International Monetary Fund Annual Report 2011 : Pursuing Equitable and Balanced Growth

Back Matter

Back Matter

International Monetary Fund
Published Date:
September 2011
    • ShareShare
    Show Summary Details

    Executive Directors and Alternates

    as of April 30, 20111

    Meg LundsagerUnited States
    Douglas A. Rediker
    Mitsuhiro FurusawaJapan
    Tomoyuki Shimoda
    Klaus D. SteinGermany
    Stephan von Stenglin
    Ambroise FayolleFrance
    Aymeric Ducrocq
    Alexander GibbsUnited Kingdom
    Robert Elder
    Willy KiekensAustria, Belarus, Belgium, Czech Republic,
    (Belgium)Hungary, Kosovo, Luxembourg, Slovak
    Johann PraderRepublic, Slovenia, Turkey
    Carlos Pérez-VerdíaCosta Rica, El Salvador, Guatemala,
    (Mexico)Honduras, Mexico, Nicaragua, Spain,
    José RojasRepública Bolivariana de Venezuela
    (Venezuela, República
    Bolivariana de)
    Age F.P. BakkerArmenia, Bosnia and Herzegovina, Bulgaria,
    (Netherlands)Croatia, Cyprus, Georgia, Israel, former
    Yuriy G. YakushaYugoslav Republic of Macedonia, Moldova,
    (Ukraine)Montenegro, Netherlands, Romania, Ukraine
    Arrigo SadunAlbania, Greece, Italy, Malta, Portugal,
    (Italy)San Marino, Timor-Leste
    Panagiotis Roumeliotis
    Duangmanee VongpradhipBrunei Darussalam, Cambodia, Republic of Fiji,
    (Thailand)Indonesia, Lao People’s Democratic Republic,
    Aida BudimanMalaysia, Myanmar, Nepal, Philippines,
    (Indonesia)Singapore, Thailand, Tonga, Vietnam
    HE JianxiongChina
    LUO Yang
    Christopher LeggAustralia, Kiribati, Korea, Marshall Islands,
    (Australia)Federated States of Micronesia, Mongolia,
    Heenam ChoiNew Zealand, Palau, Papua New Guinea,
    (Korea)Samoa, Seychelles, Solomon Islands, Tuvalu,
    Uzbekistan, Vanuatu
    Thomas HockinAntigua and Barbuda, The Bahamas,
    (Canada)Barbados, Belize, Canada, Dominica, Grenada,
    Stephen O’SullivanIreland, Jamaica, St. Kitts and Nevis,
    (Ireland)St. Lucia, St. Vincent and the Grenadines
    Benny AndersenDenmark, Estonia, Finland, Iceland, Latvia,
    (Denmark)Lithuania, Norway, Sweden
    Audun Grønn
    Moeketsi MajoroAngola, Botswana, Burundi, Eritrea, Ethiopia,
    (Lesotho)The Gambia, Kenya, Lesotho, Liberia,
    Momodou SahoMalawi, Mozambique, Namibia, Nigeria,
    (The Gambia)Sierra Leone, South Africa, Sudan, Swaziland,
    Tanzania, Uganda, Zambia, Zimbabwe
    A. Shakour ShaalanBahrain, Egypt, Iraq, Jordan, Kuwait,
    (Egypt)Lebanon, Libyan Arab Jamahiriya, Maldives,
    Sami GeadahOman, Qatar, Syrian Arab Republic,
    (Lebanon)United Arab Emirates, Republic of Yemen
    Arvind VirmaniBangladesh, Bhutan, India, Sri Lanka
    P. Nandalal Weerasinghe
    (Sri Lanka)
    Ahmed AlkholifeySaudi Arabia
    (Saudi Arabia)
    Ahmed Al Nassar
    (Saudi Arabia)
    Paulo Nogueira Batista, Jr.Brazil, Colombia, Dominican Republic,
    (Brazil)Ecuador, Guyana, Haiti, Panama,
    María Angélica ArbeláezSuriname, Trinidad and Tobago
    René WeberAzerbaijan, Kazakhstan, Kyrgyz Republic,
    (Switzerland)Poland, Serbia, Switzerland, Tajikistan,
    Katarzyna Zajdel-KurowskaTurkmenistan
    Aleksei V. MozhinRussian Federation
    (Russian Federation)
    Andrei Lushin
    (Russian Federation)
    Mohammad Jafar MojarradIslamic Republic of Afghanistan, Algeria,
    (Islamic Republic of Iran)Ghana, Islamic Republic of Iran, Morocco,
    Mohammed DaïriPakistan, Tunisia
    Alfredo Mac LaughlinArgentina, Bolivia, Chile, Paraguay,
    (Argentina)Peru, Uruguay
    Pablo Garcia-Silva
    Kossi AssimaidouBenin, Burkina Faso, Cameroon, Cape Verde,
    (Togo)Central African Republic, Chad, Comoros,
    Nguéto Tiraina YambayeDemocratic Republic of the Congo, Republic
    (Chad)of Congo, Côte d’Ivoire, Djibouti, Equatorial
    Guinea, Gabon, Guinea-Bissau, Mali,
    Mauritania, Mauritius, Niger, Rwanda,
    São Tomé and Príncipe, Senegal, Togo

