Chapter

Concessional Lending and Debt Relief Trusts

Author(s):
International Monetary Fund
Published Date:
September 2012
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Independent Auditors’ Report

Deloitte

Deloitte & Touche LLP

Suite 500

555 12th Street N.W.

Washington, DC 20004-1207

USA

Tel: +1 202 879 5600

Fax: +1 202 879 5309

www.deloitte.com

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, 2012 and 2011, 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 Trust (PRG Trust)

  • Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries and Interim ECF Subsidy Operations (PRG-HIPC Trust) and related Umbrella Account for HIPC Operations

  • Multilateral Debt Relief Initiative-II Trust (MDRI-II Trust)

  • Post-Catastrophe Debt Relief Trust (PCDR Trust) and related Umbrella Account for PCDR Operations

These financial statements are the responsibility of the PRG Trust, PRG-HIPC Trust and related Umbrella Account for HIPC Operations, MDRI-II Trust, and Post-Catastrophe Debt Relief (PCDR) Trust and related Umbrella Account for PCDR Operations, collectively referred to as the “Concessional Lending and Debt Relief Trusts”. 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 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 Concessional Lending and Debt Relief 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 Concessional Lending and Debt Relief Trusts of the International Monetary Fund at April 30, 2012 and 2011, 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 52 to 60 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 Concessional Lending and Debt Relief 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 21, 2012

Member of

Deloitte Touche Tohmatsu

Statements of financial position at April 30, 2012, and 2011

(In millions of SDRs)

PRC TrustPRG-HIPC Trust and Related AccountMDRI-II TrustPCDR Trust and Related Account
20122011201220112012201120122011
Assets
Cash and cash equivalents161233253511
Interest and other receivables16161
Investments (Note 5)5,2925,0694484493838101102
Loans receivable (Note 6)5,4324,807
Total assets10,90110,1254734843938102102
Liabilities and resources
Interest payable and other liabilities2726
Borrowings (Note 8)5,5374,854197223
Total liabilities5,5644,880197223
Resources5,3375,2452762613938102102
Total liabilities and resources10,90110,1254734843938102102
The accompanying notes are an integral part of these financial statements.The financial statements were approved by the Managing Director and the Director of Finance on June 21, 2012.

Less than SDR 500,000.

The accompanying notes are an integral part of these financial statements.The financial statements were approved by the Managing Director and the Director of Finance on June 21, 2012.

Less than SDR 500,000.

/s/ Andrew Tweedie/s/ Christine Lagarde
Director, Finance DepartmentManaging Director

Statements of comprehensive income and changes in resources for the years ended April 30, 2012, and 2011

(In millions of SDRs)

PRG TrustPRG-HIPC Trust and Related AccountMDRI-II TrustPCDR Trust and Related Account
201220112012201120122011201220111
Resources, beginning of year5,2455,1592616543833102
Investment income (Note 9)10646832
Interest income on loans
Interest expense(39)(32)(1)
Operational income6714822
Contributions
Bilateral donors25721252
Special Disbursement Account6346280
Administered Account for Liberia309
Debt Relief
MDRI grant assistance5
HIPC assistance (Note 7)(5)(756)
PCDR assistance (Note 7)(178)
Transfer through the Special Disbursement Account(63)(46)
Other comprehensive income
Net comprehensive income (loss)/changes in resources928615(393)25102
Resources, end of year5,3375,2452762613938102102
The accompanying notes are an integral part of these financial statements.

From inception to April 30, 2011.

Less than SDR 500,000.

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

From inception to April 30, 2011.

Less than SDR 500,000.

Statements of cash flows for the years ended April 30, 2012, and 2011

(In millions of SDRs)

PRG TrustPRG-HIPC Trust and Related AccountMDRI-II TrustPCDR Trust and Related Account
201220112012201120122011201220111
Cash flows from operating activities
Net comprehensive income (loss)928615(393)25102
Adjustments to reconcile net comprehensive income (loss) to cash generated by operations
Interest income on investments(79)(99)(8)(10)2
Interest expense39321
52197(402)25102
Change in accrued MDRI grant assistance(5)
Loan disbursements(1,066)(914)
Loan repayments4411,144
Cash (used in)/provided by operations(573)2497(402)2102
Interest received79998102
Interest paid(38)(30)(1)
Net cash (used in)/provided by operating activities(532)31815(392)2102
Cash flows from investment activities
Net (acquisition)/disposition of investments(223)(142)1138(8)1(102)
Net cash (used in)/provided by investment activities(223)(142)1138(8)1(102)
Cash flows from financing activities
Borrowings1,186972
Repayment of borrowings(503)(1,242)(26)(71)
Net cash provided by/(used in) financing activities683(272)(26)(71)
Net (decrease)/ increase in cash and cash equivalents(72)(97)(10)(326)2(8)1
Cash and cash equivalents, beginning of year233330353618
Cash and cash equivalents, end of year161233253521
The accompanying notes are an integral part of these financial statements.

From inception to April 30, 2011.

Less than SDR 500,000.

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

From inception to April 30, 2011.

Less than SDR 500,000.

Notes to the financial statements for the years ended April 30, 2012, and 2011

1. Nature of operations

The IMF is the Trustee of the Poverty Reduction and Growth Trust (PRG Trust), the Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries and Interim Extended Credit Facility Subsidy Operations (the PRG-HIPC Trust) and the related Umbrella Account for HIPC Operations (the PRG-HIPC Umbrella Account), the Multilateral Debt Relief Initiative-II Trust (the MDRI-II Trust), and the Post-Catastrophe Debt Relief Trust (the PCDR Trust) and the related Umbrella Account for PCDR Operations (the PCDR Umbrella Account), collectively referred to as the Concessional Lending and Debt Relief Trusts or the Trusts. The Trusts provide loans on concessional terms and/or debt relief to low-income members. The Trusts may also provide grants to subsidize emergency post-conflict and natural disaster purchases made as of January 7, 2010.

The resources of the Trusts are held separately from the assets of all other accounts of, or administered by, the IMF and may not be used to discharge liabilities or to meet losses incurred in the administration of other accounts. Resources not immediately needed in operations are invested in fixed-term deposits or fixed-income securities, as allowed by the instruments establishing the Trusts.

