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

Review of Fund Facilities--Preliminary Considerations

Prepared by the Policy Development and Review Department
in consultation with other Departments

March 2, 2000

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  1. Historical Background and Overview of the Present Facilities
  2. Members and their Use of Fund Resources
  3. A Possible Simplification of the Structure of Facilities
    1. Outright Purchases
    2. Non-Core Facilities with Upper Credit Tranche Conditionality
  4. Some Fundamental Issues
    1. Crises of Capital Market Confidence
      1. The resolution of crises
      2. The prevention of crises
    2. Other Fund Financing
      1. 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
      2. Policies
            The rate of charge


    1. The Credit Tranche Policies - Stand-By Arrangements
    2. The Compensatory Financing Facility (CFF)
    3. Defunct (or Near-Defunct) Instruments
    4. The Extended Fund Facility (EFF)
    5. Emergency Assistance for Natural Disasters
    6. Emergency Assistance for Post-Conflict Countries
    7. Fund Support for Debt and Debt Service Reduction (DDSR) Operations
    8. Currency Stabilization Funds (CSFs)
    9. Supplemental Reserve Facility (SRF)
    10. Contingent Credit Lines (CCL)


    1. The Fund's facilities
    2. Countries making purchases in the GRA between 1989 and 1999
    3. Use of facilities between 1989 and 1999


    1. Evolution of Fund credit and loans outstanding, 1970-99
    2. General resources purchases and repurchases, financial years ending April 30, 1970-99
    3. Access levels for arrangements in the GRA, 1989-99
    4. Percentage of members with outstanding GRA resources within given ranges


    1. Issues for Discussion
    2. The GRA Rate of Charge, and Other Charges on the Use of Fund Resources
    3. Early Repurchases Under Article V, Section 7 (b)
    4. Prolonged Use of Fund Resources
    5. Possible Mechanics of an Amended CFF