IMF Financial Activities -- Update March 17, 2005

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IMF Financial Activities -- Update March 17, 2005

I.    Introduction
II.   Key IMF Financial Statistics
III.  Current Financial Arrangements
IV.  Status of Commitments of HIPC Assistance

Introduction

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 March 17, 2005
(In billions of SDRs, and end of period, unless indicated otherwise)
(For definitions, see below)
			2005
	2003	2004	Q1 to date


Financial Assistance
GRA
Purchases (during period)	20.3	4.2	0.3
Repurchases (during period)	18.9	13.8	4.1
Credit outstanding	65.0	55.4	51.6

PRGF
Disbursements (during period)	0.8	0.8	0.2
Repayments (during period)	0.8	0.9	0.1
Credit outstanding	6.9	6.8	6.9

HIPC (SDR millions)
Number of countries	28	28	28
Commitments (cumulative)	1,787.7	1,797.7	1,825.5
Disbursements (cumulative)	1,093.1	1,340.3	1,371.2
Of which: Interim assistance	596.5	622.8	624.2
Completion point assistance	496.6	716.8	736.7

Available Resources
GRA
Usable resources	100.7	111.4	121.3
Uncommitted usable resources	77.9	92.0	102.8
Repurchases one-year forward	9.2	12.9	13.7
Prudential balance	32.8	32.8	34.0
One-year forward commitment capacity (FCC)	54.2	72.0	82.5
Liquidity ratio (percent)	104.2	149.5	180.6

PRGF Trust
Total loan resources	15.8	15.8	15.8
Cumulative commitments, net	13.1	13.3	13.4
Of which: Cumulative disbursements	10.7	11.6	11.8
Uncommitted loan resources	2.6	2.5	2.4

PRGF-HIPC Trust (SDR millions)
PRGF-HIPC sub-account	247.3	51.3	51.7	^¹
HIPC sub-account	--	--	-	^¹
PRGF sub-account	22.2	26.3	26.4	^¹

Arrears
GRA	1.7	1.8	1.8
PRGF	0.1	0.1	0.1
Trust Fund and other	0.2	0.2	0.2

Rates
US$ per SDR	1.48597	1.54784	1.53795
SDR interest rate (percent)	1.57	2.22	2.43
Rate of charge, adjusted (percent)	2.15	3.12	3.42
Rate of remuneration, adjusted (percent)	1.48	2.11	2.30

^¹ As at February 28, 2005

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 March 17, 2005
(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	8,595
Bolivia	4/2/03	3/31/05	129	27	102
Brazil ¹	9/6/02	3/31/05	27,375	10,175	16,117
Bulgaria	8/6/04	9/5/06	100	100	743
Colombia	1/15/03	4/14/05	1,548	1,548	--
Croatia	8/4/04	4/3/06	97	97	--
Dominican Republic	1/31/05	5/31/07	438	385	184
Gabon	5/28/04	6/30/05	69	28	63
Paraguay	12/15/03	9/30/05	50	50	--
Peru	6/9/04	8/16/06	287	287	54
Romania	7/7/04	7/6/06	250	250	258
Ukraine	3/29/04	3/28/05	412	412	999
Uruguay ²	4/1/02	3/31/05	1,989	--	1,636

13 Arrangements			41,724	18,169	28,749

Extended Arrangements

Serbia and Montenegro	5/14/02	5/13/05	650	188	602
Sri Lanka	4/18/03	4/17/06	144	124	241

2 Arrangements			794	311	844

Total 15 STBY and EFF			42,519	18,480	29,593


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 March 17, 2005
(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	11/20/05	28	4	66
Azerbaijan	7/6/01	7/4/05	68	13	102
Bangladesh	6/20/03	6/19/06	400	252	149
Burkina Faso	6/11/03	8/15/06	24	10	79
Burundi	1/23/04	1/22/07	69	36	34
Cape Verde	4/10/02	7/31/05	9	1	7
Chad	2/16/05	2/15/08	25	21	65
Congo, Dem. Rep. of	6/12/02	6/11/05	580	53	527
Cote d'Ivoire	3/29/02	3/28/05	293	234	201
Dominica	12/29/03	12/28/06	8	5	3
Gambia, The	7/18/02	7/17/05	20	17	16
Georgia	6/4/04	6/3/07	98	70	174
Ghana	5/9/03	5/8/06	185	105	299
Guyana	9/20/02	9/12/06	55	28	65
Honduras	2/27/04	2/26/07	71	51	125
Kenya	11/21/03	11/20/06	225	150	116
Kyrgyz Republic	3/15/05	3/14/08	9	9	138
Lao P.D.R.	4/25/01	4/24/05	32	14	23
Mali	6/23/04	6/22/07	9	8	90
Mongolia	9/28/01	7/31/05	28	16	27
Mozambique	7/6/04	7/5/07	11	8	125
Nepal	11/19/03	11/18/06	50	36	14
Nicaragua	12/13/02	12/12/05	98	42	153
Niger	1/31/05	1/30/08	7	6	85
Republic of Congo	12/6/04	12/5/07	55	47	12
Rwanda	8/12/02	8/11/05	4	2	59
Senegal	4/28/03	4/27/06	24	17	124
Sierra Leone	9/26/01	6/25/05	131	14	126
Sri Lanka	4/18/03	4/17/06	269	231	38
Tajikistan	12/11/02	12/10/05	65	29	78
Tanzania	8/16/03	8/15/06	20	8	266
Uganda	9/13/02	9/12/05	14	4	124
Zambia	6/16/04	6/15/07	220	55	572

33 Arrangements			3,202	1,596	4,083

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 March 17, 2005
(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	27.7		29.7
Cameroon	Oct. 2000	Floating	28.5		5.5
Chad	May. 2001	Floating	14.3		8.6
Congo, Dem. Rep. of	Jul. 2003	Floating	228.3	³	2.3
Ethiopia	Nov. 2001	Apr. 2004	45.1		46.3
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	Oct. 2004	14.7		16.4
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	31.2		33.8
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			1,590.3		1,152.6

Grand Total 28 members, of which 27 members received commitments of enhanced HIPC assistance			1,825.5		1,371.2


¹Includes interest on amounts committed under the Enhanced HIPC Initiative
²Equivalent to the committed amount of US $22.5 million at decision point exchange rates (3/17/98)
³Amount 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.

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.