PRG Trust

Established originally as the Enhanced Structural Adjustment Facility Trust in December 1987, the PRG Trust provides loans on concessional terms to qualifying low-income country members. The PRG Trust provides financial assistance tailored to the diverse needs of low-income countries with higher concessionality of financial support. Financing is available under a set of facilities, including: the Extended Credit Facility (ECF) for members with protracted balance of payments problems under three-year arrangements; the Standby Credit Facility (SCF) for actual or potential short-term balance of payments needs under one- to two-year arrangements; and for urgent balance of payments needs, the Rapid Credit Facility (RCF), which provides financial support in outright loan disbursements. No new commitments under the Exogenous Shocks Facility (ESF) were made after April 6, 2010. The repayment terms are 5½ to ten years for the ECF, ESF, and RCF and four to eight years for the SCF, in equal semi-annual installments. From early January 2010 to end-December 2011, interest on outstanding Trust loans was waived by the Executive Board. In December 2011, the Executive Board completed its first two-year review of the interest rate structure and extended the interest rate waiver on outstanding Trust loans through end-December 2012. Commencing in 2013, interest on outstanding ECF and RCF loans will be set at zero percent while interest on outstanding SCF loans will be charged at a rate of 0.25 percent per annum. Interest rates on all PRG Trust loans are reviewed every two years and may be reset in light of developments in the SDR interest rate.

The operations of the PRG Trust are conducted through four Loan Accounts, the Reserve Account, and four Subsidy Accounts. The resources of the Loan Accounts consist of proceeds from borrowings, repayments of principal, and interest payments on loans extended by the Trust. The resources held in the Reserve Account consist of transfers by the IMF from the Special Disbursement Account (the SDA) and net earnings from investments. Reserve Account resources are to be used by the Trustee in the event that borrowers’ principal repayments and interest payments, together with the authorized interest subsidy, are insufficient to repay loan principal and interest on borrowings of the Loan Accounts. The resources held in the Subsidy Accounts consist of grant contributions, borrowings, transfers from the SDA, transfers of earnings from Administered Accounts, and net earnings from investments. The available resources in the Subsidy Accounts are drawn by the Trustee to pay the difference between the interest due from the borrowers under the PRG Trust and the interest due on Loan Account borrowings.

PRG-HIPC Trust and the PRG-HIPC Umbrella Account

The PRG-HIPC Trust was established in February 1997 to provide assistance to low-income developing countries by making grants or loans for purposes of reducing their external debt burden to sustainable levels. The operations of the PRG-HIPC Trust are conducted through the PRG-HIPC Trust Account and the related Umbrella Account. The resources of the PRG-HIPC Trust Account consist of grant contributions, borrowings, transfers from the SDA, transfers of earnings from Administered Accounts, and net earnings from investments. The PRG-HIPC Umbrella Account receives and administers the proceeds of grants made by the PRG-HIPC Trust to HIPC-eligible members for the purposes of repaying their debt to the IMF in accordance with the agreed upon schedule.

MDRI-II Trust

The IMF framework for debt relief to qualifying low-income countries under the Multilateral Debt Relief Initiative (MDRI) became effective in January 2006. Debt relief operations are conducted through two trusts: the MDRI-I Trust, for HIPC and non-HIPC members with annual per capita income of US$380 or less; and the MDRI-II Trust for HIPC members with annual per capita income above that threshold. Resources in the two MDRI Trusts consist of grant contributions and net earnings from investments. Since the IMF, through the SDA, has control over the MDRI-I Trust, the financial statements of the MDRI-I Trust are consolidated with those of the General Department.

PCDR Trust and the PCDR Umbrella Account

The PCDR Trust was established in June 2010 to provide additional exceptional support in the form of debt relief (grants) to eligible low-income countries that suffer an exceptional natural disaster. The PCDR Trust was funded through a transfer of SDR 280 million from the MDRI-I Trust (through the Special Disbursement Account) and may receive additional financing from grant contributions, borrowings, and net income from investments. Operations are conducted through the PCDR Trust Account and the related Umbrella Account. The PCDR Umbrella Account receives and administers the proceeds of grants made by the PCDR Trust to eligible countries for the purposes of the repaying their eligible debt to the IMF.

2. Basis of preparation and measurement

The financial statements include the PRG Trust, the PRG-HIPC Trust (including the PRG-HIPC Umbrella Account), the MDRI-II Trust, and the PCDR Trust (including the PCDR Umbrella Account). The financial statements of the Trusts are prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). They have been prepared under the historical cost convention, except for the revaluation of financial instruments at fair value through profit and loss. Specific accounting principles and disclosure practices, as set out below, are in accordance with and comply with IFRS and have been applied consistently for all periods presented.

New and Revised International Financial Reporting Standards and Interpretations

Revised IAS 24, “Related Party Disclosures” was issued in November 2009 and superseded IAS 24 (as revised in 2003). The major revisions include simplifying the definition of a related party and providing partial exemption for government-related entities. The revised standard, which became effective for annual periods beginning on or after January 1, 2011, had no impact on the Trusts’ financial statements.

The following new standards have been issued by the IASB but are not yet effective and have not yet been implemented by the Trusts.

IFRS 9, “Financial Instruments” was issued in November 2009 as the first step in replacing IAS 39, “Financial Instruments: Recognition and Measurement.” Under IFRS 9, financial assets currently within 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 adoption of IFRS 9 is for annual periods beginning on or after January 1, 2015, but early adoption is permitted. As the Trusts already measure financial assets at amortized cost or fair value, the implementation of IFRS 9 is not expected to have an impact on the Trusts’ financial position or results of operations.

IFRS 13, “Fair Value Measurement” was issued in May 2011 and defines fair value, sets out a framework for measuring fair value, and requires extensive disclosures about fair value. The effective date is for annual periods beginning on or after January 1, 2013. The implementation of IFRS 13 is expected to result in additional disclosures in the Trusts’ financial statements, but will not have a significant impact on the recognition and measurement of assets and liabilities.

The following new standards and amendments to existing standards issued by the IASB are expected to have little or no impact on the Trusts’ financial statements:

Amendments to IFRS 7, “Disclosures – Transfers of Financial Assets” (effective for annual periods beginning on or after July 1, 2011).

