| Table 1. Key IMF Financial Statistics
|
| as of December 27, 2002
|
| (In billions of SDRs, at end of period, unless indicated otherwise)
|
(For definitions, see below)
|
|
|
|
|
2002
|
|
|
2000
|
2001
|
Q1
|
Q2
|
Q3
|
Q4 to date
|
|
|
|
|
| Financial Assistance
|
|
| GRA
|
|
| Purchases (during period)
|
7.2
|
23.8
|
7.9
|
9.9
|
4.9
|
2.6
|
|
| Repurchases (during period)
|
15.3
|
13.3
|
6.5
|
5.1
|
1.8
|
1.6
|
|
| Credit outstanding
|
43.0
|
53.5
|
54.9
|
59.6
|
62.8
|
63.7
|
|
|
|
|
|
|
|
|
|
|
| PRGF
|
|
|
|
|
|
|
|
| Disbursements (during period)
|
0.5
|
0.9
|
0.1
|
0.7
|
0.3
|
0.2
|
|
| Repayments (during period)
|
0.6
|
0.8
|
0.1
|
0.4
|
0.1
|
0.3
|
|
| Credit outstanding
|
6.4
|
6.4
|
6.5
|
6.7
|
6.9
|
6.9
|
|
|
|
|
|
|
|
|
|
|
| HIPC (SDR millions)
|
|
|
|
|
|
|
|
| Commitments (cumulative)
|
1,322.4
|
1,381.7
|
1,570.2
|
1,584.2
|
1,587.9
|
1,587.9
|
|
| Disbursements (cumulative)
|
452.4
|
637.9
|
672.8
|
826.7
|
844.3
|
970.4
|
|
|
|
|
|
|
|
|
|
|
| Available Resources
|
|
|
|
|
|
|
|
| GRA
|
|
|
|
|
|
|
|
| Usable resources
|
109.7
|
102.5
|
101.2
|
99.3
|
100.8
|
100.1
|
|
| Uncommitted usable resources
|
88.8
|
76.7
|
75.6
|
81.4
|
64.3
|
68.2
|
|
| Repurchases one-year forward
|
13.3
|
15.2
|
15.8
|
15.5
|
15.9
|
19.6
|
|
| Prudential balance
|
30.2
|
30.9
|
30.9
|
31.5
|
32.6
|
32.6
|
|
| One-year forward commitment capacity (FCC)
|
71.9
|
61.0
|
60.4
|
65.4
|
47.6
|
55.2
|
|
| Liquidity ratio (percent)
|
163.7
|
115.0
|
106.1
|
105.2
|
79.4
|
83.6
|
|
|
|
|
|
|
|
|
|
|
| PRGF Trust
|
|
|
|
|
|
|
|
| Available loan resources
|
11.4
|
14.5
|
15.5
|
15.8
|
15.8
|
15.8
|
|
| Cumulative commitments, net
|
9.5
|
11.4
|
11.6
|
12.2
|
12.3
|
12.4
|
|
| Of which, cumulative disbursements
|
7.7
|
8.6
|
8.7
|
9.4
|
9.6
|
9.9
|
|
| Uncommitted loan resources
|
1.9
|
3.1
|
3.9
|
3.6
|
3.5
|
3.4
|
|
|
|
|
|
|
|
|
|
|
| PRGF-HIPC Trust (SDR millions)
|
|
|
|
|
|
|
|
| PRGF-HIPC sub-account
|
443.7
|
455.7
|
461.1
|
339.7
|
355.9
|
383.9
|
1
|
| HIPC sub-account
|
15.9
|
--
|
--
|
--
|
--
|
--
|
1
|
| PRGF sub-account
|
10.6
|
14.5
|
14.5
|
17.9
|
18.0
|
18.1
|
1
|
|
|
|
|
|
|
|
|
|
| Arrears
|
|
|
|
|
|
|
|
| GRA
|
1.9
|
1.9
|
1.9
|
1.7
|
1.7
|
1.7
|
|
| PRGF
|
--
|
0.0
|
0.0
|
0.0
|
0.1
|
0.1
|
|
| Trust Fund and other
|
0.4
|
0.4
|
0.4
|
0.2
|
0.2
|
0.2
|
|
|
|
|
|
|
|
|
|
|
| Rates
|
|
|
|
|
|
|
|
| US$ per SDR
|
1.30291
|
1.25673
|
1.24691
|
1.33046
|
1.32269
|
1.35143
|
|
| SDR interest rate (percent)
|
4.34
|
2.24
|
2.33
|
2.32
|
2.19
|
1.94
|
|
| Rate of charge, adjusted (percent)
|
5.22
|
2.75
|
2.85
|
3.09
|
2.90
|
2.57
|
|
| Rate of remuneration, adjusted (percent)
|
4.15
|
2.12
|
2.21
|
2.19
|
2.09
|
1.84
|
|
|
|
|
| 1 As of end-November 2002.
