Chapter

Concessional Lending and Debt Relief Trusts

Author(s):
International Monetary Fund
Published Date:
October 2017
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Report of Independent Auditors

To the Board of Governors of the International Monetary Fund

We have audited the accompanying financial statements 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 ECF Subsidy Operations and related Umbrella Account for HIPC Operations (the PRG-HIPC Trust and related umbrella account), and the Catastrophe Containment and Relief Trust and the related Umbrella Account for CCR Operations (CCR Trust and related umbrella account) (collectively referred to as the “Concessional Lending and Debt Relief Trusts”), which comprise the statements of financial position as of April 30, 2017 and 2016, and the related statements of comprehensive income and changes in resources and of cash flows for the years then ended.

We are independent of the Trusts in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United States of America, together with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants, and we have fulfilled our other ethical responsibilities in accordance with these requirements, respectively.

Responsibilities of Management and Those Charged With Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Trusts’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless management either intends to liquidate the Trust or to cease operations or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Trusts’ financial reporting process.

Auditors’ Responsibility

Our responsibility is to express an opinion on the financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement, whether due to fraud or error. Reasonable assurance is a high level of assurance but is not a guarantee that an audit will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. We design audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error because fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

In making those risk assessments, we consider internal control relevant to the Trusts’ preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Trusts’ internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation, structure, and content of the financial statements, including disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

As part of an audit:

  • We exercise professional judgment and maintain professional skepticism throughout the audit.

  • We conclude on the appropriateness of management’s use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Trusts’ ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the Trusts to cease to continue as a going concern.

  • We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies or material weaknesses in internal control that we identify during our audit.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of each of the Poverty Reduction and Growth Trust, the Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries and Interim ECF Subsidy Operations and the related Umbrella Account for HIPC Operations, and the Catastrophe Containment and Relief Trust and the related Umbrella Account for CCR Operations, as of April 30, 2017 and 2016, and the results of each of their operations and each of their cash flows for the years then ended in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

Other Matter

Our audit was conducted for the purpose of forming an opinion on each of the respective trust financial statements taken as a whole. The supplemental schedules listed on pages 62 to 70 are presented for purposes of additional analysis and are not a required part of the respective trust financial statements. The information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the respective trust financial statements. The information has been subjected to the auditing procedures applied in the audit of the respective trust financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the respective trust financial statements or to the respective trust financial statements themselves and other additional procedures, in accordance with auditing standards generally accepted in the United States of America. We also subjected the information to the applicable procedures required by the International Standards on Auditing. In our opinion, the information is fairly stated, in all material respects, in relation to the respective trust financial statements taken as a whole.

June 23, 2017

Statements of financial position at April 30, 2017, and 2016

(In millions of SDRs)

PRG TrustPRG-HIPC Trust and related Umbrella AccountCCR Trust and related Umbrella Account
Note201720162017201620172016
Assets
Cash and cash equivalents181218144139
Interest receivable and other assets2372592827
Investments57,4387,356411410
Loans receivable66,2776,427
Total assets14,13314,260439437144139
Liabilities and resources
Interest payable and other liabilities2202532425
Borrowings76,5056,594176176
Total liabilities6,7256,847200201
Resources7,4087,413239236144139
Total liabilities and resources14,13314,260439437144139
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 23, 2017.
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 23, 2017.
Christine Lagarde /s/Andrew Tweedie /s/
Managing DirectorDirector, Finance Department

Statements of comprehensive income and changes in resources for the financial years ended April 30, 2017, and 2016

(In millions of SDRs)

PRG TrustPRG-HIPC Trust and related Umbrella AccountCCR Trust and related Umbrella Account
Note201720162017201620172016
Resources, beginning of year7,4137,34423623613947
Net investment income541213
Interest on loans616
Contributions24108592
Total income811293592
Interest expense1610
Administrative expense97050
Total expenses8660
Net (loss) income(5)693592
Other comprehensive income
Total comprehensive (loss) income/ changes in resources(5)693592
Resources, end of year7,4087,413239236144139
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 financial years ended April 30, 2017, and 2016

(In millions of SDRs)

PRG TrustPRG-HIPC Trust and related Umbrella AccountCCR Trust and related Umbrella Account
201720162017201620172016
Cash flows from operating activities
Total comprehensive (loss) income(5)693592
Adjustments to reconcile total comprehensive (loss)/ income to cash generated by operations
Net investment income(41)(21)(3)
Interest on loans(16)
Interest expense1610
Loan disbursements(641)(815)
Loan repayments791632
Interest received17
Interest paid(13)(10)
Net cash provided by/(used in) operating activities108(135)592
Cash flows from investing activities
Acquisition of investments(244)(192)(27)
Disposition of investments18821419
Net cash (used in)/provided by investing activities(56)22(8)
Cash flows from financing activities
Borrowings641815
Repayment of borrowings(730)(659)
Net cash (used in)/provided by financing activities(89)156
Net (decrease)/increase in cash and cash equivalents(37)43(8)592
Cash and cash equivalents, beginning of year218175813947
Cash and cash equivalents, end of year181218144139
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 financial years ended April 30, 2017, and 2016

1. Nature of operations

The International Monetary Fund (IMF) is the Trustee of the following trusts:

  • i. The Poverty Reduction and Growth Trust (PRG Trust);

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

  • iii. The Catastrophe Containment and Relief Trust (CCR Trust) and the related Umbrella Account for CCR Operations (the CCR Umbrella Account).

Collectively, these trusts are referred to as the “Concessional Lending and Debt Relief Trusts” or the “Trusts”. The Trusts provide loans on concessional terms and/or debt relief assistance to low-income member countries.

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. The expenses of conducting the business of the PRG and CCR Trusts are paid by the IMF and reimbursed by these trusts. Resources not immediately needed in operations are invested as allowed by the instruments (Trust Instruments) establishing the Trusts.

