272, 282–83, 276

    • prior actions, accuracy of information, 276

    • publication of cases, 690

    • safeguards for use of Fund resources, 277–82

    • waivers, 273

  • Misreporting and noncomplying purchases, Policy Support Instrument (PSI)

    • corrective action, 138

  • Misreporting in de minimis cases

    • Article VIII, Section 5, 537

    • de minimis, definition, 275

    • General Resources Account, 274

    • Policy Support Instrument, 139

    • PRGF and ESF Trust, 169

    • Special PRGF Operations for HIPC, 201

  • Moral hazard, 288, 339, 359, 371, 378

  • Multilateral Debt Relief Initiative (MDRI)

    • proposed decisions, 231

    • qualification of non-HIPCs, 231

  • Multilateral Debt Relief Initiative-I (MDRI-I) Trust

    • administration, 240

    • amendment, 242

    • completion point, 235

    • decision point, 235

    • eligibility, 237

    • instrument to establish, 235

    • investment of resources, 241

    • media of payment of contributions, 237

    • purposes, 236

    • unit of account, 237

  • Multilateral Debt Relief Initiative-II (MDRI-II) Trust

    • administration, 247

    • amendment, 249

    • completion point, 243

    • decision point, 243

    • eligibility, 245

    • instrument to establish, 242

    • investment of resources, 248

    • liquidation, 248

    • media of payment of contributions, 244

    • purposes, 243

    • unit of account, 244

  • Multiple currency practices

    • approval, 24, 527

    • approval criteria, when imposed for balance of payments reasons, 515, 529

    • approval criteria, when imposed for non-balance of payments reasons, 515

    • Article IV consultations, 530

    • balance of payments reasons, 521, 529

    • capital transactions, 530

    • consultation with Fund prior to changes, 520, 521, 522

    • discrimination, 529

    • exchange taxes, 526

    • jurisdiction of the Fund, 523

    • nonbalance of payments reasons, 529

    • non-balance of payments reasons, 521

    • official action, 528, 529

    • policy in 1947, 519–26

    • policy in 1957, 526

    • policy in 1998, 528–30

    • simplification of complex rate systems, 527

    • spread, 528

    • statement to members transmitting Funds decisions, 519

    • unification of exchange rates as basic Fund objectives, 526

  • Multi-year rescheduling arrangements (MYRAs) enhanced surveillance and, 96

  • MYRAs. See Multi-year rescheduling arrangements

  • N

  • NAB. See New Arrangements to Borrow

  • Natural disasters, emergency assistance, 330, 331–33

  • New Arrangements to Borrow (NAB), 482–500

    • credit arrangements, 484

    • Eleventh General Review of Quotas, 7

    • entry into force, 486

    • Hong Kong Monetary Authority, 484, 498

    • meeting of participants, 500

    • nonparticipants, 487

    • participants, 486, 499

    • relationship with the GAB and associated borrowing arrangements, 497

    • transferability of claims, 494, 501–2

  • Noncooperation draft declaration, 747

  • Nondiscriminatory treatment of members

    • Paris Club, 93

    • Use of Fund resources, 261

  • Nordic Investment Bank

    • prescribed holder of SDRs, 706

  • O

  • Observer status in the Fund

    • European Central Bank, 643–44

    • World Bank, 628, 629–32

    • World Trade Organization, 644, 854

  • Observer status of the Fund

    • World Bank, 628

    • World Trade Organization, 854

  • OECD. See Organization for Economic Cooperation and Development

  • Official clearing and payments arrangements

    • temporary exemption from three-month settlement rule, 510

  • Offshore financial centers (OFCs), 117

    • assessment program, 116–19

    • inclusion in FSAP reports, 102

    • publication of reports, 118

  • Operational budgets

    • assessment of strength of member’s balance of payments and gross reserve position, 394

    • guidelines for operational budget allocation of currencies, review, 400

    • specification of currencies by the Fund, 400, 401

    • transfers of SDRs under Article V, Section 3(f), 397

  • Organization for Economic Cooperation and Development (OECD)

    • concessional external loans, definition, 307, 308

    • exchange of documents, 655

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

    • accounting charges, 417

    • Annual Report (IMF), 745

    • complaint by Managing Director, 745

    • compulsory withdrawal, 747, 748, 753, 754

    • declaration of censure, 747, 752

    • declaration of ineligibility, 746, 752, 753, 754, 755, 763

    • declaration of noncooperation, 748, 752, 754, 763

    • de-escalation of remedial measures, 764

    • draft first letter to all Governors, 749–50

    • draft second letter to all Governors, 750–51

    • Eleventh General Review of Quotas, 3

    • ESAF, no access, 741–42

    • ESF arrangement, nonapproval, 150

    • extended arrangements and, 320, 740

    • Ninth General Review of Quotas, 746, 756

    • nontoleration of arrears to official creditors, 345

    • overdue maintenance of value adjustments, 742

    • Overseas Economic Cooperation Fund (OECF), 310

    • preferred creditor status of Fund, 742–48, 742, 743, 752, 755

    • prevention/deterrence measures, strengthened timetable of procedures, 757

    • PRGF arrangement, nonapproval, 150

    • PSI, nonapproval, 135

    • requests for the use of Fund resources under a stand-by or extended arrangements, management will not submit, 740

