Chapter

Other Administered Accounts

Author(s):
International Monetary Fund
Published Date:
October 2008
Share
  • ShareShare
Show Summary Details

Other Administered Accounts: Balance sheets as at April 30, 2008, and 2007

Administered

Account—Japan
Administered

Account for

Selected Fund

Activities—Japan
Framework

Administered

Account for

Technical Assistance

Activities
Supplementary

Financing Facility

Subsidy Account
The Post-Conflict

and Natural

Disaster Emergency

Assistance

Subsidy Account
PRGF Administered

Account—Indonesia
PRGF Administered

Account—Portugal
20082007200820072008200720082007200820072008200720082007
(In thousands of U.S. dollars)
(In thousands of SDRs)
Assets
Cash and cash equivalents129,458133,93520,50922,63826,94228,3829902,23910,34513,054441
Investments (Note 4)7,0007,58525,00025,0001,3152,629
Interest/other receivables112519918526025658
Total assets129,458133,93520,50922,63826,94228,3821,0012,26417,54420,82425,44325,6021,3712,687
Liabilities
Deposits (Note 5)25,00025,0001,3152,629
Interest payable and other liabilities5425443394613
Total liabilities542525,44325,3941,3212,642
Resources129,458133,93520,50922,63826,88828,3571,0012,26417,54420,8242085045
Total liabilities and resources129,458133,93520,50922,63826,94228,3821,0012,26417,54420,82425,44325,6021,3712,687
The accompanying notes are an integral part of these financial statements.These 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 financial statements.These 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

Other Administered Accounts: Balance sheets as at April 30, 2008, and 2007

(In thousands of SDRs)

Administered

Account—Austria-ll
Post-SCA-2

Administered

Account
Liberia Interim

Administered

Account
Administered

Account for

Liberia
SCA-1/Deferred

Charges

Administered

Account
Japan

Administered

Account

for Liberia
20082007200820072008200820082008
Assets
Cash and cash equivalents1604545,71143,932382,620115,0906,088
Investments (Note 4)7,0007,000
Interest/other receivables451363164531,30940022
Total assets7,2057,18146,02744,385383,929115,4906,110
Liabilities
Deposits (Note 5)7,0007,000
Interest payable and other liabilities205181
Total liabilities7,2057,181
Resources46,02744,385383,929115,4906,110
Total liabilities and resources7,2057,18146,02744,385383,929115,4906,110
The accompanying notes are an integral part of these financial statements
The accompanying notes are an integral part of these financial statements

Other Administered Accounts: Statements of income and changes in resources for the years ended April 30, 2008, and 2007 and from inception to April 20, 2008

Administered

Account—Japan
Administered

Account for

Selected Fund

Activities—Japan
Framework

Administered

Account for

Technical Assistance

Activities
Supplementary

Financing Facility

Subsidy Account
The Post-Conflict

and Natural

Disaster Emergency

Assistance

Subsidy Account
PRGF Administered

Account—Indonesia
PRGF Administered

Account—Portugal
20082007200820072008200720082007200820072008200720082007
(In thousands of U.S. dollars)
(In thousands of SDRs)
Balance, beginning of year133,935127,12722,63824,26628,35729,6422,2642,36420,82424,60320820645
Interest and investment income5,4286,8081,0979961,2351,50379957058121,11495760105
Contributions received18,24419,31322,82418,2011,9521,859
Interest expense on deposits(532)(455)(7)(14)
Payments to and on behalf of beneficiaries(21,470)(21,937)(25,528)(20,989)(1,342)(5,937)(6,450)
Operational income/(loss)5,4286,808(2,129)(1,628)(1,469)(1,285)(1,263)95(3,280)(3,779)5825025391
Transfers (Note 7)(9,905)(195)(790)(500)(48)(46)
Net income (loss)/changes in resources(4,477)6,808(2,129)(1,628)(1,469)(1,285)(1,263)(100)(3,280)(3,779)(208)2545
Balance, end of year129,458133,93520,50922,63826,88828,3571,0012,26417,54420,8242085045
The accompanying notes are an integral part of these financial statements.
The accompanying notes are an integral part of these financial statements.

Other Administered Accounts: Statements of cash flows for the years ended April 30, 2008, and 2007 and from inception to April 30, 2008

(In thousands of SDRs)

Administered

Account—Austria-ll
Post-SCA-2

Administered

Account
Liberia Interim

Administered

Account
Administered

Account for

Liberia
SCA-1/Deferred

Charges Administered

Account
Japan

Administered

Account

for Liberia
2008200720082007
From inception to April 30, 2008
Balance, beginning of year/period44,38542,668
Interest and investment income2753311,6421,7171321,31140020
Contributions received36,292397,648115,1526,090
Interest expense on deposits(35)(35)
Payments to and on behalf of beneficiaries
Operational income2402961,6421,71736,424398,959115,5526,110
Transfers (Note 7)(240)(296)(36,424)(15,030)(62)
Net income (loss)/changes in resources1,6421,717383,929115,4906,110
Balance, end of year46,02744,385383,929115,4906,110
The accompanying notes are an integral part of these financial statements.
The accompanying notes are an integral part of these financial statements.

