Chapter

PRGF-HIPC Trust and Related Account

Author(s):
International Monetary Fund
Published Date:
October 2008
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PRGF-HIPC Trust and Related Account: Combined balance sheets as at April 30, 2008, and 2007

(In thousands of SDRs)

20082007
Assets
Cash and cash equivalents331,52399,597
Investments (Note 4)941,1531,088,217
Interest receivable5,3419,054
Total assets1,278,0171,196,868
Liabilities and resources
Borrowings (Note 5)620,782621,523
Interest payable1,1531,548
Total liabilities621,935623,071
Resources656,082573,797
Total liabilities and resources1,278,0171,196,868
The accompanying notes are an integral part of these combined financial statements.These combined financial statements were approved by the Managing Director and the Director of Finance on June 25, 2008.
The accompanying notes are an integral part of these combined financial statements.These combined financial statements were approved by the Managing Director and the Director of Finance on June 25, 2008.
/s/ Michael G. Kuhn/s/ Dominique Strauss-Kahn
Director, Finance DepartmentManaging Director

PRGF-HIPC Trust and Related Account: Combined statements of income and changes in resources for the years ended April 30, 2008, and 2007

(In thousands of SDRs)

20082007
Balance, beginning of year573,797596,885
Investment income (Note 7)53,62643,542
Interest expense(1,901)(2,238)
Other expenses(229)(318)
Operational income51,49640,986
Contributions from
Bilateral donors24,3387,648
Administered Account for Liberia15,030
Disbursements(8,579)(71,722)
Net income (loss)/changes in resources82,285(23,088)
Balance, end of year656,082573,797
The accompanying notes are an integral part of these combined financial statements.
The accompanying notes are an integral part of these combined financial statements.

PRGF-HIPC Trust and Related Account: Combined statements of cash flows for the years ended April 30, 2008, and 2007

(In thousands of SDRs)

20082007
Cash flows from operating activities
Net income/(loss)82,285(23,088)
Adjustments to reconcile net income to cash generated by operations
Interest income(48,043)(44,689)
Interest expense1,9012,238
Foreign currency translation: Investments(19,325)(12,110)
Borrowings19,32512,110
Cash provided by/(used in) operations36,143(65,539)
Interest received51,75642,041
Interest paid(2,296)(1,931)
Net cash provided by/(used in) operating activities85,603(25,429)
Cash flows from investment activities
Net disposition/(acquisition) of investments166,389(178,979)
Net cash provided by/(used in) investment activities166,389(178,979)
Cash flows from financing activities
Repayment of borrowings(20,066)(310)
Net cash used in financing activities(20,066)(310)
Net increase/(decrease) in cash and cash equivalents231,926(204,718)
Cash and cash equivalents, beginning of year99,597304,315
Cash and cash equivalents, end of year331,52399,597
The accompanying notes are an integral part of these combined financial statements.
The accompanying notes are an integral part of these combined financial statements.

PRGF-HIPC Trust and Related Account: Notes to the combined financial statements for the years ended April 30, 2008, and 2007

1. Nature of operations

The Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and for Interim PRGF Subsidy Operations (the PRGF-HIPC Trust or the Trust) and the Related Account comprise the PRGF-HIPC Trust Account and the Umbrella Account for HIPC Operations. For the current year presentation, the PRGF-HIPC Trust and the Related Account exclude the Post SCA-2 Administered Account. The IMF is the Trustee of the Trust and the Related Account. The PRGF-HIPC Trust Account comprises three subaccounts: the PRGF-HIPC, PRGF, and HIPC subaccounts. Combining balance sheets and income statements and changes in resources for each of these accounts are provided in Note 9. Transactions between the above accounts are eliminated on combination in the combined balance sheets and combined statements of income and changes in resources.

PRGF-HIPC Trust

The PRGF-HIPC Trust was established on February 4, 1997, to provide balance of payments assistance to low-income developing members by making grants or loans to eligible members for purposes of reducing their external debt burden to levels defined as sustainable under the HIPC Initiative and for interim PRGF subsidy purposes. The resources of the PRGF-HIPC Trust are held separately from the assets of all other accounts of, or administered by, the IMF and may not be used to discharge liabilities or to meet losses incurred in the administration of other accounts.

The operations of the PRGF-HIPC Trust are conducted through the PRGF-HIPC Trust Account and the related Umbrella Account for HIPC Operations.

