IMF Annual Report 2022

CRISIS UPON CRISIS

2022 The pandemic was a crisis like no other.
Two years later, the recovery has been
hampered by further crisis upon crisis.
We live in a more shock-prone world. The development of
YDFFLQHVDQGXQSUHFHGHQWHGPRQHWDU\ƓVFDODQGƓQDQFLDOVXSSRUWLQFOXGLQJWKH,0)ōV
KLVWRULFJHQHUDOVSHFLDOGUDZLQJULJKW6'5DOORFDWLRQRIDERXWELOOLRQPDGHD
JOREDOUHFRYHU\SRVVLEOH%XW5XVVLDōVLQYDVLRQRI8NUDLQHXSHQGHGLWVHYHUHO\VHWWLQJ
EDFNJOREDOHFRQRPLFSURVSHFWV
Economic risks have risen sharply as a result. Geopolitical and social tensions have
HVFDODWHGDVSRYHUW\DQGLQHTXDOLW\KDYHLQFUHDVHG,QŴDWLRQLQPDQ\FRXQWULHVKDVULVHQ
VKDUSO\IXHOHGE\DFRPELQDWLRQRIVXUJLQJHQHUJ\IRRGDQGFRPPRGLW\SULFHVODERU
VKRUWDJHVDQGVXSSO\GLVUXSWLRQV3XEOLFDQGSULYDWHGHEWKDVUHDFKHGQHZKLJKV
:LWKPRUHOLPLWHGƓVFDOVSDFHFRXQWULHVZLOOIDFHLQFUHDVLQJO\GLIƓFXOWSROLF\WUDGHRIIV
DVWKH\WDFNOHULVLQJLQŴDWLRQKHLJKWHQHGPDFURƓQDQFLDOULVNVDQGVORZLQJJURZWK
(PHUJLQJPDUNHWDQGGHYHORSLQJHFRQRPLHVZLWKODUJHIRUHLJQFXUUHQF\ERUURZLQJ
DQGH[WHUQDOƓQDQFLQJQHHGVZLOODOVRQHHGWRSUHSDUHIRUSRVVLEOHWXUEXOHQFHLQ
ƓQDQFLDOPDUNHWVDVWKHPRQHWDU\SROLF\VWDQFHLQDGYDQFHGHFRQRPLHVWLJKWHQV
(YHQDVSROLF\PDNHUVIRFXVRQFXVKLRQLQJWKHLPSDFWRIWKHZDULQ8NUDLQHDQGWKH
SDQGHPLFWKHZRUOGLVDOVRIDFLQJVZHHSLQJIRUFHVRIORQJHUWHUPFKDQJHLQFOXGLQJ
WKRVHIURPWKHHIIHFWVRIFOLPDWHFKDQJHDQGWKHGLJLWDOUHYROXWLRQ7KHLPSDFWVRI
WKHVHIRUFHVZLOOLQHYLWDEO\SOD\RXWLQWKHEDODQFHRISD\PHQWVRILQGLYLGXDOFRXQWULHV
PDNLQJVWUXFWXUDOUHIRUPVDQGLPSURYHPHQWVWRSROLF\IUDPHZRUNVDOOWKHPRUH
LPSRUWDQWIRUEXLOGLQJUHVLOLHQFHDQGDFKLHYLQJORQJWHUPLQFOXVLYHJURZWK
7RGD\ōVHFRQRPLFFKDOOHQJHVŋIURPWKHSDQGHPLFDQGVSLOORYHUVRIZDUWRFOLPDWH
FKDQJHDQGGLJLWDOL]DWLRQŋUHYHDOHFRQRPLFDQGJHRSROLWLFDOIDXOWOLQHVLQWKHJOREDO
HFRQRPLFDQGƓQDQFLDOV\VWHP:LWKPDQ\FRXQWULHVOLNHO\WRQHHGƓQDQFLDODVVLVWDQFH
LWKDVEHFRPHHYHUPRUHFULWLFDOWRPDLQWDLQDUHOLDEOHJOREDOƓQDQFLDOVDIHW\QHWZLWK
WKH,0)DWLWVFHQWHU7REHWWHUVXSSRUWLWVPHPEHUVGXULQJWKHVHGLIƓFXOWWLPHVWKH,0)
LVUHYLVLWLQJLWVSROLF\DGYLFHOHQGLQJDFWLYLWLHVDQGFDSDFLW\EXLOGLQJLQFOXGLQJWKURXJK
WKHHVWDEOLVKPHQWRIWKH5HVLOLHQFHDQG6XVWDLQDELOLW\7UXVWLQ$SULO

2022 A NNUA L REP ORT 1

2    , 1 7 (5 1 $7 , 2 1 $/02 1(7$5<) 81'
Message from the Managing Director
Dear Reader,
The global economy is facing its biggest test since
World War II.
Over the past year, the ongoing pandemic
has continued to exact an enormous health and
socioeconomic toll, affecting lives and livelihoods
everywhere. In the midst of the nascent recovery,
the world is facing a second, unprecedented shock:
Russia’s invasion of Ukraine. Millions of refugees
KDYHŴHGWKHƓJKWLQJ0LOOLRQVPRUHUHPDLQ
internally displaced.
The economic consequences continue to
reverberate. Soaring food and energy prices and
EURDGHULQŴDWLRQDUHKLWWLQJWKHPRVWYXOQHUDEOH
the hardest—just as high debt and tightening global
ƓQDQFLDOFRQGLWLRQVPDNHLWHYHQPRUHGLIƓFXOWIRU
governments to support them. In addition, there is a
sharply increased risk of the world fragmenting into
geopolitical and economic blocs that could reverse
decades of gains in living standards. And there is no
pause button on the climate crisis while we deal with
these other crises.
The IMF is working to help our members address
these challenges and keep moving forward on an
LQFUHDVLQJO\GLIƓFXOWURDGWRUHFRYHU\
Last year, our membership approved a historic $650
billion allocation of the IMF’s Special Drawing Rights
to strengthen countries’ reserves, helping to provide
much-needed liquidity support to countries worldwide.
Building on this achievement, we began the
SURFHVVRIUHIRUPLQJRXUƓQDQFLQJVXSSRUWVWDUWLQJ
with efforts to boost the size of our concessional
lending for low-income countries. This year, our
members also agreed to launch the Resilience
DQG6XVWDLQDELOLW\7UXVWŋRXUƓUVWIDFLOLW\SURYLGLQJ
ORQJWHUPDIIRUGDEOHƓQDQFLQJŋWRKHOSRXUPRUH
vulnerable members build resilience against climate
shocks and future pandemics.
Since the start of the pandemic, the IMF has
DSSURYHGELOOLRQLQQHZƓQDQFLQJWR
countries. We are now extending that support to
those most heavily affected by the latest set of shocks.
This Annual Report emphasizes the work of the
IMF’s Executive Board, whose guidance and oversight
are essential. It also highlights the real-time advice,
capacity development, and support the Fund has
provided to our members.
Working together is the only way we can
successfully address the challenges we face. Our
member countries can count on us to nurture
collective action for a strong and inclusive economy.
KRISTALINA GEORGIEVA
MANAGING DIRECTOR
SEPTEMBER 2022
2022 A NNUA L REP ORT 3
About the IMF
The International Monetary Fund (IMF) is an
RUJDQL]DWLRQRIFRXQWULHVZRUNLQJWRIRVWHU
JOREDOPRQHWDU\FRRSHUDWLRQVHFXUHƓQDQFLDO
VWDELOLW\IDFLOLWDWHLQWHUQDWLRQDOWUDGHSURPRWHKLJK
7KH,0)ōVƓQDQFLDO\HDULV0D\WKURXJK$SULO.
The analysis and policy considerations expressed
LQWKLVSXEOLFDWLRQDUHWKRVHRIWKH,0)([HFXWLYH
'LUHFWRUV7KH,0)ōVXQLWRIDFFRXQWLVWKHVSHFLDO
HPSOR\PHQWDQGVXVWDLQDEOHHFRQRPLFJURZWKDQG
UHGXFHSRYHUW\DURXQGWKHZRUOG7KH,0)ōVSULPDU\
PLVVLRQLVWRHQVXUHWKHVWDELOLW\RIWKHLQWHUQDWLRQDO
PRQHWDU\V\VWHPWKHV\VWHPRIH[FKDQJHUDWHVDQG
LQWHUQDWLRQDOSD\PHQWVWKDWHQDEOHVFRXQWULHVDQG
GUDZLQJULJKW6'5FRQYHUVLRQVRI,0)ƓQDQFLDO
GDWDWR86GROODUVDUHDSSUR[LPDWHDQGSURYLGHGIRU
FRQYHQLHQFH2Q$SULOWKH6'586GROODU
H[FKDQJHUDWHZDV86 6'5DQGWKH86
GROODU6'5H[FKDQJHUDWHZDV6'5 86
WKHLUFLWL]HQVWRWUDQVDFWZLWKRQHDQRWKHU$OO,0)
PHPEHUFRXQWULHVDUHUHSUHVHQWHGRQLWV([HFXWLYH
%RDUGZKLFKGLVFXVVHVWKHQDWLRQDOUHJLRQDODQG
JOREDOFRQVHTXHQFHVRIHDFKPHPEHUōVHFRQRPLF
SROLFLHVDQGDSSURYHV,0)ƓQDQFLQJWRKHOSPHPEHU
FRXQWULHVDGGUHVVWHPSRUDU\EDODQFHRISD\PHQWV
SUREOHPVDVZHOODVRYHUVHHLQJWKH,0)ōVFDSDFLW\
development efforts. This Annual Report covers the
DFWLYLWLHVRIWKH([HFXWLYH%RDUG,0)PDQDJHPHQW
7KH\HDUHDUOLHUUDWHV$SULOZHUH86 
6'5DQG6'5 86ŏ%LOOLRQŐ
PHDQVDWKRXVDQGPLOOLRQŏWULOOLRQŐPHDQVD
WKRXVDQGELOOLRQPLQRUGLVFUHSDQFLHVEHWZHHQ
FRQVWLWXHQWƓJXUHVDQGWRWDOVDUHGXHWRURXQGLQJ$V
used in this Annual ReportWKHWHUPŏFRXQWU\ŐGRHV
not in all cases refer to a territorial entity that is a
VWDWHDVXQGHUVWRRGE\LQWHUQDWLRQDOODZDQGSUDFWLFH
As used here, the term also covers some territorial
DQGWKH,0)VWDIIGXULQJWKHƓQDQFLDO\HDU)<0D\
WKURXJK$SULOXQOHVVQRWHGRWKHUZLVH
7KHFRQWHQWVUHŴHFWWKHYLHZVDQGSROLF\GLVFXVVLRQV
RIWKH,0)([HFXWLYH%RDUGZKLFKKDVDFWLYHO\
participated in the preparation of this Annual Report.
On April 29, 2022, the SDR/US dollar exchange rate was
US$1 = SDR 0.743880
4    , 1 7 (5 1 $7 , 2 1 $/02 1(7$5<) 81'
HQWLWLHVWKDWDUHQRWVWDWHVEXWIRUZKLFKVWDWLVWLFDO
data are maintained on a separate and independent
EDVLV7KHERXQGDULHVFRORUVGHQRPLQDWLRQVDQG
any other information shown on any maps do not
LPSO\RQWKHSDUWRIWKH,0)DQ\MXGJPHQWRQWKH
OHJDOVWDWXVRIDQ\WHUULWRU\RUDQ\HQGRUVHPHQWRU
DFFHSWDQFHRIVXFKERXQGDULHV
the US dollar/SDR exchange rate was
SDR 1 = US$1.34430
 Acronyms and Abbreviations
$0/&)7 DQWLŊPRQH\ODXQGHULQJFRPEDWLQJWKH
 ƓQDQFLQJRIWHUURULVP
%%$ ELODWHUDOERUURZLQJDJUHHPHQW
CCRT  &DWDVWURSKH&RQWDLQPHQWDQG
Relief Trust
CD capacity development
&0$3 &OLPDWH0DFURHFRQRPLF
 $VVHVVPHQW3URJUDP

The IMF’s three main roles COVID-19

DMF 
GLVHDVHFDXVHGE\WKHFRURQDYLUXV
'HEW0DQDJHPHQW)DFLOLW\
DSSI  'HEW6HUYLFH6XVSHQVLRQ,QLWLDWLYH
(FRQRPLFVXUYHLOODQFH ECF ([WHQGHG&UHGLW)DFLOLW\
3URYLGHPHPEHUFRXQWULHVZLWKDGYLFHRQDGRSWLQJ EFF  ([WHQGHG)XQG)DFLOLW\

SROLFLHVWRDFKLHYHPDFURHFRQRPLFVWDELOLW\ EMDEs HPHUJLQJPDUNHWDQG

 GHYHORSLQJHFRQRPLHV
DFFHOHUDWHHFRQRPLFJURZWKDQGDOOHYLDWHSRYHUW\
FCL )OH[LEOH&UHGLW/LQH
)6$3 )LQDQFLDO6HFWRU$VVHVVPHQW3URJUDP
/HQGLQJ FSSF  )LQDQFLDO6HFWRU6WDELOLW\)XQG
0DNHƓQDQFLQJDYDLODEOHWRPHPEHUFRXQWULHVWRKHOS FY ƓQDQFLDO\HDU

DGGUHVVEDODQFHRISD\PHQWVSUREOHPVLQFOXGLQJ * Group of Twenty

*'3 JURVVGRPHVWLFSURGXFW
IRUHLJQH[FKDQJHVKRUWDJHVWKDWRFFXUZKHQH[WHUQDO
GNI  JURVVQDWLRQDOLQFRPH
SD\PHQWVH[FHHGIRUHLJQH[FKDQJHHDUQLQJV
*5$ General Resources Account
+,3& +HDYLO\,QGHEWHG3RRU&RXQWULHV
&DSDFLW\GHYHORSPHQW ,'$ ,QWHUQDWLRQDO'HYHORSPHQW$VVRFLDWLRQ
'HOLYHUFDSDFLW\GHYHORSPHQWLQFOXGLQJWHFKQLFDO ICD ,QVWLWXWHIRU&DSDFLW\'HYHORSPHQW
DVVLVWDQFHDQGWUDLQLQJZKHQUHTXHVWHGWRKHOS IEO ,QGHSHQGHQW(YDOXDWLRQ2IƓFH

PHPEHUFRXQWULHVVWUHQJWKHQWKHLUHFRQRPLF IMF ,QWHUQDWLRQDO0RQHWDU\)XQG

MNRW 0DQDJLQJ1DWXUDO5HVRXUFH:HDOWK
LQVWLWXWLRQVWRGHVLJQDQGLPSOHPHQWVRXQG
1$% 1HZ$UUDQJHPHQWVWR%RUURZ
economic policies
3)7$& 3DFLƓF)LQDQFLDO7HFKQLFDO
 $VVLVWDQFH&HQWHU
The IMF’s headquarters is in Washington, DC, and its 3,0$ 3XEOLF,QYHVWPHQW0DQDJHPHQW 
Assessment
RIƓFHVDURXQGWKHZRUOGDLPWRSURPRWHLWVJOREDO
3// Precautionary and Liquidity Line
UHDFKDQGPDLQWDLQFORVHWLHVZLWKLWVPHPEHUV
35*7 Poverty Reduction and Growth Trust
)RUPRUHLQIRUPDWLRQRQWKH,0)DQGLWVPHPEHU
356 3RYHUW\5HGXFWLRQ6WUDWHJ\
FRXQWULHVYLVLWZZZLPIRUJ RCF  5DSLG&UHGLW)DFLOLW\
RFI  5DSLG)LQDQFLQJ,QVWUXPHQW
RSF  5HVLOLHQFHDQG6XVWDLQDELOLW\)DFLOLW\
RST 5HVLOLHQFHDQG6XVWDLQDELOLW\7UXVW
6%$ 6WDQG%\$UUDQJHPHQW
SCF  6WDQGE\&UHGLW)DFLOLW\
SDR VSHFLDOGUDZLQJULJKW
SLL 6KRUW7HUP/LTXLGLW\/LQH
UCT upper credit tranche
UN United Nations

2022 A NNUA L REP ORT 5

3DUW2QH 3DUW7ZR 3DUW7KUHH
7 IN FOCUS 26 :+$7:('2 52 :+2:($5(
8 COVID-19 and the War 28 Economic 54 Executive
in Ukraine Surveillance Directors
11 A More Equitable Lending 58 Management
Recovery Team
42 Capacity
16 Debt Dynamics Development 61 Resources
 Climate Change, 68 Accountability
Digitalization, and 72 Corporate Social
Inclusion Responsibility

6    , 1 7 (5 1 $7 , 2 1 $/02 1(7$5<) 81'

 ,0)$5
6 ((025(
21/,1(
IMF.ORG/AR2022

Part One

IN FOCUS

=LPEDEZH
2022 A NNUA L REP ORT 7
IN FOCUS

Figure 1.1

IMF Financial Support

(cumulative, billions of US dollars)

IMF lending has provided countries

much-needed liquidity support.
240

210

180

150

120

90

60

10

0
Apr Jul Nov Jul Nov Mar Apr
2020 2020 2020 2021 2021 2022 2022

Upper credit tranche*

RCF, RFI or RCF, RFI blends

FCL or PLL

Sources: IMF, Finance Department; and IMF, Strategy, Policy and

Review Department.
Note: As of April 30, 2022. FCL = Flexible Credit Line;
PLL = Precautionary and Liquidity Line; RCF = Rapid Credit Facility;
RFI = Rapid Financing Instrument.
* Indicates both new programs and augmentation of existing programs.

8 I N T ER N AT I O N AL MO NETARY F UND Ukraine

IN FOCUS
CRISIS UPON CRISIS
COVID-19
AND THE
WAR IN
UKRAINE
The war in Ukraine has dealt
a major blow to the global
economy.
T
he economic fallout from Russia’s
invasion of Ukraine is another massive
setback to the global economy. The toll
on Ukraine is immense, but the impact
stretches far beyond Ukraine’s borders.
The severity of disruptions in commodity markets
and to supply chains will weigh heavily on macro-
ƓQDQFLDOVWDELOLW\DQGJURZWKDGGLQJWRDQDOUHDG\
complicated policy environment for countries still
recovering from the COVID-19 pandemic.
,QŴDWLRQZKLFKKDGDOUHDG\EHHQULVLQJLQPDQ\
countries as a result of supply–demand imbalances
and policy support during the pandemic, is likely to
remain higher for longer. Financial conditions have
DOVRWLJKWHQHGVLJQLƓFDQWO\SXWWLQJSUHVVXUHRQD
wide range of emerging market and developing
economies—through higher borrowing costs and the
ULVNRIFDSLWDORXWŴRZV
The war in Ukraine may contribute to the
dangerous divergence between advanced and
emerging market and developing economies. More
broadly, it risks fragmenting the global economy
into geopolitical blocs with distinct technology
standards, cross-border payment systems, and reserve
currencies. Such a tectonic shift represents the most
serious challenge to the rules-based system that has
governed international and economic relations for the
last 75 years, jeopardizing the gains made over the
past several decades.
STEPPING UP
,QUHVSRQVHWKH,0)KDVSURYLGHGYLWDOƓQDQFLQJ
real-time advice, capacity development, and support
to its members.
ELOOLRQLQHPHUJHQF\ƓQDQFLQJWR8NUDLQH
was approved in FY 2022, and—at the request of
several IMF member countries—a special account was
established that will provide donors with a secure
YHKLFOHIRUGLUHFWLQJIXUWKHUƓQDQFLDODVVLVWDQFH
to Ukraine. Support for Ukraine’s heavily affected
neighbors and member countries experiencing
IUDJLOLW\RUFRQŴLFWLVDOVRXQGHUZD\
IMF lending and a historic $650 billion allocation
of SDRs helped provide much-needed liquidity to
countries worldwide, many of which have limited
ƓVFDOVSDFHDIWHUWKHSDQGHPLF0RUHWKDQ
billion in loans to 92 countries has been approved
since the onset of the pandemic. To facilitate access
WRHPHUJHQF\ƓQDQFLQJLQFUHDVHVWRWKHFXPXODWLYH
DFFHVVOLPLWVIRUWKH,0)ōVHPHUJHQF\ƓQDQFLQJ
instruments were extended through the end of June
2023 (for details see Table 2.2).
2022 A NNUA L REP ORT 9
IN FOCUS

As of April 2022, only

One hundred twenty-six

Article IV consultations, six
Financial System Stability
Assessments, and nearly 2,900
virtual technical visits were
conducted during FY 2022.
About 60 percent of the IMF’s
technical assistance during the
7%
of people in low-income
developing countries
had been fully vaccinated,
compared with
uneven. As of April 2022, only
7 percent of people in low-
income developing countries
had been fully vaccinated,
compared with 73 percent in
advanced economies. There
are similar gaps in access to
oxygen, treatments, and personal

73%
ƓQDQFLDO\HDUZDVSURYLGHGWR
IUDJLOHDQGFRQŴLFWDIIHFWHG
states, low-income countries,
and small states.
GLOBAL
PARTNERSHIPS in advanced economies.
In June 2021, the IMF joined
forces with the World Bank, World Health Organi-
zation, and World Trade Organization to accelerate
access to COVID-19 vaccines, therapeutics, and diag-
nostics. Led by the heads of the institutions, a task
force was created to mobilize support and funding
for a $50 billion proposal by the IMF staff to end the
COVID pandemic. A global target was set to vaccinate
at least 40 percent of the population in all countries by
the end of 2021 and 70 percent by mid-2022.
To meet the target, the task force called on Group
of Twenty (G20) countries to share more vaccine
doses with low- and middle-income countries;
SURYLGHƓQDQFLQJLQFOXGLQJJUDQWVDQGFRQFHVVLRQDO
ƓQDQFLQJDQGUHPRYHDOOEDUULHUVWRH[SRUWVRILQSXWV
IRUƓQLVKHGYDFFLQHVGLDJQRVWLFVDQGWKHUDSHXWLFV
A global database (www.Covid19GlobalTracker.
org) and country-by-country data dashboards were
set up to track and monitor progress toward targets
and improve transparency. Access to essential tools
IRUƓJKWLQJ&29,'QHYHUWKHOHVVUHPDLQVYHU\
protective equipment.
Equipping developing
HFRQRPLHVWRƓJKWWKHSDQGHPLF
and prepare for future health care
needs is in everyone’s interest:
no one is safe until everyone is
safe. An updated plan shows that
a modest $15 billion in grants in
2022 and $10 billion annually thereafter could greatly
strengthen global health systems.
More recently, the IMF, World Bank, UN World Food
Program, and World Trade Organization have called
for urgent, coordinated action on food security and
have appealed to countries to avoid restricting food
or fertilizer exports.
In collaboration with partners, the IMF continues to
champion global cooperation and multilateralism.
GOVERNANCE REFORM
Progress toward governance reform and a timely and
successful conclusion of the 16th General Review of
Quotas are crucial for ensuring a strong, quota-based,
and adequately resourced IMF. The review is expected
to build on the 2010 agreement, including efforts to
protect quotas and voting shares of the IMF’s poorest
members. The current formula for determining
quotas, which was approved in 2008 and has been
used as a guide, will also be reviewed.

10 I N T ER N AT I O N A L MO NETARY FUND
 CRISIS UPON CRISIS

A MORE
EQUITABLE
RECOVERY
Low-income countries have less
scope to respond. The IMF is
stepping up to help countries
most in need.

O
n August 2, 2021, the IMF’s Board
of Governors approved a general
allocation of SDRs equivalent to
$650 billion—the largest in IMF
history. The newly created SDRs
were distributed to all 190 members in proportion
to their IMF quota shares, providing a substantial
liquidity boost to countries. About $275 billion went
to emerging market and developing economies, and
low-income countries received about $21 billion.
This allocation helped boost reserves and improve
JOREDOPDUNHWFRQƓGHQFHVXSSRUWHGPDUNHWDFFHVV
for emerging market and developing economies,
and freed up resources for much-needed health and
recovery efforts. Low-income countries are using up
to 40 percent of their SDRs on essential spending.
Between when the SDR allocation was made
effective and the end of April 2022, members
converted about SDR 14.1 billion (equivalent to $19
billion) into freely usable currency through voluntary
Panama

2022 A NNUA L REPORT 11

IN FOCUS

Figure 1.2

Largest SDR Allocation

in IMF History
New SDR allocation of $650 billion,
of which about $275 billion went to
emerging market and developing
economies.
456.5

Billions of SDRs
161.2

12.1 21.5
9.3

• 1970 –72 •1979– 81 • 2009 • 2009 • 2021

• General allocations • Special allocation

Sources: IMF, Finance Department; and IMF, Strategy, Policy and

Review Department.

