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Author(s):
International Monetary Fund
Published Date:
September 1996
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    Appendices

    Contents

    Appendix I International Reserves

    This appendix reviews recent developments in official measures of international reserves and liquidity. Changes in the main components of official reserves are examined. The currency composition of foreign exchange reserves and their distribution across different groups of countries are also analyzed.

    Recent Evolution of Official Reserve Assets

    During 1995, total international reserves increased by 11 percent to SDR 1,183 billion at the end of the year, reflecting a sharp 15 percent increase in total non-gold reserves that was partially offset by a 2 percent decline in the market value of the official holdings of gold (Table 1.1). The increase in non-gold reserves reflected an increase in the stocks of foreign exchange reserves of both industrial and developing countries. Both components of total Fund-related assets—SDRs and reserve positions in the Fund—also increased in 1995; countries have continued to rebuild their SDR holdings since late 1992, when most Fund members completed payment for their quotas under the Ninth General Review. The fall in the value of official holdings of gold during 1995 was attributable to small decreases in both the quantity of gold holdings and in their market value in terms of SDRs.

    Non-Gold Reserves

    Total non-gold reserves increased by 15 percent during 1995 to SDR 947 billion at the end of the year. This increase was more than twice the average rate of increase during the previous five years. Of the total increase of SDR 124 billion during 1995, industrial countries accounted for about SDR S3 billion, an increase of 12 percent that represented a much greater rate of increase than in recent years.

    Non-gold reserves of developing countries rose by 18 percent during 1995, continuing the trend of high rates of increase in non-gold reserves for this group of countries. Developing countries continued to gradually increase their share of total non-gold reserves, and at the end of 1995 their share stood at 49 percent compared with a share of 35 per-ccnt in 1990. Virtually all of the increase in the non-gold reserves of developing countries was accounted for by non-oil developing countries, primarily the net debtor countries, as a consequence of private capital inflows into these countries. Countries with debt-servicing problems increased their stock of non-gold reserves by 20 percent during 1995, after a 5 percent decline during 1994. Countries without debt-servicing problems increased their holdings by 25 percent, similar to the rate of increase in previous years of this decade.

    Foreign Exchange Reserves

    Foreign exchange reserves constitute the largest component of non-gold reserves, accounting 90 percent of total non-gold reserves for industrial countries and about 98 percent for developing countries. Total foreign exchange reserves increased by 15 percent during 1995, about twice the rate of increase during 1994. At the end of 1995, these reserves stood at SDR 891 billion. During 1995, the stock of these reserves rose by SDR 46 billion (12 percent) for industrial countries and by SDR 69 billion (18 percent) for developing countries. Among the developing countries, net debtor countries without debt-servicing problems accounted for most of this increase.

    Holdings of Fund-Related Reserve Assets

    Total holdings of Fund-related assets rose by SDR 9 billion during 1995, to SDR 56 billion at the end of the year, after remaining essentially unchanged from 1991 to 1994. Members’ holdings of SDRs increased by SDR 4 billion, and their reserve positions in the Fund increased by SDR 5 billion during 1995, with both industrial and developing countries sharing in this increase.

    The quota increase arising from the Ninth General Review resulted in major changes in the composition of Fund-related reserve assets in 1992 because most members used their holdings of SDRs to pay for the reserve asset portion of the quota increase. Members’ reserve positions at the Fund, which comprise their reserve tranche positions and their creditor positions, rose by SDR 8 billion in 1992. This increase offset a decline of SDR 8 billion in holdings of SDRs, leaving total holdings of Fund-related assets unchanged in 1992.

    Early in 1993, the Fund made a decision to reduce its holdings of SDRs in order to replenish members’ holdings and facilitate their use of SDRs. This policy was implemented by providing SDRs to members in purchases and other transfers and resulted in a decline in the Fund’s holdings of SDRs from SDR 9 billion at the end of 1992 to SDR 1 billion at the end of 1995, Over this period, SDR holdings increased by SDR 5 billion for industrial countries and by SDR 2 billion for developing countries.1 Holdings of SDRs accounted for 35 percent of total holdings of Fund-related assets at the end of 1995.

    Table I.1OFFICIAL HOLDINGS OF RESERVE ASSETS, END OF YEAR 1990-APRIL 19961(In billions of SDRs)
    199019911992199319941995April

    996
    All countries
    Total reserves excluding gold
    Fund-related assets
    Reserve positions in the Fund23.725.933.932.831.736.737.3
    SDRs20.420.612.914.615.819.819.6
    Subtotal, Fund-related assets44.146.446.847.447.556.456.9
    Foreign exchange593.8625.4646.6717.6775.6890.6950.6
    Total reserves excluding gold637.9671.8693.4765.0823.0947.11,007.5
    Gold2
    Quantity (millions of ounces)939.9938.0927.5920.9916.5907.4903.1
    Value at London market price254.1231.9224.8261.9240.6236.1243.7
    Total reserves including gold892.0903.7918.21,026.91,063.71,183.11,251.3
    Industrial countries
    Total reserves excluding gold
    Fund-related assets
    Reserve positions in the Fund20.022.829.528.327.431.632.1
    SDRs17.617.510.511.512.515.014.9
    Subtotal, Fund-related assets37.640.240.039.839.946.647.1
    Foreign exchange376.5360.4356.8373.7393.9439.9475.1
    Total reserves excluding gold414.1400.7396.7413.4433.8486.5522.1
    Gold2
    Quantity (millions of ounces)795.8793.7785.2770.8768.0755.1749.6
    Value at London market price215.4196.2190.3219.2201.6196.5202.3
    Total reserves including gold629.5596.9587.1632.7635.5682.9724.4
    Developing countries
    Total reserves excluding gold
    Fund-related assets
    Reserve positions in the Fund3.83.14.44.54.35.05.2
    SDRs2.73.12.43.23.34.84.6
    Subtotal, Fund-related assets6.56.26.87.77.69.89.8
    Foreign exchange217.3265.0289.8343.9381.7450.8475.6
    Total reserves excluding gold223.8271.2296.6351.6389.2460.6485.4
    Gold2
    Quantity (millions of ounces)143.2144.3142.3150.1148.5152.3153.6
    Value at London market price38.835.734.542.739.039.641.4
    Total reserves including gold262.5306.8331.1394.2428.2500.2526.8
    Net debtors
    Total reserves excluding gold
    Fund-related assets
    Reserve positions in the Fund1.11.32.92.93.03.73.9
    SDRs2.12.41.72.32.43.83.7
    Subtotal, Fund-related assets3.33.74.75.25.47.67.6
    Foreign exchange151.1189.9213.5267.2303.2373.5400.2
    Total reserves excluding gold154.4193.7218.1272.4308.5381.1407.8
    Gold2
    Quantity (millions of ounces)117.0118.1116.1123.8122.3125.4127.4
    Value at London market price31.729.228.135.232.132.834.4
    Total reserves including gold186.0222.9246.3307.7340.6413.9442.2
    Countries without debt-servicing problems
    Total reserves excluding gold
    Fund-related assets
    Reserve positions in the Fund1.11.22.52.42.63.33.5
    SDRs1.51.40.81.21.31.81.9
    Subtotal, Fund-related assets2.52.63.23.73.95.15.3
    Foreign exchange105.6128.7132.6169.4210.7263.5284.7
    Total reserves excluding gold108.1131.3135.9173.1214.5268.6290.0
    Gold 2
    Quantity (millions of ounces)67.969.467.477.476.278.478.7
    Value at London market price18.417.116.322.020.020.421.2
    Total reserves including gold126.5148.5152.2195.1234.5289.0311.2
    Note: Components may not sum to totals because of rounding.Source: International Monetary Fund, International Financial Statistics.

    “Fund-related assets” comprise reserve positions in the Fund and SDR holdings of all Fund members. The entries under “Foreign exchange” and “Gold” comprise official holdings of those Fund members for which data are available and certain other countries or areas.

    One troy ounce equals 31.103 grams. The market price is the afternoon price fixed in London on the last business day of each period.

    Note: Components may not sum to totals because of rounding.Source: International Monetary Fund, International Financial Statistics.

    “Fund-related assets” comprise reserve positions in the Fund and SDR holdings of all Fund members. The entries under “Foreign exchange” and “Gold” comprise official holdings of those Fund members for which data are available and certain other countries or areas.

    One troy ounce equals 31.103 grams. The market price is the afternoon price fixed in London on the last business day of each period.

    Gold

    The stock of official gold reserves valued at market prices fell by 8 percent in 1994 and by a further 2 percent in 1995 and stood at SDR 236 billion at the end of 1995. This pattern reinforced the trend decline in the ratio of gold holdings to total reserves that began in the late 1980s, except for a brief increase in this ratio in 1993. Gold reserves accounted for 29 percent of total reserves at the end of 1990 but only for 20 percent at the end of 1995. The decline in the value of gold holdings in 1995 reflected declines of about 1 percent in both the quantity of gold holdings and in the SDR price of gold. The reduction in gold holdings in 1995 was concentrated in the industrial countries. The share of the total stock of gold reserves held by industrial countries has declined gradually during this decade, from 85 percent in 1990 to 83 percent in 1995.

    Developments in the First Quarter of 1996

    In the first quarter of 1996, total international reserves increased by SDR 68 billion. Total non-gold reserves increased by SDR 60 billion, with virtually all of this increase coining from an increase in foreign exchange reserves, while Fund-related assets remained essentially unchanged. Foreign exchange reserves rose by about 8 percent for industrial countries and also for the group of net debtor developing countries without debrscrvicing problems. Gold holdings increased by SDR 8 billion, reflecting a 4 percent increase in the SDR price of gold.

    Currency Composition of Reserves

    During the past ten years there has been little change in the degree of diversification in the currency composition of foreign exchange reserves. The figures in Table I.2 show that the U.S. dollar remains the dominant international currency.2

    Although the share of U.S. dollars in total foreign exchange reserves declined from 1987 through 1990, this pattern was subsequently reversed, and the U.S. dollar share at the end of 1995 was 57 percent. The shares of the deutsche mark and the Japanese yen mirrored this pattern, with their shares peaking in 1989 and 1991, respectively, and then declining gradually to a combined share of 21 percent in 1995.

    At the end of 1995, the U.S. dollar share of industrial country reserves stood at 53 percent, with deutsche mark and Japanese yen holdings accounting for an additional 23 percent. Part of the recent increase in the U.S. dollar share of foreign exchange reserves of industrial countries may reflect central bank intervention to support the dollar, particularly in 1995. Developing country reserves continued to be relatively less diversified across currencies, with a U.S. dollar share of 61 percent and the deutsche mark and the Japanese yen together accounting for 19 percent.

    The share of European currency units (ECUs) in total foreign exchange reserves fell from 14 percent in 1987 to 7 percent in 1995. Among other identifiable currency reserves, the shares of the pound sterling and the French franc have increased over the past decade, while the shares of the Swiss franc and the Netherlands guilder have declined. The “unspecified currency” component of foreign exchange reserves continued to increase and accounted for 10 percent of foreign exchange reserves in 1995, indicating that the evolution of currency shares discussed above should be interpreted with some caution.3

    In the calculation of currency shares in Table I.2, the ECU is treated as a separate currency. Official ECU reserves are in the form of claims both on the private sector and the European Monetary Institute (EMI). The ECU reserves that represent claims on the EMI are issued in exchange for deposits equal to 20 percent of both gold and dollar reserves. These swaps are renewed every three months, and changes in members’ holdings of dollars and gold, as well as changes in the market price of gold and in the foreign exchange value of the dollar, affect the amount of ECUs outstanding.4 Quantity changes in ECU holdings therefore depend in pan on the evolution of the two components of the EMI swap. 5 The other component of ECU foreign exchange reserves is official claims on the private sector, usually in the form of ECU deposits and bonds.

    Table I.2SHARE OF CURRENCIES IN TOTAL IDENTIFIED OFFICIAL HOLDINGS OF FOREIGN EXCHANGE, END OF YEAR 1987-951(In percent)
    198719881989199019911992199319941995Memorandum:

    ECU-Dollar

    Swaps

    Included

    with Dollars 2

    1995
    All countries
    U.S. dollar56.055.351.950.350.955.156.255.956.461.5
    Pound sterling2.22.52.63.23.43.23.13.53.43.5
    Deutsche mark13.414.518.017.415.713.514.114.313.714.2
    French franc0.81.01.42.32.82.42.22.11.81.9
    Swiss franc1.81.81.41.31.21.11.21.00.90.9
    Netherlands guilder1.21.01.11.01.10.60.60.50.40.5
    Japanese yen7.07.17.38.28.77.88.08.27.17.4
    ECU14.211.710.59.610.010.18.37.86.5
    Unspecified currencies 33.45.15.76.76.26.16.26.69.710.1
    Industrial countries
    U.S. dollar54.854.548.445.743.849.050.551.252.862.5
    Pound sterling1.01.31.21.71.82.32.22.32.12.2
    Deutsche mark14.115.520.619.818.315.016.416.415.716.9
    French franc0.30.71.12.33.02.72.52.12.12.3
    Swiss franc1.51.51.10.90.80.40.30.20.10.2
    Netherlands guilder1.11.01.11.11.10.40.40.20.20.2
    Japanese yen6.36.47.58.89.77.67.98.36.97.4
    ECU19.916.215.013.815.816.514.714.112.3
    Unspecified currencies31.03.04.05.85.76.15.25.37.88.4
    Developing countries
    U.S. dollar59.157.560.560.663.364.663.861.860.560.5
    Pound sterling5.45.75.86.66.24.64.44.94.94.9
    Deutsche mark11.511.911.711.911.011.211.111.811.411.4
    French franc2.02.02.12.32.31.91.82.11.51.5
    Swiss franc2.72.42.22.12.12.22.42.01.81.8
    Netherlands guilder1.31.11.00.91.01.01.00.90.80.8
    Japanese yen8.68.96.96.97.08.38.18.27.37.3
    ECU
    Unspecified currencies 49.510.59.98.87.16.37.68.311.811.8
    Note: Components may not sum to total because of rounding.

    Note that European currency units (ECUs) are treated as a separate currency except in the last column. Only Fund member countries that report their official holdings of foreign exchange are included in this table.

    This column is for comparison and indicates the currency composition of reserves when ECUs issued against dollars are assumed to be dollars and all other ECUs are ignored.

    The residual is equal to the difference between total foreign exchange reserves of Fund member countries and the sum of the reserves held in the currencies listed in the table.

    The calculations here rely to a greater extent on Fund staff estimates than do those provided for the group of industrial countries.

    Note: Components may not sum to total because of rounding.

    Note that European currency units (ECUs) are treated as a separate currency except in the last column. Only Fund member countries that report their official holdings of foreign exchange are included in this table.

    This column is for comparison and indicates the currency composition of reserves when ECUs issued against dollars are assumed to be dollars and all other ECUs are ignored.

    The residual is equal to the difference between total foreign exchange reserves of Fund member countries and the sum of the reserves held in the currencies listed in the table.

    The calculations here rely to a greater extent on Fund staff estimates than do those provided for the group of industrial countries.

    Table I.3CURRENCY COMPOSITION OF OFFICIAL HOLDINGS OF FOREIGN EXCHANGE, END OF YEAR 1987-951(In millions of SDRs)
    198719881989199019911992199319941995
    U.S. dollar
    Change in holdings38,34718,21811,21218,53216,18933,95546,12629,28869,706
    Quantity change70,5515,8775,58039,21518,56621,88544,74352,42174,397
    Price change–32,20412,3405,632–20,683–2,37712,0701,382–23,133–4,691
    Year-end value224,941243,158254,370272,902289,091323,046369,172398,460468,166
    Pound sterling
    Change in holdings1,5712,2521,4594,6342,182–6021,7564,1173,522
    Quantity change8432,0632,6383,0982,7353,1112,1014,2634,115
    Price change728189–1,1791,536–553–3,712–344–146–593
    Year-end value8,91811,17012,62917,26419,44618,84420,60124,71828,240
    Deutsche mark
    Change in holdings11,6959,89624,2076,555–5,607–9,61813,5439,17811,701
    Quantity change8,81013,63817,7341,927–3,526–7,94018,9964,8215,524
    Price change2,885–3,7426,4734,628–2,082–1,677–5,4524,3576,177
    Year-end value53,80963,70687,91394,46888,86079,24392,786101,964113,665
    French franc
    Change in holdings6681,2412,5155,4743,194–1,571141667122
    Quantity change5501,5362,0465,0973,212–1,379812244–952
    Price change118–295468377–19–192–6714241,074
    Year-end value3,2764,5177,03212,50615,70014,12914,26914,93715,059
    Swiss franc
    Change in holdings1,356570–790–15–1–3551,375–918477
    Quantity change7101,335–778–698370–1671,470–1,384–318
    Price change646–765–12684–371–188–95466795
    Year-end value7,2187,7886,9986,9836,9826,6278,0027,0837,561
    Netherlands guilder
    Change in holdings1,428–253839387338–2,235398–45515
    Quantity change1,17161489147419–2,240665–651–212
    Price change257–314350240–814–267197226
    Year-end value4,6734,4205,2585,6465,9843,7494,1473,6933,707
    Japanese yen
    Change in holdings4,9673,1524,6938,7284,981–3,4606,2396,377146
    Quantity change2,3432,1278,7328,9641,759–5,5521,5223,6303,237
    Price change2,6231,025–4,039–2363,2222,0924,7172,747–3,091
    Year-end value27,95631,10835,80144,52949,51046,05052,28958,66658,812
    European currency unit
    Change in holdings16,521–5,9853644924,8392,031–4,225769–1,250
    Quantity change14,049–3,296–1,878–2,1075,7396,306–18–1,150–3,858
    Price change2,472–2,6892,2422,600–900–4,275–4,2071,9202,607
    Year-end value57,24151,25751,62152,11356,95258,98354,75855,52754,277
    Sum of the above2
    Change in holdings76,55329,09144,49944,78926,11418,14665,35349,02484,438
    Quantity change99,02723,34234,56355,64329,27414,02470,29162,19381,933
    Price change–22,4745,7509,936–10,854–3,1604,122–4,937–13,1692,505
    Year-end value388,032417,123461,622506,411532,525550,671616,024665,048749,486
    Total official holdings3
    Change in holdings92,06038,49950,96848,41731,60421,22071,00458,011114,987
    Year-end value455,898494,398545,366593,782625,386646,607717,611775,611890,609
    Note: Components may not sum to totals because of rounding.

    The currency composition of foreign exchange is based on the Fund’s currency survey and on estimates derived mainly, but not solely, from official national reports. The numbers in this table should be regarded as estimates that are subject to adjustment as more information is received. Quantity changes are derived by multiplying the changes in official holdings of each currency from the end of one quarter to the next by the average of the two SDR prices of that currency prevailing at the corresponding dates. This procedure converts the change in the quantity of national currency from own units to SDR units of account. Subtracting the SDR value of the quantity change so derived from the quarterly change in the SDR value of foreign exchange held at the end of two successive quarters and cumulating these differences yields the effect of price changes over the years shown.

