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IMF Financial Activities -- Update June 11, 2009

I.    Introduction
II.   Key IMF Financial Statistics
III.  Current Financial Arrangements
IV.  Status of Commitments of HIPC Assistance
V.  Status of Multilateral Debt Relief Initiative 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 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://0-www-imf-org.library.svsu.edu/external/np/tre/tad/extarr1.cfm. For a list of all members with outstanding financial obligations to the IMF, see http://0-www-imf-org.library.svsu.edu/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.


Table 1. Key IMF Financial Statistics
as of June 11, 2009
(In billions of SDRs, and end of period, unless indicated otherwise)¹
(For definitions, see below)
 
        2009
 
  2006 2007 2008 Q1 Q2 to date  
Financial Assistance            
   GRA            
      Purchases (during period) 2.4 1.0 13.4 2.9 7.6  
      Repurchases (during period) 21.0 4.7 1.9 0.5 0.1  
      Credit outstanding 9.8 6.0 17.5 19.9 27.4  
             
   PRGF-ESF            
      Disbursements (during period) 0.5 0.3 0.6 0.2 0.5  
      Repayments (during period) 2.9 0.4 0.5 0.1 0.1  
      Credit outstanding 3.8 3.8 4.0 4.1 4.4  
             
   HIPC (SDR millions)            
      Number of countries 31 33 35 35 35  
      Commitments (cumulative) 1,877 1,896 2,324 2,324 2,349  
      Disbursements (cumulative) 1,686 1,694 1,716 1,754 1,759  
       Of which: Interim assistance 640 645 667 682 687  
       Completion point assistance 1,047 1,049 1,049 1,071 1,071  
             
   MDRI (SDR millions)            
      Number of countries 23 25 25 26 26  
      Total Debt Relief (cumulative) 2,691 2,702 2,702 2,728 2,728  
Financed from: MDRI Trusts 2,294 2,303 2,303 2,312 2,312  
HIPC Umbrella Account 397 399 399 416 416  
             
Available Resources            
   GRA            
      Usable resources 161.2 165.4 152.4 150.3 147.3  
      Uncommitted usable resources 157.3 162.3 132.1 130.7 68.1  
      Repurchases one-year forward 2.8 0.3 0.1 0.1 0.5  
      Prudential balance 34.8 34.9 34.7 34.7 35.7  
      One-year forward commitment capacity (FCC) 125.4 127.7 97.6 96.1 32.8 2
             
   PRGF-ESF Trust            
      Total loan resources 15.8 15.8 15.8 15.8 15.8  
      Cumulative commitments, net 13.3 13.2 14.0 14.5 15.1  
       Of which: Cumulative disbursements 12.5 12.8 13.4 13.6 14.1  
      Uncommitted loan resources 2.5 2.6 1.9 1.3 0.7  
             
Arrears            
   GRA 1.6 1.6 1.1 1.1 1.1  
   PRGF 0.1 0.1 0.1 0.1 0.1  
   Trust Fund and other 0.2 0.2 0.1 0.1 0.1  
             
Rates            
    US$ per SDR 1.50440 1.58025 1.54027 1.49507 1.54211  
   SDR interest rate (percent) 4.07 3.50 0.82 0.42 0.48  
   Rate of charge, adjusted (percent) 5.48 4.77 1.84 1.43 1.49  
   Rate of remuneration, adjusted (percent) 3.77 3.32 0.80 0.41 0.47  
             
1 -- indicates zero value. Totals may not add due to rounding      
2 FCC determined on basis of available quota resources only; in addition, the Fund has access to SDR 34 billion under the NAB/GAB borrowing arrangements and US$ 100 billion under the borrowing agreement with Japan.  

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 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.
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-ESF 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.
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.
   
Available Resources  
GRA  
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://0-www-imf-org.library.svsu.edu/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 usableresources 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 the SRF, and on an obligations basis under all other facilities (see Terms of IMF Lending: http://0-www-imf-org.library.svsu.edu/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.
   
PRGF-ESF Trust Trust administered by the IMF to conduct PRGF and ESF-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 and ESF arrangements.
Uncommitted loan resources Available PRGF loan resources less commitments made to PRGF and ESF borrowers.
   
