Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
July 2012
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Index

A

  • Access policy, use of Fund resources
    • access guidelines and limits in credit tranches and under Extended Fund Facility, 456
    • balance of payments needs, 447
    • capital account crises, 461
    • capital account crises, modifications to Supplemental Reserve Facility, 467
    • capital account crises, prevention, 475
    • exceptional circumstances, 462, 473
    • exceptional circumstances, review, 472–75
    • Flexible Credit Line, 345
    • modifications to Supplemental Reserve Facility, 467–71
    • post-conflict countries, 436
    • Rapid Credit Facility, 204
    • Rapid Financing Instrument, 424
    • review, 467–71
    • revolving character of Fund resources, 434, 459
  • Accounting by members
    • ownership of gold and currency subscriptions, 19
  • Administrative Account
    • balances, 855
    • reserve tranche position, 855
  • Africa Regional Technical Assistance Centers Subaccount, 178
  • African Development Bank
    • communication concerning members’ arrears to the Fund, 834
    • exchange of document, 742
    • prescribed holder of SDRs, 799
  • African Development Fund, 799
  • Andean Reserve Fund
    • prescribed holder of SDRs, 798
  • Annual Report (IMF), 273, 319
  • Anti-money laundering
    • assessing a global standard and preparing ROSCs, proposals, 158–63
    • effectiveness, review of program (2011), 168
    • FSAP framework, 169
    • Fund involvement, 154
    • methodology document, 159
    • offshore financial center assessments, 151, 158
    • twelve-month pilot, program review, 163–73
  • Arab Monetary Fund
    • exchange of documents with, 742
    • prescribed holder of SDRs, 799
  • Archives policy
    • access by outside persons, 692
  • Arrears
    • lending into arrears, 448, 450–54
    • settlement of disputes between members, 117, 455–56
  • Arrears of a member to creditors other than the Fund
    • debt strategy, 448
    • extended arrangements, performance criterion, 401
    • first credit tranche, 446
    • Fund lending into nonsovereign arrears, 449
    • Fund lending into sovereign arrears, 449
    • Fund policies and procedures, 447
    • nontoleration of arrears to official creditors, 448
    • performance criteria, 449
    • stand-by arrangement, performance criterion, 401
  • Arrears to the Fund. See Overdue financial obligations to the Fund
  • Article I, purposes of the Fund, 334, 586, 591
  • Article I (v), temporary availability of Fund’s general resources, 394
  • Article II, Section 2 membership, 20
  • Article III, Section 2, adjustment of quotas, 3
  • Article IV consultations, 109, 110
    • annual, principle of, 65
    • Article VIII restrictions, 594
    • Article XIV restrictions, 594
    • Central African Economic and Monetary Union, 93
    • collaborative efforts, 719
    • conditionality discussions, 342
    • consultation cycles, 71
    • data provision, 74
    • document exchange with WTO, 734
    • early warning system models, 66
    • Eastern Caribbean Currency Union, 95
    • enhanced surveillance, 118–21
    • euro area, 79–92, 92
    • European Central Bank, observer status, 731–32
    • evaluation and review of related programs, 342–43
    • Financial Sector Assessment Program (FSAP), 121–27
    • governance issues, 98, 103, 105
    • integration of stability assessments, 134
    • lapse of time procedures, 79
    • military expenditures, 109
    • multiple currency practices, 598
    • Post-Program Monitoring, 373
    • procedural deadlines for completion, 422
    • prolonged users of Fund resources, 374
    • Public Information Notices, release, 785–87
    • Recent Economic Development reports, 65, 739, 743
    • stability assessments under FSAP, integration of, 134
    • staff reports, release to international and multilateral agencies, 739–42
    • surveillance priorities, 2008-2011, 48
    • three-month period, 78
    • use of Fund resources, 342
    • World Bank, collaboration with, 723
    • World Bank, observer status, 717
    • World Trade Organization, observer status, 738, 934
  • Article IV, Section 1, principles for guidance of members’ policies, 38
  • Article IV, Section 1(i), surveillance, 134
  • Article IV, Section 1(ii), surveillance, 134
  • Article IV, Section 1(iii), 25, 26
  • Article IV, Section 1(iii), manipulation of exchange rates, 42
  • Article IV, Section 2, notification of exchange arrangements, 23
  • Article IV, Section 3(a), surveillance over exchange rate policies, 25
  • Article IV, Section 3(b), surveillance over exchange rate policies consultation cycles, 71
  • Article V, Section 1, designation of fiscal agency, 547
  • Article V, Section 2(b), 761
  • Article V, Section 2(b), financial and technical services, 173, 298, 314, 321
  • Article V, Section 3, conditions governing use of Fund’s general resources
    • application of Fund policies to purchases of currency borrowed by Fund, 491, 544
    • early repurchase guidelines, 491
    • meaning of “consistent with the provisions of this agreement,” under Article V, Section 3, 334
  • Article V, Section 3(b)(ii)
    • balance of payments need, 253
    • meaning of “represents” that a member has a need to make purchases, 335
  • Article V, Section 3(b)(iii), waiver of limitation of 200 percent of quota
    • Extended Fund Facility, 395
  • Article V, Section 3(d), operational budgets
    • assessment of strength of members’ balance of payments and gross reserve position for operational budgets, 480, 485
    • selection of currencies in purchases, 482
  • Article V, Section 3(f), transfers of SDRs, 481
  • Article V, Section 5, limitation on use of Fund’s resources, 352
  • Article V, Section 6(b), transfers of SDRs by the Fund, 485
  • Article V, Section 6(c), sales of SDRs by the Fund, 490
  • Article V, Section 7(b), early repurchases
    • assessment of strength of member’s balance of payments and gross reserve position, 480
    • assessment of strength of members’ balance of payments and gross reserve position, 491
  • Article V, Section 7(c), repurchases, 493
  • Article V, Section 7(i), selection of currencies for repurchases, 485, 494
  • Article V, Section 8, charges, 497
  • Article V, Section 8(a), charges, 501, 503
  • Article V, Section 8(b), charges, 493, 501, 503, 855
  • Article V, Section 8(c), charges, 497, 500, 503
  • Article V, Section 8(d), charges, 497
  • Article V, Section 8(e), charges, 497
  • Article V, Section 9(a), remuneration, 855
  • Article V, Section 11, maintenance of value, 514
  • Article V, Section 12(f)(ii), Special Disbursement Account (SDA) resources for assistance to low-income developing members, 516
  • Article V, Section 12(f), other operations and transactions gold sales, 535, 859
  • Article V, Section 12(h), investment of member’s currency held in SDA, 516
  • Article V, Section 12(j), adoption of regulations for administration of Structural Adjustment Facility, 516
  • Article VI, capital transfers
    • use of Fund resources for, 538
    • WTO, information on Fund decisions requesting a member to exercise controls to prevent a large or sustained outflow of capital, 928
  • Article VI, Section 1, use of Fund’s resources for capital transfers
    • freedom to adopt regulations on capital movements, 539
  • Article VI, Section 2 of the Articles of Agreement of the Bank, 881
  • Article VI, Section 3, controls on capital transfers, 539
  • Article VII, Section 1, replenishment and scarce resources
    • borrowing by the Fund, 540
  • Article VII, Section 3(b), scarce currency, 585
  • Article VIII, general obligations of members
    • acceptance of obligations, 593
    • bilateral payments agreements, 407
    • bilateral payments arrangements, 402
    • bilateralism, 586
    • consultations, World Bank observer, 717
    • payments restrictions, 115, 586, 590–92
    • restrictions, 593
    • retention quotas, 589
    • settlement of disputes between members, 115
  • Article VIII, Section 2, avoidance of restrictions on current payments
    • acceptance of obligations under, 591
  • Article VIII, Section 2(a)
    • restrictions on current payments and transfers, 585
    • undue delays as payment restrictions, 593
  • Article VIII, Section 2(b), unenforceability of exchange contracts
    • interpretation, 583–84
  • Article VIII, Section 3, avoidance of discriminatory currency practices
    • acceptance of obligations under, 588, 591
    • multiple currency practices, 591, 599, 600
  • Article VIII, Section 4, convertibility of foreign-held balances
    • acceptance of obligations under, 593
  • Article VIII, Section 5, furnishing of information to the Fund
    • consideration of report by Managing Director, time periods, 610
    • declaration of censure, 612
    • handling of potential breaches, 617
    • members’ obligations, 608
    • procedures prior to report by the Managing Director to the Executive Directors, 609
    • report by Managing Director, 610
    • review, 2008, 616
    • sanctions, 612
    • strengthening effectiveness of, 75, 608
  • Article IX, Section 5, immunity of archives, 692
  • Article IX, Section 7, privilege for communications, interpretation, 697
  • Article X, relations with other international organizations, 897
  • Article XII, Section 3(b), proposed amendment, 14
  • Article XII, Section 3(b)(i), Executive Directors, appointed, interpretation, 745
  • Article XII, Section 3(b)(i), voting by Executive Directors, 18
  • Article XII, Section 3(c), election of Executive Directors, 18
  • Article XII, Section 3(c), proposed amendment, 14
  • Article XII, Section 3(d), proposed amendment, 15
  • Article XII, Section 3(f), appointed Executive Directors
    • Alternate Executive Directors, additional, 11
    • interpretation, 745
  • Article XII, Section 3(f), proposed amendment, 15
  • Article XII, Section 3(i), 15
  • Article XII, Section 3(i)(ii), voting by Executive Directors, 18
  • Article XII, Section 3(j), 699
  • Article XII, Section 3(j), proposed amendment, 16
  • Article XII, Section 4, Managing Director and staff, 754
  • Article XII, Section 6(d)
    • partial distribution of windfall gold sale profits, 761
  • Article XII, Section 6(f), 759
  • Article XII, Section 6(f)(ii), 759
  • Article XII, Section 6(f)(ix), 761
  • Article XII, Section 6(f)(vi), 761
  • Article XII, Section 6, reserves, distribution of net income, and investment, 755
  • Article XII, Section 7, publication of reports, 765
  • Article XII, Section 7(a), 787, 901
  • Article XII, Section 8, proposed amendment, 16
  • Article XIII, Section 2, 579
  • Article XIV, exchange restrictions under transitional arrangements
    • availment of transitional provisions, 591
    • bilateralism, 586
    • commitment to current account convertibility, 593
    • consultations, World Bank, 717
    • multiple currency practices, 589
    • retention quotas, 588
    • settlement of disputes between members, 115
  • Article XIV, Section 2, exchange restrictions
    • maintenance of orderly exchange arrangements, 600
    • multiple currency practices, 599–603
    • restrictions related to national security, 585
    • transitional arrangements, 584, 587
    • undue delays as payments restrictions, 593
  • Article XIV, Section 3, representation by the Fund
    • application, 600
    • meaning of “exceptional circumstances” in Article XIV, Section 3, 789
  • Article XVII, Section 3, 761
  • Article XVII, Section 3, other holders of SDRs, 320, 795
  • Article XVIII, 803
  • Article XVIII, Section 1(a), principles and considerations governing SDR allocation and cancellation, 804
  • Article XVIII, Section 4(c)
    • allocation and cancellation of SDRs, 805
  • Article XIX, Section 2(c), SDR operations and transactions between participants
    • donations, 816
    • forward operations, 815
    • loans, 808
    • other holders, 795
    • pledges, 810–12
    • settlement of financial obligation, 807
    • swap operations, 814
    • transfers as secruity for the performance of financial obligations, 812
  • Article XIX, Section 4, limit on SDR Department participant’s obligation to provide currency, 544
  • Article XIX, Section 5, designation of participants to provide currency, 818
  • Article XIX, Section 5(a)(i), designation plans, 480, 821
  • Article XIX, Section 5(c), designation rules in SDR Department, 821
  • Article XIX, Section 6(b), reconstitution, 823
  • Article XIX, Section 7(a), calculation of exchange rates, 546, 807, 808, 810, 812, 814
  • Article XX, Section 1, interest paid on holding of SDRs, 795
  • Article XX, Section 2, SDR Department interest and charges, 824
  • Article XX, Section 4, assessments, 826
  • Article XX, Section 5, application against unpaid charges of SDRs acquired by participants after payment date, 825
  • Article XXI(a)(ii), proposed amendment, 16
  • Article XXIII, Section 1, suspension of operations and transactions in SDRs, 797
  • Article XXIV, Sections 1(a) and 1(b), 803
  • Article XXIV, Section 4, 803
  • Article XXVI, Section 2(b), 876, 881
  • Article XXVI, Section 3, withdrawal from membership, 548
  • Article XXIX, interpretation
    • New Arrangements to Borrow, interpretation outside the purview of Article XXIV, 549
    • unenforceability of exchange contracts, 541
  • Article XXIX(a), interpretation
    • Appointment of Executive Director by a member having one of five largest quotas, Article XII, Sections 3(b)(i) and 3(f), 745
    • authority of the Fund to use its resources, 334, 871
    • privilege for communications, Article IX, Section 7, 697
    • unenforceability of exchange contracts under Article VIII, Section 2(b), 583
  • Article XXIX(a), proposed amendment, 17
  • Article XXX(c), definition of reserve tranche purchase
    • exclusion of purchases and holdings from EFF, 855
  • Article XXX(c)(iii), exclusion of purchases and holdings in credit tranches or under extended arrangements, 855
  • Article XXX(f), freely usable currencies, 790, 856
  • Article XXXI, Section 1, entry into force of Articles of Agreement, 3
  • Articles of Agreement
    • amendment, Resolution 66-2, 7
    • voice and participation, amendment to enhance, 6
  • Asian Development Bank
    • communications concerning members’ arrears to the Fund, 834
    • exchange of documents with, 740
    • prescribed holder of SDRs, 799
  • Assessment under Article XX, Section 4, 826
  • Attribution, rule of
    • members indebted to Fund, 486
    • reduction in Fund’s holdings of currency, 495–96
  • Audit
    • external audit firm, 787
    • framework Administered Account, 176
    • Post-SCA-2 Administered Account, 321
    • PRGF-HIPC Trust, 271, 280
    • safeguards for use of Fund resources, 335
    • Supplementary Financing Facility Subsidy Account, 859
  • Authorized signatories, 754

