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 2a and 2b)
Current Stand-By, Extended and Poverty Reduction and Growth (PRG)
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).
Status of Multilateral Debt Relief Initiative Assistance (Table 4) Status of the MDRI debt relief to eligible member countries that qualified for the assistance.
tab1> |
Table 1. Key IMF Financial Statistics
|
as of September 12, 2013
|
(In billions of SDRs, and end of period, unless indicated otherwise) 1/
|
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(For definitions, see below)
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|
2013
|
|
|
|
2011
|
2012
|
Q1
|
Q2
|
Q3 to date |
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Available Resources
|
|
|
|
|
|
|
|
GRA
|
|
|
|
|
|
|
|
Usable resources
|
396.9
|
373.1
|
360.9
|
394.9
|
396.2
|
|
|
Uncommitted usable resources
|
280.8
|
260.3
|
252.6
|
290.7
|
289.5
|
|
|
Forward commitment capacity (FCC)
|
251.4
|
235.4
|
227.6
|
265.3
|
260.4
|
|
|
|
|
|
|
|
|
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PRG Trust
|
|
|
|
|
|
|
|
Total loan resources
|
25.8
|
26.2
|
26.2
|
26.2
|
26.2
|
|
|
Cumulative commitments, net
|
18.4
|
19.4
|
19.4
|
19.4
|
19.4
|
|
|
Of which: Cumulative disbursements
|
16.8
|
17.8
|
18.0
|
18.3
|
18.3
|
|
|
Uncommitted loan resources
|
7.4
|
6.8
|
6.8
|
6.8
|
6.8
|
|
|
|
|
|
|
|
|
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Financial Assistance
|
|
|
|
|
|
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GRA
|
|
|
|
|
|
|
|
Purchases (during period)
|
33.6
|
15.0
|
4.4
|
3.6
|
1.9
|
|
|
Of which: financed by Fund bilateral borrowings
|
10.9
|
3.1
|
0.4
|
--
|
--
|
|
|
Of which: financed by NAB borrowings
|
8.6
|
6.5
|
2.6
|
2.0
|
1.4
|
|
|
Repurchases (during period)
|
2.0
|
12.2
|
3.9
|
4.5
|
5.8
|
|
|
Credit outstanding
|
87.3
|
90.0
|
90.5
|
89.6
|
85.6
|
|
|
Outstanding Fund borrowings
|
34.1
|
43.1
|
45.6
|
46.9
|
47.2
|
|
|
|
|
|
|
|
|
|
|
PRG Trust
|
|
|
|
|
|
|
|
Disbursements (during period)
|
0.8
|
0.9
|
0.2
|
0.3
|
0.0
|
|
|
Repayments (during period)
|
0.4
|
0.5
|
0.1
|
0.1
|
0.1
|
|
|
Credit outstanding
|
5.3
|
5.8
|
5.8
|
6.1
|
6.0
|
|
|
|
|
|
|
|
|
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|
HIPC (SDR millions)
|
|
|
|
|
|
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Number of countries
|
36
|
36
|
36
|
36
|
36
|
|
|
Commitments (cumulative)
|
2,416
|
2,421
|
2,421
|
2,421
|
2,421
|
|
|
Disbursements (cumulative)
|
2,547
|
2,586
|
2,586
|
2,586
|
2,586
|
|
|
Of which: Interim assistance
|
745
|
746
|
746
|
746
|
746
|
|
|
Completion point assistance
|
1,802
|
1,840
|
1,840
|
1,840
|
1,840
|
|
|
Memo item: Beyond-HIPC assistance
|
116
|
116
|
116
|
116
|
116
|
|
|
|
|
|
|
|
|
|
|
MDRI (SDR millions)
|
|
|
|
|
|
|
|
Number of countries
|
30
|
30
|
30
|
30
|
30
|
|
|
Total Debt Relief (cumulative)
|
3,537
|
3,537
|
3,537
|
3,537
|
3,537
|
|
|
Financed from: MDRI Trusts
|
2,867
|
2,867
|
2,867
|
2,867
|
2,867
|
|
|
HIPC Umbrella Account
|
670
|
670
|
670
|
670
|
670
|
|
|
|
|
|
|
|
|
|
|
PCDR (SDR millions)
|
|
|
|
|
|
|
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Number of countries
|
1
|
1
|
1
|
1
|
1
|
|
|
Total Debt Relief (cumulative)
|
178
|
178
|
178
|
178
|
178
|
2/
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Arrears
|
|
|
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|
|
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|
GRA
|
1.1
|
1.1
|
1.1
|
1.1
|
1.1
|
|
|
PRG Trust
|
0.1
|
0.1
|
0.1
|
0.1
|
0.1
|
|
|
Trust Fund and other
|
0.1
|
0.1
|
0.1
|
0.1
|
0.1
|
|
|
|
|
|
|
|
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Rates
|
|
|
|
|
|
|
|
US$ per SDR
|
1.53527
|
1.53692
|
1.49920
|
1.50396
|
1.51972
|
3/
|
|
SDR interest rate (percent)
|
0.11
|
0.03
|
0.08
|
0.08
|
0.06
|
3/
|
|
Rate of charge, adjusted (percent)
|
1.11
|
1.03
|
1.08
|
1.08
|
1.06
|
3/
|
|
Rate of remuneration, adjusted (percent)
|
0.11
|
0.03
|
0.08
|
0.08
|
0.06
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3/
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1/ -- indicates zero value, zero indicates amounts less than SDR 0.05 billion. Totals may not add due to rounding.
