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IMF Financial Activities -- Update January 3, 2003

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 January 3, 2003
(In billions of SDRs, at end of period, unless indicated otherwise)
(For definitions, see below)
        2003
  2001 2002 1 Q1 to date

   
Financial Assistance  
   GRA  
      Purchases (during period) 23.8 25.2   --  
      Repurchases (during period) 13.3 15.1   0.1  
      Credit outstanding 53.5 63.6   63.6  
           
   PRGF          
      Disbursements (during period) 0.9 1.3   --  
      Repayments (during period) 0.8 0.9   --  
      Credit outstanding 6.4 6.9   6.9  
           
   HIPC (SDR millions)          
      Commitments (cumulative) 1,381.7 1,587.9   1,587.9  
      Disbursements (cumulative) 637.9 970.4   970.4  
           
Available Resources          
   GRA          
      Usable resources 102.5 100.1   100.3  
      Uncommitted usable resources 76.7 68.2   68.4  
      Repurchases one-year forward 15.2 19.6   19.6  
      Prudential balance 30.9 32.6   32.6  
      One-year forward commitment capacity (FCC) 61.0 55.2   55.3  
      Liquidity ratio (percent) 115.0 83.6   84.0  
           
   PRGF Trust          
      Available loan resources 14.5 15.8 2 15.8  
      Cumulative commitments, net 11.4 12.3 2 12.3  
       Of which, cumulative disbursements 8.6 9.9 2 9.9  
      Uncommitted loan resources 3.1 3.4 2 3.4  
           
   PRGF-HIPC Trust (SDR millions)          
      PRGF-HIPC sub-account 455.7 383.9 2 383.9 2
      HIPC sub-account -- -- 2 -- 2
      PRGF sub-account 14.5 18.1 2 18.1 2
           
Arrears          
   GRA 1.9 1.7   1.7  
   PRGF 0.0 0.1   0.1  
   Trust Fund and other 0.4 0.2   0.2  
           
Rates          
   US$ per SDR 1.25673 1.35952   1.35110  
   SDR interest rate (percent) 2.24 1.91   1.91  
   Rate of charge, adjusted (percent) 2.75 2.54   2.54  
   Rate of remuneration, adjusted (percent) 2.12 1.81   1.81  
 

1 Some data are still provisional.
2 As of end-November 2002.

Table 1. Key IMF Financial Statistics

Term Definition

   
Financial Assistance  
   GRA The General Resources Account (GRA) contains IMF's holdings of members' currencies, SDRs, gold, and other assets. These holdings are principally derived from quota subscription payment plus any activated borrowing.
      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: (i) the IMF's holdings of the currencies of members considered by the Executive Board to have a sufficiently strong balance of payments and reserve position for their currencies to be used in the financing of IMF transactions (see Financial Transactions: http://www.imf.org/cgi-shl/create_x.pl?ftp ), (ii) holdings of SDRs, and (iii) unused amounts, if any, under credit lines already activated, such as under the General Arrangements to Borrow and New Arrangements to Borrow (GAB/NAB).
      Uncommitted usable resources Usable resources less the full amount of undrawn balances under existing arrangements.
      Repurchases one-year forward Repayments by member countries during the coming one-year period. These repurchases add to the supply of the IMF's usable resources. It is assumed that repurchases would be made on an expectations basis for SRF and CCL, and on an obligations basis under all other facilities (see How We Lend: http://www.imf.org/external/np/exr/facts/howlend.htm).
      Prudential balance Amount set aside to safeguard the liquidity of creditors' claims and take account of the potential erosion of the IMF's resource base. The prudential balance is set at 20 percent of the quotas of members that issue the currencies that are used in the financing of IMF transactions and any amounts activated under borrowing arrangements. The prudential ratio of 20 percent as decided by the IMF's Executive Board reflects historical experience and judgments on the indicative level of uncommitted usable resources that the IMF would normally not use to make financial commitments. The prudential balance does not represent a rigid minimum and IMF resources could on a strictly temporary basis, fall below this level.
      One-year forward commitment capacity A measure of the resources available for new financial commitments in the coming year, equal to uncommitted usable resources plus repurchases one-year forward minus the prudential balance.
      Liquidity ratio A traditional measure of the IMF's liquidity position, represented by the ratio of its net uncommitted usable resources to its liquid liabilities (for an explanation, see IMF's Financial Resources and Liquidity Position 2000 - October 2002: http://www.imf.org/external/np/tre/liquid/2002/1002.htm or Financial Organization & Operations: http://www.imf.org/external/pubs/ft/pam/pam45/contents.htm ).
   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 http://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. The method for valuing the SDR interest rate was revised effective January 8, 2001.
  See http://www.imf.org/external/np/sec/pr/2000/pr0055.htm
   Rate of charge, adjusted Interest rate charged on GRA credit outstanding 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 January 3, 2003
(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 10,548
   Bosnia and Herzegovina 8/2/02 11/1/03 68 36 102
   Brazil 2 9/6/02 12/31/03 22,821 18,257 15,320
   Bulgaria 2/27/02 2/26/04 240 156 772
   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 75 355
   Lithuania 8/30/01 3/29/03 87 87 50
   Peru 2/1/02 2/29/04 255 255 174
   Romania 10/31/01 4/29/03 300 165 315
   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 1,319
           
