## IMF Annual Report 2026 — Appendices

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### Appendix I. International Reserves — Overview and key statistics (end-2025 and early-2026)
- Total international reserves, including gold, increased by 11.9 percent in 2025 and stood at 14 trillion SDR at the end of 2025.
- Reserves excluding gold increased by 1.3 percent to 10.4 trillion SDR in 2025.
- The market value of gold held by monetary authorities increased by 58.8 percent, to 3.7 trillion SDR in 2025.
- During the first 2 months of 2026 (2026M2):
  - Foreign exchange reserves increased by 0.8 percent.
  - Total international reserves increased by 5 percent.
  - Foreign exchange reserves increased by 32.6 billion SDR in advanced economies and by 41 billion SDR in emerging economies.
  - The market value of global gold reserves increased by about 17.2 percent.
  - IMF-related assets were essentially unchanged.

### Appendix I. International Reserves — Foreign exchange reserves and IMF-related assets (end-2025)
- Foreign exchange reserves:
  - Increased to 9.6 trillion SDR in 2025, up from 9.5 trillion in 2024, an increase of 1.4 percent.
  - Accounted for 93 percent of non-gold international reserves and 68 percent of total reserves at the end of 2025.
  - Emerging and developing economies held 5.8 trillion SDR of foreign exchange reserves (about three-fifths of the total), representing an increase of 0.1 percent from the previous year.
  - Advanced economies’ foreign exchange reserves increased to 3.8 trillion SDR.
- IMF-related assets (reserve positions in the IMF and holdings of SDRs):
  - Increased by 0.9 percent to 774 billion SDR in 2025.
  - Members’ reserve positions in the IMF increased by 6.3 percent, to 114 billion SDR in 2025.
  - Reserve position increases in 2025: 7.3 percent for advanced economies and 4.3 percent for emerging and developing economies.
  - SDR holdings of IMF members remained unchanged at 660.7 billion SDR.
  - IMF-related assets accounted for about 5.5 percent of total international reserves at the end of 2025.

### Appendix I. International Reserves — Gold reserves (end-2025)
- The share of gold in international reserves was 26.2 percent in 2025.
- The physical stock of official gold increased by 0.8 percent in 2025.
  - This reflected a 2.1 percent increase in the stock held by emerging and developing economies and no change in the stock held by advanced economies.
  - The share of the gold stock held by advanced economies remains around two-thirds.
- Gold as share of reserves at end-2025:
  - Advanced economies: 34.3 percent.
  - Emerging and developing economies: 18.9 percent.

### Appendix I. International Reserves — Currency composition of foreign exchange reserves (2025)
- Currency-share series (percent of identified holdings, end of year):
  - U.S. dollar: 56.8 (2025)
  - Euro: 20.2 (2025)
  - Japanese yen: 5.8 (2025)
  - Pound sterling: 4.4 (2025)
  - Other currencies: 12.8 (2025)
- Key currency values and 2025 changes (SDR values and components reported):
  - U.S. dollar:
    - Share of global foreign exchange reserves: 57 percent in 2025.
    - Year-end value: 5,445.6; change in holdings in 2025: -87.1; quantity change: -1.3; price change: -85.7.
    - Value of SDR holdings: 5.4 trillion; decreased by 1.6 percent in 2025, reflecting a quantity decrease of 1 billion and a valuation decrease of 86 billion.
  - Euro:
    - Share of global foreign exchange reserves: 20.2 percent in 2025.
    - Year-end value: 1,942.4; change in holdings in 2025: 154.0; quantity change: 17.3; price change: 136.7.
    - Value of SDR holdings: 1.9 trillion; increased by 8.6 percent in 2025, reflecting a quantity increase of 17 billion and a valuation increase of 137 billion.
  - Japanese yen:
    - Share of global foreign exchange reserves: 5.8 percent in 2025.
    - Year-end value: 554.1; change in holdings in 2025: 22.7; quantity change: 48.7; price change: -26.0.
    - Value of SDR holdings: 554 billion; increased by 4.3 percent in 2025, reflecting a quantity increase of 49 billion and a valuation decrease of 26 billion.
  - Pound sterling:
    - Share of global foreign exchange reserves: 4.4 percent in 2025 (decreased in 2025).
    - Year-end value: 423.3; change in holdings in 2025: -11.4; quantity change: -20.6; price change: 9.3.
    - 2025 change: quantity decrease of SDR 21 billion and valuation increase of SDR 9 billion.
  - Other currencies:
    - Share increased from 12.3 percent in 2024 to 12.8 percent in 2025.
    - Year-end value: 1,227.0; change in holdings in 2025: 59.5.
  - Aggregate foreign exchange holdings:
    - Sum of listed year-end values: 8,365.4; change in holdings in 2025: 78.3; quantity change: 44.1; price change: 34.2.
    - Total official holdings year-end value: 9,592.4; change in holdings in 2025: 137.8.

### Appendix I. International Reserves — Key time-series figures (selected, 2025)
- Global totals (billions of SDRs unless otherwise noted):
  - Total reserves excluding gold: 10,418.1 (2025).
  - Gold quantity (millions of ounces): 1,175.2 (2025).
  - Gold value at London market price: 3,675.2 (2025).
  - Total reserves including gold: 14,025.9 (2025).
- Advanced economies (2025):
  - Total reserves excluding gold: 4,346.1.
  - Gold quantity (millions of ounces): 712.5.
  - Gold value at London market price: 2,272.3.
  - Total reserves including gold: 6,618.3.
- Emerging market and developing economies (2025):
  - Total reserves excluding gold: 6,004.7.
  - Gold quantity (millions of ounces): 462.7.
  - Gold value at London market price: 1,402.9.
  - Total reserves including gold: 7,407.6.

