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International Monetary Fund Annual Report 2016 Financial Statements
Chapter

Concessional Lending and Debt Relief Trusts: Notes to the financial statements for the years ended April 30,2014, and 2013

Author(s):
International Monetary Fund
Published Date:
September 2016
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1. Nature of operations

The International Monetary Fund (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 ECF Subsidy Operations (the PRG-HIPC Trust) and the related Umbrella Account for HI PC 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 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.

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 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- to four-year arrangements, which may be subsequently extended up to a total of five years; 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. Until April 6, 2010, the Trust provided loans under the Exogenous Shocks Facility (ESF) to facilitate member countries’ adjustment to sudden and exogenous shocks. The repayment terms are ½ to 10 years for the ECF, ESF, and RCF and four to eight years for the SCF, in equal semi-annual installments. 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 (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 Accounts borrowings.

To ensure the Trust’s capacity to provide concessional resources on a sustained basis over the longer term, an amendment to the Trust Instrument was approved in April 2014 to authorize the transfer of investment income from the Reserve Account to the General Subsidy Account. Such transfer would be permissible if the resources in the Subsidy Accounts are insufficient to subsidize the outstanding Trust loans and projected new loan commitments. As of April 30, 2014, the amendment was not effective pending the consent of all lenders to the Trust.

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 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 the HIPC-eligible members for the purposes of repaying their debt to the IMF in accordance with the agreed upon schedule.

1.3. 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, net earnings from investments, and SDA resources in the case of the MDRI-I Trust. 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.

1.4. 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 SDA) 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 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 or 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.

2.1. Unit of account

The financial statements are presented in Special Drawing Rights (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 four 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 2010. The currencies in the basket at April 30, 2014, and 2013, 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, 2014, one SDR was equal to US$1.54969 (US$1.50900 at April 30, 2013).

2.2. 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 8.

3. Summary of significant accounting and related policies

3.1. New and Revised International Financial Reporting Standards

The following new or revised standards issued by the IASB are applicable to the Trusts and were adopted in the financial year ended April 30, 2014.

IFRS 13, “Fair Value Measurement” was issued in May 2011, and defines fair value and provides guidance on determining fair value and requires more extensive disclosures about fair value measurement. The implementation of IFRS 13 has resulted in additional disclosures in the Trusts’ financial statements. In accordance with the transitional provisions of IFRS 13, the Trusts have applied the new fair value measurement guidance prospectively and have not provided any comparative information for new disclosures. See Note 8 for IFRS 13 disclosures. The change has no significant impact on the measurement of assets and liabilities.

The following new standard has been issued by the IASB and is applicable for the Trusts but has not yet been adopted.

IFRS 9, “Financial Instruments” was issued in November 2009 as the first step in replacing IAS 39, “Financial Instruments: Recognition and Measurement.” IFRS 9 was originally issued in November 2009, reissued in October 2010, and then amended in November 2013. The standard requires all financial assets to be classified at value through profit or loss or amortized cost on the basis of the entity’s business model for managing financial assets and the contractual cash flow characteristics of the financial asset. The current version of IFRS 9 does not include a mandatory effective date but is available for adoption. An effective date will be added when all phases of the project are complete and a final version of IFRS 9 is issued. Upon the lASB’s completion of IFRS 9, the impact of its adoption will be assessed.

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 insignificant risk of changes in value.

3.3. Investments

Investments comprise fixed-term deposits and fixed-income 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 measure the investments in fixed-term deposits, which are held to maturity, at amortized cost. The fixed-income securities are designated 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.

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.

3.3.2. 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.

3.3.3. Investment income

Investment income comprises interest income, realized gains and losses, and unrealized gains and losses. Interest income is recognized on an accrual basis by reference to the principal outstanding and the effective interest rate.

3.4. Loans

Loans in the PRG Trust are initially recorded at the amount disbursed provided that the present value of the cash flows from principal repayments, stated interest due, and resources available in 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 rate 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, 2014, and 2013.

3.5. Borrowings

The PRG and PRG-HIPC Trusts borrow on such terms and conditions as agreed between the Trustee and creditors. The financing framework includes borrowing by the PRG Trust under bilateral 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 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 agreements for encashment by other participating creditors. Early repayment is subject to availability of resources under borrowing agreements with other creditors.

Outstanding 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.

Most of the PRG-HIPC Trust borrowings are repayable in one installment at their maturity dates (see Note 7).

3.6. 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 total comprehensive income.

