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IMF Financial Activities -- Update May 12, 2000

I.    Introduction
II.   Key IMF Financial Statistics
III.  Current Financial Arrangements
IV.  Status of Commitments of HIPC Assistance

The following tables, which are updated weekly, provide information on the IMF's financial activities. Definitions for the terms contained in the tables are provided below each table. The data are based on the most current information available at the time and are provided for the reader's convenience. The information is not intended to replace other official IMF financial reports and statements.

Key IMF Financial Statistics (Table 1) A summary of financial assistance to members, available resources, arrears, and key IMF rates.

Current Financial Arrangements (Tables 2) Current Stand-By, Extended and Poverty Reduction and Growth (PRGF) arrangements. The tables do not include members whose financial arrangements with the IMF have expired, but may have outstanding credit to the IMF. For a list of current arrangements since May 1996 (month-end), see http://www.imf.org/external/np/tre/tad/extarr1.cfm. For a list of all members with outstanding financial obligations to the IMF, see http://www.imf.org/external/np/tre/tad/extcred1.cfm.

Status of Commitments of HIPC Assistance (Table 3) Status of the IMF's commitments to members under the Heavily Indebted Poor Countries Initiative (HIPC).

 
Table 1. Key IMF Financial Statistics
as of May 12, 2000
(In billions of SDRs, at end of period, unless indicated otherwise)
(For definitions, see below)
  2000
  1998 1999 Q1  Q2 to date
Financial Assistance    
     GRA    
          Purchases (during period) 20.6 10.0 1.2  0.4
          Repurchases (during period) 6.7 19.4 2.5  6.1
          Credit outstanding 60.5 51.1 49.7  44.0
         
     PRGF        
          Disbursements (during period) 0.9 0.7 0.1  0.0
          Repayments (during period) 0.6 0.6 0.1  0.1
          Credit outstanding 6.3 6.4 6.4  6.4
         
     HIPC (SDR millions)        
          Commitments (cumulative) 222.2 222.2 455.2  466.7
          Disbursements (cumulative) 72.8 191.5 197.1  212.7
         
Available Resources        
     GRA        
          Usable resources 53.6 94.9 102.7  108.4
          Net uncommitted usable resources 19.5 63.0 68.1  75.2
          Liquid liabilities 60.6 54.8 54.3  48.4
          Liquidity ratio (percent) 32.0 115.0 125.3  155.2
         
     PRGF Trust        
          Available loan resources 9.5 10.3 10.7  11.0
          Cumulative commitments, net 8.6 9.1 9.3  9.3
             Of which, cumulative
                disbursements		 6.5 7.2 7.3  7.3
          Uncommitted loan resources 1.0 1.2 1.4  1.7
         
     PRGF-HIPC Trust (SDR millions)        
          PRGF-HIPC sub-account 44.0 205.1 261.7  261.7 1
          HIPC sub-account 0.0 227.2 228.3  228.3 1
          PRGF sub-account 4.0 7.2 7.3  7.3 1
         
Arrears        
     GRA 1.9 1.9 1.9  2.0
     PRGF -- -- --  --
     Trust Fund and other 0.4 0.4 0.4  0.4
         
Rates        
     US$ per SDR 1.36963 1.37251 1.34687  1.31032
     SDR interest rate (percent) 3.64 3.90 4.24  4.29
     Rate of charge, adjusted (percent) 4.01 4.59 5.00  5.02
     Rate of remuneration,
         adjusted (percent)		 3.49 3.72 4.05  4.14

