Information about Middle East Oriente Medio
Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
April 2005
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INDEX

A

  • Access policy, use of Fund resources
    • access limits, guidelines, 307–308, 308–12
    • balance of payments need, 308, 310
    • capital account crises, modifications to Supplemental Reserve Facility, 313–15, 319–23
    • exceptional circumstances, 308, 313–14, 331
    • exceptional circumstances, review, 323–27
    • limits, credit tranches and Extended Fund Facility, 307–308
    • post-conflict countries, 290
    • repurchases, 308–10
    • revolving character of Fund resources, 287, 309, 311
    • review, 318–23
  • Accounting by members
    • ownership of gold and currency subscriptions, 3
  • Accounts. See specific accounts by name
    • Administrative
    • Borrowed Resources Suspense
    • Framework Administered (Technical Assistance)
    • General Resources
    • Loan
    • Post-conflict emergency assistance to PRGF
    • Post-SCA-2 Administered
    • PRGF Trust Subsidy
    • Reserve
    • Special Contingent
    • Special Disbursement
    • Supplementary Financing Facility (SFF) Subsidy
  • Administrative account
    • balances, 698
    • reserve tranche position, 697
  • African Development Bank
    • communications concerning members’ arrears to the Fund, 674–75
    • exchange of documents with, 590
    • prescribed holder of SDRs, 633
  • African Development Fund, 633
  • Africa Regional Technical Assistance Centers Subaccount, 131
  • Andean Reserve Fund
    • prescribed holder of SDRs, 632
  • Annual Report (IMF), 155, 190, 217
  • Anti-money laundering
    • assessing a global standard and preparing ROSCs, proposals, 117–21
    • FATF 40+8 Recommendations, use of, 122
    • Financial Action Task Force (FATF), 117–21
    • Fund involvement, 116
    • methodology document, 116, 117–21
    • offshore financial center assessments, 113–16, 124
    • twelve-month pilot, program review, 122–26
  • Arab Monetary Fund
    • exchange of documents with, 590
    • prescribed holder of SDRs, 633
  • Architecture of international financial system, 32
  • Archives of the Fund
    • access policy, 544
    • attorney-client privilege, 543
    • Executive Board minutes, access, 544
    • Grievance Committee proceedings, 543
  • Arrears
    • settlement of disputes between members, 88–89
    • lending into arrears, 302–306
  • Arrears, member’s failure to provide foreign exchange for current international transactions. See Exchange restrictions
  • Arrears of a member to creditors other than Fund
    • extended arrangement, performance criterion, 279
    • first credit tranche, 298
    • Fund lending into nonsovereign arrears, 300–306
    • Fund lending into sovereign arrears, 300–306
    • Fund policies and procedures, 298–99, 299–300, 300–302
    • performance criteria, 298, 300–302
    • stand-by arrangement, performance criterion, 276
  • Arrears to the Fund. See Overdue financial obligations to the Fund
  • Article I, purposes of the Fund, 222, 463, 468
  • Article I(v), temporary availability of Fund’s general resources, 267
  • Article II, Section 2, membership, 20
  • Article III, Section 2, adjustment of quotas, 3
  • Article III, Section 2(a), 3
  • Article III, Section 3(a), 9
  • Article IV consultations. See also Consultation cycles; Enhanced surveillance; Exchange of documents; Staff reports; Surveillance
    • ad hoc consultations, 29, 30
    • annual, principle of, 28, 31–32, 36
    • Article VIII and XIV consultations, 28
    • Article VIII restrictions, 471
    • Article XIV restrictions, 471
    • collaborative efforts, 574
    • combined with program reviews, 284
    • conditionality discussion, 230–31
    • consultation cycles, changes, 59–61
    • core and noncore issues, 33–34
    • data provision, 61–65
    • document exchange with WTO, 587
    • early warning system models, 35, 36–37
    • enhanced surveillance, 83–86
    • euro area, 66, 67–68, 68–69
    • European Central Bank, observer status, 579–81
    • evaluation and review of related programs, 230–31
    • exchange rate policies, 35
    • Financial Sector Assessment Program (FSAP), 37, 93, 96, 97–98
    • governance issues, 69, 75, 77
    • interval between, 28–29
    • macroeconomic relevance test, 33
    • military expenditures, 80–82
    • multiple currency practices, 575
    • noncore issues, 33–34
    • program reviews, lapse of time, 284
    • Public Information Notices, release, 619–21
    • publication of Article IV staff reports, 34, 603, 604, 609
    • publication of background reports, 603, 604, 609–11
    • Recent Economic Developments reports, 31, 587, 591, 603, 604, 609
    • representation of European Central Bank, 579–81
    • staff reports, core and noncore issues, 33–34
    • staff reports, data quality, 35
    • staff reports, release to international and multilateral agencies, 588–90
    • standards and codes, 37
    • surveillance procedures, 28–30
    • three-month rule for completion, 65
    • use of Fund resources, 230
    • World Bank, collaboration with, 574
    • World Bank, observer status, 568
    • World Trade Organization, observer status, 587, 785
  • Article IV, Section 1, general obligations of members, 25, 28
  • Article IV, Section 2, notification of exchange arrangements, 22
  • Article IV, Section 3(a), surveillance over exchange rate policies, 25, 588
  • Article IV, Section 3(b), surveillance over exchange rate policies, 25, 588
  • Article V, Section 1, designation of fiscal agency, 148, 415, 448
  • Article V, Section 2(b), financial and technical services, 126, 127, 213, 219, 220
  • Article V, Section 3, conditions governing use of Fund’s general resources
    • application of Fund policies to purchases of currency borrowed by Fund, 363, 412
    • early repurchase guidelines, 363
    • General Arrangements to Borrow (GAB), 429
    • meaning of “consistent with the provisions of this Agreement,” 222
    • New Arrangements to Borrow (NAB), 445
  • Article V, Section 3(b)(ii), balance of payments need, 168
  • Article V, Section 3(b)(ii), meaning of “represents” that a member has a need to make purchases, 223
  • Article V, Section 3(b)(iii), waiver of limitation of 200 percent of quota
    • Compensatory Financing Facility, 335
    • emergency assistance, 285
    • Extended Fund Facility, 269
    • Supplemental Reserve Facility, 334
  • Article V, Section 3(d), operational budgets
    • assessment of strength of members’ balance of payments and gross reserve position for operational budgets, 350, 351, 357
    • selection of currencies in purchases, 351, 354
  • Article V, Section 3(f), transfers of SDRs, 353
  • Article V, Section 4, waiver of conditions governing use of Fund general resources, 346
  • Article V, Section 5, limitation on use of Fund’s resources, 236, 360
  • Article V, Section 6(b), transfers of SDRs by the Fund, 351, 357, 362
  • Article V, Section 6(c), sales of SDRs by the Fund, 362
  • Article V, Section 7, repurchases, 346, 445
  • Article V, Section 7(b), early repurchases
    • assessment of strength of members’ balance of payments and gross reserve position, 350, 363
  • Article V, Section 7(c), repurchases, 365
  • Article V, Section 7(d), repurchases, 346
  • Article V, Section 7(i), selection of currencies for repurchases, 351, 352, 357, 358, 367
  • Article V, Section 8, charges, 373
  • Article V, Section 8(a), charges, 375, 377
  • Article V, Section 8(b), charges, 333, 365, 372, 375, 377
  • Article V, Section 8(b)(ii), charges, 698
  • Article V, Section 8(c), charges, 372, 374, 377
  • Article V, Section 8(d), charges, 372
  • Article V, Section 8(e), charges, 372
  • Article V, Section 9(a), remuneration, 698
  • Article V, Section 11, maintenance of value, 385
  • Article V, Section 12(f), other operations and transactions
    • gold sales, 402, 405
    • gold sales proceeds, placement in Special Disbursement Account, 405
  • Article V, Section 12(f)(ii), Special Disbursement Account (SDA) resources for assistance to low-income developing members, 387
  • Article V, Section 12(h), investment of member’s currency held in SDA, 387
  • Article V, Section 12(j), adoption of regulations for administration of Structural Adjustment Facility, 388
  • Article VI, capital transfers
    • use of Fund resources for, 222
    • WTO, information on Fund decisions requesting a member to exercise controls to prevent a large or sustained outflow of capital, 780
  • Article VI, Section 1, use of Fund’s resources for capital transfers
    • freedom to adopt regulations on capital movements, 407
    • Supplemental Reserve Facility, 331
  • Article VI, Section 3, controls on capital transfers, 407
  • Article VII, Section 1, replenishment and scarce resources
    • borrowing by the Fund, 408, 427, 436
  • Article VII, Section 3(b), scarce currency, 462
  • Article VIII, general obligations of members
    • acceptance of obligations, 470
    • bilateral payments agreements, 275, 280
    • bilateralism, 463
    • consultations, 28, 568
    • consultations, World Bank observer, 568
    • payments restrictions, 87, 463, 468–69, 470
    • retention quotas, 466
    • settlement of disputes between members, 87
  • Article VIII, Section 2, avoidance of restrictions on current payments
    • acceptance of obligations under, 468, 469
  • Article VIII, Section 2(a)
    • restrictions on current payments and transfers, 462
    • undue delays as payments restrictions, 470
  • Article VIII, Section 2(b), unenforceability of exchange contracts, interpretation, 460–61
  • Article VIII, Section 3, avoidance of discriminatory currency practices
    • acceptance of obligations under, 468, 469
    • multiple currency practices, 24, 468, 469, 478, 479, 484, 485
  • Article VIII, Section 4, convertibility of foreign-held balances, acceptance of obligations under, 468, 469
  • Article VIII, Section 5, furnishing of information to the Fund
    • consideration of report by Managing Director, time periods, 488–89
    • declaration of censure, 489–90
    • members’ obligations, 486
    • procedures prior to report by Managing Director to Executive Directors, 487–88
    • Report by Managing Director, 588
    • sanctions, 490–91
    • strengthening effectiveness of, 62, 486–91
  • Article VIII, Section 7, obligation to collaborate regarding policies on reserve assets, 641
  • Article IX, Section 5, immunity of archives, 542
  • Article IX, Section 7, privilege for communications, interpretation, 547–48
  • Article X, relations with other international organizations, 749
  • Article XII, Section 3(b)(i), Executive Directors, appointed, interpretation, 593
  • Article XII, Section 3(c), additional appointed Executive Directors
    • balances held in administrative accounts, 698
    • interpretation, 593–94
  • Article XII, Section 3(f), appointed Executive Directors, interpretation, 593
  • Article XII, Section 4, Managing Director and staff, 602
  • Article XII, Section 7, publication of reports, 603
  • Article XII, Section 7(a), 753
  • Article XII, Section 8, communication of Fund views to members, 609
  • Article XIII, Section 2, depositories, 456
  • Article XIV, exchange restrictions under transitional arrangements
    • availment of transitional provisions, 469
    • bilateralism, 464
    • commitment to current account convertibility, 470
    • consultations, 28
    • consultations, World Bank, 568
    • multiple currency practices, 480
    • retention quotas, 465, 466
    • settlement of disputes between members, 87
  • Article XIV, Section 2, exchange restrictions
    • multiple currency practices, 478, 479, 480–81
    • payments restrictions, 461, 462
    • transitional arrangements, 461, 468–69
    • undue delays as payments restrictions, 471
  • Article XIV, Section 3, representation by the Fund, 479, 480, 481
    • meaning of “exceptional circumstances,” 623
  • Article XVII, Section 3, other holders of SDRs, 148, 219, 425, 632, 634, 635
  • Article XVIII, Section 1(a), principles and considerations governing SDR allocation and cancellation, 637, 639, 640, 646, 743
  • Article XVIII, Sections 1(a)and 1(b), 637
  • Article XVIII, Section 2(a), SDR allocation and cancellation, 638, 642
  • Article XVIII, Section 2(b), 638, 644
  • Article XVIII, Section 2(c), 638, 643, 644
  • Article XVIII, Section 2(d), 643
  • Article XVIII, Section 2(e), 644
  • Article XVIII, Section 4, decisions on SDR allocations and cancellations, 637, 646, 743
  • Article XVIII, Section 4(a), 637, 638, 639
  • Article XVIII, Section 4(b), 637, 638, 639, 743, 744, 745
  • Article XVIII, Section 4(c), 637, 639, 643, 743
  • Article XVIII, Section 4(c)(ii), 643, 745
  • Article XVIII, Section 4(d), 743
  • Article XIX, Section 2(c), SDR operations and transactions between participants
    • donations, 658
    • forward operations, 657–58
    • loans, 649
    • other holders, 629
    • pledges, 651–53
    • settlement of financial obligations, 648
    • swap operations, 655–56
    • transfers as security for the performance of financial obligations, 653–55
  • Article XIX, Section 4, limit on SDR Department participant’s obligation to provide currency, 413, 432, 446
  • Article XIX, Section 5, designation of participants to provide currency, 659
  • Article XIX, Section 5(a)(i), designation plans, 350, 662
  • Article XIX, Section 5(c), designation rules in SDR Department, 662
  • Article XIX, Section 6(b), reconstitution, 664
  • Article XIX, Section 7(a), calculation of exchange rates, 415, 447, 648, 649, 650, 651, 653, 655
  • Article XX, Section 1, interest paid on holdings of SDRs, 629
  • Article XX, Section 2, SDR Department interest and charges, 665
  • Article XX, Section 5, application against unpaid charges of SDRs acquired by participants after payment date, 665
  • Article XXI, (a)(i), administration of General Department and SDR Department, 744
  • Article XXII, general obligations of participants in SDR department, 641
  • Article XXIII, Section 1, suspension of operations and transactions in SDRs, 631
  • Article XXIV, 637
  • Article XXVI, remedial measures on overdue obligations, 667
  • Article XXVI, Section 2(b), 722, 725, 730
  • Article XXVI, Section 3, withdrawal from membership, 416, 432, 449
  • Article XXVII, Section l(a)(i), suspension of exchange transactions, 416, 433, 449
  • Article XXIX, interpretation
    • General Arrangements to Borrow, interpretation outside the purview of Article XXIV, 418
    • New Arrangements to Borrow, interpretation outside the purview of Article XXIV, 450
    • transferability of claims under Saudi Arabia’s Borrowing Agreement, 433
    • unenforceability of exchange contracts, 409
  • Article XXIX(a), interpretation
    • Appointment of Executive Director by a member having one of five largest quotas, Article XII, Section 3(b)(i) and 3(f), 593
    • authority of the Fund to use its resources, 222, 717
    • privilege for communications, Article IX, Section 7, 547–48
    • unenforceability of exchange contracts under Article VIII, Section 2(b), 460–61
  • Article XXX(c), definition of reserve tranche purchase
    • exclusion of purchases and holdings from BSFF, 697
    • exclusion of purchases and holdings from CFF, 335, 697
    • exclusion of purchases and holdings from emergency assistance, 285
    • exclusion of purchases and holdings from SRF, 333
    • exclusion of purchases and holdings from STF, 698
  • Article XXX(c)(ii), exclusion of purchases and holdings from BSFF, 697
  • Article XXX(c)(iii), exclusion of purchases and holdings in credit tranches or under extended arrangements, 698
  • Article XXX(f), freely usable currencies, 624, 699
  • Article XXXI, Section 1, entry into force of Articles of Agreement, 3
  • Asian Development Bank
    • communications concerning members’ arrears to the Fund, 675
    • exchange of documents with, 590
    • prescribed holder of SDRs, 633
  • Attribution, rule of
    • members indebted to Fund, 359
    • reduction in Fund’s holdings of currency, 370–71
  • Audit
    • external audit firm, 622
    • framework Administered Account, 130
    • Post-SCA-2 Administered Account, 221
    • PRGF Trust, 150–51
    • PRGF-HIPC Trust, 185–86, 190–91
    • safeguards for use of Fund resources, 239
    • Supplementary Financing Facility Subsidy Account, 709
  • Authorized signatories, 602

