Book
Share
Chapter

Appendix X Financial Statements

Author(s):
International Monetary Fund
Published Date:
October 1997
Share
  • ShareShare
Show Summary Details

Report of the External Audit Committee

Washington, D.C.

June 19, 1997

Authority and Scope of the Audit

In accordance with Section 20(b) of the By-Laws of the International Monetary Fund, we have audited the financial statements of the International Monetary Fund covering the:

  • General Department for the year ended April 30, 1997.
  • SDR Department for the year ended April 30, 1997, and
  • Accounts Administered by the International Monetary Fund for the year ended April 30, 1997, which consist of the:
    • Enhanced Structural Adjustment Facility Trust.
    • Enhanced Structural Adjustment Facility Administered Accounts:
      • — Austria,
      • — Belgium,
      • — Botswana,
      • — Chile,
      • — Greece,
      • — Indonesia,
      • — Iran, Islamic Republic of
      • — Portugal,
      • — Saudi Fund for Development Special Account,
    • ESAF-HIPC Trust,
    • Administered Accounts Established at the Request of Members:
      • — Administered Account Japan,
      • — Administered Technical Assistance Account Japan,
      • — Framework Administered Account for Technical Assistance Activities,
      • — Administered Account for Rwanda,
      • — Temporary Administered Account for ESAF-HIPC Operations,
    • Trust Fund,
    • Supplementary Financing Facility Subsidy Account,
    • Retired Staff Benefits Investment Account.

Our audit was conducted in accordance with generally accepted auditing standards and included reviews of accounting and internal control systems and tests of the accounting records. We evaluated the extent and results of the work of the outside accounting firm as well as that of the Office of Internal Audit and Inspection of the International Monetary Fund and also used other audit procedures as deemed necessary.

Audit Opinion

In our opinion, the financial statements of the General Department, the SDR Department, and the Accounts Administered by the International Monetary Fund, including new accounts established in the 1997 financial year, have been prepared in accordance with generally accepted accounting principles applied on a basis consistent with that of the preceding year and give a true and fair view of the respective financial positions and the allocations and holdings of SDRs as at April 30, 1997, and of the financial results of operations and transactions during the period then ended.

EXTERNAL AUDIT COMMITTEE:

/s/ Richard B. Calahan, Chairman (United States)

/s/Tsuriel Tamam (Israel)

/s/ Amaffe Roger Ako (Côte d’Ivoire)

General Department

Balance Sheets as at April 30, 1997 and 1996

(In thousands of SDRs)(Note 1)
19971996
Assets
General Resources Account
Currencies and securities (Notes 2 and 5)143,698,359144,181,448
SDR holdings (Note 3)1,494,149824,728
Gold holdings (Note 4)3,624,7973,624,797
Charges, interest, and other receivables (Notes 2 and 5)1,321,7811,263,852
Other assets (Note 6)227,754141,673
Total General Resources Account150,366,840150,036,498
Special Disbursement Account
Structural Adjustment Facility loans1,219,6811,544,818
Interest receivable6,1965,981
Total Special Disbursement Account1,225,8771,550,799
Total Assets151,592,717151,587,297
Quotas, Reserves, Liabilities, and Resources
General Resources Account
Quotas (Note 2)145,318,800145,318,800
Reserves (Note 7)1,969,6671,875,873
Special Contingent Accounts (Note 5)1,785,4041,633,460
Liabilities
Remuneration payable (Note 5)273,495232,673
Other liabilities144,909141,002
418,404373,675
Deferred income (Note 5)874,565834,690
Total General Resources Account150,366,840150,036,498
Special Disbursement Account
Accumulated resources1,221,4971,547,179
Deferred income (Note 5)4,3803,620
Total Special Disbursement Account1,225,8771,550,799
Total Quotas, Reserves, Liabilities,
and Resources151,592,717151,587,297
The accompanying notes and schedules are an integral part of the financial statements.
The accompanying notes and schedules are an integral part of the financial statements.
/s/ David Williams/s/ M. Camdessus
TreasurerManaging Director

Income Statements for the Years Ended April 30, 1997 and 1996

(In thousands of SDRs)(Note 1)
19971996
General Resources Account
Operational Income (Note 5)
Periodic charges1,525,1091,491,424
Interest on SDR holdings57,59340,259
Other charges and income38,88060,041
Burden-sharing contributions net of refunds (Note 5)
Additional charges81,812(47,661)
Reduction of remuneration116,96099,397
Deferred income, net of settlements(39,874)267,476
1,780,4801,910,936
Operational Expense
Remuneration (Note 5)1,217,9481,194,786
Allocation to the Special Contingent Accounts (Note 5)151,944263,545
Interest on borrowing61,989
1,369,8921,520,320
Net Operational Income410,588390,616
Administrative Expenses (Notes 1 and 8)316,794301,289
Net Income of General Resources Account93,79489,327
Special Disbursement Account
Interest and special charges6,0797,477
Investment income4,924
6,07912,401
Administrative expenses30,70023,700
Net Loss of Special Disbursement Account(24,621)(11,299)
The accompanying notes and schedules are an integral part of the financial statements.
The accompanying notes and schedules are an integral part of the financial statements.

Statements of Changes in Reserves and Resources for the Years Ended April 30, 1997 and 1996

(In thousands of SDRs)(Note 1)
19971996
Reserves—General Resources Account
Special Reserve (Note 7)
Balance, beginning of the year1,510,2931,420,966
Net income93,79489,327
Balance, end of the year1,604,0871,510,293
General Reserve (Note 7)
Balance, beginning and end of the year365,580365,580
Total Reserves of the General Resources Account1,969,6671,875,873
Resources—Special Disbursement Account
Balance, beginning of the year1,547,1791,842,328
Transfers from Trust Fund4,8607,539
Transfers from Supplementary Financing Facility Subsidy Account179
Transfers to ESAF Trust(306,100)(291,389)
1,246,1181,558,478
Net loss(24,621)(11,299)
Total Resources of the Special Disbursement Account1,221,4971,547,179
The accompanying notes and schedules are an integral part of the financial statements.
The accompanying notes and schedules are an integral part of the financial statements.

Notes to the Financial Statements as at April 30, 1997 and 1996

General Department

The General Department consists of the General Resources Account, the Special Disbursement Account, and the Investment Account, The Investment Account had not been activated at April 30, 1997.

General Resources Account

The General Resources Account reflects the receipt of quota subscriptions, purchases and repurchases, collection of charges on members’ use of Fund credit and payment of remuneration on creditor positions in the Fund, and repayment of principal and interest to the Fund’s lenders. Assets held in the General Resources Account include (1) currencies (including securities) of the Fund’s member countries, (2) SDR holdings, and (3) gold.

The Fund makes its resources available to its members under policies on the use of its resources by selling to members, in exchange for their own currencies, SDRs or currencies of other members. When members make purchases, they incur an obligation to repurchase the Fund’s holdings of their currencies, within the periods specified by the Fund, by the payment to the Fund of SDRs or currencies of other members specified by the Fund. The Fund’s policies on the use of its general resources are intended to ensure that their use is temporary and will be reversed within the relevant repurchase periods.

The composition of the Fund’s holdings of members’ currencies changes as a result of the Fund’s transactions, including purchases and repurchases. Currencies and securities consist of holdings of currencies or notes payable on demand that substitute for the members’ currencies, including those of members that make use of the Fund’s resources and those used to finance the Fund’s operations and transactions.

A member has a reserve tranche in the Fund to the extent that the Fund’s holdings of its currency, excluding holdings that reflect the member’s use of Fund credit, are less than the member’s quota. A member’s reserve tranche is considered a part of the member’s external reserves, which it may draw at any time when it represents that it has a need. Reserve tranche purchases are not considered a use of Fund credit and are not subject to repurchase obligations or charges.

A member is entitled to repurchase at any time the Fund’s holdings of its currency on which the Fund levies charges and is expected to make repurchases as and when its balance of payments and reserve position improve.

Special Disbursement Account

The Special Disbursement Account was activated on June 30, 1981 to receive transfers from the Trust Fund, which is in the process of being wound up. A Structural Adjustment Facility (SAF) was established in March 1986 within the Special Disbursement Account to provide balance of payments assistance on concessional terms to qualifying low-income developing country members.

The Special Disbursement Account is a part of the General Department of the Fund. The assets and income of the account are held separate from resources of other accounts of the General Department. Assets that exceed the needs of the account are transferred to the Reserve Account of the Enhanced Structural Adjustment Facility Trust (ESAF Trust), which is separately administered by the Fund as Trustee. Resources of the ESAF Trust Reserve Account that are determined to be in excess of its estimated needs are to be transferred back to the Special Disbursement Account. Upon liquidation of the ESAF Trust, the amounts remaining in the ESAF Trust Reserve Account after the discharge of remaining liabilities shall be transferred to the Special Disbursement Account. The Fund has also transferred certain resources derived from the termination of the 1976 Trust Fund to the ESAF Trust Subsidy Account. Upon liquidation of the ESAF Trust, any resources remaining in the ESAF Trust Subsidy Account will be returned to the Special Disbursement Account and the contributors of the ESAF Trust Subsidy Account.

1. Summary of Significant Accounting Practices

Unit Account

The accounts of the General Department are expressed in terms of the SDR. SDRs are reserve assets allocated to participants in the Fund’s SDR Department. The currency value of the SDR is determined by the Fund each day by summing the values in U.S. dollars, based on market exchange rates, of a basket of five currencies. The Fund reviews the SDR valuation basket every five years. The SDR valuation basket was last reviewed in financial year 1996, The currencies in the basket and their amounts are as follows:

CurrencyAmount
U.S. dollar0.582
Deutsche mark0.446
Japanese yen27.2
French franc0.813
Pound sterling0.105

Valuation of Currencies

Currencies are valued in terms of the SDR on the basis of the representative exchange rate determined for each currency. Each member is obligated to maintain the value of the balances of its currency held by the Fund in the General Resources Account in terms of the SDR. Whenever the Fund revalues its holdings of a member’s currency, a receivable or a payable is established for the amount of currency payable by or to the member in order to maintain the SDR value of the Fund’s holdings of the currency. The balances of the receivables or payables are reflected in the Fund’s total currency holdings.

Income Recognition

The Fund maintains its accounts on an accrual basis; accordingly, income is recognized as it is earned, and expenses are recorded as they are incurred, except that income from charges from members that are overdue in settling their obligations to the Fund by six months or more is deferred and is recognized as income only when paid unless the member has remained current in settling charges when due (see also Note 5).

Capital Assets

The Fund capitalizes assets with a cost in excess of $100,000. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets.

2. Quotas, Currencies, and Securities

Each member is required to pay to the Fund the amount of its initial quota and subsequent increases partly in the member’s own currency and the remainder in the form of reserve assets, except that in 1978 members were permitted to pay the entire increase in their own currencies. A member’s quota is not increased until the member consents to the increase and pays the subscription. Each member has the option to substitute nonnegotiable and non-interest-bearing securities for the amount of its currency held by the Fund in the General Resources Account that is in excess of ¼ of 1 percent of the member’s quota. These securities, which are part of the Fund’s currency holdings, are encashable by the Fund on demand.

Changes in the Fund’s holdings of members’ currencies and securities for the year ended April 30, 1997 were as follows;

April 30,

1997
April 30,

1996
Net

Change
In millions of SDRs
Members’ quotas145,319145,319
Members’ outstanding use of Fund credit in the GRA34,53936,268(1,729)
Members’ outstanding reserve tranche positions in the GRA(36,103)(37,352)1,249
Other receivables(56)(56)
Administrative currency balances(1)2(3)
Currencies and securities143,698144,181(483)

On December 14, 1992, the Federal Republic of Yugoslavia (Serbia/Montenegro) agreed, as a successor state, to share in the assets and liabilities of the former Socialist Federal Republic of Yugoslavia. As of April 30, 1997, this state had not succeeded to Fund membership. Fund credit outstanding with respect to the Federal Republic of Yugoslavia (Serbia/Montenegro) amounted to SDR 56.1 million at April 30, 1997 and 1996. This amount is included in charges, interest, and other receivables in the balance sheet.

Each member is obligated to maintain the value of the balances of its currency held by the Fund in the General Resources Account in terms of the SDR, and therefore the Fund periodically revalues its holdings of a member’s currency. At April 30, 1997, when all holdings of currencies of members were last revalued, receivables and payables arising from valuation adjustments amounted to SDR 7,970.0 million and SDR 4,055,9 million, respectively (SDR 10,125,4 million and SDR 5,716,9 million, respectively, at April 30,1996). At June 11, 1997, the amounts receivable were SDR 6,875.1 million, and the amounts payable were SDR 2,014.6 million.

The Fund’s holdings of members’ currencies at April 30, 1997 are shown in Schedule 1.

3. SDR Holdings

SDRs are reserve assets treated by the Fund and allocated to members participating in the SDR Department. Although SDRs are not allocated to the Fund, the Fund may acquire, hold, and dispose of SDRs through the General Resources Account. The Fund receives SDRs from members in the set-dement of their financial obligations to the Fund and uses SDRs in transactions and operations between the Fund and its members. The Fund earns interest on its SDR holdings at the same rate as all other holders of SDRs.

4. Gold Holdings

The Articles of Agreement limit the use of gold in the Fund’s operations and transactions. Any use provided for in the Articles requires the approval by 85 percent majority of the total voting power of the Executive Board. In accordance with provisions of the Articles, proceeds from the sale of gold in excess of the stipulated valuation are to be transferred to the Special Disbursement Account, to the Investments Account, or to members that were members on August 31, 1975.

At April 30, 1997, and 1996, the Fund held 3,217,341 kilograms equal to 103,439,916 fine ounces of gold at designated depositories. In accordance with the Fund’s Articles of Agreement and its Rules and Regulations, gold is valued at SDR 3,624.8 million on the basis of 0.888671 gram of fine gold per SDR, which is equivalent to SDR 35 per fine ounce, except for 21,396 fine ounces of gold that were acquired at a market value equivalent to SDR 5.1 million. This valuation is equal to the original cost at which the gold was acquired. As of April 30, 1997, the value of the Fund’s holdings of gold calculated at the market price was SDR 25.8 billion (SDR 27.8 billion at April 30, 1996).

5. Fund Operations

The Fund’s financial resources are made available to members under a number of policies and facilities that differ in the type of balance of payments need they seek to address, in the length of repurchase period, and in the degree of conditionality attached to them. Changes in the outstanding use of Fund credit under various facilities during the year ended April 30, 1997 were as follows:

April 30,

1996
PurchasesRepurchasesApril 30,

1997
In millions of SDRs
Regular facilities18,6231,8373,92316,537
Extended Fund Facility7,4352,8217939,463
Systemic Transformation
Facility3,9843,984
Enlarged access4,4361,3903,046
Compensatory and
Contingency Financing Facility1,6022825491,335
Supplementary
Financing Facility18814174
Total36,2684,9406,66934,539

Members’ use of Fund credit is shown in Schedule 1, Scheduled repurchases are shown in Schedule 2.

Arrangements in the General Department

At April 30, 1997, 25 arrangements were in effect, and undrawn balances under these arrangements amounted to SDR 9,055,6 million. These arrangements are listed in Schedule 3.