    Each item represents the sum of the eight currencies above.

    Includes a residual whose currency composition could not be ascertained, as well as holdings of currencies other than those shown.

    Note: Components may not sum to totals because of rounding.

    The currency composition of foreign exchange is based on the Fund’s currency survey and on estimates derived mainly, but not solely, from official national reports. The numbers in this table should be regarded as estimates that are subject to adjustment as more information is received. Quantity changes are derived by multiplying the changes in official holdings of each currency from the end of one quarter to the next by the average of the two SDR prices of that currency prevailing at the corresponding dates. This procedure converts the change in the quantity of national currency from own units to SDR units of account. Subtracting the SDR value of the quantity change so derived from the quarterly change in the SDR value of foreign exchange held at the end of two successive quarters and cumulating these differences yields the effect of price changes over the years shown.

    Each item represents the sum of the eight currencies above.

    Includes a residual whose currency composition could not be ascertained, as well as holdings of currencies other than those shown.

    ECUs, which are held mostly by European countries, reached 20 percent of industrial country reserves in the mid-1980s. The share of ECUs then gradually declined from 17 percent in 1992 to 12 percent by the end of 1995. Most of the recent fall in the share of ECUs is a result of the decline in official ECU reserves in the form of claims on the private sector, If the SDR value of ECU swaps issued against dollars is counted as part of the dollar component of foreign exchange reserves (last column of Table 1.2), the overall picture of the trend in the currency composition of foreign exchange reserves is similar, although the U.S. dollar share is then about 10 percentage points higher for the industrial countries.

    Changes in the SDR value of foreign exchange reserves can be decomposed into quantity and valuation (price) changes for each of the major currencies as well as the ECU. This decomposition is presented in Table 1.3. In 1995, total official holdings of reserves in the major identifiable currencies increased by SDR 84 billion, almost entirely reflecting an increase of SDR 82 billion in the quantity of reserves.

    Official reserves held in U.S. dollars increased by SDR 70 billion in 1995, reflecting a substantial increase in the quantity of dollars held as reserves and mildly tempered by a 2 percent decline in the SDR value of the U.S. dollar. Of the major reserve currencies, the deutsche mark was the only reserve asset that experienced both quantity and valuation increases in 1995. Official reserves held in Japanese yen remained unchanged, since an increase of SDR 3 billion in the quantity of official yen reserves was almost fully offset by a valuation decline owing to the 5 percent fall in the SDR value of the yen during 1995. Despite an increase in the SDR price of the ECU, the value of reserves held in ECUs declined by SDR 1 billion because of a decline in the quantity of ECU reserves.

    Appendix II

    Financial Operations and Transactions of the Fund

    The tables in this appendix supplement the information given in the section on the Fund’s financial operations and policies.

    Table II.1ARRANGEMENTS APPROVED DURING FINANCIAL YEARS ENDED APRIL 30, 1953–96
    FinancialNumber of ArrangementsAmounts Committed Under Arrangements

    (in millions of SDRs)
    YearStand-byEFFSAFESAFTotalStand-byEFFSAFESAFTotal
    1953225555
    1954226363
    1955224040
    1956224848
    1957991,1621,162
    195811111,0441,044
    195915151,0571,057
    19601414364364
    19611515460460
    196224241,6331,633
    196319191,5311,531
    196419192,1602,160
    196524242,1592,159
    19662424575575
    19672525591591
    196832322,3522,352
    19692626541541
    197023232,3812,381
    19711818502502
    19721313314314
    19731313322322
    197415151,3941,394
    19751414390390
    1976182201,1882841,472
    1977191204,6805185,198
    197818181,2851,285
    1979144185081,0931,600
    1980244282,4797973,277
    19812111325,1985,22110,419
    1982195243,1067,90811,014
    1983274315,4508,67114,121
    1984252274,287954,382
    198524243,2183,218
    1986181192,1238252,948
    19872210324,1183584,476
    198814115301,7022456702,617
    198912147242,9562074279554,545
    199016334263,2497,6273741511,328
    199113223202,7862,338154545,593
    199221215295,5872,49327438,826
    199311318231,9711,242495273,789
    199418217281,381779271,1703,357
    1995173113113,0552,3351,19716,587
    199619418329,6458,3811821,47619,684
    Table II.2ARRANGEMENTS IN EFFECT AT END OF FINANCIAL YEARS ENDED APRIL 30, 1953–96
    FinancialNumber of Arrangements

    as of April 30
    Amounts Committed Under Arrangements

    as of April 30

    (in millions of SDRs)
    YearStand-byEFFSAFESAFTotalStand-byEFFSAFESAETotal
    1953225555
    195433113113
    195533113113
    1956339898
    1957991,1951,195
    195899968968
    195911111,0131,013
    19601212351351
    19611212416416
    196221212,1292,129
    196317171,5201,520
    196419192,1602,160
    196523232,1542,154
    19662424575575
    19672525591591
    196831312,2272,227
    19692525538538
    197023232,3812,381
    19711818502502
    19721313314314
    19731212282282
    197415151,3941,394
    19751212337337
    1976172191,1592841,443
    1977173204,6738025,475
    1978193225,0758025,877
    1979155201,0331,6112,643
    1980227292,3401,4633,803
    19812215375,3315,46410,795
    19822312356,2969,91016,206
    1983309399,46415,56125,025
    1984305355,44813,12118,569
    1985273303,9257,75011,675
    1986242264,0768314,907
    198723110344,3137503275,391
    198818225452,1879951,3574,540
    1989142237463,0541,0321,5669556,608
    19901941711513,5977,8341,1101,37013,911
    19911451214452,7039,5975391,81314,652
    1992227816534,83312,1591012,11119,203
    1993156420454,4908,569832,13715,279
    1994166322471,1314,504802,7138,428
    19951991275613,1906,840493,30623,385
    19962171285714,9639,3901823,38327,918
    Table II.3STAND-BY ARRANGEMENTS IN EFFECT DURING FINANCIAL YEAR ENDED APRIL 30, 1996(In millions of SDRs)
    Undisbursed Balance
    Arrangement DatesAmounts ApprovedOf current
    MemberEffective

    date
    Expiration

    date
    Through

    April 30, 1995
    In 1995/96At date of

    termination
    arrangements

    at April 30, 1996
    Algeria 15/27/945/22/9545772
    Argentina4/12/961/11/98720642
    Armenia 26/28/952/14/964430
    Azerbaijan11/17/9511/16/965937
    Belarus9/12/959/11/96196146
    Cameroon3/14/949/13/958159
    Cameroon9/27/959/26/966839
    Congo5/27/945/26/952311
    Costa Rica11/29/952/28/975252
    Croatia10/14/944/13/966552
    Djibouti4/15/966/14/9752
    Ecuador 35/11/9412/11/9517475
    El Salvador7/21/959/20/963838
    Estonia4/11/957/10/961414
    Georgia 46/28/952/28/967250
    Haiti3/8/953/7/96204
    Hungary3/15/962/14/98264264
    Kazakstan 51/26/945/31/9512450
    Kazakstan6/5/956/4/9618646
    Latvia4/21/955/20/962727
    Lesotho 69/23/947/31/9588
    Lesotho7/31/957/30/9677
    Macedonia, former Yugoslav Republic of5/5/956/4/96225
    Malawi11/16/946/30/95152
    Mexico 72/1/958/15/965,2606,8103,312
    Moldova3/22/953/21/965926
    Pakistan12/13/953/31/97402214
    Panama 811/29/953/31/978455
    Papua New Guinea7/14/951/13/977138
    Poland 98/5/943/4/9633350
    Romania 105/11/944/24/97132189226
    Russia 114/11/953/26/964,313
    Slovak Republic7/22/943/21/9611684
    Turkey 127/8/943/7/96611150
    Ukraine4/7/954/6/96997459
    Uruguay3/1/963/31/97100100
    Uzbekistan12/18/953/17/97125119
    Yemen3/20/966/19/9713282
    Total12,8309,6451,1825,467

    Canceled prior to original expiration date of May 26, 1995; replaced by EFF arrangement.

    Canceled prior to original expiration date of June 27, 1996; replaced by ESAF arrangement.

    Canceled prior to original expiration date of March 31, 1996. Includes augmentation of SDR 44 million in support of debt- and debt-service-reduction (DDSR) operations.

    Canceled prior to original expiration date of June 27, 1996; replaced by ESAF arrangement.

    Extended from original expiration date of January 25, 1995.

    Canceled prior to original expiration date of September 22, 1995.

    Increased by SDR 6,810 million in 1995/96.

    Augmented by SDR 14.5 million for DDSR.

    Augmented by SDR 148 million for DDSR and then reduced from original amount of SDR 693 million.

    Extended from original expiration date of December 10, 1995. Increased by SDR 189 million in 1995/96.

    Canceled prior to original expiration date of April 10, 1996.

    Increased from original amount of SDR 509 million and extended from original expiration date of September 7, 1995.

    Canceled prior to original expiration date of May 26, 1995; replaced by EFF arrangement.

    Canceled prior to original expiration date of June 27, 1996; replaced by ESAF arrangement.

    Canceled prior to original expiration date of March 31, 1996. Includes augmentation of SDR 44 million in support of debt- and debt-service-reduction (DDSR) operations.

    Canceled prior to original expiration date of June 27, 1996; replaced by ESAF arrangement.

    Extended from original expiration date of January 25, 1995.

    Canceled prior to original expiration date of September 22, 1995.

    Increased by SDR 6,810 million in 1995/96.

    Augmented by SDR 14.5 million for DDSR.

    Augmented by SDR 148 million for DDSR and then reduced from original amount of SDR 693 million.

    Extended from original expiration date of December 10, 1995. Increased by SDR 189 million in 1995/96.

    Canceled prior to original expiration date of April 10, 1996.

    Increased from original amount of SDR 509 million and extended from original expiration date of September 7, 1995.

    Table II.4EXTENDED FUND FACILITY ARRANGEMENTS IN EFFECT DURING FINANCIAL YEAR ENDED APRIL 30, 1996(In millions of SDRs)
    Undisbursed Balance
    Arrangement DatesAmounts ApprovedOf current
    MemberEffective

    date
    Expiration

    date
    Through

    April 30, 1995
    In 1995/96At date of

    termination
    arrangements

    at April 30, 1996
    Algeria5/22/955/21/981,169760
    Argentina 13/31/923/30/964,020
    Egypt9/20/939/19/96400400
    Gabon11/8/9511/7/9811088
    Jamaica12/11/923/16/9610922
    Jordan 25/25/942/9/9618959
    Jordan2/9/962/8/99201176
    Lithuania10/24/9410/23/9713572
    Pakistan 32/22/9412/13/95379256
    Peru3/18/933/17/961,018375
    Philippines6/24/946/23/97475438
    Russia3/26/963/25/996,9016,667
    Zimbabwe9/11/929/10/9511528
    Total6,8408,3817408,602

    Amount approved includes augmentation of SDR 334 million for debt-and debt-service-reduction operations and fourth year of SDR 1,537 million.

    Amount approved includes increases of SDR 25 million (in September 1994) and SDR 37 million (in February 1995). Canceled prior to original expiration date of May 24, 1997, and replaced by new EFF arrangement.

    Canceled prior to original expiration date of February 21, 1997; replaced by stand-by arrangement.

    Amount approved includes augmentation of SDR 334 million for debt-and debt-service-reduction operations and fourth year of SDR 1,537 million.

    Amount approved includes increases of SDR 25 million (in September 1994) and SDR 37 million (in February 1995). Canceled prior to original expiration date of May 24, 1997, and replaced by new EFF arrangement.

    Canceled prior to original expiration date of February 21, 1997; replaced by stand-by arrangement.

    Table II.5ARRANGEMENTS UNDER THE STRUCTURAL ADJUSTMENT FACILITY THROUGH FINANCIAL YEAR ENDED APRIL 30, 1996(In millions of SDRs)
    MemberDate of

    Approval
    Amounts Approved

    and Disbursed

    Through

    April 30, 1996
    Undisbursed Balance

    at Expiration/

    Replacement
    Bangladesh2/6/87201
    Benin6/16/89166 1
    Bolivia12/15/861845 1
    Burkina Faso3/13/91616 1
    Burundi8/8/8630
    Central African Republic6/1/8721
    Chad10/30/8721
    Comoros6/21/9121
    Dominica11/26/863
    Equatorial Guinea12/7/8894 1
    Ethiopia10/28/9249
    Gambia, The9/17/8693 1
    Ghana11/6/8741102 1
    Guinea7/29/872912
    Guinea-Bissau10/14/8742
    Haiti12/17/86922
    Kenya2/1/882871 1
    Lao People’s Democratic Republic9/18/8921
    Lesotho6/29/8811
    Madagascar8/31/871333 1
    Mali8/5/882510 1
    Mauritania9/22/86177 1
    Mozambique6/8/8743
    Nepal10/14/8726
    Niger11/17/86177 1
    Pakistan12/28/88382
    Rwanda4/24/91922
    São Tomé and Príncipe6/2/8912
    Senegal11/10/864317 1
    Sierra Leone11/14/861229
    Sierra Leone3/28/9427
    Somalia6/29/87922
    Sri Lanka3/9/88156
    Tanzania10/30/8775
    Togo3/16/88819 1
    Uganda6/15/875020 1
    Zaire5/15/8714658
    Zambia12/6/95182
    Total1,767530

    Undisbursed balance of SAF arrangement converted to ESAF arrangement.

    Undisbursed balance of SAF arrangement converted to ESAF arrangement.

    Table II.6ARRANGEMENTS UNDER THE ENHANCED STRUCTURAL ADJUSTMENT FACILITY THROUGH FINANCIAL YEAR ENDED APRIL 30, 1996(In millions of SDRs)
    Arrangement Dates 1ApprovedDisbursementsUndisbursed
    MemberDate of

    approval
    Expiration

    date
    Through

    April 30, 1995
    Approved

    in 1995/96
    Through

    April 30, 1996 2
    Balance

    at April 30, 1996
    Albania7/14/937/13/96423111
    Armenia2/14/962/13/991011784
    Bangladesh 38/10/909/13/93345345
    Benin 31/25/935/21/965252
    Bolivia 37/27/885/31/94163163
    Bolivia12/19/9412/18/971015050
    Burkina Faso 33/31/935/30/96494449
    Burundi 411/13/9111/12/944319
    Cambodia5/6/945/5/97844242
    Chad9/1/958/31/9850841
    Côte d’Ivoire3/11/943/10/9733323895
    Equatorial Guinea 42/3/932/2/96135
    Gambia, The11/23/8811/25/912121
    Georgia2/28/962/27/9916728139
    Ghana 311/9/883/5/92389389
    Ghana6/30/956/29/9816427137
    Guinea11/6/9112/19/96584612
    Guinea-Bissau1/18/951/17/98928
    Guyana 37/13/9012/20/938282
    Guyana7/20/947/19/97542727
    Honduras 37/24/927/24/97473414
    Kenya 3, 55/15/8912/21/94261261
    Kenya4/26/964/25/99150150
    Kyrgyz Republic 37/20/947/19/9771174048
    Lao People’s Democratic Republic6/4/936/3/96352312
    Lesotho5/22/918/1/941818
    Madagascar 45/15/895/14/927751
    Malawi 37/15/883/31/946767
    Malawi10/18/9510/17/9846838
    Mali 38/28/924/10/967979
    Mali4/10/964/9/99621052
    Mauritania 55/24/891/25/955151
    Mauritania1/25/951/24/98432121
    Mongolia6/25/936/24/96413011
    Mozambique 3,46/1/9012/31/95130115
    Nepal 410/5/9210/4/953417
    Nicaragua6/24/946/23/9712020100
    Niger 412/12/8812/11/914724
    Pakistan 62/22/9412/13/95607202
    Senegal11/21/886/2/92145145
    Senegal8/29/948/28/971317159
    Sierra Leone 33/28/943/27/9789138220
    Sri Lanka 49/13/917/31/95336280
    Tanzania 47/29/917/28/9418286
    Togo 45/31/895/19/934638
    Togo9/16/949/15/97653333
    Uganda 34/17/896/30/94219219
    Uganda9/6/949/5/971215467
    Vietnam11/11/9411/10/97362181181
    Zambia12/6/9512/5/9870265250
    Zimbabwe 49/11/929/10/95201152
    Total5,4611,4764,6991,512

    Expiration date is for the three-year commitment, or the third or fourth annual arrangement, if applicable.

    ESAF Trust portion of SDR 4,228 million financed with drawings under the following ESAF borrowing agreements: Export-Import Bank of Japan (SDR 1,902 million); Caisse Francaise de Developpement-France (SDR 700 million); Kreditanstalt fur Wiederaufbau-Germany (SDR 530 million); Bank of Spain (SDR 216 million); Swiss Confederation (SDR 200 million); Ufficio Italiano dei Cambi (SDR 313 million); Canada (SDR 229 million); Bank of Norway (SDR 75 million); and Bank of Korea (SDR 64 million. Drawings were also made under the associated borrowing agreement with the Saudi Fund for Development (SDR 50 million). The remaining SDR 421 million was financed by SAF resources used under ESAF arrangements.

    Commitment amount was increased.

    The arrangement expired with partial disbursements. The total undisbursed amount for expired arrangements with Burundi, Equatorial Guinea, Madagascar, Mozambique, Nepal, Niger, Sri lanka, Tanzania, Togo, and Zimbabwe is SDR 321 million.

    The three-year arrangement expired with an undisbursed balance for which a successor two-year arrangement was approved.

    The three-year arrangement was canceled with an undisbursed balance of SDR 404 million; it was replaced by a 16-month stand-by arrangement.

    Expiration date is for the three-year commitment, or the third or fourth annual arrangement, if applicable.

    ESAF Trust portion of SDR 4,228 million financed with drawings under the following ESAF borrowing agreements: Export-Import Bank of Japan (SDR 1,902 million); Caisse Francaise de Developpement-France (SDR 700 million); Kreditanstalt fur Wiederaufbau-Germany (SDR 530 million); Bank of Spain (SDR 216 million); Swiss Confederation (SDR 200 million); Ufficio Italiano dei Cambi (SDR 313 million); Canada (SDR 229 million); Bank of Norway (SDR 75 million); and Bank of Korea (SDR 64 million. Drawings were also made under the associated borrowing agreement with the Saudi Fund for Development (SDR 50 million). The remaining SDR 421 million was financed by SAF resources used under ESAF arrangements.

    Commitment amount was increased.

