On February 24, 2012, the Executive Board approved a partial distribution of the general reserve equivalent to SDR 700 million attributed to part of the gold sales windfall profits to all members in proportion to their quotas.
This paper revisits the use of the remaining gold sales windfall profits (SDR 1.75 billion). Directors previously considered three main options: using them as part of a strategy to boost the capacity of the PRGT; counting them towards precautionary balances; or investing them in the Investment Account’s endowment. In past discussions, Directors expressed a wide range of views on these options, and the resources have continued to be held in the Investment Account pending a decision by the Executive Board.
At its Spring Meeting, the IMFC reiterated the importance of implementing the program of quota and voice reforms in line with the timetable set out by the Board of Governors in Singapore. The Committee welcomed the initial informal Board discussions on a new quota formula and stressed the importance of agreeing on a new formula, which should be simple and transparent and should capture members’ relative positions in the world economy. It noted that this reform would result in higher shares for dynamic economies, many of which are emerging market economies, whose weight and role in the global economy have increased. The Committee also stressed the importance of enhancing the voice and participation of low-income countries, a key issue for which is an increase in basic votes, at a minimum preserving the voting share of low-income countries. The Committee called on the Executive Board to continue its work on the reform package as a matter of priority.
IMF economists work closely with member countries on a variety of issues. Their unique perspective on country experiences and best practices on global macroeconomic issues are often shared in the form of books on diverse topics such as cross-country comparisons, capacity building, macroeconomic policy, financial integration, and globalization.
This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1978. The report highlights that the period since the previous Annual Report—the third year of recovery from the most severe recession in four decades—has been one in which world economic developments were again unsatisfactory in some important respects. World output and trade continued to increase, but the pace of domestic expansion in the industrial world, which had been satisfactory during the first year or so of the recovery period, became slow and uneven, contrary to earlier expectations.
This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1977. The report highlights that after a cessation of economic growth in 1974 and an unusual decline in 1975, real gross national product in the industrial countries expanded by almost 5½ percent in 1976. Increases in the range of 5–6½ percent occurred in all of the larger industrial countries except the United Kingdom. The deep and prolonged international recession that started late in 1973 reached its low point in the first half of 1975.
This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1972. The report highlights that the main features of world economic developments in 1971 were a continuation of slow output growth coupled with inflation and the succession of currency crises, involving capital movements and foreign exchange reserve increases of unprecedented magnitude that led to the December 18 realignment of major currencies. During the first half of 1972, the picture with respect to certain aspects of these problems improved significantly.
This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1969. The report highlights that rapid expansion and financial imbalance were the main features of the performance of the world economy during 1968 and the first half of 1969. Output and trade in the industrial countries registered a sharp advance, imparting economic stimulus to the primary producing countries. Several of the industrial countries encountered severe balance-of-payments difficulties, and the international financial scene was marred by recurrent crises in foreign exchange markets.
International Monetary Fund. Secretary's Department
The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.