Other Administered Accounts: Statements of income and changes in resources for the years ended April 30, 2008, and 2007 and from inception to April 30, 2008

Administered

Account—Japan
Administered

Account for

Selected Fund

Activities—Japan
Framework

Administered

Account for

Technical Assistance

Activities
Supplementary

Financing Facility

Subsidy Account
The Post-Conflict

and Natural

Disaster Emergency

Assistance

Subsidy Account
PRGF Administered

Account—Indonesia
PRGF Administered

Account—Portugal
20082007200820072008200720082007200820072008200720082007
(In thousands of U.S. dollars)
(In thousands of SDRs)
Cash flows from operating
activities
Net (loss)/income(4,477)6,808(2,129)(1,628)(1,469)(1,285)(1,263)(100)(3,280)(3,779)(208)2545
Adjustments to reconcile net
income to cash generated by
operations
Interest income(5,428)(6,808)(1,097)(996)(1,235)(1,503)(79)(95)(705)(812)(1,114)(957)(60)(105)
Interest expense532455714
(9,905)(3,226)(2,624)(2,704)(2,788)(1,342)(195)(3,985)(4,591)(790)(500)(48)(46)
Changes in other assets(24)(146)179(179)714
Changes in other liabilities2925
(9,905)(3,226)(2,624)(2,675)(2,763)(1,342)(195)(4,009)(4,737)(611)(679)(41)(32)
Interest received5,4286,8081,0979961,2351,50393897158291,5359335554
Interest paid(483)(254)(14)(22)
Net cash provided by/(used in)
operating activities(4,477)6,808(2,129)(1,628)(1,440)(1,260)(1,249)(106)(3,294)(3,908)441
Cash flow from investment activities5854,4151,314(2,629)
Net cash provided by/(used in)
investment activities5854,4151,314(2,629)
Cash flow from financing activities(1,314)(1,753)
Net cash provided by financing
activities(1,314)(1,753)
Net increase (decrease) in cash and
cash equivalents(4,477)6,808(2,129)(1,628)(1,440)(1,260)(1,249)(106)(2,709)507441(4,382)
Cash and cash equivalents, beginning
of year133,935127,12722,63824,26628,38229,6422,2392,34513,05412,5474,382
Cash and cash equivalents,
end of year129,458133,93520,50922,63826,94228,3829902,23910,34513,054441
The accompanying notes are an integral part of these financial statements.
The accompanying notes are an integral part of these financial statements.

Other Administered Accounts: Statements of cash flows for the years ended April 30, 2008, and 2007 and from inception to April 30, 2008

(In thousands of SDRs)

Administered

Account—Austria-ll
Post-SCA-2

Administered

Account
Liberia Interim

Administered

Account
Administered Account for LiberiaSCA-1/Deferred

Charges Administered

Account
Japan

Administered

Account

for Liberia
2008200720082007
From inception to April 30, 2008
Cash flows from operating activities
Net income/(loss)1,6421,717383,929115,4906,110
Adjustments to reconcile net income to cash
generated by operations
Interest income(275)(331)(1,642)(1,717)(132)(1,311)(400)(22)
Interest expense3535
(240)(296)(132)382,618115,0906,088
Changes in other assets
Changes in other liabilities24146
(216)(150)(132)382,618115,0906,088
Interest received3661951,7791,6171322
Interest paid(35)
Net cash provided by/fused in) operating
activities115451,7791,617382,620115,0906,088
Cash flow from investment activities
Net disposal/(acquisition) of investments(7,000)
Net cash provided by/(used in) investment
activities(7,000)
Cash flow from financing activities
Borrowing/(repayment) of deposits7,000
Net cash provided by/fused in) financing
activities7,000
Net increase (decrease) in cash and cash equivalents115451,7791,617382,620115,0906,088
Cash and cash equivalents, beginning of year/period4543,93242,315
Cash and cash equivalents, end of year1604545,71143,932382,620115,0906,088
The accompanying notes are an integral part of these financial statements
The accompanying notes are an integral part of these financial statements

Other Administered Accounts: Notes to the financial statements for the years ended April 30, 2008, and 2007 and from inception to April 30, 2008

1. Nature of operations

At the request of members, the IMF has established special-purpose accounts (the Other Administered Accounts or the Accounts) to administer contributed resources provided to fund financial and technical services consistent with the purposes of the IMF. The assets of each account and each subaccount are separate from the assets of all other accounts of, or administered by, the IMF and are not to be used to discharge liabilities or to meet losses incurred in the administration of other accounts.

For the current year presentation, the Other Administered Accounts include all accounts administered by the IMF as administrator, including those entities (PRGF Administered Account—Indonesia, PRGF Administered Account—Portugal, and Post SCA-2 Administered Account) for which separate financial statements were presented in prior years.

Administered Account—Japan

At the request of Japan, the IMF established the Account on March 3, 1989, to administer resources made available by Japan—and, under a subsequent amendment, by other countries with Japan’s concurrence—that are to be used to assist certain members with overdue obligations to the IMF. The resources of the Account are to be disbursed in amounts specified by Japan and to members designated by Japan. Effective March 5, 2008, the Instrument governing the Account was amended to allow the provision of assistance to these members in the context of an internationally agreed comprehensive package that integrates arrears clearance and subsequent debt relief.

Administered Account for Selected Fund Activities—Japan

At the request of Japan, the IMF established the Administered Technical Assistance Account—Japan on March 19, 1990, to administer resources contributed by Japan to finance technical assistance to member countries. On July 21, 1997, the Account was renamed the Administered Account for Selected Fund Activities—Japan and amended to include the administration of resources contributed by Japan in support of the IMF’s Regional Office for Asia and the Pacific (OAP). The resources of the Account designated for technical assistance activities are used with the approval of Japan and include the provision of scholarships. The resources designated for the OAP are used as agreed between Japan and the IMF for certain activities of the IMF with respect to Asia and the Pacific through the OAP. Disbursements can also be made from the Account to the General Resources Account to reimburse the IMF for qualifying technical assistance projects and OAP expenses.