    Senior Officers

    as of April 30, 2011

    Olivier Blanchard, Economic Counsellor

    José Viñals, Financial Counsellor

    Area Departments

    Antoinette Monsio Sayeh

    Director, African Department

    Anoop Singh

    Director, Asia and Pacific Department

    Antonio Borges

    Director, European Department

    Masood Ahmed

    Director, Middle East and Central Asia Department

    Nicolas Eyzaguirre

    Director, Western Hemisphere Department

    Functional and Special Services Departments

    Andrew Tweedie

    Director, Finance Department

    Carlo Cottarelli

    Director, Fiscal Affairs Department

    Leslie Lipschitz

    Director, IMF Institute

    Sean Hagan

    General Counsel and Director, Legal Department

    José Viñals

    Director, Monetary and Capital Markets Department

    Olivier Blanchard

    Director, Research Department

    Adelheid Burgi-Schmelz

    Director, Statistics Department

    Reza Moghadam

    Director, Strategy, Policy, and Review Department

    Information and Liaison

    Caroline Atkinson

    Director, External Relations Department

    Shogo Ishii

    Director, Regional Office for Asia and the Pacific

    Emmanuel van der Mensbrugghe

    Director, Offices in Europe

    Elliott Harris

    Special Representative to the United Nations

    Support Services

    Shirley Siegel

    Director, Human Resources Department

    Siddharth Tiwari

    Secretary, Secretary’s Department

    Frank Harnischfeger

    Director, Technology and General Services Department

    Jonathan Palmer

    Chief Information Officer, Technology and General Services Department


    Daniel Citrin

    Director, Office of Budget and Planning

    G. Russell Kincaid

    Director, Office of Internal Audit and Inspection

    J. Roberto Rosales

    Director, Office of Technical Assistance Management

    Moises J. Schwartz

    Director, Independent Evaluation Office

    IMF Organization Chart

    as of April 30, 2011

    1 Known formally as the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries.

    2 Attached to the Office of Managing Director


    1The IMF’s financial year (FY) begins on May 1 and ends the following April 30. This Annual Report covers FY2011, which ran from May 1, 2010, through April 30, 2011, though as necessary it makes reference to pertinent events that occurred after the end of April 2011 but before the Report went to press in mid-August.
    2For additional information on the IMF’s surveillance activities, see “Factsheet: IMF Surveillance” (
    3See Public Information Notice (PIN) No. 10/128, “IMF Executive Board Discusses Follow-Up to Modernizing the Fund’s Surveillance Mandate and Modalities” ( The September Board discussion focused on selected ideas that had garnered support in previous Board discussions, including that in April 2010 on modernizing the Fund’s surveillance mandate (see PIN No. 10/52, “IMF Executive Board Discusses Modernizing the Surveillance Mandate and Modalities and Financial Sector Surveillance and the Mandate of the Fund,”, as well as a broad review of the Fund’s mandate covering surveillance, financing, and the stability of the international monetary system in February 2010 (see PIN No. 10/33, “The Fund’s Mandate—An Overview of Issues and Legal Framework,”
    4Systemic economies are those countries with financial sectors that have the greatest impact on global financial stability.
    5For more information on the FSAP, see “Factsheet: Financial Sector Assessment Program (FSAP)” (
    6See PIN No. 10/76, “IMF Executive Board Discusses Study on Emerging Markets’ Performance During the Crisis” (
    7See PIN No. 10/59, “IMF Executive Board Discusses Revenue and Expenditure Policies for Fiscal Consolidation in the Wake of the Global Crisis” (
    8This figure includes amounts for arrangements that were subsequently cancelled.
    9The arrangement with Armenia is a blended arrangement under the Extended Fund Facility and Extended Credit Facility.
    10The arrangement with Honduras is a blended Stand-By Arrangement and arrangement under the Standby Credit Facility (a concessional facility funded by the Poverty Reduction and Growth Trust; see “Concessional Financing” later in the chapter).
    11In IMF terminology, disbursements under financing arrangements from the General Resources Account are termed “purchases” and repayments are referred to as “repurchases.”