Amendments to IAS 1, “Presentation of Items of Other Comprehensive Income” (effective for annual periods beginning on or after July 1, 2012).

Unit of account

The financial statements are presented in Special Drawing Rights (SDRs), which is the IMF’s functional unit of account. The U.S. dollar equivalent of the SDR 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. The last review was completed in November 2010. No changes were made to the basket currencies, but the weights of the four currencies in the basket were changed and became effective on January 1, 2011. The currencies in the basket at April 30, 2012, and 2011 and their specific amounts, relative to one SDR, were as follows:

CurrencyAmount
Euro0.423
Japanese yen12.1
Pound sterling0.111
U.S. dollar0.660

At April 30, 2012, one SDR was equal to US$1.55055 (US$1.62096 at April 30, 2011).

Use of estimates and judgment

The preparation of the financial statements requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected.

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 Notes 3, 5, and 7.

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 insignificant risk of changes in value.

Investments

Investments comprise fixed-term deposits and fixed-income securities, none of which include asset-backed securities, and are managed primarily by external investment managers. Investments and the related assets and liabilities in accounts managed solely for the Trusts and the net asset value of the Trusts’ share of pooled investment accounts are reported in the statements of financial position.

The Trusts have designated the investments in fixed-income securities, other than fixed-term deposits, as financial assets held at fair value through profit or loss. Such designation may be made only upon initial recognition and cannot subsequently be changed. The designated assets are carried at fair value on the statements of financial position, with the change in fair value included in the statements of comprehensive income in the period in which they arise.

Recognition

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

Derecognition

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

Fair value measurement

A three-level fair value hierarchy under which financial instruments are categorized based on the priority of the inputs to the valuation technique is used to determine fair value. The fair value hierarchy has the following levels: quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) (Level 2); and inputs for the asset or liability that are not based on observable market data (unobservable inputs) (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.

Investment income

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

Interest income is recognized on an accrual basis by reference to the principal outstanding and the effective interest rate applicable.

Loans

Loans in the PRG Trust are initially recorded at the amount disbursed provided that the present value of the cash flows from stated interest due and the Subsidy Accounts is equal to or exceeds the disbursed amount. Thereafter, the carrying value of the loans is amortized cost (see Note 1 for repayment and interest terms).

It is the PRG Trust’s policy to exclude from income, interest on loans that are six months or more overdue. At the end of each reporting period, the loans are reviewed to determine whether there is objective evidence of loan impairment. If any such evidence exists, an impairment loss would be recognized to the extent that the present value of estimated future cash flows falls below the carrying amount. No impairment losses have been recognized in the financial years ended April 30, 2012, and 2011.

Borrowings

The PRG and PRG-HIPC Trusts borrow on such terms and conditions as agreed between the Trustee and creditors. A new financing framework to facilitate the mobilization of loan resources for the PRG Trust was endorsed by the Executive Board in March 2010, and became effective in June 2010. The framework includes borrowing by the PRG Trust under loan and note purchase agreements (“borrowing agreements”). The repayment periods for the PRG Trust borrowing match the maturity of the loans extended by the PRG Trust, which are to be repaid in 10 equal semi-annual installments beginning 5½ years from the date of each disbursement in the case of the ECF, RCF, and ESF; and in nine equal semi-annual installments beginning four years from the date of each disbursement in the case of the SCF. Drawings under PRG Trust borrowing agreements may have shorter initial maturities (e.g., six months) that can be extended, at the sole discretion of the Trustee, up to the maturity dates of the corresponding Trust loans for which they were drawn. Creditors to the PRG Trust may participate in a voluntary “encashment” regime, under which they can seek early repayment of outstanding claims in case of balance of payment needs if they allow drawings under their own agreement for encashment by other participating creditors. Early repayment is subject to availability of resources under borrowing agreements with other creditors.

Claims from drawings under PRG Trust borrowing agreements are transferable within the official sector, which includes all IMF members, their central banks or other fiscal agencies, and prescribed SDR holders. Borrowings are recorded and subsequently stated at amortized cost.

PRG-HIPC Trust borrowings are repayable in one installment at their maturity dates (see Note 8).

Foreign currency translation

Transactions in currencies other than SDRs are recorded at the rate of exchange on the date of the transaction. Exchange differences arising from the settlement of transactions at rates different from those at the originating date of the transaction are included in the determination of net comprehensive income.

Contributions

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.

4. Financial risk management

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

Credit risk

PRG Trust Lending

Credit risk refers to potential losses on loans receivable owing to the inability, or unwillingness, of member countries to repay loans. Measures to help mitigate credit risk include policies on access limits, program design, monitoring, and conditionality attached to PRG Trust financing.

The PRG Trust has established limits on overall access to its resources. Total access to concessional financing under the PRG Trust is normally limited to 100 percent of the member’s IMF quota per year, with a cumulative limit of 300 percent of quota (net of scheduled loan repayments). Facility based limits may also apply to RCF and SCF financing. Under the RCF, access is normally limited to 25 percent of quota per year, with a cumulative limit of 75 percent of quota (net of scheduled loan repayments) but higher access limits apply under the RCF shocks window, for countries facing an urgent financing need for a limited duration (up to 50 percent of quota annually and up to 100 percent of quota cumulatively). Under the SCF, access is normally limited to 50 percent of quota per year if at the time of the approval of the SCF arrangement, the member has a potential balance of payments need. In each individual case, the amount of access granted will depend on relevant factors such as the country’s balance of payments need, the strength of its adjustment program, its capacity to repay, and its previous and outstanding use of IMF credit. The IMF may approve access in excess of these limits in exceptional circumstances, provided that it shall in no case exceed (i) a maximum annual limit of 150 percent of quota and (ii) a maximum cumulative limit of 450 percent of quota, net of scheduled repayments.

Most disbursements under PRG Trust arrangements are made in tranches and are subject to conditionality in the form of performance criteria and periodic reviews. Safeguards assessments of member central banks are undertaken to provide the Trustee with reasonable assurance that the banks’ legal structure, controls, accounting, reporting, and auditing systems are adequate to ensure the integrity of their operations and help ensure that PRG Trust loan resources are used for intended purposes. Misreporting by member countries on performance criteria and other conditions may entail early repayment of non-complying loans.

