## ppea2021065

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---

### VACCINATE
- Urgent global cooperation is vital to secure the recovery and limit health and economic divergences.
- Vaccination disparities:
  - In low-income and developing countries, less than 5 percent of the population is fully vaccinated.
  - About 58 percent in advanced economies (AEs) are fully vaccinated.
- Global vaccination targets:
  - Vaccinate at least 40 percent of the population in all countries by end-2021.
  - Vaccinate 70 percent by mid-2022.
- Key actions to meet targets:
  - Ramp up supply to ensure availability of vaccines, diagnostics, and therapeutics in developing countries.
  - Share doses, remove trade barriers on vaccines and related materials, and address financing constraints.
- Fund collaboration and tools:
  - Engage with international financial institutions, the G20, and the G7 to mobilize resources and reduce vaccine and economic inequalities.
  - Support the Multilateral Leaders Task Force to identify critical financing needs and sources and guide policy for vaccination, diagnostics, and treatment.
  - Use the IMF-WHO vaccine supply tracker to inform policymakers and policy guidance.

### CALIBRATE
- Overarching guidance: Policies should be calibrated to evolving pandemic conditions and available policy space to support recovery, counter divergences, and limit scarring.
- Fiscal policy:
  - Health spending remains a priority.
  - Where fiscal space is limited, lifelines should be increasingly targeted toward the most vulnerable groups while facilitating reallocation of productive resources.
  - As the pandemic is brought under control, focus on addressing scarring and securing a transformative and inclusive recovery.
  - Bolster medium-term fiscal frameworks to strengthen credibility of public finances.
  - Implementing a multilateral agreement on fairer international corporate taxation will help support critical investments.
- Monetary policy:
  - Risks of higher inflation pose challenges amid stop-start recoveries and fluctuating infection rates.
  - Rapid food price inflation is a particular challenge in many EMDEs.
  - Monetary policy can generally see through transitory inflation pressures but must act decisively if recovery strengthens faster than expected or inflation expectations de-anchor.
  - Where inflation is rising and risks of de-anchoring become concrete, monetary policy may need to be tightened.
  - Careful communication of policy intentions is critical to limit negative cross-country spillovers.
- Financial sector policies:
  - Support credit and stabilize balance sheets with more targeted measures, use macroprudential tools, and strengthen risk management in the nonbank financial sector.
- Structural reforms:
  - Reinvigorate growth and reverse pandemic-driven setbacks by tackling deep-seated pre-pandemic challenges.
  - Domestic reforms should aim for a more inclusive recovery.
  - Stronger efforts needed to remove trade restrictions and strengthen the rules-based multilateral trading system.
- Financial support and debt policy:
  - Countries that have exhausted fiscal space and face liquidity constraints and unsustainable debt burdens need timely, orderly, and comprehensive debt restructuring, coupled with sustained liquidity support in IMF-supported programs.
  - In view of expiration of the Debt Service Suspension Initiative (DSSI) at end-2021, work with the World Bank to strengthen implementation of the G20 Common Framework for debt treatments.
  - Roll out a new debt sustainability framework for market access countries, review lending into arrears policy, deepen analysis of debt transparency.
  - Advance work on corporate debt restructuring, sovereign domestic debt restructuring, contractual clauses in sovereign debt contracts, and the appropriate use of collateral in debt financing.
- Fund tools to help members:
  - Surveillance: Continue tailored surveillance, integrate risks and uncertainties, emphasize range of potential outcomes, deepen macrofinancial engagement, enrich FSAP risk analysis toolkit, strengthen guidance on medium-term fiscal frameworks, and review monetary policy frameworks.
  - Capacity development (CD): Provide country-tailored CD in core areas, enhance CD effectiveness and efficiency, increase flexibility via regional CD centers, integrate CD with surveillance and lending, modernize CD management, and expand partnerships.
  - Lending: Support most vulnerable members with adequate financial support, increasingly through upper credit tranche arrangements; explore channels for SDRs to:
    - bolster pledges to lend and/or invest to strengthen PRGT concessional capacity;
    - establish a new Resilience and Sustainability Trust to help LICs and vulnerable MICs achieve a sustainable recovery;
    - support lending by multilateral development banks.
  - Supporting fragile members (FCS):
    - FCS represent almost one-fourth of IMF membership.
    - Develop a new strategy to tailor macroeconomic policy advice, CD, and program design; rollout Country Engagement Strategies; review lending toolkit; collaborate closely with partners such as World Bank and United Nations.

