Chapter

Other Administered Accounts

Author(s):
International Monetary Fund
Published Date:
September 2009
Share
  • ShareShare
Show Summary Details

Statements of financial position at April 30, 2009, and 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
20092008200920082009200820092008200920082009200820092008
(In thousands of U.S. dollars)
(In thousands of SDRs)
Assets
Cash and cash equivalents130,663129,45822,44220,50935,75026,9421,01899012,95410,34525,000441440
Investments (Note 5)7,00025,0001,315
Interest/other receivables1119199256
Total assets130,663129,45822,44220,50935,75026,9421,0191,00112,96317,54425,00025,4434401,371
Liabilities
Deposits (Note 6)25,00025,0004381,315
Interest payable and other liabilities785444326
Total liabilities785425,00025,4434401,321
Resources130,663129,45822,44220,50935,67226,8881,0191,00112,96317,54450
Total liabilities and resources130,663129,45822,44220,50935,75026,9421,0191,00112,96317,54425,00025,4434401,371
The accompanying notes are an integral part of these financial statements.These financial statements were appropved by the Managing Director and the Director of Finance on June 30,2009.
The accompanying notes are an integral part of these financial statements.These financial statements were appropved by the Managing Director and the Director of Finance on June 30,2009.
/s/ Andrew Tweedie/s/ Dominique Strauss-Kahn
Director, Finance DepartmentManaging Director

Other Administered Accounts: Statements of financial position at April 30, 2009, and 2008

(In thousands of SDRs)

Administered

Account—Austria-II
Post-SCA-2

Administered

Account
Administered

Account for

Liberia
SCA-1/Deferred

Charges

Administered

Account
Japan

Administered

Account

for Liberia
2009200820092008200920082009200820092008
Assets
Cash and cash equivalents7,03516046,79745,711228,766382,620113,666115,0906,2126,088
Investments (Note 5)7,000148,933
Interest/other receivables84558316581,309141400822
Total assets7,0437,20546,85546,027377,757383,929113,807115,4906,2206,110
Liabilities
Deposits (Note 6)7,0007,000
Interest payable and other liabilities43205
Total liabilities7,0437,205
Resources46,85546,027377,757383,929113,807115,4906,2206,110
Total liabilities and resources7,0437,20546,85546,027377,757383,929113,807115,4906,2206,110
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 comprehensive income and changes in resources for the years ended April 30, 2009, and 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
20092008200920082009200820092008200920082009200820092008
(In thousands of U.S. dollars)
(In thousands of SDRs)
Resources, beginning of the year129,458133,93520,50922,63826,88828,3571,0012,26417,54420,8242085045
Interest and investment income1,2055,4282901,0973031,23518792577055891,1141060
Contributions received20,96318,24436,67022,8243,1751,952
Interest expense on deposits(121)(532)(2)(7)
Payments to and on behalf of beneficiaries(19,320)(21,470)(28,189)(25,528)(1,342)(8,013)(5,937)0
Operational income/(loss)1,2055,4281,933(2,129)8,784(1,469)18(1,263)(4,581)(3,280)468582853
Transfers (Note 8)(9,905)(468)(790)(58)(48)
Other comprehensive income
Net comprehensive income
(loss)/changes in resources1,205(4,477)1,933(2,129)8,784(1,469)18(1,263)(4,581)(3,280)(208)(50)5
Rescources, end of the year130,663129,45822,44220,50935,67226,8881,0191,00112,96317,54450
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 comprehensive income and changes in resources for the years ended April 30, 2009, and 2008

(In thousands of SDRs)

Administered

Account—Austria-II
Post-SCA-2

Administered

Account
Administered

Account for

Liberia
SCA-1/Deferred

Charges

Administered

Account
Japan

Administered

Account

for Liberia
2009200820092008200920081200920081200920081
Resources, beginning of the year46,02744,385383,929115,4906,110
Interest and investment income1382758281,6428,0071,3112,03940011020
Contributions received931397,648115,1526,090
Interest expense on deposits(35)(35)
Payments to and on behalf of beneficiaries
Operational income1032408281,6428,938398,9592,039115,5521106,110
Transfers (Note 8)(103)(240)(15,110)(15,030)(3,722)(62)
Other comprehensive income
Net comprehensive income (loss)/changes in resources8281,642(6,172)383,929(1,683)115,4901106,110
Resources, end of the year46,85546,027377,757383,929113,807115,4906,2206,110
The accompanying notes are an integral part of these financial statements.