    • review of Fund strategy, 767

    • review period, 741

    • SAF, no access, 741

    • setoff in connection with retroactive reduction of charges, 421

    • special charges, 419

    • stand-by arrangements and, 320, 740

    • strengthened cooperative strategy, 753–58, 762–63, 763–64

    • suspension of voting rights, 756, 758

    • technical assistance suspension, 766

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

  • P

  • Paris Club

    • Agreed Minute, 93

    • debt rescheduling and Fund arrangements or programs, 755

    • debtors’ negotiations with, 93

    • PRGF qualification for assistance, 197

    • rescheduling discussions, 655

    • rescheduling in the absence of Fund arrangement, 755

    • rescheduling operations, Fund opposition to matching, 340

    • settlement of disputes between Fund members and Fund neutrality, 94

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

    • Fund lending into nonsovereign arrears, 345–51

    • Fund lending into sovereign arrears, 345–51

    • Fund policies and procedures, 345–51

    • performance criteria, 343

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

  • 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, 92

  • Payments restrictions. See Exchange restrictions

  • Performance criteria under Fund arrangements

    • accuracy of information, 276

    • conditionality guidelines, 261

    • coverage initially, 304

    • definition, 265

    • external debt, guidelines on coverage of debt limits, 305–10

    • first credit tranche, not subject to, 299

    • foreign borrowing, guidelines on calculation of discount rate, 306, 308

    • number and content of, 265

    • omitted in stand-by arrangements within first credit tranche, 299

    • phasing, relationship, 303–5

    • reporting lag, 303

    • reporting on implementation, confidentiality relating to, 272

    • side letters, 272

    • test dates, even distribution, 304

    • waiver for nonobservance, 168, 267, 273, 276

    • waiver of applicability, 168, 267, 276

  • Phasing and performance criteria under Fund arrangements omitted in stand-by arrangements within first credit tranche, 298

    • relationship, 303

  • PINs. See Public Information Notices

  • Policy framework papers. See also Poverty Reduction Strategy Papers

  • Policy Support Instrument (PSI), 135–41

    • application of Guidelines on Conditionality, 140

    • arrears, 140

    • assessment criteria, 137

    • definition, 135

    • documents required, 136

    • eligibility, 135, 136

    • implementation, 137

    • misreporting, 138

    • poverty reduction strategy documents, 136

    • publication policies, 672

    • relationship to Post-Program Monitoring, 292

    • review, 141

    • side letters, 140

    • termination, 140

  • Position in the Fund, 399

  • Position in the Fund, defined, 396

  • Post-conflict emergency assistance, 215, 218, 249, 329–30, 333–36, 336–41

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

    • administration, 253

    • establishment, 249

    • fees, none, 254

    • instrument to establish, 249–55

    • investment of resources, 252

    • purpose, 250

    • rate of charge subsidy, 252

    • resources, 250

    • SDRs, use of, 255

    • settlement of questions, 255

    • termination, 254

    • use of resources, 252

  • Post-Program Monitoring

    • applicability, 292

    • Article IV consultation, 292

    • publication policies, 293

    • relationship to Policy Support Instrument, 292

  • Post-SCA-2 Administered Account

    • adoption of Instrument to establish, 256

    • instrument to establish, 256–58

  • Pound sterling

    • freely usable currency, 770

    • weight in SDR valuation basket, 698

  • Poverty Reduction and Growth Facility (PRGF) and Exogenous Shocks Facility (ESF) 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)

    • access limits, review, 178

    • administration of, 165–66

    • amendment of, 167

    • benchmarks, 148

    • contributions, value date for operations and transactions, 179

    • cost of administration, 452

    • decision waiving the applicability of a performance criterion, 177

    • declaration of noncooperation, 172

    • electing lenders, 164

    • establishment, adoption of Instrument, 142

    • freely usable currency, 145, 153, 165

    • investment of resources, 166

    • liquidation, 167

    • Loan Account, 154, 179

    • media of payment, 145

    • misreporting and noncomplying disbursements, 153, 168–70

    • modalities of gold pledge under rights approach, 450

    • other provisions, 173

    • overdue financial obligation, 150

    • period of operation and liquidation, 167

    • post-SCA-2 Administered Account, 257

    • Poverty Reduction Strategy Papers (PRSPs), 149, 187

    • prior actions, accuracy of information, 176

    • proposed decisions, 231

    • purposes, 144

    • removal from eligibility, 172

    • repayment expectation, 169, 174

    • Reserve Account, 144, 155, 160, 161–62

    • Reserve Account, transfer to the PRGF-HIPC Trust, 163

    • simultaneous access to PRGF and ESF not permitted, 150

    • Special Disbursement Account, transfers from or to, 162, 163

    • Subsidy Account, 156, 159

    • transfer or claims, 163–65

    • transformation of ESAF to PRGF, 174–76

    • unit of account, SDR, 144

    • waiver of performance criteria, accuracy of information, 176–77

  • Poverty Reduction and Growth Facility (PRGF) and Exogenous Shocks Facility (ESF) Trust loans

    • access, 151

    • adjustment program, 146, 151

    • balance of payments need, 151

    • benchmarks, 146

    • commitment period, 146, 150, 153, 154, 177

    • eligibility and conditions for assistance, 145

    • interest, 152, 153, 154, 155, 158

    • misreporting and noncomplying disbursements, 153, 168

    • overdue financial obligations to PRGF Trust, 170

    • overdue financial obligations to the Fund, 150

    • performance criteria, 148, 168, 169, 176, 184

    • performance criteria, accuracy of information, 176–77

    • phasing of disbursements, 146, 148

    • prior action, accuracy of information, 176

    • protracted balance of payments problem, 147

    • publication policies relating to, 189

    • repayment expectation, 150, 169, 174

    • rephasing, 152

    • repurchase expectation, 150

    • rescheduling of loan repayments not possible, 153

    • reviews under arrangements, 149, 151, 172

    • structural reforms, 146, 149

    • waiver of applicability or for nonobservance of performance criterion, 168, 176

