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Back Matter

Author(s):
International Monetary Fund
Published Date:
September 2000
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Appendixes

Contents

Appendix I: International Reserves

Total international reserves increased by 9 percent during 1999 and stood at SDR 1.6 trillion at the end of the year (Table I.1). This reflected an 11 percent increase in foreign exchange holdings, which constitute the largest component of international reserves (SDR 1.29 trillion). In contrast, IMF-related assets declined by 10 percent, to SDR 73 billion, resulting in a smaller overall increase of 9 percent in nongold reserves. The market value of gold reserves held by monetary authorities increased by 3 percent, to SDR 204 billion, at the end of 1999.1

Table I.1Official Holdings of Reserve Assets1(In billions of SDRs)
199419951996199719981999Mar.

2000
All countries
Total reserves excluding gold
IMF-related assets
Reserve positions in the IMF31.736.738.047.160.654.854.3
SDRs15.819.818.520.520.418.518.2
Subtotal, IMF-related assets47.556.456.567.681.073.272.5
Foreign exchange811.3931.81,085.61,193.31,161.41,286.81,330,5
Total reserves excluding gold858.7988.21,142.01,260.91,242.41,360.61,402.8
Gold2
Quantity (millions of troy ounces)915.4906.2904.0886.7966.1964.5960.7
Value at London market price240.3235.8232.1190.7197.5204.0197.4
Total reserves including gold1,099,11,224.01,374.21,451.61,439.91,564.01,600.2
Industrial countries
Total reserves excluding gold
IMF related assets
Reserve positions in the IMF27.431.632.641.353.946.846,4
SDRs12.515.014.515.515.814.714.3
Subtotal, IMF-related assets39.946.647.156.869.861.560.7
Foreign exchange393.9441.1501.7520.9475.8520.4532.3
Total reserves excluding gold433.8487.7548.8577.7545.6581.9593.0
Gold2
Quantity (millions of troy ounces)768.0755.0748.2732.5808.7810.4807.0
Value at London market price201.6196.4192.1157.5165.3171.4165.8
Total reserves including gold635.5684.1740.9735.2710.9753.3758.8
Developing countries
Total reserves excluding gold
IMF-related assets
Reserve positions in the IMF4.35.05.45.76.78.07.9
SDRs3.34.84.05.04.53.73.9
Subtotal, IMF-related assets7.69.89.410.811.211.711.8
Foreign exchange417.3490.7583.9672.5685.6766.4798.0
Total reserves excluding gold424.9500.5593.2683.2696.8778.1809.8
Gold2
Quantity (millions of troy ounces)147.4151.2155.8154.2157.5154.1153.7
Value at London market price38.739.340.033.232.232.631.6
Total reserves including gold463.6539.8633.3716.3729.0810.7841.3
Net debtors
Total reserves excluding gold
IMF-related assets
Reserve positions in the IMF2.93.53.94.25.05.65.6
SDRs2.43.82.93.93.33.13.2
Subtotal, IMF-related assets5.27.36.98.18.48.78.8
Foreign exchange299.3367.7448.1534.5545.4605.0630.5
Total reserves excluding gold304.5375.0455.0542.6553.7613.7639.2
Gold2
Quantity (millions of troy ounces)120.8125.0129.4127.9131.0128.1127.6
Value at London market price31.732.533.227.526.827.126.2
Total reserves including gold336.2407.6488.2570.1580.5640.8665.4
Countries without debt-servicing problems
Total reserves excluding gold
IMF-related assets
Reserve positions in the IMF2.43.13.53.84.64.84.8
SDRs1.32.81.83.02.62.42.6
Subtotal, IMF-related assets3.75.95.36.87.27.27.3
Foreign exchange214.1272.8327.1400.3424.5484.1505.9
Total reserves excluding gold217.8278.7332.4407.0431.6491.3513.2
Gold2
Quantity (millions of troy ounces)74.176.680.382.785.983.883.7
Value at London market price19.519.920.617.817.617.717.2
Total reserves including gold237.3298.6353.0424.8449.2509.0530.4
Note: Components may not sum to totals because of rounding.Source: International Monetary Fund, International Financial Statistics.

End-of-ycar figures for all years except 2000. “IMF-related assets” comprise reserve positions in the IMF and SDR holdings of all IMF members. The entries under “Foreign exchange” and “Gold” comprise official holdings of those IMF members for which data arc 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.

End-of-ycar figures for all years except 2000. “IMF-related assets” comprise reserve positions in the IMF and SDR holdings of all IMF members. The entries under “Foreign exchange” and “Gold” comprise official holdings of those IMF members for which data arc 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.

Foreign Exchange Reserves

Foreign exchange reserves constituted 95 percent of non-gold reserve assets at the end of 1999. Developing countries’ foreign exchange reserves rose by 12 percent to SDR 766 billion, while foreign exchange reserves of industrial countries rose by 9 percent to SDR 520 billion. At the beginning of 1999, euro-area countries’ foreign exchange reserves were affected by the introduction of the euro as reserves denominated in euro legacy currencies2 were converted into euros and thus ceased to be foreign claims.

Developing countries have steadily increased their share of foreign exchange holdings; at the end of 1999, they held 60 percent of total foreign exchange reserves. Foreign exchange reserves of oil-exporting developing countries increased by 13 percent during 1999. Net creditor developing countries’ foreign exchange reserves increased by 15 percent to SDR 161 billion, and those of net debtor countries rose by 11 percent to SDR 605 billion at the end of the year. Foreign exchange reserves of net debtor countries that have debt-servicing problems remained unchanged from the previous year, at SDR 121 billion, while those of countries without debt-servicing problems increased by 14 percent, to SDR 484 billion, at the end of 1999.

Holdings of IMF-Related Assets

During 1999, total IMF-related assets—which comprise reserve positions in the IMF and SDR holdings of all IMF members—fell by 10 percent, to SDR 73 billion at the end of the year, following annual increases of about 20 percent in the previous two years. The share of IMF-related assets in non-gold reserves has remained between 5 percent and 7 percent throughout the 1990s. At the end of 1999, members’ reserve positions in the IMF, which comprise their reserve tranche and creditor positions, stood at SDR 55 billion, and their SDR holdings stood at SDR 19 billion. The decline of 10 percent in IMF members’ holdings of SDRs reflects a shift of SDR 2 billion in SDR holdings to the IMF from its members. Industrial countries hold a majority of IMF-related assets: 84 percent at the end of 1999.

Gold Reserves

The market value of gold reserves was SDR 204 billion at the end of 1999 (a 3 percent increase over 1998). The physical stock of gold reserves held by monetary authorities declined marginally during 1999, but this was more than offset by an increase in the price of gold.3 The share of gold reserves has declined gradually from about 50 percent of total reserves in 1980 to 13 percent in 1999. In 1999, gold represented 23 percent of the total reserves of industrial countries, and only 4 percent of those of developing countries.

Developments in the First Quarter of 2000

During the first quarter of 2000, total reserve assets increased by SDR 36 billion, led by an increase in the foreign exchange reserves. IMF-related assets and the stock of gold reserves remained effectively unchanged. Because of a decline in the price of gold, however, the market value of gold reserves held by monetary authorities fell by SDR 7 billion.

Currency Composition of Foreign Exchange Reserves

The currency composition of foreign exchange reserves has changed gradually but fairly steadily over the past decade, with holdings of U.S. dollars, the dominant international reserve currency, rising to 66 percent of foreign exchange reserves at the end of 1999 from 51 percent at the beginning of the decade (Table I.2). In 1999, the euro was the second most important reserve currency, accounting for a 13 percent share. The share of the euro at the end of 1999 was 2 percentage points lower than the end-1998 combined share of the four euro legacy currencies identified in Table I.2: deutsche mark, French franc, Netherlands guilder, and private ecu. However, on January 1, 1999, the Eurosystem’s reserves previously denominated in euro legacy currencies became domestic assets of the euro area; hence, the 1998 data need to be adjusted before attempting to evaluate the development of the share of the euro since its introduction. On the basis of adjusted data (not shown in the tables), the combined share of these euro legacy currencies held outside the 11 euro-area countries in 1998 was practically identical to the share of the euro at the end of 1999.

Table I.2Share of National Currencies in Total Identified Official Holdings of Foreign Exchange, End of Year1(In percent)
1990199119921993199419951996199719981999
All countries
U.S. dollar50.651.155.156.456.456.860.162.165.766.2
Japanese yen8.08.57.57.67.86.86.05.35.35.1
Pound sterling3.03.23.02.93.23.13.43.63.84.0
Swiss franc1.21.21.01.10.90.80.80.70.70.7
Euro12.52
Deutsche mark16.815.113.013.414.013.512.812.612.1
French franc2.42.92.52.22.32.21.71.31.3
Netherlands guilder1.11.10.70.60.50.40.30.40.3
Ecu9.710.29.78.27.76.85.95.00.8
Unspecified currencies37.16.97.47.47.19.69.09.09.911.6
Industrial countries
U.S. dollar45.543.648.850.250.851.856.157.966.768.3
Japanese yen8.89.77.67.88.26.65.65.86.65.8
Pound sterling1.71.82.42.22.32.12.01.92.22.3
Swiss franc0.90.80.40.30.20.10.10.10.20.1
Euro11.0*
Deutsche mark19.818.315.116.416.316.415.615.913.4
French franc2.53.12.92.62.42.31.70.91.3
Netherlands guilder1.11.10.40.40.30.20.20.20.2
Ecu14.516.616.715.214.613.412.010.91.9
Unspecified currencies35.24.95.74.85.07.06.76.47.412.4
Developing countries
U.S. dollar61.162.863.963.862.761.964.065.865.064.6
Japanese yen6.46.67.57.47.56.96.54.94.34.5
Pound sterling5.75.33.83.84.34.24.75.05.15.2
Swiss franc1.81.81.92.01.71.51.41.21.11.1
Euro13.6
Deutsche mark10.710.010.09.911.410.510.19.911.0
French franc2.42.42.11.82.22.11.71.61.2
Netherlands guilder0.91.01.00.90.80.60.50.50.5
Ecu
Unspecified currencies411.010.19.710.49.512.311.111.211.811.0
Note: Components may not sum to total because of rounding.

Note that ecus are treated as a separate currency. Only IMF member countries that report their official holdings of foreign exchange are included in this table; accordingly, the entries in this table cannot be calculated solely from the entries in Table I.3.

Not comparable with the combined share of euro legacy currencies in previous years, part of which reflected holdings of the Eurosystem that became domestic assets, and thus were no longer recorded as foreign currency holdings, upon conversion into euros on January 1, 1999 (e.g., Germany’s holdings of French francs became holdings of domestic assets after their conversion into euros).

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

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

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

Note that ecus are treated as a separate currency. Only IMF member countries that report their official holdings of foreign exchange are included in this table; accordingly, the entries in this table cannot be calculated solely from the entries in Table I.3.

Not comparable with the combined share of euro legacy currencies in previous years, part of which reflected holdings of the Eurosystem that became domestic assets, and thus were no longer recorded as foreign currency holdings, upon conversion into euros on January 1, 1999 (e.g., Germany’s holdings of French francs became holdings of domestic assets after their conversion into euros).

