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file1 - Annual Report 2000 International Monetary Fund IMF...

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Purposes of the IMF (i) To promote international monetary cooperation through a permanent institution which provides the machinery for consultation and collaboration on international monetary problems. (ii) To facilitate the expansion and balanced growth of international trade, and to contribute thereby to the promotion and maintenance of high levels of employment and real income and to the development of the productive resources of all members as primary objectives of economic policy. (iii) To promote exchange stability, to maintain orderly exchange arrangements among members, and to avoid competitive exchange depreciation. (iv) To assist in the establishment of a multilateral system of payments in respect of current transactions between members and in the elimination of foreign exchange restrictions which hamper the growth of world trade. (v) To give confidence to members by making the general resources of the Fund temporarily available to them under adequate safeguards, thus providing them with opportunity to correct maladjustments in their balance of payments without resorting to measures destructive of national or international prosperity. (vi) In accordance with the above, to shorten the duration and lessen the degree of disequilibrium in the international balances of payments of members. The Fund shall be guided in all its policies and decisions by the purposes set forth in this Article. Article I of the IMF’s Articles of Agreement
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I n FY2000, 1 the public debate on the role of the international financial institutions in the changing world economy escalated. In response, the IMF contin- ued to adapt to better serve its member countries’ needs and to help its members benefit from—and cope with—economic globalization. It made notable strides in its own transparency, publishing an unprecedented amount of information on its member countries’ poli- cies and IMF-supported reform programs and on its own operations and financial position—much of it on the IMF’s external website. Among the year’s high- lights were the following: IMF regular and concessional lending fell in FY2000 from its exceptionally high level in FY1999. Member drawings under regular policies and facilities dropped to SDR 6.3 billion 2 from SDR 21.4 billion in FY1999. This was partly because of faster-than- expected recoveries in some emerging market economies—notably the Asian crisis countries with IMF-supported reform programs. Under the IMF’s concessional facility for poor countries, drawings declined to SDR 0.5 billion from SDR 0.8 billion in FY1999. Net IMF credit outstanding decreased to SDR 50.4 billion at the end of FY2000 from SDR 67.2 billion a year earlier. Owing to reduced lending and a high level of scheduled and advance repayments, the IMF’s liquidity ratio rose to 153.1 percent at the end of FY2000, approximating the level prevailing before the Asian financial crisis.
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