B

  • Balance of payments need
    • access policy, 458
    • conditionality, 335
    • emergency assistance, post-conflict countries, 435
    • extended arrangements, 409
    • Extended Fund Facility, 408
    • Fund-supported programs, 337
    • lenders to ESAF Trust, need because of developments in reserves, 242, 270
    • Precautionary and Liquidity Line, 427
    • protracted balance of payments problems, 518
    • Rapid Financing Instrument, 423
  • Bank for International Settlements (BIS)
    • cross-border capital flows, surveillance of, 55
    • investment by Fund of currencies held by Borrowed Resources Suspense Accounts, 580
    • investment by Fund of currencies received by SFF Subsidy Account, 867
    • prescribed holder of SDRs, 798
  • Bank of Central African States
    • prescribed holder of SDRs, 799
  • Bank-Fund collaboration. See also World Bank (International Bank for Reconstruction and Development)
    • conditionality, 723–28
    • country programs, 724
    • debt sustainability assessments, 730
    • Financial Sector Assessment Program, 123
    • financial systems, 724
    • IMF-World Bank Concordat, 705–17
    • longer-term program engagement, 377
    • observer status, generally, 717
    • World Bank observer status, 718
  • Bilateral payments arrangements
    • extended arrangement, 407
    • stand-by arrangement, 403
    • three-month settlement rule, temporary exemption, 587
  • Bilateralism and convertibility, 586–87
  • BIS. See Bank for International Settlements
  • Blackout periods
    • reduction in GRA arrangements, 397
  • Board of Governors Resolutions
    • Composite Resolution, 873
    • quota and voice reform, 3
    • SDR allocation, First Basic Period, 803–4
    • SDR allocation, Ninth Basic Period, 805
    • SDR allocation, Third Basic Period, 804
  • Borrowed Resources Suspense Accounts
    • establishment, 579
    • investment by the Fund of currencies held in, 579–80
  • Borrowing by the Fund. See also General Arrangements to Borrow (GAB); New Arrangements to Borrow (NAB)
    • guidelines, 580
    • Note Purchase Agreement, 582
  • Burden sharing
    • implementation in FY 2000, 504
    • implementation in FY 2001, 506
    • implementation in FY 2007, 509
    • principles of, 506
    • rate of charge, determination of, 507
  • By-Laws
    • Section 13, vote without meeting, 3
    • Section 20, audits, 176, 268, 273, 305, 312, 318, 322, 787, 866, 912
    • Section 22, compulsory withdrawal, 836, 839, 840

C

  • Capital account crises
    • access policy, 461
    • exceptional access policy, 2004 review, 472
    • exceptional access policy, SRF, 467
  • Capital flows
    • action to limit disequilibrium flows, Composite Resolution, 887
    • Fund’s role in cross-border flows, 54
    • multilateral aspects of policies, 59
    • possible policy framework, 56
    • WTO, information on Fund decisions requesting a member to exercise capital controls, 933
  • Capital transfers
    • controls by members, 539
    • multiple currency practices applicable solely to, 597
    • payments arrears, 437
    • use of Fund’s resources for, 598
  • Caribbean Development Bank (CDB), 742
  • Censure
    • draft declaration, 836
  • Central African Economic and Monetary Union
    • surveillance over monetary and exchange rate policies, 93
  • CFF. See Compensatory Financing Facility
  • Charges
    • accounting for charges from members with overdue obligations, 497
    • administrative account balances, 855
    • extended arrangements, 403
    • Extended Fund Facility, 396
    • future changes in charges, 497
    • media of payment in General Resources Account, 499
    • payment by nonparticipant in the SDR Department, 499
    • payment of net charges and assessment in the SDR Department for FY ended April 30, 1982, 824
    • rate of charge for use of Fund resources, FY 2011, 512
    • rate of charge for use of Fund resources, FY 2012, 511
    • setoff in connection with a retroactive reduction of charges due by members in arrears, 503
    • special charges on overdue financial obligations to the Fund, 500–501, 502
    • stand-by arrangements, 403
    • surcharge on purchases in credit tranches and under EFF, 497
    • value date for payments of special charges, 502
    • waiver of special charges, 501
  • Code of Good Practices on Transparency in Monetary and Financial Policies, 358
  • Collateral, 649
    • collateral guarantees on debt, international reserves template, 649
  • Combating the financing of terrorism, 151, 158–60, 160–63
  • Committee on Reform of the International Monetary System Composite Resolution, 873–84
  • Communications, privilege for interpretation of Article IX, Section 7, 697
  • Compensatory Financing Facility
    • indicative targets, 339, 340, 341
    • repeal, 347
    • repurchase expectation, 491
    • repurchases, 491
  • Compulsory withdrawal, 838, 840, 841, 846
  • Concessional financing
    • eligibility to use Fund’s facilities, 529
    • use of Fund’s facilities, 529
  • Conditionality
    • Bank-Fund collaboration, 724
    • benchmarks, 339, 340, 341
    • consistency with WTO agreements, 735, 736
    • consultation clauses, 339
    • emergency assistance, natural disasters, 433–35
    • emergency assistance, post-conflict countries, 436
    • emergency financing mechanism, 368
    • financing assurance reviews, 340
    • first credit tranche, 379
    • floating tranches, 342
    • guidelines on, 335
    • individual circumstances of members, 336
    • letters of intent, 339
    • modalities, 338
    • outcomes-based, 338
    • ownership, 336, 362, 724–28
    • performance criteria, 340
    • performance criteria and phasing, relationship, 384
    • performance criteria on external debt, guidelines, 386
    • performance criteria with respect to foreign borrowing, 392
    • PRGF-ESF arrangements, 381
    • principles, 335
    • prior actions, 339, 350, 354, 382
    • program design, 336
    • program review, 340–43
    • stand-by arrangement, normal access to credit tranches, 379
    • streamlining, 380, 382
    • structural benchmarks, 339–43
    • structural performance criteria inapplicable, 343
    • upper credit tranche stand-by arrangements, 459
    • waiver, adopting measures prior to granting of, 339
    • waiver, nonobservance of performance criteria, 341
  • Confidentiality
    • exchange of documents with other international agencies, 741
    • FSAP Confidentiality Protocol, 144–47
    • side letters, 343–50
  • Consultation clause
    • extended arrangements, 408
    • stand-by arrangements, 404
  • Consultation cycles, Article IV. See alsoArticle IV consultations
    • annual in principle, 65
    • FCL or PLL arrangement, effect of, 73
    • flexibility in, 65
    • interval between Article IV consultations, 65
  • Consultations other than under Article IV
    • acceptance of obligations of Article VIII, Sections 2, 3, and 4, 591
    • Article VIII restrictions, 585, 586, 717
    • Article XIV restrictions, 586, 589, 717
    • bilateral agreements, 586
    • competitive depreciation, 595
    • conditionality, consultation clauses, 339
    • GATT Contracting Parties, 702
    • multiple currency practices, 589
    • prescribed holders of SDRs, 796
    • PRGF-ESF, consultation with creditors, 246
    • sale of members’ currencies, 481
    • trade and payments restrictions, escalation, 595
    • United Nations, 899, 901
    • World Trade Organization, 734–37
  • Contingent Credit Lines (CCLs)
    • extended arrangements and, 404
  • Convertibility
    • acceptance of obligations of Article VIII, Sections 2, 3, and 4, 590
    • bilateralism, 586
    • currency, 588, 590
    • current account of the balance of payments, 590, 592
    • retention quotas, 587
  • Cross-border capital flows
    • surveillance, 54
  • Cross-conditionality
    • avoidance, 715
  • Currencies
    • attribution of reduction of Fund’s holdings, 495–96
    • charges on Fund’s holdings in excess of quota, 497
    • freely usable, 316, 790, 797, 856, 865
    • General Resources Account, 480–81, 485, 499, 513–15
    • guidelines for operational budget allocation of currencies, review, 483
    • maintenance of value, 513–15
    • presently needed for making payments, 335
    • repurchases, 492
    • reserve asset payments, 19, 21
    • sale of currencies of members with outstanding purchases, 481, 483
    • SDR valuation basket, 790–94
    • subscription to the Fund, ownership, 19
    • use in operational budgets, 480–81
  • Current international transactions (current account transactions)
    • bilateralism, 586
    • multiple currency practices, 597–600
    • payments arrears, 448
    • restrictions involving WTO members, 737, 933
    • restrictions on payments and transfers, 586, 590
    • undue delays in availability or use of foreign exchange, 593
    • use of Fund resources, 335

