## gpa-oct2018

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---

### GLOBAL SETTING
- Global growth remains strong but momentum is moderating amid trade tensions, higher oil prices, and market pressures on emerging market and developing economies.
- Previously identified risks have partly materialized or become more pronounced; a rapid reversal in financial market conditions could expose debt vulnerabilities when many countries have limited policy space.
- Structural factors damping potential growth: weak productivity growth, overdue economic reforms, and population aging.
- Specific downside risks:
  - Systemic escalation of trade tensions could seriously impact global growth and fail to address persistent excess external imbalances.
  - Monetary normalization in major economies and a sudden tightening of global financial conditions could intensify capital flow shifts and threaten growth, especially where financial vulnerabilities have built up.
  - Many countries face limited policy room due to high and rising debt vulnerabilities.

### POLICY ADVICE AND ECONOMIC ANALYSIS
- Recommended country actions during the expansion:
  - Rebuild buffers and enhance resilience.
  - Implement structural reforms to raise medium-term growth and inclusivity.
  - Manage risks and resolve policy uncertainties with tailored macroeconomic responses.
- Monetary and fiscal guidance:
  - Where inflation is converging to target, monetary policy stimulus should be gradually withdrawn in a well-communicated, data-dependent manner.
  - Preserve international reserve buffers at adequate levels given potential capital outflow pressures.
  - Reduce debt and rebuild fiscal buffers; avoid procyclicality; deliver growth-friendly fiscal policies.
  - Raise quality and governance of infrastructure, supported by the Fund’s Public Investment Management Assessment.
  - Calibrate policy mix to reduce large and sustained external imbalances in a growth-friendly manner.
- Analytical inputs informing advice:
  - Recent analyses of fiscal space and public-sector balance sheets.
  - The 2018 External Sector Report.
  - Forthcoming work on drivers of natural real interest rates.
- External Sector Report (ESR) specifics:
  - ESR is the only multilaterally consistent assessment of countries’ external positions, covering current account balances, real exchange rates, external balance sheets, capital flows, and international reserves.
  - The ESR covers 29 of the world’s largest economies and the euro area—representing over 85 percent of global GDP.
  - The 2018 ESR (using a refined methodology) shows that 40 to 50 percent of global current account balances are now deemed excessive.
  - Imbalances have remained broadly unchanged in recent years but are increasingly concentrated in advanced economies.

### CONTRIBUTIONS TO GLOBAL STABILITY
- Financial resilience priorities:
  - Strengthen financial resilience before financial conditions tighten further.
  - Exchange rate flexibility often serves as a key shock absorber; prudential policies can help contain financial stability risks.
  - Repair remaining pockets of vulnerability via balance sheet cleanup in some advanced economies and completion of the post-crisis regulatory agenda.
  - Emerging market and developing countries should reduce vulnerabilities to tightening financial conditions, sharp currency movements, and capital flow reversals by managing contingent liabilities and balance sheet mismatches.
  - Adapt regulation to structural changes from non-banks and financial technologies; continue to close data gaps.
- Fund actions and forthcoming work:
  - Explain application of the Institutional View on capital flows in practice.
  - Update macroprudential policy database and disseminate a new stock-take of capital flow management measures.
  - Forthcoming analysis on housing market risks and implications of heterogeneous banking sector fundamentals for financial stability.
  - Analyze the macroeconomic consequences of tariffs and determinants of trade balances and spillovers from distortive trade policies, considering global value chains.
  - Support efforts to modernize the multilateral trade system and promote more open trade in areas such as services and e-commerce.
  - Contribute to international tax debate, analyze corporate taxation, build capacity, and continue inter-agency cooperation through the Platform for Collaboration on Tax.
  - Support member efforts under the Bali Fintech Agenda; investigate central bank digital currencies and fintech implications for cross-border capital flows, financial integrity, global monetary and financial stability, and the evolution of the international monetary system.
  - Deepen analysis of youth labor market prospects and assess macroeconomic and fiscal implications of aging (to support the 2019 Japan G–20 Presidency).
  - Help members progress toward the 2030 sustainable development goals (SDGs) by analyzing spending needs in health, education, and selected infrastructure.
  - Enhance focus on fragile states, including through human resource policies and country engagement strategies.
  - Support the G–20’s Compact with Africa to help catalyze private investment and address illicit financial flows through tax, AML/CFT, and governance work.
  - Provide guidance on members’ implementation of climate mitigation and adaptation strategies for the Paris Accord and enhance disaster and climate resilience.
- Debt and lending practices:
  - Debtors and creditors share responsibility for promoting sustainable lending practices, particularly in low-income countries (LICs).
  - Implement a multi-pronged approach anchored in enhancing debt transparency and supporting domestic resource mobilization.
  - Start implementing the updated Debt Sustainability Framework for LICs to assess and mitigate debt vulnerabilities with greater data coverage and disclosure.
  - Improve debt management and transparency by addressing data gaps identified in a recent G–20 note and encourage mechanisms for official creditor coordination.

