| Table 1. Key IMF Financial Statistics
|
| as of April 12, 2002
|
| (In billions of SDRs, at end of period, unless indicated otherwise)
|
(For definitions, see below)
|
|
|
|
|
2002
|
|
|
2000
|
2001
|
Q1
|
Q2 to date
|
|
|
|
|
| Financial Assistance
|
|
| GRA
|
|
| Purchases (during period)
|
7.2
|
23.8
|
7.9
|
0.1
|
|
| Repurchases (during period)
|
15.2
|
13.3
|
6.5
|
0.2
|
|
| Credit outstanding
|
43.0
|
53.5
|
54.9
|
54.8
|
|
|
|
|
|
|
|
|
| PRGF
|
|
|
|
|
|
| Disbursements (during period)
|
0.5
|
0.9
|
0.1
|
0.2
|
|
| Repayments (during period)
|
0.6
|
0.8
|
0.1
|
0.0
|
|
| Credit outstanding
|
6.4
|
6.4
|
6.5
|
6.6
|
|
|
|
|
|
|
|
|
| HIPC (SDR millions)
|
|
|
|
|
|
| Commitments (cumulative)
|
1,322.4
|
1,381.7
|
1,570.2
|
1,582.9
|
|
| Disbursements (cumulative)
|
452.4
|
637.9
|
672.8
|
676.2
|
|
|
|
|
|
|
|
|
| Available Resources
|
|
|
|
|
|
| GRA
|
|
|
|
|
|
| Usable resources
|
109.8
|
102.5
|
101.3
|
101.3
|
|
| Net uncommitted usable resources
|
77.6
|
65.4
|
61.7
|
61.2
|
|
| Liquid liabilities
|
47.3
|
56.9
|
58.0
|
58.0
|
|
| Liquidity ratio (percent)
|
163.9
|
114.9
|
106.3
|
105.5
|
|
|
|
|
|
|
|
|
| PRGF Trust
|
|
|
|
|
|
| Available loan resources
|
11.4
|
14.5
|
15.5
|
15.5
|
|
| Cumulative commitments, net
|
9.5
|
11.4
|
11.4
|
11.6
|
|
| Of which, cumulative disbursements
|
7.7
|
8.6
|
8.7
|
8.8
|
|
| Uncommitted loan resources
|
1.9
|
3.1
|
3.9
|
3.9
|
|
|
|
|
|
|
|
|
| PRGF-HIPC Trust (SDR millions)
|
|
|
|
|
|
| PRGF-HIPC sub-account
|
443.7
|
455.7
|
461.1
|
461.1
|
1
|
| HIPC sub-account
|
15.9
|
--
|
--
|
--
|
1
|
| PRGF sub-account
|
10.6
|
14.5
|
14.5
|
14.5
|
1
|
|
|
|
|
|
|
|
| Arrears
|
|
|
|
|
|
| GRA
|
1.9
|
1.9
|
1.9
|
1.9
|
|
| PRGF
|
--
|
0.0
|
0.0
|
0.0
|
|
| Trust Fund and other
|
0.4
|
0.4
|
0.4
|
0.4
|
|
|
|
|
|
|
|
|
| Rates
|
|
|
|
|
|
| US$ per SDR
|
1.30291
|
1.25673
|
1.24691
|
1.25233
|
|
| SDR interest rate (percent)
|
4.34
|
2.24
|
2.33
|
2.30
|
|
| Rate of charge, adjusted (percent)
|
5.22
|
2.75
|
2.85
|
2.81
|
|
| Rate of remuneration, adjusted (percent)
|
4.15
|
2.12
|
2.21
|
2.18
|
|
|
| 1 As of end-March 2002.
|
| 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 SDR in terms of U.S. dollars. The method for valuing the SDR was revised effective January 1, 2001.
|
|
|
See 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 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 April 12, 2002
|
| (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
|
16,725
|
6,969
|
10,850
|
| Brazil 2
|
9/14/01
|
12/13/02
|
12,144
|
8,469
|
6,566
|
| Bulgaria
|
2/27/02
|
2/26/04
|
240
|
208
|
861
|
| Croatia
|
3/19/01
|
5/18/02
|
200
|
200
|
89
|
| Gabon
|
10/23/00
|
4/22/02
|
93
|
79
|
60
|
| Guatemala
|
4/1/02
|
3/31/03
|
84
|
84
|
--
|
| Latvia
|
4/20/01
|
12/19/02
|
33
|
33
|
17
|
| Lithuania
|
8/30/01
|
3/29/03
|
87
|
87
|
112
|
| Peru
|
2/1/02
|
2/29/04
|
255
|
255
|
241
|
| Romania
|
10/31/01
|
4/29/03
|
300
|
248
|
293
|
| Sri Lanka
|
4/20/01
|
6/19/02
|
200
|
97
|
103
|
| Turkey
|
2/4/02
|
12/31/04
|
12,821
|
5,495
|
13,643
|
| Uruguay
|
4/1/02
|
3/31/04
|
594
|
472
|
373
|
| Yugoslavia, Fed. Rep.
|
6/11/01
|
5/31/02
|
200
|
50
|
267
|
|
|
|
|
|
|
|
| 14 Arrangements
|
|
|
43,976
|
22,744
|
33,474
|
|
|
|
|
|
|
|
| Extended Arrangements
|
|
|
|
|
|
|
|
|
|
|
|
|
| Colombia
|
12/20/99
|
12/19/02
|
1,957
|
1,957
|
--
|
| Indonesia
|
2/4/00
|
12/31/03
|
3,638
|
2,202
|
7,068
|
| Jordan
|
4/15/99
|
5/31/02
|
128
|
61
|
329
|
| Ukraine
|
9/4/98
|
9/3/02
|
1,920
|
727
|
1,479
|
|
|
|
|
|
|
|
| 4 Arrangements
|
|
|
7,643
|
4,947
|
8,876
|
|
|
|
|
|
|
|
| Total STBY and EFF
|
|
|
51,619
|
27,691
|
42,350
|
|
|
|
|
|
|
|
|
| 1 Amount agreed and undrawn balance exclude SDR 211.71 million not drawn under the SRF. Argentina's SRF expired on 1/11/02.
