Summing Up by the Acting Chairman
of the IMF's Executive Board Review of Fund Facilities -- Preliminary Considerations
Executive Board Meeting 00/27
March 16, 2000
Review of the Compensatory and Contingency Financing Facility (CCFF) and Buffer Stock Financing Facility (BSFF)--Preliminary Considerations
December 9, 1999
Summing Up by the Acting Chairman, Review of the CCFF and BSFF
January 14, 2000
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Review of Fund Facilities--Preliminary
Considerations
Prepared by the Policy Development and Review Department
in consultation with other Departments
March 2, 2000
Full text available in pdf (417 k)
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Contents
- Historical Background and Overview of the Present Facilities
- Members and their Use of Fund Resources
- A Possible Simplification of the Structure of Facilities
- Outright Purchases
- Non-Core Facilities with Upper Credit Tranche Conditionality
- Some Fundamental Issues
- Crises of Capital Market Confidence
- The resolution of crises
- The prevention of crises
- Other Fund Financing
- Principles
Fund financing for members with ongoing access to
capital markets
Fund financing for members with ex ante extended
balance of payments difficulties
Prolonged use of Fund resources
- Policies
The rate of charge
Repurchases
Conditionality
Boxes
- The Credit Tranche Policies - Stand-By Arrangements
- The Compensatory Financing Facility (CFF)
- Defunct (or Near-Defunct) Instruments
- The Extended Fund Facility (EFF)
- Emergency Assistance for Natural Disasters
- Emergency Assistance for Post-Conflict Countries
- Fund Support for Debt and Debt Service Reduction (DDSR) Operations
- Currency Stabilization Funds (CSFs)
- Supplemental Reserve Facility (SRF)
- Contingent Credit Lines (CCL)
Tables
- The Fund's facilities
- Countries making purchases in the GRA between 1989 and 1999
- Use of facilities between 1989 and 1999
Figures
- Evolution of Fund credit and loans outstanding, 1970-99
- General resources purchases and repurchases, financial years ending April 30, 1970-99
- Access levels for arrangements in the GRA, 1989-99
- Percentage of members with outstanding GRA resources within given ranges
Annexes
- Issues for Discussion
- The GRA Rate of Charge, and Other Charges on the Use of Fund Resources
- Early Repurchases Under Article V, Section 7 (b)
- Prolonged Use of Fund Resources
- Possible Mechanics of an Amended CFF
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