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IMF Financial Activities -- Update September 13, 2002

I.    Introduction
II.   Key IMF Financial Statistics
III.  Current Financial Arrangements
IV.  Status of Commitments of HIPC Assistance

The following tables, which are updated weekly, provide information on the IMF's financial activities. Definitions for the terms contained in the tables are provided below each table. The data are based on the most current information available at the time and are provided for the reader's convenience. The information is not intended to replace other official IMF financial reports and statements.

Key IMF Financial Statistics (Table 1) A summary of financial assistance to members, available resources, arrears, and key IMF rates.

Current Financial Arrangements (Tables 2) Current Stand-By, Extended and Poverty Reduction and Growth (PRGF) arrangements. The tables do not include members whose financial arrangements with the IMF have expired, but may have outstanding credit to the IMF. For a list of current arrangements since May 1996 (month-end), see http://www.imf.org/external/np/tre/tad/extarr1.cfm. For a list of all members with outstanding financial obligations to the IMF, see http://www.imf.org/external/np/tre/tad/extcred1.cfm.

Status of Commitments of HIPC Assistance (Table 3) Status of the IMF's commitments to members under the Heavily Indebted Poor Countries Initiative (HIPC).

Table 1. Key IMF Financial Statistics
as of September 13, 2002
(In billions of SDRs, at end of period, unless indicated otherwise)
(For definitions, see below)
      2002
  2000 2001 Q1 Q2 Q3 to date

   
Financial Assistance  
   GRA  
      Purchases (during period) 7.2 23.8 7.9 9.9 4.9  
      Repurchases (during period) 15.3 13.3 6.5 5.1 1.5  
      Credit outstanding 43.0 53.5 54.9 59.6 63.0  
             
   PRGF            
      Disbursements (during period) 0.5 0.9 0.1 0.7 0.2  
      Repayments (during period) 0.6 0.8 0.1 0.4 0.1  
      Credit outstanding 6.4 6.4 6.5 6.7 6.9  
             
   HIPC (SDR millions)            
      Commitments (cumulative) 1,322.4 1,381.7 1,570.2 1,584.2 1,584.2  
      Disbursements (cumulative) 452.4 637.9 672.8 826.7 836.6  
             
Available Resources            
   GRA            
      Usable resources 109.8 102.5 101.2 99.3 100.6  
      Net uncommitted usable resources 77.6 65.4 61.6 66.3 51.7  
      Liquid liabilities 47.3 56.9 58.1 63.0 65.4  
      Liquidity ratio (percent) 163.9 115.0 106.1 105.2 79.0  
             
   PRGF Trust            
      Available loan resources 11.4 14.5 15.5 15.8 15.8  
      Cumulative commitments, net 9.5 11.4 11.6 12.2 12.2  
       Of which, cumulative disbursements 7.7 8.6 8.7 9.4 9.6  
      Uncommitted loan resources 1.9 3.1 3.9 3.6 3.6  
             
   PRGF-HIPC Trust (SDR millions)            
      PRGF-HIPC sub-account 443.7 455.7 461.1 339.7 352.6 1
      HIPC sub-account 15.9 -- -- -- -- 1
      PRGF sub-account 10.6 14.5 14.5 17.9 17.9 1
             
Arrears            
   GRA 1.9 1.9 1.9 1.7 1.7  
   PRGF -- 0.0 0.0 0.0 0.1  
   Trust Fund and other 0.4 0.4 0.4 0.2 0.2  
             
Rates            
   US$ per SDR 1.30291 1.25673 1.24691 1.33046 1.32365  
   SDR interest rate (percent) 4.34 2.24 2.33 2.32 2.22  
   Rate of charge, adjusted (percent) 5.22 2.75 2.85 3.09 2.95  
   Rate of remuneration, adjusted (percent) 4.15 2.12 2.21 2.19 2.11  
 

1 As of end-July 2002.

Table 1. Key IMF Financial Statistics

Term Definition

   
Financial Assistance  
   GRA The General Resources Account (GRA) contains the IMF's financial resources arising from members' subscriptions (quotas), its holdings of SDRs and gold, and any borrowed resources.
      Purchases GRA resources disbursed to members during the period (outflows).
      Repurchases GRA resources repaid by members during the period (reflows).
      Credit outstanding Total GRA resources disbursed less repayments.
   