    • waiver, early repayment, 169

  • Poverty Reduction Strategy (PRS). See also Poverty Reduction Strategy Papers (PRSPs)

    • conflict-affected states, special requirements, 230

    • goals, 228

    • Millennium Development Goals (MDGs), achievement of, 228

    • Policy Support Instrument requirements, 136

    • review, 227

  • Poverty Reduction Strategy Papers (PRSPs). See also Poverty Reduction Strategy (PRS)

    • core principles, 227

    • definition, 193

    • progress, 221

    • publication policies relating to, 672, 673, 676, 680

    • role in HIPC initiative, 187, 188, 197

    • role in PSI operations, 136

  • Preferred creditor status of Fund, 214, 339, 743, 752, 755

  • Press Notices. See Public Information Notices

  • PRGF. See Poverty Reduction and Growth Facility

  • PRGF-ESF Trust. See Poverty Reduction and Growth Facility and Exogenous Shocks Facility Trust

  • Prior actions

    • accuracy of information regarding implementation, 276

    • definition, 265

    • implementation under PRGF, 176

    • reporting on implementation, confidentiality relating to, 271

    • side letters, 272

    • use in emergency financing mechanism, 290

    • use in enhanced structural adjustment facility, 184

    • use in Policy Support Instrument, 138

  • Program Reviews, 265

  • Prolonged use of Fund resources

    • assessment, 293

    • definition, 294

    • precautionary arrangements, 294

  • Prolonged use of Fund Resources

    • Article IV consultations, 293

  • Protracted balance of payments problem, 147, 231, 438

  • PSI. See Policy Support Instrument

  • Public Information Notices (PINs)

    • Article IV consultation, 677, 679, 680, 682

    • member’s consent, 678

    • presumed publication, 684

    • use of Fund resources, Chairman’s Statement in lieu of PIN, 676, 678

  • Publication

    • Article IV and combined Article IV/Use of Fund Resources staff reports, 672, 681

    • Article IV consultation background reports, 677

    • Article IV consultation staff reports, pilot project, 691

    • Article IV staff reports, 681

    • Chairman’s statements, use of Fund resources, 678, 682

    • deletions prior to publication, 674, 675

    • Financial System Stability Assessment (FSSA) Reports, 682

    • Fund policy documents, 672, 675, 678, 683

    • HIPC Initiative, preliminary, decision point, and completion point documents, 672, 673, 682

    • Interim Poverty Reduction Strategy Papers (I-PRSPs), PRSPs, PRSP Preparation Status Reports, and Annual Progress Reports (APRs) in the context of PSIs, 673, 674, 683

    • Joint Fund/World Bank Staff Advisory Notes on Interim PRSPs, PRSPs, PRSP Preparation Status Reports, and APRs, 672, 673, 682

    • Letters of Intent, 672, 683, 684

    • Letters of Intent (LOIs)/Memoranda of Economic and Financial Policies (MEFPs) for Policy Support Instruments (PSIs), 672, 683

    • Letters of Intent (LOIs)/Memoranda of Economic and Financial Policies (MEFPs) for staff-monitored programs (SMPs), 672, 683

    • member’s statement regarding Fund staff report, 674

    • Memoranda of Economic and Financial Policies (MEFPs), 673, 683

    • overdue financial obligations to PRGF Trust, 171

    • overdue financial obligations to the Fund, 682

    • PINs following Article IV consultations, 672, 679, 680, 682

    • PINs following Executive Board discussions on policy issues, 672, 683

    • PINs following Executive Board discussions on post-program monitoring, 672, 682

    • PINs on use of Fund resources, 685

    • Policy Support Instrument documents, 672, 676, 683

    • Poverty Reduction Strategy Papers (PRSPs), 672

    • publication policies of the Fund, 672–81

    • Recent Economic Development reports (REDs), Article IV consultations, 680

    • removal from list of PRGF-eligible countries, 172

    • Reports on Observance of Standards and Codes (ROSCs), 672, 674, 682

    • repurchase expectations, failure to meet, 689

    • staff reports on staff-monitored programs, stand-alone, 672, 683

    • staff-monitored programs, presumption of publication, 48

    • statistical appendices and annexes, Article IV consultations, 680

    • suspension of voting rights and termination of suspension, 690

    • Technical Memoranda of Economic and Financial Policies, 672, 677, 682

    • use of Fund resources, Chairman’s Statement, 672, 674

    • use of Fund resources, Post-Program Monitoring and Ex Post Assessment Staff Reports, 672, 682

    • waivers of applicability or for nonobservance of performance criteria, 676

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

    • resumption of purchases under extended arrangement after decision of formal ineligibility, 325

    • resumption of purchases under stand-by arrangement after decision of formal ineligibility, 320

    • suspension of transactions under extended arrangement, 325

    • suspension of transactions under stand-by arrangement, 320

    • temporary suspension under Article XXVII, effect on GAB, 463

    • temporary suspension under Article XXVII, effect on NAB, 479

  • Q

  • Quotas

    • ad hoc increases, 21

    • adjustment, first interval of five years, 3

    • Eleventh General Review, 3

    • Eleventh General Review, increases of quotas, new period of consent, 15, 16

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

    • Eleventh General Review, Resolution, 10–12

    • new period for receipt of consents to quota increases, 15

    • Ninth General Review, 8, 9, 12, 756

    • payments of reserve assets in connection with subscription, 19

    • sales of SDRs by Fund to members for quota payments, 406

    • Seventh General Review, 20, 406, 714, 717, 719, 734

    • Sixth General Review, 20

    • Tenth General Review, 4

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

    • voting power and adjustment of quotas, 658

  • R

  • Recent Economic Developments reports (REDs)