    The arrangement expired with partial disbursements. The total undisbursed amount for expired arrangements with Burundi, Equatorial Guinea, Madagascar, Mozambique, Nepal, Niger, Sri lanka, Tanzania, Togo, and Zimbabwe is SDR 321 million.

    The three-year arrangement expired with an undisbursed balance for which a successor two-year arrangement was approved.

    The three-year arrangement was canceled with an undisbursed balance of SDR 404 million; it was replaced by a 16-month stand-by arrangement.

    Table II.7SUMMARY OF DISBURSEMENTS, REPURCHASES, AND REPAYMENTS, FINANCIAL YEARS ENDED APRIL 30, 1948–96(In millions of SDRs)
    DisbursementsRepurchases and RepaymentsTotal Fund

    Credit

    Outstanding
    Financial

    Year
    Purchases 1Trust Fund

    loans
    SAF

    loans
    ESAF

    loans 2
    TotalRepurchasesTrust Fund

    repayments
    SAF/ESAF

    repayments
    Total
    1948606606133
    1949119119193
    195051522424204
    195128281919176
    195246463737214
    19536666185185178
    1954231231145145132
    1955484927627655
    1956383927227672
    19571,1141,1147575611
    195866666687871,027
    1959264264537537898
    1960166166522522330
    1961577577659659552
    19622,2432,2431,2601,2601,023
    19635805808078071,059
    1964626626380380952
    19651,8971,8975175171,480
    19662,8172,8174064063,039
    19671,0611,0613403402,945
    19681,3481,3481,1161,1162,463
    19692,8392,8391,5421,5423,299
    19702,9962,9961,6711,6714,020
    19711,1671,1671,6571,6572,556
    19722,0282,0283,1223,122840
    19731,1751,175540540998
    19741,0581,0586726721,085
    19755,1025,1025185184,869
    19766,5916,5919609609,760
    19774,910324,94286886813,687
    19782,5032682,7714,4854,48512,366
    19793,7206704,3904,8594,8599,843
    19802,4339623,3953,7763,7769,967
    19814,8601,0605,9202,8532,85312,536
    19828,0418,0412,0102,01017,793
    198311,39211,3921,555181,57426,563
    198411,51811,5182,0181112,12934,603
    19856,2896,2892,7302122,94337,622
    19864,1014,1014,2894134,70236,877
    19873,6851393,8246,1695796,74933,443
    19884,1534454,5977,9355288,46329,543
    19892,5412902643,0956,2584476,70525,520
    19904,5034194085,3296,0423566,39824,388
    19916,955844917,5305,4401685,60825,603
    19925,3081254835,9164,76814,77026,736
    19938,465205739,0584,083364,11928,496
    19945,325506125,9874,348521124,51329,889
    199510,6151457311,1753,98442444,23136,837
    199610,8701821,29512,3476,69873957,10042,040

    Includes reserve tranche purchases.

    ESAF loans include SDR 421 million of SAF resources disbursed under ESAF arrangements.

    Includes reserve tranche purchases.

    ESAF loans include SDR 421 million of SAF resources disbursed under ESAF arrangements.

    Table II.8PURCHASES FROM THE FUND, FINANCIAL YEAR ENDED APRIL 30, 1996(In millions of SDRs)
    MemberReserve

    Tranche
    Stand-By/

    Credit

    Tranche 1
    Extended

    Fund Facility
    Compensatory

    and Contingency

    Financing Facility
    Systemic

    Transformation

    Facility
    Total

    Purchases
    Algeria410410
    Argentina78*769/847
    Armenia141730
    Azerbaijan222951
    Belarus5050
    Bosnia and Herzegovina113041
    Cameroon2828
    Djibouti33
    Gabon2222
    Georgia222850
    Haiti11
    Jordan7979
    Kazakstan139139
    Lithuaina4141
    Macedonia, former Yugoslav Republic of171230
    Mexico3,4983,498
    Moldova2626
    Pakistan188188
    Panama2929
    Papua New Guinea3333
    Romania3838
    Russia3,5942343,828
    Rwanda10919
    Turkey150150
    Ukraine459459
    Uzbekistan65056
    Yemen5050
    Zambia23652675
    Total449,1271,554913610,870

    Includes outright purchases by Bosnia and Herzegovina (for emergency assistance) and by Zambia.

    Includes outright purchases by Bosnia and Herzegovina (for emergency assistance) and by Zambia.

    Table II.9REPURCHASES FROM THE FUND, FINANCIAL YEAR ENDED APRIL 30, 1996(In millions of SDRs)
    MemberStand-By/

    Credit

    Tranche
    Extended

    Fund

    Facility
    Compensatory and

    Contingency Financing

    Facility
    Total

    Repurchases
    Albania22
    Algeria113113
    Argentina329329
    Barbados61117
    Bosnia and Herzegovina 11919
    Brazil4848
    Bulgaria16128190
    Cameroon44
    Chile 2176176
    Congo11
    Costa Rica131730
    Côte d’Ivoire43649
    Croatia33
    Dominican Republic52227
    Ecuador1616
    Egypt7474
    Estonia33
    Gabon102232
    Ghana1111
    Guyana1111
    Honduras82230
    Hungary 28129990469
    India412586999
    Israel8989
    Jamaica491866
    Jordan99
    Latvia53
    Lithuania44
    Macedonia, former Yugoslav Republic of11
    Mexico710710
    Mongolia77
    Morocco5050
    Nicaragua99
    Pakistan246185
    Panama161835
    Papua New Guinea55
    Philippines8639139264
    Poland 2640640
    Romania20076276
    Russia9090
    Slovak Republic6760127
    Slovenia22
    Sudan 135917
    Togo11
    Trinidad and Tobago2323
    Tunisia1313
    Uruguay99
    Venezuela304304
    Yugoslavia, Federal Republic of (Serbia/Montenegro) 311
    Zaïre 1639
    Zambia 18811691461,196
    Total3,5441,7271,4286,698

    Settlements of overdue repurchases amount to SDR 18 million for Bosnia and Herzegovina, SDR 17 million for Sudan, SDR 6 million for Zaïre, and SDR 542 million for Zambia.

    Voluntary advance repurchases were made by Chile (SDR 142 million), Hungary (SDR 392 million), and Poland (SDR 640 million).

    The Federal Republic of Yugoslavia (Serbia/Montenegro) has not yet completed arrangements for succession to the membership in the Fund of the former Socialist Federal Republic of Yugoslavia.

    Settlements of overdue repurchases amount to SDR 18 million for Bosnia and Herzegovina, SDR 17 million for Sudan, SDR 6 million for Zaïre, and SDR 542 million for Zambia.

    Voluntary advance repurchases were made by Chile (SDR 142 million), Hungary (SDR 392 million), and Poland (SDR 640 million).

    The Federal Republic of Yugoslavia (Serbia/Montenegro) has not yet completed arrangements for succession to the membership in the Fund of the former Socialist Federal Republic of Yugoslavia.

    Table II.10OUTSTANDING FUND CREDIT BY FACILITY AND POLICY, AT END OF FINANCIAL YEARS ENDED APRIL 30, 1990–96(In millions of SDRs and percent of total)
    1990199119921993199419951996
    In millions of SDRs
    Stand-by arrangements 19,9939,3239,46910,5789,48515,11720,700
    Extended arrangements8,2828,4408,6419,8499,56610,1559,982
    Compensatory and contingency financing facility3,8235,1425,3224,2083,7563,0211,602
    Systemic transformation facility2,7253,8483,984
    Subtotal (GRA)22,09822,90623,43224,63525,53232,14036,268
    SAF arrangements1,2931,3771,5001,4841,4401,2771,208
    ESAF arrangements 26721,1631,6462,2192,8123,3184,469
    Trust Fund32615815815810510295
    Total24,38825,60326,73628,49529,88936,83742,040
    In percent of total
    Stand-by arrangements 141363537324149
    Extended arrangements34333234322824
    Compensatory and contingency
    financing facility152020151284
    Systemic transformation facility9109
    Subtotal (GRA)91898786858786
    SAF arrangements5565533
    ESAF arrangements 235689911
    Trust Fund1111333
    Total100100100100100100100

    Includes outstanding first credit tranche and emergency purchases.

    Includes outstanding associated loans from the Saudi Fund for Development.

    Less than ½ of 1 percent of total.

    Includes outstanding first credit tranche and emergency purchases.

    Includes outstanding associated loans from the Saudi Fund for Development.

    Less than ½ of 1 percent of total.

    Table II.11ENHANCED STRUCTURAL ADJUSTMENT FACILITY, ESTIMATED VALUE OF CONTRIBUTIONS (COMMITMENTS AS OF APRIL 30, 1996)(In millions of SDRs)
    Subsidies (Grant or Grant Equivalent) 1Loans 2
    ContributorPrior to

    enlargement
    For

    enlargement 3
    TotalPrior to

    enlargement
    For

    enlargement 3
    Argentina3131
    Australia1515
    Austria432265
    Bangladesh11
    Belgium8547132
    Botswana33
    Canada13062193300200
    Chile55
    China1313100
    Colombia66
    Czech Republic1212
    Denmark492777
    Egypt1212100
    Finland4141
    France282250532800750
    Germany199199700700
    Greece251641
    Iceland314
    India1111
    Indonesia66
    Iran22
    Ireland66
    Italy15041192370210
    Japan4422647062,2002,150
    Korea508596528
    Luxembourg5712
    Malaysia351651
    Malta112
    Mexico3535
    Morocco88
    Netherlands8257138
    Norway2914439060
    Pakistan44
    Portugal66
    Singapore231639
    Spain343421667
    Sweden12952181
    Switzerland5846104200152
    Thailand131630
    Tunisia22
    Turkey99
    United Kingdom34078418
    United States14169210
    Uruguay22
    Other1616
    Saudi Arabia84 484 4200 4
    Subtotal (bilateral)2,422 51,3513,7735,1414,516
    OPEC Fund35 6
    SDA 7591591
    Total2,422 51,9424,3645,1414,551

    The amounts reported for grant contributions are the “as needed” equivalent of the resources committed, or implicit in loans or deposits at concessional interest rates. The calculations are based on actual interest rates through April 30, 1996 and an assumed rate of 6.0 percent a year thereafter. Grants committed in local currency are valued at April 30, 1996 exchange rates.

    Loan contributions are provided either at concessional interest rates or on the basis of weighted averages of market interest rates in the five currencies comprising the SDR basket.

    Some of the contributions listed are subject to parliamentary approval or completion of other internal procedures. A few contributions are to be confirmed.

    Corresponds to the associated borrowing agreement with the Saudi Fund for Development (SFD).

    The sum of individual contributions has been adjusted downward to take account of additional loan costs.

    The SDR equivalent of US$50 million valued at the exchange rate of April 30, 1996.

    Special Disbursement Account.

    The amounts reported for grant contributions are the “as needed” equivalent of the resources committed, or implicit in loans or deposits at concessional interest rates. The calculations are based on actual interest rates through April 30, 1996 and an assumed rate of 6.0 percent a year thereafter. Grants committed in local currency are valued at April 30, 1996 exchange rates.

    Loan contributions are provided either at concessional interest rates or on the basis of weighted averages of market interest rates in the five currencies comprising the SDR basket.

    Some of the contributions listed are subject to parliamentary approval or completion of other internal procedures. A few contributions are to be confirmed.

    Corresponds to the associated borrowing agreement with the Saudi Fund for Development (SFD).

    The sum of individual contributions has been adjusted downward to take account of additional loan costs.

    The SDR equivalent of US$50 million valued at the exchange rate of April 30, 1996.

    Special Disbursement Account.

    Table II.12SUMMARY OF TRANSACTIONS AND OPERATIONS IN SDRs, FINANCIAL YEAR ENDED APRIL 30, 1996(In thousands of SDRs)
    ReceiptsTransfersInterest,Positions as at April 30, 1996
    MemberTotal

    Holdings

    April 30, 1995
    Receipts from

    Participants and

    Prescribed Holders
    Transfers to

    Participants and

    Prescribed Holders
    from the

    General

    Resources

    Account
    to the

    General

    Resources

    Account
    Charges,

    and

    Assessment

    (Net)
    HoldingsNet

    cumulative

    allocations
    Holdings as

    percent of

    cumulative

    allocations
    DesignatedOtherDesignatedOther
    Participants
    Afghanistan, Islamic State of642284–92626,703
    Albania2152,590140652,648789
    Algeria21,097129,176144,593189,266162,298–5,19527,452128,64021.3
    Angola10515110
    Antigua and Barbuda44
    Argentina597,393145,609790,817873,948517,4314,565313,267318,37098.4
    Armenia26130,5491,81463929,634
    Australia46,5606,829–19,43733,952470,5457.2
    Austria133,546212,880215,97714,922–1,529143,842179,04580.3
    Azerbaijan35450013,3931,8181212,440
    Bahamas, The947777–46310010,2301.0
    Bahrain11,07921822311,5206,200185.8
    Bangladesh38,597110,00046,8462,5151,076105,34247,120223.6
    Barbados7111,3202161,593–3542998,0393.7
    Belarus2,0981,85745,00051,6308,663942,016
    Belgium323,13350,90650,00019,142–7,377335,804485,24669.2
    Belize39812320541
    Benin236400–4202569,4092.5
    Bhutan4131619449
    Bolivia26,904684–2427,56426,703103.2
    Bosnia and Herzegovina 136,17436,17441,65234,008–3,5484,09620,48120.0
    Botswana25,79476699427,5544,359632.1
    Brazil4,97517,00012,8515,669–16,21612,941358,6703.6
    Brunei Darussalam35,25035,250
    Bulgaria2,527221,0003,468218,8675438,671
    Burkina Faso5,5455,6805,680177–1775,5459,40958.9
    Burundi175580770–61919913,6971.5
    Cambodia10,74014,00014,14431315–22310,08815,41765.4
    Cameroon3282,2252,6003,2501,8551,10524324,4631.0
    Canada899,832100,000225,00019,7382,698797,268779,290102.3
    Cape Verde39–27126201.9
    Central African Republic1707401146540–421949,3251.0
    Chad1319,0828,26086520–422979,4091.0
    Chile4,716148,0144,976147,547–5,4494,709121,9243.9
    China374,3891,00023,5386,531403,458236,800170.4
    Colombia116,8532,694136119,683114,271104.7
    Comoros2580112–30667169.2
    Congo134940130657–4391099,7191.1
    Costa Rica9571,4005181,469–1,06234423,7261.5
    Côte d’Ivoire2,0543,0002,2093,699–1,6391,92537,8285.1
    Croatia, Republic of 167,04033,5018869,99185292,28844,205208.8
    Cyprus158100737–87811819,4380.6
    Czech Republic791,0019166
    Denmark111,94638,88550,00011,909–3,068109,672178,86461.3
    Djibouti951125–50321,1782.7
    Dominica1056756722–2665921.0
    Dominican Republic65911,3131,56110,634–1,3791,52131,5854.8
    Ecuador2,84920,4762,19922,288–1,3801,85532,9295.6
    Egypt66,37720,0001,6226,059–3,17578,765135,92458.0
    El Salvador38525,267565990–58224,98324,985100.0
    Equatorial Guinea822452928–263635,8121.1
    Eritrea
    Estonia1,0494,9485592395,71513395
    Ethiopia145400213–49925911,1602.3
    Fiji7,462303267,7916,958112.0
    Finland193,918400,323404,8957,4123,120199,878142,690140.1
    France585,43135,00057,567–21,531656,4661,079,87060.8
    Gabon42124,6421,0641,55624,783–63114014,0911.0
    Gambia, The8674,2464,21766–2037595,12114.8
    Georgia1,42753415,00016,8072,98351836
    Germany1,281,274115,000199,430120,4974,2271,321,5671,210,760109.2
    Ghana12,66482,84659,7261,86915,113–2,22620,31562,98332.3
    Greece8351,2503,230–4,680635103,5440.6
    Grenada1098–41679307.2
    Guatemala11,179235–76210,65227,67838.5
    Guinea72014,58012,622131–7292,08017,60411.8
    Guinea-Bissau163121–55141,2121.2
    Guyana1,39215,9504,20044011,844–6091,12914,5307.8
    Haiti7051,4691,7791,379704–59747313,6973.5
    Honduras1,1242,1594662,368–85152919,0572.8
    Hungary11,916284,9466,605300,7341252,858
    Iceland195405196–7425416,4090.3
    India65,1351,065,00026,1821,119,166–29,1667,985681,1701.2
    Indonesia2,3592,0009,200–10,7962,763238,9561.2
    Iran, Islamic Republic of96,07855,0051,00062–6,731143,413244,05658.8
    Iraq68,464
    Ireland102,6776,038775109,48987,263125.5
    Israel4,35399,43087997,273–4,7622,627106,3602.5
    Italy94,04938,352137,98646,353–28,94011,827702,4001.7
    Jamaica11,0377,0002,67416,847–1,7412,12340,6135.2
    Japan2,463,240516,3641,369,214137,48857,4421,805,320891,690202.5
    Jordan47020,41416,9427,4077,992–6932,66416,88715.8
    Kazakstan67,521140,39313,5005,115199,529
    Kenya57928,45727,134893–1,6421,15336,9903.1
    Kiribati77
    Korea55,39716,276–58471,08972,91197.5
    Kuwait56,6415,8641,44763,95226,744239.1
    Kyrgyz Republic14,8594,1012162,2104399,204
    Lao People’s
    Democratic Republic6,8495,8653,723–1088,8839,40994.4
    Latvia1,9729,40050910,579391,342
    Lebanon11,60573234112,6784,393288.6
    Lesotho3057508718–1579673,73925.9
    Liberia21,007
    Libya331,12613,28812,689357,10258,771607.6
    Lithuania9,4528,56072212,1554587,036
    Luxembourg7,279722–4367,56516,95544.6
    Macedonia, former
    Yugoslav Republic of 13228368,80011,0302,094–3609348,37911.2
    Madagascar2676424494–87148419,2702.5
    Malawi1,2148,5708,679260641–43129310,9752.7
    Malaysia94,43412,952–1,893105,493139,04875.9
    Maldives3726–115328218.8
    Mali30645029610–70833415,9122.1
    Malta36,128149891,15238,28311,288339.2
    Marshall Islands
    Mauritania12011,67811,232186–4283249,7193.3
    Mauritius21,42523625921,92015,744139.2
    Mexico290,211253,0001,389,3891,171,74115,053775,912290,020267.5
    Micronesia,
    Federated States of87740917
    Moldova13,1995437,0815157,175
    Mongolia5866,800121657,06026297
    Morocco7,23124,96320,0432,6913,260–3,5248,05785,6899.4
    Mozambique31133
    Myanmar6641,70080–1,96547943,4741.1
    Namibia12112
    Nepal119200219–3651738,1052.1
    Netherlands513,378553,540546,41233,8541,572555,933530,340104.8
    New Zealand1874,7502,033–6,388581141,3220.4
    Nicaragua2469,978100809,069–87725819,4831.3
    Niger2,2317,7507,554473560–3511,9909,40921.2
    Nigeria504,2283,090–7,095273157,1550.2
    Norway287,742540,893595,46822,3385,207260,713167,770155.4
    Oman6,5131,427327,9726,262127.3
    Pakistan10,47213,507174,000193,47927,346–7,5458,567169,9895.0
    Panama9,42738,25029,00030,24039,006–1,0018,90926,32233.9
    Papua New Guinea2556004,7105,7601,023–4134709,3005.1
    Paraguay68,3854482,51471,34713,697520.9
    Peru1,15029,5906,61832,381–4,07690191,3191.0
    Philippines33,618258,0009,501295,371–4,1851,563116,5951.3
    Poland823653,8005,670657,9911122,413
    Portugal50,27310,354–760,62153,320113.7
    Qatar20,2251,06135321,63912,822168.8
    Romania24,456228,80642,950291,031–2,7552,42675,9503.2
    Russia199,4632,049,3222,323,216336,2853,404140,476
    Rwanda1,6501354412,434146–36913,66113,69799.7
    St. Kitts and Nevis
    St. Lucia1,370291,399742188.5
    St. Vincent and the
    Grenadines847–127835422.0
    San Marino127677201
    São Tomé and Príncipe820883–2610762017.3
    Saudi Arabia424,37624,63010,818459,824195,527235.2
    Senegal2,99131,10029,8415811,558–9092,36524,4629.7
    Seychelles1821–18214065.2
    Sierra Leone6,04813,05613,450313–5665,40117,45530.9
    Singapore25,8611,6007,30957735,34716,475214.6
    Slovak Republic20,950122,0002,192145,086906961
    Slovenia 14662,3955341,976–1,14527325,4311.1
    Solomon Islands121017–29106541.5
    Somalia13,697
    South Africa12,81534,0003,65430,958–9,7629,749220,3604.4
    Spain254,56735,769–1,631288,705298,80596.6
    Sri Lanka1,21230,30028,8301,339–3,12789470,8681.3
    Sudan11,6149,247–2,36752,192
    Suriname977,750172–3107,7107,75099.5
    Swaziland5,89250–255,9176,43292.0
    Sweden206,904574,025532,77314,990–15263,132246,525106.7
    Switzerland24,891702,559617,05826,1144,661141,167
    Syrian Arab Republic4601,195–1,65436,564
    Tajikistan
    Tanzania3881,099272–1,41933931,3721.1
    Thailand24,3941,20211,921–2,61334,90584,65241.2
    Togo27822,12021,72017353–48531310,9752.9
    Tonga504500381052
    Trinidad and Tobago1,6102,5001,0862,186–2,07293846,2312.0
    Tunisia22,63515,5042,34023,618–90615,95534,24346.6
    Turkey6,08111,000137,500151,82019,232–4,9197,251112,3076.5
    Turkmenistan
    Uganda94430,09528,977269–1,2611,07029,3963.6
    Ukraine117,638315,000317,01337,9464,74486,449
    United Arab Emirates55,2151,06575257,03338,737147.2
    United Kingdom298,306642,664625,33235,099–73,927276,8111,913,07014.5
    United States7,465,479126,248468,262323,112114,1437,560,7194,899,530154.3
    Uruguay98712,08493210,474–2,2361,29349,9772.6
    Uzbekistan6101,42755,00056,3363,3281660
    Vanuatu2356712313
    Venezuela316,941369,88016,202374,898221328,346316,890103.6
    Vietnam8,6481,5004157996,699–1,8951,93847,6584.1
    Western Samoa2,00622402,0681,142181.1
    Yemen, Republic of32,93531,26218,3081445454245,53028,743158.4
    Yugoslavia, Federal Republic of (Serbia/Montenegro) 156,665
    Zaire16,43510,107–3,9202,40786,3092.8
    Zambia8,9491,388,562861,185692,9661,219,079–2,9967,21868,29810.6
    Zimbabwe2,9877,1009267,922–4182,67210,20026.2
    Total participants19,473,22811,082,58511,111,2177,859,3937,626,748-92,03719,585,20421,433,33091.4
    Prescribed holders
    Arab Monetary Fund53,983101,374131,0021,90926,264
    Bank of Central
    African States1,8627,9948,114281,771
    Bank for International
    Settlements942,922393,888335,07340,1631,041,900
    East African
    Development Bank1557163
    Eastern Caribbean
    Central Bank1,910881,997
    International Bank for
    Reconstruction and
    Development2,2681042,372
    Islamic Development Bank2,2421032,345
    Nordic Investment Bank41743417
    Total prescribed holders1,005,759503,256474,62342,4191,076,810
    General Resources
    Account1,000,6557,626,7487,859,39356,718824,728
    Total21,479,64219,212,58919,445,2337,859,3937,626,7487,10021,486,74221,433,330

