Back Matter

Back Matter

International Monetary Fund. Finance Dept.
Published Date:
October 2014
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    Appendix 1 IMF Membership: Quotas, and Allocations and Holdings of SDRs
    (Millions of SDRs and percent; as of April 30, 2014)
    MemberQuotaQuota ShareSDR HoldingsExisting SDR Cumulative Allocation
    Antigua and Barbuda13.50.010.312.5
    Armenia, Republic of92.00.0410.488.0
    Bahamas, The130.30.0538.0124.4
    Bahrain, Kingdom of135.00.06129.6124.4
    Belarus, Republic of386.40.16373.5368.6
    Bosnia and Herzegovina169.10.072.4160.9
    Brunei Darussalam215.20.09216.5203.5
    Burkina Faso60.20.0348.157.6
    Cabo Verde11.20.0051.69.2
    Central African Republic55.70.022.453.4
    Congo, Democratic Republic of the533.00.22352.1510.9
    Congo, Republic of84.60.0470.279.7
    Costa Rica164.10.07132.5156.5
    Cote d’Ivoire325.20.14272.8310.9
    Czech Republic1,002.20.42751.3780.2
    Dominican Republic218.90.093.6208.8
    El Salvador171.30.07165.6163.8
    Equatorial Guinea52.30.0221.231.3
    Gambia, The31.10.0122.629.8
    Iran, Islamic Republic of1,497.20.631,551.91,426.1
    Kyrgyz Republic88.80.04125.584.7
    Lao P.D.R.52.90.0251.150.7
    Macedonia, former Yugoslav Republic of68.
    Marshall Islands3.50.0013.43.3
    New Zealand894.60.38812.1853.8
    Papua New Guinea131.60.069.3125.5
    Russian Federation5,945.42.505,689.65,671.8
    St. Kitts and Nevis8.90.0046.68.5
    St. Lucia15.30.0115.414.6
    St. Vincent and the Grenadines8.30.0030.87.9
    San Marino22.40.0115.515.5
    São Tomé & Principe7.40.0030.17.1
    Saudi Arabia6,985.52.936,264.56,682.5
    Sierra Leone103.70.04106.799.5
    Slovak Republic427.50.18338.9340.5
    Solomon Islands10.40.0049.49.9
    South Africa1,868.50.781,788.21,785.4
    South Sudan123.00.0577.1105.4
    Sri Lanka413.40.179.5395.5
    Trinidad and Tobago335.60.14275.7321.1
    United Arab Emirates752.50.32542.3568.4
    United Kingdom10,738.54.519,645.110,134.2
    United States42,122.417.6935,838.735,315.7
    Source: Finance Department, International Monetary Fund.Note: Numbers may not add to totals due to rounding.

    Including China, Hong Kong SAR, and Macao SAR.


    Excluding SDRs allocated and placed in an escrow account under the Fourth Amendment of the IMF’s Articles of Agreement; such holdings will be available to the member upon settlement of all overdue obligations to the IMF.

    Appendix 2 Special Voting Majorities for Selected Financial Decisions
    SubjectSpecial Majority1Article
    Adjustment of quotas85 percentIII, Sec. 2(c)
    Medium of payment for increased quota70 percentIII, Sec. 3(d)
    Calculation of reserve tranche positions: exclusion of certain purchases and holdings85 percentXXX, Sec. (c)(iii)
    Change in obligatory periods for repurchase85 percentV, Sec. 7(c), (d)
    Determination of rates of charge or remuneration70 percentV, Sec. 8(d), 9(a)
    Increase in percentage of quota for remuneration70 percentV, Sec. 9(c)
    Sale of gold85 percentV, Sec. 12(b), (c), (e)
    Acceptance of gold in payments to IMF85 percentV, Sec. 12(b), (d)
    Special Disbursement Account assetsV, Sec. 12(f)
      Transfer to General Resources Account70 percent
      Balance of payments assistance to developing members85 percent
    Distribution from general reserve70 percentXII, Sec. 6(d)
    Valuation of SDRXV, Sec. 2
      Change in the principle of valuation or a fundamental change in the application of the principle in effect85 percent
      Method of valuation70 percent
    Allocation of SDRs85 percentXVIII, Sec. 4(d)
    Determination of rate of interest on SDRs70 percentXX, Sec. 3
    Prescription of official holders of SDRs85 percentXVII, Sec. 3
    Suspension or reinstatement of voting rights70 percentXXVI, Sec. 2(b)
    Compulsory withdrawal85 percentXXVI, Sec. 2(c)
    Amendment of the IMF’s Articles of Agreement85 percent2XXVIII (a)
    Source: Legal Department, International Monetary Fund.

    Proportion of total voting power.


    Three-fifths of the members having 85 percent of the voting power.

    Appendix 3 Other Administered Accounts

    The IMF may establish administered accounts for purposes such as financial and technical assistance. Such accounts are legally and financially separate from all other accounts of the IMF.1

    The role of the IMF as trustee has proved particularly useful in enabling the creation of mechanisms to

    • Reduce the cost of access for low-income developing member countriesto the facilities of the General Resources Account, as in the case of the Oil Facility Subsidy Account (1975–83) and the Supplementary Financing Facility Subsidy Account (1979–84)

    • Provide balance of payments assistance on concessional terms, as in the case of the Trust Fund (1976–81), the Poverty Reduction and Growth Facility (PRGF) Trust (renamed the Poverty Reduction Trust in 2009) (1987– ), and several accounts administered by the IMF on behalf of individual members to provide contributions to the PRGF Subsidy Account

    • Provide financing in the form of debt relief to heavily indebted poor countries, as in the case of the Poverty Reduction and Growth Facility—Heavily Indebted Poor Countries Trust.

    From time to time, the IMF also has decided to establish, on an ad hoc basis and as requested by members, other accounts for the administration of resources for specific purposes. These are described below.

    Administered Account Japan

    The account was established in March 1989 to administer resources made available by Japan—and, under a subsequent amendment, by other countries with Japan’s concurrence—that are to be used to assist certain members with overdue obligations to the IMF. The resources of the account are to be disbursed in amounts specified by Japan and to members designated by Japan. Effective March 5, 2008, the instrument governing the account was amended to allow the provision of assistance to these members in the context of an internationally agreed comprehensive package that integrates arrears clearance and subsequent debt relief.

    Administered Account for Selected Fund Activities—Japan

    The account was established in March 1990 to administer resources contributed by Japan to finance technical assistance to member countries and to support the IMF’s Regional Office for Asia and the Pacific (OAP). The resources of the account designated for technical assistance activities are used with the approval of Japan and include the provision of scholarships. The resources designated for the OAP are used as agreed between Japan and the IMF for certain activities of the IMF with respect to Asia and the Pacific through the OAP. Disbursements can also be made from the account to the General Resources Account (GRA) to reimburse the IMF for qualifying technical assistance projects and OAP expenses. The IMF and Japan agreed to terminate the account when ongoing projects are completed, and any residual amounts will be deposited by the IMF into the Japan subaccount under the Framework Administered Account for Selected Fund Activities.

    Framework Administered Account for Technical Assistance Activities

    The Framework Administered Account for Technical Assistance Activities (the Framework Account) was established by the IMF in April 1995 to receive and administer contributed resources that are to be used to finance technical assistance provided by the IMF to member countries and to international organizations. Technical assistance is provided on macroeconomic, fiscal, monetary, financial, and related statistical fields, including training programs and projects that strengthen the legal and administrative framework in these core areas. The financing of technical assistance activities is implemented through the establishment and operation of subaccounts within the Framework Account.2 Resources are to be used in accordance with the written understandings between the contributor and the IMF. Disbursements can also be made from the Framework Account to the GRA to reimburse the IMF for costs incurred on behalf of technical assistance activities financed by resources from the Framework Account. Since March 2009, upon approval of the Framework Administered Account for Selected Fund Activities, no new subaccounts have been established under this Framework Administered Account.

    Framework Administered Account for Selected Fund Activities

    The Framework Administered Account for Selected Fund Activities (the SFA Framework Account) was established by the IMF in March 2009 to administer externally contributed resources that are to be used to finance selected IMF activities, including the full range of IMF technical assistance activities and activities in support of technical assistance provided directly to recipients. The financing of selected IMF activities is implemented through the establishment and operation of subaccounts within the SFA Framework Account. As of April 30, 2014, there were 42 subaccounts. The establishment of a subaccount requires the approval of the Executive Board. Resources in SFA subaccounts may be transferred to other SFA subaccounts if the terms and conditions of the subaccounts so provide. Disbursements can also be made from the SFA Framework Account to the GRA to reimburse the IMF for the costs incurred in connection with activities financed by resources from the SFA Framework Account.

    Administered Account for Interim Holdings of Voluntary Contributions for Fund Activities

    The Administered Account for Interim Holdings of Voluntary Contributions for Fund Activities was established in April 2010 to receive and hold externally contributed resources for an interim period until such time as they can be transferred to other Trusts or accounts administered by the IMF. The resources deposited into the Holdings Account ultimately fund activities for which understandings or modalities to use the resources have yet to be finalized but for which the contributors need to disburse under their own budgetary cycles.

    Trust Fund

    The Trust Fund, for which the IMF is trustee, was established in 1976 to provide balance of payments assistance on concessional terms to eligible members that qualify for assistance. In 1980, the IMF, as trustee, decided that, upon the completion of the final loan disbursements, the Trust Fund would be terminated as of April 30, 1981, and after that date, the activities of the Trust Fund have been confined to receiving interest and repayments and transferring these receipts to the Special Disbursement Account of the General Department.