    • balance of payments consultations, WTO, 646

    • no longer included in Article IV consultation documentation, 38

    • publication, 680

    • transmittal to multilateral agencies, 646, 650, 652

  • Reconstitution of SDRs

    • abrogation of rules, 736

  • REDs. See Recent Economic Developments reports (REDs);

    • Article IV consultations

  • Repayment expectations, PRGF Trust, 150, 169, 174, 193, 202

  • Reports on Observance of Standards and Codes (ROSCs)

    • anti-money laundering initiatives, 117, 120, 125

    • assessment procedures, 121

    • no longer circulated to Executive Directors in hard copy form, 115

    • principle of uniformity, 123

    • publication policies, 672, 673, 680, 682

    • reports on observance associated with FATF-led assessments generally not designated as ROSCs, 123

    • surveillance, 56, 64

  • Repurchase expectations

    • attribution of reduction of currency, 414

    • Compensatory Financing Facility, 407

    • failure to meet and extended arrangements, 274, 283, 325, 410

    • failure to meet and PRGF-ESF Trust, 171

    • failure to meet and stand-by arrangements, 283, 320, 410

    • failure to meet under Supplemental Reserve Facility, 379

    • misreporting and noncomplying purchases, 272–75, 283

    • overcompensation in Compensatory Financing Facility (CFF), 386, 392

    • publication of failure to meet, 688

    • Supplemental Reserve Facility, 377

    • time-based repurchase expectations in credit tranches, EFF, and CFF, 412

  • Repurchases. See also Repurchase expectations

    • access policy, 354–56

    • assessment of strength of members’ balance of payments and gross reserve position, 394

    • attribution of reductions in Fund’s holdings of currencies, 414–15

    • Compensatory Financing Facility, 386, 387, 390, 409

    • credit tranches, 409

    • currencies of other members, 410

    • early repurchases, guidelines, 412–14

    • emergency assistance, 409

    • extended arrangements, 315, 355

    • gold, acceptance in payment, 411

    • gold, obligation to pay, 410, 412

    • overcompensation under CFF, legal interpretation, 386, 392

    • overdue, 413

    • periods, 409

    • procedures, 409

    • purchases under credit tranches and CFF, 409

    • Schedule B, 410, 411

    • SDRs, 411

    • selection of currencies by Fund, 396, 398, 401

    • special charges on overdue repurchases, 409–11

    • stand-by arrangements, 355

    • timing of repurchases within a calendar month, 409

  • Reserve Account of PRGF-ESF Trust

    • resources, 161

  • Reserve assets

    • payment in connection with subscriptions, 19

    • SDR allocation, 710, 811

    • SDR as principal reserve asset, 811

  • Reserve currency and specification of currencies, 395

  • Reserve position, gross

    • assessment for purposes of designation plans, operational budgets, and early repurchases, 394

    • SDDS reporting, 396, 539

    • specification of currencies, 395

  • Reserve tranche position

    • administrative accounts, 769

    • attribution of reductions in Fund’s holdings of currencies, 396, 414, 415

    • balances held in Administrative Account, 769

    • definition, 396

    • Eleventh General Review of Quotas, 10

    • extended arrangements, 768

    • remunerated position, 21

  • Reserve tranche purchases, exclusion of purchases and holdings

    • Compensatory Financing Facility, 381

    • credit tranches, 768

    • emergency assistance, 330

    • extended arrangements, 768

    • General Arrangements to Borrow, 460

    • New Arrangements to Borrow, 477, 493

    • Supplemental Reserve Facility, 379, 380, 769

  • Resolutions. See Board of Governors Resolutions

  • Restrictions. See Exchange restrictions

  • Retention quotas, 510–12

  • Reviews under Fund arrangements

    • ESF arrangement, 151

    • extended arrangement, 322

    • PRGF arrangement, 150, 151, 152

    • stand-by arrangement, 317

  • Revolving character of the Fund’s resources, 333, 355

  • Rights accumulation programs, 285, 759, 762, 764 gold pledge, 761

  • Rights approach

    • arrears to the Fund, reduction, 759

    • gold pledge, 759

    • modalities of gold pledge for use of PRGF Trust resources, 450, 759

    • operational modalities, 759

    • PRGF-HIPC Trust eligibility, 196

    • PRGF-HIPC Trust qualification, 197

    • three-year period norm, 759

  • ROSCs. See Reports on Observance of Standards and Codes

  • Rules and Regulations

    • rate of charge, 379

    • Rule G-1, fiscal agency, 462, 494

    • Rule G-4, request for a purchase, 404

    • Rule I-10, rate of remuneration, 425, 428

    • Rule I-6(4) (a), 425, 428

    • Rule I-6(4) (a), rate of charge, 426

    • Rule I-6(4)(b), 425, 428, 429

    • Rule I-6(4), rate of charge, 379, 416, 418, 421, 425, 778

    • Rule I-6, rate of charge(4), 428

    • Rule K-1, 612

    • Rule O-1, value of SDR, 700

    • Rule O-10, operational budget, 397

    • Rule O-2(a), 700

    • Rule O-2, valuation of currencies in terms of SDRs, 433, 462, 479, 494, 700, 720, 721, 723, 725, 727

