A P P E N D I C E S

Contents

Appendix I
International Reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109
Foreign Exchange Reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109
Holdings of IMF-Related Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109
Gold Reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109
Developments in the First Quarter of 1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111
Currency Composition of Reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111
Tables in Appendix I
I.1. Official Holdings of Reserve Assets, 1992–March 1998 . . . . . . . . . . . . . . . . . . 110
I.2. Share of National Currencies in Total Identified Official Holdings of
Foreign Exchange, End of Year 1988–97 . . . . . . . . . . . . . . . . . . . . . . . . . . 111
I.3. Currency Composition of Official Holdings of Foreign Exchange,
End of Year 1989–97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113

Appendix II
Financial Operations and Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114
Tables in Appendix II
II.1. Arrangements Approved During Financial Years Ended
April 30, 1953–98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114
II.2. Arrangements in Effect at End of Financial Years Ended
April 30, 1953–98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116
II.3. Stand-By Arrangements in Effect During Financial Year
Ended April 30, 1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117
II.4. Extended Arrangements in Effect During Financial Year
Ended April 30, 1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118
II.5. Arrangements Under the Enhanced Structural Adjustment Facility
in Effect During Financial Year Ended April 30, 1998 . . . . . . . . . . . . . . . . 119
II.6. Summary of Disbursements, Repurchases, and Repayments,
Financial Years Ended April 30, 1948–98 . . . . . . . . . . . . . . . . . . . . . . . . . . 120
II.7. Purchases and Loans from the IMF, Financial Year
Ended April 30, 1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121
II.8. Repurchases and Repayments to the IMF, Financial Year
Ended April 30, 1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122
II.9. Outstanding IMF Credit by Facility and Policy, Financial Years
Ended April 30, 1991–98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124
II.10. Enhanced Structural Adjustment Facility, Estimated Value of
Contributions (Commitments as of April 30,1998) . . . . . . . . . . . . . . . . . . 125
II.11. Special One-Time Allocation of SDRs Pursuant to Schedule M of
the Proposed Fourth Amendment of the Articles of Agreement . . . . . . . . . 126
II.12. Summary of Transactions and Operations in SDRs, Financial Year
Ended April 30, 1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130

ANNUAL REPORT 199 8 105

APPENDICES

II.13. Holdings of SDRs by All Participants and by Groups of Countries as

Percent of Their Cumulative Allocations of SDRs and of Their
Non-Gold Reserves, at End of Financial Years Ended April 30, 1974–98 . . . 136
II.14. Key IMF Rates, Financial Year Ended April 30, 1998 . . . . . . . . . . . . . . . . . . . 137
II.15. Members That Have Accepted the Obligations of Article VIII,
Sections 2, 3, and 4 of the Articles of Agreement . . . . . . . . . . . . . . . . . . . . 138
II.16. Exchange Rate Arrangements as of April 30, 1998 . . . . . . . . . . . . . . . . . . . . . 140

Appendix III
Principal Policy Decisions of the Executive Board . . . . . . . . . . . . . . . . . . . . 142
A. Access Policy—Guidelines on Access Limits—Review . . . . . . . . . . . . . . . . . . . . . . . 142
B. IMF’s Income Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142
C. Enhanced Structural Adjustment Facility (ESAF) . . . . . . . . . . . . . . . . . . . . . . . . . . . 142
D. Supplemental Reserve Facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143
E. General Arrangements to Borrow—Renewal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144
F. Increases in Quotas of Members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144
Attachment. Report of the Executive Board to the Board of Governors:
Increase in Quotas of Fund Members—Eleventh General Review . . . . . . . . . . . . . 145
Attachment. Proposed Resolution of the Board of Governors: Increase
in Quotas of Fund Members—Eleventh General Review . . . . . . . . . . . . . . . . . . . 147
G. Special One-Time Allocation of SDRs—Report to Board of Governors on
Proposed Fourth Amendment of the Articles of Agreement . . . . . . . . . . . . . . . . . 150
Resolution No. 52-4. Special One-Time Allocation of SDRs: Proposed
Fourth Amendment of the Articles of Agreement . . . . . . . . . . . . . . . . . . . . . . . . . 150

Appendix IV
IMF Relations with Other International Organizations . . . . . . . . . . . . . . . 152
Relations with the World Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152
Relations with the United Nations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152
Relations with the World Trade Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152
Relations with the International Labour Organization . . . . . . . . . . . . . . . . . . . . . . . . . 153
Relations with Other Organizations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153
Cooperation with Regional Development Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153
Role of IMF Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153

Appendix V
External Relations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154
Purposes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154
Audiences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154
Instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154
Initiatives in 1997/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155
Table in Appendix V
V.1 Publications Issued, Financial Year Ended April 30, 1998 . . . . . . . . . . . . . . . . . 155

Appendix VI
Press Communiqués of the Interim Committee and the
Development Committee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158
Interim Committee of the Board of Governors on the International
Monetary System . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158
Forty-Ninth Meeting, Hong Kong, China, September 21, 1997 . . . . . . . . . . . . . . . . . 159
Statement of the Interim Committee on the Liberalization of
Capital Movements Under an Amendment of the Articles . . . . . . . . . . . . . . . . . . 159

106 ANNUAL REPORT 1998

 CONTENTS

Fiftieth Meeting, Washington, D.C., April 16, 1998 . . . . . . . . . . . . . . . . . . . . . . . . . . 161

Attachment. Code of Good Practices on Fiscal Transparency—
Declaration on Principles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163
Joint Ministerial Committee of the Boards of Governors of the Bank and
the Fund on the Transfer of Real Resources to Developing Countries
(Development Committee) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166
Fifty-Sixth Meeting, Hong Kong, China, September 22, 1998 . . . . . . . . . . . . . . . . . . . 166
Fifty-Seventh Meeting, Washington, D.C. April 17, 1998 . . . . . . . . . . . . . . . . . . . . . . . . 167

Appendix VII
Executive Directors and Voting Power on April 30, 1998 . . . . . . . . . . . . . 169

Appendix VIII
Changes in Membership of the Executive Board . . . . . . . . . . . . . . . . . . . . . 173

Appendix IX
Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177
Report of the External Audit Committee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177
Financial Statements of the International Monetary Fund
General Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178
Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178
Income Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179
Statements of Changes in Reserves and Resources . . . . . . . . . . . . . . . . . . . . . . . . . . 180
Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180
Schedule 1—Quotas, Fund’s Holdings of Currencies, Members’ Use
of Fund Resources, and Reserve Tranche Positions . . . . . . . . . . . . . . . . . . . . . 186
Schedule 2—Schedule of Repurchases and Repayments of Loans . . . . . . . . . . . . . . 190
Schedule 3—Status of Arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191
SDR Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192
Statements of Allocations and Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192
Statements of Receipt and Use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193
Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195
Financial Statements of the Accounts Administered by the Fund
Enhanced Structural Adjustment Facility Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196
Combined Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196
Combined Income Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196
Combined Statements of Changes in Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . 197
Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197
Schedule 1—Schedule of Outstanding Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . 199
Schedule 2—Contributions to and Resources of the Subsidy Account . . . . . . . . . . 200
Schedule 3—Schedule of Borrowing Agreements . . . . . . . . . . . . . . . . . . . . . . . . . 201
Schedule 4—Schedule of Repayments of Borrowing . . . . . . . . . . . . . . . . . . . . . . . 202
Schedule 5—Status of Loan Arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203
Schedule 6—Schedule of Repayments of Loans Receivable . . . . . . . . . . . . . . . . . . 204
Enhanced Structural Adjustment Facility Administered Accounts . . . . . . . . . . . . . . 205
Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205
Income Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206
Statements of Changes in Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206
Saudi Fund for Development Special Account—Statements of Receipts
and Uses of Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207
Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207

ANNUAL REPORT 199 8 107

APPENDICES

Trust for Special ESAF Operations for the Heavily Indebted Poor Countries
and for Interim ESAF Subsidy Operations (ESAF-HIPC Trust) . . . . . . . . . . . 209
Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209
Income Statements and Changes in Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209
Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210
Administered Accounts Established at the Request of Members . . . . . . . . . . . . . . . 212
Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212
Income Statements and Changes in Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212
Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213
Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215
Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215
Income Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215
Statements of Changes in Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215
Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216
Supplementary Financing Facility Subsidy Account . . . . . . . . . . . . . . . . . . . . . . . . . 217
Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217
Income Statements and Changes in Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217
Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218
Retired Staff Benefits Investment Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219
Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219
Income Statements and Changes in Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219
Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220
Financial Statements of the Staff Retirement Plans
Staff Retirement Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221
Report of the External Audit Committee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221
Statements of Accumulated Plan Benefits and Net Assets Available for Benefits . . . 222
Statements of Changes in Accumulated Plan Benefits . . . . . . . . . . . . . . . . . . . . . . 222
Statements of Changes in Net Assets Available for Benefits . . . . . . . . . . . . . . . . . . . 223
Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224
Supplemental Retirement Benefit Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227
Report of the External Audit Committee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227
Statements of Accumulated Plan Benefits and Assets Available for Benefits . . . . . . . 228
Statements of Changes in Accumulated Plan Benefits . . . . . . . . . . . . . . . . . . . . . . 228
Statements of Changes in Assets Available for Benefits . . . . . . . . . . . . . . . . . . . . . . 229
Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229

108 ANNUAL REPORT 1998

 A P P E N D I X I

International Reserves

During 1997, total international reserves increased by 4 per- about 78 percent. Reflecting private capital inflows, the stock
cent to SDR 1.4 trillion at the end of the year (Table I.1). of foreign exchange reserves held by net debtor countries
Nongold reserves increased by 9 percent to SDR 1.2 trillion grew by 15 percent in 1997. Foreign exchange reserves of
while the market value in SDR terms of the official holdings countries without debt-servicing problems increased by
of gold by monetary authorities declined by 18 percent to SDR 51 billion (18 percent); these reserves increased by
SDR 191 billion.1 The rates of increase in 1997 for both SDR 9 billion (8 percent increase) for countries with debt-
total and nongold reserves were lower than those in the servicing problems.
previous two years. The growth of nongold reserves can be
attributed largely to an increase of SDR 84 billion in Holdings of IMF-Related Assets
foreign exchange reserves. IMF-related assets increased by Total holdings of IMF-related assets increased by 20 percent
SDR 11 billion, reflecting an increase in industrial countries’ in 1997, to SDR 68 billion at the end of the year. Much of
reserve positions in the IMF associated with purchases of that increase can be attributed to an increase of SDR 9 billion
their currencies by certain Asian countries toward the end in members’ reserve positions in the IMF, which comprise
of 1997. their reserve tranche and creditor positions. The increase of
SDR 9 billion in members’ reserve tranche positions during
Foreign Exchange Reserves 1997 mainly reflects purchases of hard currencies by East
Foreign exchange reserves2 constitute the largest component Asian nations from other IMF members. IMF-related assets
of countries’ official holdings of reserve assets, accounting for represented 6 percent of total nongold reserve assets for all
94 percent of nongold reserves for all countries. Total foreign countries at the end of 1997. Industrial countries hold a sub-
exchange reserves were valued at SDR 1.1 trillion at the end stantial fraction of total IMF-related reserves, accounting for
of 1997, representing an increase of 8 percent relative to the 84 percent in 1997.
level at the end of 1996. During 1997, the stock of foreign Members’ holdings of SDRs—which had been drawn
exchange reserves rose by SDR 19 billion for industrial coun- down substantially during 1992 to pay for the reserve asset
tries (4 percent since 1996) and by SDR 64 billion for devel- portions of quota increases under the Ninth General
oping countries (12 percent). Developing countries have Review—appear to have stabilized after a sharp increase from
gradually increased their share of holdings of foreign 1992 to 1995 resulting from the IMF’s policy of decreasing
exchange during the 1990s; at the end of 1997, these coun- its SDR holdings to replenish members’ holdings. IMF mem-
tries held 53 percent of total foreign exchange reserves. For- ber countries now hold 20.5 billion of the total of 21.4 bil-
eign exchange accounts for 98 percent of developing lion SDRs allocated by the IMF in two allocations since 1970.
countries’ total nongold reserves, compared with 90 percent At the end of 1997, the IMF held 630 million SDRs, com-
for industrial countries. Foreign exchange reserves of oil pared with 8.6 billion SDRs at the end of 1992, and other
exporting developing countries rose by SDR 8 billion during prescribed institutions held the remaining 340 million SDRs.
1997 (a 16 percent increase). Non-oil-exporting developing
countries increased their foreign exchange reserves by SDR 58 Gold Reserves
billion (12 percent). Of the foreign exchange reserves held by The market value of the stock of official gold reserves held by
developing countries, net debtor countries accounted for monetary authorities declined by 18 percent during 1997, to
SDR 191 billion at the end of the year. This decline mainly
reflected a 16 percent fall in the SDR market price of gold.
The physical stock of gold reserves held by monetary authori-
1Official monetary authorities comprise central banks and also cur-
ties declined only marginally (by 2 percent). The share of gold
rency boards, exchange stabilization funds, and treasuries, to the holdings in total reserves has declined steadily since the
extent they perform monetary authorities’ functions.
2The coverage of foreign exchange reserves is in the process of
1980s, when the average for the decade was 44 percent, to 14
percent in 1997. Industrial countries hold 83 percent of the
being expanded to include new members of the IMF. Revisions are
also under way to incorporate more comprehensive data on reserves world’s gold reserves; gold holdings accounted for about 21
obtained under new data reporting standards instituted by the IMF. percent of their total reserves in 1997. Gold holdings
These revisions, which are currently in a preliminary stage, are not accounted for only 5 percent of total reserves of developing
incorporated here but will appear in the IMF’s International Finan- countries at the end of 1997, compared with an average share
cial Statistics database later in 1998. of 10 percent in the early 1990s.

