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Factsheets List Accurate and up-to-date information on the work of the IMF has been in high demand throughout the economic crisis. Our factsheets are a popular outreach tool, with over a million internet “visits” a year. The factsheets provide a web-friendly, plain-English explanation of the work of the IMF on the issues of most importance to our key stakeholders as well as to those developing an interest in our work. We welcome feedback on our factsheets. Comments should be sent to: exrpolicycom@imf.org. |
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| Factsheet -- IMF Surveillance The IMF is mandated to oversee the international monetary system and monitor the economic and financial policies of its 186 member countries. This activity is known as surveillance. During this process, which takes place both at the global level and in individual countries, the IMF highlights possible risks to domestic and external stability and advises on needed policy adjustments. In this way, it helps the international monetary system serve its essential purpose of facilitating the exchange of goods, services, and capital among countries, thereby sustaining sound economic growth. | January 12, 2010 |
| Factsheet -- IMF Standby Credit Facility The Standby Credit Facility (SCF) provides financial assistance to low-income countries (LICs) with short-term balance of payments needs. The SCF was created under the newly established Poverty Reduction and Growth Trust (PRGT) as part of a broader reform to make the Fund's financial support more flexible and better tailored to the diverse needs of LICs, including in times of crisis. The SCF replaces the High-Access Component of the Exogenous Shocks Facility. It provides support under a wider range of circumstances, allows for higher access, carries a lower interest rate, can be used on a precautionary basis, and places greater emphasis on the country's poverty reduction and growth objectives. | January 11, 2010 |
| Factsheet -- IMF Rapid Credit Facility The Rapid Credit Facility (RCF) provides rapid financial assistance with limited conditionality to low-income countries (LICs) facing an urgent balance of payments need. The RCF was created under the newly established Poverty Reduction and Growth Trust (PRGT) as part of a broader reform to make the Fund's financial support more flexible and better tailored to the diverse needs of LICs, including in times of crisis. The RCF streamlines the Fund's emergency assistance, provides significantly higher levels of concessionality, can be used flexibly in a wide range of circumstances, and places greater emphasis on the country's poverty reduction and growth objectives. | January 11, 2010 |
| Factsheet -- IMF Extended Credit Facility The Extended Credit Facility (ECF) provides financial assistance to countries with protracted balance of payments problems. The ECF was created under the newly established Poverty Reduction and Growth Trust (PRGT) as part of a broader reform to make the Fund's financial support more flexible and better tailored to the diverse needs of LICs, including in times of crisis. The ECF succeeds the Poverty Reduction and Growth Facility (PRGF) as the Fund's main tool for providing medium-term support LICs, with higher levels of access, more concessional financing terms, more flexible program design features, as well as streamlined and more focused conditionality. | January 11, 2010 |
| Factsheet -- Transparency at the IMF Transparency in economic policy and access to reliable data on economic and financial developments is critical for sound decision-making and for the smooth functioning of an economy. The IMF has policies in place to ensure that meaningful and timely information--both about its own role in the global economy and the economies of its member countries--is provided in real time to its global audiences. | January 08, 2010 |
| Factsheet -- Climate Change, the Global Economy, and the IMF Climate change, and policy responses to it, will have potentially large implications for global economic performance and development. Deteriorating climatic conditions could lead to sizeable reductions in output and productivity, particularly in the least developed countries; and in exposed sectors such as agriculture, fisheries, and tourism. | December 04, 2009 |
| Factsheet -- IMF Stand-By Arrangement In an economic crisis, countries often need financing to help them overcome their balance of payments problems. Since its creation in June 1952, the IMF’s Stand-By Arrangement (SBA) has been used time and again by member countries, it is the IMF’s workhorse lending instrument for emerging market countries. Rates are | November 23, 2009 |
| Factsheet -- Special Drawing Rights (SDRs) The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries' official reserves. Its value is based on a basket of four key international currencies, and SDRs can be exchanged for freely usable currencies. With a general SDR allocation that took effect on August 28 and a special allocation on September 9, 2009, the amount of SDRs increased from SDR 21.4 billion to SDR 204.1 billion (currently equivalent to about $324 billion). | October 31, 2009 |
