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IMF Financial Activities -- Update January 12, 2006

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 January 12, 2006
(In billions of SDRs, and end of period, unless indicated otherwise)
(For definitions, see below)
      2006
  2004 2005 ¹ Q1 to date  
 
   
Financial Assistance  
   GRA  
      Purchases (during period)
4.2
2.3
-
  
      Repurchases (during period)
13.8
29.2
6.8
  
      Credit outstanding
55.4
28.4
21.6
  
     
   PRGF-ESF  
      Disbursements (during period)
0.8
0.4
-
  
      Repayments (during period)
0.9
0.9
2.2
  
      Credit outstanding
6.8
6.3
4.0
  
     
   HIPC (SDR millions)  
      Number of countries
28
29
29
  
      Commitments (cumulative)
1,798
1,858
1,858
  
      Disbursements (cumulative)
1,340
1,598
1,598
  
         Of which: Interim assistance
623
640
640
  
                        Completion point assistance
717
958
958
  
     
   MDRI (SDR millions)  
      Number of countries
n.a.
n.a.
19
  
      Total Debt Relief
n.a.
n.a.
2,330
  
         Financed from: MDRI Trusts
n.a.
n.a.
2,024
  
                                 HIPC Umbrella Account
n.a.
n.a.
306
  
     
Available Resources  
   GRA  
      Usable resources
111.4
145.2
152.0
  
      Uncommitted usable resources
92.0
132.5
144.1
  
      Repurchases one-year forward
12.9
8.0
7.1
  
      Prudential balance
32.8
34.1
34.1
  
      One-year forward commitment capacity (FCC)
72.0
106.5
117.1
  
     
   PRGF-ESF Trust  
      Total loan resources
15.8
15.8
15.8
  
      Cumulative commitments, net
13.3
13.1
13.1
  
         Of which: Cumulative disbursements
11.6
12.0
12.0
  
      Uncommitted loan resources
2.5
2.7
2.7
  
     
Arrears  
   GRA
1.8
1.7
1.6
  
   PRGF
0.1
0.1
0.1
  
   Trust Fund and other
0.2
0.2
0.2
  
     
Rates  
   US$ per SDR
1.54784
1.42927
1.45114
  
   SDR interest rate (percent)
2.22
3.03
3.17
  
   Rate of charge, adjusted (percent)
3.12
4.25
4.39
  
   Rate of remuneration, adjusted (percent)
2.11
2.86
3.00
  
     
Investments  
   Amount
9.6
9.6
9.6
  
   Average yield (percent)
2.1
2.9
2.9
  
   Average maturity (months)
3.4
2.6
2.6
  
¹ Some Data are still provisional
       

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 borrowings.
      Purchases GRA resources disbursed to members during the period (outflows).
      Repurchases GRA resources repaid by members during the period (inflows).
      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-ESF 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.
   MDRI The Multilateral Debt Relief Initiative (MDRI) provides 100% debt relief to eligible member countries that are qualified for the assistance. The debt relief covers the full stock of debt owed to the Fund as of end-2004, and still outstanding at the time the country qualifies for such debt relief.
      Number of countries Number of countries which have received MDRI debt relief.
      Total Debt Relief
         Financed from:
                                 MDRI Trusts MDRI resources (excluding HIPC debt relief) disbursed to members during the period.
                                 HIPC Umbrella Account HIPC resources used as debt relief under the MDRI during the period.
   
Available Resources
   GRA
      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 the 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.
   PRGF-ESF Trust Trust administered by the IMF to conduct PRGF and ESF-related operations through the Loan, Reserve and Subsidy Accounts.
      Total 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 and ESF arrangements.
      Uncommitted loan resources Available PRGF loan resources less commitments made to PRGF and ESF borrowers.
   
Arrears Outstanding
   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, 2006.
(See: http://www.imf.org/external/np/tre/sdr/basket.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 9, 2006.
(See: http://www.imf.org/external/np/tre/tad/sdr_ir.cfm)
   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.
   