Charges

The Fund levies periodic charges on its holdings of members’ currencies that derive from their use of Fund credit. The rate of charge is set as a proportion of the SDR interest rate. This rate is adjusted periodically to offset the effect on income of the deferral of charges and to finance the additions to the Special Contingent Accounts, which are further discussed below. Special charges are levied on holdings that are not repurchased when due, and on overdue charges that are not settled when due, except that these charges do not apply to members that are six months or more overdue to the Fund. A service charge is levied by the Fund on each purchase, except on a reserve tranche purchase; a stand-by fee is charged on Stand-By and Extended Arrangements and is refunded in proportion to purchases made under the arrangement.

At April 30, 1997, the total holdings on which the Fund levied charges amounted to SDR 34,539.2 million (SDR 36,268.4 at April 30, 1996).

Remuneration

The Fund pays remuneration on a member’s remunerated reserve tranche position. A remunerated reserve tranche position is the amount by which the Fund’s holdings of a member’s currency (excluding holdings that derive from the use of Fund credit) are below the member’s norm. The norm varies for each member and, on average, amounted to 94.5 percent of quota at April 30, 1997 and 1996 The rate of remuneration is equal to the SDR interest rate and is adjusted subject to a specific floor, to offset the effect of the deferral of charges on income and to finance the additions to the Special Contingent Accounts, as discussed below.

At April 30, 1997, the total creditor positions on which the Fund paid remuneration amounted to SDR 29,676.1 million on (SDR 30,955.9 million at April 30, 1996).

Borrowing Arrangements

Under the General Arrangements to Borrow (GAB), the Fund may borrow up to SDR 18.5 billion when supplementary resources are needed, in particular, to forestall or to cope with an impairment of the international monetary system. The GAB became effective on October 24, 1962, and has been extended through December 25, 1998. At April 30, 1997, the GAB had not been activated.

On January 27, 1997, the Fund adopted the New Arrangements to Borrow (NAB), under which the Fund may borrow up to SDR 34 billion of supplementary resources. The NAB will enter into force when adopted by participants with credit arrangements totaling no less than SDR 28.9 billion, including the five participants with the largest credit arrangements. The NAB will be the facility of first and principal recourse, but it does not replace supplemental credit lines available to the Fund under the GAB, which will remain in force.

Overdue Obligations

At April 30, 1997, six members were six months or more overdue in settling their financial obligations to the Fund (five members at April 30, 1996); four of these members were overdue to the General Department (four members at April 30, 1996). In addition, the Federal Republic of Yugoslavia (Serbia/Montenegro) was also six months or more overdue in meeting its financial obligations to the Fund, Credit extended to these members and the Federal Republic of Yugoslavia (Serbia/Montenegro) through the General Resources Account and the Special Disbursement Account, including SAF loans, amounted to SDR 1,2150 million as of April 30, 1997 (SDR 1,260.0 million as of April 30, 1996).

Repurchases and SAF loan repayments and charges and SAF interest that are six months or more overdue to the General Department were as follows:

Repurchases

and SAF Loans
Charges and

SAF Interest
1997199619971996
In millions of SDRs
Total overdue1,1651,175867827
Overdue for six months or more1,1471,157842804
Overdue for three years or more1,0431,007719660

The type and duration of these arrears as of April 30, 1997 were as follows:

Repurchases

and SAF

Loans
Charges

and SAF

Interest
Total

Obligation
Longest

Overdue

Obligation
In millions of SDRs
Liberia201.4196.7398.1January 1985
Somalia104.770.4175.1July 1987
Sudan550.7541.71,092.4April 1985
Yugoslavia, Federal
Republic of (Serbia/Montenegro)56.012.568.5September 1992
Zaïre251.845.5297.3May 1991
Total1,164.6866.82,031.4

Strengthened Cooperative Strategy

The Fund follows a cooperative strategy aimed at resolving the issue of overdue obligations to the Fund. Three major elements form the basis of the cooperative strategy: (1) preventive measures, (2) remedial and deterrent measures, and (3) intensified collaboration and the rights approach. Under the intensified collaborative approach, the Fund has developed Fund-monitored programs and rights accumulation programs, which permit a member with protracted arrears to the Fund to establish a track record of performance related to policy implementation and payments, A rights accumulation program allows the member to earn rights toward future financing through the implementation of a comprehensive economic program. Rights would be encashed under a successor arrangement after clearance of arrears and when all the requirements for that successor arrangement are met.

Deferred Income and Special Contingent Accounts

It is the policy of the Fund to exclude from current income charges due by members that are six months or more overdue in meeting payments to the Fund unless the member is current in the payment of charges. Charges excluded from income are recorded as deferred income. Charges due and accrued by members that are six months or more overdue and that have been deferred amounted to SDR 874.6 million at April 30, 1997 (SDR 834.7 million at April 30, 1996).

Since May 1, 1986, the Fund has adopted decisions whereby debtor and creditor members share the financial consequences of overdue obligations. An amount equal to deferred charges (excluding special charges) is generated and included in the Fund’s income each quarter by an adjustment of the rate of charge and the rate of remuneration. However, the average rate of remuneration is not to be reduced below 85 percent of the SDR interest rate for the financing of deferred charges and the first Special Contingent Account (see following paragraphs). The proceeds from the subsequent settlement of overdue charges are distributed to members that paid additional charges or received reduced remuneration when and to the extent that deferred charges that gave rise to adjustments are paid.

In view of the existence of protracted overdue obligations, the Fund accumulates precautionary balances, inter alia, in the Special Contingent Accounts, At April 30, 1997, SDR 1,785.4 million was held in the first and second Special Contingent Accounts (SCA-1 and SCA-2). SDR 785.4 million was held in the SCA-1, and SDR 1,000.0 million was held in the SCA-2, at April 30, 1997 (SDR 691.6 million and SDR 941.9 million, respectively, at April 30, 1996). The Special Contingent Accounts are financed by additional quarterly adjustments to the rate of charge and the rate of remuneration. Balances in the SCA-1 are to be distributed to the members that share the cost of financing it when there are no outstanding overdue charges and repurchases, or at such earlier time as the Fund may decide.

The SCA-2 was established on July 1, 1990 as part of the strengthened cooperative strategy to accumulate SDR 1.0 billion over a period of approximately five years through a further adjustment to the rate of charge and the rate of remuneration. Financing of the SCA-2 was completed during financial year 1997. The resources accumulated in the SCA-2 safeguard against potential losses arising from purchases made under a successor arrangement after a rights accumulation program has been successfully completed by members with protracted arrears to the Fund at the end of 1989, while at the same time providing additional liquidity to assist in the financing of such purchases, Refunds of contributions are to be made after all repurchases under the rights approach have been made, or at such earlier date as the Fund may determine. Use of Fund credit in the General Resources Account following the completion and encashment of rights accumulation programs amounted to SDR 621.3 million at April 30, 1997 and 1996.

The adjustments to charges and remuneration in respect of the SCA-1 and SCA-2 and the costs of deferred charges during the year ended April 30, 1997 were as follows:

Adjustments to
ChargesRemunerationTotal
In millions of SDRs
Deferred charges24.223.347.5
SCA-147.447.494.8
SCA-211.247.458.6
Total58.694.8153.4
Refunds of deferred charges1.01.12.1
Burden-sharing contributions net of refunds81.8117.0198.8

The cumulative charges, net of settlements, that have been deferred since May 1, 1986 and have resulted in adjustments to charges and remuneration amounted to SDR 680.8 million (SDR 634,3 million at April 30,1996). The cumulative refunds for the same period amounted to SDR 960.7 million (SDR 958.6 million at April 30, 1996).

6. Other Assets

Other assets include capital assets, which at April 30, 1997 amounted to SDR 193.9 million (SDR 105.3 million at April 30, 1996), net of accumulated depreciation of SDR 76.4 million (SDR 68.3 million at April 30, 1996). These consist of land (SDR 33.7 million), buildings (SDR 25,9 million), equipment (SDR 14,5 million), construction in progress (SDR 51.6 million), and other property (SDR 68.2 million).

7. Reserves

The Fund determines annually what part of its net income shall be placed to the General Reserve or to the Special Reserve, and what part, if any, shall be distributed. The Articles of Agreement permit the Fund to use the Special Reserve for any purpose for which it may use the General Reserve, except distribution. An administrative deficit for any financial year must be charged first against the Special Reserve.

8. Administrative Expenses

For the year ended April 30, 1997, the Fund incurred administrative expenses for personnel (SDR 246.9 million), travel (SDR 46.6 million), and other administrative needs (SDR 23.3 million) (SDR 233.1 million for personnel, SDR 44.5 million for travel, and SDR 23.7 million for other administrative needs for the year ended April 30, 1996), Administrative expenses, which are net of reimbursements, include pension plan contributions, postretirement benefits other than pensions, and depreciation expense. The General Resources Account is reimbursed for expenses incurred in administering the SDR Department (SDR 4,2 million for the year ended April 30. 1997, and SDR 4.0 million for the year ended April 30, 1996), the Special Disbursement Account and the Enhanced Structural Adjustment Facility Trust (SDR 30.7 million for the year ended April 30, 1997, and SDR 23.7 million for the year ended April 30, 1996), and for other services (SDR 21.3 million for the year ended April 30, 1997, and SDR17.5 million for the year ended April 30,1996).

The Fund has a defined-benefit Staff Retirement Plan and a defined-benefit Supplemental Retirement Benefits Plan (“the Plans”). All contributions to the Plans and all other assets, liabilities, and income of the Plans are administered separately from the General Department and can be used only for the benefit of the participants in the Plans and their beneficiaries. Participants contribute a fixed percentage of their pensionable remuneration. The Fund contributes the remainder of the cost of Funding the Plans and pays certain administrative costs of the Plans, The Fund uses the aggregate cost method for determining its pension cost and for funding the Plans, Under this method, the Fund’s contributions, including those for cost of living adjustments and for experience gains and losses, are spread over the expected future working lifetimes of the participants in the Plans and are determined annually as a percentage of pensionable remuneration of the participants. The funding and cost of the Plans for the year ended April 30, 1997 are based on an actuarial valuation at April 30, 1996.

During the year ended April 30, 1997 the Fund contributed SDR 23.5 million to the Plans (SDR 27.5 million for the year ended April 30, 1996). The present value of the benefits payable under the Plans at April 30,1997 amounted to SDR 1,875.4 million in comparison to assets, which for actuarial purposes are valued at SDR 1,691.7 million (SDR 1,660.6 million and SDR 1,268.3 million, respectively, at April 30, 1996).

“The Fund provides certain health tare benefits to retirees that elect to continue participation in its medical benefits and group life insurance plans through retirement. Participants and the Fund contribute toward meeting the costs of these benefits. The Fund’s cost, which includes a current-year cost and a past-service obligation, is determined actuarially. The cumulative cost was estimated at SDR 131.9 million at April 30, 1997 (SDR 112.8 million at April 30, 1996). The Fund has established a Retired Staff Benefits Investment Account to hold and invest the resources contributed by the Fund toward the payment of postretirement medical and life insurance benefits. At April 30, 1997, an amount of SDR 108.7 million was held by that account (SDR 84.3 mil-hon at April 30, 1996).

Schedule 1 Quotas, Fund’s Holdings of Currencies, Members’ Use of Fund Resources, and Reserve Tranche Positions as at April 30, 1997