From inception to April 30, 2008.

The accompanying notes are an integral part of these financial statements.

From inception to April 30, 2008.

Other Administered Accounts: Statements of cash flows for the years ended April 30, 2009, and 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
20092008200920082009200820092008200920082009200820092008
(In thousands of U.S. dollars)
(In thousands of SDRs)
Cash flows from operating activities
Net comprehensive income/(loss)1,205(4,477)1,933(2,129)8,784(1,469)18(1,263)(4,581)(3,280)(208)(50)5
Adjustments to reconcile net comprehensive
income to cash generated by operations
Interest income(1,205)(5,428)(290)(1,097)(303)(1,235)(18)(79)(257)(705)(589)(1,114)(10)(60)
Interest expense12153227
(9,905)1,643(3,226)8,481(2,704)(1,342)(4,838)(3,985)(468)(790)(58)(48)
Changes in other assets162(24)1797
Changes in other liabilities2429
(9,905)1,643(3,226)8,505(2,675)(1,342)(4,676)(4,009)(468)(611)(58)(41)
Interest received1,2055,4282901,0973031,23528932857155911,5356755
Interest paid(564)(483)(7)(14)
Net cash provided by/(used in)
operating activities1,205(4,477)1,933(2,129)8,808(1,440)28(1,249)(4,391)(3,294)(441)4412
Cash flow from investment activities
Net disposal/(acquisition) of investments7,00058525,0001,3151,314
Net cash provided by/(used in)
investment activities7,00058525,0001,3151,314
Cash flow from financing activities
Repayment of deposits(877)(1,314)
Net cash provided by financing activities(877)(1,314)
Net increase (decrease) in cash and cash
equivalents1,205(4,477)1,933(2,129)8,808(1,440)28(1,249)2,609(2,709)24,559441440
Cash and cash equivalents, beginning of year129,458133,93520,50922,63826,94228,3829902,23910,34513,054441
Cash and cash equivalents, end of year130,663129,45822,44220,50935,75026,9421,01899012,95410,34525,000441440
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, 2009, and 2008

(In thousands of SDRs)

Administered

Account—Austria-II
Post-SCA-2

Administered

Account
Administered

Account for

Liberia
SCA-1/Deferred

Charges

Administered

Account
Japan

Administered

Account

for Liberia
2009200820092008200920081200920081200920081
Cash flows from operating activities
Net comprehensive income/(loss)8281,642(6,172)383,929(1,683)115,4901106,110
Adjustments to reconcile net comprehensive income to cash generated by operations
Interest income(138)(275)(828)(1,642)(8,145)(1,311)(2,039)(400)(110)(22)
Interest expense3535
(103)(240)(14,317)382,618(3,722)115,0906,088
Changes in other assets
Changes in other liabilities(162)24
(265)(216)(14,317)382,618(3,722)115,0906,088
Interest received1753661,0861,7799,39622,298124
Interest paid(35)(35)
Net cash provided by/(used in) operating activities(125)1151,0861,779(4,921)382,620(1,424)115,0901246,088
Cash flow from investment activities
Net disposal/(acquisition) of investments7,000(148,933)
Net cash provided by/(used in) investment activities7,000(148,933)
Cash flow from financing activities
Repayment of deposits
Net cash provided by/(used in) financing activities
Net increase (decrease) in cash and cash equivalents6,8751151,0861,779(153,854)382,620(1,424)115,0901246,088
Cash and cash equivalents, beginning of year1604545,71143,932382,620115,0906,088
Cash and cash equivalents, end of year7,03516046,79745,711228,766382,620113,666115,0906,2126,088
The accompanying notes are an integral part of these financial statements.

From inception to April 30, 2008.

The accompanying notes are an integral part of these financial statements.

From inception to April 30, 2008.

Other Administered Accounts: Notes to the financial statements for the years ended April 30, 2009, and 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.

Administered Account—Japan

The Account was established in March 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

The Account was established in March 1990, to administer resources contributed by Japan to finance technical assistance to member countries and to support 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 in April 1995, to receive and administer contributed resources that are to be used to finance technical assistance of the IMF to official agencies of countries and to international organizations. Technical assistance is provided on macroeconomic, fiscal, monetary, financial and related statistical fields, including training programs and projects that strengthen the legal and administrative framework in these core areas. 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 IMF. 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. After March 27, 2009, upon approval of the establishment of the Framework Administered Account for Selected Fund Activities, no new subaccounts will be established under the Framework Account.

