Financial Statement of the International Monetary Fund, October 31, 2003

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International Monetary Fund FINANCIAL STATEMENTS Quarter Ended October 31, 2003 CONTENTS Page I. GENERAL DEPARTMENT Balance Sheets ...................................................................................................................3 Income Statements..............................................................................................................4 Statements of Changes in Resources ................................................................................5 Statements of Cash Flows ..................................................................................................6 Notes to the Financial Statements.......................................................................................7 Schedule 1 - Quotas, IMF’s Holdings of Currencies, Reserve Tranche Positions, and Outstanding Credit and Loans ........................................................................................14 II. SDR DEPARTMENT Balance Sheets..................................................................................................................20 Income Statements............................................................................................................21 Statements of Cash Flows.................................................................................................22 Notes to the Financial Statements.....................................................................................23 Schedule 1 - Statements of Changes in SDR Holdings ....................................................26 Schedule 2 - Allocations and Holdings of Participants ......................................................28 III. POVERTY REDUCTION AND GROWTH FACILITY TRUST Combined Balance Sheets ...............................................................................................34 Combined Income Statements and Changes in Resources .............................................35 Notes to the Financial Statements.....................................................................................36 IV. PRGF-HIPC TRUST AND RELATED ACCOUNTS Combined Balance Sheets ...............................................................................................44 Combined Income Statements and Changes in Resources ............................................45 Notes to the Financial Statements.....................................................................................46 I. Financial Statements of the General Department -3- General Department Balance Sheets (In thousands of SDRs) October 31, 2003 (unaudited) Assets Credit outstanding (Note 2) Usable currencies Other currencies Total currencies SDR holdings Gold holdings (Note 3) Receivables (Note 4) Other assets Investments held in the Special Disbursement Account (Note 5) Structural Adjustment Facility loans Total Assets October 31, 2003 (unaudited) Liabilities and Resources Liabilities: Remuneration payable Other liabilities Special Contingent Account Total Liabilities Members' Resources: Quotas, represented by: Reserve tranche positions Subscription payments: Usable Other Total quotas Reserves of the General Resources Account 2,610,792 109,629 222,034,519 2,590,349 136,816 221,531,304 Accumulated resources of the Special Disbursement Account Total Liabilities and Resource April 30, 2003 April 30, 2003 69,752,616 95,040,942 46,672,635 211,466,193 663,328 5,851,771 600,777 732,029 65,977,977 97,028,740 47,692,348 210,699,065 962,641 5,851,771 576,570 714,092 236,748 87,428 1,448,019 1,772,195 244,544 140,347 1,401,019 1,785,910 71,083,168 95,040,942 46,669,890 212,794,000 4,747,903 2,720,421 222,034,519 68,008,951 97,028,740 47,693,609 212,731,300 4,286,929 2,727,165 221,531,304 The accompanying notes are an integral part of these financial statements. -4- General Department Income Statements (unaudited) (In thousands of SDRs) Six Months Ended October 31 2003 2002 Operational Income Interest and charges (Note 4) Interest on SDR holdings Investment and interest income of the Special Disbursement Account Other charges and income 1,165,330 9,185 20,718 71,213 ________ 1,266,446 ________ Operational Expenses Remuneration (Note 6) Administative Expenses 496,899 287,855 ________ 784,754 ________ Total Net Income Net Income of the General Department comprises Net income of the General Resources Account Income of the Special Disbursement Account 481,692 ======= 460,974 20,718 ________ 481,692 ======= 1,204,256 16,474 36,319 74,309 ________ 1,331,358 ________ 659,459 292,106 ________ 951,565 ________ 379,793 ======= 343,474 36,319 ________ 379,793 ======= The accompanying notes are an integral part of these financial statements. -5- General Department Statements of Changes in Resources for the Six Months Ended October 31, 2003 and 2002 (unaudited) (In thousands of SDRs) General Resources Account Quotas Balance at April 30, 2002 Quota subscriptions Net income Transfers to the PRGF Trust Transfers to the PRGF-HIPC Trust Balance at October 31, 2002 Balance at April 30, 2003 Quota subscriptions Net income Transfers from the PRGF Trust Transfers to the PRGF-HIPC Trust Balance at October 31, 2003 212,415,900 __________ 250,200 --__________ 212,666,100 ========= Reserves 3,640,445 _________ -343,474 --_________ 3,983,919 ======== Special Disbursement Account Accumulated Resources 2,878,993 __________ -36,319 ( 149,743) ( 33,450) _________ 2,732,119 ======== 2,727,165 __________ -20,718 8,188 ( 35,650) _________ 2,720,421 ======== 212,731,300 4,286,929 __________ __________ 62,700 --460,974 ---- _________ -__________ 212,794,000 ========= 4,747,903 ======== The accompanying notes are an integral part of these financial statements. -6- General Department Statements of Cash Flows (unaudited) (In thousands of SDRs) Six Months Ended October 31 2003 Usable currencies and SDRs from operating activities Net income Adjustments to reconcile net income to usable resources generated by operations: Changes in receivables and other assets Changes in remuneration payable and other liabilities Increase in the Special Contingent Account Usable currencies and SDRs from credit to members: Purchases in currencies and SDRs, including reserve tranche purchases Repurchases in currencies and SDRs Repayments of Structural Adjustment Facility loans Net usable currencies and SDRs used in operating activities Usable currencies and SDRs from investment activities Net acquisition of investments by the Special Disbursement Account Net usable currencies and SDRs used by investment activities 2002 481,692 ( 42,144) ( 60,715) 47,000 ( 14,258,974) 10,467,932 27,187 __________ ( 3,338,022) __________ 379,793 ( 158,847) 19,235 47,000 ( 13,816,019) 3,579,924 175,149 __________ ( 9,773,765) __________ ( 20,443) __________ ( 20,443) ( 28,276) __________ ( 28,276) Usable currencies and SDRs from financing activities Subscription payments in SDRs and usable currencies Changes in composition of usable currencies Transfers to the PRGF Trust, PRGF-HIPC Trust, and other accounts Net usable currencies and SDRs provided by financing activities Net decrease in usable currencies and SDRs Usable currencies and SDRs, beginning of period Usable currencies and SDRs, end of period The accompanying notes are an integral part of these financial statements. 15,675 1,083,141 ( 27,462) __________ 1,071,354 __________ ( 2,287,111) 97,991,381 __________ 95,704,270 ========== ` -7,290,571 ( 183,193) __________ 7,107,378 __________ ( 2,694,663) 103,944,930 __________ 101,250,267 ========== -7- General Department Notes to the Financial Statements 1. Basis of Presentation The unaudited financial statements have been prepared in accordance with International Accounting Standard 34 (Interim Financial Reporting). These financial statements do not include all information and notes required by IAS for complete financial statements and should be read in conjunction with the April 30, 2003 financial statements and the notes included therein. Unit of Account As of October 31, 2003, one SDR was equal to 1.43178 U.S. dollars (one SDR was equal to 1.38391 U.S. dollars as of April 30, 2003). 