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International Monetary Fund Annual Report 2013 2013 Promoting a More Secure and Stable Global Economy the International Monetary Fund Acronyms and Abbreviations

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International Monetary Fund Annual Report 2013 2013 Promoting a More Secure and Stable Global Economy the International Monetary Fund Acronyms and Abbreviations IMF INTERNATIONAL MONETARY FUND ANNUAL REPORT 2013 2013 PROMOTING A MORE SECURE AND STABLE GLOBAL ECONOMY THE INTERNATIONAL MONETARY FUND ACRONYMS AND ABBREVIATIONS The IMF is the world’s central organization for international AFRITAC Africa Regional Technical Assistance Center monetary cooperation. With 188 member countries, it is an ASEAN+3 Association of Southeast Asian Nations plus China, Japan, and Korea organization in which almost all of the countries in the world ATI Africa Training Institute work together to promote the common good. The IMF’s primary BIS Bank for International Settlements purpose is to safeguard the stability of the international monetary BPM6 Balance of Payments Manual, sixth edition system—the system of exchange rates and international payments BOPS Balance of Payments Statistics that enables countries (and their citizens) to buy goods and CDIS Coordinated Direct Investment Survey services from one another. This is essential for achieving sustain- CPIS Coordinated Portfolio Investment Survey able economic growth and raising living standards. COFER Currency Composition of Foreign Exchange Reserves CPI-GBA Consumer Price Index for Greater Buenos Aires EAC External Audit Committee All of the IMF’s member countries are represented on its Execu- EC European Commission tive Board, which discusses the national, regional, and global ECB European Central Bank consequences of each member’s economic policies. This Annual EUO Offices in Europe Report covers the activities of the Executive Board and IMF FAS Financial Access Survey management and staff during the financial year May 1, 2012, FSAP Financial Sector Assessment Program through April 30, 2013. FSB Financial Stability Board FY financial year GAB General Arrangements to Borrow The main activities of the IMF include G-20 Group of Twenty GDDS General Data Dissemination System • providing advice to members on adopting policies that can help GDP gross domestic product them prevent or resolve a financial crisis, achieve macroeconomic GFSM 2001 Government Finance Statistics Manual stability, accelerate economic growth, and alleviate poverty; GRA General Resources Account HIPC Heavily Indebted Poor Countries ICD Institute for Capacity Development • making financing temporarily available to member countries to IEO Independent Evaluation Office help them address balance of payments problems, that is, when they IFRS International Financial Reporting Standards find themselves short of foreign exchange because their payments IFS International Financial Statistics to other countries exceed their foreign exchange earnings; and IT information technology MAP Mutual Assessment Process • offering technical assistance and training to countries, at their MDRI Multilateral Debt Relief Initiative NAB New Arrangements to Borrow request, to help them build the expertise and institutions they OAP Regional Office for Asia and the Pacific need to implement sound economic policies. OECD Organisation for Economic Co-operation and Development The IMF is headquartered in Washington, D.C., and, reflecting OIA Office of Internal Audit and Inspection its global reach and close ties with its members, also has offices PIN Public Information Notice around the world. PR Press Release PRGT Poverty Reduction and Growth Trust RA-FIT Revenue Administration Fiscal Information Tool Additional information on the IMF and its member countries REO Regional Economic Outlook can be found on the Fund’s website, www.imf.org. RTC regional training center RTAC regional technical assistance center Ancillary materials for the Annual Report—Web Boxes, Web Tables, SDDS Special Data Dissemination Standard Appendixes (including the IMF’s financial statements for the financial year SDR special drawing right ended April 30, 2013), and other pertinent documents—can be accessed via the Annual Report web page at www.imf.org/external/pubs/ft/ar/2013/ eng. Print copies of the financial statements are available from IMF Publication Services, P.O. Box 92780, Washington, DC 20090. A CD-ROM version of the Annual Report, including the ancillary materials posted on the web page, is also available from IMF Publication Services. IMF INTERNATIONAL MONETARY FUND ANNUAL REPORT 2013 PROMOTING A MORE SECURE AND STABLE GLOBAL ECONOMY CONTENTS MESSAGE FROM THE MANAGING DIRECTOR 4 | CONFRONTING THE ONGOING AND CHAIR OF THE EXECUTIVE BOARD 4 GLOBAL CRISIS 31 Managing Director’s Global Policy Agenda 32 EXECUTIVE BOARD 6 Supporting jobs and growth 32 34 LETTER OF TRANSMITTAL TO Debt sustainability Strengthening financial systems 35 THE BOARD OF GOVERNORS 8 Global imbalances and spillovers 36 Poverty Reduction and Growth Trust 36 1 | OVERVIEW 9 36 The Global Economy 10 Distribution of remaining windfall gold sales profits Surveillance 10 Extension of temporary interest waiver for 37 Financing 11 low-income countries Financing 37 Policy Agenda 11 37 Capacity Development 