Annual Report cover
Annual Report of the Executive Board

Annual Report of the Executive Board for the Financial Year Ended April 30, 1998

September 1998



File 1
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Letter of Transmittal
Executive Board and Senior Officers
Board of Governors, Executive Board, Interim Committee, and Development Committee
 I.  Overview
 Asian Financial Crisis Propels IMF Activity to New Levels in 1997/98

File 2
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II.  The Global Economy
  1. Main Developments in the World Economy in 1997/98

  2. Global Overview
    Advanced Economies
    Developing Countries
    Transition Economies
  1. World Economic Outlook

  2. Advanced Economies
    Developing and Transition Countries
  1. International Capital Markets

  2. Mature Capital Markets
       Banking in Mature Markets
       Structural Aspects of EMU
    Emerging Markets
       Speculative Attacks and Exchange Rate Regimes
       Banking in Emerging Markets
       Managing Sovereign External Liabilities
    Hedge Funds and Financial Market Dynamics
       Hedge Funds and the Asian Crisis
       More Regulation?
  1. European Economic and Monetary Union

File 3
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III.  The IMF in 1997/98
  1. The Asian Crisis

  2. Origin and Evolution
    Appropriate Policy Response
    Role of the International Community
    Early Lessons from Experience
    Thailand, Indonesia, and Korea: Evolution of IMF-Supported Programs
  1. Surveillance

  2. Article IV Consultations in 1997/98
    Other Means of Surveillance
    Lessons for Surveillance from the Asian Crisis
    Government Transparency and Accountability
       Good Governance
       Transparency in Budgetary Operations
    Data Issues
       Members' Provision of Information to the IMF
       Members' Dissemination of Data to the Public
    Strengthening IMF-Bank Collaboration on Financial
       Sector Reform
    Exchange Rate Issues
       Exchange Rate Assessments and IMF

       Exit Strategies: Policy Options for Countries
          Seeking Greater Flexibility

    Monetary Policy in Dollarized Economies
       Benefits and Risks of Dollarization
       Dollarization and the Design of IMF-Supported
          Adjustment Programs

File 4
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  1. Strengthening the Architecture of the International Monetary System

  2. Strengthening Financial Systems
    Strengthening IMF Surveillance
    Greater Availability and Transparency of Information
    IMF's Central Role in Crisis Management
    Involving the Private Sector in Preventing and Resolving Crises
  1. Support for Member Countries' Adjustment

  2. Supplemental Reserve Facility
    Trade Liberalization in IMF-Supported Programs
    Policy on Sovereign Arrears to Private Creditors
    Postprogram Monitoring
    Member Countries' Use of IMF Facilities
       Burkina Faso
       Cape Verde
       Côte d'Ivoire
       Sierra Leone

File 5
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  1. The ESAF and the HIPC Initiative

  2. Mobilizing Financing
    Progress in Implementing the HIPC Initiative
    ESAF Resources for Commercial Debt- and
          Debt-Service-Reduction Operations
    Review of Experience Under ESAF-Supported
       Internal Evaluation of the ESAF
          Policies and Program Design
          Sustaining Programs
       External Evaluation of the ESAF
          Implications for Social Policy
          Fiscal Issues and External Viability
          National Ownership
          Flexibility in IMF Programs
          Better Public Understanding
          Continued IMF Presence
  1. Capital Movements Under an Amendment of the IMF's Articles

  2. Seminar on Capital Account Liberalization
       Is Liberalization Necessary?
       Path to Liberalization Should Be Orderly
       Institutionalizing Liberalization
       Future Considerations
    Next Steps
  1. Technical Assistance and Training

File 6
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  1. Financial Operations and Policies

  2. Membership and Quotas
    IMF Liquidity and Borrowing
       General Resources
          General Arrangements to Borrow
          New Arrangements to Borrow
       Access Policy and Limits on Use of IMF

    Members' Use of IMF Resources and Credit
       Stand-By and Extended Arrangements
       Special Facilities and Outright Purchases
       SAF and ESAF
       ESAF-HIPC Trust
    IMF Income, Charges, and Burden Sharing
    Overdue Financial Obligations
       Progress Under the Strengthened Cooperative