The maximum credit risk exposure is the carrying value of the PRG Trust’s outstanding loans and the undrawn commitments (see Notes 6 and 10, respectively), and amounted to SDR 7.6 billion and SDR 6.5 billion at April 30, 2012, and 2011, respectively.

At April 30, use of credit in the PRG Trust by the largest users was as follows:

20122011
(In millions of SDRs and percent of total PRG Trust credit outstanding)
Largest user of credit5249.6%3968.2%
Three largest users of credit1,27523.5%98620.5%
Five largest users of credit1,86934.4%1,49431.1%

The five largest users of credit at April 30, 2012, in descending order, were Kenya, Côte d’Ivoire, Ghana, Democratic Republic of the Congo, and Bangladesh (Pakistan, Kenya, Democratic Republic of the Congo, Zambia, and Ghana at April 30, 2011). Outstanding credit by member is provided in Schedule 1.

The concentration of PRG Trust outstanding credit by region was as follows at April 30:

20122011
(In millions of SDRs and percent of total PRG Trust credit outstanding)1
Africa3,65167.3%3,01962.8%
Asia and Pacific3937.2%3848.0%
Europe2644.9%2374.9%
Western Hemisphere2314.2%2204.6%
Middle East and Central Asia89312.4%947
Total5,432100%4,807100%

During the financial year ended April 30, 2012, certain minor changes were made to align members’ regional grouping with the IMF’s internal classifications.

During the financial year ended April 30, 2012, certain minor changes were made to align members’ regional grouping with the IMF’s internal classifications.

To protect the lenders to the PRG Trust, resources are accumulated in the Reserve Account and are available to repay the lenders in the event of delays in repayment or nonpayment by borrowers. At April 30, 2012, and 2011, available resources in the Reserve Account amounted to SDR 3.9 billion.

Investments

Credit risk on investment activities represents the potential loss that the Trusts may incur if obligors and counterparties default on their contractual obligations. Credit risk is managed through the conservative range of investments including (i) domestic government bonds of countries in the Euro area, Japan, the United Kingdom, and the United States, i.e., members whose currencies are included in the SDR basket; (ii) obligations of international financial organizations, including the Bank for International Settlements (BIS); and (iii) deposits with national official financial institutions, international financial institutions or, with respect to non-SDA resources, commercial banks. Credit risk is further minimized by limiting eligible investments to marketable securities rated A or higher by a major credit rating agency, and for deposits, the Trusts may invest in obligations issued by institutions with a credit rating of A or higher.

The investments of the MDRI-II and PCDR Trusts consist of fixed-term deposits with the BIS. The credit risk exposure in the PRG Trust and PRG-HIPC Trust and Related Account portfolios at April 30 was as follows:

20122011
PRG TrustPRG-HIPC TrustPRG TrustPRG-HIPC Trust
RatingPercentageRatingPercentage
Government bonds
AustriaAAA10.8
BelgiumAA11
GermanyAAA15.529.2AAA15.227.7
JapanAA-4.48.4AA3.97.4
United KingdomAAA2.74.2AAA3.29.2
United StatesAA+18.335.2AAA15.927.3
Non-government bonds
Bank for International SettlementsNot rated51.5Not rated51.4
Other international financial institutionsAA+4.09.2AAA5.25.9
AA+0.40.4
Fixed-term deposits
Bank for International SettlementsNot rated3.212.9Not rated3.916.6
Other financial institutionsAAAA11.7
AA-10.5AA-0.10.6
A+A+1.22.8
100100100100

Less than 0.1%.

Less than 0.1%.

Market risk

Interest rate risk

PRG Trust Lending

Interest rate risk is the risk that future cash flows will fluctuate because of changes in market interest rates. The PRG Trust accumulates subsidy resources through contributions and investment earnings to cover the interest shortfall arising from the difference between the market-based interest rate paid on borrowings and the concessional rate, if any, applicable to outstanding loans. Should such resources be deemed inadequate for this purpose, the PRG Trust instrument allows an increase in the interest rate levied on outstanding loans.

Investments

The investment portfolios are exposed to market interest rate fluctuations. The interest rate risk is mitigated by limiting the duration of the portfolios to a weighted-average of 1-3 years.

A 10 basis point change in the average effective yields of the Trusts’ portfolios at April 30 would result in the following:

20122011
Net (loss)/gainNet (loss)/gain
Change in yieldIn millions of SDRsAs a percentage of the portfolioIn millions of SDRsAs a percentage of the portfolio
PRG Trust
10 basis point increase(10.0)0.18%(9.1)0.17%
10 basis point decrease10.00.18%9.00.17%
PRG-HIPC Trust
10 basis point increase(0.8)0.16%(0.7)0.14%
10 basis point decrease0.80.16%0.70.14%

Exchange rate risk

Lending and borrowing

Exchange rate risk is the exposure to the effects of fluctuations in foreign currency exchange rates on an entity’s financial position and cash flows. The PRG and PRG-HIPC Trusts have no exchange rate risk on their loans and borrowings as receipts, disbursements, repayments, and interest payments are denominated in SDRs.

Investments

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

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

PRG Trust
Net loss
20122011
In millions of SDRsAs a percentage of investments not denominated in SDRsIn millions of SDRsAs a percentage of investments not denominated in SDRs
Euro(0.48)0.01%(0.18)0.00%
Japanese yen(0.05)(1.01)0.02%
Pound sterling(0.28)0.01%(1.04)0.02%
PRG-HISC Trust
Net (loss)/gain
20122011
In millions of SDRsAs a percentage of investments not denominated in SDRsIn millions of SDRsAs a percentage of investments not denominated in SDRs
Euro(0.09)0.02%(0.05)0.01%
Japanese yen0.01(0.03)0.01%
Pound sterling(0.01)(0.03)0.01%

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

PRG Trust
Net gain/(loss)
20122011
In millions of SDRsAs a percentage of investments not denominated in SDRsIn millions of SDRsAs a percentage of investments not denominated in SDRs
Euro0.510.01%(1.22)0.02%
Japanese yen0.03(0.42)0.01%
Pound sterling0.270.01%(0.33)0.01%
PRG-HISC Trust
Net gain/(loss)
20122011
In millions of SDRsAs a percentage of investments not denominated in SDRsIn millions of SDRsAs a percentage of investments not denominated in SDRs
Euro0.100.03%(0.05)0.01%
Japanese yen(0.01)(0.06)0.02%
Pound sterling0.01(0.07)0.02%

The Trusts have other assets and liabilities denominated in currencies other than SDRs, such as interest payable and receivable, but the amount of such other assets and liabilities (and hence the exchange rate risk exposure) is minimal.