PRGF-HIPC Trust Account

The resources of the PRGF-HIPC Trust Account consist of grant contributions, borrowings, and other types of investments made by contributors; amounts transferred by the IMF from the Special Disbursement Account (SDA); and net earnings from investment of resources held in the PRGF-HIPC Trust Account.

The PRGF-HIPC subaccount holds resources that can finance either HIPC operations or interim PRGF subsidy operations; the PRGF subaccount holds resources earmarked for interim PRGF subsidy operations; and the HIPC subaccount holds resources earmarked for HIPC operations.

The resources held in the PRGF-HIPC Trust Account are to be used by the Trustee to make grants or loans to eligible members that qualify for assistance under the HIPC Initiative and for subsidizing the interest rate on interim PRGF operations to PRGF-eligible members.

Umbrella Account for HIPC Operations

The Umbrella Account for HIPC Operations (the Umbrella Account) receives and administers the proceeds of grants or loans made to eligible members that qualify for assistance under the terms of the PRGF-HIPC Trust. Within the Umbrella Account, resources received are administered through the establishment of subaccounts for each eligible member upon the approval of disbursements under the PRGF-HIPC Trust.

The resources of a subaccount of the Umbrella Account consist of (1) amounts disbursed from the PRGF-HIPC Trust Account as grants or loans for the benefit of a member, and (2) net earnings from investment of the resources held in the subaccount.

The resources held in a subaccount of the Umbrella Account are to be used to repay the member’s existing debt to the IMF and accounts administered by it in accordance with the schedule for using the proceeds of the Trust grants or loans agreed by the Trustee and the member.

2. Summary of significant accounting policies

Basis of preparation and measurement

The combined financial statements include the PRGF-HIPC, PRGF, and HIPC subaccounts of the PRGF-HIPC Trust Account and the Umbrella Account for HIPC Operations. All transfers between the PRGF-HIPC Trust Account and the Umbrella Account for HIPC Operations have been eliminated during the combination. The combined financial statements of the PRGF-HIPC Trust and Related Account are prepared in accordance with International Financial Reporting Standards (IFRS). The financial statements have been prepared under the historical cost convention, except for the revaluation of financial assets at fair value through profit and loss. Specific accounting principles and disclosure practices, as set out below, are in accordance with and comply with IFRS and have been applied consistently for all periods presented.

Use of estimates

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The determination of estimates requires the exercise of judgment based on various assumptions and other factors, such as historical experience and current and expected economic conditions. Actual results could differ from those estimates.

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Unit of account

The functional and presentation currency of the PRGF-HIPC Trust and Related Account is the SDR. The value of the SDR is determined by the IMF each day by summing the values in U.S. dollars, based on market exchange rates, of the currencies in the SDR valuation basket. The IMF reviews the SDR valuation basket every five years. The latest review was completed in November 2005 and the new composition of the SDR valuation basket became effective on January 1, 2006. The currencies in the basket as at April 30, 2008, and 2007 and their amounts were as follows:

CurrencyAmount
Euro0.4100
Japanese yen18.4000
Pound sterling0.0903
U.S. dollar0.6320

As at April 30, 2008, one SDR was equal to US$1.62378 (US$1.52418 as at April 30, 2007).

Foreign currency translation

Foreign currency transactions are recorded at the rate of exchange on the date of the transaction. At the balance sheet date, monetary assets and liabilities denominated in foreign currencies are reported using the closing exchange rates. Exchange differences arising from the settlement of transactions at rates different from those on the originating date of the transaction and unrealized foreign exchange differences on unsettled foreign currency monetary assets and liabilities are included in the determination of net income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits, and other highly liquid short-term investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

Investments

Investments are managed primarily by external investment managers. Investments and the related assets and liabilities in accounts managed solely for the Trust and the net asset value of the Trust’s share of pooled investment accounts are reported in the Trust’s balance sheet.

Financial assets at fair value through profit or loss

The Trust has designated its investments in fixed-income securities, other than fixed-term deposits, as financial assets held at fair value through profit or loss since performance is measured on a fair value basis. Such designation may be made only upon initial recognition and cannot subsequently be changed. The designated assets are carried at fair value on the balance sheet with the change in fair value included in the income statement in the period in which they arise.

Recognition

Investments are recognized on the trade date at which the Trust becomes a party to the contractual provisions of the instrument.

