IMF RESOURCES

Two years ago the International Monetary Fund was strapped for cash after it had lent heavily to emerging markets suffering financial crises. Now its finances look healthier. The IMF's member countries have paid in more money, and developing economies have been rapidly repaying their loans. Brazil, Mexico, South Korea and Russia, which had been big borrowers, together repaid SDR19.6 billion ($26.6 billion) in financial year 2000. The SDR consists of a basket of currencies and is the IMF's unit of account. South Korea and Brazil repaid obligations of SDR4.7 billion and SDR3.3 billion, respectively, ahead of schedule. At the end of April, the IMF's uncommitted usable resources—assets held in major currencies which are unlikely to be committed to borrowers—reached SDR74.8 billion. The Fund's liquidity ratio, which is the ratio of its net uncommitted usable resources to its liquid liabilities, rose to 153.1% at the end of April from below 50% in 1998.