1. As of end-March 2000.

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Table 1. Key IMF Financial Statistics
Term Definition
Financial Assistance                   
     GRA The General Resources Account (GRA) contains the IMF's financial resources arising from members' subscriptions (quotas), its holdings of SDRs and gold, and any borrowed resources.
          Purchases GRA resources disbursed to members during the period (outflows).
          Repurchases GRA resources repaid by members during the period (reflows).
          Credit outstanding Total GRA resources disbursed less repayments.
     PRGF The Poverty Reduction and Growth Facility (PRGF), formerly known as the Enhanced Structural Adjustment Facility (ESAF), provides loans at a concessional interest rate to eligible, low-income members. PRGF financing is conducted through the PRGF Trust.
          Disbursements Disbursements of PRGF loans during the period.
          Repayments Repayments of PRGF and Structural Adjustment Facility loans during the period.
          Credit outstanding Total PRGF loan disbursements less repayments (including credit outstanding under Trust Fund and Structural Adjustment Facility (SAF)).
     HIPC Assistance provided to eligible countries under the Heavily Indebted Poor Countries (HIPC) initiative.
          Commitments Cumulative commitments made to HIPC-eligible members that have reached the decision point under the HIPC Initiative.
          Disbursements Cumulative grants to members eligible for financial assistance under the HIPC Initiative to be used to help meet debt service payments to the IMF.
   
Available Resources  
          Usable resources Usable resources consist of: (1) the IMF's holdings of currencies of those members considered financially strong enough to support the extension of Fund credits (members that are included in the IMF's quarterly financial transactions plan), (2) the IMF's holdings of SDRs, and (3) balances available under activated borrowing agreements (General Arrangements to Borrow and New Arrangements to Borrow).
           Net uncommitted usable
               resources		 Usable resources less undisbursed commitments under existing active arrangements (with commitments under precautionary arrangements counted at 50 percent), less working balances (10 percent of the quotas of countries in the financial transactions plan).
          Liquid liabilities Members' reserve positions in the IMF, i.e., reserve tranche positions plus any lending to the IMF under the GAB/NAB.
          Liquidity ratio The ratio of net uncommitted usable resources to liquid liabilities.
     PRGF Trust Trust administered by the IMF to conduct PRGF-related operations through the Loan, Reserve and Subsidy Accounts.
          Available loan resources Loan Account resources committed by lenders to the PRGF Trust, plus resources under an associated loan agreement with the Saudi Fund for Development.
           Cumulative commitments,
               net 		Cumulative commitments to borrowers, net of unused amounts under arrangements which have expired or have been canceled.
              Of which, cumulative
                  disbursements		 Disbursements to borrowers under PRGF arrangements.
          Uncommitted loan resources Available PRGF loan resources less commitments made to PRGF borrowers.
     PRGF-HIPC Trust The trust holds resources (contributions of grants plus investment income) used to provide assistance to eligible members under the HIPC Initiative and subsidies for the continuation of concessional PRGF loans. Three separate sub-accounts are maintained:
          PRGF-HIPC sub-account Resources to support either PRGF or HIPC operations.
          HIPC sub-account Resources for HIPC operations only.
          PRGF sub-account Resources for PRGF subsidies only.
   
Arrears  
     GRA Total overdue GRA financial obligations.
     PRGF Total overdue PRGF financial obligations.
     Trust Fund and other Total overdue financial obligations to the Trust Fund, Structural Adjustment Facility (SAF), and SDR Department. Although the Trust Fund and SAF are no longer operational, arrears to the Trust Fund and SAF consist of overdue repayments, interest, or charges on loans provided under these facilities. Arrears in the SDR Department are incurred on any unpaid charges.
   
Rates  
     US$ per SDR Exchange rate for the U.S. dollar in terms of the SDR.
     SDR interest rate Interest rate calculated as a weighted average of three month market interest rates on U.S. dollar, euro, Japanese yen and pound sterling assets.
     Rate of charge, adjusted Interest rate charged on GRA loans to cover the IMF's cost of financing, additions to reserves, and administrative expenses. Adjusted by a small margin to allow for special additions to reserves and to compensate for income forgone because of charges in arrears.
     Rate of remuneration, adjusted Interest rate paid to members that provide resources to the IMF. Adjusted by a small margin to allow for special additions to reserves and to compensate for income forgone because of charges in arrears.
   

