Back Matter

Index

A

Access policy, use of Fund resources

• access guidelines, 342

• access limits, 342

• access limits, guidelines, 341–46

• access limits in credit tranches and under Extended Fund Facility, 341–46

• access policy under PRGF, review, 168

• balance of payments needs, 333

• capital account crises, 347

• capital account crises, modifications to Supplemental Reserve Facility, 353

• capital account crises, prevention, 362

• exceptional circumstances, 342, 347, 359

• exceptional circumstances, review, 357–61

• limits, credit tranches and Extended Fund Facility, 342

• modifications to Supplemental Reserve Facility, 353–57

• post-conflict countries, 324

• repurchases, 342–46

• review, 353–57

• revolving character of Fund resources, 321, 344

Accounting by members

• ownership of gold and currency subscriptions, 18

Accounts. See specific accounts by name:

• Administrative.

• Borrowed Resources Suspense.

• Framework Administered (Technical Assistance).

• General Resources.

• Loan.

• Post-conflict emergency assistance to PRGF.

• Post-SCA-2 Administered.

• PRGF-ESF Trust Subsidy.

• Reserve.

• Special Contingent.

• Special Disbursement.

• Supplementary Financing Facility (SFF) Subsidy.

Administrative Account

• balances, 745

• reserve tranche position, 745

Africa Regional Technical Assistance Centers Subaccount, 125

African Development Bank

• communication concerning members’ arrears to the Fund, 722

• exchange of document, 629

• prescribed holder of SDRs, 681

African Development Fund, 681

Andean Reserve Fund

• prescribed holder of SDRs, 680

Annual Report (IMF), 162, 200, 243

Anti-money laundering

• assessing a global standard and preparing ROSCs, proposals, 110–15

• FATF 40 + 8 Recommendations, use of, 115

• Fund involvement, 109

• methodology document, 111

• offshore financial center assessments, 106, 110

• twelve-month pilot, program review, 116–20

Arab Monetary Fund

• exchange of documents with, 629

• prescribed holder of SDRs, 681

Architecture of international financial system, 32

Archives of the Fund

• access policy, 579

• attorney-client privilege, 579

• Executive Board minutes, access, 580

• Grievance Committee proceedings, 579

Arrears

• lending into arrears, 334, 336–40

• settlement of disputes between members, 84, 341

Arrears (member’s failure to provide foreign exchange for current international transactions). See Exchange restrictions

Arrears of a member to creditors other than the Fund

• debt strategy, 334

• extended arrangements, performance criterion, 308

• first credit tranche, 332

• Fund lending into nonsovereign arrears, 335

• Fund lending into sovereign arrears, 335

• Fund policies and procedures, 333

• nontoleration of arrears to official creditors, 334

• performance criteria, 335

• stand-by arrangement, performance criterion, 307

Arrears to the Fund. See Overdue financial obligations to the Fund

Article I (v), temporary availability of Fund’s general resources, 301

Article I, purposes of the Fund, 249, 498, 503

Article II, Section 2 membership, 19

Article III, Section 2, adjustment of quotas, 3

Article III, Section 2(a), 3

Article III, Section 3(a), 9

Article IV consultations, 77, See also Consultation cycles, Article IV; Enhanced surveillance; Exchange of documents with other international agencies; Staff reports on Article IV consultations; Surveillance

• ad hoc consultations, 30

• annual, principle of, 28, 31

• Article VIII and XIV consultations, 28

• Article VIII restrictions, 506

• Article XIV restrictions, 506

• Central African Economic and Monetary Union, 62

• collaborative efforts, 606

• combined with program reviews, 317

• conditionally discussions, 256

• consultation cycles, changes, 42–44

• data provision, 53

• document exchange with WTO, 620

• early warning system models, 33

• Eastern Caribbean Currency Union, 63

• enhanced surveillance, 85–88

• euro area, 59–61, 61

• European Central Bank, observer status, 618–19

• evaluation and review of related programs, 256–57

• exchange rate policies, 33

• Financial Sector Assessment Program (FSAP), 89–95

• governance issues, 65, 71, 73

• interval between, 29

• macroeconomic relevance test, 45

• military expenditures, 76

• multiple currency practices, 510

• Policy Support Instrument, 44

• Post-Program Monitoring, 281

• program reviews, lapse of time, 318

• prolonged users of Fund resources, 282

• Public Information Notices, release, 667–69

• publication of Article IV staff reports, 647–48, 652

• publication of background reports, 647, 656–59

• Recent Economic Developments reports, 31, 625, 630, 647–48, 655

• representation of European Central Bank, 618–19

• staff reports, data quality, 33

• staff reports, release to international and multilateral agencies, 626–29

• surveillance procedures, 28–31

• three-month period, 58

• use of Fund resources, 256

• World Bank, collaboration with, 610

• World Bank, observer status, 603

• World Trade Organization, observer status, 625, 830

Article IV, Section 1, general obligations of members, 25, 28

Article IV, Section 2, notification of exchange arrangements, 23

Article IV, Section 3(a), surveillance over exchange rate policies, 25, 627

Article IV, Section 3(b), surveillance over exchange rate policies, 25, 627

Article V, Section 1, designation of fiscal agency, 153, 451

Article V, Section 2(b), financial and technical services, 120, 121, 223, 238, 239, 245

Article V, Section 3, conditions governing use of Fund’s general resources

• application of Fund policies to purchases of currency borrowed by Fund, 396, 449, 480

• early repurchase guidelines, 396

• General Arrangements to Borrow (GAB), 465

• meaning of “consistent with the provisions of this agreement” under Article V, Section 3, 248

• New Arrangements to Borrow (NAB), 480

Article V, Section 3(b)(ii)

• balance of payments need, 176

• meaning of “represents” that a member has a need to make purchases, 249

Article V, Section 3(b)(iii), waiver of limitation of 200 percent of quota

• Compensatory Financing Facility, 370

• emergency assistance, 319

• Extended Fund Facility, 303

• Supplemental Reserve Facility, 369

Article V, Section 3(d), operational budgets

• assessment of strength of members’ balance of payments and gross reserve position for operational budgets, 383, 390

• selection of currencies in purchases, 385, 387

Article V, Section 3(f), transfers of SDRs, 386

Article V, Section 4, waiver of conditions governing use of Fund’s general resources, 382

Article V, Section 5, limitation on use of Fund’s resources, 263

Article V, Section 6(b), transfers of SDRs by the Fund, 384, 390

Article V, Section 6(c), sales of SDRs by the Fund, 395

Article V, Section 7, repurchases, 381, 480

Article V, Section 7(b), early repurchases

• assessment of strength of member’s balance of payments and gross reserve position, 383, 396

Article V, Section 7(c), repurchases, 398

Article V, Section 7(d), repurchases, 382

Article V, Section 7(i), selection of currencies for repurchases, 384, 391,400

Article V, Section 8, charges, 405

Article V, Section 8(a), charges, 408, 410

Article V, Section 8(b), charges, 368, 398, 405, 408, 410, 745

Article V, Section 8(c), charges, 405, 407, 410

Article V, Section 8(d), charges, 405

Article V, Section 8(e), charges, 405

Article V, Section 9(a), remuneration, 745

Article V, Section 11, maintenance of value, 422

Article V, Section 12(f), other operations and transactions

• gold sales, 424, 439

• gold sales proceeds, placement in Special Disbursement Account, 424

Article V, Section 12(f)(ii), Special Disbursement Account (SDA) resources for assistance to low-income developing members, 424

Article V, Section 12(h), investment of member’s currency held in SDA, 424

Article V, Section 12(j), adoption of regulations for administration of Structural Adjustment Facility, 425

Article VI, capital transfers

• use of Fund resources for, 442

• WTO, information on Fund decisions requesting a member to exercise controls to prevent a large or sustained outflow of capital, 825

Article VI, Section 1, use of Fund’s resources for capital transfers

• freedom to adopt regulations on capital movements, 443

• Supplemental Reserve Facility, 366

Article VI, Section 2 of the Articles of Agreement of the Bank, 773

Article VI, Section 3, controls on capital transfers, 443

Article VII, Section 1, replenishment and scarce resources

• borrowing by the Fund, 444, 471, 483

Article VII, Section 3(b), scarce currency, 497

Article VIII, general obligations of members

• acceptance of obligations, 505

• bilateral payments agreements, 314

• bilateral payments arrangements, 309

• bilateralism, 498

• consultations, 28

• consultations, World Bank observer, 603

• payments restrictions, 83, 498, 502–505

• restrictions, 505

• retention quotas, 501

• settlement of disputes between members, 83

Article VIII, Section 2(a)

• restrictions on current payments and transfers, 497

• undue delays as payment restrictions, 505

Article VIII, Section 2(b), unenforceability of exchange contracts

• interpretation, 495–96

Article VIII, Section 2, avoidance of restrictions on current payments

• acceptance of obligations under, 503

Article VIII, Section 3, avoidance of discriminatory currency practices

• acceptance of obligations under, 501, 503

• multiple currency practices, 503, 512, 513

Article VIII, Section 4, convertibility of foreign-held balances

• acceptance of obligations under, 505

Article VIII, Section 5, furnishing of information to the Fund

• consideration of report by Managing Director, time periods, 522

• declaration of censure, 524

• members’ obligations, 520

• procedures prior to report by the Managing Director to the Executive Directors, 521

• report by Managing Director, 522

• sanctions, 524

• strengthening effectiveness of, 54, 520

Article VIII, Section 7, obligation to collaborate regarding policies on reserve assets, 689

Article IX, Section 5, immunity of archives, 579

Article IX, Section 7, privilege for communications, interpretation, 583

Article X, relations with other international organizations, 793

Article XII, Section 3(b)(i), Executive Directors, appointed,

• interpretation, 632

Article XII, Section 3(c), additional appointed Executive Directors

• balances held in administrative accounts, 756

• interpretation, 632

• use of the preceding two years, 633

Article XII, Section 3(f), appointed Executive Directors

• interpretation, 632

Article XII, Section 3(f), 585

Article XII, Section 4, Managing Director and staff, 641

Article XII, Section 6, reserves, distribution of net income, and investment, 642

Article XII, Section 7, publication of reports, 647

Article XII, Section 7(a), 669, 797

Article XII, Section 8, communication of Fund views to members, 656

Article XIII, Section 2, 492

Article XIV, exchange restrictions under transitional arrangements

• availment of transitional provisions, 504

• bilateralism, 498

• commitment to current account convertibility, 505

• consultations, 28

• consultations, World Bank, 604

• multiple currency practices, 501

• retention quotas, 500

• settlement of disputes between members, 83

Article XIV, Section 2, exchange restrictions

• maintenance of orderly exchange arrangements, 512

• multiple currency practices, 512–15

• restrictions related to national security, 497

• transitional arrangements, 496, 499

• undue delays as payments restrictions, 505

Article XIV, Section 3, representation by the Fund

• application, 513

• meaning of “exceptional circumstances” in, 671

Article XVII, Section 3, other holders of SDRs, 154, 245, 461, 677

Article XVIII, 685

Article XVIII, Section 1 (a), principles and considerations governing SDR allocation and cancellation, 687, 688, 694, 786

