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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 a need for retaining precautionary balances in the Special Contingent Account 2 (SCA-2) and with an expectation that these resources will thus become available, or an equivalent amount will be made available, to supplement those in the PRGF-HIPC Trust, the Fund decides to terminate the SCA-2 established by Decision No. 9471-(90/98)3, adopted June 20, 1990.

    Decision No. 12060-(99/130)

    December 8, 1999

    (b) Establishment of the Post-SCA-2 Administered Account

    1. Pursuant to Article V, Section 2(b), the Fund adopts the Instrument to Establish the Post-SCA-2 Administered Account that is annexed to this Decision [see Attachment].

    2. The provisions of the Instrument may be amended by a decision of the Fund with the concurrence of the members that have transferred resources remaining in the account at the time of such decision.

    Decision No. 12061-(99/130)

    December 8, 1999

    Attachment

    To fulfill its purposes, the International Monetary Fund (the Fund) has adopted this Instrument to establish an account in accordance with Article V, Section 2(b), which shall be governed and administered by the Fund in accordance with the terms and conditions of this Instrument.

    1. The Fund hereby establishes an account (the Account) for the temporary administration of resources transferred to the Account by a member following the termination of the SCA-2, while deciding on the final disposition of those resources.

    2. The SDR shall be the unit of account. Transfers may be made in or exchanged for SDRs in accordance with such arrangements as may be made by the Managing Director for the holding and use of SDRs by the Account.

    3. The resources of the Account shall be invested, and the proceeds of investments reinvested, at the discretion of the Managing Director. The Managing Director is authorized (i) to make all arrangements, including establishment of accounts in the name of the International Monetary Fund, with such depositories of the Fund as may be necessary to carry out the operations of the account, and (ii) to take all measures necessary to implement the provisions of this Instrument.

    4. The Fund shall transfer all or part of the resources received from a member, together with the member’s pro rata share of the investment returns, to the PRGF-HIPC Trust, or otherwise in accordance with the member’s instructions.

    5. The assets held in the Account shall be kept separate from the assets and property of all other accounts of, or administered by, the Fund. The assets in the Account shall not be used to discharge or meet any liabilities, obligations, or losses incurred by the Fund in the administration of such other accounts.

    6. Subject to the provisions of this Instrument, the Fund, in administering the Account, shall apply mutatis mutandis the same rules and procedures as apply to operations of the General Resources Account of the Fund.

    7. No charge shall be levied on the members for the services rendered by the Fund in the administration, operation, and termination of this Account.

    8. The Fund shall maintain separate financial records and prepare separate financial statements for the Account.

    9. The external audit firm selected under Section 20 of the Fund’s By-laws shall audit the operations and transactions of the Account. The audit shall relate to the financial year of the Fund.

    10. The Fund shall report on the assets and property and on the operations and transactions of the Account in the Annual Report of the Executive Board to the Board of Governors and shall include in that Annual Report the report of the external audit firm and the External Audit Committee.

    11. The Account shall be terminated upon completion of the transfers contemplated in paragraph 4.

    12. Any questions between a member and the Fund arising hereunder shall be settled by mutual agreement.

    (c) Use of SDRs in Financial Operations Under the PRGF-HIPC Trust or Under an Administered Account

    In accordance with Article XVII, Section 3, the Fund prescribes that (i) a participant or a prescribed holder, by agreement with a participant or a prescribed holder and at the instruction of the Fund, may transfer SDRs to that participant or prescribed holder in effecting a transfer to or from the Post-SCA-2 Administered Account or in effecting a payment due to or by the Fund in connection with financial operations under the PRGF-HIPC Trust or under an administered account established for the benefit of the PRGF-HIPC Trust; (ii) operations pursuant to these prescriptions shall be recorded in accordance with Rule P-9.

    Decision No. 12062-(99/130)

    December 8, 1999

    E. Enhanced Structural Adjustment Facility (ESAF)

    (a) ESAF and ESAF-HIPC Trust—Reserve Account—Review

    Pursuant to Decision No. 10286-(93/23) ESAF4, 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 which 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 July 1 to December 31, 1999.