   PRGF The Poverty Reduction and Growth Facility (PRGF), formerly known as the Enhanced Structural Adjustment Facility (ESAF), provides loans at a concessional interest rate to eligible, low-income members. PRGF financing is conducted through the PRGF Trust.
      Disbursements Disbursements of PRGF loans during the period.
      Repayments Repayments of PRGF and Structural Adjustment Facility loans during the period.
      Credit outstanding Total PRGF loan disbursements less repayments (including credit outstanding under Trust Fund and Structural Adjustment Facility (SAF)).
   HIPC Assistance provided to eligible countries under the Heavily Indebted Poor Countries (HIPC) Initiative.
      Commitments Cumulative commitments made to HIPC-eligible members that have reached the decision point under the HIPC Initiative; includes amounts that the IMF has indicated will be committed subject to satisfactory assurances regarding exceptional assistance to be provided by other creditors under the HIPC Initiative.
      Disbursements Cumulative grants to members eligible for financial assistance under the HIPC Initiative to be used to help meet debt service payments to the IMF.
Available Resources  
      Usable resources Usable resources consist of: (1) the IMF's holdings of currencies of those members considered financially strong enough to support the extension of Fund credits (members that are included in the IMF's quarterly financial transactions plan), (2) the IMF's holdings of SDRs, and (3) balances available under activated borrowing agreements (General Arrangements to Borrow and New Arrangements to Borrow).
      Net uncommitted usable resources Usable resources less undisbursed commitments under existing active arrangements (with commitments under precautionary arrangements counted at 50 percent), less working balances (10 percent of the quotas of countries in the financial transactions plan).
      Liquid liabilities Members' reserve positions in the IMF, i.e., reserve tranche positions plus any lending to the IMF under the GAB/NAB.
      Liquidity ratio The ratio of net uncommitted usable resources to liquid liabilities.
   PRGF Trust Trust administered by the IMF to conduct PRGF-related operations through the Loan, Reserve and Subsidy Accounts.
      Available loan resources Loan Account resources committed by lenders to the PRGF Trust, plus resources under an associated loan agreement with the Saudi Fund for Development.
      Cumulative commitments, net Cumulative commitments to borrowers, net of unused amounts under arrangements which have expired or have been canceled.
       Of which, cumulative disbursements Disbursements to borrowers under PRGF arrangements.
      Uncommitted loan resources Available PRGF loan resources less commitments made to PRGF borrowers.
   PRGF-HIPC Trust The trust holds resources (contributions of grants plus investment income) used to provide assistance to eligible members under the HIPC Initiative and subsidies for the continuation of concessional PRGF loans. Three separate sub-accounts are maintained:
      PRGF-HIPC sub-account Resources to support either PRGF or HIPC operations.
      HIPC sub-account Resources for HIPC operations only.
      PRGF sub-account Resources for PRGF subsidies only.
Arrears  
   GRA Total overdue GRA financial obligations.
   PRGF Total overdue PRGF financial obligations.
   Trust Fund and other Total overdue financial obligations to the Trust Fund, Structural Adjustment Facility (SAF), and SDR Department. Although the Trust Fund and SAF are no longer operational, arrears to the Trust Fund and SAF consist of overdue repayments, interest, or charges on loans provided under these facilities. Arrears in the SDR Department are incurred on any unpaid charges.
Rates  
   US$ per SDR Exchange rate for the SDR in terms of U.S. dollars. The method for valuing the SDR was revised effective January 1, 2001.
  See www.imf.org/external/np/sec/pr/2000/pr0055.htm.
   SDR interest rate

Interest rate calculated as a weighted average of three month market interest rates on U.S. dollar, euro, Japanese yen and pound sterling assets.

  See www.imf.org/external/np/sec/pr/2000/pr0055.htm.
   Rate of charge, adjusted

Interest rate charged on GRA loans to cover the IMF's cost of financing, additions to reserves, and administrative expenses. Adjusted by a small margin to allow for special additions to reserves and to compensate for income forgone because of charges in arrears.

   Rate of remuneration, adjusted

Interest rate paid to members that provide resources to the IMF. Adjusted by a small margin to allow for special additions to reserves and to compensate for income forgone because of charges in arrears.

Table 2a. Current Financial Arrangements (GRA)
as of September 13, 2002
(In millions of SDRs)
(For definitions, see below)
  Current Financial Arrangement
 
  Date of Date of Amount Undrawn IMF Credit
Member Approval Expiration Agreed Balance Outstanding

           
Stand-by Arrangements  
           
   Argentina 1 3/10/00 3/9/03 16,725 6,969 10,719
   Bosnia and Herzegovina 8/2/02 11/1/03 68 48 99
   Brazil 2 9/6/02 12/31/03 22,821 20,539 13,105
   Bulgaria 2/27/02 2/26/04 240 156 813
   Dominica 8/28/02 8/27/03 3 1 2
   Guatemala 4/1/02 3/31/03 84 84 --
   Jordan 7/3/02 7/2/04 85 75 372
   Latvia 4/20/01 12/19/02 33 33 13
   Lithuania 8/30/01 3/29/03 87 87 101
   Peru 2/1/02 2/29/04 255 255 228
   Romania 10/31/01 4/29/03 300 165 345
   Sri Lanka 4/20/01 9/19/02 200 -- 200
   Turkey 2/4/02 12/31/04 12,821 2,892 16,246
   Uruguay 3 4/1/02 3/31/04 2,128 1,017 1,333
           