    The assets and liabilities of the former Socialist Federal Republic of Yugoslovia were assumed by five successor states. As of April 30, 1996, the Federal Republic of Yugoslavia (Serbia/Montenegro) had not completed arrangements for succession to membership in the Fund.

    The assets and liabilities of the former Socialist Federal Republic of Yugoslovia were assumed by five successor states. As of April 30, 1996, the Federal Republic of Yugoslavia (Serbia/Montenegro) had not completed arrangements for succession to membership in the Fund.

    Table II.13HOLDINGS OF SDRs BY ALL PARTICIPANTS AND BY GROUPS OF COUNTRIES AS PERCENT OF THEIR CUMULATIVE ALLOCATIONS OF SDRs AND OF THEIR NON-GOLD RESERVES, AT END OF FINANCIAL YEARS ENDED APRIL 30, 1972–96
    Developing Countries
    Net debtor countries
    Financial YearAll

    Participants 1
    Industrial

    Countries
    All

    developing

    countries
    Net

    creditor

    countries
    All net

    debtor

    countries
    With recent

    debt-servicing

    problems 2
    Without recent

    debt-servicing

    problems 2
    Holdings of SDRs as percent of cumulative allocations
    197290.2100.064.4100.064.462.168.2
    197393.4105.760.8100.060.857.166.8
    197494.6106.264.3100.064.361.468.9
    197594.5106.563.1100.063.164.061.5
    197695.1108.459.8100.059.859.660.1
    197791.7105.754.9100.054.955.853.4
    197885.395.658.1100.058.059.755.3
    197990.397.074.5100.073.871.177.9
    198091.996.881.0176.477.371.186.0
    198174.681.060.8154.755.953.858.7
    198274.681.959.1154.054.246.165.0
    198379.995.147.4267.635.922.154.3
    198469.980.447.3224.638.123.058.2
    198578.595.242.8218.333.621.250.2
    198687.3105.349.0233.639.426.256.9
    198790.8110.049.9236.640.223.262.8
    198896.3115.854.4262.043.632.558.4
    198993.1116.343.5240.233.319.451.8
    199097.2121.944.4262.933.015.356.6
    199196.8120.745.9193.938.126.953.1
    199296.8121.244.6200.136.530.145.0
    199363.073.141.6166.635.132.238.9
    199471.077.956.3222.547.750.943.5
    199590.9105.160.4263.849.853.544.8
    199691.4102.467.9285.556.658.554.1
    Holdings of SDRs as percent of non-gold reserves
    19728.99.37.29.06.422.1
    19737.88.75.06.14.610.5
    19747.29.23.64.33.66.0
    19756.08.92.43.43.13.9
    19765.48.32.03.02.83.2
    19774.47.41.42.12.21.9
    19783.55.31.41.92.11.6
    19794.65.82.90.53.43.53.4
    19805.67.13.51.44.14.14.0
    19814.86.22.91.33.63.63.6
    19825.36.93.01.33.73.83.6
    19835.37.22.32.32.32.12.4
    19844.25.62.02.12.01.82.1
    19854.46.31.61.91.61.41.7
    19865.06.72.02.41.92.01.9
    19874.75.72.02.81.82.01.7
    19884.45.12.03.41.82.81.4
    19893.94.71.53.31.21.91.0
    19903.84.61.55.01.11.21.1
    19913.54.31.33.31.11.60.9
    19923.24.41.03.40.91.40.6
    19932.22.80.93.20.81.30.6
    19942.12.71.14.80.91.80.5
    19952.63.51.15.20.92.10.5
    19962.12.91.04.60.81.50.5

    Consists of member countries that are participants in the SDR Department. At the end of financial year 1996, of the total SDRs allocated to participants in the SDR Department (SDR 21.4 billion), SDR 1.9 billion was not held by participants but instead by the Fund and prescribed holders.

    Countries with recent debt-servicing problems are those that have incurred external payments arrears or rescheduled their debts during the period 1991-95.

    Consists of member countries that are participants in the SDR Department. At the end of financial year 1996, of the total SDRs allocated to participants in the SDR Department (SDR 21.4 billion), SDR 1.9 billion was not held by participants but instead by the Fund and prescribed holders.

    Countries with recent debt-servicing problems are those that have incurred external payments arrears or rescheduled their debts during the period 1991-95.

    Table II.14KEY IMF RATES, FINANCIAL YEAR ENDED APRIL 30, 1996(In percent)
    Period

    Beginning
    SDR Interest

    Rate and

    Unadjusted Rate of

    Remuneration 1
    Basic Rate

    of Charge 1
    Period

    Beginning
    SDR Interest

    Rate and

    Unadjusted Rate of

    Remuneration 1
    Basic Rate

    of Charge 1
    1995
    May 14.824.94November 64.364.47
    May 84.734.85November 134.314.42
    May 154.754.87November 204.244.35
    May 224.694.81November 274.204.31
    May 294.674.79December 44.164.26
    June 54.564.67December 114.204.31
    June 124.614.73December 184.124.22
    June 194.574.68December 253.964.06
    June 264.524.631996
    July 34.584.69January 13.974.07
    July 104.424.53January 84.154.25
    July 174.454.56January 154.124.22
    July 244.464.57January 224.004.10
    July 314.414.52January 294.014.11
    August 74.404.51February 53.924.02
    August 144.454.56February 123.883.98
    August 214.474.58February 193.893.99
    August 284.344.45February 263.944.04
    September 44.344.45March 43.924.02
    September 114.284.39March 113.893.99
    September 184.294.40March 183.954.05
    September 254.224.33March 253.944.04
    October 24.284.39April 13.934.03
    October 94.314.42April 83.954.05
    October 164.324.43April 153.914.01
    October 234.384.49April 223.863.96
    October 304.434.54April 293.883.98

    The rate of remuneration is adjusted downward and the basic rate of charge is adjusted upward to share the burden of protecting the Fund’s income from overdue charges and of contributing to the Fund’s precautionary balances. These burden-sharing amounts are refundable when overdue charges are-paid and when overdue obligations cease to be a problem. The basic rate of charge presented is the one in effect before the retroactive reduction that took effect after the end of the financial year. The basic rate of charge, which was set at 102.5 percent of the SDR interest rate, was reduced to 101.7 percent of the SDR interest rate after the retroactive reduction.

    The rate of remuneration is adjusted downward and the basic rate of charge is adjusted upward to share the burden of protecting the Fund’s income from overdue charges and of contributing to the Fund’s precautionary balances. These burden-sharing amounts are refundable when overdue charges are-paid and when overdue obligations cease to be a problem. The basic rate of charge presented is the one in effect before the retroactive reduction that took effect after the end of the financial year. The basic rate of charge, which was set at 102.5 percent of the SDR interest rate, was reduced to 101.7 percent of the SDR interest rate after the retroactive reduction.

    Table II.15MEMBERS THAT HAVE ACCEPTED THE OBLIGATIONS OF ARTICLE VIII, SECTIONS 2, 3, AND 4 OF THE ARTICLES OF AGREEMENT
    MemberEffective Date

    of Acceptance
    MemberEffective Date

    of Acceptance
    Antigua and BarbudaNovember 22, 1983MalawiDecember 7, 1995
    ArgentinaMay 14, 1968MalaysiaNovember 11, 1968
    AustraliaJuly 1, 1965MaltaNovember 30, 1994
    AustriaAugust 1, 1962Marshall IslandsMay 21, 1992
    Bahamas, TheDecember 5, 1973MauritiusSeptember 29, 1993
    BahrainMarch 20, 1973MexicoNovember 12, 1946
    BangladeshApril 11, 1994Micronesia, Federated States ofJune 24, 1993
    BarbadosNovember 3, 1993MoldovaJune 30, 1995
    BelgiumFebruary 15, 1961MongoliaFebruary 1, 1996
    BelizeJune 14, 1983MoroccoJanuary 21, 1993
    BoliviaJune 5, 1967NepalMay 30, 1994
    BotswanaNovember 17, 1995NetherlandsFebruary 15, 1961
    Brunei DarussalamOctober 10, 1995New ZealandAugust 5, 1982
    CanadaMarch 25, 1952NicaraguaJuly 20, 1964
    ChileJuly 27, 1977NorwayMay 11, 1967
    Costa RicaFebruary 1, 1965OmanJune 19, 1974
    CroatiaMay 29, 1995PakistanJuly 1, 1994
    CyprusJanuary 9, 1991PanamaNovember 26, 1946
    Czech RepublicOctober 1, 1995Papua New GuineaDecember 4, 1975
    DenmarkMay 1, 1967ParaguayAugust 22, 1994
    DjiboutiSeptember 19, 1980PeruFebruary 15, 1961
    DominicaDecember 13, 1979PhilippinesSeptember 8, 1995
    Dominican RepublicAugust 1, 1953PolandJune 1, 1995
    EcuadorAugust 31, 1970PortugalSeptember 12, 1988
    El SalvadorNovember 6, 1946QatarJune 4, 1973
    EstoniaAugust 15, 1994St. Kitts and NevisDecember 3, 1984
    FijiAugust 4, 1972St. LuciaMay 30, 1980
    FinlandSeptember 25, 1979St. Vincent and the GrenadinesAugust 24, 1981
    FranceFebruary 15, 1961San MarinoSeptember 23, 1992
    Gambia, TheJanuary 21, 1993Saudi ArabiaMarch 22, 1961
    GermanyFebruary 15, 1961SeychellesJanuary 3, 1978
    GhanaFebruary 21, 1994Sierra LeoneDecember 14, 1995
    GreeceJuly 7, 1992SingaporeNovember 9, 1968
    GrenadaJanuary 24, 1994Slovak RepublicOctober 1, 1995
    GuatemalaJanuary 27, 1947SloveniaSeptember 1, 1995
    GuineaNovember 17, 1995Solomon IslandsJuly 24, 1979
    GuyanaDecember 27, 1966South AfricaSeptember 15, 1973
    HaitiDecember 22, 1953SpainJuly 15, 1986
    HondurasJuly 1, 1950Sri LankaMarch 15, 1994
    HungaryJanuary 1, 1996SurinameJune 29, 1978
    IcelandSeptember 19, 1983SwazilandDecember 11, 1989
    IndiaAugust 20, 1994SwedenFebruary 15, 1961
    IndonesiaMay 7, 1988SwitzerlandMay 29, 1992
    IrelandFebruary 15, 1961ThailandMay 4, 1990
    IsraelSeptember 21, 1993TongaMarch 22, 1991
    ItalyFebruary 15, 1961Trinidad and TobagoDecember 13, 1993
    JamaicaFebruary 22, 1963TunisiaJanuary 6, 1993
    JapanApril 1, 1964TurkeyMarch 22, 1990
    JordanFebruary 20, 1995UgandaApril 5, 1994
    KenyaJune 30, 1994United Arab EmiratesFebruary 13, 1974
    KiribatiAugust 22, 1986United KingdomFebruary 15, 1961
    KoreaNovember 1, 1988United StatesDecember 10, 1946
    KuwaitApril 5, 1963UruguayMay 2, 1980
    Kyrgyz RepublicMarch 29, 1995VanuatuDecember 1, 1982
    LatviaJune 10, 1994VenezuelaJuly 1, 1976
    LebanonJuly 1, 1993Western SamoaOctober 6, 1994
    LithuaniaMay 3, 1994ZimbabweFebruary 3, 1995
    LuxembourgFebruary 15, 1961
    Table II.16EXCHANGE RATE ARRANGEMENTS AS OF MARCH 31, 1996
    Pegged
    Single currencyCurrency composite
    U.S. dollarFrench francOtherSDROther
    Antigua and BarbudaBeninBhutan (Indian rupee)Libyan ArabBangladesh
    ArgentinaBurkina FasoBosnia and HerzegovinaJamahiriya 1,2Botswana
    Bahamas, The 2Cameroon(deutsche mark)MyanmarBurundi
    BarbadosCentral African Republic-Brunei DarussalamSeychellesCape Verde
    BelizeChad(Singapore dollar)Cyprus 3
    Estonia (deutsche mark)
    DjiboutiComorosKiribati 4 (Australian dollar)Czech Republic 5
    DominicaCongoLesotho (South African rand)Fiji
    GrenadaCôte d’IvoireNamibia (South African rand)Iceland 6
    IraqEquatorial GuineaJordan
    San Marino 4 (Italian lira)
    LiberiaGabonKuwait
    Swaziland (South African rand)
    LithuaniaMaliMalta
    Marshall Islands 4NigerMorocco 7
    Micronesia, FederatedSenegalNepal
    States of 4TogoSlovak Republic 7
    Nigeria 2Solomon Islands
    OmanThailand
    Panama 4Tonga
    St. Kitts and NevisVanuatu
    St. LuciaWestern Samoa
    St. Vincent and the
    Grenadines Syrian Arab Republic2
    Venezuela
    Table II.16 (concluded)
    Flexibility Limited vis-à-visMore Flexible
    a Single Currency or

    Group of Currencies
    Adjusted

    according

    to a set of

    indicators
    Other

    managed

    floating
    Independently floating
    Single currency 8Cooperative arrangements 9
    Bahrain 10AustriaChiles 2,, 11AlgeriaAfghanistan, Islamic State of 2Mozambique
    Qatar 10BelgiumNicaraguaAngola 2New 1 Zealand
    Saudi Arabia 10DenmarkBelarusAlbaniaPapua New Guinea
    United ArabFranceBrazilArmeniaParaguay
    Emirates 10GermanyCambodiaAustraliaPeru
    IrelandChinaAzerbaijanPhilippines
    Colombia
    LuxembourgCosta RicaBoliviaRomania
    NetherlandsCroatiaBulgariaRwanda
    PortugalDominican Republic 2CanadaSão Tomé, and
    SpainEcuadorEthiopiaPríncipe 2
    FinlandSierra Leone
    Egypt
    El SalvadorGambia, TheSomalia 2
    Eritrea 2GhanaSouth Africa
    GeorgiaGuatemalaSudan 2
    GreeceGuineaSweden
    Guinea-BissauGuyanaSwitzerland
    Honduras 2
    Hungary 12HaitiTajikistan
    IndonesiaIndiaTanzania
    Iran, Islamic Republic ofItalyTrinidad and
    JamaicaTobago
    Israel 13
    Kyrgyz RepublicJapanUganda
    Korea LatviaKazakstan KenyaUnited Kingdom United States
    Macedonia, former Yugoslav Republic ofLao People’sYemen 2
    Democratic Rep.Zaire 2
    MalaysiaLebanonZambia 2
    Maldives MauritiusMadagascarZimbabwe
    NorwayMalawi
    Pakistan 2Mauritania
    Poland 13Mexico
    RussiaMoldova
    SingaporeMongolia
    Slovenia
    Sri Lanka
    Suriname
    Tunisia
    Turkey
    Turkmenistan
    Ukraine
    Uruguay
    Uzbekistan
    Vietnam

    The exchange rate is maintained within margins of ±47 percent.