    Decision No. 12008-(99/73) ESAF

    June 30, 1999

    (b) ESAF—Borrowing for Loan Account—Consultation with Creditors

    The Managing Director, after having consulted with all creditors in accordance with Decision No. 10534-(93/170) ESAF5, adopted December 15, 1993, is authorized to confirm that he does not intend to propose to the Executive Board borrowing of more than SDR 11.5 billion for the Loan Account of the Enhanced Structural Adjustment Facility Trust except after consultation with all creditors regarding the justification for such additional borrowing and the adequacy of the Trust’s Reserve in relation thereto.

    Decision No. 12032-(99/87) ESAF

    August 2, 1999

    (c) Transforming Enhanced Structural Adjustment Facility into the Poverty Reduction and Growth Facility

    (See Section F below, subsection (a) for the full text of this Decision.)

    F. Poverty Reduction and Growth Facility (PRGF)

    (a) Transforming Enhanced Structural Adjustment Facility into the Poverty Reduction and Growth Facility

    1. The name of the Enhanced Structural Adjustment Facility established by Decision No. 8757-(87/176) SAF/ESAF6, adopted December 18, 1987, shall be changed to the Poverty Reduction and Growth Facility.

    2. The following changes shall be made to the Enhanced Structural Adjustment Facility Trust established by Decision No. 8759-(87/176) ESAF7, adopted December 18, 1987:

    (a) the name of the Trust shall be changed to the Poverty Reduction and Growth Facility Trust; accordingly, Paragraph 1 of Decision No. 8759 and the Tide and Introductory Section of the Annex to that Decision, containing the Trust Instrument, shall be amended by substituting Poverty Reduction and Growth Facility;

    (b) Section I, Paragraph 1 of the Trust Instrument shall be amended to read as follows:

    The Trust shall assist in fulfilling the purposes of the Fund by providing loans on concessional terms (hereinafter called Trust loans) to low-income developing members that qualify for assistance under this Instrument, in order to support programs to strengthen substantially and in a sustainable manner their balance of payments position and to foster durable growth, leading to higher living standards and a reduction in poverty.

    3. The name of the Trust for Special ESAF Operations for the Heavily Indebted Poor Countries and Interim ESAF Subsidy Operations: shall be changed to the Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and Interim PRGF Subsidy Operations. Accordingly,

    (a) Paragraphs 1 and 2 of Decision No. 11436-(97/10)8, adopted February 4, 1997, and the title and Introductory Section of the Annex to that Decision containing the Trust Instrument, shall be amended by substituting Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and Interim PRGF Subsidy Operations for Trust for Special ESAF Operations for the Heavily Indebted Poor Countries and Interim ESAF Subsidy Operations.

    (b) All references to ESAF in Section I, paragraphs l(viii) and l(ix), Section I, paragraph 2(b), Section III, paragraphs 1(a) and 1(b), and Section III, paragraph 2(c) of the Trust Instrument shall be changed to references to PRGF.

    4. References in other Fund decisions, instruments, agreements, or documents related to the Enhanced Structural Adjustment Facility, the Enhanced Structural Adjustment Facility Trust, or any of its Accounts, the ESAF, the ESAF Trust, the Trust for Special ESAF Operations for the Heavily Indebted Poor Countries and Interim ESAF Subsidy Operations, or the ESAF-HIPC Trust shall be understood to be to the Poverty Reduction and Growth Facility, the Poverty Reduction and Growth Facility Trust, or any of its Accounts, the PRGF, the PRGF Trust, the Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and Interim PRGF Subsidy Operations, or the PRGF-HIPC Trust, respectively.

    5. This Decision shall become effective when all contributors to the ESAF Trust have consented to the changes.

    Decision No. 12087-(99/118) PRGF

    October 21, 1999, effective November 22, 1999

    (b) PRGF Trust Reserve Account—Transfer to the PRGF-HIPC Trust

    1. For financial years 2001-2004, no reimbursement shall be made to the General Resources Account from the PRGF Trust Reserve Account (through the Special Disbursement Account) for the cost of administering the PRGF Trust.

    2. One fourth of the estimated cost shall be transferred to the PRGF-HIPC Trust at the end of each financial quarter ended July 31 and October 31, 2000, January 31 and April 30, 2001, July 31 and October 31, 2001, January 31 and April 30, 2002, July 31 and October 31, 2002, January 31 and April 30, 2003, July 31 and October 31, 2003, and January 31 and April 30, 2004.