    Supplementary Financing Facility Subsidy Account

    The account was established in December 1980 to assist low-income member countries to meet the costs of using resources made available through the IMF’s Supplementary Financing Facility and under the policy on exceptional access. All repurchases under these policies were due on or before January 31, 1991, and the final subsidy payments were approved in July 1991. However, one member (Sudan), overdue in the payment of charges to the IMF at April 30, 2014, remains eligible to receive previously approved subsidy payments of SDR 0.9 million when its overdue charges are settled. Accordingly, the account remains in operation and has retained amounts for payment to Sudan until after the overdue charges are paid.

    The Post-Conflict and Natural Disaster Emergency Assistance Subsidy Account

    The account was established in May 2001 to administer resources contributed by members for the purpose of providing assistance to Poverty Reduction and Growth Trust (PRGT)—eligible members in support of the subsidization of emergency assistance for postconflict and, since January 2005, natural disasters. During the financial year ended April 30, 2014, the account was terminated following the final payment of subsidies to eligible members, and the unused subsidy funds (SDR 10.6 million) were refunded to the contributors or contributed by them to the PGRT and other administered accounts. The Subsidy Account was financed through bilateral contributions provided by 19 member countries, originally amounting to SDR 40.9 million. The resources of the Subsidy Account enabled subsidization of SDR 406 million in purchases since 2001.

    Administered Account—Indonesia

    At the request of Indonesia, the IMF established an account on June 30, 1994, to administer resources deposited by Bank Indonesia for the benefit of the PRGF-HIPC Trust. The account is to be terminated in June 2014 and, as instructed by Indonesia, the resources are to be transferred to the PRG Trust Subsidy Account.

    Post-SCA-2 Administered Account

    The account was established in December 1999 for the temporary administration of resources transferred by members following the termination of the second Special Contingent Account (SCA-2) in the General Department of the IMF, prior to the final disposition of those resources in accordance with members’ instructions.

    SCA-1/Deferred Charges Administered Account

    The account was established in March 2008 as an interim vehicle to hold and administer members’ refunds resulting from the distribution of certain SCA-1 balances and from the payment of deferred charges adjustments that had been made in respect of overdue charges attributed to Liberia. Following Liberia’s arrears clearance, members were given the option to temporarily deposit their refunds into this account pending their decisions as to the final disposition of those resources. The account is scheduled to be terminated March 13, 2016.

    Administered Account People’s Bank of China

    At the request of China, the IMF established an account to administer and invest resources deposited on July 2, 2012, by the People’s Bank of China to support the IMF’s technical assistance and training programs. The deposit is scheduled to be repaid on the fifth anniversary date of the deposit and the account terminated shortly thereafter.

    Interim Administered Account for Windfall Gold Sales Profits

    The Interim Administered Account for Windfall Gold Sales Profits was established in October 2012 to temporarily hold and administer contributions representing all or a portion of members’ shares of the partial distribution (SDR 0.7 billion) of amounts in the IMF’s General Reserve attributable to windfall gold sales profits. Members were given the option to temporarily deposit the proceeds from the distribution into this account pending their decisions as to the final disposition of these resources. The account is scheduled to be terminated October 12, 2015.

    Interim Administered Account for Remaining Windfall Gold Sales Profits

    The Interim Administered Account for Remaining Windfall Gold Sales Profits was established in October 2013 to temporarily hold and administer contributions representing all or a portion of members’ shares of the final distribution (SDR 1.75 billion) of amounts in the IMF’s General Reserve attributable to windfall gold sales profits. Members were given the option to temporarily deposit the proceeds from the distribution into this account pending their decisions as to the final disposition of these resources. The account is scheduled to be terminated October 13, 2016.

    Post-EPCA/ENDA Interim Administered Account

    The Post-EPCA/ENDA Interim Administered Account was established on January 29, 2014, to temporarily hold and administer resources transferred by members in the context of the termination of the Post-Conflict and Natural Disaster Emergency Assistance Subsidy Account. The account is scheduled to be terminated January 29, 2017.


    The legal authority of the IMF to act as an administrator of such resources derives from Article V, Section 2(b), which empowers it, if requested, to “perform financial and technical services, including the administration of resources contributed by members that are consistent with the purposes of the Fund.” The operations involved in the performance of such financial services cannot “be on the account of the Fund.”


    For a complete listing of subaccounts, please see the latest annual financial statements of the IMF (

    Appendix 4 Disclosure of Financial Position with the IMF in the Balance Sheet of a Member’s Central Bank

    This appendix elaborates on the final section of Chapter 2 in the text, “Disclosure of Financial Position with the IMF by the Member Countries.”1 The accounting treatment of IMF transactions should reflect the member’s legal and institutional arrangements and the substance of the transactions, as well as be compliant with the relevant financial reporting standards. The following four examples illustrate the gross and net methods for reporting IMF-related assets and liabilities in the balance sheet of a central bank.

    In the examples below, all figures represent local currency units.

    • The basic underlying assumptions for Examples 1 and 2 are the following:

      • On the balance sheet date, the member has a quota equal to 2 million in local currency and an SDR allocation of 1 million.

      • The reserve tranche portion of the subscription (25 percent of the quota) has been paid in SDRs. Hence, the central bank’s SDR holdings, originally equal to 1 million in local currency, are lower by 500,000 on the balance sheet date.

      • The member has elected to pay 99 percent of the local currency subscription (75 percent of its quota) in the form of nonnegotiable, non-interest-bearing securities. Of the remaining 1 percent (15,000), 9/10 has been paid into the IMF No. 1 Account and 1/10 is maintained in the No. 2 Account.

    • Additional assumptions for Examples 3 and 4 are the following:

      • The member has drawn its reserve tranche position of 500,000 in local currency.

      • The member has received IMF resources (used IMF credit) equal to 4,500,000 million, for which securities have been issued.2

    Reporting IMF-Related Assets and Liabilities: Example 1—Gross Method
    Balance Sheet
    Foreign assets:Foreign liabilities:
    IMF quota2,000,000IMF No. 1 Account13,500
    IMF No. 2 Account1,500
    IMF Securities Account1,485,000
    Total IMF currency holdings1,500,000
    SDR holdings500,000SDR allocation1,000,000
    Total assets2,500,000Total liabilities2,500,000
    Reporting IMF-Related Assets and Liabilities: Example 2—Net Method
    Balance Sheet
    Foreign assets:Foreign liabilities:
    IMF No. 1 Account1,500
    IMF reserve tranche position500,000
    SDR holdings501,500SDR allocation1,000,000
    Total assets1,001,500Total liabilities1,001,500
    Reporting IMF-Related Assets and Liabilities: Example 3—Gross Method
    Balance Sheet
    Foreign assets:Foreign liabilities:
    IMF quota2,000,000IMF No. 1 Account13,500
    IMF No. 2 Account1,500
    IMF Securities Account6,485,000
    Total IMF currency holdings16,500,000
    SDR holdings500,500SDR allocation1,000,000
    Foreign reserves5,000,000
    Total assets7,500,000Total liabilities7,500,000

    Includes 4,500,000 in local currency stemming from the use of IMF credit and 500,000 from the drawing of the reserve tranche.

    Reporting IMF-Related Assets and Liabilities: Example 4—Net Method
    Balance Sheet
    Foreign assets:Foreign liabilities:
    Foreign reserves15,000,000Use of IMF credit4,500,000
    SDR holdings500,000SDR allocation1,000,000
    Total assets5,500,000Total liabilities5,500,000

    Foreign reserves are net of the balance in the No. 2 Account. This balance includes 4,500,000 from the use of IMF credit and 500,000 from the drawing of the reserve tranche. Since the reserve tranche was part of foreign reserves, the drawing changes the composition of foreign reserves but not the total balance.


    Refer also to Box 2.4 “The Reserve Tranche Position” and Figure 2.3 “Members’ Financial Position in the General Resources Account.”


    As discussed in Chapter 2, additional considerations may arise when the credit is directed to the state treasury for budget financing.


    This glossary covers basic operational and financial terms as used in the International Monetary Fund.

    AAccess Policy and Access Limits.

    The IMF has established policies that govern the use of its resources by members and provide guidance to member countries about the amount that can normally be borrowed from the IMF. A member country’s access limits are set as percentages of the member’s quota and vary with the facility being used; the limits are reviewed periodically. The policy governing access by members to IMF financial resources has changed over time to reflect members’ changing financing needs balanced against the need to safeguard the revolving nature of the institution’s resources and liquidity needs.

    Accounting Unit.

    The IMF’s unit of account, in which its financial records are kept, is the Special Drawing Right (SDR). Members’ currencies are valued by the IMF in terms of the SDR on the basis of their representative rates of exchange, normally against the U.S. dollar at spot market rates.

    Accounts and Departments.

    The IMF operates its financial functions through the General Department, the SDR Department, and the Administered Accounts, which are accounting constructs and not organizational units. The financial functions of the IMF are discharged by the Finance Department, which is an organizational unit of the staff.

    Accounts of the IMF in Member Countries.

    The IMF’s currency holdings are held in accounts of the IMF in designated depositories in member countries. These accounts are the No. 1 and No. 2 Accounts and the Securities Account. The No. 1 Account is used for quota subscription payments, purchases and repurchases, repayment of borrowing, and sales of the member’s currency. All these transactions may also be carried out through the Securities Account, which may be established by the member to hold nonnegotiable, non-interest-bearing notes, or similar obligations, payable to the IMF on demand. These notes or similar obligations are issued by the member as a substitute for the currency holdings of the IMF. The No. 2 Account is used for the IMF’s administrative expenditures and receipts in the member’s currency and within its territory.