Investments
   Amount PRGF-ESF, PRGF-HIPC, Special Disbursement Account (SDA), and MDRI Trusts resources invested in short-term deposits and medium-term instruments with the Bank for International Settlements (BIS) and bond portfolios managed by the World Bank and private investment managers. Data from the first quarter of 2000 onward also include sight deposits. The SDA contains the profits (sales proceeds minus the value of the gold at the acquisition cost) from sales of the IMF's gold holdings.
   Average yield (percent) Weighted average yield on time deposits, two days' notice accounts, demand deposit accounts, and fixed income securities.
   Average maturity (months) Weighted average of original maturity of resources placed in time deposits and the remaining maturity of fixed income securities.

Table 2a. Current Financial Arrangements (GRA)
as of January 12, 2006
(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  
           
Bolivia
4/2/03
3/31/06
146
34
10
Bulgaria
8/6/04
9/5/06
100
100
455
Colombia
5/2/05
11/2/06
405
405
--
Croatia
8/4/04
4/3/06
97
97
--
Dominican Republic
1/31/05
5/31/07
438
289
280
Iraq
12/23/05
3/22/07
475
475
297
Macedonia, FYR
8/31/05
8/30/08
52
41
31
Peru
6/9/04
8/16/06
287
287
40
Romania
7/7/04
7/6/06
250
250
183
Turkey
5/11/05
5/10/08
6,662
4,997
10,247
Uruguay
6/8/05
6/7/08
766
705
1,597
           
   11 Arrangements    
9,678
7,681
13,140
           
Extended Arrangements          
           
Serbia & Montenegro
5/14/02
2/28/06
650
63
606
Sri Lanka
4/18/03
4/17/06
144
124
228
           
   2 Arrangements    
794
186
835
           
Total 13 STBY and EFF    
10,473
7,867
13,975
 
         

Table 2b. Current Financial Arrangements (PRGF)
as of January 12, 2006
(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
5/25/05
5/24/08
23
16
123
Bangladesh
6/20/03
12/31/06
400
185
216
Benin
8/5/05
8/4/08
6
5
1
Burkina Faso
6/11/03
8/15/06
24
7
10
Burundi
1/23/04
1/22/07
69
29
41
Cameroon
10/24/05
10/23/08
19
16
190
Chad
2/16/05
2/15/08
25
21
56
Congo, Dem.Rep.of
6/12/02
3/31/06
580
27
553
Congo, Rep. of
12/6/04
12/5/07
55
39
18
Dominica
12/29/03
12/28/06
8
2
5
Georgia
6/4/04
6/3/07
98
56
163
Ghana
5/9/03
10/31/06
185
79
26
Guyana
9/20/02
9/12/06
55
19
19
Honduras
2/27/04
2/26/07
71
41
10
Kenya
11/21/03
11/20/06
225
150
111
Kyrgyz Republic
3/15/05
3/14/08
9
6
124
Malawi
8/5/05
8/4/08
38
33
37
Mali
6/23/04
6/22/07
9
7
1
Mozambique
7/6/04
7/5/07
11
7
3
Nepal
11/19/03
11/18/06
50
36
14
Nicaragua
12/13/02
2/28/06
98
42
--
Niger
1/31/05
1/30/08
26
15
12
Rwanda
8/12/02
2/11/06
4
1
1
Sao Tome
8/1/05
7/31/08
3
3
2
Senegal
4/28/03
4/27/06
24
14
3
Sri Lanka
4/18/03
4/17/06
269
231
38
Tajikistan
12/11/02
2/10/06
65
10
20
Tanzania
8/16/03
8/15/06
20
6
6
Uganda
9/13/02
1/31/06
14
2
4
Zambia
6/16/04
6/15/07
220
44
11
           
   30 Arrangements    
2,702
1,144
1,821
           
Exogenous Shocks Facility (ESF)          
           
   Arrangements
--
--
--
           
Total
2,702
1,144
1,821
 
         