B

  • Balance of Payments Manual (5th Ed.), 497, 508, 520, 530, 531, 534
  • Balance of payments need
    • access policy, 308–309
    • Compensatory Financing Facility, 337
    • conditionality, 223
    • emergency assistance, natural disasters, 286
    • emergency assistance, post-conflict countries, 289
    • extended arrangements, 268
    • Extended Fund Facility, 268
    • Fund-supported programs, 225
    • lenders to ESAF Trust, need because of developments in reserves, 168
    • PRGF loans, 136, 137
    • protracted balance of payments problem, 136, 390–91
    • Supplemental Reserve Facility, 331–34
  • Balance of payments position
    • assessment of strength for purposes of designation plans, operational budgets and repurchases, 350–51
    • discrimination for balance of payments reasons, 463–64, 467
  • Bank for International Settlements (BIS)
    • investment by Fund of currencies held by Borrowed Resources Suspense Accounts, 457
    • investment by Fund of currencies received by SFF Subsidy Account, 711
    • prescribed holder of SDRs, 632
  • Bank-Fund collaboration
    • conditionality, 575–79
    • country programs, 575–79
    • financial systems, 569–75
    • IMF-World Bank Concordat, 556–68
    • observer status, generally, 568–69
    • World Bank observer status, 568
  • Bank of Central African States
    • prescribed holder of SDRs, 633
  • Bilateral payments arrangements
    • extended arrangement, 280
    • stand-by arrangement, 275
    • three-month settlement rule, temporary exemption, 464
  • Bilateralism and convertibility, 463–64
  • Board of Governors Resolutions
    • Composite Resolution, 719–22
    • Eleventh General Review of Quotas, 3, 10–12
    • SDR allocation, First Basic Period, 637–38
    • SDR allocation, Third Basic Period, 646–47
  • Borrowed Resources Suspense Accounts
    • establishment, 456
    • investment by the Fund of currencies held in, 457–58
  • Borrowing by the Fund. See also General Arrangements to Borrow (GAB); New Arrangements to Borrow (NAB)
    • guidelines, 458–59
  • BSFF. See Buffer Stock Financing Facility
  • Buffer Stock Financing Facility (BSFF)
    • elimination, 347–48
    • reserve tranche purchases, exclusion, 697
  • Burden sharing
    • disposition of net income
      • FY 2005, 381
    • implementation
      • in FY 2001, 378–80
      • in FY 2005, 381–83
    • income position
      • for FY 2005, 380–81
    • principles of, 378, 381
    • rate of charge
      • determination of, 378, 382
      • for FY 2005, 380
    • Special Contingent Account, amounts placed to
      • for FY 2005, 382–83
    • surcharges on purchases under SRF, credit tranches, and extended Fund facility, 381
  • By-Laws
    • Section 13, vote without meeting, 11, 16
    • Section 20, audits, 11, 130, 151, 186, 190, 217, 221, 622, 709
    • Section 22, compulsory withdrawal, 676, 679, 680

C

  • Capital account crises
    • access policy, 312–18, 318–22
    • exceptional access policy, Supplemental Reserve Facility, 319–23, 331–34
    • exceptional access policy, 2004 review, 323–27
  • Capital flows
    • action to limit disequilibrating flows, Composite Resolution, 736
    • Eleventh General Review of Quotas, 6, 11
    • Supplemental Reserve Facility, 331
    • surveillance, 27, 35, 40
    • WTO, information on Fund decisions requesting a member to exercise capital controls, 784
  • Capital transfers
    • controls by members, 407
    • multiple currency practices applicable solely to, 485
    • payments arrears, 299–300
    • use of Fund’s resources for, 406, 485
  • Caribbean Development Bank
    • exchange of documents with, 590
  • CCFF. See Compensatory Financing Facility
  • CCLs. See Contingent Credit Lines
  • Censure, 675–76
    • draft declaration, 680
  • Central Bank of West African States (BCEAO)
    • prescribed holder of SDRs, 633
  • Cereal import costs
    • compensatory financing of fluctuations in, 335, 336, 341–44
    • repurchase, 365
  • CFF and CCFF. See Compensatory Financing Facility
  • CFT. See Combating the Financing of Terrorism,
  • Charges. See also Burden sharing
    • accounting for charges from members with overdue obligations, 373
    • accrued charges, 373
    • administrative account balances, 698
    • extended arrangements, 281
    • Extended Fund Facility, 270
    • future changes in charges, 372
    • interest on Trust Fund loans. See Interest
    • media of payment in General Resources Account, 373
    • payment by nonparticipant in the SDR Department, 373
    • payment of net charges and assessment in the SDR Department for FY ended April 30, 1982, 665–66
    • setoff in connection with a retroactive reduction of charges due by members in arrears, 377
    • special charges on overdue financial obligations to the Fund, 374–76, 377, 378
    • special charges system, 2004 review, 376
    • stand-by arrangements, 276
    • Supplementary Financing Facility, subsidy, 706
    • Supplemental Reserve Facility, 333–34
    • surcharge on purchases in credit tranches and under EFF, 372
    • use of Fund resources. See Burden sharing
    • value date for payment of special charges, 376
    • waiver of special charges, 375
  • Classified documents, 543
  • Code of Good Practices on Transparency in Monetary and Financial Policies, 241
  • Collateral
    • collateral guarantees on debt, international reserves template, 510
  • Combating the financing of terrorism, 102, 113, 116, 117–21, 122, 122–26
  • Committee on Reform of the International Monetary System Composite Resolution, 719–39
  • Communications, privilege for interpretation of Article IX, Section 7, 547–48
  • Compensatory Financing Facility (CFF; previously Compensatory and Contingency Financing Facility, CCFF)
    • access limits, 336–37
    • cereal import costs, 335, 336, 341–44
    • decision, 335–45
    • emergency assistance for natural disasters and, 287
    • estimated data, 337
    • export fluctuations, 337–40
    • extended arrangements and, 283, 336
    • general provisions, 335–36
    • overcompensation, 340, 344, 345–46
    • phasing, 337–38
    • PRGF Trust and, 136
    • receipts from services, 339
    • repurchase expectation, 365–66
    • repurchase of overcompensation, legal interpretation, 345–46
    • repurchases, 365
    • reserve tranche purchases, exclusion, 335, 697
    • stand-by arrangements and, 275, 336
  • Compulsory withdrawal, 679, 680, 681, 682, 683, 687
  • Concessional external debt, OECD definition, 262, 263–64
  • Conditionality. See also Side letters
    • Bank-Fund collaboration, 575–79
    • benchmarks, 227, 228, 229, 230, 241
    • Compensatory Financing Facility, 337, 340
    • consistency with WTO agreements, 584–85
    • consultation clauses, 227
    • cross-conditionality between Fund programs and WTO arrangements, avoidance, 585
    • emergency assistance, natural disasters, 287–88
    • emergency assistance, post-conflict countries, 290
    • emergency financing mechanism, 251
    • financing assurances reviews, 229
    • first credit tranche, 254
    • floating tranches, 230
    • governance issues, 54
    • guidelines, 223–31
    • indicative targets, 227, 228, 229
    • individual circumstances of members, 224–25
    • letters of intent, 227, 232
    • modalities, 227–30
    • outcomes-based, 226
    • ownership, 224, 230, 254, 258, 575, 576, 579
    • performance criteria, 228
    • performance criteria and phasing, relationship, 258–60
    • performance criteria with respect to external debt, change in coverage, 261–65
    • performance criteria with respect to foreign borrowing, 265–66
    • performance criteria with respect to foreign borrowing, discount rate, 261–62, 263, 265
    • PRGF arrangements, 255–56
    • principles, 223–26
    • prior actions, 228, 261–62
    • program design, 224–25
    • program review, 228–29, 230–31
    • stand-by arrangement, normal access to credit tranches, 253–54
    • streamlining, 254, 255, 257
    • structural benchmarks, 227, 228, 229, 230
    • Supplemental Reserve Facility, 334
    • test dates, even distribution, 259
    • uniformity of treatment, 224–25, 261–62
    • upper credit tranche stand-by arrangements, 310
    • waiver, adopting measures prior to granting of, 228
    • waiver, nonobservance of performance criteria, 230
    • waiver of applicability of performance criteria, 230
  • Confidentiality
    • archives, 543
    • exchange of documents with other international agencies, 543
    • FSAP Confidentiality Protocol, 105–12
    • side letters, 231–34
  • Consultation clause
    • extended arrangements, 282
    • stand-by arrangements, 277
  • Consultation cycles, Article IV. See alsoArticle IV consultations, Enhanced surveillance; Surveillance
    • annual in principle, 28, 31, 36
    • changes in, 59–61
    • flexibility in, 31
    • interval between Article IV consultations, 28–29
  • Consultations other than under Article IV
    • acceptance of obligations of Article VIII, Sections 2, 3, and 4, 469
    • Article VIII restrictions, 28, 463–64, 468–69, 568
    • Article XIV restrictions, 28, 463–64, 469, 568
    • bilateral arrangements, 463–64
    • competitive depreciations, 473
    • conditionality, consultation clauses, 227
    • GATT Contracting Parties, 552–56
    • multiple currency practices, 474
    • prescribed holders of SDRs, 630
    • PRGF, consultation with creditors, 161
    • sale of members’ currencies, 354–56, 358–59
    • SDR allocation, 639, 744
    • trade and payments restrictions, escalation, 451
    • United Nations, 751, 753
    • World Trade Organization, 582–83, 584–85, 586, 784
  • Contingent Credit Lines (CCLs),
    • extended arrangements and, 275, 280
    • stand-by arrangements and, 275, 280
    • termination, 348
  • Convertibility
    • acceptance of obligations of Article VIII, Sections 2, 3, and 4, 468, 469
    • bilateralism, 463–64
    • currency, 465, 467
    • current account of the balance of payments, 467, 470
    • retention quotas, 465
  • Cross-conditionality, avoidance, 566
  • Currencies
    • attribution of reductions of Fund’s holdings, 370–71
    • charges on Fund’s holdings in excess of quota, 372
    • freely usable, 134, 140, 149, 214, 429, 624, 631, 699, 708
    • General Resources Account, 350–53, 357, 373, 384–86
    • guidelines for operational budget allocation of currencies, review, 356–57
    • harmonization, balanced positions in the Fund, 352
    • maintenance of value, 384–86
    • presently needed for making payments, 223
    • PRGF Trust loans, 140
    • repurchases, 366–67
    • reserve asset payments, 10, 19, 20–22
    • sale of currencies of members with outstanding purchases, 354–56, 358–59
    • SDR valuation basket, 624–26, 626–27
    • specification by the Fund, 351–53, 357–58
    • subscription to the Fund, ownership, 19
    • use in operational budgets, 351–53, 356–57
  • Currency stabilization funds, elimination, 348
  • Current international transactions (current account transactions)
    • bilateralism, 463
    • multiple currency practices, 475–76, 479
    • payments arrears, 299–300
    • restrictions involving WTO members, 586, 784
    • restrictions on payments and transfers, 26–27, 463, 468
    • undue delays in availability or transfers use of foreign exchange, 407, 471
    • use of Fund resources, 222