Liquidity risk

Liquidity risk is the risk of non-availability of resources to meet the Trusts’ financing needs and obligations. The IMF, as Trustee, conducts semi-annual reviews to determine the adequacy of resources in the Trusts to provide financial assistance to eligible IMF members and to meet the Trust’s obligations.

The PRG Trust must have usable resources available to meet members’ demand for credit and uncertainties in the timing and amount of credit extended to members expose the PRG Trust to liquidity risk. However, all new lending agreements are subject to the availability of uncommitted resources in the PRG Trust. In the financial years ended April 30, 2012, and 2011, resources in the Subsidy Accounts are expected to meet the estimated needs based on the level of loans outstanding. In addition, the Reserve Account may transfer up to SDR 620 million to the Subsidy Accounts if no other resources are available to subsidize lending. Resources held in the PRG-HIPC and MDRI-II Trusts are adequate to provide debt relief under the HIPC and the MDRI Initiatives to members, except those in protracted arrears to the IMF, that are likely to qualify for such relief.

To minimize the risk of loss from liquidating the investments, the Trusts hold resources in readily marketable short-term financial instruments to meet anticipated liquidity needs.

5. Investments

The Trusts’ investments comprise fixed-term deposits and fixed-income securities (see Note 4). The following table presents the fair value of investments classified as Level 2 at April 30, 2012, and 2011. There were no investments classified as Level 1 or 3 at April 30, 2012, and 2011.

PRG TrustPRG-HIPC TrustMDRI-II TrustPCDR Trust
20122011201220112012201120122011
(In millions of SDRs)
Fixed-term deposits17018960943838101102
Fixed-income securities5,1224,880388355
Total5,2925,0694484493838101102

The maturities of the investments are as follows:

Financial year ending April 30PRG TrustPRG-HIPC Trust MDRI-IITrustPCDR Trust
(In millions of SDRs)
20133046938101
20142,623202
20152,339174
201681
201771
2018 and beyond111
Total5,29244838101

6. Loans receivable

At April 30, 2012, the resources of the Loan Account included net cumulative transfers from the Reserve Account of SDR 69 million, related to the nonpayment of principal by Zimbabwe (SDR 71 million at April 30, 2011).

Scheduled repayments of loans by borrowers, including Zimbabwe’s overdue obligations, are summarized below:

Financial year ending April 30
(In millions of SDRs)
2013421
2014396
2015472
2016652
2017742
2018 and beyond2,680
Overdue69
Total5,432

7. MDRI, HIPC, and PCDR grant assistance

Total MDRI assistance to members through April 30, 2012, including disbursements from the MDRI-I, MDRI-II, and PRG-HIPC Trusts, is provided in Schedule 5. Related PRG Trust loans were repaid in full and no impairment loss has been recognized in the PRG Trust Loan Accounts.

Grant assistance from the MDRI-II Trust provides debt relief to cover debt owed to the IMF at December 31, 2004 that is not covered by debt relief under the HIPC Initiative and that has not been repaid at the time the member qualifies for HIPC relief. At April 30, 2012 and 2011, only one of the five remaining MDRI-eligible members was expected to have debt outstanding from 2004 upon reaching completion point, and this debt is expected to be covered by resources in the PRG-HIPC Trust. As such, no liability was recorded for the MDRI-II Trust.

During the year ended April 30, 2012, HIPC assistance totaling SDR 5 million was provided to one member (five members received HIPC assistance of SDR 756 million during the year ended April 30, 2011).

During the year ended April 30, 2011, one member (Haiti) qualified for PCDR assistance and SDR 178 million was disbursed to settle its PRG Trust obligations early (none in the year ended April 30, 2012).

8. Borrowings

The PRG and PRG-HIPC Trusts borrow on such terms and conditions as agreed between the Trusts and the lenders. The weighted average interest rate on actual PRG Trust borrowings was 0.75 percent and 0.62 percent for financial years ended April 30, 2012, and 2011, respectively. During the same periods, interest rates on actual PRG-HIPC Trust borrowings varied between 0 percent and 2 percent per annum, and had a weighted average interest rate of 0.11 percent for the financial year ended April 30, 2012 (0.26 percent for the financial year ended April 30, 2011).

The PRG Trust did not make any early repayments to lenders during the year ended April 30, 2012 (SDR 666 million during the financial year ended April 30, 2011, following the repayment of PRG Trust loans by members that either received HIPC Initiative and MDRI grant assistance or PCDR assistance).

Scheduled repayments of borrowings are summarized below:

Financial year ending April 30PRG TrustPRG-HIPC Trust
(In millions of SDRs)
20134446
201442412
20154743
2016611
2017752
2018 and beyond2,832176
Total5,537197

Current borrowing and note purchase agreements are shown in Schedule 3.

The following summarizes the undrawn balances of the PRG Trust borrowing agreements in effect as of April 30 (all available PRG-HIPC Trust borrowing arrangements have been fully drawn):

20122011
(In millions of SDRs)
Loan Accounts8,7619,329
Subsidy Accounts3446

9. Investment income

Investment income comprised the following for the financial years ended April 30 (investment income of the PCDR Trust and the MDRI-II Trust amounted to less than SDR 1 million for the financial years ended April 30, 2012, and 2011):

PRG TrustPRG-HIPC Trust and Related Account
2012201120122011
(In millions of SDRs)
Interest income7999810
Realized (losses)/gains, net(55)492(4)
Unrealized gains/(losses), net83(101)(2)(3)
Other, net(1)(1)
Total1064683

10. Commitments under PRG Trust arrangements

An arrangement under the PRG Trust is a decision that gives a member the assurance that the IMF as Trustee stands ready to provide foreign exchange or SDRs during a specified period and up to a specified amount in accordance with the terms of the decision. Upon approval by the Trustee, resources of the Loan Accounts of the PRG Trust are committed to qualifying members for a three-year period for ECF arrangements or a one- to two-year period for SCF arrangements. At April 30, 2012, undrawn balances under 28 arrangements amounted to SDR 2,119 million (SDR 1,675 million under 31 arrangements at April 30, 2011). Undrawn balances by member are provided in Schedule 2.

