Annual Report cover
Annual Report of the Executive Board

Annual Report of the Executive Board for the Financial Year Ended April 30, 1996

September 1996

WASHINGTON, D.C. 
CONTENTS
Part 1
176k Adobe Acrobat pdf file 		Letter of Transmittal
Overview
Year Sees Swift Response to New Challenges
of Globalized Markets; Financial Support
for Members Rises to Record Levels

Part 2
273k Adobe Acrobat pdf file 		The Global Economy
Main Developments in the World Economy
Economic Activity and Employment
Consumer and Commodity Prices
Financial and Foreign Exchange Markets
External Balances, Financing, and Debt

Part 3
78k Adobe Acrobat pdf file 		World Economic Outlook
Global Situation
Industrial Country Policies
Developing Country Policies
Policies in Economies in Transition

Part 4
59k Adobe Acrobat pdf file 		International Capital Markets
Turbulence in Emerging Capital Markets
Spillovers from the Mexican Crisis
Capital Flows to Developing Countries
Recovery of Some Emerging Markets
Major International Capital Markets
Regulatory and Supervisory Issues
Problems in Japan's Financial Sector

Part 5
39k Adobe Acrobat pdf file 		Fiscal Considerations in Policymaking
Quasi-Fiscal Operations of Public Financial Institutions
Aging Populations and the Fiscal Impact
of Public Pension Plans
Taxation and Unemployment

Part 6
39k Adobe Acrobat pdf file

Present and Future Role of the SDR

Part 7
78k Adobe Acrobat pdf file
The Fund in 1995/96
The Role of the Fund: Financing and Its Link to Surveillance
Rationale for Fund Financing
Future Need for Fund Resources

Part 8
78k Adobe Acrobat pdf file 		Fund Surveillance
Review of Policies Under the Madrid Declaration
The Fund's Statistical Policy and Provision
of Data for Surveillance
Other Issues in Surveillance
Progress Toward Economic and Monetary Union
Capital Account Convertibility
and Implications for Fund Policy
Banking System Soundness and Macroeconomic Policy
Governance Issues

Part 9
59k Adobe Acrobat pdf file 		Data Dissemination Standards
Establishment of the Special Standard
Electronic Bulletin Board
General Standard

Part 10
117k Adobe Acrobat pdf file 		Article IV Consultations
Industrial Countries
United States
Japan
Germany
France
United Kingdom
Italy
Canada

Part 11
59k Adobe Acrobat pdf file 		Smaller Industrial Countries
Australia
Austria
Finland

Part 12
215k Adobe Acrobat pdf file 		Developing Countries
Argentina
Botswana
China
Colombia
Côte d'Ivoire
India
Indonesia
Israel
Korea
Mexico
Mozambique
Nigeria
Pakistan
Peru
Philippines
Senegal
Tunisia

Part 13
117k Adobe Acrobat pdf file 		Economies in Transition
Georgia
Mongolia
Poland
Romania
Russia
Slovak Republic
Ukraine


Part 14
195k Adobe Acrobat pdf file 		Fund Support of Member Countries
Member Countries' Use of Fund Facilities
Algeria
Argentina
Armenia
Azerbaijan
Belarus
Benin
Bolivia
Bosnia and Herzegovina
Burkina Faso
Cambodia
Cameroon
Chad
Costa Rica
Côte d'Ivoire
Djibouti
El Salvador
Gabon
Georgia
Ghana
Guinea
Guyana
Hungary
Jordan
Kazakstan
Kenya
Kyrgyz Republic
Lesotho
Former Yugoslav Republic of Macedonia
Malawi
Mali
Mauritania
Pakistan
Panama
Papua New Guinea
Romania
Russia
Rwanda
Senegal
Sierra Leone
Togo
Uganda
Uruguay
Uzbekistan
Vietnam
Yemen
Zambia
Analytical Issues in Fund Support
Response of Investment and Growth
to Adjustment Policies and Composition
of Fiscal Adjustment and Growth
Bilateral and Multilateral Aid Flows
and Fund-Supported Programs
Adapting Fund Facilities
Emergency Financing Mechanism
Fund Policy with Regard
to Currency Stabilization Funds
Fund Involvement in Post-Conflict Countries
Enhanced Structural Adjustment Facility


Part 15
39k Adobe Acrobat pdf file 		Debt Situation and the Role of the Fund
Official Flows to Developing Countries
Problems of Heavily Indebted Poor Countries
Private Market Financing for Developing Countries
International Debt Adjustment


Part 16
195k Adobe Acrobat pdf file 		Fund Financial Operations and Policies
Membership
Quotas
Fund's Liquidity, Access Policy, and Borrowing
Members' Use of Fund Resources and Credit Outstanding
Stand-By and Extended Arrangements
Special Facilities
SAF and ESAF
Fund Income, Charges, and Burden Sharing
Overdue Financial Obligations
Progress Under the Strengthened Cooperative Strategy
Prevention
Intensified Collaboration and the Rights Approach
Remedial Measures
SDR Transactions and Operations
SDR Valuation and Interest Rate Basket
SDR Transfers
Pattern of SDR Holdings

