Annual Report cover
Annual Report of the Executive Board

Annual Report of the Executive Board for the Financial Year Ended April 30, 1997

October 1997

WASHINGTON, D.C.

CONTENTS
File 1

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Executive Board and Senior Officers

Letter of Transmittal

Overview

Against Background of Increasing Globalization, Fund Acts to Review Surveillance Operations, Consider Adding Capital Account Liberalization as a Goal, Address Problems of Heavily Indebted Countries
File 2

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Part I. The Global Economy
  1. Main Developments in the World Economy

Economic Activity and Employment
Consumer and Commodity Prices
Financial and Foreign Exchange Markets
External Balances, Financing, and Debt
File 3

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  1. World Economic Outlook

Global Situation
Advanced Economies
Developing Countries
Transition Economies
Inflation and the Role of Monetary Policy
Globalization
  1. International Capital Markets

Capital Flows to Emerging Markets
Risk Management
Surveillance of Global Financial Markets
Role of the Fund
File 4

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Part II. The Fund in 1996/97
  1. Issues in Fund Surveillance

Review of Current Practices
Members' Policies in the Context of Surveillance
Interim Committee Declaration
Six-Monthly Review by Board
Biennial Review of Surveillance
Progress in Providing Information to the Fund
Evolving Issues in Fund Surveillance
Banking Soundness
Systemic Bank Restructuring and Macroeconomic Policy
Toward a Framework for Sound Banking
Currency Board Arrangements
Capital Account Convertibility and the Role of the Fund
Data Dissemination
Special Data Dissemination Standard
General Data Dissemination System
Role of the Fund in Governance Issues
File 5

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  1. Article IV Consultations

Advanced Economies
Major Industrial Countries
United States
Japan
Germany
France
United Kingdom
Italy
Canada
Other Advanced Economies
Greece
Hong Kong, China
Israel
Korea
New Zealand
Spain
Sweden
File 6

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Developing Countries

Algeria
Bangladesh
Benin
Cambodia
Cameroon
Chile
China
Egypt
Ghana
Guatemala
India
Indonesia
Islamic Republic of Iran
Jordan
Kuwait
Malaysia
Mexico
South Africa
Tanzania
Thailand
Uruguay
Republic of Yemen
File 7

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Countries in Transition

Armenia
Azerbaijan
Estonia
Hungary
File 8

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  1. Fund Support of Member Countries

Ongoing Programs
Member Countries' Use of Fund Facilities
Algeria
Azerbaijan
Benin
Bulgaria
Burkina Faso
Chad
Congo, Republic of the
Côte d'Ivoire
Croatia
Egypt
El Salvador
Estonia
Ethiopia
Georgia
Guinea
Guinea-Bissau
Guyana
Haiti
Jordan
Kazakstan
Kyrgyz Republic
Lao People's Democratic Republic
Latvia
Lesotho
Macedonia, former Yugoslav Republic of
Madagascar
Malawi
Mali
Moldova
Mozambique
Niger
Pakistan
Peru
Romania
Rwanda
Senegal
Tajikistan
Tanzania
Uganda
Ukraine
Venezuela
File 9

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  1. ESAF and the HIPC Initiative

Framework for the Continuation of ESAF
The HIPC Initiative
The Fund's Participation in the HIPC Initiative
Use of Fund Reserves
First Country Cases
Interim Committee Endorsement
  1. Special Onetime Allocation of SDRs

File 10

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  1. Fund Financial Operations and Policies

Membership and Quotas
Fund's Liquidity and Borrowing
General Resources
Borrowing
Access Policy and Limits on Use of Resources
Members' Use of Fund Resources and Credit Outstanding
Stand-By and Extended Arrangements
Special Facilities
SAF and ESAF
Fund's Income, Charges, and Burden Sharing
Overdue Financial Obligations
Progress Under the Strengthened Cooperative Strategy
Prevention
Intensified Collaboration and the Rights Approach
Remedial Measures
SDR Transactions and Operations
SDR Valuation and Interest Rate Basket
SDR Transfers
Pattern of SDR Holdings
File 11

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  1. Technical Assistance and Training

IMF Institute
Fiscal Affairs Department
Legal Department
Monetary and Exchange Affairs Department
Statistics Department
Treasurer's Department
Bureau of Computing Services
File 12

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Appendices
  1. International Reserves

File 13

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  1. Financial Operations and Transactions of the Fund

File 14

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  1. Relations with Other International Organizations