12 I N T ER N AT I O N AL MO NETARY FUND Kenya

IN FOCUS
CRISIS UPON CRISIS

Members have converted

SDR
14.1
trading arrangements. Of this SUPPORT FOR
ƓJXUH6'5VDOHVE\ORZLQFRPH VULNERABLE
countries accounted for about COUNTRIES
$4.5 billion. The overlapping global
Options are also available for crises of war, pandemic, and
countries with strong external
positions to voluntarily channel
their SDR allocation to poorer
billion LQŴDWLRQDUHKLWWLQJWKHSRRUHVW
countries hardest. Low-
income developing countries
and more vulnerable countries, (around $19 billion) H[SHULHQFHGVLJQLƓFDQWGHFOLQHV
through either the IMF’s trust into freely usable currency in per capita income during the
for concessional lending to pandemic. Now they are facing
through voluntary trading
low-income countries, the a sudden surge in energy,
Poverty Reduction and Growth
arrangements. fertilizer, and food prices
Trust (PRGT), or the newly exacerbated by the war in
established Resilience and Sustainability Trust (RST; Ukraine. This is contributing to an increase in poverty
see Table 2.4). and inequality, widening the divergence between
The RST will complement the IMF’s existing advanced and emerging market and developing
lending toolkit by providing affordable longer- economies. While aggregate output for advanced
WHUPƓQDQFLQJXQGHUD5HVLOLHQFHDQG6XVWDLQDELOLW\ economies is expected to return to its pre-pandemic
Facility (RSF) arrangement to support countries as trend by 2025, employment and economic activity
WKH\WDFNOHVWUXFWXUDOFKDOOHQJHVWKDWSRVHVLJQLƓFDQW in emerging markets and low-income developing
macroeconomic risks. These will initially include countries are unlikely to recover in the medium term.
climate change and pandemic preparedness. This suggests some permanent scarring.
Compared with the General Resources To better support low-income countries, reforms
Account (GRA) and the PRGT, the RST will provide to the IMF’s concessional lending facilities were
VLJQLƓFDQWO\ORQJHUƓQDQFLQJWHUPVŋZLWKD introduced in July 2021. Limits on annual access
year grace period and 20-year maturity—and a WRFRQFHVVLRQDOƓQDQFLQJLQFUHDVHGE\SHUFHQW
tiered interest rate structure providing the most fully aligning them with those in the GRA, and
concessionality to the poorest countries. About hard caps on cumulative limits were eliminated
three-quarters of the IMF’s membership (143 altogether for the poorest countries, provided they
FRXQWULHVDUHHOLJLEOHIRU567ƓQDQFLQJ7KLV meet the requirements for obtaining above-normal
includes all low-income countries eligible to DFFHVV&XPXODWLYHOLPLWVIRUHPHUJHQF\ƓQDQFLQJ
UHFHLYH35*7ƓQDQFLQJYXOQHUDEOHVPDOOVWDWHVDQG instruments were also raised in December 2021.
lower-middle-income countries. 7KHVHUHIRUPVZLOOPDNHPRUHFRQFHVVLRQDOƓQDQFLQJ

2022 A NNUA L REPORT 13

IN FOCUS

Figure 1.3
Persistent Scarring
(percent deviation from January 2020 World Economic Outlook forecasted level)

Employment and economic activity in emerging markets and low-income developing countries is unlikely
to recover in the medium term.
Advanced (Jan 2022) Advanced (Apr 2022) Emerging (Jan 2022) Emerging (Apr 2022)
LIDCs (Jan 2022) LIDCs (Apr 2022)

-1

-2

-3

-4

-5

-6

-7
2019 2020 2021 2022 2023 2024 2025 2026

Sources: IMF, World Economic Outlook; and IMF staff calculations.

LIDCs = Low-Income Developing Countries.

available to countries with strong policies and large
balance of payments needs.
The IMF’s Executive Board also approved an
associated two-stage fundraising strategy to support
the PRGT’s long-term sustainability, involving new
contributions for subsidy and loan resources,
facilitated by the channeling of SDRs. These reforms
to the PRGT will ensure that the IMF has the capacity
WRUHVSRQGŴH[LEO\WRORZLQFRPHFRXQWULHVōQHHGV
over the medium term while continuing to provide
concessional loans at zero interest rates.
Lending is expected to be provided through
multiyear lending arrangements—a shift from 2020,
when countries largely tapped the IMF’s emergency
ƓQDQFLQJIDFLOLWLHV
$QHZIUDPHZRUNWRVXSSRUWIUDJLOHDQGFRQŴLFW
affected states has been put in place, following
approval in March 2022. The impact of the
COVID-19 crisis and of the spillovers from the war in
8NUDLQHKDYHSXWWKHVHFRXQWULHVDWVLJQLƓFDQWULVN
of falling even further behind the rest of the world,
given their long-term structural challenges, such as
weak institutional capacity, governance challenges,
limited resources, and struggles with environmental
GHJUDGDWLRQRUDFWLYHFRQŴLFW$ERXWRQHƓIWKRI
,0)PHPEHUVDUHFODVVLƓHGDVIUDJLOHDQGFRQŴLFW
affected states.
The new framework includes rolling out country
HQJDJHPHQWVWUDWHJLHVDFURVVIUDJLOHDQGFRQŴLFW
affected states to better tailor IMF engagement,
inform program design and conditionality, and
support a stronger dialogue with country authorities
DQGSDUWQHUVDQH[SDQGHG,0)ƓHOGSUHVHQFHWR
further support capacity development; and enhanced
SDUWQHUVKLSVZLWKRWKHULQWHUQDWLRQDOƓQDQFLDO
institutions and donors, including the World Bank.

14 I N T ER N AT I O N A L MO NETARY FUND
 CRISIS UPON CRISIS

SDR TRACKER
SEE MORE
ONLINE

How the SDR Allocation Has Helped

Member Countries
The IMF has published a tracker on member coun-
tries’ use of special drawing right (SDR) allocations,
drawing from staff reports published after the imple-
mentation of the general allocation. The tracker’s goal
is to promote transparency and accountability about
how countries are putting these resources to use.
Some countries have used or plan to use their
allocations to support health and vaccine-related
VSHQGLQJWRƓQDQFHWKHLURYHUDOOEXGJHWGHƓFLWV
or to retire expensive debt.
Here are some examples of how countries are
putting their allocations to use:

Ecuador: The allocation
went directly to the 2021
government budget
and was used to cover
ƓQDQFLQJVKRUWIDOOV$QHZ
budget code is being used
to monitor how the SDR
proceeds are spent.
Guinea-Bissau: The
allocation helped close the
FRXQWU\ōVH[WHUQDOƓQDQFLQJ
gap and was used to
service external non-
concessional debt.
Moldova: Given the
FRXQWU\ōVODUJHƓQDQFLQJ
needs, the authorities
used the allocation for
EXGJHWDU\ƓQDQFLQJ
Special legislation was
drafted and approved
by Parliament to ensure
consistency with the
government’s legal
framework.
Senegal: The authorities
spent about half of the
SDR allocation on the
health sector, domestic
vaccine production, and
cash transfers and to
pay down unmet debt
obligations. The other half
is expected to be used to
FRYHUƓQDQFLQJQHHGVDQG
ƓQDQFLDOWUDQVDFWLRQV

2022 A NNUA L REPORT 15

IN FOCUS

Public debt now

represents close to

40% of the global total—

the most in almost
six decades.

16 I N T ER N AT I O N A L MO NETARY FUND Uganda

IN FOCUS
CRISIS UPON CRISIS

DEBT DYNAMICS
Debt vulnerabilities are rising, with potential costs and risks to debtors,
creditors, and, more broadly, global stability and prosperity.

T
he war in Ukraine is adding to the strain UHFHVVLRQVLQFOXGLQJWKHJOREDOƓQDQFLDOFULVLV
RQSXEOLFƓQDQFHVHYHQDVFRXQWULHV According to the IMF’s Global Debt Database
are still reeling from the pandemic. (Figure 1.4), overall borrowing jumped by 28
Extraordinary policy support during percentage points to 256 percent of GDP in 2020.
WKHSDQGHPLFVWDELOL]HGƓQDQFLDO Government borrowing accounted for about half of
markets and gradually eased liquidity and credit WKLVLQFUHDVHZLWKWKHUHPDLQGHUIURPQRQƓQDQFLDO
conditions around the world, contributing to corporations and households. Public debt now
WKHUHFRYHU\%XWGHƓFLWVLQFUHDVHGDQGGHEW represents close to 40 percent of the global total—
accumulated much faster than during previous the most in almost six decades.

Figure 1.4
Record Debt 1RQƓQDQFLDOFRUSRUDWLRQV Household debt Public debt
(percent of GDP)
Global debt is rising rapidly. Debt restructurings are likely to become more frequent.

350 Advanced economies 350 Emerging market 350 Low-income developing

+ 33pp middle-income economies countries
300 300
excluding China 300
+ 6pp
+ 17pp
+ 11pp

250 250 250

200 200 200

+ 16pp
150 150 + 22pp 150

+ 8pp
+ 2pp + 8pp
100 100 100 + 24pp

+ 5pp
+ 0.4pp

50 50 50

0 0 0
2007 2008 2009 2019 2020 2007 2008 2009 2019 2020 2007 2008 2009 2019 2020
GFC COVID GFC COVID GFC COVID

Sources: IMF, Global Debt Database; IMF, World Economic Outlook; and IMF staff calculations.
1RWH3XEOLFGHEWUHIHUVWRWKHODUJHVWFDWHJRU\RIGHEWDYDLODEOHQRQƓQDQFLDOSXEOLFVHFWRUJHQHUDOJRYHUQPHQWDQGFHQWUDOJRYHUQPHQWLQGHFUHDVLQJ
order). Private debt includes only loans and securities. All income and regional groups follow the World Economic Outlook’s methodology. Total debt (as
a percentage of GDP) is close but not exactly equal to the sum of the components of public and private debt. This is because of the difference in country
coverage for the corresponding variables, which causes the corresponding country weights to differ. Here, household debt is used as the residual. Total debt
for the world in 2020 is estimated at 256 percent; advanced economies at 300 percent; the United States at 298 percent and advanced economies excluding
the United States at 301 percent; emerging market economies excluding China at 137 percent and low-income developing countries at 87 percent of GDP.
GFC = Global Financial Crisis; pp = percentage points.
2022 A NNUA L REPORT 17
IN FOCUS
The IMF provided debt
relief totaling
SDR
690
Governments are now strug-
gling with rising import prices and
debt bills in a highly uncertain
HQYLURQPHQWRIHOHYDWHGLQŴDWLRQ
and a slowdown in growth. As
monetary policy tightens to curb
LQŴDWLRQVRYHUHLJQERUURZLQJ
costs will rise, narrowing the
million
scope for government spending (around $927 million)
and increasing debt vulnera- to its poorest members.
bilities, especially in emerging
market and developing economies. To complicate
matters, the extent of liabilities and their terms are
not fully known in many cases.
To address the problem of unsustainable debt,
the G20 and the Paris Club reached an agreement
in November 2020 on a Common Framework for
Debt Treatments beyond the earlier Debt Service
Suspension Initiative (DSSI), which aims to deal with
insolvency and protracted liquidity problems in
eligible countries by providing debt relief consistent
with the debtor’s spending needs and capacity to pay.
The Common Framework is off to a slow start: not
a single country has achieved restructuring to date.
The nature of the delays is varied and traces both to
creditors and debtors, but urgent action is needed by
all relevant stakeholders to ensure that the framework
delivers. This includes clarifying steps and timelines
on the framework process, early engagement with
all stakeholders, more clarity on how comparability
of treatment of private sector creditors will be
implemented, and expansion of the framework to
other non-DSSI-eligible heavily indebted countries.
18 I N T ER N AT I O N A L MO NETARY FUND
A standstill on debt service
payments during negotiation under
the framework would provide relief
to debtors under stress and provide
incentives for faster agreement.
Jointly with the World Bank, the
IMF will continue to support
implementation of the framework.
More broadly, governments
must adopt medium-term policy
frameworks that balance short-
WHUPQHHGVDQGLQYHVWPHQWVZLWKPHGLXPWHUPƓVFDO
sustainability. Reforms to improve debt transparency
and strengthen debt management policies and
frameworks are essential to reduce risks. To support
low-income countries and emerging market and
developing economies in this effort, the IMF and World
Bank have, since 2018, been addressing rising debt
vulnerabilities through a multipronged approach.
Work launched under the multipronged umbrella to
enhance debt transparency continues, including by
strengthening debt management capacity, applying
accurate debt analysis tools, and improving policies.
The IMF continues to work with partners to strengthen
the debt resolution architecture.
For low-income countries, reforms to the IMF’s
debt limits policy, which went into effect in June 2021,
JLYHWKRVHFRXQWULHVPRUHŴH[LELOLW\WRPDQDJHWKHLU
debt while incorporating safeguards to preserve or
restore debt sustainability. The debt limits policy is an
important tool for addressing debt vulnerabilities and
a useful reference framework for lending decisions
by other creditors.
 CRISIS UPON CRISIS

DEBT RELIEF LWLQFUHDVLQJO\GLIƓFXOWIRUORZLQFRPHFRXQWULHVWR

'HEWUHOLHIE\RIƓFLDOFUHGLWRUVZDVPDGHDYDLODEOH
through the G20 DSSI, which the IMF, together with the
World Bank, helped support. The initiative took effect in
May 2020 and delivered $12.9 billion in debt relief to 48
countries before it expired in December 2021.
In parallel, the IMF provided debt service relief on its
own lending under its Catastrophe Containment and
Relief Trust (CCRT) to its poorest members. The IMF
([HFXWLYH%RDUGDSSURYHGWKHƓIWKDQGƓQDOWUDQFKH
of this relief in December 2021, and the relief effort
expired in April 2022, bringing total debt relief close
to SDR 690 million (about $927 million; see Table
2.3). Eighteen IMF members and the European Union
KHOSHGƓQDQFHWKLVVXSSRUWZLWKJUDQWSOHGJHVRI
about SDR 609 million ($819 million).
With the end of debt relief, and interest rates set
WRLQFUHDVHERUURZLQJFRVWVFRXOGULVHVLJQLƓFDQWO\
placing pressure on national budgets and making
service their debt. About 60 percent of low-income
developing countries are already at high risk of or
in debt distress. The economic shocks from the war
in Ukraine only add to their challenges. Continued
support from the international community will be
critical for these countries.
Sudan, meanwhile, has taken the necessary steps to
begin receiving debt relief under the enhanced Heavily
Indebted Poor Countries (HIPC) Initiative. It is the 38th
country to reach this milestone, known as the HIPC
decision point. Once it reaches the HIPC completion
point, Sudan’s external public debt will be reduced
by more than $50 billion in net present value terms,
representing more than 90 percent of its total external
debt. The normalization of Sudan’s relations with the
international community has enabled it to obtain access
WRDGGLWLRQDOƓQDQFLDOUHVRXUFHVVHWWLQJWKHFRXQWU\RQ
a path to achieve more inclusive growth.

Figure 1.5
Rising Debt Risks in Low-Income Countries Low Moderate High In debt distress

(percent of DSSI countries with LIC DSAs)

The proportion of countries in debt distress, or at high risk of debt distress, has doubled to 60 percent from 2015 levels.

12 5 6 2 0 2 3 3 9 11 12 10 12 13
100
25 21 23
26 24 29
25
35 38 42
23 37 45 43
80
46
45
38 50
36 35 47
60
37

39
35 31
33
40 33 33

33 33 35 33
28 30
20 24
21 19
17 17 15
10 10
0

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: LIC DSA database.

Note: As of March 31, 2022. DSSI = Debt service suspension initiative; LIC = Low-income countries; DSAs = Debt sustainability analyses.

2022 A NNUA L REPORT 19

 Figure 1.6
Frequency of Natural Disasters
Climate change has caused a surge in natural disasters.

Drought Extreme temperature Flood Landslide Storm :LOGƓUH

500

400
Number of natural disasters

300

200

100

0
1998
1980

1983

1986

1989

1992

1995

2001

2004

2007

2010

2013

2016

2019
Source: EM-DAT, CRED / UCLouvain, Brussels, Belgium.

20 I N T ER N AT I O N A L MO NETARY FUND
 IN FOCUS
CRISIS UPON CRISIS

CLIMATE CHANGE,
DIGITALIZATION,
AND INCLUSION
Major structural transformations are underway.
Policymakers should seize the opportunities.

E
ven as countries battle crises on multiple fronts, it is crucial
not to overlook the longer-term challenge of improving their
resilience to shocks and achieving sustainable and inclusive
growth. If these long-term challenges are not addressed
LQDWLPHO\PDQQHUWKHUHFDQEHVLJQLƓFDQWHFRQRPLF
consequences, with the potential for future balance of payments problems.

TACKLING CLIMATE CHANGE

Climate change imposes large economic and social costs, in part by
contributing to a higher frequency and intensity of natural disasters,
DIIHFWLQJPDFURHFRQRPLFDQGƓQDQFLDOVWDELOLW\)RUWKH,0)WROLYHXSWRLWV
mandate, it needs to assist its members in managing these challenges by
rapidly scaling up and more systematically covering climate-related issues
through its lending as well as its analytical, surveillance, and capacity
development work.
The Executive Board approved a strategy to help members address
climate-change-related policy challenges in July 2021. As part of the IMF’s
surveillance, mitigation and adaptation policies and strategies for managing
the transition to a low-carbon economy—especially for countries heavily
dependent on fossil fuel production—are now regularly covered during
Article IV consultations. In the past year, climate issues featured in about
30 country assessments, including those for Barbados, Canada, China, Fiji,

Chile 2022 A NNUA L REPORT 21

IN FOCUS

In FY 2022, climate
featured in assessments
of about 30 countries,
including Barbados,
Germany, Malawi, Mexico, the FOLPDWHLQWRSXEOLFƓQDQFLDO
United Kingdom, and the Canada, China, Fiji, management practices.
United States.
Germany, Malawi, To improve data and
In an effort to integrate disclosure to more effectively
in-depth climate-related risk Mexico, the United price and manage climate
assessments into the Fund’s
Kingdom, and the risks, in 2021 the IMF launched
work, the IMF’s Financial Sector the Climate Change Indicators
Assessment Program (FSAP) United States. Dashboard, which has since
now incorporates climate been further updated. The
risk analysis, including stress testing where relevant. dashboard builds on collaboration with other
Climate risk analysis has been completed in regard international organizations and includes a range of
to Colombia, Norway, the Philippines, South Africa, distinctive indicators that demonstrate the impact
and the United Kingdom. Assessment of supervisory of economic activity on climate change, making it a
frameworks will also start evaluating climate risks. one-stop shop for relevant climate-change-related
Work is also underway to scale up climate- macroeconomic data. These indicators have been
related capacity development. For example, to JURXSHGLQWRƓYHFDWHJRULHV(FRQRPLF$FWLYLW\
help governments improve the effectiveness of Cross-Border, Financial and Risk, Government Policy,
public investment in low-carbon and climate- and Climate Change Data.
resilient infrastructure, a new climate module IMF staff members also cohost the Secretariat of
has been added to the current Public Investment the Coalition of Finance Ministers for Climate Action,
Management Assessment (PIMA) framework. The as well as the Financial Stability Board’s working
“Climate-PIMA” has been tested in more than 15 group on climate risks, data, and vulnerabilities. The
countries. A new IMF climate diagnostic tool, the institution collaborates with international organizations
Climate Macroeconomic Assessment Program, has such as the Bank for International Settlements;
been developed and piloted in two countries. The Network for Greening the Financial System, where IMF
WRROLVLQWHQGHGWRDVVHVVWKHPDFURƓVFDOULVNVRI staff members cochair the “bridging the data gaps”
climate shocks and stresses, the preparedness of workstream; Organisation for Economic Co-operation
climate-vulnerable countries, and the implications and Development; United Nations; and World Bank.
of mitigation and adaptation policies. A “green
SXEOLFƓQDQFLDOPDQDJHPHQWŐIUDPHZRUNZDV DIGITALIZATION
released in August 2021 and showcased in several Digital forms of money are diverse and evolving rapidly.
regional trainings, helping governments integrate The opportunities are immense, but the challenges to

22 I N T ER N AT I O N A L MO NETARY FUND
 CRISIS UPON CRISIS
India
policymakers are also stark, complex, and widespread.
The most far-reaching implications are to the stability of
the international monetary system. Digital money must
be designed and regulated so that member countries
UHDSWKHSRWHQWLDOEHQHƓWVLQFOXGLQJJUHDWHUƓQDQFLDO
LQFOXVLRQDQGPRUHHIƓFLHQWSD\PHQWVDFURVVERUGHUV
Achieving these goals requires managing risks related to
FDSLWDOŴRZYRODWLOLW\DQGORVVRIFRQWURORYHUPRQHWDU\
policy. International cooperation will be key to mitigating
cross-border spillovers.
The IMF has a mandate to help ensure that
widespread adoption of new forms of digital money
IRVWHUVGRPHVWLFHFRQRPLFDQGƓQDQFLDOVWDELOLW\
as well as the stability of the international monetary
system, and is engaging regularly with authorities
WRHYDOXDWHFRXQWU\VSHFLƓFSROLFLHVLGHQWLI\
policy options and trade-offs, and provide capacity
development.
To do so, the IMF is deepening its expertise and
collaborating closely with the Bank for International
2022 A NNUA L REPORT 23
IN FOCUS

The Fund continues

to deliver hands-on
Settlements, Financial Stability
capacity development, RISXEOLFƓQDQFLDOPDQDJHPHQW
Board, World Bank, and other particularly on gender systems and processes,
international working groups including budget preparation
and standard-setting bodies.
budgeting, and and execution, cash and debt
As part of the IMF’s has started a new management, e-procurement,
surveillance, the broad
collaboration with the
ƓQDQFLDOUHSRUWLQJDQGDXGLWV
domestic effects of digital and administration of social
money adoption are Gates Foundation to programs. In many countries,
also being covered in digitalization is also enabling
an increasing number of
strengthen analysis improvements in governance
countries. For example, the and advice on gender DQGƓVFDOWUDQVSDUHQF\
recent Article IV consultation allowing citizens and other
on The Bahamas included an
policies and institutions. stakeholders to have easy access
analysis of the introduction to information on government
of the “Sand Dollar” (the digital version of the revenues and spending and reducing opportunities
Bahamian dollar). Analysis of risks related to digital for corruption.
ƓQDQFLDOVHUYLFHVZLOODOVREHLQFOXGHGLQ)6$3
reports, as was done recently for Korea, Singapore, INCLUSIVE GROWTH AND GENDER
and Switzerland. Assessment tools are being Inequalities within and across countries widened
upgraded to incorporate new sources of risks, as during the pandemic. Spillovers from the war in
well as guidance and recommendations issued by Ukraine, including the threat of fragmentation, are
international standard-setting bodies. likely to amplify these inequalities, potentially rolling
Digitalization and mobile money are also rapidly back years of progress.
WUDQVIRUPLQJƓVFDORSHUDWLRQVDQGSROLFLHVWKURXJK The pandemic has also deepened long-standing
GovTech, an area of increasing IMF support to gender gaps, which has macro-critical implications.
members. During the pandemic, governments IMF research has consistently underscored the
accelerated digital delivery of key government EHQHƓWVRIDGGUHVVLQJH[WUHPHLQHTXDOLW\LQFOXGLQJ
services. Revenue administrations are increasingly JUHDWHUSURGXFWLYLW\DQGƓQDQFLDOVWDELOLW\
XVLQJHWD[ƓOLQJDQGHSD\PHQWV\VWHPVDQG 7KH,0)ƓQDOL]HGDVWUDWHJ\LQ-XO\WREHWWHU
digital technologies to improve compliance integrate work on gender in its analysis and advice.
management, helping to reduce tax evasion and The Fund continues to deliver hands-on capacity
boost revenue mobilization. Digital technologies development, particularly on gender budgeting,
DUHDOVRLPSURYLQJWKHHIƓFLHQF\DQGHIIHFWLYHQHVV and has started a new collaboration with the Gates

24 I N T ER N AT I O N A L MO NETARY FUND
 CRISIS UPON CRISIS
Côte d’Ivoire
Foundation to strengthen analysis and advice on
gender policies and institutions. As part of the
Platform for Collaboration on Tax—a joint initiative
with the Organisation for Economic Co-operation
and Development, United Nations, and World Bank—
the IMF is also considering the role of taxation in
achieving gender equality.
In addition to the analytical work underway on
income and wealth inequality, the IMF continues
to implement its strategy for engagement on
social spending. The IMF’s COVID-19 Crisis
Capacity Development Initiative is helping low-
income countries and emerging market and
developing economies address inequalities,
including by improving tax policies and leveraging
digitalization to create safety nets and accelerate
cash transfers.
A study is also underway on epidemics, gender,
and human capital, drawing lessons from previous
health crises. The analysis will quantify the impact
of health crises on school completion rates in low-
income countries, particularly for girls.
2022 A NNUA L REPORT 25
 Part Two

WHAT WE DO

Qatar

26 I N T ER N AT I O N A L MO NETARY FUND
WHAT WE DO
The IMF works to achieve sustainable growth and prosperity for all of its 190
member countries through:
ECONOMIC
SURVEILLANCE
126
country health
checks
The IMF monitors the
international monetary system
as well as the economic
DQGƓQDQFLDOSROLFLHVRILWV
PHPEHUFRXQWULHV$VSDUW
RIWKLVPRQLWRULQJNQRZQDV
VXUYHLOODQFHZKLFKWDNHVSODFH
ERWKDWWKHJOREDOOHYHODQGLQ
LQGLYLGXDOFRXQWULHVWKH,0)
KLJKOLJKWVSRVVLEOHULVNVWR
VWDELOLW\DQGDGYLVHVRQSROLF\
adjustments to address these
risks. Country surveillance
FXOPLQDWHVLQUHJXODUXVXDOO\
annual) consultations
with individual member
FRXQWULHVNQRZQDV$UWLFOH,9
consultations. For members with
V\VWHPLFDOO\LPSRUWDQWƓQDQFLDO
VHFWRUVWKH,0)DOVRFRQGXFWV
UHJXODULQGHSWKDQDO\VLVRI
WKHFRXQWULHVōƓQDQFLDOVHFWRUV
under the FSAP.
IMF AR 2022
SEE MORE
ONLINE
IMF.ORG/AR2022
CRISIS UPON CRISIS
LENDING
$113
billion to
23 countries
LQFOXGLQJ
$9 billion to
ORZLQFRPH
FRXQWULHVIRU
DWRWDORI$219
billion to 92
countries since
WKHVWDUWRIWKH
SDQGHPLF
7KH,0)SURYLGHVƓQDQFLQJWR
PHPEHUFRXQWULHVH[SHULHQFLQJ
DFWXDOSRWHQWLDORUSURVSHFWLYH
EDODQFHRISD\PHQWVSUREOHPV
WRKHOSWKHPUHEXLOGWKHLU
international reserves and
UHVWRUHFRQGLWLRQVIRUVWURQJ
HFRQRPLFJURZWKZKLOH
FRUUHFWLQJXQGHUO\LQJSUREOHPV
7KH,0)DOVRSURYLGHVIDVW
GLVEXUVLQJHPHUJHQF\ƓQDQFLQJ
with limited conditionality—and
JUHDWO\H[SDQGHGVXFKƓQDQFLQJ
IROORZLQJWKHRQVHWRIWKH
&29,'SDQGHPLF
CAPACITY
DEVELOPMENT
$242
PLOOLRQIRUKDQGV
on technical
DGYLFHSROLF\
RULHQWHGWUDLQLQJ
DQGSHHUOHDUQLQJ
The IMF works with countries
WRVWUHQJWKHQWKHLUHFRQRPLF
LQVWLWXWLRQVE\SURYLGLQJ
WHFKQLFDODVVLVWDQFHDQGWUDLQLQJ
on critical economic issues.
7KLVZRUNKHOSVFRXQWULHV
VWUHQJWKHQWKHLUHFRQRPLHV
and create more jobs. The
,0)VKDUHVLWVNQRZOHGJHZLWK
JRYHUQPHQWLQVWLWXWLRQVVXFKDV
ƓQDQFHPLQLVWULHVFHQWUDOEDQNV
VWDWLVWLFDODJHQFLHVƓQDQFLDO
VXSHUYLVRU\DJHQFLHVDQG
UHYHQXHDGPLQLVWUDWLRQVWKURXJK
KDQGVRQDGYLFHWUDLQLQJ
DQGSHHUWRSHHUOHDUQLQJ
,0)FDSDFLW\GHYHORSPHQW
LVGHOLYHUHGLQSHUVRQDQG
UHPRWHO\E\ORQJWHUPLQ
country resident advisors or by
DGYLVRUVDWUHJLRQDOFDSDFLW\
GHYHORSPHQWFHQWHUVGXULQJ
VKRUWWHUPYLVLWVE\,0)VWDII
PHPEHUVDQGH[SHUWVDQG
WKURXJKFODVVURRPWUDLQLQJDQG
IUHHRQOLQHFRXUVHV
2022 A NNUA L REPORT 27
WHAT WE DO