Framework Administered Account for Selected Fund Activities

The Account (the SFA Framework Account) was established in March 2009 to administer externally contributed resources that are to be used to finance the selected IMF activities, including the full range of IMF technical assistance activities and activities in support of technical assistance provided directly to recipients. In addition, subaccounts will be established to finance a range of other non-technical assistance activities of the IMF, upon approval of the IMF’s Executive Board.

The financing of selected Fund activities will be implemented through the establishment and operation of subaccounts within the SFA Framework Account. Resources are to be used in accordance with essential terms and conditions established by IMF, with the concurrence of contributors. Disbursements can also be made from the SFA Framework Account to the General Resources Account to reimburse the IMF for the costs incurred in connection with activities financed by resources from the SFA Framework Account. Since its inception and through April 30, 2009, there have been no contributions and transactions recorded in the Account.

Supplementary Financing Facility Subsidy Account

The Account was established in December 1980 to assist low-income member countries 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 at April 30, 2009, remains eligible to receive previously approved subsidy payments of SDR 0.9 million (SDR 0.9 million at April 30, 2008) 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 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 the subsidization of emergency assistance for post conflict and, since January 2005, natural disasters. The subsidy to each eligible member effectively reduces the interest rate on IMF financial support to ½ of 1 percent but will be prorated if resources are insufficient to reduce interest rate to such an extent.

PRGF Administered Accounts

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

Austria-II Administered Account

The Account was established in April 2006, to provide resources to subsidize charges on purchases under the policy on Emergency Natural Disaster Assistance (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 Account was established in December 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.

Administered Account for Liberia

The Account was established in March 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 to Liberia, as well as to provide additional debt relief to Liberia beyond HIPC assistance.

SCA-1/Deferred Charges Administered Account

The Account was established in March 2008, as an interim vehicle to hold and administer members’ refunds resulting from the distribution of certain SCA-1 balances and from the payment of deferred charges adjustments that had been made in respect of overdue charges attributed to Liberia. Following Liberia’s arrears clearance, members were given the option to temporarily deposit their refunds into this Account pending their decisions as to the final disposition of those resources.

Japan Administered Account for Liberia

At the request of Japan, the Account was established in March 2008, to hold and administer resources 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. The transfer of these resources shall be initiated when staff proposes that the Executive Board decide that Liberia has reached the completion point under the enhanced HIPC Initiative.

2. Basis of preparation and measurement

The financial statements of the Other Administered Accounts are prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). 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.

New International Financial Reporting Standards and Interpretation

During the financial year ended April 30, 2009, the financial statements of the Other Administered Accounts were prepared in accordance with Revised IAS 1, “Presentation of Financial Statements.” Revised IAS 1 requires presentation of non-owner 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 did not have a significant impact on the presentation of the financial statements.

Unit of account

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

Supplementary Financing Facility, The Post-Conflict and Natural Disaster Emergency Assistance Subsidy Account, PRGF Administered Account—Indonesia, PRGF Administered Account—Portugal, Administered Account Austria-II, Post-SCA-2 Administered Account, Administered Account for Liberia, SCA-1/Deferred Charges Administered Account, and Japan Administered Account for Liberia

The financial statements are presented in Special Drawing Right (SDR). The SDR is also the IMF’s unit of account, and 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 at five-year intervals, and the current composition of the SDR valuation basket became effective on January 1, 2006.

The currencies in the basket at April 30, 2009, and 2008, and their amounts were as follows:

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

At April 30, 2009, one SDR was equal to US$1.49783 (one SDR was equal to US$1.62378 at April 30, 2008).

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

Use of estimates and judgment

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.

Information about significant areas of estimation uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amount recognized in the financial statements are described in Note 3.

3. Summary of significant accounting and related policies

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.

Foreign currency translation

Foreign currency transactions are recorded at the rate of exchange on the date of the transaction. At the end of each financial reporting period, 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 comprehensive income.

Administrative expenses

The expenses of conducting the activities of the Other Administered Accounts are paid by the IMF from the General Resources Account and partial reimbursements were made by several Administered Accounts. For the Administered Account for Selected Fund Activities—Japan, the reimbursements were US$2.0 million and US$2.3 million for the financial years ended April 30, 2009, and 2008, respectively. The administrative expenses of the Framework Account that were reimbursed amounted to US$3.2 million and US$2.8 million for the financial years ended April 30, 2009, and 2008, respectively. These reimbursements are included in payments to and on behalf of beneficiaries in the statements of comprehensive income and changes in resources.

