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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

    Foreign Exchange Reserves

    Foreign exchange reserves constituted 95 percent of nongold 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 1.2). 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 1.2: 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.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-year 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 are available and certain other countries or areas.

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

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

    End-of-year 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 are available and certain other countries or areas.

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

    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
    Euro11.02
    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 the 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 the 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.

    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
    Quantity 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 holdings5,360–498–2,8209591,665985–3724047,848
    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.

    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.

    Notes

    1Official monetary authorities comprise central banks and also currency boards, exchange stabilization funds, and treasuries, to the extent that they perform monetary authorities’ functions.
    2Those foreign exchange reserves that, up to December 31, 1998, were denominated in euro-area former national currencies and private European currency units (ecus).
    3Although the average price of gold was lower in 1999 than in 1998, its price was higher in December 1999 than in December 1998, the relevant periods for the calculations.
    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 SIDRs)
    Stand-ByEFFSAPPRGFTotalStand-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 SDRs)
    Stand-ByEFFSAFPRGFTotalStand-ByEFFSAFPRGFTotal
    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
    1994166322471,1314,504SO2,7138,428
    1995199I275613,1906,840493,30623,385
    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
    KyTgyZ 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
    São Tomé and Príncipe4/28/004/27/0377
    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

    Year
    DisbursementsRepurchases and RepaymentsTotal IMF

    Credit

    Outstanding2
    Purchases1Trust Fund

    loans
    SAF

    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
    19925,3081254835,9164,7684,77026,736
    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
    199820,00097320,9733,7895954,38556,026
    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

    Tranche1
    Stand-By/

    Credit Tranche
    Extended

    Fund Facility
    CCFFTotal

    Purchases
    PRGF LoansTotal Purchases

    and Loans
    Albania1919
    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
    Grenadai11
    Guatemala141414
    Guinea88
    Guinea-Bissau4244
    Guyana99
    Honduras1616
    Indonesia934934934
    Jordan111111
    Korea181181181
    Kyrgyz Republic55
    Lebanon141414
    Macedonia, FYR141414
    Madagascar1414
    Malawi88
    MaliIS;77
    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
    Turkmenistan77
    Uganda2626
    Ukraine356356356
    Yemen. Rep. of11112637
    Zimbabwe252525
    Total664,4801,5942376,3775136,8902

    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 post conflict 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 post conflict 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/TRGF 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 Republic1
    Chad22
    Congo, Democratic Rep. of the111
    Congo, Republic of222
    Côte dlvoire1212
    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
    Uthuanta691515
    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 Republic-8213030
    Sri Lanka7272
    Sudan101362929
    Tajikistan666
    Tanzania2121
    Togo88
    Tunisia343434
    Turkey’161161161
    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 tocal
    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 ½ of 1 percent of total.

    Includes outstanding credit tranche and emergency purchases.

    Includes outstanding associated loans from the Saudi Fund for Development.

    Less than ½ of 1 percent of total.

    Table II.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
    For

    enlargement3
    Argentina3434
    Australia1414
    Austria421960
    Bangladesh11
    Belgium8836124200
    Botswana22
    Canada12872200300400
    Chile44
    China1414100
    Czech Republic1313
    Denmark491665100
    Egypt1313100
    Finland4141
    France2352504.S38001,100
    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 SDRs “as needed”)1