### ACCELERATE
- Rationale: Seize the moment to accelerate structural transformation in response to climate change, technological revolution, widening inequalities, demographic shifts, and political polarization.
- Institutional capacity:
  - An appropriate budget envelope would help expand and refine the Fund’s engagement in macro-critical policy areas while ensuring mandate fulfillment and collaboration with partners.
  - Concluding the 16th General Review of Quotas by end-2023 is key to preserve the Fund’s financial strength, governance, and legitimacy.
  - Explore appropriate budget envelope with members to strengthen ability to tackle evolving challenges and meet members’ needs in the post-COVID-19 era.
  - Advance integration of risk management with work agenda, pursue diversity and inclusion, implement modernization projects, and reduce carbon footprint under the new hybrid work model.
- Climate:
  - Provide more granular and tailored advice to integrate mitigation, adaptation, and transition into macro and financial planning.
  - Strengthen analysis of global climate mitigation, including on an international carbon price floor that could accommodate non-pricing approaches, differentiated prices according to development level, and climate transfer mechanisms for participating lower-income members.
  - Encourage Article IV coverage of mitigation policies for large emitters.
  - Support small states, LICs, and countries reliant on carbon-based activities.
  - Enhance and scale up coverage of adaptation and resilience-building in Article IVs via a new Climate Macroeconomic Assessment Program and deepen collaboration with the World Bank.
  - Help countries address transition issues (e.g., reducing fuel subsidies while protecting vulnerable groups), advance green public investment management, assess financial stability implications and prudential responses to climate risk, facilitate harmonized data/disclosures/classification for sustainable investments, and assess central bank responses to climate risks.
  - Complemented by the new G20 Data Gaps Initiative prioritizing climate change data.
- Digitalization:
  - Deepen expertise on digital money and fintech and advance analysis on implications of central bank digital currencies (CBDCs) on the International Monetary System, including on capital flows and the Global Financial Safety Net.
  - Continue collaboration to implement the G20 Roadmap to enhance cross-border payments.
  - Support digital transformation of governments for fiscal operations, public financial management, public service delivery, and revenue administration.
  - Develop a framework for technical assistance on CBDC issuance.
- Inclusion and good governance:
  - Expand coverage of inclusion issues in country work and scale up distributional impact analysis.
  - Bolster policy guidance on progressive taxation and strengthening social spending, addressing inequality and promoting transparency.
  - Develop a gender strategy to strengthen gender analysis and apply a “gender lens” to core Fund operations.
  - Strengthen policy guidance on illicit and tax-avoiding financial flows and continue implementing the framework for enhanced Fund engagement on governance, including follow-up on governance commitments made in emergency financing.

### ANNEX: IMF HIGHLIGHTS (selected facts and figures from Section)
- Global Population Vaccination Target:
  - 40% by 2021
  - 70% by mid-2022
- IMF-WHO COVID-19 Vaccine Supply Tracker: Comprehensive database; Weekly update; Monitors number of secured vaccines; Tracks vaccine supply channels.
- IMF outputs and engagement (Since April 2021 / As of September 30, 2021 where indicated):
  - 122 videos added
  - 7 digital
  - 2,800 new subscribers
  - 8,590 active users
  - 2,822 government officials who completed online courses
  - 170,9 0 0   views
  - 36 climate change
  - 12,333 users (Microlearning via YouTube*)
  - 12 indicator groups (Climate Change Indicators Dashboard)
  - 8.9 million visitors to flagship publications*
  - Concluded the Comprehensive Surveillance Review and the FSAP Review
  - 1,423 virtual technical assistance visits*
  - 171 countries worked with
  - 58.3%  FCS, LICs, and small states
  - Approved $727 million debt service relief to 29 countries under the Catastrophe Containment and Relief Trust
  - Supported multilateral efforts to provide $10.3 billion debt service relief under the Debt Service Suspension Initiative
  - New SDR allocation of $650 billion (approximately SDR 456.5 billion), of which about $275 billion to EMDCs
  - 736% increase in climate-change related CD spending in FY21
- Note: As of September 30, 2021. (Acronyms listed in original text: SDR=Special Drawing Rights; EMDCs=emerging markets and developing countries; LICs=low-income countries; FCS=fragile and conflict-affected states; CD=capacity development; FCL=Flexible Credit Line; PLL=Precautionary and Liquidity Line; PCL=Precautionary Credit Line; RCF=Rapid Credit Facility; RFI=Rapid Financing Instrument; EPCA=Emergency Post-Conflict Assistance; ENDA=Emergency Natural Disaster Assistance.)