### FUND POLICIES
- Surveillance, lending, and capacity development adaptations:
  - Work started on the 2020 Comprehensive Surveillance Review and the 2020 Review of the Financial Sector Assessment Program.
  - Forthcoming review of the Fund’s AML/CFT strategy to enhance financial integrity and resilience amid technological innovation and withdrawal of correspondent banking relationships.
  - Strengthen risk monitoring by reviewing:
    - Debt sustainability framework for market access countries and the Fund’s debt limits policy.
    - Monetary and financial transparency code.
    - Fund’s fiscal transparency code.
  - Consider modifications to the Fund’s policy on multiple currency practices.
  - Strengthen data provision to the Fund for surveillance purposes.
  - Develop a strategic framework to guide engagement on social spending issues and continue to engage on gender issues in Article IV discussions.
  - Review program conditionality and design drawing lessons from recent Fund-supported programs; review LIC facilities to better adapt to members’ needs.
  - Enhance effectiveness of program engagement with small states and countries in fragile and conflict situations.
  - Improve impact of capacity development (CD) via upcoming CD strategy review, with stronger integration of CD, surveillance, and lending in a results-based framework and continued focus on innovative delivery.
  - Strengthen strategic partnerships and create more flexible funding arrangements with partners.
- Debt statistics and concerns:
  - Global debt is at an all-time high of $182 trillion or 224 percent of global GDP.
  - About two thirds of global debt is nonfinancial private (households and corporates); the rest is public debt.
  - Increasing public debt vulnerabilities in LICs: about 40 percent at high risk of, or in, debt distress.
  - Rising borrowing in LICs has been only to a limited degree for public investment and has occurred alongside adverse shocks.
  - Weak public debt transparency and coverage is a key challenge.
  - Joint proposals with the World Bank to strengthen borrowers’ debt management capacity, enhance collection and dissemination of debt data, and deepen debt sustainability analysis.

### GOVERNANCE AND FINANCING
- Institutional objectives and governance work:
  - Aim to complete the 15th General Review of Quotas in 2019, realigning quota shares with members’ relative positions while protecting the share of the poorest members.
  - Target to complete the 15th Review of Quotas by the Spring Meetings, and no later than the Annual Meetings, of 2019.
- Internal modernization:
  - Modernizing operations with human resource strategy, comprehensive review of compensation and benefits, innovation strategy, and new digital tools to support an agile, diverse, and inclusive workforce.
  - Improve knowledge management and data management in line with the data and statistics strategy; enhance CD management and foster a culture of innovation.
  - Maintain a prudent budgetary stance and further strengthen internal risk management.

