IMF loans by country: Comments about the International Monetary Fund on a wall in Dublin, Ireland. Photograph: Cathal McNaughton/Reuters
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:
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 disbursem*nt. 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 disbursem*nt.
- 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 disbursem*nt 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
| Sub Type | Member | Date of Arrangement | Expiration | Total Amount Agreed (Thousands of $) | Undrawn Balance (Thousands of $) |
|---|---|---|---|---|---|
| Data Source: IMF | |||||
| Stand-By Arrangements (SBA) | Angola | November 23, 2009 | February 22, 2012 | 539806 | 107961 |
| Stand-By Arrangements (SBA) | Antigua and Barbuda | June 07, 2010 | June 06, 2013 | 50907 | 33938 |
| Stand-By Arrangements (SBA) | Bosnia and Herzegovina | July 08, 2009 | June 30, 2012 | 637661 | 425107 |
| Stand-By Arrangements (SBA) | Dominican Republic | November 09, 2009 | March 08, 2012 | 687877 | 343938 |
| Stand-By Arrangements (SBA) | El Salvador | March 17, 2010 | March 16, 2013 | 322978 | 322978 |
| Stand-By Arrangements (SBA) | Georgia | September 15, 2008 | June 14, 2011 | 469541 | 106842 |
| Stand-By Arrangements (SBA) | Greece | May 09, 2010 | May 08, 2013 | 16612681 | 8608422 |
| Stand-By Arrangements (SBA) | Honduras | October 01, 2010 | March 31, 2012 | 40694 | 40694 |
| Stand-By Arrangements (SBA) | Iceland | November 19, 2008 | August 31, 2011 | 879879 | 263964 |
| Stand-By Arrangements (SBA) | Iraq | February 24, 2010 | July 23, 2012 | 1493783 | 821581 |
| Stand-By Arrangements (SBA) | Jamaica | February 04, 2010 | May 03, 2012 | 515672 | 175159 |
| Stand-By Arrangements (SBA) | Kosovo | July 21, 2010 | January 20, 2012 | 58233 | 46443 |
| Stand-By Arrangements (SBA) | Latvia, Republic of | December 23, 2008 | December 22, 2011 | 956319 | 338996 |
| Stand-By Arrangements (SBA) | Maldives | December 04, 2009 | December 03, 2012 | 30921 | 25768 |
| Stand-By Arrangements (SBA) | Pakistan | November 24, 2008 | September 30, 2011 | 4547655 | 1445431 |
| Stand-By Arrangements (SBA) | Romania | March 31, 2011 | March 30, 2013 | 1942396 | 1942396 |
| Stand-By Arrangements (SBA) | Sri Lanka | July 24, 2009 | May 23, 2012 | 1039263 | 346421 |
| Stand-By Arrangements (SBA) | Ukraine | July 28, 2010 | December 27, 2012 | 6284850 | 4870759 |
| Extended Arrangements (EFF) | Armenia, Republic of | June 28, 2010 | June 27, 2013 | 83840 | 61843 |
| Extended Arrangements (EFF) | Ireland | December 16, 2010 | December 15, 2013 | 12233963 | 9083729 |
| Extended Arrangements (EFF) | Moldova, Republic of | January 29, 2010 | January 28, 2013 | 116144 | 84720 |
| Extended Arrangements (EFF) | Seychelles | December 23, 2009 | December 22, 2012 | 12444 | 6637 |
| Flexible Credit Line (FCL) | Colombia | May 07, 2010 | May 06, 2011 | 1459342 | 1459342 |
| Flexible Credit Line (FCL) | Mexico | January 10, 2011 | January 09, 2013 | 29722313 | 29722313 |
| Flexible Credit Line (FCL) | Poland, Republic of | January 21, 2011 | January 20, 2013 | 12045544 | 12045544 |
| Precautionary Credit Line (PCL) | Macedonia, former Yugoslav Republic of | January 19, 2011 | January 18, 2013 | 259816 | 136004 |