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

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

Overall, the shares of continental European currencies and the Japanese yen in total reserve holdings declined during the 1990s, while the share of pound sterling gradually increased from 3 percent to 4 percent. The Japanese yen and Swiss franc had shares at the end of 1999 that were virtually unchanged from the previous year, at 5 percent and 1 percent, respectively. The share of unspecified currencies increased from 7 percent in 1990 to 12 percent in 1999; this category includes currencies not identified in Table I.2, as well as foreign exchange reserves for which no information on currency composition is available.

In the calculation of currency shares, the ecu is treated as a separate currency. Ecu reserves held by the monetary authorities existed in the form of claims on both the private sector and the European Monetary Institute (EMI), which issued official ecus to European Union central banks through revolving swaps against the contribution of 20 percent of their gross gold holdings and U.S. dollar reserves. On December 31, 1998, the official ecus were unwound into gold and U.S. dollars; hence, the share of ecus at the end of 1998 was sharply lower than a year earlier. The remaining ecu holdings reported for 1998 consisted of ecus issued by the private sector, usually in the form of ecu deposits and bonds. On January 1, 1999, these holdings were automatically converted into euros.

For industrial countries, the share of the U.S. dollar in foreign exchange reserves continued to increase, by 2 percentage points in 1999, to 68 percent of the total, a level not observed since the 1970s. The euro, which replaced 11 European national currencies and the ecu in January 1999, accounted for 11 percent of the foreign exchange reserves of industrial countries. The Japanese yen’s share in industrial countries’ currency holdings remained at about 6 percent, and that of the pound sterling was about 2 percent. In 1999, about 12 percent of the industrial countries’ foreign exchange holdings were in unspecified currencies.

The U.S. dollar’s share in developing countries’ foreign exchange holdings has remained in the range of 61 percent to 65 percent throughout the 1990s. Fourteen percent of developing countries’ foreign exchange reserves were held in euros at the end of 1999, a 1 percentage point increase from the combined share of identified holdings of the euro’s legacy currencies for the previous year. The Japanese yen and pound sterling each had a share of 5 percent in developing countries’ foreign exchange holdings. The share of unspecified currencies has remained at a level of 10-12 percent since the mid-1980s.

Changes in the SDR value of foreign exchange reserves can be decomposed into quantity and valuation (price) changes (Table I.3). Official reserves held in U.S. dollars increased by SDR 79 billion, which reflects an increase of SDR 61 billion in the quantity of U.S. dollar holdings and a valuation increase of SDR 18 billion. The SDR 28 billion increase in the quantity of euro holdings was partly offset by a price decline of SDR 18 billion, resulting in a net increase of SDR 10 billion from the combined share of the euro’s legacy currencies in reserves held outside the euro area in 1998. Despite a quantity decline of SDR 6 billion, a price increase of SDR 9 billion resulted in a net increase of SDR 3 billion in holdings of Japanese yen. An increase of SDR 6 billion in holdings of pound sterling mostly reflects a quantity change, since the valuation of pound sterling holdings did not change significantly during 1999. A quantity increase of SDR 2 billion in Swiss franc holdings was partly offset by an SDR 1 billion valuation decline in 1999.

Table I.3Currency Composition of Official Holdings of Foreign Exchange, End of Year1(In millions of SDRs)
199119921993199419951996199719981999
U.S. dollar
Change in holdings16,66937,69751,09532,69873,058121,12586,97918,22378,933
Quantify change19,08825,08549,65657,30578,053103,24744,51648,25660,988
Price change−2,41912,6131,439−24,607−4,99517,87942,463−30,03317,945
Year-end value300,323338,020389,115421,813494,870615,996702,974721,198800,130
Japanese yen
Change in holdings5,155−3,4986,2256,0342522,941−1,972−1,4442,752
Quantity change1,958−5,6159223,1353,2608,2981,091−5,791−5,794
Price change3,1972,1175,3042,899−3,008−5,356−3,0634,3478,545
Year-end value49,79946,30152,52758,56058,81261,75459,78258,33861,089
Pound sterling
Change in holdings1,959−3561,7324,1263,0827,3095,9151,5055,989
Quantity change2,4913,2282,0814,2573,6693,2874,3973,1216,149
Price change−532−3,584−348−132−5874,0221,518−1,616−160
Year-end value18,72718,37120,10324,22827,31134,62040,53542,03948,028
Swiss franc
Change in holdings−133−4461,284−972226893125−87600
Quantity change210−2541,382−1,411−5241,824232−1611,603
Price change−344−192−99439750−930−10775−1,003
Year-end value6,7826,3367,6206,6486,8747,7677,8927,8058,406
Euro
Change in holdings9,8442
Quantity change27,950
Price change−18,106
Year-end value150,956
Deutsche mark
Change in holdings−5.407−9,11112,76012,08212,69313,86311,760−10,565
Quantity change−3,393−7,44618,5777,3846,32819,85621,984−14,420
Price change−2,015−1,664−5,8174,6996,366−5,994−10,2243,855
Year-end value88,90979,79892,558104,640117,334131,196142,957132,392
French franc
Change in holdings3,150−1,198−1681,9781,761−1,665−3,105−521
Quantity change3,172−9708241,356510−1,062−1,876−896
Price change−22−227−9916221,251−603−1,228375
Year-end value16,82915,63115,46317,44119,20217,53614,43213,911
Netherlands guilder
Change in holdings222−2,168421−494−330−2651,064−603
Quantity change309−2,163707−708−570−931,360−740
Price change−86−4−287214240−172−296137
Year-end value6,2124,0454,4653,9713,6413,3764,4403,837
European currency unit
Change in holdings5,360−498−2,8209591,665985−3,240−47,848
Quantity change6,2833,8451,503−1,035−1,1571,833515−49,304
Price change−923−1,342−4,3231,9942,822−849−3,7551,456
Year-end value59,97159,47356,65457,61359,27860,26257,0229,174
Sum of the above3
Change in holdings26,97520,42470,53056,41092,406145,18697,525−41,33998,117
Quantity change30,11715,70975,65370,28289,568137,19072,218−19,93490,896
Price change−3,1424,715−5,123−13,8722,8397,99625,308−21,4047,221
Year-end value547,551567,975638,504694,915787,321932,5071,030,033988,6941,068,610
Total official holding4
Change in holdings34,84627,39376,90561,071120,497153,795107,757−31,874125,360
Year-end value645,895673,287750,193811,264931,7611,085,5561,193,3131,161,4391,286,799
Note: Components may not sum to totals because of rounding.

The currency composition of foreign exchange is based on the IMF’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.

Represents the change from end-1998 holdings of euro legacy currencies by official institutions outside the euro area.

Each item represents the sum of the 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 IMF’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.

Represents the change from end-1998 holdings of euro legacy currencies by official institutions outside the euro area.

Each item represents the sum of the currencies above.

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

Appendix II: Financial Operations and Transactions

The tables in this appendix supplement the information in Chapter 6 on the IMF’s financial operations and policies.

Table II.1Arrangements Approved During Financial Years Ended April 30, 1953–2000
Financial

Year
Number of ArrangementsAmounts Committed Under Arrangements

(In millions of SDRs)
Stand-ByEFFSAFPRGFTotalStand-ByEFFSAFPRGFTotal
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
199711512283,1831,1939115,287
19989482127,3363,0781,73832,152
199954101914,32514,09099829,413
2000114102515,7066,58264122,929
Table II.2Arrangements in Effect at End of Financial Years Ended April 30, 1953–2000
Financial

Year
Number of Arrangements as of April 30Amounts Committed Under Arrangements

as of April 30

(In millions of SDKs)
Stand-ByEFFSAPPRGFTotalStand-ByEFFSAPPRGFTotal
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
1997141135603,76410,1844,04817,996
19981413336028,32312,3364,41045,069
1999912355632,74711,4014,18648,334
20001611315845,6069,7983,51658,921
Table II.3Stand-By Arrangements in Effect During Financial Year Ended April 30, 2000(In millions of SDRs)
MemberArrangement DatesAmounts ApprovedUndrawn Balance
Effective

date
Expiration

date
Through

April 30, 1999
In FY2000At date of

termination
As of

April 30, 2000
Argentina13/10/003/9/035,3995,399
Bosnia and Herzegovina25/29/983/31/01613430
Brazil1,312/2/9812/1/0113,0252,551
Cape Verde1,42/20/983/15/00262
Ecuador4/19/004/18/01227142
El Salvador9/23/982/22/003838
Estonia13/1/008/31/012929
Korea112/4/9712/3/0015,5001,088
Latvia112/10/994/9/013333
Lithuania13/8/006/7/016262
Mexico7/7/9911/30/003,1031,164
Papua New Guinea3/29/005/28/018676
Philippines54/1/986/30/001,021475
Romania58/5/995/31/00400347
Russia7/28/9912/27/003,3002,829
Thailand18/20/976/19/002,900400
Turkey12/22/9912/21/022,8922,670
Uruguay13/29/993/28/007070
Zimbabwe6/1/986/30/9913191
Zimbabwe8/2/9910/1/00141117
Total32,74715,70620117,409

The authorities have indicated their intention not to draw under the arrangement.

Extended from 5/28/99, 8/28/99, and 4/28/00. Augmented by SDR 17 million on 6/28/99 and SDR 17 million on 3/30/00.

Brazil’s undrawn SRF (SDR 2.6 billion) expired on 12/1/99.

Extended from 5/31/99 and 12/31/99. Augmented by SDR 0.4 million on 5/24/99.

Extended from 3/31/00.

Less than SDR 0.5 million.

The authorities have indicated their intention not to draw under the arrangement.

Extended from 5/28/99, 8/28/99, and 4/28/00. Augmented by SDR 17 million on 6/28/99 and SDR 17 million on 3/30/00.

Brazil’s undrawn SRF (SDR 2.6 billion) expired on 12/1/99.

Extended from 5/31/99 and 12/31/99. Augmented by SDR 0.4 million on 5/24/99.

Extended from 3/31/00.

Less than SDR 0.5 million.

Table II.4Extended Arrangements in Effect During Financial Year Ended April 30, 2000(In millions of SDRs)
MemberArrangement DatesAmounts ApprovedUndrawn Balance
Effective

date
Expiration

date
Through

April 30,1999
In FY2000At date of

termination
As of

April 30, 2000
Argentina12/4/983/10/002,0802,080
Azerbaijan212/20/963/19/00595
Bulgaria9/25/989/24/01628262
Colombia12/20/9912/19/021,9571,957
Croatia3/12/973/11/00353324
Indonesia8/25/982/4/005,3831,585
Indonesia2/4/0012/31/023,6383,378
Jordan4/15/994/14/02128107
Kazakhstan7/17/967/16/99309155
Kazakhstan312/13/9912/12/02329329
Moldova5/20/965/19/0013548
Pakistan410/20/9710/19/00455341
Panama412/10/9712/9/0012080
Peru36/24/995/31/02383383
Ukraine59/4/989/3/011,6462741,208
Yemen, Rep. of610/29/973/1/0110666
Total11,4016,5824,1508,158

Replaced by a three-year Stand-By Arrangement on 3/10/2000.

Extended from 12/19/99.

The authorities have indicated their intention not to draw under the arrangement.

Inoperative arrangement.

Augmented by SDR 274 million on 5/27/99.

Extended from 10/28/00.