|
| Table 1. Key IMF Financial Statistics
|
|
 | |
| Term
|
Definition
|
|
|
|
|
| Financial Assistance
|
|
| GRA
|
The General Resources Account (GRA) contains IMF's holdings of members' currencies, SDRs, gold, and other assets. These holdings are principally derived from quota subscription payment plus any activated borrowing.
|
| 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: (i) the IMF's holdings of the currencies of members considered by the Executive Board to have a sufficiently strong balance of payments and reserve position for their currencies to be used in the financing of IMF transactions (see Financial Transactions: http://www.imf.org/cgi-shl/create_x.pl?ftp ), (ii) holdings of SDRs, and (iii) unused amounts, if any, under credit lines already activated, such as under the General Arrangements to Borrow and New Arrangements to Borrow (GAB/NAB).
|
| Uncommitted usable resources
|
Usable resources less the full amount of undrawn balances under existing arrangements.
|
| Repurchases one-year forward
|
Repayments by member countries during the coming one-year period. These repurchases add to the supply of the IMF's usable resources. It is assumed that repurchases would be made on an expectations basis for SRF and CCL, and on an obligations basis under all other facilities (see How We Lend: http://www.imf.org/external/np/exr/facts/howlend.htm).
|
| Prudential balance
|
Amount set aside to safeguard the liquidity of creditors' claims and take account of the potential erosion of the IMF's resource base. The prudential balance is set at 20 percent of the quotas of members that issue the currencies that are used in the financing of IMF transactions and any amounts activated under borrowing arrangements. The prudential ratio of 20 percent as decided by the IMF's Executive Board reflects historical experience and judgments on the indicative level of uncommitted usable resources that the IMF would normally not use to make financial commitments. The prudential balance does not represent a rigid minimum and IMF resources could on a strictly temporary basis, fall below this level.
|
| One-year forward commitment capacity
|
A measure of the resources available for new financial commitments in the coming year, equal to uncommitted usable resources plus repurchases one-year forward minus the prudential balance.
|
| Liquidity ratio
|
A traditional measure of the IMF's liquidity position, represented by the ratio of its net uncommitted usable resources to its liquid liabilities (for an explanation, see IMF's Financial Resources and Liquidity Position 2000 - October 2002: http://www.imf.org/external/np/tre/liquid/2002/1002.htm or Financial Organization & Operations: http://www.imf.org/external/pubs/ft/pam/pam45/contents.htm ).
|
| 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 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. The method for valuing the SDR interest rate was revised effective January 8, 2001.