IMF AR 2022
SEE MORE
ONLINE
IMF.ORG/AR2022

ECONOMIC
SURVEILLANCE
7KURXJKŏVXUYHLOODQFHŐWKH,0)PRQLWRUVWKHLQWHUQD
WLRQDOPRQHWDU\V\VWHPDQGJOREDOHFRQRPLFGHYHO
RSPHQWVDQGHQJDJHVLQDQQXDOKHDOWKFKHFNVRIWKH
HFRQRPLFDQGƓQDQFLDOSROLFLHVRILWVPHPEHU
FRXQWULHV,QDGGLWLRQWKH,0)KLJKOLJKWVSRVVLEOH
stability risks to its member countries and advises their
JRYHUQPHQWVRQSRWHQWLDOSROLF\DGMXVWPHQWVHQDEOLQJ
WKHLQWHUQDWLRQDOPRQHWDU\V\VWHPWRDFKLHYHLWVJRDORI
IDFLOLWDWLQJWKHH[FKDQJHRIJRRGVVHUYLFHVDQGFDSLWDO
DPRQJFRXQWULHVWKHUHE\VXVWDLQLQJVRXQGHFRQRPLF
JURZWK7KH,0)JLYHVFRXQWU\VSHFLƓFDGYLFHWKURXJK
ŏELODWHUDOVXUYHLOODQFHŐDQGSURYLGHVDQDO\VLVRIWKH
LQWHUQDWLRQDOPRQHWDU\V\VWHPDQGJOREDODQGUHJLRQDO
HFRQRPLFGHYHORSPHQWVWKURXJKŏPXOWLODWHUDOVXUYHLO
ODQFHŐ,QSUDFWLFHWKHVHWZRDVSHFWVRIVXUYHLOODQFH
LQIRUPHDFKRWKHUHQVXULQJDPRUHFRPSUHKHQVLYH
FRQVLVWHQWDQDO\VLVRIŏVSLOORYHUVŐKRZRQHFRXQWU\ōV
SROLFLHVDIIHFWRWKHUFRXQWULHV
,QWKLVHUDRIXQSUHFHGHQWHGHFRQRPLFXQFHUWDLQW\
timely and tailored surveillance remains vital to share
OHVVRQVDQGSURYLGHPHPEHUVZLWKZHOOFDOLEUDWHG
SROLF\DGYLFH
Kyrgyz Republic

28 I N T ER N AT I O N A L MO NETARY FUND
 CRISIS UPON CRISIS
BILATERAL SURVEILLANCE
$UWLFOH,9FRQVXOWDWLRQVFRQVLVWRIDWZRZD\SROLF\
GLDORJXHEHWZHHQWKH,0)DQGFRXQWU\DXWKRULWLHV
DQGFRYHUDUDQJHRILPSRUWDQWLVVXHVƓVFDOƓQDQ
FLDOIRUHLJQH[FKDQJHPRQHWDU\DQGVWUXFWXUDO,Q
)<WKH,0)FRQGXFWHG$UWLFOH,9FRQVXOWD
WLRQVDQGƓQDQFLDOV\VWHPVWDELOLW\DVVHVVPHQWV
under the FSAP.
)ROORZLQJWKHUHFHQW&RPSUHKHQVLYH6XUYHLOODQFH
5HYLHZDQGWKHUHYLHZRIWKH)6$3WKH,0)LV
FRQWLQXLQJWRUHƓQHLWVELODWHUDOVXUYHLOODQFHDFWLYLWLHV
LQFOXGLQJE\VWUHQJWKHQLQJV\VWHPLFULVNDQDO\VLV
EHWWHUDQFKRULQJPDFURSUXGHQWLDOSROLF\DGYLFH
LPSURYLQJWKH)XQGōVIRUHFDVWLQJDQGPRQLWRULQJ
IUDPHZRUNVDQGIXUWKHULQJWKHZRUNRQGDWD
SURYLVLRQDQGVWDQGDUGV*XLGDQFHRQPHGLXPWHUP
ƓVFDOIUDPHZRUNVLVDOVREHLQJVWUHQJWKHQHG
MULTILATERAL SURVEILLANCE
$VSDUWRILWVPXOWLODWHUDOVXUYHLOODQFHWKH,0)LVVXHV
ELDQQXDOUHSRUWVDQGXSGDWHVRQWKHODWHVWJORE
DOHFRQRPLFGHYHORSPHQWVWKHWorld Economic
OutlookWKHGlobal Financial Stability ReportDQG
the Fiscal Monitor,QGHSWKDQDO\VHVRIVHOHFWHGDQG
KLJKO\WRSLFDOLVVXHVDUHLQFOXGHGLQWKHVHSXEOLFD
WLRQVDVWKHPDWLFFKDSWHUV,QWHULPXSGDWHVRQJOREDO
economic conditions are issued when warranted. In
DGGLWLRQDVSDUWRIDQRQJRLQJHIIRUWWRSURYLGHD
ULJRURXVDQGFDQGLGDVVHVVPHQWRIJOREDOH[FHVVLP
EDODQFHVDQGWKHLUFDXVHVWKHExternal Sector Report
LVSXEOLVKHGDQQXDOO\
5HSRUWVRQWKHRXWORRNVIRUUHJLRQVDUHDOVR
SXEOLVKHG7KHVHFRYHUUHJLRQDOSROLF\GHYHORSPHQWV
DQGFKDOOHQJHVDQGSURYLGHFRXQWU\VSHFLƓFGDWD
and analysis.
$UWLFOH,9FRQVXOWDWLRQVDQGƓQDQFLDOV\VWHPVWDELOLW\
assessments under the FSAP also discuss issues related
WRPXOWLODWHUDOVXUYHLOODQFHZKHUHUHOHYDQW
INSTITUTIONAL VIEW ON CAPITAL
FLOWS
7KH,QVWLWXWLRQDO9LHZRQWKH/LEHUDOL]DWLRQDQG0DQ
DJHPHQWRI&DSLWDO)ORZVZDVXSGDWHGLQ)<WR
FRQVLGHUDSSURSULDWHSUHHPSWLYHXVHRIFDSLWDOŴRZ
PDQDJHPHQWPHDVXUHVDQGPDFURSUXGHQWLDOPHD
VXUHVHYHQZKHQWKHUHLVQRVXUJHLQFDSLWDOLQŴRZV
WRDGGUHVVFHUWDLQƓQDQFLDOVWDELOLW\ULVNV7KLVFKDQJH
EXLOGVRQWKH,QWHJUDWHG3ROLF\)UDPHZRUNDQ,0)
UHVHDUFKHIIRUWWREXLOGDV\VWHPDWLFIUDPHZRUNWR
DQDO\]HSROLF\RSWLRQVDQGWUDGHRIIVLQUHVSRQVHWR
VKRFNVJLYHQFRXQWU\VSHFLƓFFKDUDFWHULVWLFV
$QRWKHUUHOHYDQWXSGDWHJLYHVVSHFLDOWUHDWPHQW
WRVRPHFDWHJRULHVRIFDSLWDOŴRZPDQDJHPHQW
PHDVXUHV7KHVHLQFOXGHFHUWDLQPDFURSUXGHQWLDO
PHDVXUHVLPSRVHGLQOLQHZLWKWKH%DVHO)UDPHZRUN
tax measures based on certain international
FRRSHUDWLRQVWDQGDUGVWRSUHYHQWRUGLPLQLVK
WKHDYRLGDQFHRUHYDVLRQRIWD[HVPHDVXUHV
LPSOHPHQWHGLQOLQHZLWKWKHLQWHUQDWLRQDOVWDQGDUG
WRFRPEDWPRQH\ODXQGHULQJDQGƓQDQFLQJRI
WHUURULVPDQGPHDVXUHVLQWURGXFHGIRUQDWLRQDORU
international security reasons.
/LNHRWKHU,0)SROLFLHVWKH,QVWLWXWLRQDO9LHZZLOO
FRQWLQXHWREHLQIRUPHGE\DGYDQFHVLQUHVHDUFKDQG
H[SHULHQFHVZLWKLWVLPSOHPHQWDWLRQDVZHOODVE\
GHYHORSPHQWVLQWKHJOREDOHFRQRP\
POLICY ADVICE
7KH,0)([HFXWLYH%RDUGGLVFXVVHVDOODVSHFWVRIWKH
,0)ōVZRUNIURP$UWLFOH,9FRQVXOWDWLRQVWRSROLF\
LVVXHVUHOHYDQWWRWKHJOREDOHFRQRP\7KH%RDUG
FDUULHVRXWLWVZRUNODUJHO\RQWKHEDVLVRISROLF\
SDSHUVSUHSDUHGE\WKH,0)VWDII,Q)<WKH,0)
SXEOLVKHGRIWKHVHSROLF\SDSHUVH[WHUQDOO\)RUD
FRPSUHKHQVLYHOLVWRI,0)SROLF\SDSHUVLVVXHGLQ)<
SOHDVHYLVLWWKHAnnual Report website at
ZZZLPIRUJ$5
2022 A NNUA L REPORT 29
WHAT WE DO

LENDING
,0)ƓQDQFLQJKHOSVPHPEHUFRXQWULHVWDFNOH
EDODQFHRISD\PHQWVSUREOHPVVWDELOL]HWKHLU
HFRQRPLHVDQGUHVWRUHVXVWDLQDEOHHFRQRPLF
JURZWK,WFDQDOVREHPDGHDYDLODEOHLQUH
VSRQVHWRQDWXUDOGLVDVWHUVRUSDQGHPLFV7KH
,0)IXUWKHUSURYLGHVSUHFDXWLRQDU\ƓQDQFLQJ
WRFRXQWULHVZLWKVRXQGSROLFLHVWKDWPD\KDYH
VRPHUHPDLQLQJYXOQHUDELOLWLHVWRKHOSSUHYHQW
DQGLQVXUHDJDLQVWIXWXUHFULVHVDQGLWFRQWLQ
XHVWRHQKDQFHWKHWRROVDYDLODEOHIRUFULVLV
SUHYHQWLRQ)LQDOO\WKURXJKWKH567ZKLFKZDV
HVWDEOLVKHGGXULQJ)<DQGLVH[SHFWHGWR
EHFRPHRSHUDWLRQDOE\WKHHQGRIWKH
,0)ZLOOSURYLGHDIIRUGDEOHORQJWHUPƓQDQFLQJ
WRKHOSFRXQWULHVEXLOGUHVLOLHQFHWRH[WHUQDO
VKRFNVDQGHQVXUHVXVWDLQDEOHJURZWKFRQWULE
XWLQJWRWKHLUORQJWHUPEDODQFHRISD\PHQWV
VWDELOLW\8QOLNHGHYHORSPHQWEDQNVWKH,0)
GRHVQRWOHQGIRUVSHFLƓFSURMHFWV
,QEURDGWHUPV,0)OHQGLQJIDOOVLQWRWZR
FDWHJRULHVORDQVDWLQWHUHVWUDWHVGHWHUPLQHG
E\DQDYHUDJHRIWKRVHSUHYDLOLQJDPRQJWKH
ZRUOGōVPDLQFXUUHQFLHVDQGORDQVWRORZ
income countries on concessional terms.
Concessional loans currently bear no interest.
7KH567ZLOOEHDWKLUGOHQGLQJFDWHJRU\DQG
HQFRPSDVVDWLHUHGLQWHUHVWUDWHVWUXFWXUH
GLIIHUHQWLDWHGDFURVVFRXQWU\JURXSV

30 I N T ER N AT I O N A L MO NETARY FUND
 CRISIS UPON CRISIS

)URPWKHRXWVHWWKH,0)KDVUHVSRQGHGWRWKH
&29,'SDQGHPLFZLWKXQSUHFHGHQWHGVSHHGDQG
PDJQLWXGHWKURXJKHPHUJHQF\ƓQDQFLQJSURJUDP
OHQGLQJDQGGHEWUHOLHIWRLWVSRRUHVWPHPEHUV1
,Q)<WKH,0)IXUWKHUERRVWHGJOREDOOLTXLGLW\
DQGUHVLOLHQFHWKURXJKWKHODUJHVWHYHU6'5DOORFDWLRQŋ
HTXLYDOHQWWRELOOLRQŋDQGSURYLGHGIXUWKHU
GHEWVHUYLFHUHOLHIWRLWVSRRUHVWDQGPRVWYXOQHUDEOH
PHPEHUVKLWE\FDWDVWURSKLFQDWXUDOGLVDVWHUVRUSXEOLF
health disasters via the CCRT.
$VJOREDOJURZWKUHFRYHUHGGXULQJGHPDQG
IRU,0)ƓQDQFLQJJUDGXDOO\VKLIWHGIURPHPHUJHQF\
ƓQDQFLQJWULJJHUHGE\XUJHQWSDQGHPLFUHODWHGEDODQFH
RISD\PHQWVQHHGVWRXSSHUFUHGLWWUDQFKH8&7TXDOLW\
DUUDQJHPHQWVLQFOXGLQJWRGHDOZLWKVFDUULQJIURPWKH
SDQGHPLF*URZWKLVH[SHFWHGWRVORZGXULQJ
ODUJHO\DVDFRQVHTXHQFHRI&29,'YDULDQWVDQGWKH
ZDULQ8NUDLQHZKLFKKDYHOHGWRQHZOHQGLQJUHTXHVWV
LQFOXGLQJIRUHPHUJHQF\ƓQDQFLQJ
'XULQJ)<WKH([HFXWLYH%RDUGPRGLƓHG
WKHOHQGLQJWRRONLWLQFOXGLQJXQZLQGLQJVRPHRI
WKHWHPSRUDU\PHDVXUHVWDNHQLQUHVSRQVHWRWKH
SDQGHPLF2,Q-XO\WKH,0)ōV([HFXWLYH%RDUG
DSSURYHGDQLQFUHDVHLQERWKWKHDQQXDODQGWKH
FXPXODWLYHDFFHVVOLPLWVRQFRQFHVVLRQDOOHQGLQJ
WKURXJKWKH35*7WRIXOO\DOLJQWKHPZLWKWKRVHLQ
WKH*5$3,Q'HFHPEHUWKH([HFXWLYH%RDUGOHW
ODSVHDVSODQQHGWKHWHPSRUDU\LQFUHDVHLQWKHDQQXDO

1
,QFOXGLQJSUHSDQGHPLFFRPPLWPHQWVDVRI$SULOWRWDO
XQGLVEXUVHGOHQGLQJFRPPLWPHQWVDQGFUHGLWRXWVWDQGLQJXQGHUWKH
*5$ZHUHDERXW6'5ELOOLRQWKHFRUUHVSRQGLQJWRWDOXQGHUWKH
35*7ZDVDERXW6'5ELOOLRQ
2
 KHDSSOLFDWLRQRIH[LVWLQJKLJKDFFHVVSURFHGXUHVIRU5&)UHTXHVWV
7
UHPDLQHGVXVSHQGHGWKURXJK$SULO+LJKDFFHVVSURFHGXUHV
UHTXLUHDQLQIRUPDO([HFXWLYH%RDUGVHVVLRQEDVHGRQDVKRUWVWDIIQRWH
WKDWLQFOXGHVGLVFXVVLRQRISURJUDPVWUHQJWKFDSDFLW\WRUHSD\DQGGHEW
YXOQHUDELOLWLHV7KHKLJKDFFHVVSURFHGXUHVDUHQRUPDOO\WULJJHUHGZKHQ
DUHTXHVWIRU,0)ƓQDQFLQJEULQJVDPHPEHUFRXQWU\ōVWRWDODFFHVVWR
PRUHWKDQSHUFHQWRILWVTXRWDRYHUDPRQWKSHULRGRUWRWDO
RXWVWDQGLQJFUHGLWWRDPHPEHUFRXQWU\IURPWKH35*7H[FHHGVRULV
SURMHFWHGWRH[FHHGSHUFHQWRILWVTXRWD,Q0DUFKWKHVHKLJK
DFFHVVWKUHVKROGVZHUHWHPSRUDULO\LQFUHDVHGWRSHUFHQWRITXRWDIRU
WKHŏŴRZWULJJHUŐDQGSHUFHQWIRUWKHŏVWRFNWULJJHUŐXQWLO)<
3
7KHDQQXDODFFHVVOLPLWXQGHUWKH35*7KDGSUHYLRXVO\EHHQLQFUHDVHG
WHPSRUDULO\WRSHUFHQWRITXRWDDQGWKLVWHPSRUDU\LQFUHDVHZDV
PDGHSHUPDQHQWLQ-XO\

Peru
2022 A NNUA L REPORT 31
WHAT WE DO

DFFHVVOLPLWIRUWKH*5$WKDWWULJJHUVDSSOLFDWLRQRI
WKHH[FHSWLRQDODFFHVVIUDPHZRUN$WWKHVDPHWLPH
WKH([HFXWLYH%RDUGDSSURYHGPRQWKH[WHQVLRQV
WKURXJKWKHHQGRI-XQHRIWKHWHPSRUDU\
increases to the cumulative access limits under its
HPHUJHQF\ƓQDQFLQJLQVWUXPHQWVWKH5DSLG&UHGLW
)DFLOLW\5&)DQGWKH5DSLG)LQDQFLQJ,QVWUXPHQW
5),LQRUGHUWRHQVXUHWKDWPHPEHUFRXQWULHVKDYH
FRQWLQXHGDFFHVVWRWKH,0)ōVHPHUJHQF\ƓQDQFLQJ
VKRXOGXUJHQWEDODQFHRISD\PHQWVQHHGVDULVHZKHQ
D8&7TXDOLW\DUUDQJHPHQWLVXQQHFHVVDU\RULQIHDVLEOH
VHH7DEOHVDQG
,Q0DUFKDQG-XO\HQKDQFHGVDIHJXDUGV
ZHUHHQGRUVHGLQUHFRJQLWLRQRIWKHQHHGIRU
VWURQJHUSURWHFWLRQWRPLWLJDWHULVNVDVVRFLDWHGZLWK
KLJKHU,0)OHQGLQJ7KHVHDSSO\WRUHTXHVWVIRUQHZ
35*7DUUDQJHPHQWVRUDXJPHQWDWLRQVDERYHFHUWDLQ
DFFHVVWKUHVKROGVDQGIRUFRXQWULHVDWKLJKULVNRIRU
LQGHEWGLVWUHVV6LPLODUVDIHJXDUGVZLOODOVRDSSO\WR
567OHQGLQJ
,Q0DUFKWKH%RDUGDSSURYHGDQHZ
FRPSUHKHQVLYHVWUDWHJ\WRVWUHQJWKHQ,0)VXSSRUW
WRIUDJLOHDQGFRQŴLFWDIIHFWHGVWDWHVZKLFKDVQRWHG
HDUOLHUFRQVWLWXWHDSSUR[LPDWHO\RQHƓIWKRIWKH
,0)ōVPHPEHUVKLS)UDJLOLW\DQGFRQŴLFWDUHRIWHQ
H[DFHUEDWHGE\FOLPDWHFKDQJHE\IRRGLQVHFXULW\
E\JHQGHULQHTXDOLW\DQGUHFHQWO\E\WKHHFRQRPLF
UHSHUFXVVLRQVRI&29,'DQGWKHVSLOORYHUVIURP
Ukraine
WKHZDULQ8NUDLQH7KHVWUDWHJ\DGYRFDWHVDORQJ
WHUP&RXQWU\(QJDJHPHQW6WUDWHJ\IRUHDFKFRXQWU\ FRRSHUDWLRQDQGLPSURYHWDLORULQJDQGSULRULWL]DWLRQ
EDVHGRQSROLF\DGYLFHFDUHIXOO\WDLORUHGWRIDFWRU RISROLF\DGYLFHDQGFDSDFLW\GHYHORSPHQWWKH,0)
LQWKHVSHFLƓFGULYHUVRIIUDJLOLW\HFRQRPLFDQG ZLOODGRSWWKH:RUOG%DQNFULWHULDDQGPHWKRGRORJ\
VRFLDOG\QDPLFVDQGFRQVWUDLQWVWRUHIRUPLQHDFK IRUGHƓQLQJIUDJLOHDQGFRQŴLFWDIIHFWHGVWDWHV
FRXQWU\FRXSOHGZLWKVWURQJHUFRRUGLQDWLRQZLWK KDUPRQL]LQJERWKRUJDQL]DWLRQVōOLVWVRIFRXQWULHV
RWKHUSDUWQHUVDQGGRQRUV)RUH[DPSOHWRHQKDQFH FRQVLGHUHGWREHLQWKLVFDWHJRU\

32 I N T ER N AT I O N A L MO NETARY FUND
 CRISIS UPON CRISIS

BETWEEN MAY 1, 2021, AND APRIL 30, 2022, THE IMF’S FINANCIAL ASSISTANCE
FOCUSED ON THE FOLLOWING AREAS:

(PHUJHQF\ƓQDQFLQJXQGHUWKH5),DQG5&) VHUYLFHUHOLHIWRWKH,0)ōVSRRUHVWPHPEHUVDIIHFWHGE\
7KH,0)UHFHLYHGDQGWKH([HFXWLYH%RDUGDSSURYHG WKH&29,'SDQGHPLF,QWRWDOHOLJLEOHFRXQWULHV
UHTXHVWVIRUHPHUJHQF\ƓQDQFLQJIURPƓYHFRXQWULHV KDYHUHFHLYHGGHEWVHUYLFHUHOLHIRIFORVHWR6'5
DERXWELOOLRQRIZKLFKELOOLRQZDVGLVEXUVHGWR PLOOLRQLQƓYHWUDQFKHVWKHƓQDOWZRRIZKLFKZHUH
WKUHHORZLQFRPHFRXQWULHVVHH7DEOHVDQG DSSURYHGE\WKH([HFXWLYH%RDUGLQ)<2FWREHU
%XLOGLQJRQH[LVWLQJOHQGLQJDUUDQJHPHQWV
7KH,0)DOVRDXJPHQWHGH[LVWLQJDUUDQJHPHQWVWR
DFFRPPRGDWHXUJHQWQHZƓQDQFLQJQHHGVLQWKH
FRQWH[WRIRQJRLQJSROLF\GLDORJXH7KH([HFXWLYH
%RDUGDSSURYHGDXJPHQWDWLRQRIDUUDQJHPHQWVZLWK
two members.
1HZOHQGLQJDUUDQJHPHQWVLQFOXGLQJ
SUHFDXWLRQDU\DUUDQJHPHQWVThe Executive
%RDUGDSSURYHGQHZQRQSUHFDXWLRQDU\,0)
DUUDQJHPHQWVZLWKFRXQWULHV7KHVHLQFOXGHG
DODUJHDUUDQJHPHQWZLWK$UJHQWLQDZKLFK
ZDVDSSURYHGLQ0DUFK,QDGGLWLRQWZR
SUHFDXWLRQDU\DUUDQJHPHQWVŋWZR)OH[LEOH&UHGLW
Lines—were made available to members.
'HEWVHUYLFHUHOLHIThe CCRT allows the IMF to
SURYLGHJUDQWVWRSD\GHEWVHUYLFHRZHGWRWKH,0)IRU
HOLJLEOHORZLQFRPHPHPEHUFRXQWULHVWKDWDUHKLWE\
FDWDVWURSKLFQDWXUDOGLVDVWHUVRUEDWWOLQJSXEOLFKHDOWK
disasters. The CCRT was enhanced in March 2020 and
ZDVVXEVHTXHQWO\XVHGWRSURYLGHJUDQWVIRUGHEW
4
DQG'HFHPEHUVHH7DEOH4
'HEWUHOLHIXQGHUWKH+,3&,QLWLDWLYH On March
IROORZLQJ6RPDOLDōVFOHDUDQFHRILWVDUUHDUV
WRWKH,0)WKH([HFXWLYH%RDUGGHWHUPLQHGWKDW
6RPDOLDTXDOLƓHGIRUGHEWUHOLHIXQGHUWKHHQKDQFHG
+,3&,QLWLDWLYHDQGWKDW6RPDOLDKDGUHDFKHGLWV+,3&
,QLWLDWLYHGHFLVLRQSRLQW%\WKHHQGRI$SULOWKH
([HFXWLYH%RDUGKDGDSSURYHGWZRLQWHULPDVVLVWDQFH
SD\PHQWVWR6RPDOLDIRUDWRWDORI6'5PLOOLRQ
WRFRYHULWVƓQDQFLDOREOLJDWLRQVIDOOLQJGXHGXULQJWKH
SHULRGV0DUFKŊ0DUFKDQG0DUFK
Ŋ0DUFK$VPHQWLRQHGLQ3DUWRQ-XQH
IROORZLQJ6XGDQōVFOHDUDQFHRILWVDUUHDUVWR
WKH,0)WKH:RUOG%DQNDQGWKH$IULFDQ'HYHORSPHQW
%DQNWKH([HFXWLYH%RDUGVRIWKH,0)DQGWKH:RUOG
%DQNGHWHUPLQHGWKDW6XGDQTXDOLƓHGIRUGHEWUHOLHI
DVVLVWDQFHXQGHUWKHHQKDQFHG+,3&,QLWLDWLYHDQGKDG
UHDFKHGLWVGHFLVLRQSRLQWXQGHUWKHLQLWLDWLYH2QWKH
VDPHGDWHWKH([HFXWLYH%RDUGDSSURYHGDQLQWHULP
DVVLVWDQFHSD\PHQWWR6XGDQRI6'5PLOOLRQWR
FRYHULWVƓQDQFLDOREOLJDWLRQVIDOOLQJGXHEHWZHHQ-XQH
DQG-XQH
2QHWUDQFKHZDVDSSURYHGLQ)<$SULODQGDQDGGLWLRQDOWZRWUDQFKHVZHUHDSSURYHGLQ)<2FWREHUDQG$SULO

7KH+,3&,QLWLDWLYHZDVODXQFKHGLQE\WKH,0)DQGWKH:RUOG%DQNZLWKWKHDLPRIHQVXULQJWKDWQRSRRUFRXQWU\IDFHVDGHEWEXUGHQLWFDQQRW
PDQDJH7KHLQLWLDWLYHLQYROYHVDWZRVWHSSURFHVVWKURXJKZKLFKFRXQWULHVPXVWPHHWFHUWDLQFULWHULDFRPPLWWRSRYHUW\UHGXFWLRQWKURXJKSROLF\
FKDQJHVDQGGHPRQVWUDWHDJRRGWUDFNUHFRUGRYHUWLPH7KH,0)DQGWKH:RUOG%DQNSURYLGHLQWHULPGHEWUHOLHILQWKHLQLWLDOVWDJH+,3&GHFLVLRQSRLQW
DQGZKHQDFRXQWU\PHHWVLWVFRPPLWPHQWVIXOOGHEWUHOLHILVSURYLGHGZKLFKLVWKHVHFRQGVWDJH+,3&FRPSOHWLRQSRLQW

2022 A NNUA L REPORT 33

WHAT WE DO

FINANCIAL ASSISTANCE
APPROVED IN FY 2022
LENDING MAP SDR/USD Exchange Rate
As of April 30, 2022 (in millions of special drawing rights, M SDR) 21$35,/6'5 86

282 M SDR  M SDR M SDR  M SDR M SDR
$6,$$1'3$&,),& (8523( MIDDLE EAST AND SUB-SAHARAN WESTERN
&(175$/$6,$ $)5,&$ +(0,63+(5(

Key
(&)ŊEXTENDED CREDIT FACILITY 5),ŊRAPID FINANCING INSTRUMENT

())ŊEXTENDED FUND FACILITY SBA Ŋ STAND-BY ARRANGEMENT
)&/ŊFLEXIBLE CREDIT LINE 6&) Ŋ STANDBY CREDIT FACILITY
5&)ŊRAPID CREDIT FACILITY AUG - AUGMENTATION

Source: IMF, Finance Department.