11. Related party transactions

For the financial years ended April 30, 2012, and 2011, the Executive Board of the IMF decided to forgo the reimbursement by the PRG Trust to the General Resources Account for the cost of administering the Trust, amounting to SDR 63 million and SDR 46 million, respectively. The reimbursements are instead to be transferred from the Reserve Account, through the Special Disbursement Account, to the General Subsidy Account of the PRG Trust. The expenses of conducting the business of the PRG-HIPC and MDRI-II Trusts were paid by the General Resources Account of the IMF. For the financial year ended April 30, 2012, the PCDR Trust reimbursed SDR 0.06 million to the GRA for the cost of administering the PCDR Trust (SDR 0.5 million for the year ended April 30, 2011).

The IMF’s cumulative contributions, via the Special Disbursement Account, to the PRG, PRG-HIPC, and PCDR Trusts were as follows at April 30:

20122011
(In millions of SDRs)
PRG Trust Reserve Account2,8932,893
PRG Trust Subsidy Accounts1,017954
PRG-HIPC Trust1,2391,239
PCDR Trust280280
Total5,4295,366

12. Combining statements of financial position and statements of comprehensive income and changes in resources

The statements of financial position and statements of comprehensive income and changes in resources of the PRG Trust, PRG-HIPC Trust, and the PCDR Trust (including the Umbrella Accounts) are as follows:

Combining statements of financial position at April 30, 2012, and 2011

(In millions of SDRs)

PRG TrustPRG-HIPC Trust and Related AccountPCDR Trust and Related Account
201220112012201120122011
Loan AccountsReserve AccountSubsidy AccountsTotalTotalPRG-HIPC Trust AccountUmbrella Account for HIPC OperationsTotalTotalPCDR Trust AccountUmbrella Account PCDR Trust for PCDR Account OperationsTotalTotal
Assets
Cash and cash equivalents1105561612332412535111
Interest and other receivables16111616111111
Investments3,7601,5325,2925,069448448449101101102
Loans receivable5,4325,4324,807
Accrued account transfers(49)68(19)
Total assets5,3993,9331,56910,90110,1254721473484102102102
Liabilities and resources
Interest payable and other liabilities2712726111
Borrowings5,3032345,5374,854197197223
Total liabilities5,3302345,5644,880197197223
Resources693,9331,3355,3375,2452751276261102102102
Total liabilities and resources5,3993,9331,56910,90110,1254721473484102102102

Less than SDR 500,000.

Less than SDR 500,000.

Combining statements of comprehensive income and changes in resources for the years ended April 30, 2012, and 2011

(In millions of SDRs)

PRG TrustPRG-HIPC Trust and Related AccountPCDR Trust Related Account
2012201120122011201220111
Loan AccountReserve AccountSubsidy AccountTotalTotalPRG-HIPC Trust AccountUmbrella Account for HIPC OperationsTotalTotalPCDR Trust AccountUmbrella Account for PCDR OperationsTotalTotal
Resources, beginning of year713,9151,2595,2455,1592612261654102102
Investment income2792710646883222
Interest income on loans
Interest expense(38)(1)(39)(32)22(1)
Operational (loss) income(38)792667148282222
Contributions
Bilateral donors252572121252
Special Disbursement Account636346280
Administered Account for Liberia309
HIPC grants(6)6
Transfer through the Special
Disbursement Account(63)(63)(46)2
HIPC disbursements(5)(5)(756)
PCDR disbursements(178)
Transfers between:
Loan and Reserve Accounts(2)22
Loan and Subsidy Accounts38(38)
Net comprehensive income (loss)/changes in resources(2)1876928614115(393)22102
Resources, end of year693,9331,3355,3375,2452751276261102102102

From inception to April 30, 2011.

Less than SDR 500,000.

From inception to April 30, 2011.

Less than SDR 500,000.

Schedule 1: PRG Trust Schedule of outstanding loans at April 30, 2012

(In millions of SDRs)

Total
MemberECFESFSCFRCFBalancePercent
Afghanistan, Islamic Republic of87871.60
Albania19190.35
Armenia1161162.14
Azerbaijan17170.31
Bangladesh2852855.25
Benin67671.23
Burkina Faso92921.69
Burundi87871.60
Cameroon17931102.03
Cape Verde330.06
Central African Republic59591.09
Chad440.07
Comoros7290.17
Congo, Democratic Republic of the2011083095.69
Congo, Republic of20200.37
Côte d’Ivoire312813937.22
Djibouti17170.31
Dominica532100.18
Ethiopia1871873.44
Gambia, The23230.42
Georgia79791.45
Ghana3583586.59
Grenada19190.35
Guinea44440.81
Guinea-Bissau770.13
Guyana28280.52
Haiti26260.48
Honduras14140.26
Kenya3881365249.64
Kyrgyz Republic5733221122.05
Lao People’s Democratic Republic220.04
Lesotho38380.70
Liberia38380.70
Madagascar59591.09
Malawi5935941.73
Maldives220.04
Mali66661.22
Mauritania54540.99
Moldova2452454.51
Mongolia220.04
Mozambique81141222.25
Nepal4329721.33
Nicaragua1161162.14
Niger48480.88
Pakistan2242244.12
Rwanda990.17
St. Lucia74110.20
St. Vincent and the Grenadines4370.13
Samoa660.11
São Tomé and Príncipe330.06
Senegal131211342.47
Sierra Leone79791.45
Solomon Islands12120.22
Sri Lanka880.15
Tajikistan91911.68
Tanzania92192284.20
Togo95951.75
Uganda440.07
Vietnam440.07
Yemen, Republic of3561961.77
Zambia2692694.95
Zimbabwe69691.27
Total loans outstanding4,1481,070122025,432100

Schedule 2: PRG Trust Status of arrangements at April 30, 2012

(In millions of SDRs)