1.1 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 member countries. 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 the following facilities:

  • i. The Extended Credit Facility (ECF) for members with protracted balance of payments problems under three- to four-year arrangements, which may be extended up to a total of five years;

  • ii. The Standby Credit Facility (SCF) for actual or potential short-term balance of payments needs under one- to two-year arrangements; and

  • iii. The Rapid Credit Facility (RCF) for urgent balance of payments needs, which provides financial support in outright loan disbursements.

The repayment terms of PRG Trust loans are 5½ to 10 years for the Exogneous Shocks Facility (ESF), ECF, and RCF and four to eight years for the SCF, in equal semi-annual installments. The structure of interest rates on PRG Trust lending is reviewed every two years by the IMF Executive Board.

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 (SDA) and net earnings from investments. Reserve Account resources are to be used by the Trustee in the event that PRG Trust loan 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 other accounts administered by the IMF on behalf of donors (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 on PRG Trust loans and the interest due on Loan Accounts borrowings.

1.2 PRG-HIPC Trust and the PRG-HIPC Umbrella Account

The PRG-HIPC Trust was established in February 1997 to provide assistance to low-income countries by providing 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. 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 the HIPC-eligible members for the purpose of repaying their debt to the IMF in accordance with the agreed-upon schedule.

1.3 CCR Trust and the CCR Umbrella Account

Established originally as the Post-Catastrophe Debt Relief (PCDR) Trust in June 2010, the CCR Trust provides balance of payments assistance in the form of grants to eligible low-income members following catastrophic natural or public health disasters.

Operations of the CCR Trust are conducted through three accounts: the General Account, containing non-earmarked funds available for either type of assistance, and two earmarked accounts for Post-Catastrophe and Catastrophe Containment assistance. Grants made by the CCR Trust are administered in the CCR Umbrella Account on behalf of the recipients.

2. Basis of preparation and measurement

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 or loss.

2.1 Unit of account

The financial statements are presented in SDRs, which is the IMF’s unit of account. The value of the SDR is determined daily by the IMF by summing specific amounts of the basket currencies in U.S. dollar equivalents on the basis of market exchange rates. The IMF reviews the composition of the SDR valuation basket at a minimum of five-year intervals. The last review was completed in November 2015 and the Chinese renminbi was included in the SDR valuation basket, effective October 1, 2016.

The specific amounts of the currencies in the basket were as follows:

SDR basket currencyOctober 1, 2016 to April 30, 2017Prior to October 1, 2016
Chinese renminbi1.0174
Euro0.386710.423
Japanese yen11.90012.1
Pound sterling0.0859460.111
U.S. dollar0.582520.660

At April 30, 2017, 1 SDR was equal to US$1.37102 (US$1.41733 at April 30, 2016).

The next review of the method of valuation of the SDR will take place by September 30, 2021, unless developments in the interim justify an earlier review.

2.2 SDR interest rate

The SDR interest rate provides the basis for determining the interest levied on outstanding loans (see Note 6) and interest on certain borrowings (see Note 7).

The SDR interest rate is determined weekly by reference to a weighted average of yields or rates on short-term instruments in the money markets of the members whose currencies are included in the SDR valuation basket:

SDR basket currencyYield or rate
Chinese renminbi1Three-month benchmark yield for China Treasury bonds as published by the China Central Depository and Clearing Co., Ltd.
EuroThree-month spot rate for euro area central government bonds with a minimum rating of AA published by the European Central Bank
Japanese yenThree-month Treasury Discount Bills
Pound sterlingThree-month Treasury Bills
U.S. dollarThree-month Treasury Bills

Effective October 1, 2016.

Effective October 1, 2016.

The SDR interest rate is subject to a floor of 0.050 percent and is rounded to three decimal places. During the financial years ended April 30, 2017, and 2016, the average SDR interest rate was 0.185 percent per annum and 0.051 percent per annum, respectively.

2.3 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 the most significant estimates and critical judgments used in applying accounting policies is described in Notes 3.3, 3.4, and 3.6.

3. Summary of significant accounting policies

3.1 New and revised International Financial Reporting Standards

3.1.1 Amendments to existing standards that became effective in the financial year ended April 30, 2017

The following amendments to existing standards issued by the IASB and applicable to the Trusts became effective in the financial year ended April 30, 2017. These amendments have no material impact on the Trusts’ financial statements:

Amendments to IFRS 7 “Financial Instruments: Disclosures”, issued in September 2014 and effective for annual periods starting on or after January 1, 2016.

Amendments to IAS 1 “Presentation of Financial Statements”, issued in December 2014 and effective for annual periods starting on or after January 1, 2016.

3.1.2 New standard to be adopted in future years

The following new standard has been issued by the IASB and will be effective for annual periods starting on or after January 1, 2018:

In July 2014 the IASB published the complete version of IFRS 9 “Financial Instruments”, which replaced most of the guidance in IAS 39 “Financial Instruments: Recognition and Measurement”. The standard requires financial assets to be classified at fair value through profit or loss, fair value through other comprehensive income, or amortized cost on the basis of the entity’s business model for managing the assets and the contractual cash flow characteristics of the financial asset. No changes were introduced for the classification and measurement of financial liabilities except for financial liabilities designated at fair value through profit or loss. For these financial liabilities, changes in the fair value due to the changes in an entity’s own credit risk must be recognized in other comprehensive income. The incurred loss model of IAS 39 has been replaced by a forward-looking expected credit loss impairment model. The impact of the adoption of IFRS 9 on the Trusts’ financial statements is being assessed.

3.1.3 Amendment to an existing standard effective in future years that is not expected to have a material impact

The following amendment to an existing standard issued by the IASB and applicable to Trusts will become effective in future financial years. This amendment is not expected to have a material impact on the Trusts’ financial statements:

Amendments to IAS 7 “Statement of Cash Flows”, issued in January 2016 and effective for annual periods starting on or after January 1, 2017.