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Table 2a. Current Financial Arrangements (GRA)
as of May 12, 2000
(In millions of SDRs)
(For definitions see below)

 
Current Financial Arrangement           

Member
Date of
Approval
Date of
Expiration
  Amount
  Agreed
  Undrawn
  Balance
IMF Credit
Outstanding

Stand-By Arrangements
    Argentina     3/10/00     3/9/03
5,399
5,399
2,870
    Bosnia/Herzegovina     5/29/98     3/31/01
94
30
76
    Brazil 1     12/2/98     12/1/01
10,420
2,551
1,357
    Ecuador     4/19/00     4/18/01
227
142
85
    Estonia     3/1/00     8/31/01
29
29
16
    Korea     12/4/97     12/3/00
15,500
1,088
4,463
    Latvia     12/10/99     4/9/01
33
33
32
    Lithuania     3/8/00     6/7/01
62
62
159
    Mexico     7/7/99     11/30/00
3,103
1,164
2,888
    Papua New Guinea      3/29/00     5/28/01
86
76
18
    Philippines     4/1/98     6/30/00
1,021
475
1,328
    Romania     8/5/99     5/31/00
400
347
329
    Russia     7/28/99     12/27/00
3,300
2,829
10,024
    Thailand     8/20/97     6/19/00
2,900
400
2,500
    Turkey     12/22/99     12/21/02
2,892
2,449
833
    Zimbabwe     8/2/99     10/1/00
141
117
140
 
    16 Arrangements
45,606
17,188
27,118

Extended Arrangements
    Bulgaria     9/25/98     9/24/01
628
262
929
    Colombia     12/20/99     12/19/02
1,957
1,957
0
    Indonesia     2/4/00     12/31/02
3,638
3,378
7,727
    Jordan     4/15/99     4/14/02
128
107
357
    Kazakhstan       12/13/99     12/12/02
329
329
296
    Moldova     5/20/96     5/19/00
135
48
121
    Pakistan     10/20/97     10/19/00
455
341
711
    Panama     12/10/97     12/9/00
120
80
98
    Peru     6/24/99     5/31/02
383
383
482
    Ukraine     9/4/98     9/3/01
1,920
1,208
1,813
    Yemen     10/29/97     3/1/01
106
66
137
 
    11 Arrangements
9,798
8,158
12,671
 
Total SBA and EFF
55,405
25,345
39,789

1. Amount agreed and undrawn balance exclude SDR 2.6 billion not drawn under the Supplemental Reserve Facility (SRF). Brazil's SRF expired on 12/1/99.

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Table 2b. Current Financial Arrangements (PRGF)
as of May 12, 2000
(In millions of SDRs)
(For definitions see below)

 
Current Financial Arrangement           

Member
Date of
Approval
Date of
Expiration
  Amount
  Agreed
  Undrawn
  Balance
IMF Credit
Outstanding

Poverty Reduction and Growth Facility
    Albania     5/13/98     5/12/01 45 14 57
    Benin     8/28/96     8/26/00 27 11 64
    Bolivia     9/18/98     9/17/01 101 56 184
    Burkina Faso     9/10/99     9/9/02 39 34 85
    Cambodia     10/22/99     10/21/02 59 50 48
    Cameroon     8/20/97     9/6/00 162 36 126
    Central African Republic       7/20/98     7/19/01 49 33 17
    Chad     1/7/00     1/6/03 36 31 55
    Cote d'Ivoire     3/17/98     3/16/01 286 162 439
    Djibouti     10/18/99     10/17/02 19 16 3
    The Gambia     6/29/98     6/28/01 21 14 8
    Ghana     5/3/99     5/2/02 155 111 219
    Guinea     1/13/97     1/12/01 71 16 91
    Guyana     7/15/98     7/14/01 54 36 96
    Honduras     3/26/99     3/25/02 157 81 104
    Kyrgyz Republic     6/26/98     6/25/01 73 38 122
    Madagascar     11/27/96     7/27/00 81 41 45
    Mali     8/6/99     8/5/02 47 40 134
    Mauritania     7/21/99     7/20/02 42 36 74
    Mongolia     7/30/97     7/29/00 33 16 42
    Mozambique     6/28/99     6/27/02 87 42 178
    Nicaragua     3/18/98     3/17/01 149 54 113
    Pakistan     10/20/97     10/19/00 682 417 454
    Rwanda     6/24/98     6/23/01 71 38 35
    Sao Tome and Principe     4/28/00     4/27/03 7 6 1
    Senegal     4/20/98     4/19/01 107 57 194
    Tajikistan     6/24/98     6/23/01 100 40 60
    Tanzania     3/31/00     3/30/03 135 115 243
    Uganda     11/10/97     11/9/00 100 18 257
    Yemen     10/29/97     10/28/00 265 115 150
    Zambia     3/25/99     3/24/02 254 244 853
 