  1. External Relations

File 15

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  1. Principal Policy Decisions of the Executive Board

  1. Press Communiqués of the Interim Committee and the Development Committee

File 16

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  1. Executive Directors and Voting Power on April 30, 1997

  1. Changes in Membership of Executive Board

File 17

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  1. Administrative and Capital Budgets, Staffing, and Organization

File 18

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  1. Financial Statements

File 19

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Glossary of Abbreviations
File 20

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Boxes
    Board of Governors, Executive Board, Interim Committee,
    and Development Committee
  1. Revised Country Classification: Advanced Economies
  2. Role of EMU in the International Monetary System
  3. Interim Committee Declaration on Partnership for Sustainable Global Growth
  4. Dissemination Standards Bulletin Board on the Internet
  5. Fund Facilities and Policies
  6. Group Travel by Executive Directors
  7. External Evaluation of ESAF
  8. Operational Budget
  9. Designation Plan
  10. External Evaluation of Technical Assistance in Monetary and Exchange Affairs
  11. Fund's Public Web Site
  12. Departments of the Fund and Their Major Responsibilities
File 21

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Tables
  1. Overview of the World Economy
  2. Selected Economies: Current Account Positions
  3. Article IV Consultations Concluded in Financial Year 1997
  4. United States: Selected Economic Indicators
  5. Japan: Selected Economic Indicators
  6. Germany: Selected Economic Indicators
  7. France: Selected Economic Indicators
  8. United Kingdom: Selected Economic Indicators
  9. Italy: Selected Economic Indicators
  10. Canada: Selected Economic Indicators
  11. Greece: Selected Economic Indicators
  12. Hong Kong, China: Selected Economic Indicators
  13. Israel: Selected Economic Indicators
  14. Korea: Selected Economic Indicators
  15. New Zealand: Selected Economic Indicators
  16. Spain: Selected Economic Indicators
  17. Sweden: Selected Economic Indicators
  18. Algeria: Selected Economic Indicators
  19. Bangladesh: Selected Economic Indicators
  20. Benin: Selected Economic Indicators
  21. Cambodia: Selected Economic Indicators
  22. Cameroon: Selected Economic Indicators
  23. Chile: Selected Economic Indicators
  24. China: Selected Economic Indicators
  25. Egypt: Selected Economic Indicators
  26. Ghana: Selected Economic Indicators
  27. Guatemala: Selected Economic Indicators
  28. India: Selected Economic Indicators
  29. Indonesia: Selected Economic Indicators
  30. Islamic Republic of Iran: Selected Economic Indicators
  31. Jordan: Selected Economic Indicators
  32. Kuwait: Selected Economic Indicators
  33. Malaysia: Selected Economic Indicators
  34. Mexico: Selected Economic Indicators
  35. South Africa: Selected Economic Indicators
  36. Tanzania: Selected Economic Indicators
  37. Thailand: Selected Economic Indicators
  38. Uruguay: Selected Economic Indicators
  39. Republic of Yemen: Selected Economic Indicators
  40. Armenia: Selected Economic Indicators
  41. Azerbaijan: Selected Economic Indicators
  42. Estonia: Selected Economic Indicators
  43. Hungary: Selected Economic Indicators
  44. New Arrangements to Borrow
  45. Selected Financial Indicators
  46. Arrears to the Fund of Countries with Obligations Overdue by Six Months or More
  47. Arrears to the Fund of Countries with Obligations Overdue by Six Months or More, by Type and Duration, as of April 30, 1997
  48. SDR Valuation Basket
  49. Transfers of SDRs
  50. Technical Assistance Delivery
File 22

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Figures
  1. World Indicators
  2. Selected Industrial Countries: Real GDP Growth
  3. Developing Countries: Real GDP Growth
  4. Selected Countries More Advanced in Transition: Inflation
  5. Selected Countries Less Advanced in Transition: Inflation
  6. Commodity Prices
  7. Developing Countries and Countries in Transition: External Debt and Debt Service
  8. Fund's Liquidity Ratio, 1983-97
  9. General Resources Purchases and Repurchases, Financial Years Ended April 30, 1983-97
  10. Total Fund Credit Outstanding to Members, Financial Years Ended April 30, 1983-97
  11. Composition of Technical Assistance
  12. Estimated Cost of Major Activities, Financial Year 1997
  13. International Monetary Fund: Chart of Organization
  14. Financial Years 1996-98 Capital Budget and Five-Year Plan
  15. Administrative Expenses, Financial Years 1994-97