    12Once a country has met certain criteria, the Executive Boards of the IMF and World Bank decide on its qualification for debt relief, and the international community commits to reducing debt to a level that is considered sustainable. This first stage under the HIPC Initiative is referred to as the decision point. Once a country reaches its decision point, it may immediately begin receiving interim relief on its debt service falling due.
    13A country must meet additional criteria to reach its completion point, which allows it to receive the full debt relief committed at decision point under the HIPC Initiative.
    14Debt relief under the MDRI is provided to qualifying countries in support of their efforts to reach the United Nations’ Millennium Development Goals.
    15See Press Release (PR) No. 10/299, “IMF Executive Board Cancels Haiti’s Debt and Approves New Three-Year Program to Support Reconstruction and Economic Growth” (
    16See PR No. 10/321, “IMF Enhances Crisis Prevention Toolkit” (
    17In establishing the FCL in 2009, the Board expressed an expectation that access under FCL arrangements would normally not exceed 1,000 percent of quota, although there was no preset limit on access.
    18See PIN No. 10/92, “IMF Executive Board Establishes a Post-Catastrophe Debt Relief Trust” (
    19A transfer in the amount of SDR 280 million was subsequently approved.
    20See PIN No. 10/133, “IMF Executive Board Approves Fund Membership in the Financial Stability Board” (
    21See PIN No. 11/1, “IMF Executive Board Discusses the Fund’s Role Regarding Cross-Border Capital Flows” (
    22See PIN No. 11/42, “IMF Executive Board Discusses Recent Experiences in Managing Capital Inflows” (
    23See PIN No. 10/72, “IMF Discusses Reserves Accumulation and International Monetary Stability” (
    24See PIN No. 11/47, “IMF Executive Board Discusses Assessing Reserve Adequacy” (
    25See PIN No. 11/22, “IMF Executive Board Concludes the Meeting on Enhancing International Monetary Stability—A Role for the SDR?” ( For more information about the SDR, an international reserve asset created by the IMF in 1969 to supplement its member countries’ official reserves, see “Fact-sheet: Special Drawing Rights (SDRs)” (
    26See PR No. 10/434, “IMF Determines New Currency Weights for SDR Valuation Basket” (
    27See PIN No. 10/149, “IMF Executive Board Completes the 2010 Review of SDR Valuation” (
    28The FSAP—the IMF’s premier tool for assessing members’ financial vulnerabilities and financial sector policies—is legally a technical assistance instrument with voluntary country participation, and assessments under the FSAP take place separately from members’ Article IV consultations, which are mandatory for all members.
    29See PIN No. 10/135, “IMF Executive Board Discusses Integrating Stability Assessments into Article IV Surveillance” ( and PR No. 10/357, “IMF Expanding Surveillance to Require Mandatory Financial Stability Assessments of Countries with Systemically Important Financial Sectors” (
    30See PIN No. 11/46, “Macroprudential Policy: An Organizing Framework” (
    31The staff paper proposed the following definition of macro-prudential policy: “an overarching policy to address the stability of the financial system as a whole, the objective of which is to limit systemic, or system-wide, financial risk.”
    32See PIN No. 10/89, “IMF Discusses Central Banking Lessons from the Crisis” (
    33See PIN No. 10/90, “IMF Executive Board Discusses Cross-Border Bank Resolution” (
    34See PIN No. 10/150, “IMF Executive Board Discusses Financial Interconnectedness” (
    35The FSB established the Working Group on Data Gaps and Systemic Linkages in early 2010 to address the recommendations in the IMF-FSB report “The Financial Crisis and Information Gaps” on the design of a common template for systemically important financial institutions. The IMF led the work stream on data availability and collection of new statistics.
    36See PIN No. 11/38, “Review of the Standards and Codes Initiative” ( Web Box 3.2 provides background information on ROSCs, including statistics on ROSC completion in FY2011.
    37See PIN No. 10/148, “Emerging from the Global Crisis—Macroeconomic Challenges Facing Low-Income Countries” (
