Front Matter

Front Matter

Author(s):
Parmeshwar Ramlogan, and Bernhard Fritz-Krockow
Published Date:
April 2007
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International Monetary Fund Handbook

Its Functions, Policies, and Operations

Bernhard Fritz-Krockow Parmeshwar Ramlogan Editors

January 2007

© International Monetary Fund

Cover Photo: IMF Staff Photographer/Eugene Salazar

Cataloging-in-Publication Data

International Monetary Fund handbook: its functions, policies, and operations / Bernhard Fritz-Krockow and Parmeshwar Ramlogan, editors—Washington, D.C.: International Monetary Fund, Secretary’s Dept., 2007.

p. cm.

Includes bibliographical references.

ISBN 978-1-58906-625-0

1. International Monetary Fund—Handbooks, manuals, etc. 2. Economic policy—Handbooks, manuals, etc. 3. Balance of payments—Handbooks, manuals, etc. 4. Special drawing rights—Handbooks, manuals, etc. 5. Technical assistance—Handbooks, manuals, etc. 6. World Bank—Handbooks, manuals, etc. 7. World Trade Organization—Handbooks, manuals, etc.. I. Fritz-Krockow, Bernhard. II. Ramlogan, Parmeshwar. III. International Monetary Fund. Secretary’s Dept.

HG3881.5.I58 I584 2007

Contents

Foreword

This Handbook is intended to give a general overview of the IMF’s functions, policies and operations, although it is not intended to serve as an authoritative description of the rules governing these functions, policies, and operations. The Handbook provides, without commentary, a general and factual description of the IMF’s mandate, its governance and internal organization, the policies that guide its day-to-day operations and interactions with member countries, and the internal procedures through which these policies are executed. The Handbook should be useful to new IMF staff members, to Executive Directors and their staff, and to members of the public in general who are interested in the IMF’s mandate, policies, and operations. However, it is important to note that the publication provides but a snapshot of the IMF at the time of writing, as the continued evolution in the demands of the global economy and the role of the IMF therein will be persistent forces of change that will continue shaping the IMF’s functions, policies, and operations.

The Handbook draws heavily on IMF documents and, for accuracy, the language is kept as close as possible to the originals. The source documents include the Articles of Agreement, Executive Board decisions, summings up of Executive Board discussions, annual reports of the IMF, staff reports and memoranda, pamphlets, fact-sheets, and IMF staff publications. All of the documents are available to the public and many are also accessible through the IMF’s external website. The Handbook provides references in the endnotes to the relevant IMF documents, while footnotes provide some additional information that could be of interest to the reader.

The authors are grateful for the assistance of Elena Michaels, Antonella Tarantino, Henry Mooney, and Wasima Rahman-Garrett in the preparation of this publication. We also want to thank Celia Zufriategui, Lorna Sibblies, and Choon Hwee Lee for facilitating the production and publication. The present publication has been reviewed by staff from the Secretary’s Department and from other departments, and the authors gratefully acknowledge the extensive comments and suggestions received.

Abbreviations and Acronyms

ACB

Africa Capacity-Building Initiative

ACBF

African Capacity Building Foundation

AFRITAC

African Regional Technical Assistance Center

AML/CFT

Anti-Money Laundering and Combating the Financing of Terrorism

AREAER

Annual Review of Exchange Arrangements and Exchange Restrictions

ASEAN

Association of Southeast Asian Nations

BIS

Bank of International Settlements

CAC

Collective Action Clause

CAM

Committee on Executive Board Administrative Matters

CARTAC

Caribbean Regional Technical Assistance Center

CCL

Contingent Credit Lines

CEMAC

Central African Economic and Monetary Community

CFF

Compensatory Financing Facility

CMCG

Capital Markets Consultative Group

DC

Development Committee

DQAF

Data Quality Assessment Framework

DSA

Debt Sustainability Analysis

DSBB

Dissemination Standards Bulletin Board

ECCB

Eastern Caribbean Central Bank

ECCU

Eastern Caribbean Currency Union

ECOSOC

Economic and Social Council

EFF

Extended Fund Facility

EFM

Emergency Financing Mechanism

ENDA

Emergency Natural Disaster Assistance

EPCA

Emergency Post Conflict Assistance

ESAF

Enhanced Structural Adjustment Facility

ESF

Exogenous Shocks Facility

EU

European Union

EURIBOR

Euro Interbank Offered Rate

FAA

Framework Administered Account for Technical Assistance Activities

FAD

Fiscal Affairs Department

FATF

Financial Action Task Force

FCC

Forward Commitment Capacity

FIRST

Financial Sector Reform and Strengthening Initiative

FSAP

Financial Sector Assessment Program

FSI

Financial Soundness Indicator

FSLC

Bank-Fund Financial Sector Liaison Committee

FSRB

FATF-Style Regional Body

FSSA

Financial System Stability Assessment

FY

Fiscal Year

GAB

General Arrangements to Borrow

SM

Staff Memorandum

SMP

Staff-Monitored Program

SRF

Supplemental Reserve Facility

STA

Statistics Department

TIM

Trade Integration Mechanism

TMU

Technical Memorandum of Understanding

TPRM

Trade Policy Review Mechanism

UN

United Nations

UNDP

United Nations Development Programme

WEMD

World Economic and Market Developments

WAEMU

West African Economic and Monetary Union

WEO

World Economic Outlook

WTO

World Trade Organization

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