Derecognition

Investments are derecognized when the contractual rights to the cash flows from the asset expire, or in transactions where substantially all the risks and rewards of ownership of the investment are transferred.

Fair value measurement

Thxe determination of the fair value of the investments, other than fixed-term deposits, is based on quoted market prices for financial instruments traded in active markets. The carrying amount of fixed-term deposits, which typically have maturities of 12 months or less, approximates the fair value.

Investment income

Investment income comprises interest income, realized gains and losses, and unrealized gains and losses, including currency valuation differences arising from exchange rate movements against the SDR.

Contributions

Bilateral contributions are reflected as increases in resources and are subject to bilateral agreements stipulating how the resources are to be used.

Adoption of new International Financial Reporting Standards

During the financial year ended April 30, 2008, the Trust adopted IFRS 7, “Financial Investments: Disclosures” (issued by the IASB in August 2005), which requires disclosures in the financial statements as to the significance of financial instruments for the Trust’s financial position and performance, the nature and extent of risks arising from such instruments, and how those risks are managed (see Note 3).

In September 2007, the International Accounting Standards Board (IASB) issued an amended standard, IAS 1, “Presentation of Financial Statements.” The amended IAS 1 requires presentation of nonowner changes in equity (comprehensive income) either in one statement of comprehensive income or in two statements (a separate income statement and a statement of comprehensive income). The revised IAS 1 will become effective for the financial year ending April 30, 2010, and its implementation is not expected to have a significant impact on the financial position, results of operations, or cash flows of the Trust.

3 . Financial risk management

In providing financial assistance to eligible member countries, conducting its operations, and investing its resources, the Trust is exposed to various types of financial risks, including credit, market, and liquidity risks.

Credit risk

Credit risk on investments represents the potential loss that the Trust may incur if the obligors or counterparties default on their contractual obligations. Credit risk is managed through the conservative range of eligible investments, including (1) domestic government bonds of countries in the euro area, Japan, the United Kingdom, and the United States, i.e., members whose currencies are included in the SDR basket; (2) bonds of international financial organizations; and (3) deposits with a commercial bank, a national official financial institution, or an international financial institution. Credit risk is further minimized by restricting eligible investments to financial instruments rated AA or higher by a major credit rating agency and, for deposits, the Trust may invest in obligations issued by institutions with a credit rating of A or higher. Compliance controls are enforced to ensure that the portfolio does not include a security whose rating is below the minimum rating required.

The credit risk exposure in the Trust portfolio as at April 30 was as follows:

20082007
RatingPercentageRatingPercentage
Government bonds
FranceAAA0.22%AAA
GermanyAAA11.51%AAA11.32%
ItalyAA0.07%AA0.07%
JapanAA3.43%AA3.19%
United KingdomAAA0.70%AAA3.83%
United StatesAAA12.52%AAA12.20%
Nongovernment bonds
Other financial institutionsAAA3.68%AAA0.10%
Fixed-term deposits and other
Bank for International
SettlementsNot rated67.56%Not rated66.70%
Other financial institutionsAAAAAA0.11%
AA0.31%AA2.30%
AA0.18%
100.00%100.00%

The Trust also engages in a securities lending program with its custodian as lending agent, to enhance the return on its investments. Under this program, marketable securities are lent temporarily to other institutions in exchange for a fee and collateral equal to at least 100 percent of the market value of the lent securities. The Trustee maintains effective control over securities lent and therefore continues to report such securities as invested assets. The Trust participates in the lending agent’s collateral fund but does not recognize the receipt of the collateral held by the lending agent or the obligation to return the collateral as there exists no right to sell or repledge the collateral. As at April 30, 2008, the market value of securities lent to other institutions under the securities lending program and the collateral amounted to SDR 263 million and SDR 268 million, respectively (SDR 303 million and SDR 310 million as at April 30, 2007, respectively).

Market risk

Interest rate risk

The investment portfolio is exposed to interest rate movements. Interest rate risk on the Trust’s investments is mitigated by limiting the duration of the portfolio to a weighted average of 1–3 years.

A 50 basis point increase/decrease in the average effective yields of the Trust portfolio as at April 30, 2008, would result in a loss/gain of SDR 3.7 million, or approximately 0.29% of the portfolio (SDR 3.1 million, or 0.26%, as at April 30, 2007).