---

### Appendix II. Financial Operations and Transactions — Repurchases and repayments (financial year ended April 30, 2026)
- Total repurchases and repayments: 12,107 (millions of SDRs).
- Total GRA repurchases (by facility, selected totals shown in source): 9,918.
- Total PRGT repurchases and repayments (by facility, selected totals shown in source): 2,189.
- Selected country repayments and repurchases (amounts in millions of SDRs):
  - Afghanistan Islamic Republic of: Total repurchases and repayments 23 (RST Repayments 6; Total PRGT Repayments 16).
  - Bangladesh: Total repurchases and repayments 81 (Rapid Financing Instrument 44; Total PRGT Repayments 36; RST Repayments 18).
  - Colombia: Total repurchases and repayments 1,406 (Flexible Credit Line 1,406).
  - Egypt Arab Republic of: Total repurchases and repayments 2,882 (Stand-By Arrangement 1,194; Extended Fund Facility 1,433; Rapid Financing Instrument 255).
  - Pakistan: Total repurchases and repayments 484 (Extended Fund Facility 484).
  - Ukraine: Total repurchases and repurchases 1,532 (Stand-By Arrangement 438; Extended Fund Facility 340; Rapid Financing Instrument 754).
- Note: Zero amounts indicate amounts less than SDR 0.5 million. Includes advance repurchases.

### Appendix II. Financial Operations and Transactions — Outstanding IMF credit by facility (financial years ended April 30, 2017–2026)
- Outstanding credit by facility (selected years and facilities, In millions of SDRs):
  - Extended Fund Facilities:
    - 2017: 40,450
    - 2024: 65,720
    - 2025: 80,948
    - 2026: 85,990
  - Stand-By Arrangements and other facilities:
    - 2017: 7,850
    - 2020: 43,139
    - 2024: 25,081
    - 2026: 5,691
  - Subtotal (GRA) outstanding:
    - 2017: 48,300
    - 2024: 90,801
    - 2025: 91,665
    - 2026: 91,680
  - PRG Trust Arrangements and Outright Disbursements:
    - 2017: 6,277
    - 2024: 18,833
    - 2025: 22,596
    - 2026: 23,190
  - Extended Credit Facility (PRGT component):
    - 2024: 11,196
    - 2025: 14,786
    - 2026: 16,558
  - Rapid Credit Facility (PRGT component):
    - 2024: 7,206
    - 2025: 7,292
    - 2026: 6,166
  - RST Arrangements outstanding:
    - 2026 total series entry: 5,884
- Total outstanding IMF credit (all facilities):
  - 2017: 54,652
  - 2020: 82,879
  - 2023: 113,303
  - 2024: 111,098
  - 2025: 117,935
  - 2026: 120,755
- Composition (percent of total outstanding, selected years):
  - Subtotal (GRA) share:
    - 2017: 88 percent
    - 2024: 82 percent
    - 2026: 76 percent
  - PRG Trust Arrangements share:
    - 2017: 12 percent
    - 2024: 17 percent
    - 2026: 19 percent
- Note: Components may not sum exactly to totals because of rounding. GRA = General Resources Account; SAF = Structural Adjustment Facility; RST = Resilience and Sustainability Trust. Legacy credit outstanding under certain legacy facilities was cleared in FY2020 or FY2022 as noted in the source.

### Appendix II. Financial Operations and Transactions — Holdings of SDRs (end of financial years April 30, 2017–2026)
- Holdings as a percentage of cumulative allocations of SDRs (selected years):
  - 2017: All participants 85.6; Non-advanced economies 93.0; Net debtor countries 73.1; Net creditor countries 113.9; HIPC-eligible countries 34.3.
  - 2020: All participants 88.9; Non-advanced economies 98.5; Net debtor countries 72.6; Net creditor countries 115.7; HIPC-eligible countries 20.4.
  - 2022: All participants 96.3; Non-advanced economies 101.3; Net debtor countries 88.0; Net creditor countries 107.8; HIPC-eligible countries 47.2.
  - 2024: All participants 96.6; Non-advanced economies 104.2; Net debtor countries 84.2; Net creditor countries 107.6; HIPC-eligible countries 35.9.
  - 2026: All participants 96.9; Non-advanced economies 104.5; Net debtor countries 84.3; Net creditor countries 110.2; HIPC-eligible countries 27.3.
- Note: Net creditor countries' holdings of SDRs are higher than their cumulative allocations of SDRs; net debtor countries' holdings are lower. HIPC = Heavily Indebted Poor Countries (Initiative).

### Appendix II. Financial Operations and Transactions — Article VIII, Sections 2, 3, and 4 acceptances (as of April 30, 2026)
- Selected members and effective dates of acceptance:
  - Albania — Yes — February 21, 2015.
  - Algeria — Yes — September 15, 1997.
  - Andorra — Yes — October 16, 2020.
  - Antigua and Barbuda — Yes — November 22, 1983.
  - Argentina — Yes — May 14, 1968.
  - Australia — Yes — July 1, 1965.
  - Bangladesh — Yes — April 11, 1994.
  - Belgium — Yes — February 15, 1961.
  - Canada — Yes — March 25, 1952.
  - China — Yes — December 1, 1996.
  - Egypt — Yes — January 2, 2005.
  - India — Yes — August 20, 1994.
  - Japan — Yes — April 1, 1964.
  - Lichtenstein, Principality of — Yes — January 23, 2025.
  - Netherlands, The — Yes — February 15, 1961.
  - United States — Yes — December 10, 1946.
- The source lists many other members with “Yes” and their effective dates; several members are listed as “No”.