34 I N T ER N AT I O N A L MO NETARY
A FUND
 CRISIS UPON CRISIS

IMF AR 2022
SEE MORE
ONLINE
IMF.ORG/AR2022

$6,$$1'3$&,),& 68%6$+$5$1$)5,&$
1(3$/ BURUNDI TANZANIA
ECF ....................................06'5 RCF ...................................... 06'5 RCF ....................................06'5
&$0(5221 RCF ....................................06'5
(8523( ECF ....................................... 06'5 RFI ......................................06'5
MOLDOVA EFF ........................................ 322 M SDR UGANDA
ECF ....................................133.3 M SDR &+$' ECF ....................................... 06'5
EFF .....................................06'5 ECF ....................................06'5

UKRAINE '(02&5$7,&5(38%/,&2)7+( :(67(51+(0,63+(5(

RFI ...................................06'5 &21*2
ARGENTINA
ECF ....................................06'5
EFF ...................................06'5
MIDDLE EAST AND 5(38%/,&2)&21*2
&2/20%,$
ECF ....................................... 324 M SDR
&(175$/$6,$ FCL..................................06'5
EQUATORIAL GUINEA
JORDAN HONDURAS
RFI ........................................ 06'5
$8*2)()) .....................144.1 M SDR $8*2)6%$....................... 99.9 M SDR
GABON
SUDAN $8*2)6&) .......................... 06'5
EFF .....................................06'5
ECF .................................06'5 0(;,&2
NIGER
FCL............................... 06'5
ECF ....................................06'5
679,1&(17$1'7+(*5(1$',1(6
SENEGAL
RCF ........................................ 06'5
6%$ ....................................... 302 M SDR
SURINAME
SCF ....................................... 06'5
EFF .....................................06'5
6(<&+(//(6
EFF .......................................... 06'5

2022 A NNUA L REPORT

P 35
WHAT WE DO

Table 2.1
Financial Terms under IMF General Resources Account Credit
This table shows the IMF’s major nonconcessional lending facilities. Stand-By Arrangements have long been the institution’s core
OHQGLQJLQVWUXPHQW,QWKHZDNHRIWKHJOREDOƓQDQFLDOFULVLVWKH,0)VWUHQJWKHQHGLWVOHQGLQJWRRONLW$PDMRUDLPZDVWRHQKDQFHFULVLV
SUHYHQWLRQLQVWUXPHQWVWKURXJKWKHFUHDWLRQRIWKH)OH[LEOH&UHGLW/LQHDQGWKH3UHFDXWLRQDU\DQG/LTXLGLW\/LQH,QDGGLWLRQWKH5DSLG
)LQDQFLQJ,QVWUXPHQW5),ZKLFKFDQEHXVHGLQDZLGHUDQJHRIFLUFXPVWDQFHVZDVFUHDWHGWRUHSODFHWKH,0)ōVH[LVWLQJHPHUJHQF\
assistance policy. The IMF also established the Short-Term Liquidity Line in 2020 to provide a backstop to members with very strong
policies and fundamentals.

&UHGLW)DFLOLW\\HDU 3XUSRVH &RQGLWLRQV 3KDVLQJDQGPRQLWRULQJ

DGRSWHG1

6WDQG%\ Short- to medium-term Adopt policies that provide Generally quarterly purchases (disbursements)
$UUDQJHPHQW6%$ assistance for countries FRQƓGHQFHWKDWWKHPHPEHUōV contingent on observance of performance
with short-term balance of EDODQFHRISD\PHQWVGLIƓFXOWLHV criteria and other conditions

SD\PHQWVGLIƓFXOWLHV will be resolved within a
reasonable period

([WHQGHG)XQG)DFLOLW\ Medium-term (longer than $WDSSURYDODGRSWXSWRDIRXU Quarterly or semiannual purchases

()) SBA) assistance to support \HDUSURJUDPZLWKDVWUXFWXUDO (disbursements) contingent on observance of
([WHQGHG$UUDQJHPHQWV members’ structural agenda and an annual detailed performance criteria and other conditions
reforms to address long- statement of policies for the
term balance of payments subsequent 12 months
GLIƓFXOWLHV

)OH[LEOH&UHGLW/LQH Flexible instrument in the Very strong ex ante Approved access available up front throughout
)&/ credit tranches to address PDFURHFRQRPLFIXQGDPHQWDOV the arrangement period; two-year FCL
all balance of payments HFRQRPLFSROLF\IUDPHZRUN arrangements are subject to a midterm review
QHHGVSRWHQWLDORUDFWXDO and policy track record after one year

3UHFDXWLRQDU\DQG/LTXLGLW\ Instrument in the credit 6RXQGSROLF\IUDPHZRUNV /DUJHIURQWORDGHGDFFHVVVXEMHFWWR

/LQH3// tranches to address all H[WHUQDOSRVLWLRQDQGPDUNHW semiannual reviews (for one- to two-year PLL)
balance of payments DFFHVVLQFOXGLQJƓQDQFLDO
QHHGVSRWHQWLDORUDFWXDO sector soundness

6KRUW7HUP/LTXLGLW\/LQH Liquidity backstop in Very strong ex ante Approved access available up front throughout
6// case of potential external PDFURHFRQRPLFIXQGDPHQWDOV the period of the arrangement and can be
shocks that generate HFRQRPLFSROLF\IUDPHZRUN reconstituted through repurchase; number of
moderate balance of and policy track record successor SLLs unrestricted as long as member
payments needs FRQWLQXHVWRPHHWTXDOLƓFDWLRQFULWHULD

5DSLG)LQDQFLQJ,QVWUXPHQW 5DSLGƓQDQFLDODVVLVWDQFH Efforts to solve balance of Outright purchases without the need for full-
5), to all member countries SD\PHQWVGLIƓFXOWLHVPD\ ŴHGJHGSURJUDPRUUHYLHZV
facing an urgent balance include prior actions)
of payments need

6RXUFH,0))LQDQFH'HSDUWPHQW

1
7KH,0)ōVOHQGLQJWKURXJKWKH*HQHUDO5HVRXUFHV$FFRXQW*5$LVƓQDQFHGSULPDULO\IURPWKHFDSLWDOVXEVFULEHGE\PHPEHUFRXQWULHVHDFKFRXQWU\LV
DVVLJQHGDTXRWDWKDWUHSUHVHQWVLWVƓQDQFLDOFRPPLWPHQW$PHPEHUSURYLGHVDSRUWLRQRILWVTXRWDLQVSHFLDOGUDZLQJULJKWV6'5VRUWKHFXUUHQF\RI
DQRWKHUPHPEHUDFFHSWDEOHWRWKH,0)DQGWKHUHPDLQGHULQLWVRZQFXUUHQF\$Q,0)ORDQLVGLVEXUVHGRUGUDZQE\WKHERUURZHUōVSXUFKDVHRIIRUHLJQ
FXUUHQF\DVVHWVIURPWKH,0)ZLWKLWVRZQFXUUHQF\5HSD\PHQWRIWKHORDQLVDFKLHYHGE\WKHERUURZHUōVUHSXUFKDVHRILWVFXUUHQF\IURPWKH,0)ZLWK
IRUHLJQFXUUHQF\
2
7KHUDWHRIFKDUJHRQIXQGVGLVEXUVHGIURPWKH*5$LVVHWDWDPDUJLQFXUUHQWO\EDVLVSRLQWVRYHUWKHZHHNO\6'5LQWHUHVWUDWH7KHUDWHRIFKDUJH
LVDSSOLHGWRWKHGDLO\EDODQFHRIDOORXWVWDQGLQJ*5$GUDZLQJVGXULQJHDFK,0)ƓQDQFLDOTXDUWHU,QDGGLWLRQDRQHWLPHVHUYLFHFKDUJHRISHUFHQW
LVOHYLHGRQHDFKGUDZLQJRI,0)UHVRXUFHVLQWKH*5$RWKHUWKDQUHVHUYHWUDQFKHGUDZLQJV$QXSIURQWFRPPLWPHQWIHHEDVLVSRLQWVRQFRPPLWWHG
DPRXQWVRIXSWRSHUFHQWRITXRWDEDVLVSRLQWVIRUDPRXQWVLQH[FHVVRISHUFHQWDQGXSWRSHUFHQWRITXRWDDQGEDVLVSRLQWVIRU

36 I N T ER N AT I O N A L MO NETARY FUND
 CRISIS UPON CRISIS

)ROORZLQJWKHRQVHWRIWKHSDQGHPLFDQGDVSDUWRILWV&29,'UHVSRQVHWKH,0)WHPSRUDULO\LQFUHDVHGWKHDQQXDODQGFXPXODWLYH
DFFHVVOLPLWVXQGHULWVHPHUJHQF\ƓQDQFLQJLQVWUXPHQWWKH5),DQGWKHDQQXDODFFHVVOLPLWWRWKH,0)ōV*HQHUDO5HVRXUFHV$FFRXQW
ZKLFKWULJJHUVDSSOLFDWLRQRIWKHH[FHSWLRQDODFFHVVIUDPHZRUN,Q'HFHPEHUWKH,0)ōV([HFXWLYH%RDUGDSSURYHGPRQWK
extensions (through the end of June 2023) of the temporary increases to the cumulative access limits under the RFI’s regular
and large natural disaster windows and allowed all other access limits that had been temporarily increased to return to their pre-
SDQGHPLFOHYHOVEHJLQQLQJ-DQXDU\DVVFKHGXOHG

$FFHVVOLPLWV1 &KDUJHV2 5HSD\PHQW ,QVWDOOPHQWV

VFKHGXOH
Annual: 145 percent of quota; because of the
&29,'VKRFNWKLVOLPLWZDVWHPSRUDULO\LQFUHDVHG
to 245 percent of quota through the end of 2021
Cumulative: 435 percent of quota
Annual: 145 percent of quota; because of the
&29,'VKRFNWKLVOLPLWZDVWHPSRUDULO\LQFUHDVHG
to 245 percent of quota through the end of 2021
Cumulative: 435 percent of quota
No preset limit
125 percent of quota (250 percent of quota in
exceptional circumstances) for six months; 250
percent of quota available on approval of one- to
two-year arrangements; total of 500 percent of
quota after 12 months of satisfactory progress
Up to 145 percent of quota; revolving access for a
period of 12 months
Annual: 50 percent of quota (80 percent for large
natural disasters); temporarily increased to 100 percent
(130 percent for large natural disasters) through the
end of 2021
Cumulative: 100 percent of quota
(133.33 percent for large natural disasters); temporarily
increased to 150 percent (183.33 percent for large
natural disasters) through the end of June 20233
\HDUV
Rate of charge plus surcharge (200 basis 3¼–5 Quarterly
points on amounts above 187.5 percent of
quota; additional 100 basis points when
outstanding credit remains above 187.5
percent of quota for more than 36 months)3
Rate of charge plus surcharge (200 basis 4½–10 Semiannual
points on amounts above 187.5 percent of
quota; additional 100 basis points when
outstanding credit remains above 187.5
percent of quota for more than 51 months)3
Rate of charge plus surcharge (200 basis 3¼–5 Quarterly
points on amounts above 187.5 percent of
quota; additional 100 basis points when
outstanding credit remains above 187.5
percent of quota for more than 36 months)3
Rate of charge plus surcharge (200 basis 3¼–5 Quarterly
points on amounts above 187.5 percent of
quota; additional 100 basis points when
outstanding credit remains above 187.5
percent of quota for more than 36 months)3
Rate of charge plus surcharge (200 basis Repurchase(s) due no later than
points on credit outstanding above 187.5 12 months after the purchase;
percent of quota); SLL credit does not count repurchases reconstitute access
toward time-based surcharges up to the level approved
Rate of charge plus surcharge (200 basis 3¼–5 Quarterly
points on amounts above 187.5 percent of
quota; additional 100 basis points when
outstanding credit remains above 187.5
percent of quota for more than 36 months)4

DPRXQWVLQH[FHVVRISHUFHQWRITXRWDDSSOLHVWRWKHDPRXQWDYDLODEOHIRUSXUFKDVHXQGHUDUUDQJHPHQWV6%$V())V3//VDQG)&/VWKDWPD\

EHGUDZQGXULQJHDFKDQQXDOSHULRGWKLVIHHLVUHIXQGHGRQDSURSRUWLRQDWHEDVLVDVVXEVHTXHQWGUDZLQJVDUHPDGHXQGHUWKHDUUDQJHPHQW)RU
6//DUUDQJHPHQWVWKHVHUYLFHFKDUJHLVEDVLVSRLQWVDQGDQRQUHIXQGDEOHFRPPLWPHQWIHHRIEDVLVSRLQWVLVSD\DEOHXSRQDSSURYDORIDQ6//
DUUDQJHPHQW
3
,Q-XQHWKHDQQXDODQGFXPXODWLYHDFFHVVOLPLWVIRUODUJHQDWXUDOGLVDVWHUVZHUHWHPSRUDULO\LQFUHDVHGWKURXJKWKHHQGRIWRSHUFHQWRI
TXRWDDQGSHUFHQWRITXRWDUHVSHFWLYHO\,Q'HFHPEHUWKH([HFXWLYH%RDUGDOORZHGWKHDQQXDODFFHVVOLPLWVWRUHYHUWWRWKHLUSUHSDQGHPLF
OHYHOVEXWH[WHQGHGWKHWHPSRUDU\LQFUHDVHVRIWKHFXPXODWLYHDFFHVVOLPLWVIRUWKH5),E\PRQWKVWKURXJKWKHHQGRI-XQH
4
6XUFKDUJHVZHUHLQWURGXFHGLQ1RYHPEHU$QHZV\VWHPRIVXUFKDUJHVWRRNHIIHFW$XJXVWDQGZDVXSGDWHG)HEUXDU\ZLWKVRPH
OLPLWHGJUDQGIDWKHULQJIRUH[LVWLQJDUUDQJHPHQWV

2022 A NNUA L REPORT 37

WHAT WE DO

Table 2.2
Concessional Lending Facilities
7KUHHFRQFHVVLRQDOOHQGLQJIDFLOLWLHVIRUORZLQFRPHGHYHORSLQJFRXQWULHVDUHQRZDYDLODEOH

([WHQGHG&UHGLW)DFLOLW\ 6WDQGE\&UHGLW)DFLOLW\ 5DSLG&UHGLW)DFLOLW\

(&) 6&) 5&)

2EMHFWLYH Help low-income countries achieve and maintain a stable and sustainable macroeconomic position consistent
with strong and durable poverty reduction and growth

3XUSRVH Address protracted balance of Resolve short-term balance of 3URYLGHƓQDQFLQJWRPHHWXUJHQW

payments problems payments needs balance of payments needs

(OLJLELOLW\ Countries eligible for assistance under the Poverty Reduction and Growth Trust (PRGT)

4XDOLƓFDWLRQ Protracted balance of payments
SUREOHPDFWXDOƓQDQFLQJQHHG
RYHUWKHFRXUVHRIWKHDUUDQJHPHQW
though not necessarily when
lending is approved or disbursed
Potential (precautionary use)
or actual short-term balance of
payments need at the time of
approval; actual need required for
each disbursement
Urgent balance of payments
needs when upper-credit-tranche
(UCT) program is either not
feasible or not needed1

3RYHUW\5HGXFWLRQDQG*URZWK IMF-supported program should be aligned with country-owned poverty reduction and growth objectives and should
6WUDWHJ\ aim to support policies that safeguard social and other priority spending

Submission of Poverty Reduction Submission of PRS document Submission of PRS document not
Strategy (PRS) document required if original duration of SCF required
arrangement exceeds two years

&RQGLWLRQDOLW\ 8&7TXDOLW\ŴH[LELOLW\RQDGMXVWPHQW UCT quality; aim to resolve balance No ex post conditionality; track
path and timing of payments need in the short term record used to qualify for repeat
use (except under the exogenous
shock window and the large
natural disasters window)

)LQDQFLQJ7HUPV2 Interest rate: Currently 0 Interest rate: Currently 0 Interest rate: 0

Repayment terms: 5½–10 years Repayment terms: 4–8 years Repayment terms:
Availability fee: 0.15 percent on 5½–10 years
available but undrawn amounts
under precautionary arrangement

%OHQGLQJ5HTXLUHPHQWVZLWK %DVHGRQLQFRPHSHUFDSLWDDQGPDUNHWDFFHVVOLQNHGWRGHEWYXOQHUDELOLW\)RUPHPEHUVSUHVXPHGWREOHQG
*HQHUDO5HVRXUFHV$FFRXQW EOHQGLQJRI35*7DQG*5$UHVRXUFHVWDNHVSODFHLQWKHUDWLRZLWKFRQFHVVLRQDODFFHVVFDSSHGDWWKHDSSOLFDEOH
*5$)LQDQFLQJ norms (all GRA thereafter)

3UHFDXWLRQDU\8VH No Yes No

/HQJWKDQG5HSHDWHG8VH
)URPWKUHHWRDVPXFKDVƓYH\HDUV
with an overall maximum duration of
ƓYH\HDUVFDQEHXVHGUHSHDWHGO\
Use is normally limited to three years
RXWRIDQ\VL[\HDUSHULRGDVVHVVHG
RQDUROOLQJEDVLVZLWKH[FHSWLRQV
for SCF arrangements treated as
precautionary
Outright disbursements; repeated
use possible subject to access
limits and other requirements; the
limit on repeated use—twice in any
12-month period—was temporarily
OLIWHGWKURXJK$SULODQG
this was extended through the
end of 2021

38 I N T ER N AT I O N A L MO NETARY FUND
 CRISIS UPON CRISIS

([WHQGHG&UHGLW)DFLOLW\ 6WDQGE\&UHGLW)DFLOLW\ 5DSLG&UHGLW)DFLOLW\

(&) 6&) 5&)

&RQFXUUHQW8VH GRA (Extended Fund Facility/ GRA (Extended Fund Facility/Stand- GRA (Rapid Financing Instrument); credit
Stand-By Arrangement) By Arrangement) and Policy Support under the Rapid Financing Instrument
Instrument counts toward the RCF access limits

$FFHVV3ROLFLHV ,QUHVSRQVHWRPHPEHUVōODUJHDQGXUJHQW&29,'UHODWHGƓQDQFLQJQHHGVLQ-XO\WKHDQQXDODFFHVVOLPLWIRUWKH
PRGT was temporarily increased from 100 percent to 150 percent of quota and that for exceptional access to PRGT resources
IURPSHUFHQWWRSHUFHQWRITXRWDWKURXJK$SULO2Q0DUFKIRUDWHPSRUDU\SHULRGXQWLO
WKHHQGRI-XQHWKHDQQXDODFFHVVOLPLWZDVLQFUHDVHGWRSHUFHQWRITXRWDDQGH[FHSWLRQDODQQXDODFFHVVZDV
increased to 278.33 percent of quota. The cumulative limit (net of scheduled repayments) remained at 300 percent of quota
IRUQRUPDODFFHVVDQGSHUFHQWRITXRWDIRUH[FHSWLRQDODFFHVVXQWLO0DUFKZKHQWKHFXPXODWLYHDFFHVVOLPLW
was increased to 435 percent of quota and cumulative exceptional access was increased to 535 percent of quota until the
HQGRI-XQH2Q-XO\WKH35*7DQQXDODQGFXPXODWLYHDFFHVVOLPLWVZHUHVHWWRSHUFHQWRITXRWDDQG
SHUFHQWRITXRWDUHVSHFWLYHO\IXOO\DOLJQLQJWKHPZLWKWKRVHLQWKH*5$+RZHYHUWKH35*7DQQXDODFFHVVOLPLWUHPDLQHG
DWSHUFHQWRITXRWDWKURXJKWKHHQGRI$WWKHVDPHWLPHWKH%RDUGDOVRDSSURYHGDXQLƓHGDFFHVVQRUPRI
percent of quota for any three-year ECF arrangement.

1RUPVDQGVXEOLPLWV3
The access norm is 145 percent The access norm under an 18-month There is no norm for RCF access under the
of quota per three-year ECF SCF arrangement is set equal to that exogenous shock and large natural disaster
arrangement. RIWKHWKUHH\HDU(&)DUUDQJHPHQW windows.
varying proportionately with the Access limits under the exogenous
OHQJWKRIWKH6&)DUUDQJHPHQWXSWR shock window of the RCF were temporarily
the amount allowable under a two- increased from 50 percent to 100 percent
year SCF arrangement (193.33 of quota per year and from 100 percent to
percent of quota). SHUFHQWRITXRWDRQDFXPXODWLYHEDVLV
QHWRIVFKHGXOHGUHSXUFKDVHVVWDUWLQJ$SULO
DQGLQHIIHFWWKURXJKWKHHQGRI
'HFHPEHU2Q'HFHPEHU
the cumulative access limit of the exogenous
shock window was further extended through
the end of June 2023.
Access under the regular window of the
RCF is set at 50 percent of quota per year
and 100 percent of quota on a cumulative
EDVLVZLWKDQDQQXDODFFHVVQRUPDQGDSHU
disbursement limit of 25 percent of quota.
The limit on the number of disbursements
during a 12-month period was suspended
through the end of December 2021. Under
WKH5&)ōVODUJHQDWXUDOGLVDVWHUZLQGRZ
access is set at 80 percent of quota annually
DQGSHUFHQWRITXRWDFXPXODWLYHO\
subject to an assessment that the disaster
has caused damage equivalent to at least
20 percent of the member’s GDP. In June
6RXUFH,0))LQDQFH'HSDUWPHQW WKHVHOLPLWVZHUHLQFUHDVHGWR
1
8&7TXDOLW\FRQGLWLRQDOLW\LVWKHVHWRISURJUDPUHODWHGFRQGLWLRQVLQWHQGHGWRHQVXUHWKDW,0) percent of quota and 183.33 percent of
UHVRXUFHVVXSSRUWWKHSURJUDPōVREMHFWLYHVZLWKDGHTXDWHVDIHJXDUGVRI,0)UHVRXUFHV TXRWDUHVSHFWLYHO\WKURXJKWKHHQGRI
2
2Q'HFHPEHUWKHKLJKHU
7KH,0)UHYLHZVLQWHUHVWUDWHVIRUDOOFRQFHVVLRQDOIDFLOLWLHVHYHU\WZR\HDUV$WWKHODWHVWUHYLHZRQ
cumulative limit for the large natural disaster
-XO\WKH,0)([HFXWLYH%RDUGUHWDLQHG]HURLQWHUHVWUDWHVRQ35*7ORDQV(&)6&)5&)
FRQVLVWHQWZLWKWKHHVWDEOLVKHGUXOHVIRUVHWWLQJWKHVHLQWHUHVWUDWHV window was further extended through the
end of June 2023. Purchases under the
3
1RUPVSURYLGHJXLGDQFHRQZKDWPD\FRQVWLWXWHDQDSSURSULDWHOHYHORIDFFHVVXQGHU35*7IDFLOLWLHV
Rapid Financing Instrument made after July
EXWVKRXOGQRWEHPLVFRQVWUXHGDVDFFHVVOLPLWVRUHQWLWOHPHQWV7KHSUHYLRXVO\H[LVWLQJORZDQG
FRXQWWRZDUGWKHDSSOLFDEOHDQQXDO
KLJKDFFHVVQRUPVKDYHEHHQXQLƓHGLQWRDVLQJOHQRUPLQGHSHQGHQWRIWKHOHYHORI,0)FUHGLW
RXWVWDQGLQJ and cumulative RCF limits.

