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International Monetary Fund. External Relations Dept.

SDR 7.3 billion ($10.1 billion) Stand-By Arrangement for Indonesia. December 4 IMF approves a record SDR 15.5 billion ($21.0 billion) Stand By Arrangement for Korea. December 17 IMF establishes Supplemental Reserve Facility to help members cope with sudden and disruptive loss of market confidence. 1998 April 16 Interim Committee adopts the Code of Good Practices on Fiscal Transparency: Declaration on Principles. July 20 IMF activates General Arrangements to Borrow for first time in 20 years, and first time for a nonparticipant

Aldo W. Zanzi

Record SDR 9.3 billion committed in first nine months of 1981 The financial activity of the Fund reached a new peak in the first three quarters of 1981 in terms of the number of arrangements with members involving high conditionality on the use of the Fund’s resources, the total amount of resources committed under existing arrangements, and the magnitude of actual purchases. There were 25 stand-by arrangements in effect at the end of September 1981, as well as 16 extended arrangements. The total amount of resources made available to member countries in the

International Monetary Fund. External Relations Dept.

Account during 1976 amounted to the equivalent of SDR 2.5 billion, against SDR 1.4 billion in 1975. Total repurchases were equivalent to SDR 1.27 billion, against SDR 0.5 billion repaid in 1975. At the end of December 1976, net drawings outstanding amounted to a record SDR 15 billion, compared with SDR 9.4 billion at the end of 1975. The substantial expansion in the use of the Fund’s resources during 1976 was met through borrowings to finance drawings under the oil facility and by the use of the Fund’s existing resources. Currencies included for the first time in Fund

International Monetary Fund. External Relations Dept.

individual country programs. There were also 12 extended arrangements in effect on the same date; these totaled SDR 4,823.9 million. The undrawn balance under these extended arrangements was SDR 3,939.4 million. Thus, the total amount approved under the stand-by arrangements and extended arrangements was the equivalent of SDR 8,514.9 million, with an undrawn balance of SDR 6,273.6 million. This unprecedented total was attained through a record SDR 7.2 billion of new loan commitments under stand-by arrangements and extended arrangements in 1980, compared with only SDR 2

Mr. Saleh M. Nsouli and Justin B. Zulu

and the approval of new stand-by arrangements in 1981, the numbers of stand-by and extended arrangements in effect at the end of 1981 were 13 and 6, respectively, with the total amount committed reaching a record SDR 4.3 billion. Purchases nearly doubled in 1980 and more than doubled in 1981, reaching a record SDR 1.7 billion ( Tables 2 and 3 ). Table 2. Africa: Stand-By Arrangements and Arrangements Under Extended Fund Facility, 1979–83 (In millions of SDRs) Stand-By (SBA) and Extended Facility (EFF) Date of Approval Expiration

International Monetary Fund

payments assistance to developing countries. The resources of the Trust Fund will consist of the profits from the sale of gold, as well as any contributions and loans that may be made to it. A substantial expansion in members’ use of the Fund’s resources, with total financial assistance from all facilities amounting to a record SDR 6.6 billion during the fiscal year. Decisions by the Executive Directors on these matters were made possible by the discussions held and the understandings reached in the meetings of the Interim Committee of the Board of Governors on the

International Monetary Fund

, paragraph 1(a) , of the Articles of Agreement, in accordance with Executive Board Decision No. 3457-(71/121) G/S, adopted December 3, 1971, 21 or that decision as amended by Executive Board Decision No. 3829-(72/144) S, adopted December 15, 1972. 22 Repurchases During the past fiscal year, repurchases amounted to SDR 540 million, compared with the record SDR 3,122 million repurchased in 1971/72. The total represented the smallest amount repurchased in any year since 1966/67. The concentration of repurchases in April 1973, equivalent to about SDR 99 million, 18

International Monetary Fund. External Relations Dept.
This paper highlights that there has been remarkable agricultural growth over the past three decades. Growth has been twice as rapid as in any previous period. Output has been fueled largely by developing countries’ increased capacity to produce more food and by continued growth in the developed countries. Despite this remarkable and sometimes unrecognized achievement, the “world food problem” continues to haunt mankind. Population growth, more rapid than agricultural growth in many poor countries, has sharply reduced the per capita benefits of increased food production.