3.2 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. Cash and cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes.

3.3 Investments

Investments comprise short-term investments, fixed-term deposits, and fixed-income securities. The Trusts measure short-term investments and fixed-term deposits, which are held to maturity, at amortized cost. Fixed-income securities are designated as financial assets held at fair value through profit or loss, since they are managed and their performance is evaluated on a fair value basis, in accordance with the Trusts’ risk management and investment strategies. Such designation may be made only upon initial recognition and cannot subsequently be changed. The designated assets are carried at fair value in the statements of financial position, with changes in fair value included in the statements of comprehensive income in the period in which they arise.

3.3.1 Recognition

Investments are recognized on the trade date at which the Trusts become a party to the contractual provisions of the instrument. The corresponding investment trades receivable or payable are recognized in other assets and other liabilities, respectively, pending settlement of the transactions.

3.3.2 Derecognition

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

3.3.3 Investment income

Investment income comprises interest income, realized gains and losses, and unrealized gains and losses, and includes currency valuation differences arising from exchange rate movements against the SDR.

Interest income is recognized on an accrual basis under the effective interest rate method.

3.4 Loans

3.4.1 Recognition and measurement

Loans in the PRG Trust are initially recorded at the amount disbursed, which represents the fair value of the consideration given. Thereafter, the carrying value of the loans is amortized cost.

3.4.2 Interest income

Interest income is recognized on loans on an accrual basis under the effective interest rate method. It is the PRG Trust’s policy to exclude from income interest on loans that are six months or more overdue. Such interest is deferred and only recognized upon the settlement of the amounts overdue.

3.4.3 Impairment

Outstanding loans are assessed for impairment losses on a member-by-member basis using the incurred loss model. Impairment losses are recognized when objective evidence of a specific loss event has been observed, and the outstanding loan’s carrying value exceeds the present value of estimated future cash flows.

3.5 Borrowings

Borrowings are initially recorded at the amount drawn, which represents the fair value of the consideration received. Thereafter borrowings are measured at amortized cost.

3.6 Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market.

A three-level fair value hierarchy is used to determine fair value under which financial instruments are categorized based on the priority of the inputs to the valuation technique. The fair value hierarchy has the following levels:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;

Level 2: 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); and

Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

When the inputs used to measure the fair value of an asset or liability fall within multiple 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.

3.7 Foreign currency translation

Transactions in currencies and not in SDRs are recorded at the rate of exchange on the date of the transaction. Assets and liabilities denominated in other currencies are reported using the SDR exchange rate on the date of the financial statements. 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 total comprehensive income.

3.8 Contributions

The Trusts accept contributions on such terms and conditions as agreed between the trust and the contributor. Contributions are recognized as income after the achievement of specified conditions and are subject to the 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.

4.1 Credit risk

4.1.1 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 economic policies the members agree to follow as a condition for PRG Trust financing.

The PRG Trust has established limits on overall access to its resources. The amount of access in each individual case depends 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 outstanding use of IMF credit. The IMF can approve access in excess of these limits in cases where the member is experiencing an exceptionally large balance of payments need and has a comparatively strong adjustment program, among other conditions. The access limits, which were revised on July 1, 2015, and following the effectiveness of quota increases under the Fourteenth General Review of IMF Quotas on January 26, 2016, are as follows:

Access limitsMay 1, 2015 to Jun. 30, 2015Jul. 1, 2015 to Jan. 25, 2016From Jan. 26, 2016
(In percent of quota)
Overall for all facilities
Normal access:annual10015075
cumulative1300450225
Exceptional access:annual150200100
cumulative1450600300
RCF
Normal access:annual2537.518.75
cumulative110015075
Exceptional access:annual507537.5
cumulative112515075
SCF
Annual75112.556.25
Average annual507537.5

Net of scheduled repayments.

Net of scheduled repayments.

Disbursements under PRG Trust arrangements are made in tranches and are subject to conditionality in the form of performance criteria, structural benchmarks, and prior actions. Safeguards assessments of member central banks are undertaken to provide the Trustee with reasonable assurance that the banks’ legal structure, controls, financial reporting, and internal and external audit arrangements are adequate to maintain the integrity of their operations and help ensure that PRG Trust loan proceeds are used for intended purposes. Misreporting by member countries on performance criteria and other conditions for disbursement may entail early repayment of non-complying disbursements.

The maximum credit risk exposure is the carrying value of the PRG Trust’s outstanding loans and undrawn commitments (see Note 6), which amounted to SDR 7,909 million and SDR 8,027 million at April 30, 2017, and 2016, respectively.

The concentration of PRG Trust outstanding loans by region was as follows:

April 30, 2017April 30, 2016
(In millions of SDRs and as a percentage of total outstanding loans)
Africa4,63273.8%4,67172.7%
Asia and Pacific72511.6%74911.6%
Europe1512.4%1852.9%
Middle East and Central Asia6099.7%66610.4%
Western Hemisphere1602.5%1562.4%
Total6,277100.0%6,427100.0%

Use of credit in the PRG Trust by the largest users was as follows:

April 30, 2017April 30, 2016
(In millions of SDRs and as a percentage of total outstanding loans)
Largest user of credit72711.6%75811.8%
Three largest users of credit2,02232.2%2,02131.4%
Five largest users of credit2,79844.6%2,89045.0%

The five largest users of credit at April 30, 2017, in descending order, were Cȏte d’Ivoire, Ghana, Bangladesh, Kenya, and Sierra Leone (Cȏte d’Ivoire, Bangladesh, Ghana, Kenya, and the Democratic Republic of the Congo at April 30, 2016). Outstanding loans by member are presented in Schedule 1.

To protect the lenders to the PRG Trust, Reserve Account resources are available to repay the lenders in the event of delays in repayment or nonpayment by borrowers. At April 30, 2017, and 2016, available resources in the Reserve Account amounted to SDR 3,850 million and SDR 3,821 million, respectively.