### INTERNAL ORGANIZATION (Key 12-month activity metrics)
- Surveillance:
  - 134 Article IV consultations
  - 29 economies plus the euro area covered in the External Sector Report, representing 85% of global GDP
- Lending:
  - Lending to 33 countries
  - 19 of which have a Poverty Reduction and Growth Trust (PRGT) facility
  - 167 Billion total lending commitments in Special Drawing Rights (SDR)*
  - 69 program reviews
  - 5 largest outstanding GRA credit (SDR bn): Argentina 10.6; Greece 8.4; Ukraine 7.4; Egypt 5.7; Pakistan 4.3
  - Stand-by Arrangement examples (Current / Outstanding): Argentina 35.38 / 10.61; Iraq 3.83 / 2.39; Jamaica 1.20 / 0.53
  - Extended Fund Facility examples (Current / Outstanding): Bosnia-Herzegovina 0.44 / 0.23; Cote d'Ivoire 0.43 / 0.24; Egypt 8.60 / 5.73; Gabon 0.46 / 0.21; Georgia 0.21 / 0.14; Jordan 0.51 / 0.65; Moldova 0.09 / 0.13; Mongolia 0.31 / 0.13; Sri Lanka 1.07 / 0.72; Tunisia 2.05 / 1.28; Ukraine 12.35 / 7.41
  - Flexible Credit Line examples: Colombia 7.85 / – ; Mexico 62.39 / –
  - TOTAL CURRENT ARRANGEMENTS 137.17; COMPLETED ARRANGEMENTS 18.34 (o/w Greece–8.44; o/w Pakistan–4.27)
  - Notes: 1/ Numbers may not add up due to rounding. 2/ Includes outstanding credit under expired arrangements and outright disbursements.
- Capacity Development:
  - 3,521 technical assistance visits
  - 439 training courses delivered
  - 11 massive open online courses
  - 16 regional capacity development (CD) centers world-wide
  - Direct spending on CD (in millions of U.S. dollars) FY 2018: 165; FY 2017: 138; FY 2016: 134; FY 2015: 127; earlier datapoints shown include 132, 130, 124, 117
  - 16,687 officials trained
  - 168 member countries worked with (October 2017 to September 2018)
  - 663,574 unique visitors of the WEO, GFSR, and Fiscal Monitor webpages
  - 31% of total CD spending on Sub-Saharan Africa

### IMF HIGHLIGHTS SINCE OCTOBER 2017
- Publications and events:
  - External Sector Report, July 2018
  - World Economic and Financial Surveys: "Tackling Global Imbalances amid Rising Trade Tensions"
  - IMF outreach and dissemination reflected in training, web traffic, and CD spending metrics.

### PRGT FINANCIAL ARRANGEMENTS (Extended Credit Facility)
- Country lines (Current / Outstanding where provided):
  - Afghanistan, Islamic Republic of — 0.03 0.04
  - Benin — 0.11 0.10
  - Burkina Faso — 0.11 0.15
  - Cameroon — 0.48 0.28
  - Central African Republic — 0.13 0.13
  - Chad — 0.22 0.19
  - Cote d'Ivoire — 0.22 0.70
  - Ghana — 0.66 0.75
  - Guinea — 0.12 0.21
  - Guinea-Bissau — 0.02 0.02
  - Madagascar — 0.25 0.22
  - Malawi — 0.08 0.16
  - Mali — 0.19 0.20
  - Mauritania — 0.12 0.09
  - Moldova — 0.04 0.12
  - Niger — 0.10 0.15
  - Sao Tome & Principe — 0.0040.005
  - Sierra Leone — 0.16 0.25
  - Togo — 0.18 0.10
- TOTAL CURRENT ARRANGEMENTS — 3.23
- COMPLETED ARRANGEMENTS — 2.58
- NON-FINANCIAL INSTRUMENTS:
  - Policy Support Instrument — Rwanda Senegal
  - Policy Coordination Instrument — Serbia Seychelles

### FINANCIAL POSITION OF THE GENERAL DEPARTMENT (as of end-FY18, in billions of U.S. dollars)
- TOTAL ASSETS — 747
  - Currencies — 672
    - o/w Usable currencies — 520
    - o/w Credit outstanding — 55
  - SDR holdings — 38
  - Investments — 30
  - Other assets (including gold) — 7
- LIABILITIES, RESERVES AND RETAINED EARNINGS — 747
  - Quotas — 685
  - Borrowings — 28
  - Other liabilities — 3
  - Reserves of the GRA — 30
  - Retained earnings — 1

### FINANCIAL POSITION OF CONCESSIONAL LENDING AND DEBT RELIEF TRUSTS (as of end-FY18, in billions of U.S. dollars)
- PRGT PRG-HIPC CCR TRUST
  - TOTAL ASSETS — 20.10.60.2
    - o/w Cash and investments — 11.00.60.2
    - o/w Loans receivable — 9.1--
  - LIABILITIES AND RESOURCES — 20.10.60.2
    - o/w Borrowings — 9.40.3-
    - o/w Resources — 10.60.30.2