    Major industrial countries880.5Cambodia0.04
    Canada48.8Chile4.4
    France82.2China19.7
    Germany127.2Colombia0.9
    Italy63.6Cyprus0.8
    Japan144.0Dominican Republic0.5
    United Kingdom82.2Egypt1.3
    United States332.6Fiji0.1
    Other advanced countries299.9Ghana0.5
    Australia24.8Grenada0.1
    Austria14.3India22.9
    Belgium35.3Indonesia8.2
    Denmark18.5Jamaica2.7
    Finland8.0Jordan0.7
    Greece6.3Lebanon0.4
    Iceland0.9Libya7.3
    Ireland5.9Malaysia12.7
    Israel1.8Maldives0.01
    Korea15.9Malta1.1
    Luxembourg0.7Mauritius0.1
    Netherlands45.4Micronesia, Federated States of0.00001
    New Zealand1.8Morocco1.6
    Norway18.5Pakistan3.4
    Portugal6.6Peru2.5
    San Marino0.05Philippines6.7
    Singapore16.5Samoa0.005
    Spain23.3South Africa28.6
    Sweden18.3Sri Lanka0.6
    Switzerland37.0St. Lucia0.1
    St. Vincent and the Grenadines0.1
    Fuel-exporting countries88.3Swaziland0.03
    Algeria5.5Thailand6.1
    Bahrain0.9Tonga0.02
    Brunei Darussalam0.1Tunisia1.5
    Gabon2.5Uruguay2.2
    Iran, Islamic Republic of2.2Vanuatu0.1
    Kuwait3.1Vietnam0.4
    Nigeria13.9Countries in transition44.2
    Oman0.8
    Qatar0.5Croatia0.4
    Saudi Arabia53.5Czech Republic4.1
    Trinidad and Tobago1.6Estonia0.5
    United Arab Emirates3.8Hungary6.7
    Lativia1.0
    Other developing countries175.0Poland12.0
    Argentina16.2Russia15.1
    Bangladesh1.7Slovak Republic4.0
    Barbados0.4Slovenia0.4
    Belize0.3
    Botswana3.1Other contributors74.9
    Brazil15.0Total (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
    ParticipantExisting