2. Credit Outstanding Changes in the outstanding use of IMF credit under the various facilities of the General Resources Account (GRA) during the six months ended October 31, 2003 and 2002 were as follows: April 30, 2003 Credit Tranches Extended Fund Facility Supplemental Reserve Facility Systemic Transformation Facility Enlarged Access Compensatory and Contingency Financing Facility Supplementary Financing Facility Total credit outstanding 33,898 14,942 15,700 644 279 414 101 ______ 65,978 Purchases 9,648 788 3,807 ----_____ 14,243 Repurchases 2,057 1,115 6,825 295 -170 6 ______ 10,468 October 31, 2003 41,489 14,615 12,682 349 279 244 95 ______ 69,753 April 30, 2002 28,227 15,491 5,875 1,311 321 746 110 ______ 52,081 Purchases 5,105 711 7,904 ----_____ 13,720 Repurchases 2,209 841 -318 42 162 8 ______ 3,580 October 31, 2002 31,123 15,361 13,779 993 279 584 102 ______ 62,221 In millions of SDRs -8- General Department Notes to the Financial Statements Scheduled repurchases in the GRA and repayments of SAF loans in the Special Disbursement Account (SDA) are summarized below: Financial Year Ending April 30 2004 2005 2006 2007 2008 2009 and beyond Overdue Total General Resources Account 11,152 13,370 23,059 14,113 4,328 2,988 743 ——— 69,753 Special Disbursement Account 24 40 37 ---9 —— 110 In millions of SDRs The use of credit in the GRA by the largest users was as follows: October 31, 2003 April 30, 2003 In millions of SDRs and as a percent of total GRA credit outstanding Largest user of credit Three largest users of credit Five largest users of credit 23,359 50,188 60,454 33.5% 72.0% 86.7% 18,192 45,382 56,127 27.6% 68.8% 85.1% The five largest users of credit as of October 31, 2003 were Brazil, Turkey, Argentina, Indonesia and the Russian Federation. Outstanding credit, by member, is provided in Schedule 1. The concentration of GRA outstanding credit by regional geographical area as of October 31, 2003 and April 30, 2003 was as follows: -9- General Department Notes to the Financial Statements October 31, 2003 April 30, 2003 In millions of SDRs and as a percent of total GRA credit outstanding Africa Asia and Pacific Europe Latin America and the Caribbean Middle East and Turkey Total Overdue Obligations At October 31 and April 30, 2003 five members were six months or more overdue in settling their financial obligations to the IMF. Four of these members were overdue to the General Department as at October 31 and April 30, 2003. GRA repurchases, GRA charges, SAF loan repayments, and SAF interest that are six or more months overdue to the General Department were as follows: Repurchases and SAF Loans October 31, 2003 Total overdue Overdue for six months or more Overdue for three years or more 752 736 653 Charges and SAF Interest April 30, 2003 993 982 900 1,590 8,405 7,029 36,138 16,591 69,753 2.3% 12.0% 10.1% 51.8% 23.8% 100% 1,751 8,742 7,704 30,824 16,957 65,978 2.6% 13.3% 11.7% 46.7% 25.7% 100% April 30, October 31, 2003 2003 In millions of SDRs 746 1,001 726 992 663 919 - 10 - General Department Notes to the Financial Statements The type and duration of the arrears in the General Department as of October 31, 2003 were as follows: Repurchases and SAF Loans Liberia Somalia Sudan Zimbabwe Total 201 106 346 99 —— 752 Charges and SAF Interest Total Obligation Longest Overdue Obligation May 1985 July 1987 July 1985 February 2001 In millions of SDRs 247 448 95 201 650 996 9 108 —— —— 1,001 1,753 3. Gold Holdings At October 31, 2003 and April 30, 2003, the IMF held 3,217,341 kilograms of gold, equal to 103,439,916 fine ounces of gold, at designated depositories. The value of the IMF's holdings of gold calculated at the market price was SDR 27.9 billion as of October 31, 2003 (SDR 25.2 billion at April 30, 2003). 4. Interest and Charges Charges and other receivables due to the GRA were as follows: October 31, 2003 Periodic charges due Less: deferred income Other receivables Receivables April 30, 2003 In millions of SDRs 1,601 1,568 (1,004) (996) —— ——— 597 572 4 5 —— —— 601 577 - 11 - General Department Notes to the Financial Statements Periodic charges consisted of the following for the six months ended October 31: 2003 Periodic charges Adjustments for deferred charges, net of refunds Income deferred, net of settlements Total periodic charges 2002 In millions of SDRs 1,169 1,171 4 (8) —— 1,165 (33) 66 —— 1,204 Interest earned on SAF loans for the six months ended October 31, 2003 and 2002 amounted to SDR 0.3 million and SDR 8.0 million, respectively. Special charges, service charges, and the unrefunded commitment fees are included in Other Charges and Income which amounted to SDR 67.0 million and SDR 74.3 million for the six months ended October 31, 2003 and 2002, respectively. 5. Investments and Cash Equivalents As at October 31, 2003 and April 30, 2003, the investments in the SDA consisted of short-term fixed deposits maturing in less than one year. Investment income for the six months ended October 31, 2003 and 2002 amounted to SDR 20 million and SDR 28 million, respectively. - 12 - General Department Notes to the Financial Statements 6. Remuneration Remuneration consisted of the following for the six months ended October 31: 2003 In millions of SDRs Remuneration Adjustments for deferred charges net of refunds 501 (4) —— 497 626 33 —— 659 2002 7. Arrangements and Commitments in the General Department At October 31, 2003, the undrawn balances under the 19 arrangements that were in effect in the GRA amounted to SDR 18,890 million (SDR 23,620 million under 18 arrangements at April 30, 2003). 8. Pension and Other Post-Retirement Benefits The IMF has a defined-benefit Staff Retirement Plan (SRP) that covers substantially all eligible staff and a Supplemental Retirement Benefits Plan (SRBP) for selected participants of the SRP. Participants contribute a fixed percentage of their pensionable remuneration. The IMF contributes the remainder of the cost of funding the plans and pays certain administrative costs of the plans. In addition, the IMF provides other employment and post-retirement benefits, including medical and life insurance benefits. In 1995, the IMF established a separate account, the Retired Staff Benefits Investment Account (RSBIA), to hold and invest resources set aside to fund the cost of these employment benefits. The obligations of the SRP, SRBP, and RSBIA are valued by independent actuaries every year using the Projected Unit Credit Method. The latest actuarial valuations were carried out as at April 30, 2003 and the net assets of the Plans amounted to SDR 435 million. The total assets of the individual retirement plans were as follows: October 31, April 30, 2003 2003 In thousands of SDRs SRP SRBP RSBIA Total Assets 2,787,080 4,080 369,322 3,160,482 2,480,806 288 270,867 2,751,961 - 13 - General Department Notes to the Financial Statements 9. Other Administered Accounts and Trust Fund At the request of members, the IMF has established special purpose accounts to administer contributed resources and to perform financial and technical services consistent with the purposes of the IMF. The assets of each account and each subaccount are separate from the assets of all other accounts of, or administered by, the IMF and are not to be used to discharge liabilities or to meet losses incurred in the administration of other accounts. The total assets of the Other Administered Accounts were as follows: October 31, April 30, 2003 2003 In thousands of U.S. dollars 119,656 119,037 35,466 25,031 16,764 14,659 Administered Account Japan Administered Account for Selected Fund Activities – Japan Framework Administered Account for Technical Assistance Activities Administered Account – Spain Supplementary Financing Facility Subsidy Account The Post-Conflict Emergency Assistance Subsidy Account for PRGF-Eligible Members --In thousands of SDRs 2,375 2,351 7,042 5,441 Additionally, the IMF is the trustee of the Trust Fund, which is in liquidation. The Trust Fund was established in 1976 to provide balance of payments assistance on concessional terms to eligible members that qualify for assistance. In 1980, the IMF, as trustee, decided that, upon the completion of the final loan disbursements, the Trust Fund would be terminated as of April 30, 1981, and after that date, the activities of the Trust Fund have been confined to the conclusion of its affairs. The final Trust Loan settlement