    Administered Accounts.

    Accounts are established to perform financial and technical services that are consistent with the purposes of the IMF, including the administration of resources contributed by individual members to provide assistance to other members. All transactions involving the Administered Accounts are separate from those of the IMF’s other accounts (see Appendix 3).

    Amendments (to the Articles of Agreement).

    The Articles of Agreement have been amended six times; a seventh Amendment is pending ratification. The First Amendment (July 1969) introduced the Special Drawing Right (SDR). The Second Amendment (April 1978) reflected the change from the par value system based on a fixed price for gold to an international monetary system based on floating exchange rates. The Third Amendment (November 1992) allowed for suspension of the voting and certain related rights of a member that fails to fulfill any of its obligations under the Articles (other than obligations with respect to SDRs). The Fourth Amendment allowed for a special one-time allocation of SDRs and was adopted by the Board of Governors in August 2009. The Fifth Amendment (February 2011) expanded the investment authority of the IMF. The Sixth Amendment (March 2011) was part of the package of quota and voice reforms adopted in 2008 and provided for an increase in basic votes and an additional alternate Executive Director for the largest constituencies. The Seventh Amendment (pending ratification) will allow for an all-elected Board. It is part of the package of quota and governance reforms adopted in 2010. It will become effective when it has been accepted by three-fifths of membership having 85 percent of the total voting power.


    A stock of outstanding debt, either domestic or external, resulting from payments not being made when due.

    Articles of Agreement.

    An international treaty that sets out the purposes, principles, and financial structure of the IMF. The Articles were drafted in July 1944 by representatives of 45 nations at a conference held in Bretton Woods, New Hampshire, and entered into force in December 1945.

    Article IV Consultations.

    A regular, usually annual, comprehensive discussion is held between the IMF staff and representatives of individual member countries concerning the member’s economic and financial policies. The basis for these discussions is in Article IV of the IMF Articles of Agreement (as amended, effective 1978), which directs the IMF to exercise firm surveillance over each member’s exchange rate policies.

    BBasic Period.

    This refers to each of the consecutive periods of 5 years (or less) during which a determination is made whether there is a global need for additional international reserves to justify a new allocation of SDRs.

    Basic Rate of Charge.

    A single interest charge is applied to outstanding IMF credit financed from the IMF’s general resources. The basic rate of charge is a key element of the IMF’s financial operations. It is composed of the SDR interest rate, which is also the remuneration paid to creditors, and a margin to cover the cost of IMF financing to members as well as to help accumulate reserves.

    Burden Sharing.

    The burden-sharing policy seeks to ensure that the IMF’s cash flow from its lending operations is not negatively affected by members’ failure to settle financial obligations to the IMF. Since its establishment in 1986 the burden-sharing mechanism has compensated the IMF for deferred charges of members in arrears, which offsets the impact of unpaid charges on IMF income and has helped generate precautionary balances against possible credit default. Under burden sharing, temporary financing in equal amounts is obtained from debtor and creditor members by increasing the rate of charge and reducing the rate of remuneration, respectively, to (1) cover shortfalls in the IMF’s regular income from unpaid charges (“deferred charges”) and (2) accumulate precautionary balances against possible credit default in a contingent account, the Special Contingent Account (SCA-1).

    CCharges, Periodic.

    Charges (interest) are payable by a member on its outstanding use of IMF credit. Charges are normally levied quarterly.

    Commitment Fee.

    Charges are levied at the beginning of each 12-month period on the amounts available for purchase during that period. The fees are refunded when credit is used in proportion to the drawings made.


    Economic policies that members intend to follow as a condition for the use of IMF resources. These are often expressed as performance criteria (for example, monetary and budgetary targets) or benchmarks and are intended to ensure that the use of IMF credit is temporary and consistent with the adjustment program designed to correct a member’s external payments imbalance.

    DDebt Relief.

    Agreements by creditors to lessen the debt burden of debtor countries by either rescheduling interest and principal payments falling due over a specified time period, sometimes on a concessional basis, or by partially or fully cancelling debt-service payments falling due during a specified period.

    Depository and Fiscal Agency.

    The IMF conducts its financial dealings with a member through the fiscal agency and the depository designated by the member. The fiscal agency may be the member’s treasury (ministry of finance), central bank, official monetary agency, stabilization fund, or similar agency. The depository also holds on behalf of the IMF for safe custody nonnegotiable, non-interest-bearing notes, or similar instruments, issued by the member in substitution for part of the IMF’s currency holdings.

    Designation Plan.

    A list of participants in the SDR Department whose balance of payments and reserve positions are sufficiently strong for them to be called upon (“designated”) to provide freely usable currency in exchange for SDRs within a financial quarter, together with the amounts they may be called upon to provide. The designation plan is established in advance of each financial quarter (currently only on a precautionary basis) by approval of the Executive Board.

    EEarly (or Advance) Repurchase.

    A repurchase (repayment) made before the end of the established maximum repurchase period. A member is free to make advance repurchases at any time.


    A safeguard assessment is a diagnostic exercise carried out by the IMF staff. ELRIC is an acronym that summarizes the assessments used to evaluate the adequacy of the five key areas of control and governance within a central bank. They are as follows: External audit mechanism, Legal structure and autonomy, financial Reporting, Internal audit mechanism, and system of internal Controls.

    Emergency Assistance.

    Since 1962, the IMF has provided emergency assistance in the form of purchases to help members overcome balance of payments problems arising from sudden unforeseeable natural disasters such as floods, earthquakes, hurricanes, or droughts. In 1995, the IMF’s policy on emergency assistance was expanded to cover countries in postconflict situations. In 2011, coverage of General Resources Account emergency assistance was enhanced and broadened under the Rapid Financing Instrument, which is similar to the Rapid Credit Facility under the Poverty Reduction and Growth Trust.

    Extended Credit Facility (ECF).

    The ECF succeeds the Poverty Reduction and Growth Facility as the IMF’s main tool for providing medium-term support to low-income countries. ECF arrangements support programs that enable members with protracted balance of payments problems to make significant progress toward stable and sustainable macroeconomic positions consistent with strong durable poverty reduction and growth.

    Extended Fund Facility (EFF).

    This financing facility provides longer-term assistance to support members’ structural reforms to address medium- and longer-term balance of payments difficulties. The EFF can be adopted for up to 4 years with a structural agenda and annual detailed statement of policies for the next 12 months.

    FFinancial Transactions Plan (FTP).

    The Executive Board adopts a Financial Transactions Plan for each upcoming quarter specifying the amounts of SDRs and selected member currencies to be used in purchases and repurchases (transfers and receipts) expected to be conducted through the General Resources Account during that period.

    Flexible Credit Line (FCL):

    The FCL is a flexible instrument introduced to address all balance of payments needs, potential or actual. It is for countries with very strong fundamentals, policies, and track records of policy implementation. FCL arrangements are approved, at the member country’s request, for countries meeting preset qualification criteria. Access is not subject to access limits and is available in a single up-front disbursement subject to a midterm review after a year. Disbursements are not conditional on implementation of specific policy understandings.

    Forward Commitment Capacity (FCC).

    The FCC measures the IMF’s capacity to make new financial resources available to members from the General Resources Account for the forthcoming 12-month period, taking into account resources available. The FCC is defined as the IMF’s stock of usable resources, minus undrawn balances under existing arrangements, plus projected repurchases during the coming 12 months, minus repayments of borrowing 1 year forward, minus a prudential balance intended to safeguard the liquidity of creditors’ claims and to take into account any erosion of the IMF’s resource base.

    Freely usable currency.

    A currency that the IMF has determined is widely used to make payments for international transactions and widely traded in the principal exchange markets. At present, the euro, Japanese yen, pound sterling, and U.S. dollar are classified as freely usable currencies.

    GGeneral Arrangements to Borrow (GAB).

    The GAB has been in place since 1962 and was originally conceived as a means by which the main industrialized countries could stand ready to lend to the IMF up to a specified amount of currencies. The GAB currently amounts to SDR 17 billion, and there is also an associated arrangement with Saudi Arabia for SDR 1.5 billion. In principle, the GAB can only be called upon when a proposal for an activation period under the New Arrangements to Borrow (NAB) is rejected by NAB participants. The GAB does not add to the IMF’s overall lending envelope because outstanding drawings and available commitments under the NAB and the GAB cannot exceed the total amount of NAB credit arrangements.

    General Department.

    An accounting entity of the IMF comprising the General Resources Account, the Special Disbursement Account, and the Investment Account.

    General Resources Account (GRA).

    The principal account of the IMF, consisting of a pool of currencies and reserve assets, representing the paid subscriptions of member countries’ quotas. The GRA is the account from which the regular lending operations of the IMF are financed.

    HHeavily Indebted Poor Countries (HIPC) Initiative.

    The HIPC Initiative, adopted in 1996, provides exceptional assistance to eligible countries to reduce their external debt burdens to sustainable levels, thereby enabling them to service their external debt without the need for further debt relief and without compromising growth. The HIPC Initiative is a comprehensive approach to debt relief that involves multilateral, Paris Club, and other official and bilateral creditors. To ensure that debt relief is put to effective use, assistance under the HIPC Initiative is limited to countries eligible for the Poverty Reduction and Growth Fund (PRGF) and the International Development Association (IDA) that have established a strong track record of policy implementation under PRGF- and IDA-supported programs. Following a comprehensive review in 1999, the initiative was enhanced to provide faster, deeper, and broader debt relief and to strengthen the links between debt relief, poverty reduction, and social policies. In 2005, the HIPC Initiative was supplemented by the Multilateral Debt Relief Initiative.