D

  • Data Dissemination Standard. See Special Data Dissemination Standard (SDDS) and General Data Dissemination System (GDDS)
  • Data provision to the Fund for surveillance, 61–65
  • Debt, external. See External debt
  • Debt operations
    • “condition precedent” clauses, 306
    • extended arrangements and, 280
    • management of the debt situation, 306
    • “mandatory prepayment” clauses, 306
    • stand-by arrangements and, 275
  • Debt strategy
    • payments of arrears to creditors, 299–300, 471–72
  • Declaration of censure, 675–76
    • draft declaration, 680
  • Declaration of ineligibility, 674–75, 681, 683
    • publicity, 617, 692
    • termination, 691–92
    • timing, 686
  • Declaration of noncooperation, 675–76, 682–83
    • draft declaration, 680
    • publicity upon withdrawal, 692
    • termination, 692
    • timing, 686
  • De-escalation of remedial measures, 693–95
  • Default, sovereign, 249
  • Designation, SDR Department
    • acceptance limit, 661
    • assessment of strength of balance of payments and governance position, 350–51
    • rules for designation review, 659–62
    • rules for designation—revision, 662–63
  • Development Committee (Joint Ministerial Committee on the Transfer of Real Resources to Developing Countries)
    • changes in the organization of work and structure of the Secretariat function, 741–42
    • composition, 729–30
    • establishment, 728–34
    • Executive Directors’ participation in meetings, 731
    • HIPC Initiative, 172, 199
    • Managing Director’s participation in meetings, 731
    • procedures, 732–34
    • rules of procedure, 740–41
    • terms of reference, 726
    • WTO observer, 587
  • Discrimination
    • balance of payments reasons, 467–68
    • disputes between members, comparable treatment of creditors, 87–88
    • multiple currency practices, 482
    • nondiscriminatory treatment of members, use of general resources, 224–25
  • Disputes between members
    • comparable treatment principle, 87–88
    • role of the Fund, 89, 307
  • Dissemination Standards Bulletin Board (DSBB). See also Special Data Dissemination Standard
    • certification requirement, 503
    • establishment, 501
    • removal from, 502–503
  • Document exchange. See Exchange of documents with other international agencies
  • DSBB. See Dissemination Standards Bulletin Board

E

  • Early repurchase expectations, Supplemental Reserve Facility, 333
  • Early repurchases
    • emergency financing mechanism, 253
    • guidelines, 363–65
    • member’s balance of payments and gross reserve position, 350–51
  • Early warning system models, 35, 36
  • East African Development Bank
    • prescribed holder of SDRs, 632
  • East Caribbean Currency Authority
    • prescribed holder of SDRs, 632
    • termination of status as prescribed holder of SDRs, 633
  • Eastern Caribbean Central Bank
    • prescribed holder of SDRs, 632
  • EFF. See Extended Fund Facility
  • EFM. See Emergency financing mechanism
  • Eleventh General Review of Quotas, increase in quotas of Fund members, 3
  • Emergency assistance
    • conversion to special policy, 284–85
    • natural disasters, 284–85, 285–86
    • post-conflict countries, 178, 288–91, 291–96
    • PRGF-HIPC Trust eligibility, 178–79
    • PRGF-HIPC Trust qualification, 179–80
    • repurchases, 365
  • Emergency financing mechanism, 249–53
    • conditions for activation, 251
    • early repurchase, 253
  • Enhanced Structural Adjustment Facility (ESAF) Trust (transformed into Poverty Reduction and Growth Facility (PRGF) Trust). See also PRGF Trust
    • access limits, 160, 166
    • access to general resources by ESAF-qualified members, 160
    • balance of payments need, 168
    • benchmarks, 165–66
    • blend of general and SAF/ESAF resources, 690
    • borrowing for Loan Account, consultation with creditors, 161
    • commitment amount not normally reduced, 167
    • commitment period, 162–63, 395
    • disbursement of loans, 167
    • eligible members, 162–63, 396–97
    • emergency assistance, relation to, 289
    • ESAF successor—initiation of operations, 162
    • establishment, 162–63, 398–99
    • gold, use of, 687, 690
    • gold pledge, 687, 690
    • interest rate on Trust loans, 160
    • legal documentation, 168
    • loans to Trust as member’s official reserves, 168
    • maturity of loans, 163
    • objectives of programs, 165
    • off-market gold sales, 746
    • operational arrangements, 162–67
    • overdue financial obligations to Fund, 670
    • performance criteria, 159, 166
    • phasing of disbursements, 167
    • policy framework papers, 165. See also Poverty Reduction Strategy Papers
    • prior actions, 159, 166
    • rescheduling not available, 164
    • review, 165, 169
    • review of arrangement, mid-year, 165, 166, 167
    • rights accumulation program and, 689
    • Special Disbursement Account, 163
    • Structural Adjustment Facility assistance in conjunction with, 393–94, 401–402
    • Subsidy account, 163, 164, 185
    • transfer and retransfer of resources from and to Special Disbursement Account, 399–401
    • transfer to the ESAF-HIPC Trust, 404
    • transformation to PRGF Trust, 157–58
    • use of SDRs, 635
  • Enhanced surveillance
    • annual and mid-year consultation reports, 83
    • Article IV consultations, 84, 85
    • Article VIII obligations, 470
    • criteria and procedures, 90–92
    • Executive Board involvement, 92
    • Fund’s role in assisting members with creditors, 89–92
    • midterm review, 83–84
    • quantified economic policy program, 85
    • revised procedures, 84–86
    • staff reports, transmittal by member to creditors, 83, 85–86, 92
  • Enlarged access
    • criteria for use of Fund resources, validity, 308–12
    • repurchases, 309
  • ESAF-HIPC Trust. See Trust for Special ESAF Operations for the Heavily Indebted Poor Countries and Interim ESAF Subsidy Operations
  • ESAF Trust. See Enhanced Structural Adjustment Facility Trust
  • Euro
    • freely usable currency, 699
    • rates for computation and maintenance of value, 385
    • reference rates, European System of Central Banks, 627
    • weight in SDR valuation basket, 625, 626
  • Euro area members
    • surveillance over monetary and exchange rate policies, 579–81
  • European Bank for Reconstruction and Development (EBRD)
    • exchange of documents with, 590, 591
  • European Central Bank (ECB)
    • Article IV consultations, 68–69, 580
    • euro reference rates, 627
    • observer status, 579–80
    • observer status, review, 581
  • European Commission (EC)
    • Article IV consultations, 68–69
    • exchange of documents with, 590, 591
  • European Investment Bank (EIB)
    • exchange of documents with, 590
  • European System of Central Banks, 627
  • Exceptional Access Policy, 312
  • Exchange arrangements. See also Exchange rates; Multiple currency practices
    • exchange taxes and subsidies, notification, 24
    • flexible, notification of significant decision, 23
    • intervention, 24, 26, 27
    • multiple currency practices, prior Fund approval, 24
    • notification of, 23
  • Exchange contracts
  • Exchange controls, See also Exchange restrictions
    • exchange contracts contrary to, 460–61
    • nonsovereign arrears stemming from imposition, 300
  • Exchange of documents with other international agencies
    • ad hoc requests, 591
    • agencies meeting criteria for exchange, 590
    • Article IV consultation staff reports, 587, 592
    • changes in procedures, 591
    • criteria for access, 589–90
    • Recent Economic Developments reports, 587, 592
    • technical assistance reports, 588
    • use of Fund resources staff papers, 588, 592
  • Exchange rate policies. See also Exchange arrangements
    • euro area, 66–68, 579–80
    • surveillance over, 24–27, 29–30, 31–32, 34–35, 41, 51–52
    • surveillance over, review, 59
  • Exchange rates. See also Exchange arrangements; Exchange rate policies; Multiple currency practices
    • coherence in global policymaking, 583
    • computations and maintenance of value, 384–86
    • computations and maintenance of value—value date, 384
    • fixed, 476
    • floating guidelines, 736
    • fluctuating, 23, 477–78
    • General Arrangements to Borrow, 415
    • New Arrangements to Borrow, 447–48
    • unification in multiple rate systems, 482
  • Exchange restrictions. See also Capital transfers; Multiple currency practices
    • approval by Fund, 472, 528
    • Article VIII, Sections 2, 3, and 4 obligations, 468–69
    • avoidance of escalation, 473
    • balance of payments reasons, 469, 470
    • bilateralism, 463–64
    • consultations with Fund, 468–69, 473
    • discrimination for balance of payments reasons, 467–68
    • emergency assistance, 287–88
    • Fund representation “in exceptional circumstances” under Article XIV, Section 3, 479, 623
    • guiding principle on whether a measure is an exchange restriction, 468
    • nonbalance of payments reasons, 469
    • payments arrears to creditors, 298
    • performance criteria, extended arrangement, 279
    • performance criteria, stand-by arrangement, 273–74
    • retention quotas, 465–67
    • security reasons, 462–64
    • surveillance, 26–27
    • transitional arrangements under Article XIV, 466, 469
    • undue delays, 407, 470
    • World Trade Organization, information on Fund approval, 784
  • Exchange subsidies, 24
  • Exchange taxes, 24, 477, 481
  • Executive Board
    • code of conduct, 594–600
    • cooperation with other entities, date of next review, 546
    • lapse of time completion of reviews under Fund arrangements, 283
    • meetings, procedural guidelines, 600–601
    • notification of exchange arrangements, 23
    • procedural guidelines, 600–601
    • report on Eleventh General Review of Quotas, 3–15
    • side letters procedures, 231–34
    • surveillance over exchange rates, 24, 26, 28, 29, 30
  • Executive Directors
    • additional appointed, meaning of “the preceding two years” in Article XII, Section 3(c), 594
    • appointment by members having five largest quotas, Article XII, Sections 3(b)(i) and 3(f), 593
    • appointment of two additional directors, Article XII, Section 3(c), 593–94
    • Development Committee meetings participation, 745
    • IMFC meetings participation, 725
    • procedural guidelines, 600–601
    • voting power, effect of adjustment of quota, 594
  • Export shortfalls, compensatory financing. See Compensatory Financing Facility
  • Extended arrangements. See also Access policy; use of Fund resources; Extended Fund Facility
    • applicable situations, 267
    • benchmarks, 261
    • charges, 270, 281
    • Compensatory Financing Facility, 280
    • Consultation clauses, 281–82
    • Contingent Credit Lines, 280
    • debt and debt-service reduction, 280
    • emergency assistance and, 290
    • exclusion of reserve tranche purchase, 697
    • form, standard, 277–82
    • Guidelines on Corrective Action, 236, 244, 280
    • ineligibility, 281, 667
    • lapse of time completion of reviews, 282–84
    • misreporting and noncomplying purchases, 235–37, 237, 238
    • noncomplying purchases, 280
    • overdue financial obligations to the Fund, 280, 667, 668
    • performance criteria, form, 278–79
    • performance criteria and phasing, guidelines, 258–60
    • period of arrangement, extension, 269
    • periods not exceeding three years to four years, 269
    • phasing, 258–60, 270, 277–78
    • repayment expectation under PRGF Trust, 281
    • repayment obligation under PRGF Trust, 280
    • repurchase expectation, 270–71, 281
    • repurchases, 270, 271, 281
    • review, completion of, 282
    • stand-by arrangement policies applicable, 270
    • Supplemental Reserve Facility and, 280, 332
    • suspension of transactions, 280
    • test dates for performance criteria, 259
  • Extended Fund Facility (EFF). See also Extended arrangements
    • applicability of policies on stand-by arrangements, 270
    • establishment, 267–71
    • review of access policy and limits, 307–308
    • situations to which facility could apply, 267
  • External Audit Committee, 622
  • External audit of Fund financial statements, 621–22
  • External debt
    • management of debt situation, 306–307
    • surveillance, 27, 40
  • External debt performance criteria
    • concessionality, definition, 261–62, 265–66
    • coverage, 261–65
    • extended arrangement, 279
    • external debt, definition, 261–65
    • leases, 264–65
    • loans, 264
    • stand-by arrangement, 274
    • suppliers’ credits, 264