Article XVIII, Section 2(a), 686

Article XVIII, Section 2(a), SDR allocations and cancellations, 690

Article XVIII, Section 2(b), 686, 692

Article XVIII, Section 2(c), 686, 691, 692

Article XVIII, Section 2(d), 691

Article XVIII, Section 2(e), 692

Article XVIII, Section 4, decisions on SDR allocations and cancellations, 692, 786

Article XVIII, Section 4(a), 686–88

Article XVIII, Section 4(b), 686–88, 786, 787

Article XVIII, Section 4(c), 687, 786

Article XVIII, Section 4(c)(ii), 691, 788

Article XVIII, Section 4(d), 787

Article XIX, Section 2(c), SDR operations and transactions between participants

• donations, 706

• forward operations, 705

• loans, 697

• other holders, 677

• pledges, 699–701

• settlement of financial obligation, 696

• swap operations, 703

• transfers as secruity for the performance of financial obligations, 701

Article XIX, Section 4, limit on SDR Department participant’s obligation to provide currency, 449, 467,481

Article XIX, Section 5, designation of participants to provide currency, 707

Article XIX, Section 5(a)(i), designation plans, 383, 710

Article XIX, Section 5(c), designation rules in SDR Department, 710

Article XIX, Section 6(b), reconstitution, 712

Article XIX, Section 7(a), calculation of exchange rates, 451, 483, 696, 697, 699, 701,703

Article XX, Section 1, interest paid on holding of SDRs, 677

Article XX, Section 2, SDR Department interest and charges, 713

Article XX, Section 5, application against unpaid charges of SDRs acquired by participants after payment date, 714

Article XXI(a)(i), administration of General Department and SDR Department, 787

Article XXII, general obligations of participants in SDR department, 689

Article XXIII, Section 1, suspension of operations and transactions in SDRs, 679

Article XXIV, Sections 1(a) and 1(b), 685

Article XXIV, Section 4, 685

Article XXVI, remedial measures on overdue financial obligations, 715

Article XXVI, Section 2(b), 768, 773

Article XXVI, Section 3, withdrawal from membership, 452, 485

Article XXVII, suspension of exchange transactions, 484

Article XXIX, interpretation

• New Arrangements to Borrow, interpretation outside the purview of Article XXIV, 454

• transferability of claims under Saudi Arabia’s Borrowing Agreement, 463

• unenforceability of exchange contracts, 445

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), 632

• authority of the Fund to use its resources, 248, 763

• privilege for communications, Article IX, Section 7, 583

• unenforceability of exchange contracts under Article VIII, Section 2(b), 495

Article XXX(c), definition of reserve tranche purchase

• exclusion of purchases and holdings from CFF, 370, 744

• exclusion of purchases and holdings from EFF, 744

• exclusion of purchases and holdings from emergency assistance, 319

• exclusion of purchases and holdings from SRF, 368, 745

Article XXX(c)(iii), exclusion of purchases and holdings in credit tranches or under extended arrangements, 744

Article XXX(f), freely usable currencies, 672, 746

Article XXXI, Section 1, entry into force of Articles of Agreement, 3

Asian Development Bank

• communications concerning members’ arrears to the Fund, 723

• exchange of documents with, 627

• prescribed holder of SDRs, 681

Attribution, rule of

• members indebted to Fund, 391

• reduction in Fund’s holdings of currency, 403–04

Audit

• external audit firm, 669

• framework Administered Account, 124

• Post-SCA-2 Administered Account, 245

• PRGF-ESF Trust, 153

• PRGF-HIPC Trust, 198, 208

• safeguards for use of Fund resources, 250

• Supplementary Financing Facility Subsidy Account, 749

Authorized signatories, 641

B

Balance of Payments Manual (5th Ed.), 533, 544, 556, 567, 570

Balance of payments need

• access policy, 343

• Compensatory Financing Facility, 370

• conditionality, 250

• emergency assistance, natural disasters, 318

• emergency assistance, post-conflict countries, 322

• extended arrangements, 316

• Extended Fund Facility, 315

• Fund-supported programs, 251

• lenders to ESAF Trust, need because of developments in reserves, 164, 197

• PRGF-ESF loans, 138

• protracted balance of payments problems, 427

• Supplemental Reserve Facility, 365–70

Balance of payments position

• assessment of strength for purposes of designation plans, operational budgets and repurchases, 383–84

Bank-Fund collaboration. See also World Bank (International Bank for Reconstruction and Development)

• conditionality, 610–14

• country programs, 610

• debt sustainability assessments, 617

• Financial Sector Assessment Program, 91

• financial systems, 610

• IMF-World Bank Concordat, 592–603

• longer-term program engagement, 285

• observer status, generally, 603

• World Bank observer status, 604

Bank for International Settlements (BIS)

• investment by Fund of currencies held by Borrowed Resources Suspense Accounts, 493

• investment by Fund of currencies received by SFF Subsidy Account, 757

• prescribed holder of SDRs, 680

Bank of Central African States

• prescribed holder of SDRs, 681

Bilateral payments arrangements

• extended arrangement, 314

• stand-by arrangement, 310

• three-month settlement rule, temporary exemption, 499

Bilateralism and convertibility, 498–99

BIS. See Bank for International Settlements

Board of Governors

• Eleventh General Review of Quotas, 3

Board of Governors Resolutions

• Composite Resolution, 765

• SDR allocation, First Basic Period, 685–86

• SDR allocation, Third Basic Period, 686

Borrowed Resources Suspense Accounts

• establishment, 492

• investment by the Fund of currencies held in, 492–93

Borrowing by the Fund. See also General Arrangements to Borrow (GAB); New Arrangements to Borrow (NAB)

• guidelines, 493

Burden sharing

• disposition of net income, FY 2006, 416

• implementation in FY 2001, 413

• implementation in FY 2005, 416

• implementation in FY 2007, 417, 420

• income position, FY 2005, 416

• income position, FY 2007, 419

• principles of, 413

• rate of charge, determination of, 414

• rate of charge for FY 2006, 416

• surcharges, disposition of net operating income, FY 2006, 417

By-Laws

• Section 13, vote without meeting, 10, 15

• Section 20, audits, 123, 156, 195, 200, 230, 237, 243, 247, 669, 756, 808

• Section 22, compulsory withdrawal, 724, 727, 728

C

Capital account crises

• access policy, 347

• exceptional access policy, 2004 review, 358

• exceptional access policy, SRF, 353

Capital flows

• action to limit disequilibrium flows, Composite Resolution, 779

• Eleventh General Review of Quotas, 6, 17

• Supplemental Reserve Facility, 366

• surveillance, 27, 36

• WTO, information on Fund decisions requesting a member to exercise capital controls, 829

Capital transfers

• controls by members, 443

• multiple currency practices applicable solely to, 509

• payments arrears, 324

• use of Fund’s resources for, 510

Caribbean Development Bank (CDB), 629

CCLs. See Contingent Credit Lines

Censure

• draft declaration, 725

Central African Economic and Monetary Union

• surveillance over monetary and exchange rate policies, 62

Cereal import costs

• compensatory financing of fluctuations in, 376, 380

CFF. See Compensatory Financing Facility

Charges. See also Burden sharing; Interest

• accounting for charges from members with overdue obligations, 405, 406

• accrued charges, 405

• administrative account balances, 745

• extended arrangements, 310

• Extended Fund Facility, 303

• future changes in charges, 405

• media of payment in General Resources Account, 406

• payment by nonparticipant in the SDR Department, 406

• payment of net charges and assessment in the SDR Department for FY ended April 30, 1982, 713

• setoff in connection with a retroactive reduction of charges due by members in arrears, 410

• special charges on overdue financial obligations to the Fund, 407, 409

• special charges system, review, 409

• stand-by arrangements, 310

• Supplemental Reserve Facility, 368

• surcharge on purchases in credit tranches and under EFF, 405

• value date for payments of special charges, 408

• waiver of special charges, 408

Classified documents, 579

Code of Good Practices on Transparency in Monetary and Financial Policies, 269

Collateral, 546

• collateral guarantees on debt, international reserves template, 546

Combating the financing of terrorism, 106, 110–13, 113–15

Committee on Reform of the International Monetary System Composite Resolution, 765–76

Communications, privilege for interpretation of Article IX, Section 7, 583

Compensatory Financing Facility

• access limits, 372

• cereal import costs, 370, 376

• decision, 370–79

• emergency assistance for natural disasters and, 318

• estimated data, 372

• export fluctuations, 372

• extended arrangements, 371

• general provisions, 370

• indicative targets, 254,255

• overcompensation, 372, 375, 379, 380

• phasing, 372

• PRGF-ESF Trust and, 136

• receipts from services, 374

• repurchase expectation, 396

• repurchase of overcompensation, legal interpretation, 375

• repurchases, 396

• reserve tranche purchases, 370

• reserve tranche purchases, exclusion, 744

• stand-by arrangements and, 309, 371

Compulsory withdrawal, 727, 728, 730, 735

Concessional external debt, OECD definition, 295

Conditionality

• Bank-Fund collaboration, 610

• benchmarks, 254, 255, 256

• Compensatory Financing Facility, 370

• consistency with WTO agreements, 622

• consultation clauses, 253

• emergency assistance, natural disasters, 320–22

• emergency assistance, post-conflict countries, 323

• emergency financing mechanism, 276, 277

• financing assurance reviews, 255

• first credit tranche, 287

• floating tranches, 256

• guidelines on, 250

• individual circumstances of members, 250

• letters of intent, 253

• modalities, 253

• outcomes-based, 252

• ownership, 250, 273, 610–14

• performance criteria, 254

• performance criteria and phasing, relationship, 292

• performance criteria with respect to external debt, change in coverage, 295

• performance criteria with respect to foreign borrowing, 299

• performance criteria with respect to foreign borrowing, discount rate, 295, 298

• PRGF-ESF arrangements, 289

• principles, 250

• prior actions, 254, 260, 265, 290

• program design, 251

• program review, 254–57

• stand-by arrangement, normal access to credit tranches, 287

• streamlining, 289, 291

• structural benchmarks, 253–57

• Supplemental Reserve Facility, 369

• test dates, even distribution, 293

• uniformity of treatment, 297

• upper credit tranche stand-by arrangements, 344

• waiver, adopting measures prior to granting of, 254

• waiver, nonobservance of performance criteria, 256

Confidentiality

• archives, 579

• exchange of documents with other international agencies, 628

• FSAP Confidentiality Protocol, 99–103

• side letters, 257–60

Consultation clause

• extended arrangements, 315

• stand-by arrangements, 310

Consultation cycles, Article IV. See also Article IV consultations

• annual in principle, 28, 31, 34

• flexibility in, 31, 34

• interval between Article IV consultations, 31

Consultations other than under Article IV

• acceptance of obligations of Article VIII, Sections 2, 3, and 4, 503

• Article VIII restrictions, 28,497,498, 604

• Article XIV restrictions, 28,498, 501, 603

• bilateral agreements, 498

• competitive depreciation, 507

• conditionality, consultation clauses, 253

• GATT Contracting Parties, 588

• multiple currency practices, 501

• prescribed holders of SDRs, 678

• PRGF-ESF, consultation with creditors, 169

• sale of members’ currencies, 387

• SDR allocation, 687, 787

• trade and payments restrictions, escalation, 507

• United Nations, 795, 797

• World Trade Organization, 620–24

Contingent Credit Lines (CCLs)