    Member maintains exchange arrangements involving more than one exchange market. The arrangement shown is that maintained in the major market.

    The exchange rate, which is pegged to the European currency unit (ECU), is maintained within margins of ±2.25 percent.

    Country uses peg currency as legal tender.

    The exchange rate is maintained within margins of ±7.5 percent.

    The exchange rate is maintained within margins of ±6 percent.

    The exchange rate is maintained within margins of ±3 percent.

    In all countries listed in this column, the U.S. dollar was the currency against which exchange rates showed limited flexibility.

    This category consists of countries participating in the exchange rate mechanism (ERM) of the European Monetary System (EMS). In each case, the exchange rate is maintained within a margin of ±15 percent around the bilateral central rates aginst other participating currencies, with the exception of Germany, and the Netherlands, in which case the exchange rate is maintained within a margin of ±2.25 percent.

    Exchange rates are determined on the basis of a fixed relationship to the SDR, within margins of up to ±7.25 percent. However, because of the maintenance of a relatively stable relationship with the U.S. dollar, these margins are not always observed.

    The exchange rate is maintained within margins of ±10 percent on either side of a weighted composite of the currencies of the main trading partners.

    The exchange rate is maintained within margins of ±2.25 percent with regard to the currency basket.

    The exchange rate is maintained within margins of ±7 percent with regard to the currency basket.

    The exchange rate is maintained within margins of ±47 percent.

    Member maintains exchange arrangements involving more than one exchange market. The arrangement shown is that maintained in the major market.

    The exchange rate, which is pegged to the European currency unit (ECU), is maintained within margins of ±2.25 percent.

    Country uses peg currency as legal tender.

    The exchange rate is maintained within margins of ±7.5 percent.

    The exchange rate is maintained within margins of ±6 percent.

    The exchange rate is maintained within margins of ±3 percent.

    In all countries listed in this column, the U.S. dollar was the currency against which exchange rates showed limited flexibility.

    This category consists of countries participating in the exchange rate mechanism (ERM) of the European Monetary System (EMS). In each case, the exchange rate is maintained within a margin of ±15 percent around the bilateral central rates aginst other participating currencies, with the exception of Germany, and the Netherlands, in which case the exchange rate is maintained within a margin of ±2.25 percent.

    Exchange rates are determined on the basis of a fixed relationship to the SDR, within margins of up to ±7.25 percent. However, because of the maintenance of a relatively stable relationship with the U.S. dollar, these margins are not always observed.

    The exchange rate is maintained within margins of ±10 percent on either side of a weighted composite of the currencies of the main trading partners.

    The exchange rate is maintained within margins of ±2.25 percent with regard to the currency basket.

    The exchange rate is maintained within margins of ±7 percent with regard to the currency basket.

    appendix III Relations with Other International Organizations

    The challenges of a globalized economy have further strengthened the Fund’s close relations with international and regional institutions sharing similar responsibilities, interests, and goals. Because vital issues in international monetary, financial, social, and environmental matters call for stronger international cooperation, the staff of the Fund worked closely during the past year with other organizations in achieving their common objectives. These organizations include the United Nations and its specialized agencies, the World Bank, the World Trade Organization (WTO), the Organization for Economic Cooperation and Development (OECD), the European Commission, the Bank for International Settlements (BIS), and regional development banks.

    The three offices of the Fund located away from headquarters maintain close ties with these international and regional institutions. In addition to monitoring developments at the United Nations, the Director of the Fund Office at the UN and Special Representative to the UN is responsible for maintaining and broadening the collaborative relationship with the UN and its specialized agencies. The Office in Europe, which is located in Paris, maintains close working relations with the BIS, the European Commission, the European Monetary Institute, and the OECD and also provides support to the work of the Group of Ten. The functions of the Geneva Office include monitoring, analyzing, and reporting on the activities of institutions such as the WTO, the UN Conference on Trade and Development (UNCTAD), and other Geneva-based socioeconomic agencies and working closely with the Paris Office to ensure appropriate coverage of trade-related OECD activities. The Geneva Office is also involved in strengthening relations with the International Labor Organization (ILO), especially in light of the ILO’s increased involvement in employment matters, structural adjustment, social issues, and in other areas of interest to the Fund. In addition to attendance at meetings, some of the liaison activities of these offices include participation in seminars and expert groups and the exchange of information and documents. The Offices also coordinate with staff and technical experts from headquarters who provide operational linkages and supplement the work of these offices when necessary.

    The importance of promoting regional economic development as a signficant factor in sustaining growth in the world economy is underscored by the Fund’s continual collaboration with the various regional development banks such as the African Development Bank (AfDB), the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), and the Inter-American Development Bank (IDB). Cooperation in economic and financial fields includes consultations on issues and implementation of policies, release of documents to facilitate the exchange of information on country operations, staff visits, and attendance at meetings. In addition. Fund staff regularly attend meetings, seminars, and forums sponsored by other regional, economic, and financial organizations in Africa, Asia and the Pacific, Latin America and the Caribbean, and the Middle East.

    In achieving the objectives stated in their respective Articles of Agreement, the Fund and the World Rank continue to sustain the close collaboration that both institutions have enjoyed for over fifty years. Cooperation between the Fund and the Bank includes the regular exchange of information and documents, joint participation in missions, and attendance at each other’s Executive Board meetings and seminars. Over the past year, staff of both institutions have further enhanced collaboration by the joint preparation of papers on debt and on public expenditure issues in conjunction with work on social, environmental, and developmental policies. Aid coordination meetings and donors’ conferences held under the auspices of the World Bank are attended by Fund staff on a regular basis.

    During the period under review, staff of the Fund and WTO made considerable progress in reaching mutual understanding on the general framework and modalities of the proposed cooperation agreement between the two institutions. Some specific elements of the agreement include consultations between the Fund and WTO in achieving greater coherence in global economic policymaking, attendance by each institution at certain meetings of the other, exchange of information and databases, and access to documents. The Fund also continued its participation in consultations of the WTO Committee on Balance of Payments Restrictions under existing procedures. Discussions and consultations with the WTO—at the levels of both staff and heads of institutions—are continuing on various aspects of the cooperative process, with the objective of maintaining a close relationship between the Fund and WTO.

    Since its inception in September 1992, the Joint Vienna Institute has provided policy-oriented training in market economies and market mechanics to officials from countries of central and eastern Europe as well as from former centrally planned economies in Asia. To this end, the Joint Vienna Institute offers a wide variety of courses in economic and financial management and administration. The Fund, as a sponsoring institution, has been actively participating in its activities and has continued to be the main provider of training at the Joint Vienna Institute’s facilities. Other sponsors are the BIS, the EBRD, the OECD, and the World Bank.

    The Managing Director’s active participation in conferences, meetings, and seminars of various international and regional organizations has helped to strengthen the close ties between the Fund and these institutions. He held discussions with the Secretary-General of the UN in June and September 1993. On July 6, he delivered a speech at the High-Level Segment of the UN Economic and Social Council (ECOSOC) in Geneva and, on November 6, held an exchange of views with the members of ECOSOC at an informal meeting in New York, In April 1996, the Managing Director mended the UNCTAD meeting in Johannesburg, South Africa, and the annual session of the UN Administrative Committee for Coordination (ACC) in Nairobi, Kenya, where he also held a meeting with the UN Secretary-General. He addressed the International Finance Corporation (IFC) meeting for representatives of cofinancing institutions in Washington on May 18, 1995. The Managing Director addressed the IDB and the Group of Thirty at a conference on banking crises in Latin America in Washington on October 6, 1995 and, in November 1995, attended the BIS central bank governors’ meeting in Basle. In February 1996, he attended a conference at the European Commission.

    appendixIV External Relations

    During the 1995/96 financial year the Fund remained in the foreground of international attention through its activities in support of members in the after math of the Mexican financial crisis; its support of the economies in transition, especially Russia and Ukraine; and its assistance to members—notably Bosnia and Herzegovina—emerging from prolonged conflict. Efforts to contain the spillover effects from the Mexican crisis and the subsequent development of the Special Data Dissemination Standard (SDDS) as part of the Fund’s response; the ongoing debate about the Fund’s role in the globalization of capital markets; continuing discussions on the Eleventh General Review of Quotas and the proposed enlargement of the General Arrangements to Borrow (GAR); and the search for a solution to the burdens faced by the highly indebted poor countries—all served to focus unprecedented public attention on the Fund. In response to these growing demands, the Fund continued to expand its efforts to explain its work and policies to an ever-increasing international audience through contacts with the media, parliamentarians, and nongovernmental organizations and through its publications and the Internet.

    Information and Public Affairs

    In both national and international forums, the Managing Director, the Deputy Managing Directors, and other senior staff delivered speeches on a broad range of domestic, regional, and global economic and financial issues. To supplement these efforts, the Managing Director held press conferences both at headquarters and overseas. To further the Fund’s interests in greater openness regarding its operations, management and senior staff gave an increasing number of interviews to a broad spectrum of the media, both print and electronic. At the same time, Fund staff delivered papers to, and participated in, a wide range of seminars, conferences, and symposiums. To increase the knowledge of the media about the mandate and operations of the Fund, regional and special informational seminars for journalists and nonofficials—some in collaboration with other international or regional financial institutions—were held in Azerbaijan, Belarus, Bulgaria, Namibia, Panama, Russia, Senegal, Ukraine, Vietnam, and Zimbabwe.

    The Fund’s interactions with the international news media continued to increase during the financial year. Management and senior staff actively developed these contacts through press conferences, interviews, and briefings—both at headquarters and in the field—to explain major issues and developments. By the end of the financial year, more than 325 staff members had taken media training courses to prepare themselves for press relations at headquarters and in member countries.

    During 1995/96 the Fund also intensified its dialogue and educational effort, in the United States and abroad, with nongovernmental organizations, parliaments (with special emphasis on the U.S. Congress), research institutes, private sector businesses, religious groups, universities, and labor unions. To that end, economic forums, international seminars, and briefings were organized at Fund headquarters for representatives of these groups and the general public. Public affairs missions were conducted in the Baltic countries, Belarus, Bulgaria, Trinidad and Tobago, and Zimbabwe. In response to the growing demand for information on the Fund and its policies and activities—during the financial year more than 10,000 such requests were received by telephone or in writing—a series of fact sheets on the most frequently asked questions about the Fund, in addition to the press releases and news briefs issued regularly to the media, was prepared for distribution to the general public.

    To expand the public’s access to information about its activities and functions, the Fund maintained the Internet gopher site that it opened in 1995. Studies progressed to develop a public World Wide Web site, as well as an internal Web (“Intranet”) site to enhance information sharing among Fund departments and between Fund and World Bank staff.

    Publications

    The greater intensity of the Fund’s other external relations activities during the financial year was met by an expansion of effort to make Fund publications more readily available to the international public.

    With the acute interest in country and regional economic developments—some having systemic implications for the global economy—shown during the financial year, the country coverage of the Fund’s publications increased. One hundred and thirty-six IMF Staff Country Reports, comprising background papers prepared in connection with the Fund’s Article IV consultations with member countries, were issued in 1995/96, compared with 46 in 1994/95. In addition, 7 of the 11 volumes published in the Occasional Paper series in 1995/96 had a regional or country-specific focus. The 1995 Annual Report was redesigned and continued the expanded coverage of Fund policies and country developments that was begun in 1994, and the biannual (May and October) World Economic Outlook also continued its reporting of key international, regional, and country-specific economic developments and trends. In addition to the coverage of the global economy in the World Economic Outlook, other volumes in the series of World Economic and Financial Surveys—International Capital Markets, Private Market Financing for Developing Countries, and Official Financing for Developing Countries—provided in-depth analyses of events affecting capital flows, emerging markets, and the heavily indebted poor countries.

    The Fund published ten books in English on various economic and financial issues during the financial year, four of them on regional or country-specific topics. Of particular interest was the publication of International Monetary Cooperation Since Bretton Woods, by historian Harold James, which the Fund commissioned to mark its fiftieth anniversary. Staff Papers, the Fund’s quarterly economic journal, also commemorated the fiftieth anniversary by a special section, “Celebrating Fifty Years of the International Monetary Fund,” in the December 1995 issue. In the Working Papers and Papers on Policy Analysis and Assessment series, 130 and 7 papers, respectively, were issued during the financial year, and plans were approved to develop from these documents a new series to highlight research that merited wider dissemination.

    During the financial year, the IMF Survey, the Fund’s biweekly newsletter featuring articles on Fund policies and activities and global economic and financial developments, expanded its coverage of country and staff Working Paper analyses, dedicated an expanded issue to the March 1996 seminar on the future of the SDR, and continued its regular interviews with senior Fund officials. The annual IMF Survey Supplement on the IMF was streamlined to give greater prominence to the technical assistance activities of the Fund and was made available in Arabic, German, and Russian in addition to the regular English, French, and Spanish editions. The monthly IMF Memorandum for the press, which highlights key indicators from the Fund’s major statistical publications, was expanded and redesigned.

    Efforts continued to explore the potential of the Internet and other advanced technology to serve the Fund’s informational interests, including promotion of its publications. As well as speeches by management, country reports, and information briefs, the full text of Finance and Development, the quarterly periodical published jointly by the Fund and the World Bank, was made available on the Internet (address: http://www.worldbank.org/fandd). In addition, the IMF Survey introduced on the Internet a recurring listing of recent Fund publications and information. Development continued toward making Balance of Payments and Direction of Trade databases available on CD-ROM.

    In addition to the annual Catalog of Publications, new monthly listings of Fund publications were made available in booklet and electronic form. Possibilities for copublishing in Arabic were explored with publishers in the Middle East. Contacts with international distributors of Fund publications were strengthened and actively developed by enlisting distributors in Argentina, Greece, Russia, Sweden, Switzerland, and Turkey. Fund publications were represented at major international book fairs held during the financial year. Special efforts were made to expand the reach of Fund publications in the transition economies. To guide the Fund’s publication effort in reaching the widest possible audience, a marketing plan for publications covering 1995–97 was completed and endorsed by Fund management. Notable features of the plan include measures to improve order fulfillment and customer servcie through a new external vendor and the retraining and redeployment of existing staff.

    A complete list of publications issued during the financial year appears in Table IV.1.

    Table IV.1PUBLICATIONS ISSUED, FINANCIAL YEAR ENDED APRIL 30, 1996
    Reports and Other Documents



    Annual Report of the Executive Board for the Financial Year Ended April 30, 1995



    (English, French, German, and Spanish). Free.



    Exchange Arrangements and Exchange Restrictions, Annual Report 1995



    $70.00 ($35.00 to full-time university faculty members and students).



    Selected Decisions of the International Monetary Fund and Selected Documents, Twentieth Issue



    (English). Free.



    Summary Proceedings of the Fiftieth Annual Meeting of the Board of Governors (1995). Free.



    Summary Proceedings of the Forty-Ninth Annual Meeting of the Board of Governors (1994). Free.
    Periodic Publications



    Balance of Payments Statistics Yearbook



    Vol. 46. A two-part yearbook. $56.00 a year.



    Direction of Trade Statistics



    Quarterly, with yearbook. $96.00 a year. $48.00 to full-time university faculty members and students. $30.00 for year book only.



    Government Finance Statistics Yearbook



    Vol. 19, 1995 (Introduction and titles of lines in English, French, and Spanish). $54.00.



    International Financial Statistics



    Monthly, with yearbook (English, French, and Spanish). $218.00 a year. $109.00 to full-time university faculty members and students. $30.00 for yearbook only.



    Staff Papers



    Four times a year. $50.00 a year. $25.00 to full-time university faculty members and students.
    The five publications listed above may be obtained at a special rate of $330.00 ($165.00 to full-time university faculty members and students). Magnetic tape subscriptions to Balance of Payments Statistics Yearbook, Direction of Trade Statistics, Government Finance Statistics Yearbook, and International Financial Statistics are also available. International Financial Statistics are also available on CD-ROM. Price information is available on request.



    The IMF Committee on Balance of Payments Statistics, Annual Report, 1995.



    Finance and Development



    Issued jointly with the World Bank; quarterly (English, Arabic, Chinese, French, German, Portuguese, and Spanish). Free. Airspeed delivery, $20.00.







    IMF Survey



    Twice monthly, but only once in December (English, French, and Spanish). Private firms and individuals are charged at an annual rate of $79.00.
    Occasional Papers



    No. 125. United Germany: The First Five Years—Performance and Policy Issues, by Robert Corker, Robert A. Feldman, Karl Habermeier, Hari Vittas, and Tessa van der Willigen.







    No. 126. The Adoption of Indirect Instruments of Monetary Policy, by a staff team headed by William E. Alexander, Tómas J.T. Balino, and Charles Enoch.



    No. 127. Road Maps of the Transition: The Unities, the Czech Republic, Hungary, and Russia, by Biswajit Banerjee, Vincent Koen, Thomas Krueger, Mark S. Lutz, Michael Marrese, and Tapio O. Saavalainen.



    No. 128. IMF Conditionality: Experience Under Stand-By and Extended Arrangements. Part I: Key Issues and Findings, by Susan Schadler, Adam Bennett, Maria Carkovic, Louis Dicks-Mireaux, Mauro Mecagni, James H.J. Morsink, and Miguel A. Savastano.



    No. 129. IMF Conditionality: Experience Under Stand-By and Extended Arrangements. Part II: Background Papers, by Susan Schadler (editor), with Adam Bennett, Maria Carkovic, Louis Dicks Mireaux, Mauro Mecagni, James H.J. Morsink, and Miguel A. Savastano.



    No. 130. Challenges to the Swedish Welfare State, by Desmond Lachman, Adam Bennett, John H. Green, Robert Hagemann, and Ramana Ramaswamy.



    No. 131. Capital Account Convertibility: Review of Experience and Implications for IMF Policies, by staff teams headed by Peter J. Quirk and Owen Evans.