    • Rule P-7, prescribed operation, 721, 723, 724, 726, 728, 729, 730

    • Rule P-9, recording of SDR transactions, 255, 706, 707, 708, 721, 723, 725, 727, 728, 729, 730

    • Rule R-1 through Rule R-6, rules for reconstitution (abrogated), 736

    • Rule T-1, interest and charges in respect of SDR, 165, 427

  • S

  • SAF. See Structural Adjustment Facility

  • Safeguards assessment process

    • audits, 278, 280, 281

    • confidentiality, 280, 287

    • distinction between first and second stages no longer applicable, 286

    • first stage, 280, 286

    • information/documents to obtain from central banks, 281

    • reports to remain confidential, 284

    • review, 281

    • second stage, 280, 286

  • Safeguards, use of Fund resources

    • benchmarks based on Code of Good Practices on Transparancy in Monetary and Financial Policies, 279

    • publication of audited central bank financial statements, 280

  • Sales of currencies of members indebted to the Fund

    • sale of currencies at the request of members with outstanding purchases, 403

  • Saudi Arabia

    • borrowing agreement, 472

  • Schedule B, transitional provisions, 20, 410, 411

  • Schedule F, designation, 732

  • Schedule G, paragraph 1(a), reconstitution, 736

  • Schedule J, settlement of accounts with withdrawing members, 463, 479, 495

  • Schedule K, administration of liquidation, 463, 479, 495

  • Schedule L, suspension of voting rights, 792

  • SDA. See Special Disbursement Account

  • SDDS. See Special Data Dissemination Standard

  • SDRs. See Special drawing rights

  • Second Amendment

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

    • compensatory financing repurchase obligation, 393

    • payment of reserve assets in connection with subscription, 19

    • repurchase under Schedule B, 410

    • surveillance over exchange rate policies, 20

  • Security reasons, exchange restrictions for, 508

  • Settlement of disputes between members relating to external debt comparable treatment of creditors, 93

    • Paris Club, 93

    • role of the Fund, 91–94

  • SFF. See Supplementary Financing Facility

  • Side letters, use of Fund resources, 268–71

  • Sovereign default, 288, 345

  • Special Contingent Account. See also Burden sharing additions to, 741–42

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

    • access by the public, 540

    • balance-sheet approach, 62

    • debt sustainability assessments, 63

    • liquidity management, 62

    • scope and operational characteristics, 541

  • Special Disbursement Account (SDA)

    • ESAF-HIPC Trust, 208

    • investment, 435

    • PRGF-HIPC Trust, 193, 206

    • repayment expectation under PRGF Trust, failure to meet, 174

    • Structural Adjustment Facility administration, 436

    • termination and transfer of resources from Trust Fund, 772

    • termination of assistance from SAF in conjunction with loans from ESAF Trust, 449

    • transfer of resources to the ESAF Trust and retransfer to the SDA, 447

    • transfers to PRGF-HIPC Trust account, 177

  • Special drawing rights (SDRs)

    • allocation for first basic period, 709

    • allocation for fourth basic period, report of Managing Director, 811

    • allocation for third basic period, 710

    • allocations to new participants, third basic period, 715

    • contributions to PRGF-HIPC Trust, 196

    • currency reference rates, 699

    • currency weights, 698

    • designation review rules, 731

    • designation rules, revision, 734

    • euro, weight in valuation basket, 698

    • harmonization of holdings, 396, 732

    • holders prescribed by the Fund

      • African Development Bank, 706

      • African Development Fund, 706

      • Andean Reserve Fund, 705

      • Arab Monetary Fund, 706

    • Asian Development Bank, 706

    • Bank for International Settlements, 705

    • Bank of Central African States, 706

    • Central Bank of West African States, 706

    • East African Development Bank, 706

    • East Caribbean Currency Authority, 706

    • Eastern Caribbean Central Bank, 706

    • European Central Bank, 706

    • International Bank for Reconstruction and Development (World Bank), 706

    • International Development Association, 706

    • International Fund for Agricultural Development, 706

    • Islamic Development Bank, 706

    • Nordic Investment Bank, 706

  • Japanese yen, weight in valuation basket, 698

  • means of repayment by members on indebtedness under loan agreements, 771

  • media of payment for charges in GRA, 417

  • other holders, acceptance, holding or use, 702

  • payment of net charges and assessment in the SDR Department for FY ended April 30, 1982, 737

  • payment of subscriptions, 19

  • pound sterling, weight in valuation basket, 698

  • PRGF-ESF Trust unit of account and media of payment, 144

  • PRGF-HIPC Trust unit of account and media of payment, 195

  • reconstitution, abrogation of rules, 736

  • reserve asset payments, 10, 19

  • sales by the Fund for payment of subscriptions, 19

  • sales by the Fund for the payment of charges, 417

  • terms and conditions for accepting, holding, or using SDRs, 702

  • transfers of SDRs for payment of subscription under Article V, Section 6(b), 395

  • transfers of SDRs for purchases under Article V, Section 3 (f), 397

  • U.S. dollar, weight in valuation basket, 698

  • use in donations, 730

  • use in ESAF Trust operations or under an administered acount, 707

  • use in forward operations, 729

  • use in loans, 723

    • use in payment of Trust Fund obligations, 657, 771

    • use in pledges, 723

    • use in PRGF loans, 153

    • use in PRGF-HIPC Trust operations or under an administered account, 708

    • use in repurchases, 409

    • use in settlement of financial obligations, 720

    • use in Structural Adjustment Facility operations, 707

    • use in subsidy payment from SFF Subsidy Account, 706

    • use in swap operations, 727

    • use in transfers as security for the performance of financial obligations, 725

    • valuation basket, guidelines for calculation of currency amounts, 697

    • valuation basket, guidelines for calculation of currency amounts, revised guidelines, 697

