Selected Decisions and Selected Documents of the International Monetary Fund, Thirty-Third Issue December 31, 2010
Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
April 2011
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Index

A

  • Access policy, use of Fund resources

    • access limits in credit tranches and under Extended Fund Facility, 428–31

    • access limits, guidelines, 426–31

    • balance of payments needs, 417

    • capital account crises, 431

    • capital account crises, modifications to Supplemental Reserve Facility, 437

    • capital account crises, prevention, 445

    • exceptional circumstances, 432, 443

    • exceptional circumstances, review, 442–45

    • Flexible Credit Line, 324

    • modifications to Supplemental Reserve Facility, 437–41

    • post-conflict countries, 406

    • review, 437–41

    • revolving character of Fund resources, 404, 429

  • Accounting by members

    • ownership of gold and currency subscriptions, 21

  • Administrative Account

    • balances, 828

    • reserve tranche position, 828

  • Africa Regional Technical Assistance Centers Subaccount, 165

  • African Development Bank

    • communication concerning members’ arrears to the Fund, 806

    • exchange of document, 709

    • prescribed holder of SDRs, 763

  • African Development Fund, 763

  • Andean Reserve Fund

    • prescribed holder of SDRs, 762

  • Annual Report (IMF), 255, 297

  • Anti-money laundering

    • assessing a global standard and preparing ROSCs, proposals, 151–56

    • Fund involvement, 147

    • methodology document, 152

    • offshore financial center assessments, 144, 151

    • twelve-month pilot, program review, 156–60

  • Arab Monetary Fund

    • exchange of documents with, 709

    • prescribed holder of SDRs, 763

  • Archives policy

    • access by outside persons, 659

  • Arrears

    • lending into arrears, 418, 420–24

    • settlement of disputes between members, 111, 425

  • Arrears of a member to creditors other than the Fund debt strategy, 418

    • extended arrangements, performance criterion, 380

    • first credit tranche, 416

    • Fund lending into nonsovereign arrears, 418

    • Fund lending into sovereign arrears, 419

    • Fund policies and procedures, 417

    • nontoleration of arrears to official creditors, 418

    • performance criteria, 419

    • stand-by arrangement, performance criterion, 380

  • Arrears to the Fund. See Overdue financial obligations to the Fund Article I, purposes of the Fund, 313, 557, 562

  • Article I (v), temporary availability of Fund’s general resources, 373

  • Article II, Section 2 membership, 22

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

  • Article IV consultations, 103, 104

    • annual, principle of, 58

    • Article VIII restrictions, 565

    • Article XIV restrictions, 565

    • Central African Economic and Monetary Union, 86

    • collaborative efforts, 686

    • conditionality discussions, 321

    • consultation cycles, 64

    • data provision, 67

    • document exchange with WTO, 701

    • early warning system models, 59

    • Eastern Caribbean Currency Union, 88

    • enhanced surveillance, 112–15

    • euro area, 72–85, 85

    • European Central Bank, observer status, 698–99

    • evaluation and review of related programs, 321–22

    • Financial Sector Assessment Program (FSAP), 115–21

    • governance issues, 91, 97, 99

    • lapse of time procedures, 72

    • military expenditures, 102

    • multiple currency practices, 568

    • Post-Program Monitoring, 352

    • procedural deadlines for completion, 400

    • prolonged users of Fund resources, 353

    • Public Information Notices, release, 749–51

    • Recent Economic Development reports, 58, 706, 710

    • stability assessments under FSAP, integration of, 128

    • staff reports, release to international and multilateral agencies, 706–9

    • surveillance priorities, 2008–2011, 50

    • three-month period, 71

    • use of Fund resources, 321

    • World Bank, collaboration with, 690

    • World Bank, observer status, 684

    • World Trade Organization, observer status, 705, 912

  • Article IV, Section 1, principles for guidance of members’ policies, 40

  • Article IV, Section 1(i), surveillance, 128

  • Article IV, Section 1(ii), surveillance, 128

  • Article IV, Section (iii) 27, 28

  • Article IV, Section 1(iii), manipulation of exchange rates, 44

  • Article IV, Section 2, notification of exchange arrangements, 25

  • Article IV, Section 3(a)

    • surveillance over exchange rate policies, 27

  • Article IV, Section 3(a), surveillance over exchange rate policies, 707

    • concultation cycles, 64

  • Article IV, Section 3(b), surveillance over exchange rate policies, 707

    • consultation cycles, 64

  • Article V, Section 1, designation of fiscal agency, 518

  • Article V, Section 2(b), financial and technical services, 160, 161, 277, 293, 299

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

    • application of Fund policies to purchases of currency borrowed by Fund, 461, 515

    • early repurchase guidelines, 461

    • meaning of “consistent with the provisions of this agreement,” under Article V, Section 3, 313

  • Article V, Section 3(b)(ii)

    • balance of payments need, 234

  • meaning of “represents” that a member has a need to make purchases, 314

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

    • emergency assistance, 402

    • Extended Fund Facility, 374

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

    • assessment of strength of members’ balance of payments and gross reserve position for operational budgets, 450, 455

    • selection of currencies in purchases, 452

  • Article V, Section 3(f), transfers of SDRs, 451

  • Article V, Section 5, limitation on use of Fund’s resources, 331

  • Article V, Section 6(b), transfers of SDRs by the Fund, 455

  • Article V, Section 6(c), sales of SDRs by the Fund, 460

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

    • assessment of strength of member’s balance of payments and gross reserve position, 450

    • assessment of strength of members’ balance of payments and gross reserve position, 461

  • Article V, Section 7(c), repurchases, 463

  • Article V, Section 7(i), selection of currencies for repurchases, 456, 464

  • Article V, Section 8, charges, 467

  • Article V, Section 8(a), charges, 471, 473

  • Article V, Section 8(b), charges, 463, 471, 473, 828

  • Article V, Section 8(c), charges, 467, 470, 473

  • Article V, Section 8(d), charges, 467

  • Article V, Section 8(e), charges, 467

  • Article V, Section 9(a), remuneration, 828

  • Article V, Section 11, maintenance of value, 485

  • Article V, Section 12(f)(ii), Special Disbursement Account (SDA) resources for assistance to low-income developing members, 487

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

    • gold sales, 487, 506

    • gold sales proceeds, placement in Special Disbursement Account, 487

  • Article V, Section 12(h), 728

  • Article V, Section 12(h), investment of member’s currency held in SDA, 487

  • Article V, Section 12(j), adoption of regulations for administration of Structural Adjustment Facility, 488

  • Article V, Section 12(k), 728

  • Article VI, capital transfers

    • use of Fund resources for, 509

    • WTO, information on Fund decisions requesting a member to exercise controls to prevent a large or sustained outflow of capital, 906

  • Article VI, Section 1, use of Fund’s resources for capital transfers freedom to adopt regulations on capital movements, 510

  • Article VI, Section 2 of the Articles of Agreement of the Bank, 855

  • Article VI, Section 3, controls on capital transfers, 510

  • Article VII, Section 1, replenishment and scarce resources borrowing by the Fund, 511

  • Article VII, Section 3(b), scarce currency, 556

  • Article VIII, general obligations of members

    • acceptance of obligations, 564

    • bilateral payments agreements, 385

    • bilateral payments arrangements, 381

    • bilateralism, 557

    • consultations, World Bank observer, 684

    • payments restrictions, 109, 557, 561–63

    • restrictions, 564

    • retention quotas, 560

    • settlement of disputes between members, 109

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

    • acceptance of obligations under, 562

  • Article VIII, Section 2(a)

    • restrictions on current payments and transfers, 556

    • undue delays as payment restrictions, 564

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

    • interpretation, 554–55

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

    • acceptance of obligations under, 559, 562

    • multiple currency practices, 562, 570, 571

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

    • acceptance of obligations under, 564

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

    • consideration of report by Managing Director, time periods, 580

    • declaration of censure, 582

    • handling of potential breaches, 587

    • members’ obligations, 578

    • procedures prior to report by the Managing Director to the Executive Directors, 579

    • report by Managing Director, 580

    • review, 2008, 586

    • sanctions, 582

    • strengthening effectiveness of, 68, 578

  • Article VIII, Section 7, obligation to collaborate regarding policies on reserve assets, 770

  • Article IX, Section 5, immunity of archives, 659

  • Article IX, Section 7, privilege for communications, interpretation, 664

  • Article X, relations with other international organizations, 875

  • Article XII, Section 3(b), proposed amendment, 16

  • Article XII, Section 3(b)(i), Executive Directors, appointed, interpretation, 711

  • Article XII, Section 3(b)(i), voting by Executive Directors, 20

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

    • balances held in administrative accounts, 838

    • interpretation, 711

    • use of the preceding two years, 712

  • Article XII, Section 3(c), election of Executive Directors, 20

  • Article XII, Section 3(c), proposed amendment, 17

  • Article XII, Section 3(d), proposed amendment, 17

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

    • Alternate Executive Directors, additional, 13

    • interpretation, 711

  • Article XII, Section 3(f), proposed amendment, 17

  • Article XII, Section 3(i), 17

  • Article XII, Section 3(i)(ii), voting by Executive Directors, 20

  • Article XII, Section 3(j), 666

  • Article XII, Section 3(j), proposed amendment, 18

  • Article XII, Section 4, Managing Director and staff, 720

  • Article XII, Section 5(a)(i), 8

  • Article XII, Section 5(e), 8

  • Article XII, Section 6, reserves, distribution of net income, and investment, 721

  • Article XII, Section 6(f), 483, 728

  • Article XII, Section 6(f)(ii), 483, 728

  • Article XII, Section 6(f)(iii), 727

  • Article XII, Section 6(f)(vi), 727

  • Article XII, Section 7(a), 751, 879

  • Article XII, Section 7, publication of reports, 729

  • Article XII, Section 8, proposed amendment, 18

  • Article XIII, Section 2, 550

  • Article XIV, exchange restrictions under transitional arrangements

    • availment of transitional provisions, 562

    • bilateralism, 557

    • commitment to current account convertibility, 564

    • consultations, World Bank, 684

    • multiple currency practices, 560

    • retention quotas, 559

    • settlement of disputes between members, 109

  • Article XIV, Section 2, exchange restrictions

    • maintenance of orderly exchange arrangements, 570

    • multiple currency practices, 570–74

    • restrictions related to national security, 556

    • transitional arrangements, 555, 558

    • undue delays as payments restrictions, 564

  • Article XIV, Section 3, representation by the Fund

    • application, 571

    • meaning of “exceptional circumstances” in Article XIV, Section 3, 753

  • Article XVI, Section 2, 798

  • Article XVII, Section 3, other holders of SDRs, 299, 759

  • Article XVIII, 767

  • Article XVIII, Section 1(a), principles and considerations governing SDR allocation and cancellation, 769, 770, 775, 868

