Financial Statements of the International Monetary Fund, July 31, 2003

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International Monetary Fund FINANCIAL STATEMENTS Quarter Ended July 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) July 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 April 30, 2003 July 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 2,601,168 116,086 221,750,139 2,590,349 136,816 221,531,304 Accumulated resources of the Special Disbursement Account Total Liabilities and Resources April 30, 2003 68,245,816 95,088,001 47,734,056 211,067,873 805,297 5,851,771 597,824 710,120 65,977,977 97,028,740 47,692,348 210,699,065 962,641 5,851,771 576,570 714,092 236,729 95,701 1,424,519 1,756,949 244,544 140,347 1,401,019 1,785,910 69,953,037 95,088,001 47,731,762 212,772,800 4,503,136 2,717,254 221,750,139 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) Three Months Ended July 31 2003 2002 Operational Income Interest and charges (Note 4) Interest on SDR holdings Investment income of the Special Disbursement Account Other charges and income 581,011 5,063 10,964 36,789 ________ 633,827 ________ 580,446 9,841 22,082 49,143 ________ 661,512 ________ 338,920 138,433 ________ 477,353 ________ 184,159 ======= 162,077 22,082 ________ 184,159 ======= Operational Expenses Remuneration (Note 6) Administative Expenses 248,880 157,776 ________ 406,656 ________ Total Net Income Net Income of the General Department comprises: Net income of the General Resources Account Income of the Special Disbursement Account 227,171 ======= 216,207 10,964 ________ 227,171 ======= The accompanying notes are an integral part of these financial statements. -5- General Department Statements of Changes in Resources for the Three Months Ended July 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 July 31, 2002 212,415,900 __________ 250,200 --__________ 212,666,100 ========= Reserves 3,640,445 _________ 162,077 --_________ 3,802,522 ======== Special Disbursement Account Accumulated Resources 2,878,993 __________ 22,082 ( 158,059) ( 16,725) _________ 2,726,291 ======== 2,727,165 __________ -10,964 ( 3,050) ( 17,825) _________ 2,717,254 ======== Balance at April 30, 2003 Quota subscriptions Net income Transfers to the PRGF Trust Transfers to the PRGF-HIPC Trust Balance at July 31, 2003 212,731,300 4,286,929 __________ __________ 41,500 --216,207 ----__________ _________ 212,772,800 ========= 4,503,136 ======== The accompanying notes are an integral part of these financial statements. -6- General Department Statements of Cash Flows (unaudited) (In thousands of SDRs) Three Months Ended July 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 227,171 ( 17,282) ( 52,461) 23,500 ( 8,101,388) 5,822,445 20,730 __________ ( 2,077,285) __________ 184,159 ( 69,647) 66,837 23,500 ( 9,772,021) 1,775,610 166,944 __________ ( 7,624,618) __________ ( 10,820) __________ ( 10,820) ( 14,243) __________ ( 14,243) 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 (used in) 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. 10,375 522 ( 20,875) __________ ( 9,978) __________ ( 2,098,083) 97,991,381 __________ 95,893,298 ========== ` 62,550 2,679,401 ( 174,784) __________ 2,567,167 __________ ( 5,071,694) 103,944,930 __________ 98,873,236 ========== -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 July 31, 2003, one SDR was equal to 1.39195 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 three months ended July 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 Purchases 5,461 344 2,285 --Repurchases 891 539 4,164 143 -July 31, April 30, 2003 2002 In millions of SDRs 38,468 14,747 13,821 501 279 28,227 15,491 5,875 1,311 321 Purchases 2,288 661 6,763 --Repurchases 1,100 398 -153 42 July 31, 2002 29,415 15,754 12,638 1,158 279 414 101 ______ 65,978 --_____ 8,090 85 -______ 5,822 329 101 ______ 68,246 746 110 ______ 52,081 --_____ 9,712 79 4 ______ 1,776 667 106 ______ 60,017 -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 General Resources Account Special Disbursement Account In millions of SDRs 2004 2005 2006 2007 2008 2009 and beyond Overdue Total 17,063 17,421 18,810 8,386 3,207 2,617 742 ——— 68,246 30 40 37 ---9 —— 116 The use of credit in the GRA by the largest users was as follows: July 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 21,256 48,397 58,792 31.2% 70.9% 86.2% 18,192 45,382 56,127 27.6% 68.8% 85.1% The five largest users of credit as of July 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 July 31, 2003 and April 30, 2003 was as follows: -9- General Department Notes to the Financial Statements July 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 July 31, 2003, five members (six members as at April 30, 2003) 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 July 31, 2003 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 July 31, 2003 Total overdue Overdue for six months or more Overdue for three years or more 751 730 658 Charges and SAF Interest April 30, 2003 993 982 900 412 7,812 7,257 34,107 18,658 68,246 0.6% 11.5% 10.6% 