Replaced by a three-year Stand-By Arrangement on 3/10/2000.

Extended from 12/19/99.

The authorities have indicated their intention not to draw under the arrangement.

Inoperative arrangement.

Augmented by SDR 274 million on 5/27/99.

Extended from 10/28/00.

Table II.5Arrangements Under the Poverty Reduction and Growth Facility in Effect During Financial Year Ended April 30, 2000(In millions of SDRs)
MemberArrangement DatesAmounts ApprovedUndrawn Balance
Effective

date
Expiration

date
Through

April 30,1999
In FY2000At date of

termination
As of

April 30, 2000
Albania15/13/985/12/01351014
Armenia2/14/9612/20/99109
Azerbaijan212/20/963/19/009412
Benin38/28/968/26/002711
Bolivia9/18/989/17/0110156
Burkina Faso9/10/999/9/023934
Burkina Faso6/14/969/13/9940
Cambodia10/22/9910/21/025950
Cameroon8/20/979/6/0016236
Central African Republic7/20/987/19/014933
Chad1/7/001/6/033631
Congo, Republic of6/28/966/27/996956
Côte d’lvoire3/17/983/16/01286162
Djibouti10/18/9910/17/021916
Ethiopia10/11/9610/22/998859
Gambia, The6/29/986/28/012114
Georgia42/28/968/13/991676
Ghana5/3/995/2/02155111
Ghana6/30/955/3/9916427
Guinea51/13/971/12/017116
Guyana7/15/987/14/015436
Haiti10/18/9610/17/999176
Honduras3/26/993/25/0215781
Kyrgyz Republic6/26/986/25/017338
Macedonia, FYR4/11/974/10/005527
Madagascar611/27/967/27/008141
Malawi10/18/9512/16/9951
Mali8/6/998/5/024740
Mali4/10/968/5/9962
Mauritania7/21/997/20/024236
Mongolia7/30/977/29/003316
Mozambique76/28/996/27/028742
Mozambique6/21/968/24/9976
Nicaragua3/18/983/17/0114954
Niger6/12/968/27/995810
Pakistan10/20/9710/19/00682417
Rwanda6/24/986/23/017138
Saã Tomé and Principe4/28/004/27/0377
Senegal4/20/984/19/0110757
Tajikistan6/24/986/23/0110040
Tanzania3/31/003/30/03135115
Tanzania11/8/962/7/00182
Uganda11/10/9711/9/0010018
Yemen, Rep. of10/29/9710/28/00265115
Zambia3/25/993/24/02254244
Total4,1866412672,018

Augmented by SDR 9.74 million on 6/14/99.

Extended from 1/24/00.

Extended from 1/7/00.

Augmented by SDR 5.55 million on 7/23/99. Extended from 7/26/99.

Extended from 1/12/00.

Extended from 11/26/99.

Augmented by SDR 28.4 million on 3/27/00.

Augmented by SDR 9.74 million on 6/14/99.

Extended from 1/24/00.

Extended from 1/7/00.

Augmented by SDR 5.55 million on 7/23/99. Extended from 7/26/99.

Extended from 1/12/00.

Extended from 11/26/99.

Augmented by SDR 28.4 million on 3/27/00.

Table II.6Summary of Disbursements, Repurchases, and Repayments, Financial Years Ended April 30, 1948–2000(In millions of SDRs)
Financial YearDisbursementsRepurchases and RepaymentsTotal IMF

Credit

Outstanding2
Purchases1Trust Fund

loans
SAP

loans
PRGF

loans
TotalRepurchasesTrust Fund

repayments
SAF/PRGF

repayments
Total
1948606606133
1949119119193
195052522424204
195128281919176
195246463737214
19536666185185178
1954231231145145132
1955494927627655
1956393927227672
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
19974,9397055,6446,66855247,19640,488
199820,00097320,9733,78915954,38556,026
199924,07182624,89710,46562711,09267,175
20006,3775136,89022,99363423,62750,370

Includes reserve tranche purchases.

Excludes reserve tranche purchases.

Includes reserve tranche purchases.

Excludes reserve tranche purchases.

Table II.7Purchases and Loans from the IMF, Financial Year Ended April 30, 2000(In millions of SDRs)
MemberReserve Tranche1Stand-By/Credit TrancheExtended Fund FacilityCCFFTotal PurchasesPRGF LoansTotal Purchases and Loans
Albanil1919
Algeria224224224
Armenia662127
Azerbaijan1111616
Bahamas, The999
Benin44
Bolivia2828
Bosnia and Herzegovina404040
Brazil814814814
Bulgaria209209209
Burkina Faso1212
Cambodia88
Cameroon1818
Central African Republic88
Chad55
Djibouti33
Dominica111
Ecuador858585
Estonia555
Gambia, The33
Georgia3333
Ghana4444
Grenada111
Guatemala141414
Guinea88
Guinea-Bissau4244
Guyana99
Honduras1616
Indonesia934934934
Jordan111111
Korea181181181
Kyrgyz Republic55
Lebanon141414
Macedonia, FYR141414
Madagascar1414
Malawi88
Mali77
Mauritania66
Mexico1,9401,9401,940
Moldova252525
Mongolia1212
Mozambique5858
Namibia999
Nicaragua1313
Pakistan383838
Papua New Guinea101010
Philippines158158158
Romania535353
Russia471471471
Rwanda1010
Senegal1414
Sierra Leone1621616
St. Vincent111
Tajikistan2020
Tanzania4949
Thailand100100100
Turkey5833583583
Turkmenistan777
Uganda2626
Ukraine356356356
Yemen, Rep. of11112637
Zimbabwe252525
Total664,4801,5942376,3775136,8904

Includes reserve tranche purchases made in connection with the use of the same-day SDR borrowing arrangements by members paying the reserve asset portion of their quota increases.

Includes emergency postconflict assistance.

Includes emergency natural disaster assistance.

Includes Micronesia, which made a reserve tranche purchase of less than SDR 0.5 million.

Includes reserve tranche purchases made in connection with the use of the same-day SDR borrowing arrangements by members paying the reserve asset portion of their quota increases.

Includes emergency postconflict assistance.

Includes emergency natural disaster assistance.

Includes Micronesia, which made a reserve tranche purchase of less than SDR 0.5 million.

Table II.8Repurchases and Repayments to the IMF, Financial Year Ended April 30, 2000(In millions of SDRs)
MemberStand-By/

Credit Tranche
Extended

Fund Facility
CCFF and STFTotal

Repurchases
SAF/PRGF and

Trust Fund

Repayments
Total Repurchases

and Repayments
Albania44
Algeria1422034196196
Argentina79668748748
Armenia741111
Azerbaijan2052525
Bangladesh7171
Belarus25234848
Benin77
Bolivia2222
Bosnia and Herzegovina151515
Brazil6,51216,5126,512
Bulgaria66198686
Burkina Faso66
Burundi55
Cambodia1112
Cameroon141414
Central African Republic11
Chad22
Congo, Democratic Rep. of the111
Congo, Republic of222
Cote d’lvoirc1212
Croatia3222525
Djibouti111
Ecuador373737
Equatorial Guinea22
Estonia444
Ethiopia66
Gabon121212
Gambia, The33
Georgia1171818
Ghana5555
Guinea44
Guyana1717
Haiti888
Honduras33
India193193193
Jamaica141414
Jordan282828
Kazakhstan11021131131
Kenya4444
Korea5,46815,4685,468
Kyrgyz Republic5516
Lao People’s Dem. Rep.66
Latvia1899
Lesotho55
Lithuania691515
Macedonia, FYR1131414
Madagascar99
Malawi55914
Mali1212
Mauritania88
Mexico4,2791094,3884,388
Moldova30124242
Mongolia44
Mozambique2020
Nepal55
Nicaragua22
Niger22
Pakistan1072112885213
Panama252525
Papua New Guinea171717
Peru107107107
Philippines404040
Romania59319090
Russia2,20167513593,2363,236
Rwanda4426
Senegal1919
Sierra Leone1818
Slovak Republic8213030
Sri Lanka7272
Sudan101362929
Tajikistan666
Tanzania2121
Togo88
Tunisia343434
Turkey161161161
Uganda3737
Ukraine42083503503
Uzbekistan2283030
Venezuela131272404404
Vietnam941313
Yemen, Rep. of353535
Zimbabwe26262450
Total20,2622,03569522,99363523,6272

SRF repurchase.

Includes the Comoros, the Federal Republic of Yugoslavia (Serbia/Montenegro), Guinea-Bissau, Liberia, and São Tomé and Príncipe, which made repurchases/repayments of less than SDR 0.5 million.

SRF repurchase.

Includes the Comoros, the Federal Republic of Yugoslavia (Serbia/Montenegro), Guinea-Bissau, Liberia, and São Tomé and Príncipe, which made repurchases/repayments of less than SDR 0.5 million.

Table II.9Outstanding IMF Credit by Facility and Policy, Financial Years Ended April 30, 1992–2000(In millions of SDRs and percent of total)
199219931994199519961997199819992000
Millions of SDRs
Stand-By Arrangements19,46910,5789,48515,11720,70018,06425,52625,21321,410
Extended Arrangements8,6419,8499,56610,1559,98211,15512,52116,57416,808
Supplemental Reserve Facility7,10012,655
Compensatory and Contingency Financing Facility5,3224,2083,7563,0211,6021,3366852,8453,032
Systemic Transformation Facility2,7253,8483,9843,9843,8693,3642,718
Subtotal (GRA)23,43224,63525,53232,14036,26834,53949,70160,65143,968
SAF Arrangements1,5001,4841,4401,2771,208954730565456
PRGF Arrangements21,6462,2192,8123,3184,4694,9045,5055,8705,857
Trust Fund1581581051029590908989
Total26,73628,49629,88936,83742,04040,48856,02667,17550,370
Percent of total
Stand-By Arrangements1353732414945463843
Extended Arrangements323432282428222533
Supplemental Reserve Facility1319
Compensatory and Contingency Financing Facility201512843146
Systemic Transformation Facility910910755
Subtotal (GRA)878685878685899087
SAF Arrangements655332111
PRGF Arrangements26899111210912
Trust Fund113333333
Total100100100100100100100100100

Includes outstanding credit tranche and emergency purchases.

Includes outstanding associated loans from the Saudi Fund for Development.

Less than 1/2 of 1 percent of total.

Includes outstanding credit tranche and emergency purchases.

Includes outstanding associated loans from the Saudi Fund for Development.

Less than 1/2 of 1 percent of total.

Table II.10Poverty Reduction and Growth Facility, Estimated Value of Contributions (Commitments as of April 30, 2000)(In millions of SDRS)
ContributorSubsidies (Grant or Grant Equivalent)1Loans2
Prior to

enlargement3
For

enlargement3
TotalPrior to

enlargement3
Fo

enlargement3
Argentina3434
Australia1414
Austria421960
Bangladesh11
Belgium8836124200
Botswana22
Canada12872200300400
Chile44
China1414100
Czech Republic1313
Denmark491665100
Egypt1313100
Finland4141
France2352504858001,100
Germany192192700700
Greece241237
Iceland314
India1313
Indonesia66
Iran, Islamic Republic of22
Ireland99
Italy11548163370460
Japan4582507082,2002,150
Korea508596528
Luxembourg5914
Malaysia331245
Malta112
Morocco99
Netherlands8254136250
Norway2915449060
Pakistan44
Portugal55
Singapore201232
Spain2626216192
Sweden13052182
Switzerland5651107200152
Thailand12517
Tunisia22
Turkey1111
United Kingdom28078358
United States14824172
Uruguay22
Subtotal (Bilateral)2,20441,2093,4134,9416,342
OPEC Fund538
Special Disbursement Account592592
Subtotal2,2041,8014,0054,9416,380
Saudi Arabia6161650
Total2,2201,8014,0214,9916,380

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 end-April 2000 and an assumed rate of 5.0 percent a year thereafter. Grants committed in local currency are valued at April 30, 2000 exchange rates.