    IInvestment Account (IA).

    The Second Amendment to the IMF’s Articles of Agreement in 1978 authorized the IMF to establish an Investment Account to generate income from other sources. There are two IA subaccounts: the Fixed-Income Subaccount and the Endowment Subaccount. The investment goal of the Fixed-Income Subaccount is to achieve returns that exceed the SDR interest rate over time while minimizing the frequency and extent of negative returns and underperformance over a 12-month investment period. The investment goal of the Endowment Subaccount is to achieve a long-term real return target of 3 percent in U.S. dollar terms.

    MManagement Letter.

    Under IMF safeguards assessments, a letter issued by an external auditor to the management of a central bank that draws attention to material weaknesses in the internal control systems that have come to the attention of the auditor during the audit of financial statements.

    Medium-Term Instruments.

    Under the IMF’s investment strategy, these instruments perform similarly to domestic government bonds but are claims on the Bank for International Settlements (BIS) that offer liquidity and the possibility to benefit from a credit spread over domestic bonds.


    This term is used to broadly cover situations in which a member provides incorrect information to the IMF.

    Multilateral Debt Relief Initiative (MDRI).

    The MDRI, which was launched to complement the Heavily Indebted Poor Countries (HIPC) Initiative, provides 100 percent relief on eligible debt to a group of low-income countries from three multilateral institutions—the IMF, the International Development Association (IDA), and the African Development Fund (AfDF). The initiative is intended to free up additional resources to help these countries reach the United Nation’s Millennium Development Goals. The debt relief covers the full stock of debt owed to the IMF as of December 31, 2004, and still outstanding at the time the country qualifies for such debt relief. Unlike the HIPC Initiative, the MDRI does not propose any parallel debt relief on the part of official bilateral or private creditors, or of multilateral institutions beyond the IMF, IDA, and the AfDF.

    Multilateral Debt Relief Initiative (MDRI) Trusts.

    The MDRI Trusts are MDRI resources administered by the IMF as trustee. They consist of MDRI-I and MDRI-II Trusts, which receive and provide resources for debt relief under the MDRI to two groups of countries differentiated by their levels of income per capita—above or below US$380 a year.

    NNet Present Value (NPV).

    The NPV of debt is a measure that takes into account the degree of concessionality. It is the sum of all future debt-service obligations (interest and principal) on existing debt, discounted at the market interest rate. Whenever the interest rate on a loan is lower than the market rate, the resulting NPV of debt is smaller than its face value, with the difference reflecting the grant (concessionality) element.

    New Arrangements to Borrow (NAB).

    Arrangements under which 38 member countries or their financial institutions stand ready to lend to the IMF. The NAB do not replace the General Arrangements to Borrow but are to be the first and principal recourse in the event of a need to provide supplementary resources to the IMF.


    The practice of making the IMF’s resources available to its members in installments over the period of an arrangement. The pattern of phasing can be even, frontloaded, or backloaded, depending on the financing needs and the speed of adjustment.

    Policy Support Instrument (PSI).

    The PSI is a nonfinancial instrument established by the IMF’s Executive Board in 2005 to support low-income countries that do not want—or need—IMF financial assistance but seek to consolidate their economic performance with IMF monitoring and support. The PSI is available to all countries eligible for the Poverty Reduction and Growth Trust with a poverty reduction strategy in place and a framework focused broadly on achieving and maintaining a stable and sustainable macroeconomic position, including debt sustainability, consistent with strong and durable poverty reduction and growth. The PSI helps countries design effective economic programs that, once approved by the IMF’s Executive Board, deliver clear signals to donors, multilateral development banks, and markets of the IMF’s endorsement of the strength of a member’s policies.

    Post-Catastrophe Debt Relief (PCDR) Trust.

    The PCDR Trust, established in June 2010, allows the IMF to join international debt relief efforts when poor countries are hit by the most catastrophic of natural disasters. PCDR support is limited to disasters that have directly affected at least a third of a country’s population and destroyed more than a quarter of its productive capacity or caused damage deemed to exceed 100 percent of GDP. The purpose of debt relief under the PCDR Trust is to free up additional resources to meet exceptional balance of payments needs that arise from such catastrophes and subsequent economic recovery efforts, complementing fresh donor assistance and the IMF’s concessional financing under the Poverty Reduction and Growth Trust (PRGT). The PCDR assistance is provided in the form of debt flow relief to cover all payments falling due on their eligible debt to the PRGT and the General Resources Account from the date of the debt flow relief decision to the second anniversary of the disaster. Relief of the stock of debt is also possible if the disaster and the subsequent economic recovery efforts have created substantial and long-lasting balance of payments needs.

    Poverty Reduction and Growth Trust (PRGT).

    In July 2009, the IMF’s Executive Board approved a new concessional financing framework under which a new Poverty Reduction and Growth Trust replaced the Poverty Reduction Growth Facility–Exogenous Shock Facility (PRGF-ESF) Trust. Separate loan and subsidy accounts were established under the PRGT to receive and provide resources to finance new low-income country lending facilities under the new trust. These reforms became effective and operational in January 2010, when all lenders and subsidy contributors to the PRGF-ESF Trust provided their consent. The trust comprises four Loan Accounts, a Reserve Account, and four Subsidy Accounts:

    • General Loan Account (GLA): The purpose of the account is to cover all facilities of the PRGT. The GLA borrows resources from central banks, governments, and official institutions, as under the previous PRGF-ESF Trust, largely at market-related rates. The proceeds of these loans are used to finance lending to eligible low-income countries under all facilities of the PRGT.

    • Special Loan Accounts (SLAs): These accounts accommodate donors’ preferences for earmarking their contributions for specific facilities. The three separate loan accounts were created for the Extended Credit Facility, Standby Credit Facility, and Rapid Credit Facility.

    • Reserve Account: The coverage of the Reserve Account was expanded to provide security for loans under all facilities of the PRGT. The role of the Reserve Account remains the same, however—to provide payment to the lenders to the Loan Accounts of the PRGT in the event of a payment delay or nonpayment by borrowers. It also serves to bridge temporary mismatches between repayments from borrowers and repayments to lenders. The Reserve Account is, and will continue to be, replenished upon the settlement by borrowers of the payment arrears or mismatches that resulted in disbursements from the Reserve Account.

    • General Subsidy Account (GSA): This account receives and provides subsidies for existing and new loans under all facilities of the PRGT. Resources in a special subsidy account are used first to subsidize loans under the facility to which it is linked before resources in the General Subsidy Account are drawn.

    • Special Subsidy Accounts (SSAs): These were established to accommodate donors’ preferences for earmarking their contributions for specific facilities. Three separate subsidy accounts were created for the Extended Credit Facility, Standby Credit Facility, and Rapid Credit Facility.

      • ECF Subsidy Account provides resources to subsidize new ECF loans, outstanding PRGF loans, and loans disbursed under the ESF. The ECF Subsidy Account is the “default” subsidy account for the receipt of existing subsidy resources to be transferred from the PRGF-only and PRGF-ESF Subsidy Accounts of the PRGF-ESF Trust, and can also receive new bilateral contributions. The PRGF and PRGF-ESF Subsidy Accounts were terminated when the PRGT reforms became effective.

      • SCF Subsidy Account provides resources for subsidizing SCF loans.

      • RCF Subsidy Account provides resources for subsidizing RCF loans.

    Precautionary Balances.

    Financial resources held in the form of General and Special Reserves and in the first Special Contingent Account, the latter of which was established in the context of the arrears strategy for dealing with existing or potential overdue obligations.

    Precautionary and Liquidity Line (PLL).

    This is an additional financing tool of the IMF to flexibly meet the needs of member countries with sound economic fundamentals but with some remaining vulnerabilities that preclude them from using the Flexible Credit Line. The PLL provides financing to meet any balance of payments needs and is intended to serve as insurance or help resolve crises under a broad range of situations.

    Prescribed Holder.

    A nonparticipant in the SDR Department that has been prescribed by the IMF as a holder of SDRs, including nonmembers, member countries that are not SDR Department participants, institutions that perform the functions of a central bank for more than one member, and other official entities.

    Poverty Reduction and Growth—Heavily Indebted Poor Countries (PRG-HIPC) Trust.

    This trust is composed of three subaccounts for receiving and providing grants for debt relief and subsidization of outstanding Extended Credit Facility (ECF) loans and Umbrella Accounts:

    • Subaccounts: The ECF subaccount, the HIPC subaccount, and the ECF-HIPC subaccount permit contributors to earmark resources for either ECF or HIPC or both operations. In addition, resources in the ECF-HIPC account that are not earmarked for HIPC operations can be transferred to the ECF Subsidy Account if resources in the latter are insufficient for subsidizing ECF lending.

    • Umbrella accounts: Separate subaccounts (Umbrella Accounts) are established for each HIPC beneficiary. Resources placed in the Umbrella Accounts—representing HIPC grants approved by the Executive Board and disbursed to the member at the completion point, interim assistance between the decision and completion points, plus accumulated interest—are used to meet each beneficiary’s obligations to the IMF as they fall due based on a schedule approved by the Executive Board.

    Program Review.

    Provides a framework to assess progress on policies that cannot easily be quantified or defined as performance criteria and to assess overall progress toward program objectives of macroeconomic adjustment and structural reform in the context of an IMF program. The completion of a review makes available the next installment for purchases under the arrangement.

    Protracted Arrears.

    Arrears to the IMF of more than 6 months.

    Purchases and Repurchases.