3.7. 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 its operations and investing its 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. Total access to concessional financing under the PRG Trust facilities 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). 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. Facility based limits may also apply to RCF and SCF financing. Following the April 2013 Executive Board review of facilities for low-income countries, new limits apply to cumulative access under the RCF and on access under the SCF. Access under the RCF is limited to 25 percent of quota per year, with a cumulative limit of 100 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 resulting primarily from a sudden and exogenous shock (up to 50 percent of quota annually and up to 125 percent of quota cumulatively). SCF arrangements without an actual balance of payments need at approval are subject to an annual access limit of 75 percent of quota and an average annual access limit of 50 percent of quota.

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, financial 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 11, respectively), and amounted to SDR 6.8 billion and SDR 7.3 billion at April 30, 2014, and 2013, respectively.

At April 30, 2014, and 2013, use of credit in the PRG Trust by the largest users was as follows:

20142013
(In millions of SDRs and percent of total PRG Trust credit outstanding)
Largest user of credit68711.4%64511.0%
Three largest users of credit1,73428.8%1,61327.6%
Five largest users of credit2,47841.1%2,23538.2%

The five largest users of credit at April 30, 2014, in descending order, were Kenya, Cote d’lvoire, Bangladesh, Ghana, and Democratic Republic of the Congo (Kenya, Cote d’lvoire, Ghana, Bangladesh, and Democratic Republic of the Congo at April 30, 2013). Outstanding credit by member is provided in Schedule 1.

The concentration of PRG Trust outstanding credit by region was as follows at April 30, 2014, and 2013:

20142013
(In millions of SDRs and percent of total PRG Trust credit outstanding)
Africa4,35072.1%4,16371.3%
Asia and Pacific5198.6%4006.8%
Europe2394.0%2604.4%
Middle East and Central Asia72812.1%80713.8%
Western Hemisphere1953.2%2183.7%
Total6,031100%5,848100%

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, 2014, and 2013, available resources in the Reserve Account amounted to SDR 3.9 billion.

4.1.2. Investments

Credit risk on investment activities represents the potential loss that the Trusts may incur if issuers 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 minimized by limiting eligible investments to marketable securities rated A or higher by Standard & Poor’s 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, 2014, and 2013, was as follows:

20142013
PRG TrustPRG-HIPC TrustPRG TrustPRG-HIPC Trust
RatingPercentageRatingPercentage
Government bonds
BelgiumAA11
FinlandAAA0.1AAA0.1
FranceAA0.60.7AA+0.30.4
GermanyAAA13.030.3AAA12.628.2
JapanAA-3.77.2AA-4.08.0
NetherlandsAA+0.1AAA1
United KingdomAAA2.83.2AAA3.25.0
United StatesAA+19.139.2AA+20.641.3
Non-government bonds
Bank for International SettlementsNot rated48.5Not rated48.7
Other international financial institutionsAAA6.612.4AAA7.413.0
AA+2.11.6AA+0.90.9
Fixed-term deposits
Bank for International SettlementsNot rated2.84.7Not rated2.23.2
Other financial institutionsA+0.10.1A+11
A0.50.6
100100100100

Less than 0.1 percent.

Less than 0.1 percent.

4.2. Market risk

4.2.1 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 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.

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 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, 2014, is approximately SDR 13 million or 0.18 percent of the PRG Trust portfolio (SDR 11 million or 0.18 percent at April 30, 2013) and approximately SDR 0.7 million or 0.18 percent of the PRG-HIPC portfolio (SDR 0.7 million and 0.17 percent at April 30, 2013).

4.2.2. 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

Investments in fixed-term deposits, held with the BIS, are denominated in SDRs. In accordance with current guidelines, 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 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 rate risk can be measured indirectly by the exchange rate movements between a basket currency and the U.S. dollar. The effect on the fair value of the portfolios of a 10 percent increase or decrease in the market exchange rates of each of the currencies included in the SDR valuation basket against the U.S. dollar, at April 30, 2014, is less than SDR 0.31 million or 0.01 percent of the PRG Trust portfolio (SDR 0.29 million or 0.01 percent at April 30, 2013) and less than

SDR 0.02 million or 0.01 percent of the PRG-HIPC portfolio (SDR 0.04 million or 0.01 percent at April 30, 2013).