ANNUAL REPORT 199 8 109

APPENDIX I

Table I.1
Official Holdings of Reserve Assets, 1992–March 19981
(In billions of SDRs)

Mar.
1992 1993 1994 1995 1996 1997 1998

All countries
Total reserves excluding gold
IMF-related assets
Reserve positions in the Fund 33.9 32.8 31.7 36.7 38.0 47.1 50.1
SDRs 12.9 14.6 15.8 19.8 18.5 20.5 20.3
Subtotal, IMF-related assets 46.8 47.4 47.5 56.4 56.5 67.6 70.4
Foreign exchange 646.9 718.4 776.7 893.4 1,033.8 1,117.3 1,151.7
Total reserves excluding gold 693.7 765.9 824.2 949.9 1,090.3 1,184.8 1,222.1
Gold2
Quantity (millions of troy ounces) 927.5 922.0 918.0 908.7 906.4 889.7 880.5
Value at London market price 224.8 262.2 241.0 236.4 232.8 191.4 198.4
Total reserves including gold 918.5 1,028.1 1,065.2 1,186.3 1,323.0 1,376.2 1,420.5
Industrial countries
Total reserves excluding gold
IMF-related assets
Reserve positions in the Fund 29.5 28.3 27.4 31.6 32.6 41.3 44.3
SDRs 10.5 11.5 12.5 15.0 14.5 15.5 15.7
Subtotal, IMF-related assets 40.0 39.8 39.9 46.6 47.1 56.8 60.0
Foreign exchange 356.8 373.7 393.9 441.1 501.7 520.9 527.9
Total reserves excluding gold 396.7 413.4 433.8 487.7 548.8 577.7 587.9
Gold2
Quantity (millions of troy ounces) 785.2 770.8 768.0 755.0 748.2 732.5 723.1
Value at London market price 190.3 219.2 201.6 196.4 192.1 157.5 162.9
Total reserves including gold 587.1 632.7 635.5 684.1 740.9 735.2 750.8
Developing countries
Total reserves excluding gold
IMF-related assets
Reserve positions in the Fund 4.4 4.5 4.3 5.0 5.4 5.7 5.8
SDRs 2.4 3.2 3.3 4.8 4.0 5.0 4.6
Subtotal, IMF-related assets 6.8 7.7 7.6 9.8 9.4 10.8 10.4
Foreign exchange 290.1 344.8 382.8 452.4 532.1 596.4 623.8
Total reserves excluding gold 296.9 352.4 390.4 462.2 541.5 607.1 634.2
Gold2
Quantity (millions of troy ounces) 142.3 151.2 149.6 153.7 158.2 157.2 157.4
Value at London market price 34.5 43.0 39.4 40.0 40.6 33.8 35.5
Total reserves including gold 331.4 395.4 429.7 502.2 582.1 640.9 669.7
Net debtors
Total reserves excluding gold
IMF-related assets
Reserve positions in the Fund 2.8 2.7 2.9 3.5 3.9 4.2 4.3
SDRs 1.7 2.3 2.4 3.8 2.9 3.9 3.5
Subtotal, IMF-related assets 4.5 5.0 5.2 7.3 6.9 8.1 7.7
Foreign exchange 184.9 233.1 264.6 329.2 401.5 462.2 487.8
Total reserves excluding gold 189.4 238.1 269.8 336.5 408.3 470.3 495.6
Gold2
Quantity (millions of troy ounces) 116.1 125.0 123.7 128.1 132.6 131.8 132.0
Value at London market price 28.1 35.5 32.5 33.3 34.0 28.3 29.7
Total reserves including gold 217.6 273.6 302.3 369.8 442.4 498.7 525.3
Countries without debt-servicing problems
Total reserves excluding gold
IMF-related assets
Reserve positions in the Fund 2.3 2.3 2.4 3.1 3.5 3.8 3.8
SDRs 1.1 1.2 1.3 2.8 1.8 3.0 2.6
Subtotal, IMF-related assets 3.4 3.5 3.7 5.9 5.3 6.8 6.5
Foreign exchange 119.2 155.4 179.7 234.6 281.3 332.4 346.4
Total reserves excluding gold 122.6 158.9 183.4 240.5 286.5 339.2 352.8
Gold2
Quantity (millions of troy ounces) 70.3 78.6 77.1 79.7 83.5 86.7 87.7
Value at London market price 17.0 22.3 20.2 20.7 21.4 18.6 19.8
Total reserves including gold 139.6 181.3 203.6 261.2 308.0 357.8 372.6

Note: Components may not sum to totals because of rounding.

Source: International Monetary Fund, International Financial Statistics.
1End-of-year figures for all years except 1998. “IMF-related assets” comprise reserve positions in the IMF and SDR holdings of all IMF members. The entries
under “Foreign exchange” and “Gold” comprise official holdings of those IMF members for which data are available and certain other countries or areas.
2One troy ounce equals 31.103 grams. The market price is the afternoon price fixed in London on the last business day of each period.

110 ANNUAL REPORT 1998

 INTERNATIONAL RESERVES

Table I.2
Share of National Currencies in Total Identified Official Holdings of Foreign Exchange, End of Year 1988–971
(In percent)

Memorandum:
ECU-Dollar
Swaps Included
with Dollars2
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1997

All countries
U.S. dollar 54.6 51.4 49.4 50.0 54.2 55.6 55.7 56.4 59.6 57.1 61.3
Pound sterling 2.3 2.3 2.8 3.2 3.0 2.9 3.3 3.2 3.4 3.4 3.5
Deutsche mark 14.2 17.8 17.0 15.6 13.6 14.0 14.4 13.8 13.1 12.8 13.1
French franc 1.0 1.4 2.3 2.8 2.5 2.2 2.4 2.3 1.8 1.2 1.2
Swiss franc 1.8 1.4 1.3 1.2 1.0 1.1 0.9 0.8 0.7 0.7 0.7
Netherlands guilder 1.0 1.1 1.0 1.0 0.6 0.6 0.5 0.4 0.3 0.4 0.4
Japanese yen 6.9 7.2 7.9 8.4 7.6 7.7 7.9 6.5 5.7 4.9 5.0
ECUs 11.7 10.8 10.1 10.6 10.1 8.6 8.1 7.1 6.2 5.0 n.a.
Unspecified currencies3 6.6 6.6 8.2 7.0 7.4 7.3 6.9 9.6 9.1 14.6 14.9
Industrial countries
U.S. dollar 53.9 47.9 44.9 43.1 48.4 49.9 50.8 51.8 56.1 57.5 66.7
Pound sterling 1.1 1.1 1.4 1.6 2.2 2.0 2.3 2.1 2.0 1.9 2.0
Deutsche mark 15.2 20.4 19.4 18.0 14.9 16.2 16.3 16.4 15.6 16.6 17.4
French franc 0.7 1.1 2.3 3.0 2.8 2.5 2.4 2.3 1.7 0.9 0.9
Swiss franc 1.5 1.1 0.9 0.8 0.4 0.3 0.2 0.1 0.1 0.2 0.2
Netherlands guilder 1.0 1.1 1.1 1.1 0.4 0.4 0.3 0.2 0.2 0.3 0.3
Japanese yen 6.2 7.4 8.5 9.5 7.5 7.7 8.2 6.6 5.6 5.4 5.7
ECUs 16.3 15.3 14.5 16.6 16.7 15.2 14.6 13.4 12.0 10.7 n.a.
Unspecified currencies3 4.1 4.5 6.9 6.3 6.7 5.8 5.0 7.0 6.7 6.5 6.8
Developing countries
U.S. dollar 56.5 59.8 59.5 62.0 63.1 63.1 61.7 61.6 63.3 56.7 56.7
Pound sterling 5.2 5.3 6.1 5.8 4.2 4.0 4.5 4.4 4.8 4.7 4.7
Deutsche mark 11.6 11.4 11.5 11.5 11.5 11.1 12.1 10.9 10.5 9.5 9.5
French franc 2.0 2.1 2.3 2.5 2.1 1.9 2.4 2.2 2.0 1.4 1.4
Swiss franc 2.3 2.2 2.0 2.0 2.0 2.2 1.8 1.5 1.4 1.1 1.1
Netherlands guilder 1.0 0.9 0.8 1.0 1.0 0.9 0.8 0.6 0.5 0.5 0.5
Japanese yen 8.6 6.6 6.6 7.0 7.9 7.6 7.5 6.3 5.9 4.4 4.4
ECUs — — — — — — — — — — n.a.
Unspecified currencies4 12.8 11.7 11.2 8.2 8.4 9.3 9.2 12.5 11.6 21.6 21.6

Note: Components may not sum to total because of rounding.

1Note that ECUs are treated as a separate currency except in the last column. Only IMF member countries that report their official holdings of foreign
exchange are included in this table.
2This column is for comparison and indicates the currency composition of reserves when ECUs issued against dollars are assumed to be dollars and all

other ECUs are ignored.

3The residual is equal to the difference between total foreign exchange reserves of IMF member countries and the sum of the reserves held in the curren-

cies listed in the table.

4The calculations here rely to a greater extent on IMF staff estimates than do those provided for the group of industrial countries.

Developments in the First Quarter of 1998 Currency Composition of Reserves

In the first quarter of 1998, total international reserves rose by During the past 10 years, the degree of diversification in the
SDR 44 billion. Of this, SDR 34 billion can be attributed to currency composition of foreign exchange reserves has not
an increase in foreign exchange reserves. IMF-related assets changed significantly (Table I.2). The U.S. dollar remains the
increased by SDR 3 billion while the market value of official dominant international reserve currency, accounting for 57
gold holdings rose by SDR 7 billion. For industrial countries, percent of the identified foreign exchange reserves in 1997.3
total nongold reserve assets increased by SDR 10 billion, The dollar share of total foreign exchange reserves declined
reflecting an increase of SDR 3 billion in reserve positions at from 1987 through 1990. This decline was reversed by 1993;
the IMF and an increase of SDR 7 billion in foreign exchange. the share of dollars has since remained over 55 percent, com-
The market value of gold reserves held by industrial countries
increased by SDR 5 billion. Foreign exchange reserves of 3Table I.2 includes European currency units (ECUs) as a separate
developing countries increased by SDR 27 billion during the currency except in the last column, where the dollar-swap component
first quarter of 1998; there were no significant changes in of ECU liabilities of the European Monetary Institute (EMI) is classi-
these countries’ holdings of other official reserve assets. fied as dollars and all other ECUs are omitted from the calculation.

ANNUAL REPORT 199 8 111

APPENDIX I

parable with its share in the early 1980s. The share of the the dollar—affect the amount of ECUs outstanding.5 Quan-
deutsche mark peaked in 1989 at 18 percent and gradually tity changes in ECU holdings therefore depend in part on the
declined thereafter to 13 percent in 1997. The share of evolution of the two components of the EMI swaps.6 The
Japanese yen peaked in 1991 at 9 percent but fell to 5 per- other component of ECU foreign exchange reserves is official
cent by the end of 1997. The share of pound sterling has claims on the private sector, usually in the form of ECU
remained at between 2 percent and 3 percent during the past deposits and bonds.
two decades. The shares of French francs, Swiss francs, and The share of ECUs in total foreign exchange reserves of
Dutch guilders have all declined throughout the 1990s; industrial countries has declined gradually from 16 percent in
together they represented 2 percent of total identified official 1988 to 11 percent at the end of 1997. Most of the recent
foreign exchange holdings in 1997. The increase in the share fall in the share of ECUs is a result of the decline in official
of unspecified currencies in foreign exchange reserves since ECU reserves in the form of claims on the private sector.
1995 principally reflects data problems, especially for the In the last column of Table I.2, the SDR value of ECU
developing country group.4 In particular, many transition swaps issued against dollars is counted as a part of the dollar
economies that have become IMF members in recent years component of foreign exchange reserves. This increases the
report only their total holdings of foreign exchange reserves share of U.S. dollars to 61 percent of total foreign exchange
and information on the currency composition of those reserves for all countries in 1997 and to 67 percent for indus-
reserves is not incorporated into Table I.2. The unspecified trial countries. The broad trends in the currency composition
currency component of foreign exchange reserves rose sharply of foreign exchange reserves are unaffected by this alternative
to 15 percent at the end of 1997, indicating that the evolu- treatment of ECU reserves.
tion of currency shares discussed here should be interpreted Changes in the SDR value of foreign exchange reserves
with considerable caution. can be decomposed into quantity and valuation (price)
For industrial countries, the share of U.S. dollars in for- changes for each of the major currencies as well as the ECU
eign exchange reserves was 58 percent at the end of 1997, (Table I.3). In 1997, total official holdings of reserves in the
representing an increase of 14 percentage points since 1991. major identifiable currencies increased by SDR 71 billion,
The shares of the deutsche mark and the Japanese yen in for- reflecting a quantity increase of SDR 48 billion and a valua-
eign exchange reserves have declined gradually during the tion increase of SDR 23 billion.
1990s for both industrial and developing countries. Their Official reserves held in U.S. dollars increased by SDR 59
combined share of industrial country foreign exchange billion in 1997, attributable to an increase of SDR 19 billion
reserves stood at 22 percent in 1997, compared with 28 per- in the quantity of dollar holdings and an increase of 7 percent
cent in 1990; their combined share of foreign exchange in the SDR value of the U.S. dollar during 1997. The quan-
reserves of developing countries stood at 14 percent in 1997. tity of reserves held in deutsche mark increased by SDR 26
The share of identified hard currency holdings in total foreign billion during 1997, although this was partially offset by a
exchange reserves of developing countries declined markedly decrease of SDR 10 billion in the value of those reserves.
in 1997 as the share of unspecified currency holdings jumped Reserves held in Japanese yen fell by SDR 1 billion owing to
to 22 percent. As noted earlier, this largely reflects reporting a 5 percent decline in the SDR value of Japanese yen. Hold-
deficiencies, especially for countries that have only recently ings of pound sterling increased by SDR 5 billion, aided by
become IMF members. both quantity and valuation increases. French franc and ECU
In the calculation of currency shares in Table I.2, the reserves, on the other hand, experienced both quantity and
ECU (European currency unit) is treated as a separate cur- valuation decreases during 1997, resulting in total declines of
rency. Official ECU reserves, held mainly by European coun- SDR 5 billion and SDR 4 billion, respectively. Foreign
tries, are in the form of claims both on the private sector and exchange reserves held in Swiss francs and Netherlands
the European Monetary Institute (EMI). The ECU reserves guilders increased in quantity but experienced some valuation
that represent claims on the EMI are issued in exchange for declines.
deposits equal to 20 percent of both gold and dollar reserves.
These swaps are renewed every three months, and changes in
5In calculating the value of the gold holdings of the EMI in terms
member’s holdings of dollars and gold—as well as changes in
the market price of gold and in the foreign exchange value of of ECUs, the ECU swap price is set equal to the lower of two values:
the average of the prices recorded daily at the two London price fix-
ings during the previous six calendar months, and the average price at
4Unspecified currencies include currencies other than those listed the two price fixings on the penultimate working day of the period.
in Table I.2, as well as foreign exchange reserves for which no infor- 6The quarterly swaps are arranged at the end of the first weeks of

mation on currency composition is available from the reporting coun- January, April, July, and October. Changes in the number of ECUs
try or from other sources. For developing countries as well as outstanding thus depend on the exchange rate and the gold price on
transition economies that have recently become IMF members, a these dates, whereas changes in the SDR value of ECU holdings are
large share of this classification probably indicates a lack of informa- calculated at the SDR-ECU exchange rate at the end of each
tion on currency composition. quarter.