Arrears Outstanding  
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, 2006.
  (See: http://0-www-imf-org.library.svsu.edu/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 9, 2006.
  (See: http://0-www-imf-org.library.svsu.edu/external/np/tre/tad/sdr_ir.cfm )
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
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 PRGF-ESF, PRGF-HIPC, Special Disbursement Account (SDA), and MDRI Trusts 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.

Table 2a. Current Financial Arrangements (GRA)
as of June 11, 2009
(In millions of SDRs)1
(For definitions see Attachment)
 
Member Effective Expiration Amount Undrawn Total Credit
Date
Date
Agreed
Balance
Outstanding
           
Stand-by Arrangements  
Armenia 3/6/09 7/5/11 368 206 162
Belarus 1/12/09 4/11/10 1,618 1,100 518
Costa Rica 4/11/09 7/10/10 492 492 --
El Salvador 1/16/09 3/31/10 514 514 --
Gabon 5/7/07 5/6/10 77 77 --
Georgia 9/15/08 3/14/10 477 189 288
Guatemala 4/22/09 10/21/10 631 631 --
Hungary 11/6/08 4/5/10 10,538 4,215 6,323
Iceland 11/19/08 11/18/10 1,400 840 560
Latvia 12/23/08 3/22/11 1,522 986 535
Mongolia 4/1/09 10/1/10 153 102 51
Pakistan 11/24/08 10/23/10 5,169 2,533 2,636
Romania 5/4/09 5/3/11 11,443 7,073 4,370
Serbia, Republic of 1/16/09 4/15/11 2,619 1,918 702
Seychelles 11/14/08 11/13/10 18 11 7
Ukraine 11/5/08 11/4/10 11,000 6,125 4,893
           
   16 Arrangements     48,038 27,012 21,044
           
Flexible Credit Line          
           
Colombia 5/11/09 5/10/10 6,966 6,966 --
Mexico 4/17/09 4/16/10 31,528 31,528 --
Poland 5/6/09 5/5/10 13,690 13,690 --
           
   3 Arrangements     52,184 52,184 --
           
Extended Arrangements          
           
   0 Arrangements     -- -- --
           
Total 19 STBY, EFF, and FCL     100,222 79,196 21,044
           
1 -- indicates zero value. Totals may not add due to rounding.      

Table 2b. Current Financial Arrangements (PRGF and ESF)
as of June 11, 2009
(In millions of SDRs)1
(For definitions, see below)
           
Member Effective Expiration Amount Undrawn Total Credit
Date
Date
Agreed
Balance
Outstanding
Poverty Reduction and Growth Facility        
           
   Afghanistan 6/26/06 3/31/10 81 11 70
   Benin 8/5/05 8/4/09 16 1 15
   Burkina Faso 4/23/07 4/22/10 15 3 35
   Burundi 7/7/08 7/6/11 46 33 51
   Central African Rep. 12/22/06 12/21/09 45 9 39
   Congo, Rep. of 12/8/08 12/7/11 9 7 25
   Cote d'Ivoire 3/27/09 3/26/12 374 215 195
   Djibouti 9/17/08 9/16/11 13 9 10
   Gambia, The 2/21/07 2/20/10 20 7 13
   Grenada 4/17/06 4/16/10 16 6 11
   Guinea 12/21/07 12/20/10 70 45 43
   Haiti 11/20/06 11/19/09 115 23 91
   Liberia 3/14/08 3/13/11 239 18 221
   Madagascar 7/21/06 7/20/09 73 20 64
   Mali 5/28/08 5/27/11 28 10 26
   Mauritania 12/18/06 12/17/09 16 6 10
   Nicaragua 10/5/07 10/4/10 78 48 72
   Niger 6/2/08 6/1/11 23 13 36
   Rwanda 6/12/06 8/14/09 8 1 9
   Sao Tome 3/2/09 3/1/12 3 2 3
   Sierra Leone 5/10/06 5/9/10 42 21 35
   Tajikistan 4/21/09 4/20/12 78 52 26
   Togo 4/21/08 4/20/11 84 35 49
   Zambia 6/4/08 6/3/11 220 106 169
   24 Arrangements     1,711 702 1,319
           
   Exogenous Shocks Facility        
           
   Kyrgyz Republic 12/10/08 6/9/10 67 33 117
   Malawi 12/3/08 12/2/09 52 17 81
   Senegal 12/19/08 12/18/09 49 24 42
   Tanzania 5/29/09 5/28/10 219 219 11
   4 Arrangements     386 294 251
           
   Total     2,097 996 1,569
           
   1 -- indicates zero value. Totals may not add due to rounding.      