D

  • Data Dissemination Standard. See Special Data Dissemination Standard (SDDS) and General Data Dissemination System (GDDS)
  • Data Dissemination Standards Bulletin Board
    • General Data Dissemination System (GDDS), 688
    • Special Data Dissemination Standards (SDDS), 630
  • Data provision to the Fund for surveillance, 74
    • review, 2008, 616
  • Data Standards Initiative
    • review (2012), 689
    • SDDS Plus tier, 689
  • Debt limits
    • performance criteria in Fund arrangements, 386
  • Debt operations
    • condition precedent clauses, 455
    • management of the debt situation, 454
    • mandatory prepayment, 455
    • stand-by arrangements and, 407
  • Debt-service ratio, 286
  • Debt strategy
    • payments of arrears to creditors, 446, 448, 593
  • Debt sustainability assessments, 728–31
    • Fund-Bank collaboration, 728
  • Debt sustainability framework
    • low-income countries, 238
  • Declaration of censure, 835
    • draft declaration, 839
  • Declaration of ineligibility, 834–35, 839, 841
    • publicity, 783, 850
    • termination, 850
    • timing, 845
  • Declaration of noncooperation, 835, 842
    • draft declaration, 839
    • publicity upon withdrawal, 851
    • termination, 850
    • timing, 845
  • De-escalation of remedial measures, 851–54
  • Default, sovereign, 369, 448
  • Designation, SDR Department
    • acceptance limit, 820
    • assessment of strength of balance of payments and governance position, 480–81
    • rules for designation, review, 818–21
    • rules for designation, revision, 821–22
  • 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, 892
    • establishment and composition, 880
    • Executive Directors’ participation in meetings, 882
    • HIPC Initiative, 274, 281
    • Managing Director’s participation in meetings, 882
    • procedures, 883–84
    • rules of procedure, 891
    • WTO observer, 738
  • Discrimination
    • balance of payments reasons, 589
    • disputes between members, comparable treatment of creditors, 116, 448
    • multiple currency practices, 603
    • nondiscriminatory treatment of members, use of general resources, 336–37
  • Disputes between members
    • comparable treatment principle, 116
    • role of the Fund, 118, 455
  • Document exchange. See Exchange of documents with other international agencies

E

  • Early repurchases
    • emergency financing mechanism, 383
    • guidelines, 491–93
    • member’s balance of payments and gross reserve position, 491
  • Early warning system models, 66
  • Easing work pressures
    • omnibus paper, 417
  • East African Development Bank
    • prescribed holder of SDRs, 799
  • East Caribbean Currency Authority
    • prescribed holder of SDRs, 799
  • Eastern Caribbean Central Bank
    • prescribed holder of SDRs, 799
  • Eastern Caribbean Currency Union
    • surveillance over monetary and exchange rate policies, 95
  • EC. See European Commission
  • ECB. See European Central Bank
  • EFF. See Extended Fund Facility
  • EFM. See Emergency financing mechanism
  • Emergency assistance
    • natural disasters, 433
    • post-conflict countries, 260, 438–42
    • PRGF-HIPC Trust qualification, 260–62
    • repeal and replacement by Rapid Financing Instrument, 425
    • repurchase, 492
  • Emergency financing mechanism (EFM), 368–72
    • conditions for activation, 371
    • early repurchase, 372
  • Enhanced Structural Adjustment Facility (ESAF) Trust (transformed into Poverty Reduction and Growth Facility (PRGF) Trust). See also PRGF-ESF Trust
    • access limits, 251
    • benchmarks, 250
    • blend of general and SAF/ESAF resources, 849
    • borrowing for Loan Account, consultation with creditors, 246
    • commitment amount not normally reduced, 251
    • commitment period, 247
    • eligible members, 523
    • emergency assistance, relation to, 436
    • establishment, 246–47, 525–32
    • gold pledge, 846, 849
    • gold, use of, 249
    • legal documentation, 252–53
    • loans in conjunction with existing facility, 248
    • loans in conjunction with SAF loans, 521
    • loans to Trust as member’s official reserves, 252
    • maturity of loans, 248
    • objectives of programs, 250
    • operational agreements, 246–52
    • overdue financial obligations to Fund, 830
    • performance criteria, 245, 250
    • phasing of disbursements, 252
    • prior actions, 244, 250
    • rescheduling not available, 249
    • review, 250
    • review of arrangements, mid-year, 248, 250
    • rights accumulation program, 848
    • Special Disbursement Account, 248
    • Structural Adjustment Facility, assistance in conjunction with, 521–22, 534
    • Subsidy account, 248
    • transfer and retransfer of resources from and to Special Disbursement Account, 532–34
    • transformation to PRGF Trust, 242–44
    • use of SDRs, 801
  • Enhanced surveillance
    • annual and mid-year consultation reports, 112–13
    • Article IV consultations, 113, 114
    • Article VIII obligations, 593
    • criteria and procedures, 119–20
    • Executive Board involvement, 121
    • Fund’s role in assisting members with creditors, 118–20
    • midterm review, 112–13
    • quantified economic policy programs, 114
    • revised procedures, 113–14
    • staff reports, transmittal by member to creditors, 113–14, 120
  • Enlarged access
    • criteria for use of Fund resources, validity, 458–61
    • repurchases, 459
  • ESAF Trust. See Enhanced Structural Adjustment Facility Trust
  • ESAF-HIPC Trust. See Trust for Special ESAF Operations for the Heavily Indebted Poor Countries and Interim ESAF Subsidy Operations
  • ESF Trust. See Exogenous Shocks Facility Trust
  • Euro
    • freely usable currency, 856
    • rates for computation and maintenance of value, 513
    • reference rates, European System of Central Banks, 794
    • weight in SDR valuation basket, 792
  • Euro area members
    • surveillance over monetary and exchange rate policies, 92, 731–33
  • European Bank for Reconstruction and Development (EBRD)
    • exchange of documents with, 742, 743
  • European Central Bank (ECB)
    • euro reference rates, 794
    • observer status, 731–32
  • European Commission (EC)
    • Article IV consultations, 92–93
    • exchange of documents with, 742, 743
  • European Investment Bank (EIB)
    • exchange of documents with, 742
  • European System of Central Banks, 794
  • Exceptional access policy, 462
  • Exchange arrangements. See also Exchange rates; Multiple currency practices
    • exchange taxes and subsidies, notification, 24
    • flexible, notification of significant decision, 23
    • intervention, 24
    • multiple currency practices, prior Fund approval, 24
    • notification of, 23
  • Exchange contracts
  • Exchange controls. See also Exchange restrictions
    • nonsovereign arrears stemming from imposition, 449
  • Exchange of documents with other international agencies
    • ad hoc requests, 743
    • agencies meeting criteria for exchange, 742
    • Article IV consultation staff reports, 738, 743
    • changes in procedures, 743
    • criteria for access, 741–42
    • Recent Economic Developments reports, 739, 743
    • technical assistance reports, 740
    • use of Fund resources staff papers, 739–40, 743
  • Exchange rate policies. See also Exchange arrangements
    • euro area, 731–32
    • surveillance over, 24–43, 61
  • Exchange rates. See also Exchange arrangements; Exchange rate policies; Multiple currency practices
    • coherence in global policymaking, 734
    • computations and maintenance of value, 513–15
    • computations and maintenance of value (value date), 513
    • fixed, 598
    • floating guidelines, 886
    • fluctuating, 23, 598–99
    • General Arrangements to Borrow, 546
    • manipulation, 42
    • New Arrangements to Borrow, 547
    • unification in multiple rate systems, 603
  • Exchange restrictions. See also Capital transfers; Multiple currency practices
    • approval by Fund, 594
    • Article VIII, Section 2, 3, and 4 obligations, 591–92
    • avoidance of escalation, 595
    • balance of payments reasons, 592
    • bilateralism, 586–87
    • competitive depreciation, 595
    • consultations with Fund, 591–92, 595
    • discrimination for balance of payments reasons, 590
    • emergency assistance, 434–35
    • Fund representation in exceptional circumstances under Article XIV, Section 3, 601, 789
    • guiding principle on whether a measure is an exchange restriction, 591
    • non-balance of payments reasons, 592
    • performance criteria, extended arrangement, 406
    • performance criteria, stand-by arrangement, 401
    • retention quotas, 587–89
    • security reasons, 585–87
    • transitional arrangements under Article XIV, 588–89, 591
    • undue delays, 539, 593
    • World Trade Organization, information on Fund approval, 933
  • Exchange subsidies, 24
  • Exchange taxes, 24, 598, 602
  • Executive Board
    • Alternate Executive Directors, additional, 11
    • code of conduct, 746–52
    • meetings, procedural guidelines, 752–53
    • minimum circulation period for documents, 111
    • notification of exchange arrangements, 23
    • reform of, Resolution 66-2, 7
    • report on Eleventh General Review of Quotas, 3, 347–50
    • side letters procedures, 347
    • surveillance over exchange rates, 33, 61
  • Executive Directors
    • additional appointed, “the preceding two years,” in Article XII, Section 3(c), meaning of, 746
    • appointment by members having five largest quotas, Article XII, 745
    • appointment of two additional directors, Article XII, Section 3(c), 745–46
    • IMFC meetings participation, 875
    • procedural guidelines, 752–53
    • voting power, effect of adjustment of quota, 746
  • Exogenous Shocks Facility
    • assistance under, 233
  • Exogenous Shocks Facility (ESF) Trust. See Poverty Reduction and Growth Facility (PRGF) and Exogenous Shocks Facility (ESF) Trust
  • Export shortfalls, compensatory financing. See Compensatory Financing Facility
  • Extended arrangements. See also Access policy, use of Fund resources; Extended Fund Facility; Use of Fund resources
    • applicable situations, 393–94
    • blackout periods, reduction of, 397
    • charges, 396, 403
    • Consultation clauses, 404
    • emergency assistance and, 436–37
    • form, standard, 404–7
    • Guidelines on Corrective Action, 362, 407
    • ineligiblity, 827
    • lapse of time completion of reviews, 409
    • misreporting and noncomplying purchases, 351, 355, 356
    • overdue financial obligations to the Fund, 827–28, 827–28
    • performance criteria form, 405–6
    • period not exceeding three years to four years, 395–96
    • period of arrangement, extension, 395
    • phasing, 396, 404–5
    • repurchase expectation, 396, 408
    • repurchases, 396, 408
    • stand-by arrangements policies applicable, 396
    • structural performance criteria not applicable, 343
    • suspension of transactions, 407
  • Extended Credit Facility
    • interest rate, 234
  • Extended Fund Facility (EFF). See also Extended arrangements
    • applicability of policies on stand-by arrangements, 396
    • establishment, 393–99
    • situations to which facility could apply, 394
  • External Audit Committee, 788
  • External audit of Fund financial statements, 787–88
  • External debt
    • management of debt situation, 455–56
  • External debt performance criteria
    • concessionality, definition, 392
    • extended arrangement, 405
    • guidelines, 386
    • stand-by arrangement, 401