    • valuation of US dollar for purposes of Rule O-2(a), 700

    • value of SDR, method of collecting exchange rates for calculation for purposes of Rule O-2(a), 700

  • Specification of currencies, 395–97, 401

    • harmonization, 396

  • SRF. See Supplemental Reserve Facility

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

    • document exchange with WTO, 652

    • military expenditure, 85

    • presumed publication, 684

    • publication, 672, 674, 677

    • transmittal to international agencies, 652, 654

  • Staff reports on enhanced surveillance

    • transmittal by members to creditors, 38–39, 88, 97, 111

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

    • publication policy, 684

  • Staff-monitored programs (SMPs), 47

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

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

    • access to credit tranches, normally through, 298

    • arrangements not international agreements, 264

    • Compensatory Financing Facility, 320

    • conditionality guidelines, 261

    • consultation clauses, 264, 320

    • Contingent Credit Lines, 320

    • contractual connotation avoidance, 264

    • debt- and debt-service-reduction operations, 320

    • duration, normal, 298

    • emergency purchases and, 332, 336

    • first credit tranche, 299

    • form, standard, 317

    • Guidelines on Corrective Action, 320

    • indicative targets, 305

    • ineligibility, 321, 740

    • misreporting and noncomplying purchases, 272–75, 276

    • noncomplying purchases, 274, 320

    • nondiscriminatory treatment of members, 262

    • overdue financial obligations to the Fund, 320, 739

    • performance criteria and phasing of purchases, relationship, 303

    • performance criteria with respect to external debt, 306, 310, 319

    • performance criteria, accuracy of information, 276

    • period for, 298

    • phasing, 298, 299

    • policies and procedures, 299

    • PRGF-HIPC Trust eligibility, 196

    • PRGF-HIPC Trust qualification, 197

    • prior actions, accuracy of information, 276

    • program evaluation, 268

    • repayment expectation under PRGF Trust, 320

    • repayment obligations under PRGF Trust, 320

    • repurchase, 321

    • repurchase expectation, 273, 274, 321

    • reserve tranche purchases, 768

    • review, 317

    • Supplemental Reserve Facility and, 320

    • suspension of right to engage in transactions, 320

    • test dates, 304

    • uniform treatment of members, 262

    • waiver for nonobservance of performance criteria, 273, 276

    • waiver of applicability of performance criteria, 276

  • Strengthened cooperative strategy

    • de-escalation of remedial measures, 764

    • extension of deadline to enter a rights accumulation program, 763

    • procedures, 753

    • reversibility of actions, 763

  • Structural Adjustment Facility (SAF)

    • access, potential, 438, 443

    • amounts of assistance, 437

    • commitment period, 438

    • commitment period, new, 443

    • disbursements, 439, 442

    • eligible members list, 443

    • income from investment and loans, 447

    • interest, 440

    • loans under Enhanced Structural Adjustment Facility (ESAF), 441

    • protracted balance of payments problem, 231, 438

    • purposes, 437

    • qualification for assistance, 438

    • resources, 437

    • review, 446

    • SDRs, use in operations, 443, 707, 708

    • terms of loans, 440

  • Subscriptions. See also Quotas

    • accounting by members, 18

    • ownership of gold and currency, 18

    • reserve asset payments, 19–22

  • Subsidy Account. See Supplementary Financing Facility Subsidy Account

  • Summings up and concluding remarks for policy items review and finalization process, 35

  • Supplemental Reserve Facility (SRF)

    • availability through stand-by or extended arrangement), 378

    • commitment period, 378

    • contagion risk, 377

    • exchange rate for payment of subsidies, 802

    • overdue financial obligations, 150, 320, 325

    • phasing, 378

    • rate of charge, 380

    • repurchase, 379

    • repurchase expectation, 379

    • repurchases, installment periods, 379

    • reserve tranche purchase, exclusion, 379

    • sudden and disruptive loss of market confidence test, 377

  • Supplementary Financing Facility (SFF) Subsidy Account, 775

    • additional subsidy payments for May 1–June 30, 1990 and subsidy payments for July 1, 1990–June 30, 1991, 783