Table 2a. and 2b. Current Financial Arrangements (GRA, PRGF and ESF)
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 yea
   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
   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.
ESF Arrangements The ESF is designed to provide concessional financing to low-income countries that are experiencing exogenous shocks but do not have a PRGF arrangement in place. The interest rate and repayment terms for disbursements under the ESF are the same as those u
   Flexible Credit Line The FCL has been established to allow members with very strong track records to access IMF resources based on pre-set qualification criteria to deal with all types of balance of payments problems. The FCL could be used both on a precautionary (crisis prevention) and nonprecautionary (crisis resolution) basis. Members may request either a six-month arrangement, or a 12-month arrangement with a mid-year review to confirm continued qualification. Arrangements would be renewable. Access is determined on a case-by-case basis and is not subject to a pre-set cap.
   
Arrangement Details  
Next Scheduled Review IMF financial arrangements are reviewed regularly to assess progress in policy reforms. The disbursement of funds under an arrangement is linked to the achievement of certain financial targets.
   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.

Table 3. Status of Commitments of IMF HIPC Assistance
as of June 11, 2009
(In millions of SDRs)1
(For definitions, see below)
 
Member
Decision Point
Completion Point
Amount Committed
Amount Disbursed
2
Under the Original HIPC Initiative            
   Bolivia Sep. 1997 Sep. 1998 21.3   21.3  
   Burkina Faso Sep. 1997 Jul. 2000 16.3   16.3  
   Cote d'Ivoire Mar. 1998 -- 16.7 3 --  
   Guyana Dec. 1997 May. 1999 25.6   25.6  
   Mali Sep. 1998 Sep. 2000 10.8   10.8  
   Mozambique Apr. 1998 Jun. 1999 93.2   93.2  
   Uganda Apr. 1997 Apr. 1998 51.5   51.5  
Total Original HIPC     235.3   218.6  
             
Under the Enhanced HIPC Initiative          
   Afghanistan Jul. 2007 Floating -- 4 --  
   Benin Jul. 2000 Mar. 2003 18.4   20.1  
   Bolivia Feb. 2000 Jun. 2001 41.1   44.2  
   Burkina Faso Jul. 2000 Apr. 2002 27.7   29.7  
   Burundi Aug. 2005 Jan. 2009 19.3   22.4  
   Cameroon Oct. 2000 Apr. 2006 28.6   33.7  
   Central African Republic Sep. 2007 Floating 17.3   6.6  
   Chad May. 2001 Floating 14.3   8.6  
   Congo, Dem. Rep. of Jul. 2003 Floating 228.3 5 3.4  
   Congo, Rep. of Mar. 2006 5.6   0.1  
   Cote d'Ivoire Apr. 2009 25.2   5.0  
   Ethiopia Nov. 2001 Apr. 2004 45.1   46.7  
   Gambia, The Dec. 2000 Dec. 2007 1.8   2.3  
   Ghana Feb. 2002 Jul. 2004 90.1   94.3  
   Guinea Dec. 2000 Floating 24.2   10.0  
   Guinea-Bissau Dec. 2000 Floating 9.2   0.5  
   Guyana Nov. 2000 Dec. 2003 31.1   34.0  
   Haiti Nov. 2006 Floating 2.1   0.3  
   Honduras Jun. 2000 Apr. 2005 22.7   26.4  
   Liberia Mar. 2008 Floating 428.1   30.1  
   Madagascar Dec. 2000 Oct. 2004 14.7   16.4  
   Malawi Dec. 2000 Aug. 2006 33.4   37.2  
   Mali Sep. 2000 Mar. 2003 34.7   38.5  
   Mauritania Feb. 2000 Jun. 2002 34.8   38.4  
   Mozambique Apr. 2000 Sep. 2001 13.7   14.8  
   Nicaragua Dec. 2000 Jan. 2004 63.5   71.2  
   Niger Dec. 2000 Apr. 2004 31.2   34.0  
   Rwanda Dec. 2000 Apr. 2005 46.8   50.6  
   São Tomé and Príncipe Dec. 2000 Mar. 2007 0.8   0.9  
   Senegal Jun. 2000 Apr. 2004 33.8   38.4  
   Sierra Leone Mar. 2002 Dec. 2006 100.0   106.6  
   Tanzania Apr. 2000 Nov. 2001 89.0   96.4  
   Togo Nov. 2008 Floating 0.2   0.0  
   Uganda Feb. 2000 May. 2000 68.1   70.2  
   Zambia Dec. 2000 Apr. 2005 468.8   508.3  
Total Enhanced HIPC     2,113.8   1,540.0  
             