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

The ESAF Trust, predecessor to the PRGF Trust, was enlarged and extended effective February 23, 1994.

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

The SDR equivalent of US$50 million valued at the exchange rate of end-April 2000.

Corresponds to loans under the associated loan agreement with the Saudi Fund for Development (SFD) at an interest rate of 0.5 percent a year.

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 end-April 2000 and an assumed rate of 5.0 percent a year thereafter. Grants committed in local currency are valued at April 30, 2000 exchange rates.

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

The ESAF Trust, predecessor to the PRGF Trust, was enlarged and extended effective February 23, 1994.

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

The SDR equivalent of US$50 million valued at the exchange rate of end-April 2000.

Corresponds to loans under the associated loan agreement with the Saudi Fund for Development (SFD) at an interest rate of 0.5 percent a year.

Table II.11PRGF-HIPC Trust, Estimated Value of Pledged Bilateral Contributions (Commitments as of April 30, 2000)

(In millions of SDKs “as needed”)1

Major industrial countries880.5
Canada48.8
France82.2
Germany127.2
Italy63.6
Japan144.0
United Kingdom82.2
United States332.6
Other advanced countries299.9
Australia24.8
Austria14.3
Belgium35.3
Denmark18.5
Finland8.0
Greece6.3
Iceland0.9
Ireland5.9
Israel1.8
Korea15.9
Luxembourg0.7
Netherlands45.4
New Zealand1.8
Norway18.5
Portugal6.6
San Marino0.05
Singapore16.5
Spain23.3
Sweden18.3
Switzerland37.0
Fuel-exporting countries88.3
Algeria5.5
Bahrain0.9
Brunei Darussalam0.1
Gabon2.5
Iran, Islamic Republic of2.2
Kuwait3.1
Nigeria13.9
Oman0.8
Qatar0.5
Saudi Arabia53.5
Trinidad and Tobago1.6
United Arab Emirates3.8
Other developing countries175.0
Argentina16.2
Bangladesh1.7
Barbados0.4
Belize0.3
Botswana3.1
Brazil15.0
Cambodia0.04
Chile4.4
China19.7
Colombia0.9
Cyprus0.8
Dominican Republic0.5
Egypt1.3
Fiji0.1
Ghana0.5
Grenada0.1
India22.9
Indonesia8.2
Jamaica2.7
Jordan0.7
Lebanon0.4
Libya7.3
Malaysia12.7
Maldives0.01
Malta1.1
Mauritius0.1
Micronesia, Federated States of0.00001
Morocco1.6
Pakistan3.4
Peru2.5
Philippines6.7
Samoa0.005
South Africa28.6
Sri Lanka0.6
St. Lucia0.1
St. Vincent and the Grenadines0.1
Swaziland0.03
Thailand6.1
Tonga0.02
Tunisia1.5
Uruguay2.2
Vanuatu0.1
Vietnam0.4
Countries in transition44.2
Croatia0.4
Czech Republic4.1
Estonia0.5
Hungary6.7
Latvia1.0
Poland12.0
Russia15.1
Slovak Republic4.0
Slovenia0.4
Other contributors74.9
Total (93 contributors)1,562.9

The term “as needed” refers to the nominal undiscounted sum of the assumed time profile of resources required by the PRGF-HIPC Trust for the delivery of HIPC assistance and subsidies related to interim PRGF lending. The value of a contribution in “as needed” terms is estimated taking into account the timing of its availability in relation to the timing of the resource requirements of the PRGF HIPC Trust. All calculations are based on an SDR interest rate assumption of 5 percent a year.

The term “as needed” refers to the nominal undiscounted sum of the assumed time profile of resources required by the PRGF-HIPC Trust for the delivery of HIPC assistance and subsidies related to interim PRGF lending. The value of a contribution in “as needed” terms is estimated taking into account the timing of its availability in relation to the timing of the resource requirements of the PRGF HIPC Trust. All calculations are based on an SDR interest rate assumption of 5 percent a year.

Table II.12Special One-Time Allocation of SDRs Pursuant to Schedule M of the Proposed Fourth Amendment to the Articles of Agreement(In SDRs)
ParticipantExisting

Cumulative

Allocations
Special

Allocation1
Afghanistan, Islamic State of26,703,0008,593,210
Albania010,348,473
Algeria128,640,000139,423,573
Angola060,771,630
Antigua and Barbuda02,491,842
Argentina318,370,000132,242,990
Armenia019,788,157
Australia470,545,000213,450,985
Austria179,045,000169,314,518
Azerbaijan034,299,473
Bahamas, The10,230,00017,590,684
Bahrain6,200,00018,073,473
Bangladesh47,120,00067,944,471
Barbados8,039,0006,296,421
Belarus082,201,472
Belgium485,246,000424,217,716
Belize03,957,631
Benin9,409,0003,871,052
Bhutan01,319,210
Bolivia26,703,00010,293,525
Bosnia and Herzegovina20,481,25215,049,484
Botswana4,359,0006,370,579
Brazil358,670,000277,717,144
Brunei Darussalam043,973,683
Bulgaria0136,289,102
Burkina Faso9,409,0003,548,579
Burundi13,697,0003,071,631
Cambodia15,417,0003,638,263
Cameroon24,462,60015,143,031
Canada779,290,000487,240,024
Cape Verde620,0001,432,105
Central African Republic9,325,0002,753,105
Chad9,409,0002,698,421
Chile121,924,00060,332,259
China236,800,000755,598,083
Colombia114,271,00050,278,523
Comoros716,4001,189,126
Congo, Democratic Republic of the286,309,00029,429,734
Congo, Republic of9,719,0007,254,842
Costa Rica23,726,00011,159,789
Côte d’lvoirc37,828,00032,002,209
Croatia44,205,36932,484,735
Cyprus19,438,0009,877,789
Czech Republic0172,845,891
Denmark178,864,000134,785,625
Djibouti1,178,0002,193,316
Dominica592,4001,166,547
Dominican Republic31,585,00014,968,473
Ecuador32,929,00031,331,209
Egypt135,924,00062,954,311
El Salvador24,985,00011,835,631
Equatorial Guinea5,812,0001,311,737
Eritrea03,371,316
Estonia013,631,842
Ethiopia11,160,00017,657,420
Fiji6,958,0008,022,368
Finland142,690,000109,953,468
France1,079,870,0001,093,778,477
Gabon14,091,00018,244,315
Gambia, The5,121,0001,592,316
Georgia032,540,526
Germany1,210,760,0001,205,300,735
Ghana62,983,00017,342,261
Greece103,544,00068,715,575
Grenada930,0001,561,842
Guatemala27,678,00017,409,683
Guinea17,604,0005,467,526
Guinea-Bissau1,212,4001,865,758
Guyana14,530,0005,170,210
Haiti13,697,0004,097,684
Honduras19,057,0008,792,999
Hungary0221,275,574
Iceland16,409,0008,597,368
India681,170,000214,573,927
Indonesia238,956,000200,077,253
Iran, Islamic Republic of244,056,00072,114,782
Iraq168,463,800185,059,142
Ireland87,263,00066,644,891
Israel106,360,00088,941,785
Italy702,400,000643,399,917
Jamaica40,613,00018,282,420
Japan891,690,0001,524,370,735
Jordan16,887,00018,790,315
Kazakhstan072,556,577
Kenya36,990,00021,465,683
Kiribati01,172,632
Korea72,911,200161,497,847
Kuwait26,744,400265,006,330
Kyrgyz Republic018,908,684
Lao People’s Democratic Republic9,409,0002,053,473
Latvia026,823,947
Lebanon4,393,20038,407,852
Lesotho3,739,0003,267,474
Liberia221,007,0007,194,789
Libya58,771,200180,914,689
Lithuania030,341,841
Luxembourg16,955,00022,767,894
Macedonia, former Yugoslav Republic of8,378,6946,161,937
Madagascar19,270,0007,231,473
Malawi10,975,0003,946,737
Malaysia139,048,000105,064,573
Maldives282,4001,329,968
Mali15,912,0004,286,578
Malta11,288,0008,500,157
Marshall Islands0732,895
Mauritania9,719,0004,206,000
Mauritius15,744,0005,744,473
Mexico290,020,000223,973,725
Micronesia, Federated States of01,026,053
Moldova026,384,210
Mongolia010,876,158
Morocco85,689,00039,694,629
Mozambique024,625,263
Myanmar43,474,00010,730,894
Namibia029,198,526
Nepal8,104,8007,139,410
Netherlands530,340,000479,354,398
New Zealand141,322,00049,259,943
Nicaragua19,483,0008,689,473
Niger9,409,0004,750,526
Nigeria157,155,000218,556,149
Norway167,770,000156,052,203
Oman6,262,00028,741,052
Pakistan169,989,00052,283,311
Panama26,322,00017,534,420
Papua New Guinea9,300,00018,637,947
Paraguay13,697,0007,439,684
Peru91,319,00045,321,892
Philippines116,595,00069,091,206
Poland0289,786,572
Portugal53,320,000110,144,838
Qatar12,821,60043,024,978
Romania75,950,000145,120,363
Russia01,264,419,287
Rwanda13,697,0003,745,894
St. Kirts and Nevis01,905,526
St. Lucia741,6002,483,137
St. Vincent and the Grenadines353,6001,405,347
Samoa1,142,0001,349,842
San Marino02,931,579
Sāo Tomé and Príncipe620,000992,368
Saudi Arabia195,526,8001,308,549,061
Senegal24,462,00010,394,473
Seychelles406,4001,352,547
Sierra Leone17,455,0005,176,789
Singapore16,475,20088,358,061
Slovak Republic075,458,840
Slovenia25,430,88818,689,374
Solomon Islands654,4001,544,284
Somalia213,697,0004,156,315
South Africa220,360,000179,917,780
Spain298,805,000268,572,777
Sri Lanka70,868,00018,134,735
Sudan252,192,00016,143,104
Suriname7,750,00012,067,473
Swaziland6,432,0004,268,263
Sweden246,525,000226,631,831
Switzerland0724,217,247
Syrian Arab Republic36,564,00024,969,841
Tajikistan017,589,473
Tanzania31,372,00011,692,894
Thailand84,652,00083,591,312
Togo10,975,0004,943,473
Tonga01,465,789
Trinidad and Tobago46,231,00026,120,367
Tunisia34,243,00026,147,525
Turkey112,307,00075,900,364
Turkmenistan014,071,579
Uganda29,396,0009,857,841
Ukraine0292,366,362
United Arab Emirates38,736,80076,210,408
United Kingdom1,913,070,000260,578,477
United States4,899,530,0002,877,010,667
Uruguay49,977,00016,071,472
Uzbekistan058,484,999
Vanuatu03,664,474
Venezuela316,890,000255,148,987
Vietnam47,658,00023,168,946
Yemen, Republic of28,743,00022,999,367
Yugoslavia, Federal Republic of (Serbia/Montencgro)256,664,79741,660,359
Zambia68,298,00038,264,892
Zimbabwe10,200,00066,402,156
Total321,433,330,20021,433,330,200

Participants as of September 19, 1997, will receive a special one-time allocation of SDRs in an amount that will result in their cumulative allocations of SDRs being equal to 29,315788813 percent of their Ninth General Review quota.