    38See PR No. 11/102, “IMF Introduces Framework for Low-Income Country Vulnerability Exercise to Assess Impact of External Shocks” (
    39See PIN No. 11/36, “IMF Executive Board Discusses Revenue Mobilization in Developing Countries” (
    40Currently the members with the five largest quotas each appoint an Executive Director.
    41See PR No. 11/64, “The IMF’s 2008 Quota and Voice Reforms Take Effect” (
    42An amendment to the IMF’s Articles of Agreement enters into force for all members on the date the IMF certifies that three-fifths of IMF members representing 85 percent of the total voting power have accepted the amendment.
    43See PR No. 10/418, “IMF Executive Board Approves Major Overhaul of Quotas and Governance” (
    45See PR No. 10/477, “IMF Board of Governors Approves Major Quota and Governance Reforms” (
    46These included discussions of considerations surrounding the size of the Fund (April), as well as a number of discussions in the specific context of the Fourteenth General Review of Quotas: further considerations regarding quota shares (July), further considerations on the review in general (September), and possible elements of a compromise (October), as well as the culminating discussions on the Fourteenth General Review and elements of an agreement regarding IMF quota and governance reform (November).
    47See PIN No. 10/108, “IMF Executive Board Discusses IMF Governance Reform” (
    48See PIN No. 10/124, “The Fund’s Mandate—Future Financing Role” (
    49The IMF’s Guidelines on Conditionality, adopted in 2002, are available on the IMF’s website at For general information on conditionality in IMF financing, see “Factsheet: IMF Conditionality” (
    50See PR No. 10/256, “Tuvalu Joins the IMF as 187th Member” (
    51See PR No. 11/145, “IMF Receives Membership Application from South Sudan, Seeks Contributions to Technical Assistance Trust Fund to Help New Country” (
    52See PR No. 10/298, “Lao People’s Democratic Republic Accepts IMF’s Article VIII Obligations” (
    53See PR No. 10/458, “IMF Membership Completes 2010 Executive Board Election” (
    54See PR No. 11/96, “IMFC Selects Tharman Shanmugaratnam as New Chairman” (
    55See PR No. 11/29, “Youssef Boutros-Ghali Resigns from the Chairmanship of the IMFC” (
    56See PR No. 11/85, “Statement by IMF Managing Director Dominique Strauss-Kahn on Death of Central Bank of Lesotho Governor and IMF Alternate Governor Moeketsi Senaoana” (
    57See PR No. 10/497, “IMF Launches Trust Fund to Help Countries Manage Their Natural Resource Wealth” (, and PR No. 10/500, “IMF Launches Trust Fund to Help Countries Improve Tax Policy and Administration” (
    58See PR No. 10/215, “IMF Managing Director Dominique Strauss-Kahn Says Brazil Key in Global Economic Governance; Signs Agreement for New Joint Regional Training Center for Latin America” (
    59See PR No. 10/412, “IMF and Kuwait Establish an IMF-Middle East Center for Economics and Finance” (
    60For more information on the SDDS and GDDS, see “Fact-sheet: IMF Standards for Data Dissemination” (, as well as Web Box 3.2.
    61This bulletin board is available via the IMF’s website (
    62See PIN No. 11/33, “Interim Report for the Eighth Review of the IMF’s Data Standards and Codes Initiative” (
    63See PR No. 11/74, “Major Expansion of IMF Borrowing Arrangements Takes Effect, Boosting Resources for Crisis Resolution” (
    64See PR No. 11/109, “IMF Activates Expanded Borrowing Arrangements” (
    65See PR No. 10/281, “IMF Signs Agreement to Borrow up to €2.18 Billion from the Österreichische Nationalbank” (; PR No. 10/384, “IMF Signs Agreement to Borrow up to €280 Million from the Bank of Slovenia” (; and PR No. 11/76, “IMF Signs Agreement to Borrow up to €8.11 Billion from Bank of Italy” (
    66See PR No. 10/286, “IMF Signs SDR 300 Million Borrowing Agreement with the Norwegian Ministry of Finance Representing the Kingdom of Norway to Support Lending to Low-Income Countries” (; PR No. 10/309, “IMF Signs SDR 500 Million Borrowing Agreement with De Nederlandsche Bank NV to Support Lending to Low-Income Countries” (; PR No. 10/340, “IMF Signs Agreements Totaling SDR 5.3 Billion with Japan, the Banque de France, the United Kingdom and the People’s Bank of China to Support Lending to Low-Income Countries” (; PR No. 11/50, “IMF Signs SDR 500 Million Borrowing Agreement with the Bank of Korea to Support Lending to Low-Income Countries” (; PR No. 11/172, “IMF Signs SDR 800 Million Borrowing Agreement with the Bank of Italy to Support Low-Income Countries” (; and PR No. 11/185, “IMF Signs SDR 500 million Borrowing Agreement with the Swiss National Bank to Support Low-Income Countries” (