    Cumulative

    Allocations
    Special

    Allocation1
    Afghanistan, Islamic State of26,703,0008,593,210Estonia013,631,842
    Albania010,348,473Ethiopia11,160,00017,657,420
    Algeria128,640,000139,423,573Fiji6,958,0008,022,368
    Angola060,771,630Finland142,690,000109,953,468
    Antigua and Barbuda02,491,842France1,079,870,0001,093,778,477
    Argentina318,370,000132,242,990Gabon14,091,00018,244,315
    Armenia019,788,157Gambia, The5,121,0001,592,316
    Australia470,545,000213,450,985Georgia032,540,526
    Austria179,045,000169,314,518Germany1,210,760,0001,205,300,735
    Azerbaijan034,299,473Ghana62,983,00017,342,261
    Bahamas, The107,230,00017,590,684Greece103,544,00068,715,575
    Bahrain6,200,00018,073,473Grenada930,0001,561,842
    Bangladesh47,120,00067,944,471Guatemala27,678,00017,409,683
    Barbados8,039,0006,296,421Guinea17,604,0005,467,526
    Belarus082,201,472Guinea Bissau1,212,4001,865,758
    Belgium485,246,000424,217,716Guyana14,530,0005,170,210
    Belize03,957,631Haiti13,697,0004,097,684
    Benin9,409,0003,871,052Honduras19,057,0008,792,999
    Bhutan01,319,210Hungary0221,275,574
    Bolivia26,703,00010,293,525Iceland16,409,0008,597,368
    Bosnia and Herzegovina20,481,25215,049,484India681,170,000214,573,927
    Botswana4,359,0006,370,579Indonesia238,956,000200,077,253
    Brazil358,670,000277,717,144Iran, Islamic Republic of244,056,00072,114,782
    Brunei Darussalam043,973,683Iraq268,463,800185,059,142
    Bulgaria0136,289,102Ireland87,263,00066,644,891
    Burkina Faso9,409,0003,548,579Israel106,360,00088,941,785
    Burundi13,697,0003,071,631Italy702,400,000643,399,917
    Cambodia15,417,0003,638,263Jamaica40,613,00018,282,420
    Cameroon24,462,60015,143,031Japan891,690,0001,524,370,735
    Canada779,290,000487,240,024Jordan16,887,00018,790,315
    Cape Verde620,0001,432,105Kazakhstan072,556,577
    Central African Republic9,325,0002,753,105Kenya36,990,00021,465,683
    Chad9,409,0002,698,421Kiribati01,172,632
    Chile121,924,00060,332,259Korea72,911,200161,497,847
    China236,800,000755,598,083Kuwait26,744,400265,006,330
    Colombia114,271,00050,278,523Kyrgyz Republic018,908,684
    Comoros716,4001,189,126Lao People’s Democratic
    Congo, DemocraticRepublic9,409,0002,053,473
    Republic of the286,309,00029,429,734Latvia026,823,947
    Congo, Republic of9,719,0007,254,842Lebanon4,393,20038,407,852
    Costa Rica23,726,00011,159,789Lesotho3,739,0003,267,474
    Côte d’lvotre37,828,00032,002,209Liberia221,007,0007,194,789
    Croatia44,205,36932,484,735Libya58,771,200180,914,689
    Cyprus19,438,0009,877,789Lithuania030,341,841
    Czech Republic0172,845,891Luxembourg16,955,00022,767,894
    Denmark178,864,000134,785,625Macedonia, former
    Djibouti1,178,0002,193,316Yugoslav Republic of8,378,6946,161,937
    Dominica592,4001,166,547Madagascar19,270,0007,231,473
    Dominican Republic31,585,00014,968,473Malawi10,975,0003,946,737
    Ecuador32,929,00031,331,209Malaysia139,048,000105,064,573
    Egypt135,924,00062,954,311Maldives282,4001,329,968
    El Salvador24,985,00011,835,631Mali15,912,0004,286,578
    Equatorial Guinea5,812,0001,311,737Malta11,288,0008,500,157
    Eritrea03,371,316Marshall Islands0732,895
    Mauritania9,719,0004,206,000Singapore16,475,20088,358,061
    Mauritius15,744,0005,744,473Slovak Republic075,458,840
    Mexico290,020.000223,973,725Slovenia25,430,88818,689,374
    Micronesia, Federated States of01,026,053Solomon Islands654,4001,544,284
    Moldova026,384,210Somalia213,697,0004,156,315
    Mongolia010,876,158South Africa220,360,000179,917,780
    Morocco85,689,00039,694,629Spain298,805,000268,572,777
    Mozambique024,625,263Sri Lanka70,868,00018,134,735
    Myanmar43,474.00010,730,894Sudan252,192,00016,143,104
    Namibia029,198,526Suriname7,750,00012,067,473
    Nepal8,104.8007,139,410Swaziland6,432,0004,268,263
    Netherlands530,340,000479,354.398Sweden246.525,000226,631,831
    New Zealand141,322,00049,259,943Switzerland0724,217,247
    Nicaragua19,483,0008,689,473Syrian Arab Republic36.564,00024,969,841
    Niger9,409,0004,750,526Tajikistan017,589,473
    Nigeria157,155,000218,556,149Tanzania31,372,00011,692,894
    Norway167,770,000156,052,203Thailand84,652,00083,591,312
    Oman6,262.00028,741,052Togo10,975,0004,943,473
    Pakistan169,989,00052,283,311Tonga01,465,789
    Panama26,322,00017,534,420Trinidad and Tobago46,231,00026,120,367
    Papua New Guinea9,300,00018,637,947
    Paraguay13,697,0007,439,684Tunisia34,743,00026,147,525
    Peru91,319,00045,321,892Turkey112,307,00075,900,364
    Philippines116,595,00069,091,206Turkmenistan014,071,579
    Poland0289,786,572Uganda29,396,0009,857,841
    Ukraine0292,366,362
    Portugal53,320,000110,144,838
    Qatar12,821,60043,024,978United Arab Emirates38,736,80076,210,408
    Romania75,950.100145,120,363United Kingdom1,913,070,000260,578,477
    Russia01,264,419,287United States4,899,530,0002,877,010,667
    Rwanda13,697,0003,745,894Uruguay49,977,00016,071,472
    Uzbekistan058,484,999
    St. Kitts and Nevis01,905,526
    St. Lucia741,6002,483,137Vanuatu03,664,474
    St. Vincent and the Grenadines353,6001,405,347Venezuela316,890,000255,148,987
    Samoa1,142,0001,349,842Vietnam47,658,00023,168,946
    San Marino02,931.579Yemen, Republic of28,743,00022,999,367
    São Tomé and Príncipe620,000992,368Yugoslavia, Federal Republic
    of (Serbia/Montenegro)256,664,79741,660,359
    Saudi Arabia195,526,8001,308,549.061
    Senegal24,462,00010,394,473Zambia68,298,00038,264,892
    Seychelles406,4001,352,547Zimbabwe10,200,00066,402,156
    Siena Leone17,455,0005,176,789Total321,433,330,20021,433,330,200

