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International Monetary Fund
This paper proposes the distribution of a portion of the Fund’s general reserve that is attributed to profits from recent Fund gold sales. The proposed distribution is part of a strategy endorsed by the Board in July 2009 involving the use of resources linked to gold sale profits to facilitate members’ contributions towards Poverty Reduction and Growth Trust (PRGT) subsidies. The strategy was formulated in the context of a comprehensive reform of the Fund’s Low Income Country (LIC) facilities and concessional financing framework approved by the Executive Board that included a financing package aimed at ensuring the PRGT’s capacity to lend concessional resources of up to SDR 11.3 billion ($17 billion) during the period 2009–14. The financing package included an agreement to raise SDR 1.5 billion in subsidy resources, of which SDR 0.5–0.6 billion (in end-2008 NPV terms) was expected to be generated from resources linked to profits from gold sales.
International Monetary Fund. External Relations Dept.
Rapport des personnalités éminentes, revenu du FMI, réserves d'or du FMI, Andrew Crockett, indicateurs de solidité financière, économie européenne, entretien avec Michael Deppler, Allemagne, France, main-d'œuvre européenne, compétitivité européenne, impôt forfaitaire, Michael Keen.
International Monetary Fund. External Relations Dept.
El Boletín del FMI aborda de manera específica el trabajo del FMI y los grandes temas macroeconómicos y financieros internacionales y ofrece análisis sobre la evolución en los distintos países y regiones y en el mundo; información sobre las operaciones, políticas, reformas y asistencia técnica del FMI; síntesis de las principales investigaciones económicas mundiales; datos fundamentales que no suelen estar disponibles en otras fuentes, e informes sobre debates económicos y financieros que tienen lugar dentro y fuera del FMI. Este boletín de 16 páginas, publicado 12 veces al año, está orientado a una vasta audiencia, que incluye autoridades de política económica, analistas, profesionales del mundo académico y de los medios de difusión y estudiantes. Disponible en inglés, español y francés.
International Monetary Fund. External Relations Dept.
Eminent persons report, IMF income, IMF gold, Andrew Crockett, financial soundness indicators, European economy, Michael Deppler interview, Germany, France, European labor, European competitiveness, flat tax, Michael Keen.
International Monetary Fund
This Selected Issues paper and Statistical Annex for Mali examines recent economic developments in Mali. The paper highlights that since the early 1990s, Mali has made appreciable progress in reducing macroeconomic imbalances and liberalizing the economy. This has been made possible by consolidating the government fiscal position, lowering inflation, dismantling public monopolies, abolishing price controls, liberalizing the trade regime, and allowing for a greater role for private sector initiative. However, the pace of the country’s development remains constrained by a low level of human capital, inadequate infrastructure, and high energy and telecommunications costs.
International Monetary Fund

Abstract

This paper discusses the history of the first 20 years of the IMF. It attempts to recount objectively what were its origins and what have been its plans and activities. The paper contains a chronological account of the evolution of the IMF from the original plans formulated in 1941 to the end of 1965, with a supplementary chapter summarizing subsequent events. It analyzes the IMF’s policies in three major fields and reviews its constitutional development.

Mr. M. G O'Callaghan

Abstract

This paper describes the structure of the world gold market, its sources of supply and demand, and how it functions. The paper examines the composition and origin of physical stocks of gold, their flows, and their market destination and also reviews the operation of bullion and paper gold markets.

Mr. M. G O'Callaghan
This paper describes the structure of the world gold market, its sources of supply and demand, and how it functions. The market has three principal functions in three major locations: the New York futures market speculates on spot prices, which are largely determined in London, whereas physical gold is in large part shipped through Zurich. The market is dominated by large suppliers and gold holders, including monetary authorities. Some unique characteristics of the gold market ensure confidentiality, and as a result, there are gaps in existing knowledge and data. The paper identifies and attempts to fill these gaps.
International Monetary Fund. Statistics Dept.

Abstract

This paper presents the Supplement on international reserves, the sixth in the series of supplements to International Financial Statistics (IFS) that comprises textual material commencing with an historical perspective of international reserves. This is followed by a discussion on the methodology covering the concepts underlying the reserves data in IFS: the data collection and presentation procedures; the related data in the money and banking, and balance-of-payments sections in IFS; and a summary of the national concepts of reserves. Statistics on international reserves are important indicators of the external economic performance of countries. A country's holdings of international reserves represent its ability to meet balance of payments needs through official financial settlements. The establishment of the IMF led to the creation of a reserve asset in the form of a gold tranche position reflecting a member's subscription to the IMF in gold. To the extent that the IMF made use of a member's currency in drawings of other countries, a creation of new reserves was involved.

International Monetary Fund. External Relations Dept.
This paper highlights that 1977 was an eventful year for the IMF. Drawing on the IMF’s resources during 1977 totaled more than SDR 3.4 billion. These were accompanied by a record volume of repurchases, which reduced the total net drawings for the year to SDR 427 million. At the end of 1977, total net drawings on the IMF since its inception were equivalent to about SDR 15.5 billion. In 1977, the IMF also carried out its gold sales to members at SDR 35 per ounce under the IMF’s “restitution” program.