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2/ Includes Post-Catastrophe Debt Relief provided to Haiti on July 22, 2010.
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3/ As of the date of this report.
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Key IMF Financial Statistics
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Term
|
Definition |
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Available Resources
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GRA
|
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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) and resources available under other Fund borrowing agreements and note purchase agreements. Subsequent to the activation of the NAB on April 1, 2011, amounts available under Fund bilateral borrowing and note purchase agreements of NAB participants include only those needed to cover financing of commitments under arrangements approved by the Fund prior to April 1, 2011 based on the current 1:1 bilateral borrowed to quota resources financing ratio for such commitments; undrawn balances under bilateral agreements of other creditors not included in the NAB are available to finance all (both pre- and post-NAB) commitments. Effective April 1, 2013 the board approved termination of any further drawings under these Fund bilateral borrowing and note purchase agreements, which were concluded in 2009/2010 prior to activation of the NAB.
|
Uncommitted usable
resources
|
Usable resources less the full amount of undrawn balances under existing Fund arrangements.
|
Forward commitment capacity
|
A measure of the resources available for new financial commitments, equal to uncommitted usable resources plus repurchases one-year forward less repayments of borrowing due one-year forward and less the prudential balance. As of April 1, 2011, reflects activation of the expanded NAB for the first activation period through end-September 2011 and subsequent six-month activation periods thereafter.
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PRG Trust
|
Trust administered by the IMF to conduct concessional lending operations through the Loan, Reserve and Subsidy Accounts.
|
Available loan resources
|
Loan Account resources committed by lenders to the PRG Trust.
|
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 PRGT arrangements.
|
Uncommitted loan resources
|
Available PRGT loan resources less commitments made to eligible member countries.
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|
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Financial Assistance
|
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GRA
|
The General Resources Account (GRA) contains IMF holdings of members’ currencies, SDRs, gold, and other assets. These holdings are principally derived from quota subscription payments plus any activated borrowings.
|
Purchases
|
GRA resources disbursed to members during the period (outflows).
|
Repurchases
|
GRA resources repaid by members during the period (inflows).
|
Credit outstanding
|
Total GRA resources disbursed less repayments.
|
Outstanding Fund borrowings
|
Total GRA borrowings less repayments.
|
PRG Trust
|
The PRG Trust (PRGT) provides financial support to low-income member countries via concessional loan facilities.
|
Disbursements
|
PRG Trust resources disbursed to members during the period.
|
Repayments
|
PRG Trust resources (including outstanding Trust Fund and Structural Adjustment Facility (SAF) loans) repaid by members during the period.
|
Credit outstanding
|
Total PRG Trust resources disbursed less repayments (including outstanding Trust Fund and Structural Adjustment Facility (SAF) loans).
|
HIPC
|
Assistance provided to eligible countries under the Heavily Indebted Poor Countries (HIPC) Initiative.
|
Number of countries
|
Number of countries for which HIPC assistance has been committed.
|
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.
|
Of which:
|
|
Interim assistance
|
Cumulative grants to members between their decision and completion points.
|
Completion point assistance
|
Final grants to members at their completion points.
|
MDRI
|
The Multilateral Debt Relief Initiative (MDRI) provides 100% debt relief to eligible member countries that are qualified for the assistance. The debt relief covers the full stock of debt owed to the Fund as of end-2004, and still outstanding at the time the country qualifies for such debt relief.
|
Number of countries
|
Number of countries which have received MDRI debt relief.
|
Total Debt Relief
|
|
Financed from
|
|
MDRI Trusts
|
MDRI resources (excluding HIPC debt relief) disbursed to members during the period.
|
HIPC Umbrella Account
|
HIPC resources used as debt relief under the MDRI during the period.
|
|
|
PCDR
|
The Post-Catastrophe Debt Relief (PCDR) Trust provides 100% debt relief to eligible member countries that are qualified for the assistance.
|
Number of countries
|
Number of countries which have received Post-Catastrophe Debt Relief.
|
Total Debt Relief
|
|
Financed from the
|
|
PCDR Trust
|
PCDR resources (excluding HIPC debt relief) disbursed to members during the period.
|
|
|
Arrears Outstanding
|
|
GRA
|
Total overdue GRA financial obligations.
|
PRG
|
Total overdue PRGT financial obligations.
|
Trust Fund and other
|
Total overdue financial obligations to the Trust Fund and Structural Adjustment Facility (SAF). 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.
|
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, 2011.
|
|
(See: http://www.imf.org/external/np/tre/sdr/basket.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 7, 2011.