F

  • FATF. See Financial Action Task Force
  • Federal Reserve Bank of New York, 627
  • Financial Action Task Force (FATF)
    • endorsement of methodology, 122
    • 40+8 Recommendations, 117
  • Financial Sector Assessment Program (FSAP)
    • anti-money laundering, 102–103, 116
    • Article IV consultations, 93, 94, 96, 98, 101–105
    • confidentiality, 97, 98, 104, 105
    • Confidentiality Protocol, 105–12
    • coverage and frequency, 95–96
    • Financial System Stability Assessments (FSSAs), 93, 94
    • offshore financial centers (OFCs), 114
    • publication of FSAP reports not authorized, 97, 104–105
    • publication of FSSA reports endorsed, 98, 105
    • Reports on Observance of Standards and Codes (ROSCs), 94
    • review, 99
    • standards and codes, 94–95
    • stress tests, 94
    • surveillance, 94, 96, 101, 103
    • World Bank, collaboration with, 94, 95, 105
  • First credit tranche purchase
    • elimination of payments arrears, 298
    • liberal Fund attitude, 254
    • reasonable efforts test, 254, 298–99
  • First credit tranche stand-by arrangement
    • phasing and performance clauses omitted, 253–54
  • Fiscal agency
    • safeguards on use of Fund resources when fiscal agent not central bank, 240
    • transfer of claims, PRGF Trust, 148
  • Foreign borrowing. See External debt
  • Forms
    • draft declaration on censure or noncooperation, 680
    • draft first letter to all Governors regarding a member’s overdue financial obligations to the Fund, 677–78
    • draft second letter to all Governors regarding a member’s overdue financial obligations to the Fund, 678–79
    • extended arrangement, 277–82
    • stand-by arrangement, 272–77
  • Framework Administered Account for Technical Assistance Activities
    • adoption of Instrument to establish, 127
    • Africa Regional Technical Assistance Centers Subaccount, 131
    • Instrument to establish, 126–31
    • investments of resources, 129
    • Pacific Financial Technical Assistance Centre Subaccount, 131
  • Freely usable currencies (euro, Japanese yen, pound sterling, U.S. dollar), 134, 140, 149, 214, 429, 631, 703
  • FSAP. See Financial Sector Assessment Program
  • Fund-Bank collaboration, attendance at Fund Board Meetings, 598–69
  • Furnishing of information to the Fund, 235, 486–92

G

  • GAB. See General Arrangements to Borrow
  • GATT. See General Agreement on Tariffs and Trade
  • General Agreement on Tariffs and Trade (GATT). See also World Trade Organization (WTO)
    • arrangement for consultation and cooperation with the Contracting Parties, 552–56
    • Fund collaboration with, 581–88, 736
    • import restrictions for balance of payments reasons, 470
    • Voluntary Declaration on Trade and Other Current Account Measures, 736
  • General Arrangements to Borrow (GAB), 408–23
    • associated borrowing arrangements, 452
    • borrowing agreement with Saudi Arabia, 427–35
    • borrowing agreement with Saudi Arabia—renewal, 434–35
    • borrowing by the Fund, guidelines, 458–59
    • Eleventh General Review of Quotas, 7
    • emergency financing mechanism, 249
    • interest, 420
    • letter from France’s Minister of Finance to U.S. Secretary of the Treasury, 421–24
    • participants and amounts of credit, 419–20
    • quotas, Eleventh General Review, 730
    • repayment by the Fund, 413–15
    • sales of currencies of members indebted to Fund, 358–59
    • Saudi Arabia, renewal of borrowing agreement, 434
    • transferability of claims, 415, 424–25
    • transferability of claims under Saudi Arabia’s borrowing agreement, 425–27
    • use of credit arrangements for nonparticipants, 418
  • General Data Dissemination System (GDDS)
    • coverage, 517–27
    • participation, 541–42
    • periodicity, 527–28
    • phased approach, 515
    • purposes, 514–15
    • timeliness, 528
  • General Resources Account (GRA)
    • adjustment of Fund holdings of members’ currency, 384–85
    • designation, assessment of strength of member’s balance of payments and gross reserve position, 350–51
    • gold held, sale, 403
    • maintenance of value, 384–85
    • media of payment in, 373
    • misreporting and noncomplying purchases, 235–37
    • overdue charges, 375
    • rates for computation and maintenance of value, 484–85
    • repayment expectation under PRGF Trust, failure to meet, 157
    • repurchase expectation, failure to meet, 244
    • rights approach, 229
    • rules, applicability to PRGF Trust administration, 78
    • sale of currencies at the request of members with outstanding purchases, 354–55, 358–59
    • sale of SDRs by the Fund for payment for increase in quota, 362
    • special charge on overdue charges, 375
    • specification of currencies by the Fund, 351–53, 356–57, 357–59
    • Subsidy Account, reimbursement of administrative expenses, 709
    • transfers of SDRs instead of currencies under Article V, Section 3(f), 353
  • GDDS. See General Data Dissemination System
  • Gold
    • designation of SDRs, 660
    • ESAF-HIPC Trust, sales to benefit, 746
    • gold pledge for use of ESAF Trust resources, 687, 690
    • gold pledge for use of PRGF Trust resources under rights approach, modalities, 402–404
    • harmonization of excess holdings of SDRs, 660
    • off-market sales, 405
    • off-market transactions, use of investment income, 405
    • off-market transactions by Fund, Resolution, 746
    • ownership of gold and currency for subscriptions, 4
    • payment for repurchases, 366, 367, 405
    • profits, final direct distribution for developing members through Trust Fund, 701
    • Special Disbursement Account, use of proceeds of off-market sales, 746
    • use of investment income on proceeds from off-market gold transactions, 405
  • Governance issues
    • Article IV consultations, 75, 77
    • coordination with bilateral donors and multilateral agencies, 57–59
    • corruption, 70, 71, 73, 74
    • HIPC Initiative, 200
    • identification of problems, 77–78
    • macroeconomic impact test for Fund involvement, 70, 73, 74
    • policy advice, 70, 72
    • role of the Fund, 69–80
    • technical assistance, 70, 71, 72, 77
    • transparency, 70, 72, 74
    • use of Fund resources, 75–77
  • GRA. See General Resources Account
  • Grievance Committee, archives on, 543
  • Gross reserve position
    • assessment for purposes of designation plans, operational budgets, and early repurchases, 351–53, 357
  • Guidelines
    • access limits policy, 307–12
    • allocation of currencies, operational budget, 356–57
    • borrowing by the Fund, 459
    • conditionality, 223–31, 253–54
    • corrective action, 136, 152, 176, 235–37, 244
    • corrective action, as referenced in stand-by arrangement form, 275
    • corrective action, as referenced in extended arrangement form, 280
    • designation plans, 350–51
    • early repurchases, guidelines, 363–56, 371
    • emergency assistance, natural disasters, 284–85, 285–88
    • emergency assistance, post-conflict, 284–85, 288–291, 291–96
    • Fund staff collaboration with the WTO, 581–89
    • Fund support for currency stabilization funds, 137
    • governance issues, 69–80
    • misreporting and noncomplying purchases, 235–37
    • operational budgets, 350–51
    • payment of reserve assets for subscription, 19–22
    • performance criteria and phasing, relationship, 258–60
    • performance criteria with respect to external debt, 258
    • performance criteria with respect to foreign borrowing—discount rate for assessing concessionality, 265–66
    • SDR valuation basket, calculation of currency amounts, 624–26, 626–27
    • SDR valuation basket, conversion into euro of deutsche mark and French franc, 627–28
    • selection of currencies by the Fund, 351–53, 354–55, 356–57, 357–59

H

  • HIPC Initiative. See Trust for Special ESAF Operations for the Heavily Indebted Poor Countries and Interim ESAF Subsidy Operations (ESAF-HIPC Trust); Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and Interim PRGF Subsidy Operations (PRGF-HIPC Trust)
  • Hong Kong Monetary Authority (HKMA), 437–38, 453