### Resilience and Sustainability Trust / SDR channeling and allocations
- Voluntary SDR channeling options: 54 Article IV consultations*
- Billions of SDRs:
  - 9.3 1970–72 General Allocation
  - 12.1 1979–81 General Allocation
  - 21.5 2009 Special Allocation
  - 161.2 2009 General Allocation
  - 456.5 2021 General Allocation
- 54 are PRGT eligible
- 75 approved for RCF, RFI, or RCF-RFI blends
- Total financial assistance $118 billion for 87 countries since March 2020

### OUTSTANDING CREDIT AND COMMITMENTS (as of the end of September 2021, in billions of SDRs)
- GENERAL RESOURCES ACCOUNT FINANCIAL ARRANGEMENTS
  - Total Current Arrangements 106.45
    - o/w Undrawn Balance 3 (A) 92.20
  - Total Outstanding Credit (B) 27.07
  - MEMBERS WITH CURRENT ARRANGEMENTS — Stand-By Arrangements
    - Armenia 0.31 0.31
    - Honduras 0.36 0.28
    - Senegal 0.30 0.30
    - Ukraine 3.60 6.69
  - MEMBERS WITH CURRENT ARRANGEMENTS — Extended Fund Facility
    - Angola 3.21 2.68
    - Barbados 0.32 0.29
    - Cameroon 0.32 0.08
    - Costa Rica 1.24 0.58
    - Ecuador 4.62 4.32
    - Equatorial Guinea 0.21 0.08
    - Ethiopia 0.75 0.39
    - Gabon 0.39 0.67
    - Jordan 1.07 0.86
    - Kenya 1.25 0.34
    - Pakistan 4.27 5.02
    - Seychelles 0.07 0.06
  - MEMBERS WITH CURRENT ARRANGEMENTS — Flexible Credit Line
    - Chile 17.44-
    - Colombia 12.27 3.75
    - Mexico 44.56-
    - Peru 8.01-
  - MEMBERS WITH CURRENT ARRANGEMENTS — Precautionary and Liquidity Line
    - Panama 1.88 0.38
  - MEMBERS WITHOUT CURRENT ARRANGEMENTS
    - Total Outstanding Credit (C) 62.61
    - Upper Credit Tranche 50.17
      - o/w Argentina 30.59
      - o/w Egypt 12.20
      - o/w Greece 1.51
    - Rapid Financing Instrument 12.44
      - o/w South Africa 3.05
      - o/w Nigeria 2.45
      - o/w Egypt 2.04
  - TOTAL GRA COMMITMENTS (A)+(B)+(C) 181.88

- POVERTY REDUCTION AND GROWTH TRUST FINANCIAL ARRANGEMENTS
  - Total Current Arrangements 5.72
    - o/w Undrawn Balance 3 (D) 3.27
  - Total Outstanding Credit (E) 6.58
  - MEMBERS WITH CURRENT ARRANGEMENTS — Extended Credit Facility
    - Afghanistan, Islamic Republic of 0.26 0.38
    - Cameroon 0.16 0.75
    - Central African Republic 0.08 0.21
    - Congo, Democratic Republic of 1.07 0.69
    - Gambia, The 0.06 0.07
    - Kenya 0.41 0.82
    - Liberia 0.16 0.19
    - Madagascar 0.22 0.59
    - Mali 0.14 0.42
    - São Tomé and Príncipe 0.01 0.02
    - Sierra Leone 0.12 0.40
    - Somalia 0.25 0.22
    - Sudan 1.73 0.99
    - Uganda 0.72 0.54
  - MEMBERS WITH CURRENT ARRANGEMENTS — Standby Credit Facility
    - Honduras 0.18 0.14
    - Senegal 0.15 0.15
  - MEMBERS WITHOUT CURRENT ARRANGEMENTS
    - Total Outstanding Credit (F) 7.66
    - Upper Credit Tranche 3.71
      - o/w Ghana 0.65
      - o/w Côte d'Ivoire 0.52
      - o/w Bangladesh 0.35
    - Rapid Credit Facility 3.95
      - o/w Ghana 0.74
      - o/w Mozambique 0.31
      - o/w Papua New Guinea 0.26
  - TOTAL PRGT COMMITMENTS (D)+(E)+(F) 17.51

- Notes:
  - 1 Numbers may not add up due to rounding.
  - 2 Includes outstanding credit under expired arrangements and outright disbursements.
  - 3 Available balance not yet drawn under current arrangements.