112 ANNUAL REPORT 1998

 INTERNATIONAL RESERVES

Table I.3
Currency Composition of Official Holdings of Foreign Exchange, End of Year 1989–971
(In millions of SDRs)

1989 1990 1991 1992 1993 1994 1995 1996 1997

U.S. dollar
Change in holdings 11,736 16,374 16,089 34,363 47,420 31,616 72,730 109,808 59,021
Quantity change 6,157 36,710 18,404 22,478 46,064 54,779 77,298 92,887 19,406
Price change 5,580 –20,336 –2,315 11,885 1,356 –23,163 –4,568 16,921 39,615
Year-end value 251,697 268,072 284,161 318,524 365,943 397,559 470,289 580,097 639,118
Pound sterling
Change in holdings 1,569 3,929 2,587 –395 1,360 4,356 3,143 6,434 5,146
Quantity change 2,627 2,558 3,057 3,082 1,698 4,477 3,699 2,590 3,716
Price change –1,058 1,372 –470 –3,476 –338 –122 –556 3,844 1,430
Year-end value 11,495 15,424 18,011 17,616 18,976 23,332 26,475 32,909 38,055
Deutsche mark
Change in holdings 24,545 5,255 –3,455 –9,129 12,380 11,063 12,020 12,755 15,539
Quantity change 18,129 713 –1,564 –7,468 18,199 6,385 5,763 18,620 25,533
Price change 6,416 4,542 –1,881 –1,661 –5,819 4,678 6,257 –5,865 –9,994
Year-end value 86,983 92,238 88,794 79,665 92,044 103,107 115,127 127,882 143,421
French franc
Change in holdings 2,494 5,472 3,544 –1,324 –60 2,656 1,559 –1,113 –4,687
Quantity change 2,026 5,098 3,526 –1,115 872 2,046 322 –514 –3,427
Price change 468 374 18 –209 –932 610 1,237 –598 –1,260
Year-end value 6,989 12,461 16,005 14,681 14,622 17,278 18,837 17,724 13,037
Swiss franc
Change in holdings –774 –60 –132 –623 1,344 –1,075 54 433 621
Quantity change –800 –758 177 –423 1,362 –1,535 –710 1,270 714
Price change 26 698 –308 –200 –18 459 764 –837 –93
Year-end value 6,962 6,902 6,771 6,147 7,492 6,417 6,471 6,903 7,525
Netherlands guilder
Change in holdings 865 328 295 –2,238 299 –299 –282 –154 1,226
Quantity change 514 90 371 –2,241 557 –493 –505 2 1,513
Price change 351 238 –76 3 –258 194 222 –156 –287
Year-end value 5,265 5,593 5,888 3,650 3,949 3,651 3,368 3,214 4,440
Japanese yen
Change in holdings 4,887 8,029 5,693 –3,940 5,544 5,698 –2,049 1,738 –1,381
Quantity change 8,852 8,247 2,534 –6,019 408 2,903 802 6,615 1,471
Price change –3,966 –218 3,160 2,079 5,136 2,795 –2,851 –4,877 –2,851
Year-end value 35,087 43,116 48,810 44,870 50,413 56,111 54,062 55,800 54,420
European currency unit
Change in holdings 1,207 1,974 5,360 –498 –2,820 959 1,665 985 –4,493
Quantity change –1,079 –724 6,283 3,845 1,503 –1,035 –1,157 1,833 –736
Price change 2,287 2,697 –923 –4,342 –4,323 1,994 2,822 –849 –3,757
Year-end value 52,638 54,611 59,971 59,473 56,654 57,613 59,278 60,262 55,769
Sum of the above 2
Change in holdings 46,528 41,301 29,992 16,216 65,467 54,975 88,839 130,885 70,993
Quantity change 36,425 51,934 32,788 12,138 70,665 67,528 85,513 123,302 48,190
Price change 10,103 –10,633 –2,795 4,077 –5,197 –12,553 3,326 7,583 22,803
Year-end value 457,116 498,417 528,410 544,625 610,093 665,068 753,907 884,792 955,785
Total official holdings3
Change in holdings 50,761 48,586 31,764 21,543 71,529 58,260 116,745 140,338 83,194
Year-end value 545,020 593,607 625,371 646,914 718,443 776,703 893,448 1,033,786 1,117,300

Note: Components may not sum to totals because of rounding.

1The currency composition of foreign exchange is based on the IMF’s currency survey and on estimates derived mainly, but not solely, from official
national reports. The numbers in this table should be regarded as estimates that are subject to adjustment as more information is received. Quantity changes
are derived by multiplying the changes in official holdings of each currency from the end of one quarter to the next by the average of the two SDR prices of
that currency prevailing at the corresponding dates. This procedure converts the change in the quantity of national currency from own units to SDR units of
account. Subtracting the SDR value of the quantity change so derived from the quarterly change in the SDR value of foreign exchange held at the end of
two successive quarters and cumulating these differences yields the effect of price changes over the years shown.
2Each item represents the sum of the eight currencies above.
3Includes a residual whose currency composition could not be ascertained, as well as holdings of currencies other than those shown.

ANNUAL REPORT 199 8 113

 A P P E N D I X I I

Financial Operations and Transactions

The tables in this appendix supplement the information given in Chapter XII on the IMF’s financial operations and policies.

Table II.1
Arrangements Approved During Financial Years Ended April 30, 1953–98
Amounts Committed Under Arrangements
Financial Number of Arrangements
____________________________________________________ (in millions of SDRs)
___________________________________________________
Year Stand-By EFF SAF ESAF Total Stand-By EFF SAF ESAF Total

1953 2 2 55 55
1954 2 2 63 63
1955 2 2 40 40
1956 2 2 48 48
1957 9 9 1,162 1,162
1958 11 11 1,044 1,044
1959 15 15 1,057 1,057
1960 14 14 364 364
1961 15 15 460 460
1962 24 24 1,633 1,633
1963 19 19 1,531 1,531
1964 19 19 2,160 2,160
1965 24 24 2,159 2,159
1966 24 24 575 575
1967 25 25 591 591
1968 32 32 2,352 2,352
1969 26 26 541 541
1970 23 23 2,381 2,381
1971 18 18 502 502
1972 13 13 314 314
1973 13 13 322 322
1974 15 15 1,394 1,394
1975 14 14 390 390
1976 18 2 20 1,188 284 1,472
1977 19 1 20 4,680 518 5,198
1978 18 18 1,285 1,285
1979 14 4 18 508 1,093 1,600
1980 24 4 28 2,479 797 3,277
1981 21 11 32 5,198 5,221 10,419
1982 19 5 24 3,106 7,908 11,014
1983 27 4 31 5,450 8,671 14,121
1984 25 2 27 4,287 95 4,382
1985 24 24 3,218 3,218
1986 18 1 19 2,123 825 2,948
1987 22 10 32 4,118 358 4,476

114 ANNUAL REPORT 1998

 FINANCIAL OPERATIONS AND TRANSACTIONS

Table II.1 (concluded)

Amounts Committed Under Arrangements

Financial Number of Arrangements
____________________________________________________ (in millions of SDRs)
___________________________________________________
Year Stand-By EFF SAF ESAF Total Stand-By EFF SAF ESAF Total

1988 14 1 15 30 1,702 245 670 2,617

1989 12 1 4 7 24 2,956 207 427 955 4,545
1990 16 3 3 4 26 3,249 7,627 37 415 11,328
1991 13 2 2 3 20 2,786 2,338 15 454 5,593
1992 21 2 1 5 29 5,587 2,493 2 743 8,826
1993 11 3 1 8 23 1,971 1,242 49 527 3789
1994 18 2 1 7 28 1,381 779 27 1,170 3357
1995 17 3 11 31 13,055 2,335 1,197 16,587
1996 19 4 1 8 32 9,645 8,381 182 1,476 19,684
1997 11 5 12 28 3,183 1,193 911 5,287
1998 9 4 8 21 27,336 3,078 1,738 32,152

ANNUAL REPORT 199 8 115

APPENDIX II

Table II.2
Arrangements in Effect at End of Financial Years Ended April 30, 1953–98

Amounts Committed Under Arrangements

as of April 30
Financial Number of Arrangements as of April 30
__________________________________________________ (in millions of SDRs)
_____________________________________________________
Year Stand-By EFF SAF ESAF Total Stand-By EFF SAF ESAF Total

1953 2 2 55 55
1954 3 3 113 113
1955 3 3 113 113
1956 3 3 98 98
1957 9 9 1,195 1,195
1958 9 9 968 968
1959 11 11 1,013 1,013
1960 12 12 351 351
1961 12 12 416 416
1962 21 21 2,129 2,129
1963 17 17 1,520 1,520
1964 19 19 2,160 2,160
1965 23 23 2,154 2,154
1966 24 24 575 575
1967 25 25 591 591
1968 31 31 2,227 2,227
1969 25 25 538 538
1970 23 23 2,381 2,381
1971 18 18 502 502
1972 13 13 314 314
1973 12 12 282 282
1974 15 15 1,394 1,394
1975 12 12 337 337
1976 17 2 19 1,159 284 1,443
1977 17 3 20 4,673 802 5,475
1978 19 3 22 5,075 802 5,877
1979 15 5 20 1,033 1,611 2,643
1980 22 7 29 2,340 1,463 3,803
1981 22 15 37 5,331 5,464 10,795
1982 23 12 35 6,296 9,910 16,206
1983 30 9 39 9,464 15,561 25,025
1984 30 5 35 5,448 13,121 18,569
1985 27 3 30 3,925 7,750 11,675
1986 24 2 26 4,076 831 4,907
1987 23 1 10 34 4,313 750 327 5,391
1988 18 2 25 45 2,187 995 1,357 4,540
1989 14 2 23 7 46 3,054 1,032 1,566 955 6,608
1990 19 4 17 11 51 3,597 7,834 1,110 1,370 13,911
1991 14 5 12 14 45 2,703 9,597 539 1,813 14,652
1992 22 7 8 16 53 4,833 12,159 101 2,111 19,203
1993 15 6 4 20 45 4,490 8,569 83 2,137 15,279
1994 16 6 3 22 47 1,131 4,504 80 2,713 8,428
1995 19 9 1 27 56 13,190 6,840 49 3,306 23,385
1996 21 7 1 28 57 14,963 9,390 182 3,383 27,918
1997 14 11 35 60 3,764 10,184 4,048 17,996
1998 14 13 33 60 28,323 12,336 4,410 45,069

116 ANNUAL REPORT 1998

 FINANCIAL OPERATIONS AND TRANSACTIONS

Table II.3
Stand-By Arrangements in Effect During Financial Year Ended April 30, 1998
(In millions of SDRs)

Arrangement Dates
__________________________ Amounts Approved
_______________________________ Undrawn Balance
________________________________
Effective Expiration Through At date of As of
Member date date April 30, 1997 In 1997/98 termination April 30, 1998

Argentina 4/12/96 1/11/98 720 — 107 —

Bulgaria 4/11/97 6/10/98 372 — — 124
Cape Verde1 2/20/98 4/19/99 — 2 — 2
Djibouti2 4/15/96 6/30/98 5 2 — 3
Egypt1 10/11/96 9/30/98 271 — — 271
El Salvador1,3 2/28/97 5/30/98 38 — — 38
Estonia1 7/29/96 8/28/97 14 — 14 —
Estonia1 12/17/97 3/16/99 — 16 — 16
Hungary1 3/15/96 2/14/98 264 — 264 —
Indonesia 11/5/97 11/4/00 — 7,338 — 5,137
Korea4 12/4/97 12/3/00 — 15,500 — 4,300
Latvia1 5/24/96 8/23/97 30 — 30 —
Latvia1 10/10/97 4/9/99 — 33 — 33
Lesotho1 9/23/96 9/22/97 7 — 7 —
Pakistan5 12/13/95 9/30/97 563 — 268 —
Papua New Guinea6 7/14/95 12/15/97 71 — 36 —
Philippines1 4/1/98 3/31/00 — 1,021 — 1,021
Romania 4/22/97 5/21/98 302 — — 181
Thailand 8/20/97 6/19/00 — 2,900 — 900
Ukraine 8/25/97 8/24/98 — 399 — 218
Uruguay1 6/20/97 3/19/99 — 125 — 125
Venezuela 7/12/96 7/11/97 976 — 626 —
Yemen 3/20/96 6/19/97 132
_____ —
______ —
_____ —
______
Total 3,764 27,336 1,352 12,368

1The authorities indicated their intention not to draw under the arrangement.
2Extended from June 14, 1997 and March 31, 1998. Increased by SDR 2 million.
3Extended from April 27, 1998.
4Includes SDR 10 billion available until December 17, 1998 under the Supplemental Reserve Facility.
5Extended from March 31, 1997. Original amount of SDR 402 million increased by SDR 161 million.
6Extended from January 13, 1997.

