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Highlights of Camdessus’s tenure, 1987–99

Author(s):
International Monetary Fund. External Relations Dept.
Published Date:
January 1999
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1987

January 16

Camdessus takes office as Managing Director.

December 29

Enhanced Structural Adjustment Facility (ESAF) established.

1988

August 23

Compensatory and Contingency Financing Facility (CCFF) set up.

1990

July 2

IMF Board of Governors authorizes a 50 percent increase in IMF Quotas to SDR 135.2 billion ($180 billion) under the Ninth General Review.

1991

September 30

Executive Board appoints Camdessus to second term.

October 5

Camdessus signs agreement with Soviet President Mikhail Gorbachev establishing a Special Association between the U.S.S.R. and the IMF.

1992

August 3

Five-month Stand-By Arrangement approved for Russian Federation in the amount of SDR 719 million (about $1.0 billion).

1993

April 16

IMF Executive Board approves creation of the temporary Systemic Transformation Facility.

1994

February 28

Executive Board initiates operations under enlarged and extended ESAF, raising total loan resources under the ESAF Trust to SDR 10.1 billion.

October 2

Interim Committee recommends a temporary increase in members’ access to IMF financial resources—from 68 percent of quota to at least 85 percent.

1995

February 1

Largest IMF financial commitment to date is approved, as Mexico enters into a Stand-By Arrangement for SDR 12.1 billion.

1996

April 16

IMF establishes Special Data Dissemination Standard for members having, or seeking, access to international capital markets.

May 22

IMF Executive Board selects Camdessus for a third term.

September 29

Interim and Development Committees endorse joint IMF-World Bank Heavily Indebted Poor Countries Initiative (HIPC Initiative).

October 1

Camdessus welcomes new Partnership for Sustainable Global Growth, containing 11 principles for governance ofthe world economy.

1997

January 27

IMF Executive Board approves the New Arrangements to Borrow (NAB), under which the IMF may borrow up to SDR 34 billion from 25 participating countries and institutions.

July 2

Asian crisis erupts in Thailand.

August 20

IMF approves SDR 2.9 billion ($3.9 billion) Stand-By Arrangement for Thailand.

November 5

IMF approves SDR 7.3 billion ($10.1 billion) Stand-By Arrangement for Indonesia.

December 4

IMF approves a record SDR 15.5 billion ($21.0 billion) Stand By Arrangement for Korea.

December 17

IMF establishes Supplemental Reserve Facility to help members cope with sudden and disruptive loss of market confidence.

1998

April 16

Interim Committee adopts the Code of Good Practices on Fiscal Transparency: Declaration on Principles.

July 20

IMF activates General Arrangements to Borrow for first time in 20 years, and first time for a nonparticipant, to finance SDR 6.3 billion augmentation of Extended Fund Facility Arrangement for Russia.

October 6

Camdessus presents a special report to the Interim Committee on strengthening the architecture of the international monetary system.

December 2

IMF activates NAB for the first time to help finance an SDR 13 billion Stand-By Arrangement for Brazil.

1999

January 1

The new European Central Bank is granted observer status in the IMF.

January 22

Quota increases under the Eleventh General Review take effect, raising total quotas to SDR 212 billion (nearly $300 billion).

April 25

IMF creates Contingent Credit Lines to prevent crises by shoring up market confidence in countries pursuing strong economic policies but that may be vulnerable to balance of payments problems stemming from financial contagion.

September 26

Interim Committee endorses replacement of ESAF by the new Poverty Reduction and Growth Facility.

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