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International Monetary Fund
In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund activities (the “SFA Instrument”). The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of a subaccount within the SFA. This paper requests Executive Board approval to establish the IMF-Middle East Center for Economics and Finance Subaccount for Selected Fund Activities (the “Subaccount”) under the terms of the SFA Instrument.
International Monetary Fund

In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund activities (the “SFA Instrument”). The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of a subaccount within the SFA. This paper requests Executive Board approval to establish the IMF-Middle East Center for Economics and Finance Subaccount for Selected Fund Activities (the “Subaccount”) under the terms of the SFA Instrument.

Mr. Simon T Gray and Mr. Philippe D Karam
This paper documents the main themes covered in two seminars (December 2011 and September 2012) on monetary policy and implementation at the IMF—Middle East Center for Economics and Finance, and includes country case studies. Against the backdrop of the global financial crisis and swings in cross-border capital flows, operational frameworks have become more flexible, and liquidity management has impacted the relationship between the policy rate corridor and market rates. The balance sheet structure of central banks in the Middle East and North Africa (MENA) shows differences between oil exporters and others, while a few countries have exhibited notable changes since early 2011. Collateral now has a significant financial stability function. Although only one MENA country is part of the G20, implementation of the Basel III bank capital adequacy and liquidity rules will most likely impact banks’ way of doing business in MENA countries, even if indirectly.
Mr. Simon T Gray, Mr. Philippe D Karam, Vilada Meeyam, and Michel Stubbe

Chapter I. Introduction This paper represents a collection of topics on monetary policy and its implementation, including liquidity management, discussed at two seminars, held jointly between the IMF Middle East Center for Economics and Finance (CEF) and the IMF Monetary and Capital Markets Department (MCM) in Kuwait during the fall of 2011 and 2012. It embodies the seminar proceedings in its main, but the structure which draws on numerous practical applications in the Middle East and North Africa (MENA) countries will make for a useful handbook guiding

International Monetary Fund

Front Matter Page INTERNATIONAL MONETARY FUND Framework Administered Account for Selected Fund Activities: IMF-Middle East Center for Economics and Finance Subaccount for Selected Fund Activities Prepared by the Legal and Finance Departments, the IMF Institute, and the Officeof Technical Assistance Management Approved by Sean Hagan, Andrew Tweedie, Leslie Lipschitz, and J.R. Rosales October 22, 2010