4.1.2 Investments

Credit risk on investments represents the potential loss that the Trusts may incur if issuers and counterparties default on their contractual obligations. The maximum exposure to credit risk is the carrying amount of investments (see Note 5), which amounted to SDR 7,438 million and SDR 7,356 million at April 30, 2017, and 2016, respectively.

On March 22, 2017, the Executive Board reviewed the investment strategy for Trusts and approved new investment guidelines under the Trust Instruments. The new strategy expands the range of eligible asset classes for the PRG Trust to include a broader range of fixed-income instruments (corporate and emerging market bonds) and equities according to a target allocation, which will be phased in over a three-year period, starting in financial year 2018. Eligible investments under the strategy for the CCR and PRG-HIPC Trusts will remain largely unchanged.

Under the previous investment guidelines, in effect until March 22, 2017, credit risk was managed by limiting the range of investments to (i) domestic government bonds of countries in China, 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 institutions, 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 was also minimized by limiting eligible investments to marketable securities rated A or higher by Standard & Poor’s and, for deposits, obligations issued by institutions with a credit rating of A or higher.

The credit risk exposure in the PRG Trust and PRG-HIPC Trust portfolios was as follows:

PRG TrustPRG-HIPC Trust
April 30April 30
2017201620172016
(As a percentage of total investments)
Government bonds
AAA9.213.622.728.2
AA+ to AA–15.825.027.748.7
A+ to A4.83.98.97.7
Nongovernment bonds and financial institutions obligations
AAA7.45.617.012.5
AA+ to AA–1.20.80.82.9
BIS (not rated)61.651.122.9
Total100.0100.0100.0100.0

4.2. Market risk

Market risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market prices. Market risk includes interest rate risk, exchange rate risk, and other price risks.

4.2.1 Interest rate risk

Interest rate risk on lending is the risk that future cash flows will fluctuate because of changes in market interest rates.

PRG Trust lending

The PRG Trust’s subsidy resources consist of 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 interest 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 and a transfer of investment income from the Reserve Account to the General Subsidy Account, subject to consultations with all creditors to the Loan Accounts on the adequacy of the Reserve Account to protect their claims.

Investments

The investment portfolios (see Note 5) 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 one to three years. The effect on the fair value of the portfolios of a 10 basis point fluctuation in the market interest rates at April 30, 2017, is approximately SDR 10 million or 0.15 percent of the PRG Trust portfolio (SDR 14 million or 0.19 percent at April 30, 2016) and approximately SDR 0.6 million or 0.19 percent of the PRG-HIPC Trust portfolio (SDR 0.8 million or 0.19 percent at April 30, 2016).

4.2.2 Exchange rate risk

Exchange rate risk is the risk that an entity’s financial position and cash flows will be affected by fluctuations in foreign currency exchange rates.

Lending and borrowing

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

Investments in fixed-term deposits, held with the BIS, are denominated in SDRs. Exchange rate risk on investments in fixed-income securities 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 the currency weights in the SDR basket.

The effect on the PRG Trust and PRG-HIPC Trust portfolios of a 5 percent increase or decrease in the market exchange rates of each of the currencies included in the SDR valuation basket against the SDR was as follows:

5 percent increase in exchange rate5 percent decrease in exchange rate
April 30April 30
2017201620172016
(Gain/(loss) in millions of SDRs)
PRG Trust
Chinese renminbi(37)N/A41N/A
Euro(107)(118)118130
Japanese yen(27)(26)3029
Pound sterling(28)(40)3144
U.S. dollar(148)(162)163179
PRG-HIPC Trust
Chinese renminbi(2)N/A2N/A
Euro(5)(7)57
Japanese yen(1)(1)12
Pound sterling(1)(2)12
U.S. dollar(6)(9)710

The sensitivity analyses are based on a change in the exchange rate of a single currency, while holding other currencies constant, so that the effects of correlation between the market exchange rates of constituent currencies are excluded.

4.3 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 annual reviews to determine the adequacy of resources in the Trusts to provide financial assistance to eligible IMF members and to meet the Trusts’ obligations.

The PRG Trust must have resources available to meet members’ demand for credit. Uncertainties in the timing and amount of credit extended to members expose the PRG Trust to liquidity risk. For this purpose, the approval of new lending agreements is subject to the availability of uncommitted resources. During the financial year, PRG Trust resources available for financing increased by SDR 7,650 million as a result of new borrowing agreements and augmentation of existing borrowing agreements under a Board-endorsed effort to raise SDR 11,000 million in new loan resources. Resources in the Subsidy Accounts are expected to meet the estimated needs based on the level of loans outstanding and current forecast of future commitments. Should such resources be deemed inadequate for this purpose, the PRG Trust has measures to cover the shortfall, as mentioned in Note 4.2.1.

Debt relief under the HIPC initiative has been provided to all eligible members that qualified for such debt relief in the PRG-HIPC Trust, except for those in protracted arrears.

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

5. Investments

The Trusts’ investments consisted of the following:

PRG TrustPRG-HIPC Trust
April 30April 30
2017201620172016
(In millions of SDRs)
Short-term investments7950
Fixed-term deposits6218794
Fixed-income securities6,7387,219317410
Total7,4387,356411410

Investments, managed primarily by external investment managers, include portfolios directly held by the Trusts. During the first half of the financial year, a portion of the Trusts’ assets were held in pooled investment accounts.