11 Nonconcessional financing activity during the year 40 Resources 12 Concessional financing activity during the year Engagement with Other Organizations 41 A Changing IMF 12 European Commission and European Central Bank 41 2 | GLOBAL ECONOMIC AND FINANCIAL Group of Twenty 41 DEVELOPMENTS 13 Financial Stability Board 42 Turning the Corner at Different Speeds 14 World Bank Group 42 Achieving a Full-Speed Global Economy 15 United Nations 42 Deauville Partnership 42 3 | ADAPTING TO A RAPIDLY Capacity Development 43 CHANGING WORLD 17 Technical assistance initiatives 43 Monitoring Global Interconnections 18 Training 45 Spillover Report 18 External support 47 Pilot External Sector Report 18 Data and Data Standards Initiatives 49 Policy Advice 19 Standards for data dissemination 49 Surveillance architecture 19 Other data-related activities 49 Fiscal sustainability and structural reforms 23 5 | FINANCES, ORGANIZATION, Capital flow management and AND ACCOUNTABILITY 51 macro-prudential policy 24 Low-Income Countries 26 Quota and Governance Reform 52 52 Review of facilities for low-income countries and Progress on the 2010 quota and governance reforms 53 eligibility for concessional financing 26 2012 Executive Board election 53 Vulnerability Exercise for Low-Income Countries 28 Quota formula review 54 Enhanced financial sector surveillance in Fifteenth General Review of Quotas Budget and Income 54 low-income countries 28 54 Heavily Indebted Poor Countries Resources for providing financing to members 56 Initiative/Multilateral Debt Relief Initiative 29 Gold sales and new income model Small States 29 Charges, remuneration, burden sharing, and income 56 57 Macroeconomic issues in small states and Administrative and capital budgets 59 implications for IMF engagement 29 Arrears to the IMF Program Design 30 Audit mechanisms 59 60 2011 review of conditionality 30 Risk management Human Resources Policies and Organization 61 Human resources during the year 61 Membership 64 Accountability 64 TABLES External 64 Internal 67 4.1. IMF financing facilities 38 4.2. Arrangements under main facilities EXECUTIVE DIRECTORS AND ALTERNATES 70 approved in FY2013 40 4.3. Arrangements approved and augmented SENIOR OFFICERS 71 under the Poverty Reduction and IMF ORGANIZATION CHART 72 Growth Trust in FY2013 41 5.1. Budget by major expenditure category, NOTES 73 FY2012–16 58 5.2. Administrative expenses reported in BOXES the financial statements 59 3.1. IMF engagement in Europe 19 5.3. Arrears to the IMF of countries with obligations 3.2. Policy advice and assistance to Arab countries overdue by six months or more and by type, in transition 20 as of April 30, 2013 60 3.3. Call for greater coordination on 27 global development The IMF’s financial year is May 1 through April 30. 33 4.1. Balancing growth and fiscal consolidation The unit of account of the IMF is the special drawing right 4.2. Fiscally sustainable and equitable pension systems (SDR); conversions of IMF financial data to U.S. dollars 34 for Asia are approximate and provided for convenience. On April 40 4.3. Safeguards assessments: Policy and outreach 30, 2013, the SDR/U.S. dollar exchange rate was US$1 = 57 5.1. Building renovations SDR 0.662691, and the U.S. dollar/SDR exchange rate 66 5.2. Outreach to youth was SDR 1 = US$1.509. The year-earlier rates (April 30, 67 5.3. Conference on capital flow management in Asia 2012) were US$1 = SDR 0.644934 and SDR 1 = FIGURES US$1.55055. 4.1. Arrangements approved during financial years ended April 30, 2004–13 41 “Billion” means a thousand million; “trillion” means a 4.2. Nonconcessional financing outstanding, thousand billion; minor discrepancies between constitu- FY2004–13 41 ent figures and totals are due to rounding. 4.3. Concessional financing outstanding, FY2004–13 41 4.4. Technical assistance field delivery in As used in this Annual Report, the term “country” does FY2008–13 by country income group 43 not in all cases refer to a territorial entity that is a state as 4.5. Technical assistance field delivery in understood by international law and practice. As used FY2008–13 by country status 44 here, the term also covers some territorial entities that 4.6. Technical assistance field delivery are not states but for which statistical data are main- during FY2013 by subject and region 45 tained on a separate and independent basis. 4.7. Expansion of capacity development through donor support 45 4.8. Technical assistance field delivery in FY2008–13 by subject and topic 46 4.9. Training by department, FY2013 47 4.10. Training by provider, FY2000–13 47 4.11. Training by country income group, FY2000–13 48 4.12. Training by region, FY2000–13 48 4 | IMF ANNUAL REPORT 2013 MESSAGE FROM THE MANAGING DIRECTOR AND CHAIR OF THE EXECUTIVE BOARD At our 2012 Annual Meetings in Tokyo, the International Monetary and Financial Committee (IMFC) called on the global community to act decisively to put the world economy on a path of strong, sustainable, and balanced growth. As I reflect on the past year, the fifth since the crisis began, this rallying call for policy action remains imperative. Decisive actions by policymakers during the year successfully defused the most immediate risks to the global economy. Yet the road to a robust and comprehensive recovery remains bumpy.
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