Deloitte: Independent Auditors’ Report

International Monetary Fund
Published Date:
September 2009
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Deloitte & Touche LLP

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555 12th Street, NW

Washington, DC 20004-1207


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Fax: +1 202 879 5309

To the Board of Governors

of the International Monetary Fund

Washington, DC

We have audited the accompanying statements of financial position as of April 30, 2009 and 2008, and the related statements of comprehensive income and changes in resources and of cash flows for the years then ended of the following entities of the International Monetary Fund:

  • Poverty Reduction and Growth Facility and Exogenous Shocks Facility Trust (“PRGF-ESF”)

  • Poverty Reduction and Growth Facility for Heavily Indebted Poor Countries Trust (“PRGF-HIPC”)

  • Multilateral Debt Relief Initiative—II Trust (“MDRI II”)

These financial statements are the responsibility of PRGF-ESF, PRGF-HIPC, and MDRI II’s (the “Trusts”) management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with International Standards on Auditing and auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trusts’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material respects, the financial positions of the PRGF-ESF, PRGF-HIPC, and MDRI II Trusts of the International Monetary Fund at April 30, 2009 and 2008, and the results of their operations and their cash flows for the years then ended in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules listed on pages 47 to 55 are presented for the purpose of additional analysis and are not a required part of the basic financial statements. These schedules are the responsibility of the Trusts’ management. Such schedules have been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole.

June 30, 2009

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Deloitte Touche Tohmatsu

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