Abstract
2017 Article IV Consultation-Press Release; Staff Report
Fund Relations
(As of May 31, 2017)
Membership Status: Joined: December 27, 1945; Article VIII
| General Resources Account: | SDR Million | Percent of Quota | ||
| Quota | 82,994.20 | 100.00 | ||
| IMF’s Holdings of Currency (Holdings Rate) | 75,258.50 | 90.68 | ||
| Reserve Tranche Position | 7,771.92 | 9.36 | ||
| Lending to the Fund | ||||
| New Arrangements to Borrow | 5,894.59 | |||
| General Resources Account: | SDR Million | Percent of Quota | ||
| Quota | 82,994.20 | 100.00 | ||
| IMF’s Holdings of Currency (Holdings Rate) | 75,258.50 | 90.68 | ||
| Reserve Tranche Position | 7,771.92 | 9.36 | ||
| Lending to the Fund | ||||
| New Arrangements to Borrow | 5,894.59 | |||
| SDR Department: | SDR Million | Percent of Allocation | |
| Net cumulative allocation | 35,315.68 | 100.00 | |
| Holdings | 36,380.76 | 103.02 | |
| SDR Department: | SDR Million | Percent of Allocation | |
| Net cumulative allocation | 35,315.68 | 100.00 | |
| Holdings | 36,380.76 | 103.02 | |
Outstanding Purchases and Loans: None
Financial Arrangements: None
Projected Payments to Fund 1/
(SDR Million; based on existing use of resources and present holdings of SDRs):
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
| Forthcoming | |||||
| 2017 | 2018 | 2019 | 2020 | 2021 | |
| Principal | |||||
| Charges/Interest | 1.05 | 1.05 | 1.05 | 1.05 | |
| Total | 1.05 | 1.05 | 1.05 | 1.05 | |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
| Forthcoming | |||||
| 2017 | 2018 | 2019 | 2020 | 2021 | |
| Principal | |||||
| Charges/Interest | 1.05 | 1.05 | 1.05 | 1.05 | |
| Total | 1.05 | 1.05 | 1.05 | 1.05 | |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Exchange Rate Arrangements. The exchange rate of the U.S. dollar floats independently and is determined freely in the foreign exchange market. The United States has accepted the obligations under Article VIII, Sections 2(a), 3 and 4 of the IMF’s Articles of Agreement and maintains an exchange system free of multiple currency practices and restrictions on the making of payments and transfers for current international transactions, except for those measures imposed for security reasons. The United States notifies the maintenance of measures imposed for security reasons under Executive Board Decision No. 144–(52/51). The last of these notifications was made June 3, 2016.
Article IV Consultation. The 2017 Article IV consultation was concluded on July 24, 2017 and the Staff Report was published as IMF Country Report No. [17/xxx]. A fiscal Report of Observance of Standards and Codes was completed in the context of the 2003 consultation. The 2017 Article IV discussions took place May 15–June 16, 2017. Concluding meetings with Chair Yellen of the Board of Governors of the Federal Reserve System, and Treasury Secretary Mnuchin occurred on June 20. The Managing Director, Ms. Lagarde, the Deputy Managing Director, Mr. Zhang, and WHD Director, Mr. Werner, participated in the concluding meetings. A press conference on the consultation was held on June 27, 2017. The team comprised Nigel Chalk (head), Yasser Abdih, Ali Alichi, Stephan Danninger, Emanuel Kopp, Andrea Pescatori, Damien Puy (all WHD), Celine Rochon, Sandra Lizarazo and Elizabeth Heuvelen (SPR), Thornton Matheson and Adrian Peralta (FAD). Mr. Sunil Sabharwal (Executive Director), Mr. Mark Sobel (Senior Advisor), and Ms. Mary Svenstrup (Advisor) attended some of the meetings. Outreach included discussions with Congressional staff, U.S. Chamber of Commerce, AFL-CIO, private sector representatives, and think tanks. Unless an objection from the authorities of the United States is received prior to the conclusion of the Board’s consideration, the document will be published.