The maturities of the investments were as follows:

PRG TrustPRG-HIPC Trust
Financial year ending April 302017201620172016
(In millions of SDRs)
201732833
20182,0673,440130191
20193,8933,31097185
20201,40443169
2021727151
20222
2023 and beyond228
Total7,4387,356411410

Net investment income comprised the following:

PRG TrustPRG-HIPC Trust
2017201620172016
(In millions of SDRs)
Interest income715864
Net realized losses(55)(4)(3)(2)
Net unrealized gains (losses)27(31)(2)
Investment fees(2)(2)
Total41213

6. Commitments and outstanding loans

6.1 Commitments under PRG Trust arrangements

An arrangement under the PRG Trust is a decision of the IMF as Trustee that gives a member the assurance that the Trust stands ready to provide freely usable currencies or SDRs during a specified period and up to a specified amount, in accordance with the terms of the arrangement. Upon approval by the Trustee, resources of the Loan Accounts of the PRG Trust are committed to qualifying members for a period from three and up to five years for ECF arrangements or from one to two years for SCF arrangements.

At April 30, 2017, undrawn balances under 20 arrangements amounted to SDR 1,632 million (SDR 1,600 million under 18 arrangements at April 30, 2016). Commitments and undrawn balances under current arrangements by member are presented in Schedule 2.

6.2 Outstanding loans

On October 20, 2016, Zimbabwe settled all of its remaining overdue obligations to the PRG Trust of SDR 78 million, which comprised overdue principal and interest of SDR 62 million and SDR 16 million, respectively. The overdue interest, which had been deferred prior to settlement, was recognized as income. The proceeds from the settlement were transferred to the Reserve Account, which had previously made payments to PRG Trust lenders as a result of Zimbabwe’s arrears.

Scheduled repayments of outstanding loans are summarized below:

Financial year ending April 3020172016
(In millions of SDRs)
2017729
2018867867
2019958958
2020899899
2021866846
2022811760
2023 and beyond1,8761,306
Overdue62
Total6,2776,427

No impairment losses were recognized in the financial years ended April 30, 2017, and 2016.

6.3 Interest on loans

During the financial year ended April 30, 2017, the PRG Trust recognized interest income of SDR 16 million as a result of the settlement of overdue financial obligations by Zimbabwe. Interest of all PRG Trust loans had been waived for the financial years ended April 30, 2017, and 2016.

On October 3, 2016, the Executive Board approved a modification of the mechanism governing the interest rate setting of PRG Trust facilities and extended the interest waiver on ESF outstanding loans through end-December 2018. The modification sets the interest rates on ECF and SCF loans based on the SDR interest rate as follows:

Average SDR interest rate for the latest 12-month periodECFSCF
(In percent)
Less than or equal 0.75%
Greater than 0.75% but less than 2%0.25
Greater than or equal to 2% but less than 5%0.250.50
Greater than or equal to 5%0.500.75

The interest rate on financial assistance provided under the RCF has been permanently set at zero percent for all PRGT-eligible members.

7. Borrowings

The PRG and PRG-HIPC Trusts borrow on such terms and conditions as agreed between the Trustee and lenders. The repayment periods for the PRG Trust Loan Accounts borrowings typically match the maturity of the loans extended by the PRG Trust, which are to be repaid in equal semi-annual installments beginning 5½ years from the date of each disbursement in the case of the ECF, ESF, and RCF; and beginning four years from the date of each disbursement in the case of the SCF.

Drawings under some 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. Certain creditors of the PRG Trust participate in a voluntary “encashment” regime, under which they can seek early repayment of outstanding claims in case of balance of payments needs, provided they allow drawings under their own agreements for encashment by other participating creditors. Early repayment is subject to availability of resources under borrowing agreements with other lenders.

Most of the borrowings of the PRG Trust Subsidy Accounts and PRG-HIPC Trust are repayable in one installment at their maturity dates.

7.1 Resources available under borrowing agreements

PRG Trust resources available in the Loan Accounts amounted to SDR 13,104 million and SDR 6,095 million at April 30, 2017, and 2016, respectively. Undrawn balances in the PRG Trust Subsidy Accounts amounted to SDR 17 million at April 30, 2017, and 2016. Resources available under borrowing agreements of PRG Trust Loan Accounts by lender are presented in Schedule 3. All available PRG-HIPC Trust borrowing arrangements have been fully drawn.

7.2 Outstanding borrowings

Scheduled repayments of outstanding borrowings are summarized below:

PRG TrustPRG-HIPC Trust
Financial year ending April 302017201620172016
(In millions of SDRs)
20172,687
20182,991848
2019716716121121
20205865861616
20214724723939
2022527500
2023 and beyond1,213785
Total6,5056,594176176

7.3 Interest on borrowings

The weighted average interest rate on PRG Trust variable interest rate borrowings was 0.25 percent per annum and 0.16 percent per annum for the financial years ended April 30, 2017, and 2016, respectively. Most PRG-HIPC Trust borrowings carry a fixed interest rate.

8. Fair value measurement

Valuation techniques used to value financial instruments include the following:

  • i. The fair value of publicly traded sovereign bonds is based on quoted market prices, or binding dealer price quotations, in active markets for identical assets without any adjustments. The instruments are valued at mid prices (or bid price for long positions and ask price for short positions) and included within Level 1 of the hierarchy; and

  • ii. The fair value of fixed-income securities not traded in active markets is determined on the basis of a compilation of significant observable market information such as recently executed trades in securities of the issuer or comparable issuers and yield curves. The assessment also takes into account the inherent risk and terms and conditions of each security. To the extent that the significant inputs are observable, these investments are included within Level 2 of the hierarchy.

8.1 Investments

At April 30, 2017, and 2016, the Trusts’ investments in fixed-income securities (see Note 5) were categorized as Level 2 based on the fair value hierarchy (there were no Level 1 or Level 3 securities). Fixed-term deposits and short-term investments are generally of a short-term nature and are carried at amortized cost, which approximates fair value.

8.2 Loans receivable and other financial assets and liabilities

The PRG Trust, and the IMF as Trustee, plays a unique role in providing balance of payments support to member countries. PRG Trust financing features policy conditions that require member countries to implement macroeconomic and structural policies, and are an integral part of Trust lending. These measures aim to help countries solve their balance of payments problems while safeguarding Trust resources. The fair value of PRG Trust loans receivable as defined under IFRS 13 cannot be determined due to their unique characteristics, including the debtor’s membership relationship with the IMF, the Trustee, and the absence of a principal or most advantageous market for PRG Trust loans. The carrying value of other assets and liabilities accounted for at amortized cost represents a reasonable estimate of their fair value.