(In thousands of SDRs)
General Resources Account
Fund’s holdings of currencies1Reserve tranche positionUse of Fund Resources
GRA 2 (A) +SDA 3 (B) +ESAF Trust 4 (C) =Total 5 (D)
MemberQuotaTotalPercent of quota
Afghanistan, Islamic State of120,400115,48895.94,928
Albania35,30039,870112.954,57031,06035,630
Algeria914,4002,495,738272.971,581,3401,581,340
Angola207,300207,445100.1
Antigua and Barbuda8,5008,499100.01
Argentina1,537,1005,933,748386.04,396,6224,396,622
Armenia, Republic of67,500114,750170.0547,25033,75081,000
Australia2,333,2001,998,30285.6334,947
Austria1,188,300653,54355.0534,729
Azerbaijan117,000243,360208.010126,36020,480146,840
Bahamas, The94,90088,66593.46,239
Bahrain82,80037,33645.145,473
Bangladesh392,500392,395100.010642,119299,875341,994
Barbados48,90050,031102.3251,1511,151
Belarus, Republic of280,400470,600167.820190,200190,200
Belgium3,102,3002,393,73577.2708,598
Belize13,50010,58778.42,914
Benin45,30043,12995.22,17618,58149,42068,001
Bhutan4,5003,93087.3570
Bolivia126,200117,33893.08,87521,314161,638182,952
Bosnia and Herzegovina121,200151,505125.030,30030,300
Botswana36,60017,56248.019,038
Brazil2,170,8002,202,692101.531,07831,078
Brunei Darussalam150,000114,75076.535,255
Bulgaria464,900938,832201.932,630506,557506,557
Burkina Faso44,20037,00483.77,22120,85641,66062,516
Burundi57,20051,34389.85,8608,11317,21025,323
Cambodia65,00071,250109.66,25042,00048,250
Cameroon135,100184,838136.837750,11050,110
Canada4,320,3003,508,50281.2811,799
Cape Verde7,0006,999100.01
Central African Republic41,20051,816125.89610,7108,51219,222
Chad41,30051,347124.328010,3259,48624,78044,591
Chile621,700586,67894.435,026
China3,385,2002,446,53872.3938,665
Colombia561,300404,39272.0156,914
Comoros6,5005,96291.75402,1602,160
Congo, Republic of57,90069,882120.753612,50013,89626,396
Costa Rica119,000110,28892.78,725
Côte d’Ivoire238,200247,362103.81089,267333,480342,747
Croatia, Republic of261,600434,212166.056172,660172,660
Cyprus100,00074,55374.625,453
Czech Republic589,600589,600100.03
Denmark1,069,900668,39862.5401,515
Djibouti11,50014,375125.02,8752,875
Dominica6,0005,99299.99386386
Dominica Republic158,800209,121131.7350,32350,323
Ecuador219,200300,949137.317,15398,90098,900
Egypt678,400624,67292.153,750
El Salvador125,600125,603100.0
Equatorial Guinea24,30024,309100.09,9421,65011,592
Eritrea11,50011,500100.05
Estonia, Republic of46,50095,950206.3649,45549,455
Ethiopia98,30091,23392.87,07649,42014,74564,165
Fiji51,10041,04780.310,053
Finland861,800582,49367.6279,310
France7,414,6005,602,74875.61,811,925
Gabon110,300192,962174.96682,72082,720
Gambia, The22,90021,41893.51,4852,6219,49312,114
Georgia111,000188,700170.01077,70083,250160,950
Germany8,241,5004,634,34856.23,607,158
Ghana274,000301,141109.917,38044,51762,372249,087355,976
Greece587,600473,91380.7113,687
Grenada8,5008,501100.0
Guatemala153,800153,806100.0
Guinea78,70078,62899.9758,10658,12066,226
Guinea-Bissau10,50010,500100.0*61,2755,7757,050
Guyana67,20072,740108.25,53831,98081,399118,917
Haiti60,70077,056126.94516,40015,17531,575
Honduras95,00095,000100.033,90033,900
Hungary754,800817,422108.356,097118,716118,716
Iceland85,30074,81287.710,488
India3,055,5003,770,335123.4212,630927,375927,375
Indonesia1,497,6001,209,10180.7288,500
Iran, Islamic Republic of1,078,5001,078,502100.0
Iraq504,000504,013100.0
Ireland525,000308,11658.7216,885
Israel666,200666,195100.011
Italy4,590,7003,360,62473.21,230,077
Jamaica200,900304,884151.8103,933103,933
Japan8,241,5003,825,87446.44,415,771
Jordan121,700380,818312.92259,120259,120
Kazakstan, Republic of247,500629,553254.45382,053382,053
Kenya199,400187,04193.812,36550,410177,742228,152
Kiribati4,0004,001100.0
Korea799,600347,25743.4452,347
Kuwait995,200865,90787.0129,296
Kyrgyz Republic64,500104,248161.6539,74872,025111,773
Lao People’s Democratic
Republic39,10039,100100.015,82235,19051,012
Latvia, Republic of91,500172,516188.5581,01681,016
Lebanon146,000127,16887.118,833
Lesotho23,90020,38985.33,5125,28517,89323,178
Liberia71,300272,738382.528201,457225,735 5
Libya817,600498,62861.0318,980
Lithuania, Republic of103,500302,091291.95198,591198,591
Luxembourg135,500112,83383.322,669
Macedonia, former Yugoslav
Republic of49,60096,702195.047,1009,09456,194
Madagascar90,40090,375100.02622,24425,96748,211
Malawi50,90061,406120.62,22412,72514,32249,87576,922
Malaysia832,700377,02745.3455,673
Maldives5,5004,62184.0879
Mali68,90060,13987.38,76122,35289,745112,097
Malta67,50036,86554.630,656
Marshall Islands2,5002,500100.01
Mauritania47,50047,506100.07,13966,61873,757
Mauritius73,30065,94290.07,366
Mexico1,753,3008,847,412504.61207,094,2167,094,216
Micronesia3,5003,500100.01
Moldova, Republic of90,000260,038288.95170,038170,038
Mongolia37,10037,413100.8531329,68029,993
Morocco427,700397,38792.930,316
Mozambique84,00084,000100.072,208133,230135,438
Myanmar184,900184,902100.0
Namibia99,60099,575100.026
Nepal52,00046,27789.05,7309,69816,78526,483
Netherlands3,444,2002,230,50164.81,213,702
New Zealand650,100529,83181.5120,275
Nicaragua96,10096,110100.020,02020,020
Niger48,30050,849105.38,56111,1095,16528,47844,752
Nigeria1,281,6001,281,586100.068
Norway1,104,600488,75344.2615,896
Oman119,40087,35073.232,146
Pakistan758,2001,313,111173.261554,971251,298172, 200978,469
Panama149,600241,765161.611,860104,014104,014
Papua New Guinea95,300130,603137.05335,34035,340
Paraguay72,10057,57879.914,525
Peru466,1001,269,319272.3803,186803,186
Philippines633,400781,759123.487,104235,449235,449
Poland, Republic of988,500911,37692.277,125
Portugal557,600252,28345.2305,318
Qatar190,500163,10085.627,401
Romania754,1001,244,695165.1490,590490,590
Russian Federation4,313,10013,387,856310.49269,075,5399,075,539
Rwanda59,50077,368130.017,8507,00824,858
St. Kitts and Nevis6,5006,48899.815
St. Lucia11,00011,000100.01
St. Vincent and the Grenadines6,0005,50091.7500
San Marino, Republic of10,0007,65076.52,352
São Tomé and Príncipe5,5005,503100.1400400
Saudi Arabia5,130,6004,587,39789.4543,206
Senegal118,900148,520124.91,30030,91412,403193,311236,628
Seychelles6,0005,19786.6804
Sierra Leone77,20077,189100.02427,02091,792118,812
Singapore357,600158,87744.4198,726
Slovak Republic257,400460,525178.9203,121203,121
Slovenia, Republic of150,500137,63191.412,875
Solomon Islands7,5006,96792.9538
Somalia44,200140,907318.896,7018,840112,004 5
South Africa1,365,4001,902,938139.495537,626537,626
Spain1,935,400878,34345.41,057,079
Sri Lanka303,600283,37793.320,25073,623274,400348,023
Sudan169,700720,393424.511550,673610,376 5
Suriname67,60067,601100.0
Swaziland36,50033,50891.83,002
Sweden1,614,0001,184,11673.4429,886
Switzerland2,470,4001,459,08059.11,011,303
Syrian Arab Republic209,900209,903100.05
Tajikistan, Republic of60,00075,000125.0215,00015,000
Tanzania146,900136,93293.29,97527,820109,168136,988
Thailand573,900256,52744.7317,374
Togo54,30054,04699.525413,63248,13261,764
Tonga5,0003,79575.91,210
Trinidad and Tobago246,800256,161103.8159,3759,375
Tunisia206,000365,617177.536159,653159,653
Turkey642,0001,070,228166.732,275460,500460,500
Turkmenistan, Republic of48,00048,000100.05
Uganda133,900133,907100.020,916252,204273,120
Ukraine997,3002,632,800264.081,635,5001,635,500
United Arab Emirates392,100192,87149.2199,229
United Kingdom7,414,6005,815,58278.41,599,049
United States26,526,80016,519,84562.310,003,726
Uruguay225,300211,92994.115,3751,9971,997
Uzbekistan, Republic of199,500364,700182.85165,200165,200
Vanuatu12,50010,01180.12,489
Venezuela1,951,3003,305,490169.4144,9501,499,1381,499,138
Vietnam241,600359,460148.85117,860241,600359,460
Western Samoa8,5007,83092.1672
Yemen, Republic of176,500294,490166.813118,000118,000
Yugoslavia, Federal Republic of
(Serbia/Montenegro)56,05656,056
Zaïre 7291,000449,180154.4158,180143,083301,263
Zambia363,500363,500100.018181,750661,682843,432
Zimbabwe261,300404,801154.9128143,625151,900295,525
Total145,318,800143,698,35936,103,0,34,34,539,2441,219,6814,590,57440,439,943

Includes nonnegotiable, non-interest-bearing notes that members are entitled to issue in substitution for currencies, and outstanding currency valuation adjustments.

Includes the share of the Federal Republic of Yugoslavia (Serbia/Montenegro) in the liabilities of the former Socialist Federal Republic of Yugoslavia, although this state has not succeeded to Fund membership.

The Special Disbursement Account (SDA) of the General Department provides financing under Structural Adjustment Facility (SAF) and Enhanced Structural Adjustment Facility (ESAF) arrangements.

For information purposes only. The ESAF Trust provides financing under ESAF arrangements and is not a part of the General Department.

Includes outstanding Trust Fund loans to Liberia (SDR 24.3 million), Somalia (SDR 6.5 million), and Sudan (SDR 59.7 million).

Less than SDR 500.

The official name of Zaïre was changed to Democratic Republic of the Congo on May 17, 1997.

Includes nonnegotiable, non-interest-bearing notes that members are entitled to issue in substitution for currencies, and outstanding currency valuation adjustments.

Includes the share of the Federal Republic of Yugoslavia (Serbia/Montenegro) in the liabilities of the former Socialist Federal Republic of Yugoslavia, although this state has not succeeded to Fund membership.

The Special Disbursement Account (SDA) of the General Department provides financing under Structural Adjustment Facility (SAF) and Enhanced Structural Adjustment Facility (ESAF) arrangements.

For information purposes only. The ESAF Trust provides financing under ESAF arrangements and is not a part of the General Department.

Includes outstanding Trust Fund loans to Liberia (SDR 24.3 million), Somalia (SDR 6.5 million), and Sudan (SDR 59.7 million).

Less than SDR 500.

The official name of Zaïre was changed to Democratic Republic of the Congo on May 17, 1997.

Schedule 2 Schedule of Repurchases and Repayments of Loans as at April 30, 1997

(In thousands of SDRs)
Financial

Year

Ending

April 30
General

Resources

Account 1
Special

Disbursement

Account
Overdue1,063,066101,569
19983,462,116321,299
19995,896,675262,411
200010,320,222175,076
20015,643,19979,024
20022,704,44290,679
20031,897,23761,864
20041,467,07950,823
20051,049,33440,270
2006699,36336,666
2007336,509
Total34,539,2441,219,681

A member is entitled to repurchase at any time the Fund’s holdings of its currency subject to charges and is expected to make repurchases as and when its balance of payments and reserve position improve.

A member is entitled to repurchase at any time the Fund’s holdings of its currency subject to charges and is expected to make repurchases as and when its balance of payments and reserve position improve.

Schedule 3 General Department Status of Arrangements as at April 30, 1997

(In thousands of SDRs)
MemberDate of ArrangementExpirationTotal Amount AgreedUndrawn Balance
General Resources Account
Stand-By Arrangements
ArgentinaApril 12, 1996January 11, 1998720, 000321, 000
BulgariaApril 11, 1997June 10, 1998371,900348,700
DjiboutiApril 15, 1996June 14, 19974,6001,725
EgyptOctober 11, 1996September 30, 1998271,400271,400
El SalvadorFebruary 28, 1997April 27, 199837,68037,680
Estonia, Republic ofJuly 29, 1996August 28, 199713, 95013, 950
HungaryMarch 15, 1996February 14, 1998264,180264,180
Latvia, Republic ofMay 24, 1996August 23, 199730,00030,000
LesothoSeptember 23, 1996September 22, 19977,1707,170
PakistanDecember 13, 1995September 30, 1997562,590267,900
Papua New GuineaJuly 14, 1995December 15, 199771,48036,140
RomaniaApril 22, 1997May 21, 1998301,500241,200
VenezuelaJuly 12, 1996July 11, 1997975,650625,650
Yemen, Republic ofMarch 20, 1996June 19, 1997132,37514,375
Total Stand-By Arrangements3,764,4752,481,070
Extended Arrangements
AlgeriaMay 22, 1995May 21, 19981,169,280422,080
AzerbaijanDecember 20, 1996December 19, 199958,50049,140
Croatia, Republic ofMarch 12, 1997March 11, 2000353,160324,380
GabonNovember 8, 1995November 7, 1998110,30066,180
JordanFebruary 9, 1996February 8, 1999238,040127,740
Kazakstan, Republic ofJuly 17, 1996July 16, 1999309,400309,400
Lithuania, Republic ofOctober 24, 1994October 23, 1997134,55020,700
Moldova, Republic ofMay 20, 1996May 19, 1999135,000112,500
PeruJuly 1, 1996March 31, 1999300,200139,700
PhilippinesJune 24, 1994June 23, 1997474,500438,000
Russian FederationMarch 26, 1996March 25, 19996,901,0004,564,736
Total Extended Arrangements10,183,9306,574,556
Total General Resources Account13,948,4059,055,626

SDR Department

Statements of Allocations and Holdings as at April 30, 1997 and 1996

(In thousands of SDRs)(Note 1)
19971996
Allocations
Net cumulative allocations of SDRs21,433,33021,433,330
Overdue charges (Note 2)64,61153,412
Total Allocations21,497,94121,486,742
Holdings
Participants with holdings above allocations
Allocations10,399,81810,533,791
Net receipts of SDRs5,162,8216,151,787
15,562,63916,685,578
Participants with holdings below allocations
Allocations11,033,51210,899,539
Net uses of SDRs7,899,3017,999,913
3,134,2112,899,626
Total holdings of participants18,696,85019,585,204
General Resources Account1,494,149824,728
Holdings of SDRs by prescribed holders1,306,9421,076,810
Total Holdings21,497,94121,486,742
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.
/s/ David Williams/ s / M. Camdessus
TreasurerManaging Director

Statements of Receipt and Use for the Year Ended April 30, 1997 with Comparative Totals for the Year Ended April 30, 1996

(In thousands of SDRs)(Note 1)
ParticipantsGeneral Resources AccountPrescribed HoldersTotal
19971996
Total holdings, beginning of the year19,585,204824,7281,076,81021,486,74221,479,642
Receipt of SDRs
Transfers among participants and prescribed holders
Transactions by agreement7,394,85415,6647,410,5188,931,335
Operations
Loans889,647
Forward operations27,40027,400
Settlement of financial obligations15,92044,22460,1441,061,273
Fund-related operations
SAF/ESAF loans165,127165,127296,436
SAF repayments and interest130,079130,079120,736
Trust Fund repayments and interest6,821
Special charges on SAF, ESAF, and Trust Fund11704
ESAF contributions and payments22,70361,66684,369133,756
ESAF repayments and interest225,936225,936145,134
Net interest on SDRs (Note 2)222,39645,760268,156319,359
Transfers from participants to General Resources Account
Repurchases4,364,0744,364,0745,571,804
Charges1,615,6751,615,6751,985,319
Quota payments69,625
Interest on SDRs (Note 2)51,34651,34652,696
Assessment on SDR allocation (Note 2)4,1384,1384,022
Transfers from General Resources Account to participants
Purchases4,060,3954,060,3956,459,929
In exchange for currencies of members
Acquisitions to pay charges223,774223,77449,081
Remuneration1,054,8301,054,8301,091,697
Other
Refunds and adjustments26,81326,813258,686
Total receipts13,214,2126,035,233523,33019,772,77527,448,060
Statements of Receipt and Use (concluded) for the Year Ended April 30, 1997 with Comparative Totals for the Year Ended April 30, 1996(In thousands of SDRs)(Note 1)
ParticipantsGeneral Resources AccountPrescribed HoldersTotal
19971996
Use of SDRs
Transfers among participants and prescribed holders
Transactions by agreement7,348,47062,0487,410,5188,931,335
Operations
Loans889,647
Forward operations27,40027,400
Settlement of financial obligations44,22415,92060,1441,061,273
Fund-related operations
SAF/ESAF loans165,127165,127296,436
SAF repayments and interest130,079130,079120,736
Trust Fund repayments and interest6,821
Special charges on SAF, ESAF, and Trust Fund11704
ESAF contributions and payments61,66622,70384,369133,756
ESAF repayments and interest225,936225,936145,134
Transfers from participants to General Resources Account
Repurchases4,364,0744,364,0745,571,804
Charges1,615,6751,615,6751,985,319
Quota payments69,625
Assessment on SDR allocation (Note 2)4,1384,1384,022
Transfers from General Resources Account to participants
Purchases4,060,3954,060,3956,459,929
In exchange for currencies of members
Acquisitions to pay charges223,774223,77449,081
Remuneration1,054,8301,054,8301,091,697
Other
Refunds and adjustments26,81326,813258,686
Charges paid in the SDR Department (Note 2)
Net charges due319,502319,502372,055
Charges not paid when due(15,689)(15,689)(19,157)
Settlement of unpaid charges4,4904,49012,057
Total uses14,102,5665,365,812293,19819,761,57627,440,960
Total holdings, end of the year18,696,8501,494,1491,306,94221,497,94121,486,742
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.

Notes to the Financial Statements as at April 30, 1997 and 1996

SDR Department

All transactions and operations involving SDRs are conducted through the SDR Department. At April 30, 1997, all members of the Fund were participants in the SDR Department. SDRs are reserve assets allocated by the Fund to members that are participants in the SDR Department in proportion to their quotas in the Fund. Allocations were made in 1970, 1971, and 1972, totaling SDR 9.3 billion. Further allocations were made in 1979, 1980, and 1981, totaling SDR 12.1 billion. SDRs do not constitute claims by holders against the Fund to provide currency. However, upon termination of participation or liquidation of the SDR Department, the Fund will provide to holders the currencies received from the participants in settlement of their obligations. The Fund is empowered to prescribe certain official entities as holders of SDRs; at April 30, 1997, 15 institutions have been prescribed as holders. These prescribed holders do not receive allocations and cannot use or receive SDRs in designation.

