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IMF Financial Activities -- Update September 23, 2004

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 September 23, 2004
(In billions of SDRs, and end of period, unless indicated otherwise)
(For definitions, see below)
      2004
  2002 2003 Q1 Q2 Q3 to date  
   
Financial Assistance      
   GRA      
      Purchases (during period) 25.2 20.3 2.5 0.5 0.6  
      Repurchases (during period) 15.1 18.9 5.0 3.1 2.2  
      Credit outstanding 63.6 65.0 62.5 59.9 58.4  
             
   PRGF            
      Disbursements (during period) 1.3 0.8 0.2 0.1 0.3  
      Repayments (during period) 0.9 0.8 0.2 0.3 0.1  
      Credit outstanding 6.9 6.9 6.9 6.7 6.9  
             
   HIPC (SDR millions)            
      Number of countries 27 28 28 28 28  
      Commitments (cumulative) 1,569.2 1,787.7 1,788.6 1,788.6 1,788.6  
      Disbursements (cumulative) 970.4 1,093.1 1,185.4 1,240.9 1,319.6  
       Of which: Interim assistance 527.9 596.5 617.2 621.7 622.8  
       Completion point assistance 442.5 496.6 568.2 619.2 696.8  
             
Available Resources            
   GRA            
      Usable resources 100.2 100.7 103.4 106.3 108.0  
      Uncommitted usable resources 68.3 77.9 83.1 86.3 88.3  
      Repurchases one-year forward 19.0 9.2 7.3 8.5 10.8  
      Prudential balance 32.6 32.8 32.8 32.8 32.8  
      One-year forward commitment capacity (FCC) 54.7 54.2 57.5 62.0 66.3  
      Liquidity ratio (percent) 83.8 104.2 117.2 127.8 135.2  
             
   PRGF Trust            
      Available loan resources 15.8 15.8 15.8 15.8 15.8  
      Cumulative commitments, net 12.3 13.1 13.2 13.3 13.4  
       Of which: Cumulative disbursements 9.9 10.7 11.0 11.1 11.4  
      Uncommitted loan resources 3.4 2.6 2.5 2.4 2.4  
             
   PRGF-HIPC Trust (SDR millions)            
      PRGF-HIPC sub-account 262.9 247.3 176.2 161.0 72.0 ¹
      HIPC sub-account -- -- -- -- - ¹
      PRGF sub-account 18.1 22.2 22.2 22.3 26.2 ¹
             
Arrears            
   GRA 1.7 1.7 1.8 1.8 1.8  
   PRGF 0.1 0.1 0.1 0.1 0.1  
   Trust Fund and other 0.2 0.2 0.2 0.2 0.2  
             
Rates            
   US$ per SDR 1.35952 1.48597 1.48051 1.46622 1.46883  
   SDR interest rate (percent) 1.91 1.57 1.58 1.82 2.01  
   Rate of charge, adjusted (percent) 2.54 2.15 2.18 2.89 3.20  
   Rate of remuneration, adjusted (percent) 1.81 1.48 1.48 1.72 1.90  
¹ As at August 31, 2004            

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 payments 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.
      Number of countries Number of countries for which HIPC assistance has been committed.
      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.
      Of which:  
       Interim assistance Cumulative grants to members between their decision and completion points.
       Completion point assistance Final grants to members at their completion points.
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 on an obligations basis under all other facilities (see Terms of IMF Lending: 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 September 23, 2004
(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 9/20/03 9/19/06 8,981 4,810 9,686
   Bolivia 4/2/03 12/31/04 129 54 75
   Brazil 1 9/6/02 3/31/05 27,375 10,175 16,986
   Bulgaria 8/6/04 9/15/06 100 100 799
   Colombia 1/15/03 1/14/05 1,548 1,548 --
   Croatia 8/4/04 4/3/06 97 97 --
   Dominican Republic 8/29/03 8/28/05 438 306 131
   Gabon 5/28/04 6/30/05 69 42 57
   Paraguay 12/15/03 3/31/05 50 50 --
   Peru 6/9/04 8/16/06 287 287 67
   Romania 7/7/04 7/6/06 250 250 313
   Turkey 2/4/02 2/3/05 12,821 907 14,721
   Ukraine 3/29/04 3/28/05 412 412 1,100
   Uruguay 2 4/1/02 3/31/05 1,989 280 1,768
           
   14 Arrangements     54,546 19,318 45,703
           
Extended Arrangements          
           
   Serbia and Montenegro 5/14/02 5/13/05 650 250 611
   Sri Lanka 4/18/03 4/17/06 144 124 189
           