### CONSOLIDATED OPERATIONAL INCOME AND EXPENSES IN SELECTED YEARS (in millions of U.S. dollars, unless otherwise stated)
- Years — FY08 FY12 FY18
- A. OPERATIONAL INCOME — 8713,1851,912
  - Lending income (including surcharges) — 2672,9431,632
  - Non-lending income — 604242280
    - o/w Investment income — 598237185
- B. EXPENSES — 9329981,181
  - Net administrative budget — 8919471,099
    - o/w Personnel — 714799962
  - Other — 415182
- C. NET OPERATIONAL INCOME (A-B) — -612,187731
- MEMORANDUM ITEMS:
  - Net administrative budget in FY18 dollars — 1,1671,0971,099
  - SDR interest rate (end-period) — 2.740.140.88
  - Three-month U.S. Treasury Bill rate (end-period) — 1.330.091.81
  - Gross Spending on:
    - Surveillance–469581
    - Oversight of global systems–113136
    - Lending–186164
    - Capacity development–253399
      - o/w externally financed direct spending–100174
- Notes:
  - 1/ Figures in U.S. dollars based on an exchange rate of 1.44 $/SDR as of April 30, 2018.
  - 2/ After setting aside a liquidity buffer of 20 percent. Only quota resources of members with strong external position are used for lending.
  - 3/ New Arrangements to Borrow.
  - 4/ Bilateral Borrowing Agreements. The 2016 Borrowing Agreements have an initial term to end-2019, extendable for a further year through end-2020 with creditors’ consents.
  - 5/ FY08-global financial crisis; FY12-first year of the flat real budget; FY18-latest year.
  - 6/ Deflated with the Global External Deflator.

### IMF'S LENDING CAPACITY (as of end-FY18, in billions of U.S. dollars)
- TOTAL: 1,024
- Bilaterals — 358 (expire 2019/2020)
- Quotas — 460
- NAB — 206 (expires 2022)

### ANNEX: KEY IMF ACTIVITIES SINCE THE SPRING 2018 GPA
- Examined the policies and structural attributes that reduced the impact of the 2008 crisis.
- Analyzed regulatory reform ten years after the Global Financial Crisis.
- Investigated whether gains in EMDEs inflation behavior are sustainable as global monetary conditions normalize.
- Analyzed exchange rates and global imbalances in the 2018 External Sector Report.
- Provided an update and stocktaking of assessments of fiscal space.
- Investigated the status and evolution of public sector balance sheets.
- Delivered a paper for the G-20 on the measurement issues affecting the future of work.
- Studied the economic gains from gender inclusion; investigated gender, technology and the future of work; and analyzed women in finance.
- Investigated youth labor markets in EMDEs.
- Delivered notes to the G-20 on a taxonomy of capital flow management measures and the application of the Fund’s Institutional View in practice.
- Provided notes to the G-20 on Strengthening Public Debt Transparency.
- Delivered the Bali Fintech Agenda, discussed the impact of Fintech on financial regulation, and provided initial technical assistance on cyber security in EMDEs.
- Reported on Reinvigorating Trade and Inclusive Growth with the World Bank and WTO.
- Endorsed the core principles for Islamic banking regulation.
- Discussed progress and plans on Fund work on the digital economy.
- Discussed spending needs for achieving selected Sustainable Development Goals.
- Issued guidance on the use of third-party indicators in Fund reports.
- Discussed aspects related to the Fund’s review of conditionality, and to Low-income Countries (LIC) facilities.
- Started implementation of the new LIC Debt Sustainability Framework.
- Started to review the Debt Sustainability Framework for Market Access Countries.
- Initiated a review of the Fund’s Anti-money Laundering and Combating Financial Terrorism strategy.
- Analyzed preliminary findings from the Fund’s Capacity Development Strategy Review.
- Delivered an implementation plan in response to an IEO evaluation on the IMF and fragile states.
- Delivered the Third Progress Report of the Second Phase of the G-20 Data Gaps Initiative (with the FSB Secretariat).
- Continued work and delivered a progress report on the 15th General Review of Quotas.
- Outlined the scope and terms of reference of the Fund’s Comprehensive Compensation and Benefits Review.
- Discussed ongoing efforts and proposals to modernize and streamline Fund operations.
- Advanced work on human resources and knowledge management strategies, outlined plans for the development of an internal digital platform, and launched a comprehensive CD Management and Administration Program.