2022 A NNUA L REPORT 39

WHAT WE DO

Table 2.3
Debt Service Relief from the Catastrophe Containment and Relief Trust
PLOOLRQVRI6'5VDVRI$SULO

&RXQWU\ )LUVWWUDQFKH 6HFRQGWUDQFKH 7KLUGWUDQFKH )RXUWKWUDQFKH )LIWKWUDQFKH

DSSURYHG DSSURYHG DSSURYHG DSSURYHG DSSURYHG
$SULO 2FWREHU $SULO 2FWREHU 'HFHPEHU
2020 2020 2021 2021 2021

1. Afghanistan1 2.40 2.40 2.40 0 0

2. Benin 7.43 6.37 5.31 2.12 2.12
3. Burkina Faso 8.74 10.30 9.65 10.61 0.26
4. Burundi 5.48 4.82 4.16 0 3.50
5. Central African Republic 2.96 2.92 2.92 1.53 2.65
6. Chad 0 2.00 4.06 4.06 0
7. Comoros 0.97 0.81 0.65 0.64 0.02
8. Democratic Republic of the Congo 14.85 9.90 4.95 0 0
9. Djibouti 1.69 1.69 1.40 0.62 0.62
10. Ethiopia 8.56 4.50 0.47 0.24 0.24
11. The Gambia 2.10 2.10 1.87 1.09 0.78
12. Guinea 16.37 16.37 18.21 1.84 16.37
13. Guinea-Bissau 1.08 1.36 1.12 0.60 0.28
14. Haiti 4.10 3.98 3.98 0.87 2.29
15. Kyrgyz Republic 2
… … … 8.88 0.32
16. Lesotho 2 … … … 3.21 0.63
17. Liberia 11.63 11.19 11.48 3.10 7.94
18. Madagascar 3.06 3.06 6.11 6.11 3.14
19. Malawi 7.20 7.20 7.81 6.72 3.91
20. Mali 7.30 7.50 7.70 5.70 1.80
21. Mozambique 10.89 9.47 9.47 9.47 0
22. Nepal 2.85 3.57 3.57 0 3.57
23. Niger 5.64 5.64 9.54 5.03 5.75
24. Rwanda 8.01 12.02 14.02 8.01 8.01
25. São Tomé and Príncipe 0.11 0.17 0.17 0.14 0.10
26. Sierra Leone 13.36 12.22 15.11 6.00 11.55
27. Solomon Islands 0.06 0.07 0.10 0.06 0.04
28. Tajikistan 7.83 5.22 3.91 1.30 1.30
29. Tanzania 10.28 8.29 0 0 0
30. Togo 3.74 2.31 0.88 0 0
31. Yemen 14.44 10.96 17.05 0 4.88
Total 183.12 168.40 168.07 87.94 82.06

6RXUFH,0))LQDQFH'HSDUWPHQW
1RWHDPRXQWVDUHHQWHUHGIRU&&57HOLJLEOHFRXQWULHVWKDWGLGQRWKDYHHOLJLEOHGHEWVHUYLFHIDOOLQJGXHGXULQJWKHSHULRGFRYHUHGE\DSDUWLFXODUWUDQFKH
RIGHEWUHOLHI6'5 VSHFLDOGUDZLQJULJKW
1
,0)GHDOLQJVZLWK$IJKDQLVWDQKDYHEHHQSDXVHGVLQFH$XJXVWDVWKHUHFRQWLQXHVWREHODFNRIFODULW\ZLWKUHVSHFWWRLQWHUQDWLRQDOUHFRJQLWLRQRIWKH
7DOLEDQUHJLPHDVWKHJRYHUQPHQWRI$IJKDQLVWDQ
2
ŏřŐUHSUHVHQWV.\UJ\]5HSXEOLFDQG/HVRWKRZKLFKZHUHQRWHOLJLEOHWRUHFHLYH&&57GHEWVHUYLFHUHOLHIGXULQJWKHVSHFLƓHGSHULRG7KHLU&&57HOLJLELOLW\
ZDVDSSURYHGE\WKH([HFXWLYH%RDUGRQ2FWREHU

40 I N T ER N AT I O N A L MO NETARY FUND
 CRISIS UPON CRISIS

Table 2.4
Resilience and Sustainability Facility
2Q$SULOWKH([HFXWLYH%RDUGDSSURYHGWKHFUHDWLRQRIWKH5HVLOLHQFHDQG6XVWDLQDELOLW\7UXVW567
HIIHFWLYH0D\WRƓQDQFHOHQGLQJXQGHUWKH5HVLOLHQFHDQG6XVWDLQDELOLW\)DFLOLW\56)7KH,QWHUQDWLRQDO
0RQHWDU\DQG)LQDQFLDO&RPPLWWHHHQFRXUDJHGWKHFUHDWLRQRIWKHQHZ,0)DGPLQLVWHUHGWUXVWWRSURYLGHDIIRUGDEOH
ORQJWHUPƓQDQFLQJWRVXSSRUWFRXQWULHVXQGHUWDNLQJPDFURFULWLFDOUHIRUPVWRUHGXFHULVNVWRSURVSHFWLYHEDODQFH
RISD\PHQWVVWDELOLW\7KH567LVDORDQEDVHGWUXVWEURDGO\VLPLODULQƓQDQFLDODUFKLWHFWXUHWRWKH3RYHUW\5HGXFWLRQ
DQG*URZWK7UXVW35*7,WFRPSOHPHQWVWKH,0)ōVOHQGLQJWRRONLWE\IRFXVLQJRQORQJHUWHUPVWUXFWXUDOFKDOOHQJHV
WKDWHQWDLOVLJQLƓFDQWPDFURHFRQRPLFULVNV7KH,0)([HFXWLYH%RDUGGHFLGHGWKDW567ƓQDQFHGORDQVZRXOGLQLWLDOO\
VXSSRUWPHDVXUHVDGGUHVVLQJFOLPDWHFKDQJHDQGHQKDQFLQJSDQGHPLFSUHSDUHGQHVVJLYHQWKHLUJOREDOSXEOLF
JRRGQDWXUH,0)PHPEHUVHOLJLEOHWRUHTXHVW567VXSSRUWLQFOXGHORZLQFRPHDQGYXOQHUDEOHPLGGOHLQFRPH
FRXQWULHVDQGVPDOOVWDWHV7KH%RDUGDOVRDJUHHGWRDQLQWHULPUHYLHZWRWDNHVWRFNRIWKHLQLWLDOH[SHULHQFHDQG
UHYLVLWWKHVHWRITXDOLI\LQJVWUXFWXUDOFKDOOHQJHVDERXWPRQWKVDIWHUWKH567ōVRSHUDWLRQDOL]DWLRQ

2EMHFWLYH Enhance economic resilience and sustainability of low-income and vulnerable middle-income countries and small
states

3XUSRVH Support policy reforms that reduce macro-critical risks associated with selected long-term structural challenges

(OLJLELOLW\ &RXQWULHVHOLJLEOHIRUDVVLVWDQFHXQGHUWKH35*7DOOVPDOOVWDWHVZLWKSRSXODWLRQVOHVVWKDQPLOOLRQZLWKSHUFDSLWD
JURVVQDWLRQDOLQFRPH*1,OHVVWKDQWLPHVWKH,QWHUQDWLRQDO'HYHORSPHQW$VVRFLDWLRQ,'$RSHUDWLRQDOFXWRII
and all middle-income countries with per capita GNI less than 10 times the IDA operational cutoff

4XDOLƓFDWLRQ $SDFNDJHRIKLJKTXDOLW\SROLF\PHDVXUHVFRQVLVWHQWZLWKWKHSXUSRVHRIWKH567DFRQFXUUHQWƓQDQFLQJRU
QRQƓQDQFLQJSURJUDPZLWKXSSHUFUHGLWWUDQFKH8&7TXDOLW\SROLFLHVDQGVXVWDLQDEOHGHEWDQGDGHTXDWHFDSDFLW\
to repay the IMF

&RQGLWLRQDOLW\ Reform measures linked to addressing qualifying longer-term structural challenges—typically separate from
conditionality of the concurrent UCT program; close coordination with the World Bank and other relevant multilateral
GHYHORSPHQWEDQNVDQGLQWHUQDWLRQDOƓQDQFLDOLQVWLWXWLRQVLVHQYLVLRQHGWROHYHUDJHFRPSDUDWLYHH[SHUWLVHDQG
institutional knowledge

$FFHVV3ROLFLHV $FFHVVEDVHGRQWKHUHIRUPVōVWUHQJWKGHEWVXVWDLQDELOLW\DQGFDSDFLW\WRUHSD\WKH,0)DQGFDSSHGDWWKHORZHURI
150 percent of quota or SDR 1 billion

)LQDQFLQJ7HUPV Tiered interest rate: Group A countries—SDR interest rate + 55 basis points; Group B countries—SDR interest rate + 75
basis points and a 25-basis-point one-time service fee; Group C countries—SDR interest rate + 95 basis points and a
50-basis-point one-time service fee
Repayment terms: 10½–20 years

3UHFDXWLRQDU\8VH No
$YDLODEOH

/HQJWKDQG5HSHDWHG The duration of the RSF arrangement is generally expected to coincide with the duration of a new UCT program
8VH (when the two are requested together) or the remaining duration of an existing UCT program (when the RSF request
occurs at a review of the UCT program); minimum duration 18 months (12 months for RSF arrangements approved
ZLWKLQWKHƓUVWVL[PRQWKVRIWKH567ōVRSHUDWLRQDOL]DWLRQWRDOORZDGHTXDWHWLPHIRULPSOHPHQWDWLRQRI56)UHIRUP
PHDVXUHVLQFOXGLQJDQ\QHFHVVDU\WHFKQLFDODVVLVWDQFHUHSHDWHGXVHSRVVLEOHVXEMHFWWRDFFHVVOLPLWV

&RQFXUUHQW8VH Must have concurrent UCT-quality program

6RXUFH,0))LQDQFH'HSDUWPHQW
1RWH7RTXDOLI\IRUDORDQXQGHUWKH56)DPHPEHUZLOOQHHGDSDFNDJHRIKLJKTXDOLW\SROLF\PHDVXUHVFRQVLVWHQWZLWKWKHSXUSRVHRIWKH7UXVWD
FRQFXUUHQWƓQDQFLQJRUQRQƓQDQFLQJSURJUDPZLWK8&7TXDOLW\SROLFLHVDQGVXVWDLQDEOHGHEWDQGDGHTXDWHFDSDFLW\WRUHSD\WKH,0)

2022 A NNUA L REPORT 41

WHAT WE DO

CAPACITY
DEVELOPMENT
Strengthening the capacity of institutions—including central
EDQNVƓQDQFHPLQLVWULHVUHYHQXHDGPLQLVWUDWLRQVVWDWLVWLFDO
DJHQFLHVDQGƓQDQFLDOVHFWRUVXSHUYLVRU\DJHQFLHVŋUHVXOWV
LQPRUHHIIHFWLYHSROLFLHVDQGJUHDWHUHFRQRPLFVWDELOLW\DQG
LQFOXVLRQ7KH,0)ZRUNVZLWKFRXQWULHVWRPRGHUQL]HWKHLU
HFRQRPLFSROLFLHVDQGVWUHQJWKHQVXFKLQVWLWXWLRQVE\SURYLG-
ing technical assistance and training focused on issues that are
FULWLFDOWRHFRQRPLFVWDELOLW\DQGJURZWK Uganda

42 I N T ER N AT I O N A L MO NETARY FUND
 CRISIS UPON CRISIS

7KH,0)SURYLGHVFDSDFLW\GHYHORSPHQW&'ŋKDQGV FRXQWULHVRQLVVXHVVXFKDVGHEWVXVWDLQDELOLW\

RQWHFKQLFDODVVLVWDQFHSROLF\RULHQWHGWUDLQLQJ SXEOLFLQYHVWPHQWPDQDJHPHQWFDVKPDQDJHPHQW
DVXLWHRIGLDJQRVWLFWRROVDQGSXEOLFDWLRQVDQG ƓQDQFLDOVXSHUYLVLRQDQGWKHGHYHORSPHQWRIVWURQJ
SHHUOHDUQLQJRSSRUWXQLWLHVŋVRFRXQWULHVFDQEXLOG PDFURHFRQRPLFIUDPHZRUNV$VHULHVRIDERXW
VXVWDLQDEOHDQGUHVLOLHQWLQVWLWXWLRQV7KHVHHIIRUWV WHFKQLFDOQRWHVRQFULVLVUHODWHGSROLF\LVVXHV
DUHDQLPSRUWDQWFRQWULEXWLRQWRFRXQWULHVōSURJUHVV KDVEHHQSXEOLVKHGIRUWKHPHPEHUVKLSōVEHQHƓW
WRZDUGWKH816XVWDLQDEOH'HYHORSPHQW*RDOV $QHZƓVFDOULVNWRRONLWKDVEHHQUHOHDVHGRQD
&'IRFXVHVRQWKH,0)ōVFRUHDUHDVRIH[SHUWLVH GHGLFDWHGSRUWDOSURYLGLQJDVXLWHRIDQDO\WLFDOWRROV
VXFKDVSXEOLFƓQDQFHVƓQDQFLDOVHFWRUVWDELOLW\ WRJXLGHJRYHUQPHQWSROLF\DQG&'RQƓVFDOULVN
FHQWUDOEDQNRSHUDWLRQVPDFURHFRQRPLFIUDPHZRUNV
DQGHFRQRPLFVWDWLVWLFVDQGDOVRKHOSVFRXQWULHV
WDFNOHFURVVFXWWLQJLVVXHVVXFKDVLQFRPHDQG
JHQGHULQHTXDOLW\FRUUXSWLRQFOLPDWHFKDQJHDQG
GLJLWDOPRQH\7KH,0)LVXQLTXHO\SRVLWLRQHGWR
VXSSRUWLWVPHPEHUVKLSLQWKHVHDUHDVZLWKLWVJOREDO
UHDFKLQVWLWXWLRQDOH[SHULHQFHDQGZRUOGFODVV
H[SHUWLVH$OO,0)PHPEHUVEHQHƓWIURP&'EXW
VXSSRUWIRUIUDJLOHDQGFRQŴLFWDIIHFWHGFRXQWULHV
LVSULRULWL]HG
$WWKHUHTXHVWRIFRXQWU\DXWKRULWLHV,0)FRXQWU\
WHDPVDQGWHFKQLFDOH[SHUWVGHYHORSDQGLPSOHPHQW
DQLQWHJUDWHGZRUNSODQWDLORUHGWRFRXQWULHVōQHHGV
DQGDEVRUSWLYHFDSDFLWLHV7KH,0)ZRUNVZLWK
FRXQWULHVWKURXJKDJOREDOQHWZRUNRIUHJLRQDO
Brazil
FHQWHUVLQFRXQWU\SODFHPHQWVRIORQJWHUPUHVLGHQW
DGYLVRUVVKRUWWHUPYLVLWVE\,0)VWDIIPHPEHUVDQG PDQDJHPHQW$VSDUWRIWKHPRYHWRDK\EULGPRGHO
H[SHUWVLQSHUVRQDQGUHPRWHO\FODVVURRPWUDLQLQJ
DQGIUHHRQOLQHFRXUVHV,QDGGLWLRQDYDULHW\RI
SXEOLFDWLRQVSURYLGHWHFKQLFDOLQIRUPDWLRQDQGFURVV
FRXQWU\DQDO\VLVXVHIXOWRFRXQWU\DXWKRULWLHV
,QUHVSRQVHWRWKH&29,'SDQGHPLF,0)&'
VZLIWO\DGRSWHGLQQRYDWLYHUHPRWHGHOLYHU\PRGDOLWLHV
SURYLGLQJUHDOWLPHVXSSRUWWRDERXWFRXQWULHV
7KHVHLQFOXGHGZRUNLQJZLWKWD[DGPLQLVWUDWLRQVDQG
EXGJHWRIƓFHVWRKHOSUHVWRUHRSHUDWLRQVDQGKHOSLQJ
IRU&'GHOLYHU\LQSHUVRQGHOLYHU\JUDGXDOO\UHVXPHG
LQWKHƓQDOPRQWKVRI)<
7KH,0)KDVDOVRVXSSRUWHGFRXQWULHVLQ
VWUHQJWKHQLQJWKHFROOHFWLRQDQGSXEOLFDWLRQRI
HFRQRPLFGDWDWRLPSURYHHFRQRPLFGHFLVLRQ
PDNLQJDQGERRVWWUDQVSDUHQF\$VFRXQWULHV
UDPSHGXSHPHUJHQF\VSHQGLQJLQUHVSRQVHWR
WKH&29,'SDQGHPLFWKH,0)VXSSRUWHGWKHP
LQVWUHQJWKHQLQJWKHLUJRYHUQDQFHIUDPHZRUNVVR
2022 A NNUA L REPORT 43
WHAT WE DO

Figure 2.1
Spending by Major
IMF Activities Capacity
FY 2022 development1
25%

Corporate
functions
28%
Country
operations Bilateral
40% surveillance
47%

Multilateral
surveillance
and global
cooperation IMF
13% governance Lending
and 28%
membership
and IMF
ƓQDQFHV
11%
IMF policies and analytical work 8%

6RXUFH,0)VWDIIHVWLPDWHV
1RWH([FOXGHVPLQRUPLVFHOODQHRXVLWHPVDQGWUDYHO
1
'LUHFWGHOLYHU\RQO\([FOXGHVFDSDFLW\GHYHORSPHQWDFWLYLWLHVUHODWHGWRSROLF\DQDO\WLFVDQGRWKHURXWSXWDUHDV

PRQH\FRXOGTXLFNO\JHWWRWKRVHZKRQHHGLWWKH
PRVW7KH,0)LVDOVRKHOSLQJWKHPWKLQNWKURXJK
QHZFKDOOHQJHVVXFKDVƓQGLQJGLJLWDOVROXWLRQVIRU
GLUHFWFDVKWUDQVIHUVSURWHFWLQJKHDOWKH[SHQGLWXUHV
DQGRWKHUVRFLDOVSHQGLQJDQGSUHSDULQJIRUWKH
FKDOOHQJHVSRVHGE\FOLPDWHFKDQJH
'XULQJWKHSDQGHPLFWKH,0)VLJQLƓFDQWO\
LQFUHDVHGLWVQXPEHURIIUHHRQOLQHFRXUVHVZKLFK
VDZDVKDUSLQFUHDVHLQSDUWLFLSDWLRQZLWKPRUHWKDQ
FXPXODWLYHDFWLYHOHDUQHUVVLQFHSURJUDP
LQFHSWLRQFRPSDUHGZLWKDERXWDVUHFHQWO\DV
WKHHQGRI
,0)GHYHORSPHQWSDUWQHUVVXSSRUWDERXWKDOIRI
WKH)XQGōV&'ZRUN7KH\KDYHKHOSHGIXQGWKH,0)ōV
&29,'&',QLWLDWLYHZLWKDERXWPLOOLRQUDLVHG
VRIDU7RJHWKHUWKH,0)DQGLWVSDUWQHUVDUHVWULYLQJ
WRKHOSRXUPHPEHUVEXLOGIRUZDUGEHWWHUDQGZRUN
WRZDUGDJUHHQHUVPDUWHUDQGPRUHHTXLWDEOHIXWXUH
2Q0D\WKH,0)ODXQFKHGLWVUHYLVHG
SROLF\RQWKHGLVVHPLQDWLRQRI&'LQIRUPDWLRQ
7KHSROLF\EXLOGVRQH[LVWLQJGLVVHPLQDWLRQ
SURJUHVVDQGUHSUHVHQWVDQLPSRUWDQWVWHSLQWKH
,0)ōVFRPPLWPHQWWRWUDQVSDUHQF\7KHSROLF\
ZDVLQIRUPHGE\GLVFXVVLRQVZLWKWKH([HFXWLYH
%RDUGDQGGUHZIURPWKH8SGDWHG)UDPHZRUN
RQWKH'LVVHPLQDWLRQRI&DSDFLW\'HYHORSPHQW
,QIRUPDWLRQ,WSULRULWL]HVVKDULQJ&'LQIRUPDWLRQ
PRUHZLGHO\WRVXSSRUWFRRUGLQDWLRQDQGV\QHUJLHV
DPRQJ&'SURYLGHUVDQGƓQDQFLQJSDUWQHUV
FRQWULEXWHWRNQRZOHGJHDVDJOREDOSXEOLFJRRG
IDFLOLWDWHDFFRXQWDELOLW\WRIXQGLQJSDUWQHUVDQG
WKHPHPEHUVKLSDQGHPSRZHURZQHUVKLSZLWKLQ
&'UHFLSLHQWFRXQWULHV3URWHFWLRQRI&'UHFLSLHQW
FRQƓGHQWLDOLW\DQGSUHVHUYDWLRQRIWKH,0)ōVUROHDV
DWUXVWHGDGYLVRUWRLWVPHPEHUVKLSUHPDLQFRUHWR
WKHSROLF\

44 I N T ER N AT I O N A L MO NETARY FUND
 CRISIS UPON CRISIS

THE IMF’S ONLINE LEARNING PROGRAM:

The IMF’s online learning program has played an important role in serving the needs of its membership
during the COVID-19 crisis.

2YHUWKHSDVW\HDUSDUWLFLSDWLRQLQWKHSURJUDPKDV RIFOLPDWHFKDQJHŏ0DFURHFRQRPLFVRI&OLPDWH

FRQWLQXHGWRJURZEULQJLQJWKHRYHUDOOQXPEHU &KDQJHŋ6FLHQFH(FRQRPLFVDQG3ROLFLHVŐRU0&&[
RIFXPXODWLYHDFWLYHJOREDOOHDUQHUVWRPRUHWKDQ 6(3PDFURHFRQRPLFVWDWLVWLFV1$6[&3,[UHYHQXH
7KH,0),QVWLWXWH/HDUQLQJ&KDQQHORIIHUV IRUHFDVWLQJŏ5HYHQXH)RUHFDVWLQJDQG$QDO\VLVŐ
PLFUROHDUQLQJYLGHRVLQYDULRXVDUHDVRI,0)H[SHUWLVH
and has more than doubled its audience since its
ODXQFKLQ$SULOWRDERXWVXEVFULEHUVDQG
PRUHWKDQLQGLYLGXDOYLHZV
:LWKPRUHWKDQRQOLQHFRXUVHVDYDLODEOHRQWKH
HG;RSHQRQOLQHOHDUQLQJSODWIRUPWKHFXUULFXOXP
FRQWLQXHVWREHHQULFKHGLQNH\DUHDVRIJOREDO
LQWHUHVW1HZVHULHVRIPRGXODUFRXUVHVKDYHEHHQ
UROOHGRXWRQWKHWRSLFVRIGHEWVXVWDLQDELOLW\DQGGHEW
PDQDJHPHQWWD[DGPLQLVWUDWLRQŏ9LUWXDO7UDLQLQJWR
RU5)$[DQGF\EHUULVNVXSHUYLVLRQ&56[DUHQRZ
DYDLODEOHWRJHWKHUZLWKWUDQVODWLRQVRIRQOLQHFRXUVHV
$VWKHSURJUDPFRQWLQXHVWRDGDSWWRWKHQHHGVRI
WKHPHPEHUVKLSVHYHUDOEOHQGHGFRXUVHVKDYHEHHQ
ODXQFKHGFRPELQLQJDV\QFKURQRXVRQOLQHOHDUQLQJ
ZLWKLQWHUDFWLYHYLUWXDOVHVVLRQVIXOO\WDLORUHGWRWKH
QHHGVRIOHDUQHUVDQGUHFLSLHQWVRIWHFKQLFDODVVLVWDQFH
%OHQGHGDSSURDFKHVKDYHWKHPHULWQRWRQO\RIPDNLQJ
WKH,0)ōVFDSDFLW\GHYHORSPHQWPRUHHIƓFLHQWEXWDOVR
RILQFUHDVLQJLWVLPSDFW7KHUHLVDVWURQJHPHUJLQJ
$GYDQFH5HYHQXH$GPLQLVWUDWLRQŐRU9,7$5$DQG YLHZWKDWEOHQGHGOHDUQLQJLVSDYLQJWKHZD\IRUWKH
LQFOXVLYHJURZWK1HZFRXUVHVRQWKHPDFURHFRQRPLFV QHZPRGHORIFDSDFLW\GHYHORSPHQWGHOLYHU\

Online Learning Course Participation over Time

Course offerings Total active participants
110 160,000
100
140,000
90
80 120,000
70 100,000
60
80,000
50
40 60,000
30 40,000
20
20,000
10
0 0
Fiscal year 2014 2015 2016 2017 2018 2019 2020 2021 2022

&RXUVHRIIHULQJVE\ƓVFDO\HDU Total active participants

All courses on the edX platform are available anytime, anywhere, and at no cost, which makes the program a
global public good, spearheading knowledge and skills for a more sustainable and inclusive global economy.

6RXUFH,0),QVWLWXWHIRU&DSDFLW\'HYHORSPHQW

2022 A NNUA L REPORT 45

 $242 M

for hands-on technical

advice, policy-oriented
training, and peer learning

532
courses delivered

Capacity development
in numbers
2,522
technical assistance visits
$VRI$SULO
involving 1,331 experts

7
training languages offered

5
fragile states among the top
10 recipients of technical
assistance

23,109
RIƓFLDOVWUDLQHG

Nigeria

46 I N T ER N AT I O N A L MO NETARY FUND
WHAT WE DO
CRISIS UPON CRISIS

Figure 2.2 SUB-SAHARAN AFRICA 38

DIRECT CD ASIA AND PACIFIC 19
DELIVERY BY
17
REGION
WESTERN HEMISPHERE

MIDDLE EAST AND CENTRAL ASIA 13

FY 2022 EUROPE 9
(percentage share MULTI-REGIONAL 4
of total)

Sources: IMF, Capacity Development Management and Administration Program; and IMF staff calculations.