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### Appendix II (AREAER). Monetary policy frameworks and de facto exchange rate arrangements (selected)
- Monetary policy frameworks (number of countries):
  - Monetary aggregate target: 24.
  - Inflation-targeting framework: 48.
  - Other: 42.
    - Note: Includes countries that have no explicitly stated nominal anchor, but rather monitor various indicators in conducting monetary policy.
- Exchange rate anchor — de facto exchange rate arrangements (Number of countries):
  - US Dollar: 37.
  - Euro: 25.
  - Composite: 8.
  - Other: 11.
- De facto arrangements and selected country annotations (selected entries and classifications as reported):
  - Stabilized arrangement (25): Cambodia (3/25); Maldives; North Macedonia; Algeria 5; Armenia 6; Azerbaijan 5; Guyana; Trinidad and Tobago; Bangladesh 5 (01/25); Jamaica 5; Haiti 5; Lebanon; Bolivia 5; Mongolia 5 (4/25); Malawi 5; Nicaragua (1/24); Guinea 5; Romania 6; Mauritania 5 (2/24); Myanmar 5; Serbia 6; Mozambique 5, 7; Tajikistan 5, 7; Sudan 5; Sierra Leone 5.
  - Crawling peg (1): Botswana.
  - Crawl-like arrangement (25): Honduras (9/24); Singapore; Afghanistan 5, 10; Albania 6 (01/24); Kyrgyz Rep 5; Vietnam 5; Angola 5; Costa Rica 5; Lao P.D.R. 5; Burundi 5; Dominican Republic 5; Pakistan 7 (10/24); China 5; Ghana 5; Solomon Islands 5; Papua New Guinea 5; Guatemala 5; Tunisia 6, 7; Rwanda 5; India 5, 8 (04/25); The Gambia 5; Kenya 5; Sri Lanka 5, 8; Türkiye 5; Uzbekistan 5.
  - Pegged exchange rate within horizontal bands (1): Morocco 12.
  - Other managed arrangement (11): Iran; Kuwait; Democratic Rep. of the Congo (9/25); Argentina; Syria 10; Zimbabwe; Ethiopia (7/24); South Sudan; Tonga; Vanuatu; Venezuela 10.
  - Floating (34): Belarus; Brazil; Malaysia; Liberia; Chile; Switzerland; Madagascar; Colombia; Zambia; Nigeria; Czech Republic; Seychelles; Egypt 9 (03/24); Suriname; Georgia; Yemen; Hungary; Iceland; Indonesia; Israel; Kazakhstan; Korea; Mauritius (8/24); Moldova; New Zealand; Paraguay; Peru; Philippines; South Africa; Tanzania (10/24); Thailand; Uganda; Ukraine; Uruguay.
  - Free Floating (31): Australia; Canada; Japan; Mexico; Norway; Poland; Russia; Sweden (1/24); Estonia; United Kingdom; Finland; France; Germany; Greece; Ireland; Italy; Latvia; Lithuania; Luxembourg; Malta; The Netherlands; Portugal; Slovak Rep.; Slovenia; Spain; Somalia 11; United States; EMU; Austria; Belgium; Croatia; Cyprus.
- Notes and classifications (selected):
  - Source: AREAER database.
  - If a member country’s de facto exchange rate arrangement has been reclassified during the reporting period, the date of change is indicated in parentheses (month, year).
  - 1 All classifications in this table are preliminary. The final classifications will be published in the 2026 AREAER.
  - 2 Includes countries that have no explicitly stated nominal anchor, but rather monitor various indicators in conducting monetary policy.
  - 3 The member participates in the European Exchange Rate Mechanism (ERM II).
  - 4 The country maintains a de facto exchange rate anchor to a composite.
  - 5 The country maintains a de facto exchange rate anchor to the US dollar.
  - 6 The country maintains a de facto exchange rate anchor to the euro.
  - 7 The central bank is in transition toward inflation targeting.
  - 8 The authorities reported that their monetary policy framework is referred to as “flexible inflation-targeting.”
  - 9 The exchange rate arrangement was reclassified twice during this reporting period.
  - 10 The classification of the de facto exchange rate arrangement for: Afghanistan and Venezuela are as of April 30, 2021; Syria is as of April 30, 2017.
  - 11 Currently the Central Bank of Somalia does not have a monetary policy framework.
  - 12 Within the framework of an exchange rate fixed to a currency composite, the Bank Al-Maghrib adopted a monetary policy framework in 2006 based on various inflation indicators, with the overnight interest rate as its operational target to pursue its main objective of price stability.

---

### Appendix III. Chair’s Statement of the IMFC — Global priorities, IMF role, and governance
- Global priorities, risks, and policy directions:
  - Prioritize protecting the most vulnerable while adhering to international standards and closely monitoring and tackling financial vulnerabilities and risks to financial stability.
  - Strengthen surveillance of systemic risks stemming from artificial intelligence, non-bank financial institutions, and digital assets, while harnessing benefits of financial and technological innovation.
  - Advance structural reforms to:
    - enable private sector-led investment,
    - increase productivity,
    - safeguard energy security,
    - elevate medium-term growth prospects.
  - Cooperate to address excessive global imbalances and trade tensions and build more resilient supply chains through country-specific reforms and multilateral coordination, supporting a fair and open global economy.
  - Reaffirmation: the IMFC reaffirmed the April 2021 exchange rate commitments.

- IMF role, support, and surveillance:
  - The IMFC welcomed the Managing Director’s Global Policy Agenda and underlined the critical role of the IMF in helping members navigate the challenging environment through tailored policy advice, capacity development, and financial support in close collaboration with other relevant institutions.
  - Surveillance emphasis:
    - Support for sharpening focus of surveillance based on analytical rigor, evenhandedness, and tailored policy advice.
    - Expectation of finalization of the Comprehensive Surveillance Review to set future surveillance priorities.
    - Support for review of the Financial Sector Assessment Program (FSAP) to strengthen macrofinancial surveillance in a focused, risk-based and cost-effective manner.
    - Welcome for the Fund’s multipronged work on global imbalances, including:
      - enhanced integration of external sector issues into bilateral surveillance,
      - ongoing refinements to the External Balance Assessment methodology,
      - the Understanding Global Imbalances paper,
      - planned analysis on capital flows and stock imbalances and implications for global financial stability.

- Lending, program design, and capacity development:
  - Support for fortifying the Fund’s lending framework and anticipation of the finalization of the Review of Program Design and Conditionality (ROC) to enhance program effectiveness.
  - Support for ongoing work on Monetary Policy Frameworks for Crisis and Near-Crisis Countries to improve design considerations of monetary and exchange rate policies.
  - Endorsement of enhancing capacity development (CD) by integrating it with policy advice and program design and ensuring sustainability of CD financing; appreciation for donor contributions to sustain continued support.
  - Call for increased support to countries with sustainable debt and a strong reform and growth-enhancing agenda but facing short-term financing challenges, by accelerating implementation of the IMF-World Bank 3-Pillar Approach.

- Debt treatment, transparency, and low-income country support:
  - Commitment to support countries promoting stability and growth through sound macroeconomic policies, domestic resource mobilization, and better governance, with specific attention to low-income and vulnerable countries, including fragile and conflict-affected states and small developing states, especially where debt and financing pressures are mounting.
  - Commitment to further improve debt restructuring processes, including under the Common Framework, building on progress already achieved, and advancing work at the Global Sovereign Debt Roundtable (GSDR) to ensure restructurings are predictable, timely, orderly, and coordinated.
  - Welcome for the updated GSDR “Restructuring Playbook”.
  - Call for enhanced debt transparency from all stakeholders, including private creditors.
  - Look forward to finalization of the review of the Low-Income Country Debt Sustainability Framework (LIC-DSF).
  - Call on members that have not yet done so to provide assurances of additional subsidy resources to ensure the Poverty Reduction and Growth Trust’s self-sustained lending capacity.