Exchange rate risk

In accordance with current guidelines, exchange rate risk on investments is managed by investing in financial instruments denominated in SDRs or in the constituent currencies of the SDR, with the relative amount of each currency matching its weight in the SDR basket. In addition, the portfolio is regularly rebalanced to reflect currency weights in the SDR basket.

The value of the SDR is the sum of the market values, in U.S. dollar equivalents, of the predetermined amounts of the four currencies in the SDR valuation basket (see Note 2). The effective share of each currency in the valuation of the SDR flucutates daily and depends on the prevailing exchange rate against the U.S. dollar in the London market at noon on that day. Since the share of a currency in the SDR valuation basket is determined by reference to the market value against the U.S. dollar, the exchange risk can be measured indirectly by the exchange rate movements between a basket currency and the U.S. dollar. The net effect on the investment portfolio of a 10 percent increase in the market exchange rates of the basket currencies against the U.S. dollar as at April 30 would be as follows:

20082007
Net gain/lossNet gain
As a percent-As a percent-
Percentageage of invest-Percentageage of invest-
change ofInments notchange ofInments not
currency unitmillionsdenominatedcurrency unitmillionsdenominated
against SDRof SDRsin SDRsagainst SDRof SDRsin SDRs
Euro5.91%<0.01<0.01%6.18%0.110.03%
Japanese yen9.71%0.030.01%9.92%0.080.02%
Pound sterling8.81%−0.05−0.01%8.71%0.01<0.01%

The net effect of a 10 percent decrease in the market exchange rate of the basket currencies against the U.S. dollar as at April 30 would be as follows:

20082007
NetgainNetgain
As a percent-As a percent-
Percentageage of invest-Percentageage of invest-
change ofInments notchange ofInments not
currency unitmillionsdenominatedcurrency unitmillionsdenominated
against SDRof SDRsin SDRsagainst SDRof SDRsin SDRs
Euro−6.27%0.130.03%−6.52%0.100.03%
Japanese yen−8.24%0.090.02%−8.22%0.130.03%
Pound sterling−9.00%0.180.04%−8.92%0.210.05%

Liquidity risk

Liquidity risk is the risk of nonavailability of resources to meet the Trust’s financing needs and obligations. The IMF, as Trustee, conducts semiannual reviews to determine the adequacy of the resources in the PRGF-HIPC Trust to provide debt relief under the HIPC Initiative.

To minimize the risk of loss from liquidating long-term investment, the Trust holds resources in readily marketable short-term financial instruments to meet anticipated liquidity needs.

4. Investments

Investments consisted of the following at April 30:

20082007
(In thousands of SDRs)
Fixed-term deposits528,108772,517
Fixed-income securities413,045315,700
Total941,1531,088,217

The maturities of the investments are as follows:

Investments maturing in

financial year ending April 30
(In thousands of SDRs)
2009664,342
2010116,383
201162,848
201215,601
201381,979
Total941,153

5. Borrowings

The Trust borrows on such terms and conditions as agreed between the Trust and the lenders. Interest rates on borrowings at April 30, 2008, and 2007 varied between 0 percent and 2 percent a year. The principal amounts of the borrowings are repayable in one installment at their maturity dates. Scheduled repayments of borrowings are summarized below:

Financial year ending April 30
(In thousands of SDRs)
200925,000
2010308,252
201170,842
201226,090
20136,200
2014 and beyond184,398
Total620,782

There were no new borrowings, net of the effect of foreign currency fluctuations, during the financial years ended April 30, 2008, and 2007. Repayments for the financial year ended April 30, 2008, amounted to SDR 20.1 million (SDR 0.3 million for the financial year ended April 30, 2007).

6. HIPC Initiative, Multilateral Debt Relief Initiative, and other debt relief

Effective January 5, 2006, the IMF adopted the Multilateral Debt Relief Initiative (MDRI) to provide debt relief to qualifying Heavily Indebted Poor Countries (HIPCs) and non-HIPC members with an annual per capita income of US$380 or less and to qualifying HIPCs with an annual per capita income of more than US$380, and for this purpose established the MDRI-I and MDRI-II Trusts, respectively. Grant assistance from the MDRI Trusts provides debt relief to cover the debt owed to the IMF (including the PRGF-ESF Trust) as at December 31, 2004, that is not covered by HIPC Initiative assistance and remains outstanding at the time the member qualifies for such relief.