   14 Arrangements     55,850 32,320 43,574
           
Extended Arrangements          
           
   Colombia 12/20/99 12/19/02 1,957 1,957 --
   Indonesia 2/4/00 12/31/03 3,638 1,652 6,702
   Yugoslavia, Fed. Rep. 5/14/02 5/13/05 650 550 417
           
   3 Arrangements     6,245 4,159 7,118
           
Total STBY and EFF     62,095 36,479 50,693

           
1 Amount agreed and undrawn balance exclude SDR 211.71 million not drawn under the SRF. Argentina's SRF expired on 1/11/02.
2 Amount agreed and undrawn balance include commitment and amounts available under the SRF.  
3 Amount agreed and undrawn balance exclude SDR 257.4 million not drawn under the SRF. Uruguay's SRF was canceled on 8/8/02.

Table 2b. Current Financial Arrangements (PRGF)
as of September 13, 2002
(In millions of SDRs)
(For definitions, see below)
  Current Financial Arrangement
 
  Date of Date of Amount Undrawn IMF Credit
Member Approval Expiration Agreed Balance Outstanding

           
Poverty Reduction and Growth Facility          
           
   Albania 6/21/02 6/20/05 28 24 62
   Armenia 5/23/01 5/22/04 69 59 113
   Azerbaijan 7/6/01 7/5/04 81 64 96
   Benin 7/17/00 3/31/04 27 8 57
   Burkina Faso 9/10/99 12/9/02 39 6 93
   Cambodia 10/22/99 2/28/03 59 8 73
   Cameroon 12/21/00 12/20/03 111 64 210
   Cape Verde 4/10/02 4/9/05 9 7 1
   Chad 1/7/00 1/6/03 48 16 76
   Congo, Democratic Rep. of 6/12/02 6/11/05 580 160 420
   Cote d'Ivoire 3/29/02 3/28/05 293 234 394
   Djibouti 10/18/99 10/17/02 19 10 9
   Ethiopia 3/22/01 3/21/04 100 42 99
   Gambia, The 7/18/02 7/17/05 20 17 24
   Georgia 1/12/01 1/11/04 108 59 211
   Ghana 5/3/99 11/30/02 229 53 270
   Guinea 5/2/01 5/1/04 64 39 106
   Guinea-Bissau 12/15/00 12/14/03 14 9 14
   Honduras 3/26/99 12/31/02 157 49 122
   Kenya 8/4/00 8/3/03 190 156 72
   Kyrgyz Republic 12/6/01 12/5/04 73 50 137
   Lao People's Dem Rep 4/25/01 4/24/04 32 18 34
   Lesotho 3/9/01 3/8/04 25 14 13
   Madagascar 3/1/01 2/29/04 79 57 100
   Malawi 12/21/00 12/20/03 45 39 55
   Mali 8/6/99 8/5/03 51 13 132
   Mauritania 7/21/99 12/20/02 43 6 79
   Moldova 12/21/00 12/20/03 111 83 28
   Mongolia 9/28/01 9/27/04 29 24 34
   Mozambique 6/28/99 6/27/03 87 17 153
   Niger 12/22/00 12/21/03 59 25 79
   Pakistan 12/6/01 12/5/04 1,034 775 605
   Rwanda 8/12/02 8/11/05 4 3 63
   Sao Tome and Principe 4/28/00 4/27/03 7 5 2
   Sierra Leone 9/26/01 9/25/04 131 75 118
   Tanzania 4/4/00 4/3/03 135 35 282
   Vietnam 4/13/01 4/12/04 290 166 287
   Zambia 3/25/99 3/28/03 279 124 747
           
   38 Arrangements     4,757 2,612 5,466

Table 2a. and 2b. Current Financial Arrangements (GRA and PRGF)

Term Definition

   
Arrangements IMF credit is made available under a variety of borrowing arrangements with different disbursement schedules and maturities depending on the balance of payment needs of the member.
   Stand-By Arrangements The most common type of credit arrangement designed to provide short-term financial assistance. Purchases under Stand-By Arrangements are repayable in 8 quarterly installments 3¼-5 years after drawdown.
   Extended Arrangements Extended Arrangements provide credit for a longer period since these arrangements usually require fundamental reforms which may need more time to put in place and take effect. Drawings under extended arrangements are repayable in 12 semiannual installments 4½ - 10 years after drawdown.
   PRGF Arrangements Concessional arrangements providing credit at an interest rate of ½ of 1 percent to eligible low-income members. The loans are repayable in 10 equal semiannual installments 5½ -10 years after drawdown.
   