Uses of SDRs

The Fund ensures, by designating participants to provide freely usable currency in exchange for SDRs, that a participant can use its SDRs to obtain an equivalent amount of currency if it has a need because of its balance of payments or its reserve position or developments in its reserves. A participant is not obligated to provide currency for SDRs beyond the point at which its holdings of SDRs in excess of its net cumulative allocation are equal to twice its net cumulative allocation. A participant may, however, provide currency in excess of this limit. Participants and prescribed holders can also use and receive SDRs in transactions and operations by agreement among themselves. Participants can also use and receive SDRs in operations and transactions involving the General Resources Account.

1. Unit of Account

The accounts of the SDR Department are expressed in terms of the SDR The currency value of the SDR is determined by the Fund each day by summing the values in U.S. dollars, based on market exchange rates, of a basket of five currencies. The Fund reviews the SDR valuation basket every five years. The SDR valuation basket was last revised in financial year 1996. The currencies in the basket and their amounts are as follows:

CurrencyAmount
U.S. dollar0.582
Deutsche mark0.446
Japanese yen27.2
French franc0.813
Pound sterling0.105

2. Interest, Charges, and Assessment

Interest is paid on holdings of SDRs. Charges are levied on each participant’s net cumulative allocation plus any negative balance of the participant or unpaid charges. Interest on SDR holdings is paid, and charges on net cumulative allocations are collected, on a quarterly basis. Interest and charges are levied at the same rate and are settled on the first day of the subsequent quarter. The Fund is required to pay interest to each holder, whether or not sufficient SDRs are received to meet the payment of interest. If sufficient SDRs are not received, because charges are overdue, additional SDRs are temporarily created.

At April 30, 1997, charges of SDR 64.6 million were overdue (SDR 53.4 million at April 30, 1996). At April 30, 1997, six members were six months or more overdue in meeting financial obligations to the Fund (five members at April 30, 1996), and four of these members were six months or more overdue to the SDR Department (three at April 30, 1996). In addition, the Federal Republic of Yugoslavia (Serbia/Montenegro) was also six months or more overdue in meeting its financial obligations. While the Federal Republic of Yugoslavia (Serbia/Montenegro) agreed to its share in the assets and liabilities of the former Socialist Federal Republic of Yugoslavia in the Fund, it had not succeeded to membership in the Fund as of April 30, 1997 and, consequently, it is not a participant in the SDR Department.

Charges that are six months or more overdue to the SDR Department were as follows:

19971996
In millions of SDRs
Total overdue charges62.953.1
Overdue for six months or more58.148.6
Overdue for three years or more35.126.6

The duration of arrears as of April 30, 1997 was as follows;

TotalLongest Overdue Obligation
in millions of SDRs
Afghanistan, Islamic State of1.3February 1996
Iraq28.9November 1990
Liberia14.9August 1988
Somalia5.3February 1991
Yugoslavia, Federal Republic of (Serbia/Montenegro)12.5November 1992
Total62.9

The rate of interest on the SDR is determined by reference to a combined market interest rate, which is a weighted average of yields or rates on short-term instruments in the capital markets of France, Germany, Japan, the United Kingdom, and the United States. The combined market interest rate used to determine the SDR interest rate is calculated each Friday, using the yields or rates of that day. The SDR interest rate, which is set equal to the combined market interest rate, enters into effect on the following Monday and applies until the end of the following Sunday.

The expenses of conducting the business of the SDR Department are paid by the Fund from the General Resources Account, which is reimbursed in SDRs by the SDR Department at the end of each financial year. For this purpose, the SDR Department levies an assessment on all participants in proportion to their net cumulative allocation.

Enhanced Structural Adjustment Facility Trust

Combined Balance Sheets as at April 30, 1997 with Comparative Totals as at April 30, 1996

(In thousands of SDRs)(Note 1)
Loan AccountReserve AccountSubsidy AccountCombined 1997Combined 1996
Assets
Loans receivable4,590,5744,590,5744,082,672
Investments (Notes 2 and 4)132,1371,696,8401,819,5613,648,5383,097,311
Interest receivable9,20318,45019,85447,50725,260
Currencies2255
Accrued account transfers(16,657)58,158(41,501)
Total Assets4,715,2571,773,4481,797,9168,286,6217,205,298
Resources and Liabilities
Resources1,773,4481,559,2983,332,7462,830,999
Borrowing (Note 4)4,664,581236,1494,900,7304,329,166
Interest payable50,5892,46953,05844,956
Other liabilities8787177
Total Resources and Liabilities4,715,2571,773,4481,797,9168,286,6217,205,298
The accompanying notes and schedules are an integral part of the financial statements.
The accompanying notes and schedules are an integral part of the financial statements.
/s/ David Williams/ s / M. Camdessus
TreasurerManaging Director

Combined Income Statements for the Year Ended April 30, 1997 with Comparative Totals for the Year Ended April 30, 1996

(In thousands of SDRs)(Note 1)
Loan AccountReserve AccountSubsidy AccountCombined 1997Combined 1996
Income
Investment income5060,74569,378130,173121,051
Interest on loans21,72621,72616,987
Exchange valuation gain (loss)(4)79(1)74280
21,77260,82469,377151,973138,318
Expense
Interest expense154,6553,942158,597129,258
Other expenses8787177
154,7423,942158,684129,435
Net Income (Loss)(132,970)60,82465,435(6,711)8,883
The accompanying notes and schedules are an integral part of the financial statements.
The accompanying notes and schedules are an integral part of the financial statements.

Combined Statements of Changes in Resources for the Year Ended April 30, 1997 with Comparative Totals for the Year Ended April 30, 1996

(In thousands of SDRs)
(Note 1)
Loan

Account
Reserve

Account
Subsidy

Account
Combined

1997
Combined

1996
Balance, beginning of the year1,405,8521,425,1472,830,9992,394,321
Contributions (Note 3)202,358202,358136,406
Transfers from Special
Disbursement Account306,100306,100291,389
Net transfers between
Loan and Reserve Accounts(672)672
Loan and Subsidy Accounts133,642(133,642)
Net income (loss)(132,970)60,82465,435(6,711)8,883
Balance, end of the year1,773,4481,559,2983,332,7462,830,999
The accompanying notes and schedules are an integral part of the financial statements.
The accompanying notes and schedules are an integral part of the financial statements.

Notes to the Financial Statements as at April 30, 1997 and 1996

Purpose

The Enhanced Structural Adjustment Facility Trust (“the Trust”), for which the Fund is Trustee, was established in December 1987 and was extended and enlarged in February 1994 to provide loans on concessional terms to qualifying low-income developing country members. The resources of the Trust are separate from the assets of all other accounts of, or administered by, the Fund and may not be used to discharge liabilities or to meet losses incurred in the administration of other accounts.

The operations of the Trust are conducted through a Loan Account, a Reserve Account, and a Subsidy Account.

Loan Account

The resources of the Loan Account consist of the proceeds from borrowing and principal and interest payments on loans extended by the Trust. Resources of the Loan Account are committed to qualifying members for a three-year period, upon approval by the Trustee, in support of the member’s macroeconomic and structural adjustment programs. Interest on the outstanding loan balances is currently set at the rate of ½ of 1 percent a year. At April 30, 1997, loans totaling SDR 4,590,6 million were outstanding (SDR 4,082,7 million at April 30, 1996), Members’ outstanding loans are presented in Schedule 1.

Reserve Account

The resources of the Reserve Account consist of amounts transferred by the Fund from the Special Disbursement Account and net earnings from investment of resources held in the Reserve Account and in the Loan Account.

The resources held in the Reserve Account are to be used by the Trustee to pay loan principal and interest on borrowing of the Loan Account in the event that amounts payable from borrowers’ principal repayments and interest together with the authorized interest subsidy are insufficient.

Subsidy Account

The resources held in the Subsidy Account consist of donations to the Trust, including transfers of net earnings from ESAF Administered Accounts and SDR 400 million transferred by the Fund from the Special Disbursement Account, of net earnings on loans made to the Trust for the Subsidy Account, and the net earnings from investment of Subsidy Account resources.

The resources available in the Subsidy Account are drawn by the Trustee to pay the difference, with respect to each interest period, between the interest due from the borrowers under the Trust and the interest due on resources borrowed for Loan Account loans.

1. Accounting Practices

The accounts of the Trust are expressed in terms of the SDR. SDRs are reserve assets allocated to participants in the Fund’s SDR Department. The currency value of the SDR is deter-mined by the Fund each day by summing the values in U.S. dollars, based on market exchange rates, of a basket of five currencies. The Fund reviews the SDR valuation basket every five years. The SDR valuation basket was last reviewed in financial year 1996. The currencies in the basket and their amounts are as follows:

CurrencyAmount
U.S. dollar0.582
Deutsche mark0.446
Japanese yen27.2
French franc0.813
Pound sterling0.105

Members are not obligated to maintain the SDR value of their currencies held in the accounts of the Trust.

The accounts of the Trust are maintained on the accrual basis; accordingly, income is recognized as it is earned, and expenses are recorded as they are incurred. The expenses of conducting the business of the Trust that are paid by the General Resources Account of the Fund are reimbursed on an annual basis by the Special Disbursement Account, and corresponding transfers from the Trust’s Reserve Account are to be made to the Special Disbursement Account, when and to the extent needed.

2. Investments

The resources of the Trust are invested pending their use. Investments are denominated in SDRs or in currency and are carried at cost, which does not exceed net realizable value. Pending their investment, resources may be temporarily held in currency, which also may give rise to valuation gains and losses.

3. Contributions

The Trustee accepts contributions of resources for the Subsidy Account on such terms and conditions as agreed between the Trust and the contributor. Cumulative contributions received, including transfers from the Special Disbursement Account, as at April 30, 1997 amounted to SDR 1,723 million, and are listed in Schedule 2 (SDR 1,520,7 million at April 30, 1996).

4. Borrowing

The Trust borrows resources for the Loan Account and for the Subsidy Account on such terms and conditions as agreed between the Trust and the lenders.

Schedules 3 and 4, respectively, present lenders’ borrowing agreements and scheduled repayments of outstanding borrowing. The following summarizes the borrowing agreements concluded as at April 30, 1997:

Amount

Agreed
Amount

Undrawn
In thousands of SDRs
Loan Account9,288,0164,351,444
Subsidy Account243,4817,332

The Trustee has agreed to hold and invest, on behalf of a lender, principal repayments of Trust borrowing in a suspense account within the Loan Account. Principal repayments will be accumulated until the final maturity of the borrowing, when the full proceeds are to be transferred to the lender. Amounts deposited in this account are invested by the Trustee, and payments of interest to the lender are to be made exclusively from the earnings on the amounts invested.

5. Commitments Under Loan Arrangements

At April 30, 1997, undrawn balances under 35 loan arrangements amounted to SDR 1,675,7 million (SDR 1,511,8 million under 28 arrangements at April 30, 1996), Loan arrangements are listed in Schedule 5, Scheduled repayments of outstanding loans receivable are shown in Schedule 6.

Schedule 1 Schedule of Outstanding Loans as at April 30, 1997

(In thousands of SDRs)
MemberESAF

Loan

Account
Structural

Adjustment

Facility 1
Albania31,060
Armenia33,750
Azerbaijan20,480
Bangladesh299,87542,119
Benin49,42018,581
Bolivia161,63821,314
Burkina Faso41,66020,856
Burundi17,2108,113
Cambodia42,000
Central African Republic8,512
Chad24,7809,486
Comoros2,160
Congo, Republic of13,896
Côte d’Ivoire333,480
Dominica386
Equatorial Guinea1,6509,942
Ethiopia14,74549,420
Gambia, The9,4932,621
Georgia83,250
Ghana249,08762,372
Guinea58,1208,106
Guinea-Bissau5,7751,275
Guyana81,39931,980
Haiti15,175
Honduras33,900
Kenya177,74250,410
Kyrgyz Republic72,025
Lao People’s Democratic Republic35,19015,822
Lesotho17,8935,285
Macedonia, former Yugoslav Republic of9,094
Madagascar25,96722,244
Malawi49,87514,322
Mali89,74522,352
Mauritania66,6187,139
Mongolia29,680
Mozambique133,2302,208
Nepal16,7859,698
Nicaragua20,020
Niger28,4785,165
Pakistan172,200251,298
Rwanda7,008
São Tomé and Príncipe400
Senegal193,31112,403
Sierra Leone91,79227,020
Somalia8,840
Sri Lanka274,40073,623
Tanzania109,16827,820
Togo48,13213,632
Uganda252,20420,916
Vietnam241,600
Zaïre 2143,083
Zambia661,682181,750
Zimbabwe151,900
Total loans outstanding4,590,5741,219,681

Since Structural Adjustment Facility (SAF) loans have been disbursed in connection with ESAF arrangements, the above list includes these loans, as well as loans disbursed to members under SAF arrangements. These loans are held by the Special Disbursement Account, and repayments of all loans are transferred to the ESAF Reserve Account when received.

The official name of Zaïre was changed to Democratic Republic of the Congo on May 17, 1997.

Since Structural Adjustment Facility (SAF) loans have been disbursed in connection with ESAF arrangements, the above list includes these loans, as well as loans disbursed to members under SAF arrangements. These loans are held by the Special Disbursement Account, and repayments of all loans are transferred to the ESAF Reserve Account when received.

The official name of Zaïre was changed to Democratic Republic of the Congo on May 17, 1997.

Schedule 2 Contributions to and Resources of the Subsidy Account as at April 30, 1997

(In thousands of SDRs)
Contributor 1Amount
Direct Contributions to the Subsidy Account
Argentina6,800
Bangladesh136
Canada63,398
China3,000
Czech Republic3,000
Denmark37,718
Egypt3,000
Finland22,684
Germany101,624
Iceland2,000
India1,970
Italy122,575
Japan356,935
Korea28,364
Luxembourg3,013
Morocco2,043
Netherlands60,463
Norway23,212
Sweden95,890
Switzerland8,240
United Kingdom218,994
United States53,721
Total direct contributions to the Subsidy Account1,218,780
Net Income Transferred from Administered Accounts
Austria27,971
Belgium53,768
Botswana484
Chile1,215
Greece18,554
Indonesia1,571
Iran, Islamic Republic of192
Portugal480
Total net income transferred from Administered Accounts104,235
Total contributions received1,323,015
Transfers from Special Disbursement Account400,000
Total contributions received and transfers from Special
Disbursement Account1,723,015
Cumulative net income of the Subsidy Account375,230
Resources disbursed to subsidize Trust lending(538,947)
Total resources of the Subsidy Account1,559,298

In addition to direct contributions, a number of members also make loans available to the Loan Account on concessional terms. See Schedule 3.

In addition to direct contributions, a number of members also make loans available to the Loan Account on concessional terms. See Schedule 3.

Schedule 3 Schedule of Borrowing Agreements as at April 30, 1997

(In thousands of SDRs)
MemberInterest

Rate

(in percent)
Amount of

Agreement
Amount

Drawn
Outstanding

Balance
Loan Account
Prior to enlargement of ESAF
CanadaFixed1300,000300,000284,074
France0.502800,000800,000708,199
GermanyVariable3700,000691,329667,806
ItalyVariable3370,000370,000364,289
JapanVariable32,200,0002,200,0002,067,863
KoreaVariable365,00065,00061,785
NorwayVariable390,00090,00083,838
SpainVariable3220,000216,4294198,142
Switzerland200,000200,00096,205
Total prior to enlargement of ESAF4,945,0004,932,7584,532,201
For enlargement of ESAF
CanadaVariable3200,000243243
ChinaVariable3100,000
EgyptVariable3100,000
France0.502750,000
GermanyVariable3700,000
JapanVariable32,150,000
KoreaVariable327,700
NorwayVariable360,000
OPEC Fund for International DevelopmentVariable336,6165
Spain0.5067,000
SwitzerlandVariable3151,700
Total for enlargement of ESAF4,343,016243243
Resources held pending repayment132,1376
Total—Loan Account9,288,0164,933,0014,664,581
Subsidy Account
Malaysia (1988 and 1989 loans)0.5040,00040,00040,000
Malaysia (1994 loan)2.0040,00040,00040,000
Malta0.502,7302,7302,730
Pakistan0.5010,0002,6682,668
Singapore2.0080,00080,00080,000
Thailand2.0060,00060,00060,000
Tunisia0.503,5513,5513,551
UruguayVariable77,2007,2007,200
Total—Subsidy Account243,481236,149236,149

The loans under this agreement are made at market-related rates of interest fixed at the time the loan was disbursed.