Figure 2.3
DIRECT CD LOW-INCOME DEVELOPING
DELIVERY BY COUNTRIES 47.9

INCOME EMERGING MARKET AND

MIDDLE-INCOME ECONOMIES
46.8

GROUP ADVANCED ECONOMIES 4.4

FY 2022 MULTI-REGIONAL 0.8

(percentage share
of total)

Sources: IMF, Capacity Development Management and Administration Program; and IMF staff calculations.
1RWH$GYDQFHGHFRQRPLHVDUHDVFODVVLƓHGLQWKH$SULOWorld Economic Outlook./RZLQFRPHGHYHORSLQJFRXQWULHVDUHDVGHƓQHGE\WKH,0)
(PHUJLQJPDUNHWDQGPLGGOHLQFRPHHFRQRPLHVFRPSULVHWKRVHQRWFODVVLƓHGDVDGYDQFHGHFRQRPLHVRUORZLQFRPHGHYHORSLQJFRXQWULHV

Figure 2.4
PUBLIC FINANCES 52.9
DIRECT CD
MONETARY AND FINANCIAL
DELIVERY BY SYSTEMS 18.4

TOPIC
STATISTICS 12.0
MACROECONOMIC
FRAMEWORKS
11.9
FY 2022 LEGAL FRAMEWORKS 3.9
(percentage share OTHER 0.9
of total)

Sources: IMF, Capacity Development Management and Administration Program; and IMF staff calculations.

2022 A NNUA L REPORT 47

WHAT WE DO

)LJXUH

TRAINING SUB-SAHARAN AFRICA 6,480

Participation WESTERN HEMISPHERE 5,892
by Participant ASIA AND PACIFIC 5,830
Region of Origin MIDDLE EAST AND CENTRAL ASIA 3,386
FY 2022 EUROPE 1,480
QXPEHURISDUWLFLSDQWV

6RXUFHV,0)3DUWLFLSDQWDQG$SSOLFDQW7UDFNLQJ6\VWHPDQG,0)VWDIIFDOFXODWLRQV
1RWH0RVWRIWKH,0)ōVWUDLQLQJIDOOVXQGHUWKH,QVWLWXWHIRU&DSDFLW\'HYHORSPHQW,&'7UDLQLQJ3URJUDPZKLFKLQFOXGHVWUDLQLQJFRRUGLQDWHGE\,&'
DQGGHOLYHUHGE\,&'DQGRWKHUGHSDUWPHQWVDW,0)KHDGTXDUWHUVDQGJOREDOO\DWWKH,0)ōV5HJLRQDO&DSDFLW\'HYHORSPHQW&HQWHUVDQGLQSURJUDPV
IRUFRXQWU\RIƓFLDOV7UDLQLQJDOVRLQFOXGHV,0)RQOLQHFRXUVHVVXFFHVVIXOO\FRPSOHWHGE\FRXQWU\RIƓFLDOV,QDGGLWLRQWUDLQLQJLVSURYLGHGE\IXQFWLRQDO
GHSDUWPHQWVRXWVLGHWKH,&'7UDLQLQJ3URJUDP

)LJXUH

TRAINING EMERGING MARKET AND 12,603

Participation MIDDLE-INCOME ECONOMIES

by Income Group LOW-INCOME DEVELOPING

COUNTRIES
8,446
FY 2022 ADVANCED ECONOMIES 1,557
QXPEHURISDUWLFLSDQWV

6RXUFHV,0)3DUWLFLSDQWDQG$SSOLFDQW7UDFNLQJ6\VWHPDQG,0)VWDIIFDOFXODWLRQV
1RWH0RVWRIWKH,0)ōVWUDLQLQJIDOOVXQGHUWKH,QVWLWXWHIRU&DSDFLW\'HYHORSPHQW,&'7UDLQLQJ3URJUDPZKLFKLQFOXGHVWUDLQLQJFRRUGLQDWHGE\,&'
DQGGHOLYHUHGE\,&'DQGRWKHUGHSDUWPHQWVDW,0)KHDGTXDUWHUVDQGJOREDOO\DWWKH,0)ōV5HJLRQDO&DSDFLW\'HYHORSPHQW&HQWHUVDQGLQSURJUDPV
IRUFRXQWU\RIƓFLDOV7UDLQLQJDOVRLQFOXGHV,0)RQOLQHFRXUVHVVXFFHVVIXOO\FRPSOHWHGE\FRXQWU\RIƓFLDOV,QDGGLWLRQWUDLQLQJLVSURYLGHGE\IXQFWLRQDO
GHSDUWPHQWVRXWVLGHWKH,&'7UDLQLQJ3URJUDP)RUGHƓQLWLRQVRIFRXQWU\LQFRPHJURXSVVHHWKHQRWHWR)LJXUH

Top 10 Partners for IMF Top 10 Recipients of IMF Top 10 Recipients by Training
Capacity Development Technical Assistance Participation
VLJQHGDJUHHPHQWVLQ86GROODUVDYHUDJH )<86GROODUVVSHQGLQJ )<SDUWLFLSDQWZHHNV
)<Ŋ

-DSDQ 1. Cambodia 1. India

6ZLW]HUODQG 8]EHNLVWDQ .HQ\D
(XURSHDQ8QLRQ 3. Sierra Leone 3. China
.XZDLW 4. Liberia 4. Indonesia
*HUPDQ\ 7KH*DPELD &DPERGLD
7KH1HWKHUODQGV 'HPRFUDWLF5HSXEOLFRIWKH&RQJR %DQJODGHVK
)UDQFH 0DGDJDVFDU 1LJHULD
.D]DNKVWDQ $QJROD 8JDQGD
9. Norway 9. China 9. St. Lucia
10. Austria 0R]DPELTXH 0DGDJDVFDU

6RXUFHV,0)&DSDFLW\'HYHORSPHQW 6RXUFHV,0)&DSDFLW\'HYHORSPHQW
0DQDJHPHQWDQG$GPLQLVWUDWLRQ3URJUDP 0DQDJHPHQWDQG$GPLQLVWUDWLRQ3URJUDP
,0)3DUWLFLSDQWDQG$SSOLFDQW7UDFNLQJ ,0)3DUWLFLSDQWDQG$SSOLFDQW7UDFNLQJ
6\VWHPDQG,0)VWDIIFDOFXODWLRQV 6\VWHPDQG,0)VWDIIFDOFXODWLRQV

48 I N T ER N AT I O N A L MO NETARY FUND
 CRISIS UPON CRISIS

Table 2.5

Thematic and Country Funds for IMF Capacity Development

$VRI$SULO

NAME 3$571(56

$QWLŊ0RQH\/DXQGHULQJ&RPEDWLQJWKH &DQDGD)UDQFH*HUPDQ\-DSDQ.RUHD/X[HPERXUJ
)LQDQFLQJRI7HUURULVP$0/&)7 7KH1HWKHUODQGV4DWDU6DXGL$UDELD6ZLW]HUODQG

&29,'&ULVLV&DSDFLW\'HYHORSPHQW %HOJLXP&DQDGD&KLQD*HUPDQ\-DSDQ.RUHD6LQJDSRUH
,QLWLDWLYH 6SDLQ6ZLW]HUODQG

'DWDIRU'HFLVLRQV'' &KLQD(XURSHDQ8QLRQ*HUPDQ\-DSDQ.RUHD/X[HPERXUJ

7KH1HWKHUODQGV1RUZD\6ZLW]HUODQG

'HEW0DQDJHPHQW)DFLOLW\'0)3KDVH,,, $XVWULD(XURSHDQ8QLRQ)UDQFH*HUPDQ\-DSDQ

(joint with World Bank) 7KH1HWKHUODQGV1RUZD\6ZLW]HUODQG8QLWHG.LQJGRP
8QLWHG6WDWHV$IULFDQ'HYHORSPHQW%DQN

)LQDQFLDO6HFWRU5HIRUPDQG6WUHQJWKHQLQJ *HUPDQ\6ZLW]HUODQG
,QLWLDWLYH),5673KDVH,9
(joint with World Bank)

)LQDQFLDO6HFWRU6WDELOLW\)XQG)66) &KLQD*HUPDQ\,WDO\/X[HPERXUJ6DXGL$UDELD6ZHGHQ

6ZLW]HUODQG8QLWHG.LQJGRP(XURSHDQ,QYHVWPHQW%DQN

0DQDJLQJ1DWXUDO5HVRXUFH:HDOWK $XVWUDOLD(XURSHDQ8QLRQ7KH1HWKHUODQGV1RUZD\
015: 6ZLW]HUODQG8QLWHG.LQJGRP

5HYHQXH0RELOL]DWLRQ7KHPDWLF)XQG $XVWUDOLD%HOJLXP'HQPDUN(XURSHDQ8QLRQ)UDQFH*HUPDQ\
507) -DSDQ.RUHD/X[HPERXUJ7KH1HWKHUODQGV1RUZD\6ZHGHQ
6ZLW]HUODQG8QLWHG.LQJGRP

6RPDOLD&RXQWU\)XQG 3KDVH,&DQDGD(XURSHDQ8QLRQ,WDO\8QLWHG.LQJGRP
8QLWHG6WDWHV$UDE)XQGIRU(FRQRPLFDQG6RFLDO'HYHORSPHQW
3KDVH,,&DQDGD,WDO\8QLWHG.LQJGRP

7D[$GPLQLVWUDWLRQ'LDJQRVWLF$VVHVVPHQW )UDQFH*HUPDQ\-DSDQ1HWKHUODQGV1RUZD\6ZLW]HUODQG
7RRO7$'$7 United Kingdom

6RXUFH,0),QVWLWXWHIRU&DSDFLW\'HYHORSPHQW

2022 A NNUA L REPORT 49

WHAT WE DO

Table 2.6
IMF Regional Capacity Development Centers
$VRI$SULO

1DPH 3DUWQHUV 0HPEHU&RXQWULHV

$IULFD7UDLQLQJ,QVWLWXWH &KLQD*HUPDQ\0DXULWLXVKRVW(XURSHDQ 45 countries in sub-Saharan Africa are eligible for training
$7, Investment Bank

$)5,7$&&HQWUDO$)& &KLQD(XURSHDQ8QLRQ)UDQFH*DERQKRVW %XUXQGL&DPHURRQ&HQWUDO$IULFDQ5HSXEOLF&KDG

*HUPDQ\7KH1HWKHUODQGV6ZLW]HUODQG 5HSXEOLFRI&RQJR'HPRFUDWLF5HSXEOLFRIWKH&RQJR
European Investment Bank (TXDWRULDO*XLQHD*DERQ6¥R7RP«DQG3U¯QFLSH

(DVW$)5,7$&$)( &KLQD(XURSHDQ8QLRQ*HUPDQ\7KH (ULWUHD(WKLRSLD.HQ\D0DODZL5ZDQGD6RXWK6XGDQ

1HWKHUODQGV1RUZD\6ZLW]HUODQG7DQ]DQLD VLQFH0D\7DQ]DQLD8JDQGD
KRVW8QLWHG.LQJGRP

$)5,7$&6RXWK$)6 $XVWUDOLD&KLQD(XURSHDQ8QLRQ*HUPDQ\ $QJROD%RWVZDQD&RPRURV(VZDWLQL/HVRWKR

0DXULWLXVKRVW7KH1HWKHUODQGV6ZLW]HUODQG 0DGDJDVFDU0DXULWLXV0R]DPELTXH1DPLELD6H\FKHOOHV
8QLWHG.LQJGRP(XURSHDQ,QYHVWPHQW%DQN 6RXWK$IULFD=DPELD=LPEDEZH

$)5,7$&:HVW$): &KLQD&¶WHGō,YRLUHKRVW(XURSHDQ %HQLQ%XUNLQD)DVR&¶WHGō,YRLUH*XLQHD*XLQHD%LVVDX

8QLRQ)UDQFH*HUPDQ\/X[HPERXUJ 0DOL0DXULWDQLD1LJHU6HQHJDO7RJR
7KH1HWKHUODQGV1RUZD\6ZLW]HUODQG
European Investment Bank

$)5,7$&:HVW$): &KLQD(XURSHDQ8QLRQ*HUPDQ\*KDQD &DER9HUGH7KH*DPELD*KDQD/LEHULD1LJHULD

KRVW6ZLW]HUODQG8QLWHG.LQJGRP Sierra Leone
European Investment Bank

,0)&DSDFLW\'HYHORSPHQW -DSDQ7KDLODQGKRVW &RUHEHQHƓFLDU\FRXQWULHV&DPERGLD/DR3'5

2IƓFHLQ7KDLODQG&'27 0\DQPDU9LHWQDPVHOHFWHGSURMHFWVEDVHGLQ&'27DOVR
FRYHURWKHUFRXQWULHVLQ6RXWKHDVW$VLDDQGLQWKH3DFLƓF
island region

&DULEEHDQ5HJLRQDO %DUEDGRVKRVW&DQDGD(XURSHDQ8QLRQ $QJXLOOD$QWLJXDDQG%DUEXGD$UXED7KH%DKDPDV

7HFKQLFDO 0H[LFR7KH1HWKHUODQGV8QLWHG.LQJGRP %DUEDGRV%HOL]H%HUPXGD%ULWLVK9LUJLQ,VODQGV&D\PDQ
$VVLVWDQFH&HQWHU&$57$& 8QLWHG6WDWHV&DULEEHDQ'HYHORSPHQW%DQN ,VODQGV&XUD©DR'RPLQLFD*UHQDGD*X\DQD+DLWL
Eastern Caribbean Central Bank -DPDLFD0RQWVHUUDW6LQW0DDUWHQ6W.LWWVDQG1HYLV
6W/XFLD6W9LQFHQWDQGWKH*UHQDGLQHV6XULQDPH
7ULQLGDGDQG7REDJR7XUNVDQG&DLFRV

50 I N T ER N AT I O N A L MO NETARY FUND
 CRISIS UPON CRISIS

1DPH 3DUWQHUV
 0HPEHU&RXQWULHV


$UPHQLD$]HUEDLMDQ*HRUJLD.D]DNKVWDQ.\UJ\]
&DXFDVXV&HQWUDO$VLDDQG &KLQD.D]DNKVWDQKRVW.RUHD3RODQG5XVVLD
5HSXEOLF0RQJROLD7DMLNLVWDQ7XUNPHQLVWDQ8]EHNLVWDQ
0RQJROLD5HJLRQDO&DSDFLW\ 6ZLW]HUODQG$VLDQ'HYHORSPHQW%DQN
'HYHORSPHQW&HQWHU
&&$07$&

&HQWUDO$PHULFD3DQDPD &RORPELD(XURSHDQ8QLRQ*XDWHPDODKRVW &RVWD5LFD'RPLQLFDQ5HSXEOLF(O6DOYDGRU*XDWHPDOD

DQGWKH'RPLQLFDQ /X[HPERXUJ0H[LFR1RUZD\6SDLQ&HQWUDO +RQGXUDV1LFDUDJXD3DQDPD
5HSXEOLF5HJLRQDO7HFKQLFDO American Bank for Economic Integration
$VVLVWDQFH&HQWHU
&$37$&'5

&KLQD,0)&DSDFLW\ China (host) China and a range of other countries are eligible for
'HYHORSPHQW&HQWHU training
&,&'&

-RLQW9LHQQD,QVWLWXWH-9, Austria (primary member and host) and FRXQWULHVLQFHQWUDOHDVWHUQDQGVRXWKHDVWHUQ
international partners/donors (XURSHWKH&DXFDVXVDQG&HQWUDO$VLDDVZHOODV,UDQ
are eligible for training

0LGGOH(DVW&HQWHUIRU Kuwait (host) Arab League member countries are eligible for training
(FRQRPLFVDQG)LQDQFH
&()

0LGGOH(DVW5HJLRQDO (XURSHDQ8QLRQ)UDQFH*HUPDQ\/HEDQRQ $IJKDQLVWDQ$OJHULD'MLERXWL(J\SW,UDT-RUGDQ

7HFKQLFDO$VVLVWDQFH&HQWHU KRVW7KH1HWKHUODQGV6ZLW]HUODQG /HEDQRQ/LE\D0RURFFR6XGDQ6\ULD7XQLVLD:HVW%DQN
0(7$& DQG*D]D<HPHQ

3DFLƓF)LQDQFLDO7HFKQLFDO $XVWUDOLD&DQDGD(XURSHDQ8QLRQ)LMLKRVW &RRN,VODQGV)LML.LULEDWL0DUVKDOO,VODQGV0LFURQHVLD

$VVLVWDQFH&HQWHU3)7$& .RUHD1HZ=HDODQG8QLWHG6WDWHV$VLDQ 1DXUX1LXH3DODX3DSXD1HZ*XLQHD6DPRD6RORPRQ
Development Bank ,VODQGV7LPRU/HVWH7RNHODX7RQJD7XYDOX9DQXDWX

,0)6LQJDSRUH5HJLRQDO $XVWUDOLD-DSDQ6LQJDSRUHKRVW FRXQWULHVLQWKH$VLDDQG3DFLƓFUHJLRQDUHHOLJLEOHIRU

7UDLQLQJ,QVWLWXWH67, training

6RXWK$VLD5HJLRQDO7UDLQLQJ $XVWUDOLD(XURSHDQ8QLRQ,QGLDKRVW.RUHD %DQJODGHVK%KXWDQ,QGLD0DOGLYHV1HSDO6UL/DQND

DQG7HFKQLFDO$VVLVWDQFH United Kingdom
&HQWHU6$577$&

6RXUFH,0),QVWLWXWHIRU&DSDFLW\'HYHORSPHQW
1RWH7KH,0)DOVRGHOLYHUVFRXUVHVWKURXJKUHJLRQDOWUDLQLQJSURJUDPV

2022 A NNUA L REPORT 51

 Part Three

WHO WE ARE

52 I N T ER N AT I O N A L MO NETARY FUND United States

 WHO WE ARE
CRISIS UPON CRISIS

The IMF has a management

team and 18 departments that
carry out its country, policy,
analytical, and technical work.
A list of the institutions’ senior
RIƓFHUVFDQEHIRXQGRQ
page 60, and the organization
FKDUWFDQEHIRXQGKHUH

IMF
ORG
CHART
IMF.ORG/ORGCHART

In January 2022, IMF management announced the

FUHDWLRQRIWKH2IƓFHRI7UDQVIRUPDWLRQ0DQDJHPHQW
7KHQHZRIƓFHFDPHLQWRH[LVWHQFHRQ0DUFK
DQGEULQJVWRJHWKHUXQGHURQHXPEUHOODWKH
H[LVWLQJIXQFWLRQVRIFRUSRUDWHSURMHFWPDQDJHPHQW
innovation and change management, and knowledge
PDQDJHPHQW7KHRIƓFHZLOORYHUVHHWKH,0)ōV
ongoing modernization agenda, ensuring that the
,0)FDQFRQWLQXHWRVHUYHLWVPHPEHUVKLSHIIHFWLYHO\ United States
in the years ahead.

2022 A NNUA L REPORT 53

 WHO WE ARE

Executive Directors The Executive Board is responsible for conducting

the IMF’s day-to-day business. It is composed of 24
As of April 30, 2022 Executive Directors, who are elected by member
countries or by groups of countries, and

Aivo And
Ai ndriian
narivel
ar lo Af nso
Afon o Bev
evil
ilaq
il aqu
aq ua
ua

Arnaud Buissé Sergio Cho

hodo
doss

Hosseiin Hosse
eini Chan
Ch an
a ng Huh
u

Rosem
mary
y Lim Ita Man
an
anna
nnath
na
ath
tho
thok
ok
ko

5544 I INNTTER
ERNNAT
ATI IOONNAL
AL MO
MONETARY
NETARY FFUND
UND
 CRISIS UPON CRISIS

the Managing Director, who serves as its Chair. SROLFLHVDQGDSSURYHV,0)ƓQDQFLQJWRKHOSPHPEHU

All IMF member countries are represented on its countries address temporary balance of payments
Executive Board, which discusses the national, regional, problems, as well as overseeing the IMF’s capacity
and global consequences of each member’s economic development efforts.

Surj
rjjit Bhalla
a Abdu
ull
l ah
h BinZarah

Dome
Do meni
n co
ni o Fan
aniz
izza
iz za Paul Hilbe
b rs
be

Philip Jenning
ngs Z on
Zhongx
gxia Jin

Mahm
Mahmou
oud Moh
ohie
ie
eldin
in
n Pablo Moreno
o

2022A A
2022 NNUA
NNUA L LREPORT
REPORT 55
55
WHO WE
E AR
AREE

Alek
Alekse
sei
se
ei Moz
ozh
zhhiin Da
ani
niel
el Palotai
ai

Mika Pösö Shona Riach

Elizabeth Sh
hort
r ino
o Joerg Stephan

Ta
aku
uji Tan
anaka
ak
ka Piotr Trab
binski

56 I N T ER N AT I O N A L MO NETARY FUND
 WHO WE ARE
S
CRISIS UPON CRISIS

Executive Directors and Alternates

As of April 30, 2022

Aivo Andrianarivelo Benin, Burkina Faso, Cameroon, Zhongxia Jin China

Regis O. N’Sonde &HQWUDO$IULFDQ5HSXEOLF&KDG =KHQJ[LQ=KDQJ
Facinet Sylla &RPRURV'HPRFUDWLF5HSXEOLF
RIWKH&RQJR5HSXEOLFRI Rosemary Lim %UXQHL'DUXVVDODP&DPERGLD
&RQJR&¶WHGō,YRLUH'MLERXWL Firman Mochtar )LML,QGRQHVLD/DR3'5
(TXDWRULDO*XLQHD*DERQ Malaysia, Myanmar, Nepal,
Guinea, Guinea-Bissau, Philippines, Singapore,
Madagascar, Mali, Mauritania, 7KDLODQG7RQJD9LHWQDP
Mauritius, Niger, Rwanda, São
Tomé and Príncipe, Senegal, Ita Mannathoko Angola, Botswana, Burundi,
Togo Willie Nakunyada Eritrea, Eswatini, Ethiopia,
9X\HOZD9XPHQGOLQL 7KH*DPELD.HQ\D/HVRWKR
Afonso Bevilaqua %UD]LO&DER9HUGH'RPLQLFDQ
/LEHULD0DODZL0R]DPELTXH
Frank Fuentes 5HSXEOLF(FXDGRU*X\DQD
1DPLELD1LJHULD6LHUUD
Bruno Saraiva Haiti, Nicaragua, Panama,
Leone, Somalia, South Africa,
Suriname, Timor-Leste,
South Sudan, Sudan, Tanzania,
7ULQLGDGDQG7REDJR
8JDQGD=DPELD=LPEDEZH
Surjit Bhalla Bangladesh, Bhutan, India,
Mahmoud Mohieldin Bahrain, Egypt, Iraq, Jordan,
Chandranath Amarasekara Sri Lanka
Ali Alhosani .XZDLW/HEDQRQ0DOGLYHV
2PDQ4DWDU8QLWHG$UDE
Abdullah BinZarah 6DXGL$UDELD Emirates, Yemen
Mohamed Alrashed
Pablo Moreno &RORPELD&RVWD5LFD
Alfonso Guerra El Salvador, Guatemala,
Arnaud Buissé France
Jose Andres Romero +RQGXUDV0H[LFR6SDLQ
Clement Roman
Aleksei Mozhin Russia, Syria
Sergio Chodos Argentina, Bolivia, Chile, 9DFDQW
Luis Oscar Herrera Paraguay, Peru, Uruguay

Daniel Palotai Austria, Belarus, Czech

Domenico Fanizza $OEDQLD*UHHFH,WDO\0DOWD +DOLO,EUDKLP$]DO 5HSXEOLF+XQJDU\.RVRYR
Michael Massourakis Portugal, San Marino Christian Just 6ORYDN5HSXEOLF6ORYHQLD
Türkiye
Paul Hilbers Andorra, Armenia, Belgium,
Mika Pösö Denmark, Estonia, Finland,
Luc Dresse Bosnia and Herzegovina,
Anne Marcussen Iceland, Latvia, Lithuania,
9ODG\VODY5DVKNRYDQ Bulgaria, Croatia, Cyprus,
Norway, Sweden
*HRUJLD,VUDHO/X[HPERXUJ
Moldova, Montenegro, Shona Riach United Kingdom
The Netherlands, North David Paul Ronicle
Macedonia, Romania, Ukraine

Hossein Hosseini Afghanistan, Algeria, Ghana, Elizabeth Shortino United States

Mohammed El Qorchi ,UDQ/LE\D0RURFFR3DNLVWDQ 9DFDQW
Tunisia
Chang Huh $XVWUDOLD.LULEDWL.RUHD
Joerg Stephan Germany
Angelia Grant Marshall Islands, Micronesia,
Andrea Rieck
Oscar Parkyn Mongolia, Nauru, New
Zealand, Palau, Papua New
Guinea, Samoa, Seychelles, Takuji Tanaka Japan
Solomon Islands, Tuvalu, Mikari Kashima
9DQXDWX
Philip Jennings $QWLJXDDQG%DUEXGD7KH
Piotr Trabinski $]HUEDLMDQ.D]DNKVWDQ
Feargal O’Brolchain %DKDPDV%DUEDGRV%HOL]H
Marcel Peter .\UJ\]5HSXEOLF3RODQG
Canada, Dominica, Grenada,
6HUELD6ZLW]HUODQG7DMLNLVWDQ
Ireland, Jamaica, St. Kitts and
7XUNPHQLVWDQ8]EHNLVWDQ
1HYLV6W/XFLD6W9LQFHQWDQG
the Grenadines

1RWH7KH5HS¼EOLFD%ROLYDULDQDGH9HQH]XHODGLGQRWSDUWLFLSDWHLQWKHUHJXODUHOHFWLRQRI([HFXWLYH'LUHFWRUVDQGLVQRWUHSUHVHQWHGDWWKH([HFXWLYH
Board during the current Board term (2020–2022).
2022 A NNUA L REPORT 57
WHO WE
E AR
AREE

Managing Director Krris

i talina Georgieva
v
va

First Deputy Managing Dirrector Gita Gop

pin
inat
athh

Deputy Managiing Dir

irec
eccto
or Ke
K nj
n i Oka
k mu
kamura
ra

58 I N T ER N AT I O N A L MO NETARY FUND
 CRISIS UPON CRISIS
S

Management Team
The IMF has a Managing Director, who is head of the staff and Chair of
the Executive Board. The Managing Director is assisted by a First Deputy
Managing Director and three other Deputy Managing Directors.