50.0% 27.3% 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, July 31, 2003 2003 In millions of SDRs 746 996 726 987 663 910 - 10 - General Department Notes to the Financial Statements The type and duration of the arrears in the General Department as of July 31, 2003 were as follows: Repurchases and SAF Loans Liberia Somalia Sudan Zimbabwe Total 201 106 352 92 —— 751 Charges and SAF Interest Total Obligation Longest Overdue Obligation May 1985 July 1987 July 1985 February 2001 In millions of SDRs 246 447 94 200 648 1,000 8 100 —— —— 996 1,747 3. Gold Holdings At July 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 26.4 billion as of July 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: July 31, 2003 Periodic charges due Less: deferred income Other receivables Receivables April 30, 2003 In millions of SDRs 1,593 1,568 (1,000) (996) —— ——— 593 572 5 5 —— —— 598 577 - 11 - General Department Notes to the Financial Statements Periodic charges consisted of the following for the three months ended July 31: 2003 Periodic charges Adjustments for deferred charges, net of refunds Income deferred, net of settlements Total periodic charges 2002 In millions of SDRs 583 545 2 (4) —— 581 (36) 71 —— 580 Interest earned on SAF loans for the three months ended July 31, 2003 and 2002 amounted to SDR 0.1 million and SDR 7.8 million, respectively. Special charges, service charges, and the unrefunded commitment fees are included in Other Charges and Income which amounted to SDR 36.8 million and SDR 49.1 million for the three months ended July 31, 2003 and 2002, respectively. 5. Investments As at July 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 three months ended July 31, 2003 and 2002 amounted to SDR 11.0 million and SDR 14.2 million, respectively. - 12 - General Department Notes to the Financial Statements 6. Remuneration Remuneration consisted of the following for the three months ended July 31: 2003 In millions of SDRs Remuneration Adjustments for deferred charges net of refunds 251 (2) —— 249 303 36 —— 339 2002 7. Arrangements and Commitments in the General Department At July 31, 2003, the undrawn balances under the 19 arrangements that were in effect in the GRA amounted to SDR 15,624 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, life insurance benefits and other long-term 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 other 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: July 31, April 30, 2003 2003 In thousands of SDRs SRP SRBP RSBIA Total Assets 2,639,383 877 378,683 3,018,943 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: July 31, 2003 April 30, 2003 In millions of U.S. dollars 119,368 119,037 42,305 25,031 15,669 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 Subsid y Account for PRGF-Eligible Members --In millions of SDRs 2,363 2,351 6,504 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 tha t 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 July 31, 2003 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 outstand ing 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 July 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 July 31, 2003, total defe rred income amounted to SDR 28.2 million (SDR 27.9 million at April 30, 2003). - 14 - Schedule 1 General Department Quotas, IMF's Holdings of Currencies, Reserve Tranche Positions, and Members' Use of Resources as at July 31, 2003 (In thousands of SDRs) General Resources Account IMF's holdings of currencies 1/ Percent Quota Total of quota 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 1,966,570 286,445 13,499 12,831,619 101,848 1,828,349 1,164,138 240,115 124,060 65,827 545,384 62,557 403,925 2,661,075 14,562 59,721 5,280 216,238 274,955 33,368 24,292,787 157,127 1,407,716 52,931 95,891 88,021 185,101 3,427,105 9,596 55,566 55,719 463,244 3,600,423 488,202 8,362 533,000 94,653 144,113 100.0 93.1 156.7 100.1 100.0 606.1 110.7 56.5 62.2 149.2 95.2 48.8 102.3 92.7 104.5 57.8 77.5 96.5 83.8 126.1 162.6 53.0 800.1 73.0 219.9 87.9 124.5 100.6 99.7 53.8 100.0 99.8 99.5 54.1 56.5 63.1 94.0 100.0 111.9 87.8 Use of Resources Reserve tranche position -3,355 85,082 -6 51 -1,408,156 708,183 10 6,239 69,203 186 4,943 20 1,944,129 4,239 2,188 1,020 8,875 -29,633 -58,288 32,778 7,281 360 -638 2,942,102 5 138 282 392,857 2,768,824 285,803 540 -536 20,000 Member Afghanistan, Islamic State of Albania Algeria Angola Antigua and Barbuda GRA Amount Percent 2/ (A) + --796,950 --10,714,546 9,844 --79,215 --12,266 -17,525 ----53,600 105,850 -21,256,093 -800,274 -19,250 521 ----------10,575 ---1.17 --15.70 0.01 --0.12 --0.02 -0.03 ----0.08 0.16 -31.15 -1.17 -0.03 -----------0.02 -- SDA 3/ (B) -----------------350 -------3,160 ----------270 ---+ PRGF Trust 4/ (C) -63,676 ----134,163 --99,168 --49,500 ----51,026 -133,891 -----86,915 -73,900 223,098 -3,690 24,480 77,696 ----473,367 8,338 -= Total 5/ (D) -63,676 796,950 --10,714,546 144,007 --178,383 --61,766 -17,525 --51,376 -187,491 105,850 -21,256,093 -800,274 90,075 19,250 74,421 223,098 -3,690 24,480 77,696 ---270 473,367 