    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 Herzegovina16601135.50025.88614,329–1886,34120.48131.0
    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
    Burundi1134512998^8015213,6971.1
    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
    Comoros84854593Ȕ–24137161.8
    Congo, Democratic
    Republic of the86,309
    Congo, Republic of1076353575319–3411229,7191.3
    Costa Rica153400986–82571423,7263.0
    Côte d’lvoire3642,25011,442,006–1,3122,16437,8285.7
    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 Republic8702,910171,653–1,101–1,10131,5853.4
    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
    Greece6148,088–3,5465,516103,5445.0
    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 of2,341206,0351,00043–7,923199,496244,0564.2
    Iraq68,464
    Ireland22,5764,6754,67510,722–2,09431,20487,2631.0
    Israel8012,8001,072–3,725948106,3600.9
    Italy86,64049,97242,06083,164–21,227159,489702,40022.3
    Jamaica1,3063,8503442,7791,4131,30740,6133.2
    Japan1,829,816289,100267,34331,5281,839,587891,690206.3
    Jordan70720,0002975114,9515574,95516,88729.3
    Kazakhstan256,721407147,0187,586122,696
    Kenya13,18631,90044,3468661,21039536,9901.1
    Kiribati89
    Korea9,67733,000110,625510,077384,2651,86456,00072,91176.8
    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
    Malaysia49,34118,798–2,92965,211139,04346.9
    Maldives10660–616028256.8
    Mali191650356368–55529815,9121.9
    Malta21,289141,21142022,93311,288203.2
    Marshall Islands
    Mauritania8381341–3429,719
    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
    Nigeria1,5465,716–5,5171,745157,1551.1
    Norway293,29496,590189,45136,1762,568239,177167,770142.6
    Oman3081,603–1811,7306,26227.6
    Pakistan9,60942,3201,39971134,180–5,92411,197169,9896.6
    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
    Portugal22,48312,362–91234,20253,32064.1
    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
    Samoa2,2066382,2501,140197.0
    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
    Thailand256,493100,000100,333100,0124,878160,69284,652189.8
    Togo20045015955–38316210,9751.5
    Tonga46147
    Trinidad and Tobago4501,725371,62358946,2311.3
    Tunisia22,49430,93871430436,37062116,03134,24346.8
    Turkey3,05017,000358,000367,71017,0933,9228,744112,3077.8
    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 States7,129,55539,37539,375458,61284,6437,672,8104,899,5301566
    Uruguay1,7926,0007084,654–1,7362,11049,9774.2
    Uzbekistan6026,7011,57228.2953271
    Vanuatu5495620625
    Venezuela34,033444,10015,312432,776–9,79950,870316,89016.1
    Vietnam1,89915,7001.2081014,0-3–1,61970847,6581.5
    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
    Zimbabwe1,1423113117,4136,334–3321,84010,20018.0
    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