### TOTAL LENDING COMMITMENTS AND FINANCIAL POSITION
- TOTAL LENDING COMMITMENTS = SDR 199.40 BILLION
- FINANCIAL POSITION OF THE GENERAL DEPARTMENT (as of the end of financial year 2021 (FY21), in billions of US dollars)
  - Total Assets 730
    - Currencies 659
      - o/w Usable currencies 427
      - o/w Credit outstanding 129
    - SDR holdings 32
    - Investments 33
    - Other assets (including gold) 6
  - Total Liabilities, Reserves, Retained Earnings, and Resources 730
    - Borrowings 7
    - Quota 683
    - Other liabilities 3
    - Reserves of the GRA 34
    - Retained earnings of the Investment Account 3

### FINANCIAL POSITIONS OF THE CONCESSIONAL LENDING AND DEBT RELIEF TRUSTS (as of the end of FY21, in billions of US dollars)
- PRGT PRG-HIPC CCR Trust
  - Assets 30.4 0.5 0.2
    - o/w Cash and cash equivalents and investments 12.2 0.5 0.2
    - o/w Loans receivable 18.1 – – 
  - Liabilities and Resources 30.4 0.5 0.2
    - o/w Borrowings 18.8 0.1 –
    - o/w Resources 11.5 0.4 0.2

### IMF’S LENDING CAPACITY (as of the end of FY21, in billions of US dollars)
- 454 Quotas
- 409 NAB
  - 3 (expire 2025) 153 Bilaterals
  - 4 (expire 2023)
- TOTAL: 1,016

### CONSOLIDATED OPERATIONAL INCOME AND EXPENSES IN SELECTED YEARS (in millions of US dollars, unless otherwise noted)
- FY19 FY20 FY21
- A. Operational Income
  - 2168 3192 2929
  - Lending income (including surcharges) 16 49 2600 2796
  - Nonlending income 519 592 133
    - o/w Investment income 427 502 128
- B. Expenses
  - 1220 1230 1199
  - Net administrative budget 1131 1150 1126
    - o/w Personnel 995 1028 1049
  - Other 898 073
- C. Net operational income (A-B)
  - 948 1962 1730
- Memorandum items:
  - Net administrative budget in FY21 dollars 8 1193 1186 1186
  - SDR interest rate (end of period) 1.14 0.05 0.05
- Gross Spending on:
  - Country operations 591 581 503
    - Lending 109 124 142
    - Surveillance 213 198 159
    - CD-Fund financed 9491 84
    - CD-Externally financed 175 168 118
  - Multilateral surveillance, analytics and policy work 260 270 276
  - Fund governance and membership and Fund finances 122 122 117
  - Internal support 348 342 347

- Notes:
  - 1 Figures in US dollars based on an exchange rate of 1.435990/SDR as of April 30, 2021.
  - 2 The IMF’s lending capacity is calculated after setting aside a liquidity buffer of 20 percent and considering that only resources of members and participants with strong external positions are used for lending.
  - 3 New Arrangements to Borrow.
  - 4 Bilateral Borrowing Agreements. The 2020 Borrowing Agreements have an initial term through the end of 2023 and may be extended for a further year through the end of 2024 with creditors’ consent.
  - 5 Latest three financial years.
  - 6 Figures in US dollars based on average exchange rates for respective years ($1.40/SDR for FY19, $1.38/SDR for FY20, $1.41/SDR for FY21).
  - 7 Net difference between Expense and Net administrative budget, excluding net periodic pension cost.
  - 8 Deflated with the global external deflator (a price index applied to the administrative budget, formulated in real terms, to obtain the nominal budget).
  - 9 Excluding expenditures that currently cannot be allocated to specific outputs within the Analytic Costing and Estimation System model (roughly $30m).
  - 10 Reflecting CD Direct Delivery only, residual is reflected mainly in internal support and wide category of multilateral surveillance, analytics and policy work.
  - 11 Based on externally financed gross expenditures from PeopleSoft Financials, including management and administration.