These countries currently have Eighth General Review quotas. The Federal Republic of Yugoslavia (Serbia/Montenegro) has not completed arrangements for succession to membership and is not currently a participant in the SDR Department.

A country that becomes a participant in the SDR Department after September 19, 1997, and within three months of its membership in the IMF will receive a special one-time allocation of SDRs based on a notional Ninth General Review quota. Palau, which became a member and a participant in the SDR Department in December 1997 with an initial quota of SDR 2.25 million, will be entitled to receive a special one-time allocation of SDR 659,605.

Participants as of September 19, 1997, will receive a special one-time allocation of SDRs in an amount that will result in their cumulative allocations of SDRs being equal to 29,315788813 percent of their Ninth General Review quota.

These countries currently have Eighth General Review quotas. The Federal Republic of Yugoslavia (Serbia/Montenegro) has not completed arrangements for succession to membership and is not currently a participant in the SDR Department.

A country that becomes a participant in the SDR Department after September 19, 1997, and within three months of its membership in the IMF will receive a special one-time allocation of SDRs based on a notional Ninth General Review quota. Palau, which became a member and a participant in the SDR Department in December 1997 with an initial quota of SDR 2.25 million, will be entitled to receive a special one-time allocation of SDR 659,605.

Table II.13Summary of Transactions and Operations in SDRs, Financial Year Ended April 30, 2000(In thousands of SDRs)
Total

Holdings

April 30, 1999
Receipts

from the

General

Resources

Account
Transfers

to the

General

Resources

Account
Interest,

Charges,

and

Assessment

(Net)
Positions as at April 30, 2000
Receipts from

Participants and

Prescribed Holders
Transfers to

Participants and

Prescribed Holders
HoldingsNet

cumulative

allocations
Holdings as

percent of

cumulative

allocations
DesignatedOtherDesignatedOther
Participants
Afghanistan, Islamic State of26,703
Albania45,39021,0564,3231053601,83463,702
Algeria4,711338,03266,9341,849255,484−4,18917,986128,64014.0
Angola1254129
Antigua and Barbuda55
Argentina61,477930,5002,26763,639898,910−9,631144,809318,37045.5
Armenia10,12520,9254646,22412,62753124,714
Australia39,31033,650–15,03757,923470,54512.3
Austria221,6073,320135,20023,906–2,331111,301179,04562.2
Azerbaijan3,60633,8502,3928333,772611,437
Bahamas, The899,1958,8508,9578,850–35918110,2301.8
Bahrain1521,230–1841,1986,20019.3
Bangladesh25,83067,50068,766193,999–1,12319,46147,12041.3
Barbados7623851–282838,0391.0
Belarus1,72852,4701,52254,359431,403
Belgium489,69243,70458,727375,725–8,667207,731485,24642.8
Belize851171321,053
Benin208450169–3271629,4091.7
Bhutan99404143
Bolivia26,802471227,27626,703102.1
Bosnia and Herzegovina16601135,50025,88614,329−4886,34120,48131.0
Botswana26,3041,37979928,4824,359653.4
Brazil3,08425,950814,0501,245,170443,767–12,2814,107358,6701.1
Brunei Darussalam3,0139031194,035
Bulgaria27,03552,300214,132121,6241,28168,524
Burkina Faso492250219276–3154849,4095.1
Burundi1134512998–48015213,6971.1
Cambodia6,2911,61611,229–3463,10115,41720.1
Cameroon2532,4302978431,949–84843224,4631.8
Canada335,9871,9251,92576,609–14,282398,314779,29051.1
Cape Verde345–2186201.2
Central African Republic958,6058,283229–3271029,3251.1
Chad99458128137–3301049,4091.1
Chile8,15810,656–3,90014,913121,92412.2
China504,4292,63821,62562,45210,170558,065236,800235.7
Colombia89,61411,4101,881–71098,433114,27186.1
Comoros84854593–24137161.8
Congo, Democratic Republic of the86,309
Congo, Republic of1076353575319–3411229,7191.3
Costa Rica153400986–82571423,7263.0
Cote d’lvoire3642,2501,1442,006–1,3122,16437,8285.7
Croatia1154,0721231,3363,696126,44444,205286.0
Cyprus188966–67448019,4382.5
Czech Republic101102
Denmark206,346299,500389,15028,732–1,715143,712178,86480.3
Djibouti1996603529642–371731,17814.7
Dominica9550550563550–2125920.3
Dominican Republic8702,910171,618–1,1011,07731,5853.4
Ecuador62238,5501,65338,952–1,09977332,9292.3
Egypt29,7992,3492,414–3,60030,962135,92422.8
El Salvador24,9814439–424,98124,985100.0
Equatorial Guinea5721661–204645,8121.1
Eritrea
Estonia2219,3724,6754,7039,4044222
Ethiopia9758017735–39114311,1601.3
Fiji3,896388–1004,1836,95860.1
Finland201,844266,039357,02815,2251,110127,189142,69089.1
France149,56138,696159,205–31,617238,4531,079,87022.1
Gabon1903,30092,837–49317014,0911.2
Gambia, The1632,9502,61826–1713515,1216.9
Georgia82221,4007615720,76545798
Germany1,471,368388,244243,9183941,327,4351,210,760109.6
Ghana11,47452,30056,5221,641–1,7797,11462,98311.3
Greece6148,088–3,5465,156103,5445.0
Grenada18805800810800–32930
Guatemala8,47014,10014,10014,48714,100–6848,17427,67829.5
Guinea2,1275,1004,780142–5792,01017,60411.4
Guinea-Bissau332002755–421101,2129.1
Guyana1,14820,06019,280350–4851,79314,53012.3
Haiti4519,397762019,066–46744113,6973.2
Honduras7212,1772317151,936–65079619,0574.2
Hungary6213,898644,584
Iceland120200425–57616916,4091.0
India5,82720,5008,9515,385–23,8306,063681,1700.9
Indonesia13,816139,500337,000592,714302,998–7,75798,275238,95641.1
Iran, Islamic Republic of2,341206,0351,00043–7,923199,496244,05681.7
Iraq68,464
Ireland22,5764,6754,67510,722–2,09431,20487,26335.8
Israel8012,8001,072–3,725948106,3600.9
Italy86,64049,97242,06083,164–21,227156,489702,40022.3
Jamaica1,3063,8503442,779–1,4131,30740,6133.2
Japan1,829,816289,100267,34331,5281,839,587891,690206.3
Jordan70720,0002975114,951–5574,95516,88729.3
Kazakhstan256,7215,000407147,0187,586122,696
Kenya13,18631,90044,346866–1,21039536,9901.1
Kiribati89
Korea9,67733,000110,625510,077384,265–1,86456,00072,91176.8
Kuwait45,30311,15079057,24326,744214.0
Kyrgyz Republic8,6871,5191206,2932331,229
Lao People’s Democratic Republic2,8143,8005,444–2758959,4099.5
Latvia74910,022610,39122409
Lebanon15,68515,40114,25040817,2444,393392.5
Lesotho857336122–1025413,73914.5
Liberia21,007
Libya355,42122,89810,855389,17458,771662.2
Lithuania3,71619,81334021,8441322,157
Luxembourg19,3541,00918,000–2722,09116,95512.3
Macedonia, former Yugoslav Republic of194517,08113611214,955–2722,7758,37933.1
Madagascar17780011789–67627319,2701.4
Malawi40314,0009,0511534,877–34728010,9752.6
Malaysia49,34118,798–2,92965,211139,04846.9
Maldives10660–616028256.8
Mali191650356368–55529815,9121.9
Malta21,289141,21142022,93311,288203.2
Marshall Islands
Mauritania8381341–34219,719
Mauritius15,8452871916,15115,744102.6
Mexico386,026739,686355,0325,941776,621290,020267.8
Micronesia, Federated States of1,034400400400400371,070
Moldova1,0764,7004285,88915330
Mongolia3453,6253,8931089195
Morocco51,57316,8289,1781,424–1,26859,38085,68969.3
Mozambique428,7908,787248
Myanmar4701,600–1,52454643,4741.3
Namibia149,2259,2259,2269,225115
Nepal8520036208–2831758,1052.2
Netherlands564,082579,296681,36782,6662,178546,855530,340103.1
New Zealand1,6529,249–4,8566,045141,3224.3
Nicaragua2042,6292,082144–68121419,4831.1
Niger1,5621,0502,4453995–2912719,4092.9
Nigeria1,5465,716–5,5171,745157,1551.1
Norway293,29496,590189,45136,1762,568239,177167,770142.6
Oman3081,603–1811,7306,26227.6
Pakistan9,60942,3201,33971134,180–5,92411,197169,9896.6
Palau
Panama2,27129,7001,05330,078–8762,07026,3227.9
Papua New Guinea3011,4711,102–32310,0759,300108.3
Paraguay72,8848622,11775,86313,697553.9
Peru7,535134,300121130,852–3,1077,99891,3198.8
Philippines18,114400145,000203,87358,801–3,97014,616116,59512.5
Poland5,2523,9042359,392
Portugal22,48312,632–91234,20253,32064.1
Qatar25,4066,2441,80518,32512015,25012,822118.9
Romania86155,2006,87855,401−2,5854,95475,9506.5
Russia46,091697,510861,2891,605,9871,286189
Rwanda14,1182061,8791095,314–197,22013,69752.7
St. Kitts and Nevis6666
St. Lucia1,482261,509742203.4
St. Vincent and the Grenadines64575575585575–106335417.9
Samoa2,2066382,2501,142197.0
San Marino44032121458979
São Tomé and Príncipe623–2276201.1
Saudi Arabia89,77731,233−2,564118,446195,52760.6
Senegal2,59421,00019,69223414–8043,31824,46213.6
Seychelles2511–14224065.5
Sierra Leone7,1505,91822,26715,917511–4265,78217,45533.1
Singapore78,1381,59810,6582,32292,71616,475562.8
Slovak Republic3,6583,6502616,436441,176
Slovenia12062,241–8611,58625,4316.2
Solomon Islands12212–2336540.4
Somalia13,697
South Africa210,34911,000895913–888220,479220,360100.1
Spain164,16638,154–4,279198,041298,80566.3
Sri Lanka78575,00072,760774–2,4061,39370,8682.0
Sudan1,832–1,83252,192
Suriname2,13215–1941,9537,75025.2
Swaziland2,41620166–1352,4276,43237.7
Sweden227,341278,694391,59228,3191142,763246,52557.9
Switzerland58,171698,473679,37356,0654,596137,932
Syrian Arab Republic51929686–1,28538136,5641.0
Tajikistan1,75424,03014,78056,790314,249
Tanzania5091,500573103–1,09444531,3721.4
Thailand256,493100,000100,333101,0124,878160,69284,652189.8
Togo20045015955–38316210,9751.5
Tonga46147
Trinidad and Tobago4501,72537–1,62358946,2311.3
Tunisia22,49430,93871430436,370–62116,03134,24346.8
Turkey3,05017,000358,000367,71017,093–3,9228,744112,3077.8
Turkmenistan6,8006,8006,8006,800
Uganda3,56627,10024,731249–9135,27129,39617.9
Ukraine94,570339,000222,567590,8792,69567,953
United Arab Emirates59,3753154,900–2634,24238,73711.0
United Kingdom265,485300,000370,538107,513–57,196245,2641,913,07012.8
United States7,129,55539,37539,375458,61284,6437,672,8104,899,530156.6
Uruguay1,7926,0007084,654–1,7362,11049,9774.2
Uzbekistan6026,7011,57228,2953271
Vanuatu5495620625
Venezuela34,033444,10015,312432,776–9,79950,870316,89016.1
Vietnam1,89915,7001,2081014,073–1,61970847,6581.5
Yemen, Republic of140,83312,94018,3737825,1473,942114,27328,743397.6
Yugoslavia, Federal Republic of (Serbia/Montenegro)156,665
Zambia5862,2002,1512,472–2,39771068,2981.0
Zimbabwe1,1423113117,4136,384–3321,84010,20018.0
Total participants17,391,1916,993,2366,500,8777,357,3016,953,134–146,38218,141,33521,433,33084.6
Prescribed holders
Arab Monetary Fund47,11392,023118,06937321,439
Bank of Central African States8,4441,6007,4041822,822
Bank for International Settlements499,419529,056989,765584,92517,541641,341
East African Development Bank1837190
Eastern Caribbean Central Bank2,252802,332
International Bank for Reconstruction and Development2,239802,319
Islamic Development Bank2,645942,739
Total prescribed holders562,294622,8451,115,204584,92518,321673,181
General Resources Account3,571,9676,953,1347,547,876–394,350141,0172,723,892
Total21,525,45214,569,21515,163,9577,547,8766,953,13412,95621,538,40821,433,330100.5

