Monday, September 17, 2012

IMF loans: which country owes the most? By lisa Evans


IMF rethink comment
IMF loans by country: Comments about the International Monetary Fund on a wall in Dublin, Ireland. Photograph: Cathal McNaughton/Reuters

With the departure of the head of the International Monetary Fund, Dominique Strauss-Kahn, attention has focussed on the IMF. What does it do and who does it lend money to?

Dominique Strauss-Kahn has hit the news for his alleged misconduct and resignation from his position as International Monetary Fund (IMF) chief. Who will be Strauss-Kahn's successor and what will they be responsible for?
We can't help with the first question but we can shed some light on the last.
When a country is in such financial trouble that even the cost of getting a loan is unaffordable, then there is one last place to turn - the IMF.
To get an IMF loan, though, a country has to be a member and contribute something of its wealth regularly to the big pot of IMF funds.
Here are all the members of the IMF and the amount they contribute to the big pot of funds, and here are the loans by country:

See the full screen map The IMF will issue a loan to one of its member countries, but there are conditions.
First the country has to submit a letter of intent, specifying its economic plan to recover and repay the IMF loan. The executive board then agree with the country the terms and conditions.
Over the years the IMF have been able to classify the types of loans countries need depending on the reasons the money is needed. For example low-income countries may borrow on relatively generous terms through one of the:
  • Extended Credit Facility (ECF) - Financing under the ECF currently carries a zero interest rate, with a grace period of 5 and a half years, and a final maturity of 10 years.
  • the Standby Credit Facility (SCF) - Financing under the SCF currently carries a zero interest rate, with a grace period of 4 years, and a final maturity of 8 years.
  • Exogenous Shock Facility (ESF) - ESF loans carry a zero annual interest rate until 2011, with repayments made twice a year, beginning at 5 and a half years and ending 10 years after the the loan was issued. The Fund reviews the level of interest rates for all concessional facilities every two years.
Then there are other loans for more established countries that come under one of the following categories:
  • Stand-By Arrangements (SBA) - The length of a SBA is typically 12-24 months, and repayment is due within 3-5 years of disbursement. The majority of Fund assistance to middle-income countries is provided through SBAs.
  • Extended Fund Facility (EFF) - Arrangements under the EFF are longer than SBAs usually 3 years. Repayment is due within 4-10 years from the date of disbursement.
  • Flexible Credit Line (FCL) - The FCL is for crisis prevention or response purposes. The length of the FCL is one or two years (with an interim review of continued qualification after one year) and the repayment period the same as for the SBA but unlike SBA, this loan is available in a single up-front disbursement rather than phased.
  • Precautionary Credit Line (PCL) - The PCL can only be used for crisis prevention and countries with a good track record of recovery. It can have the length of between one and two years.
The greatest amount currently on loan is to Mexico, and then Greece. But when you look at the loan as a percentage of GDP, Liberia then Iceland are the highest with 8.5% and 7.4% respectively.
The greatest amount to be paid back per member of the population is Iceland ($2,828.67 per person) and Ireland ($2,619.14 per person). These figures do not take into account the length of the repayment, so comparisons between countries are purely on an amount borrowed basis. We have included the repayment time in the descriptions of the loans for further analysis.
Britain negotiated an IMF loan in 1976 and, depending on how well our economic recovery plan works out, we might be looking to the IMF again in the future.
What can you do with the data - or what else would you like to see us do with it?

Data summary


General Resources Account (GRA)
 
Stand-By Arrangements (SBA)
Member Date of
Arrangement		ExpirationTotal Amount
Agreed		Undrawn
Balance		IMF Credit
Outstanding
Under GRA
AngolaNovember 23, 2009February 22, 2012858,900171,780687,120
Antigua and BarbudaJune 07, 2010June 06, 201381,00054,00027,000
Bosnia and HerzegovinaJuly 08, 2009July 07, 20121,014,600676,400338,200
Dominican RepublicNovember 09, 2009March 08, 20121,094,500547,250703,755
El SalvadorMarch 17, 2010March 16, 2013513,900513,9000
GeorgiaSeptember 15, 2008June 14, 2011747,100170,000577,100
GreeceMay 09, 2010May 08, 201326,432,90013,697,10012,735,800
HondurasOctober 01, 2010March 31, 201264,75064,7500
IcelandNovember 19, 2008August 31, 20111,400,000420,000980,000
IraqFebruary 24, 2010July 23, 20122,376,8001,307,2401,069,560
JamaicaFebruary 04, 2010May 03, 2012820,500278,700541,800
KosovoJuly 21, 2010January 20, 201292,65673,89618,760
Latvia, Republic ofDecember 23, 2008December 22, 20111,521,626539,386982,240
MaldivesDecember 04, 2009December 03, 201249,20041,0008,200
PakistanNovember 24, 2008September 30, 20117,235,9002,299,8655,233,017
RomaniaMarch 31, 2011March 30, 20133,090,6003,090,60010,569,000
Sri LankaJuly 24, 2009May 23, 20121,653,600551,2001,107,568
UkraineJuly 28, 2010December 27, 201210,000,0007,750,0009,250,000
Total59,048,53232,247,06744,829,120
 