During the financial year ended April 30, 2008, one HIPC member reached the completion point, and combined HIPC and MDRI grant assistance of SDR 10 million was disbursed, of which SDR 2 million was disbursed as HIPC Initiative grant assistance. Four HIPC members received combined HIPC and MDRI grant assistance of SDR 189 million during the financial year ended April 30, 2007, of which SDR 67 million was disbursed as HIPC Initiative grant assistance. Since the IMF adopted the MDRI, eligible debt covered by the grant assistance under the MDRI and the HIPC Initiative included GRA and PRGF-ESF Trust obligations of SDR 101 million and SDR 2,601 million, respectively.

Since the debt owed to the IMF as at December 31, 2004, decreases over time, the actual debt eligible for MDRI assistance for the remaining potentially eligible members depends on the timing of their completion points. There is no comparable cut-off date for HIPC Initiative assistance: rather, the Trustee commits a specific amount of debt relief at the decision point, and delivers this relief as conditions are being met. The IMF periodically reviews the qualification of members for MDRI debt relief as these members make progress toward reaching the completion point under the HIPC Initiative.

7. Investment income

Investment income comprised the following for the financial years ended April 30:

20082007
(In thousands of SDRs)
Interest income48,04344,689
Realized losses, net(1,093)(1,862)
Unrealized gains, net6,686709
Exchange rate (losses)/gains, net(10)6
Total53,62643,542

8. Related party transactions

The expenses of conducting the business of the Trust were paid by the General Resources Account of the IMF.

Cumulative transfers from the IMF to the PRGF-HIPC Trust amounted to SDR 1,239 million as at April 30, 2008, and 2007. Contributions from the Administered Account for Liberia to the PRGF-HIPC Trust amounted to SDR 15 million for the financial year ended April 30, 2008. The PRGF-HIPC Trust also receives contributions from member countries that had placed deposits in the Poverty Reduction and Growth Facility Administered Accounts. Net investment income transferred from the Poverty Reduction and Growth Facility Administered Account to the PRGF-HIPC Trust amounted to SDR 0.8 million and SDR 0.5 million for the financial years ended April 30, 2008, and 2007, respectively.

9. Combining balance sheets and statements of income and changes in resources

The balance sheets and statements of income and changes in resources for the PRGF-HIPC Trust Subaccounts and the Umbrella Account for HIPC Operations are presented below.

Note 9

PRGF-HIPC Trust and Related Account: Combining balance sheets as at April 30, 2008, and 2007

(In thousands of SDRs)

20082007
UmbrellaUmbrella
PRGF-HIPC Trust AccountAccountPRGF-HIPCAccount
Subaccountfor HIPCCombinedTrustfor HIPCCombined
PRGF-HIPCPRGFHIPCCombinedOperationstotalAccountOperationstotal
Assets
Cash and cash equivalents46,71815,244251,342313,30418,219331,52399,09450399,597
Investments694,14227,011220,000941,153941,1531,088,2171,088,217
Interest receivable3,7831,5175,300415,3419,0549,054
Total assets744,64342,255472,8591,259,75718,2601,278,0171,196,3655031,196,868
Liabilities and resources
Borrowings620,782620,782620,782621,523621,523
Interest payable1,1531,1531,1531,5481,548
Total liabilities621,935621,935621,935623,071623,071
Accumulated resources122,70842,255472,859637,82218,260656,082573,294503573,797
Total liabilities and resources744,64342,255472,8591,259,75718,2601,278,0171,196,3655031,196,868

Note 9

PRGF-HIPC Trust and Related Account: Combining statements of income and changes in resources for the years ended April 30, 2008, and 2007

(In thousands of SDRs)

20082007
UmbrellaUmbrella
PRGF-HIPC Trust AccountAccountPRGF-HIPCAccount
Subaccountfor HIPCCombinedTrustfor HIPCCombined
PRGF-HIPCPRGFHIPCCombinedOperationstotalAccountOperationstotal
Balance, beginning of year71,64536,255465,394573,294503573,797591,3585,527596,885
Investment income33,0611,79418,65753,51211453,62643,5063643,542
Interest expense(1,901)(1,901)(1,901)(2,238)(2,238)
Other expenses(213)(16)(229)(229)(318)(318)
Operational income30,9471,77818,65751,38211451,49640,9503640,986
Contributions from:
Bilateral donors20,1164,22224,33824,3387,6487,648
Administered Account for Liberia15,03015,03015,030
Grants(26,222)(26,222)26,222(66,662)66,662
Disbursements(8,579)(8,579)(71,722)(71,722)
Net income (loss)/changes in resources51,0636,0007,46564,52817,75782,285(18,064)(5,024)(23,088)
Balance, end of year122,70842,255472,859637,82218,260656,082573,294503573,797