• extended arrangements and, 309, 311

• stand-by arrangements and, 314

Convertibility

• acceptance of obligations of Article VIII, Sections 2, 3, and 4, 503

• bilateralism, 498

• currency, 500, 502

• current account of the balance of payments, 502, 504

• retention quotas, 499

Cross-conditionality

• avoidance, 602

Currencies

• attribution of reduction of Fund’s holdings, 403–404

• charges on Fund’s holdings in excess of quota, 405

• composition of reserves, 549

• data template on international reserves, 552

• financial statement denomination, 549

• freely usable, 135, 143, 155, 241,465, 672, 679, 746, 755

• General Resources Account, 383–86, 390,406, 421–23

• guidelines for operational budget allocation of currencies, review, 389

• harmonization, balanced positions in the Fund, 385

• maintenance of value, 421–23

• presently needed for making payments, 249

• PRGF-ESF Trust loans, 143

• repurchases, 397

• reserve asset payments, 10, 19, 20

• restrictions on payments and transfers, 27

• sale of currencies of members with outstanding purchases, 387, 389

• SDR valuation basket, 672–75

• specification by the Fund, 384–86

• subscription to the Fund, ownership, 19

• use in operational budgets, 383–86

Current international transactions (current account transactions)

• bilateralism, 498

• multiple currency practices, 509–13

• payments arrears, 334

• restrictions involving WTO members, 624, 829

• restrictions on payments and transfers, 498, 503

• undue delays in availability or use of foreign exchange, 505

• use of Fund resources, 249

D

Data Dissemination Standard. See Special Data Dissemination Standard (SDDS) and General Data Dissemination System (GDDS)

Data provision to the Fund for surveillance, 53

Debt operations

• condition precedent clauses, 340

• extended arrangements and, 309

• management of the debt situation, 340

• mandatory prepayment, 340

• stand-by arrangements and, 314

Debt strategy

• payments of arrears to creditors, 332, 334, 506

Debt sustainability assessments, 615–17

• Fund-Bank collaboration, 615

Debt-service ratio, 214

Declaration of censure, 723

• draft declaration, 728

Declaration of ineligibility, 722–23, 728, 729

• publicity, 665, 739

• termination, 739

• timing, 734

Declaration of noncooperation, 723–24, 730

• draft declaration, 728

• publicity upon withdrawal, 740

• termination, 739

• timing, 734

De-escalation of remedial measures, 740–43

Default, sovereign, 277, 334

Designation, SDR Department

• acceptance limit, 709

• assessment of strength of balance of payments and governance position, 383–84

• rules for designation, review, 707–10

• rules for designation, revision, 710–11

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, 783–85

• composition, 772–73

• establishment, 770–76

• Executive Directors’ participation in meetings, 774

• HIPC Initiative, 201, 209

• Managing Director’s participation in meetings, 774

• procedures, 775–76

• rules of procedure, 783

• WTO observer, 625

Discrimination

• balance of payments reasons, 502

• disputes between members, comparable treatment of creditors, 83, 334

• multiple currency practices, 516

• nondiscriminatory treatment of members, use of general resources, 250–51

Disputes between members

• comparable treatment principle, 83

• role of the Fund, 85, 341

Dissemination Standards Bulletin Board (DSBB)

• certification requirement, 538

• establishment, 537

• removal from, 537–39

Document exchange. See Exchange of documents with other international agencies

DSBB. See Dissemination Standards Bulletin Board

E

Early repurchase expectations, Supplemental Reserve Facility, 368

Early repurchases

• emergency financing mechanism, 292

• guidelines, 396–98

• member’s balance of payments and gross reserve position, 396

Early warning system, 34

Early warning system models, 33

East African Development Bank

• prescribed holder of SDRs, 681

East Caribbean Currency Authority

• prescribed holder of SDRs, 681

Eastern Caribbean Central Bank

• prescribed holder of SDRs, 681

Eastern Caribbean Currency Union

• surveillance over monetary and exchange rate policies, 63

EBRD. See European Bank of Reconstruction and Development.

EC. See European Commission

ECB. See European Central Bank

EFF. See Extended Fund Facility

EFM. See Emergency financing mechanism

Eleventh General Review of Quotas, increase in quotas of Fund members, 3

Emergency assistance

• conversion to special policy, 318

• natural disasters, 318, 320

• post-conflict countries, 187, 325–30

• PRGF-HIPC Trust eligibility, 187

• PRGF-HIPC Trust qualification, 187–89

• repurchase, 397

Emergency financing mechanism (EFM), 276–80

• conditions for activation, 279

• early repurchase, 280

Enhanced Structural Adjustment Facility (ESAF) Trust (transformed into Poverty Reduction and Growth Facility (PRGF) Trust). See also PRGF-ESF Trust

• access limits, 167, 175

• access to general resources by ESAF-qualified members, 167

• balance of payments needs, 177

• benchmarks, 174

• blend of general and SAF/ESAF resources, 738

• borrowing for Loan Account, consultation with creditors, 169

• commitment amount not normally reduced, 175

• commitment period, 171

• eligible members, 171, 432–33

• emergency assistance, relation to, 323

• ESAF successor, initiation of operations, 170

• establishment, 170–71, 435–36

• gold pledge, 735, 737

• gold, use of, 173

• interest rate on Trust loans, 168

• legal documentation, 176–77

• loans in conjunction with existing facility, 172

• loans in conjunction with SAF loans, 430

• loans to Trust as member’s official reserves, 176

• maturity of loans, 172

• objectives of programs, 174

• off-market gold sales, 789

• operational agreements, 170–76

• overdue financial obligations to Fund, 718

• performance criteria, 166, 174

• phasing of disbursements, 175

• prior actions, 166, 174

• rescheduling not available, 173

• review, 173, 177

• review of arrangements, mid-year, 172, 173

• rights accumulation program, 737

• Special Disbursement Account, 172

• Structural Adjustment Facility, assistance in conjunction with, 430–31,438–39

• Subsidy account, 172, 194

• transfer and retransfer of resources from and to Special Disbursement Account, 436–38

• transformation to PRGF Trust, 164–66

• use of SDRs, 683

Enhanced surveillance

• annual and midyear consultation reports, 79–80

• Article IV consultations, 80, 81

• Article VIII obligations, 505

• criteria and procedures, 86–87

• Executive Board involvement, 88

• Fund’s role in assisting members with creditors, 85–87

• midterm review, 79–80

• quantified economic policy programs, 81

• revised procedures, 80–82

• staff reports, transmittal by member to creditors, 81–82, 88

Enlarged access

• criteria for use of Fund resources, validity, 343–46

• repurchases, 344

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, 746

• rates for computation and maintenance of value, 421

• reference rates, European System of Central Banks, 675

• weight in SDR valuation basket, 674

Euro area members

• surveillance over monetary and exchange rate policies, 61, 618–19

European Bank for Reconstruction and Development (EBRD)

• exchange of documents with, 629, 630

European Central Bank (ECB)

• Article IV consultations, 618–19

• confidentiality, agreement by ECB to preserve, 619

• euro reference rates, 675

• observer status, 618–19

European Commission (EC)

• Article IV consultations, 61–62

• exchange of documents with, 629, 630

European Investment Bank (EIB)

• exchange of documents with, 629

European System of Central Banks, 675

Exceptional access policy, 347

Exchange arrangements. See also Exchange rates; Multiple currency practices

• exchange taxes and subsidies, notification, 24

• flexible, notification of significant decision, 24

• intervention, 24, 26, 27

• multiple currency practices, prior Fund approval, 24

• notification of, 23

Exchange contracts

• unenforcability, Fund’s interpretation of Article VIII, Section 2(b), 495

Exchange controls. See also Exchange restrictions

• nonsovereign arrears stemming from imposition, 335

Exchange of documents with other international agencies

• ad hoc requests, 630

• agencies meeting criteria for exchange, 629

• Article IV consultation staff reports, 625, 630

• changes in procedures, 630

• criteria for access, 628–29

• Recent Economic Developments reports, 625, 630

• technical assistance reports, 627

• use of Fund resources staff papers, 626–27, 630

Exchange rate policies. See also Exchange arrangements

• euro area, 618–19

• surveillance over, 24–28, 28–29, 29–31, 33, 37, 47

• surveillance over, review, 52

Exchange rates. See also Exchange arrangements; Exchange rate policies; Multiple currency practices

• coherence in global policymaking, 621

• computations and maintenance of value, 421–23

• computations and maintenance of value (value date), 421

• fixed, 510

• floating guidelines, 778

• fluctuating, 24,511–12

• General Arrangements to Borrow, 451

• New Arrangements to Borrow, 451, 469

• unification in multiple rate systems, 515

Exchange restrictions. See also Capital transfers; Multiple currency practices

• approval by Fund, 506

• Article VIII, Section 2, 3, and 4 obligations, 503–504

• avoidance of escalation, 507

• balance of payments reasons, 504, 505

• bilateralism, 498–99

• competitive depreciation, 507

• consultations with Fund, 503–504, 507

• discrimination for balance of payments reasons, 502

• emergency assistance, 321–22

• Fund representation in exceptional circumstances under Article XIV, Section 3, 513, 671

• guiding principle on whether a measure is an exchange restriction, 503

• non-balance of payments reasons, 504

• payments arrears to creditors, 332

• performance criteria, extended arrangement, 313

• performance criteria, stand-by arrangement, 307

• retention quotas, 499–501

• security reasons, 497–99

• surveillance, 25–26

• transitional arrangements under Article XIV, 500–501, 504

• undue delays, 443, 505

• World Trade Organization, information on Fund approval, 829

Exchange subsidies, 24

Exchange taxes, 24, 510, 515

Executive Board

• code of conduct, 633–39

• cooperation with other entities, date of next review, 582

• lapse of time completion of reviews under Fund arrangements, 316

• meetings, procedural guidelines, 639–40

• notification of exchange arrangements, 23

• report on Eleventh General Review of Quotas, 3–15, 257–60

• side letters procedures, 257

• surveillance over exchange rates, 24, 26, 28, 30

Executive Directors

• additional appointed, “the preceding two years,” in Article XII, Section 3(c), meaning of, 633