ANNUAL REPORT 199 8 117

APPENDIX II

Table II.4
Extended Arrangements in Effect During Financial Year Ended April 30, 1998
(In millions of SDRs)

Arrangement Dates
___________________________ Amounts Approved
________________________________ Undrawn Balance
_________________________________
Effective Expiration Through At date of As of
Member date date April 30, 1997 In 1997/98 termination April 30, 1998

Algeria 5/22/95 5/21/98 1,169 — — 84

Argentina1 2/4/98 2/3/01 — 2,080 — 2,080
Azerbaijan 12/20/96 12/19/99 59 — — 26
Croatia 3/12/97 3/11/00 353 — — 324
Gabon 11/8/95 11/7/98 110 — — 50
Jordan2 2/9/96 2/8/99 238 — — 47
Kazakhstan1 7/17/96 7/16/99 309 — — 309
Lithuania 10/24/94 10/23/97 135 — — —
Moldova 5/20/96 5/19/99 135 — — 98
Pakistan 10/20/97 10/19/00 — 455 — 398
Panama 12/10/97 12/9/00 — 120 — 110
Peru3 7/1/96 3/31/99 300 — — 140
Philippines4 6/24/94 3/31/98 475 317 — —
Russia 3/26/96 3/25/99 6,901 — — 3,065
Yemen 10/29/97 10/28/00 —
______ 106
_____ —
____ 97
_____
Total 10,184 3,078 — 6,828

1The authorities indicated their intention not to draw under the arrangement.
2Original amount of SDR 201 million increased by SDR 37 million.
3Original amount of SDR 248 million increased by SDR 52 million for debt and debt-service reduction.
4Extended from June 23, 1997, December 31, 1997, and January 31, 1998. Increased by SDR 317 million.

118 ANNUAL REPORT 1998

 FINANCIAL OPERATIONS AND TRANSACTIONS

Table II.5
Arrangements Under the Enhanced Structural Adjustment Facility in Effect During Financial Year
Ended April 30, 1998
(In millions of SDRs)

Arrangement Dates
___________________________ Amounts Approved
_______________________________ Undrawn Balance
_______________________________
Effective Expiration Through At date of As of
Member date date1 April 30, 1997 In 1997/98 termination April 30, 1998

Armenia 2/14/96 2/13/99 101 — — 34

Azerbaijan 12/20/96 12/19/99 94 — — 38
Benin 8/28/96 8/27/99 27 — — 18
Bolivia 12/19/94 9/9/98 101 — — —
Burkina Faso 6/14/96 6/13/99 40 — — 20

Cambodia 5/6/94 8/31/97 84 — 42 —

Cameroon 8/20/97 8/19/00 — 162 — 108
Chad 9/1/95 8/31/98 50 — — 17
Congo, Rep. of 6/28/96 6/27/99 69 — — 56
Côte d’Ivoire 3/11/94 6/13/97 333 — — —
Côte d’Ivoire 3/17/98 3/16/01 — 286 — 202
Ethiopia 10/11/96 10/10/99 88 — — 74
Georgia 2/28/96 2/27/99 167 — — 56
Ghana2 6/30/95 6/29/99 164 — — 69
Guinea 1/13/97 1/12/00 71 — — 35
Guinea-Bissau3 1/18/95 7/24/98 9 1 — —
Guyana 7/20/94 4/17/98 54 — — —
Haiti 10/18/96 10/17/99 91 — — 76
Honduras 7/24/92 7/24/97 47 — 14 —
Kenya 4/26/96 4/25/99 150 — — 125
Kyrgyz Republic 7/20/94 3/31/98 88 — — —
Lao PDR 6/4/93 5/7/97 35 — — —
Macedonia, FYR 4/11/97 4/10/00 55 — — 36
Madagascar 11/27/96 11/26/99 81 — — 54
Malawi 10/18/95 10/17/98 46 — — 15
Mali 4/10/96 4/9/99 62 — — 21
Mauritania 1/25/95 7/13/98 43 — — —
Mongolia 7/30/97 7/29/00 — 33 — 28
Mozambique 6/21/96 6/20/99 76 — — 25
Nicaragua 6/24/94 6/23/97 120 — 100 —
Nicaragua 3/18/98 3/17/01 — 101 — 84
Niger 6/12/96 6/11/99 58 — — 19
Pakistan 10/20/97 10/19/00 — 682 — 455
Senegal 8/29/94 1/12/98 131 — — —
Senegal 4/20/98 4/19/01 — 107 — 89
Sierra Leone 3/28/94 5/4/98 102 — — 5
Tanzania 11/8/96 11/7/99 162 — — 74
Togo 9/16/94 6/29/98 65 — — 11
Uganda 9/6/94 11/17/97 121 — — —
Uganda 11/10/97 11/9/00 — 100 — 60
Vietnam 11/11/94 11/10/97 362 — 121 —
Yemen 10/29/97 10/28/00 — 265 — 221
Zambia 12/6/95 12/5/98 702
_____ —
_____ —
____ 40
_____
Total 4,048 1,738 276 2,165

1Expiration
of the commitment period or the current annual arrangement, whichever is later.
2Extendedfrom June 29, 1998.
3Augmented by SDR 1 million.

ANNUAL REPORT 199 8 119

APPENDIX II

Table II.6
Summary of Disbursements, Repurchases, and Repayments, Financial Years Ended April 30, 1948–98
(In millions of SDRs)

Disbursements
________________________________________________ Repurchases and Repayments
_______________________________________________ Total Fund
Financial Trust Fund SAF ESAF Trust Fund SAF/ESAF Credit
Year Purchases1 loans loans loans Total Repurchases repayments repayments Total Outstanding2

1948 606 606 133

1949 119 119 193
1950 52 52 24 24 204
1951 28 28 19 19 176
1952 46 46 37 37 214
1953 66 66 185 185 178
1954 231 231 145 145 132
1955 49 49 276 276 55
1956 39 39 272 276 72
1957 1,114 1,114 75 75 611
1958 666 666 87 87 1,027
1959 264 264 537 537 898
1960 166 166 522 522 330
1961 577 577 659 659 552
1962 2,243 2,243 1,260 1,260 1,023
1963 580 580 807 807 1,059
1964 626 626 380 380 952
1965 1,897 1,897 517 517 1,480
1966 2,817 2,817 406 406 3,039
1967 1,061 1,061 340 340 2,945
1968 1,348 1,348 1,116 1,116 2,463
1969 2,839 2,839 1,542 1,542 3,299
1970 2,996 2,996 1,671 1,671 4,020
1971 1,167 1,167 1,657 1,657 2,556
1972 2,028 2,028 3,122 3,122 840
1973 1,175 1,175 540 540 998
1974 1,058 1,058 672 672 1,085
1975 5,102 5,102 518 518 4,869
1976 6,591 6,591 960 960 9,760
1977 4,910 32 4,942 868 868 13,687
1978 2,503 268 2,771 4,485 4,485 12,366
1979 3,720 670 4,390 4,859 4,859 9,843
1980 2,433 962 3,395 3,776 3,776 9,967
1981 4,860 1,060 5,920 2,853 2,853 12,536
1982 8,041 8,041 2,010 2,010 17,793
1983 11,392 11,392 1,555 18 1,574 26,563
1984 11,518 11,518 2,018 111 2,129 34,603
1985 6,289 6,289 2,730 212 2,943 37,622
1986 4,101 4,101 4,289 413 4,702 36,877
1987 3,685 139 3,824 6,169 579 6,749 33,443
1988 4,153 445 4,597 7,935 528 8,463 29,543
1989 2,541 290 264 3,095 6,258 447 6,705 25,520
1990 4,503 419 408 5,329 6,042 356 6,398 24,388
1991 6,955 84 491 7,530 5,440 168 5,608 25,603
1992 5,308 125 483 5,916 4,768 1 4,770 26,736
1993 8,465 20 573 9,058 4,083 36 4,119 28,496
1994 5,325 50 612 5,987 4,348 52 112 4,513 29,889
1995 10,615 14 573 11,175 3,984 4 244 4,231 36,837
1996 10,870 182 1,295 12,347 6,698 7 395 7,100 42,040
1997 4,939 705 5,644 6,668 5 524 7,196 40,488
1998 20,000 973 20,973 3,789 1 595 4,385 56,026

1Includes reserve tranche purchases.

2Excludes reserve tranche purchases.

120 ANNUAL REPORT 1998

 FINANCIAL OPERATIONS AND TRANSACTIONS

Table II.7
Purchases and Loans from the IMF, Financial Year Ended April 30, 1998
(In millions of SDRs)

Reserve Extended Total Total Purchases

Member Tranche Stand-By Fund Facility Purchases ESAF Loans and Loans

Albania1 — — 9 — 9
Algeria — — 338 338 — 338
Argentina — 214 — 214 — 214
Armenia — — — — 34 34
Azerbaijan — — 23 23 35 58
Benin — — — — 5 5
Bolivia — — — — 34 34
Bulgaria — 224 — 224 — 224
Burkina Faso — — — — 7 7
Cameroon — — — — 54 54
Chad — — — — 8 8
Côte d’Ivoire — — — — 83 83
Djibouti — 1 — 1 — 1
Gabon — — 17 17 — 17
Georgia — — — — 28 28
Ghana — — — — 41 41
Guinea — — — — 24 24
Guinea-Bissau — — — — 5 5
Guyana — — — — 9 9
Indonesia 288 2,201 — 2,490 — 2,490
Jordan — — 80 80 — 80
Korea2 444 11,200 — 11,644 — 11,644
Kyrgyz Republic — — — — 16 16
Lithuania — — 21 21 — 21
Macedonia, FYR — — — — 9 9
Madagascar — — — — 14 14
Malawi — — — — 8 8
Mali — — — — 21 21
Mauritania — — — — 14 14
Moldova — — 15 15 — 15
Mongolia — — — — 6 6
Mozambique — — — — 25 25
Nicaragua — — — — 17 17
Niger — — — — 19 19
Pakistan — — 57 57 227 284
Panama — — 10 10 — 10
Philippines — — 755 755 — 755
Romania — 60 — 60 — 60
Russia — — 1,500 1,500 — 1,500
Rwanda1 — 6 — 6 — 6
Senegal — — — — 36 36
Sierra Leone — — — — 5 5
Tajikistan1 — 15 — 15 — 15
Tanzania — — — — 61 61
Thailand 317 2,000 — 2,317 — 2,317
Togo — — — — 22 22
Uganda — — — — 64 64
Ukraine — 181 — 181 — 181
Yemen —
_____ 14
______ 9
_____ 23
______ 44
____ 67
______
Total 1,050 16,127 2,824 20,000 973 20,973

1Emergency postconflict assistance.

2Stand-By amount includes purchases under Supplemental Reserve Facility of SDR 7.1 billion.

ANNUAL REPORT 199 8 121

APPENDIX II

Table II.8
Repurchases and Repayments to the IMF, Financial Year Ended April 30, 1998
(In millions of SDRs)

SAF/ESAF and
Stand-By/ Extended CCFF Total Trust Fund Total Repurchases
Member Credit Tranche Fund Facility and STF Repurchases Repayments and Repayments1

Albania 5 — — 5 — 5
Algeria2 51 — 277 328 — 328
Argentina 38 415 — 453 — 453
Bangladesh — — — — 83 83
Barbados 1 — — 1 — 1
Belarus — — 6 6 — 6
Benin — — — — 3 3
Bolivia — — — — 26 26
Brazil 16 — — 16 — 16
Bulgaria 62 — — 62 — 62
Burkina Faso — — — — 1 1
Burundi — — — — 6 6
Cambodia — — 1 1 — 1
Cameroon 11 — — 11 — 11
Central African Rep. 5 — — 5 4 9
Chad 5 — — 5 4 9
Congo, Republic of 5 — — 5 — 5
Côte d’Ivoire 9 — — 9 — 9
Croatia 3 — — 3 — 3
Dominican Republic 23 — 17 41 — 41
Ecuador 12 — — 12 — 12
Equatorial Guinea — — — — 2 2
Estonia 13 — 1 14 — 14
Ethiopia — — — — 1 1
Gabon 7 — — 7 — 7
Gambia, The — — — — 5 5
Ghana — 11 24 34 86 120
Guinea — — — — 6 6
Guinea-Bissau — — — — 1 1
Guyana 4 — — 4 12 16
Honduras — — — — 1 1
Hungary3 — 119 — 119 — 119
India 430 — — 430 — 430
Jamaica 15 4 — 19 — 19
Jordan 13 — — 13 — 13
Kazakhstan 14 — 5 19 — 19
Kenya — — — — 49 49
Kyrgyz Republic 6 — 3 8 — 8
Lao People’s Dem. Rep. — — — — 4 4
Latvia 26 — — 26 — 26
Lesotho — — — — 3 3
Lithuania 27 — 2 29 — 29
Madagascar — — — — 12 12
Malawi 2 — — 2 12 14
Mali — — — — 6 6
Mauritania — — — — 5 5
Mexico — 359 — 359 — 359
Moldova 12 — 10 23 — 23
Mozambique — — — — 11 11
Nepal — — — — 5 5
Niger 6 — — 6 7 12
Pakistan 115 — — 115 76 192
Panama 11 — — 11 — 11
Peru — 107 — 107 — 107
Philippines 87 39 — 126 — 126

122 ANNUAL REPORT 1998

 FINANCIAL OPERATIONS AND TRANSACTIONS

Table II.8 (concluded)

SAF/ESAF and
Stand-By/ Extended CCFF Total Trust Fund Total Repurchases
Member Credit Tranche Fund Facility and STF Repurchases Repayments and Repayments1

Romania 78 — 10 87 — 87
Russia 270 — 90 359 — 359
Rwanda — — — — 2 2
Senegal 15 — — 15 31 47
Slovak Republic 35 — 5 40 — 40
South Africa — — 307 307 — 307
Sri Lanka — — — — 54 54
Sudan 6 20 7 33 — 33
Tanzania — — — — 20 20
Togo — — — — 8 8
Trinidad and Tobago 9 — — 9 — 9
Tunisia — 37 — 37 — 37
Turkey 70 — — 70 — 70
Uganda — — — — 42 42
Uruguay 2 — — 2 — 2
Venezuela — 329 — 329 — 329
Vietnam 45 — 1 46 — 46
Zimbabwe —
_____ 19
_____ —
_____ 19
_____ 5
_____ 24
_____
Total 1,565 1,458 766 3,789 596 4,385

1Includes Comoros, Dominica, Liberia, Mongolia, and São Tomé and Príncipe, each of which had repurchases or repayments totaling less than

SDR 500,000.
2CCFF overcompensation.
3Advance repurchase.