The assets and liabilities of the former Socialist Federal Republic of Yugoslovia were assumed by five successor states. As of April 30, 2000, the Federal Republic of Yugoslavia (Serbia/Montenegro) had not completed arrangements for succession to membership in the IMF.

The assets and liabilities of the former Socialist Federal Republic of Yugoslovia were assumed by five successor states. As of April 30, 2000, the Federal Republic of Yugoslavia (Serbia/Montenegro) had not completed arrangements for succession to membership in the IMF.

Table II.14Holdings of SDRs by All Participants and by Groups of Countries as Percent of Their Cumulative Allocations of SDRs, at End of Financial Years Ended April 30, 1991–2000
Nonindustrial Countries2
Net debtor countries
Financial YearAll Participants1Industrial Countries2All nonindustrial countriesNet creditor countriesAll net debtor countriesHeavily indebted poor countries
199196.8120.745.9193.938.114.0
199296.8121.244.6200.136.58.2
199363.073.141.6166.635.14.6
199471.077.956.3222.547.712.5
199590.9105.160.4263.949.814.1
199691.4102.467.9285.556.617.4
199787.299.860.5303.647.817.3
199895.0107.069.4323.756.124.1
199981.194.652.5170.746.326.3
200084.695.062.5174.156.620.6

Member countries that are participants in the SDR Department. At the end of FY2000, of the total SDRs allocated to participants in the SDR Department (SDR 21.4 billion), SDR 3.4 billion was not held by participants but instead by the IMF and prescribed holders.

Based on IFS classification (International Monetary Fund, International Financial Statistics, various years).

Member countries that are participants in the SDR Department. At the end of FY2000, of the total SDRs allocated to participants in the SDR Department (SDR 21.4 billion), SDR 3.4 billion was not held by participants but instead by the IMF and prescribed holders.

Based on IFS classification (International Monetary Fund, International Financial Statistics, various years).

Table II.15Key IMF Rates, Financial Year Ended April 30, 2000(In percent)
Period

Beginning
SDR Interest

Rate and

Unadjusted Rate

of Remuneration1
Basic Rate

of Charge1
1999
May 13.243.68
May 33.293.73
May 103.323.77
May 173.343.79
May 243.333.78
May 313.343.79
June 73.313.76
June 143.353.80
June 213.343.79
June 283.393.85
July 53.343.79
July 123.353.80
July 193.343.79
July 263.323.77
August 23.363.81
August 93.383.84
August 163.363.81
August 233.383.84
August 303.453.92
September 63.423.88
September 133.373.82
September 203.333.78
September 273.383.84
October 43.544.02
October 113.564.04
October 183.674.17
October 253.694.19
November 13.724.22
November 83.754.26
November 153.764.27
November 223.774.28
November 293.784.29
December 63.794.30
December 133.784.29
December 203.884.40
December 273.904.43
2000
January 33.814.32
January 103.864.38
January 173.894.42
January 243.924.45
January 314.034.57
February 74.084.63
February 144.094.64
February 214.144.70
February 284.184.74
March 64.164.72
March 134.204.77
March 204.224.79
March 274.244.81
April 34.224.79
April 104.244.81
April 174.234.80
April 244.254.82
April 304.254.82

Under the FY2000 decision on burden sharing, the rate of remuneration was adjusted downward and the rate of charge adjusted upward to share the burden of protecting the IMF’s income from overdue charges and of contributing to the IMF’s precautionary balances. The amounts generated from burden sharing in FY2000 are refundable when overdue charges are paid and when overdue obligations cease to be a problem. The basic rate of charge presented is the effective rate following the retroactive reduction implemented after the end of the financial year. The basic rate of charge, set at 113.7 percent of the SDR interest rate, was reduced to 113.5 percent of the SDR interest rate as a result of the retroactive reduction.

Under the FY2000 decision on burden sharing, the rate of remuneration was adjusted downward and the rate of charge adjusted upward to share the burden of protecting the IMF’s income from overdue charges and of contributing to the IMF’s precautionary balances. The amounts generated from burden sharing in FY2000 are refundable when overdue charges are paid and when overdue obligations cease to be a problem. The basic rate of charge presented is the effective rate following the retroactive reduction implemented after the end of the financial year. The basic rate of charge, set at 113.7 percent of the SDR interest rate, was reduced to 113.5 percent of the SDR interest rate as a result of the retroactive reduction.

Table II.16Members’ Quotas in the IMF, April 30, 20001(In millions of SDRs)
MemberQuota
Afghanistan, Islamic State of2120.4
Albania48.7
Algeria1,254.7
Angola286.3
Antigua and Barbuda13.5
Argentina2,117.1
Armenia92.0
Australia3,236.4
Austria1,872.3
Azerbaijan160.9
Bahamas, The130.3
Bahrain135.0
Bangladesh533.3
Barbados67.5
Belarus386.4
Belgium4,605.2
Belize18.8
Benin61.9
Bhutan6.3
Bolivia171.5
Bosnia and Herzegovina169.1
Botswana63.0
Brazil3,036.1
Brunei Darussalam3150.0
Bulgaria640.2
Burkina Faso60.2
Burundi77.0
Cambodia87.5
Cameroon185.7
Canada6,369.2
Cape Verde9.6
Central African Republic55.7
Chad56.0
Chile856.1
China4,687.2
Colombia774.0
Comoros8.9
Congo, Democratic Republic of the2291.0
Congo, Republic of84.6
Costa Rica164.1
Côte d’Ivoire325.2
Croatia365.1
Cyprus139.6
Czech Republic819.3
Denmark1,642.8
Djibouti15.9
Dominica8.2
Dominican Republic218.9
Ecuador302.3
Egypt943.7
El Salvador171.3
Equatorial Guinea32.6
Eritrea15.9
Estonia65.2
Ethiopia133.7
Fiji70.3
Finland1,263.8
France10,738.5
Gabon154.3
Gambia, The31.1
Georgia150.3
Germany13,008.2
Ghana369.0
Greece823.0
Grenada11.7
Guatemala210.2
Guinea107.1
Guinea-Bissau14.2
Guyana90.9
Haiti360.7
Honduras129.5
Hungary1,038.4
Iceland117.6
India4,158.2
Indonesia2,079.3
Iran, Islamic Republic of1,497.2
Iraq2504.0
Ireland838.4
Israel928.2
Italy7,055.5
Jamaica273.5
Japan13,312.8
Jordan170.5
Kazakhstan365.7
Kenya271.4
Kiribati5.6
Korea1,633.6
Kuwait1,381.1
Kyrgyz Republic88.8
Lao People’s Dem. Rep.339.1
Latvia126.8
Lebanon203.0
Lesotho34.9
Liberia271.3
Libya1,123.7
Lithuania144.2
Luxembourg279.1
Macedonia, FYR68.9
Madagascar122.2
Malawi69.4
Malaysia1,486.6
Maldives8.2
Mali93.3
Malta102.0
Marshall Islands32.5
Mauritania64.4
Mauritius101.6
Mexico2,585.8
Micronesia, Federated States of5.1
Moldova123.2
Mongolia51.1
Morocco588.2
Mozambique113.6
Myanmar258.4
Namibia136.5
Nepal71.3
Netherlands5,162.4
New Zealand894.6
Nicaragua130.0
Niger65.8
Nigeria1,753.2
Norway1,671.7
Oman194.0
Pakistan1,033.7
Palau3.10
Panama206.6
Papua New Guinea131.6
Paraguay99.9
Peru638.4
Philippines879.9
Poland1,369.0
Portugal867.4
Qatar263.8
Romania1,030.2
Russia5,945.4
Rwanda80.1
Samoa11.6
San Marino17.0
Säo Tome and Principe7.4
Saudi Arabia6,985.5
Senegal161.8
Seychelles8.8
Sierra Leone103.7
Singapore862.5
Slovak Republic357.5
Slovenia231.7
Solomon Islands10.4
Somalia244.2
South Africa1,868.5
Spain3,048.9
Sri Lanka413.4
St. Kitts and Nevis8.9
St. Lucia15.3
St. Vincent and the Grenadines8.3
Sudan2169.7
Suriname92.1
Swaziland50.7
Sweden2,395.5
Switzerland3,458.5
Syrian Arab Republic293.6
Tajikistan87.0
Tanzania198.9
Thailand1,081.9
Togo73.4
Tonga6.9
Trinidad and Tobago335.6
Tunisia286.5
Turkey964.0
Turkmenistan75.2
Uganda180.5
Ukraine1,372.0
United Arab Emirates611.7
United Kingdom10,738.5
United States37,149.3
Uruguay306.5
Uzbekistan275.6
Vanuatu17.0
Venezuela2,659.1
Vietnam329.1
Yemen, Republic of243.5
Zambia489.1
Zimbabwe353.4
Total210,251.4

Board of Governors Resolution No. 53-2, adopted January 30, 1998.

Member has overdue financial obligations to the General Resources Account and consequently cannot consent to its quota increase under Resolution No. 53-2.

Member has not consented to its quota increase under Resolution No. 53-2.

Board of Governors Resolution No. 53-2, adopted January 30, 1998.