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 2_ - 4 years after disbursement under the expectation schedule, and 3_ - 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 4_ - 7 years after disbursement under the expectation schedule, and in 12 semiannual installments 4_ - 10 years after disbursement under the obligation schedule.
   PRGF Arrangements Concessional arrangements providing credit at an interest rate of _ of 1 percent to eligible low-income members. The loans are repayable in 10 equal semiannual installments 5_ - 10 years after disbursement.
   ESF Arrangements The ESF is designed to provide concessional financing to low-income countries that are experiencing exogenous shocks but do not have a PRGF arrangement in place. The interest rate and repayment terms for disbursements under the ESF are the same as those under the PRGF. Arrangements under the ESF range from one to two years.
   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 - 2_ years after disbursement under the expectation schedule, and 2_ - 3 years under the obligation schedule.
   Next Scheduled Review IMF financial arrangements are reviewed regularly to assess progress in policy reforms. The disbursement of funds under an arrangement is linked to the achievement of certain financial targets.
   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.

Table 3. Status of Commitments of HIPC Assistance
as of January 12, 2006
(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
 1
--
  
   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
  
   Burundi
Aug. 2005
Floating
19.3
  
0.1
  
   Cameroon
Oct. 2000
Floating
28.5
  
11.3
  
   Chad
May. 2001
Floating
14.3
  
8.6
  
   Congo, Dem. Rep. of
Jul. 2003
Floating
228.3
 1
3.4
  
   Ethiopia
Nov. 2001
Apr. 2004
45.1
  
46.7
  
   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
Apr. 2005
22.7
  
26.4
  
   Madagascar
Dec. 2000
Oct. 2004
14.7
  
16.4
  
   Malawi
Dec. 2000
Floating
23.1
  
11.6
  
   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
  
34.0
  
   Rwanda
Dec. 2000
Apr. 2005
46.8
  
50.6
  
   Sao Tome and Principe
Dec. 2000
Floating
--
  
--
  
   Senegal
Jun. 2000
Apr. 2004
33.8
  
38.4
  
   Sierra Leone
Mar. 2002
Floating
98.5
  
66.0
  
   Tanzania
Apr. 2000
Nov. 2001
89.0
  
96.4
  
   Uganda
Feb. 2000
May. 2000
68.1
  
70.2
  
   Zambia
Dec. 2000
Apr. 2005
468.8
  
508.3
  
Total Enhanced HIPC
   
   
1,622.5
  
1,379.1
  
             
   Grand Total 1,857.8   1,597.7  
 
             
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)      
3 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.  

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.

Status of Commitments of HIPC Assistance
 
Term Definition
 
   
Debt Relief Delivery Date The effective date of delivery of MDRI assistance to qualified members.
Eligible Debt
   GRA Assistance that covers credit outstanding under the GRA
   PRGF Assistance that covers credit outstanding under the PRGF-ESF Trust

Table 4. Status of Multilateral Debt Relief Initiative
as of January 12, 2006
(In millions of SDRs)
(For definitions, see below)
    Eligible Debt
Member Delivery Date GRA PRGF-ESF Trust Total
 
   Benin
1/6/2006
--
36.1
36.1
   Bolivia
1/6/2006
89.8
71.2
161.0
   Burkina Faso
1/6/2006
--
62.1
62.1
   Cambodia
1/6/2006
--
56.8
56.8
   Ethiopia
1/6/2006
--
112.1
112.1
   Ghana
1/6/2006
--
265.4
265.4
   Guyana
1/6/2006
--
45.1
45.1
   Honduras
1/6/2006
--
107.5
107.5
   Madagascar
1/6/2006
--
137.3
137.3
   Mali
1/6/2006
--
75.1
75.1
   Mozambique
1/6/2006
--
106.6
106.6
   Nicaragua
1/6/2006
--
140.5
140.5
   Niger
1/6/2006
--
77.6
77.6
   Rwanda
1/6/2006
--
52.7
52.7
   Senegal
1/6/2006
--
100.3
100.3
   Tajikistan
1/6/2006
--
69.3
69.3
   Tanzania
1/6/2006
--
234.0
234.0
   Uganda
1/6/2006
--
87.7
87.7
   Zambia
1/6/2006
--
402.6
402.6
  
Total
89.8
2,239.8
2,329.6