Framework Administered Account for Technical Assistance Activities

The Framework Administered Account for Technical Assistance Activities (the Framework Account) was established by the IMF on April 3, 1995, to receive and administer contributed resources that are to be used to finance technical assistance consistent with the purposes of the IMF. The financing of technical assistance activities is implemented through the establishment and operation of subaccounts within the Framework Account. Resources are to be used in accordance with the written understandings between the contributor and the Managing Director. Disbursements can also be made from the Framework Account to the General Resources Account to reimburse the IMF for its costs incurred on behalf of technical assistance activities financed by resources from the Framework Account.

As at April 30, 2008, the Framework Account comprised the following subaccounts:

Japan Advanced Scholarship Program Subaccount

At the request of Japan, this Subaccount was established on June 6, 1995, to finance the cost of studies and training of nationals of member countries in macroeconomics and related subjects at selected universities and institutions. The scholarship program focuses primarily on the training of nationals of Asian member countries, including Japan.

Rwanda—Macroeconomic Management Capacity Subaccount

At the request of Rwanda, this Subaccount was established on December 20, 1995, to finance technical assistance to rehabilitate and strengthen Rwanda’s macroeconomic management capacity.

Australia—IMF Scholarship Program for Asia Subaccount

At the request of Australia, this Subaccount was established on June 5, 1996, to finance the cost of studies and training of government and central bank officials in macroeconomic management so as to enable them to contribute to their countries’ achievement of sustainable economic growth and development. The program focuses primarily on the training of nationals of Asian countries.

Switzerland Technical Assistance Subaccount

At the request of Switzerland, this Subaccount was established on August 27, 1996, to finance the costs of technical assistance activities of the IMF that consist of policy advice and training in macroeconomic management.

French Technical Assistance Subaccount

At the request of France, this Subaccount was established on September 30, 1996, to cofinance the costs of training in economic fields for nationals of certain member countries.

Denmark Technical Assistance Subaccount

At the request of Denmark, this Subaccount was established on August 25, 1998, to finance the costs of technical assistance activities of the IMF that consist of advising on policy and administrative reforms in the fiscal, monetary, and related statistical fields.

Australia Technical Assistance Subaccount

At the request of Australia, this Subaccount was established on March 7, 2000, to finance the costs of technical assistance activities of the IMF that consist of advising on the design of policy and administrative reforms in the fiscal, monetary, and related statistical fields, as well as to provide training in the formulation and implementation of macroeconomic and financial policies.

The Netherlands Technical Assistance Subaccount

At the request of the Netherlands, this Subaccount was established on July 27, 2000, to finance projects that seek to enhance the capacity of members to formulate and implement policies in the macroeconomic, fiscal, monetary, financial, and related statistical fields, including training programs and projects that strengthen the legal and administrative frameworks in these core areas.

The United Kingdom Department for International Development (DFID) Technical Assistance Subaccount

At the request of the United Kingdom, this Subaccount was established on June 29, 2001, to finance projects that seek to enhance the capacity of members to formulate and implement policies in the macroeconomic, fiscal, monetary, financial, and related statistical fields, including training programs and projects that strengthen the legal and administrative frameworks in these core areas.

Italy Technical Assistance Subaccount

At the request of Italy, this Subaccount was established on November 16, 2001, to finance projects that seek to enhance the capacity of certain members to formulate and implement policies related to fiscal, financial, and statistical standards and codes, including training programs and projects that strengthen the legal and administrative frameworks in these core areas.

Pacific Financial Technical Assistance Centre Subaccount

At the request of Australia and New Zealand, this Subaccount was established on May 22, 2002, to finance activities of the Pacific Financial Technical Assistance Centre that seek to enhance the capacity of Pacific island countries and territories to formulate and implement policies related to macroeconomic, fiscal, monetary, financial, and statistical fields, including training and activities that strengthen the legal and administrative frameworks in these core areas.

Africa Regional Technical Assistance Centers Subaccount

At the request of France, Germany, Italy, the Netherlands, Norway, Sweden, and the United Kingdom, this Subaccount was established on August 9, 2002, to finance activities of the Africa Regional Technical Assistance Centers that seek to support the Poverty Reduction Strategy Paper process in sub-Saharan African countries by fostering the capacity for sound macroeconomic management, strong fiscal institutions and financial systems, and timely and accurate collection and dissemination of economic data, including training and activities that strengthen the legal and administrative frameworks in these core areas. The resources of this Subaccount are contributed by the above governments and other governments or official agencies, including those of China, Luxembourg, the Russian Federation, and Switzerland, that reached an understanding with the IMF subsequent to the Subaccount’s establishment.

Sweden Technical Assistance Subaccount

At the request of Sweden, this Subaccount was established on November 25, 2002, to finance projects that seek to enhance the capacity of members to formulate and implement policies in the macroeconomic, fiscal, monetary, financial, and related statistical fields, including training programs and projects that strengthen the legal and administrative frameworks in these core areas.

China Technical Assistance Subaccount

At the request of the People’s Republic of China, this Subaccount was established on May 23, 2003, to finance projects that seek to enhance the capacity of members to formulate and implement policies in the macroeconomic, fiscal, monetary, financial, and related statistical fields, including training programs and projects that strengthen the legal and administrative frameworks in these core areas.