Member has overdue financial obligations to the General Resources Account and consequently cannot consent to its quota increase under Resolution No. 53-2.

Member has not consented to its quota increase under Resolution No. 53-2.

Table II.17Members That Have Accepted the Obligations of Article VIII, Sections 2, 3, and 4 of the Articles of Agreement
MemberEffective Date

of Acceptance
AlgeriaSeptember 15, 1997
Antigua and BarbudaNovember 22, 1983
ArgentinaMay 14, 1968
ArmeniaMay 29, 1997
AustraliaJuly 1, 1965
AustriaAugust 1, 1962
Bahamas, TheDecember 5, 1973
BahrainMarch 20,1973
BangladeshApril 11, 1994
BarbadosNovember 3, 1993
BelgiumFebruary 15, 1961
BelizeJune 14, 1983
BeninJune 1, 1996
BoliviaJune 5, 1967
BotswanaNovember 17, 1995
BrazilNovember 30, 1999
Brunei DarussalamOctober 10, 1995
BulgariaSeptember 24, 1998
Burkina FasoJune 1, 1996
CameroonJune 1, 1996
CanadaMarch 25, 1952
Central African RepublicJune 1, 1996
ChadJune 1, 1996
ChileJuly 27, 1977
ChinaDecember 1, 1996
ComorosJune 1, 1996
Congo, Republic ofJune 1, 1996
Costa RicaFebruary 1, 1965
Côte d’IvoireJune 1, 1996
CroatiaMay 29, 1995
CyprusJanuary 9, 1991
Czech RepublicOctober 1, 1995
DenmarkMay 1, 1967
DjiboutiSeptember 19, 1980
DominicaDecember 13, 1979
Dominican RepublicAugust 1, 1953
EcuadorAugust 31, 1970
El SalvadorNovember 6, 1946
Equatorial GuineaJune 1,1996
EstoniaAugust 15, 1994
FijiAugust 4, 1972
FinlandSeptember 25, 1979
FranceFebruary 15, 1961
GabonJune 1, 1996
Gambia, TheJanuary 21, 1993
GeorgiaDecember 20, 1996
GermanyFebruary 15, 1961
GhanaFebruary 21, 1994
GreeceJuly 7, 1992
GrenadaJanuary 24, 1994
GuatemalaJanuary 27, 1947
GuineaNovember 17,1995
Guinea-BissauJanuary 1, 1997
GuyanaDecember 27, 1966
HaitiDecember 22, 1953
HondurasJuly 1, 1950
HungaryJanuary 1, 1996
IcelandSeptember 19,1983
IndiaAugust 20, 1994IndonesiaMay 7,1988
IrelandFebruary 15, 1961
IsraelSeptember 21, 1993
ItalyFebruary 15, 1961
JamaicaFebruary 22, 1963
JapanApril 1, 1964
JordanFebruary 20, 1995
KazakhstanJuly 16, 1996
KenyaJune 30, 1994
KiribatiAugust 22, 1986
KoreaNovember 1,1988
KuwaitApril 5, 1963
Kyrgyz RepublicMarch 29, 1995
LatviaJune 10, 1994
LebanonJuly 1, 1993
LesothoMarch 5, 1997
LithuaniaMay 3, 1994
LuxembourgFebruary 15, 1961
Macedonia, FYRJune 19, 1998
MadagascarSeptember 18, 1996
MalawiDecember 7, 1995
MalaysiaNovember 11, 1968
MaliJune 1, 1996
MaltaNovember 30, 1994
Marshall IslandsMay 21, 1992
MauritaniaJuly 19, 1999
MauritiusSeptember 29, 1993
MexicoNovember 12, 1946
Micronesia, Federated States ofJune 24, 1993
MoldovaJune 30, 1995
MongoliaFebruary 1, 1996
MoroccoJanuary 21, 1993
NamibiaSeptember 20, 1996
NepalMay 30, 1994
NetherlandsFebruary 15, 1961
New ZealandAugust 5, 1982
NicaraguaJuly 20, 1964
NigerJune 1, 1996
NorwayMay 11, 1967
OmanJune 19, 1974
PakistanJuly 1, 1994
PalauDecember 16, 1997
PanamaNovember 26, 1946
Papua New GuineaDecember 4, 1975
ParaguayAugust 22, 1994
PeruFebruary 15, 1961
PhilippinesSeptember 8, 1995
PolandJune 1, 1995
PortugalSeptember 12, 1988
QatarJune 4, 1973
RomaniaMarch 25, 1998
RussiaJune 1, 1996
RwandaDecember 10, 1998
St. Kitts and NevisDecember 3, 1984
St. LuciaMay 30, 1980
St. Vincent and the GrenadinesAugust 24, 1981
SamoaOctober 6, 1994
San MarinoSeptember 23, 1992
Saudi ArabiaMarch 22, 1961
SenegalJune 1, 1996
SeychellesJanuary 3, 1978
Sierra LeoneDecember 14, 1995
SingaporeNovember 9, 1968
Slovak RepublicOctober 1, 1995
SloveniaSeptember 1, 1995
Solomon IslandsJuly 24, 1979
South AfricaSeptember 15, 1973
SpainJuly 15, 1986
Sri LankaMarch 15, 1994
SurinameJune 29, 1978
SwazilandDecember 11,1989
SwedenFebruary 15, 1961
SwitzerlandMay 29, 1992
TanzaniaJuly 15, 1996
ThailandMay 4, 1990
TogoJune 1,1996
TongaMarch 22, 1991
Trinidad and TobagoDecember 13, 1993
TunisiaJanuary 6, 1993
TurkeyMarch 22, 1990
UgandaApril 5, 1994
UkraineSeptember 24, 1996
United Arab EmiratesFebruary 13, 1974
United KingdomFebruary 15, 1961
United StatesDecember 10, 1946
UruguayMay 2, 1980
VanuatuDecember 1, 1982
Venezuela, República Bolivariana deJuly 1, 1976
Yemen, Republic ofDecember 10, 1996
ZimbabweFebruary 3, 1995
Table 11.18.Exchange Rate Arrangements and Anchors of Monetary Policy as of December 31, 1999
New Exchange Rate Classification System
The new classification system is based on the members’ actual, de facto, regimes that may differ from their officially announced arrangements. The system ranks exchange rate regimes on the basis of the degree of flexibility of the arrangement. It distinguishes among the more rigid forms of pegged regimes (such as currency board arrangements); other conventional fixed peg regimes against a single currency or a basket of currencies; exchange rate bands around a fixed peg; crawling peg arrangements; and exchange rate bands around crawling pegs, in order to help assess the implications of the choice of exchange rate regime for the degree of independence of monetary policy. This includes a category to distinguish the exchange arrangements of those countries that have no separate legal tender. The new system presents members’ exchange rate regimes against alternative monetary policy frameworks with the intention of using both criteria as a way of providing greater transparency in the classification scheme and to illustrate that different forms of exchange rate regimes could be consistent with similar monetary frameworks. The following explains the categories.
Exchange Rate Regime
Exchange Arrangements with No Separate Legal Tender
The currency of another country circulates as the sole legal tender or the member belongs to a monetary or currency union in which the same legal tender is shared by the members of the union. Adopting such regimes is a form of ultimate sacrifice for surrendering monetary control where no scope is left for national monetary authorities to conduct independent monetary policy.
Currency Board Arrangements
A monetary regime based on an explicit legislative commitment to exchange domestic currency for a specified foreign currency at a fixed exchange rate, combined with restrictions on the issuing authority to ensure the fulfillment of its legal obligation. This implies that domestic currency be issued only against foreign exchange and that it remain fully backed by foreign assets, eliminating traditional central bank functions such as monetary control and the lender of last resort and leaving little scope for discretionary monetary policy; some flexibility may still be afforded depending on how strict the rules of the boards are established.
Other Conventional Fixed Peg Arrangements
The country pegs (formally or de facto) its currency at a fixed rate to a major currency or a basket of currencies, where the exchange rate fluctuates within a narrow margin of at most ±1 percent around a central rate. A weighted composite is formed from the currencies of major trading or financial partners and currency weights reflect the geographical distribution of trade, services, or capital flows. The currency composites can also be standardized, such as those of the SDR and the ecu. The monetary authority stands ready to maintain the fixed parity through intervention, limiting the degree of monetary policy discretion; the degree of flexibility of monetary policy, however, is greater relative to currency board arrangements or currency unions, in that traditional central banking functions are, although limited, still possible, and the monetary authority can adjust the level of the exchange rate, though infrequently.
Pegged Exchange Rates Within Horizontal Bands
The value of the currency is maintained within margins of fluctuation around a formal or de facto fixed peg that are wider than ±1 percent around a central rate. It also includes the arrangements of the countries in the exchange rate mechanism (ERM) of the European Monetary System (EMS)—replaced with ERM-II on January 1, 1999. There is some limited degree of monetary policy discretion, with the degree of discretion depending on the band width.
Crawling Pegs
The currency is adjusted periodically in small amounts at a fixed, pre-announced rate or in response to changes in selective quantitative indicators (past inflation differentials vis-à-vis major trading partners, differentials between the target inflation and expected inflation in major trading partners, etc.). The rate of crawl can be set to generate inflation adjusted changes in the currency’s value (“backward looking”), or at a pre-announced fixed rate below the projected inflation differentials (”forward looking”). Maintaining a credible crawling peg imposes constraints on monetary policy in a similar manner as a fixed peg system.
Exchange Rates Within Crawling Bands
The currency is maintained within certain fluctuation margins around a central rate that is adjusted periodically at a fixed preannounced rate or in response to changes in selective quantitative indicators. The degree of flexibility of the exchange rate is a function of the width of the band, with bands chosen to be either symmetric around a crawling central parity or to widen gradually with an asymmetric choice of the crawl of upper and lower bands (in the latter case, there is no preannouncement of a central rate). The commitment to maintain the exchange rate within the band continues to impose constraints on monetary policy, with the degree of policy independence being a function of the band width.
Managed Floating with No Preannounced Path for the Exchange Rate
The monetary authority influences the movements of the exchange rate through active intervention in the foreign exchange market without specifying, or precommitting to, a preannounced path for the exchange rate. Indicators for managing the rate are broadly judgmental, including, for example, the balance of payments position, international reserves, and parallel market developments, and the adjustments may not be automatic.
Independent Floating
The exchange rate is market determined, with any foreign exchange intervention aimed at moderating the rate of change and preventing undue fluctuations in the exchange rate, rather than at establishing a level for it. In these regimes, monetary policy is in principle independent of exchange rate policy.
Monetary Policy Framework
Members’ exchange rate regimes are presented against alternative monetary policy frameworks in order to present the role of the exchange rate in broad economic policy and help identify potential sources of inconsistency in the monetary-exchange rate policy mix.
Exchange Rate Anchor
The monetary authority stands ready to buy and sell foreign exchange at given quoted rates to maintain the exchange rate at its preannounced level or range (the exchange rate serves as the nominal anchor or intermediate target of monetary policy). These regimes cover exchange rate regimes with no separate legal tender, currency board arrangements, fixed pegs with and without bands, and crawling pegs with and without bands, where the rate of crawl is set in a forward looking manner.
Monetary Aggregate Anchor
The monetary authority uses its instruments to achieve a target growth rate for a monetary aggregate (reserve money, M1, M2, etc.) and the targeted aggregate becomes the nominal anchor or intermediate target of monetary policy.
Inflation-Targeting Framework
A framework that targets inflation involves the public announcement of medium-term numerical targets for inflation with an institutional commitment by the monetary authority to achieve these targets. Additional key features include increased communication with the public and the markets about the plans and objectives of monetary policymakers and increased accountability of the central bank for obtaining its inflation objectives. Monetary policy decisions are guided by the deviation of forecasts of future inflation from the announced inflation target, with the inflation forecast acting (implicitly or explicitly) as the intermediate target of monetary policy.
IMF-Supported or Other Monetary Program
An IMF-supported or other monetary program involves implementation of monetary and exchange rate policy within the confines of a framework that establishes floors for international reserves and ceilings for net domestic assets of the central bank. As the ceiling on net domestic assets limits increases in reserve money through central bank operations, indicative targets for reserve money may be appended to this system.
Other
The country has no explicitly stated nominal anchor but rather monitors various indicators in conducting monetary policy, or there is no relevant information available for the country.
Monetary Policy Framework1
Exchange