• appointment by members having five largest quotas, Article XII, 632

• appointment of two additional directors, Article XII, Section 3(c), 632–33

• IMFC meetings participation, 767

• procedural guidelines, 639–40

• voting power, effect of adjustment of quota, 633

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, 300–301

• benchmarks, 294

• charges, 304, 310

• Compensatory Financing Facility, 309

• Consultation clauses, 310

• Contingent Credit Lines, 309

• debt and debt-service reduction, 309

• emergency assistance and, 323–24

• exclusion of reserve tranche purchases, 744

• form, standard, 311–14

• Guidelines on Corrective Action, 272, 314

• ineligiblity, 715

• lapse of time completion of reviews, 316

• misreporting and noncomplying purchases, 261, 265, 266

• noncomplying purchases, 314

• overdue financial obligation to the Fund, 314

• overdue financial obligations to the Fund, 715–16

• performance criteria and phasing, guidelines, 292–94

• performance criteria form, 311–13

• period not exceeding three years to four years, 303–304

• period of arrangement, extension, 303

• phasing, 292–94, 304, 311–12

• repayment expectation under PRGF Trust, 314

• repayment obligation under PRGF Trust, 314

• repurchase expectation, 304, 315

• repurchases, 304, 315

• review, completion of, 316

• stand-by arrangements policies applicable, 304

• Supplemental Reserve Facility and, 314, 367

• suspension of transactions, 314

• test dates for performance criteria, 293

Extended Fund Facility (EFF). See also Extended arrangements

• applicability of policies on stand-by arrangements, 304

• establishment, 301–305

• review of access policy and limits, 341–43

• situations to which facility could apply, 301

External Audit Committee, 670

External audit of Fund financial statements, 669–70

External debt

• management of debt situation, 341

• surveillance, 28, 36

External debt performance criteria

• concessionality, definition, 296, 299

• coverage, 295–99

• extended arrangement, 312

• external debt, definition, 295–99

• leases, 298–99

• loans, 298

• stand-by arrangement, 298, 308

F

FATF. See Financial Action Task Force

Federal Reserve Bank of New York, 675

Financial Action Task Force (FATF), 110–15

• 40+8 Recommendations, 111

• endorsement of methodology, 115–16

• Fund collaboration with, 118

• surveillance, 92

Financial Sector Assessment Program (FSAP)

• anti-money laundering, 96, 107

• Article IV consultations, 89, 92, 94, 96, 98

• Bank-Fund collaboration, 91, 95, 99

• confidentiality, 93, 94

• Confidentiality Protocol, 99–103

• coverage, 96

• coverage and frequency, 91–92

• Financial System Stability Assessments (FSSAs), 89, 90, 98

• frequency, 91, 97

• FSSA reports, presumed publication, 98

• Independent Evaluation Office review, 98

• offshore financial centers (OFCs), 93, 106, 108

• publication of FSAP reports, 93

• publication of FSAP reports not authorized, 94

• publication of FSSA reports endorsed, 94

• Reports on Observance of Standards and Codes (ROSCs), 90

• review, 95

• review, 2005, 95

• standards and codes, 90–91

• stress tests, 90

• surveillance, 89, 90, 96, 97

• updates, 96

• World Bank, collaboration with, 90, 91

First credit tranche purchase

• elimination of payments arrears, 332

• liberal Fund attitude, 288

• reasonable efforts test, 288, 332

First credit tranche stand-by arrangements

• phasing and performance clauses omitted, 288

Fiscal agency

• safeguards on use of Fund resources when fiscal agent not central bank, 268

• transfer of claims, PRGF Trust, 154

Foreign borrowing. See External debt

Forms

• draft declaration on censure or noncooperation, 728

• draft first letter to all Governors regarding a member’s overdue financial obligations to the Fund, 725–26

• draft second letter to all Governors regarding a member’s overdue financial obligations to the Fund, 726–27

• extended arrangement, 311–16

• stand-by arrangement, 306–11

Framework Administered Account for Technical Assistance Activities

• adoption of Instrument to establish, 121

• Africa Regional Technical Assistance Centers Subaccount, 125

• Instrument to establish, 121–24

• investment of resources, 122

• Pacific Financial Technical Assistance Centre Subaccount, 125

Freely usable currencies (euro, Japanese yen, pound sterling, U.S. dollar), 135,143,155, 241, 465, 672, 679

FSAP. See Financial Sector Assessment Program

Fund-Bank collaboration. See also World Bank (International Bank for Reconstruction and Development)

• attendance at Fund Board Meetings, 603, 637

• Financial Sector Assessment Program, 95

Furnishing of information to the Fund, 261, 520–28

G

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, 588–93

• Fund collaboration with, 619–27, 779

• import restrictions for balance of payments reasons, 505

• Voluntary Declaration on Trade and Other Current Account Measures, 779

General Arrangements to Borrow (GAB), 444–61

• associated borrowing arrangements, 487

• borrowing agreement with Saudi Arabia, 463–69, 470–71

• borrowing by the Fund, guidelines, 493

• Eleventh General Review of Quotas, 7

• emergency financing mechanism, 277

• interest, 430

• letter from France’s Minister of Finance to U.S. Secretary of the Treasury, 456–59

• participants and amounts of credit, 455

• quotas, Eleventh General Review, 3

• repayment by the Fund, 449–51

• sales of currencies of members indebted to Fund, 391

• Saudi Arabia, renewal of borrowing agreement, 470

• transferability of claims, 451, 461

• transferability of claims under Saudi Arabia’s borrowing agreement, 461

• use of credit arrangements for nonparticipants, 454

General Data Dissemination System (GDDS)

• coverage, 553–64

• participation, 578

• periodicity, 563–65

• phased approach, 551

• purposes, 550

• timeliness, 564

General Resources Account (GRA)

• adjustment of Fund holdings of members’ currency, 422

• designation, assessment of strength of member’s balance of payments and gross reserve position, 384

• gold held, sale, 440

• maintenance of value, 422

• media payment in, 406

• misreporting and noncomplying purchases, 261–64

• overdue charges, 408

• rates for computation and maintenance of value, 421

• repayment expectation under PRGF Trust, failure to meet, 164

• repurchase expectation, failure to meet, 272

• rights approach, 737

• rules, applicability to PRGF Trust administration, 165

• sale of currencies at the request of members with outstanding purchase, 388

• sale of SDRs by the Fund for payment for increase in quota, 395

• special charge on overdue charges, 408

• specification of currencies by the Fund, 384, 384–86, 389–90

• Subsidy Account, reimbursement of administrative expenses, 756

• transfers of SDRs instead of currencies under Article V, Section 3(f), 386

Gold

• designation of SDRs, 708–9

• gold pledge for use of ESAF Trust resources, 735–38, 738–39

• gold pledge for use of PRGF-ESF Trust resources under rights approach, modalities, 439–40

• harmonization of excess holdings of SDRs, 708–709

• off-market transactions by Fund, Resolution, 789

• ownership of gold and currency for subscriptions, 18

• payment for repurchases, 400

• profits, final direct distribution for developing members through Trust Fund, 748

• Special Disbursement Account, use of proceeds of off-market sales, 789

Governance issues

• Article IV consultations, 71, 73

• coordination with bilateral donors and multilateral agencies, 74–76

• corruption, 66, 67, 69, 70

• HIPC Initiative, 210

• identification of problems, 73

• macroeconomic impact test for Fund involvement, 66, 72, 74

• policy advice, 66, 67

• role of the Fund, 76–78, 76, 77, 78, 550, 551, 566, 567, 568

• technical assistance, 66, 73

• technical issues, 66, 67

• transparency, 66, 70

• use of Fund resources, 71–72

GRA. See General Resources Account

Grievance Committee, archives on, 579

Gross reserve position

• assessment for purposes of designation plans, operational budgets, and early repurchases, 384–86, 388

Guidelines

• access limits policy, 341–46

• allocation of currencies, operational budget, 389–90

• borrowing by the Fund, 493–94

• conditionality, 250–57, 288

• corrective action, 140, 158, 184, 261–64, 272

• corrective action, as referenced in extended arrangement form, 314

• corrective action, as referenced in stand-by arrangement form, 309

• designation plans, 383

• early repurchases, guidelines, 396–98, 404

• emergency assistance, natural disasters, 318–19

• emergency assistance, post-conflict, 318–19, 325–30, 322–25

• Fund staff collaboration with the WTO, 620–26

• governance issues, 65–76

• misreporting and noncomplying purchases, 261–64

• operational budget, 383–84

• payment of reserve assets for subscription, 19–22

• performance criteria and phasing, relationship, 292–94

• performance criteria with respect to external debt, 292

• performance criteria with respect to foreign borrowing, discount rate for assessing concessionality, 299–300

• SDR valuation basket, calculation of currency amounts, 672–74, 674–75

• SDR valuation basket, conversion into euro of deutsche mark and French franc, 675–76

• selection of currencies by the Fund, 384–86, 388, 389–90, 390–91

H

HIPC Initiative. See Trust for Special ESAF Operations for the Heavily Indebted Poor Countries and Interim ESAF Subsidy Operations (ESAF-HIPC Trust); Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and Interim PRGF Subsidy Operations (PRGF-HIPC Trust)

Hong Kong Monetary Authority (HKMA), 473, 488

I

IBRD. See World Bank

IMFC. See International Monetary and Financial Committee

Immunities and Privileges of Specialized Agencies, United Nations Convention, 800–17

Immunity of archives, 579

Import restrictions for balance of payments reasons

• extended arrangements, 314

• GATT, 332

• stand-by arrangements, 309

Income Position. See Burden sharing

Ineligibility to use Fund resources

• declaration of ineligibility, 524, 722, 726, 728, 729–34, 739

• extended arrangements, 314, 715

• limitation and ineligibility under Article V, Section 5, 393

• publicity, 665, 739

• stand-by arrangements, 309, 715

Inter-American Development Bank (IDB)

• communication regarding members’ arrears to the Fund, 723

• exchange of documents with, 629

Interest

• means of payment under Trust Fund, 747

• PRGF loans, 143

• PRGF-HIPC Trust, interest-free loans, 193

Interim Committee. See also International Monetary and Financial Committee

• governance, 267

• International Monetary and Financial Committee, transformation of Interim Committee into, 767–70

• rules of procedures, 782

• safeguards for use of Fund resources, 267

• terms of reference, 769

International agencies, 627

International Bank for Reconstruction and Development (IBRD). See World Bank

International Court of Justice, 796, 812

International Development Association (IDA)

• HIPC Initiative, 210, 211–12

• prescribed holder of SDRs, 681

International Financial Statistics (IFS), 56

International Fund for Agricultural Development (IFAD)

• prescribed holders of SDRs, 681

International Monetary and Financial Committee (IMFC, formerly Interim Committee)

• participation of Executive Directors in meetings, 768

• participation of Managing Director in meetings, 768

• procedures, 769–70

• terms of reference, 769

International organizations

• transmittal of Fund documents, 627

Interpretation

• Article VI, use of Fund resources for capital transfers, 248

• Article VIII, Section 2(b), unenforceability of exchange contracts, 495–96

• Article IX, Section 7, privilege for communications, 583–84

• Article XII, Section 3(b)(i) and Section 3(f), appointment of directors by members having one of five largest quotas, 632

• Article XII, Section 3(c), appointment of two additional directors, 632

• Article XIV, Section 3, Fund representation in exceptional circumstances on withdrawal of Article XIV, Section 3 restrictions, 671

• Articles of Agreement, 248

Investigation of Fund activities, cooperation procedures, 580–82

Investigation of Fund activities, cooperation procedures, date of next review, 582

