Table Of Content

Contents Letter of Transmittal Meeting the Challenge of a Global Monetary Order The Global Economy Economic Situation Economic Activity and Employment ee Se iss wipes bien kha nutahe ea oben eabaNena a eawke Financial and Exchange Market Developments..............ceccececcccceceees External Balances, Financing, and Debt ee I ooo anc ced kcnh bubddwsauwewaercnammeenweeeees Trade Relations Among Taduvirial Couninies .........ccciccvsivcccvevesecesevsseese Te FS Ge TN CID 6k o 56. 5 Sc dieisienei eneeeeesssecvsvene s Trade Liberalization in Economies in Transition Set CEL ovis Sale oa isk a bye Wee Seer es Oewwwee CaN Sema Trade and the Environment World Economic Outlook Global Situation PN ie ric'n ons SEGRE Sa ANNA EEE KOTE TE NER ee Sawin oa. so csp he pS ERNST Sw SRO ASN EN SONA MeN OON IG I ices cu bidkacckidbdebbt enbebn sauaesaerese eea s Policies of Economies in Transition The Fund in 1992/93 Surveillance Biennial Review of Surveillance Analytical Issues in Surveillance Enhancing the Effectiveness of Surveillance Continuity of Surveillance Enhanced Surveillance Article IV Consultation Procedures Other Measures Pee SS 55.2.5 coca oceu cena s x wyee weeds sede eas el dbeen ven es es ES 2 2 snd canned sands a seedseeweeeh ieee s sen kaaeeanee United States Japan Germany France “KSSESS KB SHRSRSSNVEELVGY RK ~OWDDNPP©&WLWWWHDfHSDS~fH HA ANNUAL REPORT, 1993 Smaller Industrial Countries Belgium Greece Netherlands RaPT ee er re eee ern Economies in Transition Central and Eastern Europe Albania Poland Azerbaijan Kazakhstan Moldova International Capital Markets International Liquidity and the SDR Mechanism Fund Financial Support of Member Countries ................ce.c.e 0cec ccee s Access Policy eereseninnon CF NacHINe? COUNIFICS 6.5.5 o.5.0.0'0 600 ccc ceewieccieeesescsessceeses Systemic Transformation Facility Compensatory and Contingency Financing Facility Enhanced Structural Adjustment Facility Economic Reform and the Poor PORCY AGVICe Ih PUNE CUDDOTICR PIORTONIS «65.66. ssccsecccescesocsesececsees Technical Assistance in Social Safety Nets er NE NN gn 6 aioe: 1556 widnsa orn ws Wraehainrereipieueieisie-eonieei-e caieso-nes Financing for Developing Countries and Their Debt Situation Technical Assistance and Training IMF Institute Fiscal Affairs Department Legal Department Monetary and Exchange Affairs Department Statistics Department Treasurer’s Department CONTENTS Fund Financial Operations and Policies Membership and Quotas Ninth General Review of Quotas Fund Liquidity, Borrowing, and Members’ Access Financial Operations Stand-By and Extended Arrangements Special Facilities SAF and ESAF Fund Income, Charges, and Burden Sharing Ce EE oo occ ccaseskend eee enaes ude bucwaneesauecso n Progress Under the Strengthened Cooperative Strategy Preventive Measures Remedial and Deterrent Measures Intensified Collaboration and the Rights Approach Special Charges SDR Department SDR Valuation and Interest Rate Basket ee ee ne ae eee eer ee eres nT ere ee re ee re Pattern of SDR Holdings Boxes 1. Discrepancies in Global Balance of Payments Statistics..............000eeeeee 2. Uruguay Round 3. Board of Governors, Executive Board, Interim Committee, and Development Committee . Economic and Monetary Union in Europe . Current Account Convertibility . Scope of Article IV Consultations . Statistical Methodology . Fund Facilities and Policies . Operational Budget 10. General Arrangements to Borrow Tables 1. Overview of the World Economy 2. Article IV Consultations Concluded in 1992/93 3. Access Limits Under IMF Arrangements, Special Facilities, and in Connection with Augmentation for Debt and Debt-Service Reduction . Selected Financial Indicators . Arrears to the Fund of Members with Obligations Overdue by Six Months or More . Arrears to the Fund of Members with Obligations Overdue by Six Months or More, by Type and Duration, as of April 30, 1993 . SDR Valuation Basket . Transfers of SDRs, January 1, 1970-April 30, 1993 ANNUAL REPORT, 1993 Charts i. Teceetrint Counthies: Unemologinent Rates. «...:.)sec.s .ce.ccc)is0cs6sa0ccc0ee0se s 2. Major Industrial Countries: Real GDP . Developing Countries and Regions: Consumer Prices . Developing Countries: External Debt and Debt Service . Countries in Transition: External Debt and Debt Service . Indicators Related to Article TV Consultations... ....ccccccsccccocsvccecesese . Article IV Consultations Concluded by the Executive Board . The Fund’s Liquidity Ratio . General Resources: Purchases and Repurchases, Financial Years Ended April 30, 1981-93 . Total Fund Credit Outstanding to Members, Financial Years Ended April 30, 1981-93 Appendices I. International Reserves 104 II. Operations and Financial Transactions of the Fund 109 III. Technical Assistance and Training, Relations with Other International Organizations, External Relations, and Staffing Issues 134 IV. Principal Policy Decisions of the Executive Board 141 V. Press Communiqués of the Interim Committee and the Development Committee 158 VI. Executive Directors and Voting Power on April 30, 1993 166 VII. Changes in Membership of the Executive Board 170 VIII. Administrative and Capital Budgets 175 IX. Financial Statements 176 Glossary The following symbols have been used in this Report: to indicate that data are not available; to indicate that the figure is zero or less than half the final digit shown or that the item does not exist; between years or months (e.g., 1991-92 or January-June) to indicate the years or months covered, including the beginning and ending years of months; / between years (e.g., 1992/93) to indicate a crop or fiscal (financial) year. “Billion” means a thousand million. Minor discrepancies between constituent figures and totals are due to rounding. All references to dollars are to U.S. dollars unless otherwise noted.