Arrangement Details  
   Approval Date Date the arrangement was approved by the Executive Board.
   Expiration Date Arrangements have a specified duration. Commitments are no longer available after the expiration of the arrangement.
   Amount Committed Amount of credit available under an arrangement.
   Undrawn Balance Amount of credit available under an arrangement but not yet drawn.
   IMF Credit Outstanding Total resources outstanding to the member.

Table 3. Status of Commitments of HIPC Assistance
as of September 13, 2002
(In millions of SDRs)
(For definitions, see below)
Member Decision Point Completion Point 1 Amount Committed Amount Disbursed

   Benin Jul. 2000   Floating   18.4   11.0  
   Bolivia Sep. 1997 1 Sep. 1998   21.3   21.3  
   Bolivia 3 Feb. 2000   Jun. 2001   44.2   44.2  
   Burkina Faso Sep. 1997 1 Jul. 2000   16.3   16.3  
   Burkina Faso Jul. 2000   Apr. 2002   29.0 5 18.1  
   Cameroon Oct. 2000   Floating   28.5   2.5  
   Chad May. 2001   Floating   14.3   4.3  
   Cote d'Ivoire Mar. 1998 2 --   16.7 4 --  
   Ethiopia Nov. 2001   Floating   26.9   4.0  
   Gambia, The Dec. 2000   Floating   1.8   0.1  
   Ghana Feb. 2002   Floating   90.1   9.9  
   Guinea Dec. 2000   Floating   24.2   5.2  
   Guinea Bissau Dec. 2000   Floating   9.2   0.5  
   Guyana Dec. 1997 1 May. 1999   25.6   25.6  
   Guyana Nov. 2000   Floating   30.7   6.1  
   Honduras Jun. 2000   Floating   22.7   4.5  
   Madagascar Dec. 2000   Floating   16.6   2.1  
   Malawi Dec. 2000   Floating   23.1   2.3  
   Mali Sep. 1998 1 Sep. 2000   10.8   10.8  
   Mali Sep. 2000   Floating   33.6   9.1  
   Mauritania Feb. 2000   Jun. 2002   34.8   34.8  
   Mozambique Apr. 1998 1 Jun. 1999   93.2   93.2  
   Mozambique 3 Apr. 2000   Sep. 2001   14.8   14.8  
   Nicaragua Dec. 2000   Floating   63.0   --  
   Niger Dec. 2000   Floating   21.6   1.5  
   Rwanda Dec. 2000   Floating   33.8   10.0  
   Sao Tomé & Príncipe Dec. 2000   Floating   --   --  
   Senegal Jun. 2000   Floating   33.8   8.2  
   Sierra Leone Mar. 2002   Floating   98.5   23.6  
   Tanzania 3 Mar. 2000   Nov. 2001   96.4   96.4  
   Uganda Apr. 1997 1 Apr. 1998   51.5   51.5  
   Uganda 3 Feb. 2000   May. 2000   70.2   70.2  
   Zambia Dec. 2000   Floating   468.8   234.4  
   27 members, of which 26 members received commitments of enhanced HIPC assistance 1,584.2   836.6  

                 
 1 Original HIPC decision point.
 2 Decision point under the original framework. The Fund's HIPC assistance will be committed at the completion point, subject to
  satisfactory assurances regarding exceptional assistance to be provided by other creditors under the HIPC Initiative.
 3 Includes interest on amounts committed but not disbursed during the interim period.
 4 Equivalent to the committed amount of US $22.5 million at decision point exchange rates (3/17/98).
 5 Includes commitment of additional enhanced HIPC assistance of SDR 10.93 million subject to receipt of satisfactory financing
assurances from other creditors.              

Table 3. Status of Commitments of HIPC Assistance

Term Definition

   
Decision Point Point at which the IMF decides whether a member qualifies for assistance under the HIPC Initiative (normally at the end of the initial three-year performance period) and decides on the amount of assistance to be committed.
Completion Point Point at which the country receives the bulk of its assistance under the HIPC Initiative, without any further policy conditions. Under the enhanced HIPC Initiative, the timing of the completion point is linked to the implementation of pre-agreed key structural reforms (i.e., floating completion point).
Amount Committed Amount of HIPC assistance determined, in consultation with the World Bank, at the decision point to be made available by the IMF.
Amount Disbursed Resources disbursed to the member to help meet debt service payments to the IMF.