| Factsheet -- IMF Quotas Quota subscriptions generate most of the IMF's financial resources. Each member country of the IMF is assigned a quota, based broadly on its relative size in the world economy. A member's quota determines its maximum financial commitment to the IMF and its voting power, and has a bearing on its access to IMF financing. | October 31, 2009 |
| Factsheet -- The IMF's Role in Helping Protect the Most Vulnerable in the Global Crisis In this difficult environment, the IMF is helping governments to protect and even increase social spending, including social assistance. In particular, the IMF is promoting measures to increase spending on, and improve the targeting of, social safety net programs that can mitigate the impact of the crisis on the most vulnerable in society. Below are some examples of how recent IMF-supported programs seek to protect social spending in a way that is both fiscally sustainable and cost-effective. | October 29, 2009 |
| Factsheet -- IMF-FSB Early Warning Exercise One of the lessons of the current crisis is the need for better analysis of the underlying risks to the global economy, including plausible worst case scenarios. In April 2009, officials called on the IMF to improve its analysis of the linkages between the financial sector and the real economy, as well as cross-border spillovers and sources of systemic risk. They also mandated the IMF and the Financial Stability Board (FSB) to collaborate in conducting Early Warning Exercises (EWE). The Exercise is designed to strengthen assessments of systemic, low probability-high impact risks to the global outlook, identify possible mitigating actions, and provide policymakers with policy options. It seeks to integrate macro-economic and prudential perspectives on systemic risks, drawing on a range of quantitative tools and widespread consultations. | October 04, 2009 |
| Factsheet -- Financing the Fund's Concessional Lending to Low-Income Countries To help low-income countries weather the severe impact of the global financial crisis, the IMF has revamped its concessional lending facilities to make them more flexible and meet increasing demand for financial assistance from countries in need. The changes, which were approved in July, are expected to become effective shortly following the consent of contributors to the amendments of the relevant legal instrument and once additional loan and subsidy resources are mobilized. These changes will boost available resources to US$17 billion through 2014,including about US$8 billion over the next two years. | October 01, 2009 |
| Factsheet -- IMF Emergency Assistance: Supporting Recovery from Natural Disasters and Armed Conflicts In a crisis, countries need help quickly. The IMF provides emergency assistance to help countries with urgent balance of payments financing needs in the wake of natural disasters or armed conflicts. Emergency financial assistance is designed to be disbursed rapidly and is supported by policy advice and, in many cases, technical assistance. In the coming months, the Rapid Credit Facility (RCF), which is part of the IMF's new package of reforms to help low-income countries, will replace subsidized use of emergency assistance for PRGF-eligible countries. The RCF will provide more money at lower rates and offer countries more flexibility to help them cope in times of national emergencies. | September 30, 2009 |
| Factsheet -- The Financial Sector Assessment Program (FSAP) The recent global crisis has shown that the health of a country's financial sector has far reaching implications for its economy. The IMF's Financial Sector Assessment Program is a voluntary, comprehensive and in-depth analysis of a country's financial sector. Established in 1999, in the aftermath of the Asian crisis, the assessments are conducted by joint Bank-Fund teams in developing and emerging market countries and by the Fund alone in advanced economies. Assessments are assisted by experts from cooperating agencies, such as national central banks and financial supervisors. To date, more than three-quarters of the member countries have undergone assessments, many of them more than once. | September 29, 2009 |
| Factsheet -- IMF Standing Borrowing Arrangements While quota subscriptions of member countries are the IMF's main source of financing, the Fund can supplement its resources through borrowing if it believes that resources might fall short of members' needs. Through the General Arrangements to Borrow (GAB) and the New Arrangements to Borrow (NAB), a number of member countries and institutions stand ready to lend additional funds to the IMF. | September 25, 2009 |
| Factsheet -- Debt Relief Under the Heavily Indebted Poor Countries (HIPC) Initiative The Joint IMF-World Bank's comprehensive approach to debt reduction is designed to ensure that no poor country faces a debt burden it cannot manage. To date, debt reduction packages under the HIPC Initiative have been approved for 35 countries, 29 of them in Africa, providing US$51 billion in debt-service relief over time. Five additional countries are potentially eligible for HIPC Initiative assistance. | September 22, 2009 |
| Factsheet -- Where the IMF Gets its Money Most resources for IMF loans are provided by member countries, primarily through their payment of quotas. During the course of 2009, the IMF has signed a number of new bilateral loan and note purchase agreements to bolster its capacity to support member countries during the global economic crisis. Multilateral borrowing arrangements provide a further backstop to Fund resources. Concessional lending and debt relief for low-income countries are financed through separate contribution-based trust funds. | September 18, 2009 |