Statistical Issues
Statistical Issues. Comprehensive economic data are available for the United States on a timely basis. The quality, coverage, periodicity, and timeliness of U.S. economic data are adequate for surveillance. The United States adheres to the Special Data Dissemination Standard Plus and its metadata are posted on the Dissemination Standards Bulletin Board.
United States: Table of Common Indicators Required for Surveillance
(As of June 28, 2017)
Daily (D), Weekly (W), Biweekly (B), Monthly (M), Quarterly (Q), Annually (A); NA: Not Available.
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
United States: Table of Common Indicators Required for Surveillance
(As of June 28, 2017)
| Date of latest observation | Date received | Frequency of data1 | Frequency of reporting1 | Frequency of publication1 | |
|---|---|---|---|---|---|
| Exchange rates | Same day | Same day | D | D | D |
| International reserve assets and reserve liabilities of the monetary authorities2 | 2017 M4 | May 26 | M | M | M |
| Reserve/base money | June 22 | June 22 | W | W | W |
| Broad money | June 22 | June 22 | W | W | W |
| Central bank balance sheet | June 22 | June 22 | W | W | W |
| Interest rates3 | Same day | Same day | D | D | D |
| Consumer price index | 2017 M5 | June 14 | M | M | M |
| Revenue, expenditure, balance and composition of financing4—general government5 | 2017 Q1 | May 30 | Q | Q | Q |
| Revenue, expenditure, balance and composition of financing4—central government | 2017 M5 | June 12 | M | M | M |
| Stocks of central government and central government-guaranteed debt | 2017 M5 | June 7 | M | M | M |
| External current account balance | 2017 Q1 | June 20 | Q | Q | Q |
| Exports and imports of goods and services | 2017 M4 | June 2 | M | M | M |
| GDP/GNP (2nd release) | 2017 Q1 | May 26 | Q | M | M |
| Gross External Debt | 2016 Q4 | March 31 | Q | Q | Q |
| International Investment Position6 | 2017 Q1 | June 28 | Q | Q | Q |
Daily (D), Weekly (W), Biweekly (B), Monthly (M), Quarterly (Q), Annually (A); NA: Not Available.
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
United States: Table of Common Indicators Required for Surveillance
(As of June 28, 2017)
| Date of latest observation | Date received | Frequency of data1 | Frequency of reporting1 | Frequency of publication1 | |
|---|---|---|---|---|---|
| Exchange rates | Same day | Same day | D | D | D |
| International reserve assets and reserve liabilities of the monetary authorities2 | 2017 M4 | May 26 | M | M | M |
| Reserve/base money | June 22 | June 22 | W | W | W |
| Broad money | June 22 | June 22 | W | W | W |
| Central bank balance sheet | June 22 | June 22 | W | W | W |
| Interest rates3 | Same day | Same day | D | D | D |
| Consumer price index | 2017 M5 | June 14 | M | M | M |
| Revenue, expenditure, balance and composition of financing4—general government5 | 2017 Q1 | May 30 | Q | Q | Q |
| Revenue, expenditure, balance and composition of financing4—central government | 2017 M5 | June 12 | M | M | M |
| Stocks of central government and central government-guaranteed debt | 2017 M5 | June 7 | M | M | M |
| External current account balance | 2017 Q1 | June 20 | Q | Q | Q |
| Exports and imports of goods and services | 2017 M4 | June 2 | M | M | M |
| GDP/GNP (2nd release) | 2017 Q1 | May 26 | Q | M | M |
| Gross External Debt | 2016 Q4 | March 31 | Q | Q | Q |
| International Investment Position6 | 2017 Q1 | June 28 | Q | Q | Q |
Daily (D), Weekly (W), Biweekly (B), Monthly (M), Quarterly (Q), Annually (A); NA: Not Available.
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.