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IMF Financial Activities -- Update November 23, 2001

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 November 23, 2001
(In billions of SDRs, at end of period, unless indicated otherwise)
(For definitions, see below)
    2001
  1999 2000 Q1 Q2 Q3 Q4 to date
   
Financial Assistance  
   GRA          
      Purchases (during period) 10.0 7.2 3.5 5.9 11.9 0.1  
      Repurchases (during period) 19.4 15.2 3.5 3.0 2.8 2.7  
      Credit outstanding 51.1 43.0 43.0 45.9 55.0 52.4  
               
   PRGF              
      Disbursements (during period) 0.7 0.5 0.2 0.1 0.2 0.2  
      Repayments (during period) 0.6 0.6 0.1 0.3 0.1 0.1  
      Credit outstanding 6.4 6.3 6.4 6.3 6.3 6.4  
               
   HIPC (SDR millions)              
      Commitments (cumulative) 222.2 1,322.4 1,322.4 1,341.8 1,346.3 1,374.2  
      Disbursements (cumulative) 191.5 452.4 475.0 524.2 546.7 558.7  
               
Available Resources              
   GRA              
      Usable resources 94.9 109.8 111.4 108.5 101.0 103.8  
      Net uncommitted usable resources 63.0 77.6 78.0 73.3 61.5 64.5  
      Liquid liabilities 54.8 47.3 47.3 49.2 58.3 55.6  
      Liquidity ratio (percent) 115.0 163.9 164.9 148.8 105.6 116.0  
               
   PRGF Trust              
      Available loan resources 10.3 11.4 11.4 11.4 11.4 11.4  
      Cumulative commitments, net 9.1 9.5 9.6 10.1 10.3 10.3  
       Of which, cumulative disbursements 7.2 7.7 7.8 8.0 8.2 8.4  
      Uncommitted loan resources 1.2 1.9 1.8 1.3 1.1 1.1  
               
   PRGF-HIPC Trust (SDR millions)              
      PRGF-HIPC sub-account 205.1 443.7 501.4 489.5 504.6 520.9 1
      HIPC sub-account 227.2 15.9 3.9 -- -- -- 1
      PRGF sub-account 7.2 10.6 10.8 11.1 14.3 14.4 1
               
Arrears              
   GRA 1.9 1.9 1.9 1.9 1.9 1.9  
   PRGF -- -- 0.0 0.0 0.0 0.0  
   Trust Fund and other 0.4 0.4 0.4 0.4 0.4 0.4  
               
Rates              
   US$ per SDR 1.37251 1.30291 1.26065 1.24565 1.28901 1.25882  
   SDR interest rate (percent) 3.90 4.34 3.91 3.46 2.61 2.33  
   Rate of charge, adjusted (percent) 4.59 5.22 4.69 4.22 3.21 2.18  
   Rate of remuneration, adjusted (percent) 3.72 4.15 3.74 3.30 2.46 2.88  
1 As of end-October 2001.

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; includes amounts that the IMF has indicated will be committed subject to satisfactory assurances regarding exceptional assistance to be provided by other creditors 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. The method for valuing the SDR was revised effective January 1, 2001.
  See http://www.imf.org/external/np/sec/pr/2000/pr0055.htm
   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.

  See http://www.imf.org/external/np/sec/pr/2000/pr0055.htm
   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 November 23, 2001
(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 1 3/10/00 3/9/03 16,937 7,180 11,208
   Brazil1 9/14/01 12/13/02 12,144 8,469 6,634
   Croatia 3/19/01 5/18/02 200 200 97
   Ecuador 4/19/00 12/31/01 227 76 151
   Gabon 10/23/00 4/22/02 93 79 65
   Latvia 4/20/01 12/19/02 33 33 21
   Lithuania 8/30/01 3/29/03 87 87 124
   Panama 6/30/00 3/29/02 64 64 46
   Peru 3/12/01 3/11/02 128 128 308
   Romania 10/31/01 4/29/03 300 248 316
   Sri Lanka 4/20/01 6/19/02 200 97 103
   Turkey1 12/22/99 12/21/02 15,038 5,702 9,698
   Uruguay 5/31/00 3/31/02 150 150 114
   Yugoslavia, Fed. Rep 6/11/01 3/31/02 200 100 217
           
   14 Arrangements     45,800 22,613 29,101
           
Extended Arrangements          
           
   Colombia 12/20/99 12/19/02 1,957 1,957 --
   Indonesia 2/4/00 12/31/02 3,638 2,477 7,252
   Jordan 4/15/99 4/14/02 128 61 353
   Kazakhstan 12/13/99 12/12/02 329 329 --
   Macedonia (FYR) 11/29/00 11/28/03 24 23 27
   Ukraine 9/4/98 8/15/02 1,920 727 1,543
           
   6 Arrangements     7,996 5,574 9,175
           
Total STBY and EFF     53,796 28,187 38,276
           
1 Amount agreed and undrawn balance include commitment and amounts remaining available under the SRF.  

Table 2b. Current Financial Arrangements (PRGF)
as of November 23, 2001
(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          
           