*THE MANAGING DIRECTOR’S GLOBAL POLICY AGENDA — Vaccinate, Calibrate, Accelerate. Annual Meetings 2021 (Sections 1–2).*

### Section 1

### THE MANAGING DIRECTOR’S GLOBAL POLICY AGENDA — Vaccinate, Calibrate, Accelerate. Annual Meetings 2021

### VACCINATE
- Urgent global cooperation is vital to secure the recovery and limit health and economic divergences.
- Vaccination disparities:
  - In low-income and developing countries, less than 5 percent of the population is fully vaccinated.
  - About 58 percent in advanced economies (AEs) are fully vaccinated.
- Global vaccination targets:
  - Vaccinate at least 40 percent of the population in all countries by end-2021.
  - Vaccinate 70 percent by mid-2022.
- Key actions to meet targets:
  - Ramp up supply to ensure availability of vaccines, diagnostics, and therapeutics in developing countries.
  - Share doses, remove trade barriers on vaccines and related materials, and address financing constraints.
- Fund collaboration and tools:
  - Engage with international financial institutions, the G20, and the G7 to mobilize resources and reduce vaccine and economic inequalities.
  - Support the Multilateral Leaders Task Force to identify critical financing needs and sources and guide policy for vaccination, diagnostics, and treatment.
  - Use the IMF-WHO vaccine supply tracker to inform policymakers and policy guidance.

### CALIBRATE
- Overarching guidance: Policies should be calibrated to evolving pandemic conditions and available policy space to support recovery, counter divergences, and limit scarring.
- Fiscal policy:
  - Health spending remains a priority.
  - Where fiscal space is limited, lifelines should be increasingly targeted toward the most vulnerable groups while facilitating reallocation of productive resources.
  - As the pandemic is brought under control, focus on addressing scarring and securing a transformative and inclusive recovery.
  - Bolster medium-term fiscal frameworks to strengthen credibility of public finances.
  - Implementing a multilateral agreement on fairer international corporate taxation will help support critical investments.
- Monetary policy:
  - Risks of higher inflation pose challenges amid stop-start recoveries and fluctuating infection rates.
  - Rapid food price inflation is a particular challenge in many EMDEs.
  - Monetary policy can generally see through transitory inflation pressures but must act decisively if recovery strengthens faster than expected or inflation expectations de-anchor.
  - Where inflation is rising and risks of de-anchoring become concrete, monetary policy may need to be tightened.
  - Careful communication of policy intentions is critical to limit negative cross-country spillovers.
- Financial sector policies:
  - Support credit and stabilize balance sheets with more targeted measures, use macroprudential tools, and strengthen risk management in the nonbank financial sector.
- Structural reforms:
  - Reinvigorate growth and reverse pandemic-driven setbacks by tackling deep-seated pre-pandemic challenges.
  - Domestic reforms should aim for a more inclusive recovery.
  - Stronger efforts needed to remove trade restrictions and strengthen the rules-based multilateral trading system.
- Financial support and debt policy:
  - Countries that have exhausted fiscal space and face liquidity constraints and unsustainable debt burdens need timely, orderly, and comprehensive debt restructuring, coupled with sustained liquidity support in IMF-supported programs.
  - In view of expiration of the Debt Service Suspension Initiative (DSSI) at end-2021, work with the World Bank to strengthen implementation of the G20 Common Framework for debt treatments.
  - Roll out a new debt sustainability framework for market access countries, review lending into arrears policy, deepen analysis of debt transparency.
  - Advance work on corporate debt restructuring, sovereign domestic debt restructuring, contractual clauses in sovereign debt contracts, and the appropriate use of collateral in debt financing.
- Fund tools to help members:
  - Surveillance: Continue tailored surveillance, integrate risks and uncertainties, emphasize range of potential outcomes, deepen macrofinancial engagement, enrich FSAP risk analysis toolkit, strengthen guidance on medium-term fiscal frameworks, and review monetary policy frameworks.
  - Capacity development (CD): Provide country-tailored CD in core areas, enhance CD effectiveness and efficiency, increase flexibility via regional CD centers, integrate CD with surveillance and lending, modernize CD management, and expand partnerships.
  - Lending: Support most vulnerable members with adequate financial support, increasingly through upper credit tranche arrangements; explore channels for SDRs to:
    - bolster pledges to lend and/or invest to strengthen PRGT concessional capacity;
    - establish a new Resilience and Sustainability Trust to help LICs and vulnerable MICs achieve a sustainable recovery;
    - support lending by multilateral development banks.
  - Supporting fragile members (FCS):
    - FCS represent almost one-fourth of IMF membership.
    - Develop a new strategy to tailor macroeconomic policy advice, CD, and program design; rollout Country Engagement Strategies; review lending toolkit; collaborate closely with partners such as World Bank and United Nations.