I

  • IMFC. See International Monetary and Financial Committee
  • Immunities and Privileges of Specialized Agencies, United Nations Convention, 756–78
  • Immunity of archives, 543
  • Import restrictions for balance of payments reasons
    • extended arrangements, 280
    • GATT, 298
    • stand-by arrangements, 275
  • Ineligibility to use Fund resources
    • declaration of ineligibility, 490, 674, 675, 680, 681–87, 692
    • extended arrangements, 280, 667
    • limitation and ineligibility under Article V, Section 5, 360
    • publicity, 617, 692
    • stand-by arrangements, 275, 667
  • Inter-American Development Bank (IDB)
    • communication regarding members’ arrears to the Fund, 675
    • exchange of documents with, 590
  • Interest
    • means of payment under Trust Fund, 700
    • PRGF-HIPC Trust, interest-free loans, 184
    • PRGF loans, 140
  • Interim Committee. See also International Monetary and Financial Committee
    • composition, 721–22
    • establishment, 720–24
    • governance, 239
    • International Monetary and Financial Committee, transformation of Interim Committee into, 724–28
    • participation of Executive Directors in meetings, 721
    • participation of Managing Director in meetings, 722
    • procedures, 723–24
    • rules of procedures, 739–40
    • safeguards for use of Fund resources, 239
    • terms of reference, 722–23
  • International agencies. See also specific international agencies exchange of documents with, 588–89
  • International Bank for Reconstruction and Development (IBRD). See World Bank
  • International Court of Justice, 752, 768
  • International Development Association (IDA)
    • HIPC Initiative, 200, 202
    • prescribed holder of SDRs, 633
  • International Financial Statistics (IFS), 64
  • International Fund for Agricultural Development (IFAD)
    • prescribed holder of SDRs, 633
  • International Monetary and Financial Committee (IMFC, formerly Interim Committee)
    • participation of Executive Directors in meetings, 725
    • participation of Managing Director in meetings, 725
    • procedures, 727
    • terms of reference, 726
    • transformation of Interim Committee into IMFC, 724–28
  • International organizations. See also specific international organizations
    • transmittal of Fund documents, 588–89
  • Interpretation
    • Article VI, use of Fund resources for capital transfers, 222
    • Article VIII, Section 2(b), unenforceability of exchange contracts, 501–502
    • Article IX, Section 7, privilege for communications, 547–48
    • Article XII, Sections 3(b)(i) and 3(f), appointment of directors by members having one of five largest quotas, 593
    • Article XII, Section 3(c), appointment of two additional directors, 593–94
    • Article XIV, Section 3, Fund representation in exceptional circumstances on withdrawal of Article XIV, Section 3 restrictions, 623
    • Articles of Agreement, use of Fund resources, 222
  • Investigation of Fund, cooperation procedures, 544–46
  • Investigation of Fund activities, cooperation procedures, date of next review, 546
  • Islamic Development Bank (IsDB)
    • exchange of documents with, 590
    • prescribed holder of SDRs, 633

J

  • Japanese yen
    • freely usable currency, 699
    • weight in SDR valuation basket, 625
  • Joint Ministerial Committee on the Transfer of Real Resources to Developing Countries. See Development Committee
  • Joint Staff Assessments, 203, 211

L

  • Lapse of time procedure, reviews under Fund arrangements, 282–84
  • Leases, definition of external debt, 261, 264–65
  • Lending into arrears, 302–306
  • Letters of intent
    • deletion from documents released to aid agencies, 592
    • publication, 603, 604, 610
    • side letters, 231–34
  • Limits
    • access to credit tranches—review, 307–308
    • access to Extended Fund Facility—review, 307, 308
  • Loan Account, PRGF Trust, 142, 144, 148

M

  • Maintenance of value
    • overdue adjustments, 670
    • rates for computations, 384–86
  • Managing Director
    • authorized signatories, 602
    • consultation by member before requesting an extended arrangement, 268
    • consultation with creditors for additional borrowing for PRGF Trust Loan Account, 161
    • consultation with member on changes in exchange rate policies, 24, 29
    • consultation with member with outstanding purchases on sale of currency, 354, 358–59
    • Development Committee, participation in meetings of, 731
    • General Arrangements to Borrow, proposals for calls, 411
    • International Monetary and Financial Committee, participation in meetings of, 725
    • nondiscriminatory treatment of members, 224–25
    • procedures for addressing overdue financial obligations, 152–53, 154–56
    • SDR allocation, proposals for
      • first basic period, 637
      • third basic period, 638
      • fourth basic period, report of Managing Director on, 743–45
    • use of Fund resources, recommendation regarding approval, 225
  • Memoranda of economic and financial policies, publication, 603, 604, 610
  • Military expenditure and the role of the Fund
    • Article IV consultations, 81, 82
    • performance criteria, 82
    • surveillance, 80–82
  • Misreporting and noncomplying disbursements, PRGF Trust
    • condition, nonobservance of, 152
    • corrective action, 140, 154
    • early repayment, 153
    • performance criteria, accuracy of information, 159
    • prior action, accuracy of information, 159
    • publication policy, 617
    • repayment expectation, 153
    • safeguards for use of Fund resources, 238–43
    • waiver of applicability or for nonobservance of performance criteria, 153, 159
    • waiver of early repayment, 153
  • Misreporting and noncomplying purchases, General Resources Account
    • corrective action, 235–37
    • performance criteria or other conditions, accuracy of information, 238, 243–44
    • prior actions, accuracy of information, 237
    • publication of cases, 617–18
    • safeguards for use of Fund resources, 238–43
    • waivers, 236, 270
  • Moral hazard, 249, 331
  • Multi-year rescheduling arrangements (MYRAs)
    • enhanced surveillance and, 90, 91
  • Multiple currency practices
    • approval, 24, 482
    • approval criteria, when imposed for balance of payments reasons, 469, 484
    • approval criteria, when imposed for nonbalance of payments reasons, 469, 484
    • Article IV consultations, 485
    • balance of payments reasons, 476, 484
    • capital transactions, 485
    • consultation with Fund prior to changes, 475, 476, 477
    • discrimination, 484
    • exchange taxes, 481
    • jurisdiction of the Fund, 478
    • nonbalance of payments reasons, 476, 485
    • official action, 483, 484
    • policy in 1947, 474–81
    • policy in 1957, 481–83
    • policy in 1998, 483–85
    • simplification of complex rate systems, 482–83
    • spread, 483
    • statement to members transmitting Fund’s decisions, 474–75
    • taxes on exchange drafts, 477
    • unification of exchange rates as basic Fund objective, 482
  • MYRAs. See Multi-year rescheduling arrangements

N

  • Natural disasters, emergency assistance, 284–85, 285–88
  • Need. See Balance of payments need
  • Net income. See Burden sharing
  • New Arrangements to Borrow (NAB), 436–53
    • credit arrangements, 438
    • Eleventh General Review of Quotas, 7
    • entry into force, 439
    • Hong Kong Monetary Authority, 437–48, 452
    • meetings of participants, 453–54
    • nonparticipants, 440–41
    • participants, 440, 452–53
    • relationship with the GAB and associated borrowing arrangements, 451–52
    • transferability of claims, 448, 455–56
  • Noncooperation draft declaration, 680
  • Nondiscriminatory treatment of members
    • Paris Club, 88
    • Use of Fund resources, 224–25
  • Nordic Investment Bank
    • prescribed holder of SDRs, 633

O

  • Observer status in the Fund
    • European Central Bank, 579–81, 581
    • World Bank, 568, 568–70
    • World Trade Organization, 587, 785
  • Observer status of the Fund
    • World Bank, 568
    • World Trade Organization, 785–86
  • OECD. See Organization for Economic Cooperation and Development
  • Official clearing and payments arrangements. See also Bilateralism and convertibility; Bilateral payments arrangements
    • temporary exemption from three-month settlement rule, 464
  • Offshore financial centers (OFCs)
    • assessment program, 113–16
    • inclusion in FSAP reports, 97
    • publication of reports, 115
    • separate from FSAP, 114
  • Operational budgets
    • assessment of strength of member’s balance of payments and gross reserve position, 350–51
    • guidelines for operational budget allocation of currencies, review, 356–57
    • specification of currencies by the Fund, 351–53, 356–57, 357–58
    • transfers of SDRs under Article V, Section 3(f), 353
  • Organization for Economic Cooperation and Development (OECD)
    • concessional external loans, definition, 262, 266
    • exchange of documents with, 591
  • Overdue financial obligations to the Fund. See also Rights accumulation programs; Rights approach
    • accounting for charges, 373–74
    • Annual Report (IMF), 674
    • complaint by Managing Director, 673
    • compulsory withdrawal, 675, 676, 681, 682, 683
    • declaration of censure, 675, 680
    • declaration of ineligibility, 674–75, 680, 681, 682, 683, 692
    • declaration of noncooperation, 675–76, 680, 682, 692
    • de-escalation of remedial measures, 693–95
    • draft first letter to all Governors, 677–78
    • draft second letter to all Governors, 678–79
    • Eleventh General Review of Quotas, 732
    • ESAF, no access, 669–70
    • extended arrangements and, 280, 667
    • Ninth General Review of Quotas, 674, 684
    • overdue maintenance of value adjustments, 670
    • preferred creditor status of Fund, 194, 671, 680, 683
    • prevention/deterrence measures—strengthened timetable of procedures, 685–87
    • PRGF arrangement, nonapproval, 136–37
    • procedures for dealing with members, 670–80
    • publication of missed repurchase expectation, 617
    • requests for the use of Fund resources under a stand-by or extended arrangement, management will not submit, 668
    • review period, 668–69
    • SAF, no access, 669–70
    • setoff in connection with retroactive reduction of charges, 377
    • special charges, 374–76
    • stand-by arrangements and, 275, 667
    • strengthened cooperative strategy, 681–87, 690–91, 691–92
    • suspension of voting rights, 684–85, 686
    • technical assistance suspension, 676
  • Overdue payments to the Fund. See Overdue financial obligations to the Fund
  • Overseas Economic Cooperation Fund (OECF) of Japan, 265