The agreement with France made before the enlargement of ESAF (SDR 800 million) provides that the interest rate shall be 0.5 percent on the first SDR 700 million drawn, and for variable, market-related rates of interest thereafter. The agreement with France made for the enlargement of ESAF (SDR 750 million) provides that the interest rate shall be 0.5 percent until the cumulative implicit interest subsidy reaches SDR 250 million, and at variable, market-related rates of interest thereafter.

The loans under these agreements are made at variable, market-related rates of interest.

The agreement expired with an undrawn balance of SDR 3.6 million.

The agreement with the OPEC Fund for International Development is for an amount of $50 million.

This amount represents principal repayments held and invested on behalf of a lender.

The interest rate payable on the borrowing from Uruguay is equal to the rate on SDR-denominated deposits less 2.6 percent a year.

The loans under this agreement are made at market-related rates of interest fixed at the time the loan was disbursed.

The agreement with France made before the enlargement of ESAF (SDR 800 million) provides that the interest rate shall be 0.5 percent on the first SDR 700 million drawn, and for variable, market-related rates of interest thereafter. The agreement with France made for the enlargement of ESAF (SDR 750 million) provides that the interest rate shall be 0.5 percent until the cumulative implicit interest subsidy reaches SDR 250 million, and at variable, market-related rates of interest thereafter.

The loans under these agreements are made at variable, market-related rates of interest.

The agreement expired with an undrawn balance of SDR 3.6 million.

The agreement with the OPEC Fund for International Development is for an amount of $50 million.

This amount represents principal repayments held and invested on behalf of a lender.

The interest rate payable on the borrowing from Uruguay is equal to the rate on SDR-denominated deposits less 2.6 percent a year.

Schedule 4 Schedule of Repayments of Borrowing as at April 30, 1997

(In thousands of SDRs)
Periods of Repayment,

Financial Year

Ending April 301
Loan

Account1
Subsidy

Account
1998200,570
1999310,31460,000
2000393,07820,000
2001466,53210,000
2002494,96810,000
2003494,8991,365
2004478,54640,000
2005455,71990,751
20061,013,034
2007356,921
20081,365
20102,668
Total4,664,581236,149

Repayment periods are as provided in the borrowing agreements between the Trustee and lenders, including maximum periods for those repayments that are to be held in suspense, as agreed with the lender. See Note 4.

Repayment periods are as provided in the borrowing agreements between the Trustee and lenders, including maximum periods for those repayments that are to be held in suspense, as agreed with the lender. See Note 4.

Schedule 5 Status of Loan Arrangements 1 as at April 30, 1997

(In thousands of SDRs)
MemberDate of

Arrangement
ExpirationAmount

Agreed
Undrawn

Balance
ArmeniaFeb.14, 1996Feb. 13, 1999101,25067,500
AzerbaijanDec. 20, 1996Dec. 19, 199993,60073,120
BeninAug. 28, 1996Aug. 27, 199927,18022,650
BoliviaDec. 19, 1994Dec. 18, 1997100,96033,650
Burkina FasoJune 14, 1996June 13, 199939,78026,520
CambodiaMay 6, 1994Aug. 31, 199784,00042,000
ChadSep. 1, 1995Aug. 31, 199849,56024,780
Congo, Republic ofJune 28, 1996June 27, 199969,48055,584
Côte d’IvoireMar. 11, 1994June 13, 1997333,480
EthiopiaOct. 11, 1996Oct. 10, 199988,47073,725
GeorgiaFeb. 28, 1996Feb. 27, 1999166,50083,250
GhanaJune 30, 1995June 29, 1998164,400109,600
GuineaJan. 13, 1997Jan. 12, 200070,80059,000
Guinea-BissauJan. 18, 1995Jan. 17, 19989,4503,675
GuyanaJuly 20, 1994Apr. 17, 199853,7608,960
HaitiOct. 18, 1996Oct. 17, 199991,05075,875
HondurasJuly 24, 1992July 24, 199747,46013,560
KenyaApr. 26, 1996Apr. 25, 1999149,550124,625
Kyrgyz RepublicJuly 20, 1994Mar. 31, 199888,15016,125
Lao People’s Democratic RepublicJune 4, 1993May 7, 199735,190
Macedonia, former Yugoslav Republic ofApr. 11, 1997Apr. 10, 200054,56045,466
MadagascarNov. 27, 1996Nov. 26, 199981,36067,800
MalawiOct. 18, 1995Oct. 17, 199845,81022,905
MaliApr. 10, 1996Apr. 9, 199962,01041,340
MauritaniaJan. 25, 1995Jan. 24, 199842,75014,250
MozambiqueJune 21, 1996June 20, 199975,60050,400
NicaraguaJune 24, 1994June 23, 1997120,120100,100
NigerJune 12, 1996June 11, 199957,96038,640
SenegalAug. 29, 1994Jan. 12, 1998130,79017,835
Sierra LeoneMar. 28, 1994Dec. 31, 1997101,90410,112
TanzaniaNov. 8, 1996Nov. 7, 1999161,590135,883
TogoSep. 16, 1994Sep. 15, 199765,16032,580
UgandaSep. 6, 1994Nov. 17, 1997120,51023,433
VietnamNov. 11, 1994Nov. 10, 1997362,400120,800
ZambiaDec. 6, 1995Dec. 5, 1998701,68240,000
4,048,2761,675,743

The Saudi Fund for Development may also provide resources to support arrangements under the ESAF through loans to qualifying members in association with loans under the ESAF. As at April 30, 1997, SDR 49.5 million of such associated loans bad been disbursed.

The Saudi Fund for Development may also provide resources to support arrangements under the ESAF through loans to qualifying members in association with loans under the ESAF. As at April 30, 1997, SDR 49.5 million of such associated loans bad been disbursed.

Schedule 6 Schedule of Repayments of Loans Receivable as at April 30, 1997

(In thousands of SDRs)
Periods of Repayment,

Financial Year

Ending April 30
Loan

Account
1998293,549
1999375,767
2000463,331
2001511,686
2002680,726
2003693,050
2004609,368
2005482,735
2006371,224
2007109,138
Total4,590,574

Enhanced Structural Adjustment Facility Administered Accounts

Balance Sheets as at April 30, 1997 and 1996

(In thousands of SDRs)(Note 1)
AustriaBelgiumBotswanaChile
19971996199719961997199619971996
Assets
Investments (Note 2)74,00086,000180,000180,0006,8946,89415,00015,000
Interest receivable740515872531666637021
Advance payments to ESAF Subsidy Account495022
Total Assets74,74086,515180,872180,5317,0097,01015,37015,043
Resources and Liabilities
Resources491232717378327
Deposits (Note 3)74,00086,000180,000180,0006,8946,89415,00015,000
Interest payable2492831551531151164343
Total Resources and Liabilities74,74086,515180,872180,5317,0097,01015,37015,043
GreeceIndonesiaIran, I. R. ofPortugal
19971996199719961997199619971996
Assets
Investments (Note 2)49,00056,00025,00025,0003,0002,0006,5734,382
Interest receivable551702813229192920
Advance payments to ESAF Subsidy Account13947721
Total Assets49,55156,07025,42025,5093,0292,0196,6044,403
Resources and Liabilities
Resources49851510
Deposits (Note 3)49,00056,00025,00025,0003,0002,0006,5734,382
Interest payable53654205091493121
Total Resources and Liabilities49,55156,07025,42025,5093,0292,0196,6044,403
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.
/s/ David Williams

Treasurer
/s/ M. Camdessus

Managing Director

Income Statements for the Years Ended April 30, 1997 and 1996

(In thousands of SDRs)(Note 1)
AustriaBelgiumBotswanaChile
19971996199719961997199619971996
Investment income3,0803,2537,2357,729269292594699
Interest expense on deposits3954269009021381387575
Net Income2,6852,8276,3356,827131154519624
GreeceIndonesiaIran, I. R. ofPortugal
19971996199719961997199619971996
Investment income2,0502,6249891,15611381259187
Interest expense on deposits25831950364514103221
Net Income1,7922,3054865119971227166
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.

Statements of Changes in Resources for the Years Ended April 30, 1997 and 1996

(In thousands of SDRs)(Note 1)
AustriaBelgiumBotswanaChile
19971996199719961997199619971996
Balance, beginning of the year2323123784377
Net income2,6852,8276,3356,827131154519624
Transfers to Enhanced Structural Adjustment Facility Trust Subsidy Account(2,426)(2,907)(5,996)(6,453)(131)(154)(192)(1,001)
Balance, end of the year491232717378327
GreeceIndonesiaIran, I. R. ofPortugal
19971996199719961997199619971996
Balance, beginning of the year599914910711
Net income1,7922,3054865119971227166
Transfers to Enhanced Structural Adjustment Facility Trust Subsidy Account(1,299)(3,299)(486)(660)(94)(68)(227)(177)
Balance, end of the year49851510
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.

Saudi Fund for Development Special Account Statements of Receipts and Uses of Resources as at April 30, 1997 and 1996

(In thousands of SDRs)(Note 1)
19971996
Receipts of Resources
Cumulative transfers from Saudi Fund for Development49,50049,500
Cumulative repayments of associated loans1,750
Cumulative receipts of interest on associated loans843595
Accrued interest on associated loans8183
52,17450,177
Uses of Resources
Associated loans (Note 4)49,50049,500
Cumulative repayments to Saudi Fund for Development1,750
Cumulative payments of interest on loans843595
Accrued interest on transfers8183
52,17450,177
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.

Notes to the Financial Statements as at April 30, 1997 and 1996

Purpose

At the request of certain member countries, the Fund has established administered accounts for the benefit of the Subsidy Account of the Enhanced Structural Adjustment Facility Trust (“the ESAF Trust”) for the administration of resources deposited therein. The difference between interest earned by the administered accounts and the interest payable on deposits is transferred to the Subsidy Account of the ESAF Trust.

The Saudi Fund for Development (SFD) Special Account was established at the request of the SFD for the disbursement of amounts under loans made in association with loans under the Enhanced Structural Adjustment Facility (ESAF) by the SFD to recipient countries (associated loans). Disbursements were made simultaneously with ESAF disbursements, and payments of interest and repayments of principal due to the SFD under associated loans are to be transferred to the SFD. The Fund acts as agent of the SFD in that respect.

The resources of each administered account are separate from the assets of all other accounts of, or administered by, the Fund and may not be used to discharge liabilities or to meet tosses incurred in the administration of other accounts.

1. Accounting Practices

The administered accounts are expressed in terms of the SDR. SDRs are reserve assets allocated to participants in the Fund’s SDR Department The currency value of the SDR is determined by the Fund each day by summing the values in U.S. dollars, based on market exchange rates, of a basket of five currencies. The Fund reviews the SDR valuation basket every five years. The SDR valuation basket was last reviewed in financial year 1996. The currencies in the basket and their amounts are as follows:

CurrencyAmount
U.S. dollar0.582
Deutsche mark0.446
Japanese yen27.2
French franc0.813
Pound sterling0.105

The administered accounts are maintained on the accrual basis; accordingly, income is recognized as it is earned, and expenses are recorded as they are incurred.

2. Investments

The resources of each administered account are invested in SDR-denominated deposits and valued at cost, which approximates market value.

3. Deposits

The Administered Account Austria was established on December 27, 19SS for the administration of resources deposited in the account by the Austrian National Bank. Two deposits (one of SDR 60.0 million made on December 30, 1988, and one of SDR 50.0 million made on August 10, 1995) are to be repaid in ten equal semiannual installments beginning 5½ years after the date of each deposit and ending at the end of the tenth year after the date of each deposit. The deposits bear interest at a rate of ½ of 1 percent a year.

The Administered Account Belgium was established on July 27, 1988 for the administration of resources deposited in the account by the National Bank of Belgium, Four deposits (one of SDR 30.0 million made on July 29, 1988; one of SDR 35.0 million made on December 30, 1988; one of SDR 35.0 million made on June 30, 1989; and one of SDR 80.0 million made on April 29, 1994) have an initial maturity of six months and are renewable, at the option of the Fund, on the same basis. The final maturity of each deposit, including renewals, will be ten years from the initial date of the individual deposits. The deposits bear interest at a rate of ½ of 1 percent a year.

The Administered Account Botswana was established on July 1, 1994 for the administration of resources deposited in the account by the Bank of Botswana. The deposit, totaling SDR 6.9 million, is to be repaid in one installment ten years after the date of deposit. The deposit bears interest at a rate of 2 percent a year.

The Administered Account Chile was established on October 4, 1994 for the administration of resources deposited in the account by the Banco Central de Chile, The deposit, totaling SDR 15.0 million, is to be repaid in one installment ten years after the date of deposit. The deposit bears interest at a rate of ½ of 1 percent a year.

The Administered Account Greece was established on November 30, 1988 for the administration of resources deposited in the account by the Bank of Greece. Two deposits, of SDR 35.0 million each (December 15, 1988 and April 29, 1994), are to be repaid in ten equal semiannual installments beginning 5½ years after the date of deposit and will be completed at the end of the tenth year after the date of the deposits. The deposits bear interest at a rate of ½ of 1 percent a year.

The Administered Account Indonesia was established on June 30, 1994 for the administration of resources deposited in the account by the Bank Indonesia. The deposit, totaling SDR 25.0 million, is to be repaid in one installment ten years after the date the deposit was made. The interest payable on the deposit is equivalent to that obtained for the investment of the deposit less 2 percent a year.

The Administered Account Islamic Republic of Iran was established on June 6, 1994 for the administration of resources deposited in the account by the Central Bank of the Islamic Republic of Iran (CBIRI), The CBIRI has agreed to make five annual deposits, each of SDR 1.0 million. All of the deposits will be repaid at the end of ten years after the date of the first deposit. Each deposit bears interest at a rate of ½ of 1 percent a year.

The Administered Account Portugal was established on May 16, 1994 for the administration of resources deposited in the account by the Banco dc Portugal (BdP). The BdP has agreed to make six annual deposits, each of SDR 2.2 million. Each deposit is to be repaid in five equal annual installments beginning six years after the date of the deposit and will be completed at the end of the tenth year after the date of the deposit. Each deposit bears interest at a rate of ½ of 1 percent a year.

4. Associated Loans

The SFD agreed to provide resources up to the equivalent of SDR 200.0 million to support arrangements under the ESAF through loans in association with loans under the ESAF. Funds become available under an associated loan after a bilateral agreement between the SFD and the recipient country has been effected. Amounts denominated in SDRs, for disbursement to a recipient country under an associated loan, are placed by the SFD in the Special Account for disbursement by the Fund simultaneously with disbursements under an ESAF arrangement. These loans are repayable in ten equal semiannual installments commencing not later than the end of the first six months of the sixth year, and are to be completed at the end of the tenth year after the date of disbursement. Interest on the outstanding balance is currently set at the rate of ½ of 1 percent a year.