9. Related party transactions

The expenses of conducting the business of the Trusts are paid by the IMF from the General Resources Account (GRA) and reimbursed by the PRG and CCR Trusts annually. For the financial year ended April 30, 2017, the PRG and CCR Trusts reimbursed the GRA SDR 70 million and SDR 0.1 million, respectively, for these expenses (SDR 50 million and SDR 0.3 million, respectively, for the financial year ended April 30, 2016).

In addition to bilateral contributions from member countries, the IMF also made contributions to the Trusts to meet the financing needs of low-income countries. Cumulative contributions from the IMF were as follows:

April 30, 2017, and 2016
(In millions of SDRs)
PRG Trust Reserve Account2,697
PRG Trust Subsidy Accounts1,018
PRG-HIPC Trust1,239
CCR Trust293
Total5,247

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

The combining statements of financial position and statements of comprehensive income and changes in resources of the PRG Trust are presented below. The same statements are not presented for the PRG-HIPC and CCR Trusts as the financial positions of the respective umbrella accounts remained unchanged for the financial years ending April 30, 2017, and 2016.

PRG Trust

Combining statements of financial position at April 30, 2017, and 2016

(In millions of SDRs)

20172016
Loan AccountsReserve AccountSubsidy AccountsTotalTotal
Assets
Cash and cash equivalents2110951181218
Interest receivable and other assets18255237259
Investments3,6643,7747,4387,356
Loans receivable6,2776,2776,427
Accrued account transfers(47)62(15)
Total assets6,2514,0173,86514,13314,260
Liabilities and resources
Interest payable and other liabilities716746220253
Borrowings6,2442616,5056,594
Total liabilities6,2511673076,7256,847
Resources3,8503,5587,4087,413
Total liabilities and resources6,2514,0173,86514,13314,260

Combining statements of comprehensive income and changes in resources for the financial years ended April 30, 2017, and 2016

(In millions of SDRs)

20172016
Loan AccountsReserve AccountSubsidy AccountsTotalTotal
Resources, beginning of year633,8213,5297,4137,344
Net investment income20214121
Interest on loans1616
Contributions2424108
Total income16204581129
Interest expense161610
Administrative expense707050
Total expenses16708660
Transfers
Subsidies16(16)
Repayment of advances(63)63
Additional interest on overdue obligations(16)16
Total transfers(63)79(16)
Net (loss) income(63)2929(5)69
Other comprehensive (loss) income
Total comprehensive (loss) income/changes in resources(63)2929(5)69
Resources, end of year3,8503,5587,4087,413

Schedule 1: PRG Trust: Schedule of outstanding loans at April 30, 2017

(In millions of SDRs)

MemberECFESF1RCFSCFTotal loans outstandingPercent of total
Afghanistan, Islamic Republic of43.243.20.69
Albania1.21.20.02
Armenia, Republic of124.7124.71.99
Bangladesh640.0640.010.20
Benin92.692.61.48
Burkina Faso153.8153.82.45
Burundi64.264.21.02
Cameroon2.746.449.10.78
Central African Republic57.322.379.61.27
Chad89.889.81.43
Comoros, Union of the10.710.70.17
Congo, Democratic Republic of the148.553.3201.83.21
Congo, Republic of5.85.80.09
Côte d’Ivoire653.873.2727.011.58
Djibouti18.118.10.29
Dominica1.68.29.80.16
Ethiopia, The Federal Democratic Republic of110.3110.31.76
Gambia, The19.77.827.50.44
Georgia1.41.40.02
Ghana655.3655.310.44
Grenada20.920.90.33
Guinea152.726.8179.52.86
Guinea-Bissau14.53.618.00.29
Haiti44.730.775.41.20
Kenya478.767.9546.58.71
Kyrgyz Republic107.115.015.5137.72.19
Lesotho, Kingdom of47.147.10.75
Liberia111.132.3143.42.28
Madagascar, Republic of41.161.1102.21.63
Malawi135.913.9149.72.39
Maldives1.21.20.02
Mali102.322.0124.31.98
Mauritania, Islamic Republic of70.570.51.12
Moldova, Republic of149.5149.52.38
Mozambique, Republic of0.261.185.2146.42.33
Nepal3.255.658.80.94
Nicaragua40.740.70.65
Niger128.3128.32.04
Rwanda1.7108.1109.91.75
St. Lucia3.43.16.50.10
St. Vincent and the Grenadines1.94.96.70.11
Samoa3.55.89.30.15
Sâo Tomé and Príncipe, Democratic Republic of3.63.60.06
Senegal68.068.01.08
Sierra Leone229.1229.13.65
Solomon Islands1.06.27.30.12
Tajikistan, Republic of79.679.61.27
Tanzania, United Republic of117.466.3183.72.93
Togo51.751.70.82
Vanuatu8.58.50.14
Yemen, Republic of73.160.9134.02.13
Zambia133.1133.12.12
Total outstanding loans5,004.0564.8442.1265.96,276.7100.0
Components may not sum exactly to totals due to rounding.

Until April 10, 2010, the PRG Trust provided loans under the ESF to facilitate member countries’ adjustment to sudden and exogenous shocks.

Components may not sum exactly to totals due to rounding.

Until April 10, 2010, the PRG Trust provided loans under the ESF to facilitate member countries’ adjustment to sudden and exogenous shocks.