Technical Assistance Subaccount for Iraq

At the request of Australia, Canada, Italy, and the United Kingdom, this Subaccount was established on July 22, 2003, to finance technical assistance activities that seek to enhance the capacity of Iraq to formulate and implement policies in the macroeconomic, fiscal, monetary, financial, and related statistical fields, including training programs and activities that strengthen the legal and administrative frameworks in these core areas. The resources of this Subaccount are contributed by the above governments and the Government of Sweden, which reached an understanding with the IMF subsequent to the Subaccount’s establishment.

Canada Technical Assistance Subaccount

At the request of Canada, this Subaccount was established on January 28, 2004, to finance projects that seek to enhance the capacity of members to formulate and implement policies in the macroeconomic, fiscal, monetary, financial, and related statistical fields, including training programs and projects that strengthen the legal and administrative frameworks in these core areas.

Middle East Regional Technical Assistance Center Subaccount

At the request of France and Lebanon, this Subaccount was established on August 20, 2004, to finance the technical assistance activities of the Middle East Regional Technical Assistance Center (METAC). METAC seeks to support the efforts of the participating countries/territories to achieve effective macroeconomic management, strong fiscal institutions and financial systems, and timely and accurate collection and dissemination of economic data, including training and activities that strengthen the legal and administrative framework in these areas. The current METAC’s participating countries/territories include the Islamic Republic of Afghanistan, Iraq, Jordan, Lebanon, the Socialist People’s Libyan Arab Jamahiriya, Sudan, the Syrian Arab Republic, West Bank and Gaza, and the Republic of Yemen. The resources of this Subaccount are contributed by the above governments and other governments or official agencies, including Egypt and Kuwait, that reached an understanding with the IMF subsequent to the Subaccount’s establishment.

Technical Assistance Subaccount to Support Macroeconomic and Financial Policy Formulation and Management

At the request of Norway, this Subaccount was established on September 29, 2004, to finance projects that seek to enhance the capacity of members to formulate and implement policies in the macroeconomic, fiscal, monetary, financial, and related statistical fields, including training programs and projects that strengthen the legal and administrative frameworks in these core areas. The activities to be financed from the Subaccount will seek in the first instance to enhance the capacity of Poverty Reduction and Growth Facility (PRGF)-eligible countries to formulate and implement the strategies needed to achieve the goals described in their Poverty Reduction Strategy Papers in those core areas of competence of the Fund, including strengthening their anti-money-laundering and combating-the-financing-of-terrorism legislation and implementation capacity, and improving central bank functions and operations in low-income countries.

Spain Technical Assistance Subaccount

At the request of Spain, this Subaccount was established on March 2, 2005, to finance projects that seek to enhance the capacity of members to formulate and implement policies in the macroeconomic, fiscal, monetary, financial, and related statistical fields, including training programs and projects that strengthen the legal and administrative frameworks in these core areas.

European Commission Technical Assistance Subaccount for the Middle East Regional Technical Assistance Center

At the request of the European Commission, this Subaccount was established on June 13, 2005, to finance technical assistance activities of the Middle East Regional Technical Assistance Center.

European Investment Bank Technical Assistance Subaccount

At the request of the European Investment Bank, this Subaccount was established on June 29, 2005, to finance projects that seek to enhance the capacity of members to formulate and implement policies in the macroeconomic, fiscal, monetary, financial, and related statistical fields, including training programs and projects that strengthen the legal and administrative frameworks in these core areas.

Central Africa Regional Technical Assistance Center Subaccount

At the request of France, this Subaccount was established on November 10, 2006, to finance the technical assistance activities of the Central Africa Regional Technical Assistance Center (Central AFRITAC) that seek to enhance the capacity of members in the sub-Saharan African region to formulate and implement policies in the macroeconomic, fiscal, monetary, financial, and related statistical fields, including training programs, seminars, and projects that strengthen the legal and administrative frameworks in these core areas.

Islamic Development Bank Technical Assistance Subaccount

At the request of the Islamic Development Bank, this Subaccount was established on March 30, 2007, to provide financing for projects that seek to enhance the capacity of members of the IMF that are also members of the Islamic Development Bank. The resources of the Subaccount will be used for projects to formulate and implement policies in the macroeconomic, fiscal, monetary, financial, and related statistical fields, including training programs and projects that strengthen the legal and administrative frameworks in these core areas.

FIRST Technical Assistance Subaccount

At the request of the World Bank, this Subaccount was established on August 30, 2007, to finance technical assistance projects that seek to enhance the capacity of low-income and middle-income members to formulate and implement policies in the macroeconomic, fiscal, monetary, financial, and related statistical fields, including training programs and projects that strengthen the legal and administrative framework in these core areas.

Belgium Technical Assistance Subaccount

At the request of Belgium, this Subaccount was established on November 2, 2007, to finance projects that seek to enhance the capacity of members to formulate and implement policies in the macroeconomic, fiscal, monetary, financial, and related statistical fields, including training programs and projects that strengthen the legal and administrative framework in these core areas.

Supplementary Financing Facility Subsidy Account

The Supplementary Financing Facility Subsidy Account administered by the IMF was established in December 1980 to assist low-income developing country members to meet the costs of using resources made available through the IMF’s Supplementary Financing Facility and under the policy on exceptional access. All repurchases due under these policies were scheduled for completion by January 31, 1991, and the final subsidy payments were approved in July 1991. However, one member (Sudan) overdue in the payment of charges as at April 30, 2008 (two members, Liberia and Sudan, as at April 30, 2007), remains eligible to receive previously approved subsidy payments of SDR 0.9 million (SDR 2.2 million as at April 30, 2007) when its overdue charges are settled. Accordingly, the Account remains in operation and has retained amounts for payment to Sudan after the overdue charges are paid.

