Camdessus takes office as Managing Director.
Enhanced Structural Adjustment Facility (ESAF) established.
Compensatory and Contingency Financing Facility (CCFF) set up.
IMF Board of Governors authorizes a 50 percent increase in IMF Quotas to SDR 135.2 billion ($180 billion) under the Ninth General Review.
Executive Board appoints Camdessus to second term.
Camdessus signs agreement with Soviet President Mikhail Gorbachev establishing a Special Association between the U.S.S.R. and the IMF.
Five-month Stand-By Arrangement approved for Russian Federation in the amount of SDR 719 million (about $1.0 billion).
IMF Executive Board approves creation of the temporary Systemic Transformation Facility.
Executive Board initiates operations under enlarged and extended ESAF, raising total loan resources under the ESAF Trust to SDR 10.1 billion.
Interim Committee recommends a temporary increase in members’ access to IMF financial resources—from 68 percent of quota to at least 85 percent.
Largest IMF financial commitment to date is approved, as Mexico enters into a Stand-By Arrangement for SDR 12.1 billion.
IMF establishes Special Data Dissemination Standard for members having, or seeking, access to international capital markets.
IMF Executive Board selects Camdessus for a third term.
Interim and Development Committees endorse joint IMF-World Bank Heavily Indebted Poor Countries Initiative (HIPC Initiative).
Camdessus welcomes new Partnership for Sustainable Global Growth, containing 11 principles for governance ofthe world economy.
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.
Asian crisis erupts in Thailand.
IMF approves SDR 2.9 billion ($3.9 billion) Stand-By Arrangement for Thailand.
IMF approves SDR 7.3 billion ($10.1 billion) Stand-By Arrangement for Indonesia.
IMF approves a record SDR 15.5 billion ($21.0 billion) Stand By Arrangement for Korea.
IMF establishes Supplemental Reserve Facility to help members cope with sudden and disruptive loss of market confidence.
Interim Committee adopts the Code of Good Practices on Fiscal Transparency: Declaration on Principles.
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.
Camdessus presents a special report to the Interim Committee on strengthening the architecture of the international monetary system.
IMF activates NAB for the first time to help finance an SDR 13 billion Stand-By Arrangement for Brazil.
The new European Central Bank is granted observer status in the IMF.
Quota increases under the Eleventh General Review take effect, raising total quotas to SDR 212 billion (nearly $300 billion).
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.
Interim Committee endorses replacement of ESAF by the new Poverty Reduction and Growth Facility.