| Factsheet -- IMF Conditionality When a country borrows from the IMF, its government agrees to adjust its economic policies to overcome the problems that led it to seek financial aid in the first place. These loan conditions also serve as a guarantee that the country will be able to repay the Fund. In recent years, the IMF has streamlined conditionality in order to promote national ownership of strong and effective policies. | September 15, 2009 |
| Factsheet -- A Changing IMF-Responding to the Crisis As the world economy has become engulfed in the worst crisis in many generations, the IMF has mobilized on many fronts to support its member countries, increasing its lending, using its cross-country experience to advise on policy solutions, and introducing reforms to modernize its operations and become more responsive to member countries' needs. | September 14, 2009 |
| Factsheet -- A Guide To Committees, Groups, And Clubs Political leaders and officials from around the world shape the work of the IMF through their decision-making bodies. With the IMF at the center of the coordinated global response to events in international financial markets and the world's economies, understanding what these groups do and how they work is more important than ever. | September 11, 2009 |
| Factsheet -- The IMF and Legislators The IMF conducts outreach to legislators in its member countries in order to learn more about their views and concerns, explain Fund policy advice, and discuss policy trade-offs. This ongoing dialogue contributes to greater transparency, ownership, and accountability of economic policy choices. The legislative branch of government is essential to economic policy-making in most countries. Legislatures approve budgets and pass tax, banking, and trade laws. They oversee their government's economic policies, and provide forums for public information and debate. | September 10, 2009 |
| Factsheet -- Gold in the IMF Gold played a central role in the international monetary system until the collapse of the Bretton Woods system of fixed exchange rates in 1973. Since then, the role of gold has been gradually reduced. However, it is still an important asset in the reserve holdings of a number of countries, and the IMF remains one of the largest official holders of gold in the world. Consistent with the new income model for the Fund agreed in April 2008, on September 18, 2009, the IMF Executive Board approved gold sales strictly limited to 403.3 metric tons, representing one eighth of the Fund's total holdings of gold. Resources linked to these gold sales will also help boost the Fund's concessional lending capacity. | September 10, 2009 |
| Factsheet -- The IMF at a Glance The International Monetary Fund (IMF) works to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. Created in 1945, the IMF is governed by and accountable to the 186 governments of the countries that make up its near-global membership. | September 10, 2009 |
| Factsheet -- IMF Lending A core responsibility of the IMF is to provide loans to member countries experiencing balance of payments problems. This financial assistance enables countries to rebuild their international reserves, stabilize their currencies, continue paying for imports, and restore conditions for strong economic growth, while undertaking policies to correct underlying problems. Unlike development banks, the IMF does not lend for specific projects. | September 09, 2009 |
| Factsheet -- Crisis Lending and the IMF As the financial crisis in advanced economies has spread to emerging market economies and low-income countries, a number of countries have requested financial support from the IMF. Since the crisis began, the IMF has committed loans worth about $165 billion. It has also taken steps to increase resources available for concessional lending. The IMF can process requests for assistance under fast-track emergency financing procedures. Most loans have conditions attached, but those conditions are focused on resolving core problems. A newly introduced facility for countries with strong fundamentals and sound track record of policy implementation—the Flexible Credit Line—does not have any conditions for disbursements. | September 09, 2009 |
| Factsheet -- Protecting IMF Resources: Safeguards Assessments of Central Banks When the IMF provides a loan to a member country, money is usually transferred to the country's central bank. In the context of safeguarding the use of IMF resources, the IMF assesses the central bank's financial control systems to ensure it is able to manage these resources adequately and provide reliable information. All countries that request a loan from the IMF, except those that qualify for a Flexible Credit Line arrangement, must undergo such a "safeguards assessment." Members are also encouraged to undergo a voluntary assessment where there is a non-financial arrangement with the IMF, such as under a Policy Support Instrument, as a way of enhancing the accountability, transparency, and institutional strength of their central bank, and for a Staff Monitored Program as these programs are followed in many instances by formal financial arrangements with the IMF. | September 03, 2009 |