4. 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.

This note presents information about the Accounts’ exposure to each of the above risks, the Accounts’ objectives, policies, and the processes for measuring and managing risk.

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 investing resources with the objective of earning sufficient interest income 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, to the extent possible, by holding all financial assets and liabilities in the reporting currency designated for each of the Accounts.

5. Investments

The investments in the Post-Conflict and Natural Disaster Emergency Assistance Subsidy Account, PRGF Administered Accounts, Administered Account Austria-II at April 30, 2008, and Administered Account for Liberia at April 30, 2009 consisted of fixed-term deposits with maturities of less than one year.

6. 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 from 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 and any income earned above this threshold is to be transferred to the PRGF-ESF Subsidy Account of the PRGF-ESF Trust.

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.

7. Cumulative contributions and disbursements

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

April 30, 20091April 30, 20081
AccountCumulative

contributions2
Cumulative

disbursements3
Cumulative

contributions2
Cumulative

disbursements3
(In millions of U.S. dollars)
Administered Account—Japan135.282.4135.282.4
Administered Account for Selected Fund Activities—Japan325.9314.6305.0295.3
Technical assistance281.7273.4264.5258.7
Scholarships28.426.126.023.4
Office of Asia and the Pacific15.815.114.513.2
Framework Administered Account for Technical Assistance Activities182.0152.2145.4124.1
Japan Advanced Scholarship Program Subaccount19.418.917.817.5
Rwanda—Macroeconomic Management Capacity Subaccount1.51.61.51.6
Australia—IMF Scholarship Program for Asia Subaccount5.85.64.84.8
Switzerland Technical Assistance Subaccount18.616.617.515.7
French Technical Assistance Subaccount1.20.71.20.7
Denmark Technical Assistance Subaccount6.86.26.85.5
Australia Technical Assistance Subaccount2.92.52.01.6
The Netherlands Technical Assistance Subaccount9.48.16.76.6
The United Kingdom DFID Technical Assistance Subaccount16.614.214.411.6
Italy Technical Assistance Subaccount3.73.43.72.7
Pacific Financial Technical Assistance Center Subaccount8.78.06.96.5
Africa Regional Technical Assistance Centers Subaccount37.234.428.627.8
Sweden Technical Assistance Subaccount1.31.21.31.2
China Technical Assistance Subaccount0.40.40.40.3
Technical Assistance Subaccount for Iraq6.05.26.04.6
Canada Technical Assistance Subaccount6.53.13.42.2
Middle East Regional Technical Assistance Center Subaccount8.87.65.85.9
Technical Assistance Subaccount to Support Macroeconomic and
Financial Policy Formulation and Management2.82.02.21.3
Spain Technical Assistance Subaccount2.00.92.00.6
European Commission Technical Assistance Subaccount for METAC2.21.82.21.5
European Investment Bank Technical Assistance Subaccount1.40.60.60.4
Central Africa Regional Technical Assistance Center Subaccount7.77.44.43.6
Islamic Development Bank Technical Assistance Subaccount0.40.10.40.1
FIRST Technical Assistance Subaccount7.71.03.3
Belgium Technical Assistance Subaccount3.00.71.5
(In millions of SDRs)
The Post-Conflict and Natural Disaster Emergency Assistance Subsidy Account37.527.334.319.3

The ending balances include 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 include 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.

8. Transfer of resources

Administered Account—Japan

Following the amendment of the Instrument for the Account, effective March 5, 2008, SDR 6.1 million (US$ 9.9 million) was transferred to the Japan Administered Account for Liberia during the financial year ended April 30, 2008.

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, 2009 and 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.

PRGF Administered Accounts

For the financial years ended April 30, 2009, and 2008, net investment income transferred from the PRGF Administered Accounts to the PRGF-ESF Subsidy Account of the PRGF-ESF Trust amounted to SDR 0.06 million and SDR 0.05 million, respectively; contributions to the PRGF-HIPC Trust amounted to SDR 0.5 million and SDR 0.8 million for the financial years ended April 30, 2009, and 2008, 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, 2009 and 2008, net investment income transferred to the ENDA Subaccount amounted to SDR 0.1 million and SDR 0.2 million, respectively.