  • Article XVIII, Section 2(a), 768

  • Article XVIII, Section 2(a), SDR allocations and cancellations, 772

  • Article XVIII, Section 2(b), 768, 773

  • Article XVIII, Section 2(c), 768, 772, 773

  • Article XVIII, Section 2(d), 773

  • Article XVIII, Section 2(e), 774

  • Article XVIII, Section 4(a), 768–70

  • Article XVIII, Section 4(b), 768–70, 868, 869

  • Article XVIII, Section 4(c), 769, 868

    • allocation and cancellation of SDRs, 777

  • Article XVIII, Section 4(c)(ii), 772, 870

  • Article XVIII, Section 4(d), 869

  • Article XVIII, Section 4, decisions on SDR allocations and cancellations, 774, 868

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

    • donations, 788

    • forward operations, 787

    • loans, 780

    • other holders, 759

    • pledges, 782–83

    • settlement of financial obligation, 779

    • swap operations, 786

    • transfers as secruity for the performance of financial obligations, 784

  • Article XIX, Section 4, limit on SDR Department participant’s obligation to provide currency, 515

  • Article XIX, Section 5, designation of participants to provide currency, 790

  • Article XIX, Section 5(a)(i), designation plans, 450, 793

  • Article XIX, Section 5(c), designation rules in SDR Department, 793

  • Article XIX, Section 6(b), reconstitution, 795

  • Article XIX, Section 7(a), calculation of exchange rates, 517, 779, 780, 782, 784, 786

  • Article XX, Section 1, interest paid on holding of SDRs, 759

  • Article XX, Section 2, SDR Department interest and charges, 796

  • Article XX, Section 4 assessments, 798

  • Article XX, Section 5, application against unpaid charges of SDRs acquired by participants after payment date, 797

  • Article XXI(a)(i), administration of General Department and SDR Department, 869

  • Article XXI(a)(ii), proposed amendment, 19

  • Article XXII, general obligations of participants in SDR department, 770

  • Article XXII, Section 3(e), 8

  • Article XXIII, Section 1, suspension of operations and transactions in SDRs, 761

  • Article XXIV, Section 4, 767

  • Article XXIV, Sections 1(a) and 1(b), 767

  • Article XXVI, Section 2(b), 850, 855

  • Article XXVI, Section 3, withdrawal from membership, 519

  • Article XXIX, interpretation

    • New Arrangements to Borrow, interpretation outside the purview of Article XXIV, 520

    • unenforceability of exchange contracts, 512

  • 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), 711

    • authority of the Fund to use its resources, 313, 845

    • privilege for communications, Article IX, Section 7, 664

    • unenforceability of exchange contracts under Article VIII, Section 2(b), 554

  • Article XXIX(a), proposed amendment, 19

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

    • exclusion of purchases and holdings from EFF, 828

    • exclusion of purchases and holdings from emergency assistance, 401

  • Article XXX(c)(iii), exclusion of purchases and holdings in credit tranches or under extended arrangements, 828

  • Article XXX(f), freely usable currencies, 754, 829

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

  • Articles of Agreement

    • amendment, Resolution 66–2, 9

    • investment authority, amendment to expand, 726

    • voice and participation, amendment to enhance, 7

  • Asian Development Bank

    • communications concerning members’ arrears to the Fund, 806

    • exchange of documents with, 707

    • prescribed holder of SDRs, 763

  • Assessment under Article XX, Section 4, 798

  • Attribution, rule of

    • members indebted to Fund, 456

    • reduction in Fund’s holdings of currency, 465–66

  • Audit

    • external audit firm, 751

    • framework Administered Account, 164

    • Post-SCA-2 Administered Account, 299

    • PRGF-HIPC Trust, 252, 262

    • safeguards for use of Fund resources, 314

    • Supplementary Financing Facility Subsidy Account, 832

  • Authorized signatories, 720

B

  • Balance of payments need

    • access policy, 428

    • conditionality, 314

    • emergency assistance, natural disasters, 401

    • emergency assistance, post-conflict countries, 405

    • extended arrangements, 387

    • Extended Fund Facility, 386

    • Fund-supported programs, 316

    • lenders to ESAF Trust, need because of developments in reserves, 224, 252

    • protracted balance of payments problems, 490

  • Balance of payments position

    • assessment of strength for purposes of designation plans, operational budgets and repurchases, 450–51

  • Bank for International Settlements (BIS)

    • cross-border capital flows, surveillance of, 54

    • investment by Fund of currencies held by Borrowed Resources Suspense Accounts, 551

    • investment by Fund of currencies received by SFF Subsidy Account, 839

    • prescribed holder of SDRs, 762

  • Bank of Central African States

    • prescribed holder of SDRs, 763

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

    • conditionality, 690–95

    • country programs, 691

    • debt sustainability assessments, 697

    • Financial Sector Assessment Program, 117

    • financial systems, 691

    • IMF-World Bank Concordat, 672–84

    • longer-term program engagement, 356

    • observer status, generally, 684

    • World Bank observer status, 685

  • Bilateral payments arrangements

    • extended arrangement, 385

    • stand-by arrangement, 382

    • three-month settlement rule, temporary exemption, 558

  • Bilateralism and convertibility, 557–58

  • BIS. See Bank for International Settlements

  • Blackout periods

    • reduction in GRA arrangements, 376

  • Board of Governors Resolutions

    • Composite Resolution, 847

    • investment authority of IMF, 726

    • quota and voice reform, 3

    • SDR allocation, First Basic Period, 767–68

    • SDR allocation, Ninth Basic Period, 777

    • SDR allocation, Third Basic Period, 768

  • Borrowed Resources Suspense Accounts

    • establishment, 550

    • investment by the Fund of currencies held in, 550–51

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

    • New Arrangements to Borrow (NAB) guidelines, 552

    • Note Purchase Agreement, 553

  • Burden sharing

    • implementation in FY 2000, 474

    • implementation in FY 2001, 476

    • implementation in FY 2007, 479

    • principles of, 476

    • rate of charge, determination of, 477

  • By-Laws

    • Section 13, vote without meeting, 3, 726

    • Section 20, audits, 164, 249, 254, 284, 291, 297, 301, 751, 838, 890

    • Section 22, compulsory withdrawal, 808, 811, 812

C

  • Capital account crises

    • access policy, 431

    • exceptional access policy, 2004 review, 442

    • exceptional access policy, SRF, 437

  • Capital flows

    • action to limit disequilibrium flows, Composite Resolution, 861

    • WTO, information on Fund decisions requesting a member to exercise capital controls, 911

  • Capital transfers

    • controls by members, 510

    • multiple currency practices applicable solely to, 567

    • payments arrears, 407

    • use of Fund’s resources for, 569

  • Caribbean Development Bank (CDB), 709

  • Censure

    • draft declaration, 808

  • Central African Economic and Monetary Union surveillance over monetary and exchange rate policies, 86

  • CFF. See Compensatory Financing Facility

  • Charges

    • accounting for charges from members with overdue obligations, 467, 470

    • administrative account balances, 828

    • extended arrangements, 382

    • Extended Fund Facility, 374

    • future changes in charges, 467

    • media of payment in General Resources Account, 469

    • payment by nonparticipant in the SDR Department, 469

    • payment of net charges and assessment in the SDR Department for FY ended April 30, 1982, 796

    • rate of charge for use of Fund resources, FY 2010, 481

    • rate of charge for use of Fund resources, FY 2011, 483

    • setoff in connection with a retroactive reduction of charges due by

    • members in arrears, 473

    • special charges on overdue financial obligations to the Fund, 47071, 472

    • stand-by arrangements, 382

    • surcharge on purchases in credit tranches and under EFF, 467

    • value date for payments of special charges, 472

    • waiver of special charges, 472

  • Code of Good Practices on Transparency in Monetary and Financial Policies, 337

  • Collateral, 618

    • collateral guarantees on debt, international reserves template, 618

  • Combating the financing of terrorism, 144, 151–53, 153–56

  • Committee on Reform of the International Monetary System Composite Resolution, 847–58

  • Communications, privilege for interpretation of Article IX, Section 7, 664

  • Compensatory Financing Facility

    • emergency assistance for natural disasters and, 401

    • indicative targets, 318, 319, 320

    • repeal, 326

    • repurchase expectation, 461

    • repurchases, 461

  • Compulsory withdrawal, 810, 812, 813, 818

  • Conditionality Bank-Fund collaboration, 691

    • benchmarks, 318, 319, 320

    • consistency with WTO agreements, 702

    • consultation clauses, 318

    • emergency assistance, natural disasters, 403–4

    • emergency assistance, post-conflict countries, 406

    • emergency financing mechanism, 347

    • financing assurance reviews, 319

    • first credit tranche, 358

    • floating tranches, 321

    • guidelines on, 314

    • individual circumstances of members, 315

    • letters of intent, 318

    • modalities, 317

    • outcomes-based, 317

    • ownership, 315, 341, 691–95

    • performance criteria, 319

    • performance criteria and phasing, relationship, 363

    • performance criteria on external debt, guidelines, 364

    • performance criteria with respect to foreign borrowing, 370

    • Precautionary Credit Line, 393

    • PRGF-ESF arrangements, 360

    • principles, 314

    • prior actions, 318, 329, 333, 361

    • program design, 315

    • program review, 319–22

    • stand-by arrangement, normal access to credit tranches, 358

    • streamlining, 359, 361

    • structural benchmarks, 318–22

    • structural performance criteria inapplicable, 322

    • upper credit tranche stand-by arrangements, 429

    • waiver, adopting measures prior to granting of, 318

    • waiver, nonobservance of performance criteria, 320

  • Confidentiality

    • exchange of documents with other international agencies, 708

    • FSAP Confidentiality Protocol, 137–40

    • side letters, 322–29

  • Consultation clause

    • extended arrangements, 387

    • stand-by arrangements, 382

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

    • annual in principle, 58

    • flexibility in, 58

    • interval between Article IV consultations, 58

  • Consultations other than under Article IV

    • acceptance of obligations of Article VIII, Sections 2, 3, and 4, 562

    • Article VIII restrictions, 556, 557, 684

    • Article XIV restrictions, 557, 560, 684

    • bilateral agreements, 557

    • competitive depreciation, 565

    • conditionality, consultation clauses, 318

    • GATT Contracting Parties, 669

    • multiple currency practices, 560

    • prescribed holders of SDRs, 760

    • PRGF-ESF, consultation with creditors, 227

    • sale of members’ currencies, 452

    • SDR allocation, 769, 869

    • trade and payments restrictions, escalation, 565

    • United Nations, 877, 879

    • World Trade Organization, 701–4

  • Contingent Credit Lines (CCLs)