The Post-Conflict and Natural Disaster Emergency Assistance Subsidy Account

The Post-Conflict Emergency Assistance Subsidy Account was established in May 2001 to administer resources contributed by members for the purpose of providing assistance to PRGF-eligible members in support of their adjustment efforts. The Account was amended on January 21, 2005, to provide for the subsidization of emergency assistance for natural disasters for PRGF-eligible members. Resources in the Subsidy Account will be used to provide grants to PRGF-eligible members that have made post-conflict and natural disaster emergency assistance purchases in the General Resources Account of the IMF, effectively subsidizing the basic rate of charge on these purchases to ½ of 1 percent per annum. The subsidy to each eligible member will be prorated if resources are insufficient to reduce the basic rate of charge to ½ of 1 percent.

PRGF Administered Accounts

The IMF established the PRGF Administered Accounts for the benefit of the PRGF-ESF Subsidy Account of the PRGF-ESF Trust and of the PRGF-HIPC Trust Account. The PRGF Administered Account—Indonesia was established on June 30, 1994, for the administration of resources deposited in the Account by Bank Indonesia. The PRGF Administered Account—Portugal was established on May 16, 1994, for the administration of resources deposited by the Banco de Portugal.

The difference between interest earned by the PRGF Administered Accounts and the interest payable on deposits is transferred to the PRGF-ESF Subsidy Account of the PRGF-ESF Trust and to the PRGF-HIPC Trust Account.

Austria-II Administered Account

At the request of the Austrian National Bank, the IMF established this Account on April 3, 2006, to provide resources to subsidize charges on purchases under the policy on emergency assistance for natural disasters (“ENDA”) by PRGF-eligible countries. The resources in the Account are to be invested, and the difference between the investment earnings and the interest due on the deposit is to be transferred to the ENDA Subaccount of the Post-Conflict and Natural Disaster Emergency Assistance Subsidy Account for PRGF-eligible members.

Post-SCA-2 Administered Account

The Post-SCA-2 Administered Account, which is administered by the IMF on behalf of members, was established on December 8, 1999, for the temporary administration of resources transferred by members following the termination of the second Special Contingent Account (SCA-2) in the General Department of the IMF, prior to the final disposition of those resources in accordance with members’ instructions.

Liberia Interim Administered Account

At the request of Denmark, the Liberia Interim Administered Account was established on December 26, 2007, to temporarily hold and administer resources that were intended to be contributed to the Administered Account for Liberia in respect of the financing of the IMF’s debt relief to Liberia, prior to the entry into effect of the Executive Board decision establishing the Administered Account for Liberia.

Administered Account for Liberia

At the request of Liberia, the Administered Account for Liberia was established on March 14, 2008, to facilitate fund-raising for, and delivery of, debt relief to Liberia in respect of obligations owed to the IMF. The resources of the Account consist of contributions by members and are to be used to make contributions to the PRGF-HIPC Trust in the context of delivering HIPC Initiative debt relief, as well as to provide additional debt relief to Liberia beyond HIPC assistance.

SCA-1/Deferred Charges Administered Account

The SCA-1 and/Deferred Charges Administered Account was established on March 14, 2008, as an interim vehicle to hold and administer balances. Following Liberia’s arrears clearance, members that receive refunds from the SCA-1/Deferred Charges Administered Account may temporarily deposit the proceeds in this Account pending their decisions as to the final disposition of those resources.

Japan Administered Account for Liberia

At the request of Japan, the Japan Administered Account for Liberia was established on March 5, 2008, to hold and administer resources that are disbursed from the Administered Account—Japan, pending their transfer to the Administered Account for Liberia for use in the financing of the IMF’s debt relief to Liberia, in accordance with the terms and conditions specified in the Instrument that governs the Administered Account for Liberia. The transfer of these resources shall be initiated when staff propose for the decision of the Executive Board that Liberia has reached the completion point under the enhanced HIPC Initiative.

2. Summary of significant accounting policies

Basis of preparation and measurement

The financial statements of the Other Administered Accounts are prepared in accordance with International Financial Reporting Standards (IFRS). The financial statements have been prepared under the historical cost convention. 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

Administered Account—Japan and Administered Account for Selected Fund Activities—Japan, Framework Administered Account for Technical Assistance Activities

The functional and presentation currency of these Accounts is the U.S. dollar. All transactions and operations of these Accounts, including the transfers to and from the Accounts, are denominated in U.S. dollars, except for transactions and operations in respect of the OAP, which are denominated in Japanese yen, or transactions in other currencies as agreed between Japan and the IMF. Contributions denominated in other currencies are converted into U.S. dollars upon receipt of the funds.

All other Administered Accounts

The functional and presentation currency of these Accounts 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 basket. The IMF reviews the SDR valuation basket every five years. The latest review was completed in November 2005 and the composition of the SDR valuation basket became effective from 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).

Transactions and operations of the accounts are denominated in SDRs. Contributions denominated in other currencies are converted into SDRs upon receipt of the funds.

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 consist of fixed-term deposits, and their carrying amount approximates the fair value.

Contributions

Bilateral contributions are reflected as increases in resources after the achievement of specified conditions and are subject to bilateral agreements stipulating how the resources are to be used.

Payments to and on behalf of beneficiaries

Payments to and on behalf of beneficiaries are recognized when the specified conditions in the respective agreements are achieved.

Transfers

Internal transfers of resources within the IMF are accounted for under the accrual method of accounting.

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 date of the transactions and unrealized foreign exchange differences on unsettled foreign currency monetary assets and liabilities are included in the determination of net income.