    No. 132. Financial Fragilities in Latin America: The 1980s and 1990s, by Liliana Rojas-Suarez and Steven R. Weisbrod. No. 133. Policy Experiences and Issues in the Baltics, Russia, and Other Countries of the Former Soviet Union, edited by Daniel A. Citrin and Ashok K. Lahiri.



    No. 134. India: Economic Reform and Growth, by Ajai Chopra, Charles Collyns, Richard Hemming, and Karen Parker, with Woosik Chu and Oliver Fratzscher.



    No. 135. Vietnam: Transition to a Market Economy, by John R. Dodsworth, Erich Spitäller, Michael Braulke, Keon Hyok Lee, Kenneth Miranda, Christian Mulder, Hisanobu Shishido, and Krishna Srinivasan.



    Occasional Papers Nos. 80–86 are available for $10.00 each, with a special price of $7.50 each to full-time university faculty members and students, and Nos. 87—135 are $15.00 each, with a special price of $12.00 each to full-time university faculty members and students.



    World Economic and Financial Surveys



    World Economic Outlook: A Survey by the Staff of the International Monetary Fund



    Twice a year (May and October) (Arabic, English, French, and Spanish).



    $34.00 ($23.00 to full-time university-faculty members and students).



    International Capital Markets: Developments, Prospects, and Policy Issues



    By a staff team led by David Folkerts-Landau and Takatoshi Ito. $20.00 ($12.00 to full-time university faculty members and students). Staff Studies for the World Economic Outlook By a staff team in the Research Department.



    $20.00 ($12.00 to full-time university faculty members and students). Private Market Financing for Developing Countries By a staff team in the Policy Development and Review Department led by Steven Dunaway.



    $20.00 ($12.00 to full-time university faculty members and students).



    Official Financing for Developing Countries



    By a staff team in the Policy Development and Review Department led by Anthony R. Boote.



    $20.00 ($12.00 to full-time university faculty members and students).
    Books and Seminar Volumes



    Current Legal Issues Affecting Central Banks, Volume III



    Edited by Robert C. Effros.



    $42.50.



    Effective Government Accounting



    By A. Premchand.



    $21.00.



    France: Financial and Real Sector Issues Edited by Paul R. Masson. $24.00.



    International monetary cooperation Since Bretton Woods



    By Harold James.



    $45.00.



    Policies for Growth: The Latin American Experience Edited by Andre Kara Resende (Moderator) $24.00.



    Reforming China’s Public Finances



    Edited by Ehtisham Ahmad, Gao Qiang, and Vito Tanzi.



    $24.00.



    Western Europe in Transition: The Impact of the Opening Up of Eastern Europe and the Former Soviet Union



    Edited by Patrick de Fontenay, Giorgio Gomel, and Eduard Hochreiter. Free.



    A Manual for Country Economists



    By Marcello Caiola.



    $25.00.



    Tax Policy Handbook By Parthasarathi Shome. $25.00.



    User’s Guide to the SDR: A Manual of Transactions and Operations in SDRs



    By the Treasurer’s Department. Free.



    IMF Economic Reviews: 1994



    No. 11. Belarus (Russian)



    No. 18. Kazakstan (English, Russian)



    No. 19. Armenia (English)



    IMF Economic Reviews: 1995 No. 1. Czech Republic



    No. 2. Marshall Islands and the Federated States of Micronesia



    IMF Economic Reviews: 1996 No. 1. Mongolia



    Pamphlets



    No. 45. Financial Organization and Operations of the IMF By the Treasurer’s Department. Fourth edition (French, Spanish, Russian). Free.



    No. 48. Unproductive Public Expenditures: A Pragmatic Approach to Policy Analysis



    By the Fiscal Affairs Department



    (French, Spanish, Russian). Free.



    No. 49. Guidelines for Fiscal Adjustment



    By the Fiscal Affairs Department



    (French, Spanish, Russian). Free.



    No. 50. The Role of the IMF: Financing and Its Interactions with Adjustment and Surveillance



    By Paul R. Masson and Michael Mussa, Research Department (French, Spanish, Russian). Free.



    Booklets



    Growth and Stability in the Middle East and North Africa By Mohammed A. El-Erian, Sena Eken, Susan Fennell, and Jean-Pierre Chauffour. Free.



    External Assistance and Policies for Growth in Africa



    Edited by Claire Liuksila. Free.



    The IMF and the Challenges of Globalization



    By Michel Camdessus



    (English, French, Spanish). Free.



    IMF Working Papers and Papers on Policy Analysis and Assessment: October 1986-August 1996(English). Free. Publications Catalog, 1995–1996(English). Free.
    Publications of the International Monetary Fund: January-September 1995(English). Free.



    Publications of the International Monetary Fund: October 1995, November 1995, December 1995, January 1996, and February 1996. Monthly (English). Free.



    Publications of the International Monetary Fund: October 1995-March 1996(English). Free.
    Working Papers



    Nos. 95/47–95/146 and 96/1–96/30 were issued in 1995/96. $7.00 each; $210.00 for annual subscription.



    Papers on Policy Analysis and Assessment



    Nos. 95/8–95/11 and 96/1–96/3 were issued in 1995/96. $7.00 each; $80.00 for annual subscription.
    IMF Staff Country Reports



    IMF Staff Country Reports comprise comprehensive material on economic developments and trends in member countries. The reports are prepared by Fund staff missions as background information for the periodic consultations with members. They contain reports on recent economic developments, background papers, and statistical annexes and appendices.
    95/32BarbadosRecent Economic Developments
    95/33ChinaStatistical Tables and Charts
    95/34HaitiRecent Economic Developments
    95/35HungaryRecent Economic Developments and Background Issues
    95/36ItalyBackground Economic Developments and Issues
    95/37ItalyBackground Economic Developments and
    Issues—Supplementary Information: Appendices
    95/38Kyrgyz RepublicRecent Economic Developments
    95/39SpainSelected Background Issues
    95/40Republic of EstoniaRecent Economic Developments
    95/41DenmarkSelected Background Issues
    95/42DenmarkSupplementary Charts and Tables
    95/43TurkeyRecent Economic Developments
    95/44UgandaBackground Paper
    95/45Antigua and BarbudaRecent Economic Developments
    95/46CanadaEconomic Developments and Policies
    95/47IcelandRecent Economic Developments
    95/48Kingdom of the NetherlandsRecent Economic Developments
    95/49Kingdom of the NetherlandsSelected Background Issues
    95/50Former Yugoslav Republic of MacedoniaRecent Economic Developments
    95/51MalawiStatistical Appendix
    95/52MaltaRecent Economic Developments
    95/53AlbaniaBackground Information
    95/54AlgeriaBackground Paper
    95/55BeninStatistical Annex
    95/56GrenadaRecent Economic Developments
    95/57GuatemalaRecent Economic Developments
    95/58PanamaStatistical Annex
    95/59St. Kitts and NevisRecent Economic Developments
    95/60Sri LankaBackground Paper
    95/61Sri LankaStatistical Tables
    95/62AustriaRecent Developments and Issues
    95/63NepalBackground Paper
    95/64MadagascarRecent Economic Developments
    95/65São Tomé and PríncipeBackground Papers and Statistical Appendix
    95/66Dominican RepublicStatistical Appendix
    95/67TongaRecent Economic Developments
    95/68GuyanaStatistical Appendix
    95/69DominicaRecent Economic Developments
    95/70MozambiqueStatistical Annex
    95/71SenegalBackground Papers and Statistical Annex
    95/72ThailandStatistical Appendix
    95/73Republic of MoldovaRecent Economic Developments
    95/74Central African RepublicStatistical Annex
    95/75UruguayStatistical Annex
    95/76IrelandBackground Paper
    95/77GhanaStatistical Annex
    95/78GhanaBackground Information on Output and
    Investment Performance
    95/79NicaraguaStatistical Annex
    95/80Papua New GuineaBackground Material
    95/81ParaguayStatistical Annex
    95/82Republic of LithuaniaRecent Economic Developments
    95/83IndonesiaRecent Economic Developments
    95/84Marshall IslandsStatistical Appendix
    95/85Czech RepublicSelected Background Studies
    95/86IndiaRecent Economic Developments
    95/87IndiaBackground Papers
    95/88LesothoStatistical Appendix
    95/89Kingdom of the Netherlands—ArubaRecent Economic Developments
    95/90Federated States of MicronesiaStatistical Appendix
    95/91NamibiaRecent Economic Developments and Selected Economic Issues
    95/92VietnamBackground Papers
    95/93VietnamStatistical Tables
    95/94United StatesBackground Papers
    95/95GreeceBackground Papers
    95/96EcuadorRecent Economic Development
    95/97JordanBackground Information on Selected Aspects of
    Adjustment and Growth Strategy
    95/98Bahamas, TheStatistical Appendix
    95/99BelarusRecent Economic Developments
    95/100GermanyRecent Economic Developments
    95/101GermanySelected Background Issues
    95/102ChileRecent Economic Developments
    95/103Slovak RepublicSelected Background Issues
    95/104FinlandRecent Economic Developments
    95/105IsraelRecent Economic Developments
    95/106West Bank and Gaza StripRecent Economic Developments and Prospects
    Institution Building—Background Paper Issued in Connection with the 1995 Article IV Consultation. with Israel
    95/107Russian FederationStatistical Appendix
    95/108CambodiaStatistical Tables
    95/109RwandaSocial and Economic Background Paper, and
    Statistical Appendix
    95/110ArgentinaRecent Economic Developments
    95/111Republic of ArmeniaRecent Economic Developments
    95/112Republic of GeorgiaRecent Economic Developments
    95/113PhilippinesRecent Economic Developments
    95/114PhilippinesBackground Paper
    95/115JapanRecent Economic Developments
    95/116JapanBackground Paper
    95/117KiribatiRecent Economic Development’s
    95/118Western SamoaStatistical Annex
    95/119Azerbaijan RepublicRecent Economic Developments
    95/120Guinea-BissauRecent Economic Developments
    95/121Islamic Republic of IranRecent Economic Developments
    95/122AngolaRecent Economic Developments
    95/123Gambia, TheRecent Economic Developments
    95/124PortugalRecent Economic Developments
    95/125LatviaRecent Economic Developments
    95/126MyanmarRecent Economic Developments
    95/127MalaysiaBackground Paper
    95/128FijiBackground Material
    95/129GabonBackground Paper
    95/130United KingdomRecent Economic Developments
    95/131Republic of CroatiaRecent Economic Developments
    95/132FranceRecent Economic Developments
    95/133KenyaRecent Economic Developments
    95/134Equatorial GuineaBackground Appendices
    95/135BhutanBackground Paper
    95/136KoreaBackground Papers
    95/137KoreaStatistical Tables
    95/138MaliStatistical Annex
    95/139St. Vincent and the GrenadinesStatistical Annex
    95/140MoroccoStatistical Annex
    95/141FranceSelected Background Issues
    95/142SingaporeStatistical Appendix
    95/143NigeriaBackground Papers and Statistical Appendix
    ***
    96/1MauritiusBackground Papers and Statistical Annex
    96/2TanzaniaStatistical Appendix
    96/3PeruRecent Economic Developments
    96/4SwazilandStatistical Annex
    96/5Burkina FasoBackground Papers and Statistical Update
    96/6Côte d’IvoireRecent Economic Developments
    96/7GuineaBackground Paper
    96/8PakistanRecent Economic Developments
    96/9RomaniaRecent Economic Developments and Selected
    Background Studies
    96/10RomaniaStatistical Appendix
    96/11Sierra LeoneStatistical Annex
    96/12TogoStatistical Annex
    96/13BulgariaRecent Economic Developments
    96/14New ZealandRecent Economic Developments
    96/15NorwayBackground Paper
    96/16CyprusBackground Paper
    96/17IcelandStatistical Appendix (Corrected April 1996)
    96/18ColombiaRecent Economic Developments
    96/19PolandBackground Paper
    96/20PolandStatistical Tables
    96/21UkraineRecent Economic Developments
    96/22KazakstanRecent Economic Developments
    96/23BotswanaRecent Economic Developments and Selected Economic Issues
    96/24MongoliaBackground Material
    $15.00 each.

    Copies of the Fund’s publications may be obtained from Publication Services, International Monetary Fund, 700 19th Street, N.W., Washington, D.C. 20431, U.S.A.

    Additional information about the Fund and its publications is available on the Internet (address: gopher.imf.org) and on the World Wide Web (address: gopher://gophcr.inlf.org).

    Telephone: (202)623–7430

    Telefax: (202)623–7201

    Internet: publicationsations@imf.org.

    appendix V Principal Policy Decisions of the Executive Board

    A. Access Policy—Guidelines on Access Limits—Review

    1. Pursuant to Decision No. 10181-(92/132),1 adopted November 3, 1992, and Decision No. 10819-(94/95),2 adopted October 24, 1994, the Fund has reviewed the guidelines and the limits for access by members to the Fund’s general resources under the credit tranches and the extended Fund facility, and the decision to increase the annual access limit to 100 percent of quota during a period of three years from October 24, 1994, and decides that they remain appropriate in the present circumstances.

    2. The next of the annual reviews prescribed by Decision No. 10181-(92/132), adopted November 3, 1992, and by Decision No. 10819(94/95), adopted October 24, 1994, shall be completed by October 31, 1996.

    Decision No. 11098-(95/101)

    October 27, 1995

    B. Valuation of SDR

    (a) SDR Valuation Basket

    The Executive Board, having reviewed the list of the currencies, and the weights of these currencies, that determine the value of the special drawing right, in accordance with Decision No. 6631-(80/145) G/S,3 adopted September 17, 1980, decides that, with effect from January 1, 1996, the list of the currencies in the SDR valuation basket shall remain the same, and the weight of each of these currencies to be used to calculate the amount of each of these currencies in the basket will be as follows:

    CurrencyWeight

    (in percent)
    U.S. dollar39
    Deutsche mark21
    Japanese yen18
    French franc11
    Pound sterling11

    Decision No. 11073-(95/92) G/S

    September 25, 1995

    (b) Amendment to Rule O-1

    In accordance with Executive Board Decision No. 6631-(80/145) G/S, adopted September 17, 1980, Executive Board Decision No. 11073 (95/92) G/S,4 adopted September 25, 1995, and the guidelines set forth in Executive Board Decision No. 8160-(85/186) G/S5, adopted December 23, 1985, Rule O-1 shall read as follows, effective January 1, 1996;

    Rule O-1. The value of the SDR shall be the sum of the values of the following amounts of the following currencies;
    U.S. dollar0.582
    Deutsche mark0.446
    Japanese yen27.2
    French franc0.813
    Pound sterling0.105

    Decision No. 11179-(96/l) G/S

    December 29, 1995

    C. Fund’s Income Position

    (a) Net Income Target and Rate of Charge on Use of Fund Resources for FY 1997

    1. The target amount of net income for financial year 1997 shall be 5 percent of the Fund’s reserves at the beginning of the financial year.

    2. Effective May 1, 1996, the proportion of the rate of charge referred to in Rule 1-6(4) to the SDR interest rate under Rule T-1 shall be 109.4 percent.

    3. Any net income for financial year 1997 in excess of the target amount of net income of 5 percent of the Fund’s reserves at the beginning of that financial year shall be used to reduce retroactively the proportion of the rate of charge to the SDR interest rate for financial year 1997. If net income for financial year 1997 is below the target amount for that year, the net income target for financial year 1998 shall be increased by the equivalent of that shortfall.

    Decision No. 11251-(96/39)

    April 18, 1996

    (b) Disposition of Net Income for FT 1996

    The Fund’s net income for financial year 1996 of SDR 89,327,289 shall be placed to the Special Reserve.

    Decision No. 11301-(96/64)

    July 5, 1996

    D. Enhanced Structural Adjustment Facility (ESAF)

    (a) ESAF Trust—Expansion of Eligibility

    The list annexed to Decision No. 8240-(86/56) SAF,6 as amended, shall be further amended by adding Azerbaijan Republic and the Republic of Congo for purposes of eligibility under Section II, Paragraph 1(a) of the ESAF Trust Instrument.

    Decision No. 10989-(95/53) SAF

    May 30, 1995

    (b) ESAF Trust Instrument—Amendment

    The Fund approves the following amendment of the Instrument to Establish the Enhanced Structural Adjustment Facility, Decision No. 8759-(87/176) ESAF,7 adopted December 18, 1987, as amended:

    Section II, Paragraph 3(b) is amended to read:

    Disbursements under an annual arrangement must precede the expiration of the period of that arrangement and be made prior to the expiration of the three-year commitment period. An annual arrangement may be extended for a period not to exceed six months where (i) an extension is necessary to complete the midyear review, and (ii) there is a good prospect that the member will achieve the objectives of the program within the extended period. The Trustee may extend the period of the three-year commitment to allow the disbursement of undisbursed amounts, subject to appropriate conditions consistent with the terms of assistance under this Instrument.

    Decision No. 11114-(95/110) ESAF

    November 20, 1995

    (c) ESAF Trust—Reserve Account—Review

    Pursuant to Decision No. 10286-(93/23) ESAF,8 the Fund has reviewed the adequacy of the Reserve Account of the ESAF Trust, and determines that amounts held in the account are sufficient to meet all obligations that could give rise to a payment from the Reserve Account to lenders to the Loan Account of the ESAF Trust in the six months from January 1 to June 30, 1996.

    Decision No. 11178-(96/1) ESAF

    December 29, 1995

    E. Guidelines on Performance Criteria with Respect to Foreign Borrowing—Review and Amendment of 1979 Decision

    Executive Board Decision No. 6230-(79/140)9 (Guidelines on Performance Criteria with Respect to Foreign Borrowing) adopted August 3, 1979 is amended as follows:

    (a)The guideline on the performance criteria with respect to foreign borrowing is amended to read as follows:

    When the size and the rate of growth of external indebtedness is a relevant factor in the design of an adjustment program, a performance criterion relating to official and officially guaranteed foreign borrowing will be included in upper credit tranche arrangements. The criterion will include foreign loans with maturities of over one year, and in appropriate eases, other financial instruments that have the potential to create substantial external liabilities for governments. The criterion will usually be formulated in terms of debt contracted or authorized. However, in appropriate eases, it may be formulated in terms of net disbursements or net changes in the stock of external official and officially guaranteed debt. Flexibility will be exercised to ensure that the use of the performance criterion will not discourage capital flows of a concessional nature by excluding from the coverage of performance criteria loans defined as concessional on the basis of currency-specific discount rates based on the OECD commercial interest reference rates, and including a grant element of at least 35 percent, provided that a higher grant element may be required in exceptional cases. Normally, the performance criterion will include a subceiling on foreign debt with maturities of over one year and up to five years. Additional subceilings may also be included on debt with specified maturities beyond five years or with a specified grant element lower than 35 percent.