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 semi-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 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. For this purpose, the approval of new lending agreements is subject to the availability of uncommitted resources in the PRG Trust. Resources in the Subsidy Accounts are expected to meet the estimated needs based on the level of loans outstanding. In April 2014, an amendment to the Trust Instrument was approved to authorize the transfer of investment income from the Reserve Account to the General Subsidy Account if no other resources are available to subsidize lending. The amendment will become effective once it is consented to by all lenders to the Loan Accounts of the PRG Trust. Resources held in the PRG-HIPC and MDRI-II Trusts are adequate to provide debt relief under the HIPC and the MDRI Initiatives to eligible 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 3). At April 30, 2014, and 2013, investments consisted of the following:

PRG TrustPRG-HIPC TrustMDRI-II TrustPCDR Trust
20142013201420132014201320142013
(In millions of SDRs)
Fixed-term deposits2411282213399102102
Fixed-income securities6,9435,553380387
Total7,1845,681402400399102102

The maturities of the investments are as follows:

Financial year ending April 30PRG TrustPRG-HIPC TrustMDRI-II TrustPCDR Trust
(In millions of SDRs)
20155612839102
20163,710214
20172,794157
2018953
201913
2020 and beyond11
Total7,18440239102

Investment income comprised the following for the financial years ended April 30, 2014, and 2013 (investment income of the PCDR Trust and the MDRI-II Trust amounted to less than SDR 0.5 million each for the financial years ended April 30, 2014, and 2013):

PRG TrustPRG-HIPC Trust and Related Umbrella Account
2014201320142013
(In millions of SDRs)
Interest income445145
Realized gains/(losses), net2824(2)(3)
Unrealized losses, net(51)(29)111
Total-214612

6. Loans receivable

The interest on outstanding PRG Trust loans was waived through the end of 2014. The IMF Executive Board will review the interest rates on outstanding loans in December 2014.

At April 30, 2014, the resources of the Loan Accounts included net cumulative transfers from the Reserve Account of SDR 65 million (SDR 66 million at April 30, 2013), related to the nonpayment of principal by Zimbabwe.

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

Financial year ending April 30
(In millions of SDRs)
2015454
2016647
2017745
2018882
2019974
2020 and beyond2,264
Overdue65
Total6,031

7. 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 PRG Trust borrowings was 0.22 percent and 0.41 percent for financial years ended April 30, 2014, and 2013, respectively. During the same periods, interest rates on outstanding PRG-HIPC Trust borrowings varied between 0 percent and 1 percent per annum, and averaged 0.03 percent for the financial year ended April 30, 2014 (0.07 percent for the financial year ended April 30, 2013).

Scheduled repayments of borrowings are summarized below:

Financial year ending April 30PRG TrustPRG-HIPC Trust
(In millions of SDRs)
20151,9273
2016611
2017747
2018861
2019701121
2020 and beyond1,29155
Total6,138179

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

The undrawn balances of the PRG Trust borrowing agreements amounted to SDR 7,656 million and SDR 20 million for the Loan Accounts, and Subsidy Accounts, respectively, as of April 30, 2014 (SDR 8,233 million and SDR 26 million respectively, as of April 30, 2013). All available PRG-HIPC Trust borrowing arrangements have been fully drawn.

8. 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. The 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 for the asset or liability.

For financial instruments carried at fair value, 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 that the entity can access at the measurement date (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.

Specific 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.

At April 30, 2014, and 2013, 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 securities).

Investments in fixed-term deposits are generally of a short-term nature and approximate fair value. 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 Trust’s unique role in providing balance of payments support to member countries. The carrying value of other assets and liabilities accounted for at amortized cost represents a reasonable estimate for the fair value.

9. Contributions

Contributions to the PRG Trust Subsidy Accounts amounted to SDR 1,431 million and SDR 553 million for the financial years ended April 30, 2014, and 2013, respectively. These contributions include 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 two distributions were made after IMF members provided the requisite assurances that they would make new PRG Trust subsidy contributions equivalent to at least 90 percent of the amounts distributed. Cumulative contributions related to the distributions of the IMF’s General Reserve amounted to SDR 0.6 billion for the first distribution and SDR 1.4 billion for the second distribution at April 30, 2014 (see Schedule 5).

10. Debt relief assistance

During the year ended April 30, 2014, no HIPC assistance was provided (three members received HIPC assistance of SDR 39 million during the year ended April 30, 2013). No MDRI-II or PCDR grant assistance was provided during the financial years ended April 30, 2014, and 2013.

11. 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 freely usable currencies 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 period from three and up to five years for ECF arrangements or from one to two years for SCF arrangements. At April 30, 2014, undrawn balances under 18 arrangements amounted to SDR 765 million (SDR 1,422 million under 25 arrangements at April 30, 2013). Commitments and undrawn balances under current arrangements by member are provided in Schedule 2.