ANNUAL REPORT 199 8 123

APPENDIX II

Table II.9
Outstanding IMF Credit by Facility and Policy, Financial Years Ended April 30, 1991–98
(In millions of SDRs and percent of total )

1991 1992 1993 1994 1995 1996 1997 1998

Millions of SDRs
Stand-By Arrangements1 9,323 9,469 10,578 9,485 15,117 20,700 18,064 25,526
Extended Arrangements 8,440 8,641 9,849 9,566 10,155 9,982 11,155 12,521
Supplemental Reserve Facility — — — — — — — 7,100
Compensatory and Contingency
Financing Facility 5,142 5,322 4,208 3,756 3,021 1,602 1,336 685
Systemic Transformation Facility —
______ —
______ —
______ 2,725
______ 3,848
______ 3,984
______ 3,984
______ 3,869
______
Subtotal (GRA) 22,906 23,432 24,635 25,532 32,140 36,268 34,539 49,701
SAF arrangements 1,377 1,500 1,484 1,440 1,277 1,208 954 730
ESAF arrangements2 1,163 1,646 2,219 2,812 3,318 4,469 4,904 5,505
Trust Fund 158
______ 158
______ 158
______ 105
______ 102
______ 95
______ 90
______ 90
______
Total 25,603 26,736 28,496 29,889 36,837 42,040 40,488 56,026
Percent of total
Stand-By Arrangements1 36 35 37 32 41 49 45 46
Extended Arrangements 33 32 34 32 28 24 28 22
Supplemental Reserve Facility — — — — — — — 13
Compensatory and Contingency
Financing Facility 20 20 15 12 8 4 3 1
Systemic Transformation Facility —
______ —
______ —
______ 9
______ 10
______ 9
______ 10
______ 7
______
Subtotal (GRA) 89 87 86 85 87 86 85 89
SAF Arrangements 5 6 5 5 3 3 2 1
ESAF Arrangements2 5 6 8 9 9 11 12 10
Trust Fund 1
______ 1
______ 1
______ —3
______ —3
______ —3
______ —3
______ —3
______
Total 100 100 100 100 100 100 100 100

1Includes outstanding credit tranche and emergency purchases.

2Includes outstanding associated loans from the Saudi Fund for Development.
3Less than !/2 of 1 percent of total.

124 ANNUAL REPORT 1998

 FINANCIAL OPERATIONS AND TRANSACTIONS

Table II.10
Enhanced Structural Adjustment Facility, Estimated Value of Contributions (Commitments as of April 30, 1998)
(In millions of SDRs)

Subsidies (Grant or Grant Equivalent)1

_________________________________________________ Loans2
__________________________________
Prior to For Prior to For
Contributor enlargement enlargement3 Total enlargement enlargement
Argentina — 32 32 — —
Australia — 14 14 — —
Austria 42 19 61 — —
Bangladesh — 1 1 — —
Belgium 83 42 125 — —
Botswana — 3 3 — —
Canada 128 67 194 300 200
Chile — 4 4 — —
China — 14 14 — 100
Colombia — 6 6 — —
Czech Republic — 12 12 — —
Denmark 49 27 76 — —
Egypt — 12 12 — 100
Finland 41 — 41 — —
France 264 250 514 800 750
Germany 193 — 193 700 700
Greece 24 13 37 — —
Iceland 3 1 4 — —
India — 12 12 — —
Indonesia — 6 6 — —
Iran, Islamic Republic of — 2 2 — —
Ireland — 6 6 — —
Italy 137 42 179 370 210
Japan 454 250 704 2,200 2,150
Korea 50 8 59 65 28
Luxembourg 5 8 13 — —
Malaysia 33 15 48 — —
Malta 1 1 2 — —
Mexico — 33 33 — —
Morocco — 9 9 — —
Netherlands 81 55 136 — —
Norway 29 15 44 90 60
Pakistan — 4 4 — —
Portugal — 6 6 — —
Singapore 21 15 37 — —
Spain — 32 32 216 67
Sweden 129 52 181 — —
Switzerland 56 48 105 200 152
Thailand 12 5 17 — —
Tunisia — 2 2 — —
Turkey — 10 10 — —
United Kingdom 334 77 411 — —
United States 144 78 223 — —
Uruguay — 2 2 — —
Other — 15 15 — —
Saudi Arabia 834
_____ —
_____ 834
_____ 2004
_____ —
_____
Subtotal (bilateral) 2,3815 1,325 3,706 5,141 4,517
OPEC Fund — — — — 376
SDA7 —
_____ 589
_____ 589
_____ —
_____ —
_____
Total 2,3815 1,914 4,295 5,141 4,554
1The amounts reported for grant contributions are the “as needed” equivalent of the resources committed, or implicit in loans or deposits at concessional
interest rates. The calculations are based on actual interest rates through April 30, 1998 and an assumed rate of 6.0 percent a year thereafter. Grants com-
mitted in local currency are valued at April 30, 1998 exchange rates.
2Loan contributions are provided either at concessional interest rates or on the basis of weighted averages of market interest rates in the five currencies
comprising the SDR basket.
3Some of the contributions listed are subject to parliamentary approval or completion of other internal procedures. A few contributions are to be confirmed.
4Corresponds to the associated borrowing agreement with the Saudi Fund for Development (SFD).
5The sum of individual contributions has been adjusted downward to take into account additional loan costs.
6The SDR equivalent of $50 million valued at the exchange rate of April 30, 1998.
7Special Disbursement Account.

ANNUAL REPORT 199 8 125

APPENDIX II

Table II.11
Special One-Time Allocation of SDRs Pursuant to Schedule M of the Proposed Fourth Amendment
of the Articles of Agreement
(In SDRs)

Ninth General Existing Cumulative

Country Review Quota Allocations Special Allocation1

Afghanistan, Islamic State of 120,400,000 26,703,000 8,593,210

Albania 35,300,000 — 10,348,473
Algeria 914,400,000 128,640,000 139,423,573
Angola 207,300,000 — 60,771,630
Antigua and Barbuda 8,500,000 — 2,491,842
Argentina 1,537,100,000 318,370,000 132,242,990
Armenia 67,500,000 — 19,788,157
Australia 2,333,200,000 470,545,000 213,450,985
Austria 1,188,300,000 179,045,000 169,314,518
Azerbaijan 117,000,000 — 34,299,473
Bahamas, The 94,900,000 10,230,000 17,590,684
Bahrain 82,800,000 6,200,000 18,073,473
Bangladesh 392,500,000 47,120,000 67,944,471
Barbados 48,900,000 8,039,000 6,296,421
Belarus 280,400,000 — 82,201,472
Belgium 3,102,300,000 485,246,000 424,217,716
Belize 13,500,000 — 3,957,631
Benin 45,300,000 9,409,000 3,871,052
Bhutan 4,500,000 — 1,319,210
Bolivia 126,200,000 26,703,000 10,293,525
Bosnia and Herzegovina 121,200,000 20,481,252 15,049,484
Botswana 36,600,000 4,359,000 6,370,579
Brazil 2,170,800,000 358,670,000 277,717,144
Brunei Darussalam 150,000,000 — 43,973,683
Bulgaria 464,900,000 — 136,289,102
Burkina Faso 44,200,000 9,409,000 3,548,579
Burundi 57,200,000 13,697,000 3,071,631
Cambodia 65,000,000 15,417,000 3,638,263
Cameroon 135,100,000 24,462,600 15,143,031
Canada 4,320,300,000 779,290,000 487,240,024
Cape Verde 7,000,000 620,000 1,432,105
Central African Republic 41,200,000 9,325,000 2,753,105
Chad 41,300,000 9,409,000 2,698,421
Chile 621,700,000 121,924,000 60,332,259
China 3,385,200,000 236,800,000 755,598,083
Colombia 561,300,000 114,271,000 50,278,523
Comoros 6,500,000 716,400 1,189,126
Congo, Democratic Republic of the2 394,800,000 86,309,000 29,429,734
Congo, Republic of 57,900,000 9,719,000 7,254,842
Costa Rica 119,000,000 23,726,000 11,159,789
Côte d’Ivoire 238,200,000 37,828,000 32,002,209
Croatia 261,600,000 44,205,369 32,484,735
Cyprus 100,000,000 19,438,000 9,877,789
Czech Republic 589,600,000 — 172,845,891
Denmark 1,069,900,000 178,864,000 134,785,625
Djibouti 11,500,000 1,178,000 2,193,316
Dominica 6,000,000 592,400 1,166,547
Dominican Republic 158,800,000 31,585,000 14,968,473
Ecuador 219,200,000 32,929,000 31,331,209
Egypt 678,400,000 135,924,000 62,954,311
El Salvador 125,600,000 24,985,000 11,835,631
Equatorial Guinea 24,300,000 5,812,000 1,311,737
Eritrea 11,500,000 — 3,371,316
Estonia 46,500,000 — 13,631,842
Ethiopia 98,300,000 11,160,000 17,657,420

126 ANNUAL REPORT 1998

 FINANCIAL OPERATIONS AND TRANSACTIONS

Table II.11 (continued)

Ninth General Existing Cumulative

Country Review Quota Allocations Special Allocation1

Fiji 51,100,000 6,958,000 8,022,368

Finland 861,800,000 142,690,000 109,953,468
France 7,414,600,000 1,079,870,000 1,093,778,477
Gabon 110,300,000 14,091,000 18,244,315
Gambia, The 22,900,000 5,121,000 1,592,316

Georgia 111,000,000 — 32,540,526

Germany 8,241,500,000 1,210,760,000 1,205,300,735
Ghana 274,000,000 62,983,000 17,342,261
Greece 587,600,000 103,544,000 68,715,575
Grenada 8,500,000 930,000 1,561,842

Guatemala 153,800,000 27,678,000 17,409,683

Guinea 78,700,000 17,604,000 5,467,526
Guinea-Bissau 10,500,000 1,212,400 1,865,758
Guyana 67,200,000 14,530,000 5,170,210
Haiti 60,700,000 13,697,000 4,097,684

Honduras 95,000,000 19,057,000 8,792,999

Hungary 754,800,000 — 221,275,574
Iceland 85,300,000 16,409,000 8,597,368
India 3,055,500,000 681,170,000 214,573,927
Indonesia 1,497,600,000 238,956,000 200,077,253

Iran, Islamic Republic of 1,078,500,000 244,056,000 72,114,782

Iraq2 864,800,000 68,463,800 185,059,142
Ireland 525,000,000 87,263,000 66,644,891
Israel 666,200,000 106,360,000 88,941,785
Italy 4,590,700,000 702,400,000 643,399,917

Jamaica 200,900,000 40,613,000 18,282,420

Japan 8,241,500,000 891,690,000 1,524,370,735
Jordan 121,700,000 16,887,000 18,790,315
Kazakhstan 247,500,000 — 72,556,577
Kenya 199,400,000 36,990,000 21,465,683

Kiribati 4,000,000 — 1,172,632

Korea 799,600,000 72,911,200 161,497,847
Kuwait 995,200,000 26,744,400 265,006,330
Kyrgyz Republic 64,500,000 — 18,908,684
Lao People’s Democratic Republic 39,100,000 9,409,000 2,053,473

Latvia 91,500,000 — 26,823,947

Lebanon 146,000,000 4,393,200 38,407,852
Lesotho 23,900,000 3,739,000 3,267,474
Liberia2 96,200,000 21,007,000 7,194,789
Libya 817,600,000 58,771,200 180,914,689

Lithuania 103,500,000 — 30,341,841

Luxembourg 135,500,000 16,955,000 22,767,894
Macedonia, former Yugoslav Republic of 49,600,000 8,378,694 6,161,937
Madagascar 90,400,000 19,270,000 7,231,473
Malawi 50,900,000 10,975,000 3,946,737

Malaysia 832,700,000 139,048,000 105,064,573

Maldives 5,500,000 282,400 1,329,968
Mali 68,900,000 15,912,000 4,286,578
Malta 67,500,000 11,288,000 8,500,157
Marshall Islands 2,500,000 — 732,895

Mauritania 47,500,000 9,719,000 4,206,000

Mauritius 73,300,000 15,744,000 5,744,473
Mexico 1,753,300,000 290,020,000 223,973,725
Micronesia, Federated States of 3,500,000 — 1,026,053
Moldova 90,000,000 — 26,384,210

ANNUAL REPORT 199 8 127

APPENDIX II

Table II.11 (continued)

Ninth General Existing Cumulative

Country Review Quota Allocations Special Allocation1

Mongolia 37,100,000 — 10,876,158

Morocco 427,700,000 85,689,000 39,694,629
Mozambique 84,000,000 — 24,625,263
Myanmar 184,900,000 43,474,000 10,730,894
Namibia 99,600,000 — 29,198,526

Nepal 52,000,000 8,104,800 7,139,410

Netherlands 3,444,200,000 530,340,000 479,354,398
New Zealand 650,100,000 141,322,000 49,259,943
Nicaragua 96,100,000 19,483,000 8,689,473
Niger 48,300,000 9,409,000 4,750,526

Nigeria 1,281,600,000 157,155,000 218,556,149

Norway 1,104,600,000 167,770,000 156,052,203
Oman 119,400,000 6,262,000 28,741,052
Pakistan 758,200,000 169,989,000 52,283,311
Panama 149,600,000 26,322,000 17,534,420

