Chapter

Other Administered Accounts

Author(s):
International Monetary Fund
Published Date:
October 2010
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Statements of financial position at April 30, 2010, and 2009

Administered Account—JapanAdministered Account for Selected Fund Activities—JapanFramework Administered Account for Technical Assistance ActivitiesFramework Administered Account for Selected Fund ActivitiesSupplementary Financing Facility Subsidy AccountThe Post-Conflict and Natural Disaster Emergency Assistance Subsidy AccountPRGF Administered Account—Indonesial
20102009201020092010200920102009201020092010200920102009
(In thousands of U.S. dollars)(In thousands of SDRs)
Assets
Cash and cash equivalents130,818130,66313,07422,44230,63035,75061,8101,0231,01813,20112,95425,00025,000
Investments (Note 5)
Interest/other receivables1,018129
Total assets130,818130,66313,07422,44230,63035,75062,8281,0231,01913,20312,96325,00025,000
Liabilities
Deposits (Note 6)25,00025,000
Interest payable and other liabilities59784,942
Total liabilities59784,94225,00025,000
Resources130,818130,66313,07422,44230,57135,67257,8861,0231,01913,20312,963
Total liabilities and resources130,818130,66313,07422,44230,63035,75062,8281,0231,01913,20312,96325,00025,000
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 25,2010.
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 25,2010.
/s/ Andrew Tweedie/s/ Dominique Strauss-Kahn
Director, Finance DepartmentManaging Director

Statements of financial position at April 30, 2010, and 2009

(In thousands of SDRs)

Administered Account—PortugalAdministered Account—Austria-IIPost-SCA-2 Administered AccountAdministered Account for LiberiaSCA-1/Deferred Charges Administered AccountJapan Administered Account for Liberia
201020092010200920102009201020092010200920102009
Assets
Cash and cash equivalents4407,0177,03546,96346,797418,928228,76679,456113,6666,2346,212
Investments (Note 5)148,933
Interest/other receivables82858171584814148
Total assets4407,0177,04346,99146,855419,099377,75779,504113,8076,2386,220
Liabilities
Deposits (Note 6)4387,0007,000
Interest payable and other liabilities21743
Total liabilities4407,0177,043
Resources46,99146,855419,099377,75779,504113,8076,2386,220
Total liabilities and resources4407,0177,04346,99146,855419,099377,75779,504113,8076,2386,220
The accompanying notes are an integral part of these financial statements.
The accompanying notes are an integral part of these financial statements.

Statements of comprehensive income and changes in resources for the years ended April 30, 2010, and 2009

Administered Account—JapanAdministered Account for Selected Fund Activities—JapanFramework Administered Account for Technical Assistance ActivitiesFramework Administered Account for Selected Fund ActivitiesSupplementary Financing Facility Subsidy AccountThe Post-Conflict and Natural Disaster Emergency Assistance Subsidy AccountAdministered Account—Indonesia
201020092010200920102009201012009201020092010200920102009
(In thousands of U.S. dollars)(In thousands of SDRs)
Resources, beginning of the year130,663129,45822,44220,50935,67226,8881,0191,00112,96317,544
Interest and investment income1551,2053529025303104182325761589
Contributions received7,80120,96322,70736,67069,0991,9753,175
Interest expense on deposits(121)
Payments to and on behalf of beneficiaries(17,204)(19,320)(27,833)(28,189)(11,223)(1,758)(8,013)
Operational income/(loss)1551,205(9,368)1,933(5,101)8,78457,886418240(4,581)61468
Transfers (Note 8)(61)(468)
Other comprehensive income
Net comprehensive income (loss)/changes in resources1551,205(9,368)1,933(5,101)8,78457,886418240(4,581)
Resources, end of the year130,818130,66313,07422,44230,57135,67257,8861,0231,01913,20312,963

From inception to April 30, 2010.

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

From inception to April 30, 2010.

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

Statements of comprehensive income and changes in resources for the years ended April 30, 2010, and 2009

(In thousands of SDRs)

Administered Account—PortugalAdministered Account—Austria-IIPost-SCA-2 Administered AccountAdministered Account for LiberiaSCA-1/Deferred Charges Administered AccountJapan Administered Account for Liberia
201020092010200920102009201020092010200920102009
Resources, beginning of the year5046,85546,027377,757383,929113,807115,4906,2206,110
Interest and investment income10171381368281,0538,0072912,03918110
Contributions received40,289931
Interest expense on deposits(2)(17)(35)
Payments to and on behalf of beneficiaries
Operational income810313682841,3428,9382912,03918110
Transfers (Note 8)(58)(103)(15,110)(34,594)(3,722)
Other comprehensive income
Net comprehensive income (loss)/changes in resources(50)13682841,342(6,172)(34,303)(1,683)18110
Resources, end of the year46,99146,855419,099377,75779,504113,8076,2386,220
The accompanying notes are an Integral part of these financial statements.
The accompanying notes are an Integral part of these financial statements.

