Abstract
2019 Article IV Consultation - Press Release; Staff Report; and Statement by the Executive Director for the United States
Fund Relations
(As of May 22, 2019)
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) | 67,520.97 | 81.33 | |
| Reserve Tranche Position | 15,499.34 | 18.68 | |
| Lending to the Fund | |||
| New Arrangements to Borrow | 2,133.92 | ||
| General Resources Account: | SDR Million | Percent of Quota | |
|---|---|---|---|
| Quota | 82,994.20 | 100.00 | |
| IMF’s Holdings of Currency (Holdings Rate) | 67,520.97 | 81.33 | |
| Reserve Tranche Position | 15,499.34 | 18.68 | |
| Lending to the Fund | |||
| New Arrangements to Borrow | 2,133.92 | ||
| SDR Department: | SDR Million | Percent of Allocation |
|---|---|---|
| Net cumulative allocation | 35,315.68 | 100.00 |
| Holdings | 36,568.00 | 103.55 |
| SDR Department: | SDR Million | Percent of Allocation |
|---|---|---|
| Net cumulative allocation | 35,315.68 | 100.00 |
| Holdings | 36,568.00 | 103.55 |
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 | |||||
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Principal | |||||
| Charges/Interest | 0.55 | 0.55 | 0.55 | 0.55 | |
| Total | 0.55 | 0.55 | 0.55 | 0.55 | |
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 | |||||
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Principal | |||||
| Charges/Interest | 0.55 | 0.55 | 0.55 | 0.55 | |
| Total | 0.55 | 0.55 | 0.55 | 0.55 | |
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 November 9, 2018.
Article IV Consultation. The 2018 Article IV consultation was concluded on June 29, 2018 and the Staff Report was published as IMF Country Report No. 18/207. A fiscal Report of Observance of Standards and Codes was completed in the context of the 2003 consultation. The 2019 Article IV discussions took place in New York (March 5–7) and Washington D.C. (April 29-May 13). Concluding meetings with Chair Powell of the Board of Governors of the Federal Reserve System, and Treasury Secretary Mnuchin occurred on May 23 and May 28, respectively. 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 6, 2019. The team comprised Nigel Chalk (head), Yasser Abdih, Carlos Caceres, Emanuel Kopp, Daniel Leigh, Suchanan Tambunlertchai, Peter Williams (all WHD), Steve Dawe (LEG), and Diego Cerdeiro and Elizabeth Van Heuvelen (SPR). Mr. Mark Rosen (Executive Director), Ms. Patricia Pollard (Senior Advisor), and Ms. Deborah Crane (Advisor) attended some of the meetings. Outreach included discussions with Congressional staff, 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 May 20, 2019)
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 May 20, 2019)
| Date of latest observation Same day | Date received Same day | 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 | 2019 M3 | April 26 | M | M | M |
| Reserve/base money | May 15 | May 16 | W | W | W |
| Broad money | May 15 | May 16 | W | W | W |
| Central bank balance sheet | May 15 | May 16 | W | W | W |
| Interest rates3 | Same day | Same day | D | D | D |
| Consumer price index | 2019 M4 | May 10 | M | M | M |
| Revenue, expenditure, balance and composition of financing4—general government5 | 2018 Q4 | March 28 | Q | Q | Q |
| Revenue, expenditure, balance and composition of financing4—central government | 2019 M4 | May 10 | M | M | M |
| Stocks of central government and central government-guaranteed debt | 2019 M4 | May 6 | M | M | M |
| External current account balance | 2019 Q1 | April 26 | Q | Q | Q |
| Exports and imports of goods and services | 2019 M3 | May 9 | M | M | M |
| GDP/GNP (1st release) | 2019 Q1 | April 26 | Q | M | M |
| Gross External Debt | 2018 Q4 | March 29 | Q | Q | Q |
| International Investment Position6 | 2018 Q4 | March 29 | 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 May 20, 2019)
| Date of latest observation Same day | Date received Same day | 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 | 2019 M3 | April 26 | M | M | M |
| Reserve/base money | May 15 | May 16 | W | W | W |
| Broad money | May 15 | May 16 | W | W | W |
| Central bank balance sheet | May 15 | May 16 | W | W | W |
| Interest rates3 | Same day | Same day | D | D | D |
| Consumer price index | 2019 M4 | May 10 | M | M | M |
| Revenue, expenditure, balance and composition of financing4—general government5 | 2018 Q4 | March 28 | Q | Q | Q |
| Revenue, expenditure, balance and composition of financing4—central government | 2019 M4 | May 10 | M | M | M |
| Stocks of central government and central government-guaranteed debt | 2019 M4 | May 6 | M | M | M |
| External current account balance | 2019 Q1 | April 26 | Q | Q | Q |
| Exports and imports of goods and services | 2019 M3 | May 9 | M | M | M |
| GDP/GNP (1st release) | 2019 Q1 | April 26 | Q | M | M |
| Gross External Debt | 2018 Q4 | March 29 | Q | Q | Q |
| International Investment Position6 | 2018 Q4 | March 29 | 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.