|
|
|
See http://www.imf.org/external/np/sec/pr/2000/pr0055.htm
|
| Rate of charge, adjusted
|
Interest rate charged on GRA credit outstanding 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 December 27, 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
|
10,560
|
| Bosnia and Herzegovina
|
8/2/02
|
11/1/03
|
68
|
36
|
104
|
| Brazil 2
|
9/6/02
|
12/31/03
|
22,821
|
18,257
|
15,320
|
| Bulgaria
|
2/27/02
|
2/26/04
|
240
|
156
|
772
|
| Dominica
|
8/28/02
|
8/27/03
|
3
|
1
|
2
|
| Guatemala
|
4/1/02
|
3/31/03
|
84
|
84
|
--
|
| Jordan
|
7/3/02
|
7/2/04
|
85
|
75
|
358
|
| Lithuania
|
8/30/01
|
3/29/03
|
87
|
87
|
91
|
| Peru
|
2/1/02
|
2/29/04
|
255
|
255
|
174
|
| Romania
|
10/31/01
|
4/29/03
|
300
|
165
|
315
|
| Turkey
|
2/4/02
|
12/31/04
|
12,821
|
2,892
|
16,246
|
| Uruguay 3
|
4/1/02
|
3/31/04
|
2,128
|
1,017
|
1,319
|
|
|
|
|
|
|
|
| 12 Arrangements
|
|
|
55,617
|
29,993
|
45,259
|
|
|
|
|
|
|
|
| Extended Arrangements
|
|
|
|
|
|
|
|
|
|
|
|
|
| Indonesia
|
2/4/00
|
12/31/03
|
3,638
|
1,376
|
6,518
|
| Yugoslavia, Fed. Rep.
|
5/14/02
|
5/13/05
|
650
|
550
|
417
|
|
|
|
|
|
|
|
| 2 Arrangements
|
|
|
4,288
|
1,926
|
6,935
|
|
|
|
|
|
|
|
| Total 14 STBY and EFF
|
|
|
59,905
|
31,919
|
52,194
|
|
|
|
|
|
|
|
|
| 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 available under the SRF.
|
|
| 3 Amount agreed and undrawn balance exclude SDR 257.4 million not drawn under the SRF. Uruguay's SRF was canceled on 8/8/02.
|
| Table 2b. Current Financial Arrangements (PRGF)
|
| as of December 27, 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
|
|
|
|
|
|
|
|
|
|
|
|
|
| Albania
|
6/21/02
|
6/20/05
|
28
|
24
|
60
|
| Armenia
|
5/23/01
|
5/22/04
|
69
|
39
|
129
|
| Azerbaijan
|
7/6/01
|
7/5/04
|
81
|
64
|
96
|
| Benin
|
7/17/00
|
3/31/04
|
27
|
8
|
54
|
| Cambodia
|
10/22/99
|
2/28/03
|
59
|
8
|
70
|
| Cameroon
|
12/21/00
|
12/20/03
|
111
|
48
|
226
|
| Cape Verde
|
4/10/02
|
4/9/05
|
9
|
6
|
3
|
| Chad
|
1/7/00
|
12/6/03
|
48
|
10
|
79
|
| Congo, Democratic Rep. of
|
6/12/02
|
6/11/05
|
580
|
160
|
420
|
| Cote d'Ivoire
|
3/29/02
|
3/28/05
|
293
|
234
|
361
|
| Djibouti
|
10/18/99
|
1/17/03
|
19
|
10
|
9
|
| Ethiopia
|
3/22/01
|
3/21/04
|
100
|
31
|
105
|
| Gambia, The
|
7/18/02
|
7/17/05
|
20
|
17
|
24
|
| Georgia
|
1/12/01
|
1/11/04
|
108
|
59
|
205
|
| Guinea
|
5/2/01
|
5/1/04
|
64
|
39
|
102
|
| Guinea-Bissau
|
12/15/00
|
12/14/03
|
14
|
9
|
14
|
| Guyana
|
9/20/02
|
9/19/05
|
55
|
49
|
71
|
| Honduras
|
3/26/99
|
12/31/02
|
157
|
49
|
121
|
| Kenya
|
8/4/00
|
8/3/03
|
190
|
156
|
65
|
| Kyrgyz Republic
|
12/6/01
|
12/5/04
|
73
|
50
|
132
|
| Lao People's Dem Rep
|
4/25/01
|
4/24/04
|
32
|
18
|
32
|
| Lesotho
|
3/9/01
|
3/8/04
|
25
|
11
|
16
|
| Madagascar
|
3/1/01
|
11/30/04
|
79
|
57
|
99
|
| Malawi
|
12/21/00
|
12/20/03
|
45
|
39
|
52