*Source: gpa-oct2018 - Section 1 and Section 2.*

### Section 1

### THE MANAGING DIRECTOR’S Annual Meetings Rising Risks: A Call for Policy Cooperation 2018

### GLOBAL SETTING
- Global growth remains strong but momentum is moderating amid trade tensions, higher oil prices, and market pressures on emerging market and developing economies.
- Previously identified risks have partly materialized or become more pronounced; a rapid reversal in financial market conditions could expose debt vulnerabilities when many countries have limited policy space.
- Structural factors damping potential growth: weak productivity growth, overdue economic reforms, and population aging.
- Specific downside risks cited:
  - Systemic escalation of trade tensions could seriously impact global growth and fail to address persistent excess external imbalances.
  - Monetary normalization in major economies and a sudden tightening of global financial conditions could intensify capital flow shifts and threaten growth, especially where financial vulnerabilities have built up.
  - Many countries face limited policy room due to high and rising debt vulnerabilities.

### POLICY ADVICE AND ECONOMIC ANALYSIS
- Recommended country actions during the expansion:
  - Rebuild buffers and enhance resilience.
  - Implement structural reforms to raise medium-term growth and inclusivity.
  - Manage risks and resolve policy uncertainties with tailored macroeconomic responses.
- Monetary and fiscal guidance:
  - Where inflation is converging to target, monetary policy stimulus should be gradually withdrawn in a well-communicated, data-dependent manner.
  - Preserve international reserve buffers at adequate levels given potential capital outflow pressures.
  - Reduce debt and rebuild fiscal buffers; avoid procyclicality; deliver growth-friendly fiscal policies.
  - Raise quality and governance of infrastructure, supported by the Fund’s Public Investment Management Assessment.
  - Calibrate policy mix to reduce large and sustained external imbalances in a growth-friendly manner.
- Analytical inputs informing advice include:
  - Recent analyses of fiscal space and public-sector balance sheets.
  - The 2018 External Sector Report.
  - Forthcoming work on drivers of natural real interest rates.

- External Sector Report (ESR) specifics:
  - ESR is the only multilaterally consistent assessment of countries’ external positions, covering current account balances, real exchange rates, external balance sheets, capital flows, and international reserves.
  - The ESR covers 29 of the world’s largest economies and the euro area—representing over 85 percent of global GDP.
  - The 2018 ESR (using a refined methodology) shows that 40 to 50 percent of global current account balances are now deemed excessive.
  - Imbalances have remained broadly unchanged in recent years but are increasingly concentrated in advanced economies.

### CONTRIBUTIONS TO GLOBAL STABILITY
- Financial resilience priorities:
  - Strengthen financial resilience before financial conditions tighten further.
  - Exchange rate flexibility often serves as a key shock absorber; prudential policies can help contain financial stability risks.
  - Repair remaining pockets of vulnerability via balance sheet cleanup in some advanced economies and completion of the post-crisis regulatory agenda.
  - Emerging market and developing countries should reduce vulnerabilities to tightening financial conditions, sharp currency movements, and capital flow reversals by managing contingent liabilities and balance sheet mismatches.
  - Adapt regulation to structural changes from non-banks and financial technologies; continue to close data gaps.

- Fund actions and forthcoming work:
  - Explain application of the Institutional View on capital flows in practice.
  - Update macroprudential policy database and disseminate a new stock-take of capital flow management measures.
  - Forthcoming analysis on housing market risks and implications of heterogeneous banking sector fundamentals for financial stability.
  - Analyze the macroeconomic consequences of tariffs and determinants of trade balances and spillovers from distortive trade policies, considering global value chains.
  - Support efforts to modernize the multilateral trade system and promote more open trade in areas such as services and e-commerce.
  - Contribute to international tax debate, analyze corporate taxation, build capacity, and continue inter-agency cooperation through the Platform for Collaboration on Tax.
  - Support member efforts under the Bali Fintech Agenda; investigate central bank digital currencies and fintech implications for cross-border capital flows, financial integrity, global monetary and financial stability, and the evolution of the international monetary system.
  - Deepen analysis of youth labor market prospects and assess macroeconomic and fiscal implications of aging (to support the 2019 Japan G–20 Presidency).
  - Help members progress toward the 2030 sustainable development goals (SDGs) by analyzing spending needs in health, education, and selected infrastructure.
  - Enhance focus on fragile states, including through human resource policies and country engagement strategies.
  - Support the G–20’s Compact with Africa to help catalyze private investment and address illicit financial flows through tax, AML/CFT, and governance work.
  - Provide guidance on members’ implementation of climate mitigation and adaptation strategies for the Paris Accord and enhance disaster and climate resilience.