    • extended arrangements and, 383

  • Convertibility

    • acceptance of obligations of Article VIII, Sections 2, 3, and 4, 561

    • bilateralism, 557

    • currency, 559, 561

    • current account of the balance of payments, 561, 563

    • retention quotas, 558

  • Cross-border capital flows

    • surveillance, 52

  • Cross-conditionality

    • avoidance, 682

  • Currencies

    • attribution of reduction of Fund’s holdings, 465–66

    • charges on Fund’s holdings in excess of quota, 467

    • freely usable, 295, 754, 761, 829, 837

    • General Resources Account, 450–52, 455, 469, 484–86

    • guidelines for operational budget allocation of currencies, review, 454

    • maintenance of value, 484–86

    • presently needed for making payments, 314

    • repurchases, 462

    • reserve asset payments, 21, 23

    • sale of currencies of members with outstanding purchases, 452, 454

    • SDR valuation basket, 754–58

    • specification by the fund, 451–52

    • subscription to the Fund, ownership, 22

    • use in operational budgets, 450–52

  • Current international transactions (current account transactions)

    • bilateralism, 557

    • multiple currency practices, 567–71

    • payments arrears, 418

    • restrictions involving WTO members, 704, 911

    • restrictions on payments and transfers, 557, 561

    • undue delays in availability or use of foreign exchange, 564

    • use of Fund resources, 314

D

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

  • Data Dissemination Standards Bulletin Board

    • General Data Dissemination System (GDDS), 657

    • Special Data Dissemination Standards (SDDS), 600

  • Data provision to the Fund for surveillance, 67

    • review, 2008, 586

  • Debt limits

    • performance criteria in Fund arrangements, 364

  • Debt operations

    • condition precedent clauses, 424

    • management of the debt situation, 424

    • mandatory prepayment, 424

    • stand-by arrangements and, 385

  • Debt strategy

    • payments of arrears to creditors, 416, 418, 564

  • Debt sustainability assessments, 695–98

    • Fund-Bank collaboration, 695

  • Debt-service ratio, 268

  • Declaration of censure, 807

    • draft declaration, 811

  • Declaration of ineligibility, 806–7, 811, 813

    • publicity, 747, 822

    • termination, 822

    • timing, 817

  • Declaration of noncooperation, 807, 814

    • draft declaration, 811

    • publicity upon withdrawal, 823

    • termination, 822

    • timing, 817

  • De-escalation of remedial measures, 823–26

  • Default, sovereign, 348, 418

  • Designation, SDR Department

    • acceptance limit, 792

    • assessment of strength of balance of payments and governance

    • position, 450–51

    • rules for designation, review, 790–93

    • rules for designation, revision, 793–94

  • 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, 865–67

    • composition, 854–55

    • establishment, 852–58

    • Executive Directors’ participation in meetings, 856

    • HIPC Initiative, 255, 263

    • Managing Director’s participation in meetings, 856

    • procedures, 857–58

    • rules of procedure, 865

    • WTO observer, 705

  • Discrimination

    • balance of payments reasons, 560

    • disputes between members, comparable treatment of creditors, 110, 418

    • multiple currency practices, 574

    • nondiscriminatory treatment of members, use of general resources, 315–16

  • Disputes between members

    • comparable treatment principle, 110

    • role of the Fund, 112, 425

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

  • DSBB. See Dissemination Standards Bulletin Board

E

  • Early repurchases

    • emergency financing mechanism, 362

    • guidelines, 461–63

    • member’s balance of payments and gross reserve position, 461

  • Early warning system models, 59

  • Easing work pressures

    • omnibus paper, 395

  • East African Development Bank

    • prescribed holder of SDRs, 763

  • East Caribbean Currency Authority

    • prescribed holder of SDRs, 763

  • Eastern Caribbean Central Bank

    • prescribed holder of SDRs, 763

  • Eastern Caribbean Currency Union

    • surveillance over monetary and exchange rate policies, 88

  • EC. See European Commission

  • ECB. See European Central Bank

  • EFF. See Extended Fund Facility

  • EFM. See Emergency financing mechanism

  • Emergency assistance

    • conversion to special policy, 401

    • natural disasters, 401, 403

    • post-conflict countries, 241, 407–12

    • PRGF-HIPC Trust eligibility, 241

    • PRGF-HIPC Trust qualification, 241–43

    • repurchase, 462

  • Emergency financing mechanism (EFM), 347–51

    • conditions for activation, 350

    • early repurchase, 351

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

    • access limits, 232

    • benchmarks, 231

    • blend of general and SAF/ESAF resources, 821

    • borrowing for Loan Account, consultation with creditors, 227

    • commitment amount not normally reduced, 233

    • commitment period, 228–29

    • eligible members, 495–96

    • emergency assistance, relation to, 406

    • ESAF successor, initiation of operations, 228

    • establishment, 228–29, 498–503

    • gold pledge, 818, 821

    • gold, use of, 230

    • legal documentation, 233–34

    • loans in conjunction with existing facility, 229

    • loans in conjunction with SAF loans, 493

    • loans to Trust as member’s official reserves, 234

    • maturity of loans, 229

    • objectives of programs, 231

    • off-market gold sales, 872

    • operational agreements, 228–33

    • overdue financial obligations to Fund, 802

    • performance criteria, 226, 231

    • phasing of disbursements, 233

    • prior actions, 226, 232

    • rescheduling not available, 230

    • review, 231

    • review of arrangements, mid-year, 229, 231

    • rights accumulation program, 820

    • Special Disbursement Account, 229

    • Structural Adjustment Facility, assistance in conjunction with, 493–94, 505–6

    • Subsidy account, 230

    • transfer and retransfer of resources from and to Special Disbursement Account, 503–5

    • transformation to PRGF Trust, 224–25

    • use of SDRs, 765

  • Enhanced surveillance

    • annual and mid-year consultation reports, 106–7

    • Article IV consultations, 107, 108

    • Article VIII obligations, 564

    • criteria and procedures, 113–14

    • Executive Board involvement, 115

    • Fund’s role in assisting members with creditors, 112–14

    • midterm review, 106–7

    • quantified economic policy programs, 108

    • revised procedures, 107–8

    • staff reports, transmittal by member to creditors, 107–8, 114

  • Enlarged access

    • criteria for use of Fund resources, validity, 428–31

    • repurchases, 428

  • 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, 829

    • rates for computation and maintenance of value, 484

    • reference rates, European System of Central Banks, 758

    • weight in SDR valuation basket, 756

  • Euro area members

    • surveillance over monetary and exchange rate policies, 85, 698–700

  • European Bank for Reconstruction and Development (EBRD)

    • exchange of documents with, 709, 710

  • European Central Bank (ECB)

    • euro reference rates, 758

    • observer status, 698–99

  • European Commission (EC)

    • Article IV consultations, 85–86

    • exchange of documents with, 709, 710

  • European Investment Bank (EIB)

    • exchange of documents with, 709

  • European System of Central Banks, 758

  • Exceptional access policy, 432

  • Exchange arrangements. See also Exchange rates;

    • Multiple currency practices

    • exchange taxes and subsidies, notification, 26

    • flexible, notification of significant decision, 25

    • intervention, 26

    • multiple currency practices, prior Fund approval, 26

    • notification of, 25

  • Exchange contracts

    • unenforcability, Fund’s interpretation of Article VIII, Section 2(b), 554

  • Exchange controls. See also Exchange restrictions

    • nonsovereign arrears stemming from imposition, 418

  • Exchange of documents with other international agencies

    • ad hoc requests, 710

    • agencies meeting criteria for exchange, 709

    • Article IV consultation staff reports, 705, 710

    • changes in procedures, 710

    • criteria for access, 708–9

    • Recent Economic Developments reports, 706, 710

    • technical assistance reports, 707

    • use of Fund resources staff papers, 706–7, 710

  • Exchange rate policies. See also Exchange arrangements

    • euro area, 698–99

    • surveillance over, 26–45, 54–55

  • Exchange rates. See also Exchange arrangements;

    • Exchange rate policies;

    • Multiple currency practices

    • coherence in global policymaking, 701

    • computations and maintenance of value, 484–86

    • computations and maintenance of value (value date), 484

    • fixed, 569

    • floating guidelines, 860

    • fluctuating, 25, 569–70

    • General Arrangements to Borrow, 517

    • manipulation, 44

    • New Arrangements to Borrow, 518

    • unification in multiple rate systems, 574

  • Exchange restrictions. See also Capital transfers;

    • Multiple currency practices

    • approval by Fund, 565

    • Article VIII, Section 2, 3, and 4 obligations, 562–63

    • avoidance of escalation, 566

    • balance of payments reasons, 563

    • bilateralism, 557–58

    • competitive depreciation, 566

    • consultations with Fund, 562–63, 566

    • discrimination for balance of payments reasons, 561

    • emergency assistance, 404

    • Fund representation in exceptional circumstances under Article XIV, Section 3, 572, 753

    • guiding principle on whether a measure is an exchange restriction, 562

    • non-balance of payments reasons, 563

    • performance criteria, extended arrangement, 385

    • performance criteria, stand-by arrangement, 380

    • retention quotas, 558–60

    • security reasons, 556–58

    • transitional arrangements under Article XIV, 559–60, 562

    • undue delays, 510, 564

    • World Trade Organization, information on Fund approval, 911

  • Exchange subsidies, 26

  • Exchange taxes, 26, 569, 573

  • Executive Board

    • Alternate Executive Directors, additional, 13

    • code of conduct, 712–18

    • meetings, procedural guidelines, 718–19

    • notification of exchange arrangements, 25

    • reform of, Resolution 66-2, 9

    • report on Eleventh General Review of Quotas, 3, 326–29

    • side letters procedures, 326

    • surveillance over exchange rates, 35, 54

  • Executive Directors

    • additional appointed, “the preceding two years,” in Article XII, Section 3(c), meaning of, 712