F

  • FATF. See Financial Action Task Force
  • Federal Reserve Bank of New York, 794
  • Financial Action Task Force
    • Fund collaboration with, 169
  • Financial Action Task Force (FATF), 158–63
    • 40+8 Recommendations, 159
    • endorsement of methodology, 163
    • Fund collaboration with, 165
    • surveillance, 124
  • Financial crisis 2007-08
    • stock-taking of Fund response, 82
  • Financial Sector Assessment Program (FSAP)
    • anti-money laundering, 128, 151
    • Article IV consultations, 122, 124, 126, 128, 130
    • Bank-Fund collaboration, 123, 127, 144
    • confidentiality, 125, 126
    • Confidentiality Protocol, 144–47
    • coverage, 128
    • coverage and frequency, 123–25
    • Financial System Stability Assessments (FSSAs), 122, 123, 130
    • frequency, 123, 129
    • FSSA reports, presumed publication, 130
    • Independent Evaluation Office review, 130
    • offshore financial centers (OFCs), 125, 151, 153, 154
    • publication of FSAP reports, 125
    • publication of FSAP reports not authorized, 126
    • publication of FSSA reports endorsed, 126
    • Reports on Observance of Standards and Codes (ROSCs), 123
    • review, 127
    • review, 2005, 127
    • stability assessments, integration of, 131
    • standards and codes, 122–23
    • stress tests, 122
    • surveillance, 122, 128, 129
    • updates, 128
    • World Bank, collaboration with, 122, 123
  • Financial Stability Board
    • cross-border capital flows, surveillance of, 55
    • membership of the Fund, 84
  • Financial Stability Forum, 82
    • terms of Fund membership, 87
  • First credit tranche purchase
    • elimination of payments arrears, 446
    • liberal Fund attitude, 380
    • reasonable efforts test, 380, 447
  • First credit tranche stand-by arrangements
    • phasing and performance clauses omitted, 379
  • Fiscal agency
    • safeguards on use of Fund resources when fiscal agent not central bank, 358
  • Flexible Credit Line
    • Article IV consultation cycle, 72
    • Emergency Financing Mechanism procedures not applicable, 412
    • establishment, 409
    • performance criteria not applicable, 410
    • phasing not applicable, 410
    • qualification criteria, 409
    • requirement to review 12-month arrangement after six months eliminated, 413
    • review (2011), 414
    • review no later than November 2014, 432
    • review of decision, 413
  • Foreign borrowing. See External debt
  • Forms
    • draft declaration on censure or noncooperation, 839
    • draft first letter to all Governors regarding a member’s overdue financial obligations to the Fund, 836–37
    • draft second letter to all Governors regarding a member’s overdue financial obligations to the Fund, 837–39
    • extended arrangement, 404–8
    • stand-by arrangement, 399–404
  • Fourteenth General Review of Quotas, 7
  • Fragile situations, countries in
    • unique challenges, 235
  • Framework Administered Account for Selected Fund Activities
    • instrument to establish, 179
  • Framework Administered Account for Technical Assistance Activities
    • adoption of Instrument to establish, 173
    • Africa Regional Technical Assistance Centers Subaccount, 178
    • Instrument to establish, 173–77
    • investment of resources, 175
    • Pacific Financial Technical Assistance Centre Subaccount, 177
  • Freely usable currencies (euro, Japanese yen, pound sterling, U.S. dollar), 316, 790, 797
  • FSAP. See Financial Sector Assessment Program
  • Fund-Bank collaboration. See also World Bank (International Bank for Reconstruction and Development)
    • attendance at Fund Board Meetings, 717, 750
    • Financial Sector Assessment Program, 127
  • Furnishing of information to the Fund, 351, 608–16

G

  • G-20 mutual assessment process, 142
  • GAB. See General Arrangements to Borrow
  • GATT. See General Agreement on Tariffs and Trade
  • GDDS. See General Data Dissemination System
  • General Agreement on Tariffs and Trade (GATT). See also World Trade Organization (WTO)
    • arrangement for consultation and cooperation with the Contracting Parties, 702–6
    • Fund collaboration with, 733–40, 887
    • import restrictions for balance of payments reasons, 592
    • Voluntary Declaration on Trade and Other Current Account Measures, 887
  • General Arrangements to Borrow (GAB), 540–56
    • borrowing by the Fund, guidelines, 580
    • emergency financing mechanism, 368
    • interest, 520
    • letter from France’s Minister of Finance to U.S. Secretary of the Treasury, 552–54
    • participants and amounts of credit, 551
    • quotas, Eleventh General Review, 3
    • repayment by the Fund, 544–46
    • sales of currencies of members indebted to Fund, 486
    • transferability of claims, 547
    • use of credit arrangements for nonparticipants, 550
  • General Data Dissemination Standard
    • review (2012), 690
  • General Data Dissemination System (GDDS)
    • access by the public, 682
    • bulletin board on the internet, 688
    • coverage, periodicity, timeliness of data, 661
    • integrity, 683
    • periodicity, 673–89
    • phased approach, 658
    • purposes, 657, 659
    • quality, 685
  • General Reserve
    • placement of income from GRA in FY 2012, 760
  • General Resources Account
    • transfer of currencies to Investment Account, 759
  • General Resources Account (GRA)
    • adjustment of Fund holdings of members’ currency, 514
    • annual reimbursement of PRGF-ESF Trust expenses, 536
    • designation, assessment of strength of member’s balance of payments and gross reserve position, 480
    • gold held, sale, 535
    • maintenance of value, 514
    • media payment in, 500
    • misreporting and noncomplying purchases, 351–54
    • overdue charges, 501
    • rates for computation and maintenance of value, 513
    • repayment expectation under PRGF Trust, failure to meet, 242
    • repurchase expectation, failure to meet, 362
    • rights approach, 848
    • rules, applicability to PRGF Trust administration, 243
    • sale of currencies at the request of members with outstanding purchase, 483
    • sale of SDRs by the Fund for payment for increase in quota, 490
    • special charge on overdue charges, 501
    • specification of currencies by the Fund, 483–84
    • Subsidy Account, reimbursement of administrative expenses, 866
    • transfers of SDRs instead of currencies under Article V, Section 3(f), 481
  • Global Financial Stability Report (GFSR), 45
  • Gold
    • designation of SDRs, 819–20
    • gold pledge for use of ESAF Trust resources, 846–49, 849–50
    • gold pledge for use of PRGF-ESF Trust resources under rights approach, modalities, 535–36
    • harmonization of excess holdings of SDRs, 819–20
    • interim administered account for windfall gold sales profits, 761
    • ownership of gold and currency for subscriptions, 19
    • payment for repurchases, 494
    • profit from gold sales to Special Reserve and General Reserve, 760
  • Governance issues
    • Article IV consultations, 103, 106
    • coordination with bilateral donors and multilateral agencies, 107–9
    • corruption, 99, 102, 103
    • HIPC Initiative, 283
    • identification of problems, 106
    • macroeconomic impact test for Fund involvement, 99, 105, 107
    • policy advice, 98, 100
    • role of the Fund, 109–11, 109, 111, 657, 658
    • technical assistance, 98, 106
    • technical issues, 99, 100
    • transparency, 99, 103
    • use of Fund resources, 104–5
  • GRA. See General Resources Account
  • Gross reserve position
    • assessment for purposes of designation plans, operational budgets, and early repurchases, 483
  • Guidelines
    • access by members to Fund’s general resources, 456
    • allocation of currencies, operational budget, 483–84
    • conditionality, 335–43, 379
    • corrective action, 257, 351–54, 361
    • designation plans, 480
    • early repurchases, guidelines, 491–93, 496
    • emergency assistance, natural disasters, 432
    • emergency assistance, post-conflict, 438–42, 435–37
    • Fund staff collaboration with the WTO, 733–39
    • governance issues, 98–109
    • minimum circulation periods for Executive Board documents, 111
    • misreporting and noncomplying purchases, 351–54
    • operational budget, 480–81
    • payment of reserve assets for subscription, 19–22
    • performance criteria on external debt in Fund arrangements, 386
    • performance criteria with respect to foreign borrowing, discount rate for assessing concessionality, 392–93
    • SDR valuation basket, calculation of currency amounts, 790–92, 792–93
    • SDR valuation basket, conversion into euro of deutsche mark and French franc, 794
    • selection of currencies by the Fund, 483–84, 485–86

H

  • Heavily Poor Countries (HIPC) Initiative
    • status of implementation (2011), 293
  • 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)

I

  • IBRD. See World Bank
  • IMFC. See International Monetary and Financial Committee
  • Immunities and Privileges of Specialized Agencies, United Nations Convention, 904–21
  • Import restrictions for balance of payments reasons
    • extended arrangements, 407
    • GATT, 446
    • stand-by arrangements, 402
  • Income position
    • PRGT Reserve Account Transfer to Subsidy Account, 511
    • rate of charge for use of Fund resources, FY 2011, 512
  • Income Position. See Burden sharing
  • Ineligibility to use Fund resources
    • declaration of ineligibility, 612, 834, 838, 840–46, 850
    • extended arrangements, 407, 827
    • limitation and ineligibility under Article V, Section 5, 488
    • publicity, 850
    • stand-by arrangements, 402, 827
  • Inter-American Development Bank (IDB)
    • communication regarding members’ arrears to the Fund, 834
    • exchange of documents with, 742
  • Interest
    • means of payment under Trust Fund, 857
    • Poverty Reduction and Growth Trust, 207
    • PRGF-HIPC Trust, interest-free loans, 266
  • Interim Committee. See also International Monetary and Financial Committee
    • governance, 356
    • International Monetary and Financial Committee, transformation of Interim Committee into, 875–78
    • rules of procedures, 890
    • safeguards for use of Fund resources, 356
    • terms of reference, 877
  • International agencies, 740
  • International Bank for Reconstruction and Development (IBRD). See World Bank
  • International Court of Justice, 900, 916
  • International Development Association (IDA)
    • HIPC Initiative, 283, 284
    • prescribed holder of SDRs, 799
  • International Financial Statistics (IFS), 77
  • International Fund for Agricultural Development (IFAD)
    • prescribed holders of SDRs, 799
  • International Monetary and Financial Committee (IMFC, formerly Interim Committee)
    • Fourteenth General Review of Quotas, 7
    • participation of Executive Directors in meetings, 876
    • participation of Managing Director in meetings, 876
    • procedures, 877–78
    • terms of reference, 877
  • International organizations
    • transmittal of Fund documents, 740
  • Interpretation
    • Article VI, use of Fund resources for capital transfers, 334
    • Article VIII, Section 2(b), unenforceability of exchange contracts, 583–84
    • Article IX, Section 7, privilege for communications, 697–98
    • Article XII, Section 3(b)(i) and Section 3(f), appointment of directors by members having one of five largest quotas, 745
    • Article XII, Section 3(c), appointment of two additional directors, 745
    • Article XIV, Section 3, Fund representation in exceptional circumstances on withdrawal of Article XIV, Section 3 restrictions, 789
    • Articles of Agreement, 334
  • Investigation of Fund activities, cooperation procedures, 694–96
  • Investment Account
    • adoption of rules and regulations, 755
    • establishment, 755
    • guidelines for investing assets, 756–58
    • objective, 756
    • sources of assets, 756
    • termination, 756
    • transfer of currencies, FY 2010 and FY 2012, 759
    • transfer of currencies, FY 2011 and FY 2012, 759
    • transfer of income to General Resources Account, 760
    • uses of income, 756
  • Investment authority of the Fund
    • broadening the investment mandate, 762
  • Islamic Development Bank (IsDB)
    • exchange of documents with, 742
    • prescribed holder of SDRs, 799