    31 Arrangements 3,516 2,017 4,554

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Table 2a and 2b. Current Financial Arrangements (GRA and PRGF)
Term Definition
     Arrangements IMF credit is made available under a variety of borrowing arrangements with different disbursement schedules and maturities depending on the balance of payment needs of the member.
          Stand-by Arrangements                                  The most common type of credit arrangement designed to provide short-term financial assistance. Purchases under Stand-By Arrangements are repayable in 8 quarterly installments 3¼-5 years after drawdown.
          Extended Arrangements Extended Arrangements provide credit for a longer period since these arrangements usually require fundamental reforms which may need more time to put in place and take effect. Drawings under extended arrangements are repayable in 12 semiannual installments 4½ - 10 years after drawdown.
          PRGF Arrangements Concessional borrowing arrangements providing loans at interest rates ½ of 1 percent to eligible low-income members. The loans are repaid in equal semiannual installments within 5½ -10 years after the date of the disbursement.
   
     Arrangement Details  
          Approval Date Date the arrangement was approved by the Executive Board.
          Expiration Date Arrangements have a specified duration. Commitments are no longer available after the expiration of the arrangement.
          Amount Committed Amount of credit available under an arrangement.
          Undrawn Balance Amount of credit available under an arrangement, but not yet not drawn.
          IMF Credit Outstanding Total resources outstanding to the member.

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Table 3. Status of Commitments of HIPC Assistance
as of May 12, 2000
(In millions of SDRs)
(For definitions, see below)
Member      Decision Point  Completion Point 1 Amount Committed Amount Disbursed
Bolivia Sep. 1997   Sep. 1998   21.2   21.2   
Bolivia Feb. 2000 2 Floating   41.1   --  
Burkina Faso 3 Sep. 1997   Jun. 2000   7.0   --  
Cote d'Ivoire 3 Mar. 1998   Mar. 2001   14.4   --  
Guyana Dec. 1997   May 1999 25.6   25.6  
         
Mali 3 Sep. 1998   Spring 2000   9.2   --  
Mauritania Feb. 2000   Floating   34.8   --  
Mozambique      Apr. 1998   Jun. 1999   93.2   93.2  
Mozambique Apr. 2000 2 Floating   11.6   2.3  
Tanzania Mar. 2000   Floating   89.0   13.3  
         
Uganda Apr. 1997   Apr. 1998   51.5   51.5  
Uganda Feb. 2000 2 May 2000   68.1   5.6 4
_________     _____ _____
9 Members     466.7   212.7  
1. Bold indicates expected date of completion point.
2. Second decision point.
3. Countries that reached their decision point under the original framework. The Fund's HIPC assistance will be committed at the completion point, subject to satisfactory assurances regarding exceptional assistance to be provided by other creditors under the HIPC initiative.
4. Disbursement of the Fund's assistance under the enhanced HIPC Initiative is subject to confirmation of participation of the African Development Bank in the debt relief operation. (The confirmation is expected in late May/early June 2000). The disbursement of SDR 5.6 million represents the Fund's interim assistance to support the continued implementation of the poverty reduction strategy.

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Table 3--Status of Commitments of HIPC Assistance
Term Definition
Decision Point                     Point at which the IMF decides whether a member qualifies for assistance under the HIPC Initiative (normally at the end of the initial three-year performance period) and decides on the amount of assistance to be committed.
Completion Point Point at which the country receives the bulk of its assistance under the HIPC Initiative, without any further policy conditions. Under the enhanced HIPC Initiative, the timing of the completion point is linked to the implementation of pre-agreed key structural reforms (i.e., floating completion point).
Amount Committed Amount of HIPC assistance determined, in consultation with the World Bank, at the decision point to be made available by the IMF.
Amount Disbursed Resources disbursed to the member to help meet debt service payments to the IMF.