    When the IMF makes its general resources available to a member, it does so by allowing the member to purchase SDRs or other members’ currencies in exchange for its own (domestic) currency. The IMF’s general resources are, by nature, revolving: purchases (loans) have to be reversed by repurchases (repayments) in installments within the period specified for a particular policy or facility. Although the purchase-repurchase mechanism is not technically or legally a loan, it is the functional equivalent of a loan.

    QQuantitative Performance Criteria (QPC).

    These are specific and measurable conditions that are so critical as to stop disbursements in the event of nonobservance. QPCs normally include targets on monetary and credit aggregates, international reserves, fiscal balances, and external borrowing.


    Quotas constitute the primary source of the IMF’s financial base and play several key roles in its relationship with its members. Each member is assigned a quota based broadly on its relative position in the world economy and pays a capital subscription to the IMF equal to the quota. Quotas also determine the distribution of voting power to IMF members and thereby their decision making and representation on the Executive Board. Quotas also play a role in determining members’ access to IMF resources and their share in a general allocation of SDRs. Quotas are reviewed regularly, normally every 5 years.

    RRapid Credit Facility (RCF).

    The RCF provides rapid, low-access financing with limited conditionality to low-income countries facing an urgent balance of payments need. The RCF streamlines the IMF’s emergency assistance, provides significantly higher levels of concessionality, can be used flexibly in a wide range of circumstances, and places greater emphasis on a country’s poverty reduction and growth objectives.

    Rapid Financing Instrument (RFI).

    The RFI provides rapid and low-access financial assistance to all members facing an urgent balance of payments need without the need for a full-fledged program. It can provide support to meet a broad range of urgent needs, including those arising from commodity price shocks, natural disasters, postconflict situations, and emergencies resulting from fragility. As a single, flexible mechanism with broad coverage, the RFI replaced the IMF’s previous policy that covered Emergency Natural Disaster Assistance and Emergency Post-Conflict Assistance. The RFI is similar to the RCF for member countries eligible for the Poverty Reduction and Growth Trust.

    Remunerated Reserve Tranche Position.

    The IMF pays interest, called remuneration, on a member’s reserve tranche position except on a small portion that is provided to the IMF as interest-free resources. This unremunerated (non-interest-bearing) portion of the reserve tranche position is equal to 25 percent of the member’s quota on April 1, 1978—that part of the quota that was paid in gold prior to the Second Amendment of the IMF’s Articles of Agreement. The gold tranche was never remunerated historically, so it was natural to set aside this same amount in SDRs on this date as the unremunerated reserve tranche. For a member that joined the IMF after that date, the unremunerated reserve tranche is the same percentage of its initial quota as the average unremunerated reserve tranche was as a percentage of the quotas of all other members when the new member joined the IMF. The unremunerated reserve tranche remains fixed for each member in nominal terms, but because of subsequent quota increases, it is now significantly lower when expressed as a percentage of quota.

    Reserve Tranche Position.

    In exchange for the reserve asset portion of its quota payment, an IMF member acquires a liquid claim on the IMF—much like a demand deposit in a commercial bank. This claim is called the member’s reserve tranche position, and it is equal to the member’s quota minus the IMF’s holdings of the member’s currency in the General Resources Account (excluding currency holdings that stem from the member’s own use of credit). The reserve tranche position is part of the member country’s external reserves.

    Resource Mobilization Plan (RMP).

    The RMP allows for effective use of the New Arrangements to Borrow (NAB) for crisis prevention and ensures adequate burden sharing among NAB participants. The RMP is approved on a quarterly basis by the Executive Board for use of the NAB and to finance the General Resources Account. Previously, the NAB could be activated only on a loan-by-loan basis through procedures that were complex and relatively lengthy.

    Rights Accumulation Program (RAP).

    An economic program agreed between the IMF and an eligible member in protracted arrears to the IMF that provides a framework for the member to establish a satisfactory track record of policy and payments performance and permits the member to accumulate rights to future drawings of IMF resources following its clearance of arrears to the IMF up to the level of arrears outstanding at the beginning of the program.

    SSafeguard Assessment.

    An evaluation of a member country central bank’s governance, control, reporting, and auditing systems to ensure that resources, including those provided by the IMF, are adequately monitored and controlled. (See also ELRIC.)

    Service Charge.

    A service charge of 0.5 percent is levied on each drawing from the General Resources Account.

    Special Charges (Additional Charges).

    The IMF levies special charges on principal payments and charges that are less than 6 months overdue.

    Special Contingent Account (SCA).

    Account established to hold precautionary balances to strengthen the IMF’s financial position in connection with members’ overdue financial obligations.

    Special Drawing Right (SDR).

    International reserve asset created by the IMF in 1969 as a supplement to existing reserve assets.

    • SDR Allocation. Distribution of SDRs to members by decision of the IMF. A “general” allocation requires a finding by the IMF that there is a global need for additional liquidity.

    • SDR Assessment. An assessment levied by the IMF, at the same rate for all participants in the SDR Department, on a participant’s net cumulative SDR allocations to cover the expenses of conducting the business of the SDR Department.

    • SDR Department. This department, an accounting entity rather than an organizational unit of the IMF, records and administers all transactions and operations involving SDRs.

    • SDR Interest and Charges. Interest is paid to each holder of SDRs. Charges are levied, at the same rate, on each participant’s net cumulative SDR allocations. The SDR interest rate is a weighted average of interest rates on short-term financial instruments in the markets of the currencies included in the SDR valuation basket. It is determined on a weekly basis.

    • SDR Use. The SDR is used almost exclusively in transactions with the IMF, and it serves as the unit of account of the IMF and other international organizations.

    • SDR Valuation. The currency value of the SDR is determined daily by the IMF by summing the values in U.S. dollars, based on market exchange rates, of a basket of four major currencies—euro, Japanese yen, pound sterling, and U.S. dollar. The SDR valuation basket is normally reviewed every 5 years.

    Staff-Monitored Program (SMP).

    A Staff-Monitored Program is an informal and flexible instrument for dialogue between the IMF staff and a member country on its economic policies. Under a Staff-Monitored Program the country’s targets and policies are monitored by the IMF staff; a staff-monitored program is not supported by the use of the IMF’s financial resources, nor is it subject to the endorsement of the Executive Board of the IMF.

    Stand-By Arrangement (SBA).

    A decision of the IMF by which a member is assured that it will be able to make purchases from the General Resources Account up to a specified amount and during a specified period, so long as the member observes the terms specified.

    Standby Credit Facility (SCF).

    The SCF provides financing similar to SBAs to low-income countries with short-term balance of payments needs, allowing also for precautionary use. SCF arrangements support programs that enable members with actual or potential short-term balance of payments needs to achieve, maintain, or restore stable and sustainable macroeconomic positions consistent with strong and durable poverty reduction and growth.

    Surcharge to the Basic Rate of Charge.

    Surcharges are an important component of the IMF’s risk-mitigation framework. The system of surcharges is based on the level of credit (level-based surcharges) and the length of repayment (time-based surcharges).


    An essential aspect of the IMF’s responsibilities associated with overseeing the policies of its members in complying with their obligations specified in the Articles of Agreement to ensure the effective operation of the international monetary system.

    TTransactions by Agreement.

    Transactions in which participants in the SDR Department (currently all IMF members) and/or prescribed holders voluntarily exchange SDRs for currency at the official rate determined by the IMF.

    UUpper Credit Tranche.

    This originally referred to credit available from the IMF in an amount between 25 and 100 percent of a country’s quota. Since access to IMF credit is now permitted substantially above 100 percent of quota, the upper credit tranches now refer to any use of IMF credit above 25 percent of quota.

    Usable Currency.

    The currency of a member that the IMF considers to be in a sufficiently strong external position that its currency can be used to finance IMF transactions with other members through the financial transactions plan. Not to be confused with freely usable currency.