Depu
De puty Manag
gin
ng Diirrec
ecto
tor A
An
nto
toin
net
e te
te Say
ayeh
eh
eh

Deputy Managing Direccto

torr Bo Li

2022 A NNUA L REPORT 59

WHO WE ARE

IMF
ORG
CHART
IMF.ORG/ORGCHART

6HQLRU2IƓFLDOV
As of April 30, 2022

Area Departments

Abebe Selassie Director, African Department

Vacant 'LUHFWRU$VLDDQG3DFLƓF'HSDUWPHQW

Alfred Kammer Director, European Department

Jihad Azour Director, Middle East and Central Asia Department

Ilan Goldfajn Director, Western Hemisphere Department

,QIRUPDWLRQDQG/LDLVRQ2IƓFHV

Chikahisa Sumi 'LUHFWRU5HJLRQDO2IƓFHIRU$VLDDQGWKH3DFLƓF

Ashok Bhatia 'LUHFWRU2IƓFHVLQ(XURSH

Robert Powell Special Representative to the United Nations

Functional and Special Services Departments

Gerard Rice Director, Communications Department

Bernard Lauwers Director, Finance Department

Vitor Gaspar Director, Fiscal Affairs Department

Dominique Desruelle Director, Institute for Capacity Development

Rhoda Weeks-Brown General Counsel and Director, Legal Department

Tobias Adrian Financial Counsellor and Director, Monetary and Capital Markets Department

Pierre-Olivier Gourinchas Economic Counsellor and Director, Research Department

Louis Marc Ducharme &KLHI6WDWLVWLFLDQDQG'DWD2IƓFHUDQG'LUHFWRU6WDWLVWLFV'HSDUWPHQW

Ceyla Pazarbasioglu Director, Strategy, Policy, and Review Department

Institutes and Centers

Abdoul Aziz Wane Director, Africa Training Institute

Hervé Joly Director, Joint Vienna Institute

Paulo Drummond Director, Middle East Center for Economics and Finance

Alfred Schipke Director, Singapore Training Institute

Support Services Departments

Jennifer Lester Director, Corporate Services and Facilities Department

&DWULRQD3XUƓHOG Director, Human Resources Department

Shirin Hamid &KLHI,QIRUPDWLRQ2IƓFHUDQG'LUHFWRU,QIRUPDWLRQ7HFKQRORJ\'HSDUWPHQW

Ceda Ogada Secretary of the IMF and Director, Secretary’s Department

2IƓFHV

Charles Collyns 'LUHFWRU,QGHSHQGHQW(YDOXDWLRQ2IƓFH

Derek Bills 'LUHFWRU,QYHVWPHQW2IƓFH

Michele Shannon 'LUHFWRU2IƓFHRI%XGJHWDQG3ODQQLQJDQG2IƓFHRI7UDQVIRUPDWLRQ0DQDJHPHQW

Nancy Asiko Onyango 'LUHFWRU2IƓFHRI,QWHUQDO$XGLW

Brenda Boultwood 'LUHFWRU2IƓFHRI5LVN0DQDJHPHQW

60 I N T ER N AT I O N AL MO NETARY FUND
 CRISIS UPON CRISIS

RESOURCES
Budget
,Q$SULOWKH,0)([HFXWLYH%RDUGDXWKRUL]HG
DQHWDGPLQLVWUDWLYHEXGJHWIRU)<RI
PLOOLRQDORQJZLWKLQGLFDWLYHEXGJHWVIRU)<DQG
)<5HŴHFWLQJDORQJVWDQGLQJWUDGLWLRQRIƓVFDO
prudence, this was the 10th year in a row that the
,0)ōVEXGJHWUHPDLQHGŴDWRQDUHDOEDVLVZLWKQHZ
DFWLYLWLHVDEVRUEHGWKURXJKFRQWLQXHGUHSULRULWL]DWLRQ
and savings. The Board also approved a limit on
JURVVH[SHQGLWXUHVRIPLOOLRQZKLFKLQFOXGHG
PLOOLRQLQH[WHUQDOUHLPEXUVHPHQWVIRUFDSDFLW\
development activities. Additionally, the Board
approved a temporary increase in the carry-forward
RIXQVSHQW)<UHVRXUFHVLQWKHDPRXQWRI
PLOOLRQIRUSRVVLEOHVSHQGLQJLQ)<UHFRJQL]LQJ
FULVLVUHODWHGQHHGV&DSLWDOIXQGLQJRIPLOOLRQ
ZDVDSSURYHGIRUXVHRYHUWKUHH\HDUVIRUEXLOGLQJ United States

IDFLOLWLHVDQGLQIRUPDWLRQWHFKQRORJ\FDSLWDOSURMHFWV volume of capacity development delivery returned

7KHEXGJHWIRU)<VXSSRUWHGWKH,0)ōVHIIRUWV
to address continued crisis needs and address long-
WHUPGULYHUVRIJOREDOFKDQJHDVZHOODVDVKLIWWRD
K\EULGZRUNPRGHODQGEURDGHUPRGHUQL]DWLRQRIWKH
organization. Savings from internal reprioritization
and the pandemic-related moratorium on travel
DOORZHGUHVRXUFHVWREHUHSXUSRVHGWRZDUGFULVLV
needs. While engagement with authorities remained
largely virtual, demand for lending shifted from
emergency to medium-term operations, with some
PHPEHUVIDFLQJFRPSOH[GHEWFKDOOHQJHVƓQDQFLDO
V\VWHPVWDELOLW\DVVHVVPHQWVXQGHUWKH)6$3DQG
$UWLFOH,9FRQVXOWDWLRQVIXOO\UHVXPHGDQGWKH
WROHYHOVFORVHUWRWKRVHEHIRUHWKHSDQGHPLF7KH
([HFXWLYH%RDUGDSSURYHGWKH,0)ōVVWUDWHJLHVLQWKH
areas of climate change, digital money, and fragile
DQGFRQŴLFWDIIHFWHGVWDWHVDVZHOODVDKLVWRULF6'5
DOORFDWLRQRIELOOLRQDVSUHYLRXVO\QRWHG
$FWXDODGPLQLVWUDWLYHH[SHQGLWXUHVLQ)<
WRWDOHGPLOOLRQRUSHUFHQWRIWKHDSSURYHG
QHWEXGJHW&DSLWDOH[SHQGLWXUHVLQ)<WRWDOHG
PLOOLRQLQFOXGLQJXVHRISUHYLRXVO\DSSURYHG
IXQGLQJ2IWKLVPLOOLRQZDVIRUGLUHFWFDSLWDO
VSHQGLQJRQIDFLOLWLHVPLOOLRQIRULQIRUPDWLRQ
WHFKQRORJ\UHODWHGH[SHQGLWXUHVDQGPLOOLRQIRU
cloud-related licenses.

2022 A NNUA L REPORT 61

WHO WE ARE

Table 3.1
Budget by Major Expenditure Category, FY 2021–24
(millions of US dollars)

FY 2021 FY 2022 FY 2023 FY 2024

Budget Outturn Budget Outturn Budget Budget
Administrative expenditures
Personnel    1,106  –
Travel 133 16  26 122 –
Buildings and other 230 203    –
Contingency 11 – 12 – 13 –

Total gross expenditures 1,429 1,268 1,460 1,346 1,559 1,641

Receipts1 Ŋ Ŋ Ŋ –166 Ŋ –282
Total net budget 1,186 1,126 1,214 1,180 1,295 1,359
Carry forward 2  – 102 –  –
Total net budget including carry forward 1,241 1,126 1,315 1,180 1,387 1,359
Total gross budget including carry forward 1,484 1,268 1,561 1,346 1,651 1,641

Capital 3 99 78 79 90 78 91
Facilities and information technology    81 63 
Cloud Capital Equivalent – – 10   
Memorandum item

Total net budget in FY 2022 dollars 1,214 1,152 1,214 1,180 1,235 1,267
6RXUFH,0)2IƓFHRI%XGJHWDQG3ODQQLQJ
1RWH)LJXUHVLQFROXPQVPD\QRWVXPH[DFWO\WRFROXPQWRWDOVEHFDXVHRIURXQGLQJ
1
,QFOXGHVGRQRUƓQDQFHGDFWLYLWLHVFRVWVKDULQJDUUDQJHPHQWVZLWKWKH:RUOG%DQNVDOHVRISXEOLFDWLRQVSDUNLQJDQGRWKHUPLVFHOODQHRXV
revenue.
2
5HVRXUFHVDUHFDUULHGIRUZDUGIURPWKHSUHYLRXV\HDUXQGHUHVWDEOLVKHGUXOHV
3
)DFLOLWLHVDQGLQIRUPDWLRQWHFKQRORJ\EXGJHWDSSURSULDWLRQVFDQEHVSHQWRYHUWKUHH\HDUV7KHŏ%XGJHWŐFROXPQUHSUHVHQWVWKHDQQXDO
 DSSURSULDWLRQZKHUHDVWKHŏ2XWWXUQŐFROXPQLQFOXGHVVSHQGLQJIURPDSSURSULDWLRQVRISUHYLRXV\HDUV

Income model, charges, IMF’s investment policy includes, among other things,

remuneration, burden DFDUHIXODVVHVVPHQWRIDFFHSWDEOHOHYHOVRIULVNDV

sharing, and total

comprehensive income
INCOME MODEL
The IMF generates income primarily through its lending
and investing activities (see Figure 3.1). Lending income
is derived from the charges levied on the use of credit
from the GRA, service charges, and commitment
IHHV,QDGGLWLRQWKHXVHRI,0)FUHGLWLVVXEMHFWWR
surcharges under certain circumstances, as noted in Part
well as safeguards to minimize actual or perceived
FRQŴLFWVRILQWHUHVW,Q-DQXDU\WKH([HFXWLYH
Board approved an updated investment strategy, which
LQFOXGHVUHVSRQVLEOHLQYHVWLQJSULQFLSOHVUHODWHGWR
environmental, social, and governance considerations.
7KHVHZLOOEHLPSOHPHQWHGVWDUWLQJLQ)<
CHARGES
5HŴHFWLQJKLJKOHYHOVRIOHQGLQJDFWLYLW\WKH,0)ōV
PDLQVRXUFHRILQFRPHFRQWLQXHVWREHFKDUJHVOHYLHG
RQRXWVWDQGLQJFUHGLW7KHEDVLFUDWHRIFKDUJHWKDW
2. The IMF’s income model also relies on investment LVWKHLQWHUHVWUDWHRQ,0)ƓQDQFLQJFRPSULVHVWKH
LQFRPHJHQHUDWHGIURPDVVHWVLQWKH)L[HG,QFRPH 6'5LQWHUHVWUDWHSOXVDƓ[HGPDUJLQH[SUHVVHGLQ
DQG(QGRZPHQW6XEDFFRXQWVRIWKH,0)ōV,QYHVWPHQW EDVLVSRLQWVDVGLVFXVVHGLQ3DUW,Q$SULOWKH
$FFRXQW*LYHQWKHSXEOLFQDWXUHRIWKHIXQGVWKH ([HFXWLYH%RDUGVHWWKHPDUJLQIRUWKHUDWHRIFKDUJH

62 I N T ER N AT I O N AL MO NETARY FUND
 CRISIS UPON CRISIS

Figure 3.1
Income Model

Cost recovery
Interest received Investment Endowment funded Broader investment
for concessional
(charges) account E\JROGSURƓWV mandate
lending

Income

Interest paid Administrative Reserve Dividends to

(remuneration) expenses accumulation members1

6RXUFH,0))LQDQFH'HSDUWPHQW
1RWH*UHHQOLQHVUHSUHVHQWHOHPHQWVDGGHGWRWKHLQFRPHPRGHOLQ
1
$VRI$SULOWKHPHPEHUVKLSKDGQRWDGRSWHGWKHGLYLGHQGSROLF\

DWEDVLVSRLQWVIRUWKHSHULRGWKURXJK$SULO REMUNERATION AND INTEREST ON

The IMF also levies surcharges on large amounts BORROWING
of credit. Surcharges apply to credit outstanding that 2QWKHH[SHQGLWXUHVLGHWKH,0)SD\VLQWHUHVW
H[FHHGVDGHƓQHGWKUHVKROGUHODWLYHWRDPHPEHUōV UHPXQHUDWLRQWRPHPEHUVRQWKHLUFUHGLWRU
TXRWDOHYHOEDVHGVXUFKDUJHVDQGWKH\DUHKLJKHU SRVLWLRQVLQWKH*5$NQRZQDVŏUHPXQHUDWHGUHVHUYH
ZKHQWKLVWKUHVKROGKDVEHHQH[FHHGHGIRUDGHƓQHG WUDQFKHSRVLWLRQVŐ7KHEDVLFUDWHRIUHPXQHUDWLRQ
SHULRGRIWLPHWLPHEDVHGVXUFKDUJHVVHH7DEOH is equal to the SDR interest rate. The IMF also pays
In addition to charges and surcharges, the IMF interest at the SDR interest rate on outstanding
levies service charges, commitment fees, and ERUURZLQJXQGHUWKH1HZ$UUDQJHPHQWVWR%RUURZ
VSHFLDOFKDUJHV$VHUYLFHFKDUJHRISHUFHQWLV
OHYLHGRQHDFKGUDZLQJIURPWKH*5$$UHIXQGDEOH
FRPPLWPHQWIHHLVFKDUJHGDWWKHEHJLQQLQJRIHDFK
PRQWKSHULRGRQDPRXQWVDYDLODEOHIRUGUDZLQJ
XQGHU*5$DUUDQJHPHQWVH[FHSWIRUWKH6KRUW7HUP
Liquidity Line) during that period. The IMF also levies
special charges on charges that are past due, for the
ƓUVWVL[PRQWKVDPHPEHULVLQDUUHDUV
1$%VHHWKHŏ,0))LQDQFLQJŐVHFWLRQ
BURDEN SHARING
7KHUDWHVRIFKDUJHDQGUHPXQHUDWLRQDUHDGMXVWHG
XQGHUDEXUGHQVKDULQJPHFKDQLVPWKDWGLVWULEXWHV
WKHFRVWRIRYHUGXHƓQDQFLDOREOLJDWLRQVHTXDOO\
EHWZHHQGHEWRUDQGFUHGLWRUPHPEHUV
2022 A NNUA L REPORT 63
WHO WE ARE

Resource Contributions A Member's Voting Power

TOTAL COMPREHENSIVE INCOME
The IMF’s total comprehensive income in FY 2022 Quotas determine the Quotas are a key
PD[LPXPDPRXQWRI GHWHUPLQDQWRIDPHPEHUōV
ZDV6'5ELOOLRQELOOLRQUHŴHFWLQJ ƓQDQFLDOUHVRXUFHVD voting power in IMF
PHPEHULVREOLJHGWR GHFLVLRQV(DFKPHPEHU
primarily income from the high levels of lending
provide to the IMF. has one vote per SDR
activity, endowment income, and gains stemming 100,000 of quota plus
EDVLFYRWHVVDPH
from the remeasurement of the assets and MULTIPLE
IRUDOOPHPEHUV

OLDELOLWLHVRIWKH,0)ōVHPSOR\HHEHQHƓWSODQVLQ ROLES OF
QUOTA
accordance with International Financial Reporting
7KHPD[LPXPDPRXQW Quotas determine a
6WDQGDUGV,QWHUQDWLRQDO$FFRXQWLQJ6WDQGDUG RIƓQDQFLQJDPHPEHU PHPEHUōVVKDUHLQD
(PSOR\HH%HQHƓWV FDQREWDLQIURPWKH,0) general allocation
under normal access is of SDRs.
EDVHGRQLWVTXRWD

ARREARS TO THE IMF

Access to Financing SDR Allocations
6XGDQWKHODVWPHPEHUFRXQWU\ZLWKDUUHDUVFOHDUHG
LWVSURWUDFWHGDUUHDUVRXWVWDQGLQJIRUPRUHWKDQVL[
PRQWKVWRWKH,0)RQ-XQHDQGUHDFKHG
its HIPC Initiative decision point. At the end of April
2022, the IMF had no remaining arrears cases. The
IMF has in place a strengthened cooperative strategy
RQDUUHDUVEDVHGRQDVHWRILQFUHDVLQJO\VHYHUH
remedial measures to prevent the resurgence of
protracted arrears.
Financing
7KH,0)SURYLGHVƓQDQFLQJWRLWVPHPEHUVWKURXJK
three channels, all of which serve the common
SXUSRVHRIWUDQVIHUULQJUHVHUYHFXUUHQFLHVWRPHPEHU
facilities and policies over the years to address
FKDQJLQJFRQGLWLRQVLQWKHJOREDOHFRQRP\RUWKH
VSHFLƓFQHHGVDQGFLUFXPVWDQFHVRILWVPHPEHUV
7KH567ZLOOEHDQDGGLWLRQDOFKDQQHOIRUOHQGLQJ
RQFHOHQGLQJVWDUWVZKLFKLVH[SHFWHGWRWDNHSODFH
later in 2022).
QUOTAS: WHERE THE IMF GETS ITS
MONEY
7KH,0)ōVPHPEHUFRXQWULHVSURYLGHUHVRXUFHV
for loans primarily through their payment of quotas,
which also set their voting rights. Multilateral
ERUURZLQJDQGELODWHUDOERUURZLQJVHUYHDVVHFRQG
FRXQWULHVUHJXODUQRQFRQFHVVLRQDOOHQGLQJIURPWKH
*5$DQGFRQFHVVLRQDOOHQGLQJIURPWKH35*7ERWK
discussed in Part 2), as well as the SDR Department.
7KHPRVWVDOLHQWIHDWXUHRIWKH,0)ōVƓQDQFLDO
structure is that it is continuously evolving. The IMF
KDVLQWURGXFHGDQGUHƓQHGDYDULHW\RIOHQGLQJ
64 I N T ER N AT I O N AL MO NETARY FUND
and third lines of defense in times of crisis. These
UHVRXUFHVJLYHWKH,0)DFFHVVWRDERXWWULOOLRQ
LQQRQFRQFHVVLRQDOOHQGLQJƓUHSRZHUWRVXSSRUW
PHPEHUV&RQFHVVLRQDOOHQGLQJDQGGHEWUHOLHIIRU
ORZLQFRPHFRXQWULHVDUHƓQDQFHGWKURXJKVHSDUDWH
FRQWULEXWLRQEDVHGWUXVWIXQGV
 CRISIS UPON CRISIS

current formula for determining quotas, which was

DSSURYHGLQDQGKDVEHHQXVHGDVDJXLGHLV
also under review.

QUOTA PAYMENTS
The conditions for implementing the quota increases
DSSURYHGXQGHUWKHWK*HQHUDO5HYLHZZHUHPHW
RQ-DQXDU\7KLVUHVXOWHGLQDGRXEOLQJ
RITXRWDUHVRXUFHVWR6'5ELOOLRQDERXW
ELOOLRQIURPDERXW6'5ELOOLRQDERXW
ELOOLRQ$VRI$SULODOOEXWRIWKH
PHPEHUVKDGPDGHWKHLUTXRWDSD\PHQWV
DFFRXQWLQJIRUPRUHWKDQSHUFHQWRIWKHWRWDO
United States
TXRWDLQFUHDVHVDQGWRWDOTXRWDVVWRRGDW6'5
ELOOLRQDERXWELOOLRQ
(DFKPHPEHULVDVVLJQHGDTXRWDEDVHGEURDGO\
on its position in the world economy. IMF quotas total BORROWING BY THE IMF
6'5ELOOLRQDERXWELOOLRQ6 The value of $VQRWHGWKH,0)LVDTXRWDEDVHGLQVWLWXWLRQ
WKH6'5WKH,0)ōVXQLWRIDFFRXQWLVEDVHGRQDEDVNHW +RZHYHUERUURZHGUHVRXUFHVFRQWLQXHWRSOD\DNH\
RIFXUUHQFLHVVHHWKHŏ6SHFLDO'UDZLQJ5LJKWŐVHFWLRQ role in supplementing quota resources through the
IMF quotas are also reviewed regularly. The
16th General Review of Quotas, which is currently
XQGHUZD\DQGLVH[SHFWHGWREHFRPSOHWHGQRODWHU
WKDQ'HFHPEHURIIHUVDQRSSRUWXQLW\
to assess the overall adequacy of quotas as well
DVWKHDGHTXDF\RIWKHLUGLVWULEXWLRQDPRQJ,0)
PHPEHUFRXQWULHV7KH([HFXWLYH%RDUGLVVXHGWZR
progress reports to the Board of Governors on the
16th General Review during FY 2022, reporting on
RQJRLQJGLVFXVVLRQV7KHUHYLHZLVEXLOGLQJRQWKH
JRYHUQDQFHUHIRUPVRIWKHUHYLHZWK*HQHUDO
Review of Quotas), including efforts to protect quotas
DQGYRWLQJVKDUHVRIWKHSRRUHVWPHPEHUV7KH
1$%DQGWKHELODWHUDOERUURZLQJDJUHHPHQWV%%$V
serving respectively as a second and third line of
defense after quotas.
The NAB are a set of credit arrangements with
38 participants and 2 prospective participants. The
VL]HRIWKH1$%ZDVGRXEOHGWRDERXW6'5
ELOOLRQRQ-DQXDU\DQGDQHZ1$%SHULRG
ZDVVHWWKURXJKWKHHQGRI1$%UHVRXUFHV
FDQEHDFWLYDWHGZKHQWKH,0)ōVUHVRXUFHVQHHG
WREHVXSSOHPHQWHGWRIRUHVWDOORUFRSHZLWKDQ
impairment of the international monetary system.
Activation requires the consent of participants
UHSUHVHQWLQJSHUFHQWRIWRWDOFUHGLWDUUDQJHPHQWV

6
7ZRPHPEHUFRXQWULHV(ULWUHDDQG6\ULDKDYHQRW\HWFRQVHQWHGWRWKHLUSURSRVHGTXRWDLQFUHDVHVXQGHUWKHWK*HQHUDO5HYLHZRI4XRWDV
2QFHWKHVHFRXQWULHVFRQVHQWWRDQGSD\IRUWKHLUUHVSHFWLYHTXRWDLQFUHDVHV,0)TXRWDVZLOOWRWDO6'5ELOOLRQ

2022 A NNUA L REPORT 65

WHO WE ARE
United States
RISDUWLFLSDQWVHOLJLEOHWRYRWHDVZHOODVWKHDSSURYDO
RIWKH([HFXWLYH%RDUG7KH1$%ZHUHDFWLYDWHG
WLPHVEHWZHHQ$SULODQG)HEUXDU\WKH
ZKLFKPD\EHH[WHQGHGE\RQHPRUH\HDU$V
RI$SULOELODWHUDOFUHGLWRUVKDGFRPPLWWHG
under their 2020 BBAs to provide the IMF with a total
FUHGLWDPRXQWHTXLYDOHQWWRDERXW6'5ELOOLRQ
5HVRXUFHVXQGHU%%$VFDQEHDFWLYDWHGRQO\LIWKH
DPRXQWRIWKH,0)UHVRXUFHVRWKHUZLVHDYDLODEOHIRU
ƓQDQFLQJKDVIDOOHQEHORZDWKUHVKROGRI6'5
ELOOLRQDQGHLWKHUWKH1$%KDVEHHQDFWLYDWHGRU
WKHUHDUHQRDYDLODEOHXQFRPPLWWHG1$%UHVRXUFHV
$FWLYDWLRQRI%%$VUHTXLUHVDSSURYDOE\ELODWHUDO
FUHGLWRUVUHSUHVHQWLQJSHUFHQWRIWKHWRWDOFUHGLW
amount committed.
SPECIAL DRAWING RIGHT
The SDR is an international reserve asset the
,0)FUHDWHGLQWRVXSSOHPHQWLWVPHPEHU
FRXQWULHVōRIƓFLDOUHVHUYHV,WVHUYHVDVWKHXQLWRI
account of the IMF and some other international
organizations. The SDR is neither a currency nor
a claim on the IMF. Rather, it is a potential claim
RQWKHIUHHO\XVDEOHFXUUHQFLHVRI,0)PHPEHUV
,0)PHPEHUVZKRDUHSDUWLFLSDQWVLQWKH6'5
most recent activation. 'HSDUWPHQWFXUUHQWO\DOOPHPEHUVPD\H[FKDQJH
As noted, BBAs are intended to serve as a third 6'5VIRUIUHHO\XVDEOHFXUUHQFLHV
line of defense after quotas and the NAB. The current 7KH6'5ōVYDOXHLVFXUUHQWO\EDVHGRQDEDVNHWRI
URXQGRI%%$VKDVEHHQLQHIIHFWVLQFH-DQXDU\ ƓYHFXUUHQFLHVWKH86GROODUWKHHXURWKH&KLQHVH
ZLWKDQLQLWLDOWHUPWKURXJK'HFHPEHU UHQPLQELWKH-DSDQHVH\HQDQGWKH%ULWLVKSRXQG

66 I N T ER N AT I O N AL MO NETARY FUND
 CRISIS UPON CRISIS
The currencies included are reviewed periodically;
the most recent review of the valuation of the SDR
basket occurred in July 2022.
As of April 30, 2022, a total of SDR 660.7
billion (equivalent to about $888 billion) had
been allocated to members, including the August
2021 allocation of SDR 456.5 billion, the largest
allocation of SDRs in history, in the context of the
ongoing pandemic. This SDR allocation provided
additional liquidity to the global economic system—
supplementing countries’ foreign exchange reserves
and reducing their reliance on more expensive
domestic or external debt. Countries were able
to use the space provided by the SDR allocation
WRVXSSRUWWKHLUHFRQRPLHVDQGVWHSXSWKHƓJKW
against the crisis.
7RDPSOLI\WKHEHQHƓWVRIWKLVDOORFDWLRQWKH
IMF is encouraging voluntary channeling of SDRs
from countries with strong external positions to
United States
countries most in need. Some members have
already pledged to lend their SDRs to the PRGT,
which provides concessional loans to low-income
countries. Furthermore, the recently established
RST will use channeled SDRs to provide affordable
ORQJHUWHUPƓQDQFLQJWRVXSSRUWFRXQWULHV
undertaking reforms to reduce risks, including
those related to climate change, and for pandemic
preparedness.
In light of the new allocation and to enhance
transparency and accountability in the use of SDRs,
the IMF issued a Staff Guidance Note in August
2021 on assessing the macroeconomic implications
of the new allocation, its statistical treatment
and governance, and how it might affect debt
sustainability. In addition, the IMF started reporting
quarterly on SDR holdings, transactions, and trading
and committed to issuing a follow-up report on the
use of SDRs in two years.
2022 A NNUA L REPORT 67
WHO WE ARE

ACCOUNTABILITY
7KH,0)LVDFFRXQWDEOHWRLWVPHPEHUFRXQWULHVDQGKDV
DV\VWHPRIFKHFNVDQGEDODQFHVWRHQVXUHDFFRXQWDELOLW\ŋ
UDQJLQJIURPLQWHUQDODQGH[WHUQDODXGLWVWRULVNPDQDJH-
ment and evaluation of its policies and operations. Similarly,
WKH,0)VWDIILVH[SHFWHGWRREVHUYHWKHKLJKHVWHWKLFDODQG
workplace standards of conduct.