J

  • Japanese yen
    • freely usable currency, 856
    • weight in SDR valuation basket, 791
  • Joint Ministerial Committee on the Transfer of Real Resources to Developing Countries. See Development Committee
  • Joint Staff Advisory Notes
    • streamline modalities, amendments to, 295
  • Joint Staff Assessments, 285

L

  • Lapse of time procedures
    • Article IV consultations, 79
    • program reviews, completion, 417
    • transmittal of supplementary information to WTO, 734
  • Leases, definition of external debt, 392–93
  • Lending into arrears, 450–54
    • review of policy, 454
  • Letters of intent (LOIs)
    • deletion from documents released to aid agencies, 744
    • side letters, 347–50
  • Loan Account
    • borrowing for, 209
  • Longer-term program engagement
    • definition, 378
    • review, 375
  • Low-income countries
    • concessional financing framework, reform of, 191
    • debt sustainability framework, 238
    • fragile situations, 235
    • role of the Fund, 442, 444

M

  • Maintenance of value
    • overdue adjustments, 830
    • rates for computations, 513–15
    • Managing Director
    • authorized signatories, 754
    • consultation by member before requesting an extended arrangement, 394
    • consultation with creditors for additional borrowing for PRGF Trust Loan Account, 246
    • consultation with member on changes in exchange rate policies, 24
    • consultation with member with outstanding purchases on sale of currency, 486
    • Development Committee, participation in meetings of, 882
    • General Arrangements to Borrow, proposals for calls, 550
    • International Monetary and Financial Committee, participation in meetings of, 876
    • nondiscriminatory treatment of members, 337
    • SDR allocation, proposals for first basic period, 803
    • use of Fund resources, recommendation regarding approval, 337
  • MDRI. See Multilateral Debt Relief Initiative; Multilateral Debt Relief Initiative-I Trust; Multilateral Debt Relief Initiative-II Trust
  • MEFPs. See Memoranda of economic and financial policies
  • Military expenditure and the role of the Fund
    • Article IV consultations, 109, 110
    • performance criteria, 111
  • Misreporting and noncomplying disbursements, PRGF-ESF Trust
    • missed repurchase expectation, 783
    • prior action, accuracy of information, 244
    • repayment expectation, 256, 265
    • safeguards for use of Fund resources, 357
    • waiver of applicability or for nonobservance of performance criteria, 245
  • Misreporting and noncomplying purchases, General Resources Account
    • corrective action, 351–54
    • performance criteria or other conditions, accuracy of information, 351, 360–61, 355
    • prior actions, accuracy of information, 355
    • publication of cases, 783
    • safeguards for use of Fund resources, 355–60
    • waivers, 352
  • Misreporting and noncomplying purchases, Policy Support Instrument (PSI)
    • corrective action, 186
  • Misreporting and noncomplying purchases, PRGF and PRG Trust
    • corrective action, 227
  • Misreporting in de minimis cases
    • Article VIII, Section 5, 614
    • de minimis, definition, 354
    • General Resources Account, 353
    • Policy Support Instrument, 188
    • Special PRGF Operations for HIPC, 264
  • Moral hazard, 369, 440, 463, 473
  • Multilateral Debt Relief Initiative
    • status of implementation (2011), 293
  • Multilateral Debt Relief Initiative (MDRI)
    • proposed decisions, 296
    • qualification of non-HIPCs, 296
  • Multilateral Debt Relief Initiative-I (MDRI-I) Trust
    • administration, 304
    • amendment, 307
    • completion point, 300
    • decision point, 300
    • eligibility, 302
    • investment of resources, 306
    • media of payment of contributions, 301
    • purposes, 300
    • Trust reimbursement for FY 2011, 313
    • unit of account, 301
  • Multilateral Debt Relief Initiative-II (MDRI-II) Trust
    • administration, 311
    • amendment, 313
    • completion point, 307
    • decision point, 307
    • eligibility, 309
    • instrument to establish, 307
    • liquidation, 313
    • media of payment of contributions, 309
    • purposes, 308
    • unit of account, 308
  • Multiple currency practices
    • approval, 24, 603
    • approval criteria, when imposed for balance of payments reasons, 591, 605
    • approval criteria, when imposed for non-balance of payments reasons, 591
    • Article IV consultations, 606
    • balance of payments reasons, 598, 605
    • capital transactions, 606
    • consultation with Fund prior to changes, 597, 598
    • discrimination, 606
    • exchange taxes, 602
    • jurisdiction of the Fund, 599
    • nonbalance of payments reasons, 597, 606
    • official action, 605
    • policy in 1947, 595–603
    • policy in 1957, 603
    • policy in 1998, 604–6
    • simplification of complex rate systems, 603
    • spread, 605
    • statement to members transmitting Funds decisions, 596
    • unification of exchange rates as basic Fund objectives, 603
  • Multi-year rescheduling arrangements (MYRAs)
    • enhanced surveillance and, 119
  • Mutual assessment process, G-20, 142
  • MYRAs. See Multi-year rescheduling arrangements

N

  • NAB. See New Arrangements to Borrow
  • Natural disasters, emergency assistance, 432–35
  • New Arrangements to Borrow
    • new participants, 576
  • New Arrangements to Borrow (NAB), 556–76
    • activation period, 560
    • adherence, 559
    • Fourteenth General Review of Quotas, 10
    • General Terms and Conditions for NAB Notes, 563
    • interest, 564
    • meeting of participants, 577
    • rates of exchange, 567
    • special calls, 562
    • transferability, 568
    • transferability of claims, 578–79
    • withdrawal from adherence, 571
    • withdrawal from membership, 571
  • Noncooperation draft declaration, 835
  • Nondiscriminatory treatment of members
    • Paris Club, 116
    • Use of Fund resources, 336
  • Nordic Investment Bank
    • prescribed holder of SDRs, 799
  • Note Purchase Agreement
    • issuance of notes by Fund to official sector, 582

O

  • Observer status in the Fund
    • European Central Bank, 731
    • World Bank, 717–20
    • World Trade Organization, 733, 933
  • Observer status of the Fund
    • World Bank, 717
    • World Trade Organization, 934
  • OECD. See Organization for Economic Cooperation and Development
  • Official clearing and payments arrangements
    • temporary exemption from three-month settlement rule, 587
  • Offshore financial centers (OFCs), 152
    • assessment program, 151–54
    • inclusion in FSAP reports, 125
    • integration of assessment program with FSAP, 154
    • publication of reports, 153
  • Operational budgets
    • assessment of strength of member’s balance of payments and gross reserve position, 480
    • guidelines for operational budget allocation of currencies, review, 483
    • specification of currencies by the Fund, 483, 485
    • transfers of SDRs under Article V, Section 3(f), 481
  • Organization for Economic Cooperation and Development (OECD)
    • exchange of documents, 743
  • Overdue financial obligations to the Fund. See also Rights accumulation programs; Rights approach
    • accounting charges, 500
    • Annual Report (IMF), 833
    • complaint by Managing Director, 832
    • compulsory withdrawal, 835, 836, 840, 842
    • declaration of censure, 835, 839
    • declaration of ineligibility, 834, 839, 841, 842, 850
    • declaration of noncooperation, 835, 839, 842, 850
    • de-escalation of remedial measures, 851
    • draft first letter to all Governors, 836–37
    • draft second letter to all Governors, 838–39
    • Eleventh General Review of Quotas, 3
    • ESAF, no access, 829–30
    • extended arrangements and, 828
    • flexibility in de-escalation policy because of Qualifying Catastrophic Disaster, 854
    • Ninth General Review of Quotas, 833, 843
    • nontoleration of arrears to official creditors, 448
    • overdue maintenance of value adjustments, 830
    • Overseas Economic Cooperation Fund (OECF), 392
    • preferred creditor status of Fund, 830–36, 830, 831, 839, 843
    • prevention/deterrence measures, strengthened timetable of procedures, 844
    • PSI, nonapproval, 184
    • requests for the use of Fund resources under a stand-by or extended arrangements, management will not submit, 828
    • review of strategy (2011), 854
    • review period, 828
    • SAF, no access, 829
    • setoff in connection with retroactive reduction of charges, 503
    • special charges, 501
    • stand-by arrangements and, 827
    • strengthened cooperative strategy, 840–46, 849–50, 850–51
    • suspension of voting rights, 843, 845
    • technical assistance suspension, 853
  • Overdue payments to the Fund. See Overdue financial obligations to the Fund