    • appointment by members having five largest quotas, Article XII, 711

    • appointment of two additional directors, Article XII, Section 3(c), 711–12

    • IMFC meetings participation, 849

    • procedural guidelines, 718–19

    • voting power, effect of adjustment of quota, 712

  • 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, 372–73

    • blackout periods, reduction of, 376

    • charges, 375, 382

    • Consultation clauses, 382

    • emergency assistance and, 406

    • form, standard, 383–85

    • Guidelines on Corrective Action, 341, 385

    • ineligiblity, 799

    • lapse of time completion of reviews, 387

    • misreporting and noncomplying purchases, 330, 334, 335

    • overdue financial obligations to the Fund, 799–800, 799–800

    • performance criteria form, 383–85

    • period not exceeding three years to four years, 374–75

    • period of arrangement, extension, 374

    • phasing, 375, 383–84

    • repurchase expectation, 375, 386

    • repurchases, 375, 386

    • stand-by arrangements policies applicable, 375

    • structural performance criteria not applicable, 322

    • suspension of transactions, 386

  • Extended Fund Facility (EFF). See also Extended arrangements applicability of policies on stand-by arrangements, 375

    • establishment, 372–78

    • situations to which facility could apply, 372

  • External Audit Committee, 752

  • External audit of Fund financial statements, 751–52

  • External debt

    • management of debt situation, 425

  • External debt performance criteria

    • concessionality, definition, 371

    • extended arrangement, 384

    • guidelines, 365

    • stand-by arrangement, 380

F

  • FATF. See Financial Action Task Force

  • Federal Reserve Bank of New York, 758

  • Financial Action Task Force (FATF), 151–56

    • 40+8 Recommendations, 152

    • endorsement of methodology, 156

    • Fund collaboration with, 158

    • surveillance, 118

  • Financial crisis 2007-08

    • stock-taking of Fund response, 75

  • Financial Sector Assessment Program (FSAP)

    • anti-money laundering, 122, 144

    • Article IV consultations, 116, 118, 120, 122, 124

    • Bank-Fund collaboration, 117, 121, 137

    • confidentiality, 120, 121

    • Confidentiality Protocol, 137–40

    • coverage, 122

    • coverage and frequency, 117–19

    • Financial System Stability Assessments (FSSAs), 116, 117, 124

    • frequency, 118, 123

    • FSSA reports, presumed publication, 124

    • Independent Evaluation Office review, 125

    • offshore financial centers (OFCs), 119, 144, 146, 147

    • publication of FSAP reports, 120

    • publication of FSAP reports not authorized, 120

    • publication of FSSA reports endorsed, 120

    • Reports on Observance of Standards and Codes (ROSCs), 117

    • review, 121

    • review, 2005, 121

    • standards and codes, 116–17

    • stress tests, 116

    • surveillance, 116, 122, 123, 124

    • updates, 122

    • World Bank, collaboration with, 116, 117

  • Financial Sector Stability Assessment Program (FSAP)

    • stability assessments, integration of, 125

  • Financial Stability Board

    • cross-border capital flows, surveillance of, 54

    • membership of the Fund, 77

  • Financial Stability Forum, 75

    • terms of Fund membership, 80

  • First credit tranche purchase

    • elimination of payments arrears, 416

    • liberal Fund attitude, 359

    • reasonable efforts test, 359, 416

  • First credit tranche stand-by arrangements

    • phasing and performance clauses omitted, 358

  • Fiscal agency

    • safeguards on use of Fund resources when fiscal agent not central bank, 337

  • Flexible Credit Line

    • Article IV consultation cycle, 65

    • Emergency Financing Mechanism procedures not applicable, 390

    • establishment, 387

    • performance criteria not applicable, 388

    • phasing not applicable, 388

    • qualification criteria, 387

    • requirement to review 12-month arrangement after six months eliminated, 391

    • review of decision, 395

  • Foreign borrowing. See External debt

  • Forms

    • draft declaration on censure or noncooperation, 811

    • draft first letter to all Governors regarding a member’s overdue financial obligations to the Fund, 808–9

    • draft second letter to all Governors regarding a member’s overdue financial obligations to the Fund, 809–11

    • extended arrangement, 383–87

    • stand-by arrangement, 378–83

  • Fourteenth General Review of Quotas, 9

  • Framework Administered Account for Selected Fund Activities

    • instrument to establish, 166

  • Framework Administered Account for Technical Assistance Activities

    • adoption of Instrument to establish, 161

    • Africa Regional Technical Assistance Centers Subaccount, 166

    • Instrument to establish, 161–65

    • investment of resources, 163

    • Pacific Financial Technical Assistance Centre Subaccount, 165

  • Freely usable currencies (euro, Japanese yen, pound sterling, U.S. dollar), 295, 754, 761

  • FSAP. See Financial Sector Assessment Program

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

    • attendance at Fund Board Meetings, 684, 716

    • Financial Sector Assessment Program, 122

  • Furnishing of information to the Fund, 330, 578–86

G

  • G-20 mutual assessment process, 136

  • 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, 669–73

    • Fund collaboration with, 700–707, 861

    • import restrictions for balance of payments reasons, 563

    • Voluntary Declaration on Trade and Other Current Account Measures, 861

  • General Arrangements to Borrow (GAB), 511–27

    • borrowing by the Fund, guidelines, 552

    • emergency financing mechanism, 347

    • interest, 493

    • letter from France’s Minister of Finance to U.S. Secretary of the Treasury, 523–26

    • participants and amounts of credit, 522

    • quotas, Eleventh General Review, 3

    • repayment by the Fund, 515–17

    • sales of currencies of members indebted to Fund, 456

    • transferability of claims, 518

    • use of credit arrangements for nonparticipants, 521

  • General Data Dissemination System (GDDS)

    • access by the public, 651

    • bulletin board on the internet, 657

    • coverage, periodicity, timeliness of data, 630

    • integrity, 652

    • periodicity, 642–58

    • phased approach, 627

    • purposes, 626, 628

    • quality, 654

  • General Resources Account

    • no transfers from Reserve Account for cost of administering PRGT, 2010-12, 481

    • transfer of currencies to Investment Account, 483

    • transfer of GRA net income to Special Reserve, 482

  • General Resources Account (GRA)

    • adjustment of Fund holdings of members’ currency, 485

    • annual reimbursement of PRGF-ESF Trust expenses, 508

    • designation, assessment of strength of member’s balance of payments and gross reserve position, 451

    • gold held, sale, 507

    • income transfer to Special Reserve, FY 2009, 725

    • maintenance of value, 485

    • media payment in, 470

    • misreporting and noncomplying purchases, 330–33

    • overdue charges, 471

    • rates for computation and maintenance of value, 484

    • repayment expectation under PRGF Trust, failure to meet, 223

    • repurchase expectation, failure to meet, 341

    • rights approach, 820

    • rules, applicability to PRGF Trust administration, 224

    • sale of currencies at the request of members with outstanding purchase, 453

    • sale of SDRs by the Fund for payment for increase in quota, 460

    • special charge on overdue charges, 471

    • specification of currencies by the Fund, 451–52, 451, 454–55

    • Subsidy Account, reimbursement of administrative expenses, 838

    • transfers of SDRs instead of currencies under Article V, Section 3(f), 452

  • Global Financial Stability Report (GFSR), 47

  • Gold

    • designation of SDRs, 791

    • gold pledge for use of ESAF Trust resources, 818–21, 821–22

    • gold pledge for use of PRGF-ESF Trust resources under rights approach, modalities, 506–7

    • harmonization of excess holdings of SDRs, 791–92

    • off-market transactions by Fund, Resolution, 871

    • ownership of gold and currency for subscriptions, 21

    • payment for repurchases, 464

    • Special Disbursement Account, use of proceeds of off-market sales, 872

  • Governance issues

    • Article IV consultations, 97, 99

    • coordination with bilateral donors and multilateral agencies, 100–102

    • corruption, 92, 93, 95, 96

    • HIPC Initiative, 264

    • identification of problems, 99–100

    • macroeconomic impact test for Fund involvement, 92, 98, 100

    • policy advice, 92, 94

    • role of the Fund, 102–5, 103, 104, 626, 627

    • technical assistance, 92, 99

    • technical issues, 92, 94

    • transparency, 92, 96

    • use of Fund resources, 98–99

  • GRA. See General Resources Account

  • Gross reserve position

    • assessment for purposes of designation plans, operational budgets, and early repurchases, 451–52, 453

  • Guidelines

    • access by members to Fund’s general resources, 426

    • allocation of currencies, operational budget, 454–55

    • conditionality, 314–22, 358

    • corrective action, 239, 330–33, 340

    • designation plans, 450

    • early repurchases, guidelines, 461–63, 466

    • emergency assistance, natural disasters, 401–2

    • emergency assistance, post-conflict, 401–2, 407–12, 405–7

    • Fund staff collaboration with the WTO, 700–706

    • governance issues, 91–102

    • misreporting and noncomplying purchases, 330–33

    • operational budget, 450–51

    • payment of reserve assets for subscription, 22–24

    • performance criteria on external debt in Fund arrangements, 365

    • performance criteria with respect to foreign borrowing, discount rate for assessing concessionality, 371–72

    • SDR valuation basket, calculation of currency amounts, 754–56, 756–57

    • SDR valuation basket, conversion into euro of deutsche mark and French franc, 758

    • selection of currencies by the Fund, 453, 454–55, 455–56

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)

I

  • IBRD. See World Bank

  • IMFC. See International Monetary and Financial Committee

  • Immunities and Privileges of Specialized Agencies, United Nations Convention, 882–99

  • Import restrictions for balance of payments reasons

    • extended arrangements, 385

    • GATT, 416

    • stand-by arrangements, 381

  • Income position

    • net income of GRA for FY 2010, transfer to Special Reserve, 482

    • placement of net income of the GRA to the Special Reserve, 482

    • PRGT Reserve Account Transfer to Subsidy Account, 482

    • rate of charge for use of Fund resources, FY 2011, 483

  • Income Position. See Burden sharing

    • assessment under Article XX, Section 4, FY 2010, 798

    • MDRI-I Trust reimbursement for FY 2010, 292

  • Ineligibility to use Fund resources

    • declaration of ineligibility, 582, 806, 810, 812–18, 822

    • extended arrangements, 385, 799

    • limitation and ineligibility under Article V, Section 5, 458

    • publicity, 822

    • stand-by arrangements, 381, 799

  • Inter-American Development Bank (IDB)