### ACCELERATE
- Rationale: Seize the moment to accelerate structural transformation in response to climate change, technological revolution, widening inequalities, demographic shifts, and political polarization.
- Institutional capacity:
  - An appropriate budget envelope would help expand and refine the Fund’s engagement in macro-critical policy areas while ensuring mandate fulfillment and collaboration with partners.
  - Concluding the 16th General Review of Quotas by end-2023 is key to preserve the Fund’s financial strength, governance, and legitimacy.
  - Explore appropriate budget envelope with members to strengthen ability to tackle evolving challenges and meet members’ needs in the post-COVID-19 era.
  - Advance integration of risk management with work agenda, pursue diversity and inclusion, implement modernization projects, and reduce carbon footprint under the new hybrid work model.
- Climate:
  - Provide more granular and tailored advice to integrate mitigation, adaptation, and transition into macro and financial planning.
  - Strengthen analysis of global climate mitigation, including on an international carbon price floor that could accommodate non-pricing approaches, differentiated prices according to development level, and climate transfer mechanisms for participating lower-income members.
  - Encourage Article IV coverage of mitigation policies for large emitters.
  - Support small states, LICs, and countries reliant on carbon-based activities.
  - Enhance and scale up coverage of adaptation and resilience-building in Article IVs via a new Climate Macroeconomic Assessment Program and deepen collaboration with the World Bank.
  - Help countries address transition issues (e.g., reducing fuel subsidies while protecting vulnerable groups), advance green public investment management, assess financial stability implications and prudential responses to climate risk, facilitate harmonized data/disclosures/classification for sustainable investments, and assess central bank responses to climate risks.
  - Complemented by the new G20 Data Gaps Initiative prioritizing climate change data.
- Digitalization:
  - Deepen expertise on digital money and fintech and advance analysis on implications of central bank digital currencies (CBDCs) on the International Monetary System, including on capital flows and the Global Financial Safety Net.
  - Continue collaboration to implement the G20 Roadmap to enhance cross-border payments.
  - Support digital transformation of governments for fiscal operations, public financial management, public service delivery, and revenue administration.
  - Develop a framework for technical assistance on CBDC issuance.
- Inclusion and good governance:
  - Expand coverage of inclusion issues in country work and scale up distributional impact analysis.
  - Bolster policy guidance on progressive taxation and strengthening social spending, addressing inequality and promoting transparency.
  - Develop a gender strategy to strengthen gender analysis and apply a “gender lens” to core Fund operations.
  - Strengthen policy guidance on illicit and tax-avoiding financial flows and continue implementing the framework for enhanced Fund engagement on governance, including follow-up on governance commitments made in emergency financing.

### ANNEX: IMF HIGHLIGHTS (selected facts and figures from Section)
- Global Population Vaccination Target:
  - 40% by 2021
  - 70% by mid-2022
- IMF-WHO COVID-19 Vaccine Supply Tracker: Comprehensive database; Weekly update; Monitors number of secured vaccines; Tracks vaccine supply channels.
- IMF outputs and engagement (Since April 2021 / As of September 30, 2021 where indicated):
  - 122 videos added
  - 7 digital
  - 2,800 new subscribers
  - 8,590 active users
  - 2,822 government officials who completed online courses
  - 170,9 0 0   views
  - 36 climate change
  - 12,333 users (Microlearning via YouTube*)
  - 12 indicator groups (Climate Change Indicators Dashboard)
  - 8.9 million visitors to flagship publications*
  - Concluded the Comprehensive Surveillance Review and the FSAP Review
  - 1,423 virtual technical assistance visits*
  - 171 countries worked with
  - 58.3%  FCS, LICs, and small states
  - Approved $727 million debt service relief to 29 countries under the Catastrophe Containment and Relief Trust
  - Supported multilateral efforts to provide $10.3 billion debt service relief under the Debt Service Suspension Initiative
  - New SDR allocation of $650 billion (approximately SDR 456.5 billion), of which about $275 billion to EMDCs
  - 736% increase in climate-change related CD spending in FY21
- Note: As of September 30, 2021. (Acronyms listed in original text: SDR=Special Drawing Rights; EMDCs=emerging markets and developing countries; LICs=low-income countries; FCS=fragile and conflict-affected states; CD=capacity development; FCL=Flexible Credit Line; PLL=Precautionary and Liquidity Line; PCL=Precautionary Credit Line; RCF=Rapid Credit Facility; RFI=Rapid Financing Instrument; EPCA=Emergency Post-Conflict Assistance; ENDA=Emergency Natural Disaster Assistance.)