Papua New Guinea 95,300,000 9,300,000 18,637,947

Paraguay 72,100,000 13,697,000 7,439,684
Peru 466,100,000 91,319,000 45,321,892
Philippines 633,400,000 116,595,000 69,091,206
Poland 988,500,000 — 289,786,572

Portugal 557,600,000 53,320,000 110,144,838

Qatar 190,500,000 12,821,600 43,024,978
Romania 754,100,000 75,950,000 145,120,363
Russia 4,313,100,000 — 1,264,419,287
Rwanda 59,500,000 13,697,000 3,745,894

St. Kitts and Nevis 6,500,000 — 1,905,526

St. Lucia 11,000,000 741,600 2,483,137
St. Vincent and the Grenadines 6,000,000 353,600 1,405,347
Samoa 8,500,000 1,142,000 1,349,842
San Marino 10,000,000 — 2,931,579

São Tomé and Príncipe 5,500,000 620,000 992,368

Saudi Arabia 5,130,600,000 195,526,800 1,308,549,061
Senegal 118,900,000 24,462,000 10,394,473
Seychelles 6,000,000 406,400 1,352,547
Sierra Leone 77,200,000 17,455,000 5,176,789

Singapore 357,600,000 16,475,200 88,358,061

Slovak Republic 257,400,000 — 75,458,840
Slovenia 150,500,000 25,430,888 18,689,374
Solomon Islands 7,500,000 654,400 1,544,284
Somalia2 60,900,000 13,697,000 4,156,315

South Africa 1,365,400,000 220,360,000 179,917,780

Spain 1,935,400,000 298,805,000 268,572,777
Sri Lanka 303,600,000 70,868,000 18,134,735
Sudan2 233,100,000 52,192,000 16,143,104
Suriname 67,600,000 7,750,000 12,067,473

Swaziland 36,500,000 6,432,000 4,268,263

Sweden 1,614,000,000 246,525,000 226,631,831
Switzerland 2,470,400,000 — 724,217,247
Syrian Arab Republic 209,900,000 36,564,000 24,969,841
Tajikistan 60,000,000 — 17,589,473

Tanzania 146,900,000 31,372,000 11,692,894

Thailand 573,900,000 84,652,000 83,591,312
Togo 54,300,000 10,975,000 4,943,473
Tonga 5,000,000 — 1,465,789
Trinidad and Tobago 246,800,000 46,231,000 26,120,367

128 ANNUAL REPORT 1998

 FINANCIAL OPERATIONS AND TRANSACTIONS

Table II.11 (concluded)

Ninth General Existing Cumulative

Country Review Quota Allocations Special Allocation1

Tunisia 206,000,000 34,243,000 26,147,525

Turkey 642,000,000 112,307,000 75,900,364
Turkmenistan 48,000,000 — 14,071,579
Uganda 133,900,000 29,396,000 9,857,841
Ukraine 997,300,000 — 292,366,362
United Arab Emirates 392,100,000 38,736,800 76,210,408
United Kingdom 7,414,600,000 1,913,070,000 260,578,477
United States 26,526,800,000 4,899,530,000 2,877,010,667
Uruguay 225,300,000 49,977,000 16,071,472
Uzbekistan 199,500,000 — 58,484,999
Vanuatu 12,500,000 — 3,664,474
Venezuela 1,951,300,000 316,890,000 255,148,987
Vietnam 241,600,000 47,658,000 23,168,946
Yemen 176,500,000 28,743,000 22,999,367
Yugoslavia, Federal Republic of
(Serbia/Montenegro)2 335,400,000 56,664,797 41,660,359
Zambia 363,500,000 68,298,000 38,264,892
Zimbabwe 261,300,000
________________ 10,200,000
_______________ 66,402,156
_______________
Total3 146,223,800,000 21,433,330,200 21,433,330,200

1Participants as of September 19, 1997, will receive a special one-time allocation of SDRs in an amount that will result in their cumulative allocations of

SDRs being equal to 29.315788813 percent of their Ninth General Review quota.
2These countries currently have Eighth General Review quotas. The Federal Republic of Yugoslavia (Serbia/Montenegro) has not completed arrange-

ments for succession to membership and is not currently a participant in the SDR Department.
3A country that becomes a participant in the SDR Department after September 19, 1997, and within three months of its membership in the IMF will

receive a special one-time allocation of SDRs based on a notional Ninth General Review quota. The Republic of Palau, which became a member and a
participant in the SDR Department in December 1997 with an initial quota of SDR 2.25 million, will be entitled to receive a special one-time allocation of
SDR 659,605.

ANNUAL REPORT 199 8 129

 Table II.12
130

APPENDIX
Summary of Transactions and Operations in SDRs, Financial Year Ended April 30, 1998
(In thousands of SDRs)
Receipts Transfers Interest, Positions as at April 30, 1998
________________________________________
ANNUAL

Receipts from Transfers to from the to the Charges, Holdings as

Total Participants and Participants and General General and Net percent of
Holdings Prescribed Holders
_________________________ Prescribed Holders
________________________ Resources Resources Assessment cumulative cumulative
Member April 30, 1997 Designated Other Designated Other Account Account (Net) Holdings allocations allocations

II
Participants
REPORT

Afghanistan,
Islamic State of — — — — — — — — — 26,703 —
Albania 89 — 5,075 — 155 6 4,846 4 173 — —
Algeria 18,614 — 308,925 — 129,912 210,439 400,958 – 4,721 2,387 128,640 1.9
Angola 115 — — — — — — 5 120 — —
Antigua and Barbuda 5 — — — — — — — 5 — —
1998

Argentina 257,866 — 387,000 — 2,267 112,327 660,728 – 5,639 88,559 318,370 27.8
Armenia 28,609 — — — 212 53 2,219 1,157 27,389 — —
Australia 22,438 — — — — 7,854 — – 18,657 11,634 470,545 2.5
Austria 114,887 — 113,260 — 126,601 19,599 — – 2,159 118,986 179,045 66.5
Azerbaijan 8,572 — 20,480 — 34,668 14,242 6,351 268 2,544 — —
Bahamas, The 104 — 384 — — 48 — – 421 115 10,230 1.1
Bahrain 11,735 — — — — — — 229 11,965 6,200 193.0
Bangladesh 59,372 — 30,000 — 82,072 — — – 133 7,167 47,120 15.2
Barbados 127 — 348 — — 3 38 – 330 111 8,039 1.4
Belarus 2,136 — 2,300 — — 7,003 8,923 17 2,533 — —
Belgium 350,511 — 899 — — 22,264 — – 5,377 368,298 485,246 75.9
Belize 633 — — — — 79 — 28 740 — —
Benin 123 — 4,930 — 4,530 — — – 385 138 9,409 1.5
Bhutan 479 — — — — 14 — 20 513 — —
Bolivia 26,804 — 16,830 — 16,830 — — –1 26,802 26,703 100.4
Bosnia and Herzegovina1 585 — — — — 2,227 1,406 – 834 572 20,481 2.8
Botswana 29,110 — — — — 666 — 1,040 30,816 4,359 707.0
Brazil 52 — 20,550 — — 37 1,271 – 14,771 4,597 358,670 1.3
Brunei Darussalam 783 — — — — 1,042 — 49 1,873 — —
Bulgaria 896 — 96,500 — 32,200 33,658 89,398 178 9,634 — —
Burkina Faso 1,753 — — — 900 154 — – 319 688 9,409 7.3
Burundi 159 — 540 — — 43 — – 563 178 13,697 1.3
Cambodia 9,383 — — — 210 7 814 – 262 8,104 15,417 52.6
Cameroon 254 — 30,226 — 27,020 54 2,204 – 1,007 303 24,463 1.2
Canada 817,677 — — — 63,000 22,477 — 1,762 778,916 779,290 100.0
Cape Verde 39 — — — — — 5 – 24 9 620 1.5
Central African Republic 100 — 7,311 — 2,447 11 4,481 – 384 111 9,325 1.2
Chad 110 — 8,791 — 8,000 10 420 – 379 111 9,409 1.2
Chile 1,322 — 3,800 — — 1,053 — – 5,001 1,174 121,924 1.0
China 436,393 — 356 — 43,325 37,109 — 8,303 438,836 236,800 185.3
 Colombia 124,012 — — — — 5,032 — 452 129,497 114,271 113.3
Comoros — — 217 — 191 9 — – 29 7 716 1.0
Congo, Democratic
Republic of the — — — — — — — — — 86,309 —
Congo, Republic of 107 — 949 — — 13 551 – 400 119 9,719 1.2
Costa Rica 267 — 950 — — 28 4 – 976 266 23,726 1.1
Côte d’Ivoire 506 — 1,750 — — 10 273 – 1,553 440 37,828 1.2
Croatia, Republic of 1 112,871 — — — — 188 11,851 2,606 103,814 44,205 234.8
Cyprus 31 — 250 — — 748 — – 798 231 19,438 1.2
Czech Republic — — — — — — — — — — —
Denmark 158,968 — 199,000 — 130,779 14,124 — 803 242,116 178,864 135.4
Djibouti 61 — 659 — 1,100 1,108 186 – 43 498 1,178 42.3
Dominica 7 — 293 — 282 13 — – 24 7 592 1.1
Dominican Republic 1,084 — 2,807 — — 51 1,872 – 1,290 780 31,585 2.5
Ecuador 2,016 — 16,500 — — 458 17,025 – 1,311 638 32,929 1.9
Egypt 94,991 — 69,773 — 49,348 267 685 – 1,698 113,300 135,924 83.4
El Salvador 24,981 — 28 — — — 24 –5 24,980 24,985 100.0

FINANCIAL
Equatorial Guinea 112 — 245 — 55 — — – 239 63 5,812 1.1
Eritrea — — — — — — — — — — —
Estonia 39 — 16,494 — — 86 16,573 9 55 — —
Ethiopia 218 — 421 — — 13 — – 456 196 11,160 1.8
Fiji 8,057 — — — — 264 — 48 8,369 6,958 120.3
Finland 166,787 — 308,997 — 275,824 9,828 — 2,391 212,179 142,690 148.7
France 691,261 — — — — 56,793 — – 15,560 732,494 1,079,870 67.8

OPERATIONS
Gabon 1,099 — 3,612 — 16,000 16,696 4,595 – 573 239 14,091 1.7
Gambia, The 815 — 4,750 — 4,694 — — – 171 699 5,121 13.7
Georgia 947 — 3,813 — 238 88 3,649 12 974 — —
Germany 1,322,430 — — — 102,166 131,262 — 4,715 1,356,241 1,210,760 112.0
ANNUAL

Ghana 15,015 — 111,679 — 87,323 47 36,236 – 2,322 860 62,983 1.4

Greece 616 — 1,000 — — 3,062 — – 4,259 419 103,544 0.4
Grenada 32 — 60 — — — — – 38 54 930 5.8
Guatemala 9,975 — — — — — — – 743 9,232 27,678 33.4
Guinea 1,628 — 17,600 — 11,512 — — – 667 7,050 17,604 40.0

AND
Guinea–Bissau 79 — 2,363 — 2,363 — — – 48 31 1,212 2.6
REPORT

Guyana 543 — 28,110 — 21,380 5 4,613 – 572 2,092 14,530 14.4

Haiti 403 — 1,279 — — 19 770 – 560 371 13,697 2.7

TRANSACTIONS
Honduras 242 — 817 — — 3 14 – 783 265 19,057 1.4
Hungary 1,354 — 4,000 — — 575 5,575 23 378 — —
Iceland 221 — 410 — — 183 — – 674 141 16,409 0.9
India 19,244 — 291,000 — — 965 261,038 – 27,518 22,652 681,170 3.3
199 8

Indonesia 1,230 — 14,000 — — 387,617 49,480 – 6,190 347,176 238,956 145.3

Iran, Islamic Republic of 239,668 — 7,015 — 2,000 — — – 108 244,575 244,056 100.2
Iraq — — — — — — — — — 68,464 —
Ireland 116,868 — — — — 7,408 — 1,326 125,602 87,263 143.9
Israel 2,362 — 3,450 — — 15 161 – 4,357 1,309 106,360 1.2
131

Italy 22,896 — 29,571 — — 42,552 — – 27,418 67,601 702,400 9.6

 Table II.12 (continued)
132

APPENDIX
Receipts Transfers Interest, Positions as at April 30, 1998
________________________________________
Receipts from Transfers to from the to the Charges, Holdings as
Total Participants and Participants and General General and Net percent of
Prescribed Holders Prescribed Holders
ANNUAL

Holdings _________________________ ________________________ Resources Resources Assessment cumulative cumulative

Member April 30, 1997 Designated Other Designated Other Account Account (Net) Holdings allocations allocations

Jamaica 1,818 — 6,000 — — 115 4,581 – 1,655 1,697 40,613 4.2

II
Japan 1,855,984 — 399,150 — 543,749 179,949 — 43,860 1,935,194 891,690 217.0
Jordan 125 — 23,032 — 46,422 42,026 13,802 – 648 4,311 16,887 25.5
REPORT

Kazakhstan 256,658 — 79,125 — — 430 37,476 11,423 310,160 — —

Kenya 621 — 51,374 — 49,986 14 — – 1,465 558 36,990 1.5
Kiribati 8 — — — — — — — 8 — —
Korea 86,471 — 37,000 — 570,000 615,917 164,790 444 5,043 72,911 6.9
Kuwait 69,623 — — — — 4,516 — 1,848 75,987 26,744 284.1
Kyrgyz Republic 3,275 — 7,700 — 340 43 10,256 93 516 — —
1998

