Back Matter

Back Matter

International Monetary Fund
Published Date:
September 2011
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Executive Directors and Alternates

as of April 30, 20111

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

Senior Officers

as of April 30, 2011

Olivier Blanchard, Economic Counsellor

José Viñals, Financial Counsellor

Area Departments

Antoinette Monsio Sayeh

Director, African Department

Anoop Singh

Director, Asia and Pacific Department

Antonio Borges

Director, European Department

Masood Ahmed

Director, Middle East and Central Asia Department

Nicolas Eyzaguirre

Director, Western Hemisphere Department

Functional and Special Services Departments

Andrew Tweedie

Director, Finance Department

Carlo Cottarelli

Director, Fiscal Affairs Department

Leslie Lipschitz

Director, IMF Institute

Sean Hagan

General Counsel and Director, Legal Department

José Viñals

Director, Monetary and Capital Markets Department

Olivier Blanchard

Director, Research Department

Adelheid Burgi-Schmelz

Director, Statistics Department

Reza Moghadam

Director, Strategy, Policy, and Review Department

Information and Liaison

Caroline Atkinson

Director, External Relations Department

Shogo Ishii

Director, Regional Office for Asia and the Pacific

Emmanuel van der Mensbrugghe

Director, Offices in Europe

Elliott Harris

Special Representative to the United Nations

Support Services

Shirley Siegel

Director, Human Resources Department

Siddharth Tiwari

Secretary, Secretary’s Department

Frank Harnischfeger

Director, Technology and General Services Department

Jonathan Palmer

Chief Information Officer, Technology and General Services Department


Daniel Citrin

Director, Office of Budget and Planning

G. Russell Kincaid

Director, Office of Internal Audit and Inspection

J. Roberto Rosales

Director, Office of Technical Assistance Management

Moises J. Schwartz

Director, Independent Evaluation Office

IMF Organization Chart

as of April 30, 2011

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

2 Attached to the Office of Managing Director




The IMF’s financial year (FY) begins on May 1 and ends the following April 30. This Annual Report covers FY2011, which ran from May 1, 2010, through April 30, 2011, though as necessary it makes reference to pertinent events that occurred after the end of April 2011 but before the Report went to press in mid-August.



For additional information on the IMF’s surveillance activities, see “Factsheet: IMF Surveillance” (


See Public Information Notice (PIN) No. 10/128, “IMF Executive Board Discusses Follow-Up to Modernizing the Fund’s Surveillance Mandate and Modalities” ( The September Board discussion focused on selected ideas that had garnered support in previous Board discussions, including that in April 2010 on modernizing the Fund’s surveillance mandate (see PIN No. 10/52, “IMF Executive Board Discusses Modernizing the Surveillance Mandate and Modalities and Financial Sector Surveillance and the Mandate of the Fund,”, as well as a broad review of the Fund’s mandate covering surveillance, financing, and the stability of the international monetary system in February 2010 (see PIN No. 10/33, “The Fund’s Mandate—An Overview of Issues and Legal Framework,”


Systemic economies are those countries with financial sectors that have the greatest impact on global financial stability.


For more information on the FSAP, see “Factsheet: Financial Sector Assessment Program (FSAP)” (


See PIN No. 10/76, “IMF Executive Board Discusses Study on Emerging Markets’ Performance During the Crisis” (


See PIN No. 10/59, “IMF Executive Board Discusses Revenue and Expenditure Policies for Fiscal Consolidation in the Wake of the Global Crisis” (


This figure includes amounts for arrangements that were subsequently cancelled.


The arrangement with Armenia is a blended arrangement under the Extended Fund Facility and Extended Credit Facility.


The arrangement with Honduras is a blended Stand-By Arrangement and arrangement under the Standby Credit Facility (a concessional facility funded by the Poverty Reduction and Growth Trust; see “Concessional Financing” later in the chapter).


In IMF terminology, disbursements under financing arrangements from the General Resources Account are termed “purchases” and repayments are referred to as “repurchases.”