12. Related party transactions

The expenses of conducting the business of the Trusts were paid by the General Resources Account (GRA) of the IMF. For the financial year ended April 30, 2014, the PRG and PCDR Trusts made reimbursements of SDR 48 million and SDR 0.01 million, respectively, to the GRA (SDR 52 million and SDR 0.04 million, respectively, for the financial year ended April 30, 2013).

In addition to bilateral contributions from member countries, the IMF also made contributions, via the Special Disbursement Account, to the PRG, PRG-HIPC, and PCDR Trusts to meet the financing needs of low-income countries. No contributions were made during financial years ended April 30, 2014 and 2013. Cumulative contributions from the IMF as of April 30, 2014, and 2013, were as follows:

(In millions of SDRs)
PRG Trust Reserve Account2,697
PRG Trust Subsidy Accounts1,018
PRG-HIPC Trust1,239
PCDR Trust280
Total5,234

13. 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:

Note 13 – Concessional Lending and Debt Relief Trusts: Combining statements of financial position at April 30, 2014, and 2013(In millions of SDRs)
PRG TrustPRG-HIPC Trust and Related Umbrella AccountPCDR Trust and Related Umbrella Account
201420132014201320142013
Loan AccountsReserve AccountSubsidy AccountsTotalTotalPRG-HIPC Trust AccountUmbrella Account for HIPC OperationsTotalTotalPCDR Trust AccountUmbrella Account for PCDR OperationsTotalTotal
Assets
Cash and cash equivalents11334017331517-11730111
Interest receivable17111716111111
Investments3,6783,5067,1845,681402402400102102102
Loans receivable6,0316,0315,848
Accrued account transfers(58)69(11)
Total assets5,9903,8803,53513,40511,8604191419430102102102
Liabilities and resources
Interest payable and other liabilities2012121111
Borrowings5,9052336,1385,979179179191
Total liabilities5,9252346,1596,000179179191
Resources653,8803,3017,2465,8602401240239102102102
Total liabilities and resources5,9903,8803,53513,40511,860419419430102102102
Resources, beginning of year663,9161,8785,8605,3372391239276102102102
Investment income11382146112111
Interest income on loans
Interest expense(13)(1)(14)(23)111
Operational (loss) income(13)137723112111
Contributions1,4311,431553111
HIPC disbursements(39)
Other expenses(2)(2)(4)(1)111
Administrative expenses(48)(48)(52)111
Transfers between:
Loan and Reserve Accounts(1)1
Loan and Subsidy Accounts13(13)
Total comprehensive (loss) income/changes in resources(1)(36)14231,38652311(37)111
Resources, end of year653,8803,3017,2465,8602401240239102102102