Statements of cash flows for the years ended April 30, 2010, and 2009

Administered Account—JapanAdministered Account for Selected Fund Activities—JapanFramework Administered Account for Technical Assistance ActivitiesFramework Administered Account for Selected Fund ActivitiesSupplementary Financing Facility Subsidy AccountThe Post-Conflict and Natural Disaster Emergency Assistance Subsidy AccountAdministered Account—Indonesia
201020092010200920102009201012009201020092010200920102009
(In thousands of U.S. dollars)(In thousands of SDRs)
Cash flows from operating activities
Net comprehensive income/(loss)1551,205(9,368)1,933(5,101)8,78457,886418240(4,581)
Adjustments to reconcile net comprehensive income to cash generated by operations
Interest income(155)(1,205)(35)(290)(25)(303)(10)(4)(18)(23)(257)(61)(589)
Interest expense121
(9,403)1,643(5,126)8,48157,876217(4,838)(61)(468)
Changes in other assets(1,018)8162
Changes in other liabilities(19)244,942
(9,403)1,643(5,145)8,50561,800225(4,676)(61)(468)
Interest received1551,2053529025303105282228561591
Interest paid(564)
Net cash provided by/(used in) operating activities1551,205(9,368)1,933(5,120)8,80861,810528247(4,391)(441)
Cash flow from investment activities
Net disposal/(acquisition) of Investments7,00025,000
Net cash provided by/ (used in) investment activities7,00025,000
Cash flow from financing activities
Repayment of deposits
Net cash provided by financing activities
Net increase (decrease) in cash and cash equivalents1551,205(9,368)1,933(5,120)8,80861,8105282472,60924,559
Cash and cash equivalents, beginning of year/period130,663129,45822,44220,50935,75026,9421,01899012,95410,34525,000441
Cash and cash equivalents, end of year130,818130,66313,07422,44230,63035,75061,8101,0231,01813,20112,95425,00025,000
The accompanying notes are an Integral part of these financial statements.

From Inception to April 30, 2010.

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

From Inception to April 30, 2010.

Statements of cash flows for the years ended April 30, 2010, and 2009

(In thousands of SDRs)

Administered Account—PortugalAdministered Account—Austria-llPost-SCA-2 Administered AccountAdministered Account for LiberiaSCA-1/Deferred Charges Administered AccountJapan Administered Account for Liberia
201020092010200920102009201020092010200920102009
Cash flows from operating activities
Net comprehensive (loss)/income(50)13682841,342(6,172)(34,303)(1,683)18110
Adjustments to reconcile net comprehensive income to cash generated by operations
Interest income(10)(17)(138)(136)(828)(1,053)(8,145)(291)(2,039)(18)(110)
Interest expense21735
(58)(103)40,289(14,317)(34,594)(3,722)
Changes in other assets
Changes in other liabilities(8)(162)
(58)(8)(265)40,289(14,317)(34,594)(3,722)
Interest received67251751661,0869409,3963842,29822124
Interest paid(2)(7)(35)(35)
Net cash (used in)/provided by operating activities(2)2(18)(125)1661,08641,229(4,921)(34,210)(1,424)22124
Cash flow from investment activities
Net disposal/(acquisition) of investments1,3157,000148,933(148,933)
Net cash provided by/(used in) investment activities1,3157,000148,933(148,933)
Cash flow from financing activities
Repayment of deposits(438)(877)
Net cash (used in)/provided by financing activities(438)(877)
Net (decrease) increase in cash and cash equivalents(440)440(18)6,8751661,086190,162(153,854)(34,210)(1,424)22124
Cash and cash equivalents, beginning of year4407,03516046,79745,711228,766382,620113,666115,0906,2126,088
Cash and cash equivalents, end of year4407,0177,03546,96346,797418,928228,76679,456113,6666,2346,212
The accompanying notes are an Integral part of these financial statements.
The accompanying notes are an Integral part of these financial statements.

Notes to the financial statements for the years ended April 30, 2010, and 2009

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, unless the terms of an account would authorize transfers of assets to another account.

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. In April 2010, the IMF and Japan agreed to terminate the Account when ongoing projects are completed, and any residual amounts will be deposited by the IMF into the Japan subaccount under the new Framework Administered Account for Selected Fund Activities.