- Debt and lending practices:
  - Debtors and creditors share responsibility for promoting sustainable lending practices, particularly in low-income countries (LICs).
  - Implement a multi-pronged approach anchored in enhancing debt transparency and supporting domestic resource mobilization.
  - Start implementing the updated Debt Sustainability Framework for LICs to assess and mitigate debt vulnerabilities with greater data coverage and disclosure.
  - Improve debt management and transparency by addressing data gaps identified in a recent G–20 note and encourage mechanisms for official creditor coordination.

### FUND POLICIES
- Surveillance, lending, and capacity development adaptations:
  - Work started on the 2020 Comprehensive Surveillance Review and the 2020 Review of the Financial Sector Assessment Program.
  - Forthcoming review of the Fund’s AML/CFT strategy to enhance financial integrity and resilience amid technological innovation and withdrawal of correspondent banking relationships.
  - Strengthen risk monitoring by reviewing:
    - Debt sustainability framework for market access countries and the Fund’s debt limits policy.
    - Monetary and financial transparency code.
    - Fund’s fiscal transparency code.
  - Consider modifications to the Fund’s policy on multiple currency practices.
  - Strengthen data provision to the Fund for surveillance purposes.
  - Develop a strategic framework to guide engagement on social spending issues and continue to engage on gender issues in Article IV discussions.
  - Review program conditionality and design drawing lessons from recent Fund-supported programs; review LIC facilities to better adapt to members’ needs.
  - Enhance effectiveness of program engagement with small states and countries in fragile and conflict situations.
  - Improve impact of capacity development (CD) via upcoming CD strategy review, with stronger integration of CD, surveillance, and lending in a results-based framework and continued focus on innovative delivery.
  - Strengthen strategic partnerships and create more flexible funding arrangements with partners.

- Debt statistics and concerns:
  - Global debt is at an all-time high of $182 trillion or 224 percent of global GDP.
  - About two thirds of global debt is nonfinancial private (households and corporates); the rest is public debt.
  - Increasing public debt vulnerabilities in LICs: about 40 percent at high risk of, or in, debt distress.
  - Rising borrowing in LICs has been only to a limited degree for public investment and has occurred alongside adverse shocks.
  - Weak public debt transparency and coverage is a key challenge.
  - Joint proposals with the World Bank to strengthen borrowers’ debt management capacity, enhance collection and dissemination of debt data, and deepen debt sustainability analysis.

### GOVERNANCE AND FINANCING
- Institutional objectives and governance work:
  - Aim to complete the 15th General Review of Quotas in 2019, realigning quota shares with members’ relative positions while protecting the share of the poorest members.
  - Target to complete the 15th Review of Quotas by the Spring Meetings, and no later than the Annual Meetings, of 2019.
- Internal modernization:
  - Modernizing operations with human resource strategy, comprehensive review of compensation and benefits, innovation strategy, and new digital tools to support an agile, diverse, and inclusive workforce.
  - Improve knowledge management and data management in line with the data and statistics strategy; enhance CD management and foster a culture of innovation.
  - Maintain a prudent budgetary stance and further strengthen internal risk management.