   2 Arrangements     794 374 799
           
Total 16 STBY and EFF     55,340 19,692 46,502
         
           
1 Amount agreed included a fully drawn commitment under the SRF of SDR 7,610 million.    
2 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 September 23, 2004
(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 8 65
   Armenia 5/23/01 12/31/04 69 9 135
   Azerbaijan 7/6/01 3/31/05 80 39 97
   Bangladesh 6/20/03 6/19/06 400 252 149
   Burkina Faso 6/11/03 6/10/06 24 17 79
   Burundi 1/23/04 1/22/07 69 43 26
   Cameroon 12/21/00 12/20/04 111 32 223
   Cape Verde 4/10/02 4/9/05 9 2 6
   Congo, Dem. Rep. of 6/12/02 6/11/05 580 53 527
   Cote d'Ivoire 3/29/02 3/28/05 293 234 240
   Dominica 12/29/03 12/28/06 8 5 3
   Ethiopia 3/22/01 10/31/04 100 10 112
   Gambia, The 7/18/02 7/17/05 20 17 19
   Georgia 6/4/04 6/3/07 98 84 177
   Ghana 5/9/03 5/8/06 185 105 315
   Guyana 9/20/02 3/19/06 55 37 62
   Honduras 2/27/04 2/26/07 71 61 123
   Kenya 11/21/03 11/20/06 175 150 71
   Kyrgyz Republic 12/6/01 12/5/04 73 10 140
   Lao P.D.R. 4/25/01 4/24/05 32 14 26
   Lesotho 3/9/01 10/31/04 25 4 21
   Madagascar 3/1/01 3/1/05 92 23 135
   Malawi 12/21/00 12/20/04 45 32 46
   Mali 6/23/04 6/22/07 9 8 102
   Mauritania 7/18/03 7/17/06 6 6 61
   Mongolia 9/28/01 7/31/05 28 16 30
   Mozambique 7/6/04 7/5/07 11 10 132
   Nepal 11/19/03 11/18/06 50 43 7
   Nicaragua 12/13/02 12/12/05 98 56 147
   Pakistan 12/6/01 12/5/04 1,034 172 1,076
   Rwanda 8/12/02 8/11/05 4 2 62
   Senegal 4/28/03 4/27/06 24 17 141
   Sierra Leone 9/26/01 3/25/05 131 28 115
   Sri Lanka 4/18/03 4/17/06 269 231 38
   Tajikistan 12/11/02 12/10/05 65 29 83
   Tanzania 8/16/03 8/15/06 20 11 281
   Uganda 9/13/02 9/12/05 14 6 139
   Zambia 6/16/04 6/15/07 220 138 575
           
   38 Arrangements     4,625 2,013 5,787
         

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 2 - 2½ years after disbursement under the expectation schedule, and 2½ - 3 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-2003 Credit available to a member under an arrangement through the end of 2003.
   Scheduled Repayments Thru End-2003 The amount of funds scheduled to be repaid by the member through the end of 2003.

Table 3. Status of Commitments of HIPC Assistance
as of September 23, 2004
(In millions of SDRs)
(For definitions, see below)
Member Decision Point Completion Point Amount Committed Amount Disbursed1
Under the Original HIPC Initiative            
   Bolivia Sep. 1997 Sep. 1998 21.2   21.2  
   Burkina Faso Sep. 1997 Jul. 2000 16.3   16.3  
   Cote d'Ivoire Mar. 1998 -- 16.7 2 --  
   Guyana Dec. 1997 May. 1999 25.6   25.6  
   Mali Sep. 1998 Sep. 2000 10.8   10.8  
   Mozambique Apr. 1998 Jun. 1999 93.2   93.2  
   Uganda Apr. 1997 Apr. 1998 51.5   51.5  
Total Original HIPC     235.3   218.6  
             
Under the Enhanced HIPC Initiative            
   Benin Jul. 2000 Mar. 2003 18.4   20.1  
   Bolivia Feb. 2000 Jun. 2001 41.1   44.2  
   Burkina Faso Jul. 2000 Apr. 2002 16.7 3 18.1  
   Cameroon Oct. 2000 Floating 28.5   5.5  
   Chad May. 2001 Floating 14.3   7.2  
   Congo, Dem. Rep. of Jul. 2003 Floating 228.3 4 2.3  
   Ethiopia Nov. 2001 Apr. 2004 26.9 5 28.1  
   Gambia, The Dec. 2000 Floating 1.8   0.1  
   Ghana Feb. 2002 Jul. 2004 90.1   94.3  
   Guinea Dec. 2000 Floating 24.2   5.2  
   Guinea-Bissau Dec. 2000 Floating 9.2   0.5  
   Guyana Nov. 2000 Dec. 2003 31.1   34.0  
   Honduras Jun. 2000 Floating 22.7   8.8  
   Madagascar Dec. 2000 Floating 16.6   5.6  
   Malawi Dec. 2000 Floating 23.1   6.9  
   Mali Sep. 2000 Mar. 2003 34.7   38.5  
   Mauritania Feb. 2000 Jun. 2002 34.8   38.4  
   Mozambique Apr. 2000 Sep. 2001 13.7   14.8  
   Nicaragua Dec. 2000 Jan. 2004 63.5   71.2  
   Niger Dec. 2000 Apr. 2004 21.6 6 24.1  
   Rwanda Dec. 2000 Floating 33.8   14.4  
   Sao Tome and Principe Dec. 2000 Floating --   --  
   Senegal Jun. 2000 Apr. 2004 33.8   38.4  
   Sierra Leone Mar. 2002 Floating 98.5   62.0  
   Tanzania Apr. 2000 Nov. 2001 89.0   96.4  
   Uganda Feb. 2000 May. 2000 68.1   70.2  
   Zambia Dec. 2000 Floating 468.8   351.6  
Total Enhanced HIPC     1,553.3   1,101.0  
             
   Grand Total 28 members, of which 27 members received commitments of enhanced HIPC assistance 1,788.6   1,319.6  
             
 1 Includes interest on amounts committed under the Enhanced HIPC Initiative
 2 Equivalent to the committed amount of US $22.5 million at decision point exchange rates (3/17/98)
 3 Excludes commitment of additional enhanced HIPC assistance of SDR 10.93 million subject to receipt of satisfactory financing assurances from other creditors
 4 Amount committed is equivalent to the remaining balance of the total IMF HIPC assistance of SDR 337.9 million, after deducting SDR 109.6 million representing the concessional element associated with the disbursement of a PRGF loan following the DRC's clearance of arrears to the IMF on June 12, 2002.
 5 Excludes commitment of additional enhanced HIPC assistance of SDR 18.19 million subject to receipt of satisfactory financing assurances from other creditors
 6 Excludes commitment of additional enhanced HIPC assistance of SDR 9.664 million subject to receipt of satisfactory financing assurances from other creditors

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. Disbursements are normally dependent on receipt of sufficient financing assurances from other creditors.