    • communication regarding members’ arrears to the Fund, 806

    • exchange of documents with, 709

  • Interest

    • means of payment under Trust Fund, 830

    • Poverty Reduction and Growth Trust, 194

    • PRGF-HIPC Trust, interest-free loans, 248

  • Interim Committee. See also International Monetary and Financial Committee

    • governance, 335

    • International Monetary and Financial Committee, transformation of Interim Committee into, 849–52

    • rules of procedures, 864

    • safeguards for use of Fund resources, 335

    • terms of reference, 851

  • International agencies, 707

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

  • International Court of Justice, 878, 894

  • International Development Association (IDA)

    • HIPC Initiative, 264, 265–66

    • prescribed holder of SDRs, 763

  • International Financial Statistics (IFS), 70

  • International Fund for Agricultural Development (IFAD)

    • prescribed holders of SDRs, 763

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

    • Fourteenth General Review of Quotas, 9

    • participation of Executive Directors in meetings, 850

    • participation of Managing Director in meetings, 850

    • procedures, 851–52

    • terms of reference, 851

  • International organizations

    • transmittal of Fund documents, 707

  • Interpretation

    • Article IX, Section 7, privilege for communications, 664–65

    • Article VI, use of Fund resources for capital transfers, 313

    • Article VIII, Section 2(b), unenforceability of exchange contracts, 554–55

    • Article XII, Section 3(b)(i) and Section 3(f), appointment of directors by members having one of five largest quotas, 711

    • Article XII, Section 3(c), appointment of two additional directors, 711

    • Article XIV, Section 3, Fund representation in exceptional circumstances on withdrawal of Article XIV, Section 3 restrictions, 753

    • Articles of Agreement, 313

  • Investigation of Fund activities, cooperation procedures, 661–63

  • Investment Account

    • adoption of rules and regulations, 721

    • establishment, 721

    • guidelines for investing assets, 722–24

    • income transfer to GRA account, FY 2009, 725

    • objective, 721

    • sources of assets, 722

    • termination, 722

    • transfer of currencies, 724

    • uses of income, 722

  • Investment authority of the Fund

    • amendment to expand, 726

  • Islamic Development Bank (IsDB)

    • exchange of documents with, 709

    • prescribed holder of SDRs, 763

J

  • Japanese yen

    • freely usable currency, 829

    • weight in SDR valuation basket, 755

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

  • Joint Staff Advisory Notes

    • streamline modalities, amendments to, 274

  • Joint Staff Assessments, 266

L

  • Leases, definition of external debt, 370–72

  • Lending into arrears, 420–24

    • review of policy, 424

  • Letters of intent (LOIs)

    • deletion from documents released to aid agencies, 710

    • side letters, 326–29

  • Loan Account

    • borrowing for, 196

  • Longer-term program engagement

    • definition, 356

    • review, 354

  • Low-income countries

    • concessional financing framework, reform of, 179

    • role of the Fund, 412, 414

M

  • Maintenance of value

    • overdue adjustments, 802

    • rates for computations, 484–86

  • Managing Director

    • authorized signatories, 720

    • consultation by member before requesting an extended arrangement, 373

    • consultation with creditors for additional borrowing for PRGF Trust Loan Account, 227

    • consultation with member on changes in exchange rate policies, 26

    • consultation with member with outstanding purchases on sale of currency, 457

    • Development Committee, participation in meetings of, 856

    • General Arrangements to Borrow, proposals for calls, 521

    • International Monetary and Financial Committee, participation in meetings of, 850

    • nondiscriminatory treatment of members, 316

    • SDR allocation, proposals for first basic period, 767

    • SDR allocation, proposals for fourth basic period, report of Managing Director on, 868

    • SDR allocation, proposals for third basic period, 768

    • use of Fund resources, recommendation regarding approval, 316

  • 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

  • Military expenditure and the role of the Fund

    • Article IV consultations, 103, 104

    • performance criteria, 104

  • Misreporting and noncomplying disbursements, PRGF-ESF Trust

    • missed repurchase expectation, 747

    • prior action, accuracy of information, 226

    • repayment expectation, 237, 246

    • safeguards for use of Fund resources, 336

    • waiver of applicability or for nonobservance of performance criteria, 226

  • Misreporting and noncomplying purchases, General Resources Account

    • corrective action, 330–33

    • performance criteria or other conditions, accuracy of information, 330, 339–40, 334

    • prior actions, accuracy of information, 334

    • publication of cases, 747

    • safeguards for use of Fund resources, 334–39

    • waivers, 331

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

    • corrective action, 174

  • Misreporting and noncomplying purchases, PRGF and PRG Trust

    • corrective action, 215

  • Misreporting in de minimis cases

    • Article VIII, Section 5, 584

    • de minimis, definition, 333

    • General Resources Account, 332

    • Policy Support Instrument, 176

    • Special PRGF Operations for HIPC, 245

  • Moral hazard, 348, 410, 432, 443

  • Multilateral Debt Relief Initiative (MDRI)

    • proposed decisions, 275

    • qualification of non-HIPCs, 275

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

    • administration, 283

    • amendment, 286

    • completion point, 279

    • decision point, 279

    • eligibility, 281

    • investment of resources, 285

    • media of payment of contributions, 280

    • purposes, 279

    • unit of account, 280

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

    • administration, 290

    • amendment, 292

    • completion point, 286

    • decision point, 286

    • eligibility, 288

    • instrument to establish, 286

    • investment of resources, 291

    • liquidation, 292

    • media of payment of contributions, 287

    • purposes, 287

    • unit of account, 287

  • Multiple currency practices

    • approval, 26, 574

    • approval criteria, when imposed for balance of payments reasons, 562, 576

    • approval criteria, when imposed for non-balance of payments reasons, 562

    • Article IV consultations, 577

    • balance of payments reasons, 568, 576

    • capital transactions, 577

    • consultation with Fund prior to changes, 568, 569

    • discrimination, 576

    • exchange taxes, 573

    • jurisdiction of the Fund, 570

    • nonbalance of payments reasons, 577

    • non-balance of payments reasons, 568

    • official action, 575, 576

    • policy in 1947, 566–74

    • policy in 1957, 574

    • policy in 1998, 575–77

    • simplification of complex rate systems, 574

    • spread, 575

    • statement to members transmitting Funds decisions, 566

    • unification of exchange rates as basic Fund objectives, 574

  • Multi-year rescheduling arrangements (MYRAs)

    • enhanced surveillance and, 113

  • MYRAs. See Multi-year rescheduling arrangements

N

  • NAB. See New Arrangements to Borrow

  • Natural disasters, emergency assistance, 401–2, 402–4

  • New Arrangements to Borrow (NAB), 527–47

    • activation period, 531

    • adherence, 530

    • Fourteenth General Review of Quotas, 12

    • General Terms and Conditions for NAB Notes, 534

    • interest, 535

    • meeting of participants, 548

    • rate of exchange, 538

    • repayment by the Fund, 536

    • special call, 533

    • transferability, 538

    • transferability of claims, 549–50

    • withdrawal from membership, 541

    • withrawal from adherence, 541

  • Noncooperation draft declaration, 807

  • Nondiscriminatory treatment of members

    • Paris Club, 110

    • Use of Fund resources, 315

  • Nordic Investment Bank

    • prescribed holder of SDRs, 763

  • Note Purchase Agreement

    • issuance of notes by Fund to official sector, 553

O

  • Observer status in the Fund

    • European Central Bank, 698

    • World Bank, 684–87

    • World Trade Organization, 700, 911

  • Observer status of the Fund

    • World Bank, 684

    • World Trade Organization, 912

  • OECD. See Organization for Economic Cooperation and Development

  • Official clearing and payments arrangements

    • temporary exemption from three-month settlement rule, 558

  • Offshore financial centers (OFCs), 145

    • assessment program, 144–47

    • inclusion in FSAP reports, 119

    • integration of assessment program with FSAP, 147

    • publication of reports, 146

  • Operational budgets

    • assessment of strength of member’s balance of payments and gross reserve position, 450

    • guidelines for operational budget allocation of currencies, review, 454

    • specification of currencies by the Fund, 454, 455

    • transfers of SDRs under Article V, Section 3(f), 452

  • Organization for Economic Cooperation and Development (OECD)

    • exchange of documents, 710

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

    • Rights approach

    • accounting charges, 470

    • Annual Report (IMF), 805

    • complaint by Managing Director, 804

    • compulsory withdrawal, 807, 808, 812, 814

    • declaration of censure, 807, 811

    • declaration of ineligibility, 806, 811, 813, 814, 822

    • declaration of noncooperation, 807, 811, 814, 822

    • de-escalation of remedial measures, 823

    • draft first letter to all Governors, 808–9

    • draft second letter to all Governors, 810–11

    • Eleventh General Review of Quotas, 3

    • ESAF, no access, 801–2

    • extended arrangements and, 800

    • flexibility in de-escalation policy because of Qualifying Catastrophic Disaster, 826

    • Ninth General Review of Quotas, 805, 815

    • nontoleration of arrears to official creditors, 418

    • overdue maintenance of value adjustments, 802

    • Overseas Economic Cooperation Fund (OECF), 371

    • preferred creditor status of Fund, 802–8, 802, 803, 811, 815

    • prevention/deterrence measures, strengthened timetable of procedures, 816

    • PSI, nonapproval, 172

    • requests for the use of Fund resources under a stand-by or extended arrangements, management will not submit, 800