was due on March 31, 1991. As of October 31 and April 30, 2003, the Trust Fund had no assets other than loans receivable of SDR 88.6 million. Interest continues to be charged on the outstanding balances, all of which are overdue, and all interest recognition is deferred. Cash receipts on these loans are to be transferred to the Special Disbursement Account. At October 31, 2003 and April 30, 2003, three members with obligations to the Trust Fund were six months or more overdue in discharging their obligations to the Trust Fund. The recognition of interest income on the loans outstanding to these members and of special charges due from them is being deferred. At October 31, 2003, total deferred income amounted to SDR 28.4 million (SDR 28.2 million at April 30, 2003). - 14 - Schedule 1 General Department Quotas, IMF's Holdings of Currencies, Reserve Tranche Positions, and Outstanding Credit and Loans as at October 31, 2003 (In thousands of SDRs) General Resources Account IMF's holdings of currencies 1/ Reserve Percent tranche Quota Total of quota position 161,900 48,700 1,254,700 286,300 13,500 2,117,100 92,000 3,236,400 1,872,300 160,900 130,300 135,000 533,300 67,500 386,400 4,605,200 18,800 61,900 6,300 171,500 169,100 63,000 3,036,100 215,200 640,200 60,200 77,000 87,500 185,700 6,369,200 9,600 55,700 56,000 856,100 6,369,200 774,000 8,900 533,000 84,600 164,100 161,916 45,350 1,903,466 286,445 13,499 12,690,426 101,848 1,777,269 1,120,914 228,299 124,060 65,574 533,119 62,539 403,925 2,711,440 14,562 59,721 5,280 226,958 266,182 30,256 26,395,270 157,127 1,415,314 52,925 95,891 87,500 185,099 3,613,070 9,596 55,552 55,719 428,740 3,600,983 488,202 8,358 533,000 94,653 144,113 100.0 93.1 151.7 100.1 100.0 599.4 110.7 54.9 59.9 141.9 95.2 48.6 100.0 92.6 104.5 58.9 77.5 96.5 83.8 132.3 157.4 48.0 869.4 73.0 221.1 87.9 124.5 100.0 99.7 56.7 100.0 99.7 99.5 50.1 56.5 63.1 93.9 100.0 111.9 87.8 -3,355 85,082 -6 51 -1,459,208 751,133 10 6,246 69,456 186 4,986 20 1,893,774 4,239 2,188 1,020 8,875 -32,747 -58,288 32,778 7,281 360 -644 2,756,136 5 153 282 427,362 2,768,264 285,803 544 -536 20,000 Outstanding Credit and Loans GRA Amount Percent 2/ (A) + --733,846 --10,573,368 9,844 --67,399 ----17,525 ----64,320 97,078 -23,358,587 -807,872 -19,250 -----------10,575 ---1.05 --15.16 0.01 --0.10 ----0.03 ----0.09 0.14 -33.49 -1.16 -0.03 -----------0.02 -- Member Afghanistan, Islamic State of Albania Algeria Angola Antigua and Barbuda PRGF Trust 4/ Total 5/ SDA 3/ (B) + (C) = (D) -------------------------2,370 ----------135 ----62,123 ----129,100 --99,168 --49,500 ----51,018 -128,843 -----84,611 -71,100 217,694 -3,690 24,480 73,758 ----473,367 8,338 --62,123 733,846 --10,573,368 138,944 --166,567 --49,500 -17,525 --51,018 -193,163 97,078 -23,358,587 -807,872 86,981 19,250 71,100 217,694 -3,690 24,480 73,758 ---135 473,367 18,913 -- Argentina Armenia, Republic of Australia Austria Azerbaijan Bahamas, The Bahrain, Kingdom of Bangladesh Barbados Belarus, Republic of Belgium Belize Benin Bhutan Bolivia Bosnia and Herzegovina Botswana Brazil Brunei Darussalam Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Cape Verde Central African Republic Chad Chile China Colombia Comoros Congo, Democratic Republic of Congo, Republic of Costa Rica Schedule 1 (continued) - 15 - General Department Quotas, IMF's Holdings of Currencies, Reserve Tranche Positions, and Outstanding Credit and Loans as at October 31, 2003 (In thousands of SDRs) General Resources Account IMF's holdings of currencies 1/ Reserve Percent tranche Quota Total of quota position 325,200 365,100 139,600 819,300 1,642,800 15,900 8,200 218,900 8,200 302,300 943,700 171,300 32,600 15,900 65,200 133,700 70,300 1,263,800 10,738,500 154,300 31,100 150,300 13,008,200 369,000 823,000 11,700 210,200 107,100 14,200 90,900 81,900 129,500 1,038,400 117,600 4,158,200 2,079,300 1,497,200 504,000 838,400 928,200 324,647 364,943 72,388 503,941 946,266 15,044 10,857 306,459 8,200 551,029 943,715 171,303 32,609 15,900 65,195 126,520 55,168 754,548 6,116,220 198,602 29,618 166,488 7,399,407 369,004 419,739 14,631 210,206 107,026 16,153 90,902 83,729 126,812 507,847 99,016 3,314,233 8,646,961 1,497,204 504,013 451,740 558,138 99.8 100.0 51.9 61.5 57.6 94.6 132.4 140.0 100.0 182.3 100.0 100.0 100.0 100.0 100.0 94.6 78.5 59.7 57.0 128.7 95.2 110.8 56.9 100.0 51.0 125.1 100.0 99.9 113.8 100.0 102.2 97.9 48.9 84.2 79.7 415.9 100.0 100.0 53.9 60.1 568 159 67,219 315,364 696,541 1,100 9 3 1 17,153 ---5 6 7,188 15,189 509,344 4,622,299 179 1,485 10 5,608,813 0 6/ 403,262 --75 -- 6/ -68 8,627 530,554 18,585 844,011 145,500 --386,656 370,069 Outstanding Credit and Loans GRA Amount Percent 2/ (A) + -----243 2,665 87,560 -265,880 ---------44,475 -16,188 ---2,930 --1,953 -1,897 5,938 ---6,713,157 -----------0.13 -0.38 ---------0.06 -0.02 ---------0.01 ---9.62 ----- Member Côte d'Ivoire Croatia, Republic of Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Timor-Leste, The Democra Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia, Republic of Ethiopia Fiji Finland France Gabon Gambia, The Georgia Germany Ghana Greece Grenada Guatemala Guinea Guinea-Bissau Guyana Haiti Honduras Hungary Iceland India Indonesia Iran, Islamic Republic of Iraq Ireland Israel PRGF Trust 4/ Total 5/ SDA 3/ (B) + (C) = (D) ------------295 --4,236 ------------------------313,414 ----13,630 ------73 --103,011 ----23,500 182,700 -281,305 ---92,565 12,299 65,968 10,623 116,436 --------313,414 ----13,873 2,665 87,560 -265,880 --368 --107,247 ---44,475 23,500 198,888 -281,305 -2,930 -92,565 14,251 65,968 12,519 122,374 ---6,713,157 ----- - 16 - Schedule 1 (continued) General Department Quotas, IMF's Holdings of Currencies, Reserve Tranche Positions, and Outstanding Credit and Loans as at October 31, 2003 (In thousands of SDRs) General Resources Account IMF's holdings of currencies 1/ Reserve Percent tranche Quota Total of quota position 7,055,500 273,500 13,312,800 170,500 365,700 271,400 5,600 1,633,600 1,381,100 88,800 52,900 126,800 203,000 34,900 71,300 3,915,830 281,612 7,411,771 464,583 365,700 258,753 5,596 1,142,474 855,363 88,800 52,900 132,481 184,168 31,359 272,062 728,206 176,099 155,225 90,107 122,174 84,462 882,515 6,646 84,431 61,741 3,500 64,405 80,622 2,059,319 5,100 194,242 51,007 517,759 113,600 258,402 136,453 65,536 2,918,720 442,419 130,010 55.5 103.0 55.7 272.5 100.0 95.3 99.9 69.9 61.9 100.0 100.0 104.5 90.7 89.9 381.6 64.8 122.1 55.6 130.8 100.0 121.7 59.4 81.1 90.5 60.5 100.0 100.0 79.4 79.6 100.0 157.7 99.8 88.0 100.0 100.0 100.0 91.9 56.5 49.5 100.0 3,139,677 -5,901,973 52 5 12,651 9 491,157 525,744 5 -55 18,833 3,543 28 395,505 16 123,892 -- 6/ 27 2,290 604,091 1,554 8,873 40,261 1 -20,979 526,529 1 5 97 70,443 7 -45 5,774 2,243,677 452,214 -- Outstanding Credit and Loans GRA Amount Percent 2/ (A) + -8,063 -294,133 -------5,719 --200,781 -31,913 -21,205 -17,350 ---------71,042 ----------0.01 -0.42 -------0.01 --0.29 -0.05 -0.03 -0.02 ---------0.10 ---------- Member Italy Jamaica Japan Jordan Kazakhstan, Republic of PRGF Trust 4/ Total 5/ SDA 3/ (B) + (C) = (D) ---------------------------------------------57,601 ---139,097 31,023 --17,878 ----25,366 117,288 52,946 --116,685 --71,603 ---27,720 33,914 -144,740 --560 --145,502 -8,063 -294,133 -57,601 ---139,097 31,023 5,719 -17,878 223,671 -31,913 -46,571 117,288 70,296 --116,685 --71,603 ---98,762 33,914 -144,740 --560 --145,502 Kenya Kiribati Korea Kuwait Kyrgyz Republic Lao People's Democratic Republic Latvia, Republic of Lebanon Lesotho Liberia Libya 1,123,700 Lithuania, Republic of 144,200 Luxembourg 279,100 Macedonia, former Yugoslav Republic of 68,900 Madagascar 122,200 Malawi Malaysia Maldives Mali Malta Marshall Islands Mauritania Mauritius Mexico Micronesia, Federated States of Moldova, Republic of Mongolia Morocco Mozambique Myanmar Namibia Nepal Netherlands New Zealand Nicaragua 69,400 1,486,600 8,200 93,300 102,000 3,500 64,400 101,600 2,585,800 5,100 123,200 51,100 588,200 113,600 258,400 136,500 71,300 5,162,400 894,600 130,000 Schedule 1 (continued) - 17 - General Department Quotas, IMF's Holdings of Currencies, Reserve Tranche Positions, and Outstanding Credit and Loans as at October 31, 2003 (In thousands of SDRs) General Resources Account IMF's holdings of currencies 1/ Reserve Percent tranche Quota Total of