   12 Arrangements     55,617 29,993 45,202
           
Extended Arrangements          
           
   Indonesia 2/4/00 12/31/03 3,638 1,376 6,518
   Yugoslavia, Fed. Rep. 5/14/02 5/13/05 650 550 417
           
   2 Arrangements     4,288 1,926 6,935
           
Total 14 STBY and EFF     59,905 31,919 52,137

           
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 January 3, 2003
(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 60
   Armenia 5/23/01 5/22/04 69 39 129
   Azerbaijan 7/6/01 7/5/04 81 64 96
   Benin 7/17/00 3/31/04 27 8 54
   Cambodia 10/22/99 2/28/03 59 8 70
   Cameroon 12/21/00 12/20/03 111 48 226
   Cape Verde 4/10/02 4/9/05 9 6 3
   Chad 1/7/00 12/6/03 48 10 79
   Congo, Democratic Rep. of 6/12/02 6/11/05 580 160 420
   Cote d'Ivoire 3/29/02 3/28/05 293 234 361
   Djibouti 10/18/99 1/17/03 19 6 14
   Ethiopia 3/22/01 3/21/04 100 31 105
   Gambia, The 7/18/02 7/17/05 20 17 24
   Georgia 1/12/01 1/11/04 108 59 205
   Guinea 5/2/01 5/1/04 64 39 102
   Guinea-Bissau 12/15/00 12/14/03 14 9 14
   Guyana 9/20/02 9/19/05 55 49 71
   Kenya 8/4/00 8/3/03 190 156 65
   Kyrgyz Republic 12/6/01 12/5/04 73 50 132
   Lao People's Dem Rep 4/25/01 4/24/04 32 18 32
   Lesotho 3/9/01 3/8/04 25 11 16
   Madagascar 3/1/01 11/30/04 79 45 110
   Malawi 12/21/00 12/20/03 45 39 52
   Mali 8/6/99 8/5/03 51 13 122
   Moldova 12/21/00 12/20/03 111 83 28
   Mongolia 9/28/01 9/27/04 29 24 31
   Mozambique 6/28/99 6/27/03 87 17 147
   Nicaragua 12/13/02 12/12/05 98 91 128
   Niger 12/22/00 12/21/03 59 25 78
   Pakistan 12/6/01 12/5/04 1,034 689 681
   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 56 125
   Tajikistan 12/11/02 12/10/05 65 57 67
   Tanzania 4/4/00 6/30/03 135 15 294
   Uganda 9/13/02 9/12/05 14 12 189
   Vietnam 4/13/01 4/12/04 290 166 275
   Zambia 3/25/99 3/28/03 279 41 747
           