    SDR Department
       SDR Valuation and Interest Rate Basket
       SDR Transactions and Operations
       Pattern of SDR Holdings

File 7
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IV.  Organization, Staffing, and Budget
  1. Organization, Staffing, and Budget

  2. Executive Board
       Area Departments
       Functional and Special Services Departments
       Information and Liaison
       Support Services
       Recruitment and Retention
       Salary Structure
    Administrative and Capital Budgets
       Medium-Term Budget Outlook
       Budgets and Expenditure in 1997/98
       Budgets and Expenditure in 1998/99
       Building Projects

File 8
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  1. International Reserves
  2. Financial Operations and Transactions

File 9
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  1. Principal Policy Decisions of the Executive Board
  2. IMF Relations with Other International Organizations
  3. External Relations
  4. Press Communiqués of the Interim Committee and the Development Committee
  5. Executive Directors and Voting Power on April 30, 1998

File 10
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  1. Changes in Membership of the Executive Board
  2. Financial Statements

File 11
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Board of Governors, Executive Board, Interim Committee,
   and Development Committee
  1. The IMF's Response to the Asian Crisis
  2. Second-Generation Reforms
  3. Enhancing Information on Article IV Consultations
  4. IMF Regional Office for Asia and the Pacific
  5. Code of Good Practices on Fiscal Transparency: Declaration on Principles
  6. Dissemination Standards Bulletin Board
  7. How the GDDS Will Work
  8. A Methodology for Exchange Rate Assessments
  9. Group Travel by Executive Directors
  10. ESAF Resources
  11. Strengthening ESAF-Supported Programs
  12. Key Findings of External Evaluators of the ESAF
  13. Interim Committee Statement on Liberalization of Capital Movements Under an Amendment of the IMF's Articles, as Adopted, Hong Kong SAR, September 21, 1997
  14. IMF Institute and Regional Institutions
  15. Operational Budget
  16. Designation Plan
  17. IMF Resident Representatives

File 12
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  1. Overview of the World Economy
  2. Net Capital Flows to Developing Countries, Countries in Transition, and Newly Industrialized Economies
  3. Selected Economies: Current Account Positions
  4. Thailand: Selected Economic Indicators, as of July 23, 1998
  5. Indonesia: Selected Economic Indicators, as of July 23, 1998
  6. Korea: Selected Economic Indicators, as of July 23, 1998
  7. Article IV Consultations Concluded in 1997/98
  8. HIPC Initiative: Status of Early Cases
  9. Technical Assistance Delivery
  10. General Arrangements to Borrow (GAB)
  11. New Arrangements to Borrow (NAB)
  12. Selected Financial Indicators
  13. Arrears to the IMF of Countries with Obligations Overdue by Six Months or More
  14. Arrears to the IMF of Countries with Obligations Overdue by Six Months or More, by Type and Duration, as of April 30, 1998
  15. SDR Valuation Basket
  16. Transfers of SDRs
  17. Nationality Distribution of Professional and Managerial Staff by Region
  18. Gender Distribution of Staff by Level
  19. Estimated Cost of Major IMF Activities, Financial Years 1997–99
  20. Administrative and Capital Budgets, Financial Years 1996–99

File 13
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  1. Selected Asian Economies: Bilateral U.S. Dollar Exchange Rates and Equity Prices
  2. World Indicators
  3. Developing Countries: Real GDP Growth
  4. Initiative for Heavily Indebted Poor Countries
  5. Composition of Technical Assistance in 1997/98
  6. IMF's Liquidity Ratio, 1983–98
  7. Purchases and Repurchases, Financial Years Ended April 30, 1983–98
  8. Total IMF Credit Outstanding to Members, Financial Years Ended April 30, 1983–98
  9. International Monetary Fund: Chart of Organization
  10. Estimated Cost of Major Activities, Financial Year 1998
  11. Administrative Expenses, Financial Years 1995–98