Administrative expenses

The expenses of conducting the activities of the Other Administered Accounts are paid by the IMF from the General Resources Account. Partial reimbursements were made by several Administered Accounts. For the Administered Account for Selected Fund Activities—Japan, the reimbursements were US$2.3 million and US$2.4 million for the financial years ended April 30, 2008, and 2007, respectively. The administrative expenses of the Framework Account that were reimbursed amounted to US$2.8 million and US$2.4 million for the financial years ended April 30, 2008, and 2007, respectively. These reimbursements are included in payments to and on behalf of beneficiaries in the statements of income and changes in resources.

Adoption of new International Financial Reporting Standards

During the financial year ended April 30, 2008, the Other Administered Accounts 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 Other Administered Accounts’ financial position and performance, the nature and extent of risks arising from such instruments, and how those risks are managed (Note 3).

In September 2007, the International Accounting Standards Board (IASB) issued an amended standard, IAS 1, “Presentation of Financial Statements,” which 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 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 Other Administered Accounts.

3. Risk management

In administering contributed resources and funding financial and technical services, the Other Administered Accounts are exposed to various types of risks, including credit, liquidity, and market risks.

Credit risk

Credit risk is the risk that a counterparty to a financial instrument will cause a financial loss to an entity by failing to discharge obligations when due. Credit risk is minimized by limiting investments to claims on the Bank for International Settlements.

Liquidity risk

Liquidity risk is the risk of nonavailability of resources to meet financing needs and obligations. Liquidity risk is limited by maintaining sufficient resources to meet anticipated liquidity needs.

Market risk

Interest rate risk

Interest rate risk is the risk that future cash flows will fluctuate because of changes in market interest rates. Interest rate risk is managed by limiting the investments to short-term fixed deposits and ensuring that sufficient interest income is earned to cover interest expense and to meet disbursement obligations.

Exchange rate risk

Exchange rate risk is the exposure to the effects of fluctuations in prevailing foreign currency exchange rates on an entity’s financial position and cash flows. Exchange rate risk is managed by holding all financial assets and liabilities in the reporting currency designated for each of the Accounts.

4. Investments

As at April 30, 2008, and 2007, the investments in the Post-Conflict and Natural Disaster Emergency Assistance Subsidy Account, PRGF Administered Accounts, and Administered Account Austria-II consisted of short-and fixed-term deposits with maturities of less than one year.

5. Deposits

PRGF Administered Account—Indonesia

The deposit of SDR 25 million made by Indonesia on June 30, 1994, was to be repaid in one installment 10 years after the date the deposit was made. The interest payable on the deposit is equivalent to that obtained for the investment of the deposit less 2 percent a year. Upon maturity in June 2004, the deposit was reinvested for another 10 years and investment income of 2 percent per annum (or any lesser amount if investment returns are below 2 percent) is to be transferred to the PRGF-HIPC Trust.

PRGF Administered Account—Portugal

The Banco de Portugal has made six annual deposits, each in the amount of SDR 2.2 million, since May 1994. Each deposit is to be repaid in five equal annual installments beginning six years after the date of the deposit and will be completed at the end of the tenth year after the date of the deposit. Each deposit bears interest at a rate of ½ of 1 percent a year.

Austria-II Administered Account

The deposit of SDR 7 million is due on May 2, 2011, and bears interest at a rate of ½ of 1 percent per annum.

6. Cumulative contributions and disbursements

The cumulative contributions to and disbursements from the Other Administered Accounts are as follows:

April 30, 20081April 30,20071
CumulativeCumulativeCumulativeCumulative
Accountcontributions2disbursements3contributions2disbursements3
(In millions of U.S. dollars)
Administered Account—Japan135.282.4135.272.5
Administered Account for Selected Fund
Activities—Japan305.0295.3286.7273.8
Technical assistance264.5258.7250.6241.5
Scholarships26.023.423.420.8
Office of Asia and the Pacific14.513.212.711.5
Framework Administered Account for Technical
Assistance Activities145.4124.1122.698.5
Japan Advanced Scholarship Program Subaccount17.817.516.315.7
Rwanda—Macroeconomic Management Capacity Subaccount1.51.61.51.6
Australia—IMF Scholarship Program for Asia Subaccount4.84.84.24.1
Switzerland Technical Assistance Subaccount17.515.717.514.5
French Technical Assistance Subaccount1.20.71.20.7
Denmark Technical Assistance Subaccount6.85.56.85.3
Australia Technical Assistance Subaccount2.01.61.20.8
The Netherlands Technical Assistance Subaccount6.76.65.35.1
The United Kingdom DFID Technical Assistance Subaccount14.411.610.99.1
Italy Technical Assistance Subaccount3.72.73.72.0
Pacific Financial Technical Assistance Centre Subaccount6.96.55.45.1
Africa Regional Technical Assistance Centers Subaccount28.627.825.820.8
Sweden Technical Assistance Subaccount1.31.21.31.1
China Technical Assistance Subaccount0.40.30.40.2
Technical Assistance Subaccount for Iraq6.04.66.03.8
Canada Technical Assistance Subaccount3.42.22.21.4
Middle East Regional Technical Assistance Center Subaccount5.85.94.34.4
Technical Assistance Subaccount to Support Macroeconomic and
Financial Policy Formulation and Management2.21.31.10.8
Spain Technical Assistance Subaccount2.00.62.00.5
European Commission Technical Assistance Subaccount for METAC2.21.51.10.9
European Investment Bank Technical Assistance Subaccount0.60.40.60.2
Central Africa Regional Technical Assistance Center Subaccount4.43.63.80.4
Islamic Development Bank Technical Assistance Subaccount0.40.1
FIRST Technical Assistance Subaccount3.3
Belgium Technical Assistance Subaccount1.5
(In millions of SDRs)
The Post-Conflict and Natural Disaster Emergency
Assistance Subsidy Account34.319.332.413.4

The ending balances reflect rounding differences.