P

  • Pacific Financial Technical Assistance Centre Subaccount, 131
  • Paris Club
    • Agreed Minute, 88
    • debt rescheduling and Fund arrangements or programs, 684
    • debtors’ negotiations with, 88
    • rescheduling discussions, 591
    • rescheduling in absence of Fund arrangement, 685
    • rescheduling operations, Fund opposition to matching, 295
    • settlement of disputes between Fund members and Fund neutrality, 89
  • Payments arrears, capital transfers. See Capital transfers
  • Payments arrears, member’s failure to provide foreign exchange for current international transactions. See Exchange restrictions
  • Payments arrears, settlement of disputes between members, 86–89
  • Payments arrears of a member to other (non-Fund) creditors
    • Fund lending into nonsovereign arrears, 300–306
    • Fund lending into sovereign arrears, 300–306
    • Fund policies and procedures, 298–99, 299–300, 300–302
    • performance criteria, 298–99
  • Payments arrears to the Fund. See Overdue financial obligations to the Fund
  • Payments restrictions. See Exchange restrictions
  • Performance criteria under Fund arrangements
    • accuracy of information, 238
    • conditionality guidelines, 223–31
    • coverage initially, 259–60
    • definition, 228
    • external debt, guidelines on coverage of debt limits, 261–65
    • first credit tranche, not subject to, 254
    • foreign borrowing, guidelines on calculation of discount rate, 261, 266
    • number and content of, 228
    • omitted in stand-by arrangements within first credit tranche, 253–54
    • phasing, relationship, 258–60
    • reporting lags, 258
    • reporting on implementation, confidentiality relating to, 235
    • test dates, even distribution, 259
    • waiver of applicability, 153, 228, 237, 238
    • waiver of nonobservance, 153, 228, 237, 238
  • Phasing and performance criteria under Fund arrangements
    • omitted in stand-by arrangements within first credit tranche, 253–54
    • relationship, 258–60
  • PINs. See Public Information Notices
  • Position in the Fund, defined, 352, 356
  • Post-conflict emergency assistance, 178, 213, 284–85, 288–91, 291–96
  • Post-Conflict Emergency Assistance Subsidy Account for PRGF-Eligible Members
    • administration, 216–17
    • establishment, 213
    • fees, none, 217
    • instrument to establish, 213–18
    • investment of resources, 216
    • purpose, 213
    • rate of charge subsidy, 215
    • resources, 214
    • SDRs, use of, 219
    • settlement of questions, 218
    • termination, 217–18
    • use of resources, 215–16
  • Post-SCA-2 Administered Account
    • adoption of Instrument to establish, 219
    • Instrument to establish, 219–20
  • Pound sterling
    • freely usable currency, 699
    • weight in SDR valuation basket, 625
  • Poverty Reduction and Growth Facility (PRGF) Trust. See also Enhanced Structural Adjustment Facility (ESAF) Trust; Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and Interim PRGF Subsidy Operations (PRGF-HIPC Trust)
    • administration of, 150–51
    • amendment of, 152
    • contributions, value date for operations and transactions, 161
    • cost of administration, 405
    • declaration of noncooperation, 156
    • electing lenders, 148–49
    • establishment, adoption of Instrument, 132
    • freely usable currency, 134, 140, 149
    • General Resources Account, no reimbursement to, 404
    • Instrument to establish, 133–56
    • investment of resources, 151
    • Loan Account, 134, 140–41, 145, 148, 161
    • Loans. See Poverty Reduction and Growth Facility Trust loans
    • media of payment, 134
    • misreporting and noncomplying disbursements, 140, 152–53
    • modalities of gold pledge under rights approach, 402–404
    • other provisions, 156–57
    • overdue financial obligations, 136–37
    • period of operation and liquidation, 151
    • post-conflict emergency assistance, 178, 179
    • post SCA-2 Administered Account, 220
    • Poverty Reduction Strategy Papers (PRSPs), 175, 179
    • prior actions, accuracy of information, 159
    • purposes, 133
    • qualifying for assistance, 179–80
    • removal from eligibility, 155–56
    • repayment expectation, 153, 156–157
    • Reserve Account, 134, 145, 146–48
    • Reserve Account, reviews, 404
    • Reserve Account, transfer to the PRGF-HIPC Trust, 146, 404
    • Special Disbursement Account, transfers from or to, 146, 147, 148
    • Subsidy Account, 134, 145
    • transfer of claims, 148–49
    • transformation of ESAF to PRGF, 156–58
    • Trust Account and resources, 177
    • unit of account, SDR, 134
    • waiver of performance criteria, accuracy of information, 159
  • Poverty Reduction and Growth Facility (PRGF) Trust loans
    • access, 137
    • adjustment program, 135, 137
    • arrangement period, extension, 138
    • balance of payments need, 137, 138
    • benchmarks, 135, 139
    • commitment period, 135, 136, 138
    • eligibility and conditions for assistance, 134–37
    • interest, 140, 143, 144, 145, 146, 147
    • misreporting and noncomplying disbursements, 140, 152–53
    • overdue financial obligations to Fund, 136
    • overdue financial obligations to PRGF Trust, 154–56
    • performance criteria, 136, 139, 153, 159
    • performance criteria, accuracy of information, 159
    • phasing of disbursements, 135–36, 138–39
    • prior action, accuracy of information, 159
    • protracted balance of payments problem, 136
    • repayment expectation, 137, 153, 157
    • rephasing, 138, 139
    • repurchase expectation, 137
    • rescheduling of loan repayments not possible, 140
    • reviews under arrangements, 136, 137, 139, 155
    • structural reforms, 136, 139
    • waiver, early repayment, 153
    • waiver of applicability or for nonobservance of performance criterion, 152, 159
  • Poverty Reduction Strategy Papers (PRSPs)
    • definition, 175
    • implementation, 208–13
    • flexibility regarding implementation, 205
    • publication policies relating to, 171, 603, 604, 605, 606, 610
    • role in HIPC initiative, 169, 175, 179, 180
    • role in PRGF operations, 108, 111
    • progress, 201, 208–13
  • Preferred creditor status of Fund, 194, 671, 680, 683
  • Press notices. See Public Information Notices
  • PRGF. See Poverty Reduction and Growth Facility
  • PRGF-HIPC Trust. See Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and Interim PRGF Subsidy Operations
  • Prior actions
    • definition, 228
    • implementation under PRGF, 159
    • reporting on implementation, confidentiality relating to, 235
    • use in emergency financing mechanism, 251
    • use in enhanced structural adjustment facility, 166
    • waiver of applicability, 238
    • waiver of nonperformance, 238
  • Program Reviews, 228–29
  • Protracted balance of payments problem, 136, 390
  • Public Information Notices (PINs)
    • Article IV consultation, 603, 604, 605, 609, 619, 620, 621
    • member’s consent, 620
    • policy matters, 603, 607, 610
    • presumed publication, 613
    • use of Fund resources, Chairman’s Statement in lieu of PIN, 607, 618–19
  • Publication
    • Article IV and combined
    • Article IV/Use of Fund Resources staff reports, 603, 604, 609, 613
    • Article IV consultations background reports (Selected Issues Papers, Statistical Appendices), 603, 604, 609, 613
    • Article IV consultations staff reports, pilot project, 514, 515
    • Article IV staff reports, 613
    • Chairman’s statements, use of Fund resources, 603, 604, 606, 607, 610
    • deletions prior to publication, 605, 615
    • Financial Sector Stability Assessment (FSSA) Reports, 609, 613
    • Fund policy documents, 603, 607, 610
    • HIPC Initiative, preliminary, decision point, and completion point documents, 603, 604, 610
    • Joint Fund/World Bank Staff Assessments of PRSPs, Interim PRSPs, and PRSP Progress Reports, 603, 604
    • Letters of Intent, 603, 604, 611
    • Letters of Intent (LOIs)/Memoranda of Economic and Financial Progress (MEFPs) for staff-monitored programs (SMPs), 603, 604, 611
    • member’s statement regarding Fund staff reports, 605
    • Memoranda of Economic and Financial Policies, 603, 604, 611
    • overdue financial obligations to Fund, 610, 616–17
    • overdue financial obligations to PRGF Trust, 154–55
    • PINs following Executive Board discussions on policy issues, 603, 607, 610
    • PINs following Executive Board discussions on post-program monitoring, 603, 604, 610
    • PINs on Article IV consultations, 603, 604, 607, 610, 619, 620, 621
    • PINs on use of Fund resources, 613
    • Poverty Reduction Strategy Papers (PRSPs), Interim PRSPs, and PRSP Progress Reports, 603, 604, 606, 610
    • publication policies of the Fund, 603–11
    • Recent Economic Developments reports (REDs), Article IV consultations, 609
    • removal from list of PRGF-eligible countries, 155
    • Reports on Observance of Standards and Codes (ROSCs), 603, 604, 609, 613
    • repurchase expectations, failure to meet, 616–17
    • staff reports on staff-monitored programs, stand-alone, 603, 604, 611
    • staff-monitored programs, presumption of publication, 58
    • statistical appendices and annexes, Article IV consultations, 609
    • suspension of voting rights and termination of suspension, 617
    • Technical Memoranda of Economic and Financial Policies, 603, 604, 610
    • use of Fund resources—Chairman’s Statement, 603, 604, 606, 607, 610
    • use of Fund resources and post-program monitoring staff reports, 603, 604, 610
    • waivers of applicability or for nonobservance of performance criteria, 606, 610
  • Purchase transactions. See also Reserve tranche purchases; Use of Fund resources
    • resumption of purchases under extended arrangement after decision of formal ineligibility, 280
    • esumption of purchases under stand-by arrangement after decision of formal ineligibility, 275
    • suspension of transactions under extended arrangements, 281
    • suspension of transactions under stand-by arrangements, 276
    • temporary suspension under Article XXVII, effect on GAB, 416
    • temporary suspension under Article XXVII, effect on NAB, 449

Q

  • Quotas
    • ad hoc increases, 22
    • adjustment, first interval of five years, 3
    • Eleventh General Review, 3
    • Eleventh General Review, increases of quotas, new period of consent, 16
    • Eleventh General Review, Report of the Executive Board, 3–15
    • Eleventh General Review, Resolution, 10–12
    • Ninth General Review, 8, 9, 12, 674, 684
    • new period for receipt of consents to quota increases, 16
    • Twelfth General Review, report to Board of Governors and proposed resolution, 17–18
    • payment of reserve assets in connection with subscription, 19–22
    • sales of SDRs by Fund to members for quota payments, 362
    • Seventh General Review, 20, 21, 362, 642, 645, 647, 662
    • Sixth General Review, 20
    • Tenth General Review, 3, 4
    • voting power and adjustment of quotas, 594

R

  • Recent Economic Developments reports (REDs)
    • balance of payments consultations, WTO, 582–83
    • publication, 609
    • transmittal to multilateral agencies, 591
  • Reconstitution of SDRs
    • abrogation of rules, 664
  • REDs. See Recent Economic Developments reports (REDs); Article IV consultations
  • Repayment expectations, PRGF Trust, 137, 153, 156–57
  • Reports on Observance of Standards and Codes (ROSCs)
    • anti-money laundering initiatives, 94, 113–16, 117–21, 122–26
    • no longer circulated to Executive Directors in hard copy form, 112
    • publication policies, 603, 604, 608, 609
    • surveillance, 42, 53, 62, 65
  • Repurchase expectations
    • attribution of reduction of currency, 370–71
    • Compensatory Financing Facility, 340, 365–66
    • failure to meet and CFF, 366
    • failure to meet and extended arrangements, 237, 280, 366
    • failure to meet and PRGF Trust, 136–37
    • failure to meet and stand-by arrangements, 237, 275, 366
    • failure to meet under Supplemental Reserve Facility, 333
    • misreporting and noncomplying purchases, 235–37, 244
    • publication of failure to meet, 616–17
    • Supplemental Reserve Facility, 332–33
  • Repurchases. See also Repurchase expectations
    • access policy, 308–309
    • assessment of strength of members’ balance of payments and gross reserve position, 350–51
    • attribution of reductions in Fund’s holdings of currencies, 370–71
    • Compensatory Financing Facility, 340, 365–66
    • credit tranches, 365
    • currencies of other members, 366, 367
    • early repurchases, guidelines, 363–65
    • emergency assistance, 365
    • extended arrangements, 270, 281
    • gold, acceptance in payment, 367
    • gold, obligation to pay, 366, 367
    • overcompensation under CFF, legal interpretation, 340, 345–46
    • overdue, 374
    • periods, 365–66
    • procedures, 365–67
    • purchases under credit tranches and CFF, 365–66
    • Schedule B, 366, 367
    • SDRs, 252, 367
    • selection of currencies by Fund, 351–53, 357–58
    • special charges on overdue repurchases, 374–76
    • stand-by arrangements, 276
    • Systemic Transformation Facility, 347
    • timing of repurchases within a calendar month, 366
  • Reserve Account of PRGF Trust
    • resources, 147
    • transfer to the PRGF-HIPC Trust, 404
  • Reserve assets
    • payment in connection with subscriptions, 19–22
    • SDR allocation, 639, 744
    • SDR as principal reserve asset, 744
  • Reserve currency and specification of currencies, 353
  • Reserve position, gross
    • assessment for purposes of designation plans, operational budgets, and early repurchases, 350–51, 357
    • SDDS reporting, 508
  • Reserve tranche position
    • attribution of reductions in Fund’s holdings of currencies, 358–59, 370, 371
    • balances held in Administrative Account, 698
    • Eleventh General Review of Quotas, 10
    • extended arrangements, 697
    • remunerated position, 21
  • Reserve tranche purchases, exclusion of purchases and holdings
    • administrative accounts, 698
    • Compensatory Financing Facility, 335
    • credit tranches, 698
    • emergency assistance, 285
    • extended arrangements, 297
    • General Arrangements to Borrow, 413–14
    • New Arrangements to Borrow, 446
    • Supplemental Reserve Facility, 333, 698
  • Resolutions. See Board of Governors Resolutions
  • Restrictions. See Exchange restrictions
  • Retention quotas, 465–67
  • Reviews under Fund arrangements
    • extended arrangement, 697
    • lapse of time procedure, 282–84
    • PRGF arrangement, 136, 137, 138, 139
    • stand-by arrangement, 274
  • Revolving character of the Fund’s resources, 6, 309
  • Rights accumulation programs, 148–49, 178–79, 179
  • Rights approach
    • arrears to the Fund, reduction, 688
    • extension of period, 696
    • gold pledge, 687
    • modalities of gold pledge for use of PRGF Trust resources, 402–404, 690
    • operational modalities, 687–90
    • phasing, 689
    • PRGF-HIPC Trust eligibility, 178–79
    • PRGF-HIPC Trust qualification, 179–80
    • three-year period norm, 688
  • ROSCs. See Reports on Observance of Standards and Codes
  • Rules and Regulations
    • Rule G-1, fiscal agency, 415, 448
    • Rule G-4, request for a purchase, 360
    • Rule I-6(4), rate of charge, 333, 372, 374, 377, 378, 380, 382, 707
    • Rule I-6(4)(a), 378, 380, 382
    • Rule I-6(4)(b), 378, 382
    • Rule I-10, rate of remuneration, 378, 382
    • Rule K-1, 551
    • Rule O-1, value of SDR, 627
    • Rule O-2, valuation of currencies in terms of SDRs, 385, 415, 432, 648, 649, 650, 651, 653, 655
    • Rule O-2(a), value of U.S. dollar in terms of SDRs, 627
    • Rule O-10, operational budget, 353
    • Rule P-7, prescribed operation, 649, 651, 652, 654, 656, 657, 658
    • Rule P-9, recording of SDR transactions, 219, 634, 635, 636, 649, 651, 653, 655, 656, 658
    • Rules R-1 through R-6, rules for reconstitution (abrogated), 664
    • Rule T-1, interest and charges in respect of SDR, 149, 380