quota position 65,800 1,753,200 1,671,700 194,000 1,033,700 3,100 206,600 131,600 99,900 638,400 879,900 1,369,000 867,400 263,800 1,030,200 5,945,400 80,100 8,900 15,300 8,300 11,600 17,000 7,400 6,985,500 161,800 8,800 103,700 862,500 357,500 231,700 10,400 44,200 1,868,500 3,048,900 413,400 169,700 92,100 50,700 2,395,500 3,458,500 57,240 1,753,121 991,069 101,345 1,562,759 3,100 227,252 214,257 78,428 732,058 1,649,785 822,631 515,315 158,371 1,464,032 9,497,051 80,113 9,022 15,295 7,800 10,911 12,900 7,403 3,936,250 160,330 8,799 103,685 431,734 357,505 136,224 9,852 140,907 1,868,029 1,827,133 586,250 516,446 85,976 44,152 1,430,918 2,047,796 87.0 100.0 59.3 52.2 151.2 100.0 110.0 162.8 78.5 114.7 187.5 60.1 59.4 60.0 142.1 159.7 100.0 101.4 100.0 94.0 94.1 75.9 100.0 56.3 99.1 100.0 100.0 50.1 100.0 58.8 94.7 318.8 100.0 59.9 141.8 304.3 93.4 87.1 59.7 59.2 8,561 143 680,641 92,710 118 1 11,860 379 21,475 -87,358 546,388 352,116 105,429 -1,427 -82 7 500 695 4,101 -- 6/ 3,049,254 1,481 1 24 430,862 -95,482 550 -504 1,221,804 47,855 11 6,125 6,552 964,588 1,410,746 Outstanding Credit and Loans GRA Amount Percent 2/ (A) + ----529,177 -32,500 83,040 -93,625 857,237 ---433,827 3,552,935 -203 -------------96,701 --220,670 346,726 --------0.76 -0.05 0.12 -0.13 1.23 ---0.62 5.09 ---------------0.14 --0.33 0.50 ----- Member Niger Nigeria Norway Oman Pakistan Palau Panama Papua New Guinea Paraguay Peru Philippines Poland, Republic of Portugal Qatar Romania Russian Federation Rwanda St. Kitts and Nevis St. Lucia St. Vincent and the Grenadines Samoa San Marino, Republic of São Tomé and Príncipe Saudi Arabia Senegal Seychelles Sierra Leone Singapore Slovak Republic Slovenia, Republic of Solomon Islands Somalia South Africa Spain Sri Lanka Sudan Suriname Swaziland Sweden Switzerland PRGF Trust 4/ Total 5/ SDA 3/ (B) + (C) = (D) --------------------------2,702 ----8,840 --------84,320 ---783,814 -----------63,025 -----1,902 -166,765 -113,385 -------43,990 -----84,320 ---1,312,991 -32,500 83,040 -93,625 857,237 ---433,827 3,552,935 63,025 203 ----1,902 -166,765 -116,087 ----112,004 --264,660 405,954 ----- - 18 - Schedule 1 (concluded) General Department Quotas, IMF's Holdings of Currencies, Reserve Tranche Positions, and Outstanding Credit and Loans as at October 31, 2003 (In thousands of SDRs) General Resources Account IMF's holdings of currencies 1/ Reserve Percent tranche Quota Total of quota position 293,600 87,000 198,900 1,081,900 73,400 6,900 335,600 286,500 964,000 75,200 180,500 1,372,000 611,700 10,738,500 37,149,300 306,500 275,600 17,000 2,659,100 329,100 293,603 87,000 188,903 1,006,883 73,095 5,195 204,830 266,334 17,106,798 75,200 180,506 2,618,702 351,489 6,061,262 20,669,166 1,946,682 308,850 14,506 2,337,199 331,113 100.0 100.0 95.0 93.1 99.6 75.3 61.0 93.0 1,774.6 100.0 100.0 190.9 57.5 56.4 55.6 635.1 112.1 85.3 87.9 100.6 116.9 231.9 100.0 133.2 5 2 9,999 75,020 305 1,712 130,774 20,167 112,775 5 -- 6/ 3 259,871 4,677,390 16,479,471 -5 2,496 321,902 5 13 -18 328 _________ 71,083,168 ========= Outstanding Credit and Loans GRA Amount Percent 2/ (A) + --------16,255,570 --1,246,702 ---1,640,175 33,250 --2,013 41,083 616,925 -117,505 _________ 69,752,616 ========= --------23.30 --1.79 ---2.35 0.05 ---0.06 0.88 -0.17 ______ Member Syrian Arab Republic Tajikistan, Republic of Tanzania Thailand Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan, Republic of Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan, Republic of Vanuatu Venezuela, República Bolivariana de Vietnam Yemen, Republic of Serbia and Montenegro Zambia Zimbabwe PRGF Trust 4/ Total 5/ SDA 3/ (B) + (C) = (D) ----------------------90,875 -_______ -68,960 302,966 -30,408 -----167,511 --------238,960 234,350 -570,361 85,443 ________ 6,630,392 ======== -68,960 302,966 -30,408 ---16,255,570 -167,511 1,246,702 ---1,640,175 33,250 --240,973 275,433 616,925 661,236 202,948 _________ 76,581,041 ========= 243,500 284,571 467,700 1,084,639 489,100 489,101 353,400 470,579 ___________ ___________ 212,794,000 211,466,193 ========== ========== Total 100.00 109,453 ====== ======= 1/ Includes nonnegotiable, non-interest-bearing notes that members are entitled to issue in substitution for currencies, and outstanding currency valuation adjustments. 2/ Represents the percentage of total use of GRA resources (column A) 3/ The Special Disbursement Account (SDA) of the General Department had financed loans under Structural Adjustment Facility (SAF) and Poverty Reduction Growth Facility (PRGF) arrangements. 4/ For information purposes only. The PRGF Trust provides financing under PRGF arrangements and is not a part of the General Department. 5/ Includes outstanding Trust Fund loans to Liberia (SDR 22.9 million), Somalia (SDR 6.5 million), and Sudan (SDR 59.2 million). 6/ Less than SDR 500. II. Financial Statements of the SDR Department - 20 - SDR Department Balance Sheets (In thousands of SDRs) October 31, 2003 (unaudited) Assets Charges receivable Overdue assessments and charges (Note 2) April 30, 2003 October 31, 2003 (unaudited) Liabilities Interest payable April 30, 2003 84,317 87,425 93,221 85,849 84,655 93,562 Participants with holdings below allocations (Note 3) Allocations 11,395,545 Less : SDR holdings 3,430,761 _________ Allocations in excess of holdings 7,964,784 _________ 11,967,946 3,953,068 _________ 8,014,878 _________ Participants with holdings above allocations (Note 3) SDR holdings 16,881,326 Less: allocations 10,037,785 _________ Holdings in excess of allocations 6,843,541 _________ Holdings by the General Resources Account 663,328 Holdings of SDRs by prescribed holders 545,002 _________ 8,136,526 ======== 15,971,257 9,465,384 _________ 6,505,873 _________ 962,641 631,872 _________ 8,193,948 ======== Total Assets 8,136,526 ======== 8,193,948 Total Liabilities ======== The accompanying notes are an integral part of these financial statements. - 21 - SDR Department Income Statements (UNAUDITED) (In thousands of SDRs) Six Months Ended October 31 2003 2002 Revenue Net charges from participants with holdings below allocations Assessment on SDR allocations 65,396 800 _______ 66,196 _______ 100,160 1,205 _______ 101,365 _______ Expenses Interest on SDR holdings Net interest to participants with holdings above allocations General Resources Account Prescribed holders Administrative expenses 51,925 9,185 4,286 _______ 65,396 800 _______ 66,196 _______ 78,067 16,474 5,619 _______ 100,160 1,205 _______ 101,365 _______ -====== Net Income The accompanying notes are an integral part of these financial statements. -====== - 22 - SDR Department Statements of Cash Flows (unaudited) (In thousands of SDRs) Six Months Ended October 31 2003 2002 Cash flows from operating activities Receipts of SDRs Transfers among participants and prescribed holders Transfers from participants to the General Resources Account Transfers from the General Resources Account to participants and prescribed holders Total Receipts of SDRs Uses of SDRs Transfers among participants and prescribed holders Transfers from participants to the General Resources Account Transfers from the General Resources Account to participants and prescribed holders Charges paid in the SDR Department Other Total Uses of SDRs 1,141,546 3,217,727 3,517,042 ________ 7,876,315 ========= 3,496,376 1,859,130 2,314,593 ________ 7,670,099 ========= 1,082,218 3,207,411 3,517,042 68,066 1,578 ________ 7,876,315 ========= 3,413,043 1,841,498 2,314,593 118,090 (17,125) ________ 7,670,099 ========= The accompanying notes are an integral part of these financial statements. - 23 - SDR Department Notes to the Financial Statements 1. Basis of Presentation The unaudited financial statements have been prepared in accordance with International Accounting Standard 34 (Interim Financial Reporting). These financial statements do not include all information and notes required by IAS for complete financial statements and should be read in conjunction with the April 30, 2003 financial statements and the notes included therein. Unit of Account As of October 31, 2003, one SDR was equal to 1.43178 U.S. dollars (one SDR was equal to 1.38391 U.S. dollars as of April 30, 2003). Interest and Charges Interest is paid on holdings of SDRs and charges are levied on participant’s cumulative allocations at the rate of interest on the SDR. The average SDR interest rate was 1.57 percent for the six months ended October 31, 2003 (2.27 percent for the six months ended October 31, 2002). 