   Armenia 5/23/01 5/22/04 69 59 118
   Azerbaijan 7/6/01 7/5/04 80 72 90
   Benin 7/17/00 7/16/03 27 12 63
   Bolivia 9/18/98 6/7/02 101 37 170
   Burkina Faso 9/10/99 9/9/02 39 17 90
   Cambodia 10/22/99 10/21/02 59 25 61
   Cameroon 12/21/00 12/20/03 111 80 194
   Central African Republic 7/20/98 1/19/02 49 25 24
   Chad 1/7/00 1/6/03 42 18 72
   Djibouti 10/18/99 10/17/02 19 14 5
   Ethiopia 3/22/01 3/21/04 87 52 84
   Gambia, The 6/29/98 12/31/01 21 3 16
   Georgia 1/12/01 1/11/04 108 81 196
   Ghana 5/3/99 5/2/02 229 105 241
   Guinea 5/2/01 5/1/04 64 51 100
   Guinea-Bissau 12/15/00 12/14/03 14 9 15
   Guyana 7/15/98 12/31/01 54 29 80
   Honduras 3/26/99 12/31/02 157 48 129
   Kenya 8/4/00 8/3/03 190 156 83
   Lao People's Dem Rep 4/25/01 4/24/04 32 27 31
   Lesotho 3/9/01 3/8/04 25 18 12
   Macedonia (FYR) 12/18/00 12/17/03 10 9 29
   Madagascar 3/1/01 2/28/04 79 68 90
   Malawi 12/21/00 12/20/03 45 39 59
   Mali 8/6/99 8/5/03 51 26 129
   Mauritania 7/21/99 7/20/02 42 18 78
   Moldova 12/21/00 12/20/03 111 92 18
   Mongolia 9/28/01 9/27/04 28 24 39
   Mozambique 6/28/99 6/27/02 87 25 163
   Nicaragua 2 3/18/98 3/17/02 149 34 127
   Niger 12/22/00 12/21/03 59 42 65
   Rwanda 6/24/98 4/30/02 71 10 62
   Sao Tome and Principe 4/28/00 4/27/03 7 5 2
   Senegal 4/20/98 4/19/02 107 20 203
   Sierra Leone 9/26/01 9/25/04 131 84 123
   Tajikistan 6/24/98 12/24/01 100 22 78
   Tanzania 4/4/00 4/3/03 135 55 278
   Vietnam 4/13/01 4/12/04 290 249 247
   Zambia 3/25/99 3/28/03 254 150 865
           
   39 Arrangements     3,336 1,910 4,531

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 November 23, 2001
(In millions of SDRs)
(For definitions, see below)
Member Decision Point Completion Point 1 Amount Committed Amount Disbursed
   Benin Jul. 2000   Floating   18.4   7.4  
   Bolivia Sep. 1997 1 Sep. 1998   21.2   21.2  
   Bolivia 3 Feb. 2000   Jun. 2001   44.2   44.2  
   Burkina Faso Sep. 1997 1 Jul. 2000   16.3   16.3  
   Burkina Faso Jul. 2000   Floating   15.0   3.1  
   Cameroon Oct. 2000   Floating   28.5   2.2  
   Chad May 2001   Floating   14.3   2.9  
   Cote d'Ivoire Mar. 1998 2 --   16.7 4 --  
   Ethiopia Nov. 2001   Floating   26.9   4.0  
   Gambia, The Dec. 2000   Floating   1.8   0.1  
   Guinea Dec. 2000   Floating   24.2   2.4  
   Guinea Bissau Dec. 2000   Floating   9.2   0.5  
   Guyana Dec. 1997 1 May 1999   25.6   25.6  
   Guyana Nov. 2000   Floating   30.7   6.1  
   Honduras Jun. 2000   Floating   22.7   4.5  
   Madagascar Dec. 2000   Floating   16.6   0.7  
   Malawi Dec. 2000   Floating   23.1   2.3  
   Mali Sep. 1998 1 Sep. 2000   10.8   10.8  
   Mali Sep. 2000   Floating   33.6   6.4  
   Mauritania Feb. 2000   Floating   34.8   9.9  
   Mozambique Apr. 1998 1 Jun. 1999   93.2   93.2  
   Mozambique Apr. 2000   Sep. 2001   14.8   14.8  
   Nicaragua Dec. 2000   Floating   63.0   --  
   Niger Dec. 2000   Floating   21.6   0.4  
   Rwanda Dec. 2000   Floating   33.8   9.1  
   Sao Tomé & Príncipe Dec. 2000   Floating   --   --  
   Senegal Jun. 2000   Floating   33.8   4.8  
   Tanzania Mar. 2000   Floating   89.0   26.7  
   Uganda Apr. 1997 1 Apr. 1998   51.5   51.5  
   Uganda 3 Feb. 2000   May 2000   70.2   70.2  
   Zambia Dec. 2000   Floating   468.8   117.2  
   25 members, of which 24 members received commitments of enhanced HIPC assistance 1,374.2   558.7  
                 
 1 Original HIPC decision point.
 2 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.
 3 Includes interest on amounts committed but not disbursed during the interim period.
 4 Equivalent to the committed amount of US $22.5 million at decision point exchange rates (3/17/98).

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.