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 member 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. In April 2010, the Japan Advanced Scholarship Program subaccount was terminated (see Note 9) and remaining balances transferred to the Japan subaccount under the new Framework Administered Account for Selected Fund Activities.

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 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 are established to finance a range of other non-technical assistance activities of the IMF, as approved by the IMF’s Executive Board.

The financing of selected Fund activities is 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. Resources in SFA subaccounts may be transferred for use to other SFA subaccounts if the essential terms and conditions of the subaccounts so provides. 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.

Administered Account for Interim Holdings of Voluntary Contributions for Fund Activities

The Account was established in April 2010 to receive and hold externally contributed resources for an interim period until such time as they can be transferred to other Trusts or Accounts administered by the Fund. Since inception and through April 30, 2010, there have been no contributions or transfers 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, 2010, remains eligible to receive previously approved subsidy payments of SDR 0.9 million (SDR 0.9 million at April 30, 2009) 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 Poverty Reduction and Growth Trust (PRGT)—eligible members in support of the subsidization of emergency assistance for post conflict and, since January 2005, natural disasters. Earmarked funds contributed for either or both types of emergency assistance are administered through three subaccounts: a subaccount for post-conflict assistance, a subaccount for natural disaster assistance, and a third subaccount for either type of assistance. As part of the IMF’s response to the global economic crisis, the Executive Board reformed the concessional financing framework for low-income member countries and made changes to the Account. Effective January 7, 2010, the subsidy to each eligible member effectively reduces the interest rate on IMF financial support to zero percent from ½ of 1 percent, through January 31, 2012. Thereafter, the subsidy will reduce the interest rate to ¼ of 1 percent but will be prorated if resources are insufficient to reduce the interest rate to such an extent.

Administered Accounts—Indonesia and Portugal

The Administered Account—Indonesia, formerly 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 PRG-HIPC Trust. The Administered Account—Portugal, formerly the PRGF Administered Account—Portugal, established on May 16, 1994 and closed on May 15, 2009 (see Note 9), was for the administration of resources deposited by the Banco de Portugal for the benefit of the ECF Subsidy Account of the PRG Trust.

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 PRGT-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 PRGT-eligible members. In April 2010, the IMF and Austria agreed to terminate the Account early and the deposit plus outstanding interest due was repaid to Austria on May 6, 2010.

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 PRG-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 at such time that the Executive Board decides 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

Amended IFRS 7, “Financial Instruments: Disclosures” requires the disclosures of the methods and underlying assumptions applied in determining fair values of financial assets or financial liabilities. Amended IFRS 7 introduces a three-level hierarchy for fair value measurement disclosures and requires additional disclosures on the relative reliability of fair value measurements. An entity must also disclose the remaining contractual maturities for financial liabilities and how it manages the related liquidity risk. The amended IFRS 7, which became effective for annual periods beginning on or after January 1, 2009, was implemented during the financial year ended April 30, 2010, resulting in enhanced disclosures of the Account’s financial assets and financial liabilities. No comparative information is provided in the current year as allowed for by the standard in the year of implementation.

IFRS 9, “Financial Instruments” was issued in November 2009 as the first step in replacing the IAS 39, “Financial Instruments: Recognition and Measurement” standard. Under IFRS 9, financial assets currently in the scope of IAS 39 will be divided into two categories: those measured at amortized cost and those measured at fair value. The effective date for mandatory adoption of IFRS 9 is January 1, 2013, but early adoption will be permitted. As the Accounts measure financial assets only at amortized cost, the implementation of IFRS 9 is not expected to have an impact on the Accounts’ financial position or results of operations.

Unit of account

Administered Account—Japan, Administered Account for Selected Fund Activities—Japan, Framework Administered Account for Technical Assistance Activities, Framework Administered Account for Selected Fund Activities, and Administered Account for Interim Holdings of Voluntary Contributions for 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 these 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 Subsidy Account, The Post-Conflict and Natural Disaster Emergency Assistance Subsidy Account, Administered Account—Indonesia, 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 for the above accounts are presented in Special Drawing Rights (SDRs). The SDR is also the IMF’s unit of account, and the U.S. dollar equivalent is determined daily by the IMF by summing specific amounts of the four basket currencies (see below) in U.S. dollar equivalents on the basis of market exchange rates. 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, 2010, and 2009, and their amounts, relative to one SDR were as follows:

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

At April 30, 2010, one SDR was equal to US$1.51112 (one SDR was equal to US$1.49783 at April 30, 2009).