|
| Mali
|
8/6/99
|
8/5/03
|
51
|
13
|
122
|
| Moldova
|
12/21/00
|
12/20/03
|
111
|
83
|
28
|
| Mongolia
|
9/28/01
|
9/27/04
|
29
|
24
|
31
|
| Mozambique
|
6/28/99
|
6/27/03
|
87
|
17
|
147
|
| Nicaragua
|
12/13/02
|
12/12/05
|
98
|
91
|
130
|
| Niger
|
12/22/00
|
12/21/03
|
59
|
25
|
78
|
| Pakistan
|
12/6/01
|
12/5/04
|
1,034
|
689
|
681
|
| Rwanda
|
8/12/02
|
8/11/05
|
4
|
3
|
63
|
| Sao Tome and Principe
|
4/28/00
|
4/27/03
|
7
|
5
|
2
|
| Sierra Leone
|
9/26/01
|
9/25/04
|
131
|
56
|
125
|
| Tajikistan
|
12/11/02
|
12/10/05
|
65
|
57
|
74
|
| Tanzania
|
4/4/00
|
6/30/03
|
135
|
15
|
294
|
| Uganda
|
9/13/02
|
9/12/05
|
14
|
12
|
189
|
| Vietnam
|
4/13/01
|
4/12/04
|
290
|
166
|
275
|
| Zambia
|
3/25/99
|
3/28/03
|
279
|
41
|
747
|
|
|
|
|
|
|
|
| 39 Arrangements
|
|
|
4,677
|
2,493
|
5,527
|
|
| 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 2¼ - 4 years after disbursement under the expectation schedule, and 3¼ - 5 years after disbursement under the obligation schedule.
|
| 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 6 semiannual installments 4¼ - 7 years after disbursement under the expectation schedule, and in 12 semiannual installments 4½ - 10 years after disbursement under the obligation schedule.
|
| 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 disbursement.
|
| Supplemental Reserve Facility
|
The Supplemental Reserve Facility (SRF) provides financial assistance to members experiencing exceptional balance of payments difficulties due to short-term financing needs resulting from a sudden and disruptive loss of market confidence reflected in pressure on the capital account and the members' reserves. SRF resources are provided under Stand-By and Extended Arrangements and are repayable in 2 installments 1 - 1½ years after disbursement under the expectation schedule, and 2 - 2½ years under the obligation schedule.
|
|
|
|
| Arrangement Details
|
|
| Next Scheduled Review
|
Expected date the arrangement will be reviewed by the Executive Board.
|
| Date of Approval
|
Date the arrangement was approved by the Executive Board.
|
| Date of Expiration
|
Arrangements have a specified duration. Commitments are no longer available after the expiration of the arrangement.
|
| Amount Agreed
|
Amount of credit available under an arrangement.
|
| Undrawn Balance
|
Amount of credit available under an arrangement but not yet drawn.
|
| Total Credit Outstanding
|
Total resources outstanding to the member.
|
| Total Credit Outstanding as percent of quota
|
Total credit outstanding in terms of member's quota.
|
| Drawings available Thru End-2002
|
Credit available to a member under an arrangement through the end of 2002.
|
| Scheduled Repayments Thru End-2002
|
The amount of funds scheduled to be repaid by the member through the end of 2002.