Less than SDR 500,000

Less than SDR 500,000

Schedule 1 – PRG Trust: Schedule of outstanding loans at April 30, 2014(In millions of SDRs)
MemberECFESFRCFSCFTotal loans outstandingPercent of total
Afghanistan, Islamic Republic of82.882.81.37
Albania8.48.40.14
Armenia151.3151.32.51
Azerbaijan2.62.60.04
Bangladesh437.9437.97.26
Benin86.086.01.43
Burkina Faso139.2139.22.31
Burundi91.391.31.51
Cameroon12.792.9105.61.75
Cabo Verde0.70.70.01
Central African Republic63.863.81.06
Chad0.80.80.01
Comoros12.812.80.21
Congo, Democratic Republic of the200.6108.2308.85.12
Congo, Republic of14.814.80.25
Cote d’lvoire528.581.3609.810.11
Djibouti21.921.90.36
Dominica2.03.32.17.40.12
Ethiopia187.2187.23.10
Gambia, The31.431.40.52
Georgia39.239.20.65
Ghana434.9434.97.21
Grenada17.717.70.29
Guinea73.973.91.23
Guinea-Bissau7.27.20.12
Guyana13.013.00.22
Haiti39.339.30.65
Honduras6.16.10.10
Kenya551.0135.7686.711.39
Kyrgyz Republic73.033.322.2128.52.13
Lesotho51.051.00.85
Liberia64.364.31.07
Madagascar42.942.90.71
Malawi98.834.7133.52.21
Maldives2.12.10.03
Mali67.622.089.61.49
Mauritania84.484.41.40
Moldova230.4230.43.82
Mozambique4.4113.6118.01.96
Nepal26.028.554.50.90
Nicaragua93.593.51.55
Niger71.271.21.18
Pakistan17.217.20.29
Rwanda6.96.90.11
St. Lucia6.93.810.70.18
St. Vincent and the Grenadines3.73.37.00.12
Samoa5.85.811.60.19
Sao Tome and Principe3.43.40.06
Senegal6.2121.4127.62.12
Sierra Leone82.682.61.37
Solomon Islands0.412.512.90.21
Tajikistan104.4104.41.73
Tanzania4.2218.874.6297.64.94
Togo91.091.01.51
Uganda1.81.80.03
Yemen, Republic of34.860.995.71.59
Zambia249.1249.14.13
Zimbabwe64.664.61.07
Total loans outstanding4,645.91,067.6229.987.16,030.5100.00
Schedule 2 – PRG Trust: Status of arrangements at April 30, 2014(In millions of SDRs)
MemberDate of arrangementExpiration dateAmount agreedUndrawn balance
Extended Credit Facility
Afghanistan, Islamic Republic ofNov. 14,2011Nov. 13,201485.061.0
BangladeshApr. 11,2012Apr. 10,2015640.0274.3
BeninJun. 14, 2010Jun. 30, 201474.310.6
Burkina FasoDec. 27, 2013Dec. 26, 201627.124.5
BurundiJan. 27, 2012Jan. 26, 201530.010.0
Central African RepublicJun. 25, 2012Jun. 24, 201541.834.8
Cote d’lvoireNov. 4, 2011Nov. 3, 2014390.281.3
Gambia, TheMay 25, 2012May 24, 201518.77.8
GuineaFeb. 24, 2012Feb. 23, 2015128.555.1
HaitiJul. 21,2010Aug. 29, 201441.01.6
Kyrgyz RepublicJun. 20, 2011Jun. 19,201466.69.5
LiberiaNov. 19,2012Nov. 18, 201551.729.5
MalawiJul. 23, 2012Nov. 22, 2015104.152.0
MaliDec. 18,2013Dec. 17,201630.024.0
NigerMar. 16, 2012Dec. 31,201579.033.8
Sao Tome and PrincipeJul. 20, 2012Jul. 19, 20152.61.5
Sierra LeoneOct. 21,2013Oct. 20, 201662.253.3
Solomon IslandsDec. 7, 2012Dec. 6, 20151.00.6
Total PRG Trust1,873.8765.2
Schedule 3 – PRG and PRG-HIPC Trusts: Schedule of borrowing and note purchase agreements at April 30, 2014(In millions ofSDRs)
LenderInterest rate (in percent)Amount of agreementAmount drawnOutstanding amount
PRG Trust Loan Accounts
Borrowing Agreements
General Loan Account
CanadaVariable1500.028.528.5
Danmarks NationalbankVariable1200.08.98.9
Bank of KoreaVariable1500.010.010.0
De Nederlandsche Bank NVVariable1500.0
Saudi Arabian Monetary AgencyVariable1500.0
Bank of SpainVariable1405.0
Swiss National BankVariable1500.0
ECF Loan Account
National Bank of BelgiumVariable1700.0351.6101.2
CanadaVariable1400.0400.015.5
ChinaVariable1200.0200.034.1
Central Bank of EgyptVariable1155.6155.653.7
Agence Frangaise de DeveloppementVariable12,020.02,020.01,474.3
Banque de FranceVariable11,328.0903.5903.5
Kreditanstalt fur Wiederaufbau (Germany)Variable11,350.01,350.0604.4
Bank of ItalyVariable11,600.01,218.3720.2
Japan Bank for International CooperationVariable12,934.82,934.8464.1
De Nederlandsche Bank NVVariable1450.0450.0252.2
Bank of SpainVariable1425.0425.0276.4
Swiss National BankVariable1401.7401.7174.2
RCF Loan Account
NorwayVariable1150.0150.0150.0
SCF Loan Account
NorwayVariable1150.084.084.0
Note Purchase Agreements
General Loan Account
JapanVariable11,800.023.623.6
United KingdomVariable11,328.012.012.0
ECF Loan Account
People’s Bank of ChinaVariable1800.0514.3514.3
Total—PRG Trust Loan Accounts19,298.111,641.85,905.1
PRG Trust Subsidy Accounts
Borrowing Agreements
General Subsidy Account
BotswanaVariable21.51.51.5
ChinaVariable2100.0100.0100.0
Morocco7.87.87.8
PeruVariable26.16.16.1
Saudi Arabia0.5016.7
Saudi Fund for Development0.50115.9112.9112.9
Uruguay2.02.02.0
ECF Subsidy Account
Trinidad and Tobago1.003.03.03.0
Total—PRG Trust Subsidy Accounts253.0233.3233.3
PRG-HIPC Trust
Borrowing Agreements
Algeria7.67.67.6
Argentina15.615.615.6
Brunei Darussalam0.10.10.1
Banco de la Republica 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 Development0.5027.927.93.0
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
Vietnam0.50.50.5
Total—PRG-HIPC Trust203.4203.4178.5

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

Interest rate terms specified in the 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 the borrowing agreements.