Net of refunds of contributions to donors owing to termination of projects financed by resources in the Administered Account.

Disbursements had been made from contributed resources as well as from interest earned on these resources.

The ending balances reflect rounding differences.

Net of refunds of contributions to donors owing to termination of projects financed by resources in the Administered Account.

Disbursements had been made from contributed resources as well as from interest earned on these resources.

7. Transfer of resources

Administered Account—Japan

Following the amendment of the Instrument governing the Account, effective March 5, 2008, SDR 6.1 million (US$9.9 million) was transferred to the Japan Administered Account for Liberia.

Supplementary Financing Facility Subsidy Account

Resources of the Supplementary Financing Facility Subsidy Account in excess of the remaining subsidy payments are to be transferred to the Special Disbursement Account. At April 30, 2008, subsidy payments totaling SDR 0.9 million had not been made to Sudan and were being held pending the payment of overdue charges by this member. At April 30, 2007, subsidy payments totaling SDR 2.2 million had not been made to Liberia and Sudan.

PRGF Administered Accounts

The difference between investment earnings and the interest due on the deposit, net of any cost, is transferred to the PRGF-ESF Subsidy Account of the PRGF-ESF Trust and PRGF-HIPC Trust. For the financial years ended April 30, 2008, and 2007, net investment income transferred from the PRGF Administered Accounts to the PRGF-ESF Subsidy Account amounted to SDR 0.05 million for each year, and SDR 0.05 million respectively; contributions 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.

Administered Account Austria-II

The difference between investment earnings and the interest due on the deposit is transferred to the ENDA Subaccount of the Post-Conflict and Natural Disaster Emergency Assistance Subsidy Account for PRGF-eligible members. For the financial years ended April 30, 2008, and 2007, net investment income transferred to the ENDA Subaccount amounted to SDR 0.2 million and SDR 0.3 million, respectively.

Administered Account for Liberia

From inception to April 30, 2008, transfers to the Administered Account for Liberia from the Liberia Interim Administered Account amounted to SDR 36.4 million. Transfers from the Liberia Administered Account to the PRGF-HIPC Trust amounted to SDR 15.0 million for the fiscal year ended April 30, 2008.

SCA-1/Deferred Charges Administered Account

From inception to April 30, 2008, transfers from the SCA-1/Deferred Charges Administered Account to the Administered Account for Liberia amounted to SDR 0.06 million.

8. Accounts termination

Administered Account—Japan

The Account can be terminated by the IMF or by Japan at any time. Any remaining resources in the Account at termination are to be returned to Japan.

Administered Account for Selected Fund Activities—Japan

The Account can be terminated by the IMF or by Japan at any time. Any resources that may remain in the Account at termination, net of accrued liabilities under technical assistance projects or in respect of the OAP, are to be returned to Japan.

Framework Administered Account for Technical Assistance Activities

The Framework Account or any subaccount thereof may be terminated by the IMF at any time. The termination of the Framework Account shall terminate each subaccount thereof. A subaccount may also be terminated by the contributor of the resources to the subaccount or, in the case of a subaccount comprising resources from more than one contributor, by all the contributors participating in the subaccount at the time of termination, provided that a contributor to such a subaccount may cease its own participation in the subaccount at any time without termination of the subaccount. Termination shall be effective on the date that the IMF or the contributor, as the case may be, receives notice of termination. The disposition of any balances, net of continuing liabilities and commitments under the activities financed, is governed by the conditions agreed between the IMF and the contributor, or contributors in the case of a subaccount with more than one contributor. Absent such agreement, the balances are returned to the contributor(s).

The Post-Conflict and Natural Disaster Emergency Assistance Subsidy Account

The Account can be terminated by the IMF at any time. Any balances remaining in the Account after discharge of all obligations of the Account upon its termination are to be transferred to each contributor in the proportion that the SDR equivalent of its respective contribution bears to the total contributions. In the case of earmarked contributions that have been fully used, no such transfer shall be made. A contributor may also designate its share or a specified portion for such other purposes as may be mutually agreed between the contributor and the IMF.

PRGF Administered Account—Indonesia

The PRGF Administered Account—Indonesia shall be terminated upon completion of its operation. Once the obligation to repay all deposits has been discharged and the final payment of interest has been made, any surplus remaining shall be transferred to the Subsidy Account of the PRGF-ESF Trust.

PRGF Administered Account—Portugal

The PRGF Administered Account—Portugal shall be terminated upon completion of its operation. Once the obligation to repay all deposits has been discharged and the final payment of interest has been made, any surplus remaining shall be transferred to the Subsidy Account of the PRGF-HIPC Trust.

Austria-II Administered Account

The Account will be terminated upon completion of its operation. Any assets remaining after the repayment of the deposit and interest due thereon will be transferred to the Natural Disaster Emergency Assistance Subaccount of the Post-Conflict and Natural Disaster Emergency Assistance Subsidy Account for PRGF-eligible members.

Post-SCA-2 Administered Account

Upon termination of the Post-SCA-2 Administered Account, resources received from a member’s cumulative SCA-2 contributions, together with the member’s pro rata share of investment returns, shall be transferred to the PRGF-HIPC Trust or to the member, in accordance with the member’s instructions.