|
| Table 3. Status of Commitments of HIPC Assistance
|
| as of December 27, 2002
|
| (In millions of SDRs)
|
(For definitions, see below)
|
| Member
|
Decision Point
|
Completion Point
|
Amount Committed
|
Amount Disbursed
|
|
| Benin
|
Jul. 2000
|
|
Floating
|
|
18.4
|
|
11.0
|
|
| Bolivia
|
Sep. 1997
|
1
|
Sep. 1998
|
|
21.3
|
|
21.3
|
|
| Bolivia 2
|
Feb. 2000
|
|
Jun. 2001
|
|
44.2
|
|
44.2
|
|
| Burkina Faso
|
Sep. 1997
|
1
|
Jul. 2000
|
|
16.3
|
|
16.3
|
|
| Burkina Faso 2
|
Jul. 2000
|
|
Apr. 2002
|
|
29.0
|
3
|
18.1
|
|
| Cameroon
|
Oct. 2000
|
|
Floating
|
|
28.5
|
|
2.5
|
|
| Chad
|
May. 2001
|
|
Floating
|
|
14.3
|
|
4.3
|
|
| Cote d'Ivoire
|
Mar. 1998
|
1
|
--
|
|
16.7
|
4
|
--
|
|
| Ethiopia
|
Nov. 2001
|
|
Floating
|
|
26.9
|
|
8.2
|
|
| Gambia, The
|
Dec. 2000
|
|
Floating
|
|
1.8
|
|
0.1
|
|
| Ghana
|
Feb. 2002
|
|
Floating
|
|
90.1
|
|
9.9
|
|
| Guinea
|
Dec. 2000
|
|
Floating
|
|
24.2
|
|
5.2
|
|
| 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
|
|
10.3
|
|
| Honduras
|
Jun. 2000
|
|
Floating
|
|
22.7
|
|
4.5
|
|
| Madagascar
|
Dec. 2000
|
|
Floating
|
|
16.6
|
|
5.0
|
|
| Malawi
|
Dec. 2000
|
|
Floating
|
|
23.1
|
|
2.3
|
|
| Mali
|
Sep. 1998
|
1
|
Sep. 2000
|
|
10.8
|
|
10.8
|
|
| Mali
|
Sep. 2000
|
|
Floating
|
|
33.6
|
|
9.1
|
|
| Mauritania 2
|
Feb. 2000
|
|
Jun. 2002
|
|
38.4
|
|
38.4
|
|
| Mozambique
|
Apr. 1998
|
1
|
Jun. 1999
|
|
93.2
|
|
93.2
|
|
| Mozambique 2
|
Apr. 2000
|
|
Sep. 2001
|
|
14.8
|
|
14.8
|
|
| Nicaragua
|
Dec. 2000
|
|
Floating
|
|
63.0
|
|
1.9
|
|
| Niger
|
Dec. 2000
|
|
Floating
|
|
21.6
|
|
1.5
|
|
| Rwanda
|
Dec. 2000
|
|
Floating
|
|
33.8
|
|
10.0
|
|
| Sao Tomé & Príncipe
|
Dec. 2000
|
|
Floating
|
|
--
|
|
--
|
|
| Senegal
|
Jun. 2000
|
|
Floating
|
|
33.8
|
|
8.2
|
|
| Sierra Leone
|
Mar. 2002
|
|
Floating
|
|
98.5
|
|
23.6
|
|
| Tanzania 2
|
Mar. 2000
|
|
Nov. 2001
|
|
96.4
|
|
96.4
|
|
| Uganda
|
Apr. 1997
|
1
|
Apr. 1998
|
|
51.5
|
|
51.5
|
|
| Uganda 2
|
Feb. 2000
|
|
May. 2000
|
|
70.2
|
|
70.2
|
|
| Zambia
|
Dec. 2000
|
|
Floating
|
|
468.8
|
|
351.6
|
|
| 27 members, of which 26 members received commitments of enhanced HIPC assistance
|
1,587.9
|
|
970.4
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1 Original HIPC decision point.
|
| 2 Includes interest on amounts committed but not disbursed during the interim period.
|
| 3 Includes commitment of additional enhanced HIPC assistance of SDR 10.93 million subject to receipt of satisfactory financing
|
| assurances from other creditors.
|
|
|
|
|
|
|
|
| 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.
|
|