Investment Account

• adoption of rules and regulations, 642

• establishment, 642

• guidelines for investing assets, 643–46

• objective, 642

• sources of assets, 643

• termination, 643

• transfer of currencies, 646

• uses of income, 643

Islamic Development Bank (IsDB)

• exchange of documents with, 629

• prescribed holder of SDRs, 681

J

Japanese yen

• freely usable currency, 746

• weight in SDR valuation basket, 673

Joint Ministerial Committee on the Transfer of Real Resources to Developing Countries. See Development Committee

Joint Staff Assessments, 212

L

Lapse of time procedure, reviews under Fund arrangements, 316–18

Leases, definition of external debt, 295–96, 299–300

Lending into arrears, 336–40

Letters of intent (LOIs)

• deletion from documents released to aid agencies, 631

• publication, 647, 648, 657

• side letters, 257–60

Limits

• access to credit tranches review, 342

• access to Extended Fund Facility, review, 341, 343

LOIs. See Letters of Intent (LOIs)

Loan Account, PRGF-ESF Trust, 145, 149, 154

Longer-term program engagement

• definition, 286

• review, 283

M

Maintenance of value

• overdue adjustments, 718

• rates for computations, 421–23

Managing Director

• authorized signatories, 641

• consultation by member before requesting an extended arrangement, 302

• consultation with creditors for additional borrowing for PRGF Trust Loan Account, 169

• consultation with member on changes in exchange rate policies, 24, 29

• consultation with member with outstanding purchases on sale of currency, 391

• Development Committee, participation in meetings of, 774

• General Arrangements to Borrow, proposals for calls, 454

• International Monetary and Financial Committee, participation in meetings of, 768

• nondiscriminatory treatment of members, 251

• procedures for addressing overdue financial obligations, 158–60, 160

• SDR allocation, proposals for first basic period, 685

• SDR allocation, proposals for third basic period, 686

• SDR allocation, proposals for fourth basic period, report of Managing Director on, 786

• use of Fund resources, recommendation regarding approval, 251

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

Memoranda of economic and financial policies, publication, 647, 648, 658

Military expenditure and the role of the Fund

• Article IV consultations, 77

• performance criteria, 78

Misreporting and noncomplying disbursements, PRGF-ESF Trust

• condition, nonobservance of, 158

• corrective action, 140

• early repayment, 158

• missed repurchase expectation, 665

• prior action, accuracy of information, 166

• repayment expectation, 183, 192

• safeguards for use of Fund resources, 267

• waiver of applicability or for nonobservance of performance criteria, 167

• waiver of early repayment, 159

Misreporting and noncomplying purchases, General Resources Account

• corrective action, 261–64

• performance criteria or other conditions, accuracy of information, 261, 271–72, 265

• prior actions, accuracy of information, 265

• publication of cases, 665

• safeguards for use of Fund resources, 266–71

• waivers, 262, 317

Misreporting and noncomplying purchases, Policy Support Instrument (PSI)

• corrective action, 128

Misreporting in de minimis cases

• Article VIII, Section 5, 526

• de minimis, definition, 264

• General Resources Account, 263

• Policy Support Instrument, 130

• PRGF and ESF Trust, 159

• Special PRGF Operations for HIPC, 191

Moral hazard, 277, 327, 348, 359, 366

Multilateral Debt Relief Initiative (MDRI)

• proposed decisions, 221

• qualification of non-HIPCs, 221

Multilateral Debt Relief Initiative-I (MDRI-I) Trust

• administration, 229

• amendment, 231

• completion point, 225

• decision point, 225

• eligibility, 227

• instrument to establish, 225

• investment of resources, 230

• media of payment of contributions, 226

• purposes, 225

• unit of account, 226

Multilateral Debt Relief Initiative-II (MDRI-II) Trust

• administration, 236

• amendment, 238

• completion point, 232

• decision point, 232

• eligibility, 234

• instrument to establish, 232

• investment of resources, 237

• liquidation, 238

• media of payment of contributions, 233

• purposes, 232

• unit of account, 233

Multiple currency practices

• approval, 24, 516

• approval criteria, when imposed for balance of payments reasons, 504, 518

• approval criteria, when imposed for non-balance of payments reasons, 504

• Article IV consultations, 519

• balance of payments reasons, 510, 518

• capital transactions, 519

• consultation with Fund prior to changes, 509, 510, 511

• discrimination, 518

• exchange taxes, 515

• jurisdiction of the Fund, 512

• non-balance of payments reasons, 510, 518

• official action, 517, 518

• policy in 1947, 508–15

• policy in 1957, 515

• policy in 1998, 517–19

• simplification of complex rate systems, 516

• spread, 517

• statement to members transmitting Fund’s decisions, 508

• unification of exchange rates as basic Fund objectives, 515

Multi-year rescheduling arrangements (MYRAs)

• enhanced surveillance and, 86

MYRAs. See Multi-year rescheduling arrangements

N

NAB. See New Arrangements to Borrow

Natural disasters, emergency assistance, 318–19, 319–22

New Arrangements to Borrow (NAB), 471–89

• credit arrangements, 473

• Eleventh General Review of Quotas, 7

• entry into force, 475

• Hong Kong Monetary Authority, 473, 487

• meeting of participants, 489

• nonparticipants, 476

• participants, 475, 488

• relationship with the GAB and associated borrowing arrangements, 486

• transferability of claims, 483, 490–91

Noncooperation draft declaration, 723

Nondiscriminatory treatment of members

• Paris Club, 84

• Use of Fund resources, 250

Nordic Investment Bank

• prescribed holder of SDRs, 681

O

Observer status in the Fund

• European Central Bank, 618–19

• World Bank, 603, 604–607

• World Trade Organization, 619, 830

Observer status of the Fund

• World Bank, 603

• World Trade Organization, 830

OECD. See Organization for Economic Cooperation and Development

Official clearing and payments arrangements

• temporary exemption from three-month settlement rule, 499

Offshore financial centers (OFCs), 108

• assessment program, 106–10

• inclusion in FSAP reports, 93

• publication of reports, 108

Operational budgets

• assessment of strength of member’s balance of payments and gross reserve position, 383

• guidelines for operational budget allocation of currencies, review, 389

• specification of currencies by the Fund, 389, 390

• transfers of SDRs under Article V, Section 3(f), 386

Organization for Economic Cooperation and Development (OECD)

• concessional external loans, definition, 296, 297

• exchange of documents, 630

Overdue financial obligations to the Fund. See also Rights accumulation programs; Rights approach

• accounting charges, 406

• Annual Report (IMF), 721

• complaint by Managing Director, 721

• compulsory withdrawal, 723, 724, 729, 730

• declaration of censure, 723, 728

• declaration of ineligibility, 722, 728, 729, 730, 731, 739

• declaration of noncooperation, 724, 728, 730, 739

• de-escalation of remedial measures, 740

• draft first letter to all Governors, 725–26

• draft second letter to all Governors, 726–27

• Eleventh General Review of Quotas, 3

• ESAF, no access, 717–18

• ESF arrangement, nonapproval, 140

• extended arrangements and, 309, 716

• Ninth General Review of Quotas, 722, 732

• nontoleration of arrears to official creditors, 334

• overdue maintenance of value adjustments, 718

• Overseas Economic Cooperation Fund (OECF), 299

• preferred creditor status of Fund, 718, 718–24, 719, 728, 731

• prevention/deterrence measures, strengthened timetable of procedures, 733

• PRGF arrangement, nonapproval, 140

• PSI, nonapproval, 126

• requests for the use of Fund resources under a stand-by or extended arrangements, management will not submit, 716

• review period, 717

• SAF, no access, 717

• setoff in connection with retroactive reduction of charges, 410

• special charges, 408

• stand-by arrangements and, 309, 716

• strengthened cooperative strategy, 729–34, 738–39, 739–40

• suspension of voting rights, 732, 734

• technical assistance suspension, 742

Overdue payments to the Fund. See Overdue financial obligations to the Fund

P

Paris Club

• Agreed Minute, 84

• debt rescheduling and Fund arrangements or programs, 731

• debtors’ negotiations with, 83

• PRGF qualification for assistance, 187

• rescheduling discussions, 630

• rescheduling in the absence of Fund arrangement, 731

• rescheduling operations, Fund opposition to matching, 329

• settlement of disputes between Fund members and Fund neutrality, 84

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, 83

Payments arrears of a member to other (non-Fund) creditors

• Fund lending into nonsovereign arrears, 334–40

• Fund lending into sovereign arrears, 334–40

• Fund policies and procedures, 334–40

• performance criteria, 332

Payments arrears to the Fund. See Overdue financial obligations to the Fund

Payments restrictions. See Exchange restrictions

Performance criteria under Fund arrangements

• accuracy of information, 265

• conditionality guidelines, 250

• coverage initially, 293

• definition, 254

• external debt, guidelines on coverage of debt limits, 294–99

• first credit tranche, not subject to, 288

• foreign borrowing, guidelines on calculation of discount rate, 295, 297

• number and content of, 254

• omitted in stand-by arrangements within first credit tranche, 288

• phasing, relationship, 292–94

• reporting lag, 292

• reporting on implementation, confidentiality relating to, 261

• side letters, 261

• test dates, even distribution, 293

• waiver for nonobservance, 158, 256, 262, 265

• waiver of applicability, 158, 256, 265

Phasing and performance criteria under Fund arrangements

• omitted in stand-by arrangements within first credit tranche, 287

• relationship, 292

PINs. See Public Information Notices

Policy framework papers. See also Poverty Reduction Strategy Papers

Policy Support Instrument (PSI), 125–32

• application of Guidelines on Conditionality, 131

• arrears, 131

• assessment criteria, 128

• definition, 126

• documents required, 126

• eligibility, 126, 127

• implementation, 127

• misreporting, 129

• poverty reduction strategy documents, 126

• publication policies, 647

• relationship to Post-Program Monitoring, 281

• review, 132

• side letters, 131

• termination, 131

Position in the Fund, 388

Position in the Fund, defined, 385

Post-conflict emergency assistance, 204, 208, 238–39, 318–19, 322–25, 325–30

Post-Conflict Emergency Assistance Subsidy Account for PRGF-Eligible Members

• administration, 243

• establishment, 239

• fees, none, 243–44

• Instrument to establish, 239–44

• investment of resources, 242

• purpose, 239

• rate of charge subsidy, 242

• resources, 240

• SDRs, use of, 245

• settlement of questions, 244

• termination, 244

• use of resources, 241

Post-Program Monitoring

• applicability, 281

• Article IV consultation, 281

• publication policies, 282

• relationship to Policy Support Instrument, 281

Post-SCA-2 Administered Account

• adoption of Instrument to establish, 245

• Instrument to establish, 245–47

Pound sterling

• freely usable currency, 746

• weight in SDR valuation basket, 673

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)