2. Overdue Assessments and Charges At October 31, 2003, assessments and charges amounting to SDR 87.4 million were overdue to the SDR Department (SDR 85.8 million at April 30, 2003). At October 31, 2003 and April 30, 2003, four members were six months or more overdue in meeting their financial obligations to the SDR Department. Assessments and charges due from members that are six months or more overdue to the SDR Department were as follows: October 31, 2003 April 30, 2003 In millions of SDRs Total Overdue for six months or more Overdue for three years or more 87.4 85.8 71.7 85.8 83.9 68.1 - 24 - SDR Department Notes to the Financial Statements The amount and duration of arrears as of October 31, 2003 were as follows: Total In millions of SDRs Iraq Liberia Somalia Sudan Total 3. Allocations and Holdings At October 31, 2003 and April 30, 2003, IMF net cumulative allocations to participants totaled SDR 21.4 billion. Participants with holdings in excess of their allocations have established a net claim on the SDR Department, which is represented on the balance sheet as a liability. Participants with holdings below their allocations have used part of their allocations, which results in a net obligation to the SDR Department and is presented as an asset of the SDR Department. Participants' net SDR positions were as follows: October 31, 2003 Below Above April 30, 2003 Below Longest Overdue Obligation 53.3 23.9 10.1 0.1 87.4 November 1990 April 1986 February 1991 April 1991 Total Allocations Allocations Total In millions of SDRs 11,395.5 10,037.8 3,430.8 16,881.3 7,964.7 (6843.5) 21,433.3 19,924.4 1,508.9 Above Allocations Allocations Cumulative allocations 21,433.3 Holdings of SDRs by participants 20,312.1 Net SDR positions 1,121.2 11,967.9 3,953.1 8,014.8 9,465.4 15,971.3 (6,505.9) - 25 - SDR Department Notes to the Financial Statements October 31, 2003 In millions of SDRs Participants General Resources Account Prescribed holders Less: Overdue charges Total holdings 20,312.1 663.3 545.0 21,520.4 87.1 21,433.3 April 30, 2003 19,924.4 962.6 631.8 21,518.8 85.5 21,433.3 - 26 - Schedule 1 SDR Department Statements of Changes in SDR Holdings for the Six Months Ended Oct 31, 2003 and 2002 (In thousands of SDRs) General Resources Account 962,641 ________ Participants Total holdings, beginning of the year Receipts of SDRs Transfers among participants and prescribed holders Transactions by agreement Operations Loans Settlement of financial obligations IMF-related operations SAF/PRGF loan SAF repayments and interest Special charges on SAF, PRGF, Trust Fund PRGF contributions and payments PRGF repayments and interest HIPC payments PRGF-HIPC contributions Post-Conflict Subsidy payment Net interest on SDRs Transfers from participants to the General Resources Account Repurchases Charges Quota payment Assessment on SDR allocation (Note 2) Interest on SDRs Transfers from the General Resources Account to participants and prescribed holders Purchases In exchange for currencies of other members Acquisitions to pay charges Remuneration Other Refunds and adjustments Total receipts 19,924,326 _________ Prescribed Holders 631,872 ________ Total 2003 2002 21,518,839 21,541,689 _________ 477,977 15,675 15,675 182,450 55,798 63,535 5,880 533,775 15,675 79,210 182,450 5,880 103,771 156,469 4,745 243 59,328 1,123,323 462,778 570,419 579,946 153,018 94 335,022 170,991 2,296 14,796 360 83,333 47,439 734 243 54,328 56,332 156,469 4,011 5,000 1,943,880 1,247,854 15,675 2 10,316 1,943,880 1,247,854 15,675 2 10,316 564,427 1,216,429 60,500 142 17,632 2,379,261 581,491 478,803 77,487 _________ 4,311,563 _________ ________ 3,217,727 ________ ________ 347,025 ________ 2,379,261 581,491 478,803 77,487 _________ 7,876,315 _________ 701,206 941,915 596,642 74,830 _________ 7,670,099 _________ - 27 - Schedule 1 (concluded) SDR Department Statements of Changes in SDR Holdings for the Six Months Ended Oct 31, 2003 and 2002 (In thousands of SDRs) General Resources Account Participants Uses of SDRs Transfers among participants and prescribed holders Transactions by agreement Operations Loans Settlement of financial obligations IMF-related operations SAF/PRGF Loan SAF repayments and interest Special charges on SAF, PRGF, Trust Fund PRGF contributions and payments PRGF repayments and interest HIPC payments PRGF-HIPC contributions Post-Conflict Subsidy payment Transfers from participants to the General Resources Account Repurchases Charges Quota payment Assessment on SDR allocation (Note 2) Transfers from the General Resources Account to participants and prescribed holders Purchases In exchange for currencies of other members Acquisitions to pay charges Remuneration Other Refunds and adjustments Charges paid in the SDR department Net charges due Total uses Charges not paid when due Settlement of unpaid charges Total holdings, end of the period 69,644 _________ 3,925,376 1,741 (163) _________ Prescribed Holders Total 2003 2002 330,744 15,675 79,210 203,031 533,775 15,675 79,210 1,123,323 462,778 570,419 579,946 153,018 94 335,022 170,991 2,296 14,796 360 182,450 5,880 56,332 156,469 4,011 47,439 734 243 182,450 5,880 103,771 156,469 4,745 243 1,943,880 1,247,854 15,675 2 1,943,880 1,247,854 15,675 2 564,427 1,216,429 60,500 142 2,379,261 581,491 478,803 77,487 ________ 3,517,042 --________ ________ 433,897 --________ 545,002 ========= 2,379,261 581,491 478,803 77,487 701,206 941,915 596,642 74,830 69,644 100,965 _________ _________ 7,876,315 7,670,099 1,741 3,454 (163) (20,580) _________ _________ 21,520,417 21,524,563 ========= ========= 20,312,087 663,328 ========= ========= - 28 - Schedule 2 SDR Department Allocations and Holdings of Participants as at October 31, 2003 (In thousands of SDRs) NET CUMULATIVE ALLOCATIONS 26,703 -128,640 --318,370 -470,545 179,045 -10,230 6,200 47,120 8,039 -485,246 -9,409 -26,703 20,481 4,359 358,670 --9,409 13,697 15,417 24,463 779,290 620 9,325 9,409 121,924 236,800 114,271 716 86,309 9,719 23,726 HOLDINGS PERCENT OF CUMULATIVE ALLOCATIONS 1.9 -5.0 --245.2 -23.6 74.0 -0.5 11.3 5.3 0.4 -88.2 -1.7 -102.7 5.3 764.0 67.9 --2.4 1.3 11.5 4.0 71.3 0.6 0.4 0.4 24.4 306.7 100.0 1.0 7.3 4.8 0.4 (+) ABOVE (-) BELOW ALLOCATIONS (26,204) 62,180 (122,176) 143 6 462,238 7,519 (359,570) (46,482) 1,388 (10,184) (5,498) (44,599) (8,007) 116 (57,382) 1,540 (9,245) 248 711 (19,387) 28,942 (115,292) 7,640 58,311 (9,180) (13,522) (13,643) (23,476) (223,746) (616) (9,284) (9,370) (92,235) 489,439 14 (710) (80,037) (9,251) (23,642) PARTICIPANT Afghanistan, Islamic State of Albania Algeria Angola Antigua and Barbuda Argentina Armenia, Republic of Australia Austria Azerbaijan Bahamas, The Bahrain, Kingdom of Bangladesh Barbados Belarus, Republic of Belgium Belize Benin Bhutan Bolivia Bosnia and Herzegovina Botswana Brazil Brunei Darussalam Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Cape Verde Central African Republic Chad Chile China Colombia Comoros Congo, Democratic Republic of Congo, Republic of Costa Rica TOTAL 499 62,180 6,464 143 6 780,608 7,519 110,975 132,563 1,388 46 702 2,521 32 116 427,864 1,540 164 248 27,414 1,094 33,301 243,378 7,640 58,311 229 175 1,774 986 555,544 4 41 39 29,689 726,239 114,285 7 6,272 468 84 - 29 - Schedule 2 (continued) SDR Department Allocations and Holdings of Participants as at October 31, 2003 (In thousands of SDRs) NET CUMULATIVE ALLOCATIONS 37,828 44,205 19,438 -178,864 1,178 592 31,585 32,929 135,924 24,985 5,812 --11,160 6,958 142,690 1,079,870 14,091 5,121 -1,210,760 62,983 103,544 930 27,678 17,604 1,212 14,530 13,697 19,057 -16,409 681,170 238,956 244,056 68,464 87,263 HOLDINGS PERCENT OF CUMULATIVE ALLOCATIONS 1.0 0.5 9.5 -35.6 11.0 0.5 1.7 17.5 32.0 100.0 3.6 --0.6 74.0 101.7 46.2 2.1 0.8 -109.2 10.1 13.1 2.3 20.3 7.5 3.0 29.8 13.4 1.0 -0.3 0.4 16.1 109.9 -59.5 (+) ABOVE (-) BELOW ALLOCATIONS (37,460) (44,002) (17,587) 5,389 (115,180) (1,048) (590) (31,050) (27,182) (92,386) (2) (5,602) -52 (11,095) (1,811) 2,485 (580,863) (13,792) (5,081) 482 111,962 (56,607) (90,015) (908) (22,065) (16,284) (1,176) (10,198) (11,861) (18,872) 29,461 (16,360) (678,634) (200,599) 24,257 (68,464) (35,323) PARTICIPANT Côte d'Ivoire Croatia, Republic of Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia, Republic of Ethiopia Fiji Finland France Gabon Gambia, The Georgia Germany Ghana Greece Grenada Guatemala Guinea Guinea-Bissau Guyana Haiti Honduras Hungary Iceland India Indonesia Iran, Islamic Republic of Iraq Ireland TOTAL 368 204 1,851 5,389 63,684 130 3 535 5,747 43,538 24,983 210 -52 65 5,147 145,175 499,007 299 40 482 1,322,722 6,376 13,529 22 5,613 1,320 37 4,332 1,836 185 29,461 49 2,536 38,357 268,313 -51,940 - 30 - Schedule 2 (continued) SDR Department Allocations and Holdings of Participants as at October 31, 2003 (In thousands of SDRs) NET CUMULATIVE ALLOCATIONS 106,360 702,400 40,613 891,690 16,887 -36,990 -72,911 26,744 -9,409 -4,393 3,739 21,007 58,771 -16,955 8,379 19,270 10,975 139,048 282 15,912 11,288 -9,719 15,744 290,020 ---85,689 -43,474 -8,105 530,340 141,322 HOLDINGS PERCENT OF CUMULATIVE ALLOCATIONS 5.2 12.5 0.6 206.2 14.3 -0.5 -17.4 393.8 -150.0 -467.0 11.4 -781.0 -46.5 59.2 0.5 8.3 84.8 104.9 1.0 262.5 -0.8 109.1 100.1 ---94.8 -0.5 -0.8 101.4 12.8 (+) ABOVE (-) BELOW ALLOCATIONS (100,784) (614,564) (40,363) 947,370 (14,467) 772 (36,817) 10 (60,227) 78,585 5,485 4,701 31 16,121 (3,313) (21,007) 400,208 39 (9,078) (3,419) (19,174) (10,069) (21,153) 14 (15,755) 18,346 -(9,645) 1,430 176 1,191 133 26 (4,494) 53 (43,239) 17 (8,043) 7,336 (123,254) PARTICIPANT Israel Italy Jamaica Japan Jordan Kazakhstan, Republic of Kenya Kiribati Korea Kuwait Kyrgyz Republic Lao People's Democratic Republic Latvia, Republic of Lebanon Lesotho Liberia Libya Lithuania, Republic of Luxembourg Macedonia, former Yugoslav Republic of Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Mauritania Mauritius Mexico Micronesia, Federated States of Moldova, Republic of Mongolia Morocco Mozambique Myanmar Namibia Nepal Netherlands New Zealand TOTAL 5,576 87,836 250 1,839,060 2,420 772 173 10 12,685 105,330 5,485 14,110 31 20,514 426 -458,980 39 7,877 4,960 96 906 117,895 296 157 29,634 -74 17,174 290,196 1,191 133 26 81,195 53 235 17 62 537,676 18,068 - 31 - Schedule 2 (continued) SDR Department Allocations and Holdings of Participants as at October 31, 2003 (In thousands of SDRs) NET CUMULATIVE ALLOCATIONS 19,483 9,409 157,155 167,770 6,262 169,989 -26,322 9,300 13,697 91,319 116,595 -53,320 12,822 75,950 -13,697 -742 354 1,142 -620 195,527 24,462 56,665 406 17,455 16,475 -25,431 654 13,697 220,360 298,805 70,868 52,192 7,750 6,432 246,525 HOLDINGS PERCENT OF CUMULATIVE ALLOCATIONS 0.7 25.4 0.5 140.5 119.3 100.0 -1.3 31.7 616.1 1.2 5.5 -112.3 166.3 3.1 -155.8 -200.6 1.4 209.7 -2.5 142.4 11.1 6.6 1.1 135.1 834.7 -23.2 0.3 -101.1 91.6 2.7 0.4 17.3 38.3 57.3 (+) ABOVE (-) BELOW ALLOCATIONS (19,352) (7,015) (156,395) 67,942 1,206 46 -(25,992) (6,350) 70,695 (90,184) (110,190) 34,897 6,542 8,507 (73,631) 20,567 7,647 4 746 (349) 1,253 476 (605) 82,896 (21,747) (52,909) (402) 6,123 121,041 860 (19,519) (652) (13,697) 2,425 (25,022) (68,974) (51,961) (6,407) (3,966) (105,372) PARTICIPANT Nicaragua Niger Nigeria Norway Oman Pakistan Palau Panama Papua New Guinea Paraguay Peru Philippines Poland, Republic of Portugal Qatar Romania Russian Federation Rwanda St. Kitts and Nevis St. Lucia St. Vincent and the Grenadines Samoa San Marino, Republic of São Tomé & Príncipe Saudi Arabia Senegal Serbia and Montenegro Seychelles Sierra Leone Singapore Slovak Republic Slovenia, Republic of Solomon Islands Somalia South Africa Spain Sri Lanka Sudan Suriname Swaziland Sweden TOTAL 131 2,394 760 235,712 7,468 170,035 -330 2,950 84,392 1,135 6,405 34,897 59,862 21,328 2,319 20,567 21,344 4 1,488 5 2,395 476 15 278,423 2,715 3,756 4 23,578 137,516 860 5,912 2 -222,785 273,783 1,894 231 1,343 2,466 141,153 - 32 - Schedule 2 (concluded) SDR Department Allocations and Holdings of Participants as at October 31, 2003 (In thousands of SDRs) NET CUMULATIVE ALLOCATIONS -36,564 -31,372 84,652 -10,975 -46,231 34,243 112,307 -29,396 -38,737 1,913,070 4,899,530 49,977 --316,890 47,658 28,743 68,298 10,200 __________ 10,037,785 11,395,545 __________ 21,433,330 HOLDINGS PERCENT OF CUMULATIVE ALLOCATIONS -0.5 -0.8 0.6 -1.3 -1.1 26.5 156.7 -16.1 -1.6 14.0 172.2 32.6 --2.3 0.7 51.3 36.0 0.5 ______ 168.2 30.1 ===== (+) ABOVE (-) BELOW ALLOCATIONS 22,821 (36,385) 43 (31,111) (84,125) -(10,831) 210 (45,703) (25,179) 63,721 -(24,667) 8,183 (38,106) (1,645,803) 3,537,000 (33,698) 246 877 (309,594) (47,307) (14,000) (43,745) (10,146) _________ 6,843,541 (7,964,784) ======== PARTICIPANT Switzerland Syrian Arab Republic Tajikistan, Republic of Tanzania Thailand Timor-Leste, The Democratic Republic of Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan, Republic of Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan, Republic of Vanuatu Venezuela Vietnam Yemen, Republic of Zambia Zimbabwe ABOVE ALLOCATIONS BELOW ALLOCATIONS TOTAL PARTICIPANTS GENERAL RESOURCES ACCOUNT PRESCRIBED HOLDERS OVERDUE CHARGES TOTAL 22,821 179 43 261 527 -144 210 528 9,064 176,028 -4,729 8,183 631 267,267 8,436,530 16,279 246 877 7,296 351 14,743 24,553 54 __________ 16,881,326 3,430,761 __________ 20,312,087 663,328 545,002 __________ 21,520,417 ========= 87,087 __________ 21,520,417 ========= III. Financial Statements of the Poverty Reduction and Growth Facility Trust - 34 - Poverty Reduction and Growth Facility Trust Combined Balance Sheets (In thousands of SDRs) October 31, 2003 (unaudited) Assets Cash and cash equivalents Investments (Note 2) Loans receivable (Note 3) Interest receivable Total Ass Operational income Liabilities and Resources Borrowings (Note 4) Interest payable Other liabilities and deferred income Total Liabilities Resources Total Liabilities and Resources The accompanying notes are an integral part of these financial statements. April 30, 2003 2,552,938 3,268,241 6,630,392 20,061 ________ 12,471,632 ======= 7,523,025 33,491 3,603 ________ 7,560,119 ________ 4,911,513 ________ 12,471,632 ======= 2,481,040 3,205,052 6,667,296 18,979 ________ 12,372,367 ======= 7,431,854 39,333 2,930 ________ 7,474,117 ________ 4,898,250 ________ 12,372,367 ======= - 35 - Poverty Reduction and Growth Facility Trust Combined Statements of Income and Changes in Resources (unaudited) (In thousands of SDRs) Six months ended October 31 2003 2002 Balance, beginning of the year Investment income (Note 2) Interest income on loans Interest expense Other expenses Operational income Contributions (Note 5) 4,898,250 ________ 35,476 16,861 (54,242) (1,660) ________ (3,565) 25,017 ________ 21,452 Transfers from the Special Disbursement Account Transfers through the Special Disbursement Account to the PRGF-HIPC Trust Net changes in resources Balance, end of the period The accompanying notes are an integral part of these financial statements. 4,695,845 ________ 69,134 14,847 (73,423) (1,562) ________ 8,996 25,983 ________ 34,979 183,193 27,461 (35,650) ________ 13,263 ________ 4,911,513 ======= (33,450) ________ 184,722 ________ 4,880,567 ======= - 36 - Poverty Reduction and Growth Facility Trust Notes to the Financial Statements 1. Basis of Presentation The unaudited financial statements have been prepared in accordance with International Accounting Standard 34 (Interim Financial Reporting). These financial statements do not include all information and notes required by IAS for complete financial statements and should be read in conjunction with the April 30, 2003 financial statements and the notes included therein. Unit of Account As of October 31, 2003, one SDR was equal to 1.43178 U.S. dollars (one SDR was equal to 1.38391 U.S. dollars as of April 30, 2003). 