| Factsheet -- Technical Assistance IMF technical assistance supports the development of the productive resources of member countries by helping them to effectively manage their economic policy and financial affairs. The IMF helps these countries to strengthen their capacity in both human and institutional resources, and to design appropriate macroeconomic, financial, and structural policies. | September 01, 2009 |
| Factsheet -- The IMF and Good Governance The IMF places great emphasis on good governance when providing policy advice, financial support, and technical assistance to its member countries. The Fund's approach to combating corruption emphasizes prevention, concentrating on measures to strengthen governance and limiting the scope for corruption. The IMF also has strong measures in place to ensure the integrity of its own organization. | September 01, 2009 |
| Factsheet -- The IMF and the Fight Against Money Laundering and the Financing of Terrorism "Global financial stability hinges on collective action at the international level, but also on effective national systems. Robust anti-money laundering and combating the financing of terrorism regimes are an important pillar of the international regulatory and supervisory system and part and parcel of the current efforts to strengthen the global financial framework." —by Murilo Portugal, Deputy Managing Director of the IMF | September 01, 2009 |
| Factsheet -- Poverty Reduction Strategy Papers (PRSP) Successful plans to fight poverty require country ownership and broad based support from the public in order to succeed. A PRSP describes the macroeconomic, structural, and social policies and programs that a country will pursue over several years to promote growth and reduce poverty, as well as external financing needs and the associated sources of financing. They are prepared by governments in low-income countries through a participatory process involving domestic stakeholders and external development partners, including the IMF and the World Bank. | August 14, 2009 |
| Factsheet -- The Poverty Reduction and Growth Facility (PRGF) For ten years, the IMF has made poverty reduction and growth the lynchpin of its lending to low-income countries. To make its support more flexible and tailored to country needs, the IMF will soon replace the PRGF with the Extended Credit Facility. This new lending window will be in line with the objectives of a country's own poverty reduction strategy. For now, a number of PGRF programs are still in place, and the information listed here remains current. | July 31, 2009 |
| Factsheet -- The Exogenous Shocks Facility (ESF) To combat the impact of higher commodity prices, a slumping world economy, and help countries hit by forces beyond their control, the IMF made changes last year to make its exogenous shocks facility easier to access and more flexible. This year, it will be replaced by two new facilities, which will give countries more choices and even faster access to funds. | July 31, 2009 |
| Factsheet -- IMF Support For Low-Income Countries As the global financial crisis has swept from developed to developing economies, the IMF has upgraded its support for low-income countries. New initiatives are expected to boost concessional IMF lending to $17 billion through 2014. These low interest-rate loans now come with policy programs that have more flexible conditions. The IMF has also overhauled its lending instruments, especially to address more directly countries' needs for short-term and emergency support. | July 29, 2009 |
| Factsheet - The Multilateral Debt Relief Initiative (MDRI) The Multilateral Debt Relief Initiative (MDRI) provides for 100 percent relief on eligible debt from three multilateral institutions to a group of low-income countries. The initiative is intended to help them advance toward the United Nations’ Millennium Development Goals (MDGs), which are focused on halving poverty by 2015. | July 07, 2009 |
| Factsheet -- Issuance of IMF Notes The Executive Board of the International Monetary Fund approved on July 1, 2009 a framework for issuing notes to the official sector. | July 01, 2009 |
| A Factsheet - IMF Surveillance — The 2007 Decision on Bilateral Surveillance One of the IMF’s core activities is to monitor global, regional, and national economies to assess whether countries’ economic and financial policies are consistent not only with the health of their own economies, but also with the interests of the international community. This process is known as surveillance. The IMF’s work in this area is intended to help head off risks to international monetary and financial stability, alert the institution’s 186 member countries to potential risks and vulnerabilities, and advise them of needed policy adjustments. The IMF’s policy dialogue with its members is known as bilateral surveillance. It complements the IMF’s oversight of the international monetary system, commonly termed “multilateral surveillance.” The 2007 Decision on Bilateral Surveillance updated the framework for the IMF’s interactions with individual countries. | June 30, 2009 |