Once a country has met certain criteria, the Executive Boards of the IMF and World Bank decide on its qualification for debt relief, and the international community commits to reducing debt to a level that is considered sustainable. This first stage under the HIPC Initiative is referred to as the decision point. Once a country reaches its decision point, it may immediately begin receiving interim relief on its debt service falling due.


A country must meet additional criteria to reach its completion point, which allows it to receive the full debt relief committed at decision point under the HIPC Initiative.


Debt relief under the MDRI is provided to qualifying countries in support of their efforts to reach the United Nations’ Millennium Development Goals.


See Press Release (PR) No. 10/299, “IMF Executive Board Cancels Haiti’s Debt and Approves New Three-Year Program to Support Reconstruction and Economic Growth” (


See PR No. 10/321, “IMF Enhances Crisis Prevention Toolkit” (


In establishing the FCL in 2009, the Board expressed an expectation that access under FCL arrangements would normally not exceed 1,000 percent of quota, although there was no preset limit on access.


See PIN No. 10/92, “IMF Executive Board Establishes a Post-Catastrophe Debt Relief Trust” (


A transfer in the amount of SDR 280 million was subsequently approved.


See PIN No. 10/133, “IMF Executive Board Approves Fund Membership in the Financial Stability Board” (


See PIN No. 11/1, “IMF Executive Board Discusses the Fund’s Role Regarding Cross-Border Capital Flows” (


See PIN No. 11/42, “IMF Executive Board Discusses Recent Experiences in Managing Capital Inflows” (


See PIN No. 10/72, “IMF Discusses Reserves Accumulation and International Monetary Stability” (


See PIN No. 11/47, “IMF Executive Board Discusses Assessing Reserve Adequacy” (


See PIN No. 11/22, “IMF Executive Board Concludes the Meeting on Enhancing International Monetary Stability—A Role for the SDR?” ( For more information about the SDR, an international reserve asset created by the IMF in 1969 to supplement its member countries’ official reserves, see “Fact-sheet: Special Drawing Rights (SDRs)” (


See PR No. 10/434, “IMF Determines New Currency Weights for SDR Valuation Basket” (


See PIN No. 10/149, “IMF Executive Board Completes the 2010 Review of SDR Valuation” (


The FSAP—the IMF’s premier tool for assessing members’ financial vulnerabilities and financial sector policies—is legally a technical assistance instrument with voluntary country participation, and assessments under the FSAP take place separately from members’ Article IV consultations, which are mandatory for all members.


See PIN No. 10/135, “IMF Executive Board Discusses Integrating Stability Assessments into Article IV Surveillance” ( and PR No. 10/357, “IMF Expanding Surveillance to Require Mandatory Financial Stability Assessments of Countries with Systemically Important Financial Sectors” (


See PIN No. 11/46, “Macroprudential Policy: An Organizing Framework” (


The staff paper proposed the following definition of macro-prudential policy: “an overarching policy to address the stability of the financial system as a whole, the objective of which is to limit systemic, or system-wide, financial risk.”


See PIN No. 10/89, “IMF Discusses Central Banking Lessons from the Crisis” (


See PIN No. 10/90, “IMF Executive Board Discusses Cross-Border Bank Resolution” (


See PIN No. 10/150, “IMF Executive Board Discusses Financial Interconnectedness” (


The FSB established the Working Group on Data Gaps and Systemic Linkages in early 2010 to address the recommendations in the IMF-FSB report “The Financial Crisis and Information Gaps” on the design of a common template for systemically important financial institutions. The IMF led the work stream on data availability and collection of new statistics.


See PIN No. 11/38, “Review of the Standards and Codes Initiative” ( Web Box 3.2 provides background information on ROSCs, including statistics on ROSC completion in FY2011.