P

  • Paris Club
    • Agreed Minute, 117
    • debt rescheduling and Fund arrangements or programs, 842
    • debtors’ negotiations with, 116
    • PRGF qualification for assistance, 260
    • rescheduling discussions, 743
    • rescheduling in the absence of Fund arrangement, 843
    • rescheduling operations, Fund opposition to matching, 442
    • settlement of disputes between Fund members and Fund neutrality, 117
  • Payments arrears of a member to other (non-Fund) creditors
    • Fund lending into nonsovereign arrears, 448–54
    • Fund lending into sovereign arrears, 448–54
    • Fund policies and procedures, 448–54
    • performance criteria, 446
  • Payments arrears to the Fund. See Overdue financial obligations to the Fund
  • 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, 116
  • Payments restrictions. See Exchange restrictions
  • Performance criteria under Fund arrangements
    • accuracy of information, 354
    • conditionality guidelines, 335
    • debt limits, 386
    • definition, 340
    • first credit tranche, not subject to, 380
    • number and content of, 340
    • omitted in stand-by arrangements within first credit tranche, 379
    • phasing, relationship, 384–85
    • reporting on implementation, confidentiality relating to, 350
    • side letters, 351
    • structural performance criteria not applicable, 343
    • waiver for nonobservance, 341, 352, 354
    • waiver of applicability, 342, 354
  • Phasing and performance criteria under Fund arrangements
    • omitted in stand-by arrangements within first credit tranche, 379
    • operational guidelines, 384
    • relationship, 384
  • PINs. See Public Information Notices
  • Policy framework papers. See also Poverty Reduction Strategy Papers
  • Policy Support Instrument (PSI), 178–90
    • application of Guidelines on Conditionality, 189
    • arrears, 189
    • Article IV consultation cycle, 72
    • assessment criteria, 186
    • definition, 184
    • documents required, 184
    • eligibility, 184, 185
    • implementation, 185
    • misreporting, 187
    • poverty reduction strategy documents, 184
    • review, 190
    • side letters, 189
    • structural assessment criteria not needed for monitoring, 191
    • termination, 189
  • Position in the Fund, 483
  • Post-Catastrophe Debt Relief Trust
    • debt flow relief, 327
    • debt stock relief, 327
    • eligibility, 326
    • establishment, 323
    • flexibility in de-escalation policy with respect to overdue payments to the Fund, 854
    • purposes, 324
    • Qualifying Catastrophic Disaster, 327
    • reimbursement to General Resources Account, 867
    • Special Disbursement Account, 325
    • Umbrella Account, 333
  • Post-conflict emergency assistance, 277, 281, 314, 423–32, 435–37, 438–42
  • Post-Conflict Emergency Assistance Subsidy Account for PRGF-Eligible Members
    • establishment, 314
    • fees, none, 319
    • instrument to establish, 314–20
    • investment of resources, 317
    • purpose, 314
    • rate of charge subsidy, 317
    • resources, 315
    • SDRs, use of, 320
    • settlement of questions, 320
    • termination, 319
    • use of resources, 316
  • Post-Program Monitoring
    • Article IV consultation, 373
    • publication policies, 373
  • Post-SCA-2 Administered Account
    • adoption of Instrument to establish, 321
    • instrument to establish, 321–23
  • Pound sterling
    • freely usable currency, 856
    • weight in SDR valuation basket, 791
  • Poverty and Growth Reduction Trust
    • cost of administering, 537
  • Poverty Reduction and Growth Facility (PRGF) and Exogenous Shocks Facility (ESF) 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)
    • contributions, value date for operations and transactions, 246
    • decision waiving the applicability of a performance criterion, 245
    • establishment, adoption of Instrument, 194
    • instrument to establish, 195
    • modalities of gold pledge under rights approach, 535
    • other provisions, 241
    • post-SCA-2 Administered Account, 322
    • prior actions, accuracy of information, 244
    • proposed decisions, 296
    • repayment expectation, 242
    • transformation of ESAF to PRGF, 242–44
    • transformation to Poverty Reduction and Growth Trust, 191
    • waiver of performance criteria, accuracy of information, 244–45
  • Poverty Reduction and Growth Facility (PRGF) and Exogenous Shocks Facility (ESF) Trust loans
    • performance criteria, 245, 250
    • performance criteria, accuracy of information, 244–45
    • prior action, accuracy of information, 244
    • repayment expectation, 242
    • waiver of applicability or for nonobservance of performance criterion, 244
  • Poverty Reduction and Growth Trust
    • accuracy of data to assess observance of performance criteria, 245
    • assistance, amount of, 203
    • assistance, eligibility and conditions, 198
    • eligibility criteria, 525
    • Exogenous Shocks Facility, assistance under, 233
    • Extended Credit Facility, 192
    • instrument to establish, 195
    • interest rate structure, review, 234
    • loans, terms of, 207
    • misreporting and noncomplying disbursements, 227
    • Note Purchase Agreement, 240
    • overdue financial obligations, 230
    • Rapid Credit Facility, 196
    • Subsidy Accounts, 213
  • Poverty Reduction Strategy (PRS). See also Poverty Reduction Strategy Papers (PRSPs)
    • conflict-affected states, special requirements, 292
    • goals, 290
    • Millennium Development Goals (MDGs), achievement of, 290
    • review, 289
  • Poverty Reduction Strategy Papers (PRSPs). See also Poverty Reduction Strategy (PRS)
    • core principles, 289
    • definition, 257
    • progress, 283
    • role in HIPC initiative, 260
    • role in PSI operations, 184
  • Precautionary and Liqudity Line
    • conditionality, 426
  • Precautionary and Liquidity Line
    • access limits, 427
    • balance of payments need, 427
    • duration, 426
    • eligibility, 425
    • establishment to replace Precautionary Credit Line, 414
    • relationship between performance criteria and phasing not applicable, 384
    • review no later than November 2012, 432
    • safeguard assessment, 431
    • terms and conditions, 425
  • Precautionary Credit Line
    • Article IV consultation cycle, 72
    • repealed, 431
    • review (2011), 414
    • review of decision, 413
  • Preferred creditor status of Fund, 277, 440, 831, 839, 843
  • Press Notices. See Public Information Notices
  • PRGF. See Poverty Reduction and Growth Facility
  • PRGF-ESF Trust. See Poverty Reduction and Growth Facility and Exogenous Shocks Facility Trust
  • Prior actions
    • accuracy of information regarding implementation, 355
    • definition, 339
    • implementation under PRGF, 244
    • reporting on implementation, confidentiality relating to, 350
    • side letters, 351
    • use in emergency financing mechanism, 370
    • use in enhanced structural adjustment facility, 250
    • use in Extended Credit Facility, Standby Credit Facility and Exogenous Shocks Facility, 244
    • use in Policy Support Instrument, 187
  • Program reviews, 340
    • ex-post assessments, 420
    • ex-post evaluations, multi-country, 420
    • lapse of time completion, 417
    • procedural deadlines for completion, 422
  • Prolonged use of Fund resources
    • Article IV consultations, 374
    • assessment, 374
    • definition, 375
    • precautionary arrangements, 375
  • Protracted balance of payments problem, 296, 518
  • PSI. See Policy Support Instrument
  • Public Information Notices (PINs)
    • presumed publication, 778
  • Publication
    • Article IV consultation staff reports, pilot project, 784
    • Letters of Intent, 778
    • PINs on use of Fund resources, 779
    • staff-monitored programs, presumption of publication, 69
    • suspension of voting rights and termination of suspension, 783
    • transparency policy, 765
  • Purchase transactions. See Reserve tranche purchases; Use of Fund resources
    • resumption of purchases under extended arrangement after decision of formal ineligibility, 407
    • resumption of purchases under stand-by arrangement after decision of formal ineligibility, 402
    • suspension of transactions under extended arrangement, 407
    • suspension of transactions under stand-by arrangement, 403
    • temporary suspension under Article XXVII, effect on GAB, 548

Q

  • Quotas
    • ad hoc increases, 22
    • adjustment, first interval of five years, 3
    • Eleventh General Review, 3
    • Fourteenth General Review, 7
    • Ninth General Review, 843
    • payments of reserve assets in connection with subscription, 19
    • sales of SDRs by Fund to members for quota payments, 490
    • Seventh General Review, 20, 490, 805, 821
    • Sixth General Review, 20
    • voice and quota, reform of, 3
    • voting power and adjustment of quotas, 746

R

  • Rapid Credit Facility
    • access, 204
    • assistance under RCF, 201
    • interest rate, 234
    • low-income countries in fragile situations, 235
  • Rapid Financing Facility
    • balance of payments need, 423
  • Rapid Financing Instrument
    • access limits, 424
    • establishment to replace emergency assistance policy, 415
    • outright purchases, 424
    • terms and conditions, 423
  • Recent Economic Developments reports (REDs)
    • balance of payments consultations, WTO, 734
    • no longer included in Article IV consultation documentation, 65
    • transmittal to multilateral agencies, 734, 739, 740
  • Reconstitution of SDRs
    • abrogation of rules, 823
  • REDs. See Recent Economic Developments reports (REDs); Article IV consultations
  • Reform of the Executive Board, Resolution 66-2, 7
  • Regional Economic Outlooks (REOs), 45
  • Repayment expectations, PRGF Trust, 242, 256, 265
  • Reports on Observance of Standards and Codes (ROSCs)
    • anti-money laundering initiatives, 153, 159, 168
    • assessment procedures, 159
    • no longer circulated to Executive Directors in hard copy form, 151
    • principle of uniformity, 161
    • reports on observance associated with FATF-led assessments generally not designated as ROSCs, 161
    • surveillance, 78
  • Repurchase expectations
    • attribution of reduction of currency, 495
    • Compensatory Financing Facility, 491
    • failure to meet and extended arrangements, 353, 362
    • failure to meet and stand-by arrangements, 362
    • misreporting and noncomplying purchases, 351–54, 361
    • publication of failure to meet, 782
  • Repurchases. See also Repurchase expectations
    • access policy, 458–59
    • assessment of strength of members’ balance of payments and gross reserve position, 480
    • attribution of reductions in Fund’s holdings of currencies, 495–96
    • credit tranches, 493
    • early repurchases, guidelines, 495
    • emergency assistance, 493
    • extended arrangements, 396, 459
    • gold, acceptance in payment, 494
    • gold, obligation to pay, 494
    • procedures, 493
    • Schedule B, 494
    • SDRs, 494
    • selection of currencies by Fund, 482, 485
    • special charges on overdue repurchases, 493–95
    • stand-by arrangements, 459
    • timing of repurchases within a calendar month, 493
  • Reserve assets
    • payment in connection with subscriptions, 19
  • Reserve position, gross
    • assessment for purposes of designation plans, operational budgets, and early repurchases, 480
    • SDDS reporting, 620
  • Reserve tranche position
    • administrative accounts, 855
    • attribution of reductions in Fund’s holdings of currencies, 495, 496
    • balances held in Administrative Account, 855
    • extended arrangements, 855
    • remunerated position, 21
  • Reserve tranche purchases, exclusion of purchases and holdings
    • credit tranches, 855
    • extended arrangements, 855
    • General Arrangements to Borrow, 545
  • Resolutions. See Board of Governors Resolutions
  • Restrictions. See Exchange restrictions
  • Retention quotas, 587–89
  • Reviews under Fund arrangements
    • extended arrangement, 404
    • stand-by arrangement, 400
  • Revolving character of the Fund’s resources, 434, 458
  • Rights accumulation programs, 363, 846, 850, 851
    • gold pledge, 849
  • Rights approach
    • arrears to the Fund, reduction, 846
    • extension of availability, 854
    • gold pledge, 846
    • modalities of gold pledge for use of PRGF Trust resources, 535, 846
    • operational modalities, 846
    • PRGF-HIPC Trust eligibility, 259
    • PRGF-HIPC Trust qualification, 260
    • three-year period norm, 847
  • ROSCs. See Reports on Observance of Standards and Codes
  • Rules and Regulations
    • Rule G-1, fiscal agency, 547
    • Rule G-4, request for a purchase, 488
    • Rule I-6(4), rate of charge, 501, 503, 507, 510, 864
    • Rule I-6(4)(a), 507, 510
    • Rule I-6(4)(b), 507, 510
    • Rule I-10, rate of remuneration, 507, 510
    • Rule K-1, 701
    • Rule O-1, value of SDR, 794
    • Rule O-2, valuation of currencies in terms of SDRs, 514, 547, 794, 807, 808, 810, 812, 814
    • Rule O-2(a), 794
    • Rule O-10, operational budget, 481
    • Rule P-7, prescribed operation, 807, 809, 810, 812, 815, 816
    • Rule P-9, recording of SDR transactions, 320, 324, 799, 800, 801, 808, 810, 811, 813, 815, 816, 817
    • Rule R-1 through Rule R-6, rules for reconstitution (abrogated), 823
    • Rule T-1, 511