• access limits, review, 168

• administration of, 155–56

• amendment of, 157

• benchmarks, 138

• contributions, value date for operations and transactions, 169

• cost of administration, 441

• decision waiving the applicability of a performance criterion, 167

• declaration of noncooperation, 162

• electing lenders, 154

• establishment, adoption of Instrument, 132

• freely usable currency, 135, 143, 155

• investment of resources, 156

• liquidation, 157

• Loan Account, 144, 169, 170

• media of payment, 135

• misreporting and noncomplying disbursements, 143, 158–60

• modalities of gold pledge under rights approach, 439

• other provisions, 163

• overdue financial obligation, 140

• period of operation and liquidation, 157

• post-SCA-2 Administered Account, 246

• Poverty Reduction Strategy Papers (PRSPs), 139, 177

• prior actions, accuracy of information, 166

• proposed decisions, 221

• purposes, 134

• removal from eligibility, 162

• repayment expectation, 159, 164

• Reserve Account, 134, 145, 150, 151–52

• Reserve Account, review, 441

• Reserve Account, transfer to the PRGF-HIPC Trust, 153

• simultaneous access to PRGF and ESF not permitted, 140

• Special Disbursement Account, transfers from or to, 152, 153

• Subsidy Account, 146, 149

• transfer or claims, 153–55

• transformation of ESAF to PRGF, 164–66

• unit of account, SDR, 135

• waiver of performance criteria, accuracy of information, 166–67

Poverty Reduction and Growth Facility (PRGF) and Exogenous Shocks Facility (ESF) Trust loans

• access, 141

• adjustment program, 136, 141

• balance of payments need, 141

• benchmarks, 136

• commitment period, 136, 140, 143, 144, 167

• eligibility and conditions for assistance, 135

• interest, 142, 143, 144, 145, 148

• misreporting and noncomplying disbursements, 143, 158

• overdue financial obligations to Fund, 140

• overdue financial obligations to PRGF Trust, 160

• performance criteria, 138, 158, 159, 166, 174

• performance criteria, accuracy of information, 166–67

• phasing of disbursements, 136, 138

• prior action, accuracy of information, 166

• protracted balance of payments problem, 137

• publication policies relating to, 179

• repayment expectation, 140, 159, 164

• rephasing, 142

• repurchase expectation, 140

• rescheduling of loan repayments not possible, 143

• reviews under arrangements, 139, 141, 162

• structural reforms, 136, 139

• waiver of applicability or for nonobservance of performance criterion, 158, 166

• waiver, early repayment, 159

Poverty Reduction Strategy (PRS). See also Poverty Reduction Strategy Papers (PRSPs)

• conflict-affected states, special requirements, 220

• goals, 218

• Millennium Development Goals (MDGs), achievement of, 217

• Policy Support Instrument requirements, 127

• review, 216

Poverty Reduction Strategy Papers (PRSPs). See also Poverty Reduction Strategy (PRS)

• core principles, 217

• definition, 184

• progress, 211

• publication policies relating to, 647, 648, 651, 655

• role in HIPC initiative, 178, 187

• role in PSI operations, 126

Preferred creditor status of Fund, 204, 327, 719, 728, 731

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, 265

• definition, 254

• implementation under PRGF, 166

• reporting on implementation, confidentiality relating to, 260

• side letters, 261

• use in emergency financing mechanism, 279

• use in enhanced structural adjustment facility, 174

• use in Policy Support Instrument, 129

Program Reviews, 254

Prolonged use of Fund resources

• Article IV consultations, 282

• assessment, 282

• definition, 283

• precautionary arrangements, 283

Protracted balance of payments problem, 137, 221, 427

PSI. See Policy Support Instrument

Public Information Notices (PINs)

• Article IV consultation, 652, 654, 655, 657

• member’s consent, 653

• presumed publication, 659

• use of Fund resources, Chairman’s statement in lieu of PIN, 651, 653

Publication

• Article IV and combined Article IV/use of Fund resources staff reports, 647, 656

• Article IV consultation background reports, 652

• Article IV consultation staff reports, pilot project, 666

• Article IV staff reports, 656

• Chairman’s statements, use of Fund resources, 653, 657

• deletions prior to publication, 649, 650

• Financial System Stability Assessment (FSSA) Reports, 657

• Fund policy documents, 647, 650, 653, 658

• HIPC Initiative, preliminary, decision point, and completion point documents, 647, 648, 657

• Interim Poverty Reduction Strategy Papers (I-PRSPs), PRSPs, PRSP Preparation Status Reports, and Annual Progress Reports (APRs) in the context of PSIs, 648, 649, 658

• Joint Fund/World Bank Staff Advisory Notes on Interim PRSPs, PRSPs, PRSP Preparation Status Reports, and APRs, 647, 648, 657

• Letters of Intent (LOIs), 647, 658, 659

• Letters of Intent (LOIs)/Memoranda of Economic and Financial Policies (MEFPs) for Policy Support Instruments (PSIs), 647, 658

• Letters of Intent (LOIs)/Memoranda of Economic and Financial Policies (MEFPs) for staff-monitored programs (SMPs), 647, 658

• member’s statement regarding Fund staff report, 649

• Memoranda of Economic and Financial Policies (MEFPs), 648, 658

• overdue financial obligations to Fund, 657

• overdue financial obligations to PRGF Trust, 161

• PINs following Article IV consultations, 647, 654, 655, 657

• PINs following Executive Board discussions on policy issues, 647, 658

• PINs following Executive Board discussions on post-program monitoring, 647, 657

• PINs on use of Fund resources, 660

• Policy Support Instrument documents, 647, 651, 658

• Poverty Reduction Strategy Papers (PRSPs), 647

• publication policies of the Fund, 647–56

• Recent Economic Developments reports (REDs), Article IV consultations, 655

• removal from list of PRGF-eligible countries, 162

• Reports on Observance of Standards and Codes (ROSCs), 647, 649, 657

• repurchase expectations, failure to meet, 664

• staff reports on staff-monitored programs, stand-alone, 647, 658

• staff-monitored programs, presumption of publication, 40

• statistical appendices and annexes, Article IV consultations, 655

• suspension of voting rights and termination of suspension, 665

• Technical Memoranda of Economic and Financial Policies, 647, 652, 657

• use of Fund resources, Chairman’s Statement, 647, 649

• use of Fund resources, Post-Program Monitoring and Ex Post Assessment Staff Reports, 647, 657

• waivers of applicability or for nonobservance of performance criteria, 651

Purchase transactions. See Reserve tranche purchases; Use of Fund resources

• resumption of purchases under extended arrangement after decision of formal ineligibility, 314

• resumption of purchases under stand-by arrangement after decision of formal ineligibility, 309

• suspension of transactions under extended arrangement, 314

• suspension of transactions under stand-by arrangement, 309

• temporary suspension under Article XXVII, effect on GAB, 452

• temporary suspension under Article XXVII, effect on NAB, 468

Q

Quotas

• ad hoc increases, 21

• adjustment, first interval of five years, 3

• Eleventh General Review, 3

• Eleventh General Review, increases of quotas, new period of consent, 15

• Eleventh General Review, Report of the Executive Board, 3

• Eleventh General Review, Resolution, 10–12

• new period for receipt of consents to quota increases, 15

• Ninth General Review, 8, 9, 12, 732

• payments of reserve assets in connection with subscription, 19

• sales of SDRs by Fund to members for quota payments, 395

• Seventh General Review, 20, 395, 690, 693, 695, 710

• Sixth General Review, 20

• Tenth General Review, 4

• Twelfth General Review, report to Board of Governors and proposed resolution, 17

• voting power and adjustment of quotas, 633

R

Recent Economic Developments reports (REDs)

• balance of payments consultations, WTO, 621

• no longer included in Article IV consultation documentation, 31

• publication, 655

• transmittal to multilateral agencies, 621, 625, 627

Reconstitution of SDRs

• abrogation of rules, 712

REDs. See Recent Economic Developments reports (REDs); Article IV consultations

Repayment expectations, PRGF Trust, 140, 159, 164, 183, 192

Reports on Observance of Standards and Codes (ROSCs)

• anti-money laundering initiatives, 108, 111, 115

• assessment procedures, 112

• no longer circulated to Executive Directors in hard copy form, 106

• principle of uniformity, 114

• publication policies, 647, 648, 655, 657

• reports on observance associated with FATF-led assessments generally not designated as ROSCs, 113

• surveillance, 48, 57

Repurchase expectations

• attribution of reduction of currency, 403

• Compensatory Financing Facility, 396

• failure to meet and extended arrangements, 263, 272, 314, 399

• failure to meet and PRGF-ESF Trust, 161

• failure to meet and stand-by arrangements, 272, 309, 399

• failure to meet under Supplemental Reserve Facility, 368

• misreporting and noncomplying purchases, 261–64, 272

• overcompensation in Compensatory Financing Facility (CFF), 375, 380

• publication of failure to meet, 663

• Supplemental Reserve Facility, 366

• time-based repurchase expectations in credit tranches, EFF, and CFF, 401

Repurchases. See also Repurchase expectations

• access policy, 343–44

• assessment of strength of members’ balance of payments and gross reserve position, 383

• attribution of reductions in Fund’s holdings of currencies, 403–404

• Compensatory Financing Facility, 375, 376, 378, 398

• credit tranches, 398

• currencies of other members, 399

• early repurchases, guidelines, 401–403

• emergency assistance, 398

• extended arrangements, 304, 344

• gold, acceptance in payment, 400

• gold, obligation to pay, 399, 401

• overcompensation under CFF, legal interpretation, 375, 380

• overdue, 402

• periods, 398

• procedures, 398

• purchases under credit tranches and CFF, 398

• Schedule B, 399,400

• SDRs, 400

• selection of currencies by Fund, 385, 387, 390

• special charges on overdue repurchases, 398–400

• stand-by arrangements, 344

• timing of repurchases within a calendar month, 398

Reserve Account of PRGF-ESF Trust

• resources, 151

• review, 441

Reserve assets

• payment in connection with subscriptions, 19

• SDR allocation, 686, 787

• SDR as principal reserve asset, 787

Reserve currency and specification of currencies, 384

Reserve position, gross

• assessment for purposes of designation plans, operational budgets, and early repurchases, 383

• SDDS reporting, 385, 528

• specification of currencies, 384

Reserve tranche position

• administrative accounts, 745

• attribution of reductions in Fund’s holdings of currencies, 385, 403,404

• balances held in Administrative Account, 745

• definition, 385

• Eleventh General Review of Quotas, 10

• extended arrangements, 744

• remunerated position, 21

Reserve tranche purchases, exclusion of purchases and holdings

• Compensatory Financing Facility, 370

• credit tranches, 744

• emergency assistance, 319

• extended arrangements, 744

• General Arrangements to Borrow, 449

• New Arrangements to Borrow, 466, 482

• Supplemental Reserve Facility, 368, 369, 745

Resolutions. See Board of Governors Resolutions

Restrictions. See Exchange restrictions

Retention quotas, 499–501

Reviews under Fund arrangements

• ESF arrangement, 141

• extended arrangement, 311

• lapse of time procedure, 316

• PRGF arrangement, 140, 141, 142

• stand-by arrangement, 306

Revolving character of the Fund’s resources, 321, 344

Rights accumulation programs, 187, 188, 274, 735, 738, 740

• gold pledge, 737

• review, 743

Rights approach

• arrears to the Fund, reduction, 735

• extension of period, 743

• gold pledge, 735

• modalities of gold pledge for use of PRGF Trust resources, 439, 735

• operational modalities, 735

• PRGF-HIPC Trust eligibility, 186

• PRGF-HIPC Trust qualification, 187

• three-year period norm, 735

ROSCs. See Reports on Observance of Standards and Codes

Rules and Regulations

• rate of charge, 368

• Rule G-1, fiscal agency, 451,483

• Rule G-4, request for a purchase, 393

• Rule I–6(4), rate of charge, 368, 405, 407, 410,414,418, 754

• Rule I-6(4)(a), 414, 418

• Rule I-6(4)(a), rate of charge, 415

• Rule I-6(4)(b), 414, 418, 419

• Rule I-10, rate of remuneration, 414, 418

• Rule K-1,587

• Rule O-1, value of SDR, 675

• Rule O–2, valuation of currencies in terms of SDRs, 422, 451,468, 483, 675, 696, 697, 699, 701, 703