### INTERNAL ORGANIZATION (Key 12-month activity metrics)
- Surveillance:
  - 134 Article IV consultations
  - 29 economies plus the euro area covered in the External Sector Report, representing 85% of global GDP
- Lending:
  - Lending to 33 countries
  - 19 of which have a Poverty Reduction and Growth Trust (PRGT) facility
  - 167 Billion total lending commitments in Special Drawing Rights (SDR)*
  - 69 program reviews
  - 5 largest outstanding GRA credit (SDR bn): Argentina 10.6; Greece 8.4; Ukraine 7.4; Egypt 5.7; Pakistan 4.3
  - Stand-by Arrangement examples (Current / Outstanding): Argentina 35.38 / 10.61; Iraq 3.83 / 2.39; Jamaica 1.20 / 0.53
  - Extended Fund Facility examples (Current / Outstanding): Bosnia-Herzegovina 0.44 / 0.23; Cote d'Ivoire 0.43 / 0.24; Egypt 8.60 / 5.73; Gabon 0.46 / 0.21; Georgia 0.21 / 0.14; Jordan 0.51 / 0.65; Moldova 0.09 / 0.13; Mongolia 0.31 / 0.13; Sri Lanka 1.07 / 0.72; Tunisia 2.05 / 1.28; Ukraine 12.35 / 7.41
  - Flexible Credit Line examples: Colombia 7.85 / – ; Mexico 62.39 / –
  - TOTAL CURRENT ARRANGEMENTS 137.17; COMPLETED ARRANGEMENTS 18.34 (o/w Greece–8.44; o/w Pakistan–4.27)
  - Notes: 1/ Numbers may not add up due to rounding. 2/ Includes outstanding credit under expired arrangements and outright disbursements.
- Capacity Development:
  - 3,521 technical assistance visits
  - 439 training courses delivered
  - 11 massive open online courses
  - 16 regional capacity development (CD) centers world-wide
  - Direct spending on CD (in millions of U.S. dollars) FY 2018: 165; FY 2017: 138; FY 2016: 134; FY 2015: 127; earlier datapoints shown include 132, 130, 124, 117
  - 16,687 officials trained
  - 168 member countries worked with (October 2017 to September 2018)
  - 663,574 unique visitors of the WEO, GFSR, and Fiscal Monitor webpages
  - 31% of total CD spending on Sub-Saharan Africa

### IMF HIGHLIGHTS SINCE OCTOBER 2017
- Publications and events referenced:
  - External Sector Report, July 2018
  - World Economic and Financial Surveys: "Tackling Global Imbalances amid Rising Trade Tensions"
  - IMF outreach and dissemination activities reflected in training, web traffic, and CD spending metrics.

*Source: gpa-oct2018 - Section 1 (gpa-oct2018 - Section 1).*

### Section 2

### gpa-oct2018 - Section 2

### PRGT FINANCIAL ARRANGEMENTS (Extended Credit Facility)
- Afghanistan, Islamic Republic of — 0.03 0.04
- Benin — 0.11 0.10
- Burkina Faso — 0.11 0.15
- Cameroon — 0.48 0.28
- Central African Republic — 0.13 0.13
- Chad — 0.22 0.19
- Cote d'Ivoire — 0.22 0.70
- Ghana — 0.66 0.75
- Guinea — 0.12 0.21
- Guinea-Bissau — 0.02 0.02
- Madagascar — 0.25 0.22
- Malawi — 0.08 0.16
- Mali — 0.19 0.20
- Mauritania — 0.12 0.09
- Moldova — 0.04 0.12
- Niger — 0.10 0.15
- Sao Tome & Principe — 0.0040.005
- Sierra Leone — 0.16 0.25
- Togo — 0.18 0.10
- TOTAL CURRENT ARRANGEMENTS — 3.23
- COMPLETED ARRANGEMENTS — 2.58
- NON-FINANCIAL INSTRUMENTS:
  - Policy Support Instrument — Rwanda Senegal
  - Policy Coordination Instrument — Serbia Seychelles

### FINANCIAL POSITION OF THE GENERAL DEPARTMENT (as of end-FY18, in billions of U.S. dollars)
- TOTAL ASSETS — 747
  - Currencies — 672
    - o/w Usable currencies — 520
    - o/w Credit outstanding — 55
  - SDR holdings — 38
  - Investments — 30
  - Other assets (including gold) — 7
- LIABILITIES, RESERVES AND RETAINED EARNINGS — 747
  - Quotas — 685
  - Borrowings — 28
  - Other liabilities — 3
  - Reserves of the GRA — 30
  - Retained earnings — 1

### FINANCIAL POSITION OF CONCESSIONAL LENDING AND DEBT RELIEF TRUSTS (as of end-FY18, in billions of U.S. dollars)
- PRGT PRG-HIPC CCR TRUST
  - TOTAL ASSETS — 20.10.60.2
    - o/w Cash and investments — 11.00.60.2
    - o/w Loans receivable — 9.1--
  - LIABILITIES AND RESOURCES — 20.10.60.2
    - o/w Borrowings — 9.40.3-
    - o/w Resources — 10.60.30.2