ESAF HIPC Trust

Balance Sheet as at April 30, 1997

(In thousands of SDRs)(Note 1)
1997
Assets
Investment (Note 2)16,884
Resources and Liabilities
Resources2,277
Deposit (Note 4)14,607
16,884
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.
/s/ David Williams

Treasurer
/s/ M. Camdessus

Managing Director

Income Statement and Changes in Resources for the Period February 4, 1997 through April 30, 1997

(In thousands of SDRs)(Note 1)
1997
Contribution received (Note 3)2,261
Income earned on investments (Note 2)16
Balance, end of the period2,277
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.

Notes to the Financial Statements as at April 30, 1997

Purpose

The Trust for Special ESAF Operations for the Heavily Indebted Poor Countries and for Interim ESAF Subsidy Operations (“the ESAF-HIPC Trust”), for which the Fund is Trustee, was established on February 4, 1997 to make grants and loans to eligible members for the purpose of reducing their external debt burden and for interim ESAF subsidy purposes. The resources of the Trust are separate from the assets of all other accounts of, or administered by, the Fund and may not be used to discharge liabilities or to meet losses incurred in the administration of other accounts.

The resources of the Trust consist of grant contributions made to the Trust; deposits, loans, and other types of investments made by contributors to the Trust; amounts transferred by the Fund from the Special Disbursement Account; and net earnings from investment of resources held in the Trust.

The resources held in the Trust are to be used by the Trustee to make grants and loans to eligible members that qualify for assistance under the HIPC Initiative and for subsidizing the interest rate on interim ESAF operations to ESAF-eligible members.

1. Accounting Practices

The accounts of the Trust are expressed in terms of the SDR. SDRs are reserve assets allocated to participants in the Fund’s SDR Department. The currency value of the SDR is determined by the Fund each day by summing the values in U.S. dollars, based on market exchange rates, of a basket of five currencies. The Fund reviews the SDR valuation basket every five years. The SDR valuation basket was last reviewed in financial year 1996. The currencies in the basket and their amounts are as follows:

CurrencyAmount
U.S. dollar0.582
Deutsche mark0.446
Japanese yen27.2
French franc0.813
Pound sterling0.105

Members are not obligated to maintain the SDR value of their currencies held in the accounts of the Trust.

The accounts of the Trust are maintained on the accrual basis; accordingly, income is recognized as it is earned, and expenses are recorded as they are incurred. The expenses of conducting the business of the Trust that are paid by the General Resources Account of the Fund will be reimbursed on an annual basis by the Special Disbursement Account.

2. Investments

The resources of the Trust are invested pending their use. Investments are denominated in SDRs or in currency and are carried at cost, which does not exceed net realizable value. Pending their investment, resources may be temporarily held in currency, which also may give rise to valuation gains and losses.

3. Contributions

The Trustee accepts contributions of resources on such terms and conditions as agreed between the Trust and the contributor. At April 30, 1997, one contribution amounting to SDR 2.3 million had been received from Finland. This amount was transferred to the Trust from the Temporary Administered Account for ESAF-HIPC Operations on February 12, 1997.

4. Deposits

The Trustee accepts deposits, loans, and other types of investments made by contributors to the Trust on such terms and conditions as agreed between the Trust and the contributor. At April 30, 1997, one deposit amounting to SDR 14.6 mil-lion had been received. The deposit is to be repaid in one installment five years after the date of deposit, made on April 30, 1997. The deposit bears interest at a rate of 2 percent a year.

5. Disbursements

The proceeds of grants and loans made on behalf of eligible members will be paid in a single disbursement to a separate administered account for the benefit of members and administered by the Trustee, Resources needed for interim ESAF subsidy operations will be drawn by the Trustee on an as-needed basis. No disbursements had been made as at April 30, 1997.

Administered Accounts Established at the Request of Members

Balance Sheets as at April 30, 1997 and 1996

(Note 1)
Administered Account JapanAdministered Technical Assistance Account JapanFramework Administered Account for Technical Assistance ActivitiesAdministered Account for Rwanda
19971996199719961997199619971996
In thousands of U.S. dollarsIn thousands of SDRs
Assets
Investments (Note 2)91,50071,10014,99611,7423,0299701,1181,419
Currency deposit612
Interest receivable1113
Total Assets91,56171,10214,99611,7423,0299701,1291,432
Resources
Total Resources91,56171,10214,99611,7423,0299701,1291,432
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.
/s/ David Williams

Treasurer
/s/ M. Camdessus

Managing Director

Income Statements and Changes in Resources for the Years Ended April 30, 1997 and 1996

(Note 1)
Administered Account JapanAdministered Technical Assistance Account JapanFramework Administered Account for Technical Assistance ActivitiesAdministered Account for RwandaTemporary Administered Account for ESAF-HIPC Operations from Dec. 18, 1996 through Feb. 12, 1997
19971996199719961997199619971996 1
In thousands of U.S. dollarsIn thousands of SDRs
Balance, beginning of the year/period71,10246,87411,7429,0239701,432
Contributions received16,49521,30620,95018,7232,9851,1051,5382,251
Income earned on investments (Note 2)3,9642,9227887739719492910
91,56171,10233,48028,5194,0521,1241,4811,5672,261
Payments to beneficiaries and transfer18,48416,7771,0231543521352,261
Balance, end of the year/period91,56171,10214,99611,7423,0299701,1291,432
The accompanying notes are an integral part of the financial statements.

From inception (November 9, 1995) through April 30, 1996.

The accompanying notes are an integral part of the financial statements.

From inception (November 9, 1995) through April 30, 1996.

Notes to the Financial Statements as at April 30, 1997 and 1996

Purpose

At the request of members, the Fund has established special purpose accounts to administer contributed resources and to perform financial and technical services consistent with the purposes of the Fund. The assets of each account and each subaccount are separate from the assets of all other accounts of, or administered by, the Fund and are not to be used to discharge liabilties or to meet losses incurred in the administration of other accounts.

Administered Account Japan

At the request of Japan, the Fund established an account on March 3, 1989 to administer resources, made available by Japan or other countries with Japan’s concurrence, that are to be used to assist certain members with overdue obligations to the Fund. The resources of the account are to be disbursed in amounts specified by Japan and to members designated by Japan. At April 30, 1997, cumulative resources received amounted to $135.2 million, of which $72.5 million had been disbursed ($118.7 million and $72.5 million, respectively, at April 30, 1996).

Administered Technical Assistance Account Japan

At the request of Japan, the Fund established an account on March 19, 1990 to administer resources contributed by Japan that are to be used to finance technical assistance to member countries. Resources are to be used with the approval of Japan to assist members in strengthening their administrative capacity and their ability to formulate, implement, and maintain macroeconomic and structural adjustment programs. Disbursements can also be made from the account to the General Resources Account to reimburse the Fund for qualifying technical assistance projects. At April 30, 1997, cumulative contributions received by the account amounted to $80.6 million, of which S68.0 million had been disbursed ($59.6 million and $49.6 million, respectively, at April 30, 1996). Cumulative contributions include S3.5 million ear-marked for scholarships, of which $3.3 million had been disbursed at April 30, 1997 ($2.3 million and $2.2 million, respectively, at April 30, 1996).

Framework Administered Account for Technical Assistance Activities

The Framework Administered Account for Technical Assistance Activities (“the Framework Account”) was established by the Fund on April 3, 1995 to receive and administer contributed resources that are to be used to finance technical assistance consistent with the purposes of the Fund. The financing of technical assistance activities is implemented through the establishment and operation of subaccounts within the Framework Account. The establishment of a subaccount requires the approval of the Executive Board.

Resources are to be used in accordance with the written understandings between the contributor and the Managing Director, Disbursements can also be made from the Framework Account to the General Resources Account to reimburse the Fund Fund its costs incurred on behalf of technical assistance activities financed by resources from the Framework Account. At April 30, 1997, cumulative contributions received by the account amounted to $4.1 million, of which $1.2 million had been disbursed ($1.1 million and $0.2 mil-lion, respectively, at April 30, 1996).

Subaccount for Japan Advanced Scholarship Program

At the request of Japan, this subaccount was established on June 6, 1995 to finance the cost of studies and training of nationals of member countries in macroeconomics and related subjects at selected universities and institutions. The scholarship program focuses primarily on the training of nationals of Asian member countries, including Japan. At April 30, 1997, cumulative contributions received amounted to $1.4 million, of which $0.32 million had been disbursed ($0.35 million and $0.04 million, respectively, at April 30, 1996).

Rwanda—Macroeconomic Management Capacity Subaccount

At the request of Rwanda, this subaccount was established on December 20, 1995 to finance technical assistance to rehabilitate and strengthen Rwanda’s macroeconomic management capacity. At April 30, 1997, cumulative contributions received amounted to $1.32 million, of which $0.62 million had been disbursed ($0.76 million and $0.11 million, respectively, at April 30, 1996).

Australia—IMF Scholarship Program for Asia Subaccount

At the request of Australia, this subaccount was established on June 5, 1996 to finance the cost of studies and training of government and central bank officials in macroeconomic management so as to enable them to contribute to their countries’ achievement of sustainable economic growth and development. The program focuses primarily on the training of nationals of Asian countries. At April 30, 1997, cumulative contributions received amounted to $0.47 million, of which $0.07 million had been disbursed.

Switzerland Technical Assistance Subaccount

At the request of Switzerland, this subaccount was established on August 27, 1996 to finance the costs of technical assistance activities of the Fund that consist of policy advice and training in macroeconomic management. At April 30, 1997, cumulative contributions received amounted to $0.6 million, of which $0.08 million had been disbursed.

French Technical Assistance Subaccount

At the request of France, this subaccount was established on September 30, 1996 to cofinance the costs of training in economic fields for nationals of certain member countries. At April 30, 1997, cumulative contributions received amounted to $0.09 million, all of which had been disbursed.

Administered Account for Rwanda

At the request of the Netherlands, Sweden, and the United States (“the donor countries”), the Fund established an account on October 27, 1995 to administer resources contributed by the donor countries in order to provide grants to Rwanda. These grants are to be used for the purpose of reimbursing the service charge and reducing, to the equivalent of a rate of 0.5 percent a year, the rate of the quarterly charges payable by Rwanda on its use of the fund’s financial resources under the Compensatory and Contingency Financing Facility (CCFF), At April 30, 1997, cumulative contributions received by the account amounted to SDR 1.54 million, of which SDR 0.49 million had been disbursed (SDR 1.54 million and SDR 0.13 million, respectively, at April 30, 1996).

Temporary Administered Account for ESAF-HIPC Operations

The account was established by the Fund on December 18, 1996 to administer resources deposited by contributors pending the establishment of a new account in respect of continuing ESAF operations, including the Fund’s participation in the Initiative to support the heavily indebted poor countries (the ESAF-HIP Trust). The account was terminated on February 12, 1997, at which time resources of SDR 2.26 million were transferred to the ESAF-HIPC Trust. During its time of operation the account received a contribution of SDR 2.25 million from Finland.

1. Accounting Practices

The accounts are maintained on the accrual basis; accordingly, income is recognized as it is earned, and expenses are recorded as they are incurred.

Administered Account Japan, Administered Technical Assistance Account Japan, and Framework Administered Account for Technical Assistance Activities

The accounts are expressed in U.S. dollars. All transactions and operations of these accounts, including the transfers to and from the accounts, are denominated in U.S. dollars. Contributions denominated in other currencies are converted into U.S. dollars upon receipt of the funds.

Administered Account for Rwanda and Temporary Administered Account for ESAF-HIPC Operations

The accounts are expressed in SDRs. The currency value of the SDR is determined by the Fund each day by summing the values in U.S. dollars, based on market exchange rates, of a basket of five currencies. The Fund reviews the SDR valuation basket every five years. The SDR valuation basket was last reviewed in financial year 1996. The currencies in the basket and their amounts are as follows:

CurrencyAmount
U.S. dollar0.582
Deutsche mark0.446
Japanese yen27.2
French franc0.813
Pound sterling0.105

Transfers to and disbursements from the accounts are made in U.S. dollars or in other freely usable currencies, Transactions and operations of the accounts shall be denominated in SDRs. Contributions denominated in other currencies are converted into SDRs upon receipt of the funds.

2. Investments

The assets of the accounts are invested pending their disbursement and are valued at cost, which approximates market value. Interest received on these assets varies and is market related.

3. Accounts Termination

Administered Account Japan

The account can be terminated by the Fund or by Japan, Any remaining resources in the account at termination are to be returned promptly to Japan.

Administered Technical Assistance Account Japan

The account can be terminated by the Fund or by Japan. Any resources that may remain in the account at termination, net of accrued liabilities under technical assistance projects, are to be returned promptly to Japan.

Framework Administered Account for Technical Assistance Activities

The Framework Account or any subaccount thereof may be terminated by the Fund at any time. The termination of the Framework Account shall terminate each subaccount thereof. A subaccount may also be terminated by the contributor of the resources to the subaccount, Termination shall be effective on the date that the Fund or the contributor, as the case may be, receives notice of termination. Any balances, net of the continuing liabilities and commitments under the activities financed, that may remain in a subaccount upon its termination are to be returned promptly to the contributor.

Administered Account for Rwanda

The account can be terminated at any time by the Fund or by unanimous agreement of the donor countries. The account shall, in any case, be terminated by the Fund when Rwanda’s financial obligations to the Fund under the CCFF have been fully discharged or when the resources of the account have been exhausted, whichever is earlier. Any balance in the account at termination shall be transferred promptly to the donor countries, in proportion to their contribution, or to Rwanda, if so instructed.

Temporary Administered Account for ESAF-HIPC Operations

The account was terminated and resources were transferred to the newly established ESAF-HIPC Trust on February 12, 1997.

Trust Fund

Balance Sheets as at April 30, 1997 and 1996

(In thousands of SDRs)(Note 1)
19971996
Assets
Loans receivable (Note 2)90,44495,135
Interest and charges receivable and accrued (Note 3)25,50125,201
Total Assets115,945120,336
Resources and Deferred Income
Trust resources90,44495,135
Deferred income (Note 3)25,50125,201
Total Resources and Deferred Income115,945120,336
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.
/s/ David Williams

Treasurer
/s/ M. Camdessus

Managing Director

Income Statements for the Years Ended April 30, 1997 and 1996

(In thousands of SDRs)(Note 1)
19971996
Income
Interest and charges on loans (Note 2)469496
Deferred income, net of settlements (Note 3)(300)394
Net Income169890
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.

Statements of Changes in Resources for the Years Ended April 30, 1997 and 1996

(In thousands of SDRs)(Note 1)
19971996
Balance, beginning of the year95,135101,784
Net income169890
Balance before transfers to the Special Disbursement Account95,304102,674
Transfers to the Special Disbursement Account (Note 4)(4,860)(7,539)
Balance, end of the year90,44495,135
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.

Notes to the Financial Statements as at April 30, 1997 and 1996

Purpose

The Trust Fund, for which the Fund is Trustee, was established in 1976 to provide balance of payments assistance on concessional terms to eligible members that qualify for assistance.

In 1980, the Fund, as Trustee, decided that, upon the completion of the final loan disbursements, the Trust Fund would be terminated as of April 30, 1981. After that date, the activities of the Trust Fund have been confined to the completion of the business of the Trust Fund and the winding up of its affairs. The resources of the Trust Fund are separate from the assets of all other accounts of, or administered by, the Fund and cannot be used to discharge liabilities or to meet losses incurred in the administration of other Fund accounts.