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 Members' Use of Resources as at July 31, 2003 (In thousands of SDRs) General Resources Account IMF's holdings of currencies 1/ Percent Quota Total of quota 325,200 365,100 139,600 819,300 1,642,800 324,657 364,943 77,431 561,941 924,558 15,287 10,550 228,824 8,200 531,454 943,716 171,303 32,609 15,900 65,195 126,520 55,175 784,697 6,158,327 198,602 29,618 166,488 7,571,858 369,004 513,818 14,631 210,206 107,026 16,596 90,902 64,426 132,749 561,795 99,016 3,464,255 8,449,159 1,497,204 504,013 517,292 588,138 99.8 100.0 55.5 68.6 56.3 96.1 128.7 104.5 100.0 175.8 100.0 100.0 100.0 100.0 100.0 94.6 78.5 62.1 57.3 128.7 95.2 110.8 58.2 100.0 62.4 125.1 100.0 99.9 116.9 100.0 106.1 102.5 54.1 84.2 83.3 406.3 100.0 100.0 61.7 63.4 Use of Resources Reserve tranche position 568 159 62,176 257,364 718,246 1,100 9 3 1 17,153 ---5 6 7,188 15,107 479,235 4,580,129 179 1,485 10 5,436,484 -- 6/ 309,183 --75 -- 6/ -68 8,627 476,606 18,585 693,963 145,500 --321,113 340,069 Member Côte d'Ivoire Croatia, Republic of Cyprus Czech Republic Denmark GRA Amount Percent 2/ (A) + -----487 2,358 9,925 -246,305 ---------44,475 -16,188 ---2,930 --2,396 -3,794 11,875 ---6,515,355 -----------0.01 -0.36 ---------0.07 -0.02 --------0.01 0.02 ---9.55 ----- SDA 3/ (B) ------------295 --6,354 -------------492 ----------+ PRGF Trust 4/ (C) 327,706 ----13,630 ------73 --94,057 ----23,500 193,800 -285,415 ---95,794 12,745 63,976 10,623 117,453 --------= Total 5/ (D) 327,706 ----14,117 2,358 9,925 -246,305 --368 --100,411 ---44,475 23,500 209,988 -285,415 -2,930 -95,794 15,141 64,468 14,417 129,328 ---6,515,355 ----- Djibouti 15,900 Dominica 8,200 Dominican Republic 218,900 Timor-Leste, The Democratic Republic of 8,200 Ecuador 302,300 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 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 60,700 129,500 1,038,400 117,600 4,158,200 2,079,300 1,497,200 504,000 838,400 928,200 - 16 - Schedule 1 (continued) General Department Quotas, IMF's Holdings of Currencies, Reserve Tranche Positions, and Members' Use of Resources as at July 31, 2003 (In thousands of SDRs) General Resources Account IMF's holdings of currencies 1/ Percent Quota Total of quota 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 1,123,700 144,200 279,100 68,900 122,200 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 4,025,111 284,477 7,622,236 485,916 365,700 258,770 5,601 1,142,616 851,044 88,800 52,900 132,484 184,168 31,361 272,062 728,206 183,430 166,762 88,863 122,174 84,462 849,409 6,646 84,431 61,741 3,500 64,406 80,625 2,159,332 5,100 197,054 51,007 517,760 113,600 258,402 136,458 65,536 2,985,745 471,741 130,010 57.0 104.0 57.3 285.0 100.0 95.3 100.0 69.9 61.6 100.0 100.0 104.5 90.7 89.9 381.6 64.8 127.2 59.7 129.0 100.0 121.7 57.1 81.0 90.5 60.5 100.0 100.0 79.4 83.5 100.0 159.9 99.8 88.0 100.0 100.0 100.0 91.9 57.8 52.7 100.0 Use of Resources Reserve tranche position 3,030,389 -5,691,620 52 5 12,632 5 491,069 530,064 5 -55 18,833 3,543 28 395,505 16 112,348 -27 2,290 637,197 1,554 8,858 40,261 --20,976 426,529 -5 97 70,441 7 -45 5,774 2,176,665 422,893 -- Member Italy Jamaica Japan Jordan Kazakhstan, Republic of GRA Amount Percent 2/ (A) + -10,927 -315,467 -------5,719 --200,781 -39,244 -19,961 -17,350 ---------73,854 ----------0.02 -0.46 -------0.01 --0.29 -0.06 -0.03 -0.03 ---------0.11 ---------- SDA 3/ (B) ----------------------------------------+ PRGF Trust 4/ (C) -----57,601 ---144,687 27,666 --18,633 ----26,275 118,644 48,591 --123,610 --73,028 ---27,720 27,814 -148,785 --1,679 --140,219 = Total 5/ (D) -10,927 -315,467 -57,601 ---144,687 27,666 5,719 -18,633 223,671 -39,244 -46,236 118,644 65,941 --123,610 --73,028 ---101,574 27,814 -148,785 --1,679 --140,219 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 Nicaragua Schedule 1 (continued) - 17 - General Department Quotas, IMF's Holdings of Currencies, Reserve Tranche Positions, and Members' Use of Resources as at July 31, 2003 (In thousands of SDRs) General Resources Account IMF's holdings of currencies 1/ Percent Quota Total of quota 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 6,985,500 161,800 467,700 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 57,240 1,753,121 938,487 105,348 1,659,744 3,100 228,085 215,523 78,428 745,433 1,768,185 855,128 477,494 147,578 1,371,278 9,823,910 80,113 9,225 15,295 7,800 10,918 12,900 7,403 3,962,741 160,337 984,639 8,799 103,685 456,662 357,505 126,976 9,852 140,907 1,868,027 1,799,911 586,277 521,377 85,976 44,154 1,303,492 87.0 100.0 56.1 54.3 160.6 100.0 110.4 163.8 78.5 116.8 201.0 62.5 55.0 55.9 133.1 165.2 100.0 103.7 100.0 94.0 94.1 75.9 100.0 56.7 99.1 210.5 100.0 100.0 52.9 100.0 54.8 94.7 318.8 100.0 59.0 141.8 307.2 93.4 87.1 54.4 Use of Resources Reserve tranche position 8,561 143 733,229 88,710 118 1 11,860 372 21,475 -87,358 513,882 389,946 116,223 -1,189 -82 7 500 693 4,101 -- 6/ 3,022,762 1,469 -1 24 405,972 -104,735 550 -484 1,248,993 47,818 11 6,125 6,552 1,092,014 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 