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Mr. Olivier D Jeanne and Mr. Jeromin Zettelmeyer

I t must have been sometime in January or February of 1999, when Mike Mussa, sitting in his office on the tenth floor of the IMF headquarters building, remarked to us that if IMF loans were always repaid, there was obviously no way that the IMF could be a source of moral hazard. We nodded our heads respectfully but did not really believe him. Clearly, it could not be as simple as that. Whether or not they were repaid, IMF loans made crises less unpleasant for countries, so they created an incentive to be less careful about avoiding them in the first

International Monetary Fund. Secretary's Department

reasonable alignment against long-term credit market conditions. In April 2018, the Executive Board set the margin for the rate of charge at 100 basis points for the period through April 2020 and reafirmed this margin at the mid-period review in April 2019. Box 3.2. HQ1 building renovation progress Renovation of the older of the two IMF headquarters buildings (HQ1) in Washington, DC, continued in FY2019. Considerable progress was made; although the project is now approximately 98 percent complete, the remaining milestones, such as the boardroom and executive floors

International Monetary Fund

the IMF headquarters building. At April 30, 2017, the IMF had commitments of SDR 70 million in respect of the renovation of the IMF headquarters building (SDR 95 million at April 30, 2016). Depreciation and amortization expense of SDR 28 million and SDR 27 million is included in administrative expenses for the financial years ending April 30, 2017, and 2016, respectively (see Note 18). 10. Other assets and liabilities Other assets comprised the following: April 30, 2017 April 30, 2016 (In millions of SDRs) Charges

International Monetary Fund

review process for internal Fund documents and facilitate greater collaboration among area and reviewing departments. (See Box 5.2 for more on savings through administrative cost-cutting efforts at the Fund.) The Executive Board in April 2010 approved an appropriation of about US$48 million for building facilities and IT projects beginning in FY2011 ( Table 5.2 ). The capital budget envelope proposed for the FY2011–13 capital plan is US$148 million. Box 5.1 IMF headquarters buildings win LEED Gold Award In December 2009, the IMF became the first international

International Monetary Fund. External Relations Dept.

S eptember 19-23 IMF seminar for parliamentarians from Bosnia and Herzegovina, Croatia, Macedonia, and Serbia and Montenegro, Joint Vienna Institute, Austria 20 Official opening of second IMF Headquarters building, Washington, D.C. 21 IMF’s fall 2005 World Economic Outlook (Chapter 1) released 22-23 Global Forum on Tax Treaties and Transfer Pricing, OECD Center for Tax Policy and Administration, Paris, France 24-25 IMF and World Bank Annual Meetings, Washington, D.C. 26-30 International Atomic Energy Agency General Conference, Vienna

International Monetary Fund. Research Dept.

liberalization for developing countries. The conference will begin at 9 a.m. and is open to the public. It will be held in Meeting Rooms A and B at the IMF Headquarters Building, 700 19th Street, NW, Washington. Please contact Marlene George ( mgeorge@imf.org ) if you plan to attend. A summary of the conference will be published in the December 2004 issue of the IMF Research Bulletin .

International Monetary Fund

IMF’s website . New Building Construction is well under way on a second headquarters building adjacent to the existing IMF headquarters building. In September 2002, the Fund’s rezoning order, approved by the District of Columbia’s Zoning Commission, became final. In October 2002, the demolition of an existing building on the site was completed, and the construction of the new building began. The new building will enable the IMF to accommodate its entire staff within a single headquarters complex and reduce overall costs by eliminating the need to lease

International Monetary Fund

development projects from the Administrative Budget to the Capital Budget. This transfer supports the IMF’s five-year information technology strategic plan to improve the way economic, financial, and administrative documents and data are collected, stored, analyzed, shared, and distributed. The addition to the IMF headquarters building (Phase III) is now completed and staff are occupying the building. Alternatives for the PEPCO building (Phase IV), adjacent to headquarters, are being considered based on current requirements, and a proposal will be presented to the

International Monetary Fund. Secretary's Department

Other fixed assets include construction in progress, amounting to SDR 15 million as of April 30,2013 (SDR 6 million as of April 30,2012), related to the renovation of the IMF headquarters building. There were no disposals of fixed assets during the financial year ended April 30,2013 (the IMF had disposed of land and a building for sales proceeds of SDR 14 million, and realized a net gain on the sale of SDR 13 million during the financial year ended April 30,2012). At April 30,2013, the IMF had commitments of US$264 million (SDR 174 million) in respect of the

Mr. Olivier D Jeanne and Mr. Jeromin Zettelmeyer

I. I ntroduction It must have been some time in January or February of 1999, when Mike Mussa, sitting in his office on the 10 th floor of the IMF headquarters building, remarked to us that if IMF loans were always repaid, there was obviously no way that the IMF could be a source of moral hazard. We nodded our heads respectfully but did not really believe him. Clearly, it could not be as simple as that. Whether or not they were repaid, IMF loans made crises less unpleasant for countries, so they created an incentive to be less careful about avoiding them