- Quota and governance reforms — Diriyah Guiding Principles:
  - Endorsement of the Diriyah Guiding Principles for Quota and Governance Reforms as a significant collective achievement and milestone in the Fund’s governance reform agenda.
  - Expectation that the Principles will guide future discussions on quota and governance reforms, including under the 17th General Review of Quotas (GRQ).
  - Reaffirmation of commitment to a strong, quota-based, and adequately resourced IMF at the center of the Global Financial Safety Net.
  - Call to finalize domestic approvals for consent to the quota increase under the 16th GRQ with no further delay.
  - Principal elements of the Diriyah Guiding Principles (numbered in the source):
    1. The IMF must remain a strong, quota-based, and adequately resourced institution at the center of the global financial safety net (GFSN).
    2. Voice and representation entail both rights and responsibilities, including commitment to and effective support of the IMF and the promotion of its purposes as set out in the IMF’s Articles of Agreement.
    3. Reforms should support legitimacy, representativeness, effectiveness, financial and operational soundness, and ability to promote consensus and cooperation while ensuring efficient deliberations and decision-making.
    4. Reforms should be pragmatic, gradual, transparent, inclusive, widely acceptable, and reflective of the interests of the entire membership; discussions and decisions should remain anchored in IMF governing bodies.
    5. General reviews of quotas should review adequacy of Fund resources and the distribution of quota shares; adjustments must ensure the level and composition of resources enable the Fund to fulfill its mandate; adjustments to quota shares should continue to be guided by quota formulas underpinned by the four principles agreed in 2008; better reflect members’ relative positions in the world economy while protecting quota shares of the poorest members; be regular and timely while avoiding excessive change in any single review.
    6. Any evolution in the size and composition of the Executive Board and the IMFC should ensure regional balance and protect the representation of the poorest; the 2025 Executive Board and IMFC serve as a baseline reference.
    7. The selection process of the Managing Director should uphold an open, inclusive, merit-based, and transparent procedure.
    8. All quota and governance-related commitments arising from completed reviews and agreed reforms should be implemented by all members in a timely manner.

- Meetings, timing, and attendance:
  - The IMFC meeting was held on Friday, April 17, 2026, Washington, D. C.
  - Next meeting expected: October 2026 in Bangkok, Thailand.
  - Chair: Mohammed Aljadaan, Minister of Finance, Saudi Arabia.
  - Managing Director: Kristalina Georgieva.
  - IMFC attendance included named members, alternates, and observers (list of attendees and observers detailed in the statement).

- Executive Directors, voting power, and changes (selected figures and developments):
  - Total of eligible Fund votes: 4,991,063.
  - Percent of Fund total (general reference in appendix): 99.01.
  - Country vote examples:
    - United States: 831,394 votes; 16.49 percent of Fund total.
    - Japan: 309,657 votes; 6.14 percent of Fund total.
    - China: 306,281 votes; 6.08 percent of Fund total.
    - Ukraine: 275,140 votes; 5.46 percent of Fund total.
    - Germany: 267,796 votes; 5.31 percent of Fund total.
    - Spain: 228,441 votes; 4.53 percent of Fund total.
    - Netherlands, The: 88,817 votes.
    - Mexico: 90,579 votes.
    - India: 132,596 votes.
    - Saudi Arabia: 101,378 votes; 2.01 percent of Fund total.
  - Appendix V: changes in Executive Board membership between May 1, 2025, and April 30, 2026 (selected transactions and effective dates):
    - Shannon Ding elected Executive Director by the United States, effective May 2, 2025.
    - Paul-Simon Benac relinquished duties as Alternate Executive Director to Arnaud Buissé, effective May 31, 2025.
    - Eve Maurice appointed Alternate Executive Director to Arnaud Buissé, effective June 1, 2025.
    - Fatou Assah appointed Alternate Executive Director to Regis N’Sonde, effective July 15, 2025.
    - Yati Kurniati relinquished duties as Executive Director for a constituency including Brunei Darussalam, Cambodia, Fiji, Indonesia, Lao P.D.R., Malaysia, Nepal, Philippines, Singapore, Thailand, Tonga, and Vietnam, effective July 31, 2025.
    - Idwan Hakim elected Executive Director for that constituency, effective August 1, 2025.
    - Seong-Wook Kim relinquished duties as Executive Director for a constituency including Australia, Kiribati, Korea, Marshall Islands, Micronesia, Mongolia, Nauru, New Zealand, Palau, Papua New Guinea, Samoa, Seychelles, Solomon Islands, Tuvalu, and Vanuatu, effective August 12, 2025.
    - Urjit Patel elected Executive Director by Bangladesh, Bhutan, India, and Sri Lanka, effective October 1, 2025.
    - Joerg Stephan relinquished duties as Executive Director for Germany, effective October 31, 2025; Bernd Kaltenhäuser elected Executive Director by Germany, effective November 1, 2025.
    - Brad Recker elected Executive Director by Antigua and Barbuda, The Bahamas, Barbados, Belize, Canada, Dominica, Grenada, Ireland, Jamaica, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines, effective March 13, 2026.
    - Jiyoung Choi elected Executive Director by Australia, Kiribati, Korea, Marshall Islands, Micronesia, Mongolia, Nauru, New Zealand, Palau, Papua New Guinea, Samoa, Seychelles, Solomon Islands, Tuvalu, and Vanuatu, effective April 6, 2026.

*Source: International Monetary Fund, Appendices I–III of the IMF Annual Report 2026.*

### Appendix I. International Reserves

### Appendix I. International Reserves

### Overview: total international reserves (end-2025)
- Total international reserves, including gold, increased by 11.9 percent in 2025 and stood at 14 trillion SDR at the end of 2025.
- Reserves excluding gold increased by 1.3 percent to 10.4 trillion SDR in 2025.
- The market value of gold held by monetary authorities increased by 58.8 percent, to 3.7 trillion SDR.