| Extended Credit Facility (ECF) 1/ | Armenia, Republic of | June 28, 2010 | June 27, 2013 | 83840 | 60335 |
| Extended Credit Facility (ECF) 1/ | Benin | June 14, 2010 | September 13, 2013 | 46684 | 33341 |
| Extended Credit Facility (ECF) 1/ | Burkina Faso | June 14, 2010 | June 13, 2013 | 29007 | 20269 |
| Extended Credit Facility (ECF) 1/ | Burundi | July 07, 2008 | August 31, 2011 | 29036 | 4148 |
| Extended Credit Facility (ECF) 1/ | Comoros | September 21, 2009 | September 20, 2012 | 8530 | 3915 |
| Extended Credit Facility (ECF) 1/ | Congo, Democratic Republic of | December 11, 2009 | December 10, 2012 | 217739 | 124422 |
| Extended Credit Facility (ECF) 1/ | Congo, Republic of | December 08, 2008 | December 07, 2011 | 5317 | 1519 |
| Extended Credit Facility (ECF) 1/ | Cote d'Ivoire | March 27, 2009 | March 26, 2012 | 235041 | 89929 |
| Extended Credit Facility (ECF) 1/ | Djibouti | September 17, 2008 | June 16, 2012 | 7994 | 2783 |
| Extended Credit Facility (ECF) 1/ | Ghana | July 15, 2009 | July 14, 2012 | 243507 | 149768 |
| Extended Credit Facility (ECF) 1/ | Grenada | April 18, 2010 | April 17, 2013 | 5515 | 3928 |
| Extended Credit Facility (ECF) 1/ | Guinea-Bissau | May 07, 2010 | May 06, 2013 | 14056 | 7586 |
| Extended Credit Facility (ECF) 1/ | Haiti | July 21, 2010 | July 20, 2013 | 25736 | 20589 |
| Extended Credit Facility (ECF) 1/ | Kenya | January 31, 2011 | January 30, 2014 | 204685 | 163748 |
| Extended Credit Facility (ECF) 1/ | Lesotho | June 02, 2010 | June 01, 2013 | 26321 | 17849 |
| Extended Credit Facility (ECF) 1/ | Liberia | March 14, 2008 | June 29, 2011 | 150220 | 2790 |
| Extended Credit Facility (ECF) 1/ | Malawi | February 19, 2010 | February 18, 2013 | 32713 | 23989 |
| Extended Credit Facility (ECF) 1/ | Mali | May 28, 2008 | December 31, 2011 | 17591 | 1257 |
| Extended Credit Facility (ECF) 1/ | Mauritania | March 15, 2010 | March 14, 2013 | 48569 | 34692 |
| Extended Credit Facility (ECF) 1/ | Moldova, Republic of | January 29, 2010 | January 28, 2013 | 116144 | 40726 |
| Extended Credit Facility (ECF) 1/ | Nicaragua | October 05, 2007 | December 04, 2011 | 49022 | 3488 |
| Extended Credit Facility (ECF) 1/ | Niger | June 02, 2008 | June 01, 2011 | 14474 | 6203 |
| Extended Credit Facility (ECF) 1/ | Sao Tome & Principe | March 02, 2009 | March 01, 2012 | 1628 | 1163 |
| Extended Credit Facility (ECF) 1/ | Sierra Leone | July 01, 2010 | June 30, 2013 | 19552 | 13971 |
| Extended Credit Facility (ECF) 1/ | Tajikistan, Republic of | April 21, 2009 | April 20, 2012 | 65614 | 24596 |
| Extended Credit Facility (ECF) 1/ | Togo | April 21, 2008 | August 31, 2011 | 59964 | 5531 |
| Extended Credit Facility (ECF) 1/ | Yemen, Republic of | July 30, 2010 | July 29, 2013 | 153036 | 131171 |
| Extended Credit Facility (ECF) 1/ | Zambia | June 04, 2008 | June 03, 2011 | 138326 | 11561 |
| Exogenous Shock Facility (ESF) | Maldives | December 04, 2009 | December 03, 2011 | 5154 | 3865 |
| Standby Credit Facility (SCF) | Honduras | October 01, 2010 | March 31, 2012 | 40694 | 40694 |
| Standby Credit Facility (SCF) | Solomon Islands | June 02, 2010 | December 01, 2011 | 7843 | 3922 |
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