| Factsheet - The IMF and the World Trade Organization The IMF and the WTO are international organizations with 143 members in common. While the IMF's central focus is on the international monetary and financial system, and the WTO's is on the international trading system, both work together to ensure a sound system for global trade and payments. | June 29, 2009 |
| Factsheet - The IMF and the World Bank The IMF and the World Bank are institutions in the United Nations system. They share the same goal of raising living standards in their member countries. Their approaches to this goal are complementary, with the IMF focusing on macroeconomic issues and the World Bank concentrating on long-term economic development and poverty reduction. | June 03, 2009 |
| Factsheet - The 2009 Annual Meetings The Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group each year bring together central bankers, ministers of finance and development, private sector executives, and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness. The Meetings, which are widely covered by the international media, also offer an opportunity for civil society organizations to share their views and interact with policymakers in a global setting. | June 01, 2009 |
| Factsheet - How to Increase the IMF’s Lendable Resources The unprecedented shock confronting the global economy has led to a rapid increase in the demand for IMF financing. In order to ensure that the IMF continues to have sufficient resources to meet this demand, the Group of 20 leading economies (G-20) endorsed on April 2, 2009 measures to triple the IMF’s regular lending capacity from $250 billion to $750 billion. There are a range of options available for temporarily supplementing the Fund’s resources, including entering into bilateral loan agreements, issuing notes to the official sector, and enlarging existing borrowing arrangements. As a first step to supplement the Fund’s resources, a number of members have pledged to make bilateral loans to the IMF, and the possibility to issue notes is also being considered. At the same time, work to expand and make more flexible the New Arrangements to Borrow is underway. | April 25, 2009 |
| Factsheet - The IMF Regional Technical Assistance and Training Centers Six regional technical assistance centers in the Pacific, the Caribbean, Africa, and the Middle East help countries strengthen human and institutional capacity to design and implement policies that promote growth and reduce poverty. One new center will open in May 2009 and three new regional centers are still expected. Seven regional training institutes also provide courses, workshops, and seminars for officials. | April 21, 2009 |
| Factsheet - Transparency in Monetary and Financial Policies Monetary and financial policies can be more effective if their objectives, rationale, and methods of implementation are communicated to the public in a clear and timely manner. Such transparency by central banks and financial agencies responsible for supervision and regulation of financial institutions and markets can also foster more informed market expectations, and greater public accountability. The IMF has developed a "Code of Good Practices" to encourage transparency in this area. | April 14, 2009 |
| Factsheet - Financial System Soundness The financial crises of the late 1990s underscored the linkages between macroeconomic developments and financial system soundness. Indeed, weak financial institutions, inadequate bank regulation and supervision, and lack of transparency were at the heart of these crises. This is why the IMF has stepped up efforts to help countries identify and implement policies that build sound financial systems. | April 14, 2009 |
| Factsheet - How Does the IMF Encourage Greater Fiscal Transparency? Fiscal transparency entails being open to the public about the government’s past, present, and future fiscal activities, and about the structure and functions of government that determine fiscal policies and outcomes. Such transparency fosters better-informed public debate, as well as greater government accountability and credibility. The IMF has developed a “Code of Good Practices”, a “Manual on Fiscal Transparency” and a “Guide on Resource Revenue Transparency” to encourage greater fiscal transparency, all of which were updated in 2007. | April 01, 2009 |
| Factsheet - The Policy Support Instrument The Policy Support Instrument (PSI), introduced in October 2005, enables the IMF to support low-income countries that do not want--or need--Fund financial assistance. The PSI helps countries design effective economic programs that, once approved by the IMF's Executive Board, signal to donors, multilateral development banks, and markets the Fund's endorsement of a member's policies. | November 12, 2008 |
| Factsheet - How the IMF Helps to Resolve Balance of Payments Difficulties Balance of payments difficulties can arise—and, in the worst case, build into crises—even in the face of strong prevention efforts. The IMF assists countries in restoring economic stability by helping to devise programs of corrective policies and providing loans to support them. | October 10, 2008 |