### Foreign exchange reserves (end-2025)
- Foreign exchange reserves increased to 9.6 trillion SDR in 2025, up from 9.5 trillion in 2024, an increase of 1.4 percent.
- Foreign exchange reserves accounted for 93 percent of non-gold international reserves and 68 percent of total reserves at the end of 2025.
- Emerging and developing economies held 5.8 trillion SDR of foreign exchange reserves (about three-fifths of the total), representing an increase of 0.1 percent from the previous year.
- Advanced economies’ foreign exchange reserves increased to 3.8 trillion SDR.

### IMF-related assets (end-2025)
- IMF-related assets (reserve positions in the IMF and holdings of SDRs) increased by 0.9 percent to 774 billion SDR in 2025.
- Members’ reserve positions in the IMF increased by 6.3 percent, to 114 billion SDR in 2025.
- The reserve position increased by 7.3 percent for advanced economies and by 4.3 percent for emerging and developing economies in 2025.
- SDR holdings of IMF members remained unchanged at 660.7 billion SDR.
- IMF-related assets accounted for about 5.5 percent of total international reserves at the end of 2025.

### Gold reserves (end-2025)
- The share of gold in international reserves was 26.2 percent in 2025.
- The physical stock of official gold increased by 0.8 percent in 2025.
  - This reflected a 2.1 percent increase in the stock held by emerging and developing economies and no change in the stock held by advanced economies.
  - The share of the gold stock held by advanced economies remains around two-thirds.
- At the end of 2025:
  - Gold constituted 34.3 percent of the reserves of advanced economies.
  - Gold constituted 18.9 percent of the reserves of emerging and developing economies.

### Developments during the first 2 months of 2026 (2026M2)
- During the first 2 months of 2026:
  - Foreign exchange reserves increased by 0.8 percent.
  - Total international reserves increased by 5 percent.
  - Foreign exchange reserves increased by 32.6 billion SDR in advanced economies and by 41 billion SDR in emerging economies.
  - The market value of global gold reserves increased by about 17.2 percent.
  - IMF-related assets were essentially unchanged.

### Currency composition of foreign exchange reserves (2025)
- The currency composition of reserves changed little in 2025. Key currency shares and changes:
  - U.S. dollar
    - Share of global foreign exchange reserves: 57 percent in 2025 (about three-fifths).
    - Value of SDR holdings: 5.4 trillion; decreased by 1.6 percent in 2025, reflecting a quantity decrease of 1 billion and a valuation decrease of 86 billion.
  - Euro
    - Share of global foreign exchange reserves: 20.2 percent in 2025.
    - Value of SDR holdings: 1.9 trillion; increased by 8.6 percent in 2025, reflecting a quantity increase of 17 billion and a valuation increase of 137 billion.
  - Japanese yen
    - Share of global foreign exchange reserves: 5.8 percent in 2025.
    - Value of SDR holdings: 554 billion; increased by 4.3 percent in 2025, reflecting a quantity increase of 49 billion and a valuation decrease of 26 billion.
  - Pound sterling
    - Share of global foreign exchange reserves: 4.4 percent in 2025 (decreased in 2025).
    - 2025 change: quantity decrease of SDR 21 billion and valuation increase of SDR 9 billion.
  - All other currencies
    - Share increased from 12.3 percent in 2024 to 12.8 percent in 2025.

### Key time-series figures (selected, as reported)
- Global totals (billions of SDRs unless otherwise noted):
  - Total reserves excluding gold: 10,418.1 (2025).
  - Gold quantity (millions of ounces): 1,175.2 (2025).
  - Gold value at London market price: 3,675.2 (2025).
  - Total reserves including gold: 14,025.9 (2025).
- Advanced economies:
  - Total reserves excluding gold: 4,346.1 (2025).
  - Gold quantity (millions of ounces): 712.5 (2025).
  - Gold value at London market price: 2,272.3 (2025).
  - Total reserves including gold: 6,618.3 (2025).
- Emerging market and developing economies:
  - Total reserves excluding gold: 6,004.7 (2025).
  - Gold quantity (millions of ounces): 462.7 (2025).
  - Gold value at London market price: 1,402.9 (2025).
  - Total reserves including gold: 7,407.6 (2025).
- Currency-share series (percent of identified holdings, end of year):
  - U.S. dollar: 56.8 (2025)
  - Euro: 20.2 (2025)
  - Japanese yen: 5.8 (2025)
  - Pound sterling: 4.4 (2025)
  - Other currencies: 12.8 (2025)
- Currency composition (selected end-2025 SDR values and changes):
  - U.S. dollar year-end value: 5,445.6; change in holdings in 2025: -87.1; quantity change: -1.3; price change: -85.7.
  - Japanese yen year-end value: 554.1; change in holdings in 2025: 22.7; quantity change: 48.7; price change: -26.0.
  - Pound sterling year-end value: 423.3; change in holdings in 2025: -11.4; quantity change: -20.6; price change: 9.3.
  - Euro year-end value: 1,942.4; change in holdings in 2025: 154.0; quantity change: 17.3; price change: 136.7.
  - Sum of the above year-end value: 8,365.4; change in holdings in 2025: 78.3; quantity change: 44.1; price change: 34.2.
  - Other currencies year-end value: 1,227.0; change in holdings in 2025: 59.5.
  - Total official holdings year-end value: 9,592.4; change in holdings in 2025: 137.8.

*Source: International Monetary Fund, International Reserves data reported in Appendix I of the IMF Annual Report 2026.*

### Appendix II. Financial Operations and Transactions

### Appendix II. Financial Operations and Transactions

### Repurchases and repayments to the IMF, financial year ended April 30, 2026 (In millions of SDRs)
- Total repurchases and repayments: 12,107
- Total GRA repurchases (by facility, selected totals shown in source): 9,918
- Total PRGT repurchases and repayments (by facility, selected totals shown in source): 2,189
- Selected country repayments and repurchases (amounts in millions of SDRs):
  - Afghanistan Islamic Republic of: Total repurchases and repayments 23 (RST Repayments 6; Total PRGT Repayments 16)
  - Bangladesh: Total repurchases and repayments 81 (Rapid Financing Instrument 44; Total PRGT Repayments 36; RST Repayments 18)
  - Colombia: Total repurchases and repayments 1,406 (Flexible Credit Line 1,406)
  - Egypt Arab Republic of: Total repurchases and repayments 2,882 (Stand-By Arrangement 1,194; Extended Fund Facility 1,433; Rapid Financing Instrument 255)
  - Pakistan: Total repurchases and repayments 484 (Extended Fund Facility 484)
  - Ukraine: Total repurchases and repayments 1,532 (Stand-By Arrangement 438; Extended Fund Facility 340; Rapid Financing Instrument 754)
- Note: Zero amounts indicate amounts less than SDR 0.5 million. Includes advance repurchases.