See PIN No. 10/148, “Emerging from the Global Crisis—Macroeconomic Challenges Facing Low-Income Countries” (


See PR No. 11/102, “IMF Introduces Framework for Low-Income Country Vulnerability Exercise to Assess Impact of External Shocks” (


See PIN No. 11/36, “IMF Executive Board Discusses Revenue Mobilization in Developing Countries” (



Currently the members with the five largest quotas each appoint an Executive Director.


See PR No. 11/64, “The IMF’s 2008 Quota and Voice Reforms Take Effect” (


An amendment to the IMF’s Articles of Agreement enters into force for all members on the date the IMF certifies that three-fifths of IMF members representing 85 percent of the total voting power have accepted the amendment.


See PR No. 10/418, “IMF Executive Board Approves Major Overhaul of Quotas and Governance” (


See PR No. 10/477, “IMF Board of Governors Approves Major Quota and Governance Reforms” (


These included discussions of considerations surrounding the size of the Fund (April), as well as a number of discussions in the specific context of the Fourteenth General Review of Quotas: further considerations regarding quota shares (July), further considerations on the review in general (September), and possible elements of a compromise (October), as well as the culminating discussions on the Fourteenth General Review and elements of an agreement regarding IMF quota and governance reform (November).


See PIN No. 10/108, “IMF Executive Board Discusses IMF Governance Reform” (


See PIN No. 10/124, “The Fund’s Mandate—Future Financing Role” (


The IMF’s Guidelines on Conditionality, adopted in 2002, are available on the IMF’s website at For general information on conditionality in IMF financing, see “Factsheet: IMF Conditionality” (


See PR No. 10/256, “Tuvalu Joins the IMF as 187th Member” (


See PR No. 11/145, “IMF Receives Membership Application from South Sudan, Seeks Contributions to Technical Assistance Trust Fund to Help New Country” (


See PR No. 10/298, “Lao People’s Democratic Republic Accepts IMF’s Article VIII Obligations” (


See PR No. 10/458, “IMF Membership Completes 2010 Executive Board Election” (


See PR No. 11/96, “IMFC Selects Tharman Shanmugaratnam as New Chairman” (


See PR No. 11/29, “Youssef Boutros-Ghali Resigns from the Chairmanship of the IMFC” (


See PR No. 11/85, “Statement by IMF Managing Director Dominique Strauss-Kahn on Death of Central Bank of Lesotho Governor and IMF Alternate Governor Moeketsi Senaoana” (


See PR No. 10/497, “IMF Launches Trust Fund to Help Countries Manage Their Natural Resource Wealth” (, and PR No. 10/500, “IMF Launches Trust Fund to Help Countries Improve Tax Policy and Administration” (


See PR No. 10/215, “IMF Managing Director Dominique Strauss-Kahn Says Brazil Key in Global Economic Governance; Signs Agreement for New Joint Regional Training Center for Latin America” (


See PR No. 10/412, “IMF and Kuwait Establish an IMF-Middle East Center for Economics and Finance” (


For more information on the SDDS and GDDS, see “Fact-sheet: IMF Standards for Data Dissemination” (, as well as Web Box 3.2.


This bulletin board is available via the IMF’s website (


See PIN No. 11/33, “Interim Report for the Eighth Review of the IMF’s Data Standards and Codes Initiative” (



See PR No. 11/74, “Major Expansion of IMF Borrowing Arrangements Takes Effect, Boosting Resources for Crisis Resolution” (


See PR No. 11/109, “IMF Activates Expanded Borrowing Arrangements” (


See PR No. 10/281, “IMF Signs Agreement to Borrow up to €2.18 Billion from the Österreichische Nationalbank” (; PR No. 10/384, “IMF Signs Agreement to Borrow up to €280 Million from the Bank of Slovenia” (; and PR No. 11/76, “IMF Signs Agreement to Borrow up to €8.11 Billion from Bank of Italy” (