Administered Account for Liberia

Transfers from the Liberia Administered Account for Liberia to the PRGF-HIPC Trust amounted to SDR 15.0 million each for the financial year ended April 30, 2009 and from inception to April 30, 2008.

SCA-1/Deferred Charges Administered Account

For the financial year ended April 30, 2009 transfers to the Administered Account for Liberia and to members amounted to SDR 0.9 million and SDR 2.8 million, respectively. Transfers of SDR 0.06 million were made to the Administered Account for Liberia for the financial year ended April 30, 2008.

9. Accounts termination

For the financial years ended April 30, 2009 and 2008, none of the Accounts were terminated.

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 and Framework Administered Account for Selected Fund 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 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 Account 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 PRGF-HIPC Trust.

PRGF Administered Account—Portugal

The Account 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 PRGF-ESF Subsidy Account of the PRGF-ESF 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 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.

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 Administered Account for Liberia. 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 year ended April 30, 2009

(In thousands of SDRs)

MemberBeginning balanceInterest earnedTransfers to

PRGF-HIPC Trust
Ending balance
Argentina6,2521126,364
Dominican Republic1,157211,178
Jordan1,314241,338
Trinidad and Tobago2,823512,874
Vanuatu56157
Venezuela, República Bolivariana de34,42561935,044
46,02782846,855

Schedule 2

Administered Account for Liberia: Contributions, interest, and transfers for the year ended April 30, 2009

(In thousands of SDRs)

MemberBeginning

balance
ContributionsInterest

earned
Transfers to

PRGF-HIPC

Trust
Ending

balance
Albania621261
Algeria1,83239721,799
Angola1111
Armenia341233
Australia4,001831573,927
Belize551254
Botswana22059216
Bulgaria1,68835661,657
Burundi331232
Cambodia261126
Cameroon5381121528
Canada10,99222943210,789
Central African Republic993498
China12,20425447911,979
Congo, Democratic Republic of2,692571062,643
Côte d’Ivoire1,72936681,697
Croatia4831020473
Cyprus22459220
Czech Republic2,14645842,107
Denmark3,712771463,643
Dominica211121
Egypt1,17324461,151
Estonia17537171
Finland2,781581102,729
Gabon6241325612
Gambia, The511250
Ghana1,29927521,274
Greece1,27426501,250
Guinea942393
Iceland841382
India10,75222442210,554
Iran, Islamic Republic of371236
Ireland2,02642791,989
Israel1,03221401,013
Italy20,82843381820,443
Jamaica2,01242791,975
Japan39,8648301,56539,129
Kazakhstan9682038950
Kenya8091732794
Korea, Republic of6,8851432706,758
Kuwait2,675561052,626
Latvia314712309
Lesotho191119
Liberia2,03242801,994
Libya4,367911714,287
Macedonia, former Yugoslav Republic of1012499
Madagascar311712306
Malawi23559231
Malta375815368
Mauritania14536142
Mexico7,4081542917,271
Morocco2,18946862,149
Namibia111
Netherlands10,66022241810,464
Nicaragua561255
Norway6,0891262395,976
Pakistan5,9241232335,814
Papua New Guinea350713344
Philippines1,50432591,477
Portugal2,841591112,789
Romania1,58232621,552
Russian Federation34,1027101,33933,473
Saudi Arabia10,84622642610,646
Senegal121112
Slovak Republic1,54832601,520
Slovenia5161120507
South Africa1,77238701,740
Spain10,32521640510,136
Sri Lanka1,66934661,637
Togo11834117
Ukraine2,45551962,410
United Kingdom20,09341878919,722
United States115,5352,4064,536113,405
Uruguay756830734
Yemen, Republic of376815369
383,9299318,00715,110377,757

Less than SDR 500.

Less than SDR 500.

Schedule 3

SCA-1/Deferred Charges Administered Account: Contributions, interest and disbursements for the year ended April 30, 2009

(In thousands of SDRs)

MemberBeginning balanceInterest earnedDisbursementsEnding balance
Argentina39,06470339,767
Austria4,883884,971
Belgium7,6001377,737
Brazil33,92661134,537
Estonia1751175
France21,17338121,554
Sweden5,148935,241
Uruguay3,52163,547
115,4902,0393,722113,807

Less than SDR 500.

Less than SDR 500.

    Other Resources Citing This Publication