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Annual Reports to the Executive Board available in full text.



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