See PR No. 10/286, “IMF Signs SDR 300 Million Borrowing Agreement with the Norwegian Ministry of Finance Representing the Kingdom of Norway to Support Lending to Low-Income Countries” (; PR No. 10/309, “IMF Signs SDR 500 Million Borrowing Agreement with De Nederlandsche Bank NV to Support Lending to Low-Income Countries” (; PR No. 10/340, “IMF Signs Agreements Totaling SDR 5.3 Billion with Japan, the Banque de France, the United Kingdom and the People’s Bank of China to Support Lending to Low-Income Countries” (; PR No. 11/50, “IMF Signs SDR 500 Million Borrowing Agreement with the Bank of Korea to Support Lending to Low-Income Countries” (; PR No. 11/172, “IMF Signs SDR 800 Million Borrowing Agreement with the Bank of Italy to Support Low-Income Countries” (; and PR No. 11/185, “IMF Signs SDR 500 million Borrowing Agreement with the Swiss National Bank to Support Low-Income Countries” (


See PIN No. 10/137, “IMF Executive Board Discusses the Adequacy of the Fund’s Precautionary Balances” (


As of the end of July 2010, shortly before the Board discussion, the five largest borrowers accounted for 71 percent of total IMF credit extended.


The IMF’s framework for managing credit risk—that is, the risk that a borrower could fail to meet its financial obligations to the Fund—comprises a number of elements, including, in addition to those mentioned (its lending policies and its precautionary balances), the IMF’s safeguards assessments, its arrears strategy, and its burden-sharing mechanism. The IMF’s de facto preferred creditor status—that is, its members’ giving priority to repayment of their obligations to the Fund over those to other creditors—provides an additional measure of credit risk mitigation.


See PR 11/52, “IMF’s Broader Investment Mandate Takes Effect” (


For an explanation of the SDR and related issues, see “Fact-sheet: Special Drawing Rights (SDRs)” (


Credit tranches refer to the size of a member’s purchases (disbursements) in proportion to its quota in the IMF. Disbursements up to 25 percent of a member’s quota are disbursements under the first credit tranche and require members to demonstrate reasonable efforts to overcome their balance of payments problems. Disbursements above 25 percent of quota are referred to as upper credit tranche drawings; they are made in installments, as the borrower meets certain established performance targets. Such disbursements are normally associated with Stand-By or Extended Arrangements, as well as the Flexible Credit Line. Access to IMF resources outside an arrangement is rare and expected to remain so.


See PR No. 10/333, “IMF Announces Sale of 10 Metric Tons of Gold to the Bangladesh Bank” (


See PR No. 10/509, “IMF Concludes Gold Sales” (


See PIN No. 11/48, “IMF Executive Board Considers Use of Gold Sale Profits” (


See PIN No. 10/113, “IMF Executive Board Concludes Review of the Safeguards Assessments Policy” (


Diversity issues are addressed separately in the Diversity Annual Report.


See PR No. 11/12, “Deputy Managing Director Murilo Portugal to Leave the IMF” (


See PR No. 11/55, “IMF Managing Director Dominique Strauss-Kahn Proposes Appointment of Nemat Shafik as Deputy Managing Director” (


For the full text of the IMF’s transparency policy, see “The Fund’s Transparency Policy” (


See “Key Trends in Implementation of the Fund’s Transparency Policy” (


The IEO’s report, along with the Summing Up of the Executive Board discussion of the report and the IMF staff response to the report, is available on the IEO’s website (


See PIN No. 11/4, “IMF Executive Board Discusses Implementation Plan in Response to Board-Endorsed Recommendations Arising from the IEO Evaluation of IMF Interactions with Member Countries” ( The implementation plan and supplement are available at and, respectively.


See “IMF Interactions with Member Countries” (


See PR No. 10/350, “IMF Regional Advisory Groups to Hold First Joint Meeting During 2010 Annual Meetings” (, and PR No. 10/382, “IMF Advisory Groups Discuss Regional Economic Challenges During 2010 Annual Meetings” (


The Regional Advisory Group for the Caucasus and Central Asia was formed after the 2010 Annual Meetings, at the beginning of 2011.