   Grand Total 2,349.1   1,758.6  
             
1 -- indicates zero value. Totals may not add due to rounding.        
2 Includes interest on amounts committed under the Enhanced HIPC Initiative.  
3 Equivalent to the committed amount of US $22.5 million at decision point exchange rates (3/17/98).  
4 At the time of its decision point, Afghanistan did not have any outstanding eligible debt.  
5 Amount committed is equivalent to the remaining balance of the total IMF HIPC assistance of SDR 337.9 million, after deducting SDR 109.6 million representing the concessional element associated with the disbursement of a PRGF loan.  

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 struc
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. Disbursements are normally dependent on receipt of sufficient financing assurances from other creditors.

Table 4. Status of Multilateral Debt Relief Initiative Assistance
as of June 11, 2009
(In millions of SDRs)1
(For definitions, see below)
         
  Delivery
Eligible Debt
Member Date GRA PRGF Total
         
    Benin 1/6/2006 -- 36.1 36.1
    Bolivia 1/6/2006 89.8 71.2 160.9
    Burkina Faso 1/6/2006 -- 62.1 62.1
    Burundi 2/2/2009   26.4 26.4
    Cambodia 1/6/2006 -- 56.8 56.8
    Cameroon 4/28/2006 -- 173.3 173.3
    Ethiopia 1/6/2006 -- 112.1 112.1
    Gambia, The 12/20/2007 -- 9.4 9.4
    Ghana 1/6/2006 -- 265.4 265.4
    Guyana 1/6/2006 -- 45.1 45.1
    Honduras 1/6/2006 -- 107.5 107.5
    Madagascar 1/6/2006 -- 137.3 137.3
    Malawi 9/1/06 / 12/19/06 2 10.8 27.0 37.9
    Mali 1/6/2006 -- 75.1 75.1
    Mauritania 6/22/2006 -- 32.9 32.9
    Mozambique 1/6/2006 -- 106.6 106.6
    Nicaragua 1/6/2006 -- 140.5 140.5
    Niger 1/6/2006 -- 77.6 77.6
    Rwanda 1/6/2006 -- 52.7 52.7
    São Tomé and Príncipe 3/19/07 / 12/28/07 3 -- 1.4 1.4
    Senegal 1/6/2006 -- 100.3 100.3
    Sierra Leone 12/18/2006 -- 117.3 117.3
    Tajikistan 1/6/2006 -- 69.3 69.3
    Tanzania 1/6/2006 -- 234.0 234.0
    Uganda 1/6/2006 -- 87.7 87.7
    Zambia 1/6/2006 -- 402.6 402.6
         
   Total   100.6 2,627.6 2,728.2
         
1 -- indicates zero value. Totals may not add due to rounding.    
2 MDRI assistance to Malawi was delivered in September 2006. Following the receipt of satisfactory financing assurances from other creditors, Malawi received additional MDRI assistance financed from HIPC topping-up assistance in December 2006.
3 MDRI assistance to Sao Tome and Principe was delivered in March 2007. Following the receipt of satisfactory financing assurances from other creditors, Sao Tome and Principe received additional MDRI assistance financed from HIPC topping-up assistance in December 2007.

Table 4. Status of Multilateral Debt Relief Initiative Assistance

Term Definition
Debt Relief Delivery Date The effective date of delivery of MDRI assistance to qualified members.
Eligible Debt  
GRA Assistance that covers credit outstanding under the GRA
PRGF Assistance that covers credit outstanding under the PRGF-ESF Trust