Selected Decisions and Selected Documents of the International Monetary Fund
Chapter

General Trust Fund

Author(s):
International Monetary Fund
Published Date:
April 2004
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Distribution to Developing Countries of Profits from Gold Sales: Authority to Distribute Profits Through Trust Fund

The Trustee is authorized to distribute through the Trust the profits from the sale of gold for the benefit of developing countries as referred to in paragraph 7 of the Executive Board Decision No. 5069-(76/72), adopted May 5, 1976 and Section VI of the Instrument to Establish the Trust Fund.

Decision No. 5709-(78/41) TR

March 23, 1978

Trust Fund: Procedures for Final Payments of Profits and Loans for the Period July 1, 1976 to June 30, 1978

I. The Trust will make final disbursements of loans for its first period of two years, in accordance with the procedures and conclusions set out in TR/78/24 (5/19/78) and Supplement 1 (6/21/78).1

II. The Trustee will distribute through the Trust Fund the profits from sales of gold for the benefit of developing members for the total amounts shown in the Attachment to TR/78/24 and in accordance with the procedures outlined in that paper and its supplement.

Decision No. 5832-(78/95) TR

June 26, 1978

Trust Fund: Second Period

(a) Timing of Loan Disbursements

The timing of the loan disbursements in the remainder of the Trust’s second two-year period (July 1, 1978-June 30, 1980) shall be in accordance with the schedule [below].

Decision No. 6201-(79/121) TR

July 23, 1979

[…the interim disbursement be made hereafter at quarterly intervals instead of half-yearly … the more frequent disbursements would add to the existing half-yearly schedule two other interim disbursements, one at the end of October 1979 and the other at the end of April 1980.]

(b) Extension of Period for Qualification

In Section II, paragraph 3(c)(ii), of the Trust Fund Instrument, the word “predominantly” is changed to “partly” and “…November 30, 1979” is changed to “…May 1, 1980.”

Decision No. 6202-(79/121) TR

July 23, 1979

(c) Extension of Second Period

1. The date “December 31, 1980” shall be substituted for the date “June 30, 1980” in

  • (i) Decision No. 5069-(76/72), paragraph 2, May 5, 1976; and

  • (ii) the Instrument to Establish the Trust Fund, annexed to Decision No. 5069-(76/72), Section II, paragraph 1.

2. The date “November 1, 1980” shall be substituted for the date “May 1, 1980” in paragraph 3(c)(ii) of the Instrument referred to in 1(ii) above, as amended by Decision No. 6202-(79/121) TR, July 23, 1979.

3. Loan disbursements in the remainder of the Trust’s second period shall be made as follows: interim disbursements at end-April and end-July 1980, and the final disbursement in January 1981.

Decision No. 6466-(80/68) TR

April 9, 1980

Trust Fund: Extension of Second Period

1. …1

2. (a) The date “February 28, 1981” shall be substituted for “December 31, 1980” in paragraph 2 of Executive Board Decision No. 5069-(76/72), as subsequently amended, and in Section II, paragraph 1 of the Instrument Establishing the Trust Fund, annexed to Executive Board Decision No. 5069-(76/72), as subsequently amended.

(b) The date “January 1, 1981” shall be substituted for the date “November 1, 1980” in Section II, paragraph 3(c)(ii) of the Instrument referred to above, as subsequently amended.

3. The final loan disbursement in respect of the Trust Fund’s second period shall be made toward the end of March 1981, provided that an interim disbursement may be made to.…

Decision No. 6676-(80/168) TR

November 19, 1980

Trust Fund: Means of Payment of Interest by Members on Their Indebtedness Under Loan Agreements

Payments of interest on members’ indebtedness under their loan agreements with the Fund as Trustee of the Trust Fund shall be made with U.S. dollars.

Such payments may be made also in SDRs in accordance with Decision No. 8642-(87/101) S/TR, adopted July 9, 1987.

