CONTENTS
File 1 346k Adobe   Acrobat pdf file	Letter of Transmittal
	Executive Board and Senior Officers
	Board of Governors, Executive Board, Interim Committee, and Development Committee
	I.  Overview
	Asian Financial Crisis Propels IMF Activity to New Levels in 1997/98
File 2 239k Adobe   Acrobat pdf file	II.  The Global Economy
	Main Developments in the World Economy in 1997/98 Global Overview Advanced Economies Developing Countries Transition Economies
	World Economic Outlook Advanced Economies Developing and Transition Countries
	International Capital Markets Mature Capital Markets    Banking in Mature Markets    Structural Aspects of EMU Emerging Markets    Speculative Attacks and Exchange Rate Regimes    Banking in Emerging Markets    Managing Sovereign External Liabilities Hedge Funds and Financial Market Dynamics    Hedge Funds and the Asian Crisis    More Regulation?
	European Economic and Monetary Union
File 3 223k Adobe   Acrobat pdf file	III.  The IMF in 1997/98
	The Asian Crisis Origin and Evolution Appropriate Policy Response Role of the International Community Early Lessons from Experience Thailand, Indonesia, and Korea: Evolution of IMF-Supported Programs    Thailand    Indonesia    Korea
	Surveillance Article IV Consultations in 1997/98 Other Means of Surveillance Lessons for Surveillance from the Asian Crisis Government Transparency and Accountability    Good Governance    Transparency in Budgetary Operations Data Issues    Members' Provision of Information to the IMF    Members' Dissemination of Data to the Public Strengthening IMF-Bank Collaboration on Financial    Sector Reform Exchange Rate Issues    Exchange Rate Assessments and IMF       Surveillance    Exit Strategies: Policy Options for Countries       Seeking Greater Flexibility Monetary Policy in Dollarized Economies    Benefits and Risks of Dollarization    Dollarization and the Design of IMF-Supported       Adjustment Programs
File 4 192k Adobe   Acrobat pdf file	Strengthening the Architecture of the International Monetary System Strengthening Financial Systems Strengthening IMF Surveillance Greater Availability and Transparency of Information IMF's Central Role in Crisis Management Involving the Private Sector in Preventing and Resolving Crises
	Support for Member Countries' Adjustment Supplemental Reserve Facility Trade Liberalization in IMF-Supported Programs Policy on Sovereign Arrears to Private Creditors Postprogram Monitoring Member Countries' Use of IMF Facilities    Albania    Argentina    Armenia    Azerbaijan    Bolivia    Burkina Faso    Cameroon    Cape Verde    Chad    Côte d'Ivoire    Djibouti    Estonia    Ghana    Guinea    Guinea-Bissau    Guyana    Indonesia    Korea    Latvia    Mauritania    Mongolia    Mozambique    Nicaragua    Niger    Pakistan    Panama    Philippines    Rwanda    Senegal    Sierra Leone    Tajikistan    Tanzania    Thailand    Togo    Uganda    Ukraine    Uruguay    Yemen
File 5 228k Adobe   Acrobat pdf file	The ESAF and the HIPC Initiative Mobilizing Financing Progress in Implementing the HIPC Initiative ESAF Resources for Commercial Debt- and       Debt-Service-Reduction Operations Review of Experience Under ESAF-Supported       Arrangements    Internal Evaluation of the ESAF       Policies and Program Design       Sustaining Programs    External Evaluation of the ESAF       Implications for Social Policy       Fiscal Issues and External Viability       National Ownership       Flexibility in IMF Programs       Better Public Understanding       Continued IMF Presence
	Capital Movements Under an Amendment of the IMF's Articles Seminar on Capital Account Liberalization    Is Liberalization Necessary?    Preconditions    Path to Liberalization Should Be Orderly    Institutionalizing Liberalization    Future Considerations Next Steps
	Technical Assistance and Training
