Access Policy In Capital Account Crises Modifications To The Supplemental Reserve Facility And Follow Up Issues Related To Exceptional Access Policy

NULL

In the context of a relatively benign international environment with limited balance of payments needs, recourse to Fund resources has declined across several dimensions: fewer GRA arrangements; lower outstanding Fund resources; and a smaller average access under new PRGF arrangements.

The Thirty-Sixth Issue of Selected Decisions and Selected Documents of the International Monetary Fund includes decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the IMF, as well as selected documents relevant to the current activities of the Fund.

NULL

This volume documents decisions, interpretations, and resolutions of the Executive Board and Board of Governors of the International Monetary Fund, as well as documents relating to the United Nations and other international organizations.

The Thirty-Seventh Issue of Selected Decisions and Selected Documents of the International Monetary Fund includes decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the International Monetary Fund, as well as selected documents to which frequent reference is made in the current activities of the Fund. In addition, it includes documents relating to the IMF, the United Nations, and other international organizations.

Good progress has been made in stabilizing the economic and social situation since the crisis. Fiscal adjustment over a prolonged period will bring the public finances to a sustainable path. To protect social expenditures and allow higher public investment, a comprehensive tax reform is required. Strengthening central bank autonomy is essential for the successful implementation of inflation targeting and restructuring of the financial system. Full cooperation with the multilateral development banks is important to secure necessary program financing, re-establishing sustained growth, and reducing widespread poverty.

This volume documents decisions, interpretations, and resolutions of the Executive Board and Board of Governors of the International Monetary Fund, as well as documents relating to the United Nations and other international organizations.