Serbia and Montenegro Seychelles Sierra Leone Singapore Slovak Republic Slovenia, Republic of Solomon Islands Somalia South Africa Spain Sri Lanka Sudan Suriname Swaziland Sweden GRA Amount Percent 2/ (A) + ----626,161 -33,333 84,290 -107,000 975,637 ---341,073 3,879,668 -406 -------516,925 ------96,701 --220,670 351,657 -------0.92 -0.05 0.12 -0.16 1.43 ---0.50 5.68 ---------0.76 ------0.14 --0.33 0.52 ---- SDA 3/ (B) ---------------------------5,404 ----8,840 -------+ PRGF Trust 4/ (C) 85,286 ---812,407 -----------63,025 -----1,902 -170,214 --120,753 -------49,590 ----= Total 5/ (D) 85,286 ---1,438,568 -33,333 84,290 -107,000 975,637 ---341,073 3,879,668 63,025 406 ----1,902 -170,214 516,925 -126,157 ----112,004 --270,260 410,885 ---- - 18 - Schedule 1 (concluded) General Department Quotas, IMF's Holdings of Currencies, Reserve Tranche Positions, and Members' Use of Resources as at July 31, 2003 (In thousands of SDRs) General Resources Account IMF's holdings of currencies 1/ Percent Quota Total of quota 3,458,500 293,600 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 2,659,100 329,100 243,500 489,100 353,400 ___________ 212,772,800 ========== 2,021,452 293,603 87,000 188,903 1,081,883 73,095 5,195 226,238 266,335 17,277,923 75,200 180,506 2,689,977 323,302 6,119,926 20,809,883 1,960,957 308,850 14,506 2,337,199 332,120 286,989 489,101 470,579 ___________ 211,067,873 ========== 58.4 100.0 100.0 95.0 100.0 99.6 75.3 67.4 93.0 1,792.3 100.0 100.0 196.1 52.9 57.0 56.0 639.8 112.1 85.3 87.9 100.9 117.9 100.0 133.2 Use of Resources Reserve tranche position 1,437,064 5 2 9,999 20 305 1,712 109,366 20,167 112,775 5 -- 6/ 3 288,412 4,618,632 16,337,699 -5 2,496 321,902 5 13 18 328 _________ 69,953,037 ========= Member Switzerland 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 Zambia Zimbabwe GRA Amount Percent 2/ (A) + ---------16,426,695 --1,317,977 ---1,654,450 33,250 --3,020 43,500 -117,505 _________ 68,245,816 ========= ---------24.07 --1.93 ---2.42 0.05 ---0.06 -0.17 ______ 100.00 ====== SDA 3/ (B) ----------------------90,875 -_______ 116,040 ======= + PRGF Trust 4/ (C) --68,960 285,166 -31,494 -----172,867 --------251,040 234,350 571,361 85,443 ________ 6,730,490 ======== = Total 5/ (D) --68,960 285,166 -31,494 ---16,426,695 -172,867 1,317,977 ---1,654,450 33,250 --254,060 277,850 662,236 202,948 _________ 75,180,929 ========= Total 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 used by each member 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 23 million), Somalia (SDR 6 million), and Sudan (SDR 59 million). 6/ Less than SDR 500. II. Financial Statements of the SDR Department - 20 - SDR Department Balance Sheets (In thousands of SDRs) July 31, 2003 (unaudited) Assets Charges receivable Overdue assessments and charges (Note 2) April 30, 2003 July 31, 2003 (unaudited) Liabilities Interest payable April 30, 2003 86,791 86,665 93,221 85,849 87,130 93,562 Participants with holdings below allocations (Note 3) Allocations 11,799,836 Less : SDR holdings 3,835,241 _________ Allocations in excess of holdings 7,964,595 _________ 11,967,946 3,953,068 _________ 8,014,878 _________ Participants with holdings above allocations (Note 3) SDR holdings 16,365,994 Less: allocations 9,633,494 _________ Holdings in excess of allocations 6,732,500 _________ Holdings by the General Resources Account 805,297 Holdings of SDRs by prescribed holders 513,124 _________ 8,138,051 ======== 15,971,257 9,465,384 _________ 6,505,873 _________ 962,641 631,872 _________ 8,193,948 ======== Total Assets 8,138,051 ======== 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) Three Months Ended July 31 2003 2002 Revenue Net charges from participants with holdings below allocations Assessment on SDR allocations 33,167 400 _______ 33,567 _______ 51,482 602 _______ 52,084 _______ Expenses Interest on SDR holdings Net interest to participants with holdings above allocations General Resources Account Prescribed holders Administrative expenses 25,848 5,063 2,256 _______ 33,167 400 _______ 33,567 _______ 38,915 9,841 2,726 _______ 51,482 602 _______ 52,084 _______ -====== 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) Three Months Ended July 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 826,657 1,656,824 1,793,418 ________ 4,276,899 ========= 2,596,883 1,029,977 887,475 ________ 4,514,335 ========= 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 795,433 1,651,571 1,793,418 35,660 817 ________ 4,276,899 ========= 2,555,866 1,022,186 887,475 67,211 (18,403) ________ 4,514,335 ========= 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 July 31, 2003, one SDR was equal to 1.39195 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 1.59 percent for the quarter ended July 31, 2003 (1.78 percent for the quarter ended April 30, 2003) 2. Overdue Assessments and Charges At July 31, 2003, assessments and charges amounting to SDR 86.7 million were overdue to the SDR Department (SDR 85.8 million at April 30, 2003). At July 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: July 31, 2003 April 30, 2003 In millions of SDRs Total Overdue for six months or more Overdue for three years or more 86.7 84.9 69.8 85.8 83.9 68.1 - 24 - SDR Department Notes to the Financial Statements The amount and duration of arrears as of July 31, 2003 were as follows: Total In millions of SDRs Iraq Liberia Somalia Sudan Total 52.8 23.7 10.1 0.1 86.7 November 1990 April 1986 February 1991 April 1991 Longest Overdue Obligation 3. Allocations and Holdings At July 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: July 31, 2003 April 30, 2003 Total Below Allocations Above Allocations Total In millions of SDRs 9,633.5 16,366.0 (6,732.5) 21,433.3 19,924.4 1,508.9 Below Allocations Above Allocations Cumulative allocations Holdings of SDRs by participants Net SDR positions 21,433.3 20,201.2 1,232.1 11,799.8 3,835.2 7,964.6 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 A summary of SDR holdings is provided below: July 31, 2003 Participants General Resources Account Prescribed holders Less: Overdue charges receivable Total holdings 20,201.2 805.3 513.1 21,519.6 86.3 21,433.3 April 30, 2003 19,924.4 962.6 631.8 21,518.8 85.5 21,433.3 In millions of SDRs - 26 - Schedule 1 SDR Department Statements of Changes in SDR Holdings for the Three Months Ended July 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 _________ _________ 321,304 10,375 50,000 54,922 371,304 10,375 54,922 171,950 5,384 75,718 101,524 4,145 111 31,224 471,993 462,778 565,514 515,280 152,668 91 276,823 105,509 881 4,146 183 41,017 171,950 5,384 30,258 134 111 28,480 45,460 101,524 4,011 2,744 10,375 1,018,172 612,647 10,375 2 5,253 1,018,172 612,647 20,750 2 5,253 342,179 619,365 60,500 142 7,791 1,311,386 172,946 243,292 65,794 _________ 2,366,405 _________ ________ 1,646,449 ________ ________ 264,045 ________ 1,311,386 172,946 243,292 121,500 465,652 270,723 65,794 29,600 _________ _________ 4,276,899 4,514,335 _________ _________ - 27 - Schedule 1 (concluded) SDR Department Statements of Changes in SDR Holdings for the Three Months Ended July 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 36,477 _________ 2,090,313 939 (122) _________ Prescribed Holders Total 2003 2002 190,964 10,375 54,922 180,340 371,304 10,375 54,922 471,993 462,778 565,514 515,280 152,668 91 276,823 105,509 881 4,146 183 171,950 5,384 45,460 101,524 4,011 30,258 134 111 171,950 5,384 75,718 101,524 4,145 111 1,018,172 612,647 10,375 2 10,375 1,018,172 612,647 20,750 2 342,179 619,365 60,500 142 1,311,386 172,946 243,292 65,794 ________ 1,803,793 --________ ________ 382,793 --________ 513,124 ========= 1,311,386 172,946 243,292 65,794 121,500 465,652 270,723 29,600 36,477 48,808 _________ _________ 4,276,899 4,514,335 939 2,177 (122) (20,580) _________ _________ 21,519,656 21,523,286 ========= ========= 20,201,235 805,297 ========= ========= - 28 - Schedule 2 SDR Department Allocations and Holdings of Participants as at July 31, 2003 (In thousands of SDRs) HOLDINGS PERCENT OF CUMULATIVE ALLOCATIONS 2.26 -8.77 --234.94 -22.86 72.74 -0.81 11.67 6.56 0.72 -86.83 -2.13 -100.88 5.96 759.15 74.28 --2.66 1.87 2.31 2.64 70.18 1.02 0.47 27.04 23.63 303.45 99.2 20.16 38.57 4.12 0.56 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 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 TOTAL 604 62,486 11,278 143 6 747,982 12,583 107,550 130,242 1,443 82 723 3,092 58 275 421,351 1,521 201 244 26,939 1,220 33,091 266,412 7,421 54,891 251 257 357 645 546,872 6 44 2,544 28,807 718,565 113,353 144 33,287 400 133 (+) ABOVE (-) BELOW ALLOCATIONS (26,099) 62,486 (117,362) 143 6 429,612 12,583 (362,995) (48,803) 1,443 (10,148) (5,477) (44,028) (7,981) 275 (63,895) 1,521 (9,208) 244 236 (19,261) 28,732 (92,258) 7,421 54,891 (9,158) (13,440) (15,060) (23,818) (232,418) (614) (9,281) (6,865) (93,117) 481,765 (918) (572) (53,022) (9,319) (23,593) - 29 - Schedule 2 (continued) SDR Department Allocations and Holdings of Participants as at July 31, 2003 (In thousands of SDRs) HOLDINGS PERCENT OF CUMULATIVE ALLOCATIONS 1.37 0.86 8.92 -46.7 11.52 3.06 1.03 -15.02 30.91 99.99 0.97 --0.97 73.44 104.78 44.99 2.51 1.18 -107.66 11.17 12.38 3.19 20.6 4.85 3.58 3.93 2.3 1.74 -0.4 0.58 20.39 109.9 -58.36 4.55 PARTICIPANT Côte d'Ivoire Croatia, Republic of Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Timor-Leste, The Democratic Republic of 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 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 87,263 106,360 TOTAL 518 379 1,733 4,664 83,525 136 18 326 -4,946 42,007 24,983 57 -52 108 5,110 149,515 485,876 353 61 3,177 1,303,541 7,033 12,822 30 5,701 854 43 571 314 332 27,735 66 3,935 48,714 268,216 -50,925 4,836 (+) ABOVE (-) BELOW ALLOCATIONS (37,310) (43,826) (17,705) 4,664 (95,339) (1,042) (574) (31,259) -(27,983) (93,917) (2) (5,755) -52 (11,052) (1,848) 6,825 (593,994) (13,738) (5,060) 3,177 92,781 (55,950) (90,722) (900) (21,977) (16,750) (1,169) (13,959) (13,383) (18,725) 27,735 (16,343) (677,235) (190,242) 24,160 (68,464) (36,338) (101,524) - 30 - Schedule 2 (continued) SDR Department