    Decision No. 12065-(99/130) PRGF

    December 8, 1999, effective January 10, 2000

    G. Contingent Credit Lines—Grandfathering of Extended Arrangements—Amendment of Decision No. 11627 (97/123) SRF9 and Chairman’s Summing Up at Executive Board Meeting 99/48

    1. In Decision No. 11627 (97/123) SRF8, adopted December 17, 1997, on the Supplemental Reserve Facility and Contingent Credit Lines, Paragraph 18 shall be replaced by the following:

    18. Notwithstanding the provisions of paragraph 16, financing under this section may be committed and provided under any Extended Arrangement in effect on June 30, 1999.

    2. In the summing up by the Chairman on Contingent Credit Lines at the Executive Board Meeting 99/48 of April 23, 1999, footnote 1 shall be replaced by the following:

    1 However, CCL resources could also be committed under an Extended Arrangement in effect on June 30, 1999.

    Decision No. 11982-(99/61) SRF/CCL

    June 8, 1999

    H. Y2K Facility—Establishment

    1. From October 15, 1999 through March 31, 2000, the Fund will be prepared to extend financing, in accordance with the provisions of this Decision, to a member that encounters balance of payments difficulties arising from loss of confidence or other problems related to potential or actual failures of computer systems, within or outside the member’s territory, to recognize the year “00” as the year 2000 (hereinafter referred to as Y2K-related problems).

    I. Eligibility and qualification

    2. Requests for financing under this Decision will be met where the Fund is satisfied that:

    (a) the member has a balance of payments need arising from Y2K-related problems and is taking steps necessary to deal with such problems that are within its control;

    (b) it has adequate assurance of the member’s capacity to make repurchases in accordance with this Decision, taking into account the relevant actions taken by the member, its plan of further measures to be implemented, and, if applicable, the measures taken and to be taken in other countries, to resolve the member’s Y2K-related problems;

    (c) the member is pursuing sound general economic and financial policies, including policies to address other sources of balance of payments difficulties, if any;

    (d) the member is making appropriate use of its reserves and other available sources of external financing to meet its balance of payments difficulties; and

    (e) the member is cooperating with the Fund in accordance with paragraph 5.

    II. Access

    3. Financing under this Decision shall not exceed 50 percent of the member’s quota, unless there are exceptional circumstances, and shall be in the form of one or more outright purchases. Each request for a purchase shall satisfy the requirements set forth in this Decision.

    4. In providing financing under this Decision, the Fund, as under any other policies, shall pay due attention to the member’s capacity to service its financial obligations to the Fund, and, having regard to the outstanding financial obligations of the member to the Fund, may determine the amount of financing to be provided accordingly.

    III. Cooperation

    5. A member shall be deemed to be cooperating with the Fund if:

    (a) the last Article IV consultation with the member was completed broadly in accordance with its consultation cycle and thereafter the member’s authorities have provided to the Fund timely information on economic developments and maintained a constructive dialogue with Fund staff on their economic and financial policies;

    (b) the member has a Fund arrangement, under which performance is satisfactory; or

    (c) the Fund approves an arrangement at the time of the request.

    IV. Charges

    6. During the first six months from the date of each purchase under this Decision, the rate of charge under Article V, Section 8(b) on holdings acquired as a result of purchases under this Decision shall be 300 basis points per annum above the rate of charge referred to in Rule 1-6(4) as adjusted for purposes of burden sharing. Such surcharge shall be increased by 50 basis points at the end of that period subject to the provisions of paragraph 7. Pending a decision on the use to be given to the income generated under this Decision, such income shall not be taken into account when determining the amount of net income in excess of the net income target for purposes of paragraph 2 of Decision No. 11944-(99/49)10, April 30, 1999.

    7. The provisions of Decision No. 8165-(85/189) G/TR11, December 30, 1985, except Section IV, shall apply to overdue financial obligations arising under this Decision, subject to the following provision:

    The rate of charge on overdue repurchases shall be determined by the Fund but shall not be less than the maximum rate of charge determined under paragraph 6.