*Source: THE MANAGING DIRECTOR’S GLOBAL POLICY AGENDA — Vaccinate, Calibrate, Accelerate. Annual Meetings 2021 (Section 1).*

### Section 2

### Resilience and Sustainability  
Trust
supporting 
lending by multilateral 
development banks
Voluntary SDR channeling options

### SDR Allocations, Approvals, and Total Financial Assistance
- Voluntary SDR channeling options: 54 Article IV consultations*
- Billions of SDRs:
  - 9.3 1970–72 General Allocation
  - 12.1 1979–81 General Allocation
  - 21.5 2009 Special Allocation
  - 161.2 2009 General Allocation
  - 456.5 2021 General Allocation
- 54 are PRGT eligible
- 75 approved for RCF, RFI, or RCF-RFI blends
- Total financial assistance $118 billion for 87 countries since March 2020

### OUTSTANDING CREDIT AND COMMITMENTS (as of the end of September 2021, in billions of SDRs)
- GENERAL RESOURCES ACCOUNT FINANCIAL ARRANGEMENTS
  - Total Current Arrangements 106.45
    - o/w Undrawn Balance 3 (A) 92.20
  - Total Outstanding Credit (B) 27.07
  - MEMBERS WITH CURRENT ARRANGEMENTS — Stand-By Arrangements
    - Armenia 0.31 0.31
    - Honduras 0.36 0.28
    - Senegal 0.30 0.30
    - Ukraine 3.60 6.69
  - MEMBERS WITH CURRENT ARRANGEMENTS — Extended Fund Facility
    - Angola 3.21 2.68
    - Barbados 0.32 0.29
    - Cameroon 0.32 0.08
    - Costa Rica 1.24 0.58
    - Ecuador 4.62 4.32
    - Equatorial Guinea 0.21 0.08
    - Ethiopia 0.75 0.39
    - Gabon 0.39 0.67
    - Jordan 1.07 0.86
    - Kenya 1.25 0.34
    - Pakistan 4.27 5.02
    - Seychelles 0.07 0.06
  - MEMBERS WITH CURRENT ARRANGEMENTS — Flexible Credit Line
    - Chile 17.44-
    - Colombia 12.27 3.75
    - Mexico 44.56-
    - Peru 8.01-
  - MEMBERS WITH CURRENT ARRANGEMENTS — Precautionary and Liquidity Line
    - Panama 1.88 0.38
  - MEMBERS WITHOUT CURRENT ARRANGEMENTS
    - Total Outstanding Credit (C) 62.61
    - Upper Credit Tranche 50.17
      - o/w Argentina 30.59
      - o/w Egypt 12.20
      - o/w Greece 1.51
    - Rapid Financing Instrument 12.44
      - o/w South Africa 3.05
      - o/w Nigeria 2.45
      - o/w Egypt 2.04
  - TOTAL GRA COMMITMENTS (A)+(B)+(C) 181.88

- POVERTY REDUCTION AND GROWTH TRUST FINANCIAL ARRANGEMENTS
  - Total Current Arrangements 5.72
    - o/w Undrawn Balance 3 (D) 3.27
  - Total Outstanding Credit (E) 6.58
  - MEMBERS WITH CURRENT ARRANGEMENTS — Extended Credit Facility
    - Afghanistan, Islamic Republic of 0.26 0.38
    - Cameroon 0.16 0.75
    - Central African Republic 0.08 0.21
    - Congo, Democratic Republic of 1.07 0.69
    - Gambia, The 0.06 0.07
    - Kenya 0.41 0.82
    - Liberia 0.16 0.19
    - Madagascar 0.22 0.59
    - Mali 0.14 0.42
    - São Tomé and Príncipe 0.01 0.02
    - Sierra Leone 0.12 0.40
    - Somalia 0.25 0.22
    - Sudan 1.73 0.99
    - Uganda 0.72 0.54
  - MEMBERS WITH CURRENT ARRANGEMENTS — Standby Credit Facility
    - Honduras 0.18 0.14
    - Senegal 0.15 0.15
  - MEMBERS WITHOUT CURRENT ARRANGEMENTS
    - Total Outstanding Credit (F) 7.66
    - Upper Credit Tranche 3.71
      - o/w Ghana 0.65
      - o/w Côte d'Ivoire 0.52
      - o/w Bangladesh 0.35
    - Rapid Credit Facility 3.95
      - o/w Ghana 0.74
      - o/w Mozambique 0.31
      - o/w Papua New Guinea 0.26
  - TOTAL PRGT COMMITMENTS (D)+(E)+(F) 17.51

- Notes:
  - 1 Numbers may not add up due to rounding.
  - 2 Includes outstanding credit under expired arrangements and outright disbursements.
  - 3 Available balance not yet drawn under current arrangements.