File 6 201k Adobe   Acrobat pdf file	Financial Operations and Policies Membership and Quotas IMF Liquidity and Borrowing    General Resources    Borrowing       General Arrangements to Borrow       New Arrangements to Borrow    Access Policy and Limits on Use of IMF       Resources Members' Use of IMF Resources and Credit       Outstanding    Stand-By and Extended Arrangements    Special Facilities and Outright Purchases    SAF and ESAF    ESAF-HIPC Trust IMF Income, Charges, and Burden Sharing Overdue Financial Obligations    Progress Under the Strengthened Cooperative       Strategy SDR Department    SDR Valuation and Interest Rate Basket    SDR Transactions and Operations    Pattern of SDR Holdings
File 7 173k Adobe   Acrobat pdf file	IV.  Organization, Staffing, and Budget
	Organization, Staffing, and Budget Executive Board Departments    Area Departments    Functional and Special Services Departments    Information and Liaison    Support Services Staff    Recruitment and Retention    Salary Structure    Diversity Administrative and Capital Budgets    Medium-Term Budget Outlook    Budgets and Expenditure in 1997/98    Budgets and Expenditure in 1998/99    Building Projects
File 8 235k Adobe   Acrobat pdf file	Appendices
	International Reserves Financial Operations and Transactions
File 9 259k Adobe   Acrobat pdf file	Principal Policy Decisions of the Executive Board IMF Relations with Other International Organizations External Relations Press Communiqués of the Interim Committee and the Development Committee Executive Directors and Voting Power on April 30, 1998
File 10 314k Adobe   Acrobat pdf file	Changes in Membership of the Executive Board Financial Statements
File 11 172k Adobe   Acrobat pdf file	Boxes
	Board of Governors, Executive Board, Interim Committee,    and Development Committee
	The IMF's Response to the Asian Crisis Second-Generation Reforms Enhancing Information on Article IV Consultations IMF Regional Office for Asia and the Pacific Code of Good Practices on Fiscal Transparency: Declaration on Principles Dissemination Standards Bulletin Board How the GDDS Will Work A Methodology for Exchange Rate Assessments Group Travel by Executive Directors ESAF Resources Strengthening ESAF-Supported Programs Key Findings of External Evaluators of the ESAF Interim Committee Statement on Liberalization of Capital Movements Under an Amendment of the IMF's Articles, as Adopted, Hong Kong SAR, September 21, 1997 IMF Institute and Regional Institutions Operational Budget Designation Plan IMF Resident Representatives
File 12 231k Adobe   Acrobat pdf file	Tables
	Overview of the World Economy Net Capital Flows to Developing Countries, Countries in Transition, and Newly Industrialized Economies Selected Economies: Current Account Positions Thailand: Selected Economic Indicators, as of July 23, 1998 Indonesia: Selected Economic Indicators, as of July 23, 1998 Korea: Selected Economic Indicators, as of July 23, 1998 Article IV Consultations Concluded in 1997/98 HIPC Initiative: Status of Early Cases Technical Assistance Delivery General Arrangements to Borrow (GAB) New Arrangements to Borrow (NAB) Selected Financial Indicators Arrears to the IMF of Countries with Obligations Overdue by Six Months or More Arrears to the IMF of Countries with Obligations Overdue by Six Months or More, by Type and Duration, as of April 30, 1998 SDR Valuation Basket Transfers of SDRs Nationality Distribution of Professional and Managerial Staff by Region Gender Distribution of Staff by Level Estimated Cost of Major IMF Activities, Financial Years 1997–99 Administrative and Capital Budgets, Financial Years 1996–99
File 13 238k Adobe   Acrobat pdf file	Figures
	Selected Asian Economies: Bilateral U.S. Dollar Exchange Rates and Equity Prices World Indicators Developing Countries: Real GDP Growth Initiative for Heavily Indebted Poor Countries Composition of Technical Assistance in 1997/98 IMF's Liquidity Ratio, 1983–98 Purchases and Repurchases, Financial Years Ended April 30, 1983–98 Total IMF Credit Outstanding to Members, Financial Years Ended April 30, 1983–98 International Monetary Fund: Chart of Organization Estimated Cost of Major Activities, Financial Year 1998 Administrative Expenses, Financial Years 1995–98