    (b)Points 2, 6, and 7 of Decision No. 62 30-(79/140) are amended to read as follows:

    • 2. In analyzing the amount and terms of new borrowing that would be appropriate—in the member’s circumstances—over the medium term, the staff will take into account prospective developments in the member’s external payments situation and the profile of its external indebtedness.
    • 6. The staff is encouraged to include short-term debt of a maturity of less than one year in the performance criteria relating to foreign borrowing, while allowing some flexibility in light of the different institutional reporting procedures employed by members and the statistical difficulties of recording that category.
    • 7. The guideline provides for excluding from the coverage of performance criteria those loans defined as concessional on the basis of currency-specific discount rates based on the OECD commercial interest reference rates and including a specified grant element. In some cases, member countries utilize credits associated with concessional loans. The staff will take this into account in discussing the appropriate amount of borrowing.

    Decision No. 11096-(95/100)

    October 25, 1995

    F. Periods for Consent to and Payment for Increases in Quotas Under Ninth General Review—Extension

    1. Pursuant to Paragraph 4 of the Resolution of the Board of Governors No. 45-2, “Increases in Quotas of Members—Ninth General Review,” the Executive Board decides that notices in accordance with Paragraph 2 of that Resolution must be received in the Fund before 6:00 p.m., Washington time, on December 29, 1995.

    2. Pursuant to Paragraph 5 of the Board of Governors Resolution 45-2, the Executive Board decides that each member shall pay to the Fund the increase in its quota under the Ninth General Review within 1,143 days after the later of (a) the date on which it notifies the Fund of its consent or (b) November 11, 1992.

    Decision No. 11018-(95/62)

    June 23, 1995

    1. Pursuant to Paragraph 4 of the Resolution of the Board of Governors No. 45-2, “Increases in Quotas of Members—Ninth General Review,” the Executive Board decides that notices in accordance with Paragraph 2 of that Resolution must be received in the Fund before 6:00 p.m., Washington time, on June 28, 1996.

    2. Pursuant to Paragraph 5 of the Board of Governors Resolution 45-2, the Executive Board decides that each member shall pay to the Fund the increase in its quota under the Ninth Review within 1,325 days after the later of (a) the date on which it notifies the Fund of its consent, or (b) November 11, 1992.

    Decision No. 11175-(95/124)

    December 22, 1995

    G. Technical Assistance—Framework Administered Account—Amendment to Instrument

    1. The terms “Donor” and “Contributing Donor” shall be replaced with “Contributor” wherever these terms appear in the Instrument.10

    2. Paragraph 2 of the Instrument shall be amended to read as follows:

    The resources provided by Contributors to the Framework Account shall be: (i) grants, or (ii) proceeds of grants or loans that have been received by the Contributor from entities other than the Fund for the purpose of financing technical assistance to the Contributor The resources may be used by the Fund only for technical assistance activities consistent with its purposes, in accordance with the procedures specified in Paragraph 3 of this Instrument.

    Decision No. 11162-(95/121)

    December 19, 1995

    H. Opening of Fund Archives

    The Executive Board decides that outside persons, on request, will be given access to documentary materials maintained in the Fund’s archives that are over 30 years old, provided, however, that access to Fund documents originally classified as “Secret” or “Strictly Confidential” will be granted only upon the Managing Director’s consent to their declassification; It is understood that this consent will be granted in all instances but those in which, despite the passage of time, the material remains highly confidential or sensitive. Access to the following will not be granted: (a) legal documents and records maintained by the Legal Department that are protected by attorney-client privilege; (b) documentary materials furnished to the Fund by external parties, including member countries, their instrumentalities and agencies and central banks, that bear confidentiality markings, unless such external parties consent to their declassification; (c) personnel files and medical or other records pertaining to individuals: and (d) documents and proceedings of the Grievance Committee.

    Decision No. U192-(96/2)

    January 17, 1996

    appendix VI Press Communiqués of the Interim Committee and the Development Committee

    Interim Committee of the Board of Governors on the International Monetary System

    PRESS COMMUNIQUÉS

    Forty-Fifth Meeting, Washington, D.C., October 8, 1995

    1. The Interim Committee held its Forty-fifth meeting in Washington, D.C. on October 8, 1995 under the chairmanship of Mr. Philippe Maystadt, Deputy Prime Minister and Minister of Finance and External Trade of Belgium.

    2. The Committee welcomed the encouraging global economic situation and outlook, which are due in large part to the pursuit of sound policies in many countries. It reaffirmed that the Madrid Declaration continues to be a useful guide for policies.

    3. In reviewing progress in implementing the Madrid Declaration, the Committee observed that:

    • In the industrial countries, prospects are for sustained noninflationary growth, and policies should continue to be aimed toward this objective. Broad-based expansion will help to create jobs, reduce external imbalances, and contribute to financial market stability. The Committee welcomed the recent economic stimulus measures announced by the Japanese authorities, the easing of if interest rates in Europe, progress toward fiscal consolidation in many countries, and the broad movements in the exchange rates between the key currencies since last April. In many countries, strengthened efforts at fiscal consolidation, and prudent monetary policies, have permitted lower long-term interest rates. Nevertheless, much remains to be done, and the current expansion should be taken as an opportunity for vigorous action to tackle fiscal imbalances, to enhance labor market flexibility, and to reduce unemployment, particularly in Europe and Canada, and to further deregulate and open markets in Japan.
    • The Committee commended the impressive growth performance of an increasing number of developing countries. Strong fundamentals and prompt policy adjustments, and avoidance of recourse to exchange controls, have helped restore investor confidence in the aftermath of the Mexican crisis. Strong adjustment efforts by Mexico and other affected countries, with timely and substantial international support, have enabled them to weather the crisis, although the social costs of the crisis have been severe in some of the countries. Elsewhere, especially in Asia, some of the strongest-performing countries now must guard against overheating, with an appropriate use of exchange rate and monetary policy.
    • Many low-income countries now enjoy improved growth prospects as a result of their implementation of comprehensive adjustment policies and more favorable external conditions. However, the Committee expressed deep concern about the plight of a number of low-income countries. It called for the full and constructive implementation of Naples terms by the Paris Club, but emphasized the need to maintain sufficient flows of concessional assistance to low-income countries implementing strong adjustment and reform programs.
    • The Committee was encouraged by the resumption of growth in a number of economies in transition that had established firm macroeconomic discipline and implemented early and wide-ranging systemic reforms. Many countries that were less advanced in the transition process have also recently strengthened their stabilization and reform efforts, and are now showing signs of economic recovery. The Committee urged all countries in transition to pursue bold policies that the Fund could support. There is a pressing need for improved enterprise efficiency, cost-effective social safety nets, and financial sector reform. Many of these countries need to address without delay the level and structure of government expenditure and the unsustainable decline in budgetary revenues by improved tax policies and administration. Many also need effective debt control and monitoring, and concern was expressed that some are accumulating external debt un sustain ably.

    4. The Committee welcomed trade liberalization under the Uruguay Round, and reiterated the importance of further market opening, avoidance of protectionist measures, and reliance on the multilateral framework of the WTO to resolve disputes.

    5. The Committee stressed that increased freedom of capital movements and globalized markets bring significant benefits to all countries. Consistent implementation of firm economic policies should help to reduce the volatility of capital movements. The Committee encouraged the Fund, in promoting liberalization in a global market setting, to pay increased attention to capital account issues and the soundness of financial systems, and emphasized the need for improved prudential supervision.

    6. The Committee endorsed the conclusions and recommendations of the report of the Executive Board on the regular and timely provision of comprehensive and good quality data to the Fund by members for surveillance purposes, including the identification of a set of 12 core data categories, and on the establishment by the Fund of standards to guide members in their publication of economic and financial data (including a two-tier approach consisting of a general standard for all members and the more demanding standard for those having or seeking access to the capital markets and public identification of countries adhering to the more demanding standard). The Committee stressed the importance of providing technical assistance to interested member countries. It supported publication of the report and requested the Executive Board to complete its work soon, taking into account the views of market participants, so that members who wish to subscribe to the more demanding standard should have the opportunity to do so before the Committee’s April 1996 meeting.

    7. The Committee stressed the crucial need to safeguard the Fund’s liquidity at an adequate level at all times. Accordingly the Committee discussed strengthening the Fund’s financial resources:

    • The Committee welcomed the progress already made by the Executive Board on Fund quotas, and requested the Board to move forward with the Eleventh Quinquennial Review, and to report on progress made at the next meeting of the Committee in April 1996.
    • The Committee noted with interest the initiative of the Group of Ten countries to develop new parallel financing arrangements, complementary to the General Arrangements to Borrow, with the aim of doubling the resources currently available under the General Arrangements to Borrow through contributions from members of the G-10 and from other countries with the capacity to support the international financial system; it expressed the strong hope that early progress would be made through a constructive dialogue between the G-10 and potential new participants. The Committee emphasized the importance that all participants should be treated equally. and agreed that expanded borrowing should not be a substitute for a quota increase.

    8. The Committee welcomed the consensus in support of Continuation of the enhanced structural adjustment facility(ESAF), including the establishment of a self-sustained ESAF. It agreed that ESAF should continue to be the centerpiece of the Fund’s strategy to help the lower-income countries, including those that are heavily indebted. It requested the Executive Board to submit proposals on the future financing of ESAF and to report to the Committee at its next meeting.

    9. The Committee noted the ongoing work in the Fund, in close collaboration with the World Rank, on how best to address the problems of those low-income countries that are undertaking strong adjustment and reform programs hut whose debt situation, including debt to multilateral institutions, may prove unsustainable, even after debt reduction on Naples terms. It encouraged the two institutions to continue their cooperative work on these issues, including country-specific analysis of debt sustainaability, and requested the Executive Board to report to the Interim Committee at its next meeting.

    10. The Committee endorsed the Board’s decisions:

    • To establish exceptional procedures (the emergency financing mechanism) that would enable the Fund to respond promptly and prudently in the event of serious financial crises. It emphasized that use of these procedures would not necessarily imply exceptional financing, and would be subject to strong conditionality.
    • On the conditions under which the Fund should be prepared to support currency stabilization funds, on a short-term basis, in the context of an exchange-rate-based disinflation strategy, and within the limits and guidelines of the current access policy.
    • On expanding the scope of the Fund’s involvement in post-conflict situations, including the circumstances under which the Fund could provide emergency support in a context of coordinated international assistance.

    11. The Committee requested the Executive Board to continue its examination of ways to achieve the agreed objective of participation of all members of the Fund in the SDR system. As part of the wide-ranging review of the role and functions of the SDR in the world financial system, the Committee also looked forward to the results of the seminar to be held in March 1996, with the involvement of outside experts.

    12. Members of the Committee had a fruitful informal discussion with Mr. Michel Hansenne, Director-General of the International Labor Office, on collaboration between the ILO and the IMF in light of the commitments of the UN Social Summit. The Committee agreed that cooperation should be strengthened, with a view to helping Fund missions to acquire a better understanding on labor markets and social protection issues, and ILO staff to further integrate in their own policy advice the view of the Fund on macroeconomic policies and targets forthe country concerned. The Committee also recommended that regular exchanges of views and sharing of information should be pursued in the preparation of the Fund’s World Economic Outlook and the ILO’s World Employment Outlook.

    13. The Committee will meet again on April 22, 1996.

    Annex: Interim Committee Attendance October 8, 1995

    Chairman

    Philippe Maystadt, Minister of Finance, Belgium

    Managing Director

    Michel Camdessus

    Members or Alternates

    Hamad Al-Sayari, Governor, Saudi Arabian Monetary Agency (Alternate for Soliman A. Al-Solaim, Minister of Finance and National Economy, Saudi Arabia)

    Sultan N. Al-Suwaidi, Governor, United Arab Emirates Central Bank (Alternate for Ahmed Humaid Al-Tayer, Minister of State for Financial and Industrial Affairs, United Arab Emirates)

    Jean Arthuis, Minister of Economy, Finance and Planning, France

    Domingo Felipe Cavallo, Minister of Economy and Public Works and Services, Argentina

    Anatoli Chubais, First Deputy Chairman, Russian Federation

    Kenneth Clarke, Chancellor of the Exchequer, United Kingdom

    Chen Yuan, Deputy Governor, People’s Bank of China (Alternate for Dai Xianglong, Governor, People’s Bank of China)

    Lamberto Dini, Prime Minister and Minister of the Treasury, Italy

    Marcel Doupamby Matoka, Minister of Finance, Economy, Budget, and Equity Financing, Gabon

    Sigbjoern Johnsen, Minister of Finance and Customs, Norway

    Abdelouahab Keramane, Governor, Banque d’Aigérie

    Pedro Sampaio Malan, Minister of Finance, Brazil

    Paul Martin, Minister of Finance, Canada

    Klaus Liebscher, Governor, Austrian National Bank (p.m. session) and Alfons Verplaetse, Governor, Banque Nationale de Belgique (a.m. session) (Alternates for Philippe Maystadt, Minister of Finance, Belgium)

    Guillermo Ortiz, Secretary of Finance and Public Credit, Mexico

    Robert E. Rubin, Secretary of the Treasury, United States Tomaz Augusto Salomao, Minister of Planning and Finance, Mozambique

    Manmohan Singh, Minister of Finance, India

    Otto Stich, Minister of Finance, Switzerland

    Masayoshi Takemura, Minister of Finance, Japan

    Vijit Supinit, Governor, Bank of Thailand

    Theo Waigel, Federal Minister of Finance, Germany

    Ralph Willis, Treasurer, Australia

    Gerrit Zalm, Minister of Finance, Netherlands

    Observers

    Andrew D. Crockett, General Manager, BIS

    Yves-Thibault de Silguy, Commissioner for Economic, Monetary’ and Financial Affairs, CEC

    Mohamed Kabbaj, Chairman, Joint Development Committee

    Roger Lawrence, Director, Global Interdependence Division, UNCTAD

    Jean-Claude Milleron, Under-Secretary-General, Department for Economic and Social Information and Policy Analysis, UN

    Jean-Claude Pave, Secretary-General, OECD

    Renato Ruggiero, Director-General, WTO

    James D, Wolfensohn, President, World Bank

    Forty-Sixth Meeting, Washington, D.C., April 22, 1996

    1. The Interim Committee held its forty-sixth meeting in Washington, D.C. on April 22, 1996 under the Chairmanship of Mr. Philippe Maystadt, Deputy Prime Minister and Minister of Finance and of Foreign Trade of Belgium.

    2. The Committee is encouraged by developments in the world economy.

    • Inflation has been brought down or kept low in most countries, and the broad movements in the exchange rates of the major currencies since the Committee meeting of April 1995 have improved the prospects for sustainable noninflationarv growth.
    • In the developing world, growth has been well sustained, helped by strong policies of macroeconomic adjustment and structural reform, leading to improved living standards for a large share of the world’s population. In Asia, growth is expected to remain buoyant, albeit at a slightly slower rate than in 1995 reflecting, in part, tighter policies in some countries to resist overheating. In the Western Hemisphere, the far-reaching adjustment efforts of Mexico and other countries in the region have improved the prospects for recovery. In Africa and the Middle East, sound policies are improving economic prospects.
    • In the countries in transition, progress toward market-based institutions and macroeconomic stability has contributed to stronger economic performance. The countries that have advanced furthest in this process provide encouraging evidence that perseverance with financial discipline and structural reforms creates the basis for sustained growth.
    • In the industrial countries, recovery has begun in Japan, and conditions are good for expansion to continue at a healthy rate in North America. In continental Europe, fiscal consolidation, subdued inflation, and their favorable impact on interest rates should help the expected pickup of growth in the course of 1996, following the recent pause.

    3. The Committee notes that many of these favorable developments reflect implementation of key aspects of the common strategy set out by the Interim Committee in the Madrid Declaration of October 1994. The fall meeting of the Committee may be an appropriate occasion for updating the guidelines set out in the Madrid Declaration, and the Committee requests the Executive Board to consider this matter.

    4. The Committee emphasizes that important challenges remain:

    • Fiscal consolidation remains a key priority in most countries, despite some progress in reducing budget deficits. Fiscal problems take many forms, including unproductive spending, narrow tax bases and high tax rates, inefficient state enterprises often subject to soft budget constraints, large off-budget or hidden imbalances, and extensive commitments, particularly in pensions and health care, given the prospective aging of populations. Greater transparency of fiscal operations and awareness of the implications of longer-term commitments are needed to build public consensus and support for determined policies to deal with these problems.
    • Removal of structural impediments to higher rates of noninflationary growth is also critical, and labor market rigidities that contribute to unacceptably high unemployment in many industrial countries are of particular concern; progress in these areas would also assist fiscal consolidation.
    • Strengthened supervision of financial institutions and markets will facilitate the efficient allocation of financial resources and guard against potential sources of macroeconomic instability and fiscal costs.

    5. The Committee recognizes the very strong efforts by the Fund to adapt its surveillance to the new global environment. Specifically, the Committee

    • Welcomes the report of the Managing Director on policies implemented in the context of country surveillance, which provides a useful bridge from the lessons of the Board’s daily work on bilateral surveillance to the broader issues relevant to the Interim Committee in its oversight role. The Committee requests a further report on selected surveillance issues frequently arising in the fund’s dialogue with members.
    • Welcomes the establishment of the Special Data Dissemination Standard for members having or seeking access to international capital markets, and the early indications that a significant number of countries intend to subscribe; it encourages other members to subscribe. The Committee calls for early work by the Executive Board to establish the general standard for data dissemination for all members before the end of 1996.

    6. With respect to the Fund’s financial resources and assistance to members, the Committee

    • Notes the progress made by the Executive Board in preparatory work for the Eleventh General Review of Quotas and stresses the need to ensure the adequacy of quotas for the Fund to continue to carry out its mandate, taking into account changes in the world economy since the last increase in quotas was agreed in 1990. In view of the prospective evolution in the Fund’s liquidity position, the Committee requests the Executive Board to pursue work on quota issues with a view to reaching a conclusion as soon as possible.
    • Notes the report of the Chairman of the G-10 Deputies, and welcomes the progress toward doubling the resources Currently available to the Fund under the General Arrangements to Borrow, while re-emphasizing that borrowing should be exceptional and that the new arrangements are not a substitute for a quota increase. It welcomes in particular the agreement that has been reached on the broad principles that will guide the design of the new arrangements as well as the indication by a number of countries of their readiness to participate in borrowing arrangements on appropriate terms. It urges an early successful conclusion of this work.
    • Reiterates its support for continuation of the enhanced structural adjustment facility (ESAF), including establishment of a self-sustained ESAF, as the centerpiece of the Fund’s strategy to help the low-income countries, including in the context of the initiative to assist the most heavily indebted poor countries. It discussed the report presented by the Managing Director and—taking into account the time-required to put in place the financing arrangements for ESAF—requests the Executive Board to conclude its discussions as soon as possible with the aim of devising acceptable financing proposals by the time of the next Annual Meetings.
    • Welcomes the proposed framework presented by the Fund and the Bank on ways to address the problems of a limited number of heavily indebted poor countries following sound policies for which it is clear that existing mechanisms appear inadequate to secure a sustainable external debt position over the medium term. It agrees that further action is needed, on a case-by-case basis, in line with broad principles agreed by the two Executive Boards, including contributions by the IFIs from their own resources, contributions by bilateral donors, and appropriate action by the Paris Club, and by other creditors. The (Committee requests the Fund, in conjunction with the Bank and in close collaboration with all involved creditors and donors, to put forward specific proposals as soon as possible, with the aim of reaching decisions by the time of the next Annual Meetings.