    Year
    All

    Participants1
    Industrial

    Countries2
    All

    nonindustrial

    countries
    Net

    creditor

    countries
    All net

    debtor

    countries
    Heavily

    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
    Period

    Beginning
    SDR Interest

    Rate and

    Unadjusted Rate

    of Remuneration1
    Basic Rate

    of Charge1
    1999
    May 13.243.68November 13.724.22
    May 33.293.73November 83.754.26
    May 103.323.77November 153.764.27
    May 173.343.79November 223.774.28
    May 243.333.78November 293.784.29
    May 313.343.79
    December 63.794.30
    June 73.313.76December 133.784.29
    June 143.353.80December 203.884.40
    June 213.343.79December 273.904.43
    June 283.393.85
    2000
    July 53.343.79January 33.814.32
    July 123,353.80January 103,864.38
    July 193.343.79January 173.894.42
    July 263.323.77January 243,924.45
    January 314.034.57
    August 23.363.81
    August 93.383.84February 74.084.63
    August 163.363.81February 144.094.64
    August 233.383.84February 214.144.70
    August 303.453.92February 284.184.74
    September 63.423.88March 64.164.72
    September 133.373.82March 134.204.77
    September 203.333.78March 204.224.79
    September 273.383.84March 274.244.81
    October 43.544.02April 34.224.79
    October 113.564.04April 104.244.81
    October 183.674.17April 174.234.80
    October 253.694.19April 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)
    MemberQuotaMemberQuota
    Afghanistan, Islamic State of2120.4Fiji70.3
    Albania48.7Finland1,263.8
    Algeria1,254.7France10,738.5
    Angola286.3Gabon154.3
    Antigua and Barbuda13.5Gambia, The31.1
    Argentina2,117.1Georgia150.3
    Armenia92.0Germany13,008.2
    Australia3,236.4Ghana369.0
    Austria1,872.3Greece823.0
    Azerbaijan160.9Grenada11.7
    Bahamas, The130.3Guatemala210.2
    Bahrain135.0Guinea107.1
    Bangladesh533.3Guinea-Bissau14.2
    Barbados67.5Guyana90.9
    Belarus386.4Haiti360.7
    Belgium4,605.2Honduras129.5
    Belize18.8Hungary1,038.4
    Benin61.9Iceland117.6
    Bhutan6.3India4,158.2
    Bolivia171.5Indonesia2,079.3
    Bosnia and Herzegovina169.1Iran, Islamic Republic of1,497.2
    Botswana63.0Iraq2504.0
    Brazil3,036.1Ireland838.4
    Brunei Darussalam3150.0Israel928.2
    Kulgana640.2Italy7,055.5
    Burkina Faso60.2Jamaica273.5
    Burundi77.0Japan13,312.8
    Cambodia87.5Jordan170.5
    Cameroon185.7Kazakhstan365.7
    Canada6,369.2Kenya271.4
    Cape Verde9.6Kiribati5.6
    Central African Republic55.7Korea1,633.6
    Chad56.0Kuwait1,381.1
    Chile856.1Kyrgyz Republic88.8
    China4,687.2Lao People’s Dem. Rep.339.1
    Colombia774.0Latvia126.8
    Comoros8.9Lebanon203.0
    Congo, Democratic Republic of the’291.0Lesotho34.9
    Congo, Republic of84.6Liberia271.3
    Costa Rica164.1Libya1,123.7
    Côte d’lvoire325.2Lithuania144.2
    Croatia365.1Luxembourg279.1
    Cyprus139.6Macedonia, FYR68.9
    Czech Republic819.3Madagascar122.2
    Denmark1,642.8Malawi69.4
    Djibouti15.9Malaysia1,486.6
    Dominica8.2Maldives8.2
    Dominican Republic-218.9Mali93.3
    Ecuador302.3Malta102.0
    Egypt943.7Marshall Islands32.5
    El Salvador171.3Mauritania64.4
    Equatorial Guinea32.6Mauritius101.6
    Eritrea15.9Mexico2,585.8
    Estonia65.2Micronesia, Federated States of5.1
    Ethiopia133.7Moldova123.2
    Mongolia51.1Somalia244.2
    Morocco588.2South Africa1,868.5
    Mozambique113.6Spain3,048.9
    Myanmar258.4
    Namibia136.5Sri Lanka413.4
    St. Kitts and Nevis8.9
    Nepal71.3St. Lucia15.3
    Netherlands5,162.4St. Vincent and the Grenadines8.3
    New Zealand894.6Sudan2169.7
    Nicaragua130.0Surinaine92.1
    Niger65.8
    Swaziland50.7
    Nigeria1,753.2Sweden2,395.5
    1,671.7Switzerland3,458.5
    Oman194.0Syrian Arab Republic293.6
    Pakistan1,033.7
    Palau3.10Tajikistan