    • review period, 800

    • rights approach, 826

    • SAF, no access, 801

    • setoff in connection with retroactive reduction of charges, 473

    • special charges, 471

    • stand-by arrangements and, 799

    • strengthened cooperative strategy, 812–18, 821–22, 822–23

    • suspension of voting rights, 815, 817

    • technical assistance suspension, 825

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

P

  • Paris Club

    • Agreed Minute, 111

    • debt rescheduling and Fund arrangements or programs, 814

    • debtors’ negotiations with, 110

    • PRGF qualification for assistance, 242

    • rescheduling discussions, 710

    • rescheduling in the absence of Fund arrangement, 815

    • rescheduling operations, Fund opposition to matching, 411

    • settlement of disputes between Fund members and Fund neutrality, 111

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

    • Fund lending into nonsovereign arrears, 418–24

    • Fund lending into sovereign arrears, 418–24

    • Fund policies and procedures, 418–24

    • performance criteria, 416

  • 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, 110

  • Payments restrictions. See Exchange restrictions

  • Performance criteria under Fund arrangements

    • accuracy of information, 334

    • conditionality guidelines, 314

    • debt limits, 364

    • definition, 319

    • first credit tranche, not subject to, 359

    • number and content of, 319

    • omitted in stand-by arrangements within first credit tranche, 358

    • phasing, relationship, 363–64

    • reporting on implementation, confidentiality relating to, 329

    • side letters, 330

    • structural performance criteria not applicable, 322

    • waiver for nonobservance, 320, 331, 334

    • waiver of applicability, 321, 334

  • Phasing and performance criteria under Fund arrangements

    • omitted in stand-by arrangements within first credit tranche, 358

    • operational guidelines, 363

    • relationship, 363

  • PINs. See Public Information Notices

  • Policy framework papers. See also Poverty Reduction Strategy Papers

  • Policy Support Instrument

    • Article IV consultation cycle, 65

  • Policy Support Instrument (PSI), 166–78

    • application of Guidelines on Conditionality, 177

    • arrears, 177

    • assessment criteria, 173

    • definition, 171

    • documents required, 172

    • eligibility, 172

    • implementation, 173

    • misreporting, 175

    • poverty reduction strategy documents, 172

    • review, 178

    • side letters, 177

    • structural assessment criteria not needed for monitoring, 178

    • termination, 177

  • Position in the Fund, 453

  • Post-Catastrophe Debt Relief Trust

    • debt flow relief, 305

    • debt stock relief, 306

    • eligibility, 305

    • establishment, 301

    • flexibility in de-escalation policy with respect to overdue payments to the Fund, 826

    • purposes, 303

    • Qualifying Catastrophic Disaster, 305

    • Special Disbursement Account, 304

    • Umbrella Account, 311

  • Post-conflict emergency assistance, 258, 262, 293, 401–2, 405–7, 407–12

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

    • administration, 297

    • establishment, 293

    • fees, none, 298

    • instrument to establish, 293–99

    • investment of resources, 296

    • purpose, 293

    • rate of charge subsidy, 296

    • resources, 294

    • SDRs, use of, 299

    • settlement of questions, 299

    • termination, 298

    • use of resources, 295

  • Post-Program Monitoring

    • Article IV consultation, 352

    • publication policies, 352

  • Post-SCA-2 Administered Account

    • adoption of Instrument to establish, 299

    • instrument to establish, 300–301

  • Pound sterling

    • freely usable currency, 829

    • weight in SDR valuation basket, 755

  • 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)

    • contributions, value date for operations and transactions, 227

    • decision waiving the applicability of a performance criterion, 226

    • establishment, adoption of Instrument, 181

    • instrument to establish, 183

    • Loan Account, 227

    • modalities of gold pledge under rights approach, 506

    • other provisions, 223

    • post-SCA-2 Administered Account, 300

    • prior actions, accuracy of information, 225

    • proposed decisions, 275

    • repayment expectation, 223

    • transformation of ESAF to PRGF, 224–25

    • transformation to Poverty Reduction and Growth Trust, 179

    • waiver of performance criteria, accuracy of information, 226

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

    • performance criteria, 226, 231

    • performance criteria, accuracy of information, 226

    • prior action, accuracy of information, 225

    • repayment expectation, 223

    • waiver of applicability or for nonobservance of performance criterion, 226

  • Poverty Reduction and Growth Trust

    • accuracy of data to assess observance of performance criteria, 226

    • assistance, amount of, 191

    • assistance, eligibility and conditions, 185

    • eligibility criteria, 498

    • Exogenous Shocks Facility, assistance under, 220

    • Extended Credit Facility, 179

    • instrument to establish, 183

    • loans, terms of, 194

    • misreporting and noncomplying disbursements, 215

    • Note Purchase Agreement, 222

    • overdue financial obligations, 217

    • Rapid Credit Facility, 183

    • Subsidy Accounts, 200

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

    • conflict-affected states, special requirements, 273

    • goals, 271

    • Millennium Development Goals (MDGs), achievement of, 271

    • review, 270

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

    • core principles, 270

    • definition, 238

    • progress, 265

    • role in HIPC initiative, 241

    • role in PSI operations, 172

  • Precautionary Credit Line

    • access, 393

    • Article IV consultation cycle, 65

    • conditionality, 392

    • conditions for approval of arrangement, 392

    • disqualifying conditions, 392

    • duration, 1-2 years, 392

    • phasing and performance criteria omitted in first credit tranche, 394

    • review of decision, 395

  • Preferred creditor status of Fund, 258, 410, 803, 811, 815

  • 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, 334

    • definition, 318

    • implementation under PRGF, 225

    • reporting on implementation, confidentiality relating to, 329

    • side letters, 330

    • use in emergency financing mechanism, 349

    • use in enhanced structural adjustment facility, 232

    • use in Extended Credit Facility, Standby Credit Facility and Exogenous Shocks Facility, 225

    • use in Policy Support Instrument, 174

  • Program reviews, 319

    • ex-post assessments, 398

    • ex-post evaluations, multi-country, 398

    • lapse of time completion, 395

    • procedural deadlines for completion, 400

  • Prolonged use of Fund resources

    • Article IV consultations, 353

    • assessment, 353

    • definition, 353

    • precautionary arrangements, 354

  • Protracted balance of payments problem, 275, 490

  • PSI. See Policy Support Instrument

  • Public Information Notices (PINs)

    • presumed publication, 742

  • Publication

    • Article IV consultation staff reports, pilot project, 748

    • Letters of Intent, 742

    • PINs on use of Fund resources, 743

    • staff-monitored programs, presumption of publication, 62

    • suspension of voting rights and termination of suspension, 747

    • transparency policy, 729

  • Purchase transactions. See Reserve tranche purchases;

    • Use of Fund resources resumption of purchases under extended arrangement after decision of formal ineligibility, 385

    • resumption of purchases under stand-by arrangement after decision of formal ineligibility, 381

    • suspension of transactions under extended arrangement, 386

    • suspension of transactions under stand-by arrangement, 381

    • temporary suspension under Article XXVII, effect on GAB, 519

Q

  • Quotas

    • ad hoc increases, 24

    • adjustment, first interval of five years, 3

    • Eleventh General Review, 3

    • Fourteenth General Review, 9

    • Ninth General Review, 815

    • payments of reserve assets in connection with subscription, 21

    • sales of SDRs by Fund to members for quota payments, 460

    • Seventh General Review, 23, 460, 772, 774, 776, 793

    • Sixth General Review, 23

    • voice and quota, reform of, 3

    • voting power and adjustment of quotas, 712

R

  • Recent Economic Developments reports (REDs)

    • balance of payments consultations, WTO, 701

    • no longer included in Article IV consultation documentation, 58

    • transmittal to multilateral agencies, 701, 706, 707

  • Reconstitution of SDRs

    • abrogation of rules, 795

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

  • Article IV consultations

  • Reform of the Executive Board, Resolution 66-2, 9

  • Regional Economic Outlooks (REOs), 47

  • Repayment expectations, PRGF Trust, 223, 237, 246

  • Reports on Observance of Standards and Codes (ROSCs)

    • anti-money laundering initiatives, 146, 152

    • assessment procedures, 152

    • no longer circulated to Executive Directors in hard copy form, 144

    • principle of uniformity, 154

    • reports on observance associated with FATF-led assessments generally not designated as ROSCs, 154

    • surveillance, 71

  • Repurchase expectations attribution of reduction of currency, 465

    • Compensatory Financing Facility, 461 failure to meet and extended arrangements, 332, 341

    • failure to meet and stand-by arrangements, 341

    • misreporting and noncomplying purchases, 330–33, 340

    • publication of failure to meet, 746

  • Repurchases. See also Repurchase expectations

    • access policy, 428–29

    • assessment of strength of members’ balance of payments and gross reserve position, 450

    • attribution of reductions in Fund’s holdings of currencies, 465–66

    • credit tranches, 463

    • early repurchases, guidelines, 465

    • emergency assistance, 463

    • extended arrangements, 375, 429

    • gold, acceptance in payment, 464

    • gold, obligation to pay, 464

    • procedures, 463

    • Schedule B, 464

    • SDRs, 464

    • selection of currencies by Fund, 453, 455

    • special charges on overdue repurchases, 463–65

    • stand-by arrangements, 429

    • timing of repurchases within a calendar month, 463

  • Reserve assets

    • payment in connection with subscriptions, 21

    • SDR allocation, 768, 869

    • SDR as principal reserve asset, 869

  • Reserve position, gross

    • assessment for purposes of designation plans, operational budgets, and early repurchases, 450

    • SDDS reporting, 590

  • Reserve tranche position administrative accounts, 828

    • attribution of reductions in Fund’s holdings of currencies, 465, 466

    • balances held in Administrative Account, 828

    • extended arrangements, 828

    • remunerated position, 24

  • Reserve tranche purchases, exclusion of purchases and holdings credit tranches, 828

    • emergency assistance, 401

    • extended arrangements, 828

    • General Arrangements to Borrow, 516

  • Resolutions. See Board of Governors Resolutions

  • Restrictions. See Exchange restrictions

  • Retention quotas, 558–60

  • Reviews under Fund arrangements

    • extended arrangement, 383

    • stand-by arrangement, 378

  • Revolving character of the Fund’s resources, 404, 428

  • Rights accumulation programs, 342, 818, 822, 823

    • gold pledge, 821

  • Rights approach

    • arrears to the Fund, reduction, 818

    • extension of availability, 826

    • gold pledge, 818

    • modalities of gold pledge for use of PRGF Trust resources, 506, 818

    • operational modalities, 818

    • PRGF-HIPC Trust eligibility, 241

    • PRGF-HIPC Trust qualification, 241

    • three-year period norm, 819

  • ROSCs. See Reports on Observance of Standards and Codes

  • Rule P-9, recording of SDR transactions, 303

  • Rules and Regulations

    • Rule G-1, fiscal agency, 518

    • Rule G-4, request for a purchase, 458

    • Rule I-10, rate of remuneration, 477, 480

    • Rule I-6(4)(a), 477, 480, 481

    • Rule I-6(4)(b), 477, 480

    • Rule I-6(4), rate of charge, 471, 473, 477, 837

    • Rule I-6, rate of charge(4), 480

    • Rule K-1, 668

    • Rule O-1, value of SDR, 758

    • Rule O-10, operational budget, 451

    • Rule O-2(a), 758

    • Rule O-2, valuation of currencies in terms of SDRs, 485, 518, 758, 779, 780, 782, 784, 786