S

  • SAF. See Structural Adjustment Facility
  • Safeguards, use of Fund resources
    • benchmarks based on Code of Good Practices on Transparency in Monetary and Financial Policies, 241
    • publication of audited central bank financial statements, 241, 242
  • Safeguards assessment process
    • audits, 241, 242, 244
    • confidentiality, 242
    • first stage, 241
    • information/documents to obtain from central banks, 243–44
    • reports to remain confidential, 248
    • review, 245–48
    • second stage, 242
  • Saudi Arabia
    • borrowing agreement, 427–34
  • Schedule B, transitional provisions, 20, 366, 367
  • Schedule F, designation, 660
  • Schedule G, paragraph 1(a), reconstitution, 664
  • Schedule J, settlement of accounts with withdrawing members, 416, 432, 449
  • Schedule K, administration of liquidation, 416, 433, 449
  • Schedule L, suspension of voting rights, 722, 730
  • SDDS. See Special Data Dissemination Standard
  • SDRs. See Special drawing rights
  • Second Amendment
    • Article IV (surveillance over exchange rate policies), 20, 24
    • compensatory financing repurchase obligation, 346
    • payment of reserve assets in connection with subscription, 19–22
    • renumbered Articles, 223, 269, 372, 460, 469, 481, 547, 623
    • repurchases under Schedule B, 366, 367
    • surveillance over exchange rate policies, 20, 24
  • Security reasons, exchange restrictions for, 462–63
  • Settlement of disputes between members relating to external debt
    • comparable treatment of creditors, 87–88
    • neutrality of Fund, 89
    • Paris Club, 88
    • role of the Fund, 86–89
  • SFF. See Supplementary Financing Facility
  • Side letters, use of Fund resources, 231–34
  • Sovereign default, 250, 300
  • Special Contingent Account. See also Burden sharing
    • additions to, 669–70
  • Special Data Dissemination Standard (SDDS). See also Dissemination Standards Bulletin Board
    • access by the public, 499
    • balance sheet approach, 63, 63–64
    • certification requirement, 502–503
    • coverage, 495
    • debt sustainability assessments, 63
    • Dissemination Standards Bulletin Board (DSBB), 502–503
    • external debt, 63, 86
    • financial soundness indicators, 63
    • flexibility options, 498–99
    • integrity, 499–500
    • liquidity management, 63
    • periodicity, 496
    • provision for surveillance purposes, 61–65
    • purpose and framework, 494
    • quality, 500
    • removal from the DSBB, 502–503
    • review, 503
    • subscription, 500–501
    • template on international reserves/foreign currency liquidity, 508–13
    • timeliness, 496
  • Special Disbursement Account (SDA)
    • ESAF-HIPC Trust, 191
    • investment, 387–88
    • PRGF-HIPC Trust, 175
    • repayment expectation under PRGF Trust, failure to meet, 156–57
    • Structural Adjustment Facility administration, 388–96
    • termination and transfer of resources from Trust Fund, 701–703
    • termination of assistance from SAF in conjunction with loans from ESAF Trust, 401–402
    • transfer of resources to the ESAF Trust and retransfer to the SDA, 399–400
    • transfers to PRGF-HIPC Trust account, 177
  • Special drawing rights (SDRs)
    • allocation for first basic period, 637–38
    • allocation for fourth basic period, report of Managing Director, 743
    • allocation for third basic period, 638–47
    • allocations to new participants, third basic period
    • contributions to PRGF-HIPC Trust, 177
    • currency reference rates, 626
    • designation review rules, 659–61
    • designation rules, version, 662–63
    • euro weight in valuation basket, 625
    • harmonization of holdings, 352, 660
    • holders prescribed by the Fund
      • African Development Bank, 633
      • African Development Fund, 633
      • Andean Reserve Fund, 632
      • Arab Monetary Fund, 633
      • Asian Development Bank, 633
      • Bank for International Settlements, 632
      • Bank of Central African States, 633
      • Central Bank of West African States, 633
      • East African Development Bank, 633
      • East Caribbean Currency Authority, 633
      • Eastern Caribbean Central Bank, 633
      • European Central Bank, 633
      • International Bank for Reconstruction and Development (World Bank), 633
      • International Development Association, 633
      • International Fund for Agricultural Development, 633
      • Islamic Development Bank, 633
      • Nordic Investment Bank, 633
      • Swiss National Bank, termination of status, 633
    • Japanese yen
      • weight in valuation basket, 625
      • means of repayment by members on indebtedness under loan agreements, 700–701
      • media of payment for charges in GRA, 373 other holders, acceptance, holding or use, 629–31
      • payment of net charges and assessment in the SDR Department for FY ended April 30, 1982, 665
      • payment of subscriptions, 21, 22
      • pound sterling
        • weight in valuation basket, 625
      • PRGF-HIPC Trust unit of account and media of payment, 176–77
      • PRGF Trust unit of account and media of payment, 134, 140
      • reconstitution, abrogation of rules, 664
      • reserve asset payments, 10, 19, 20–22
      • sales by the Fund for payment of charges, 373–74
      • sales by the Fund for payment of subscriptions, 362
      • terms and conditions for accepting, holding, or using SDRs, 629–31
      • transfers of SDRs for payment of subscriptions under Article V, Section 6(b), 353, 362
      • transfers of SDRs for purchases under Article V, Section 3(f), 353
      • U.S. dollar
        • weight in valuation basket, 626
      • use in donations, 658
      • use in ESAF Trust operations or under an administered account, 635
      • use in forward operations, 657–58
      • use in loans, 549–50
      • use in payment by members on their indebtedness under loan agreements, 700, 700–701
      • use in payment of Trust Fund obligations, 593
      • use in pledges, 651–53
      • use in PRGF-HIPC Trust operations or under an administered account, 636
      • use in PRGF loans, 140
      • use in repurchases, 366–67
      • use in settlement of financial obligations, 648–49
      • use in Structural Adjustment Facility operations, 634
      • use in subsidy payment from SFF Subsidy Account, 634
      • use in swap operations, 655–56
      • use in transfers as security for the performance of financial obligations, 653–55
      • valuation basket, guidelines for calculation of currency amounts, 625–26
      • valuation basket, guidelines for calculation of currency amounts, revised, 624–25
      • valuation of U.S. dollar for purposes of Rule O-2(a), 627
      • value of SDR, method of collecting exchange rates for calculation for purposes of Rule O-2(a), 627
  • Specification of currencies, 351–53, 357–59
    • harmonization, 352
  • SRF. See Supplemental Reserve Facility
  • Staff-monitored programs, 46
  • Staff reports on Article IV consultations. See also Surveillance; Enhanced surveillance
    • document exchange with WTO, 589
    • military expenditure, 80–82
    • presumed publication, 613
    • publication, 603, 604, 605, 609
    • transmittal to international agencies, 588–89, 591, 592
  • Staff reports on enhanced surveillance
    • transmittal by members to creditors, 31–32, 83, 92, 108
  • Staff reports on use of Fund resources and post-program monitoring
    • publication policy, 612
  • Stand-by arrangements. See also Access policy; Use of Fund resources
    • access to credit tranches, normally through, 253
    • arrangements not international agreements, 226
    • charges, 276
    • Compensatory Financing Facility, 275
    • conditionality guidelines, 223–31
    • consultation clauses, 227, 275
    • Contingent Credit Lines, 275
    • contractual connotation avoidance, 226
    • debt- and debt-service-reduction operations, 275
    • duration, normal, 253
    • emergency purchases and, 286, 287, 290
    • external debt, performance criteria, 261–65, 273
    • first credit tranche, 253–54
    • form, standard, 272–77
    • Guidelines on Corrective Action, 236, 244, 275
    • indicative targets, 260
    • ineligibility, 276, 668
    • lapse of time procedure, reviews, 282–84
    • misreporting and noncomplying purchases, 235–37, 237, 238
    • noncomplying purchases, 237, 275
    • nondiscriminatory treatment, 224
    • overdue financial obligations to the Fund, 275, 667
    • performance criteria, accuracy of information, 238
    • performance criteria and phasing of purchases, relationship, 258–60
    • performance criteria with respect to external debt, 261–65, 265–66, 274
    • period for, 253
    • phasing, 253–54, 258
    • policies and procedures, 253–54
    • PRGF-HIPC Trust eligibility, 178–79
    • PRGF-HIPC Trust qualification, 179–80
    • prior actions, accuracy of information, 237
    • program evaluation, 230–31
    • repayment expectation under PRGF Trust, 157, 275
    • repayment obligation under PRGF Trust, 275
    • reporting lags, 258
    • repurchase, 276, 311
    • repurchase expectation, 236, 244, 275
    • reserve tranche purchases, 697
    • review, 231, 282, 274
    • review, completion, 282
    • review, lapse of time, 282
    • Supplemental Reserve Facility and, 275, 332
    • suspension of right to engage in transactions, 276
    • test dates, 259
    • uniform treatment of members, 224–25
    • waiver for nonobservance of performance criteria, 236, 237, 238
    • waiver of applicability of performance criteria 237, 238
  • Standards and codes. See also Financial Sector Assessment Program; Reports on Observance of Standards and Codes; and Special Data Dissemination Standard (SDDS)
  • STF. See Systemic Transformation Facility
  • Strengthened cooperative strategy
    • De-escalation of remedial measures, 693–95
    • Extension of deadline to enter a rights accumulation program, 690–91
    • extension of rights approach, 695
    • reversibility of actions, 691–92
    • review, 696
  • Structural Adjustment Facility (SAF)
    • access, potential, 389–90, 395–96
    • amount of assistance, 389–90
    • commitment period, 390, 391
    • commitment period, new, 395
    • disbursements, 391, 394
    • eligible members list, 395–97
    • income from investment and loans, 399–401
    • interest, 392
    • loans under Enhanced Structural Adjustment Facility, 393–95
    • PRGF-HIPC Trust qualification, 179–80
    • phasing, 394
    • protracted balance of payments problem, 136, 390
    • purposes, 389
    • qualification for assistance, 390–91
    • resources, 389
    • review, 398–99
    • rights accumulation programs and, 179–80
    • SDRs, use in operations, 395–96, 634, 635, 636
    • terms of loans, 392
  • Subscriptions. See also Quotas
    • accounting by members, 19
    • basic source of Fund financing, 458
    • ownership of gold and currency, 19
    • reserve asset payments, 19–22
  • Subsidy Account. See Supplementary Financing Facility Subsidy Account
  • Supplemental Reserve Facility (SRF)
    • availability through stand-by or extended arrangement, 332
    • commitment period, 332
    • conditionality, 334
    • contagion risk, 331
    • overdue financial obligations, 136–37, 275, 280
    • phasing, 332
    • PRGF Trust and, 136–37
    • rate of charge, 334
    • repurchase, 332–33
    • repurchase expectation, 333
    • repurchases, installment periods 332–33
    • reserve tranche purchases, exclusion, 331, 333
    • sudden and disruptive loss of market confidence test, 331
  • Supplementary Financing Facility (SFF) Subsidy Account
    • additional subsidy payments for May 1–June 30, 1990 and subsidy payments for July 1, 1990–June 30, 1991, 712–13
    • eligible members, 706
    • exchange rate for payment of subsidies, 713
    • Instrument to establish, 703–10
    • investment, 705, 709, 711
    • means of subsidy payments, 712
    • purpose, 704
    • rescheduling in cases of serious hardship, 702
    • resources, 704
    • SDRs, use of, 634
    • subsidy amount, 707
    • suspension of transfers and re-transfer of surplus, 711
    • transfer from Special Disbursement Account, 701–703, 704, 711
  • Suppliers’ credits, coverage in external debt limits, 261, 264
  • Surcharges on purchases, disposition for FY 2005, 381
  • Surveillance. See alsoArticle IV consultations; Enhanced surveillance
    • ad hoc Article IV consultation, 30
    • architecture of international financial system, 32
    • balance sheet analysis, 63–64
    • capital flows, 27, 35
    • communication, 55–56
    • comprehensive analysis, 28
    • consultation cycles, changes, 59–61
    • core and noncore issues, 33
    • coverage principles, 40
    • data provision, 61–65
    • euro area, 66–68, 68–69
    • extension of three-month period, 65
    • external evaluation, 32, 33
    • financial sector soundness and vulnerability, 35
    • macroeconomic relevance tests, 33
    • policy dialogue with country authorities, 54–55
    • principles, general, 25–26
    • principles for guidance of members, 26
    • principles of Fund surveillance over exchange rate policies, 26–27
    • procedures, 28–29, 45, 65
    • review, 2004, 59
    • review of general implementation, two-year intervals, 38–46, 47–49, 59–61
    • ROSCs, 42, 62, 65
    • signaling, 56
    • Special Data Dissemination Standard, 64
    • staff-monitored programs, 46
    • supplemental procedures, 30
    • three-month rule, 65
    • use of staff resources, 57–58
    • World Economic Outlook, 43
  • Suspension of membership, 676
  • Suspension of voting rights
    • participation in Interim Committee, 722
    • participation in International Monetary and Financial Committee, 725
    • publicity, 617
    • timetable of procedures, 686, 687
  • Swiss National Bank
    • GAB participant, 420, 424, 426
    • NAB participant, 453
    • termination of status as prescribed holder of SDRs, 633
  • Systemic Transformation Facility (STF)
    • termination, 347