Transactions and operations of the Accounts are denominated in SDRs. Contributions denominated in other currencies are converted into the component currencies in the SDR basket 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. Accordingly, under IFRS 7 these financial assets held by the Accounts are in the Level 2 category.

Amendments to the IFRS 7 standard introduced a three-level fair value hierarchy under which financial instruments are categorized based on the priority of the inputs to the valuation technique used to determine fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1), the next highest priority to observable market-based inputs or inputs that are corroborated by market data (Level 2), and the lowest priority to unobservable inputs that are not corroborated by market data (Level 3). When the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement of the instrument in its entirety. Thus, a Level 3 fair value measurement may include inputs that are both observable and unobservable.

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$1.4 million and US$2.0 million for the financial years ended April 30, 2010, and 2009, respectively. The administrative expenses of the Framework Administered Account for Technical Assistance Activities that were reimbursed amounted to US$3.2 million and US$3.2 million for the financial years ended April 30, 2010, and 2009, respectively. The administrative expenses of the Framework Administered Account for Selected Fund Activities that were reimbursed amounted to US$0.7 million for the financial year ended April 30, 2010. 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 have minimal exposure to credit, liquidity, and market risks. The assets and liabilities of each account are held separately, and operations primarily comprise receipt of cash contributions and payment of these resources for the designated purposes of each account.

This note provides further information on the above 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 holding resources at the Bank for International Settlements.

Liquidity risk

Liquidity risk is the risk of non-availability of resources to meet financing needs and obligations. Liquidity risk is limited by maintaining sufficient resources to meet anticipated liquidity needs. The Accounts’ resources comprise cash and short-term fixed deposits.

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 Administered Account for Liberia at April 30, 2009 (none at April 30, 2010) consisted of fixed-term deposits with maturities of less than one year.

6. Deposits

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 PRG-HIPC Trust.

Administered Account—Portugal

The Banco de Portugal made six annual deposits, each in the amount of SDR 2.2 million, since May 1994. Each deposit was repaid in five equal annual installments beginning six years after the date of the deposit, and the final installment was repaid in May 2009. Each deposit had interest payable at a rate of ½ of 1 percent a year and any income earned above this threshold was transferred to the ECF Subsidy Account of the PRG Trust.

Austria-II Administered Account

The deposit of SDR 7 million was repaid on May 6, 2010, one year earlier than the expected repayment date of May 2, 2011. The Account generated income that was less than the interest payable at a rate of ½ of 1 percent per annum during the financial year, and Austria agreed to receive actual investment returns along with early repayment of the deposit.

7. Cumulative contributions and disbursements

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

April 30, 20101April 30, 20091
AccountCumulative contributions2Cumulative disbursements3Cumulative contributions2Cumulative disbursements3
(In millions of U.S. dollars)
Administered Account—Japan135.282.4135.282.4
Administered Account for Selected Fund Activities—Japan333.7331.8325.9314.6
Technical assistance288.9285.9281.7273.4
Scholarships28.929.628.426.1
Office of Asia and the Pacific15.916.315.815.1
Framework Administered Account for Technical Assistance Activities204.7180.1182.0152.2
Japan Advanced Scholarship Program Subaccount19.320.019.418.9
Rwanda-Macroeconomic Management Capacity Subaccount1.51.61.51.6
Australia-IMF Scholarship Program for Asia Subaccount5.85.65.85.6
Switzerland Technical Assistance Subaccount18.617.918.616.6
French Technical Assistance Subaccount1.20.71.20.7
Denmark Technical Assistance Subaccount6.46.26.86.2
Australia Technical Assistance Subaccount2.93.02.92.5
The Netherlands Technical Assistance Subaccount13.311.49.48.1
The United Kingdom DFID Technical Assistance Subaccount17.415.816.614.2
Italy Technical Assistance Subaccount3.73.73.73.4
Pacific Financial Technical Assistance Center Subaccount11.510.08.78.0
Africa Regional Technical Assistance Centers Subaccount38.038.237.234.4
Sweden Technical Assistance Subaccount1.81.51.31.2
China Technical Assistance Subaccount0.40.40.40.4
Technical Assistance Subaccount for Iraq6.05.76.05.2
Canada Technical Assistance Subaccount8.25.06.53.1
Middle East Regional Technical Assistance Center Subaccount11.311.08.87.6
Technical Assistance Subaccount to Support Macroeconomic and Financial Policy Formulation and Management4.62.92.82.0
Spain Technical Assistance Subaccount1.21.02.00.9
European Commission Technical Assistance Subaccount for METAC1.11.22.21.8
European Investment Bank Technical Assistance Subaccount1.40.91.40.6
Central Africa Regional Technical Assistance Center Subaccount14.311.87.77.4
Islamic Development Bank Technical Assistance Subaccount0.60.10.40.1
FIRST Technical Assistance Subaccount9.72.47.71.0
Belgium Technical Assistance Subaccount4.52.13.00.7
Framework Administered Account for Selected Fund Activities69.111.0
Anti-Money Laundering and Combating the Financing of Terrorism Subaccount13.54.0
Central America, Panama, and the Dominican Republic Technical Assistance Center Subaccount13.42.0
East Africa Regional Technical Assistance Center Subaccount4.52.0
European Investment Bank Subaccount for Selected Fund Activities
Germany Subaccount for Selected Fund Activities1.9
Japan Subaccount for Selected Fund Activities19.11.2
The Socialist People’s Libyan Arab Jamahiriya Subaccount for Selected Fund Activities2.54
Netherlands Subaccount for Selected Fund Activities0.2
Norway Subaccount for Selected Fund Activities0.24
Switzerland Subaccount for Selected Fund Activities6.40.1
West Africa Regional Technical Assistance Center Subaccount7.41.7
(In millions of SDRs)
The Post-Conflict and Natural Disaster Emergency Assistance
Subsidy Account39.529.137.527.3