    • Rule P-7, prescribed operation, 779, 781, 782, 784, 787, 788

    • Rule P-9, recording of SDR transactions, 299, 763, 764, 765, 780, 782, 783, 785, 787, 788, 789

    • Rule R-1 through Rule R-6, rules for reconstitution (abrogated), 795

    • Rule T-1, 481

S

  • SAF. See Structural Adjustment Facility

  • Safeguards assessment policy

    • review of experience, 2010, 345

  • Safeguards assessment process

    • audits, 336, 337, 338

    • confidentiality, 338, 344

    • distinction between first and second stages no longer applicable, 344

    • first stage, 337, 344

    • information/documents to obtain from central banks, 338

    • reports to remain confidential, 341

    • review, 339

    • second stage, 338, 344

  • Safeguards, use of Fund resources

    • benchmarks based on Code of Good Practices on Transparancy in Monetary and Financial Policies, 337

    • publication of audited central bank financial statements, 337

  • Sales of currencies of members indebted to the Fund

  • sale of currencies at the request of members with outstanding purchases, 457

  • Santiago Principles, 80

  • Schedule B, transitional provisions, 22, 464

  • Schedule D

    • paragraph 1(a), proposed amendment, 19

    • paragraph 5(e), proposed deletion, 20

    • paragraph 5(f), proposed amendment, 20

  • Schedule E

    • proposed amendment, 20

  • Schedule F, designation, 791

  • Schedule G, paragraph 1(a), reconstitution, 795

  • Schedule J, settlement of accounts with withdrawing members, 519

  • Schedule K, administration of liquidation, 519

  • Schedule L

    • paragraph 1(b), proposed amendment, 20

    • paragraph 3(c), proposed amendment, 21

  • Schedule L, suspension of voting rights, 8, 850

  • 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), 22

    • payment of reserve assets in connection with subscription, 22

    • repurchase under Schedule B, 464

    • surveillance over exchange rate policies, 22

  • Security reasons, exchange restrictions for, 556

  • Settlement of disputes between members relating to external debt

    • comparable treatment of creditors, 110

    • Paris Club, 110

    • role of the Fund, 109–12

  • SFF. See Supplementary Financing Facility

  • Short-Term Liqudity Facility

    • repeal, 326

  • Side letters, use of Fund resources, 326–29

  • Sovereign default, 348, 418

  • Sovereign wealth funds

    • generally accepted principles and practices (GAPPs), 80

    • Santiago Principles, 80

  • Special accounts for administrative purposes

    • calculation of holdings of a member’s currency, 711

  • Special Contingent Account. See also Burden sharing

    • additions to, 801

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

  • Special Data Dissemination Standards (SDDS)

    • access by the public, 590, 597

    • balance-sheet approach, 69

    • coverage, 592

    • Data Dissemination Bulletin Board, 599

    • debt sustainability assessments, 69

    • integrity, 597

    • liquidity management, 69

    • periodicity and timeliness, 593

    • purpose and framework, 591

    • quality, 598

    • subscription, 599

  • Special Disbursement Account

    • Post-Catastrophe Debt Relief Trust, 304

  • Special Disbursement Account (SDA) ESAF-HIPC Trust, 252

    • investment, 487

    • PRGF-HIPC Trust, 238, 250

    • repayment expectation under PRGF Trust, failure to meet, 223

    • Structural Adjustment Facility administration, 488

    • termination and transfer of resources from Trust Fund, 831

    • termination of assistance from SAF in conjunction with loans from ESAF Trust, 505

    • transfer of resources to the ESAF Trust and retransfer to the SDA, 503

  • Special drawing rights (SDRs)

    • allocation for first basic period, 767

    • allocation for fourth basic period, report of Managing Director, 869

    • allocation for the ninth basic period, 777

    • allocation for third basic period, 768

    • allocations to new participants, third basic period, 773

    • contributions to PRGF-HIPC Trust, 240

    • currency reference rates, 756

    • currency weights, 755

    • designation review rules, 790

    • designation rules, revision, 793

    • euro, weight in valuation basket, 755

    • harmonization of holdings, 791

    • holders prescribed by the Fund African Development Bank, 763

      • African Development Fund, 763

      • Andean Reserve Fund, 762

      • Arab Monetary Fund, 763

      • Asian Development Bank, 763

      • Bank for International Settlements, 762

      • Bank of Central African States, 763

      • Central Bank of West African States, 763

      • East African Development Bank, 763

      • East Caribbean Currency Authority, 763

      • Eastern Caribbean Central Bank, 763

      • European Central Bank, 763

      • International Bank for Reconstruction and Development (World Bank), 763

      • International Development Association, 763

      • International Fund for Agricultural Development, 763

      • Islamic Development Bank, 763

      • Nordic Investment Bank, 763

    • Japanese yen, weight in valuation basket, 755

    • means of repayment by members on indebtedness under loan

      • agreements, 830

    • media of payment for charges in GRA, 469

    • other holders, acceptance, holding or use, 759

    • payment of net charges and assessment in the SDR Department for

      • FY ended April 30, 1982, 796

    • payment of subscriptions, 21

    • pound sterling, weight in valuation basket, 755

    • PRGF-HIPC Trust unit of account and media of payment, 240

    • reconstitution, abrogation of rules, 795

    • reserve asset payments, 21, 22

    • sales by the Fund for payment of subscriptions, 21

    • sales by the Fund for the payment of charges, 470

    • terms and conditions for accepting, holding, or using SDRs, 759

    • transfers of SDRs for purchases under Article V, Section 3(f), 452

    • U.S. dollar, weight in valuation basket, 755

    • use in donations, 788

    • use in ESAF Trust operations or under an administered acount, 765

    • use in forward operations, 787

    • use in loans, 782

    • use in payment of Trust Fund obligations, 711, 830

    • use in pledges, 782

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

      • account, 765

    • use in repurchases, 463

    • use in settlement of financial obligations, 779

    • use in Structural Adjustment Facility operations, 764

    • use in subsidy payment from SFF Subsidy Account, 764

    • use in swap operations, 786

    • use in transfers as security for the performance of financial

      • obligations, 784

    • valuation basket, guidelines for calculation of currency amounts, 754

    • valuation basket, guidelines for calculation of currency amounts,

      • revised guidelines, 754

    • valuation of US dollar for purposes of Rule O-2(a), 758

    • value of SDR, method of collecting exchange rates for calculation

      • for purposes of Rule O-2(a), 758

  • Special Drawing Rights (SDRs)

    • method of valuation, 757

  • Special Reserve

    • income transfer from GRA account, FY 2009, 725

  • Specification of currencies, 451–52, 455

  • SRF. See Supplemental Reserve Facility

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

    • Enhanced surveillance

    • document exchange with WTO, 707

    • military expenditure, 102

    • presumed publication, 742

    • transmittal to international agencies, 707, 709

  • Staff reports on enhanced surveillance

    • transmittal by members to creditors, 58–59, 114, 140

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

    • publication policy, 742

  • Staff-monitored programs (SMPs), 62

  • 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, 358

    • arrangements not international agreements, 317

    • blackout periods, reduction of, 376

    • conditionality guidelines, 314

    • consultation clauses, 318, 381

    • contractual connotation avoidance, 317

    • duration, normal, 358

    • emergency purchases and, 403, 404, 407

    • external debt performance criteria, guidelines, 365

    • first credit tranche, 358

    • form, standard, 378

    • ineligibility, 382, 799

    • misreporting and noncomplying purchases, 330–33, 333, 334

    • noncomplying purchases, 332

    • nondiscriminatory treatment of members, 316

    • overdue financial obligations to the Fund, 799

    • performance criteria with respect to external debt, 370, 380

    • performance criteria, accuracy of information, 334

    • period for, 358

    • phasing, 358

    • policies and procedures, 358

    • PRGF-HIPC Trust eligibility, 241

    • PRGF-HIPC Trust qualification, 241

    • prior actions, accuracy of information, 333

    • program evaluation, 321

    • repurchase, 382

    • repurchase expectation, 331, 332, 382

    • reserve tranche purchases, 828

    • review, 379

    • structural performance criteria not applicable, 322

    • suspension of right to engage in transactions, 381

    • uniform treatment of members, 316

    • waiver for nonobservance of performance criteria, 331, 334

    • waiver of applicability of performance criteria, 334

  • Strengthened cooperative strategy

    • de-escalation of remedial measures, 823

    • procedures, 812

    • reversibility of actions, 822

    • rights approach availability, extension, 826

  • Structural Adjustment Facility (SAF)

    • access, potential, 490, 495

    • amounts of assistance, 489

    • commitment period, 490

    • commitment period, new, 495

    • disbursements, 491, 494

    • eligible members list, 495

    • income from investment and loans, 503

    • interest, 492

    • loans under Enhanced Structural Adjustment Facility (ESAF), 493

    • protracted balance of payments problem, 275, 490

    • purposes, 489

    • qualification for assistance, 490

    • resources, 489

    • review, 498

    • SDRs, use in operations, 495, 764, 765

    • terms of loans, 492

  • Subscriptions. See also Quotas

    • accounting by members, 21

    • ownership of gold and currency, 21

    • reserve asset payments, 21–24

  • Subsidy Account. See Supplementary Financing Facility Subsidy Account

  • Summings up and concluding remarks for policy items

    • review and finalization process, 55

  • Supplemental Reserve Facility (SRF)

    • exchange rate for payment of subsidies, 860

    • overdue financial obligations, 381, 385

    • repeal, 326

  • Supplementary Financing Facility (SFF) Subsidy Account, 833

    • eligible members, 835

    • instrument to establishment, 833

    • investment, 835

    • means of subsidy payments, 840

    • rescheduling in cases of serious hardship, 832

    • resources, 833

    • SDRs, use of, 764

    • subsidy amount, 835

    • suspension of transfers and re-transfer of surplus, 840

    • transfer from Special Disbursement Account, 834, 840

  • Surveillance. See also Article IV consultations;