    67See PIN No. 10/137, “IMF Executive Board Discusses the Adequacy of the Fund’s Precautionary Balances” (
    68As of the end of July 2010, shortly before the Board discussion, the five largest borrowers accounted for 71 percent of total IMF credit extended.
    69The IMF’s framework for managing credit risk—that is, the risk that a borrower could fail to meet its financial obligations to the Fund—comprises a number of elements, including, in addition to those mentioned (its lending policies and its precautionary balances), the IMF’s safeguards assessments, its arrears strategy, and its burden-sharing mechanism. The IMF’s de facto preferred creditor status—that is, its members’ giving priority to repayment of their obligations to the Fund over those to other creditors—provides an additional measure of credit risk mitigation.
    70See PR 11/52, “IMF’s Broader Investment Mandate Takes Effect” (
    71For an explanation of the SDR and related issues, see “Fact-sheet: Special Drawing Rights (SDRs)” (
    72Credit tranches refer to the size of a member’s purchases (disbursements) in proportion to its quota in the IMF. Disbursements up to 25 percent of a member’s quota are disbursements under the first credit tranche and require members to demonstrate reasonable efforts to overcome their balance of payments problems. Disbursements above 25 percent of quota are referred to as upper credit tranche drawings; they are made in installments, as the borrower meets certain established performance targets. Such disbursements are normally associated with Stand-By or Extended Arrangements, as well as the Flexible Credit Line. Access to IMF resources outside an arrangement is rare and expected to remain so.
    73See PR No. 10/333, “IMF Announces Sale of 10 Metric Tons of Gold to the Bangladesh Bank” (
    74See PR No. 10/509, “IMF Concludes Gold Sales” (
    75See PIN No. 11/48, “IMF Executive Board Considers Use of Gold Sale Profits” (
    76See PIN No. 10/113, “IMF Executive Board Concludes Review of the Safeguards Assessments Policy” (
    77Diversity issues are addressed separately in the Diversity Annual Report.
    78See PR No. 11/12, “Deputy Managing Director Murilo Portugal to Leave the IMF” (
    79See PR No. 11/55, “IMF Managing Director Dominique Strauss-Kahn Proposes Appointment of Nemat Shafik as Deputy Managing Director” (
    80For the full text of the IMF’s transparency policy, see “The Fund’s Transparency Policy” (
    81See “Key Trends in Implementation of the Fund’s Transparency Policy” (
    82The IEO’s report, along with the Summing Up of the Executive Board discussion of the report and the IMF staff response to the report, is available on the IEO’s website (
    83See PIN No. 11/4, “IMF Executive Board Discusses Implementation Plan in Response to Board-Endorsed Recommendations Arising from the IEO Evaluation of IMF Interactions with Member Countries” ( The implementation plan and supplement are available at and, respectively.
    84See “IMF Interactions with Member Countries” (
    85See PR No. 10/350, “IMF Regional Advisory Groups to Hold First Joint Meeting During 2010 Annual Meetings” (, and PR No. 10/382, “IMF Advisory Groups Discuss Regional Economic Challenges During 2010 Annual Meetings” (
    86The Regional Advisory Group for the Caucasus and Central Asia was formed after the 2010 Annual Meetings, at the beginning of 2011.
    87See PR No. 10/314, “IMF and ILO Conference in Oslo to Address Ways of Accelerating a Job-Rich Crisis Recovery” (, and PR No. 10/324, “IMF and ILO Launch Background Paper on the ‘Challenges of Growth, Employment and Social Cohesion’ for High-Level Conference on September 13 in Oslo” (
    88The REOs are available via the REO web page on the IMF’s website ( Materials related to the REOs published in FY2011 can also be found on the website.
    1The voting power of each chair can be found in Appendix IV on the Annual Report web page (; changes in the Executive Board during FY2011 are listed in Appendix V on the Annual Report web page.