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 and transfers between subaccounts within the Framework Administered Account for Selected Fund Activities.

Disbursements had been made from contributed resources as well as from interest earned on these resources, and include reimbursements in some cases, for payments made previously.

Less than $50,000.

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 and transfers between subaccounts within the Framework Administered Account for Selected Fund Activities.

Disbursements had been made from contributed resources as well as from interest earned on these resources, and include reimbursements in some cases, for payments made previously.

Less than $50,000.

8. Transfer of resources

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, 2010, and 2009, 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.

Administered Accounts—Indonesia and Portugal

For the financial years ended April 30, 2010, and 2009, net investment income transferred from the Administered Account—Indonesia to the PRG-HIPC Trust amounted to SDR 0.06 million and SDR 0.5 million, respectively; no net investment income was transferred from the Administered Account—Portugal to the ECF Subsidy Account of the PRG Trust for the financial year ended April 30, 2010 (SDR 0.06 million during the financial year ended April 30, 2009).

Administered Account Austria-II

The difference between investment earnings and the interest due on the deposit is transferred to the earmarked natural disaster subaccount of the Post-Conflict and Natural Disaster Emergency Assistance Subsidy Account for PRGT-eligible members. No net investment income was transferred to this subaccount for the financial year ended April 30, 2010 (SDR 0.1 million during the financial year ended April 30, 2009).

Administered Account for Liberia

For the financial year ended April 30, 2010, no transfers were made from the Liberia Administered Account for Liberia to the PRG-HIPC Trust (SDR 15.0 million during the financial year ended April 30, 2009).

SCA-1/Deferred Charges Administered Account

For the financial year ended April 30, 2010, transfers to the Administered Account for Liberia amounted to SDR 34.6 million. Transfers of SDR 0.9 million and SDR 2.8 million were made to the Administered Account for Liberia and to members, respectively, for the financial year ended April 30, 2009.

9. Accounts termination

During the financial year ended April 30, 2010, the Administered Account—Portugal was closed following the repayment of the deposit to Portugal on May 15, 2009 (none during the financial year ended April 30, 2009).

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. In April 2010, Japan informed the IMF of its intent to terminate the Account upon completion of on-going projects and to transfer remaining residual amounts to the Japan subaccount under the new Framework Administered Account for Selected Fund Activities.

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).

Administered Account for Interim Holdings of Voluntary Contributions for Fund Activities

The Account may be terminated by the IMF at any time. Any uncommitted resources in the Account at the time of termination shall be returned to the contributors.

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.

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 PRG-HIPC Trust.

Austria-II Administered Account

The Account can be terminated by the IMF at any time, and upon agreement with Austria in April 2010, the Account was terminated upon the early repayment of the deposit, with interest earnings, on May 6, 2010.

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 PRG-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 PRG-HIPC Trust for use in accordance with the provisions of the PRG-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.

10. Subsequent Event

On June 23, 2010, the IMF Executive Board agreed in principle that Liberia had taken the steps necessary to reach its completion point under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative. The decision is contingent upon the World Bank reaching a similar decision, which is to be considered on June 29, 2010. Following the World Bank decision, the Executive Board will adopt a final completion point decision that also qualifies Liberia for HIPC and beyond-HIPC debt relief to be delivered on June 30, 2010. These debt relief operations involve use of all the resources in the Administered Account for Liberia and the Japan Administered Account for Liberia.

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