    • Access limits, 49–50, 49n3, 49t, 157

    • Access policy, 29–30, 157

    • Accounting unit, 157

    • Accounts, in member countries, 36–37, 157

    • Ad hoc increases, for quotas, 15, 18t

    • Administered Account for Interim Holdings of Voluntary Contributions, 153

    • Administered Accounts, 64, 152–54, 152f, 157

    • Advance repurchase, 32, 158

    • Alternative Executive Director, 3–4, 16

    • Arrears, 123–29, 125f, 126f, 138, 157

      • burden sharing of, 134

      • clearance modalities for, 128

      • to General Department, 139

      • to PRGT, 140

      • to SDR Department, 139

      • special charges for, 128–29, 128nn13–14

    • Article IV consultations, 28, 157

    • Articles of Agreement, 157

      • arrears and, 138

      • for balance of payments, 29

      • currencies and, 108

      • exchange rate risk and, 122

      • financial risk management and, 7–8, 117

      • gold and, 32–33

      • GRA and, 107

      • quotas and, 14

      • repurchase policies and, 32n31

      • SDRs and, 81n2, 85–86, 87, 100

    • Articles of Agreement amendments, 157

      • Fifth Amendment, 106

      • Fourth Amendment, 7, 86n9

      • gold and, 32

      • Second Amendment, 107

      • for Voice and Participation, 16

    • Assets

      • IMF and, 24f, 26–34

      • purchase repurchase mechanisms and, 25

    • Balance of payments, 2, 29, 100, 120n5

    • Balance sheets

      • of central banks, 37n41, 155–56

      • of GRA, 34n35, 38

      • of IMF, 26t, 34–36

      • of SDR Department, 90–91, 91n15, 91t

    • Bank for International Settlements (BIS), 109, 123

    • Basic period, 7, 86, 158

    • Basic rate of charge, 111, 158

      • surcharge to, 105, 112, 164

    • Benchmark rates, 31, 85, 85n6, 121n8

    • Bilateral loan and note purchase agreements, 21–23

    • Bilateral services, 114

    • BIS. See Bank for International Settlements

    • Blending, 50, 50n5

    • Board of Governors, 3, 9, 14, 87

    • Board Reform Amendment, 9, 16

    • Borrowing

      • by IMF, 18–23, 19f

      • quotas and, 18–23

    • Borrowing Agreements of 2012, 5

    • Bretton Woods Conference, 1, 14, 92

    • Burden sharing, 25, 72, 89, 104n6, 118–19, 121, 129, 158

      • of arrears, 134

    • Cambodia, 15

    • CCL. See Contingent Credit Line

    • Central banks

      • balance sheet of, 37n41, 155–56

      • benchmark rates and, 121n8

      • financial risk management and, 129–31, 129f, 131f

      • safeguard assessments by, 129–31, 129f, 131f, 141

      • SDR Department and, 87n11

    • CEP. See Committee of Eminent Persons

    • Charges, periodic, 105, 158

    • China, 15, 154

    • Commitment fees, 113, 121, 158

    • Committee of Eminent Persons (CEP), 104, 107, 114

    • Compensatory and Contingency Financing Facility, 27f

    • Compression factor, for quotas, 15n4

    • Concessional lending, 6–7

      • evolution of, 45

      • facilities for, 47t

      • financing of, 55–62, 56t

      • fundraising for, 75

      • GRA and, 77

      • GSA and, 77

      • interest rates for, 68

      • investments for, 74

      • to LICs, 45–78

      • loan resources for, 57–58

      • outstanding credit from, 48f

      • by PRGT, 7, 46f, 56, 57–60, 59n16, 64, 76, 78

      • RA and, 56, 59

      • reimbursement for administrative expenses, 77

      • resources for, 57–59

      • subsidy resources for, 58–59

      • timeline for, 64

    • Conditionality, 30–31, 42, 47t, 49, 158

    • Contingent Credit Line (CCL), 113

    • Cooperative arrears, 124–25

    • Credit intermediation, 114

    • Credit risk, 117, 118, 133

    • Currencies

      • Articles of Agreement and, 108

      • benchmark rates for, 85, 85n6

      • gold and, 32

      • GRA and, 35–36, 108

      • purchase repurchase mechanisms and, 23, 23n17

      • SDR basket and, 82–84, 83t, 84f, 94

      • SDRs and, 25n22, 35n38, 95, 100

      • valuation of, 35–36

      • See also Freely usable currency; Usable currency

    • Debt relief, 158

      • financing of, 55–62, 63t

      • framework for, 60–63

      • from HIPC Initiative, 51–52, 62t, 63f, 70, 72

      • for Liberia, 73

      • for LICs, 45–78, 51f

      • from MDRI, 53–54, 54t, 55t, 60, 61–62, 63f, 70

      • from PCDR, 55, 60, 62–63, 63t, 70

      • resources for, 62, 62t

      • timeline for, 70

    • Debt Sustainability Analysis (DSA), 50

    • De minimis cases, 142

    • Depository and fiscal agency, 36, 158

    • Designation mechanism, for SDR Department, 100

    • Designation plan, 86, 90, 100, 158

    • DSA. See Debt Sustainability Analysis

    • EAC. See External Audit Committee

    • Early repurchase, 32, 158

    • ECF. See Extended Credit Facility

    • EFF. See Extended Fund Facility

    • ELRIC. See External audit mechanism, Legal structure and autonomy, financial Reporting, Internal audit mechanism, and system of internal Controls

    • Emergency Natural Disaster Assistance (ENDA), 28, 64, 68, 154

      • subsidization of, 65

      • Subsidy Account of, 153

    • Emergency Post-Conflict Assistance (EPCA), 28, 64, 65, 154

      • interest rates for, 68

      • Subsidy Account of, 153

    • ENDA. See Emergency Natural Disaster Assistance

    • Endowment, gold for, 43

    • Endowment Subaccount, 109, 110, 121, 123

    • Enhanced Structural Adjustment Facility (ESAF), 45, 59, 64

    • EPCA. See Emergency Post-Conflict Assistance

    • ESAF. See Enhanced Structural Adjustment Facility

    • ESF. See Exogenous Shock Facility

    • Exchange rates

      • risk, 117, 122–23, 133

      • SDRs and, 82

    • Executive Board

      • Board Reform Amendment for, 9, 16

      • decision making by, 9

      • financial risk management and, 8

      • GRA and, 59n15

      • of IMF, 3, 3n2, 4

      • income and, 103–4

      • MDRI and, 53

      • misreporting and, 142

      • NAB and, 21

      • PRGT and, 5–6, 34n34, 56n12

      • PSI and, 67

      • quotas and, 14

      • SDRs and, 83, 87

      • Umbrella Account and, 61

      • voting power of, 13–14, 151

    • Executive Directors, 3–4, 9, 16, 83–84

    • Exogenous Shock Facility (ESF), 45, 64, 66, 68

    • Extended Arrangements, 20, 27f, 30f

    • Extended Credit Facility (ECF), 2, 5, 159

      • access limits for, 49, 49t

      • for concessional lending, 47t

      • conditionality and, 49

      • debt relief by, 60

      • interest rates for, 68

      • for LICs, 46

      • repayment of, 48

      • subaccounts of, 60

      • Subsidy Account of, 60, 161

    • Extended Fund Facility (EFF), 2, 22t, 27–28, 105, 159

    • Extended Rights to Purchase (ERP), 31–32, 31n30

    • External Audit Committee (EAC), 131, 143

    • External audit mechanism, Legal structure and autonomy, financial Reporting, Internal audit mechanism, and system of internal Controls (ELRIC), 129–30, 158

    • FCC. See Forward Commitment Capacity

    • FCL. See Flexible Credit Line

    • Fifteenth General Review of Quotas, 15, 18

    • Financial crisis of 2007–09, 1, 4–6, 27

    • Financial risk management, 7–8, 117–44

      • arrears and, 123–29, 125f

      • central banks and, 129–31, 129f, 131f

      • financial reporting and risk disclosure in, 132

      • sources and mitigation framework for, 117–23, 133

    • Financial Transactions Plan (FTP), 23, 25, 120, 159

      • FCC and, 137

      • repurchase policies and, 32n32

    • Fixed-Income Subaccount, 109–10, 121

    • Flexible Credit Line (FCL), 2, 5, 6, 27, 28, 159

      • commitment fees and, 113

      • GRA and, 22t, 105

    • Forward Commitment Capacity (FCC), 120, 122f, 137, 141, 159

    • Fourteenth General Review, 3, 9n5, 16–18, 21

    • Framework Administered Account for Selected Fund Activities (SFA Framework Account), 153

    • Framework Administered Account for Technical Assistance Activities (Framework Account), 152–53