T

  • Technical assistance
    • cooperation with Trusteeship Council, 752
    • exchange rate system simplification, 483
    • Framework Administered Account for, 127–37
    • members not cooperating with the Fund, 675, 676
    • post-conflict countries, 288, 289
    • transmittal of reports to international agencies, 588
  • Terrorism financing. See Combating the Financing of Terrorism
  • Trade. See also World Trade Organization
    • structural maladjustments in trade, Extended Fund Facility, 267
  • Trade-related balance of payments adjustments fund, 329–30
  • Trade restrictions
    • avoidance of escalation, 473, 736
    • emergency assistance, 288
    • ESAF, 165
    • import restrictions for balance of payments reasons
      • extended arrangements, 280
      • GATT, 470
      • stand-by arrangements, 275
  • Voluntary Declaration on Trade and Other Current Account
    • Measures, 736
  • Tranche policies
    • application in connection with CFF, 335
    • first credit tranche, 253, 254, 298
    • floating tranche, 230
  • Transferability of claims
    • General Arrangements to Borrow, 416, 424–25
    • New Arrangements to Borrow, 455–56
    • Saudi Arabia, borrowing agreement with, 425–27
  • Transparency. See also Publication
    • foreign reserves management, 240
    • governance, 70
    • safeguards for use of Fund resources, 242, 246
    • use of Fund resources, 618–19
  • Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and for Interim PRGF Subsidy Operations (PRGF-HIPC Trust)
    • administration of, 185–86
    • amendment of, 187
    • assistance amount, 180–83
    • completion point, 174, 179, 180, 181, 182, 183, 193, 195, 196, 197, 199, 200, 203, 204, 205, 211
    • contributions by other donors, 188
    • contributions to, 178
    • debt service to exports ratio, 183
    • debt sustainability, 174, 181, 193–94
    • debt sustainability analysis, 174–75, 203
    • debt to exports ratio, 174, 175, 183
    • debt to revenue ratio, 174
    • decision point, 174, 175, 179, 180, 181, 182, 183, 192, 193, 195, 197, 200, 203, 204, 205, 211
    • eligibility and eligible members, 178–79, 203
    • grace period on loans, 184
    • grants and loans, 178
    • Guidelines on Misreporting, 176
    • Instrument to establish, 173–87
    • Instrument to establish, adoption, 172
    • interest, 175, 184
    • interim assistance, 182
    • interim PRSP, 169, 201, 202, 203
    • investment of resources, 186, 189
    • maturity of loans, 183–84
    • Millennium Development Goals (MDGs), 208–13
    • off-market gold transactions, use of investment income, 405
    • Paris Club, 175, 179, 181, 195, 196, 201, 207
    • period of operation and liquidation, 187
    • performance-related conditions, nonobservance, 182
    • Poverty and Social Impact Analysis (PSIA), 170, 210
    • Poverty Reduction Strategy Papers (PRSPs), 175, 176, 179, 180, 196, 199, 201, 202, 203, 205, 206, 208, 209, 210, 211, 212, 213
    • progress in implementation, 195–99, 204–208
    • purposes, 176
    • qualification for assistance, 179–80
    • rescheduling of repayments not allowed, 184
    • reserve account review, 404
    • retransfers authorized, 188
    • SDRs, use in operations, 186, 636
    • self-sustained PRGF operations, 175, 187, 204
    • special charges on overdue interest and repayments, 375
    • Special Disbursement Account, transfers from, 177
    • streamlining preliminary HIPC documents, 203
    • subsidies, interim PRGF operations, 185
    • terms of assistance, 183–84
    • track record of performance, 179, 180, 194, 196, 200, 203, 204, 208
    • transformation of ESAF-HIPC Trust to PRGF-HIPC Trust, 157–58
    • Trust Account and resources, 177
  • Trust Fund
    • final direct distribution of profits, 701
    • means of payment of interest by members on indebtedness under loan agreements, 700–701
    • overdue interest and repayments, 375
    • SDRs, use in payment of Trust Fund obligations, 633–34
    • special charges on overdue financial obligations, 374–76, 701
    • termination and transfer of resources to Special Disbursement Account, 387, 701–703
    • terms of repayment of final loan disbursement and amendment of Trust instrument, 703
  • Twelfth General Review of Quotas
    • report to Board of Governors and proposed resolution, 17–18

U

  • Undue delay in availability or use of foreign exchange, 407, 448
  • Uniformity of treatment principle
    • consultation cycles, 36
    • external debt in Fund arrangements, guidelines on performance criteria, 262
    • post-conflict assistance, 294
    • settlement of disputes among members, comparable treatment, 87–88
    • use of Fund’s general resources, nondiscrimination, 225
  • United Nations
    • agreement with the IMF, 749–55
    • Convention on the Privileges and Immunities of the Specialized Agencies, 756–78
    • exchange of documents with, 751
    • “Uniting for Peace” General Assembly resolution, 718
  • United Nations Development Program
    • exchange of documents, 590
  • U.S. dollars
    • maintenance of value, rates for computation, 387
    • means of payment by members on indebtedness under Trust Fund loan agreements, 700–701
    • medium of payment, PRGF Trust, 134
    • payments of interest on members’ indebtedness under Trust Fund loans, 700–701
    • use for Subsidy Account payments, 711
    • valuation in terms of special drawing rights pursuant to Rule O-2(a), 627
    • weight in SDR valuation basket, 626
  • Use of Fund resources. See also Access policy; Charges; Compensatory Financing Facility; Conditionality; Contingent Credit Lines; Emergency assistance; Emergency financing mechanism; Extended arrangements; Extended Fund Facility; First credit tranche; General Resources Account; Misreporting and noncomplying purchases; Purchase transactions; Repurchases; Reserve tranche purchases; Stand-by arrangements; Supplemental Reserve Facility; Supplementary Financing Facility; Systemic Transformation Facility; Waiver of the limitation of 200 percent of quota
    • accordance with purposes of the Fund, 222
    • authority of the Fund to use its resources, resolving problem of arrears, 679
    • authority to use resources of Fund, interpretation of Articles of Agreement, 222
    • capital transfers, 222, 406
    • conditionality guidelines, 223–31, 253–54
    • financing current account deficits, 222
    • form, extended arrangement, 277–82
    • form, stand-by arrangement, 272–77
    • ineligibility
      • effect on purchases under extended arrangement, 281
      • effect on purchases under stand-by arrangement, 276
      • under Article V, Section 5, 360
    • interpretation of Articles of Agreement, 222
    • limitation and ineligibility under Article V, Section 5, 360
    • meaning of “consistent with the provisions of this Agreement,” Article V, Section 3, 222
    • meaning of “represents” in respect of need, Article V, Section 3(b)(ii), 223
    • monetary stabilization, 223
    • nondiscriminatory treatment of members, 224–25
    • performance criteria and phasing, 258–60
    • postponement and limitation under Article V, Section 5, 360–61
    • repayment expectation under PRGF Trust, failure to meet, 156–57
    • resumption of purchases under extended arrangement after decision of formal ineligibility, 281
    • resumption of purchases under stand-by arrangement after decision of formal ineligibility, 276
    • safeguards, strengthening of, 238–44
    • side letters, 231–34, 234–35
    • suspension of exchange transactions, effect on General Arrangements to Borrow, 416
    • suspension of transactions under extended arrangements, 281
    • suspension of transactions under stand-by arrangements, 276

V

  • Vienna Institute, Joint. See Joint Vienna Institute
  • Voluntary Declaration on Trade and Other Current Account Measures, 736
  • Voting power majority
    • compulsory withdrawal, 682
    • Eleventh General Review of Quotas, 10
    • SDR allocation, 744
  • Voting rights, suspension. See Suspension of voting rights

W

  • Waiver of limitation of 200 percent of quota under Article V, Section 3(b)(iii)
    • Compensatory Financing Facility, 335
    • emergency assistance, 285
    • Extended Fund Facility, 269
    • Supplemental Reserve Facility, 334
  • Waiver of performance criteria
    • applicability, 152–53, 230, 237, 238
    • nonobservance, 152–53, 230, 237, 259–60
  • Waiver of special charges, 375
  • World Bank (International Bank for Reconstruction and Development)
    • agreement with WTO, 779, 780, 782
    • Bank-Fund collaboration, 82, 556–58, 568–69, 569–75, 575–79
    • collaboration with Fund on corporate sector vulnerability analysis, 35
    • collaboration with Fund on shifting resources from military, 82
    • Development Committee, 728–34
    • ESAF policy framework process, 165
    • Financial Sector Assessment Program, 94–95, 95–96
    • Fund-Bank Concordat, 556–68
    • governance, 71, 72, 78
    • HIPC Initiative, 192, 199, 202
    • investment by Fund of currencies received by SFF Subsidy Account, 711
    • military expenditures, 82
    • observer status in Fund, 568, 568–69
    • post-conflict assistance, 288–89
    • prescribed holder of SDRs, 633
    • PRGF-HIPC Trust, 174
    • publication policies of the Fund, 603–11
    • rights approach, 688–89
    • suspension of voting rights, 685
  • World Economic Outlook, 431
    • European Central Bank, observer, 579–81
    • military spending, 80, 82
    • multilateral surveillance, 36, 43–44
    • surveillance procedures, 28–29
  • World Trade Organization (WTO)
    • balance of payments consultations, 582–83
    • coherence in global policymaking, 583, 781, 784
    • consistency of policy advice and obligations, 583–85
    • cross-conditionality, avoidance, 585
    • decision of IMF on IMF-WTO Agreement, 779
    • decision of WTO General Council on IMF-WTO Agreement, 779–83
    • documents exchange with, 587–88, 786
    • Fund staff observer at WTO meetings, 587, 785–86
    • guidelines/framework for Fund staff collaboration, 581–88
    • IMF-WTO Agreement, text, 783–88
    • observer status in Fund meetings, 587, 785
    • resolution of open jurisdictional issues, 585–86
    • suspension of exchange transactions, effect on General Arrangements to Borrow, 416
    • suspension of transactions under extended arrangements, 281
    • suspension of transactions under stand-by arrangements, 276

Y

  • Y2K Facility, 347

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