Annual Report cover 1999
Annual Report of the Executive Board

Annual Report of the Executive Board for the Financial Year Ended April 30, 1999

September 1999



File 1
422k Adobe  
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Letter of Transmittal
Executive Board and Senior Officers
Board of Governors, Executive Board, Interim Committee, and Development Committee
Prefatory Notes

File 2
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I.  Overview
Financial Crises Prompt Consideration of Proposals to Strengthen the Global Financial System
II.  The Global Economy
  1. Main Developments in the World Economy in 1998/99

  2. Emerging Market Economies
    Advanced Economies
  1. World Economic Outlook

  2. United States, Japan, and Europe
    Crisis-Afflicted Economies
    Other Emerging Economies
    Preventing Contagion
  1. International Capital Markets

  2. Annual Review
       Asian Crisis and Other Emerging Market

       Mature Market Countries
    Interim Review
       Factors Behind Markets' Response
       Role of Public Policy

File 3
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III.  The IMF in 1998/99
  1. Evolution of the Economic Crisis in Emerging Market Economies

  2. IMF-Supported Programs in Asian Crisis Countries
       The Board's Assessment
    Russia and Brazil
  1. Strengthening the Architecture of the International
    Financial System

  2. Transparency, Standards, and Surveillance
       Improving Transparency and Accountability
          of the IMF and Member Countries

       Developing Standards for Use by Members
       Role of Standards in IMF Surveillance
    Strengthening Financial Systems
    Capital Account Issues
    Involving the Private Sector in Forestalling
       and Resolving Crises
       Intensifying Efforts at Preventing Crises
       Measures to Facilitate Private Sector

    Systemic Issues
       Implications of Capital Mobility and Exchange
          Rate Volatility

       Developing IMF Facilities
       Strengthening IMF Resources
    Institutional Reform and Strengthening or Transforming
        the Interim Committee
  1. Surveillance

  2. Bilateral Surveillance
    Global and Regional Surveillance
       European Economic and Monetary Union
       West African Economic and Monetary Union
    Experience of Transition Economies

File 4
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  1. Support for Member Countries' Adjustment

Supplemental Reserve Facility and Contingent
   Credit Lines
Assistance to Postconflict Countries
   Postconflict Countries with Arrears to
      International Institutions

Access Policy and Limits
Staff-Monitored Programs
Social Issues
Economic Impact of the Kosovo Crisis
Member Countries' Use of IMF Facilities
   Bosnia and Herzegovina
   Burkina Faso
   Central African Republic
   Republic of Congo
   Dominican Republic
   El Salvador
   The Gambia
   Kyrgyz Republic
   Former Yugoslav Republic of Macedonia
   St. Kitts and Nevis
   Sierra Leone
   Republic of Yemen
  1. The ESAF and the HIPC Initiative

  2. HIPC Initiative
       Progress in Implementation
       Options for Enhancing the HIPC Initiative
    Distilling Lessons from ESAF Evaluations
       Design of ESAF-Supported Programs
       Implementation of ESAF-Supported Programs
       Social Policies in ESAF-Supported Programs
       IMF ­World Bank Collaboration
       Monitoring ESAF-Supported Programs
    Financing the ESAF and the HIPC Initiative
  1. Technical Assistance and Training

File 5
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  1. Financial Operations and Policies

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

    Members' Use of IMF Resources and Credit
       Stand-By and Extended Arrangements
       Special Facilities
       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 Operations and Transactions
       Pattern of SDR Holdings
IV.  IMF 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
       Budget Outlook
       Budgets and Expenditure in 1998/99
       Budgets and Expenditure in 1999/2000

File 6
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  1. International Reserves
  2. Financial Operations and Transactions
  3. Principal Policy Decisions of the Executive Board
  4. IMF Relations with Other International Organizations
  5. External Relations

File 7
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  1. Press Communiqués of the Interim Committee and the Development Committee
  2. Excutive Directors and Voting Power on April 30, 1999
  3. Changes in Membership of the Executive Board
  4. Financial Statements