See PR No. 10/314, “IMF and ILO Conference in Oslo to Address Ways of Accelerating a Job-Rich Crisis Recovery” (, and PR No. 10/324, “IMF and ILO Launch Background Paper on the ‘Challenges of Growth, Employment and Social Cohesion’ for High-Level Conference on September 13 in Oslo” (


The REOs are available via the REO web page on the IMF’s website ( Materials related to the REOs published in FY2011 can also be found on the website.


The voting power of each chair can be found in Appendix IV on the Annual Report web page (; changes in the Executive Board during FY2011 are listed in Appendix V on the Annual Report web page.

Acronyms and Abbreviations


Africa Technical Assistance Center


anti-money laundering/combating the financing of terrorism


Bank for International Settlements


Brazil, the Russian Federation, India, and China


External Audit Committee


European Central Bank


Extended Credit Facility


Emergency Natural Disaster Assistance


Flexible Credit Line


Fiscal Monitor


Financial Sector Assessment Program


Financial Stability Board


financial year


Group of Twenty


General Arrangements to Borrow


General Data Dissemination System


Global Financial Stability Report


General Resources Account


Heavily Indebted Poor Countries


International Development Agency


Independent Evaluation Office


International Financial Reporting Standards


International Labor Organization


International Monetary and Financial Committee


information technology


International Trade Union Confederation


Mutual Assessment Process


Multilateral Debt Relief Initiative


medium-term budget


New Arrangements to Borrow


Organization for Economic Cooperation and Development


Office of Internal Audit and Inspection


Precautionary Credit Line


Post-Catastrophe Debt Relief


Poverty Reduction and Growth Trust


Rapid Credit Facility


Regional Economic Outlook


Report on Observance of Standards and Codes


Regional Technical Assistance Center


Special Data Dissemination Standard


Special Drawing Right


technical assistance


topical trust fund


United Nations


World Economic Outlook


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


© Rolf Bruderer/Corbiscover (left)
© Exactostock/Superstockcover (right)
Michael Spilotro/IMF staff photopages 4, 39 (left),
57 (right), 59 (left, right)
Stephen Jaffe/IMF staff photopages 6, 47 (right),
57 (left)
Daniel Acker/Landovpage 7 (left)
EPA/Sergio Barrenechea/Landovpage 7 (right)
Cliff Owen/IMF staff photopages 8 (left),
35 (right), 43 (left)
EPA/Leonardo Munoz/Landovpage 8 (right)
Eric Taylor/Bloomberg via Getty Imagepage 11 (left)
© Orjan F. Ellingvag/Corbispage 11 (right)
Reuters/Imelda Medina/Landovpage 13 (left)
Reuters/Kacper Pempel/Landovpage 13 (right)
Reuters/Jerry Lampen/Landovpage 15 (left)
Bernd Wüstneck/dpa/Landovpage 15 (right)
Reuters/Edgard Garrido/Landovpage 19 (left)
Reuters/Gleb Garanich/Landovpage 19 (right)
Mashid Mohadjerin/Reduxpage 22 (left)
A. Majeed/AFP/Getty Imagespage 22 (right)
Reuters/Hazir Reka/Landovpage 28 (left)
Reuters/Khaled Abdullah/Landovpage 28 (right)
Reuters/David Lewis/Landovpage 31 (left)
Reuters/Aly Songpage 31 (right)
Sven Torfinn/Panos Picturespage 32 (left)
Heldur Netocny/Photolibrarypage 32 (right)
R H Productions/Photolibrarypage 35 (left)
© Global Warming Images/Alamypage 39 (right)
Reuters/Ognen Teofilovski/Landovpage 43 (right)
Ryan Rayburn/IMF staff photopage 45 (left)
Reuters/Kena Betancurpage 45 (right)
Henrik Gschwindt de Gyor/IMF staff photopage 47 (left)

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