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IMF Financial Activities -- Update July 14, 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 July 14, 2000
(In billions of SDRs, at end of period, unless indicated otherwise)
(For definitions, see below)
  2000
  1998 1999 Q1 Q2 Q3 to date
       
Financial Assistance        
   GRA        
      Purchases (during period) 20.6 10.0 1.2   0.8   0.2  
      Repurchases (during period) 6.7 19.4 2.5   7.3   0.4  
      Credit outstanding 60.5 51.1 49.7   43.2   43.0  
                 
   PRGF                
      Disbursements (during period) 0.9 0.7 0.1   0.1   0.0  
      Repayments (during period) 0.6 0.6 0.1   0.2   0.0  
      Credit outstanding 6.3 6.4 6.4   6.3   6.3  
                 
   HIPC (SDR millions)                
      Commitments (cumulative) 222.2 222.2 455.2   498.5   545.5  
      Disbursements (cumulative) 72.8 191.5 197.1   212.7   229.0  
                 
Available Resources                
   GRA                
      Usable resources 53.6 94.9 102.7   109.4   109.6  
      Net uncommitted usable resources 19.5 63.0 68.1   76.7   77.6  
      Liquid liabilities 60.6 54.8 54.3   47.8   47.4  
      Liquidity ratio (percent) 32.0 115.0 125.3   160.6   163.7  
                 
   PRGF Trust                
      Available loan resources 9.5 10.3 10.7   11.4   11.4  
      Cumulative commitments, net 8.6 9.1 9.3   9.3   9.3  
       Of which, cumulative disbursements 6.5 7.2 7.3   7.3   7.4  
      Uncommitted loan resources 1.0 1.2 1.4   2.0   2.0  
                 
   PRGF-HIPC Trust (SDR millions)                
      PRGF-HIPC sub-account 44.0 205.1 261.7   344.5   344.5 1
      HIPC sub-account 0.0 227.2 228.3   214.4   214.4 1
      PRGF sub-account 4.0 7.2 7.3   7.3   7.3 1
                 
Arrears                
   GRA 1.9 1.9 1.9   1.9   1.9  
   PRGF -- -- --   --   --  
   Trust Fund and other 0.4 0.4 0.4   0.4   0.4  
                 
Rates                
   US$ per SDR 1.36963 1.37251 1.34687   1.33728   1.32011  
   SDR interest rate (percent) 3.64 3.90 4.24   4.39   4.49  
   Rate of charge, adjusted (percent) 4.01 4.59 5.00   5.25   5.36  
   Rate of remuneration, adjusted (percent) 3.49 3.72 4.05   4.22   4.32  
                 
 1 As of end-June 2000.

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.

Table 2a. Current Financial Arrangements (GRA)
as of July 14, 2000
(In millions of SDRs)
(For definitions, see below)
  Current Financial Arrangement
  
  Date of Date of Amount Undrawn IMF Credit
Member Approval Expiration Agreed Balance Outstanding
           
Stand-by Arrangements  
           
   Argentina 3/10/00 3/9/03 5,399 5,399 2,750
   Bosnia/Herzegovina 5/29/98 3/31/01 94 30 72
   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 30
   Lithuania 3/8/00 6/7/01 62 62 158
   Mexico 7/7/99 11/30/00 3,103 1,164 2,431
   Panama 6/30/00 3/29/02 64 64 90
   Papua New Guinea 3/29/00 5/28/01 86 76 17
   Philippines 4/1/98 7/31/00 1,021 475 1,325
   Romania 8/5/99 2/28/01 400 260 395
   Russia 7/28/99 12/27/00 3,300 2,829 9,665
   Turkey 12/22/99 12/21/02 2,892 2,227 1,036
   Uruguay 5/31/00 3/31/02 150 150 114
   Zimbabwe 8/2/99 10/1/00 141 117 138
           
   17 Arrangements     42,920 16,693 24,142
           
Extended Arrangements          
           
   Bulgaria 9/25/98 9/24/01 628 209 982
   Colombia 12/20/99 12/19/02 1,957 1,957 0
   Indonesia 2/4/00 12/31/02 3,638 3,097 8,008
   Jordan 4/15/99 4/14/02 128 107 352
   Kazakhstan 12/13/99 12/12/02 329 329 0
   Pakistan 10/20/97 10/19/00 455 341 689
   Peru 6/24/99 5/31/02 383 383 482
   Ukraine 9/4/98 9/3/01 1,920 1,208 1,698
   Yemen 10/29/97 3/1/01 106 66 127
           
   9 Arrangements     9,543 7,696 12,338
           
Total STBY and EFF     52,464 24,390 36,480
           
 1 Amount agreed and undrawn balance exclude SDR 2.6 billion not drawn under the SRF. Brazil's SRF expired on 12/1/99.

Table 2b. Current Financial Arrangements (PRGF)
as of July 14, 2000
(In millions of SDRs)
(For definitions, see below)
  Current Financial Arrangement
  
  Date of Date of Amount Undrawn IMF Credit
Member Approval Expiration Agreed Balance Outstanding
           
Poverty Reduction and Growth Facility          
           
   Albania 5/13/98 7/31/01 45 12 59
   Benin 8/28/96 8/26/00 27 11 63
   Bolivia 9/18/98 9/17/01 101 56 178
   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 12/20/00 162 18 144
   Central African Republic 7/20/98 7/19/01 49 33 16
   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
   Gambia, The 6/29/98 6/28/01 21 14 7
   Ghana 5/3/99 5/2/02 155 111 209
   Guinea 1/13/97 1/12/01 71 16 90
   Guyana 7/15/98 7/14/01 54 36 93
   Honduras 3/26/99 3/25/02 157 65 121
   Kyrgyz Republic 6/26/98 6/25/01 73 38 122
   Madagascar 11/27/96 11/30/00 106 34 74
   Mali 8/6/99 8/5/02 47 40 134
   Mauritania 7/21/99 7/20/02 42 30 79
   Mongolia 7/30/97 7/29/00 33 16 41
   Mozambique 6/28/99 6/27/02 87 42 171
   Nicaragua 3/18/98 3/17/01 149 54 111
   Pakistan 10/20/97 10/19/00 682 417 443
   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 43 204
   Tajikistan 6/24/98 6/23/01 100 40 60
   Tanzania 4/4/00 4/3/03 135 115 237
   Uganda 11/10/97 11/9/00 100 18 251
   Yemen 10/29/97 10/28/00 265 115 150
   Zambia 3/25/99 3/24/02 254 244 853
           
   31 Arrangements     3,541 1,953 4,579

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 arrangements providing credit at an interest rate of ½ of 1 percent to eligible low-income members. The loans are repayable in 10 equal semiannual installments 5½ -10 years after drawdown.
   
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 drawn.
   IMF Credit Outstanding Total resources outstanding to the member.

Table 3. Status of Commitments of HIPC Assistance
as of July 14, 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 Sep. 1997   Jul. 2000   16.3   16.3  
   Burkina Faso Jul. 2000 2 Floating   15.0   -  
   Cote d'Ivoire 3 Mar. 1998   Mar. 2001   14.4   -  
   Guyana Dec. 1997   May 1999   25.6   25.6  
   Honduras Jun. 2000   Floating   22.7   -  
   Mali 3 Sep. 1998   Jul. 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  
   Senegal Jun. 2000   Floating   31.8   -  
   Tanzania Apr. 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  
                 
   11 Members         545.5   229.0  
                 
 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.

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.