### Outstanding IMF credit by facility, financial years ended April 30, 2017–2026 (In millions of SDRs and percent of total)
- Outstanding credit by facility (selected years and facilities as reported):
  - Extended Fund Facilities:
    - 2017: 40,450
    - 2024: 65,720
    - 2025: 80,948
    - 2026: 85,990
  - Stand-By Arrangements and other facilities:
    - 2017: 7,850
    - 2020: 43,139
    - 2024: 25,081
    - 2026: 5,691
  - Subtotal (GRA) outstanding:
    - 2017: 48,300
    - 2024: 90,801
    - 2025: 91,665
    - 2026: 91,680
  - PRG Trust Arrangements and Outright Disbursements:
    - 2017: 6,277
    - 2024: 18,833
    - 2025: 22,596
    - 2026: 23,190
  - Extended Credit Facility (component of PRGT):
    - 2024: 11,196
    - 2025: 14,786
    - 2026: 16,558
  - Rapid Credit Facility (component of PRGT):
    - 2024: 7,206
    - 2025: 7,292
    - 2026: 6,166
  - RST Arrangements outstanding (first reported years in series):
    - 2026 total series entry: 5,884 (shown in table under RST Arrangements for 2026)
- Total outstanding IMF credit (all facilities):
  - 2017: 54,652
  - 2020: 82,879
  - 2023: 113,303
  - 2024: 111,098
  - 2025: 117,935
  - 2026: 120,755
- Composition (percent of total outstanding, selected years):
  - Subtotal (GRA) share:
    - 2017: 88 percent
    - 2024: 82 percent
    - 2026: 76 percent
  - PRG Trust Arrangements share:
    - 2017: 12 percent
    - 2024: 17 percent
    - 2026: 19 percent
- Note: Components may not sum exactly to totals because of rounding. GRA = General Resources Account; SAF = Structural Adjustment Facility; RST = Resilience and Sustainability Trust. Legacy credit outstanding under certain legacy facilities was cleared in FY2020 or FY2022 as noted in the source.

### Holdings of SDRs by participants and groups (Holdings as a percentage of cumulative allocations of SDRs), end of financial years April 30, 2017–2026
- Selected annual percentages (All participants; Non-advanced economies; Net debtor countries; Net creditor countries; HIPC-eligible countries):
  - 2017: All participants 85.6; Non-advanced economies 93.0; Net debtor countries 73.1; Net creditor countries 113.9; HIPC-eligible countries 34.3
  - 2020: All participants 88.9; Non-advanced economies 98.5; Net debtor countries 72.6; Net creditor countries 115.7; HIPC-eligible countries 20.4
  - 2022: All participants 96.3; Non-advanced economies 101.3; Net debtor countries 88.0; Net creditor countries 107.8; HIPC-eligible countries 47.2
  - 2024: All participants 96.6; Non-advanced economies 104.2; Net debtor countries 84.2; Net creditor countries 107.6; HIPC-eligible countries 35.9
  - 2026: All participants 96.9; Non-advanced economies 104.5; Net debtor countries 84.3; Net creditor countries 110.2; HIPC-eligible countries 27.3
- Note: Net creditor countries' holdings of SDRs are higher than their cumulative allocations of SDRs; net debtor countries' holdings are lower. HIPC = Heavily Indebted Poor Countries (Initiative).

### Members that have accepted the obligations of Article VIII, Sections 2, 3, and 4 of the Articles of Agreement, as of April 30, 2026
- The list in the source identifies members and the accepted effective date of acceptance where applicable. Selected entries (member — Accepted — Effective Date of Acceptance):
  - Albania — Yes — February 21, 2015
  - Algeria — Yes — September 15, 1997
  - Andorra — Yes — October 16, 2020
  - Antigua and Barbuda — Yes — November 22, 1983
  - Argentina — Yes — May 14, 1968
  - Australia — Yes — July 1, 1965
  - Bangladesh — Yes — April 11, 1994
  - Belgium — Yes — February 15, 1961
  - Canada — Yes — March 25, 1952
  - China — Yes — December 1, 1996
  - Egypt — Yes — January 2, 2005
  - India — Yes — August 20, 1994
  - Japan — Yes — April 1, 1964
  - Lichtenstein, Principality of — Yes — January 23, 2025
  - Netherlands, The — Yes — February 15, 1961
  - United States — Yes — December 10, 1946
  - (The source lists many other members with “Yes” and their effective dates; several members are listed as “No”.)

*Source: IMF, Appendix II.5–II.9, Annual Report 2026 — Appendix II. Financial Operations and Transactions*

### Appendix II. Financial Operations and Transactions

### Appendix II. Financial Operations and Transactions

### Monetary policy framework
- Monetary aggregate target (24)
- Inflation-targeting framework (48)
- Other (42)
  - Note: Includes countries that have no explicitly stated nominal anchor, but rather monitor various indicators in conducting monetary policy.

### Exchange rate anchor — de facto exchange rate arrangements (Number of countries)
- US Dollar (37)
- Euro (25)
- Composite (8)
- Other (11)

### De facto arrangements and selected country annotations (as reported)
- Stabilized arrangement (25)
  - Cambodia (3/25)
  - Maldives
  - North Macedonia
  - Algeria 5
  - Armenia 6
  - Azerbaijan 5
  - Guyana
  - Trinidad and Tobago
  - Bangladesh 5 (01/25)
  - Jamaica 5
  - Haiti 5
  - Lebanon
  - Bolivia 5
  - Mongolia 5 (4/25)
  - Malawi 5
  - Nicaragua (1/24)
  - Guinea 5
  - Romania 6
  - Mauritania 5 (2/24)
  - Myanmar 5
  - Serbia 6
  - Mozambique 5, 7
  - Tajikistan 5, 7
  - Sudan 5
  - Sierra Leone 5