• Rule O-2(a), 675

• Rule O-10, operational budget, 386

• Rule P-7, prescribed operation, 697, 699, 700, 702, 704, 705, 706

• Rule P-9, recording of SDR transactions, 245, 682, 683, 697, 699, 701,703,705, 706

• Rules R-1 through R-6, rules for reconstitution (abrogated), 712

• Rule T-1, interest and charges in respect of SDR, 155,415

S

SAF. See Structural Adjustment Facility

Safeguards assessment process

• audits, 267, 269, 270

• confidentiality, 269, 276

• distinction between first and second stages no longer applicable, 275

• first stage, 269, 275

• information/documents to obtain from central banks, 270

• reports to remain confidential, 273

• review, 270

• second stage, 269, 275

Safeguards, use of Fund resources

• benchmarks based on Code of Good Practices on Transparency in Monetary and Financial Policies, 269

• publication of audited central bank financial statements, 269

Sales of currencies of members indebted to the Fund

• sale of currencies at the request of members with outstanding purchases, 392

Saudi Arabia

• borrowing agreement, 461

Schedule B, transitional provisions, 20, 399, 400

Schedule F, designation, 708

Schedule G, paragraph 1(a), reconstitution, 712

Schedule J, settlement of accounts with withdrawing members, 452, 468, 484

Schedule K, administration of liquidation, 452, 468, 484

Schedule L, suspension of voting rights, 768

SDA. See Special Disbursement Account

SDDS. See Special Data Dissemination Standard

SDRs. See Special drawing rights (SDRs)

Second Amendment

• Article IV (surveillance over exchange rate policies), 20, 24

• compensatory financing repurchase obligation, 381

• payment of reserve assets in connection with subscription, 19

• repurchase under Schedule B, 399

• surveillance over exchange rate policies, 20, 25

Security reasons, exchange restrictions for, 497

Settlement of disputes between members relating to external debt

• comparable treatment of creditors, 83

• Paris Club, 84

• role of the Fund, 82–85

SFF. See Supplementary Financing Facility

Side letters, use of Fund resources, 257–60

Sovereign default, 277, 334

Special Contingent Account. See also Burden sharing

• additions to, 717–18

Special Data Dissemination Standard (SDDS). See also Dissemination Standards Bulletin Board

• access by the public, 529

• balance-sheet approach, 55

• certification requirement, 538

• coverage, 530

• debt sustainability assessments, 56

• Dissemination Standards Bulletin Board (DSBB), 537

• flexibility options, 533–34

• liquidity management, 55

• periodicity, 530

• purpose and framework, 530

• quality, 530

• removal from the DSBB, 537

• review, 539

• subscription, 536

• template on international reserves/foreign currency liquidity, 544

• timeliness, 531

Special Disbursement Account (SDA)

• ESAF-HIPC Trust, 197

• investment, 424

• PRGF-HIPC Trust, 183, 196

• repayment expectation under PRGF Trust, failure to meet, 164

• Structural Adjustment Facility administration, 425

• termination and transfer of resources from Trust Fund, 748

• termination of assistance from SAF in conjunction with loans from ESAF Trust, 438

• transfer of resources to the ESAF Trust and retransfer to the SDA, 436

• transfers to PRGF-HIPC Trust account, 167

Special drawing rights (SDRs)

• allocation for first basic period, 685

• allocation for third basic period, 686

• allocation for fourth basic period, report of Managing Director, 787

• allocations to new participants, third basic period, 691

• contributions to PRGF-HIPC Trust, 186

• currency reference rates, 674

• currency weights, 673

• designation review rules, 707

• designation rules, revision, 710

• euro, weight in valuation basket, 673

• harmonization of holdings, 385, 708

• holders prescribed by the Fund

  • African Development Bank, 681

  • African Development Fund, 681

  • Andean Reserve Fund, 680

  • Arab Monetary Fund, 681

  • Asian Development Bank, 681

  • Bank for International Settlements, 680

  • Bank of Central African States, 681

  • Central Bank of West African States, 681

  • East African Development Bank, 681

  • East Caribbean Currency Authority, 681

  • Eastern Caribbean Central Bank, 681

  • European Central Bank, 681

  • International Bank for Reconstruction and Development (World Bank), 681

  • International Development Association, 681

  • International Fund for Agricultural Development, 681

  • Islamic Development Bank, 681

  • Nordic Investment Bank, 681

  • Swiss National Bank, termination of status, 681

• Japanese yen, weight in valuation basket, 673

• means of repayment by members on indebtedness under loan agreements, 747

• media of payment for charges in GRA, 406

• other holders, acceptance, holding or use, 677

• payment of net charges and assessment in the SDR Department for FY ended April 30, 1982, 713

• payment of subscriptions, 19

• pound sterling, weight in valuation basket, 673

• PRGF-ESF Trust unit of account and media of payment, 135

• PRGF-HIPC Trust unit of account and media of payment, 185

• reconstitution, abrogation of rules, 712

• reserve asset payments, 10, 19

• sales by the Fund for payment of charges, 406

• sales by the Fund for payment of subscriptions, 19

• terms and conditions for accepting, holding, or using SDRs, 677

• transfers of SDRs for payment of subscription under Article V, Section 6(b), 384

• transfers of SDRs for purchases under Article V, Section 3(f), 386

• U.S. dollar, weight in valuation basket, 673

• use in donations, 706

• use in ESAF Trust operations or under an administered acount, 683

• use in forward operations, 705

• use in loans, 699

• use in payment of Trust Fund obligations, 632, 747

• use in pledges, 699

• use in PRGF loans, 143

• use in PRGF-HIPC Trust operations or under an administered account, 684

• use in repurchases, 398

• use in settlement of financial obligations, 696

• use in Structural Adjustment Facility operations, 682

• use in subsidy payment from SFF Subsidy Account, 682

• use in swap operations, 703

• use in transfers as security for the performance of financial obligations, 701

• valuation basket, guidelines for calculation of currency amounts, 672

• valuation basket, guidelines for calculation of currency amounts, revised guidelines, 672

• valuation of US dollar for purposes of Rule O-2(a), 675

• value of SDR, method of collecting exchange rates for calculation for purposes of Rule O-2(a), 675

Specification of currencies, 384–86, 390

• harmonization, 385

SRF. See Supplemental Reserve Facility

Staff reports on Article IV consultations. See also Surveillance; Enhanced surveillance

• document exchange with WTO, 627

• military expenditure, 76

• presumed publication, 659

• publication, 647, 649, 652

• transmittal to international agencies, 627, 629

Staff reports on enhanced surveillance

• transmittal by members to creditors, 31–32, 79, 88, 102

Staff reports on use of Fund resources and post-program monitoring

• publication policy, 659

Staff-monitored programs (SMPs), 40

Standards and Codes. See also Financial Sector Assessment Program; Reports on Observance of Standards and Codes; and Special Data Dissemination Standard (SDDS)

Stand-by arrangements. See also Access policy, use of Fund resources; Use of Fund resources

• access to credit tranches, normally through, 287

• arrangements not international agreements, 253

• Compensatory Financing Facility, 309

• conditionality guidelines, 250

• consultation clauses, 253, 309

• Contingent Credit Lines, 309

• contractual connotation avoidance, 253

• debt- and debt-service-reduction operations, 309

• duration, normal, 287

• emergency purchases and, 320, 321, 325

• first credit tranche, 288

• form, standard, 306

• Guidelines on Corrective Action, 309

• indicative targets, 294

• ineligibility, 310, 716

• lapse of time procedure, reviews, 316

• misreporting and noncomplying purchases, 261–64, 265

• noncomplying purchases, 263, 309

• nondiscriminatory treatment of members, 251

• overdue financial obligations to the Fund, 309, 715

• performance criteria, accuracy of information, 266

• performance criteria and phasing of purchases, relationship, 292

• performance criteria with respect to external debt, 295, 299, 308

• period for, 287

• phasing, 287, 288

• policies and procedures, 288

• PRGF-HIPC Trust eligibility, 186

• PRGF-HIPC Trust qualification, 187

• prior actions, accuracy of information, 265

• program evaluation, 257

• repayment expectation under PRGF Trust, 309

• repayment obligations under PRGF Trust, 309

• repurchase, 310

• repurchase expectation, 263, 310

• reserve tranche purchases, 744

• review, 306

• Supplemental Reserve Facility and, 309

• suspension of right to engage in transactions, 309

• test dates, 293

• uniform treatment of members, 251

• waiver for nonobservance of performance criteria, 262, 265

• waiver of applicability of performance criteria, 265

Strengthened cooperative strategy

• de-escalation of remedial measures, 740

• extension of deadline to enter a rights accumulation program, 739

• extension of rights approach, 743

• procedures, 729

• reversibility of actions, 739

Structural Adjustment Facility (SAF)

• access, potential, 427,432

• amounts of assistance, 426

• commitment period, 427

• commitment period, new, 432

• disbursements, 428, 431

• eligible members list, 432

• income from investment and loans, 436

• interest, 429

• loans under Enhanced Structural Adjustment Facility (ESAF), 430

• protracted balance of payments problem, 221,427

• purposes, 426

• qualification for assistance, 427

• resources, 426

• review, 435

• rights accumulation programs, and, 188

• SDRs, use in operations, 432, 682, 683, 684

• terms of loans, 429

Subscriptions. See also Quotas

• accounting by members, 18

• ownership of gold and currency, 18

• reserve asset payments, 19–22

Subsidy Account. See Supplementary Financing Facility Subsidy Account

Supplemental Reserve Facility (SRF)

• availability through stand-by or extended arrangement), 367

• commitment period, 367

• contagion risk, 366

• exchange rate for payment of subsidies, 778

• overdue financial obligations, 140, 309, 314

• phasing, 367

• rate of charge, 369

• repurchase, 368

• repurchase expectation, 368

• repurchases, installment periods, 368

• reserve tranche purchase, exclusion, 368

• sudden and disruptive loss of market confidence test, 366

Supplementary Financing Facility (SFF) Subsidy Account, 751

• additional subsidy payments for May 1-June 30, 1990 and subsidy payments for July 1, 1990-June 30, 1991, 759