    • eligible members, 777

    • instrument to establishment, 774

    • investment, 776

    • means of subsidy payments, 782

    • rescheduling in cases of serious hardship, 773

    • resources, 775

    • SDRs, use of, 706

    • subsidy amount, 777

    • suspension of transfers and re-transfer of surplus, 782

    • transfer from Special Disbursement Account, 775, 776, 782

  • Suppliers’ credits, coverage in external debt limits, 306, 308

  • Surveillance. See also Article IV consultations; Enhanced surveillance

    • architecture of international financial system, 40

    • balance-sheet analysis, 63

    • Bilateral surveillance over members’ policies, 24

    • bilateral surveillance, 2007 decision, 24

    • bilateral, 2007 decision, transitional issues, 37

    • capital flows, 44

    • Central African Economic and Monetary Union, 69

    • communication, 58

    • consultation cycles, changes, 50

    • coverage principles, 44

    • data provision, 60

    • Eastern Caribbean Currency Union, 71

    • Euro-Area, 66, 68

    • extension of theree-month period, 65

    • external evaluation, 40

    • financial sector soundness and vulnerability, 41

    • policy dialogue with country authorities, 53

    • principles for the guidance of members’ policies, 29

    • principles for the guidance of the Fund, 26

    • procedures, 31, 47

    • publicity, 690

    • review of general implementation, two-year intervals, 40, 48

    • ROSCs, 61, 64

    • signaling, 58

    • Special Data Dissemination Standard, 63

    • staff-monitored programs, 47

    • three-month rule, 65

    • timetable of procedures, 742

    • use of staff resources, 60

    • West African Economic and Monetary Union, 72

  • Suspension of membership, 748

  • Suspension of voting rights

    • participation in International Monetary and Financial Committee, 792

  • Swiss National Bank

    • GAB participant, 466, 471

    • NAB participant, 500

  • T

  • Technical assistance

    • cooperation with Trusteeship Council, 820

    • exchange rate system simplification, 527

    • Framework Administered Account for, 130

    • members not cooperating with the Fund, 747, 748

    • post-conflict countries, 334

    • transmittal of reports to international agencies, 652

  • Terrorism financing. See Combating the Financing of Terrorism

  • Trade. See also World Trade Organization

    • structural maladjustments in trade, Extended Fund Facility, 312

    • Trade Integration Mechanism, 375

    • trade-related balance of payments adjustments, 375

  • Trade Integration Mechanism, 375

  • Trade restrictions

    • avoidance of escalation, 518, 803

    • emergency assistance, 330, 333

    • ESAF, 184

    • import restrictions for balance of payments reasons, extended arrangements, 325

    • import restrictions for balance of payments reasons, GATT, 516

    • import restrictions for balance of payments reasons, stand-by arrangements, 320

    • WTO involvement, 645

  • Tranche policies

    • application in connection with CFF, 381

    • first credit tranche, 299

    • floating tranche, 267

  • Transferability of claims

    • General Arrangements to Borrow, 470, 472

    • New Arrangements to Borrow, 494

    • Saudi Arabia, borrowing agreement with, 472

  • Transparency. See also Publication

    • foreign reserves management, 279

    • governance, 75

    • safeguards for use of Fund resources, 280

    • use of Fund resources, 672

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

    • administration of, 204

    • amendment of, 207

    • Annual Progress Report (APR), 194

    • assistance amount, 199

    • completion point, 192, 200, 201, 202, 203, 213, 215, 216

    • contributions by other donors, 208

    • contributions to, 244

    • debt sustainability, 192, 197, 199, 202, 203, 214, 215, 223

    • debt sustainability analysis, 192

    • debt-to-exports ratio, 193, 202, 217

    • debt-to-revenue ratio, 193

    • decision point, 192, 197, 199, 200, 212, 215, 219, 223, 224

    • eligibility, 196, 223

    • grace period on loans, 203

    • grants and loans, 196

    • Guidelines on Misreporting, 194

    • implementation, progress, 214–19

    • implementation, review, 219–23

    • instrument to establish, 191–207

    • instrument to establish, adoption of, 190

    • interest, 193, 203

    • interim assistance, 200

    • Interim Poverty Reduction Strategy Papers (I-PRSPs), 187, 194, 221, 222

    • Interim Poverty Reduction Strategy Papers (I-PRSPs), publication, 672

    • investment of resources, 195, 206, 208

    • Joint Staff Advisory Note (JSAN), 194

    • liquidation, 206

    • maturity of loans, 203

    • operation and liquidation, 206

    • Paris Club, 193, 197, 199, 215, 216, 221, 225, 226

    • performance-related conditions, 201, 209

    • Poverty and Social Impact Analysis (PSIA), 188, 229

    • Poverty Reduction Strategy Papers (PRSPs), 187, 193, 197, 216, 219, 227

    • purposes, 194

    • qualification for assistance, 197

    • rescheduling of payments not allowed, 203

    • retransfers authorized, 209

    • SDRs, use in operations, 206, 708

    • self-sustained operations, 193, 206, 219

    • special charges on overdue interest and repayments, 419

    • Special Disbursement Account, transfers from, 195

    • streamlining preliminary HIPC documents, 223

    • subsidies for interim PRGF operations, 204

    • terms of assistance, 202

    • track record of performance, 214, 216, 220, 223, 226

    • transformation of ESAF-HIPC Trust to PRGF-HIPC Trust, 174

    • Trust Account and resources, 195

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

    • completion point, 224

    • decision point, 224

    • eligibility and eligible members, 226

    • implementation status, 224

    • sunset clause, 207, 226

  • Trust Fund

    • final direct distribution of profits, 772

    • means of repayment by members on their indebtedness under loan agreement, 771

    • overdue interest and repayments, 419

    • SDRs, use in payment of Trust Fund obligations, 706

    • special charges on overdue financial obligations, 418, 772

    • termination and transfer of resources to Special Disbursement Account, 435, 772

    • terms of repayment of final loan disbursement and amendment of Trust instrument, 774

  • Twelfth General Review of Quotas

    • report to Board of Governors and proposed resolution, 16

  • U

  • Undue delay in availability or use of foreign exchange, 454, 516

  • Uniformity of treatment principle

    • consultation cycle, 42

    • external debt in Fund arrangements, guidelines on performance criteria, 307

    • post-conflict assistance, 339

    • settlement of disputes among members, comparable treatment, 93

    • use of Fund’s general resources, 262

  • United Nations

    • agreement with the IMF, 817–23

    • Convention on the Privileges and Immunities of the Specialized Agencies, 824–41