- Crawling peg (1)
  - Botswana

- Crawl-like arrangement (25)
  - Honduras (9/24)
  - Singapore
  - Afghanistan 5, 10
  - Albania 6 (01/24)
  - Kyrgyz Rep 5
  - Vietnam 5
  - Angola 5
  - Costa Rica 5
  - Lao P.D.R. 5
  - Burundi 5
  - Dominican Republic 5
  - Pakistan 7 (10/24)
  - China 5
  - Ghana 5
  - Solomon Islands 5
  - Papua New Guinea 5
  - Guatemala 5
  - Tunisia 6, 7
  - Rwanda 5
  - India 5, 8 (04/25)
  - The Gambia 5
  - Kenya 5
  - Sri Lanka 5, 8
  - Türkiye 5
  - Uzbekistan 5

- Pegged exchange rate within horizontal bands (1)
  - Morocco 12

- Other managed arrangement (11)
  - Iran
  - Kuwait
  - Democratic Rep. of the Congo (9/25)
  - Argentina
  - Syria 10
  - Zimbabwe
  - Ethiopia (7/24)
  - South Sudan
  - Tonga
  - Vanuatu
  - Venezuela 10

- Floating (34)
  - Belarus
  - Brazil
  - Malaysia
  - Liberia
  - Chile
  - Switzerland
  - Madagascar
  - Colombia
  - Zambia
  - Nigeria
  - Czech Republic
  - Seychelles
  - Egypt 9 (03/24)
  - Suriname
  - Georgia
  - Yemen
  - Hungary
  - Iceland
  - Indonesia
  - Israel
  - Kazakhstan
  - Korea
  - Mauritius (8/24)
  - Moldova
  - New Zealand
  - Paraguay
  - Peru
  - Philippines
  - South Africa
  - Tanzania (10/24)
  - Thailand
  - Uganda
  - Ukraine
  - Uruguay

- Free Floating (31)
  - Australia
  - Canada
  - Japan
  - Mexico
  - Norway
  - Poland
  - Russia
  - Sweden (1/24)
  - Estonia
  - United Kingdom
  - Finland
  - France
  - Germany
  - Greece
  - Ireland
  - Italy
  - Latvia
  - Lithuania
  - Luxembourg
  - Malta
  - The Netherlands
  - Portugal
  - Slovak Rep.
  - Slovenia
  - Spain
  - Somalia 11
  - United States
  - EMU
  - Austria
  - Belgium
  - Croatia
  - Cyprus

### Notes and classifications (as reported)
- Source: AREAER database.
- If the member country’s de facto exchange rate arrangement has been reclassified during the reporting period, the date of change is indicated in parentheses (month, year).
- 1 All classifications in this table are preliminary. The final classifications will be published in the 2026 AREAER.
- 2 Includes countries that have no explicitly stated nominal anchor, but rather monitor various indicators in conducting monetary policy.
- 3 The member participates in the European Exchange Rate Mechanism (ERM II).
- 4 The country maintains a de facto exchange rate anchor to a composite.
- 5 The country maintains a de facto exchange rate anchor to the US dollar.
- 6 The country maintains a de facto exchange rate anchor to the euro.
- 7 The central bank is in transition toward inflation targeting.
- 8 The authorities reported that their monetary policy framework is referred to as “flexible inflation-targeting.”
- 9 The exchange rate arrangement was reclassified twice during this reporting period.
- 10 The classification of the de facto exchange rate arrangement for: Afghanistan and Venezuela are as of April 30, 2021; Syria is as of April 30, 2017.
- 11 Currently the Central Bank of Somalia does not have a monetary policy framework.
- 12 Within the framework of an exchange rate fixed to a currency composite, the Bank Al-Maghrib adopted a monetary policy framework in 2006 based on various inflation indicators, with the overnight interest rate as its operational target to pursue its main objective of price stability.

*Source: AREAER database.*

### Appendix III. Chair's Statement of the IMFC

### Appendix III. Chair's Statement of the IMFC

### Global priorities, risks, and policy directions
- Prioritize protecting the most vulnerable while adhering to international standards and closely monitoring and tackling financial vulnerabilities and risks to financial stability.
- Strengthen surveillance of systemic risks stemming from artificial intelligence, non-bank financial institutions, and digital assets, while harnessing benefits of financial and technological innovation.
- Advance structural reforms to:
  - enable private sector-led investment,
  - increase productivity,
  - safeguard energy security,
  - elevate medium-term growth prospects.
- Cooperate to address excessive global imbalances and trade tensions and build more resilient supply chains through country-specific reforms and multilateral coordination, supporting a fair and open global economy.
- Reaffirmation: the IMFC reaffirmed the April 2021 exchange rate commitments.

### IMF role, support, and surveillance
- The IMFC welcomed the Managing Director’s Global Policy Agenda and underlined the critical role of the IMF in helping members navigate the challenging environment through tailored policy advice, capacity development, and financial support in close collaboration with other relevant institutions.
- Surveillance emphasis:
  - Support for sharpening focus of surveillance based on analytical rigor, evenhandedness, and tailored policy advice.
  - Expectation of finalization of the Comprehensive Surveillance Review to set future surveillance priorities.
  - Support for review of the Financial Sector Assessment Program (FSAP) to strengthen macrofinancial surveillance in a focused, risk-based and cost-effective manner.
  - Welcome for the Fund’s multipronged work on global imbalances, including:
    - enhanced integration of external sector issues into bilateral surveillance,
    - ongoing refinements to the External Balance Assessment methodology,
    - the Understanding Global Imbalances paper,
    - planned analysis on capital flows and stock imbalances and implications for global financial stability.

### Lending, program design, and capacity development
- Support for fortifying the Fund’s lending framework and anticipation of the finalization of the Review of Program Design and Conditionality (ROC) to enhance program effectiveness.
- Support for ongoing work on Monetary Policy Frameworks for Crisis and Near-Crisis Countries to improve design considerations of monetary and exchange rate policies.
- Endorsement of enhancing capacity development (CD) by integrating it with policy advice and program design and ensuring sustainability of CD financing; appreciation for donor contributions to sustain continued support.
- Call for increased support to countries with sustainable debt and a strong reform and growth-enhancing agenda but facing short-term financing challenges, by accelerating implementation of the IMF-World Bank 3-Pillar Approach.