1. Accounting Practices

The accounts of the Trust Fund are expressed in terms of the SDR. SDRs are reserve assets allocated to participants in the Fund’s SDR Department. The currency value of the SDR is determined by the Fund each day by summing the values in U.S. dollars, based on market exchange rates, of a basket of five currencies. The Fund reviews the SDR valuation basket every five years. The SDR valuation basket was last reviewed in financial year 1996. The currencies in the basket and their amounts are as follows:

CurrencyAmount
U.S. dollar0.582
Deutsche mark0.446
Japanese yen27.2
French franc0.813
Pound sterling0.105

The accounts are maintained on the accrual basis; accordingly, income is recognized as it is earned, and expenses are recorded as they are incurred, except that interest income from members that are overdue in settling their obligations to the Trust Fund by six months or more is deferred and is recognized as income only when paid, unless the member has remained current in settling charges when due (see Note 3). Following the termination of the Trust Fund as of April 30, 1981, residual administrative costs have been absorbed by the General Resources Account of the Fund.

2. Loans

Loans were made from the Trust Fund to those eligible members that qualified for assistance in accordance with the provisions of the Trust Fund instrument. The final Trust Fund loan installment was due on March 31, 1991. Interest on the outstanding loan balances is charged the rate of ½ of 1 percent a year, although special charges have been levied on overdue payments of interest and principal since February 1986. Beginning May 1, 1993, special charges on overdue obligations to the Trust Fund have been suspended for members that are more than six months overdue.

3. Overdue Obligations

At April 30, 1997 and 1996, three members with obligations to the Trust Fund were six months or more overdue in discharging their obligations to the Trust Fund. The recognition of interest income on the loans outstanding to these members and of special charges due from them is being deferred. At April 30, 1997, total deferred income amounted to SDR 25.5 million (SDR 25.2 million at April 30, 1996). Overdue loan repayments and interest and special charges due from these members were as follows:

LoansInterest and

Special Charges
1997199619971996
In millions of SDRs
Total overdue90.495.125.425.0
Overdue six months or more90.495.125.124.8
Overdue three years or more90.495.123.923.0

The type and duration of the arrears of these members; at April 30, 1997 were as follows:

MemberLoansInterest

and Special

Charges
TotalLongest Overdue

Obligation
In millions of SDRs
Liberia24.36.630.9January 1985
Somalia6.41.27.6July 1987
Sudan59.717.677.3April 1985
Total90.425.4115.8

4. Transfer of Resources

The resources of the Trust Fund held on April 30, 1981 or received thereafter have been used to pay interest and principal when due on loan obligations and to make transfers to the Special Disbursement Account.

Supplementary Financing Facility Subsidy Account

Balance Sheets as at April 30, 1997 and 1996

(In thousands of SDRs)(Note 1)
19971996
Assets
Deposits (Note 2)2,2862,372
Interest receivable2223
Total Assets2,3082,395
Resources
Total Resources2,3082,395
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.
/s/ David Williams

Treasurer
/s/ M. Camdessus

Managing Director

Income Statements and Changes in Resources for the Years Ended April 30, 1997 and 1996

(In thousands of SDRs)(Note 1)
19971996
Balance, beginning of the year2,3952,295
Investment income92100
Balance before transfers2,4872,395
Transfers to the Special Disbursement Account (Note 3)(179)
Balance, end of the year2,3082,395
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.

Notes to the Financial Statements as at April 30, 1997 and 1996

Purpose

The Supplementary Financing Facility Subsidy Account (“the Subsidy Account”), which is administered by the Fund, was established in December 1980 to assist low-income developing country members to meet the cost of using resources made available through the Fund’s Supplementary Financing Facility and under the policy on exceptional use. All repurchases due under these policies were scheduled for completion by January 31, 1991, and the final subsidy payments were approved in July 1991. However, two members (Liberia and Sudan), overdue in the payment of charges, remain ineligible to receive previously approved subsidy payments until their overdue charges are settled. Accordingly, the account remains in operation and has retained amounts for payment to these members after the overdue charges are paid.

The resources of the Subsidy Account are separate from the assets of all other accounts of, or administered by, the Fund and cannot be used to discharge liabilities or to meet losses incurred in the administration of other Fund accounts.

1. Accounting Practices

The accounts of the Subsidy Account are expressed in terms of the SDR, SDRs are reserve assets allocated to participants in the Fund’s SDR Department. The currency value of the SDR is determined by the Fund each day by summing the values in U.S. dollars, based on market exchange rates, of a basket of five currencies. The Fund reviews the SDR valuation basket every five years. The SDR valuation basket was last reviewed in financial year 1996. The currencies in the basket and their amounts are as follows:

CurrencyAmount
U.S. dollar0.582
Deutsche mark0.446
Japanese yen27.2
French franc0.813
Pound sterling0.105

The accounts are maintained on the accrual basis; accordingly, income is recognized as it is earned, and expenses are recorded as they are incurred.

2. Deposits

The assets of the Subsidy Account, pending their disbursement, are held in the form of interest-earning time deposits denominated in SDRs.

3. Transfer of Resources

Resources in excess of the remaining subsidy payments are to be transferred to the Special Disbursement Account. At April 30, 1997 and 1996, subsidy payments totaling SDR 2.2 million had not been made to Liberia and Sudan and are being held pending the payment of overdue charges by these members.

Retired Staff Benefits Investment Account

Balance Sheets as at April 30, 1997 and 1996

(In thousands of U.S. dollars)(Note 1)
19971996
Assets
Investments (Note 2)
Cash equivalents32,010122,310
Other115,239
147,249122,310
Interest Receivable1,171
Total Assets148,420122,310
Liabilities and Resources
Accounts payable3,572
Total Liabilities3,572
Total Resources144,848122,310
Total Resources and Liabilities148,420122,310
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.
/s/ David Williams

Treasurer
/s/ M. Camdessus

Managing Director

Retired Staff Benefits Investment Account Income Statements and Changes in Resources for the Years Ended April 30, 1997 and 1996

(In thousands of U.S. dollars)(Note 1)
19971996
Balance, beginning of the year122,310105,324
Contributions received12,10010,500
Income earned on investments (Note 2)6,5476,486
Net gain in current value of investments (Note 2)3,891
Total income10,4386,486
Balance, end of the year144,848122,310
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.

Notes to the Financial Statements as at April 30, 1997 and 1996

Purpose

The Retired Staff Benefits Investment Account (“the RSBIA”) was established to hold, administer, and invest resources contributed by the Fund for meeting postretirement medical and life insurance benefits to eligible retirees of the Fund and other beneficiaries. The RSBIA accumulates resources to cover benefits to retirees and current staff” after their retirement.

The assets of the RSBIA consist of the Fund’s contributions and the income earned thereon. Assets are within the sole ownership of the Fund and are to be used to meet the claims of retirees and the administrative costs of the RSBIA. Contributions are made periodically from the General Resources account to the RSBIA, taking into consideration the actuarial valuation of the Fund’s cumulative cost of these benefits. Cumulative contributions received by the RSBIA amounted to S127.5 million at April 30, 1997 ($115.4 million at April 30, 1996).

Resources are accumulated to meet the Fund’s share of the cost of life insurance and medical benefits to retirees and other beneficiaries. The portion of the cumulative past-service cost that has been charged to income in the General Resources Account is fully funded.

The assets of the RSBIA are kept separate from the assets of all other accounts of, or administered by, the Fund and are not to be used to discharge liabilities or to meet losses incurred in the administration of other accounts.

1. Accounting Practices

The RSBIA is expressed in U.S. dollars. All transactions and operations of the RSBIA, including the transfers to and by the RSBIA, are denominated in U.S. dollars. The cost of transactions in other currencies—for example, the payment of future benefits—will be paid by the RSBIA.

The RSBIA is maintained on the accrual basis; accordingly, income is recognized as it is earned, and expenses are recorded as they are incurred.

2. Investments

Resources placed to the RSBIA have been invested by the Fund. In accordance with its investment policy, the RSBIA invests in equity securities, debt securities, short-term investments, and real estate. Investments in securities listed on stock exchanges are valued at the last reported market sales price on the last business day of the accounting period. Over-the-counter securities are valued at their bid price on the last business day of the accounting period. The valuation of purchases and sales is made on the trade date basis.

The net gain in the current value of investments represents the gains and losses realized during the year from the sale of investments, the unrealized appreciation and depreciation of the market value of investments, and, for investments denominated in currencies other than the U.S. dollar, valuation differences arising from exchange rate changes of other currencies against the dollar market value.

A summary of the RSBIA’s investments at market value is as follows:

InvestmentAmount
In millions of U.S. dollars
Equity securities52.4
Debt securities62.7
Short-term investments32.2
Real estate1.1
148.4

3. Actuarial Valuation

Eligible retirees can elect to continue their life insurance coverage and medical coverage. The cost of these benefits is actuarially determined, based on the data in effect at the beginning of the year. The Fund’s actuarially determined cost amounted to $180.1 million at April 30, 1997 ($163.6 million at April 30, 1996). Each year the Fund amortizes a portion of the past-service cost (over a period of 20 years) and recognizes the increase in the liability during the year as an expense in the General Resources Account. These amounts, less the return on investments, are transferred to the RSBIA to be held and invested pending their use by the Fund. During the year ended April 30, 1997, an amount of $12.1 million has been transferred to the RSBIA ($10.5 million during the year ended April 30, 1996).

It is expected that the RSBIA will be a net recipient of resources until the unfunded cost is fully amortized and its assets meet the cost of benefits to retirees.

4. Account Termination

The RSBIA can be terminated by the Fund at any time. After meeting any existing obligations, the resources remaining in the RSBIA are to be transferred to the General Resources Account of the Fund.

Report of the External Audit Committee

Staff Retirement Plan

Washington, D.C.

June 19, 1997

Authority and Scope of Audit

In accordance with Section 20(b) of the By-Laws of the International Monetary Fund, we have audited the financial statements of the Staff Retirement Plan for the year ended April 30, 1997.

Our audit was conducted in accordance with generally accepted auditing standards and included reviews of the accounting and internal control systems and tests of the accounting records. We evaluated the extent and results of the work of the outside accounting firm as well as that of the Office of Internal Audit and Inspection of the International Monetary Fund and also used other audit procedures as deemed necessary.

Audit Opinion

In our opinion, the financial statements of the Staff Retirement Plan have been prepared in accordance with generally accepted accounting principles applied on a basis consistent with that of the preceding year and give a true and fair view of the financial status of the Staff Retirement Plan as at April 30, 1997 and of the changes in financial status for the year then ended.

EXTERNAL AUDIT COMMITTEE:

/s/ Richard B. Calahan, Chairman (United States)

/s/ Tsuriel Tamam (Israel)

/s/ Amaffe Roger Ako (Côte d’Ivoire)

Statements of Accumulated Plan Benefits and Net Assets Available for Benefits as at April 30, 1997 and 1996

(In thousands of U.S. dollars)(Note 1)
19971996
Accumulated Plan Benefits
Actuarial present value of accumulated Plan benefits
Vested benefits
Retired participants597,400547,600
Active participants516,800490,100
Nonvested benefits651,400606,700
Total actuarial present value of accumulated Plan benefits1,765,6001,644,400
Assets Available for Benefits
Investments (Note 3)2,613,4772,413,857
Receivables
Accrued interest and dividends12,89413,069
Contributions1,8621,957
Other6624
14,82215,050
Total assets2,628,2992,428,907
Liabilities
Accounts payable4,2783,232
Net assets available for benefits2,624,0212,425,675
Excess of net assets available for benefits over actuarial present value of accumulated Plan benefits (Note 2)858,421781,275
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.
/s/ David Williams

Treasurer
/s/ M. Camdessus

Managing Director

Statements of Changes in Accumulated Plan Benefits for the Years Ended April 30, 1997 and 1996

(In thousands of U.S. dollars)(Note 1)
19971996
Actuarial present value of accumulated
Plan benefits, beginning of the year1,644,4001,524,000
Increase (decrease) during the year attributable to
Benefits accumulated (Note 1)36,83840,189
Interest accrued137,600127,600
Benefits paid(53,238)(47,389)
Net increase121,200120,400
Actuarial present value of accumulated
Plan benefits, end of the year1,765,6001,644,400
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.

Statements of Changes in Net Assets Available for Benefits for the Years Ended April 30,1997 and 1996

(In thousands of U.S. dollars)(Note 1)
19971996
Investment Income
Net realized/unrealized gain on investments (Note 3)129,507245,842
Interest and dividends84,76984,850
214,276330,692
Contributions (Note 2)
International Monetary Fund29,54838,320
Participants19,75918,909
Participants restored to service27522
Net transfers from retirement plans of other international organizations3431,177
49,92558,428
Total additions264,201389,120
Benefits
Pension41,39937,771
Commutation8,1836,103
Withdrawal3,3833,102
Death273413
53,23847,389
Investment Fees12,6179,135
Total payments65,85556,524
Net additions198,346332,596
Net Assets Available for Benefits
Beginning of the year2,425,6752,093,079
End of the year2,624,0212,425,675
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.

Notes to the Financial Statements as at April 30, 1997 and 1996

Description of the Plan

General

The Staff Retirement Plan (“the Plan”) is a defined-benefit pension plan covering nearly all staff members of the International Monetary Fund (“the Employer”). All assets and income of the Plan are the property of the Employer and are held and administered by it separately from all its other property and assets and are to be used solely for the benefit of participants, retired participants, and their beneficiaries.

Benefits

Annual Pension

Participants are entitled to an unreduced pension beginning at normal retirement age of 62. The amount of the pension is based on the number of years of service, age at retirement, and highest average gross remuneration. The provisions for determining gross remuneration are different for benefits earned before and after May 1, 1990. The gross remuneration on which pensions from the Plan are based is limited to a predetermined amount, which is periodically adjusted. Pension benefits attributable to gross remuneration in excess of this amount are paid from the Supplemental Retirement Benefit Plan (“the SRBP”).

The accrual rate of benefits earned before May 1, 1990 was 2 percent of gross remuneration for each year of service, while the accrual rate of benefits earned after May 1, 1990 is 2.2 percent for the first 25 years of service and 1.8 percent for the next 10 years of service. The pensions of participants hired before May 1, 1990 are based on a prorated combination of the old and new accrual rates, using the time period of service before, and after May 1, 1990.

Participants between the ages of 50 and 55 may retire with a reduced pension if their age and years of service total at least 75. Participants aged 55 and older may retire with an unreduced pension if the sum of their age and years of service equals 85 or more.

Cost of Living Adjustment

Whenever the cost of living increases during a financial year, pensions shall be augmented by a pension supplement that, expressed in percentage terms, shall be equal to the increase in the cost of living for the financial year of the country issuing the currency. If the cost of living increase for a financial year exceeds 3 percent, the Employer has the right, for good cause, to reduce prospectively the additional supplement to not less than 3 percent. Deferred pensions become subject to cost of living adjustments when the sum of a former participant’s age and years of service is at least 50.

Withdrawal Benefit

Upon withdrawal from the Plan, a participant with at least three years of eligible service may elect to receive either a withdrawal benefit or a deferred pension to commence after the participant has reached the age of 55 or age 50 if age and years of service add to at least 75. The withdrawal benefit is a percentage of the participant’s highest average gross remuneration.