Allocations and Holdings of Participants as at July 31, 2003 (In thousands of SDRs) HOLDINGS PERCENT OF CUMULATIVE ALLOCATIONS 10.16 1.19 203.62 19.81 -0.83 -15.51 384.97 -114.32 -464.06 11.51 -775.73 -44.28 39.09 0.51 4.83 83.28 103.07 1.31 260.66 -0.65 108.78 99.71 ---81.67 -0.94 -0.42 101.07 12.24 0.68 PARTICIPANT 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 Nicaragua NET CUMULATIVE ALLOCATIONS 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 19,483 TOTAL 71,390 483 1,815,703 3,345 769 307 10 11,309 102,959 11,060 10,756 76 20,387 431 -455,907 319 7,508 3,276 99 530 115,806 291 208 29,424 -63 17,126 289,179 1,187 158 26 69,980 53 408 17 34 536,033 17,298 133 (+) ABOVE (-) BELOW ALLOCATIONS (631,010) (40,130) 924,013 (13,542) 769 (36,683) 10 (61,602) 76,215 11,060 1,347 76 15,994 (3,308) (21,007) 397,136 319 (9,447) (5,103) (19,171) (10,445) (23,242) 9 (15,704) 18,136 -(9,656) 1,382 (841) 1,187 158 26 (15,709) 53 (43,066) 17 (8,071) 5,693 (124,024) (19,350) - 31 - Schedule 2 (continued) SDR Department Allocations and Holdings of Participants as at July 31, 2003 (In thousands of SDRs) HOLDINGS PERCENT OF CUMULATIVE ALLOCATIONS 2.86 0.57 139.35 114.47 102.36 -2.33 37.01 613.61 1.52 6.36 -109.8 163 6.22 -155.61 -200.21 1.62 209.21 -2.86 136.7 1.59 8.94 1.48 137.58 819.68 -22.26 0.63 -101.1 90.23 4.08 0.46 17.64 38.32 56.25 -- PARTICIPANT 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 Switzerland NET CUMULATIVE ALLOCATIONS 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 -- TOTAL 269 890 233,791 7,168 174,003 -613 3,442 84,046 1,388 7,411 33,028 58,545 20,899 4,726 25,877 21,313 6 1,485 6 2,389 460 18 267,279 389 5,067 6 24,015 135,044 856 5,661 4 -222,777 269,618 2,894 240 1,367 2,465 138,677 54,774 (+) ABOVE (-) BELOW ALLOCATIONS (9,140) (156,265) 66,021 906 4,014 -(25,709) (5,858) 70,349 (89,931) (109,184) 33,028 5,225 8,077 (71,224) 25,877 7,616 6 743 (348) 1,247 460 (602) 71,752 (24,073) (51,598) (400) 6,560 118,569 856 (19,770) (650) (13,697) 2,417 (29,187) (67,974) (51,952) (6,383) (3,967) (107,848) 54,774 - 32 - Schedule 2 (concluded) SDR Department Allocations and Holdings of Participants as at July 31, 2003 (In thousands of SDRs) HOLDINGS PERCENT OF CUMULATIVE ALLOCATIONS 0.5 -0.59 1.61 0.79 0.89 6.64 172.95 -9.6 -2.02 13.94 170.76 32.05 --2.41 2.47 60.63 36.57 -______ 169.9 32.5 ===== PARTICIPANT 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 Vietnam Yemen, Republic of Zambia Zimbabwe ABOVE ALLOCATIONS BELOW ALLOCATIONS TOTAL PARTICIPANTS GENERAL RESOURCES ACCOUNT PRESCRIBED HOLDERS OVERDUE CHARGES 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 __________ 9,633,494 11,799,836 __________ 21,433,330 TOTAL 183 42 186 1,361 87 203 413 2,273 194,240 -2,823 9,402 782 266,739 8,366,441 16,020 289 867 7,629 1,179 17,428 24,976 -__________ 16,365,994 3,835,241 __________ 20,201,235 805,297 513,124 __________ 21,519,656 ========= (+) ABOVE (-) BELOW ALLOCATIONS (36,381) 42 (31,186) (83,291) (10,888) 203 (45,818) (31,970) 81,933 -(26,573) 9,402 (37,955) (1,646,331) 3,466,911 (33,957) 289 867 (309,261) (46,479) (11,315) (43,322) (10,200) _________ 6,732,500 (7,964,595) ======== 86,326 __________ 21,519,656 ========= 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) July 31, 2003 (unaudited) Assets Cash and cash equivalents Investments (Note 2) Loans receivable (Note 3) Interest receivable Total Assets 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 2,135,081 3,651,890 6,730,490 10,376 ________ 12,527,837 ======= 7,579,550 21,486 3,041 ________ 7,604,077 ________ 4,923,760 ________ 12,527,837 ======= 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) Three months ended July 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 ________ 22,918 8,153 (27,519) (348) ________ 3,204 19,256 ________ 22,460 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 ________ 37,719 6,737 (36,041) (331) ________ 8,084 12,793 ________ 20,877 174,784 20,875 (17,825) ________ 25,510 ________ 4,923,760 ======= (16,725) ________ 178,936 ________ 4,874,781 ======= - 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 July 31, 2003, one SDR was equal to 1.39195 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: Less than 1 year 1 – 3 years 3 – 5 years Over 5 years Total The investments consisted of the following: July 31, April 30, 2003 2003 In thousands of SDRs 3,007,539 2,612,829 620,261 566,905 4,982 24,090 20,336 3,651,890 3,205,052 July 31, April 30, 2003 2003 In thousands of SDRs Debt securities Fixed-term deposits Total 2,949,349 702,541 3,651,890 2,923,255 281,797 3,205,052 - 37 - Poverty Reduction and Growth Facility Trust Notes to the Financial Statements Investment income comprised the following for the three months ended July 31: Interest income Realized gains/losses, net Unrealized losses/gains, net Exchange rate losses, net Total 2003 2002 In thousands of SDRs 29,502 40,534 15,974 (39,519) (22,550) 37,241 (8) (537) 22,918 37,719 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 ½of 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 592,339 876,190 854,789 726,485 817,250 2,798,029 65,408 6,730,490 The above includes one member, Zimbabwe, that is overdue at July 31, 2003 for more than six months in the amount of SDR 65.4 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: July 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 July 31, 2003 April 30, 2003 In thousands of SDRs 5,901,916 5,718,318 3,997 3,330 812.4 12.1% 1,857.1 27.6% 2,470.3 36.7% 737.6 1,820.8 2469.8 11.1% 27.3% 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 July 31, 2003 and April 30, 2003 varied between 0.5 percent and 7.4 percent a year. 