Front Matter

Front Matter

International Monetary Fund. Secretary's Department
Published Date:
October 2013
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The IMF’s financial year is May 1 through April 30.

The unit of account of the IMF is the special drawing right (SDR); conversions of IMF financial data to U.S. dollars are approximate and provided for convenience. On April 30, 2013, the SDR/U.S. dollar exchange rate was US$1 = SDR 0.662691, and the U.S. dollar/SDR exchange rate was SDR 1 = US$1.509. The year-earlier rates (April 30, 2012) were US$1 = SDR 0.644934 and SDR 1 = US$1.55055.

“Billion” means a thousand million; “trillion” means a thousand billion; minor discrepancies between constituent figures and totals are due to rounding.

As used in this Annual Report, the term “country” does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.

Message from the Managing Director and Chair of the Executive Board

At our 2012 Annual Meetings in Tokyo, the International Monetary and Financial Committee (IMFC) called on the global community to act decisively to put the world economy on a path of strong, sustainable, and balanced growth. As I reflect on the past year, the fifth since the crisis began, this rallying call for policy action remains imperative.

Christine Lagarde, Managing Director and Chair of the Executive Board

Decisive actions by policymakers during the year successfully defused the most immediate risks to the global economy. Yet the road to a robust and comprehensive recovery remains bumpy. Global growth is still too weak and too uneven, and the outlook is clouded with risks, old and new. In far too many countries, improvements in financial markets have not translated into improvements in the real economy—and in the lives of people.

The challenges ahead are great and the need for concerted action is a responsibility that the IMF shares with its 188 member countries. In this spirit, the IMF presented a new product to the IMFC in October 2012 and again at the 2013 Spring Meetings—a Global Policy Agenda that outlines policy priorities for the membership and how the IMF can assist.

Our key responsibility is to adjust to the changing nature of the global economy, and to better discharge our mandate and serve the shifting and diverse needs of our member countries. Thanks to a close partnership between management, staff, and the Executive Board, the IMF continued to make progress on a wide range of fronts to strengthen the institution’s operations in support of all members—advanced, emerging, and low-income economies alike.

Several innovations to the Fund’s surveillance framework came to fruition, following the recommendations of the 2011 Triennial Surveillance Review. Three important upgrades include the new Integrated Surveillance Decision, as well as the launch of a Pilot External Sector Report and Spillover Report. These initiatives bring together the bilateral and multilateral perspectives of the Fund’s policy advice, sharpening our analysis of spillovers and cross-border effects, and focusing on the stability of the system as a whole.

The Fund also stepped up its analytic agenda to provide a better basis for tailored policy advice. We have redoubled our efforts in areas that might best be described as the legacy issues of the crisis, with greater focus on the analysis of jobs and growth, fiscal consolidation and growth, and the critically important financial sector. Work in this last area will also be reinforced by the newly adopted financial sector strategy. Another key area was the culmination of work on capital flows, in which the Fund developed a comprehensive, flexible, and balanced institutional view on the management of global capital flows to help give countries clear and consistent policy advice.

David Lipton, First Deputy Managing Director

As the recovery has been slow to take hold, lending continued to be a key element of IMF support for its member countries. While this is critically important for those countries at the center of the crisis, the Fund needs to be able to stand behind all its members. The earlier enhancements to the Flexible Credit Line continued to prove useful, with successor arrangements in Mexico and Poland. The Fund also increased its engagement with Arab countries in transition.

Naoyuki Shinohara, Deputy Managing Director

To help strengthen the global financial safety net, members made additional pledges to boost the Fund’s borrowed resources, bringing the total to US$461 billion. The institution also took important steps to meet the needs of its low-income members. The Executive Board approved the use of US$2.7 billion in remaining windfall gold sales profits as part of a strategy to ensure the long-term sustainability of the Fund’s concessional financing facilities. This came on top of the assurances provided by members to use US$1.1 billion of gold sales profits to bolster our concessional resources in the near term.

Nemat Shafik, Deputy Managing Director

We also achieved a number of milestones in the Fund’s capacity development and training activities, the third pillar of our work. The year began with the creation of the new Institute for Capacity Development to make technical assistance and training better aligned and more effective. The Fund further expanded its capacity-building presence on the ground, with an agreement to establish a regional training center in Mauritius and preparations for the new regional technical assistance center in West Africa.

Min Zhu, Deputy Managing Director

A final but crucial note: the Fund must truly reflect its global ownership. A point that bears repeating is that we need an IMF that represents and looks like the world today. During the year we made progress. We achieved most of the conditions for the 2010 quota and governance reforms to enter into force. Our top priority must be to follow through, to complete those reforms and build on the work already done toward a new quota formula so that the institution more effectively represents its membership.

I am proud of the IMF’s accomplishments over the past year and the tireless efforts of our dedicated staff, and have been honored to serve as Managing Director. I look forward to continuing to work closely with all our member countries—and their representatives on the Executive Board—in tackling the many challenges still facing the global economy.