    7. The Committee welcomes the report on the Seminar on the Future of the SDR. It requests the Executive Board to reflect further on proposals on the role of the SDR and to reach a consensus on a way for all members to receive an equitable share of cumulative SDR allocations.

    8. The Committee will meet again in Washington, D.C., on September 29,1996.

    Annex: Interim Committee Attendance April 22, 1996

    Chairman

    Philippe Maystadt, Minister of Finance, Belgium

    Managing Director

    Michel Camdessus

    Members or Alternates

    Ibrahim A. Ai-Assaf, Minister of Finance and National Econ-omv, Saudi Arabia

    Sultan N. Al-Suwaidi, Governor, United Arab Emirates Central Bank (Alternate for Ahmed Humaid Al-Tayer, Minister of State for Financial and Industrial Affairs, United Arab Emirates)

    Jean Artlmis, Minister of Economy and Finance, France

    Erik Åsbrink, Minister of Finance, Sweden

    Antonio Casas González, President, Banco Central de Venezuela

    Roque Benjamin Fernández, President, Banco Central de la Republica Argentina (Alternate for Domingo Felipe Cavallo. Minister of Economy and Public Works and Services, Argentina)

    Kenneth Clarke, Chancellor of the Exchequer, United Kingdom

    Jim Short, Assistant Treasurer, Australia (Alternate for Peter Costello, Treasurer, Australia)

    Chen Yuan, Deputy Governor, People’s Bank of China (Alternate for Dai Xianglong, Governor, People’s Bank of China)

    Mario Draghi, Director General, Ministry of the Treasury, Italy (p.m. session) and Antonio Fazio, Governor, Banca d’Italia (a.m. session) (Alternates for Lamberto Dini, Prime Minister and Minister of the Treasury, Italy)

    J. Soedradjad Djiwandono, Governor, Bank Indonesia

    Marcel Doupamby Matoka, Minister of Finance, Economy, Budget, and Equity Financing, Gabon

    Sergei Dubinin, Chairman, Central Bank of the Russian Federation

    Abdelouahab Keramane, Governor, Banque d’Algérie

    Yasuo Matsushita, Governor, The Bank of Japan (Alternate for Wataru Kubo, Minister of Finance, Japan)

    Pedro Sampaio Malan, Minister of Finance, Brazil

    Paul Martin, Minister of Finance, Canada

    Viktor Klima, Federal Minister of Finance, Austria (Alternate for Philippe Maystadt, Minister of Finance, Belgium)

    Robert E. Rubin, Secretary of the Treasury, United States

    Tomaz Augusto Salomao, Minister of Planning and Finance, Mozambique

    C. Rangarajan, Governor, Reserve Bank of India (Alternate for Manmohan Singh, Minister of Finance, India)

    Kaspar Villiger, Minister of Finance, Switzerland

    Theo Waigel, Federal Minister of Finance, Germany

    Gerrit Zalm, Minister of Finance, Netherlands

    Observers

    Andrew D. Crockett, General Manager, BIS

    Yves-Thibault de Silguy, Commissioner for Economic, Monetary and Financial Affairs, CEC

    Mohamed Kabbaj, Chairman, Joint Development Committee

    Roger Lawrence, Director, Global Interdependence Division, UNCTAD

    Jean-Claude Milleron, Under-Secretary-General for Economic and Social Information and Policy Analysis, U.N

    Jean-Claude Pave, Secretary-General, OECD

    Jesús Seade, Deputy Director-General, WTO

    James D, Wolfensohn, President, World Bank

    Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries (Development Committee)

    PRESS COMMUNIQUÉS

    Fifty-First Meeting, Washington, D.C., October 9, 1995

    1. The fifty-first Meeting of the Development Committee was held in Washington, D.C. on October 9, 1995 under the chairmanship of Mr. Mohamed Kabb3j, Minister of Finance and Foreign Investment of Morocco. Ministers welcomed World Bank President James D. Wolfensohn to his first meeting of the Committee. The Committee was pleased that, for the first time, the United Nations Secretary-General, Mr. Boutros Boutros-Ghali, addressed the Committee.1

    Support for Poverty Reduction

    2. Ministers reviewed the implications of the United Nations’ Social Summit Declaration. They focused particularly on how World Bank and IMF efforts to reduce poverty could be strengthened through enhanced policy dialogue with governments, based in part on results of poverty assessments. Ministers agreed that multilateral development institutions should accelerate their investments in social sectors and poverty -reduction programs. The Committee encouraged the Bank to strengthen its efforts to promote broad-based, labor-intensive growth through increasing access of the poor to land, credit, and basic infrastructure.

    3. Ministers agreed that efforts to improve the composition and efficiency of public expenditures were needed. The Committee urged the Bank and Fund to work closely with member governments to help them improve their public finances, especially by increasing attention to funding social and economic development programs and reducing nonproductive spending (including excessive military expenditures) within a framework of sustainable economic growth.

    4. In this context, Ministers agreed that donors’ support should be consistent with governments’ public expenditure programs. The Committee urged donor governments to continue to strengthen assistance for countries demonstrating strong commitment to social sector investments and other high-priority poverty-reduction programs. The Committee also urged them to take steps to reduce administrative burdens on aid recipients.

    International Development Association (IDA)

    5. Ministers recognized the importance of supporting the implementation of effective development policies and programs with adequate resource flows, especially of concessional funds, if poverty is to be reduced The Committee recognized that Finding reductions facing IDA present a very serious risk to poverty reduction and economic growth in the world’s poorest countries. Ministers agreed on the importance of a significant replenishment of IDA.

    6. The Committee expressed great concern that potential reductions in contributions to IDA were likely to jeopardize its future and stressed the great importance donors attach to equitable burden sharing. The Committee urged all donors that have not done so to honor their commitments and continue the strong support that has marked IDA’s 35-year life.

    7. Ministers agreed that every effort should be made to meet the essential financing requirements of poor countries as reflected in IDA’s lending plans, and to protect IDA’s multilateral character.

    Multilateral Debt

    8. Ministers resumed the discussion of multilateral debt begun at the previous meeting. Ministers agreed that current instruments should be sufficient to bring debt and debt service for the majority of heavily indebted poor countries down to manageable levels. For a small group of countries, however, this may still leave an unsustainable debt situation, a problem for which appropriate approaches need to be further explored. Ministers requested the Bank and Fund to continue their work on this issue, including detailed country-specific analysis of debt sustainability, and, after presenting their findings and recommendations to the Executive Boards, to report with proposals to the Committee at its next meeting.

    Executive Secretary

    9. The Committee selected Mr. Alexander Shakow as Executive Secretary.

    Next Meeting

    10. The Committee’s next meeting will be on April 23, 1996, in Washington, D.C., when its agenda will include consideration of the Report of its Task Force on the Role of Multilateral Development Banks.

    Fifty-Second Meeting, Washington, D.C., April 23, 1996

    1. The fifty-second Meeting of the Development Committee was held in Washington, D.C. on April 23, 1996 under the chairmanship of Mr. Mohamed Kabbaj, Minister of Finance and Foreign Investment of Morocco.2

    International Development Association (IDA)

    2. Ministers expressed appreciation to all donors that contributed to the three-year funding arrangement3 agreed upon in March 1996, and extended special recognition to those donors contributing to the FY97 Interim Trust Fund. Ministers noted that the funding pledged by donors, together with other resources expected to be available to IDA, will allow IDA to lend up to US$22 billion over three years, commencing in July 1996, While this represents a significant achievement, reached under difficult circumstances, it leaves IDA with seriously constrained financial capacity to respond to countries’ improved policy performance. Ministers praised those countries that have become new IDA donors and encouraged others to take similar action. They also thanked those that have made supplementary or increased contributions to IDA.

    3. Ministers emphasized that the IDA 11 agreement reflects a strong consensus on IDA’s importance to the support of effective development policies and programs in the poorest countries, with its core objective of poverty reduction supported by economic growth and environmental sustain-ability. Ministers urged IDA to raise its effectiveness and development impact.

    4. Ministers reiterated the importance of maintaining IDA’s capacity to transfer resources to countries with sound policy performance. They stressed the importance of fair burden sharing among IDA donors, and called upon donors to honor their commitments on a timely basis to ensure successful implementation of TDA 11.

    5. Noting with great concern the difficulties encountered in the replenishment of IDA 11, Ministers agreed that the prospects for IDA funding be a key issue for discussion by the Committee in a year’s time.

    6. Ministers urged that rapid progress also be made in ensuring the continued financing of the IMF’s enhanced structural adjustment facility (ESAF), a vital complement to IDA, for the multilateral effort to be fully effective.

    Resolving Debt Problems of the Heavily Indebted Poor Countries (HIPCs)

    7. Ministers Welcomed A Framework for Action presented by Bank and fund managements. The Committee noted the progress achieved since its last meeting and expressed appreciation for the joint efforts of the Bank and the Fund.

    8. Ministers agreed with the analysis of Fund and Bank staff that there were a number of HIPCs for whom the burden of debt, including multilateral debt, was likely to remain above sustainable levels over the medium term, even with strong policies and full use of existing debt-relief mechanisms.

    9. Ministers agreed that for these countries further action is needed to address their debt problems, building on actions already being taken by official bilateral and commercial creditors. This would involve both use of existing mechanisms and new arrangements, including contributions by the IFls from their own resources, contributions by bilateral donors, and appropriate action by the Paris Club, and by other creditors.

    10. Ministers agreed that the principal goal of the proposed framework should be to ensure, for these countries, that adjustment and reform efforts are not put at risk by continued high debt and debt-service burdens. They endorsed the following six principles to guide further action, (i) The objective should be to target overall debt sustainability on a case-by-case basis, thus providing an exit strategy from the rescheduling process, (ii) Action will be envisaged only when the debtor has shown, through a track record, ability to put to good use whatever exceptional support is provided, (iii) New measures will build, as much as possible, on existing mechanisms, (iv) Additional action will be coordinated among all creditors involved, with broad and equitable participation, (v) Actions by the multilateral creditors will preserve their financial integrity and preferred creditor status, (vi) New external finance for the countries concerned will be on appropriately concessional terms.

    11. While recognizing that many important aspects of the proposed framework of action need to be further developed and refined, Ministers agreed, nevertheless, that it provided an appropriate basis for further work. They requested that the Bank and Fund—in close consultation with concerned bilateral creditors/donors/debtors, the Paris Club and other multilateral institutions—move swiftly to produce a program of action. Ministers urged that a decision be reached on this program and its financing as soon as possible, aiming to do so by the next IMF/World Bank Annual Meetings.

    Report of the Task Force on Multilateral Development Ranks

    12. The Committee welcomed this balanced and objective report prepared by its MDB Task Force, Ministers appreciated that it presented, for the first time, an overall assessment of the multilateral development hanks.

    13. Ministers believe the report provides an excellent analysis of the importance of multilateralism and the role of MDBs in a rapidly changing world. The Committee appreciated the report’s careful assessment of the performance of these five quite different institutions, with particular reference to its support for poverty reduction and sustainable development, investment in infrastructure, promotion of the private sector, operational orientation toward results on the ground, and to increasing cooperation among the MDBs.

    14. The Committee generally agreed with the report’s conclusions and recommendations, recognizing that not all apply equally to each institution. Bearing in mind the value of diversity among the MDEs, Ministers urged the MDBs to act upon relevant recommendations as a matter of priority to strengthen further their policies and practices. Ministers invited the Presidents of the MDBs to advise the Committee, in about two years’ time, on progress achieved in implementing the Task Force’s major recommendations.

    15. The Committee expressed its great appreciation and gratitude to Mr. Abdlatif Al-Hamad for his leadership as Chairman of the Task Force, as well as to the Task Force Members and the Secretariat for their dedicated and productive work over the past 15 months. The Committee requested that the report be published and widely distributed.

    Next Meeting

    16. The Committee’s next meeting will be held on September 30, 1996, in Washington, D.C.

    appendix VII Executive Directors and Voting Power on April 30, 1996
    <
    Director

    Alternate
    Casting

    Votes of
    Votes by

    Country
    Total Votes1Percent of

    Fund Total2
    Appointed
    Karin LissakersUnited States265,518265,51817.78
    Barry S. Newman
    Stefan SchoenbergGermany82,66582,6655.54
    Bernd Esdar
    Hachiro MesakiJapan82,66582,6655.54
    Toshihiko Fukuyama
    Marc-Antoine AnthemanFrance74,39674,3964.98
    Ambroise Fayolle
    Huw EvansUnited Kingdom74,39674,3964.98
    Jon Shields
    Elected
    Willy KiekensAustria12,133
    (Belgium)Belarus3,054
    Jobann PraderBelgium31,273
    (Austria)Czech Republic6,146
    Hungary7,798
    Kazakstan2,720
    Luxembourg1,605
    Slovak Republic2,824
    Slovenia1,755
    Turkey6,67075,9835.09
    J, de Beaufort WijnholdsArmenia925
    (Netherlands)Bulgaria4,899
    Oleh HavrylyshynCroatia2,866
    (Canada)Cyprus1,250
    Georgia1,360
    Israel6,912
    Macedonia, former Yugoslav Republic of746
    Moldova1,150
    Netherlands34,692
    Romania7,791
    Ukraine10,22372,814488
    Luis E. BerrizbeitiaCosta Rica1,440
    (Venezuela)EI Salvador1,506
    Vicente J. FernandezGuatemala1,788
    (Spain)Honduras1,200
    Mexico17,783
    Nicaragua1,211
    Spain19,604
    Venezuela19,76364,2954.31
    Enzo R. Grilli (Italy)Albania603
    Nikolaos Coumbis (Greece)Greece6,126
    Italy46,157
    Malta925
    Portugal5,826
    San Marino35059,9874.02
    Ian D. Clark (Canada)Antigua and Barbuda335
    Charles X. O’Loghlin (Ireland)Bahamas, The1,199
    Barbados739
    Belize385
    Canada43,453
    Dominica310
    Grenada335
    Ireland5,500
    Jamaica2,259
    St. Kilts and Nevis315
    St. Lucia360
    St. Vincent and the Grenadines31055,5003.72
    Eva Srejber (Sweden)Denmark10,949
    Benny Andersen (Denmark)Estonia715
    Finland8,868
    Iceland1,103
    Latvia1,165
    Lithuania1,285
    Norway11,296
    Sweden16,39051,7713.47
    Abdulrahman A. Al-TuwaijriSaudi Arabia51,55651,5563.45
    (Saudi Arabia)
    Sulaiman M. Al-Turki
    (Saudi Arabia)
    Ewen L, Waterman (Australia)Australia23,582
    Jung-Ho Kang (Korea)Kiribati290
    Korea8,246
    Marshall Islands275
    Micronesia, Federated States of285
    Mongolia621
    New Zealand6,751
    Papua New Guinea1,203
    Philippines6,584
    Seychelles310
    Solomon Islands325
    Vanuatu375
    Western Samoa33549,1823.29
    A. Shakour Shaalan (Egypt)Bahrain1,078
    Yacoob Yousef MohammedEgypt7,034
    (Bahrain)Iraq5,290
    Jordan1,467
    Kuwait10,202
    Lebanon1,710
    Libya8,426
    Maldives305
    Oman1,444
    Qatar2,155
    Syrian Arab Republic2,349
    United Arab Emirates4,171
    Yemen, Republic of2,01547,6463.19
    Dmitri TulinRussia43,38143,3812.90
    (Russia)
    Aleksei V, Mozhin
    (Russia)
    J.E. Ismael (Indonesia)Cambodia900
    Latifah Merican CheongFiji761
    (Malaysia)Indonesia15,226
    Lao People’s Democratic Republic641
    Malaysia8,577
    Myanmar2,099
    Nepal770
    Singapore3,826
    Thailand5,989
    Tonga300
    Vietnam2,66641,7552,80
    Daniel Kaeser (Switzerland)Azerbaijan1,420
    Danuta (Gotz-KozierkicwiczKyrgyz Republic895
    (Poland)Roland10,135
    Switzerland24,954
    Tajikistan850
    Turkmenistan730
    Uzbekistan2,24541,2292.76
    Abbas MirakhorAfghanistan, Islamic
    (Islamic Republic of Iran)State of1,454
    Mohammed Daiïri (Morocco)Algeria9,394
    Ghana2,990
    Iran, Islamic Republic of11,035
    Morocco4,527
    Pakistan7,832
    Tunisia2,31039,5422.65
    Alexandre Kafka (Brazil)Brazil21,958
    Alberto CalderómColombia5,863
    (Colombia)Dominican Republic1,838
    Ecuador2,442
    Guyana922
    Haiti857
    Panama1,746
    Suriname926
    Trinidad and Tobago2,71839,2702,63
    K.P. Geethakrishnan (India)Bangladesh4,175
    H.B. DisanayakaBhutan295
    (Sri Lanka)India30,805
    Sri Lanka3,28638,5612.58
    Barnabas S. DlaminiAngola2,323
    (Swaziland)Botswana616
    Dinah Z. GutiBurundi822
    (Zimbabwe)Eritrea365
    Ethiopia1,233
    Gambia, The479
    Kenya2,244
    Lesotho489
    Liberia963
    Malawi759
    Mozambique1,090
    Namibia1,246
    Nigeria13,066
    Sierra Leone1,022
    Swaziland615
    Tanzania1,719
    Uganda1,589
    Zambia3,885
    Zimbabwe2,86337,3882.50
    ZHANG Zhixiang (China)China34,10234,1022,28
    HAN Mingzhi (China)
    Carlos Saito (Peru)Argentina15,621
    A. Guillermo ZoccaliBolivia1,512
    (Argentina)Chile6,467
    Paraguay971
    Peru4,911
    Uruguay2,50331,9852.14
    Yves-Marie T. KoissyBenin703
    (Côte d’Ivoire)Burkina Faso692
    Alexandre Barro ChambrierCameroon1,601
    (Gabon)Cape Verde320
    Central African Republic662
    Chad663
    Comoros315
    Congo829
    Côte d’Ivoire2,632
    Djibouti365
    Equatorial Guinea493