S

  • SAF. See Structural Adjustment Facility
  • Safeguard assessment process
    • Rapid Financing Instrument, 424
  • Safeguards assessment policy
    • review of experience, 2010, 366
  • Safeguards assessment process
    • audits, 357, 358, 359
    • confidentiality, 359, 366
    • distinction between first and second stages no longer applicable, 365
    • first stage, 358, 365
    • information/documents to obtain from central banks, 359
    • Precautionary and Liquidity Line, 431
    • reports to remain confidential, 362
    • review, 360
    • second stage, 359, 365
  • Safeguards, use of Fund resources
    • benchmarks based on Code of Good Practices on Transparency in Monetary and Financial Policies, 358
    • publication of audited central bank financial statements, 358
  • Sales of currencies of members indebted to the Fund
    • sale of currencies at the request of members with outstanding purchases, 487
  • Santiago Principles, 87
  • Schedule B, transitional provisions, 20, 494
  • Schedule D
    • paragraph 1(a), proposed amendment, 17
    • paragraph 5(e), proposed deletion, 17
    • paragraph 5(f), proposed amendment, 17
  • Schedule E
    • proposed amendment, 18
  • Schedule F, designation, 819
  • Schedule G, paragraph 1(a), reconstitution, 823
  • Schedule J, settlement of accounts with withdrawing members, 548
  • Schedule K, administration of liquidation, 548
  • Schedule L
    • suspension of voting rights, 876
    • paragraph 1(b), proposed amendment, 18
    • paragraph 3(c), proposed amendment, 18
  • SDA. See Special Disbursement Account
  • SDDS. See Special Data Dissemination Standard
  • SDRs. See Special drawing rights
  • Second Amendment
    • Article IV (surveillance over exchange rate policies), 20
    • payment of reserve assets in connection with subscription, 20
    • repurchase under Schedule B, 494
    • surveillance over exchange rate policies, 20
  • Security reasons, exchange restrictions for, 585
  • Settlement of disputes between members relating to external debt
    • comparable treatment of creditors, 116
    • Paris Club, 116
    • role of the Fund, 115–18
  • SFF. See Supplementary Financing Facility
  • Short-Term Liqudity Facility
    • repeal, 347
  • Side letters, use of Fund resources, 347–50
  • Sovereign default, 369, 448
  • Sovereign wealth funds
    • generally accepted principles and practices (GAPPs), 87
    • Santiago Principles, 87
  • Special accounts for administrative purposes
    • calculation of holdings of a member’s currency, 745
  • Special Contingent Account. See also Burden sharing
    • additions to, 829
  • Special Data Dissemination Standards (SDDS)
    • access by the public, 620, 627
    • balance-sheet approach, 76
    • coverage, 622
    • Data Dissemination Bulletin Board, 629
    • debt sustainability assessments, 76
    • integrity, 627
    • liquidity management, 76
    • periodicity and timeliness, 623
    • purpose and framework, 621
    • quality, 628
    • review (2012), 689
    • SDDS Plus tier, 689
    • subscription, 629
  • Special Disbursement Account (SDA)
    • ESAF-HIPC Trust, 270
    • investment, 516
    • Post-Catastrophe Debt Relief Trust, 325
    • PRGF-HIPC Trust, 256, 269
    • repayment expectation under PRGF Trust, failure to meet, 242
    • Structural Adjustment Facility administration, 516
    • termination and transfer of resources from Trust Fund, 858
    • termination of assistance from SAF in conjunction with loans from ESAF Trust, 534
    • transfer of resources to the ESAF Trust and retransfer to the SDA, 532
  • Special drawing rights (SDRs)
    • allocation for first basic period, 803
    • allocation for the ninth basic period, 805
    • allocation for third basic period, 804
    • contributions to PRGF-HIPC Trust, 259
    • currency reference rates, 792
    • currency weights, 791
    • designation review rules, 818
    • designation rules, revision, 821
    • euro, weight in valuation basket, 791
    • harmonization of holdings, 819
    • holders prescribed by the Fund
      • African Development Bank, 799
      • African Development Fund, 799
      • Andean Reserve Fund, 798
      • Arab Monetary Fund, 799
      • Asian Development Bank, 799
      • Bank for International Settlements, 798
      • Bank of Central African States, 799
      • Central Bank of West African States, 799
      • East African Development Bank, 799
      • East Caribbean Currency Authority, 799
      • Eastern Caribbean Central Bank, 799
      • European Central Bank, 799
      • International Bank for Reconstruction and Development (World Bank), 799
      • International Development Association, 799
      • International Fund for Agricultural Development, 799
      • Islamic Development Bank, 799
      • Nordic Investment Bank, 799
    • Japanese yen, weight in valuation basket, 791
    • means of repayment by members on indebtedness under loan agreements, 857
    • media of payment for charges in GRA, 499
    • method of valuation, 793
    • other holders, acceptance, holding or use, 795
    • payment of net charges and assessment in the SDR Department for FY ended April 30, 1982, 824
    • payment of subscriptions, 19
    • pound sterling, weight in valuation basket, 791
    • PRGF-HIPC Trust unit of account and media of payment, 258
    • reconstitution, abrogation of rules, 823
    • reserve asset payments, 19
    • sales by the Fund for payment of subscriptions, 19
    • sales by the Fund for the payment of charges, 500
    • terms and conditions for accepting, holding, or using SDRs, 795
    • transfers of SDRs for purchases under Article V, Section 3(f), 481
    • U.S. dollar, weight in valuation basket, 791
    • use in donations, 816
    • use in ESAF Trust operations or under an administered acount, 801
    • use in forward operations, 815
    • use in loans, 810
    • use in payment of Trust Fund obligations, 745, 857
    • use in pledges, 810
    • use in PRGF-HIPC Trust operations or under an administered account, 801
    • use in repurchases, 493
    • use in settlement of financial obligations, 807
    • use in Structural Adjustment Facility operations, 800
    • use in subsidy payment from SFF Subsidy Account, 800
    • use in swap operations, 814
    • use in transfers as security for the performance of financial obligations, 812
    • valuation basket, guidelines for calculation of currency amounts, 790
    • valuation basket, guidelines for calculation of currency amounts, revised guidelines, 790
    • valuation of US dollar for purposes of Rule O-2(a), 794
    • value of SDR, method of collecting exchange rates for calculation for purposes of Rule O-2(a), 794
  • Special Reserve
    • placement of income of GRA in FY 2012, 760
  • Specification of currencies, 485
  • SRF. See Supplemental Reserve Facility
  • Staff reports on Article IV consultations. See also Surveillance; Enhanced surveillance
    • document exchange with WTO, 740
    • military expenditure, 109
    • presumed publication, 778
    • transmittal to international agencies, 740, 742
  • Staff reports on enhanced surveillance
    • transmittal by members to creditors, 65–66, 120, 147
  • Staff reports on use of Fund resources and post-program monitoring
    • publication policy, 778
  • Staff-monitored programs (SMPs), 69
  • Standards and Codes. See also Financial Sector Assessment Program; Reports on Observance of Standards and Codes; and Special Data Dissemination Standard (SDDS)
  • Standards and Codes Initiative
    • crisis resolution and deposit insurance, new policy areas, 171
    • review (2011), 170
  • Stand-by arrangements. See also Access policy, use of Fund resources; Use of Fund resources
    • access to credit tranches, normally through, 379
    • arrangements not international agreements, 338
    • blackout periods, reduction of, 397
    • conditionality guidelines, 335
    • consultation clauses, 339, 402
    • contractual connotation avoidance, 338
    • duration, normal, 379
    • emergency purchases and, 433, 434, 437
    • external debt performance criteria, guidelines, 386
    • first credit tranche, 379
    • form, standard, 400
    • ineligibility, 403, 827
    • misreporting and noncomplying purchases, 351–54, 354, 355
    • noncomplying purchases, 353
    • nondiscriminatory treatment of members, 337
    • overdue financial obligations to the Fund, 827
    • performance criteria, accuracy of information, 355
    • performance criteria with respect to external debt, 392, 401
    • period for, 379
    • phasing, 379
    • policies and procedures, 379
    • PRGF-HIPC Trust eligibility, 259
    • PRGF-HIPC Trust qualification, 260
    • prior actions, accuracy of information, 354
    • program evaluation, 342
    • repurchase, 403
    • repurchase expectation, 352, 353, 403
    • reserve tranche purchases, 855
    • review, 400
    • structural performance criteria not applicable, 343
    • suspension of right to engage in transactions, 403
    • uniform treatment of members, 337
    • waiver for nonobservance of performance criteria, 352, 354, 355
    • waiver of applicability of performance criteria, 354, 355
  • Stand-by Credit Facility
    • interest rate, 234
  • Strengthened cooperative strategy
    • de-escalation of remedial measures, 851
    • procedures, 840
    • reversibility of actions, 850
    • rights approach eligibility, extension, 854
  • Structural Adjustment Facility (SAF)
    • access, potential, 518, 523
    • amounts of assistance, 517
    • commitment period, 518
    • commitment period, new, 522
    • disbursements, 519, 522
    • eligible members list, 523
    • income from investment and loans, 532
    • interest, 520
    • loans under Enhanced Structural Adjustment Facility (ESAF), 521
    • protracted balance of payments problem, 296, 518
    • purposes, 517
    • qualification for assistance, 518
    • resources, 517
    • SDRs, use in operations, 800, 801
    • terms of loans, 519
  • Subscriptions. See also Quotas
    • accounting by members, 19
    • ownership of gold and currency, 19
    • reserve asset payments, 19–22
  • Subsidy Account. See Supplementary Financing Facility Subsidy Account
  • Summings up and concluding remarks for policy items
    • review and finalization process, 62
  • Supplemental Reserve Facility (SRF)
    • exchange rate for payment of subsidies, 886
    • overdue financial obligations, 402, 407
    • repeal, 347
  • Supplementary Financing Facility (SFF) Subsidy Account, 860
    • eligible members, 863
    • instrument to establishment, 860
    • investment, 862
    • means of subsidy payments, 868
    • rescheduling in cases of serious hardship, 859
    • resources, 860
    • SDRs, use of, 800
    • subsidy amount, 862
    • suspension of transfers and re-transfer of surplus, 867
    • transfer from Special Disbursement Account, 861, 867
  • Surveillance. See alsoArticle IV consultations; Enhanced surveillance
    • 1977 Decision, review of and proposal, 24
    • balance-sheet analysis, 76
    • bilateral surveillance over members’ policies, 33
    • bilateral surveillance, 2007 decision, 33
    • bilateral, 2007 decision, transitional issues, 63
    • Central African Economic and Monetary Union, 93
    • cross-border capital flows, 54
    • data provision, 74
    • Eastern Caribbean Currency Union, 95
    • euro area, 90, 92
    • extension of theree-month period, 79
    • principles for the guidance of members’ policies, 38
    • principles for the guidance of the Fund, 35
    • priorities, 2008-2011, 48
    • procedures, 40
    • publicity, 783
    • review of general implementation, two-year intervals, 66, 69
    • ROSCs, 75, 78
    • Special Data Dissemination Standards, 77
    • stability assessments under FSAP mandatory, 131
    • stability assessments under FSAP, integration of, 134
    • staff-monitored programs, 69
    • systematically important financial sectors, 135
    • three-month rule, 78
    • timetable of procedures, 830
    • triennial review, 2008, 43
    • triennial review, 2011, 51
    • West African Economic and Monetary Union, 96
  • Suspension of membership, 836
  • Suspension of voting rights
    • participation in International Monetary and Financial Committee, 876
  • Swiss National Bank
    • GAB participant, 551, 555
    • NAB participant, 576
  • Systematically important financial sectors
    • financial stability assessments in surveillance, 135
  • Systemically Important Financial Sectors
    • conceptual framework, 138