Commutation

A pensioner entitled to receive a normal, early retirement, or deferred pension may elect to commute up to one-third of his or her pension, and receive a lump-sum amount at retirement in lieu of the amount of pension commuted. A participant entitled to receive a disability pension may elect to commute one-third of the early retirement pension that would otherwise have been applicable.

Disability Pensions, Death Benefits, and Survivor Benefits

The Plan also provides for disability pensions, death benefits, and benefits to surviving spouses and children of deceased participants.

Currency of Pension Payments

A participant may elect to have his or her pension paid in the currency of the country in which he or she has established permanent residence or in a combination of two currencies—the U.S. dollar and the currency of the country in which the participant is a permanent resident.

Contributions

Participants

As a condition of employment, regular staff members are required to participate in, and to contribute to, the Plan. The contribution rate is presently 7 percent of the participant’s gross remuneration. Certain other categories of staff members may elect to participate in the Plan.

Employer

The Employer meets certain administrative costs of the Plan, such as the actuary’s fees, and contributes any additional amount not provided by the contribution of participants to pay costs and expenses of the Plan not otherwise covered. In financial year 1997, the administrative costs met by the Employer were approximately $0.12 million ($0.15 million in 1996).

Plan Termination

In the event of the termination of the Plan by the Employer, the assets of the Plan shall be used to satisfy all liabilities to participants, retired participants and their beneficiaries, and all other liabilties of the Plan, Any remaining balance of the assets shall be returned to the Employer.

1. Accounting Practices

The financial statements of the Plan are prepared on an accrual basis; accordingly, income is recognized as it is earned, and expenses are recorded as they are incurred.

Accumulated Plan Benefits

The actuarial value of vested benefits is presented for two categories. For retired participants, the amount presented equals the present value of the benefits expected to be paid over the future lifetime of the pensioner and, if applicable, the surviving spouse of the pensioner. For active participants, the amount presented equals the present value of the deferred pension earned to the valuation date for a participant, or, if greater, the value of the withdrawal benefit for that participant, summed over all participants. For the purpose of determining the actuarial value of the vested benefits at the end of the Plan year, it is assumed that the Plan will continue to exist and that salaries will continue to rise, but that participants will not earn pension benefits beyond the date of the calculation.

The amount of nonvested benefits represents the total of the withdrawal benefits of all participants with less than three years of eligible service together with the estimated effect of projected salary increases on benefits expected to be paid.

In contrast to the actuarial valuation for funding purposes, the actuarial valuation used for the financial statements represents the portion of the benefit obligation that had been accumulated by April 30, 1997. It reflects only the service to that date and does not take into account the fact that the value of accumulated benefits, which are the Plan’s liabilities, is expected to increase each year. Nor does it take into account the fact that the market value of investments may fluctuate from year to year, which is significant because the Employer’s liability is the excess of the present value of accumulated benefits over the value of the assets. Accordingly, the financial statements do not measure the amount that the Employer will be required to fund in the future.

Valuation of Investments

Investments are recorded at market value. For investments in securities listed on stock exchanges, market value is the last reported market sales price on the last business day of the accounting period. For over-the-counter securities, market value is the bid price on the last business day of the accounting period. For investments in real estate, market value is the last reported appraised value. Derivatives are valued at fair value, which is equivalent to the unrealized gain or loss.

Trading Instruments

The net gain in the market value of investments represents the gains and losses realized during the accounting period from the sale of investments, the unrealized appreciation and depreciation of the market value of investments, and, for investments denominated in currencies other than the U.S. dollar, valuation differences arising from exchange rate changes of other currencies against the dollar.

Risk-Management Instruments

The net fair value of forward contracts, futures contracts, swaps, and options is included in the net assets available for Plan benefits, and the changes in value of such contracts are recognized currently in the financial statements. For swap derivatives, options, and forward and futures contracts, the contract or notional amounts do not represent exposure to credit loss. The potential credit loss on these instruments, if any, is equal to the unrealized gain on the contract.

2. Actuarial Valuation and Funding Policy

Under the actuarial valuation used for funding purposes, it is assumed that the Plan will continue to exist and that active participants will continue to earn pension benefits beyond the date of the valuation until the date of withdrawal, disability, death, or retirement, but that no new participant will join the Plan (the “closed method”).

Funding by the Employer is based on a valuation method, known as the “aggregate cost method,” that expresses liabilities and contribution requirements as single consolidated figures that include provision for experience gains and losses and cost of living increases. Required Employer contributions are expressed as a percentage to be applied to the gross remuneration of participants and are based on the valuation completed 12 months previously. For the financial year that began on May 1, 1995, this rate was 14.25 percent and was 10.56 percent for the year that began on May 1, 1996. The rate for the year beginning May 1, 1997 is 5 percent of the new gross remuneration.

The actuarial assumptions used in the valuation to determine the Employer’s contributions include: (1) life expectancy based on the 1984 and 1982 United Nations mortality tables for men and women, respectively; (2) withdrawal or retirement of a certain percentage of staff at each age, differentiated by gender; (3) an average rate of return on investments of 8.5 percent a year; (4) a discount rate of 8.5 percent; (5) an average inflation rate of 5 percent a year; (6) salary increase percentages that vary with age; and (7) valuarion of assets using a five-year moving-average method.

The results of the April 30, 1996 and 1995 valuations were:

19961995
In millions of U.S. dollars
Present value of benefits payable2,5402,392
Less: Assets for valuation purposes2,3101,903
Required future funding230489
Less: Present value of prospective contributions from participants (7 percent of gross remuneration)203200
Present value of future funding required from the Employer27289

3. Investments

In accordance with its investment policy, the Plan invests in equity securities, debt securities, short-term investments, real estate investments, and other financial instruments for risk management including futures, forward currency contracts, options, and swaps.

A summary of the Plan’s investments, valued at market or fair value, is as follows:

19971996
In millions of U.S. dollars
Equity securities1,7261,572
Debt securities453401
Real estate251194
Short-term investments183247
2,6132,414

In addition to the above investments, the Plan holds investments in derivatives, which are aimed at optimizing investment positions, given levels of market, credit, counterparty, and foreign currency risk. These derivative investments are recorded at market value.

At April 30, 1997, the contract value of the Plan’s risk-management investments was as follows:

InvestmentAmount
In millions of U.S. dollars
Futures
Long positions156
Short positions69
Forwards
Purchases604
Sales604
Swaps2

Futures Contracts

Futures contracts are commitments to either purchase or sell a financial instrument at a future date for a specified price and may be settled in cash or through delivery of the underlying financial instrument. The credit risk of futures contracts is limited because of daily cash settlement of the net change in the value of open contracts; therefore, there was no unrealized gain or loss at April 30, 1997.

The Plan enters into financial futures contracts to protect the Plan against market price risks and to take investment positions. Contracts generally have terms of less than one year.

Forward Contracts

Forward contracts are similar in character to futures contracts. However, they have a greater degree of credit risk, depending on the counterparties involved, because daily cash settlements are not required. To manage this exposure, the Plan deals with counterparties of good credit standing and enters into master netting agreements whenever possible.

The Plan’s principal objective in entering into forward foreign currency exchange contracts is to manage foreign currency fluctuations relative to investments in its international portfolio. These contracts generally have terms of no more than three months. At April 30,1997, the unrealized loss totaled $1.8 million.

Options

Options can be either exchange traded or directly negotiated. They provide a right to buy or sell a security or an agreed amount of currency at a specified rate within a stated period. These contracts generally have terms of less than one year. At April 30, 1997, the cost of these options totaled $0.3 million, and the unrealized loss totaled $0,2 million.

Swaps

Equity swaps are commitments to exchange the returns arising from one equity portfolio with the returns of another equity portfolio for a specified time period on a notional amount invested. Credit risk on an equity swap contract varies according to the terms of the agreement and the counterparties involved, which are only those of good credit standing.

The Plan’s principal objective in entering into equity swap agreements is to facilitate a market-neutral strategy in the United Kingdom. At April 30, 1997, the unrealized loss totaled $0.6 million.

Report of the External Audit Committee

Supplemental Retirement Benefit Plan

Washington, D.C.

June 19, 1997

Authority and Scope of Audit

In accordance with Section 20(b) of the By-Laws of the International Monetary Fund, we have audited the financial statements of the Supplemental Retirement Benefit Plan for the year ended April 30, 1997.

Our audit was conducted in accordance with generally accepted auditing standards and included reviews of the accounting and internal control systems and tests of the accounting records. We evaluated the extent and results of the work of the outside accounting firm as well as that of the Office of Internal Audit and Inspection of the International Monetary Fund and also used other audit procedures as deemed necessary.

Audit Opinion

In our opinion, the financial statements of the Supplemental Retirement Benefit Plan have been prepared in accordance with generally accepted accounting principles applied on a basis consistent with that of the preceding year and give a true and fair view of the financial status of the Supplemental Retirement Benefit Plan as at April 30, 1997 and of the changes in financial status for the year then ended.

EXTERNAL AUDIT COMMITTEE:

/s/ Richard B. Calahan, Chairman (United States)

/s/ Tsuriel Tamam (Israel)

/s/ Amaffe Roger Ako (Côte d’Ivoire)

Statements of Accumulated Plan Benefits and Assets Available for Benefits as at April 30, 1997 and 1996

(In thousands of U.S. dollars)(Note 1)
19971996
Accumulated Plan Benefits
Actuarial present value of accumulated Plan benefits
Vested benefits20,80015,900
Nonvested benefits100100
Total actuarial present value of accumulated Plan benefits20,90016,000
Assets Available for Benefits
Cash at bank (Note 3)721
Contributions receivable4
Assets available for benefits761
Excess of actuarial present value of accumulated
Plan benefits over assets available for benefits20,82415,999
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.
/s/ David Williams

Treasurer
/s/ M. Camdessus

Managing Director

Statements of Changes in Accumulated Plan Benefits for the Years Ended April 30, 1997 and 1996

(In thousands of U.S. dollars)(Note 1)
19971996
Actuarial present value of accumulated Plan benefits, beginning of the year16,0009,000
Increase (decrease) during the period attributable to
Benefits accumulated4,8327,231
Interest accrued1,300700
Benefits paid(1,232)(931)
Net increase4,9007,000
Actuarial present value of accumulated Plan benefits, end of the year20,90016,000
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.

Statements of Changes in Assets Available for Benefits for the Year Ended April 30, 1997 and 1996

(In thousands of U.S. dollars)(Note 1)
19971996
Contributions
International Monetary Fund1,277931
Participants30
Total additions1,307931
Benefits
Pension1,232931
Total Payments1,232931
Net additions75
Assets Available for Benefits
Beginning of the year11
End of the year761
The accompanying notes are an integral part of the financial statements.
The accompanying notes are an integral part of the financial statements.

Notes to the Financial Statements as at April 30, 1997 and 1996

Description of the Plan

General

The Supplemental Retirement Benefit Plan (“the SRBP”) is a defined-benefit pension plan covering all participants of the Staff Retirement Plan of the International Monetary Fund (“the Employer”) and operates as an adjunct to that Plan. All assets and income of the SRRP are the property of the Employer and are held and administered by it separately from all its other property and assets and are to be used solely for the benefit of participants and retired participants and their beneficiaries.

Benefits

The Staff Retirement Plan has adopted limits to pensions payable from that Plan. The SRBP provides for the payment of any benefit that would otherwise have been payable if these limits had not been adopted.

In financial year 1997, 52 pensioners received benefits from the SRBP (40 in financial year 1996).

Contributions

Before retirement, the Employer partially prefunds the SRBP for non-U.S. citizens who plan to retire in the United States, so that the taxable income of the participant is approximately equal to, but not mote than, such income that would have accrued if the entire benefit had been payable from any of the prefunded assets of the Staff Retirement Plan, The prefunded amounts are used to pay any of the benefits payable, whether for Us, or non-U.S. staff. Should the assets of the SRBP be exhausted, benefits will be paid from current contributions by the Employer.

SRBF Termination

In the event of the termination of the SRBP by the Employer, the assets of the SRBP shall be used to satisfy all liabilities to participants, retired participants and their beneficiaries, and all other liabilities of the SRBP.

1. Accounting Practices

Accumulated SRBF Benefits

The actuarial present value of accumulated SRBP benefits is stated as at the date of the most recent actuarial valuation, which was April 30, 1997, The actuarial value of benefits is presented for two categories. The vested benefits relate to retired participants, and the amount presented equals the present value of the benefits expected to be paid over the future lifetime of the pensioner and, if applicable, of the surviving spouse of the pensioner.

The nonvested benefits relate to active partcipants, and the amount presented equals the present value of the supplemental deferred pension earned to the valuation date for a participant, taking into account the estimated effect of projected salary increases. For the purpose of determining the actuarial value of the benefits at the end of the period, it is assumed that the SRBP will continue to exist, but that participants will not accumulate further contributory service beyond the date of the calculation.

Income Recognition

The SRBP maintains its accounts on an accrual basis; accordingly, income is recognized as it is earned, and expenses are recorded as they are incurred.

2. Actuarial Valuation

The actuarial assumptions used in the valuation to determine the Employer contribution in recent years include: (1) life expectancy based on the 1984 and 1982 United Nations mortality tables for men and women, respectively; (2) withdrawal or retirement of a certain percentage of staff at each age, differentiated by gender; (3) an average rate of return on investments of 8.5 percent a year; (4) an average inflation rate of 5 percent a year; (5) salary increase percentages, which vary with age; and (6) valuation of assets using a five-year moving-average method.

3. Assets

Assets are maintained in a money market deposit account.

Glossary of Abbreviations

ACC

Administrative Committee for Coordination (UN)

ADB

Asian Development Bank

AfDB

African Development Bank

ASEAN

Association of South-East Asian Nations

BIS

Bank for International Settlements

CCFF

Compensatory and Contingency Financing Facility

CD

Certificate of deposit

DSBB

Dissemination Standards Bulletin Board

EBRD

European Bank for Reconstruction and Development

EC

European Communities

ECB

European Central Bank

ECOSOC

Economic and Social Council (UN)

ECU

European currency unit

EFF

Extended Eund Facility

EMI

European Monetary Institute

EMU

Economic and Monetary Union

EMS

European Monetary System

ERM

Exchange rate mechanism (of the EMS)

ESAF

Enhanced Structural Adjustment Facility

GAB

General Arrangements to Borrow

GDDS

General Data Dissemination System

GDP

Gross domestic product

GNP

Gross national product

GRA

General Resources Account

HIPC

Heavily indebted poor country

IBRD

International Bank for Reconstruction and Development

IDA

International Development Association

IDE

Inter-American Development Bank

ILO

International Labor Organization

LIBOR

London interbank offered rate

MAE

Monetary and Exchange Affairs Department

MDB

Multilateral development bank

MIGA

Multilateral Investment Guarantee Agency

NAB

New Arrangements to Borrow

NGO

Nongovernmental organization

NPV

Net present value

ODA

Official development assistance

OECD

Organization for Economic Cooperation and Development

OPEC

Organization of Petroleum Exporting Countries

RSBIA

Retired Staff Benefits Investment Account

SAF

Structural Adjustment Facility

SCA

Special Contingent Account

SDA

Special Disbursement Account

SDDS

Special Data Dissemination Standard

SDR

Special drawing right

SFD

Saudi Fund for Development

SRBP

Supplemental Retirement Benefit Plan

UN

United Nations

UNCTAD

United Nations Conference on Trade and Development

UNDP

United Nations Development Program

WTO

World Trade Organization

    Other Resources Citing This Publication