MemberDate of arrangementExpiration dateAmount agreedUndrawn balance
ECF arrangements
Afghanistan, Islamic Republic ofNov. 14, 2011Nov. 13, 20148573
ArmeniaJun. 28, 2010Jun. 27, 201313359
BangladeshApr. 11, 2012Apr. 10, 2015640549
BeninJun. 14, 2010Sep. 13, 20137432
Burkina FasoJun. 14, 2010Jun. 13, 20134619
BurundiJan. 27, 2012Jan. 26, 20153029
ComorosSep. 21, 2009Sep. 20, 2012146
Congo, Democratic Republic of theDec. 11, 2009Dec. 10, 2012346148
Côte d’IvoireNov. 4, 2011Nov. 3, 2014390309
DjiboutiSep. 17, 2008Jun. 16, 2012226
GhanaJul. 15, 2009Jul. 14, 2012387119
GrenadaApr. 18, 2010Apr. 17, 201396
GuineaFeb. 24, 2012Feb. 23, 2015129110
Guinea-BissauMay 7, 2010May 6, 2013227
HaitiJul. 21, 2010Jul. 20, 20134115
KenyaJan. 31, 2011Jan. 30, 2014489216
Kyrgyz RepublicJun. 20, 2011Jun. 19, 20146748
LesothoJun. 2, 2010Jun. 1, 20135117
LiberiaMar. 14, 2008May 31, 20122484
MalawiFeb. 19, 2010Feb. 18, 20135238
MaliDec. 27, 2011Dec. 26, 20143024
MauritaniaMar. 15, 2010Mar. 14, 20137733
MoldovaJan. 29, 2010Jan. 28, 201318528
NigerMar. 16, 2012Mar. 15, 20157968
Sierra LeoneJul. 1, 2010Jun. 30, 20133113
TajikistanApr. 21, 2009May 15, 201210413
Total ECF arrangements3,7811,989
SCF arrangements
GeorgiaApr. 11, 2012Apr. 10, 2014125125
Solomon IslandsDec. 6, 2011Dec. 5, 201255
Total SCF arrangements130130
Total PRG Trust3,9112,119

Schedule 3: PRG and PRG-HIPC Trusts Schedule of borrowing and note purchase agreements at April 30, 2012

(In millions of SDRs)

CreditorInterest rate(In percent)Amount of agreementAmount drawnOutstanding balance
PRG Trust Loan Accounts
Borrowing Agreements
ECF Loan Account
National Bank of BelgiumVariable1350.0350.0116.8
CanadaVariable1400.0400.041.5
ChinaVariable1200.0200.047.4
Central Bank of EgyptVariable1155.6155.655.6
Agence Française de Développement (France)Variable12,770.02,623.21,405.4
Banque de FranceVariable11,328.0287.1287.1
Kreditanstalt für Wiederaufbau (Germany)Variable12,050.02,050.0648.5
Bank of ItalyVariable11,600.0975.9559.1
Japan Bank for International CooperationVariable12,934.82,934.8914.5
De Nederlandsche Bank NVVariable1450.0450.0304.6
Bank of SpainVariable1425.0425.0330.3
Spain0.5067.067.03.7
Swiss National BankVariable1401.7401.7205.2
General Loan Account
CanadaVariable1500.028.528.5
Danmarks NationalbankVariable1200.03.13.1
Bank of KoreaVariable1500.0
De Nederlandsche Bank NVVariable1500.0
Saudi Arabian Monetary AgencyVariable1500.0
Bank of SpainVariable1405.0
Swiss National BankVariable1500.0
RCF Loan Account
NorwayVariable1150.0150.0150.0
SCF Loan Account
NorwayVariable1150.09.49.4
Note Purchase Agreements
ECF Loan Account
People’s Bank of ChinaVariable1800.0168.7168.7
General Loan Account
JapanVariable11,800.023.623.6
United KingdomVariable11,328.0
Total—PRG Trust Loan Accounts20,465.111,703.65,303.0
PRG Trust Subsidy Accounts
Borrowing Agreements
ECF Subsidy Account
Trinidad and Tobago1.003.03.03.0
General Subsidy Account
ChinaVariable2100.0100.0100.0
Morocco7.87.87.8
Peru0.106.16.16.1
Saudi Fund for Development0.50132.6100.7100.7
Spain0.5060.358.514.7
Uruguay2.02.02.0
Total—PRG Trust Subsidy Accounts311.8278.1234.3
PRG-HIPC Trust
Borrowing Agreements
Algeria7.67.67.6
Argentina15.615.615.6
BotswanaVariable26.16.16.1
Brunei Darussalam0.10.10.1
Banco de la República de Colombia1.21.21.2
Croatia0.50.50.5
Czech National Bank5.75.75.7
Egypt1.71.71.7
Fiji0.20.20.2
Finland5.85.85.8
Hungary9.29.29.2
India31.431.431.4
Bank Indonesia4.94.94.9
Kuwait4.24.24.2
Libya10.010.010.0
Bank Negara Malaysia7.47.47.4
Morocco2.22.22.2
Oman1.11.11.1
State Bank of Pakistan4.74.74.7
Poland7.17.17.1
Qatar0.70.70.7
Saudi Arabia16.716.716.7
Saudi Fund for Development0.5015.215.215.2
Singapore4.04.04.0
Sri Lanka0.80.80.8
Sveriges Riksbank (Sweden)18.618.618.6
Bank of Thailand6.16.16.1
Tonga333
Tunisia0.502.42.42.4
United Arab Emirates5.15.15.1
Vietnam0.50.50.2
Total—PRG-HIPC Trust196.8196.8196.8

The loans under these agreements are made at variable, market-related rates of interest.

Interest rate terms specified in borrowing agreements.

Less than SDR 50,000.

The loans under these agreements are made at variable, market-related rates of interest.

Interest rate terms specified in borrowing agreements.

Less than SDR 50,000.

