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Fund activity: New statistical Supplement on Fund Accounts; recent transactions; Annual Meetings in Toronto; Managing Director’s ECOSOC speech

Author(s):
International Monetary Fund. External Relations Dept.
Published Date:
September 1982
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IFS Supplement on Fund Accounts

The surge in the needs of Fund members for balance of payments assistance, particularly since 1973, has prompted substantial increases in the Fund’s financial resources, but needs continue to grow faster, according to the Fund’s International Financial Statistics Supplement on Fund Accounts recently published by the Fund’s Bureau of Statistics.

Under the Fund’s policy of increased access to its resources, outstanding use of Fund credit reached SDR 13.1 billion by the end of 1977, falling sharply thereafter until 1981, when the use of the Fund’s resources reached a record SDR 13.4 billion by the end of the year. To finance this rise, quota subscriptions—the primary source of Fund resources—were increased substantially from SDR 7 billion in December 1945 to SDR 60.7 billion at the end of 1981. Nonetheless, the value of quotas relative to total reserves (excluding gold) has declined since the 1966 quota increase, and although the quota increases of 1978 and 1980 boosted the value of quotas relative to total nongold reserves, the ratio remains low compared with earlier periods.

The Fund has obtained additional resources through borrowings, particularly since 1974, from several Fund members and from Switzerland, but such borrowed resources represent only a small portion of total Fund resources (at the end of 1981, outstanding borrowing stood at SDR 6.4 billion).

Annual Meetings in Toronto Al-Hamad of Kuwait, Chairman

The 1982 Joint Annual Meetings of the Boards of Governors of the Fund and the World Bank will be held September 6-9 at the Sheraton Centre in Toronto, Canada. The Annual Meetings will be chaired by Abdlatif Y. Al-Hamad, Minister of Finance and Planning of Kuwait and will be preceded by meetings of the Group of Twenty-Four at Deputy and Ministerial level, the Group of Ten Ministers, and the Interim and Development Committees, beginning September 1.

Managing Director’s ECOSOC speech

The Managing Director of the Fund, Mr. Jacques de Larosière, addressed the Economic and Social Council of the United Nations in Geneva, Switzerland, on July 13. His speech focused on the economic problems facing the non-oil developing countries, their need to address these problems, and the Fund’s role in assisting their adjustment. The text of the address appears in the July 19 issue of the IMF Survey.

Total purchases from the Fund by members in the first half of 1982 were SDR 3.8 billion, with the largest share (27.2 per cent) consisting of reserve tranche purchases totaling SDR 1 billion.

There were 17 stand-by arrangements in effect at the end of June, all but 2 of which involved highly conditional facilities, as well as 10 extended arrangements. The total gross amount approved under both stand-by and extended arrangements at the end of June was SDR 14.6 billion. There was an undrawn balance of SDR 9.9 billion under such arrangements by June 30; this sum is available, subject to phasing and to the fulfillment of performance criteria under country programs.

David Cheney

Table 1New commitments and use of Fund resources(In billions of SDRs)
Calendar yearJanuary–June
19791980198119811982
1a.New commitments (net of cancellations)11.76.812.77.6–1.12
(Amount disbursed)(1.4)(2.6)(3.7)(2.0)(0.2)
Industrial countries
Developing countries1.76.812.77.6–1.1
1b.Purchases30.71.01.50.70.9
Industrial countries
Developing countries0.71.01.50.70.9
2.Trust Fund loans disbursed
Developing countries only0.51.30.40.4
Total (1 + 2)2.99.114.68.7–0.2
Source: IMF, Treasurer’s Department.Note: Details may not add to totals because of rounding.

Indicates zero.

Under stand-by and extended arrangements in period, including commitments under supplementary financing and enlarged access, where applicable. No account is taken of any balances that may have remained undrawn when an arrangement expired.

Gross new commitments totaling SDR 1.4 billion minus undrawn balances under canceled arrangements of SDR 2.5 billion.

AII purchases other than those under stand-by and extended arrangements (for which the commitment amounts are shown in line 1a) and reserve tranche purchases.

Source: IMF, Treasurer’s Department.Note: Details may not add to totals because of rounding.

Indicates zero.

Under stand-by and extended arrangements in period, including commitments under supplementary financing and enlarged access, where applicable. No account is taken of any balances that may have remained undrawn when an arrangement expired.

Gross new commitments totaling SDR 1.4 billion minus undrawn balances under canceled arrangements of SDR 2.5 billion.

AII purchases other than those under stand-by and extended arrangements (for which the commitment amounts are shown in line 1a) and reserve tranche purchases.

Table 2Stand-by and extended arrangements as of June 30, 1982(In millions of SDRs)
Stand-by

arrangements
Extended Fund

facility
Total
Amount

agreed
Amount

purchased
Amount

agreed
Amount

purchased
Amount

agreed
Amount

purchased
Ordinary resources1,411.37800.073,702.361,009.555,113.731,809.62
Supplementary financing2,883.921,478.191,059.71491.833,943.631,970.02
Enlarged access resources1,530.67315.244,038.43673.005,569.10988.24
Total5,825.962,593.508,800.502,174.3814,626.464,767.88
Source: IMF, Treasurer’s Department.

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