Decision No. 6358-(79/188) TR1

December 19, 1979,

as amended by Decision No. 8640-(87/101) S/TR,

July 9, 1987

Trust Fund: Means of Repayment by Members on Their Indebtedness Under Loan Agreements

Repayment of members’ indebtedness under their loan agreements with the Fund as Trustee of the Trust Fund shall be made with U.S. dollars.

Such repayment may be made also in SDRs in accordance with Decision No. 8642-(87/101) S/TR, adopted July 9, 1987.

Decision No. 7142-(82/85) TR

June 18, 1982,

as amended by Decision No. 8640-(87/101) S/TR,

July 9, 1987

Trust Fund: Special Charges on Overdue Financial Obligations2

Trust Fund: Final Direct Distribution of Profits

The Trustee will make the direct distribution of profits from sales of gold for the benefit of developing members through the Trust Fund in accordance with the procedures and in the amounts set out in TR/80/17 (6/10/80)1 and Correction 1 (6/11/80).2

Decision No. 6540-(80/98) TR

June 25, 1980

Trust Fund: Termination and Transfer of Resources to Special Disbursement Account

1. Having conducted the review specified in Section II, paragraph 4(d) of the Instrument to Establish the Trust Fund attached to Decision No. 5069-(76/72), of May 5, 1976 (hereinafter called the Trust Instrument), the Fund, as Trustee, decides, with effect from the date disbursements under loans from the Trust Fund are completed, that the repayment terms of such loans from the Trust Fund will not be changed, provided, however, that, if the Trustee finds that repayment of an installment on the due date would result in serious hardship for the borrower the Trustee may reschedule the repayment to a date not later than two years after the date such repayment was originally due.

2. (a) The Fund, as Trustee, decides that the Trust Fund shall be terminated as of April 30, 1981 or the date on which disbursements under Trust Fund loans are finally completed, whichever is the later. After that date, the activities of the Trust shall be confined to the completion of any unfinished business of the Trust Fund and the winding up of its affairs.

(b) The resources of the Trust Fund held on the termination date or subsequently received by the Trustee, except those resources still being held for distribution to members or required to satisfy the liabilities specified in Section V, paragraph 2 of the Trust Instrument, shall be transferred, as expeditiously as possible, to the Special Disbursement Account in accordance with Section V, paragraph 2 of the Trust Instrument.

(c) Nothing in this paragraph 2 shall limit the authority of the Trustee, either before or during the winding up of the Trust Fund, to reschedule loan repayments in cases of serious hardship as provided in paragraph 1 above.

3. (a) From the resources received in the Special Disbursement Account of the Fund pursuant to paragraph 2(b) above, the Fund shall make available an amount equivalent to SDR 750 million for use in the Supplementary Financing Facility Subsidy Account (hereinafter called the Subsidy Account). Such amount shall be transferred to the Subsidy Account as provided in Section 4 of the Instrument establishing the Subsidy Account.

(b)…1

Decision No. 6704-(80/185) TR

December 17, 1980

Terms of Repayment of Final Loan Disbursement and Amendment of Trust Instrument

The terms of repayment for the final disbursement of loans to be made to those members on the list in Attachment II to TR/81/3 (3/10/81)2 and Correction 1 (3/11/81) that will receive as a final disbursement about 0.4 percent of quota shall be one installment equal to the amount of the disbursement to be repaid not later than the end of the tenth year from the date of disbursement, and Section II, paragraph 4(a) of the Trust Instrument annexed to Executive Board Decision No. 5069-(76/72) shall be considered amended accordingly.

Decision No. 6793-(81/45)

March 25, 1981

The paper and its supplement are not included in this volume.

Not included in this volume.

Interest due in 1977, 1978, and on June 30, 1979, for example, was paid in U.S. dollars pursuant to decisions adopted in 1977, 1978, and on June 18, 1979.

See Decision No. 8165-(85/189) G/TR, February 1, 1986, as amended, on pages 395–97.

Not included in this volume.

Not included in this volume.

See page 424.

Not included in this volume.

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