Schedule 1

PRGF-HIPC Trust Account: Contributions and transfers for the years ended April 30, 2008, and 2007

(In thousands of SDRs)

Subaccount
MemberPRGF-HIPCPRGFHIPCCombined
Year ended April 30, 2008
Belize2020
Indonesia5,8915,891
Lithuania725725
Luxembourg445445
Malaysia3,6293,629
Nepal113113
Netherlands4,2224,222
New Zealand1,0511,051
St. Vincent and the Grenadines1111
Singapore2,0142,014
Switzerland3,2003,200
Thailand1,8241,824
Zambia1,1931,193
20,1164,22224,338
Administered Account for Liberia15,03015,030
20,1164,22215,03039,368
Year ended April 30, 2007
Belize2020
Indonesia500500
Netherlands3,9173,917
St. Vincent and the Grenadines1111
Switzerland3,2003,200
3,7313,9177,648

Schedule 2

Umbrella Account for HIPC Operations: Grants, interest, disbursements, and changes in resources for the years ended April 30, 2008, and 2007

(In thousands of SDRs)

MemberOpening

balance
Grants from

PRGF-HIPC

Trust Account
Interest

earned
DisbursementsEnding

balance
Year ended April 30, 2008
Burundi478318843
Central African Republic3,467171,7331,751
Chad1313
Congo, Democratic Republic of the1010
Gambia, The3641,85262,222
Guinea274,848481,8703,053
Guinea-Bissau55
Haiti377417438
Liberia15,030411,71413,357
São Tomé and Príncipe868868
50326,2221148,57918,260
Year ended April 30, 2007
Burundi468728847
Chad1313
Congo, Democratic Republic of the593458710
Gambia, The13603364
Guinea271127
Guinea-Bissau55
Haiti421637
Malawi1,39525,624827,027
Mauritania3,409163,425
Sierra Leone3840,549140,588
5,52766,6623671,722503

Schedule 3

PRGF-HIPC Trust Account: Cumulative contributions and transfers as at April 30, 2008

(In thousands of SDRs)

Subaccount
MemberPRGF-HIPCPRGFHIPCCombined
Algeria412412
Australia17,01917,019
Austria9,9819,981
Bangladesh1,1631,163
Barbados250250
Belgium25,93025,930
Belize200200
Brazil11,03311,033
Brunei Darussalam44
Cambodia2727
Canada32,92932,929
China13,13213,132
Colombia1313
Croatia3131
Cyprus544544
Denmark13,06813,068
Egypt3737
Estonia372372
Fiji2121
Finland2,5832,583
France55,89255,892
Gabon458458
Greece2,2002,200
Iceland643643
India390390
Indonesia7,2247,224
Ireland3,9373,937
Israel1,1891,189
Italy43,30943,309
Jamaica1,8001,800
Japan98,35598,355
Korea, Republic of10,62510,625
Kuwait108108
Latvia710710
Lithuania725725
Luxembourg933933
Malaysia4,1074,107
Malta706706
Mauritius4040
Mexico39,97739,977
Morocco4949
Nepal113113
Netherlands35,73416,34752,081
New Zealand2,2092,209
Nigeria6,1506,150
Norway12,94212,942
Oman7373
Pakistan105105
Philippines4,5004,500
Poland5,0005,000
Portugal4,4304,430
Russian Federation10,20010,200
St. Vincent and the Grenadines8888
Samoa33
San Marino3232
Saudi Arabia978978
Singapore2,2632,263
Slovak Republic2,6692,669
Slovenia311311
South Africa20,89520,895
Spain16,55016,550
Sri Lanka1212
Swaziland2020
Sweden5,3225,322
Switzerland25,61925,619
Thailand2,1742,174
Tonga33
Tunisia136136
United Arab Emirates353353
United Kingdom23,55133,83757,388
United States221,932221,932
Vietnam1010
Zambia1,1931,193
523,03035,734299,116857,880
Transfers from Special Disbursement Account409,697757,0971,166,794
Transfers from General Resources Account72,45672,456
Contributions from Administered Account for Liberia15,03015,030
482,153772,1271,254,280
1,005,18335,7341,071,2432,112,160

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