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 July 31, 2003, cumulative contributions received, including transfers from the Special Disbursement Account, amounted to SDR 2,415.3 million (SDR 2,365.3 million at July 31, 2002). 6. Commitments Under Loan Arrangements At July 31, 2003, undrawn balances under 37 loan arrangements amounted to SDR 2,422.7 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 591,730 953,566 1,504,589 982,706 822,951 2,724,008 7,579,550 - 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 Three Months Ended July 31, July 31, 2003 2002 (In thousands of SDRs) 87 239 302 (2) 21 24 96 88 9 17 34 32 73 548 472 Austria Belgium Botswana Greece Indonesia Iran Portugal Total Total Assets of the PRGF Administered Accounts July 31, April 30, 2003 2003 (In thousands of SDRs) 25,134 25,102 80,240 80,225 6,896 7,010 7,023 7,015 25,081 25,070 5,004 5,023 8,773 10,567 158,151 160,012 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 July 31, 2003 and April 30, 2003 SDR 49.5 million was transferred from the Saudi Fund for Development Special Account, of which SDR 40.5 million has been repaid. 9. Combining Balance She et 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 July 31, April 30, 2003 2003 (unaudited) Assets Cash and cash equivalents Investments (Note 2) Loans receivable (Note 3) Accrued account transfers Interest receivable Total Assets Liabilities and Resources Borrowings (Note 4) Interest payable Other liabilities and deferred income Total Liabilities Resources Total Liabilities and Resources 281,801 530,341 6,730,490 17,230 9,170 ________ 7,569,032 ======= 7,479,302 21,281 3,041 ________ 7,503,624 ________ 65,408 ________ 7,569,032 ======= 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 July 31, April 30, 2003 2003 (unaudited) 911,223 2,178,900 -(6,674) 1,160 ________ 3,084,609 ======= ---________ -________ 3,084,609 ________ 3,084,609 ======= 1,102,840 1,959,143 -3,208 1,329 ________ 3,066,520 ======= ---________ -________ 3,066,520 ________ 3,066,520 ======= Subsidy Account July 31, April 30, 2003 2003 (unaudited) 942,057 942,649 -(10,556) 46 ________ 1,874,196 ======= 100,248 205 -________ 100,453 ________ 1,773,743 ________ 1,874,196 ======= 924,482 964,112 -(22,478) 312 ________ 1,866,428 ======= 98,786 1,455 -________ 100,241 ________ 1,766,187 ________ 1,866,428 ======= Combined July 31, April 30, 2003 2003 (unaudited) 2,135,081 3,651,890 6,730,490 -10,376 ________ 12,527,837 ======= 7,579,550 21,486 3,041 ________ 7,604,077 ________ 4,923,760 ________ 12,527,837 ======= 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 ======= - 42 Note 9 (concluded) Poverty Reduction and Growth Facility Trust Combining Statements of Income and Changes in Resources (unaudited) for the Three Months Ended July 31, 2003 and 2002 (In thousands of SDRs) Loan Account 2003 2002 Reserve Account 2003 2002 3,066,520 ________ 14,607 --(348) ________ 14,259 -________ 14,259 20,875 2,869,791 ________ 22,823 --(331) ________ 22,492 -________ 22,492 174,784 Subsidy Account 2003 2002 1,766,187 ________ 8,311 -(401) -________ 7,910 19,256 ________ 27,166 -1,784,560 ________ 14,712 -(427) -________ 14,285 12,793 ________ 27,078 -Combined 2003 2002 4,898,250 ________ 22,918 8,153 (27,519) (348) ________ 3,204 19,256 ________ 22,460 20,875 --(17,825) ----________ 25,510 ________ 4,923,760 ======= 4,695,845 ________ 37,719 6,737 (36,041) (331) ________ 8,084 12,793 ________ 20,877 174,784 --(16,725) ----________ 178,936 ________ 4,874,781 ======= 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 _______ -8,153 (27,118) -_______ (18,965) -_______ (18,965) -- 41,494 _______ 184 6,737 (35,614) -_______ (28,693) -_______ (28,693) -- --(677) 19,507 _______ (135) _______ 65,408 ====== --(2,400) 33,280 _______ 2,187 _______ 43,681 ====== (17,825) 103 677 -________ 18,089 ________ 3,084,609 ======= (16,725) -2,400 -________ 182,951 ________ 3,052,742 ======= -(103) -(19,507) ________ 7,556 ________ 1,773,743 ======= ---(33,280) ________ (6,202) ________ 1,778,358 ======= 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) July 31, 2003 (unaudited) Assets Cash and cash equivalents Investments (Note 2) Interest receivable Total Assets April 30, 2003 712,776 542,176 1,649 _______ 1,256,601 ====== 999,948 316,929 4,180 _______ 1,321,057 ====== Liabilities and Resources Borrowings (Note 3) Interest payable Total Liabilities Resources Total Liabilities and Resources 603,762 