Part 17
78k Adobe Acrobat pdf file 		Technical Assistance and Training
IMF Institute
Fiscal Affairs Department
Legal Department
Monetary and Exchange Affairs Department
Statistics Department
Treasurer's Department
Bureau of Computing Services

Part 18
98k Adobe Acrobat pdf file

Appendices
I. International Reserves

Part 19
156k Adobe Acrobat pdf file

II. Financial Operations and Transactions of the Fund

Part 20
39k Adobe Acrobat pdf file

III. Relations with Other International Organizations

Part 21
59k Adobe Acrobat pdf file

IV. External Relations

Part 22
39k Adobe Acrobat pdf file

V. Principal Policy Decisions of the Executive Board

Part 23
78k Adobe Acrobat pdf file

VI. Press Communiqués of the Interim Committee and the Development Committee

Part 24
39k Adobe Acrobat pdf file

VII. Executive Directors and Voting Power on April 30, 1996

Part 25
59k Adobe Acrobat pdf file

VIII. Changes in Membership of Executive Board

Part 26
176k Adobe Acrobat pdf file

IX. Administrative and Capital Budgets, Staffing, and Organization

Part 27
254k Adobe Acrobat pdf file

X. Financial Statements

Part 28
20k Adobe Acrobat pdf file

Glossary of Abbreviations

Part 29
215k Adobe Acrobat pdf file

Boxes
Board of Governors, Executive Board,
Interim Committee, and Development Committee
1. Fiscal Problems and Policies
2. SDR Seminar Addresses Several Issues
3. Initiatives to Strengthen Fund Surveillance
4. Initiatives in Openness
5. Fund Data Standards at a Glance
6. Fund Facilities and Policies
7. Guidelines on Performance Criteria with Respect
to Foreign Borrowing
8. The Emergency Financing Mechanism
and Supplementary Borrowing
9. Guidelines for Fund Support for Currency
Stabilization Funds
10. Operational Budget
11. The Fund's Holdings of Gold
12. Designation Plan
13. The Evaluation Function in the Fund
14. Departments of the Fund and Their
Major Responsibilities

Part 30
410k Adobe Acrobat pdf file

Tables
1. Overview of the World Economy
2. Selected Economies: Current Account Positions
3. The Special Data Dissemination Standard:
Coverage, Periodicity, and Timeliness
4. Article IV Consultations Concluded
in Financial Year 1996
5. United States: Selected Economic Indicators
6. Japan: Selected Economic Indicators
7. Germany: Selected Economic Indicators
8. France: Selected Economic Indicators
9. United Kingdom: Selected Economic Indicators
10. Italy: Selected Economic Indicators
11. Canada: Selected Economic Indicators
12. Australia: Selected Economic Indicators
13. Austria: Selected Economic Indicators
14. Finland: Selected Economic Indicators
15. Argentina: Selected Economic Indicators
16. Botswana: Selected Economic Indicators
17. China: Selected Economic Indicators
18. Colombia: Selected Economic Indicators
19. Côte d'Ivoire: Selected Economic Indicators
20. India: Selected Economic Indicators
21. Indonesia: Selected Economic Indicators
22. Israel: Selected Economic Indicators
23. Korea: Selected Economic Indicators
24. Mexico: Selected Economic Indicators
25. Mozambique: Selected Economic Indicators
26. Nigeria: Selected Economic Indicators
27. Pakistan: Selected Economic Indicators
28. Peru: Selected Economic Indicators
29. Philippines: Selected Economic Indicators
30. Senegal: Selected Economic Indicators
31. Tunisia: Selected Economic Indicators
32. Georgia: Selected Economic Indicators
33. Mongolia: Selected Economic Indicators
34. Poland: Selected Economic Indicators
35. Romania: Selected Economic Indicators
36. Russia: Selected Economic Indicators
37. Slovak Republic: Selected Economic Indicators
38. Ukraine: Selected Economic Indicators
39. Selected Financial Indicators
40. Arrears to the Fund of Countries with Obligations
Overdue by Six Months or More
41. Arrears to the Fund of Countries with Obligations
Overdue by Six Months or More, by Type
and Duration
42. Change in SDR Valuation Basket
43. Transfers of SDRs
44. Technical Assistance Delivery

Part 31
429k Adobe Acrobat pdf file

Charts
1. World Indicators
2. Selected Industrial Countries: Real GDP Growth
3. Developing Countries: Real GDP Growth
4. Selected Countries More Advanced in Transition:
Inflation
5. Selected Countries Less Advanced in Transition:
Inflation
6. Developing Countries and Countries in Transition:
External Debt and Debt Service
7. Fund's Liquidity Ratio, 1982–96
8. General Resources Purchases and Repurchases,
Financial Years Ended April 30, 1982–96
9. Total Fund Credit Outstanding to Members
(Including Trust Fund, SAF, and ESAF)
10. Composition of Technical Assistance
11. Cost of Major Activities
12. International Monetary Fund: Chart of Organization
13. Financial Year 1996 Capital Budget and Five-Year Plan