    • exchange of documents with, 819

    • UNDP, exchange of documents with, 654

    • Uniting for Peace General Assembly Resolution, 788

  • United States (U.S.) dollars

    • dissemination of monthly data on official reserve assets under GDDS, expressed in, 596

    • financial statements of Framework Account, expressed in, 133

    • maintenance of value, rates for computation, 433

    • means of payment by members on indebtedness under Trust Fund loan agreements, 771

    • medium of payment, loan disbursements, repayments, and interest under GAB, 441

    • medium of payment, MDRI-I Trust, 237

    • medium of payment, MDRI-II Trust, 244

    • medium of payment, PRGF-ESF Trust, 145

    • medium of payment, PRGF-HIPC Trust, 196

    • payment of special charges on overdue payments, Trust Fund loans, 420

    • payments of interest on members’ indebtedness under Trust Fund loans, 771

    • valuation in terms of special drawing rights as per Rule O-2(a), 700

    • weight in SDR valuation basket, 698

  • Use of Fund resources. See also Access policy, use of Fund resources; Charges; Compensatory Financing Facility; Conditionality; Contingent Credit Lines; Emergency assistance; Emergency financing mechanism; Extended arrangements; Extended Fund Facility; First credit tranche; General Resources Account; Misreporting and noncomplying purchases; Purchase transactions; Repurchases; Reserve tranche purchases; Stand-by arrangements; Supplemental Reserve Facility; Supplementary Financing Facility; Systemic Transformation Facility; Waiver of limitation of 200 percent of quota under Article V, Section 3 (b) (iii)

    • accordance with purposes of the Fund, 259

    • arrears, resolving the problem of, 750

    • authority of the Fund to use its resources

      • Resolution, 787

      • resolving problem of arrears, 259

    • capital transfers, 259, 453

    • conditionality guidelines, 261–68

    • financing current account deficits, 259

    • form, extended arrangement, 322

    • form, stand-by arrangement, 317

    • inelibility, effect on purchases under extended arrangement, 326

    • ineligibility under Article V, Section 5, 404

    • ineligibility, effect on purchases under stand-by arrangement, 321

    • interpretation of Articles of Agreement, 259

    • limitation and ineligibility under Article V, Section 5, 404

    • meaning of “consistent with the provisions of this Agreement”under Article V, Section 3, 259

    • meaning of “represents”, 260

    • meaning of “represents” that a member has a need to make purchases, 260

    • nondiscriminatory treatment of members, 262

    • performance criteria and phasing, 303

    • postponement and limitation under Article V, Section 5, 404

    • repayment expectation under PRGF-ESF Trust, failure to meet, 174

    • resumption of purchases under extended arrangement after decision of formal ineligibility, 326

    • resumption of purchases under stand-by arrangement after decision of formal ineligibility, 321

    • safeguards, strengthening of, 277–82

    • side letters, 268, 271

    • suspension of exchange transactions, effect on General Arrangements to Borrow, 463

    • suspension of transactions under extended arrangement, 325

    • suspension of transactions under stand-by arrangements, 320

  • V

  • Voluntary Declaration on Trade and Other Current Account Measures, 803

  • Voting power majority

    • compulsory withdrawal, 754

    • Eleventh General Review of Quotas, 10

    • SDR allocation, 811

  • 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, 382

    • emergency assistance, 330

    • Extended Fund Facility, 416

    • Supplemental Reserve Facility, 380

  • Waiver of performance criteria

    • applicability, 168, 267, 276

    • nonobservance, 138, 168, 276, 305

  • Waiver of special charges, 419

  • World Bank (International Bank for Reconstruction and Development)

    • agreement with WTO, 848, 849, 851

    • Bank-Fund collaboration, 87, 618, 628, 629, 630, 635

    • collaboration with Fund and WTO, 648, 650

    • collaboration with Fund on corporate sector vulnerability analysis, 41

    • collaboration with Fund on shifting resources from military, 87

    • Development Committee, 795

    • ESAF policy framework process, 183

    • Financial Sector Assessment Program, 100

    • Fund-Bank Concordat, 617

    • governance, 76, 77, 83

    • HIPC Initiative, 212, 219, 222

    • investment by Fund of currencies received by SFF Subsidy, 781

    • military expenditures, 87

    • observer status in the Fund, 628, 629

    • post-conflict assistance, 334

    • prescribed holder of SDRs, 706

    • PRGF-HIPC Trust, 192

    • publication authorization required for certain documents, 672

    • rights approach, 760

    • suspension of voting rights, 756

  • World Economic Outlook (WEO)

    • European Central Bank, observer, 643

    • military spending, 85

    • multilateral surveillance, 46, 261

    • publication policies relating to, 679

    • WTO observer status, 854

  • World Trade Organization (WTO)

    • balance of payments consultations, 645

    • coherence in global policymaking, 646

    • consistency of policy advice and obligations, 647

    • cross-conditionality, avoidance, 648

    • document exchange, 650

    • Fund staff observer at WTO meetings, 854

    • guidelines/framework for Fund staff collaboration, 644

    • IMF-WTO Agreement, text, 852–56

    • observer status, 650

    • resolution of open jurisdictional issues, 649

    • suspension of exchange transactions, effect on General Arrangements to Borrow, 463

    • suspension of transactions under extended arrangements, 325

    • suspension of transactions under stand-by arrangements, 320

    • WTO staff observer at Executive Board meetings, 854

  • WTO. See World Trade Organization

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