2. Investments The maturities of the investments are as follows: October April 30, 31, 2003 2003 In thousands of SDRs 2,874,648 2,612,829 367,501 566,905 4,982 26,092 20,336 3,268,241 3,205,052 October April 30, 31, 2003 2003 In thousands of SDRs Debt securities Fixed-term deposits Total 2,829,586 438,655 3,268,241 2,923,255 281,797 3,205,052 Less than 1 year 1 – 3 years 3 – 5 years Over 5 years Total The investments consisted of the following: - 37 - Poverty Reduction and Growth Facility Trust Notes to the Financial Statements Investment income comprised the following for the six months ended October 31: Interest income Realized gains (losses), net Unrealized (losses)/gains, net Exchange rate gains (losses), net Total 2003 2002 In thousands of SDRs 61,005 75,040 11,020 (48,388) (36,551) 43,381 2 (899) 69,134 35,476 3. Loans Receivable Resources of the Loan Account are committed to qualifying members for a three-year period, upon approval by the Trustee of three-year arrangements in support of the members’ macroeconomic and structural adjustment programs. Interest on the outstanding loan balances is currently set at the rate of ½ of 1 percent per annum. Scheduled repayments of loans by borrowers are summarized below: Period of Repayment, Financial Year Ending April 30 In thousands of SDRs 2004 2005 2006 2007 2008 2009 and beyond Overdue Total 419,902 876,190 854,789 726,485 817,790 2,863,153 72,083 6,630,392 The above includes one member, Zimbabwe, that is overdue at October 31, 2003 for more than six months in the amount of SDR 72.1 million. - 38 - Poverty Reduction and Growth Facility Trust Notes to the Financial Statements The use of credit in the Trust by the largest users was as follows: October 31, 2003 April 30, 2003 In millions of SDRs and percent of total PRGF credit Largest user of credit Three largest users of credit Five largest users of credit 4. Borrowings The following summarizes the borrowing agreements: Amount Undrawn October 31, 2003 April 30, 2003 In thousands of SDRs 5,349,796 5,718,318 3,330 3,330 783.8 11.8% 1,827.5 27.6% 2,444.0 36.9% 737.6 11.1% 1,820.8 27.3% 2,469.8 37.0% Loan Account Subsidy Account The Trustee has agreed to hold and invest, on behalf of a lender, principal repayments of Trust borrowing in a suspense account within the Loan Account. Principal repayments will be accumulated until the final maturity of the borrowing, when the full proceeds are to be transferred to the lender. Amounts deposited in this account are invested by the Trustee, and payments of interest to the lender are to be made exclusively from the earnings on the amounts invested. The Trust borrows on such terms and conditions as agreed between the Trust and the lenders. Interest rates on borrowings at October 31, 2003 varied between 0.5 percent and 6.5 percent a year (0.5 percent and 6.9 percent a year at April 30, 2003). The principal amounts of the borrowings are repayable in one installment at their maturity dates. - 39 - Poverty Reduction and Growth Facility Trust Notes to the Financial Statements Scheduled repayments of borrowings are summarized below: Period of Repayment, Financial Year Ending April 30 2004 2005 2006 2007 2008 2009 and beyond Total 5. Contributions The Trustee accepts contributions for the Subsidy Account on such terms and conditions as agreed between the Trust and the contributors. At October 31, 2003, cumulative contributions received, including transfers from the Special Disbursement Account, amounted to SDR 2,420.8 million (SDR 2,378.5 million at October 31, 2002). 6. Commitments Under Loan Arrangements At October 31, 2003, undrawn balances under 37 loan arrangements amounted to SDR 2,518.5 million (SDR 2,473.8 million under 36 arrangements at April 30, 2003). 7. Poverty Reduction and Growth Facility Administered Accounts For the benefit of the Subsidy Account of the PRGF Trust, certain member countries requested that the IMF establish the Poverty Reduction and Growth Facility Administered Accounts (PRGF Administered Accounts or Administered Accounts). The Administered Accounts comprise deposits made by contributors. The difference between interest earned by the Administered Accounts and the interest payable on deposits is transferred to the Subsidy Account of the PRGF Trust. In thousands of SDRs 270,256 953,566 1,504,589 982,706 822,951 2,988,957 7,523,025 - 40 - Poverty Reduction and Growth Facility Trust Notes to the Financial Statements The resources of each administered account are held separately from the assets of all other accounts of, or administered by, the IMF and may not be used to discharge liabilities or to meet losses incurred in the administration of other accounts. Total assets of the PRGF Administered Accounts and the net investment income transferred to the PRGF Subsidy Account were as follows: Net Investment Income Transferred to PRGF Subsidy Account for Six Months Ended October 31, October 31, 2003 2002 (In thousands of SDRs) 122 102 -16 36 88 26 48 406 408 150 33 174 237 62 132 1,196 Total Assets of the PRGF Administered Accounts October 31, April 30, 2003 2003 (In thousands of SDRs) Austria Belgium Botswana Greece Indonesia Iran Portugal Total 20,022 80,546 6,931 3,532 25,177 5,010 8,784 150,002 25,102 80,225 7,010 7,015 25,070 5,023 10,567 160,012 8. Saudi Fund for Development (SFD) Development Account The SFD Development Account was established at the request of the SFD to provide supplementary financing in association with loans under the Poverty Reduction and Growth Facility (PRGF). The IMF acts as the agent of the SFD. Disbursements from the SFD Special Account are made simultaneously with PRGF disbursements. Payments of interest and principal due to the SFD under associated loans are to be transferred to SFD. As at October 31, 2003 and April 30, 2003 SDR 49.5 million was transferred from the Saudi Fund for Development Special Account, of which SDR 43.5 million has been repaid. 9. Combining Balance Sheet and Statements of Income and Changes in Resources The balance sheets and statements of income and changes in resources for each of the accounts in the PRGF-Trust are presented below: - 41 Note 9 Poverty Reduction and Growth Facility Trust Combining Balance Sheets (In thousands of SDRs) Loan Account October April 30, 31, 2003 2003 (unaudited) Assets Cash and cash equivalents Investments (Note 2) Loans receivable (Note 3) Accrued account transfers Interest receivable Total Assets 524,991 338,655 6,630,392 18,829 18,462 ________ 7,531,329 ======= 453,718 281,797 6,667,296 19,270 17,338 ________ 7,439,419 ======= 7,333,068 37,878 2,930 ________ 7,373,876 ________ 65,543 ________ 7,439,419 ======= Reserve Account October April 30, 31, 2003 2003 (unaudited) 1,020,358 2,055,358 -(1,563) 1,549 ________ 3,075,702 ======= ---________ -________ 3,075,702 ________ 3,075,702 ======= 1,102,840 1,959,143 -3,208 1,329 ________ 3,066,520 ======= ---________ -________ 3,066,520 ________ 3,066,520 ======= Subsidy Account October April 30, 31, 2003 2003 (unaudited) 1,007,589 874,228 -(17,266) 50 ________ 1,864,601 ======= 100,248 625 -________ 100,873 ________ 1,763,728 ________ 1,864,601 ======= 924,482 964,112 -(22,478) 312 ________ 1,866,428 ======= 98,786 1,455 -________ 100,241 ________ 1,766,187 ________ 1,866,428 ======= Combined October April 30, 31, 2003 2003 (unaudited) 2,552,938 3,268,241 6,630,392 -20,061 ________ 2,481,040 3,205,052 6,667,296 -18,979 ________ 12,471,632 12,372,367 ======= ======= 7,523,025 33,491 3,603 ________ 7,560,119 ________ 4,911,513 ________ 7,431,854 39,333 2,930 ________ 7,474,117 ________ 4,898,250 ________ Liabilities and Resources Borrowings (Note 4) 7,422,777 32,866 Interest payable Other liabilities and deferred income ________ 3,603 Total Liabilities Resources Total Liabilities and Resources 7,459,246 ________ 72,083 ________ 7,531,329 ======= 12,471,632 12,372,367 ======= ======= Note 9 (concluded) Poverty Reduction and Growth Facility Trust Combining Statements of Income and Changes in Resources (unaudited) for the Six Months Ended October 31, 2003 and 2002 (In thousands of SDRs) Loan Account 2003 2002 Reserve Account 2003 2002 3,066,520 ________ 24,719 --(808) ________ 23,911 -________ 23,911 27,461 (35,650) -(6,540) -________ 9,182 ________ 3,075,702 ======= 2,869,791 ________ 43,254 --(754) ________ 42,500 -________ 42,500 183,193 (33,450) -(15,340) -________ 176,903 ________ 3,046,694 ======= Subsidy Account 2003 2002 1,766,187 ________ 10,757 -(821) (852) ________ 9,084 25,017 ________ 34,101 ----(36,560) ________ (2,459) ________ 1,763,728 ======= 1,784,560 ________ 25,661 -(846) (808) ________ 24,007 25,983 ________ 49,990 ----(56,508) ________ (6,518) ________ 1,778,042 ======= Combined 2003 2002 4,898,250 ________ 35,476 16,861 (54,242) (1,660) ________ (3,565) 25,017 ________ 21,452 27,461 --(35,650) --0 (0) ________ 13,263 ________ 4,911,513 ======= 4,695,845 ________ 69,134 14,847 (73,423) (1,562) ________ 8,996 25,983 ________ 34,979 183,193 --(33,450) ----________ 184,722 ________ 4,880,567 ======= - 42 - Balance, beginning of the year