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REPORT TO CONGRESS ON FINANCIAL IMPLICATIONS OF
U.S. PARTICIPATION IN
THE INTERNATIONAL MONETARY FUND

Ql ~ Q4 FY2007

This report has been prepared in compliance with Section 504(b) of Appendix E, Title V of the
Consolidated Appropriations Act for FY 2000.! The report focuses exclusively on the financial
implications of U.S. participation in the International Monetary Fund (IMF) and does not attempt
to quantify the broad and substantial economic benefits to the United States and the global
economy resulting from U.S. participation in the IMF.

As required, the report provides financial information on the net interest income and valuation
changes associated with U.S. participation in the IMF. The broader context for the financial
implications of U.S. participation in the IMF and the methodology used in deriving these figures
has been laid out in previous reports. The methodology is also summarized briefly in the
footnotes attached to the tables. Reports under Section 504(b) are prepared quarterly and made
available to the public on the Treasury website: http://www. treas. gov/press/reports.html.

This report provides quarterly data for the full fiscal year of 2007. It provides information on
U.S. participation in the IMF’s General Department as well as information related to U.S.
holdings of Special Drawing Rights (SDRs) as part of its international reserves and the financial
implications of U.S. participation in the SDR Department of the IMF.”

Data on the net interest income and valuation changes related to U.S. participation in the IMF's
General Department during the first to fourth quarters of fiscal year 2007 are provided in Table
1. For comparison purposes, the previous three fiscal years of data are also provided.

Similarly, data for net interest income and valuation changes related to U.S. participation in the
SDR Department of the IMF during the first to fourth quarters of fiscal year 2007 are provided in
Table 2. For comparison purposes, previously-reported data for the last three fiscal years are
also provided.

The table footnotes explain the columns shown and provide pertinent information and
assumptions used in the calculations.

As shown in Table 1, for the first to fourth quarters of fiscal year 2007, the financial implications
of U.S. participation in the General Department reflected a net interest income effect of $103

' Section 504(b) of Appendix E, Title V of the Consolidated Appropriations Act for FY 2000, Public Law 106-1 13,
113 Stat. 1501A-317, requires that the Secretary of the Treasury Prepare and transmit to the appropriate committees
of the Congress a quarterly report on United States participation in the International Monetary Fund (IMF), detailing
the costs or benefits to the United States as well as valuation gains or losses on the United States’ reserve position in
the IMF.

* The SDR is an international reserve asset created by the IMF. The SDR is used as a unit of account by the IMF
and other international organizations. Its value is determined as a weighted average of a basket of currencies -- the
dollar, euro, pound sterling and yen. The SDR carries a market-based interest rate determined on the basis of a
weighted average of interest rates on short-term instruments in the markets of the currencies included in the SDR
valuation basket.


million. The valuation change in the U.S. Reserve Position for the first to fourth quarters of
fiscal year 2007 was $259 million.*

As shown in Table 2, for the first to fourth quarters of fiscal year 2007, the net interest income

effect of U.S. participation in the SDR Department was negative $14 million. The valuation
change on U.S. SDR holdings for the first to fourth quarters of fiscal year 2007 was $81 million.*

Attachments

* For an explanation of the methodology used in deriving these figures, see the section on “Calculating the Financial
Implications of U.S. Participation in the General Department” in the report prepared for the fourth quarter of fiscal
year 2000, submitted in December 2000 and available at http://wwww.treas. gov/press’releases/report3073.htm

* For an explanation of the methodology used in deriving these figures, see the section on “Calculating the Financial
Implications of U.S. Participation in the SDR Department” in the report prepared for the fourth quarter of fiscal year
2000, submitted in December 2000 and available at http://www treas.gov/press/releases/report3073.htm.



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