### CONSOLIDATED OPERATIONAL INCOME AND EXPENSES IN SELECTED YEARS (in millions of U.S. dollars, unless otherwise stated)
- Years — FY08 FY12 FY18
- A. OPERATIONAL INCOME — 8713,1851,912
  - Lending income (including surcharges) — 2672,9431,632
  - Non-lending income — 604242280
    - o/w Investment income — 598237185
- B. EXPENSES — 9329981,181
  - Net administrative budget — 8919471,099
    - o/w Personnel — 714799962
  - Other — 415182
- C. NET OPERATIONAL INCOME (A-B) — -612,187731
- MEMORANDUM ITEMS:
  - Net administrative budget in FY18 dollars — 1,1671,0971,099
  - SDR interest rate (end-period) — 2.740.140.88
  - Three-month U.S. Treasury Bill rate (end-period) — 1.330.091.81
  - Gross Spending on:
    - Surveillance–469581
    - Oversight of global systems–113136
    - Lending–186164
    - Capacity development–253399
      - o/w externally financed direct spending–100174
- Notes included in source:
  - 1/ Figures in U.S. dollars based on an exchange rate of 1.44 $/SDR as of April 30, 2018.
  - 2/ After setting aside a liquidity buffer of 20 percent. Only quota resources of members with strong external position are used for lending.
  - 3/ New Arrangements to Borrow.
  - 4/ Bilateral Borrowing Agreements. The 2016 Borrowing Agreements have an initial term to end-2019, extendable for a further year through end-2020 with creditors’ consents.
  - 5/ FY08-global financial crisis; FY12-first year of the flat real budget; FY18-latest year.
  - 6/ Deflated with the Global External Deflator.

### IMF'S LENDING CAPACITY (as of end-FY18, in billions of U.S. dollars)
- TOTAL: 1,024
- Bilaterals — 358 (expire 2019/2020)
- Quotas — 460
- NAB — 206 (expires 2022)

### SELECTED FUND FINANCIAL DATA
- FY18

### Annex. Key IMF Activities since the Spring 2018 GPA
- Examined the policies and structural attributes that reduced the impact of the 2008 crisis.
- Analyzed regulatory reform ten years after the Global Financial Crisis.
- Investigated whether gains in emerging market and developing economies (EMDEs) inflation behavior are sustainable as global monetary conditions normalize.
- Analyzed exchange rates and global imbalances in the 2018 External Sector Report.
- Provided an update and stocktaking of assessments of fiscal space.
- Investigated the status and evolution of public sector balance sheets.
- Delivered a paper for the G-20 on the measurement issues affecting the future of work.
- Studied the economic gains from gender inclusion; investigated gender, technology and the future of work; and analyzed women in finance.
- Investigated youth labor markets in EMDEs.
- Delivered notes to the G-20 on a taxonomy of capital flow management measures and the application of the Fund’s Institutional View in practice.
- Provided notes to the G-20 on Strengthening Public Debt Transparency.
- Delivered the Bali Fintech Agenda, discussed the impact of Fintech on financial regulation, and provided initial technical assistance on cyber security in EMDEs.
- Reported on Reinvigorating Trade and Inclusive Growth with the World Bank and WTO.
- Endorsed the core principles for Islamic banking regulation.
- Discussed progress and plans on Fund work on the digital economy.
- Discussed spending needs for achieving selected Sustainable Development Goals.
- Issued guidance on the use of third-party indicators in Fund reports.
- Discussed aspects related to the Fund’s review of conditionality, and to Low-income Countries (LIC) facilities.
- Started implementation of the new LIC Debt Sustainability Framework.
- Started to review the Debt Sustainability Framework for Market Access Countries.
- Initiated a review of the Fund’s Anti-money Laundering and Combating Financial Terrorism strategy.
- Analyzed preliminary findings from the Fund’s Capacity Development Strategy Review.
- Delivered an implementation plan in response to an IEO evaluation on the IMF and fragile states.
- Delivered the Third Progress Report of the Second Phase of the G-20 Data Gaps Initiative (with the FSB Secretariat).
- Continued work and delivered a progress report on the 15th General Review of Quotas.
- Outlined the scope and terms of reference of the Fund’s Comprehensive Compensation and Benefits Review.
- Discussed ongoing efforts and proposals to modernize and streamline Fund operations.
- Advanced work on human resources and knowledge management strategies, outlined plans for the development of an internal digital platform, and launched a comprehensive CD Management and Administration Program.

*Source: gpa-oct2018 - Section 2*

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_Source: https://www.imf.org/-/media/files/publications/pp/gpa/2018/pdf/gpa-oct2018.pdf_