Liberia Interim Administered Account

The Account was terminated when the Executive Board decision establishing the Administered Account for Liberia became effective on March 14, 2008, and its resources were transferred to that Account.

Administered Account for Liberia

The Account shall remain in effect for as long as is necessary until the IMF decides to terminate it. Any balance remaining in the Account on the date of its termination and after the discharge of all obligations of the Account shall be transferred to the PRGF-HIPC Trust for use in accordance with the provisions of the PRGF-HIPC Trust Instrument, provided that, at the request of a contributor, its pro rata share of any such resources remaining in the Account, or any portion of such share, shall be distributed to the contributor.

SCA-1/Deferred Charges Administered Account

The Account shall be terminated on March 13, 2011, three years from the effective date of the decision establishing the Account and each member with resources remaining in the Account shall be paid its respective balance in full. The Account may also be terminated as promptly as practicable following the receipt of instructions from every member regarding the distribution of its resources in the Account.

Japan Administered Account for Liberia

The Account shall be terminated following the transfer of its resources to the Liberia Administered Account. It could also be terminated at such earlier time as may be agreed upon between the IMF and Japan, taking into account Liberia’s adjustment efforts and the time frame within which it is expected to reach the completion point under the HIPC Initiative. In the latter case, resources in the Account shall be transferred back to the Administered Account—Japan for use in accordance with the purposes of that Account.

Schedule 1

Post-SCA-2 Administered Account: Holdings, interest, and transfers for the years ended April 30, 2008, and 2007

(In thousands of SDRs)

MemberBeginning balanceInterest earnedTransfers to

PRGF-HIPC Trust
Ending balance
Year ended April 30, 2008
Argentina6,0292236,252
Dominican Republic1,116411,157
Jordan1,267471,314
Trinidad and Tobago2,7221012,823
Vanuatu54256
República Bolivariana de Venezuela33,1971,22834,425
44,3851,64246,027
Year ended April 30, 2007
Argentina5,7962336,029
Dominican Republic1,073431,116
Jordan1,218491,267
Trinidad and Tobago2,6171052,722
Vanuatu51354
República Bolivariana de Venezuela31,9131,28433,197
42,6681,71744,385
The ending balances reflect rounding differences.
The ending balances reflect rounding differences.

Schedule 2

Liberia Interim Administered Account: Contributions, interest, and transfers from inception to April 30, 2008

(In thousands of SDRs)

MemberContributionsInterest earnedTransfers to

Administered

Account

for Liberia
Ending balance
Canada2,91072,917
Denmark3,822263,849
Mexico7,662197,681
United Kingdom4,907114,918
United States16,9907017,060
36,29213236,424

Schedule 3

Administered Account for Liberia: Contributions, interest, and transfers from inception to April 30, 2008

(In thousands of SDRs)

MemberContributionsInterest earnedTransfers to

PRGF-HIPC

Trust
Ending balance
Albania6262
Algeria1,9006741,832
Angola111
Armenia351134
Australia4,149141624,001
Belize571255
Botswana22819220
Bulgaria1,7506681,688
Burundi341133
Cambodia271126
Cameroon558222538
Canada11,3983844410,992
Central African Republic1031499
China12,6554249312,204
Congo, Dem. Rep. of2,79291092,692
Cóte d’Ivoire1,7936701,729
Croatia500219483
Cyprus23219224
Czech Republic2,2267872,146
Denmark3,849131503,712
Dominica221121
Egypt1,2164471,173
Finland2,883101122,781
Gabon647225624
Gambia, The531251
Ghana1,3465521,299
Greece1,3214511,274
Guinea981494
Iceland871384
India11,1503743510,752
Iran, Islamic Republic of381137
Ireland2,1017822,026
Israel1,0704421,032
Italy21,4716670920,828
Jamaica2,0867812,012
Japan41,3371391,61239,864
Kazakhstan1,004339968
Kenya839333809
Korea, Republic of7,139242786,885
Kuwait2,77491082,675
Latvia326113314
Lesotho201119
Liberia2,1077822,032
Libya4,529151774,367
Macedonia, former Yugoslav Republic of10514101
Madagascar323113311
Malawi244110235
Malta389115375
Mauritania15016145
Mexico7,681262997,408
Morocco2,2708892,189
Namibia1_11
Netherlands11,0543743110,660
Nicaragua581256
Norway6,0818_6,089
Pakistan6,142212395,924
Papua New Guinea363114350
Philippines1,5605611,504
Portugal2,946101152,841
Romania1,6406641,582
Russian Federation35,3621191,37934,102
Saudi Arabia11,2473843910,846
Senegal121112
Slovak Republic1,6065631,548
Slovenia52419516
South Africa1,8386721,772
Spain10,7083541810,325
Sri Lanka1,7306671,669
Togo12315118
Ukraine2,45052,455
United Kingdom20,8357081220,093
United States119,8044054,674115,535
Yemen, Republic of390115376
397,6481,31115,030383,929

Less than SDR 500.

Less than SDR 500.

Schedule 4

SCA-1/Deferred Charges Administered Account: Contributions, interest, and disbursements from inception to April 30, 2008

(In thousands of SDRs)

MemberContributionsInterest earnedDisbusementsEnding balance
Albania62162
Argentina38,92913539,064
Austria4,866174,883
Belgium7,574267,600
Brazil33,80811833,926
Estonia1741175
France21,1007321,173
Sweden5,130185,148
Uruguay3,509123,521
115,15240062115,490

Less than SDR 500.

Less than SDR 500.

    Other Resources Citing This Publication