Schedule 4: PRG and PRG-HIPC Trusts Cumulative contributions and resources at April 30, 2012

(In millions of SDRs)

PRG Trust Subsidy AccountsPRG-HIPC Trust subaccounts
MemberECFRCFSCFGeneralOther1TotalECF-HIPCPRGHIPCTotal
Direct contributions2
Algeria2.302.300.410.41
Argentina27.203.9031.1011.7211.72
Australia14.6417.6332.2717.0217.02
Austria3.903.904.999.9814.97
Bangladesh0.580.130.711.161.16
Barbados0.250.25
Belgium25.9325.93
Belize0.200.20
Brazil11.0311.03
Brunei Darussalam33
Cambodia0.030.03
Canada199.8725.1614.98240.0132.9332.93
China12.0012.0013.1313.13
Colombia0.010.01
Croatia0.03
Cyprus0.540.54
Czech Republic1010
Denmark38.33.5741.8713.0713.07
Egypt10100.040.04
Estonia0.370.37
Republic of Fiji0.020.02
Finland22.6822.682.582.58
France17.4217.4260.960.9
Gabon0.460.46
Germany153.44153.4445.6345.63
Greece2.22.2
Iceland3.33.30.640.64
India8.581.9410.520.390.39
Ireland6.916.913.943.94
Israel1.191.19
Italy174.50174.5043.3143.31
Jamaica1.801.80
Japan541.0515.80556.8598.3698.36
Korea35.984.4540.4310.6310.63
Kuwait2.612.610.110.11
Latvia0.710.71
Lithuania0.730.73
Luxembourg9.640.6910.330.930.93
Malaysia4.114.11
Malta0.20.20.710.71
Mauritius0.040.04
Mexico39.9839.98
Morocco7.287.280.050.05
Nepal0.110.11
Netherlands99.283.68102.9635.7316.3552.08
New Zealand2.212.21
Nigeria6.156.15
Norway28.085.485.4811.150.1412.9412.94
Oman2.242.240.070.07
Pakistan0.110.11
Philippines0.380.384.54.5
Poland8.818.81
Portugal4.434.43
Qatar0.60.6
Russian Federation35.6635.6610.2010.20
St. Vincent and the Grenadines0.110.11
Samoa33
San Marino0.030.03
Saudi Arabia0.980.98
Singapore2.262.26
Slovak Republic2.672.67
Slovenia0.310.31
South Africa20.9020.90
Spain5.268.8214.0816.5516.55
Sri Lanka0.010.01
Swaziland0.020.02
Sweden110.891.84112.735.325.32
Switzerland41.215.4446.6538.3338.33
Thailand2.172.17
Tonga33
Tunisia0.140.14
Turkey10.0010.00
United Arab Emirates0.350.35
United Kingdom372.9213.35386.2723.5533.8457.39
United States126.08126.08221.93221.93
Vietnam0.010.01
Zambia1.191.19
Total direct contributions2,129.095.485.48109.5328.842,278.42599.6935.73299.12934.54
Net income transfers
Austria40.4540.45
Belgium77.9577.95
Botswana1.351.35
Chile2.912.91
Greece25.9425.94
Indonesia5.005.007.897.89
Iran, Islamic Republic of1.351.35
Portugal3.563.56
Government of Spain (ICO)0.940.94
Total net income transfers159.45159.457.897.89
Other contributions
Special Disbursement Account870.32147.931,018.25
Administered account for Liberia339.59339.59
Total other contributions870.32147.931,018.25339.59339.59
Total contributions received3,158.865.485.48257.4628.843,456.12607.5835.73638.711,282.02
Other resources
Transfers from/(to):
Special Disbursement Account409.70757.101,166.80
General Resources Account72.4672.46
ECF Subsidy Account(95.04)95.04
ESF Subsidy Account(0.04)0.04
RCF Subsidy Account(1.39)6.72(5.33)
SCF Subsidy Account(2.93)8.25(5.32)
General Subsidy Account(241.27)256.17(14.90)
PRG-HIPC Subaccount(26.65)26.65
Contributions to the MDRI-II Trust(1,120.00)(1,120.00)
Cumulative net income1,146.220.120.2017.203.701,167.44244.6610.3263.21318.19
Disbursements to provide:
Subsidies for Trust lending(2,065.49)(1.23)(0.11)(102.07)(2,168.90)
HIPC grants for debt relief(1,078.60)(1,485.67)(2,564.27)
Total resources778.9211.0913.82530.831,334.66229.1546.05275.20

Formerly the PRGF and ESF Subsidy Accounts.

In addition to direct contributions, a number of members also make loans available to the PRG Trust on concessional terms.

Less than SDR 5,000.

Formerly the PRGF and ESF Subsidy Accounts.

In addition to direct contributions, a number of members also make loans available to the PRG Trust on concessional terms.

Less than SDR 5,000.

Schedule 5: PRG-HIPC and MDRI Trusts Disbursed Multilateral Debt Relief Initiative assistance at April 30, 2012

(In millions of SDRs)

Eligible debtSources of grant assistance
Financial year ended and memberPRG TrustGRATotalMDRI-I TrustMDRI-II TrustPRG-HIPC Trust
April 30, 2006
Benin3636342
Bolivia71901611556
Burkina Faso6262575
Cambodia575757
Cameroon17317314924
Ethiopia1121128032
Ghana26526522045
Guyana45453213
Honduras107107989
Madagascar1371371289
Mali75756213
Mozambique1071078324
Nicaragua1411419249
Niger78786018
Rwanda53532033
Senegal100100955
Tajikistan696969
Tanzania23423420727
Uganda88887612
Zambia4034033985
Subtotal2,413902,5031,1191,053331
April 30, 2007
Malawi2711381523
Mauritania3333303
São Tomé and Príncipe111
Sierra Leone1171177740
Subtotal17811189933066
April 30, 2008
Gambia, The9972
April 30, 2009
Burundi2727918
April 30, 2010
Central African Republic4422
Congo, Republic of8853
Subtotal1212255
April 30, 2011
Congo, Democratic Republic of the248248248
Guinea-Bissau111
Subtotal249249249
April 30, 2012
Total2,8881012,9891,2301,088671

Schedule 6: Umbrella Account for HIPC Operations: Grants, interest, disbursements, and changes in resources for the year ended April 30, 2012

(In millions of SDRs)

MemberOpening balanceGrants from PRG-HIPC Trust AccountInterest earnedDisbursementsEnding balance
Chad0.0110.01
Côte d’lvoire15.0415.041
Guinea0.031.2911.32
0.046.3315.041.33

Less than SDR 5,000.

Less than SDR 5,000.

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