I. Introduction
II. The History of Access Limits
A. The Beginnings of Access Limits: The Original Articles of
Agreement
B. From the Articles of Agreement to the Present Day
1945-1974
1974-1980
1980-1992
1992 to present
C. The Access Limits in Perspective
III. Application of Access Policy
IV. Financing and Adjustment Under Fund Supported Programs
A. Additional External Adjustment in Fund Arrangements
B. Sources of Financing Shortfalls and Policy Implications
V. Gross Financing Need and the Liquidity of the Fund
A. External Environment and Balance of Payments Needs of Members
B. Access Limits and Fund Liquidity
C. Current Liquidity Position and Outlook
D. Projections of Fund Liquidity
VI. Access in Capital Account Crises-Some Recent History
Annex 1: Oil Prices and Access Limits
Annex 1 Table 1: Actual and Illustrative Losses Due to Oil Price
Changes
Boxes
1. The Self-Financing Ratio
Figures
1. IMF Quotas Relative to World Trade
2. Annual Access under SBAs and EFFs
3. Indicators of Additional External Adjustment
4. Broad GFN in SDR Billions and Percent of Quota
5. Augmented GFN in SDR Billions and Percent of Quota
6a. GRA Credit Outstanding, January 1994-May 2001
6b. Liquidity Ratio, January 1994-June 2001
7. Creditor and Debtor Quota Shares, 1990-May 2001
Tables
- Access Limits, 1981-2001
- Access Under Stand-by and Extended Arrangements Approved During
1999-2000
- Access Under "Ordinary" Fund Arrangements By Year of
Approval, 1994-2000
- Annual Access by Type of Arrangement (October 1994-December 2000)
- Regression Variables and Definitions
- The Determinants of Access Decisions - Regression Results
- Distribution of External Adjustment
- Frequency of Larger than Programmed External Adjustment
- Cases of Higher than Programmed External Adjustment with External
Financing Shortfalls
- Gross Financing Need of Past Users, 1996 - 2003 (in SDR billions)
- Gross Financing Need of Past Users, 1996-2003 (in percent of
11th Review Quota)
- Access, Fund Credit and Liquidity under Alternative Access Scenarios
- SRF, SRF-type, and Exceptional Circumstances Arrangements, October
1994-Present
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