1,216 _______ 604,978 _______ 651,623 _______ 1,256,601 ====== 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) Three Months Ended July 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 ______ 6,263 ( 519) ( 323) ______ 5,421 9,346 ( ______ 99,603) ( 84,836) 17,825 ______ ( ______ 67,011) 651,623 ===== 863,755 ______ 9,305 ( 435) ( 68) ______ 8,802 14,080 ( 103,693) ______ ( 80,811) 16,725 ______ ( ______ 64,086) 799,669 ===== - 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 July 31, 2003, one SDR was equal to 1.39195 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: July 31, 2003 April 30, 2003 In thousands of SDRs 502,942 287,084 39,234 29,205 -640 542,176 316,929 Less than 1 year 1 - 3 years 3 - 5 years Total Investments consisted of the following: July 31, 2003 April 30, 2003 In thousands of SDRs 298,244 316,929 243,932 -542,176 316,929 Debt securities Fixed-term deposits Total - 47 - PRGF-HIPC Trust and Related Accounts Notes to the Financial Statements Investment income comprised of the following for the three months ended July 31: 2003 2002 In thousands of SDRs 7,112 9,851 2,932 (3,437) (3,781) 2,854 -37 ——— ——— 6,263 9,305 Interest income Realized gains (losses), net Unrealized gains (losses), net Exchange rate gains (losses), net Total 3. Borrowings The Trust borrows on such terms and conditions as agreed between the Trust and the lenders. Interest rates on borrowings at July 31, 2003 and 2002 varied between 0 percent 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 19,066 569,386 603,762 - 48 - PRGF-HIPC Trust and Related Accounts Notes to the Financial Statements 4. Transfers Receivable and Payable At July 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 824.5 million, including interest (SDR 797.0 million at April 30, 2003). Interest payable between subaccounts is eliminated on combination. At July 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: - 49 - Note 5. Combining Balance Sheets and Statements of Income and Changes in Resources Combining Balance Sheets (In thousands of SDRs) July 31, 2003 (unaudited) April 30, 2003 Umbrella Umbrella PRGF-HIPC Trust Account Account Post-SCA-2 PRGF-HIPC 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 Total Liabilities Resources Total Liabilities and Resources 320,862 528,639 4,797 13,537 --325,659 542,176 -885 _______ 868,720 ====== 603,762 1,216 _______ 604,978 _______ 263,742 _______ 868,720 ====== 346,920 --603 _______ 347,523 ====== --_______ -_______ 347,523 _______ 347,523 ====== 40,197 --161 _______ 712,776 542,176 -1,649 _______ 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 _______ 824,533 -- ( 824,533) 885 ______ _______ --_______ 1,674,919 18,334 ( 824,533) ====== ====== ====== 603,762 -1,216 ______ -_______ 604,978 -_______ ______ --_______ -_______ 40,358 1,256,601 ====== ====== --_______ -_______ 40,358 _______ 603,762 1,216 _______ 604,978 _______ 651,623 _______ 40,197 1,321,057 ====== ====== --_______ -_______ 40,197 _______ 601,125 1,298 _______ 602,423 _______ 718,634 _______ 1,069,941 ______ ( _______ _______ 18,334 824,533) 1,674,919 18,334 ( 824,533) ====== ====== ====== 40,358 1,256,601 ====== ====== 40,197 1,321,057 ====== ====== - 50 - Note 5 (continued) Combining Statements of Income and Changes in Resources (unaudited) (In thousands of SDRs) Three Months Ended July 31, 2003 Three Months Ended July 31, 2002 Umbrella Umbrella Account Post-SCA-2 PRGF-HIPC Trust Account PRGF-HIPC 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 Balance, beginning of the year Investment income Interest expense Other expenses Operational income/(loss) Contributions received Grants Disbursements Transfers Net changes in resources Balance, end of the period 1,035,891 ______ 7,538 ( 519) ( 140) ______ 6,879 9,346 --______ 16,225 17,825 ______ 34,050 ______ 1,069,941 ===== 18,247 ______ ( 797,010) ______ 270 --( 3,312) ( 183) -______ ______ 87 ---______ 87 -______ 87 ______ ( 3,312) -( 24,211) -______ ( 27,523) -______ ( ______ 27,523) 257,128 ______ 4,496 ¹ ( 519) ¹ ( 323) ______ 3,654 9,346 ( 24,211) -______ ( 11,211) 17,825 ______ 6,614 ______ 263,742 ===== 421,309 ______ 1,606 --______ 1,606 -24,211 ( ______ 99,603) ( 73,786) -______ ( ______ 73,786) 347,523 ===== 40,197 ______ 161 --______ 161 ---______ 161 -______ 161 ______ 40,358 ===== 718,634 ______ 6,263 ( 519) ( 323) ______ 5,421 9,346 -( ______ 99,603) ( 84,836) 17,825 ______ ( ______ 67,011) 651,623 ===== 482,352 ______ 6,980 ( 435) ( 68) ______ 6,477 14,080 ( 144,341) -______ ( 123,784) 16,725 ______ ( 107,059) ______ 375,293 ===== 331,128 ______ 2,033 --______ 2,033 -144,341 ( 103,693) ______ 42,681 -______ 42,681 ______ 373,809 ===== 50,275 ______ 292 --______ 292 ---______ 292 -______ 292 ______ 50,567 ===== 863,755 ______ 9,305 ( 435) ( 68) ______ 8,802 14,080 -( 103,693) ______ ( 80,811) 16,725 ______ ( ______ 64,086) 799,669 ===== 18,334 ( 824,533) ===== ===== ¹ Interest payable between subaccounts amounting to SDR 3.3 million (SDR 1.7 million at July 31, 2002) has been eliminated in the combined totals.