    Tanzania
    87.0

    198.9
    Panama206.6Thailand1,081.9
    Papua New Guinea131.6Togo73.4
    Paraguay99.9Tonga6.9
    Peru638.4
    Philippines879.9Trinidad and Tobago335.6
    1,369.0Tunisia286.5
    Poland867.4Turkey964.0
    PortugalTurkmenistan75.2
    Qatar263.8Uganda180.5
    Romania1,030.2
    Russia5,945.4Ukraine1,372.0
    Rwanda80.1United Arab Emirates611.7
    Samoa11.6United Kingdom10,738.5
    San Marino17.0United States37,149.3
    São Tomé and Príncipe7.4Uruguay306.5
    Saudi Arabia6,985.5Uzbekistan275.6
    Senegal161.8Vanuatu17.0
    Seychelles8.8Venezuela2,659.1
    Sierra Leone103.7Vietnam329.1
    Singapore862.5Yemen, Republic of243.5
    Slovak Republic357.5Zambia489.1
    Slovenia231.7Zimbabwe353.4
    Solomon Islands10.4Total210,251.4

    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
    MemberEffective Date

    of Acceptance
    AlgeriaSeptember 15, 1997HondurasJuly 1, 1950
    Antigua and BarbudaNovember 22, 1983HungaryJanuary 1, 1996
    ArgentinaMay 14, 1968IcelandSeptember 19, 1983
    ArmeniaMay 29, 1997IndiaAugust 20, 1994
    AustraliaJuly 1, 1965IndonesiaMay 7,1988
    AustriaAugust 1, 1962IrelandFebruary 15, 1961
    Bahamas, TheDecember 5, 1973IsraelSeptember 21, 1993
    BahrainMarch 20, 1973ItalyFebruary 15, 1961
    BangladeshApril 11, 1994JamaicaFebruary 22, 1963
    BarbadosNovember 3, 1903JapanApril 1, 1964
    BelgiumFebruary 15, 1961JordanFebruary 20, 1995
    BelizeJune 14, 1983KazakhstanJuly 16, 1996
    BeninJune 1, 1996KenyaJune 30, 1994
    BoliviaJune 5, 1967KiribatiAugust 22, 1986
    BotswanaNovember 17, 1995KoreaNovember 1, 1988
    BrazilNovember 30, 1999KuwaitApril 5, 1963
    Brunei DarussalamOctober 10, 1995Kyrgyz RepublicMarch 29, 1995
    BulgariaSeptember 24, 1998LatviaJune 10, 1994
    Burkina FasoJune 1, 1996LebanonJuly 1, 1993
    CameroonJune 1, 1996LesothoMarch 5, 1997
    CanadaMarch 25, 1952LithuaniaMay 3, 1994
    Central African RepublicJune 1, 1996LuxembourgFebruary 15, 1961
    ChadJune 1, 1996Macedonia, FYRJune 19, 1998
    ChileJuly 27, 1977MadagascarSeptember 18, 1996
    ChinaDecember 1, 1996MalawiDecember 7, 1995
    ComorosJune 1, 1996MalaysiaNovember 11, 1968
    Congo, Republic ofJune 1, 1996MaliJune 1, 1996
    Costa RicaFebruary 1, 1965MaltaNovember 30, 1994
    Côte d’lvoireJune 1, 1996Marshall IslandsMay 21, 1992
    CroatiaMay 29, 1995MauritaniaJuly 19, 1999
    CyprusJanuary 9, 1991MauritiusSeptember 29, 1993
    Czech RepublicOctober 1, 1995MexicoNovember 12, 1946
    DenmarkMay 1, 1967Micronesia, Federated States ofJune 24, 1993
    DjiboutiSeptember 19, 1980MoldovaJune 30, 1995