| Factsheet - The IMF and Civil Society Organizations Civil society organizations (CSOs) have proliferated during the past quarter century, as have the issues they address. Whether national or transnational, the way CSOs do business has been profoundly affected by globalization. CSOs increasingly employ extensive networks to pursue their activities and to try to influence policies on a broad range of issues. Many CSOs focus on economic matters at the core of the work of the IMF and other international organizations. The IMF thus seeks to engage with CSOs through information sharing, dialogue, and consultation at both global and national levels. | September 23, 2008 |
| Factsheet - The IMF's Role in the Fight Against HIV/AIDS The HIV/AIDS epidemic poses a severe threat to global health, development, and security. The IMF collaborates with other organizations in the fight against this disease, most notably by supporting national poverty-reduction strategies that allocate additional spending to HIV/AIDS and other poverty-reducing programs. The IMF also provides advice to countries on the macroeconomic impact of HIV/AIDS, and how to effectively absorb large inflows of foreign aid. | August 08, 2008 |
| Factsheet - IMF Standards for Data Dissemination The IMF has taken several important steps to enhance transparency and openness, including the establishment and strengthening of data dissemination standards to guide countries. The Special Data Dissemination Standard (SDDS) was established in 1996 to guide members (that have, or that might seek, access to international capital markets) in the provision of their economic and financial data to the public. The General Data Dissemination System (GDDS) was established in 1997 for member countries with less developed statistical systems as a framework for evaluating their needs for data improvement and setting priorities. | August 08, 2008 |
| Factsheet - Poverty and Social Impact Analysis of Economic Policies The process of preparing Poverty Reduction Strategy Papers (PRSPs) in low-income countries has given prominence to the need to understand the impact of public policies on social and poverty outcomes. The goals of PSIA are (i) to provide a basis for considering policy options and appropriate sequencing of policies, and (ii) to include offsetting measures into the reform program when negative consequences are unavoidable. | April 10, 2008 |
| Factsheet - Vulnerability Indicators As part of its wider focus on crisis prevention, the IMF is improving its ability to assess how vulnerable its member countries are to financial crisis. Vulnerability indicators underpin much of this work. They provide essential input for IMF surveillance and lending, and are used for analysis and stress testing under the Financial Sector Assessment Program and as part of early warning system models. | April 09, 2008 |
| Factsheet - How the IMF Promotes Global Economic Stability The IMF advises member countries in implementing economic and financial policies that promote stability, reduce vulnerability to crisis, and encourage sustained growth and high living standards. It also reviews global economic trends and developments that affect the health of the international monetary and financial system and promotes dialogue among member countries on the regional and international consequences of their economic and financial policies. The IMF now publishes the bulk of its analyses. In addition to these activities, called "surveillance", the IMF provides technical assistance to help strengthen members' institutional capacity, and makes resources available to them to facilitate adjustment in the event of a balance of payments crisis. | April 08, 2008 |
| Factsheet - The IMF's Trade Integration Mechanism (TIM) The Trade Integration Mechanism (TIM) was introduced in April 2004 to assist member countries meet balance of payments shortfalls that might result from multilateral trade liberalization. | April 02, 2008 |
| Factsheet - Standards and Codes: The Role of the IMF Standards and codes can be very helpful in preventing financial crises. Providing benchmarks of good practice—and assessing countries against those benchmarks—can improve the quality of both policy making and investment decisions. The IMF and the World Bank assist countries by assessing their observance of internationally recognized standards and codes in twelve different areas, and by helping them implement reforms where needed. They also act as standard setters within their own areas of responsibility. | April 02, 2008 |
| Factsheet - The IMF and the Millennium Development Goals The Millennium Development Goals (MDGs) are a set of development targets agreed by the international community, which center on halving poverty and improving the welfare of the world's poorest by 2015. | April 02, 2008 |
| Factsheet -- The Joint World Bank–IMF Debt Sustainability Framework for Low-Income Countries Low-income countries (LICs) have often struggled with large external debts. Now debt burdens have been reduced, thanks in large part to international debt relief initiatives. As part of the Monterrey Consensus to meet the Millennium Development goals (MDGs), the IMF and the World Bank have developed a framework to help guide countries and donors in mobilizing the financing of low-income countries' development needs, while reducing the chances of an excessive build-up of debt in the future. The joint World Bank–International Monetary Fund (IMF) Debt Sustainability Framework (DSF) was introduced in April 2005 to address this challenge. | May 01, 2007 |
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