CHECKS AND BALANCES

The IMF conducts audits of all its operations. The Its mandate is twofold: (1) assessing the effectiveness
audit mechanisms are set up to improve governance, of the IMF’s governance, risk management, and
transparency, and accountability and include an internal controls and (2) acting as a consultant
H[WHUQDODXGLWƓUPDQLQGHSHQGHQW([WHUQDO$XGLW for improvement of the IMF’s business processes
&RPPLWWHHDQGWKH2IƓFHRI,QWHUQDO$XGLW2,$
The External Audit Committee is independent
of the IMF and its Executive Board. The committee
reports to the Board of Governors and is responsible
for overseeing the IMF’s external audit, internal audit,
ƓQDQFLDODFFRXQWLQJDQGUHSRUWLQJULVNPDQDJHPHQW
and internal control functions.
The OIA is an independent assurance and advisory
function designed to protect and strengthen the IMF.
68 I N T ER N AT I O N AL MO NETARY FUND
by advising on best practice. To provide for its
independence, the OIA maintains a functional
reporting relationship with the External Audit
Committee. The OIA’s 2022 coverage encompassed
several key areas, including support for the IMF’s
modernization programs, investment activities of the
Staff Retirement Plan, and the Capital Investment
Framework for information technology investments.
United States
 CRISIS UPON CRISIS

MANAGING ENTERPRISE RISK LEARNING FROM EXPERIENCE

7KH,0)ōVLQWHUQDO2IƓFHRI5LVN0DQDJHPHQW
provides the leadership and innovation necessary to
identify, assess, measure, monitor, and report IMF-
wide enterprise risks. It supports an enterprise risk
management framework that leverages standard
SUDFWLFHVDGDSWHGWRWKHFRQWH[WRIWKH,0)ōVXQLTXH
mandate and operating model. It works across all IMF
departments to ensure a consistent approach to risk
tolerance, governance, culture, and risk processes,
VXSSRUWHGE\ULVNLVVXHDQGDFWLRQPDQDJHPHQWDQG
strong IMF-wide communication and reporting.
7KH,QGHSHQGHQW(YDOXDWLRQ2IƓFH,(2FHOHEUDWHG
its 20th anniversary in 2021. It conducts independent
DQGREMHFWLYHHYDOXDWLRQVRI,0)SROLFLHVDQGDFWLYLWLHV
and is fully independent of IMF management and the
,0)VWDIIRSHUDWLQJDWDUPōVOHQJWKIURPWKH([HFXWLYH
Board. Its mission is to promote learning within the
,0)VWUHQJWKHQWKHLQVWLWXWLRQōVH[WHUQDOFUHGLELOLW\
and support institutional governance and oversight.
Recent IEO evaluations have focused on growth and
DGMXVWPHQWLQ,0)VXSSRUWHGSURJUDPVDQGRQWKH
IMF’s engagement with small developing states.
0RUHLQIRUPDWLRQDERXWWKH,(2LQFOXGLQJLWVWHUPV
RIUHIHUHQFHDQGHYDOXDWLRQUHSRUWVLVDYDLODEOHDW
KWWSV,(2,0)RUJ

ENGAGEMENT WITH THE PUBLIC

The IMF meets regularly with political leaders and country authorities and routinely engages with
a wide range of private sector representatives, the media, and nongovernment stakeholders such
DVWKHDFDGHPLFFRPPXQLW\FLYLOVRFLHW\RUJDQL]DWLRQVSDUOLDPHQWDULDQVODERUXQLRQVDQG\RXWK
OHDGHUV2SSRUWXQLWLHVIRUVXFKWZRZD\GLDORJXHDOORZWKH,0)ERWKWRH[SODLQLWVDSSURDFKHV
and to learn from others to improve its policy advice.

2022 A NNUA L REPORT 69

WHO WE ARE
ETHICS AND STAFF CONDUCT
7KH,0)ōV(WKLFV2IƓFHLWV2PEXGVSHUVRQDQGLWV
2IƓFHRI,QWHUQDO,QYHVWLJDWLRQVKHOSHQVXUHJRRG
governance within the organization.
7KH(WKLFV2IƓFHDVVLVWVWKHRUJDQL]DWLRQLQ
maintaining high ethical standards of conduct and the
UHSXWDWLRQRIWKH,0)DQGLWVHPSOR\HHVIRUSURELW\
integrity, and impartiality. The Ethics Advisor promotes
awareness of ethics issues, provides training and
education on ethics to the IMF staff, and oversees
DQQXDO(WKLFDO&RQGXFWDQG&RUH9DOXHV&HUWLƓFDWLRQ
to support compliance with the Staff Code of
Conduct, as well as an annual Financial Disclosure
3URJUDPIRUVHQLRUVWDIIPHPEHUVDQGVWDIIPHPEHUV
LQVSHFLƓFUROHV$VHSDUDWH&RGHRI&RQGXFWLVLQ
SODFHIRUPHPEHUVRIWKH([HFXWLYH%RDUG
7KH2PEXGVSHUVRQLVDYDLODEOHWRSURYLGH
impartial and independent assistance in resolving
HPSOR\PHQWUHODWHGSUREOHPV7KH2IƓFHRI,QWHUQDO
Investigations conducts inquiries and investigations
LQWRDOOHJDWLRQVRIPLVFRQGXFWLQFOXGLQJEUHDFKHV
of the Code of Conduct. The IMF Integrity Hotline,
DGPLQLVWHUHGE\DQLQGHSHQGHQWWKLUGSDUW\LV
DYDLODEOHIRUDQRQ\PRXVDQGFRQƓGHQWLDODOOHJDWLRQV
of misconduct or other concerns from staff or
PHPEHUVRIWKHSXEOLF
7KH,0)([HFXWLYH%RDUGLVDOVRFRPPLWWHGWR
maintaining the highest standards of governance

and integrity in the organization’s data, research,
and operations. In concluding its investigation into
the World Bank’s 2018 Doing Business report, the
([HFXWLYH%RDUGQRWHGWKDWLWKDGŏFRQƓGHQFHLQWKH
LPSDUWLDOLW\DQGDQDO\WLFDOH[FHOOHQFHRI,0)VWDII
DQGLQWKH,0)ōVUREXVWDQGHIIHFWLYHFKDQQHOVIRU
FRPSODLQWGLVVHQWDQGDFFRXQWDELOLW\ŐEXWLWZRXOG
FRQVLGHUŏSRVVLEOHDGGLWLRQDOVWHSVWRHQVXUHWKH
VWUHQJWKRILQVWLWXWLRQDOVDIHJXDUGVLQWKHVHDUHDVŐ
,QWKLVFRQWH[WLQ'HFHPEHUWKH([HFXWLYH
%RDUGDQQRXQFHGWKHHVWDEOLVKPHQWRIDVWHHULQJ
group to lead a follow-up institutional safeguards
UHYLHZZLWKWKHREMHFWLYHRIKHOSLQJHQVXUHWKDWWKH
VWDIIPDQDJHPHQWDQG([HFXWLYH%RDUGPDLQWDLQ
WKHKLJKHVWSRVVLEOHVWDQGDUGVDURXQGLQWHUQDO
governance and staff voice and the integrity of data
and analysis. As such, through an integrated approach
involving the staff, management, Board, and an
H[WHUQDOSDQHORILQGHSHQGHQWH[SHUWVDQDVVHVVPHQW
RIWKHUREXVWQHVVDQGHIIHFWLYHQHVVRIFKDQQHOVIRU
FRPSODLQWGLVVHQWDQGDFFRXQWDELOLW\LQVLGHWKH
,0)LVEHLQJFRQGXFWHG$QHYDOXDWLRQRIWKHRYHUDOO
strength of the safeguards at key nodes in the IMF’s
internal review processes is also underway to ensure
integrity in the organization’s data and analysis. Work
on the review was completed in June 2022.
7KH,0)([HFXWLYH%RDUGFRQFOXGHGLWVUHYLHZRQ-XQHDIWHUWKLVUHSRUWZDVƓQDOL]HG)RUPRUHLQIRUPDWLRQ
YLVLWZZZ,0)RUJVDIHJXDUGV

70 I N T ER N AT I O N AL MO NETARY FUND
 CRISIS UPON CRISIS

Safeguards Assessments
:KHQWKH,0)SURYLGHVƓQDQFLQJWRDPHPEHU At the end of April 2022

country, it carries out a safeguards assessment 366 Assessments

had been conducted, covering
WRSURYLGHUHDVRQDEOHDVVXUDQFHWKDWWKH
FRXQWU\ōVFHQWUDOEDQNFDQPDQDJHWKH,0) 104 Central Banks
20 in FY 2022
UHVRXUFHVDQGSURYLGHUHOLDEOHPRQHWDU\GDWD
on the IMF-supported program. SAFEGUARDS
ASSESSMENTS
COMPLETED TO DATE
SEE MORE ONLINE

THE ASSESSMENTS INVOLVE AN EVALUATION OF CENTRAL BANK OPERATIONS IN FIVE AREAS:

3 5

FINANCIAL INTERNAL
REPORTING CONTROLS
4
INTERNAL
AUDIT
2
LEGAL
STRUCTURE

EXTERNAL
AUDIT

The assessments involve an evaluation of central FHQWUDOEDQNVDUHFXUUHQWO\VXEMHFWWRPRQLWRULQJ7KH

EDQNRSHUDWLRQVLQƓYHDUHDVWKHH[WHUQDODXGLW PRQLWRULQJDFWLYLW\KDVLQFUHDVHGE\DERXWFHQWUDO
mechanism, (2) the legal structure and autonomy, (3) EDQNVFRPSDUHGZLWKWKHSUHSDQGHPLFOHYHOVRZLQJ
WKHƓQDQFLDOUHSRUWLQJIUDPHZRUNWKHLQWHUQDODXGLW WRWKHƓQDQFLQJH[WHQGHGWRPHPEHUFRXQWULHVWR
PHFKDQLVPDQGWKHV\VWHPRILQWHUQDOFRQWUROV
From 2000 to the end of April 2022, 366 assessments
ZHUHFRQGXFWHGFRYHULQJFHQWUDOEDQNVRI
these assessments were completed in FY 2022.
7KH,0)DOVRPRQLWRUVSURJUHVVDVFHQWUDOEDQNV
work to improve their safeguards frameworks
and address IMF recommendations in safeguards
assessments. The monitoring continues for as long
DV,0)FUHGLWUHPDLQVRXWVWDQGLQJDQGDERXW
DGGUHVVWKHLPSDFWRIWKH&29,'SDQGHPLF
7KH,0)DOVRFRQGXFWVƓVFDOVDIHJXDUGVUHYLHZVRI
VWDWHWUHDVXULHVZKHQDPHPEHUUHTXHVWVH[FHSWLRQDO
DFFHVVWR,0)UHVRXUFHVLQFDVHVLQZKLFKDVXEVWDQWLDO
SRUWLRQRIWKHIXQGVŋDWOHDVWSHUFHQWŋLVGLUHFWHG
WRZDUGƓQDQFLQJWKHVWDWHEXGJHW'XULQJ)<
RQHƓVFDOVDIHJXDUGVUHYLHZZDVFRQGXFWHGDQGD
second is in progress.
2022 A NNUA L REPORT 71
WHO WE ARE

CORPORATE
SOCIAL
RESPONSIBILITY
(QYLURQPHQWDOVXVWDLQDELOLW\DQGSKLODQWKURSLF
initiatives are at the core of the IMF’s corporate social
UHVSRQVLELOLW\SURJUDP

United States
72 I N T ER N AT I O N AL MO NETARY FUND
 CRISIS UPON CRISIS

Environmental Sustainability
7KH,0)LVFRPPLWWHGWRHQYLURQPHQWDOO\UHVSRQVLEOH
RSHUDWLRQV&OLPDWHFKDQJHLVDPDMRUWKUHDWWR
long-term growth and prosperity and has a direct
LPSDFWRQWKHZRUOGōVHFRQRPLFZHOOEHLQJ7KH,0)
LVH[SDQGLQJLWVFOLPDWHFKDQJHZRUNVXSSRUWLQJ
PHPEHUFRXQWULHVLQDGRSWLQJDQGLPSOHPHQWLQJ
policies designed to mitigate, contain, and reduce
emissions. Similarly, as an institution, the IMF is taking
steps to advance its operational environmental
VXVWDLQDELOLW\JRDOV
For more than a decade, the IMF has taken steps to
reduce its impact on the environment while ensuring
WKDWLWFDQHIIHFWLYHO\VHUYHLWVJOREDOPHPEHUVKLS
7RIXUWKHUDGYDQFHWKLVZRUNLWHVWDEOLVKHGWKH
(QYLURQPHQWDO6XVWDLQDELOLW\&RXQFLOLQWRDGYLVH
and provide directional guidance to IMF management
on the operational environmental issues facing the
organization. The institution has also continued to
LQYHVWLQDQGPDQDJHQHZEXLOGLQJWHFKQRORJLHV
to reduce energy consumption, in addition to
LQWURGXFLQJQHZSROLFLHVIRUJUHHQLQJWKH,0)ōVJOREDO
YHKLFOHŴHHW
(YHQDV&29,'SDQGHPLFUHVWULFWLRQVZHUH
JUDGXDOO\HDVHGDQGWKH,0)VWDIIEHJDQWRUHWXUQWR
KHDGTXDUWHUVDQGƓHOGRIƓFHVŋDQGFULWLFDOPLVVLRQ
WUDYHOUHVXPHGWRDOLPLWHGGHJUHHŋWKH)XQGōV
FDUERQIRRWSULQWUHPDLQHGZHOOEHORZSUHSDQGHPLF
levels (see Figure 3.2). However, as operations return
to a more normal pace, there is an opportunity to
make some of the pandemic-related reductions in
WKH,0)ōVFDUERQIRRWSULQWSHUPDQHQW,PSRUWDQWO\
LQWKLVUHJDUGFRQVLGHUDEOHSURJUHVVKDVEHHQ
PDGHLQGHYHORSLQJDQHZK\EULGZRUNPRGHO
which promises to permanently reduce employee
FRPPXWLQJDQGEXLOGLQJUHODWHGHPLVVLRQVZKHQ
implemented in 2022.

Figure 3.2
The IMF’s Greenhouse Gas Emissions, Calendar Years 2012–21
(metric tons of carbon dioxide equivalent)

80,000

70,000

60,000

50,000

40,000

30,000

20,000

10,000

0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Scope 1: Scope 2: Scope 3:

Mobile emissions, purchased Purchased electricity Employee commuting, business
fuel, and fugitive emissions travel, courier, and shipments

6RXUFH,0)&RUSRUDWH6HUYLFHVDQG)DFLOLWLHV'HSDUWPHQW

2022 A NNUA L REPORT 73

WHO WE ARE
Giving Together
Giving Together, the IMF’s philanthropic program, is
VXSSRUWHGE\GRQDWLRQVIURPHPSOR\HHVDQGUHWLUHHV
and funding from the IMF’s corporate giving initiatives.
7KHSURORQJDWLRQRIWKH&29,'SDQGHPLF
DQGKXPDQLWDULDQFULVHVDULVLQJIURPFRQŴLFWDQGWKH
incidence of natural and climate-related disasters have
continued to present overwhelming challenges for
people and communities around the world. The IMF
community responded to these humanitarian challenges
with unprecedented support in FY 2022. Total funding
from employee and retiree donations, IMF corporate
matching, and Giving Together grants and donations
UHVXOWHGLQWKHSURJUDPōVSURYLGLQJPRUHWKDQ
PLOOLRQWRFKDULWDEOHFDXVHVGXULQJWKHƓQDQFLDO\HDUŋ
FRQWULEXWLRQVVXUSDVVLQJWKHPLOOLRQPDUNIRUWKH
ƓUVWWLPH$UHFRUGEUHDNLQJQXPEHURIVWDIIPHPEHUV
DQGUHWLUHHVFRQWULEXWHGWRWKHFDPSDLJQUDLVLQJ
PRUHWKDQPLOOLRQLQGRQDWLRQVDQGPDWFKLQJ
funds to support organizations in the Washington, DC,
PHWURSROLWDQDUHDDQGDFURVVWKHJOREH
In addition, the IMF’s Giving Together program
organized fundraisers to support relief efforts for natural
GLVDVWHUVLQWKH5HSXEOLFRI&RQJR+DLWL,QGRQHVLD
and Tonga and in response to the refugee crisis in
8NUDLQHDQGQHLJKERULQJFRXQWULHV&RPELQHGPRUH
WKDQZDVFKDQQHOHGWRLQWHUQDWLRQDOUHOLHI
organizations providing critical aid and support to
affected children and families on the ground.
PRUHWKDQHYHUEHIRUHLQLWVKLVWRU\VHH)LJXUH
GIVING
7KHJLYLQJFDPSDLJQDFKLHYHGDPDMRUPLOHVWRQH
LQERWKSDUWLFLSDWLRQDQGWRWDOGROODUVUDLVHGZLWK
74 I N T ER N AT I O N AL MO NETARY FUND
In total, employee and retiree donations, plus
PDWFKLQJIXQGVUDLVHGPLOOLRQWRVXSSRUW
FKDULWDEOHFDXVHVDQGKXPDQLWDULDQUHOLHIHIIRUWV
GXULQJ)<ŋH[FHHGLQJWKHPLOOLRQUDLVHG
the previous year.

Figure 3.3
Total Raised in Donations and Matching Funds, FY 2016-22
(millions of US dollars)
$6
$5
$4
$3
$2
$1
$0
2016 2017 2018 2019 2020
Employee and retiree donations Matching funds
6RXUFH,0)&RPPXQLFDWLRQV'HSDUWPHQW
GRANTS
7KH,0)VWULYHVWRKHOSLWVQHLJKERUVLQWKH
Washington, DC, metropolitan area and in
communities around the world emerge from poverty
DQGFULVLVE\VXSSRUWLQJFRPPXQLW\LQLWLDWLYHV
through partnerships and annual monetary grants.
,Q)<*LYLQJ7RJHWKHUDZDUGHG
LQJUDQWVWRFKDULWDEOHRUJDQL]DWLRQVZRUOGZLGH
Many of the year’s grants focused on programs and
services that support groups disproportionately hurt
E\&29,'SDUWLFXODUO\FRPPXQLWLHVRIFRORU
women, and youth. In total, grants were awarded to
30 organizations serving disadvantaged populations
in 10 countries across four continents.
VOLUNTEERISM
,QWKHZDNHRIWKHJOREDOSDQGHPLF,0)VWDII
PHPEHUVIRXQGZD\VWRPDNHDQLPSDFWLQWKHLU
From left: Village Bicycle Project. Managing Director Kristalina Georgieva delivers charitable donation
to the Fund for Congolese Women in the Democratic Republic of the Congo (December 2021).
CRISIS UPON CRISIS
AMONG THE RECIPIENTS OF THE
GIVING TOGETHER PROGRAM IN FY 2022
$736,000
raised to support humanitarian and
disaster relief efforts
$387,000
in grants to charities worldwide awarded to
30
organizations across
4
2021 2022
continents
communities through volunteerism. Whether
LQGLYLGXDOO\RUDVSDUWRIDJURXS,0)VWDIIPHPEHUV
engaged in various philanthropic activities during the
year, including preparing healthy meals for hungry
families, organizing collection drives for students
in underresourced communities and schools, and
participating in community cleanup events with local
QRQSURƓWSDUWQHUVZRUNLQJWRFRQVHUYHDQGSURWHFW
the environment.
In addition, in honor of the Martin Luther King
-U'D\RI6HUYLFHVWDIIPHPEHUVSDUWLFLSDWHGLQ
DYLUWXDOYROXQWHHULQJHYHQWRUJDQL]HGE\*LYLQJ
Together in partnership with the Capital Area Food
%DQND'&EDVHGRUJDQL]DWLRQDQGRQHRIWKHODUJHVW
QRQSURƓWVWDFNOLQJKXQJHUDQGIRRGLQVHFXULW\LQWKH
Washington metropolitan region.
2022 A NNUA L REPORT 75
August 1, 2022

'HDU0U&KDLUPDQ

I have the honor to present to the Board of Governors the Annual Report of the Executive Board for
WKHƓQDQFLDO\HDUHQGHG$SULOLQDFFRUGDQFHZLWK$UWLFOH;,,6HFWLRQDRIWKH$UWLFOHVRI
Agreement of the International Monetary Fund and Section 10 of the IMF’s By-Laws. In accordance
ZLWK6HFWLRQRIWKH%\/DZVWKHDGPLQLVWUDWLYHDQGFDSLWDOEXGJHWVRIWKH,0)DSSURYHGE\
WKH([HFXWLYH%RDUGIRUWKHƓQDQFLDO\HDUHQGLQJ$SULODUHSUHVHQWHGRQWKHAnnual
Report ZHEVLWH7KHDXGLWHGƓQDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG$SULORIWKH*HQHUDO
'HSDUWPHQWWKH6'5'HSDUWPHQWDQGWKHDFFRXQWVDGPLQLVWHUHGE\WKH,0)WRJHWKHUZLWKUHSRUWVRI
WKHH[WHUQDODXGLWƓUPWKHUHRQDUHSUHVHQWHGLQ$SSHQGL[9,DVZHOODVDWZZZLPIRUJ$57KH
H[WHUQDODXGLWSURFHVVZDVRYHUVHHQE\WKH([WHUQDO$XGLW&RPPLWWHHFRPSULVLQJ0U+DJH&KDLU0U
Ethevenin and Mr. Paape, as required under Section 20(c) of the IMF’s By-Laws.

Yours truly,

Kristalina Georgieva
0DQDJLQJ'LUHFWRUDQG&KDLURIWKH([HFXWLYH%RDUG

76 I N T ER N AT I O N A L MO NETARY FUND
 IMF AR 2022
SEE MORE
ONLINE
IMF.ORG/AR2022

Access and download the 2022 Annual Report along with the Financial
Statements online. We hope you will visit the IMF Annual Report website
and explore all the resources they contain.
www.imf.org/AR2022

This Annual Report was prepared by the Publisher Division of the IMF’s Communications Department, in
consultation with departments from across the IMF. Christoph Rosenberg and Linda Kean oversaw the work of
the report team, which was under the direction of the Executive Board’s Evaluation Committee, chaired by Chang
Huh. Analisa R. Bala served as chief writer and Wala’a El Barasse as editor and project manager. Denise Bergeron
served as production manager, and Crystal Herrmann assisted with the digital design.

© 2022 International Monetary Fund. All Rights Reserved.

Design: Feisty Brown, feistybrown.com

Web Design: Cantilever, cantilever.co

Photography:

IMF Photo/James Oatway: cover, top left IMF Photo: p. 34, left
IMF Photo/James Oatway: cover, top middle IMF Photo/Cynthia R Matonhodze: p. 34, second from left
IMF Photo/Saumya Khandelwal: cover, top right IMF Photo/Cynthia R Matonhodze: p. 34, second from right
IMF Photo/Brendan Hoffman: cover, bottom left IMF Photo/Daro Sulakauri: p. 35, left
IMF Photo/Ryan Rayburn: cover, bottom middle IMF Photo: p. 35, second from left
IMF Photo/Joaquin Sarmiento: cover, bottom right IMF Photo/Kim Haughton: p. 35, second from right
IMF Photo/Kim Haughton: p. 2 IMF Photo/Joshua Roberts: p. 35, right
IMF Photo/Cynthia R Matonhodze: pp. 6-7 IMF Photo/Esther Ruth Mbabazi: p. 42
IMF Photo: p. 8 IMF Photo/Raphael Alves: p. 43
Alamy Stock Photo/Uwe Moser Moser: p. 11 IMF Photo: p. 46
IMF Photo: p. 12 IMF Photo/Joshua Roberts: p. 52
Shutterstock/GaudiLab: p. 15, left IMF Photo/Mark Henley: p. 53
Alamy Stock Photo/Gabor Basch: p. 15, second from left IMF Photo/Kim Haughton & Cory Hancock: pp. 54-59
Alamy Stock Photo/Zoonar GmbH: p. 15, second from right IMF Photo/Alan Karchmer: pp. 54-59, background
Alamy Stock Photo/Cavan Images/David Santiago Garcia: p. 15, right IMF Photo/Allison Shelley: p. 61
IMF Photo/Esther Ruth Mbabazi: p. 16 IMF Photo: p. 65
IMF Photo/Tamara Merino: pp. 20-21 IMF Photo/Allison Shelley: p. 66
IMF Photo: p. 23 IMF Photo/Kim Haughton: p. 67
IMF Photo: p. 25 IMF Photo/Joshua Roberts: p. 68
IMF Photo/Karim Jaafar: p. 26 Getty Images/Priscila Zambotto: p. 71
IMF Photo/Yam G-Jun: p. 28 IMF Photo: p. 72
IMF Photo/Ernesto Benavides: pp. 30-31 Bikes for the World/Matt Grayson: p. 74, left
IMF Photo/Brendan Hoffman: p. 32 IMF Photo: p. 74, right

I I N T ER N AT I O N AL MO NETARY FUND
 “WE LIVE IN A MORE SHOCK-PRONE WORLD, AND WE NEED THE
STRENGTH OF THE COLLECTIVE TO DEAL WITH SHOCKS TO COME.”
KRISTALINA GEORGIEVA , IMF MANAGING DIRECTOR

IMF Annual Report 2022