   38 Arrangements     4,520 2,428 5,414

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 2¼ - 4 years after disbursement under the expectation schedule, and 3¼ - 5 years after disbursement under the obligation schedule.
   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 6 semiannual installments 4¼ - 7 years after disbursement under the expectation schedule, and in 12 semiannual installments 4½ - 10 years after disbursement under the obligation schedule.
   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 disbursement.
   Supplemental Reserve Facility The Supplemental Reserve Facility (SRF) provides financial assistance to members experiencing exceptional balance of payments difficulties due to short-term financing needs resulting from a sudden and disruptive loss of market confidence reflected in pressure on the capital account and the members' reserves. SRF resources are provided under Stand-By and Extended Arrangements and are repayable in 2 installments 1 - 1½ years after disbursement under the expectation schedule, and 2 - 2½ years under the obligation schedule.
   
Arrangement Details  
   Next Scheduled Review Expected date the arrangement will be reviewed by the Executive Board.
   Date of Approval Date the arrangement was approved by the Executive Board.
   Date of Expiration Arrangements have a specified duration. Commitments are no longer available after the expiration of the arrangement.
   Amount Agreed Amount of credit available under an arrangement.
   Undrawn Balance Amount of credit available under an arrangement but not yet drawn.
   Total Credit Outstanding Total resources outstanding to the member.
   Total Credit Outstanding as percent of quota Total credit outstanding in terms of member's quota.
   Drawings available Thru End-2002 Credit available to a member under an arrangement through the end of 2002.
   Scheduled Repayments Thru End-2002 The amount of funds scheduled to be repaid by the member through the end of 2002.

Table 3. Status of Commitments of HIPC Assistance
as of January 3, 2003
(In millions of SDRs)
(For definitions, see below)
Member Decision Point Completion Point Amount Committed Amount Disbursed

   Benin Jul. 2000   Floating   18.4   11.0  
   Bolivia Sep. 1997 1 Sep. 1998   21.3   21.3  
   Bolivia 2 Feb. 2000   Jun. 2001   44.2   44.2  
   Burkina Faso Sep. 1997 1 Jul. 2000   16.3   16.3  
   Burkina Faso 2 Jul. 2000   Apr. 2002   29.0 3 18.1  
   Cameroon Oct. 2000   Floating   28.5   2.5  
   Chad May. 2001   Floating   14.3   4.3  
   Cote d'Ivoire Mar. 1998 1 --   16.7 4 --  
   Ethiopia Nov. 2001   Floating   26.9   8.2  
   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   10.3  
   Honduras Jun. 2000   Floating   22.7   4.5  
   Madagascar Dec. 2000   Floating   16.6   5.0  
   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 2 Feb. 2000   Jun. 2002   38.4   38.4  
   Mozambique Apr. 1998 1 Jun. 1999   93.2   93.2  
   Mozambique 2 Apr. 2000   Sep. 2001   14.8   14.8  
   Nicaragua Dec. 2000   Floating   63.0   1.9  
   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 2 Mar. 2000   Nov. 2001   96.4   96.4  
   Uganda Apr. 1997 1 Apr. 1998   51.5   51.5  
   Uganda 2 Feb. 2000   May. 2000   70.2   70.2  
   Zambia Dec. 2000   Floating   468.8   351.6  
   27 members, of which 26 members received commitments of enhanced HIPC assistance 1,587.9   970.4  

                 
 1 Original HIPC decision point.
 2 Includes interest on amounts committed but not disbursed during the interim period.
 3 Includes commitment of additional enhanced HIPC assistance of SDR 10.93 million subject to receipt of satisfactory financing
assurances from other creditors.              
 4 Equivalent to the committed amount of US $22.5 million at decision point exchange rates (3/17/98).

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.