    • Enhanced surveillance

    • 1977 Decision, review of and proposal, 26

    • balance-sheet analysis, 69

    • bilateral surveillance over members’ policies, 35

    • bilateral surveillance, 2007 decision, 35

    • bilateral, 2007 decision, transitional issues, 57

    • Central African Economic and Monetary Union, 86

    • cross-border capital flows, 52

    • data provision, 67

    • Eastern Caribbean Currency Union, 88

    • euro area, 83, 85

    • extension of theree-month period, 72

    • principles for the guidance of members’ policies, 40

    • principles for the guidance of the Fund, 37

    • priorities, 2008–2011, 50

    • procedures, 41

    • publicity, 747

    • review of general implementation, two-year intervals, 59, 62

    • ROSCs, 68, 71

    • Special Data Dissemination Standards, 69

    • stability assessments under FSAP mandatory, 125

    • stability assessments under FSAP, integration of, 128

    • staff-monitored programs, 62

    • systematically important financial sectors, 129

    • three-month rule, 71

    • timetable of procedures, 802

    • triennial review, 2008, 45

    • West African Economic and Monetary Union, 90

  • Suspension of membership, 808

  • Suspension of voting rights

    • participation in International Monetary and Financial Committee, 850

  • Swiss National Bank

    • GAB participant, 522, 526

    • NAB participant, 547

  • Systematically important financial sectors

    • financial stability assessments in surveillance, 129

  • Systemically Important Financial Sectors

    • conceptual framework, 132

T

  • Technical assistance

    • cooperation with Trusteeship Council, 878

    • exchange rate system simplification, 575

    • Framework Administered Account for, 160

    • members not cooperating with the Fund, 807, 808

    • post-conflict countries, 405

    • transmittal of reports to international agencies, 707

  • Terrorism financing. See Combating the Financing of Terrorism

  • Trade. See also World Trade Organization

    • structural maladjustments in trade, Extended Fund Facility, 372

    • Trade Integration Mechanism, 448

    • trade-related balance of payments adjustments, 448

  • Trade Integration Mechanism, 448

  • Trade restrictions

    • avoidance of escalation, 565, 861

    • emergency assistance, 401, 404

    • ESAF, 231

    • import restrictions for balance of payments reasons, extended arrangements, 385

    • import restrictions for balance of payments reasons, GATT, 563

    • import restrictions for balance of payments reasons, stand-by arrangements, 381

    • WTO involvement, 701

  • Tranche policies first credit tranche, 359

    • floating tranche, 321

  • Transferability of claims

    • General Arrangements to Borrow, 526

  • Transparency. See also Publication

    • archives, access by outside persons, 659

    • foreign reserves management, 337

    • governance, 92

    • policy on disclosure and information, 729

    • safeguards for use of Fund resources, 338

  • Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries and for Interim ECF Subsidy Operations (PRG-HIPC Trust)

    • amendment of PRGF-HIPC Trust to PRG-HIPC Trust, 236

    • instrument to establish, 236

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

    • administration of, 249

    • amendment of, 251

    • Annual Progress Report (APR), 238

    • assistance amount, 243

    • completion point, 237, 244, 245, 246, 247, 257, 258, 259, 260

    • contributions by other donors, 252

    • contributions to, 288

    • debt sustainability, 237, 241, 243, 246, 247, 257, 258, 267

    • debt sustainability analysis, 237

    • debt-to-exports ratio, 237, 246, 260

    • debt-to-revenue ratio, 237

    • decision point, 237, 241, 243, 245, 256, 258, 263, 267, 268

    • eligibility, 241, 267

    • grace period on loans, 248

    • grants and loans, 241

    • Guidelines on Misreporting, 239

    • implementation, progress, 258–62

    • implementation, review, 262–66

    • instrument to establish, adoption of, 234

    • interest, 238, 248

    • interim assistance, 245

    • Interim Poverty Reduction Strategy Papers (I-PRSPs), 238, 265

    • investment of resources, 240, 250, 252

    • Joint Staff Advisory Note (JSAN), 238

    • liquidation, 250

    • maturity of loans, 247

    • operation and liquidation, 250

    • Paris Club, 237, 242, 244, 259, 264, 268, 269

    • performance-related conditions, 245, 253

    • Poverty and Social Impact Analysis (PSIA), 273

    • Poverty Reduction Strategy Papers (PRSPs), 238, 242, 260, 263, 270

    • purposes, 239

    • qualification for assistance, 241

    • rescheduling of payments not allowed, 248

    • retransfers authorized, 252

    • SDRs, use in operations, 250, 765

    • self-sustained operations, 238, 250, 262

    • special charges on overdue interest and repayments, 471

    • Special Disbursement Account, transfers from, 240

    • streamlining preliminary HIPC documents, 267

    • subsidies for interim PRGF operations, 248

    • terms of assistance, 247

    • track record of performance, 257, 259, 263, 267, 270

    • transformation of ESAF-HIPC Trust to PRGF-HIPC Trust, 224

    • Trust Account and resources, 239

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

    • completion point, 268

    • decision point, 268

    • eligibility and eligible members, 269

    • implementation status, 267

    • sunset clause, 251, 269

  • Trust Fund

    • final direct distribution of profits, 831

    • means of repayment by members on their indebtedness under loan agreement, 830

    • overdue interest and repayments, 471

    • SDRs, use in payment of Trust Fund obligations, 763

    • special charges on overdue financial obligations, 470–71, 831

    • termination and transfer of resources to Special Disbursement

      • Account, 487, 831

    • terms of repayment of final loan disbursement and amendment of

      • Trust instrument, 832

U

  • Undue delay in availability or use of foreign exchange, 510, 564

  • Uniformity of treatment principle

    • post-conflict assistance, 410

    • settlement of disputes among members, comparable treatment, 110

    • use of Fund’s general resources, 316

  • United Nations

    • agreement with the IMF, 875–81

    • Convention on the Privileges and Immunities of the Specialized Agencies, 882–99

    • exchange of documents with, 877

    • UNDP, exchange of documents with, 709

    • Uniting for Peace General Assembly Resolution, 846

  • United States (U.S.) dollars

    • financial statements of Framework Account, expressed in, 163

    • maintenance of value, rates for computation, 485

    • means of payment by members on indebtedness under Trust Fund loan agreements, 830

    • medium of payment, loan disbursements, repayments, and interest under GAB, 493

    • medium of payment, MDRI-I Trust, 280

    • medium of payment, MDRI-II Trust, 288

    • medium of payment, PRGF-HIPC Trust, 240

    • payment of special charges on overdue payments, Trust Fund loans, 472

    • payments of interest on members’ indebtedness under Trust Fund loans, 830

    • valuation in terms of special drawing rights as per Rule O-2(a), 758

    • weight in SDR valuation basket, 755

  • 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, 313

    • arrears, resolving the problem of, 810

    • authority of the Fund to use its resources

      • Resolution, 845

      • resolving problem of arrears, 313

    • capital transfers, 313, 509

    • conditionality guidelines, 314–22

    • financing current account deficits, 313

    • Flexible Credit Line, 323, 387

    • form, extended arrangement, 383

    • form, stand-by arrangement, 378

    • inelibility, effect on purchases under extended arrangement, 386

    • ineligibility under Article V, Section 5, 458

    • ineligibility, effect on purchases under stand-by arrangement, 381

    • interpretation of Articles of Agreement, 313

    • limitation and ineligibility under Article V, Section 5, 458

    • meaning of “consistent with the provisions of this

      • Agreement”under Article V, Section 3, 313

    • meaning of “represents,” 314

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

      • purchases, 314

    • nondiscriminatory treatment of members, 316

    • performance criteria and phasing, 363

    • postponement and limitation under Article V, Section 5, 458

    • rate of charge, FY 2010, 481

    • repayment expectation under PRGF-ESF Trust, failure to meet, 223

    • repeal of CFF, SRF, and Short-term Liquidity Facility, 325

    • resumption of purchases under extended arrangement after

      • decision of formal ineligibility, 386

    • resumption of purchases under stand-by arrangement after decision

      • of formal ineligibility, 381

    • safeguards, strengthening of, 334–39

    • side letters, 326, 329

    • suspension of exchange transactions, effect on General

      • Arrangements to Borrow, 519

    • suspension of transactions under extended arrangement, 386

    • suspension of transactions under stand-by arrangements, 381

V

  • Voluntary Declaration on Trade and Other Current Account Measures, 861

  • Voting power majority

    • compulsory withdrawal, 814

    • SDR allocation, 869

  • Voting rights, suspension. See Suspension of voting rights

W

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

    • emergency assistance, 402

  • Waiver of performance criteria

    • applicability, 320, 334

    • nonobservance, 174, 334

  • Waiver of special charges, 472

  • World Bank (International Bank for Reconstruction and Development)

    • agreement with WTO, 905, 906, 908

    • Bank-Fund collaboration, 104, 674, 684, 685, 691

    • collaboration with Fund and WTO, 704, 705

    • collaboration with Fund on corporate sector vulnerability analysis, 59

    • collaboration with Fund on shifting resources from military, 104

    • Development Committee, 853

    • ESAF policy framework process, 231

    • Financial Sector Assessment Program, 117

    • Fund-Bank Concordat, 672

    • governance, 93, 94, 101

    • HIPC Initiative, 256, 263, 265

    • investment by Fund of currencies received by SFF Subsidy, 839

    • military expenditures, 104

    • observer status in the Fund, 684

    • post-conflict assistance, 405

    • prescribed holder of SDRs, 763

    • PRGF-HIPC Trust, 237

    • rights approach, 819

    • suspension of voting rights, 815

  • World Economic Outlook (WEO)

    • military spending, 102

    • multilateral surveillance, 47, 60, 315

    • WTO observer status, 912

  • World Trade Organization (WTO)

    • balance of payments consultations, 701

    • coherence in global policymaking, 701

    • consistency of policy advice and obligations, 702

    • cross-conditionality, avoidance, 703

    • document exchange, 706

    • Fund staff observer at WTO meetings, 912

    • guidelines/framework for Fund staff collaboration, 700

    • IMF-WTO Agreement, text, 38

    • observer status, 705

    • resolution of open jurisdictional issues, 704

    • suspension of exchange transactions, effect on General Arrangements to Borrow, 519

    • suspension of transactions under extended arrangements, 386

    • suspension of transactions under stand-by arrangements, 381

    • WTO staff observer at Executive Board meetings, 911

  • WTO. See World Trade Organization

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