Lao People’s
Democratic Republic 11,548 — — — 3,767 — — 58 7,839 9,409 83.3
Latvia 975 — 29,200 — — 88 29,401 32 895 — —
Lebanon 13,579 — — — — 641 — 392 14,612 4,393 332.6
Lesotho 914 — — — — 88 — – 117 885 3,739 23.7
Liberia — — — — — — — — — 21,007 —
Libya 379,733 — — — — 12,104 — 13,543 405,379 58,771 689.8
Lithuania 7,058 — 18,203 — 5,000 20,976 38,358 285 3,164 — —
Luxembourg 7,819 — — — — 668 — – 374 8,113 16,955 47.8
Macedonia, former
Yugoslav Republic of 1 2,162 — 1,100 — 38 53 2,214 – 311 752 8,379 9.0
Madagascar 227 — 780 — — — — – 792 215 19,270 1.1
Malawi 681 — 16,980 — 12,603 14 2,188 – 428 2,457 10,975 22.4
Malaysia 118,885 — — — — 15,607 — – 625 133,867 139,048 96.3
Maldives 68 — — — — 27 — –9 87 282 30.6
Mali 331 — 10,685 — 10,335 126 — – 650 157 15,912 1.0
Malta 40,264 — 14 — — 1,031 — 1,220 42,529 11,288 376.8
Marshall Islands — — — — — — — — — — —
Mauritania 148 — 7,125 — 6,757 — — – 354 162 9,719 1.7
Mauritius 22,228 — — — — 72 — 268 22,568 15,744 143.3
Mexico 225,472 — 788,563 — — 8,498 590,980 2,233 433,785 290,020 149.6
Micronesia,
Federated States of 953 — — — — — — 40 993 — —
Moldova 1,307 — 27,500 — 11,000 15,252 31,022 56 2,093 — —
Mongolia 980 — — — 160 1 320 27 529 — —
Morocco 2,219 — 18,000 — 15,568 83 1 – 3,409 1,324 85,689 1.5
Mozambique 38 — — — — — — 2 40 — —
Myanmar 465 — 1,900 — — — — – 1,788 577 43,474 1.3
Namibia 13 — — — — — — 1 13 — —
 Nepal 150 — 200 — — 102 — – 331 121 8,105 1.5
Netherlands 540,288 — 793,235 — 777,091 42,624 — 1,530 600,586 530,340 113.2
New Zealand 311 — 3,600 — — 2,758 — – 5,816 853 141,322 0.6
Nicaragua 208 — 933 — 100 — — – 802 239 19,483 1.2
Niger 1,651 — 16,060 — 16,580 216 441 – 324 583 9,409 6.2
Nigeria 365 — 8,100 — — — — – 6,459 2,006 157,155 1.3
Norway 239,285 — 297,383 — 322,704 22,674 — 3,257 239,895 167,770 143.0
Oman 9,154 — — — — 1,158 — 137 10,449 6,262 166.9
Pakistan 8,414 — 172,243 — 102,680 19,686 81,931 – 6,820 8,912 169,989 5.2
Palau — — — — — — — — — — —
Panama 1,301 — 16,575 — — 747 15,936 – 1,005 1,682 26,322 6.4
Papua New Guinea 583 — 2,002 — — 40 1,698 – 378 550 9,300 5.9
Paraguay 73,967 — — — — 378 — 2,513 76,858 13,697 561.1
Peru 885 — 147,679 — — 852 143,779 – 3,728 1,910 91,319 2.1
Philippines 1,927 — 121,000 — 349,000 355,691 106,992 – 4,639 17,987 116,595 15.4
Poland 3,296 — — — — 808 — 150 4,253 — —

FINANCIAL
Portugal 70,926 — — — — 11,108 — 888 82,922 53,320 155.5
Qatar 22,825 — — — — 848 — 427 24,101 12,822 188.0
Romania 60,153 — — — — 60,993 60,540 – 785 59,821 75,950 78.8
Russia 405 — 655,000 — 749,000 917,921 822,636 664 2,355 — —
Rwanda 20,690 — 378 — 1,795 18 812 200 18,680 13,697 136.4
St. Kitts and Nevis — — — — — — — — — — —
St. Lucia 1,425 — — — — — — 28 1,453 742 196.0
St. Vincent and the

OPERATIONS
Grenadines 73 — — — — 7 — – 12 69 354 19.4
Samoa 2,110 — — — — 7 — 40 2,157 1,142 188.9
San Marino 271 — — — — 70 — 12 354 — —
São Tomé and Príncipe 6 — 169 — 162 19 — – 25 7 620 1.1
ANNUAL

Saudi Arabia 488,752 — — — — 19,470 — 12,475 520,697 195,527 266.3

Senegal 3,470 — 49,900 — 32,518 30 16,683 – 909 3,290 24,462 13.4
Seychelles 24 — — — — 21 — – 16 30 406 7.4
Sierra Leone 5,200 — 4,000 — 610 — — – 403 8,187 17,455 46.9
Singapore 44,474 — 1,600 — — 7,458 — 1,309 54,841 16,475 332.9

AND
Slovak Republic 6,001 — 50,000 — — 228 49,541 213 6,901 — —
REPORT

Slovenia, Republic of 1 279 — 900 — — 174 6 – 1,045 301 25,431 1.2

Solomon Islands 11 — 17 — — 6 — – 27 7 654 1.1

TRANSACTIONS
Somalia — — — — — — — — — 13,697 —
South Africa 680 — 304,211 — — 542 252,305 – 8,847 44,282 220,360 20.1
Spain 323,001 — — — — 39,801 — 1,520 364,321 298,805 121.9
Sri Lanka 1,437 — 58,499 — 55,376 — — – 2,837 1,723 70,868 2.4
199 8

Sudan — — — — — 7,447 5,303 – 2,144 — 52,192 —

Suriname 8,221 — — — — — — 18 8,239 7,750 106.3
Swaziland 5,930 — — — — 39 — – 22 5,947 6,432 92.5
Sweden 211,381 — 299,343 — 230,200 14,372 — – 15 294,881 246,525 119.6
Switzerland 87,309 — 884,670 — 839,739 37,115 — 4,911 174,265 — —
133

Syrian Arab Republic — — — — — 1,894 — – 1,509 386 36,564 1.1

 Table II.12 (concluded)
134

APPENDIX
Receipts Transfers Interest, Positions as at April 30, 1998
________________________________________
Receipts from Transfers to from the to the Charges, Holdings as
Total Participants and Participants and General General and Net percent of
Holdings Prescribed Holders
_________________________ Prescribed Holders
________________________ Resources Resources Assessment cumulative cumulative
ANNUAL

Member April 30, 1997 Designated Other Designated Other Account Account (Net) Holdings allocations allocations

Tajikistan 2,058 — — — 12,500 15,018 819 101 3,858 — —

II
Tanzania 388 — 44,988 — 43,562 — — – 1,280 533 31,372 1.7
Thailand 44,533 — 404 — 1,082,750 1,420,189 44,781 4,101 341,695 84,652 403.6
Togo 142 — 11,360 — 10,860 — — – 450 192 10,975 1.7
REPORT

Tonga 78 — — — — 36 — 4 118 — —
Trinidad and Tobago 712 — 2,100 — — 11 376 – 1,899 549 46,231 1.2
Tunisia 23,244 — 50,018 — 8,332 167 43,356 – 835 20,907 34,243 61.1
Turkey 7,162 — 70,000 — — 513 70,767 – 4,557 2,351 112,307 2.1
Turkmenistan — — — — — — — — — — —
1998

Uganda 1,096 — 64,085 — 59,332 — — – 1,075 4,774 29,396 16.2

Ukraine 29,590 — 7,234 — — 75,099 79,958 956 32,921 — —
United Arab Emirates 57,776 — — — — 1 — 785 58,562 38,737 151.2
United Kingdom 314,480 — 803,150 — 755,044 38,738 — – 66,876 334,448 1,913,070 17.5
United States 7,122,454 — — — — 346,501 — 96,596 7,565,552 4,899,530 154.4
Uruguay 1,270 — 3,618 — — 2 2,284 – 2,032 574 49,977 1.1
Uzbekistan 2,356 — 5,486 — — 181 7,758 24 290 — —
Vanuatu 383 — — — — 64 — 17 464 — —
Venezuela 320,807 — 150,000 — — 4,000 379,199 – 4,429 91,180 316,890 28.8
Vietnam 2,466 — 54,550 — 1,208 127 51,470 – 1,713 2,752 47,658 5.8
Yemen, Republic of 57,268 — 57,825 — 2,290 14,564 5,926 1,940 123,383 28,743 429.3
Yugoslavia, Federal Republic
of (Serbia/Montenegro)1 — — — — — — — — — 56,665 —
Zambia 754 — 8,909 — 4,207 464 — – 2,782 3,138 68,298 4.6
Zimbabwe 2,461
___________ —
______ 29,400
___________ —
______ 760
___________ 160
__________ 25,080
__________ – 334
________ 5,847
___________ 10,200
___________ 57.3
______
Total participants 18,696,850 — 8,976,618 — 8,013,726 5,573,506 4,795,000 – 76,442 20,361,807 21,433,330 95.0
Prescribed holders
Arab Monetary Fund 42,503 — 45,076 — 52,228 — — 1,031 36,382 — —
Bank of Central
African States 886 — 16,654 — 15,853 — — 88 1,775 — —
Bank for International
Settlements 1,256,584 — 515,905 — 1,472,444 — — 40,304 340,348 — —
East African
Development Bank 169 — — — — — — 7 176 — —
Eastern Caribbean
Central Bank 2,077 — — — — — — 86 2,163 — —
 International Bank
for Reconstruction
and Development 2,286 — — — — — — 95 2,381 — —
Islamic Development Bank 2,438
___________ —
______ —
___________ —
______ —
___________ —
__________ —
__________ 103
________ 2,541
___________ —
___________ —
______
Total prescribed holders 1,306,942 — 577,634 — 1,540,526 — — 41,715 385,765 — —
General Resources Account ___________
1,494,149 —
______ 4,795,000
___________ —
______ 5,573,506
___________ —
__________ —
__________ 48,782
________ 764,424
___________ —
___________ —
______
Total 21,497,941 — 14,349,252 — 15,127,758 5,573,506 4,795,000 14,055 21,511,996 21,433,330 —

1The assets and liabilities of the former Socialist Federal Republic of Yugoslavia were assumed by five successor states. As of April 30, 1998, the Federal Republic of Yugoslavia (Serbia/Montenegro) had not

completed arrangements for succession to membership in the IMF.

FINANCIAL
OPERATIONS
ANNUAL

AND
REPORT

TRANSACTIONS
199 8
135
APPENDIX II

Table II.13
Holdings of SDRs by All Participants and by Groups of Countries as Percent of Their Cumulative Allocations of SDRs
and of Their Non-Gold Reserves, at End of Financial Years Ended April 30, 1974–98

Nonindustrial Countries
_________________________________________________________________________________
Net debtor countries
________________________________________________
All With arrears Without
Financial All Industrial nonindustrial Net creditor All net debtor and/or arrears and/or
Year Participants1 Countries2 countries countries countries rescheduling3 rescheduling

Holdings of SDRs as percent of cumulative allocations

1974 94.6 106.2 64.3 100.0 64.3 72.5 58.7
1975 94.5 106.5 63.1 100.0 63.1 71.9 57.1
1976 95.1 108.4 59.8 100.0 59.8 71.8 51.7
1977 91.7 105.7 54.9 100.0 54.9 70.5 44.3
1978 85.3 95.6 58.1 100.0 58.0 73.9 47.3
1979 90.3 97.0 74.5 100.0 73.8 82.4 67.9
1980 91.9 96.8 81.0 176.5 77.3 83.4 73.0
1981 74.5 81.0 60.8 154.8 55.9 64.3 50.2
1982 74.6 81.8 59.1 154.0 54.2 57.3 52.1
1983 79.8 95.0 47.4 267.6 35.9 39.0 33.8
1984 69.8 80.3 47.4 224.6 38.1 38.1 38.1
1985 78.4 95.1 42.8 218.3 33.6 37.6 31.0
1986 87.3 105.2 49.0 233.6 39.4 43.9 36.3
1987 90.8 110.0 49.9 236.7 40.2 42.4 38.7
1988 96.2 115.8 54.4 262.1 43.6 41.2 45.2
1989 93.1 116.3 43.5 240.2 33.3 16.5 44.7
1990 97.2 121.9 44.4 262.9 33.0 15.7 44.8
1991 96.8 120.7 45.9 193.9 38.1 18.5 51.5
1992 96.8 121.2 44.6 200.1 36.5 13.1 52.4
1993 63.0 73.1 41.6 166.6 35.1 20.0 45.7
1994 71.0 77.9 56.3 222.5 47.7 51.2 45.2
1995 90.9 105.1 60.4 263.9 49.8 36.9 58.8
1996 91.4 102.4 67.9 285.5 56.6 39.5 68.6
1997 87.2 99.8 60.5 303.6 47.8 37.3 55.3
1998 95.0 107.0 69.4 323.7 56.2 32.4 72.9
Holdings of SDRs as percent of non-gold reserves
1974 7.2 9.2 3.6 — 4.3 2.9 7.4
1975 6.0 8.9 2.4 — 3.4 2.0 7.6
1976 5.4 8.3 2.0 — 3.0 2.0 5.2
1977 4.4 7.4 1.4 — 2.1 1.6 2.9
1978 3.5 5.3 1.4 — 1.9 1.7 2.2
1979 4.6 5.8 2.9 0.5 3.4 2.9 4.1
1980 5.6 7.1 3.5 1.4 4.1 3.4 4.8
1981 4.8 6.2 2.9 1.3 3.6 3.5 3.6
1982 5.3 6.9 3.0 1.3 3.7 4.0 3.5
1983 5.3 7.2 2.3 2.3 2.3 2.8 2.0
1984 4.2 5.6 2.0 2.1 2.0 2.3 1.8
1985 4.4 6.3 1.6 1.9 1.6 1.9 1.4
1986 5.0 6.7 2.0 2.4 1.9 2.5 1.6
1987 4.7 5.7 2.0 2.8 1.8 3.1 1.4
1988 4.4 5.1 2.0 3.4 1.8 3.2 1.4
1989 3.9 4.7 1.5 3.3 1.2 1.2 1.2
1990 3.8 4.6 1.5 5.0 1.1 1.1 1.1
1991 3.4 4.3 1.3 3.3 1.1 1.0 1.1
1992 3.2 4.4 1.0 3.4 0.9 0.6 0.9
1993 2.2 2.8 0.9 3.2 0.8 0.8 0.8
1994 2.1 2.7 1.1 4.8 0.9 1.8 0.7
1995 2.6 3.5 1.1 5.2 0.9 1.3 0.8
1996 2.1 2.9 0.9 4.6 0.8 0.9 0.7
1997 1.7 2.6 0.7 4.8 0.5 0.7 0.5
1998 1.8 2.7 0.7 5.3 0.6 0.6 0.6

1Consists of member countries that are participants in the SDR Department. At the end of 1997/ 98, of the total SDRs allocated to participants in the
SDR Department (SDR 21.4 billion), SDR 1.2 billion was not held by participants but instead by the IMF and prescribed holders.
2Based on IFS classification (International Monetary Fund, International Financial Statistics, various years).
3Countries that incurred external payments arrears or rescheduled their debts during the period 1993–97.