|
|
(See: http://www.imf.org/external/np/tre/tad/sdr_ir.cfm)
|
Rate of Charge, adjusted
|
The basic rate of charge on GRA loans is equal to the SDR interest rate plus 100 basis points to cover the IMF's cost of financing, additions to reserves, and administrative expenses; and further adjusted by a small margin 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.
|
Investments
|
|
Amount
|
PRG, PRG-HIPC and MDRI Trust resources invested in short-term deposits and medium-term instruments with the Bank for International Settlements (BIS) and bond portfolios managed by the World Bank and private investment managers. Data from the first quarter of 2000 onward also include sight deposits. The SDA contains the profits (sales proceeds minus the value of the gold at the acquisition cost) from sales of the IMF's gold holdings.
|
Average yield (percent)
|
Weighted average yield on time deposits, two days' notice accounts, demand deposit accounts, and fixed income securities.
|
Average maturity (months)
|
Weighted average of remaining maturity of resources placed in time deposits and the modified duration of fixed income securities.
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Table 2. Forward Commitment Capacity (FCC)
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|
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|
as of September 12, 2013
|
|
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(In billions of SDRs)
|
|
|
|
|
|
|
(For definitions, see below)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I. Usable resources (a) + (b)
|
396.2
|
|
|
|
|
|
|
|
(a) Fund quota resources
|
160.4
|
|
|
|
|
|
|
|
(b) Fund borrowed resources
|
235.9
|
|
|
|
|
|
|
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II. Undrawn balances under GRA arrangements
|
106.7
|
|
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|
|
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|
III. Uncommitted usable resources ( I - II )
|
289.5
|
|
|
|
|
|
|
|
IV. Repurchases one-year forward
|
17.5
|
|
|
|
|
|
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|
V. Repayments of borrowed resources one-year forward
|
6.9
|
|
|
|
|
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|
VI. Prudential balance
|
39.7
|
|
|
|
|
|
|
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VII. Forward commitment capacity ( III + IV - V - VI )
|
260.4
|
1/
|
|
|
|
|
|
|
(a) Quota resources
|
103.6
|
2/ 3/
|
|
|
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|
(b) NAB resources
|
156.8
|
3/
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1/ The FCC does not include about US$461 billion in additional bilateral pledges from members to boost IMF resources. These resources will only be counted towards the FCC once: (i) individual bilateral agreements are effective and (ii) the associated resources are available for use by the IMF, as determined by the IMF Executive Board.
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2/ Beginning April 1, 2013, only quota resources are used to finance pre-NAB commitments.
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3/ Based on 3:1 NAB to quota resources financing ratio for post-NAB commitments.
|
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|
Forward Commitment Capacity (FCC)
|
|
Term
|
Definition |
|
|
|
Usable Resources
|
|
Fund quota resources
|
The IMF holdings of SDRs and 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),
|
Fund borrowed resources
|
Unused amounts, if any, under credit lines already activated, such as under the General Arrangements to Borrow and New Arrangements to Borrow (GAB/NAB) and resources available under other Fund borrowing agreements and note purchase agreements.
|
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.
|
Repayments of borrowings
one-year forward
|
Repayment obligations on Fund borrowing and note placements in the coming one-year period, including drawings and notes reaching final maturity in the next 12 months plus any encashment requests for early repayment to be met over that same period.
|
Prudential balance
|
Amount set aside to safeguard the liquidity of members’ 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 participating in the financing of IMF transactions (Financial Transactions Plan) and any amounts made available under active bilateral borrowing and note purchase agreements. The prudential balance currently does not cover the encashment needs of NAB participants’ outstanding claims under bilateral borrowing agreements that are to be folded into the NAB. Nor does it extend to the claims of participants in the expanded NAB, as such resources are to be provided by setting aside a portion of the total credit arrangements under the NAB. 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.
|
Table 3a. Current Financial Arrangements (GRA)
|
as of September 12, 2013
|
(In millions of SDRs, unless indicated otherwise) 1/
|
(For definitions, see below)
|
|
Member
|
Effective
|
Expiration
|
Amount
|
Undrawn
|
GRA Credit
|
Date
|
Date
|
Agreed
|
Balance
|
Outstanding 2/
|
As percent of Quota
|
|
|
|
|
|
|
|
Stand-by Arrangements
|
|
|
|
|
|
|
|
|
*Bosnia
|
9/26/12
|
9/25/14
|
338
|
169
|
401
|
237
|
|
|
|
|
|
*Georgia 3/
|
4/11/12
|
4/10/14
|
125
|
125
|
297
|
198
|
|
|
|
|
|
*Jordan
|
8/3/12
|
8/2/15
|
1,364
|
853
|
512
|
300
|
|
|
|
|
|
*Kosovo
|
4/27/12
|
12/26/13
|
91
|
13
|
97
|
164
|
|
|
|
|
|
*St. Kitts and Nevis
|
7/27/11
|
7/26/14
|
53
|
5
|
48
|
542
|
|
|
|
|
|
|