    DominicaDecember 13, 1979MongoliaFebruary 1, 1996
    Dominican RepublicAugust 1, 1953MoroccoJanuary 21, 1993
    EcuadorAugust 31, 1970NamibiaSeptember 20, 1996
    EI SalvadorNovember 6, 1946NepalMay 30, 1994
    Equatorial GuineaJune 1,1996NetherlandsFebruary 15, 1961
    EstoniaAugust 15, 1994New ZealandAugust 5, 1982
    FijiAugust 4, 1972NicaraguaJuly 20, 1964
    FinlandSeptember 25, 1979NigerJune 1, 1996
    FranceFebruary 15, 1961NorwayMay 11, 1967
    GabonJune 1, 1996OmanJune 19, 1974
    Gambia, TheJanuary 21, 1993PakistanJuly 1, 1994
    GeorgiaDecember 20, 1996PalauDecember 16, 1997
    GermanyFebruary 15, 1961PanamaNovember 26, 1946
    GhanaFebruary 21, 1994Papua New GuineaDecember 4, 1975
    GreeceJuly 7, 1992ParaguayAugust 22, 1994
    GrenadaJanuary 24, 1994PeruFebruary 15, 1961
    GuatemalaJanuary 27, 1947PhilippinesSeptember 8, 1995
    GuineaNovember 17, 1995PolandJune 1, 1995
    Guinea-BissauJanuary 1, 1997PortugalSeptember 12, 1988
    GuyanaDecember 27, 1966QatarJune 4, 1973
    HaitiDecember 22, 1953RomaniaMarch 25, 1998
    RussiaJune 1, 1996SwedenFebruary 15, 1961
    RwandaDecember 10, 1998SwitzerlandMay 29, 1992
    St. Kitts and NevisDecember 3, 1984TanzaniaJuly 15, 1996
    St. LuciaMay 30, 1980ThailandMay 4, 1990
    St. Vincent and the GrenadinesAugust 24, 1981TogoJune 1, 1996
    SamoaOctober 6, 1994TongaMarch 22, 1991
    San MarinoSeptember 23, 1992Trinidad and TobagoDecember 13, 1993
    Saudi ArabiaMarch 22, 1961TunisiaJanuary 6, 1993
    SenegalJune 1, 1996TurkeyMarch 22, 1990
    SeychellesJanuary 3, 1978UgandaApril 5, 1994
    Sierra LeoneDecember 14, 1995UkraineSeptember 24, 1996
    SingaporeNovember 9, 1968United Arab EmiratesFebruary 13, 1974
    Slovak RepublicOctober 1, 1995United KingdomFebruary 15, 1961
    SloveniaSeptember 1, 1995United StatesDecember 10, 1946
    Solomon IslandsJuly 24, 1979UruguayMay 2, 1980
    South AfricaSeptember 15, 1973VanuatuDecember 1, 1982
    SpainJuly 15, 1986Venezuela, Republica
    Sri LankaMarch 15, 1994Bolivariana deJuly 1, 1976
    SurinameJune 29, 1978Yemen, Republic ofDecember 10, 1996
    SwazilandDecember 11, 1989ZimbabweFebruary 3, 1995
    Table II.18Exchange Rate Arrangements and Anchors of Monetary Policy as of December 31, 1999
    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 UnderCFA franc zoneBenin*

    Burkina Faso*

    Cameroon*

    Central African

    Republic*

    Côte d’lvoire*

    Guinea-

    Bissau*

    Mali*

    Senegal*
    Euro Area3,4 Austria Belgium Finland France Germany Ireland Italy Luxembourg Netherlands Portugal Spain
    Kiribati