    • Freely usable currency, 23, 23n18, 25, 39, 83, 84, 159

      • SDR basket and, 94

      • SDRs and, 87, 90

    • FTP. See Financial Transactions Plan

    • G7. See Group of Seven

    • G10. See Group of Ten

    • G20. See Group of Twenty

    • GAB. See General Arrangements to Borrow

    • GDP, quotas and, 14–15

    • General Arrangements to Borrow (GAB), 6n8, 18–20, 20t, 159

      • FCC and, 137

      • quotas and, 121

    • General Department, 34t, 139, 159

    • General Loan Account (GLA), 5, 56, 161

    • General Quota Reviews, 121

    • General Reserve, 64, 90, 108

      • gold and, 33–34

      • for precautionary balances, 6, 135, 154

    • General Resources Account (GRA), 4n5, 5, 7, 103, 159

      • access to IMF resources in, 29–30

      • in accounts of member countries, 36

      • administrative expenses and, 35

      • annual access under, 31f

      • Articles of Agreement and, 107

      • balance of payments and, 120n5

      • balance sheet of, 34n35, 38

      • concessional lending and, 45, 46f, 77

      • currencies and, 35–36, 108

      • EFF and, 105

      • ENDA and, 64

      • ERP and, 32

      • exchange rate risk and, 122

      • FCL and, 105

      • financial crisis of 2007–09 and, 27

      • financial terms of, 22t

      • Framework Account and, 153

      • FTP and, 120

      • IA and, 34, 104n1

      • interest rates for, 68

      • lending kit, 26–27

      • for LICs, 45

      • MDRI and, 59n15, 104n3

      • nonconcessional lending and, 6, 13

      • operational expenses and, 35

      • PCDR and, 55, 59n15

      • PLL and, 105

      • precautionary balances in, 120t

      • PRGT and, 50, 50n5, 104n3, 115

      • quotas and, 13n2

      • reimbursements to, 59n15, 110, 115

      • SBAs and, 22t, 105

      • SDA and, 104n3

      • SDR Department and, 104n3

      • SDRs and, 59n15, 81, 87, 88, 89f

      • surcharges to basic rate of charge and, 112

      • total commitments and credit outstanding of, 122f

    • General Subsidy Account (GSA), 5, 56, 60, 77, 161

    • GLA. See General Loan Account

    • Globalization, 1

    • Gold, 32–34, 34n36

      • IA and, 109

      • Interim Administered Account for Windfall Gold Sales Profits for, 154

      • key transactions of, 43

      • precautionary balances and, 119n4

      • PRGT and, 33–34, 58nn13–14

      • SDA and, 62n17

      • SDRs and, 33–34, 81, 82n4, 92, 104n4

      • subaccounts and, 108

      • TF and, 64

    • GRA. See General Resources Account

    • Great Depression, 1

    • Group of Seven (G7), 21, 21n9

    • Group of Ten (G10), 21n10

    • Group of Twenty (G20), 4–5, 21

    • GSA. See General Subsidy Account

    • Guidelines for Borrowing, 21n14

    • HAC. See High Access Component

    • HAPA. See High Access Precautionary Arrangement

    • Heavily indebted poor countries (HIPCs), 6

      • See also Poverty Reduction and Growth-Heavily Indebted Poor Country Trust

    • Heavily Indebted Poor Countries Initiative (HIPC Initiative), 159–60

      • debt relief from, 51–52, 62t, 63f, 70, 72

      • eligibility for, 50–52, 50t, 53t

      • implementation of, 52t–53t

      • for LICs, 45, 51–52

      • MDRI and, 53–54

      • misreporting and, 142

      • NPV and, 72

      • PRG and, 53t

      • SDA and, 62

      • subaccounts of, 60

      • sunset clause of, 71

      • thresholds for present value of external debt, 51t

      • topping-up of, 72

      • Umbrella Account of, 61

    • High Access Component (HAC), 66

    • High Access Precautionary Arrangement (HAPA), 113

    • HIPC Initiative. See Heavily Indebted Poor Countries Initiative

    • HIPCs. See Heavily indebted poor countries

    • IA. See Investment Account

    • IDA. See International Development Association

    • IFRS. See International Financial Reporting Standards

    • IMF. See International Monetary Fund

    • IMFC. See International Monetary and Financial Committee

    • Income risk, 117, 133

    • Income statements, 34–36, 103f

      • of General Department, 34t

      • of SDR Department, 90–91, 91t

    • Indonesia, 153

    • Integrated Surveillance Decision, 2, 2n1

    • Interest rates, 25, 104–5

      • benchmark, 31, 85, 85n6, 121n8

      • for concessional lending, 68

      • PRGT and, 48, 68, 76

      • risk, 117, 121–22, 133

      • for SDRs, 5, 7, 35, 82, 84–85, 85f, 96, 107, 134

    • Interim Administered Account for Remaining Windfall Gold Sales, 154

    • Interim Administered Account for Windfall Gold Sales Profits, 154

    • International Bank for Reconstruction and Development. See World Bank

    • International Development Association (IDA), 49, 50, 51

    • International Financial Reporting Standards (IFRS), 35, 118–19, 132, 136

    • International Monetary and Financial Committee (IMFC), 3, 5, 9, 16, 21

    • International Monetary Fund (IMF)

      • accounts in member countries of, 36–37

      • arrears of, 123–29, 125f, 126f, 138

      • assets and, 24f, 26–34

      • balance sheet of, 26t, 34–36

      • borrowing by, 18–23, 19f

      • capacity building by, 2

      • credit outstanding by, 27f, 29–32, 126f

      • decision-making at, 9

      • after financial crisis of 2007–09, 4–6

      • financial information sources for, 8

      • financial structure of, 4, 10t

      • financing mechanism of, 23–26

      • gold and, 33

      • Guidelines for Borrowing by, 21n14

      • income of, 7, 103–15

      • income statement of, 34–36, 103f

      • interest rate by, 25

      • investment income of, 107–10

      • lending by, 2, 4, 4n5, 6–8, 24f

      • liquidity of, 123t

      • member countries of, 1

      • new income model for, 106–7, 107f

      • overview of, 1–9

      • role and purposes of, 1–4

      • Rules and Regulations of, 107

      • safeguard assessments by, 141

      • surveillance by, 2, 4, 164

      • website for, 8

    • Investment Account (IA), 7, 160

      • earnings of, 110f

      • GRA and, 34, 104n1

      • interest rate risk and, 121

      • nonconcessional lending and, 13

      • subaccounts of, 108–10, 108t

    • Japan, Administrative Account for, 152

    • Lending, 2, 4, 4n5, 6–8, 24f

      • IFRS and, 136

      • income from, 104–6

      • interest rates for, 104–5

      • to LICs, 5–6

      • rate of charge for, 104–5, 104n5

      • See also Concessional lending; Nonconcessional lending

    • Liberia, debt relief for, 73

    • LICs. See Low-income countries

    • Liquidity risk, 117, 119–20, 133

    • Loan Accounts, of PRGT, 56

    • Low-income countries (LICs)

      • concessional lending to, 45–78

      • debt relief for, 45–78, 51f

      • HIPC Initiative for, 45, 51–52

      • lending to, 5–6

      • MDRI for, 45, 53–54

      • PCDR for, 45, 55

      • PRGT and, 46–51

      • PRSP and, 69

    • Management letter, 130, 160

    • MDRI. See Multilateral Debt Relief Initiative

    • Medium-Term Instruments (MTIs), 109, 160

    • Member countries, 1

      • accounts in, 36–37, 157

      • disclosure of financial position by, 36–37

      • PRGT and, 64

      • quotas of, 145–48

      • SDRs of, 145–48

    • Mexico, 21

    • Millennium Development Goals, of United Nations, 53, 69

    • Misreporting, 142, 158

    • MTIs. See Medium-Term Instruments

    • Multilateral Debt Relief Initiative (MDRI), 7, 158

      • concessional lending and, 56, 58

      • debt relief from, 53–54, 54t, 55t, 60, 61–62, 63f, 70

      • GRA and, 59n15, 104n3

      • for LICs, 45, 53–54

      • PRGT and, 59, 62n19

      • SDA and, 62n18

    • NAB. See New Arrangements to Borrow

    • Net present value (NPV), 62t, 72, 158

    • New Arrangements to Borrow (NAB), 1, 5, 5n6, 19, 20–23, 20n8, 20t

      • FCC and, 137

      • interest rate risk and, 121

      • nonconcessional lending and, 6, 13

      • quotas and, 121

      • RMP of, 25–26

      • SDRs and, 21n11

    • New income model, 7, 32–34, 43, 44, 58, 104, 106–11, 115, 117–19, 121

    • Ninth Review, 15

    • No. 1 Account, 36, 36n39, 39

    • Nonconcessional lending, 13–43

      • GRA and, 6, 13

      • IA and, 13

      • quotas and, 13–23

    • NPV. See Net present value

    • OAP. See Office for Asia and the Pacific

    • OBP. See Office of Budget and Planning

    • Office for Asia and the Pacific (OAP), 150

    • Office of Budget and Planning (OBP), 77

    • Office of Internal Audit and Inspection (OIA), 132

    • Oil crises, 4

    • Oil Facility, 45n1

    • Operational risk, 133

    • Overdue financial obligations. See Arrears

    • PCDR. See Post-Catastrophe Debt Relief Trust

    • PCL. See Precautionary and Liquidity Line; Precautionary Credit Line

    • Phasing, 30–31, 158

    • PLL. See Precautionary and Liquidity Line

    • Policy Support Instrument (PSI), 46–48, 67, 141, 142, 158

    • Post-Catastrophe Debt Relief Trust (PCDR), 6, 7, 159

      • debt relief from, 55, 60, 62–63, 63t, 70

      • GRA and, 55, 59n15

      • for LICs, 45, 55

      • PRGT and, 55, 55n11

      • SDA and, 62

    • Post-conflict cases

      • arrears and, 127

      • See also Emergency Post-Conflict Assistance

    • Post-EPCA/ENDA Interim Administered Account, 152

    • Post-program monitoring, 118n3

    • Poverty Reduction and Growth Facility (PRGF), 45, 59, 64, 66, 127

    • Poverty Reduction and Growth Facility and Exogenous Shocks Facility (PRGF-ESF), 45, 64, 66

    • Poverty Reduction and Growth-Heavily Indebted Poor Country Trust (PRG-HIPC), 7, 53t, 160