Extended Arrangements (EFF)
Member Date of
Arrangement		ExpirationTotal Amount
Agreed		Undrawn
Balance		IMF Credit
Outstanding
Under GRA
Armenia, Republic ofJune 28, 2010June 27, 2013133,40098,400385,425
IrelandDecember 16, 2010December 15, 201319,465,80014,453,3755,012,425
Moldova, Republic ofJanuary 29, 2010January 28, 2013184,800134,80050,000
SeychellesDecember 23, 2009December 22, 201219,80010,56020,240
Total19,803,80014,697,1355,468,090
 
Flexible Credit Line (FCL)
Member Date of
Arrangement		ExpirationTotal Amount
Agreed		Undrawn
Balance		IMF Credit
Outstanding
Under GRA
ColombiaMay 07, 2010May 06, 20112,322,0002,322,0000
MexicoJanuary 10, 2011January 09, 201347,292,00047,292,0000
Poland, Republic ofJanuary 21, 2011January 20, 201319,166,00019,166,0000
Total68,780,00068,780,0000
 
Precautionary and Liquidity Line (PLL) 1/
Member Date of
Arrangement		ExpirationTotal Amount
Agreed		Undrawn
Balance		IMF Credit
Outstanding
Under GRA
Macedonia, former Yugoslav Republic ofJanuary 19, 2011January 18, 2013413,400216,400197,000
Total413,400216,400197,000
 
Poverty Reduction and Growth Trust (PRGT)
 
Extended Credit Facility (ECF) 2/
Member Date of
Arrangement		ExpirationTotal Amount
Agreed		Undrawn
Balance		IMF Credit
Outstanding
Under PRGFT
Armenia, Republic ofJune 28, 2010June 27, 2013133,40096,00092,582
BeninJune 14, 2010September 13, 201374,28053,05045,912
Burkina FasoJune 14, 2010June 13, 201346,15432,25082,560
BurundiJuly 07, 2008August 31, 201146,2006,60077,076
ComorosSeptember 21, 2009September 20, 201213,5736,2309,568
Congo, Democratic Republic ofDecember 11, 2009December 10, 2012346,450197,971259,313
Congo, Republic ofDecember 08, 2008December 07, 20118,4602,41718,693
Cote d'IvoireMarch 27, 2009March 26, 2012373,980143,088242,600
DjiboutiSeptember 17, 2008June 16, 201212,7204,42810,836
GhanaJuly 15, 2009July 14, 2012387,450238,300251,965
GrenadaApril 18, 2010April 17, 20138,7756,25018,905
Guinea-BissauMay 07, 2010May 06, 201322,36512,0702,414
HaitiJuly 21, 2010July 20, 201340,95032,7608,190
KenyaJanuary 31, 2011January 30, 2014325,680260,544330,836
LesothoJune 02, 2010June 01, 201341,88028,40021,880
LiberiaMarch 14, 2008June 29, 2011239,0204,44028,818
MalawiFebruary 19, 2010February 18, 201352,05038,17094,828
MaliMay 28, 2008December 31, 201127,9902,00033,724
MauritaniaMarch 15, 2010March 14, 201377,28055,20032,390
Moldova, Republic ofJanuary 29, 2010January 28, 2013184,80064,800210,772
NicaraguaOctober 05, 2007December 04, 201178,0005,550114,230
NigerJune 02, 2008June 01, 201123,0309,87039,292
Sao Tome & PrincipeMarch 02, 2009March 01, 20122,5901,8503,209
Sierra LeoneJuly 01, 2010June 30, 201331,11022,23073,363
Tajikistan, Republic ofApril 21, 2009April 20, 2012104,40039,13565,265
TogoApril 21, 2008August 31, 201195,4108,80086,452
Yemen, Republic ofJuly 30, 2010July 29, 2013243,500208,71041,665
ZambiaJune 04, 2008June 03, 2011220,09518,395255,623
Total3,261,5921,599,5082,552,960
 
Exogenous Shock Facility (ESF)
Member Date of
Arrangement		ExpirationTotal Amount
Agreed		Undrawn
Balance		IMF Credit
Outstanding
Under PRGFT
MaldivesDecember 04, 2009December 03, 20118,2006,1502,050
Total8,2006,1502,050
 
Standby Credit Facility (SCF)
Member Date of
Arrangement		ExpirationTotal Amount
Agreed		Undrawn
Balance		IMF Credit
Outstanding
Under PRGFT
HondurasOctober 01, 2010March 31, 201264,75064,75018,308
Solomon IslandsJune 02, 2010December 01, 201112,4806,2406,240
Total77,23070,99024,548

1/ Formerly Precautionary Credit Line (PCL).
2/ Formerly Poverty Reduction and Growth Facility (PRGF).

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