    V. Repurchases

    8. A member making purchases under this Decision shall repurchase the outstanding amounts of its currency resulting from such purchases within one year from the date of each purchase.

    9. The member will be expected to repurchase the outstanding amounts of its currency resulting from purchases under this Decision after six months of each purchase, provided that the Fund may, upon the request of the member, decide to extend each such repurchase expectation until the repurchase becomes due under paragraph 8.

    10. The Fund shall not approve, and the Managing Director shall not recommend for approval, a request for the use of the general resources of the Fund by a member that is failing to meet a repurchase expectation under paragraph 9. Provision shall be made in each stand-by and extended arrangement for the suspension of further purchases under the arrangement whenever a member fails to meet a repurchase expectation under paragraph 9.

    VI. Other provisions

    11. Purchases under this Decision and holdings resulting from such purchases shall be excluded for purposes of the definition of reserve tranche purchase pursuant to Article XXX(c).

    12. Except for the purpose of determining the level of conditionality applied to purchases in the credit tranches, the Fund’s holdings of a member’s currency resulting from purchases under this Decision shall be considered separate from the Fund’s holdings of the same currency resulting from purchases under any other policy on the use of the Fund’s general resources. In cases of concurrent requests for purchases under this Decision and for purchases in the credit tranches, purchases under this Decision shall be deemed to be made first.

    13. In order to carry out the purposes of this Decision, the Fund will be prepared to grant a waiver of the limitation of 200 percent of quota in Article V, Section 3(b)(iii), whenever necessary to permit purchases under this Decision or to permit other purchases that would raise the Fund’s holdings of the purchasing member’s currency above that limitation because of purchases outstanding under this Decision.

    14. When requesting a purchase under this Decision, the member will represent that, as long as it has outstanding purchases under this Decision, it will consult with the Fund from time to time, at its own initiative or at the request of the Managing Director.

    Decision No. 12058-(99/110) Y2KF

    September 24, 1999

    I. Eleventh General Review of Quotas—Period for Consent to Increases—Further Extension

    Pursuant to Paragraph 4 of the Resolution of the Board of Governors No. 53-2, “Increase in Quotas of Fund Members—Eleventh General Review,” the Executive Board decides that notices of consent from members to increases in their quotas must be received in the Fund by 6:00 p.m., Washington time, on July 31, 2000.

    Decision No. 12125-(00/7)

    January 19, 2000

    J. Gold.

    (a) Off-Market Transactions in Gold by Fund—Proposed Board of Governors Resolution

    The Executive Board approves the attached draft Resolution for submission to the Board of Governors for adoption at the 1999 Annual Meetings.

    Decision No. 12069-(99/110)

    September 24, 1999

    Attachment

    Resolution of the Board of Governors on Off-Market Transactions in Gold by the Fund

    WHEREAS the Executive Board is considering off-market transactions in gold consisting of sales of up to 14 million ounces of fine gold on the basis of prices in the market to cooperating members with repurchase obligations to the Fund falling due, and acceptance of the same amount of gold from those members in payments of their repurchase obligations falling due to the Fund; and

    WHEREAS these off-market transactions will enable the Fund to place an amount of the sales proceeds equivalent to SDR 35 per ounce of fine gold in the General Resources Account and the balance in the Special Disbursement Account for investments for the benefit of the ESAF-HIPC Trust; and

    WHEREAS the Interim Committee has requested the endorsement by the Board of Governors of this approach as a one-time operation of a highly exceptional nature,

    NOW, THEREFORE, the Board of Governors hereby RESOLVES that:

    The off-market transactions of up to 14 million ounces of fine gold by the Fund that are envisaged will be a one-time operation of a highly exceptional nature that is part of a broader financing package to allow the Fund to contribute to the resolution of the debt problems of the Heavily Indebted Poor Countries at the turn of the millennium and to the continuation of concessional operations to support countries’ efforts to achieve sustained growth and poverty reduction.

    (b) Off-Market Gold Sales, Acceptance of Gold in Payment of Repurchase Obligations and Use of Proceeds of Gold Sales Placed in Special Disbursement Account

    1. The Fund stands ready to sell gold held by it on August 31, 1975 to generate an am