The following material was inadvertently omitted from Annex II of “Conditionality: Past, Present, and Future,” by Manuel Guitián, which appeared in the December 1995 issue of Staff Papers.
Excerpted from IMF Survey(September 1995).
(percent of member’s quota)
|Under stand-by and extended arrangements1|
|Under special facilities|
|Compensatory and contingency financing facility (CCFF)|
|Export earnings shortfall2||30|
|Excess cereal import costs2||15|
|Buffer stock financing facility||35|
|Systemic transformation facility|
|Under SAF and ESAF arrangements|
|Structural adjustment facility|
|Enhanced structural adjustment facility1|
Under exceptional circumstances, these limits may be exceeded.
When a member has a satisfactory balance of payments position—except for the effect of an export earnings shortfall or an excess in cereal import costs—a limit of 65 percent of quota applies to either the export earnings shortfall or the excess cereal import costs, with a joint limit of 80 percent.
A sublimit of 25 percent of quota applies on account of deviations in interest rates.
May be applied to supplement the amounts for export earnings shortfalls, excesses in cereal imports costs, or contingency financing.
Average access expected at 110 percent of quota for first-time ESAF users.