T

  • Technical assistance
    • cooperation with Trusteeship Council, 900
    • exchange rate system simplification, 604
    • Framework Administered Account for, 173
    • members not cooperating with the Fund, 835, 836
    • post-conflict countries, 435
    • transmittal of reports to international agencies, 740
  • Terrorism financing. See Combating the Financing of Terrorism
  • Trade. See also World Trade Organization
    • structural maladjustments in trade, Extended Fund Facility, 393
    • Trade Integration Mechanism, 478
    • trade-related balance of payments adjustments, 478
  • Trade Integration Mechanism, 478
  • Trade restrictions
    • avoidance of escalation, 595, 887
    • emergency assistance, 423, 434
    • ESAF, 250
    • import restrictions for balance of payments reasons, extended arrangements, 407
    • import restrictions for balance of payments reasons, GATT, 592
    • import restrictions for balance of payments reasons, stand-by arrangements, 402
    • WTO involvement, 734
  • Tranche policies
    • first credit tranche, 380
    • floating tranche, 342
  • Transferability of claims
    • General Arrangements to Borrow, 555
  • Transparency. See also Publication
    • archives, access by outside persons, 692
    • foreign reserves management, 358
    • governance, 99
    • policy on disclosure and information, 765
    • safeguards for use of Fund resources, 359
  • Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries and for Interim ECF Subsidy Operations (PRG-HIPC Trust)
    • amendment of PRGF-HIPC Trust to PRG-HIPC Trust, 254
    • instrument to establish, 254
  • Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and for Interim PRGF Subsidy Operations (PRGF-HIPC Trust)
    • administration of, 267
    • amendment of, 269
    • Annual Progress Report (APR), 257
    • assistance amount, 262
    • completion point, 256, 263, 264, 265, 266, 275, 277, 278
    • contributions by other donors, 271
    • contributions to, 309
    • debt sustainability, 256, 262, 265, 266, 276, 277, 285
    • debt sustainability analysis, 255
    • debt-to-exports ratio, 256, 265, 279
    • debt-to-revenue ratio, 256
    • decision point, 255, 260, 262, 263, 274, 277, 282, 285, 286
    • eligibility, 259, 285
    • grace period on loans, 266
    • grants and loans, 259
    • Guidelines on Misreporting, 257
    • implementation, progress, 277–81
    • implementation, review, 281–85
    • instrument to establish, adoption of, 253
    • interest, 256, 266
    • interim assistance, 263
    • Interim Poverty Reduction Strategy Papers (I-PRSPs), 257, 283, 284
    • investment of resources, 258, 268, 271
    • Joint Staff Advisory Note (JSAN), 257
    • liquidation, 269
    • maturity of loans, 266
    • operation and liquidation, 269
    • Paris Club, 256, 260, 262, 278, 283, 287, 288
    • performance-related conditions, 264, 271
    • Poverty and Social Impact Analysis (PSIA), 291
    • Poverty Reduction Strategy Papers (PRSPs), 257, 260, 278, 281, 289
    • purposes, 258
    • qualification for assistance, 260
    • rescheduling of payments not allowed, 266
    • retransfers authorized, 271
    • SDRs, use in operations, 269, 801
    • self-sustained operations, 256, 269, 281
    • special charges on overdue interest and repayments, 501
    • Special Disbursement Account, transfers from, 258
    • streamlining preliminary HIPC documents, 285
    • subsidies for interim PRGF operations, 267
    • terms of assistance, 265
    • track record of performance, 276, 278, 282, 285, 288
    • transformation of ESAF-HIPC Trust to PRGF-HIPC Trust, 242
    • Trust Account and resources, 258
  • Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and the Interim PRGF Subsidy Operations (PRGF-HIPC Trust)
    • status of implementation (2011), 293
  • Trust for Special PRGF Operations Heavily Indebted Poor Countries and for Interim PRGF Subsidy Operations (PRGF-HIPC Trust)
    • completion point, 286
    • decision point, 286
    • eligibility and eligible members, 288
    • implementation status, 286
    • sunset clause, 270, 288
  • Trust Fund
    • final direct distribution of profits, 858
    • means of repayment by members on their indebtedness under loan agreement, 857
    • overdue interest and repayments, 501
    • SDRs, use in payment of Trust Fund obligations, 799
    • special charges on overdue financial obligations, 500–501, 858
    • termination and transfer of resources to Special Disbursement Account, 858
    • terms of repayment of final loan disbursement and amendment of Trust instrument, 860

U

  • Undue delay in availability or use of foreign exchange, 539, 593
  • Uniformity of treatment principle
    • post-conflict assistance, 440
    • settlement of disputes among members, comparable treatment, 116
    • use of Fund’s general resources, 337
  • United Nations
    • agreement with the IMF, 897–903
    • Convention on the Privileges and Immunities of the Specialized Agencies, 904–21
    • exchange of documents with, 899
    • UNDP, exchange of documents with, 742
    • Uniting for Peace General Assembly Resolution, 872
  • United States (U.S.) dollars
    • financial statements of Framework Account, expressed in, 176
    • maintenance of value, rates for computation, 514
    • means of payment by members on indebtedness under Trust Fund loan agreements, 857
    • medium of payment, loan disbursements, repayments, and interest under GAB, 520
    • medium of payment, MDRI-I Trust, 301
    • medium of payment, MDRI-II Trust, 309
    • medium of payment, PRGF-HIPC Trust, 259
    • payment of special charges on overdue payments, Trust Fund loans, 502
    • payments of interest on members’ indebtedness under Trust Fund loans, 857
    • valuation in terms of special drawing rights as per Rule O-2(a), 794
    • weight in SDR valuation basket, 791
  • Use of Fund resources. See also Access policy, use of Fund resources; 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 limitation of 200 percent of quota under Article V, Section 3(b)(iii)
    • accordance with purposes of the Fund, 334
    • arrears, resolving the problem of, 838
    • authority of the Fund to use its resources
      • Resolution, 871
      • resolving problem of arrears, 334
    • capital transfers, 334, 538
    • concessional financing, eligibility, 529
    • conditionality guidelines, 335–43
    • financing current account deficits, 334
    • Flexible Credit Line, 344, 409
    • form, extended arrangement, 404
    • form, stand-by arrangement, 400
    • inelibility, effect on purchases under extended arrangement, 407
    • ineligibility under Article V, Section 5, 488
    • ineligibility, effect on purchases under stand-by arrangement, 403
    • interpretation of Articles of Agreement, 334
    • limitation and ineligibility under Article V, Section 5, 488
    • meaning of “consistent with the provisions of this Agreement” under Article V, Section 3, 334
    • meaning of “represents,” 335
    • meaning of “represents” that a member has a need to make purchases, 335
    • nondiscriminatory treatment of members, 337
    • performance criteria and phasing, 384
    • postponement and limitation under Article V, Section 5, 488
    • repayment expectation under PRGF-ESF Trust, failure to meet, 242
    • repeal of CFF, SRF, and Short-term Liquidity Facility, 346
    • resumption of purchases under extended arrangement after decision of formal ineligibility, 407
    • resumption of purchases under stand-by arrangement after decision of formal ineligibility, 403
    • safeguards, strengthening of, 355–60
    • side letters, 347, 350
    • suspension of exchange transactions, effect on General Arrangements to Borrow, 548
    • suspension of transactions under extended arrangement, 407
    • suspension of transactions under stand-by arrangements, 403

V

  • Voluntary Declaration on Trade and Other Current Account Measures, 887
  • Voting power majority
    • compulsory withdrawal, 842
  • Voting rights, suspension. See Suspension of voting rights

W

  • Waiver of performance criteria
    • applicability, 341, 354, 355
    • nonobservance, 186, 354, 355
  • Waiver of special charges, 501
  • World Bank (International Bank for Reconstruction and Development)
    • agreement with WTO, 927, 928, 930
    • Bank-Fund collaboration, 111, 707, 717, 718, 724
    • collaboration with Fund and WTO, 737, 738
    • collaboration with Fund on corporate sector vulnerability analysis, 66
    • collaboration with Fund on shifting resources from military, 111
    • Development Committee, 879
    • ESAF policy framework process, 250
    • Financial Sector Assessment Program, 123
    • Fund-Bank Concordat, 705
    • governance, 100, 101, 107
    • HIPC Initiative, 275, 281, 284
    • investment by Fund of currencies received by SFF Subsidy, 867
    • military expenditures, 111
    • observer status in the Fund, 717
    • post-conflict assistance, 435
    • prescribed holder of SDRs, 799
    • PRGF-HIPC Trust, 255
    • rights approach, 847
    • suspension of voting rights, 843
  • World Economic Outlook (WEO)
    • military spending, 109
    • multilateral surveillance, 45, 67, 336
    • WTO observer status, 934
  • World Trade Organization (WTO)
    • balance of payments consultations, 734
    • coherence in global policymaking, 734
    • consistency of policy advice and obligations, 735
    • cross-conditionality, avoidance, 736
    • document exchange, 739
    • Fund staff observer at WTO meetings, 934
    • guidelines/framework for Fund staff collaboration, 733
    • IMF-WTO Agreement, text, 40
    • lapse of time procedure in transmittal of supplementary information to WTO, 734
    • observer status, 738
    • resolution of open jurisdictional issues, 737
    • suspension of exchange transactions, effect on General Arrangements to Borrow, 548
    • suspension of transactions under extended arrangements, 407
    • suspension of transactions under stand-by arrangements, 403
    • WTO staff observer at Executive Board meetings, 933
  • WTO. See World Trade Organization

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