    Marshall Islands

    Micronesia

    Palau

    Panama

    San Marino
    ECCU2

    Antigua and Barbuda

    Dominica

    Grenada

    St. Kitts and Nevis

    St. Lucia

    St. Vincent and the Grenadines
    WAEMU

    Benin*

    Cameroon* Burkina Faso*

    Côte d’lvoire*

    Guinea-Bissau*

    Mali*

    Niger

    Senegal*

    Togo
    CAEMC

    Cameroon*

    Central African Rep.*

    Chad

    Congo, Rep. of

    Equatorial Guinea

    Gabon
    Currency board arrangements (8Argentina*

    Bosnia and Herzegovina*

    Brunei Darussalam

    Bulgaria*

    Hong Kong SAR

    Djibouti*

    Estonia

    Lithuania
    Argentina*

    Bosnia and Herzegovina*

    Bulgaria*

    Djibouti*
    Other conventional fixed peg arrangements (including de facto peg arrangements under managed floating) (45)Against a single currency (32)

    Aruba

    Bahamas, The5

    Bahrain6,7

    Barbados

    Belize

    Bhutan

    Cape Verde*

    China*6

    Comoros8

    Egypt5,6

    El Salvador*6

    Iran, Islamic Rep. of5,6

    Iraq

    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

    Turkmenistan6

    United Arab Emirates6,7

    Zimbabwe*6
    Against a composite (13)

    Bangladesh*

    Botswana5

    Fiji

    Kuwait

    Latvia*

    Malta

    Morocco

    Myanmar5

    Samoa

    Seychelles

    Solomon Islands

    Tonga

    Vanuatu
    China6Bangladesh*

    Cape Verde*

    El Salvador*6

    Jordan*6

    Latvia*

    Macedonia, FYR*6

    Pakistan*6

    Zimbabwe*6
    Pegged exchange rates within horizontal bands (6)9Within a cooperative arrangement ERM-II (2)Other band arrangements (4)
    Denmark

    Greece
    Cyprus

    Iceland
    Libya

    Vietnam6
    Crawling pegs (5)6Costa Rica

    Nicaragua*

    Turkey*
    Exchange rates within crawling bands (7)6,10Israel*

    Uruguay*
    Honduras*

    Poland*

    Venezuela
    Hungary

    Sri Lanka*
    Sri Lanka*Israel*

    Poland*
    Honduras*

    Uruguay*
    Managed floating with no preannounced path for exchange rate (27)Lao P.D.R.5

    Jamaica6

    Malawi

    Slovenia
    Czech Rep.Azerbaijan

    Cambodia5

    Croatia

    Kenya

    Kyrgyz Republic

    Mauritania

    Romania

    Tajikistan

    Ukraine
    Algeria3

    Belarus3,5

    Burundi3,5

    Dominican Rep.3,5

    Ethiopia3

    Guatemala3

    Nigeria3

    Norway3

    Paraguay3

    Singapore

    Slovak Rep.3

    Suriname3

    Uzbekistan3,5
    Independently floating (50)Colombia*

    Gambia, The*

    Ghana*

    Guinea*

    Guyana*

    Korea*

    Mauritius6

    Mongolia*

    Peru*

    Philippines*

    São Tomé and Principe

    Sierra Leone*

    Yemen, Rep. of*
    Australia

    Brazil12

    Canada

    Chile5

    New Zealand

    Sweden

    United Kingdom
    Albania

    Armenia

    Colombia*

    Gambia, The*

    Georgia

    Ghana*

    Guinea*

    Guyana*

    Haiti

    Indonesia

    Kazakhstan

    Korea*

    Madagascar

    Mexico

    Moldova

    Mongolia*

    Mozambique

    Peru*

    Philippines*

    Russia

    Rwanda

    Sierra Leone

    Sudan

    Tanzania

    Thailand

    Uganda

    Yemen, Rep. of*

    Zambia5
    Afghanistan, Islamic State of5,11

    Angola3

    Congo, Dem. Rep. of the3

    Ecuador3

    Eritrea3

    India3

    Japan3

    Liberia3

    Papua New Guinea3

    Somalia5,11

    South Africa3

    Switzerland3

    United States3
    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.

    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, preannounced rate or in response to changes in selective quantitative indicators (past inflation differentials vis-a-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 preannounced 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.

    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 FY 2000

    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 Hate of Charge on the Use of Fund Resources for FY 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 con firm 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