### TOTAL LENDING COMMITMENTS AND FINANCIAL POSITION
- TOTAL LENDING COMMITMENTS = SDR 199.40 BILLION
- FINANCIAL POSITION OF THE GENERAL DEPARTMENT (as of the end of financial year 2021 (FY21), in billions of US dollars)
  - Total Assets 730
    - Currencies 659
      - o/w Usable currencies 427
      - o/w Credit outstanding 129
    - SDR holdings 32
    - Investments 33
    - Other assets (including gold) 6
  - Total Liabilities, Reserves, Retained Earnings, and Resources 730
    - Borrowings 7
    - Quota 683
    - Other liabilities 3
    - Reserves of the GRA 34
    - Retained earnings of the Investment Account 3

### FINANCIAL POSITIONS OF THE CONCESSIONAL LENDING AND DEBT RELIEF TRUSTS (as of the end of FY21, in billions of US dollars)
- PRGT PRG-HIPC CCR Trust
  - Assets 30.4 0.5 0.2
    - o/w Cash and cash equivalents and investments 12.2 0.5 0.2
    - o/w Loans receivable 18.1 – – 
  - Liabilities and Resources 30.4 0.5 0.2
    - o/w Borrowings 18.8 0.1 –
    - o/w Resources 11.5 0.4 0.2

### IMF’S LENDING CAPACITY (as of the end of FY21, in billions of US dollars)
- 454 Quotas
- 409 NAB
  - 3 (expire 2025) 153 Bilaterals
  - 4 (expire 2023)
- TOTAL: 1,016

### CONSOLIDATED OPERATIONAL INCOME AND EXPENSES IN SELECTED YEARS (in millions of US dollars, unless otherwise noted)
- FY19 FY20 FY21
- A. Operational Income
  - 2168 3192 2929
  - Lending income (including surcharges) 16 49 2600 2796
  - Nonlending income 519 592 133
    - o/w Investment income 427 502 128
- B. Expenses
  - 1220 1230 1199
  - Net administrative budget 1131 1150 1126
    - o/w Personnel 995 1028 1049
  - Other 898 073
- C. Net operational income (A-B)
  - 948 1962 1730
- Memorandum items:
  - Net administrative budget in FY21 dollars 8 1193 1186 1186
  - SDR interest rate (end of period) 1.14 0.05 0.05
- Gross Spending on:
  - Country operations 591 581 503
    - Lending 109 124 142
    - Surveillance 213 198 159
    - CD-Fund financed 9491 84
    - CD-Externally financed 175 168 118
  - Multilateral surveillance, analytics and policy work 260 270 276
  - Fund governance and membership and Fund finances 122 122 117
  - Internal support 348 342 347

- Notes:
  - 1 Figures in US dollars based on an exchange rate of 1.435990/SDR as of April 30, 2021.
  - 2 The IMF’s lending capacity is calculated after setting aside a liquidity buffer of 20 percent and considering that only resources of members and participants with strong external positions are used for lending.
  - 3 New Arrangements to Borrow.
  - 4 Bilateral Borrowing Agreements. The 2020 Borrowing Agreements have an initial term through the end of 2023 and may be extended for a further year through the end of 2024 with creditors’ consent.
  - 5 Latest three financial years.
  - 6 Figures in US dollars based on average exchange rates for respective years ($1.40/SDR for FY19, $1.38/SDR for FY20, $1.41/SDR for FY21).
  - 7 Net difference between Expense and Net administrative budget, excluding net periodic pension cost.
  - 8 Deflated with the global external deflator (a price index applied to the administrative budget, formulated in real terms, to obtain the nominal budget).
  - 9 Excluding expenditures that currently cannot be allocated to specific outputs within the Analytic Costing and Estimation System model (roughly $30m).
  - 10 Reflecting CD Direct Delivery only, residual is reflected mainly in internal support and wide category of multilateral surveillance, analytics and policy work.
  - 11 Based on externally financed gross expenditures from PeopleSoft Financials, including management and administration.

*Italic: IMF — ANNEX: IMF LENDING AND FINANCIAL DATA (Section 2)

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_Source: https://www.imf.org/-/media/files/publications/pp/2021/english/ppea2021065.pdf_