      • debt relief from, 60

      • for LICs, 45

      • misreporting and, 142

    • Poverty Reduction and Growth Trust (PRGT), 2, 159

      • access limits and, 49–50

      • administrative expenses and, 35

      • arrears to, 140

      • availability for, 48

      • blending and, 50, 50n5

      • central bank balance sheet and, 37n41

      • concessional lending by, 7, 46f, 56, 57–60, 59n16, 64, 76, 78

      • conditionality and, 49

      • cumulative lender commitments to, 58t

      • eligibility for, 50–51

      • Executive Board and, 5–6, 34n34, 56n12

      • expenses of, 104

      • flow of funds in, 57f

      • General Reserve and, 64, 90

      • gold and, 33–34, 58nn13–14

      • GRA and, 50, 50n5, 59n15, 104n3, 115

      • HIPC Initiative and, 51

      • interest rates and, 48, 68, 76

      • LICs and, 46–51

      • MDRI and, 59, 62n19

      • member countries and, 64

      • PCDR and, 55, 55n11

      • PRGF and, 127

      • PRGF-ESF and, 64

      • PSI and, 67

      • RA of, 56, 56n12, 59, 59n15, 60, 60f, 127

      • RCF and, 28n27, 48n2

      • repayment to, 48–49

      • resources for, 76

      • RFI and, 28n27

      • self-sustained concessional lending by, 59–60, 59n16, 64, 78

      • subaccounts and, 108

      • terms of, 48–50

      • Zimbabwe and, 50n6

    • Poverty Reduction Strategy Paper (PRSP), 50, 52, 69

    • PPP. See Purchasing-power-parity

    • Precautionary and Liquidity Line (PLL), 2, 5, 27, 28, 159–60

      • commitment fees and, 113

      • GRA and, 22t, 105

      • nonconcessional lending and, 6

      • outstanding credit from, 27f

      • safeguards assessments and, 141

    • Precautionary balances, 118–19, 119n4, 120t, 135, 159

    • Precautionary Credit Line (PCL), 5, 113

    • Prescribed holders, 87, 89f, 162

    • PRGF. See Poverty Reduction and Growth Facility

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

    • PRG-HIPC. See Poverty Reduction and Growth-Heavily Indebted Poor Country Trust

    • PRGT. See Poverty Reduction and Growth Trust

    • Program review, 31, 160

    • Proposed Board Reform Amendment, 9

    • Protracted arrears, 123, 124t, 125t, 160

    • PRSP. See Poverty Reduction Strategy Paper

    • Prudential balance, 23, 23n20

    • Prudential ratio, 121

    • PSI. See Policy Support Instrument

    • Public goods, 114

    • Purchase repurchase mechanisms, 23, 23n17, 25, 160

    • Purchasing-power-parity (PPP), 14

    • Quantitative Performance Criteria (QPC), 31, 160

    • Quota and Governance Reform of 2010, 3–4, 3n4, 9, 14, 16, 18

    • Quota and Voice Reforms of 2008, 3

    • Quotas, 3, 3n3, 5, 6n7, 9n5, 15n7, 160

      • ad hoc increases for, 15, 18t

      • Articles of Agreement and, 14

      • Board of Governors and, 14

      • borrowing and, 18–23

      • changes to, 17t

      • compression factor for, 15n4

      • Executive Board and, 14

      • FCC and, 122f

      • after financial crisis of 2007–09, 5

      • formula for, 14–15, 15n4, 40

      • GAB and, 121

      • general reviews for, 15, 16t

      • GRA and, 13n2

      • of member countries, 145–48

      • NAB and, 121

      • nonconcessional lending and, 13–23

      • payment procedures for, 39

      • recent reforms for, 16–18

      • SDR Department and, 82

      • SDRs and, 13, 13n2, 14, 97

      • subscriptions for, 13, 34n37, 36

      • voting power and, 13–14

    • RA. See Reserve Account

    • RAC. See Rapid-Access Component

    • RAP. See Rights Accumulation Program

    • Rapid-Access Component (RAC), 66

    • Rapid Credit Facility (RCF), 2, 5, 160

      • access limits for, 49, 49t

      • for concessional lending, 47t

      • conditionality and, 49

      • ENDA and, 65

      • ESF and, 66

      • interest rates for, 68

      • for LICs, 46

      • PRGT and, 28n27, 48n2

      • PSI and, 67

      • repayment of, 48

      • safeguards assessments and, 141

      • Subsidy Account of, 159

    • Rapid Financing Instrument (RFI), 27, 28, 160

      • GRA and, 22t

      • nonconcessional lending and, 6

      • PRGT and, 28n27

      • safeguards assessments and, 141

    • Rate of charge, 104–5, 104n5

      • basic, 111, 158

      • surcharge to, 105, 112, 162

    • RCF. See Rapid Credit Facility

    • Reconstitution requirement, SDR Department and, 86n8

    • Remunerated reserve tranche position, 160–61

    • Repurchase policies, 32, 32nn31–32, 158

      • purchase repurchase mechanisms, 23, 23n17, 25, 160

      • TBRE, 105

    • Reserve Account (RA), 159

      • concessional lending and, 56, 59

      • of PRGF, 66

      • of PRGT, 56, 56n12, 59, 59n15, 60, 60f, 127

    • Reserve coverage ratio, 119

    • Reserve tranche purchase, 23, 23n19, 41, 161

    • Resource Mobilization Plan (RMP), 25–26, 121, 161

    • Restitution sales, gold and, 43

    • RFI. See Rapid Financing Instrument

    • Rights Accumulation Program (RAP), 127, 127n7, 127n11, 161

    • RMP. See Resource Mobilization Plan

    • SAF. See Structural Adjustment Facility

    • Safeguard assessments, 129–31, 129f, 131f, 141, 161

    • Saudi Arabia, 20

    • SBAs. See Stand-By Arrangements

    • SCA. See Special Contingent Account

    • SCF. See Standby Credit Facility

    • SDA. See Special Disbursement Account

    • SDR assessment, 81n1, 161

    • SDR basket

      • composition criteria for, 94

      • currencies and, 82–84, 83t, 84f, 94

      • MTIs in, 109

    • SDR Department, 81, 81n1, 82n3, 161

      • arrears to, 139

      • balance sheet for, 90–91, 91n15, 91t

      • central banks and, 87n11

      • designation mechanism for, 100

      • financial statements for, 90–91, 91t

      • GRA and, 104n3

      • income statement for, 90–91, 91t

      • operation of, 87–90

      • quotas and, 82

      • reconstitution requirement and, 86n8

    • SDRs. See Special Drawing Rights

    • SDR valuation, 82–84, 83n5, 93, 161

    • Service charge, 103, 105, 111, 113, 161

    • SFA Framework Account. See Framework Administered Account for Selected Fund Activities

    • Short selling, 109

    • SLAs. See Special Loan Accounts

    • SMPs. See Staff-monitored programs

    • South Africa, 43

    • Special charges, 128–29, 128nn13–14, 161

    • Special Contingent Account (SCA), 135, 152, 161

    • Special Disbursement Account (SDA), 36, 62

      • gold and, 62n17

      • GRA and, 104n3

      • MDRI and, 62n18

      • PRGT and, 59

    • Special Drawing Rights (SDRs), 4, 7, 81–100, 86n9, 161

      • allocations and cancellations of, 85–86, 86nn7–10

      • Articles of Agreement and, 81n2, 85–86, 87, 100

      • background and characteristics of, 81–82

      • balance of payments and, 100

      • circulation of, 87, 88f

      • concessional lending and, 56, 57, 58

      • currencies and, 25n22, 35n38, 95, 100

      • ESF and, 66

      • exchange rate risk and, 122–23

      • exchange rates and, 82

      • after financial crisis of 2007–09, 5

      • freely usable currency and, 87, 90

      • GAB and, 20

      • General Reserve and, 108

      • gold and, 33–34, 81, 82n4, 92, 104n4

      • GRA and, 59n15, 81, 87, 88, 89f

      • holdings of, 88, 89f, 89n13

      • income from, 103

      • interest rates for, 5, 7, 35, 82, 84–85, 85f, 96, 107, 134

      • for international reserve assets, 6

      • market-maker sales of, 90f

      • of member countries, 145–48

      • NAB and, 21n11

      • nonconcessional lending and, 13

      • operational expenses and, 35

      • prescribed holders for, 87, 89f, 160

      • purchase repurchase mechanisms and, 23, 23n17

      • quotas and, 13, 13n2, 14, 97

      • from quota subscriptions, 34n37

      • reserve tranche purchase and, 41

      • spot sales of, 87n12

      • subaccounts and, 108

      • VTAs and, 82, 88–90, 98, 99

      • See also SDR assessment; SDR basket; SDR Department; SDR valuation

    • Special Loan Accounts (SLAs), 56, 159

    • Special Reserve, 107, 108, 119n4, 135

    • Special Subsidy Accounts (SSAs), 56, 159

    • Spillovers, 2n1

    • SSAs. See Special Subsidy Accounts

    • Staff-monitored programs (SMPs), 127, 127n12, 141, 161–62

    • Stand-By Arrangements (SBAs), 2, 27, 162

      • annual average access under, 30f

      • FCL and, 28

      • GAB and, 20

      • GRA and, 22t, 105

      • nonconcessional lending and, 6

      • outstanding credit from, 27f

      • SCF and, 46

    • Standby Credit Facility (SCF), 2, 162

      • access limits for, 49n3, 49t

      • concessional lending and, 45, 47t

      • conditionality and, 49

      • ESF and, 66

      • interest rates for, 68

      • for LICs, 46

      • repayment of, 48–49

      • SBAs and, 46

      • Subsidy Account of, 159

    • Strengthened Cooperative Strategy on Overdue Financial Obligations, 124

    • Structural Adjustment Facility (SAF), 45, 45n1, 64

    • Subaccounts, 60, 108–10, 108t, 160

    • Subscriptions, for quotas, 13, 34n37, 36

    • Subsidy Account

      • of ECF, 60, 159

      • of ENDA/EPCA, 151

      • GSA, 5, 56, 60, 77, 159

      • of RCF, 159

      • of SCF, 159

      • of Supplementary Financing Facility, 151

    • Sunset clause, of HIPC Initiative, 71

    • Supplemental Reserve Facility, 27f

    • Supplementary Financing Facility, 151

    • Surcharge to basic rate of charge, 105, 112, 162

    • Surveillance, 2, 4, 162

    • Systemic Transformation Facility, 27f

    • TBRE. See Time Based Repurchase Expectations Policy

    • Technical Memorandum of Understanding (TMU), 31n30

    • TF. See Trust Fund

    • TIM. See Trade Integration Mechanism

    • Time Based Repurchase Expectations Policy (TBRE), 105

    • TMU. See Technical Memorandum of Understanding

    • Trade Integration Mechanism (TIM), 28–29

    • Transactions by agreement, 86, 87, 162

      • See also Voluntary trading arrangements

    • Trust Fund (TF), 45, 45n1, 64, 151

    • UCT. See Upper credit tranche

    • Umbrella Accounts, 60, 61, 160

    • United Nations, Millennium Development Goals of, 53, 69

    • Upper credit tranche (UCT), 46, 47t, 49, 64, 162

    • U.S. government securities, gold and, 43

    • Usable currency, 23, 23n18, 162

      • See also Freely usable currency

    • Voluntary trading arrangements (VTAs), 82, 88–90, 98, 99

    • Voting power, 13–14, 149

    • VTAs. See Voluntary trading arrangements

    • World Bank, 1, 6, 51, 69

    • Zimbabwe, 50n6

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