Rate Regime

(Number of

countries)
Exchange rate anchorMonetary

aggregate

target
Inflation

targeting

framework
IMF-

supported

or other

monetary

program
Other
Exchange arrangements with no separate legal tender (37)Another currency as legal tenderBenin*Euro Area3,4
CFA franc zoneBurkina Faso*Austria
ECCU2WAEMUCAEMCCameroon*Belgium
KiribatiAntigua and BarbudaBenin*Cameroon*Central African Republic*Finland
Marshall IslandsBurkina Faso*Central African Rep.*France
DominicaCôted’Ivoire*Côte d’Ivoire*Germany
MicronesiaGrenadaGuinea-Bissau*ChadGuinea-Bissau*Ireland
PalauSt. Kitts and NevisMali*Congo, Rep. ofItaly
PanamaNigerEquatorial GuineaMali*Luxembourg
San MarinoSt. LuciaSenegal*Senegal*Netherlands
St. Vincent and the GrenadinesTogoGabonPortugal
Spain
Currency board arrangements (8)Argentina*
Bosnia and Herzegovina*Argentina*
Brunei DarussalamBosnia and Herzegovina*
Bulgaria*
Hong Kong SARBulgaria*
Djibouti*Djibouti*
Estonia
Lithuania
Other conventional fixed peg arrangements (including de facto peg arrangements under managed floating) (45)Against a single currency (32)Against a composite (13)China*6Bangladesh*
ArubaBangladesh*Cape Verde*
Bahamas, The5Botswana5El Salvador*6
Bahrain6,7FijiJordan*6
BarbadosKuwaitLatvia*
BelizeLatvia*Macedonia, FYR*6
BhutanMalta
Cape Verde*MoroccoPakistan*6
China*6Myanmar5Zimbabwe*6
Comoros8Samoa
Egypt5,6Seychelles
El Salvador*6Solomon Islands
Iran, Islamic Rep. of5,6Tonga
IraqVanuatu
Jordan*6
Lebanon6
Lesotho
Macedonia, FYR*6
Malaysia
Maldives6
Namibia
Nepal
Netherlands Antilles
Oman
Pakistan*6
Qatar6,7
Saudi Arabia6,7
Swaziland
Syrian Arab Republic5
Trinidad and Tobago
Turkmenistan*
United Arab Emirates6,7
Zimbabwe*6
Pegged exchange rates within horizontal bands (6)9Within a cooperative arrangement ERM-II (2)Other band arrangements (4)
DenmarkCyprusLibya
GreeceIcelandVietnam6
Crawling pegs (5)6Costa RicaBolivia
Nicaragua*Nicaragua*
Turkey*Tunisia
Turkey*
Exchange rates within crawling bands (7)6,10Israel*Honduras*HungarySri Lanka*Israel*Honduras*
Uruguay*Poland*Sri Lanka*Poland*Uruguay*
Venezuela
Managed floating with no pre-announced path for exchange rate (27)Lao P.D.R.5Czech Rep.AzerbaijanAlgeria3
Jamaica6Cambodia5Belarus3,5
MalawiCroatiaBurundi3,5
SloveniaKenyaDominican Rep.3,5
Kyrgyz RepublicEthiopia3
MauritaniaGuatemala3
RomaniaNigeria3
TajikistanNorway3
UkraineParaguay3
Singapore
Slovak Rep.3
Suriname3
Uzbekistan3,5
Independently floating (50)Colombia*AustraliaAlbaniaAfghanistan, Islamic State of5,11
Gambia, The*Brazil12Armenia
Ghana*CanadaColombia*
Guinea*Chile5Gambia, The*Angola3
Guyana*New ZealandGeorgiaCongo, Dem. Rep. of the3
Korea*SwedenGhana*
Mauritius6United KingdomGuinea*Ecuador3
Mongolia*Guyana*Eritrea3
Peru*HaitiIndia3
Philippines*IndonesiaJapan3
São Toméand PríncipeKazakhstanLiberia3
Korea*Papua New Guinea3
Sierra Leone*Madagascar
Yemen, Rep. of*MexicoSomalia5,11
MoldovaSouth Africa3
Mongolia*Switzerland3
MozambiqueUnited States3
Peru*
Philippines*
Russia
Rwanda
Sierra Leone
Sudan
Tanzania
Thailand
Uganda
Yemen, Rep. of*
Zambia5
Sources: IMF staff reports.

A country with an asterisk, *, indicates that the country adopts more than one nominal anchor in conducting monetary policy. It should be noted, however, that it would not be possible, for practical reasons, to infer from this table which nominal anchor plays the principal role in conducting monetary policy.

These countries also have a currency board arrangement.

The country has no explicitly stated nominal anchor but rather monitors various indicators in conducting monetary policy.

Until they are withdrawn in the first half of 2002, national currencies will retain their status as legal tender within their home territories.

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

The indicated country has a de facto arrangement under a formally announced policy of managed or independent floating. In the case of Jordan, it indicates that the country has a de jure peg to the SDR but a de facto peg to the U.S. dollar. In the case of Mauritius, the authorities have a de facto policy of independent floating, with only infrequent intervention by the central bank.

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.

Comoros has the same arrangement with the French treasury as do the CFA franc zone countries.

The band width for these countries is Cyprus (±2.25 percent), Denmark (±2.25 percent), Greece (±15 percent), Iceland (±6 percent), Libya (±77.5 percent), and Vietnam (0.1 percent daily movement, one-sided).

The band for these countries is Honduras (±7 percent), Hungary (±2.25 percent), Israel (symmetric band of 43 percent), Poland (±15 percent), Sri Lanka (±1 percent), Uruguay (±3 percent), and Venezuela (±7.5 percent).

No relevant information is available for the country.

Brazil maintains an IMF-supported program.

Sources: IMF staff reports.

A country with an asterisk, *, indicates that the country adopts more than one nominal anchor in conducting monetary policy. It should be noted, however, that it would not be possible, for practical reasons, to infer from this table which nominal anchor plays the principal role in conducting monetary policy.

These countries also have a currency board arrangement.

The country has no explicitly stated nominal anchor but rather monitors various indicators in conducting monetary policy.

Until they are withdrawn in the first half of 2002, national currencies will retain their status as legal tender within their home territories.

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

The indicated country has a de facto arrangement under a formally announced policy of managed or independent floating. In the case of Jordan, it indicates that the country has a de jure peg to the SDR but a de facto peg to the U.S. dollar. In the case of Mauritius, the authorities have a de facto policy of independent floating, with only infrequent intervention by the central bank.

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.

Comoros has the same arrangement with the French treasury as do the CFA franc zone countries.

The band width for these countries is Cyprus (±2.25 percent), Denmark (±2.25 percent), Greece (±15 percent), Iceland (±6 percent), Libya (±77.5 percent), and Vietnam (0.1 percent daily movement, one-sided).

The band for these countries is Honduras (±7 percent), Hungary (±2.25 percent), Israel (symmetric band of 43 percent), Poland (±15 percent), Sri Lanka (±1 percent), Uruguay (±3 percent), and Venezuela (±7.5 percent).

No relevant information is available for the country.

Brazil maintains an IMF-supported program.

Appendix III: Principal Policy Decisions of the Executive Board

A. Access Policy and Limits in Credit Tranches and Under Extended Fund Facility—Review

1. Pursuant to Decision No. 11876-(99/2)1, January 6, 1999, 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 decides that they remain appropriate in the present circumstances.

2. The next of the annual reviews prescribed by Decision No. 11876-(99/2)1, January 6, 1999, shall be completed by December 31, 2000.

Decision No. 12103-(99/135)

December 20, 1999

B. IMF’s Income Position

(a) Disposition of Net Income for FY2000

SDR 100,873,481 of the Fund’s net income for FY 2000 derived from the application of paragraph 2 of Decision No. 11944-(99/49)2, adopted April 30, 1999 shall be placed to the Fund’s Special Reserve after the end of the financial year.

The SDR 268,262,272 gain derived from the implementation of International Accounting Standard 19—Employee Benefits during FY 2000 shall be placed to the Fund’s Special Reserve and shall be recorded separately in the financial records of the Fund.

Decision No. 12231-(00/68)

July 6, 2000

(b) The Rate of Charge on the Use of Fund Resources for FT 2001

1. Notwithstanding Rule I-6(4)(a), effective May 2, 2000, 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 115.9 percent.

2. The net income target for financial year 2001 shall be SDR 48 million. Any net income for financial year 2001 in excess of SDR 48 million shall be used to reduce retroactively the proportion of the rate of charge for financial year 2001. If net income for financial year 2001 is below SDR 48 million, the amount of projected net income for financial year 2002 shall be increased by the equivalent of that shortfall. For the purpose of this provision, net income shall be calculated without taking into account net operational income generated by the Supplemental Reserve Facility and Contingent Credit Lines or the net cumulative effect on income of the implementation of International Accounting Standard 19—Employee Benefits.

Decision No. 12188-(00/45)

April 28, 2000

(c) Supplemental Reserve Facility and Contingent Credit Lines—Disposition of Net Operating Income

For financial year 2001, after meeting the cost of administering the PRGF Trust, any remaining net operational income generated by the Supplemental Reserve Facility and the Contingent Credit Lines shall be transferred, after the end of that financial year, to the General Reserve.

Decision No. 12191-(00/45)SRF/CCL

April 28, 2000

C. SDR Department—Rules for Designation—Revision

Pursuant to Article XIX, Section 5(c), the rules for designation in the SDR Department are revised as follows:

(a) Participants subject to designation under Article XIX, Section 5(a)(i) shall be designated for such amounts as will promote over time equality in the ratios of the participants’ holdings of special drawing rights in excess of their net cumulative allocations to their existing Fund quotas.

(b) The formula to give effect to (a) above shall be such that participants subject to designation shall be designated:

(i) in proportion to their existing Fund quotas when the ratios described in (a) above are equal; and

(ii) in such manner as gradually to reduce the difference between the ratios described in (a) above that are low and the ratios that are high.

Decision No. 11976-(99/59) S

June 3, 1999

D. Second Special Contingent Account (SCA-2)

(a) Early Termination of SCA-2

Considering that there is no longer