• eligible members, 753

• Instrument to establishment, 750

• investment, 752

• means of subsidy payments, 758

• rescheduling in cases of serious hardship, 749

• resources, 751

• SDRs, use of, 682

• subsidy amount, 753

• suspension of transfers and re-transfer of surplus, 758

• transfer from Special Disbursement Account, 751, 752, 758

Suppliers’ credits, coverage in external debt limits, 295, 297

Surveillance. See also Article IV consultations; Enhanced surveillance

• ad hoc Article IV consultation, 30

• architecture of international financial system, 32

• balance-sheet analysis, 56

• capital flows, 27, 36

• Central African Economic and Monetary Union, 62

• communication, 50

• comprehensive analysis, 28

• consultation cycles, changes, 43

• coverage principles, 36

• data provision, 53

• Eastern Caribbean Currency Union, 63

• euro area, 59, 61

• extension of theree-month period, 58

• external evaluation, 32

• financial sector soundness and vulnerability, 33

• policy dialogue with country authorities, 45

• principles for guidance of members, 26

• principles in general, 25

• principles of Fund surveillance over exchange rate policies, 26

• procedures, 28, 40

• publicity, 665

• review of general implementation, two-year intervals, 32, 41, 53

• review, 2006, 53

• ROSCs, 54, 57

• signaling, 51

• Special Data Dissemination Standard (SDDS), 56

• staff-monitored programs, 40

• supplemental procedures, 30

• three-month rule, 58

• timetable of procedures, 718

• use of staff resources, 52

• World Economic Outlook, 29

Suspension of membership, 724

Suspension of voting rights

• participation in International Monetary and Financial Committee, 768

Swiss National Bank

• GAB participant, 455, 460

• NAB participant, 489

• termination of status as prescribed holder of SDRs, 681

T

Technical assistance

• cooperation with Trusteeship Council, 796

• exchange rate system simplification, 516

• Framework Administered Account for, 120

• members not cooperating with the Fund, 723, 724

• post-conflict countries, 322

• transmittal of reports to international agencies, 627

Terrorism financing. See Combating the Financing of Terrorism

Trade. See also World Trade Organization

• structural maladjustments in trade, Extended Fund Facility, 301

• Trade Integration Mechanism, 364

• trade-related balance of payments adjustments, 364

Trade Integration Mechanism, 364

Trade restrictions

• avoidance of escalation, 507, 779

• emergency assistance, 318, 321

• ESAF, 174

• import restrictions for balance of payments reasons, extended arrangements, 314

• import restrictions for balance of payments reasons, GATT, 505

• import restrictions for balance of payments reasons, stand-by arrangements, 309

• WTO involvement, 620

Tranche policies

• application in connection with CFF, 370

• first credit tranche, 288

• floating tranche, 256

Transferability of claims

• General Arrangements to Borrow, 459,461

• New Arrangements to Borrow, 483

• Saudi Arabia, borrowing agreement with, 461

Transparency. See also Publication

• foreign reserves management, 268

• governance, 66

• safeguards for use of Fund resources, 269

• use of Fund resources, 647

Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and for Interim PRGF Subsidy Operations (PRGF-HIPC Trust)

• administration of, 194

• amendment of, 196

• Annual Progress Report (APR), 184

• assistance amount, 189

• completion point, 182, 188, 190, 191, 192, 193, 203, 204, 205, 206

• contributions by other donors, 198

• contributions to, 234

• debt sustainability, 183, 187, 189, 191, 192, 203, 204, 213

• debt sustainability analysis, 182

• debt-to-exports ratio, 183, 192,206

• debt-to-revenue ratio, 183

• decision point, 182, 187, 188, 189, 190, 201, 204, 209, 213, 214

• eligibility, 186, 213

• grace period on loans, 193

• grants and loans, 186

• Guidelines on Misreporting, 184

• implementation, progress, 204–208

• implementation, review, 208–13

• instrument to establish, 181–96

• instrument to establish, adoption of, 180

• interest, 183, 193

• interim assistance, 190

• Interim Poverty Reduction Strategy Papers (I-PRSPs), 177, 184, 211

• Interim Poverty Reduction Strategy Papers (I-PRSPs), publication, 647

• investment of resources, 185, 195, 198

• Joint Staff Advisory Note (JSAN), 184

• liquidation, 196

• maturity of loans, 192

• operation and liquidation, 196

• Paris Club, 183, 187, 189, 205, 210, 215

• performance-related conditions, 191, 198

• Poverty and Social Impact Analysis (PSIA), 178, 219

• Poverty Reduction Strategy Papers (PRSPs), 177, 184, 187, 188, 205,209,216

• purposes, 185

• qualification for assistance, 187

• rescheduling of payments not allowed, 193

• retransfers authorized, 198

• SDRs, use in operations, 195, 684

• self-sustained operations, 183, 196, 208

• special charges on overdue interest and repayments, 408

• Special Disbursement Account, transfers from, 185

• streamlining preliminary HIPC documents, 213

• subsidies for interim PRGF operations, 194

• terms of assistance, 192

• track record of performance, 188, 203, 205, 209, 213, 216

• transformation of ESAF-HIPC Trust to PRGF-HIPC Trust, 164

• Trust Account and resources, 185

Trust for Special PRGF Operations Heavily Indebted Poor Countries and for Interim PRGF Subsidy Operations (PRGF-HIPC Trust)

• completion point, 214

• decision point, 214

• eligibility and eligible members, 215

• sunset clause, 215

• implementation status, 214

• sunset clause, 197

Trust Fund

• final direct distribution of profits, 748

• means of repayment by members on their indebtedness under loan agreement, 747

• overdue interest and repayments, 408

• SDRs, use in payment of Trust Fund obligations, 681

• special charges on overdue financial obligations, 407, 748

• termination and transfer of resources to Special Disbursement Account, 424, 748

• terms of repayment of final loan disbursement and amendment of Trust instrument, 750

Twelfth General Review of Quotas

• report to Board of Governors and proposed resolution, 16

U

Undue delay in availability or use of foreign exchange, 443, 505

Uniformity of treatment principle

• consultation cycle, 34

• external debt in Fund arrangements, guidelines on performance criteria, 296

• post-conflict assistance, 328

• settlement of disputes among members, comparable treatment, 83

• use of Fund’s general resources, 251

United Nations

• agreement with the IMF, 793–99

• Convention on the Privileges and Immunities of the Specialized Agencies, 800–817

• exchange of documents with, 795

• United Nations Development Program (UNDP), exchange of documents with, 629

• “Uniting for Peace” General Assembly Resolution, 764

United States (U.S.) dollars

• dissemination of monthly data on official reserve assets under GDDS, expressed in, 571

• financial statements of Framework Account, expressed in, 123

• maintenance of value, rates for computation, 422

• means of payment by members on indebtedness under Trust Fund loan agreements, 747

• medium of payment, loan disbursements, repayments, and interest under GAB, 430

• medium of payment, MDRI-I Trust, 226

• medium of payment, MDRI-II Trust, 233

• medium of payment, PRGF-ESF Trust, 135

• medium of payment, PRGF-HIPC Trust, 186

• payment of special charges on overdue payments, Trust Fund loans, 409

• payments of interest on members’ indebtedness under Trust Fund loans, 747

• valuation in terms of special drawing rights as per Rule O-2(a), 675

• weight in SDR valuation basket, 673

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, 248

• arrears, resolving the problem of, 726

• authority of the Fund to use its resources

  • Resolution, 763

  • resolving problem of arrears, 248

• capital transfers, 248, 442

• conditionality guidelines, 250–57, 287

• financing current account deficits, 248

• form, extended arrangement, 311

• form, stand-by arrangement, 306

• inelibility, effect on purchases under extended arrangement, 315

• ineligibility under Article V, Section 5, 393

• ineligibility, effect on purchases under stand-by arrangement, 310

• interpretation of Articles of Agreement, 248

• limitation and ineligibility under Article V, Section 5, 393

• meaning of “consistent with the provisions of this Agreement” under Article V, Section 3, 248

• meaning of “represents,” 249

• meaning of “represents” that a member has a need to make purchases, 249

• nondiscriminatory treatment of members, 251

• performance criteria and phasing, 292

• postponement and limitation under Article V, Section 5, 393

• repayment expectation under PRGF-ESF Trust, failure to meet, 164

• resumption of purchases under extended arrangement after decision of formal ineligibility, 315

• resumption of purchases under stand-by arrangement after decision of formal ineligibility, 310

• safeguards, strengthening of, 266–71

• side letters, 257, 260

• suspension of exchange transactions, effect on General Arrangements to Borrow, 452

• suspension of transactions under extended arrangement, 314

• suspension of transactions under stand-by arrangements, 309

V

Voluntary Declaration on Trade and Other Current Account Measures, 779

Voting power majority

• compulsory withdrawal, 730

• Eleventh General Review of Quotas, 10

• SDR allocation, 787

Voting rights, suspension. See Suspension of voting rights

W

Waiver of limitation of 200 percent of quota under Article V, Section 3(b)(iii)

• Compensatory Financing Facility, 370

• emergency assistance, 319

• Extended Fund Facility, 405

• Supplemental Reserve Facility, 369

Waiver of performance criteria

• applicability, 158, 256, 265

• nonobservance, 128,158, 265, 266, 294

Waiver of special charges, 408

World Bank (International Bank for Reconstruction and Development)

• agreement with WTO, 824, 825, 827

• Bank-Fund collaboration, 78, 593, 603, 604, 605, 610

• collaboration with Fund and WTO, 623, 625

• collaboration with Fund on corporate sector vulnerability analysis, 34

• collaboration with Fund on shifting resources from military, 78

• Development Committee, 771

• ESAF policy framework process, 173

• Financial Sector Assessment Program, 91

• Fund-Bank Concordat, 592

• governance, 67, 68, 74

• HIPC Initiative, 202, 209, 211

• investment by Fund of currencies received by SFF Subsidy, 757

• military expenditures, 78

• observer status in the Fund, 603, 604

• post-conflict assistance, 322

• prescribed holder of SDRs, 681

• PRGF-HIPC Trust, 182

• publication authorization required for certain documents, 647

• rights approach, 736

• suspension of voting rights, 732

World Economic Outlook (WEO)

• European Central Bank, observer, 618

• military spending, 76

• multilateral surveillance, 38, 250

• publication policies relating to, 654

• WTO observer status, 830

World Trade Organization (WTO)

• balance of payments consultations, 620

• coherence in global policymaking, 621

• consistency of policy advice and obligations, 622

• cross-conditionality, avoidance, 623

• document exchange, 625

• Fund staff observer at WTO meetings, 830

• guidelines/framework for Fund staff collaboration, 619

• IMF-WTO Agreement, text, 828–32

• observer status, 625

• resolution of open jurisdictional issues, 624

• suspension of exchange transactions, effect on General Arrangements to Borrow, 452

• suspension of transactions under extended arrangements, 314

• suspension of transactions under stand-by arrangements, 309

• WTO staff observer at Executive Board meetings, 830

WTO. See World Trade Organization