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Table II.14
Key IMF Rates, Financial Year Ended April 30, 1998
(In percent)

SDR Interest SDR Interest

Rate and Rate and
Period Unadjusted Rate Basic Rate Period Unadjusted Rate Basic Rate
Beginning of Remuneration1 of Charge1 Beginning of Remuneration1 of Charge1

1997
April 28 4.09 4.32 November 3 4.21 4.45
November 10 4.32 4.56
May 5 4.06 4.29 November 17 4.33 4.57
May 12 3.99 4.21 November 24 4.31 4.55
May 19 3.96 4.18
May 26 3.95 4.17 December 1 4.32 4.56
December 8 4.39 4.64
June 2 3.90 4.12 December 15 4.32 4.56
June 9 3.98 4.20 December 22 4.37 4.61
June 16 3.92 4.14 December 29 4.38 4.63
June 23 3.95 4.17
June 30 4.01 4.23 1998
January 5 4.37 4.61
July 7 4.02 4.25 January 12 4.21 4.45
July 14 4.02 4.25 January 19 4.24 4.48
July 21 4.08 4.31 January 26 4.21 4.45
July 28 4.11 4.34
February 2 4.25 4.49
August 4 4.13 4.36 February 9 4.22 4.46
August 11 4.15 4.38 February 16 4.26 4.50
August 18 4.15 4.38 February 23 4.27 4.51
August 25 4.12 4.35
March 2 4.32 4.56
September 1 4.14 4.37 March 9 4.22 4.46
September 8 4.11 4.34 March 16 4.20 4.44
September 15 4.07 4.30 March 23 4.25 4.49
September 22 4.06 4.29 March 30 4.30 4.54
September 29 4.02 4.25
April 6 4.26 4.50
October 6 4.09 4.32 April 13 4.23 4.47
October 13 4.15 4.38 April 20 4.24 4.48
October 20 4.14 4.37 April 27 4.24 4.48
October 27 4.19 4.42

1Under the decision on burden sharing, the rate of remuneration is adjusted downward and the rate of charge is adjusted upward to share the burden of

protecting the IMF’s income from overdue charges and of contributing to the IMF’s precautionary balances. The amounts generated from burden sharing
are refundable when overdue charges are paid and when overdue obligations cease to be a problem. The basic rate of charge presented is the effective rate
following the retroactive reduction that was implemented after the end of the financial year. The basic rate of charge, which was set at 109.6 percent of the
SDR interest rate, at the beginning of the year, was reduced to 105.6 percent of the SDR interest following after the retroactive reduction.

ANNUAL REPORT 199 8 137

APPENDIX II

Table 11.15
Members That Have Accepted the Obligations of Article VIII, Sections 2, 3, and 4 of the Articles of Agreement

Effective Date Effective Date

Member of Acceptance Member of Acceptance

Algeria September 15, 1997 Iceland September 19, 1983

Antigua and Barbuda November 22, 1983 India August 20, 1994
Argentina May 14, 1968 Indonesia May 7, 1988
Armenia May 29, 1997 Ireland February 15, 1961
Australia July 1, 1965 Israel September 21, 1993
Austria August 1, 1962 Italy February 15, 1961
Bahamas, The December 5, 1973 Jamaica February 22, 1963
Bahrain March 20, 1973 Japan April 1, 1964
Bangladesh April 11, 1994 Jordan February 20, 1995
Barbados November 3, 1993 Kazakhstan July 16, 1996
Belgium February 15, 1961 Kenya June 30, 1994
Belize June 14, 1983 Kiribati August 22, 1986
Benin June 1, 1996 Korea November 1, 1988
Bolivia June 5, 1967 Kuwait April 5, 1963
Botswana November 17, 1995 Kyrgyz Republic March 29, 1995
Brunei Darussalam October 10, 1995 Latvia June 10, 1994
Burkina Faso June 1, 1996 Lebanon July 1, 1993
Cameroon June 1, 1996 Lesotho March 5, 1997
Canada March 25, 1952 Lithuania May 3, 1994
Central African Republic June 1, 1996 Luxembourg February 15, 1961
Chad June 1, 1996 Madagascar September 18, 1996
Chile July 27, 1977 Malawi December 7, 1995
China December 1, 1996 Malaysia November 11, 1968
Comoros June 1, 1996 Mali June 1, 1996
Congo, Republic of June 1, 1996 Malta November 30, 1994
Costa Rica February 1, 1965 Marshall Islands May 21, 1992
Côte d’Ivoire June 1, 1996 Mauritius September 29, 1993
Croatia May 29, 1995 Mexico November 12, 1946
Cyprus January 9, 1991 Micronesia, Federated States of June 24, 1993
Czech Republic October 1, 1995 Moldova June 30, 1995
Denmark May 1, 1967 Mongolia February 1, 1996
Djibouti September 19, 1980 Morocco January 21, 1993
Dominica December 13, 1979 Namibia September 20, 1996
Dominican Republic August 1, 1953 Nepal May 30, 1994
Ecuador August 31, 1970 Netherlands February 15, 1961
El Salvador November 6, 1946 New Zealand August 5, 1982
Equatorial Guinea June 1, 1996 Nicaragua July 20, 1964
Estonia August 15, 1994 Niger June 1, 1996
Fiji August 4, 1972 Norway May 11, 1967
Finland September 25, 1979 Oman June 19, 1974
France February 15, 1961 Pakistan July 1, 1994
Gabon June 1, 1996 Palau December 16, 1997
Gambia, The January 21, 1993 Panama November 26, 1946
Georgia December 20, 1996 Papua New Guinea December 4, 1975
Germany February 15, 1961 Paraguay August 22, 1994
Ghana February 21, 1994 Peru February 15, 1961
Greece July 7, 1992 Philippines September 8, 1995
Grenada January 24, 1994 Poland June 1, 1995
Guatemala January 27, 1947 Portugal September 12, 1988
Guinea November 17, 1995 Qatar June 4, 1973
Guinea-Bissau January 1, 1997 Romania March 25, 1998
Guyana December 27, 1966 Russian Federation June 1, 1996
Haiti December 22, 1953 St. Kitts and Nevis December 3, 1984
Honduras July 1, 1950 St. Lucia May 30, 1980
Hungary January 1, 1996 St. Vincent and the Grenadines August 24, 1981

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 FINANCIAL OPERATIONS AND TRANSACTIONS

Table 11.15 (concluded)

Effective Date Effective Date

Member of Acceptance Member of Acceptance

Samoa October 6, 1994 Tanzania July 15, 1996

San Marino September 23, 1992 Thailand May 4, 1990
Saudi Arabia March 22, 1961 Togo June 1, 1996
Senegal June 1, 1996 Tonga March 22, 1991
Seychelles January 3, 1978 Trinidad and Tobago December 13, 1993
Sierra Leone December 14, 1995 Tunisia January 6, 1993
Singapore November 9, 1968 Turkey March 22, 1990
Slovak Republic October 1, 1995 Uganda April 5, 1994
Slovenia September 1, 1995 Ukraine September 24, 1996
Solomon Islands July 24, 1979 United Arab Emirates February 13, 1974
South Africa September 15, 1973 United Kingdom February 15, 1961
Spain July 15, 1986 United States December 10, 1946
Sri Lanka March 15, 1994 Uruguay May 2, 1980
Suriname June 29, 1978 Vanuatu December 1, 1982
Swaziland December 11, 1989 Venezuela July 1, 1976
Sweden February 15, 1961 Yemen, Republic of December 10, 1996
Switzerland May 29, 1992 Zimbabwe February 3, 1995

ANNUAL REPORT 199 8 139

APPENDIX II

Table II.16
Exchange Rate Arrangements as of April 30, 19981
Pegged
___________________________________________________________________________________________________________________________
Single currency
________________________________________________________________________________ Currency composite
____________________________________
U.S. dollar French franc Other SDR Other

Angola Benin Bhutan (Indian rupee) Jordan Bangladesh

Antigua and Barbuda Burkina Faso Bosnia and Herzegovina Latvia Botswana
Argentina Cameroon (deutsche mark) Libyan Arab Burundi
Bahamas, The5 Central African Rep. Bulgaria (deutsche mark) Jamahiriya5,6 Cyprus8
Barbados Chad Brunei Darussalam Myanmar5 Fiji
(Singapore dollar)
Belize Comoros Cape Verde (Portugese escudo) Iceland10
Djibouti Congo Kuwait
Dominica Côte d’Ivoire Estonia (deutsche mark) Malta
Grenada Equatorial Guinea Kiribati11 (Australian dollar) Morocco
Iraq5 Gabon Lesotho (South African rand) Samoa
Namibia (South African rand)
Lithuania Guinea-Bissau Nepal (Indian rupee) Seychelles
Marshall Islands11 Mali Slovak Republic14
Micronesia, Federated Niger San Marino11 (Italian lira) Tonga
States of 11 Senegal Swaziland (South African rand) Vanuatu
Oman Togo
Palau11
Panama11
St. Kitts and Nevis
St. Lucia
St. Vincent and the
Grenadines
Syrian Arab Rep.5

1The classification of members’ exchange rate arrangements in this table reflect the official declaration of country authorities, as well as IMF staff views,
and may not reflect the actual or de facto policies they may follow.
2In all countries listed in this column, the U.S. dollar was the currency against which exchange rates showed limited flexibility.
3This category consists of countries participating in the exchange rate mechanism (ERM) of the European Monetary System (EMS). In each case, the
exchange rate is maintained within a margin of ±15 percent around the bilateral central rates against other participating currencies, with the exception of
Germany and the Netherlands, in which case the exchange rate is maintained within a margin of ±2.25 percent.
4Exchange rates are determined on the basis of a fixed relationship to the SDR, within margins of up to ±7.25 percent. However, because of the mainte-
nance of a relatively stable relationship with the U.S. dollar, these margins are not always observed.
5Member maintained exchange arrangement involving more than one market. The arrangement shown is that maintained in the major market.
6The exchange rate is maintained within margins of ±47 percent.
7The exchange rate is maintained within a band of R$1.1435–R$1.1495.
8The exchange rate, which is pegged to the ECU, is maintained within margins of ±2.25 percent.
9The exchange rate is maintained within a crawling band of ±12.5 percent on either side of a weighted composite of the currencies of the main trading
areas. The exchange arrangement involves more than one market.

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Flexibility Limited vis-à-vis

a Single Currency or
Group of Currencies More Flexible
____________________________________ ____________________________________________________________________________
Single Cooperative Independently
currency2 arrangements3 Other managed floating floating

Bahrain4 Austria Algeria Solomon Islands Afghanistan, Islamic State of 5

Qatar4 Belgium Belarus Sri Lanka Albania
Saudi Arabia4 Denmark Bolivia Sudan5 Armenia
United Arab Finland Brazil5,7 Suriname Australia
Emirates4 France Cambodia5 Tajikistan5 Azerbaijan
Germany Chile5,9 Thailand Canada
Greece China, People’s Rep. of Tunisia Congo, Dem. Rep.5
Ireland Colombia12 Turkey Eritrea
Italy Costa Rica Turkmenistan5 Gambia, The
Luxembourg Croatia Ukraine13 Ghana
Netherlands Czech Republic Uruguay Guatemala
Portugal Dominican Rep.5 Uzbekistan5 Guinea
Spain Ecuador 5,16 Venezuela15 Guyana
Egypt5 Vietnam17 Haiti
El Salvador India
Ethiopia Indonesia
Georgia Jamaica
Honduras 5,18 Japan
Hungary19 Korea
Iran, Islamic Rep. of 5 Lebanon
Liberia
Israel20
Madagascar
Kazakhstan
Mexico
Kenya
Moldova
Kyrgyz Republic
Mongolia
Lao P.D.R.5
Mozambique
Macedonia, former
New Zealand
Yugoslav Republic of
Papua New Guinea
Malawi
Paraguay
Malaysia
Peru
Maldives
Mauritania Philippines
Rwanda
Mauritius
São Tomé and Príncipe5
Nicaragua
Sierra Leone
Nigeria5
Norway Somalia
Pakistan5 South Africa
Sweden
Poland21 Switzerland
Romania Tanzania
Russian Federation22
Singapore Trinidad and Tobago
Slovenia Uganda
United Kingdom
United States
Yemen, Republic of
Zambia
Zimbabwe

10The exchange rate is maintained within margins of ±6 percent.

11Country uses peg currency as legal tender.
12The exchange rate is maintained within a crawling band of ±7 percent.
13The exchange rate is maintained within a band of Hrv 1.80–2.25 per U.S. dollar.
14The exchange rate is maintained within margins of ±7 percent with regard to the currency basket.
15The exchange rate is maintained within a crawling band of ±7.5 percent.
16The exchange rate is maintained within a crawling band of ±10 percent.
17The exchange rate is maintained within margins of ±10 percent.
18The exchange rate is maintained within margins of ±7 percent.
19The exchange rate is maintained within a crawling band of ±2.25 percent with regard to the currency basket.
20The exchange rate is maintained within an asymmetric crawling band of width of 29 percent.
21The exchange rate is maintained within a crawling band of ±10 percent against a basket of currencies.
22The exchange rate is maintained within margins of ±15 percent.

ANNUAL REPORT 199 8 141