The Annual Report of the IMF’s Executive Board to the Fund’s Board of Governors is an essential instrument in the IMF’s accountability. The Executive Board is responsible for conducting the Fund’s business and consists of 24 Executive Directors appointed by the IMF’s 188 member countries, while the Board of Governors, on which every member country is represented by a senior official, is the highest authority governing the IMF. The publication of the Annual Report represents the accountability of the Executive Board to the Fund’s Board of Governors.

Executive Board as of April 30, 2013

Alternate Executive Directors are indicated in italics.

Meg Lundsager


United States

Daikichi Momma

Tomoyuki Shimoda


Hubert Temmeyer

Steffen Meyer


Hervé de Villeroché

Alice Terracol


Der Jiun Chia

Rasheed Abdul Ghaffour

Brunei Darussalam, Cambodia, Fiji, Indonesia, Lao P.D.R., Malaysia, Myanmar, Nepal, Philippines, Singapore, Thailand, Tonga, Vietnam


SUN Ping


Jong-Won Yoon

Ian Davidoff

Australia, Kiribati, Korea, Marshall Islands, Micronesia, Mongolia, New Zealand, Palau, Papua New Guinea, Samoa, Seychelles, Solomon Islands, Tuvalu, Uzbekistan, Vanuatu

Thomas Hockin

Mary T. O’Dea

Antigua and Barbuda, The Bahamas, Barbados, Belize, Canada, Dominica, Grenada, Ireland, Jamaica, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines

Rakesh Mohan

Kosgallana Ranasinghe

Bangladesh, Bhutan, India, Sri Lanka

Ahmed Alkholifey

Fahad Alshathri

Saudi Arabia

René Weber

Dominik Radziwill

Azerbaijan, Kazakhstan, Kyrgyz Republic, Poland, Serbia, Switzerland, Tajikistan, Turkmenistan

Paulo Nogueira Batista, Jr.

Hector Torres, Luis Oliveira Lima

Brazil, Cape Verde, Dominican Republic, Ecuador, Guyana, Haiti, Nicaragua, Panama, Suriname, Timor-Leste, Trinidad and Tobago

Stephen Field

Christopher Yeates

United Kingdom

Menno Snel

Willy Kiekens, Yuriy G. Yakusha

Armenia, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Georgia, Israel, Luxembourg, former Yugoslav Republic of Macedonia, Moldova, Montenegro, Netherlands, Romania, Ukraine

José Rojas

Fernando Varela, Maria Angélica Arbeláez

Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Spain, Venezuela

Andrea Montanino

Thanos Catsambas

Albania, Greece, Italy, Malta, Portugal, San Marino

Audun Groenn

Pernilla Meyersson

Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, Sweden

Momodou Saho

Chileshe M. Kapwepwe, Okwu Joseph Nnanna

Angola, Botswana, Burundi, Eritrea, Ethiopia, The Gambia, Kenya, Lesotho, Liberia, Malawi, Mozambique, Namibia, Nigeria, Sierra Leone, South Africa, South Sudan, Sudan, Swaziland, Tanzania, Uganda, Zambia, Zimbabwe

A. Shakour Shaalan

Sami Geadah

Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Maldives, Oman, Qatar, Syria, United Arab Emirates, Yemen

Johann Prader

Miroslav Kollar

Austria, Belarus, Czech Republic, Hungary, Kosovo, Slovak Republic, Slovenia, Turkey

Aleksei V. Mozhin

Andrei Lushin


Mohammad Jafar Mojarrad

Mohammed Daïri

Afghanistan, Algeria, Ghana, Islamic Republic of Iran, Morocco, Pakistan, Tunisia

Pablo Garcia-Silva

Sergio Chodos

Argentina, Bolivia, Chile, Paraguay, Peru, Uruguay

Kossi Assimaidou

Nguéto Tiraina Yambaye, Woury Diallo

Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Comoros, Democratic Republic of the Congo, Republic of Congo, Côte d’Ivoire, Djibouti, Equatorial Guinea, Gabon, Guinea, Mali, Mauritania, Mauritius, Niger, Rwanda, São Tomé and Príncipe, Senegal, Togo

Letter of Transmittal to the Board of Governors

July 29, 2013

Dear Mr. Chairman:

On behalf of the Executive Board of the International Monetary Fund, I have the honor to transmit for consideration by the Board of Governors: (i) the Financial Statements of the International Monetary Fund for the Financial Year Ended April 30, 2013, which include the independent auditors’ reports issued by the Fund’s external audit firm Deloitte & Touche and (ii) the Letter of Transmittal from the External Audit Committee to the Board of Governors.

The audits were conducted by Deloitte & Touche, in accordance with International Standards on Auditing, auditing standards generally accepted in the United States of America, and the requirements of Section 20(b) of the Fund’s By-Laws. The External Audit Committee, comprising Mr. Ayass (Chairman), Mr. Wang, and Mr. Ramos, had general oversight of the annual audit, as required under Section 20(c) of the Fund’s By-Laws.

Yours very truly,

Christine Lagarde

Managing Director and Chair of the Executive Board

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