Schedule 2: PRG Trust: Status of arrangements at April 30, 2017

(In millions of SDRs)

MemberDate of arrangementExpiration dateAmount agreedUndrawn balance
ECF arrangements
Afghanistan, Islamic Republic ofJuly 20, 2016July 19, 201932.427.9
BeninApril 7, 2017April 6, 2020111.495.5
Burkina FasoDecember 27, 2013September 26, 201755.64.5
Central African RepublicJuly 20, 2016July 19, 201983.658.5
ChadAugust 1, 2014November 30, 2017140.241.9
Côte d’IvoireDecember 12, 2016December 11, 2019162.6139.4
GhanaApril 3, 2015April 2, 2018664.2332.1
GrenadaJune 26, 2014June 25, 201714.02.0
Guinea-BissauJuly 10, 2015July 9, 201817.09.1
Kyrgyz RepublicApril 8, 2015April 7, 201866.628.5
LiberiaNovember 19, 2012November 18, 2017111.714.8
Madagascar, Republic ofJuly 27, 2016November 26, 2019220.0188.6
MalawiJuly 23, 2012June 30, 2017138.819.5
MaliDecember 18, 2013December 17, 201798.038.0
Moldova, Republic ofNovember 7, 2016November 6, 201943.134.4
NigerJanuary 23, 2017January 22, 202098.784.6
Sâo Tomé and Príncipe, Democratic Republic ofJuly 13, 2015July 12, 20184.42.5
Total ECF arrangements2,062.41,121.7
SCF arrangements
KenyaMarch 14, 2016March 13, 2018354.6354.6
Mozambique, Republic ofDecember 18, 2015June 17, 2017204.5119.3
RwandaJune 8, 2016December 7, 2017144.236.0
Total SCF arrangements703.3510.0
Total PRG Trust arrangements2,765.71,631.6
Components may not sum exactly to totals due to rounding.
Components may not sum exactly to totals due to rounding.

Schedule 3: PRG Trust – Loan Accounts: Resources available under borrowing and note purchase agreements at April 30, 2017

(In millions of SDRs)

LenderDate of agreementExpiration dateAmount agreedUndrawn balance
National Bank of BelgiumNovember 12, 2012December 31, 2024350.016.2
CanadaMarch 5, 2010December 31, 2024500.0348.5
CanadaJanuary 10, 2017December 31, 2024500.0500.0
People’s Bank of ChinaSeptember 3, 2010December 31, 2024800.036.8
People’s Bank of ChinaApril 21, 2017December 31, 2024800.0800.0
Danmarks NationalbankJanuary 28, 2010December 31, 2024500.0460.5
Banque de FranceSeptember 3, 2010December 31, 20181,328.0110.1
Bank of ItalyApril 18, 2011December 31, 2024800.074.5
JapanSeptember 3, 2010December 31, 20243,600.03,521.2
Bank of KoreaJanuary 7, 2011December 31, 20241,000.0990.0
De Nederlandsche Bank NVJuly 27, 2010December 31, 20241,000.0991.6
Norway1November 17, 2016December 31, 2024150.0150.0
Norway1November 17, 2016December 31, 2024150.0150.0
Saudi Arabian Monetary AgencyMay 13, 2011December 31, 2024500.0427.9
Bank of SpainDecember 17, 2009December 31, 2024405.0378.2
Bank of SpainFebruary 22, 2017December 31, 2024450.0450.0
Sveriges RiksbankNovember 17, 2016December 31, 2024500.0500.0
Swiss National BankApril 21, 2011December 31, 2024500.0455.4
United KingdomNovember 30, 2015December 31, 20241,312.5743.0
United KingdomJanuary 23, 2017December 31, 20242,000.02,000.0
Total17,145.513,103.8
Components may not sum exactly to totals due to rounding.

Lender agreed to provide earmarked financing under two separate borrowings agreements.

Components may not sum exactly to totals due to rounding.

Lender agreed to provide earmarked financing under two separate borrowings agreements.

Schedule 4: PRG, PRG-HIPC, and CCR Trusts: Cumulative contributions at April 30, 2017

(In millions of SDRs)