Investment income (Note 2) Interest income on loans Interest expense Other expenses Operational (loss) income Contributions (Note 5) Transfers from the Special Disbursement Account Transfers through the Special Disbursement Account to the PRGF-HIPC Trust Transfers between: Reserve and Subsidy Accounts Loan and Reserve Accounts Loan and Subsidy Accounts Net changes in resources Balance, end of the period 65,543 _______ -16,861 (53,421) -_______ (36,560) -_______ (36,560) ---6,540 36,560 _______ 6,540 _______ 72,083 ====== 41,494 _______ 219 14,847 (72,577) -_______ (57,511) -_______ (57,511) ---15,340 56,508 _______ 14,337 _______ 55,831 ====== IV. Financial Statements of the PRGF-HIPC Trust and Related Accounts - 44 - PRGF-HIPC Trust and Related Accounts Combined Balance Sheets (In thousands of SDRs) October 31, 2003 (unaudited) Assets Cash and cash equivalents Investments (Note 2) Interest receivable Total Assets April 30, 2003 1,133,217 117,285 3,684 _______ 1,254,186 ====== 999,948 316,929 4,180 _______ 1,321,057 ====== Liabilities and Resources Borrowings (Note 3) Interest payable Total Liabilities Resources Total Liabilities and Resources 606,567 662 _______ 607,229 _______ 646,957 _______ 1,254,186 ====== 601,125 1,298 _______ 602,423 _______ 718,634 _______ 1,321,057 ====== The accompanying notes are an integral part of these financial statements. - 45 - PRGF-HIPC Trust and Related Accounts Combined Statements of Income and Changes in Resources (unaudited) (In thousands of SDRs) Six Months Ended October 31 2003 2002 Balance, beginning of the year Investment income (Note 2) Interest expense Other expenses Operational income Contributions received Disbursements Transfers Net changes in resources Balance, end of the period The accompanying notes are an integral part of these financial statements. 718,634 ______ 10,953 ( 1,039) ( 208) ______ 9,706 16,793 ( 133,606) ______ ( 107,107) 35,430 ______ ( ______ 71,677) 646,957 ===== 863,755 ______ 18,139 ( 923) ( 137) ______ 17,079 22,060 ( 131,920) ______ ( 92,781) 33,449 ______ ( ______ 59,332) 804,423 ===== - 46 - PRGF-HIPC Trust and Related Accounts Notes to the Financial Statements 1. Basis of Presentation The unaudited financial statements have been prepared in accordance with International Accounting Standard 34 (Interim Financial Reporting). These financial statements do not include all information and notes required by IAS for complete financial statements and should be read in conjunction with the April 30, 2003 financial statements and the notes included therein. Unit of Account As of October 31, 2003, one SDR was equal to 1.43178 U.S. dollars (one SDR was equal to 1.38391 U.S. dollars as of April 30, 2003). 2. Investments The maturities of the investments consisting of debt securities were as follows: October 31, 2003 April 30, 2003 In thousands of SDRs 88,859 287,084 28,426 29,205 -640 117,285 316,929 Less than 1 year 1 - 3 years 3 - 5 years Total Investment income comprised of the following for the six months ended October 31: 2003 2002 In thousands of SDRs 13,684 18,595 2,516 423 (5,216) (742) (31) (137) ——— ——— 10,953 18,139 Interest income Realized gains Unrealized losses Exchange rate (losses) Total 3. Borrowings The Trust borrows on such terms and conditions as agreed between the Trust and the lenders. Interest rates on borrowings at October 31, 2003 and April 30, 2003 varied between 0 percent - 47 - PRGF-HIPC Trust and Related Accounts Notes to the Financial Statements and 2 percent a year. The principal amounts of the borrowings are repayable in one installment at their maturity dates. Scheduled repayments of borrowings are summarized below: Financial Year Ending April 30 In thousands of SDRs 2004 2005 2006 2007 2008 2009 and beyond Total -15,000 -310 20,066 571,191 606,567 4. Transfers Receivable and Payable At October 31, 2003, the HIPC subaccount had transfers payable to the PRGF-HIPC subaccount arising from past disbursements to the Umbrella Account under the HIPC Initiative in the amount of SDR 843.6 million, including interest (SDR 797.0 million at April 30, 2003). Interest payable between subaccounts is eliminated on combination. At October 31, 2003, there was no transfer due from the Special Disbursement Account. 5. Combining Balance Sheets and Statements of Income and Changes in Resources The balance sheets and statements of income and changes in resources for each of the accounts and subaccounts in the PRGF-HIPC Trust and Related Accounts are presented below: - 48 - Note 5. Combining Balance Sheets and Statements of Income and Changes in Resources Combining Balance Sheets (In thousands of SDRs) October 31, 2003 (unaudited) April 30, 2003 Umbrella Umbrella PRGF-HIPC Trust Account PRGF-HIPC Account Post-SCA-2 Account Post-SCA-2 subaccount for HIPC Administered Combined Trust for HIPC Administered Combined PRGF-HIPC PRGF HIPC Combined Operations Account Total Account Operations Account Total Assets Cash and cash equivalents Investments Transfers to and from subaccounts Interest receivable Total Assets Liabilities and Resources Borrowings Interest payable 746,985 111,965 16,765 5,320 --763,750 117,285 -2,228 _______ 883,263 ====== 606,567 662 _______ 607,229 _______ 276,034 _______ 883,263 ====== 329,329 --1,300 _______ 330,629 ====== --_______ -_______ 330,629 _______ 330,629 ====== 40,138 1,133,217 -- 117,285 -156 _______ -3,684 _______ 539,319 316,929 -3,303 _______ 859,551 ====== 601,125 1,298 _______ 602,423 _______ 257,128 _______ 859,551 ====== 420,606 --703 _______ 421,309 ====== --_______ -_______ 421,309 _______ 421,309 ====== 40,023 --174 _______ 999,948 316,929 -4,180 _______ 843,579 -- ( 843,579) 2,228 ______ _______ --_______ 1,704,757 22,085 ( 843,579) ====== ====== ====== 606,567 662 ----_______ 40,294 1,254,186 ====== ====== --_______ 606,567 662 _______ 40,197 1,321,057 ====== ====== --_______ -_______ 40,197 _______ 601,125 1,298 _______ 602,423 _______ 718,634 _______ _______ ______ Total Liabilities Accumulated Resources Total Liabilities and Resources 607,229 --_______ ______ _______ 1,097,528 ______ ( _______ _______ 22,085 843,579) 1,704,757 22,085 ( 843,579) ====== ====== ====== -- _______ _______ 1,861,415 40,294 _______ 646,957 _______ 40,294 1,254,186 ====== ====== 40,197 1,321,057 ====== ====== - 49 - Note 5 (continued) Combining Statements of Income and Changes in Resources (unaudited) (In thousands of SDRs) Six Months Ended October 31, 2003 Six Months Ended October 31, 2002 Umbrella Umbrella Post-SCA-2 Account PRGF-HIPC Account Post-SCA-2 PRGF-HIPC Trust Account subaccount for HIPC Administered Combined Trust for HIPC Administered Combined PRGF-HIPC PRGF HIPC Combined Operations Account Total Account Operations Account Total Balance, beginning of the year Investment income Interest expense Other expenses Operational income/(loss) Contributions received Grants Disbursements Transfers 1,035,891 ______ 14,118 ( 1,039) ( 202) ______ 12,877 13,110 --______ 25,987 35,650 ______ Net changes in resources Balance, end of the period 61,637 ______ 1,097,528 ===== 18,247 ______ ( 797,010) ______ 161 --( 6,525) ( 6) ______ -______ 155 3,683 -______ 3,838 -______ 3,838 ______ ( 6,525) -( 40,044) -______ ( 46,569) -______ ( ______ 46,569) 257,128 ______ 7,754 ¹ ( 1,039) ¹ ( 208) ______ 6,507 16,793 ( 40,044) -______ ( 16,744) 35,650 ______ 18,906 ______ 276,034 ===== 421,309 ______ 2,882 --______ 2,882 -40,044 ( 133,606) ______ ( 90,680) -______ ( ______ 90,680) 330,629 ===== 40,197 ______ 317 --______ 317 718,634 ______ 10,953 ( 1,039) ( 208) ______ 482,352 ______ 13,503 ( 923) ( 137) ______ 12,443 22,060 ( 155,585) -______ ( 121,082) 33,450 ______ ( ______ 87,632) 394,720 ===== 331,128 ______ 4,061 --______ 4,061 -155,585 ( 131,920) ______ 27,726 -______ 27,726 ______ 358,854 ===== 50,275 ______ 575 --______ 575 ---______ 575 ( 1) ______ 574 ______ 50,849 ===== 863,755 ______ 18,139 ( 923) ( 137) ______ 17,079 22,060 -( 131,920) ______ ( 92,781) 33,449 ______ ( ______ 59,332) 804,423 ===== 9,706 16,793 ---- ( 133,606) ______ ______ 317 ( 107,107) ( 220) 35,430 ______ 97 ______ 40,294 ===== ______ ( ______ 71,677) 646,957 ===== 22,085 ( 843,579) ===== ===== ¹ Interest payable between subaccounts amounting to SDR 6.5 million (SDR 5.5 million at October 31, 2002) has been eliminated in the combined totals.