### Debt treatment, transparency, and low-income country support
- Commitment to support countries promoting stability and growth through sound macroeconomic policies, domestic resource mobilization, and better governance, with specific attention to low-income and vulnerable countries, including fragile and conflict-affected states and small developing states, especially where debt and financing pressures are mounting.
- Commitment to further improve debt restructuring processes, including under the Common Framework, building on progress already achieved, and advancing work at the Global Sovereign Debt Roundtable (GSDR) to ensure restructurings are predictable, timely, orderly, and coordinated.
- Welcome for the updated GSDR “Restructuring Playbook”.
- Call for enhanced debt transparency from all stakeholders, including private creditors.
- Look forward to finalization of the review of the Low-Income Country Debt Sustainability Framework (LIC-DSF).
- Call on members that have not yet done so to provide assurances of additional subsidy resources to ensure the Poverty Reduction and Growth Trust’s self-sustained lending capacity.

### Quota and governance reforms — Diriyah Guiding Principles
- Endorsement of the Diriyah Guiding Principles for Quota and Governance Reforms as a significant collective achievement and milestone in the Fund’s governance reform agenda.
- Expectation that the Principles will guide future discussions on quota and governance reforms, including under the 17th General Review of Quotas (GRQ).
- Reaffirmation of commitment to a strong, quota-based, and adequately resourced IMF at the center of the Global Financial Safety Net.
- Call to finalize domestic approvals for consent to the quota increase under the 16th GRQ with no further delay.
- Principal elements of the Diriyah Guiding Principles:
  1. The IMF must remain a strong, quota-based, and adequately resourced institution at the center of the global financial safety net (GFSN).
  2. Voice and representation entail both rights and responsibilities, including commitment to and effective support of the IMF and the promotion of its purposes as set out in the IMF’s Articles of Agreement.
  3. Reforms should support legitimacy, representativeness, effectiveness, financial and operational soundness, and ability to promote consensus and cooperation while ensuring efficient deliberations and decision-making.
  4. Reforms should be pragmatic, gradual, transparent, inclusive, widely acceptable, and reflective of the interests of the entire membership; discussions and decisions should remain anchored in IMF governing bodies.
  5. General reviews of quotas should review adequacy of Fund resources and the distribution of quota shares; adjustments must ensure the level and composition of resources enable the Fund to fulfill its mandate; adjustments to quota shares should continue to be guided by quota formulas underpinned by the four principles agreed in 2008; better reflect members’ relative positions in the world economy while protecting quota shares of the poorest members; be regular and timely while avoiding excessive change in any single review.
  6. Any evolution in the size and composition of the Executive Board and the IMFC should ensure regional balance and protect the representation of the poorest; the 2025 Executive Board and IMFC serve as a baseline reference.
  7. The selection process of the Managing Director should uphold an open, inclusive, merit-based, and transparent procedure.
  8. All quota and governance-related commitments arising from completed reviews and agreed reforms should be implemented by all members in a timely manner.

### Meetings, timing, and attendance
- The IMFC meeting was held on Friday, April 17, 2026, Washington, D. C.
- Next meeting expected: October 2026 in Bangkok, Thailand.
- Chair: Mohammed Aljadaan, Minister of Finance, Saudi Arabia.
- Managing Director: Kristalina Georgieva.
- IMFC attendance included named members, alternates, and observers (list of attendees and observers detailed in the statement).

### Executive Directors, voting power, and changes (selected figures and developments)
- Total of eligible Fund votes: 4,991,063.
- Percent of Fund total (general reference in appendix): 99.01.
- Country vote examples (as presented):
  - United States: 831,394 votes; 16.49 percent of Fund total.
  - Japan: 309,657 votes; 6.14 percent of Fund total.
  - China: 306,281 votes; 6.08 percent of Fund total.
  - Ukraine: 275,140 votes; 5.46 percent of Fund total.
  - Germany: 267,796 votes; 5.31 percent of Fund total.
  - Spain: 228,441 votes; 4.53 percent of Fund total.
  - Netherlands, The: 88,817 votes.
  - Mexico: 90,579 votes.
  - India: 132,596 votes.
  - Saudi Arabia: 101,378 votes; 2.01 percent of Fund total.
  - Total of eligible Fund votes reported: 4,991,063.
- Appendix V: changes in Executive Board membership between May 1, 2025, and April 30, 2026 (selected transactions and effective dates):
  - Shannon Ding elected Executive Director by the United States, effective May 2, 2025.
  - Paul-Simon Benac relinquished duties as Alternate Executive Director to Arnaud Buissé, effective May 31, 2025.
  - Eve Maurice appointed Alternate Executive Director to Arnaud Buissé, effective June 1, 2025.
  - Fatou Assah appointed Alternate Executive Director to Regis N’Sonde, effective July 15, 2025.
  - Yati Kurniati relinquished duties as Executive Director for a constituency including Brunei Darussalam, Cambodia, Fiji, Indonesia, Lao P.D.R., Malaysia, Nepal, Philippines, Singapore, Thailand, Tonga, and Vietnam, effective July 31, 2025.
  - Idwan Hakim elected Executive Director for that constituency, effective August 1, 2025.
  - Seong-Wook Kim relinquished duties as Executive Director for a constituency including Australia, Kiribati, Korea, Marshall Islands, Micronesia, Mongolia, Nauru, New Zealand, Palau, Papua New Guinea, Samoa, Seychelles, Solomon Islands, Tuvalu, and Vanuatu, effective August 12, 2025.
  - Urjit Patel elected Executive Director by Bangladesh, Bhutan, India, and Sri Lanka, effective October 1, 2025.
  - Joerg Stephan relinquished duties as Executive Director for Germany, effective October 31, 2025; Bernd Kaltenhäuser elected Executive Director by Germany, effective November 1, 2025.
  - Brad Recker elected Executive Director by Antigua and Barbuda, The Bahamas, Barbados, Belize, Canada, Dominica, Grenada, Ireland, Jamaica, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines, effective March 13, 2026.
  - Jiyoung Choi elected Executive Director by Australia, Kiribati, Korea, Marshall Islands, Micronesia, Mongolia, Nauru, New Zealand, Palau, Papua New Guinea, Samoa, Seychelles, Solomon Islands, Tuvalu, and Vanuatu, effective April 6, 2026.

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_Source: https://www.imf.org/annual-report/2026/pdfs/imf-annual-report-2026-appendices.pdf_