    Acronyms and Abbreviations


    Africa Technical Assistance Center


    anti-money laundering/combating the financing of terrorism


    Bank for International Settlements


    Brazil, the Russian Federation, India, and China


    External Audit Committee


    European Central Bank


    Extended Credit Facility


    Emergency Natural Disaster Assistance


    Flexible Credit Line


    Fiscal Monitor


    Financial Sector Assessment Program


    Financial Stability Board


    financial year


    Group of Twenty


    General Arrangements to Borrow


    General Data Dissemination System


    Global Financial Stability Report


    General Resources Account


    Heavily Indebted Poor Countries


    International Development Agency


    Independent Evaluation Office


    International Financial Reporting Standards


    International Labor Organization


    International Monetary and Financial Committee


    information technology


    International Trade Union Confederation


    Mutual Assessment Process


    Multilateral Debt Relief Initiative


    medium-term budget


    New Arrangements to Borrow


    Organization for Economic Cooperation and Development


    Office of Internal Audit and Inspection


    Precautionary Credit Line


    Post-Catastrophe Debt Relief


    Poverty Reduction and Growth Trust


    Rapid Credit Facility


    Regional Economic Outlook


    Report on Observance of Standards and Codes


    Regional Technical Assistance Center


    Special Data Dissemination Standard


    Special Drawing Right


    technical assistance


    topical trust fund


    United Nations


    World Economic Outlook


    This Annual Report was prepared by the Editorial and Publications Division of the IMF’s External Relations Department. Tim Callen and Sandy Donaldson oversaw the work of the Report team, which was under the direction of the Executive Board’s Evaluation Committee, chaired by Moeketsi Majoro. The editors and chief writers were Michael Harrup and S. Alexandra Russell, who jointly coordinated the drafting and production processes as well. Andrea Richter Hume made substantial contributions to the writing, and Sherrie M. Brown proofread the text. Teresa Evaristo and Phoebe Kieti provided editorial assistance.


    © Rolf Bruderer/Corbiscover (left)
    © Exactostock/Superstockcover (right)
    Michael Spilotro/IMF staff photopages 4, 39 (left),
    57 (right), 59 (left, right)
    Stephen Jaffe/IMF staff photopages 6, 47 (right),
    57 (left)
    Daniel Acker/Landovpage 7 (left)
    EPA/Sergio Barrenechea/Landovpage 7 (right)
    Cliff Owen/IMF staff photopages 8 (left),
    35 (right), 43 (left)
    EPA/Leonardo Munoz/Landovpage 8 (right)
    Eric Taylor/Bloomberg via Getty Imagepage 11 (left)
    © Orjan F. Ellingvag/Corbispage 11 (right)
    Reuters/Imelda Medina/Landovpage 13 (left)
    Reuters/Kacper Pempel/Landovpage 13 (right)
    Reuters/Jerry Lampen/Landovpage 15 (left)
    Bernd Wüstneck/dpa/Landovpage 15 (right)
    Reuters/Edgard Garrido/Landovpage 19 (left)
    Reuters/Gleb Garanich/Landovpage 19 (right)
    Mashid Mohadjerin/Reduxpage 22 (left)
    A. Majeed/AFP/Getty Imagespage 22 (right)
    Reuters/Hazir Reka/Landovpage 28 (left)
    Reuters/Khaled Abdullah/Landovpage 28 (right)
    Reuters/David Lewis/Landovpage 31 (left)
    Reuters/Aly Songpage 31 (right)
    Sven Torfinn/Panos Picturespage 32 (left)
    Heldur Netocny/Photolibrarypage 32 (right)
    R H Productions/Photolibrarypage 35 (left)
    © Global Warming Images/Alamypage 39 (right)
    Reuters/Ognen Teofilovski/Landovpage 43 (right)
    Ryan Rayburn/IMF staff photopage 45 (left)
    Reuters/Kena Betancurpage 45 (right)
    Henrik Gschwindt de Gyor/IMF staff photopage 47 (left)
      You are not logged in and do not have access to this content. Please login or, to subscribe to IMF eLibrary, please click here

      Other Resources Citing This Publication