PRG TrustPRG-HIPC TrustCCR TrustOf which: Attributable to the MDRI-II Trust liquidation3
ContributorGeneral Subsidy AccountEarmarked Subsidy Accounts1TotalOf which: Windfall Gold Sales Profits2
Afghanistan, Islamic Republic of1.21.21.2
Albania0.40.40.4
Algeria15.215.212.90.4
Angola2.12.12.1
Antigua and Barbuda0.10.10.1
Argentina25.727.252.921.811.70.40.4
Armenia, Republic of1.01.01.0
Australia50.514.765.232.817.00.10.1
Austria21.73.925.621.715.0
Bahamas, The1.01.01.0
Bangladesh5.50.76.25.51.2****
Barbados0.50.50.50.3
Belarus, Republic of1.12.83.93.9
Belgium35.60.235.835.625.91.41.4
Belize0.20.20.20.2
Benin0.70.70.7
Bhutan******
Bosnia and Herzegovina1.71.71.7
Botswana0.80.80.8****
Brazil11.0
Brunei Darussalam2.22.22.2**
Bulgaria5.95.95.9
Burkina Faso0.60.60.6
Burundi0.80.80.8
Cabo Verde******
Cambodia0.90.90.9**
Cameroon1.91.91.9
Canada91.5214.9306.465.532.92.92.9
Central African Republic0.20.20.2
Chad0.70.70.7
Chile****
China, People’s Republic of110.1110.198.013.10.10.1
Colombia**
Comoros, Union of the0.10.10.1
Congo, Democratic Republic of the5.55.55.5
Congo, Republic of0.60.60.6
Côte d’Ivoire2.41.03.43.4
Croatia, Republic of1.91.91.8**
Cyprus1.61.61.60.5
Czech Republic10.310.020.310.3
Denmark23.038.361.319.413.10.80.8
Djibouti0.10.10.1
Dominica0.10.10.1
Egypt, Arab Republic of9.710.019.79.7**0.20.2
Estonia, Republic of1.01.01.00.4
Ethiopia, The Federal Democratic Republic of1.41.41.4
Fiji, Republic of0.70.70.7**
Finland13.022.735.713.02.60.50.5
France127.9127.9110.560.94.04.0
Gabon1.61.61.60.5
Gambia, The0.30.30.3
Georgia1.51.51.5
Germany149.8154.4304.3149.845.623.82.3
Ghana1.11.11.1
Greece11.311.311.32.20.50.5
Guinea1.11.11.1
Guinea-Bissau0.10.10.1
Haiti0.80.80.8
Honduras1.41.41.4
Iceland1.23.34.51.20.60.10.1
India59.910.570.459.90.4
Indonesia5.10.10.1
Iran, Islamic Republic of15.415.415.4
Iraq3.53.53.5
Ireland6.96.93.90.10.1
Israel1.2
Italy255.6255.681.143.32.92.9
Jamaica2.82.82.81.8
Japan185.1541.1726.2148.798.413.28.8
Jordan1.81.81.8
Kenya2.82.82.8
Korea, Republic of43.736.079.734.710.60.70.7
Kosovo0.40.40.4
Kuwait16.916.914.30.1
Kyrgyz Republic1.01.01.0
Lao People’s Democratic Republic0.60.60.6
Latvia, Republic of1.41.41.40.7
Lesotho, Kingdom of0.40.40.4
Liberia0.40.40.4
Lithuania, Republic of1.91.91.90.7
Luxembourg4.310.614.94.30.9
Macedonia, former Yugoslav Republic of0.70.70.7
Malawi0.20.50.70.7
Malaysia18.218.218.24.10.40.4
Maldives0.10.10.1
Mali1.01.01.0
Malta1.00.21.21.00.7****
Mauritania, Islamic Republic of0.70.70.7
Mauritius1.01.01.0**
Mexico37.337.337.340.0
Micronesia, Federated States of******
Moldova, Republic of1.31.31.3
Mongolia0.60.60.6
Montenegro0.10.10.1
Morocco6.07.313.36.0**0.10.1
Mozambique, Republic of1.11.11.1
Myanmar2.72.72.7
Namibia1.41.41.4
Nepal0.70.70.70.1
Netherlands, Kingdom of the62.0100.5162.553.152.0
New Zealand9.29.29.22.2
Nicaragua1.41.41.4
Niger0.50.20.70.7
Nigeria18.118.118.16.2
Norway72.272.219.312.90.50.5
Oman2.42.24.62.40.1
Pakistan10.610.610.60.1****
Panama2.12.12.1
Papua New Guinea0.40.40.4
Paraguay1.01.01.0
Philippines4.94.93.04.5
Poland, Republic of8.8
Portugal10.610.610.64.41.5**
Qatar1.51.50.9
Romania7.67.67.6
Russian Federation61.235.796.961.210.2
Rwanda0.80.80.8
St. Lucia0.10.10.1
St. Vincent and the Grenadines0.1
Samoa0.10.10.1**
San Marino, Republic of0.20.20.2**
Säo Tomé and Príncipe, Democratic Republic of0.10.10.1
Saudi Arabia72.072.071.81.00.20.2
Senegal1.71.71.7
Serbia, Republic of4.84.84.8
Seychelles0.10.10.1
Sierra Leone0.30.81.11.1
Singapore14.514.514.52.30.20.2
Slovak Republic3.93.93.92.7
Slovenia, Republic of1.41.41.40.3
Solomon Islands0.10.10.1
South Africa20.9
Spain50.25.355.541.416.60.10.1
Sri Lanka4.24.24.2**
Swaziland, Kingdom of**
Sweden29.4114.1143.524.65.32.32.3
Switzerland41.141.682.729.938.31.31.3
Tajikistan, Republic of0.90.90.9
Tanzania, United Republic of2.12.12.1
Thailand14.814.814.82.20.20.2
Timor-Leste, Democratic Republic of0.10.10.1
Togo0.20.50.70.7
Tonga0.10.10.1**
Trinidad and Tobago1.01.01.0
Tunisia2.92.92.90.1****
Turkey15.010.025.015.00.7
Turkmenistan0.80.80.8
Tuvalu******
Uganda1.91.91.8
Ukraine14.114.114.1
United Arab Emirates7.77.77.70.4
United Kingdom147.3372.9520.2111.057.435.35.4
United States433.4126.1559.5433.4221.92.02.0
Uruguay3.23.23.2****
Vanuatu0.10.10.1
Vietnam4.84.84.8**
Yemen, Republic of1.81.81.8
Zambia5.05.05.01.2
Zimbabwe3.63.63.6
1,993.22,506.74,499.92,147.8939.296.938.9
Special Disbursement Account147.9870.31,018.21,166.8293.2
Administered Accounts159.5159.5342.4
General Resources Account72.5
147.9029.81,177.71,581.7293.2
Total2,141.13,536.55,677.62,147.82,520.9390.138.9
Components may not sum exactly to totals due to rounding.

Includes contributions to the following earmarked subsidy accounts: Extended Credit Facility, Standby Credit Facility, Rapid Credit Facility, Poverty Reduction and Growth Facility, and the Exogenous Shocks Facility.

Includes voluntary contributions made by IMF members following the distributions from the IMF’s General Reserve of SDR 0.7 billion and SDR 1.75 billion in October 2012 and 2013, respectively, attributable to windfall gold sales profits.

The MDRI-II Trust was liquidated on August 1, 2015.

Less than SDR 50,000.

Components may not sum exactly to totals due to rounding.

Includes contributions to the following earmarked subsidy accounts: Extended Credit Facility, Standby Credit Facility, Rapid Credit Facility, Poverty Reduction and Growth Facility, and the Exogenous Shocks Facility.

Includes voluntary contributions made by IMF members following the distributions from the IMF’s General Reserve of SDR 0.7 billion and SDR 1.75 billion in October 2012 and 2013, respectively, attributable to windfall gold sales profits.

The MDRI-II Trust was liquidated on August 1, 2015.

Less than SDR 50,000.

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