|
| 2 Amount agreed and undrawn balance include commitment and amounts remaining available under the SRF.
|
|
| Table 2b. Current Financial Arrangements (PRGF)
|
| as of April 12, 2002
|
| (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
|
114
|
| Azerbaijan
|
7/6/01
|
7/5/04
|
80
|
64
|
98
|
| Benin
|
7/17/00
|
7/16/03
|
27
|
12
|
57
|
| Bolivia
|
9/18/98
|
6/7/02
|
101
|
37
|
162
|
| Burkina Faso
|
9/10/99
|
12/9/02
|
39
|
11
|
91
|
| Cambodia
|
10/22/99
|
2/28/03
|
59
|
17
|
67
|
| Cameroon
|
12/21/00
|
12/20/03
|
111
|
64
|
210
|
| Cape Verde
|
4/10/02
|
4/9/05
|
9
|
9
|
--
|
| Chad
|
1/7/00
|
1/6/03
|
48
|
18
|
75
|
| Cote d'Ivoire
|
3/29/02
|
3/28/05
|
293
|
234
|
422
|
| Djibouti
|
10/18/99
|
10/17/02
|
19
|
10
|
9
|
| Ethiopia
|
3/22/01
|
3/21/04
|
100
|
42
|
106
|
| Georgia
|
1/12/01
|
1/11/04
|
108
|
81
|
191
|
| Ghana
|
5/3/99
|
11/30/02
|
229
|
53
|
276
|
| Guinea
|
5/2/01
|
5/1/04
|
64
|
51
|
97
|
| Guinea-Bissau
|
12/15/00
|
12/14/03
|
14
|
9
|
15
|
| Honduras
|
3/26/99
|
12/31/02
|
157
|
48
|
125
|
| Kenya
|
8/4/00
|
8/3/03
|
190
|
156
|
79
|
| Kyrgyz Republic
|
12/6/01
|
12/5/04
|
73
|
62
|
129
|
| Lao People's Dem Rep
|
4/25/01
|
4/24/04
|
32
|
23
|
33
|
| Lesotho
|
3/9/01
|
3/8/04
|
25
|
14
|
14
|
| Madagascar
|
3/1/01
|
2/29/04
|
79
|
57
|
101
|
| Malawi
|
12/21/00
|
12/20/03
|
45
|
39
|
57
|
| Mali
|
8/6/99
|
8/5/03
|
51
|
20
|
134
|
| Mauritania
|
7/21/99
|
7/20/02
|
42
|
12
|
79
|
| Moldova
|
12/21/00
|
12/20/03
|
111
|
92
|
18
|
| Mongolia
|
9/28/01
|
9/27/04
|
28
|
24
|
36
|
| Mozambique
|
6/28/99
|
6/27/02
|
87
|
25
|
154
|
| Niger
|
12/22/00
|
12/21/03
|
59
|
34
|
73
|
| Pakistan
|
12/6/01
|
12/5/04
|
1,034
|
861
|
529
|
| 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
|
194
|
| Sierra Leone
|
9/26/01
|
9/25/04
|
131
|
75
|
121
|
| Tanzania
|
4/4/00
|
4/3/03
|
135
|
55
|
271
|
| Vietnam
|
4/13/01
|
4/12/04
|
290
|
207
|
270
|
| Zambia
|
3/25/99
|
3/28/03
|
254
|
150
|
782
|
|
|
|
|
|
|
|
| 37 Arrangements
|
|
|
4,380
|
2,759
|
5,253
|
|
|
|
|
|
|
|
| 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 April 12, 2002
|
| (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
|
|
Apr. 2002
|
|
27.7
|
|
4.2
|
|
| Cameroon
|
Oct. 2000
|
|
Floating
|
|
28.5
|
|
2.5
|
|
| 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
|
|
| Ghana
|
Feb. 2002
|
|
Floating
|
|
90.1
|
|
9.9
|
|
| 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
|
|
2.1
|
|
| 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
|
|
16.9
|
|
| Mozambique
|
Apr. 1998
|
1
|
Jun. 1999
|
|
93.2
|
|
93.2
|
|
| Mozambique 3
|
Apr. 2000
|
|
Sep. 2001
|
|
14.8
|
|
14.8
|
|
| Nicaragua
|
Dec. 2000
|
|
Floating
|
|
63.0
|
|
--
|
|
| Niger
|
Dec. 2000
|
|
Floating
|
|
21.6
|
|
1.5
|
|
| Rwanda
|
Dec. 2000
|
|
Floating
|
|
33.8
|
|
9.1
|
|
| Sao Tomé & Príncipe
|
Dec. 2000
|
|
Floating
|
|
--
|
|
--
|
|
| Senegal
|
Jun. 2000
|
|
Floating
|
|
33.8
|
|
8.2
|
|
| Sierra Leone
|
Mar. 2002
|
|
Floating
|
|
98.5
|
|
23.6
|
|
| Tanzania 3
|
Mar. 2000
|
|
Nov. 2001
|
|
96.4
|
|
96.4
|
|
| 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
|
|
| 27 members, of which 26 members received commitments of enhanced HIPC assistance
|
1,582.9
|
|
676.2
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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.
|
|