Less than SDR 50,000.

Schedule 4 – PRG and PRG-HIPC Trusts: Cumulative contributions and resources at April 30, 2014(In millions of SDRs)
PRG Trust Subsidy AccountsPRG-HIPC Trust
MemberECFRCFSCFGeneralOther1TotalTotal
Direct contributions2
Afghanistan, Islamic Republic of1.21.2
Albania0.40.4
Algeria15.215.20.4
Angola2.12.1
Antigua and Barbuda0.10.1
Argentina27.225.752.911.7
Armenia1.01.0
Australia14.60.127.241.917.0
Austria3.9321.725.615.0
Bahamas, The1.01.0
Bangladesh0.65.50.16.21.2
Barbados0.50.50.3
Belarus2.81.13.9
Belgium0.20.225.9
Belize0.20.20.2
Benin0.70.7
Bhutan33
Bosnia and Herzegovina1.71.7
Botswana0.80.8
Brazil11.0
Brunei Darussalam2.22.23
Bulgaria5.95.9
Burkina Faso0.60.6
Burundi0.80.8
Cambodia0.90.93
Cameroon1.91.9
Canada199.990.715.0305.632.9
Cabo Verde33
Central African Republic0.20.2
Chad0.70.7
China110.00.1110.113.1
Colombia3
Comoros0.10.1
Congo, Democratic Republic of the5.55.5
Congo, Republic of0.60.6
Cote d’lvoire1.02.43.4
Croatia1.91.93
Cyprus0.5
Czech Republic10.010.320.3
Denmark38.39.247.513.1
Djibouti0.10.1
Dominica0.10.1
Egypt10.09.719.73
Estonia1.01.00.4
Ethiopia1.41.4
Republic of Fiji0.70.73
Finland22.713.035.72.6
France127.9127.960.9
Gabon1.61.60.5
Gambia, The0.30.3
Georgia1.51.5
Germany153.4149.8303.245.6
Ghana1.11.1
Greece11.311.32.2
Guinea1.11.1
Guinea-Bissau0.10.1
Haiti0.80.8
Honduras1.41.4
Iceland3.31.24.50.6
India8.659.91.970.40.4
Indonesia5.1
Iraq3.53.5
Ireland6.936.93.9
Israel1.2
Italy255.6255.643.3
Jamaica2.82.81.8
Japan541.1177.9719.098.4
Jordan0.50.5
Kenya2.82.8
Korea36.018.954.910.6
Kosovo0.40.4
Kuwait16.916.90.1
Kyrgyz Republic1.01.0
Lao People’s Democratic Republic0.60.6
Latvia1.41.40.7
Lesotho0.40.4
Liberia0.40.4
Lithuania1.91.90.7
Luxembourg9.60.34.30.714.90.9
Macedonia, former Yugoslav Republic of0.70.7
Malawi0.50.20.7
Malaysia18.218.24.1
Maldives0.10.1
Mali1.01.0
Malta0.21.01.20.7
Mauritania0.70.7
Mauritius1.01.03
Mexico40.0
Micronesia, Federated States of33
Moldova1.31.3
Mongolia0.60.6
Montenegro0.10.1
Morocco7.36.013.33
Mozambique1.11.1
Myanmar2.72.7
Namibia1.41.4
Nepal0.70.70.1
Netherlands99.31.257.8158.352.0
New Zealand9.29.22.2
Nicaragua1.41.4
Niger0.20.50.7
Nigeria18.118.16.2
Norway28.116.516.511.172.212.9
Oman2.22.44.60.1
Pakistan10.610.60.1
Panama2.12.1
Papua New Guinea0.40.4
Philippines4.24.24.5
Poland8.8
Portugal10.610.64.4
Qatar1.51.5
Russian Federation35.761.296.910.2
Rwanda0.80.8
St. Lucia0.10.1
St. Vincent and the Grenadines0.1
Samoa0.10.13
San Marino0.20.23
Sao Tome and Principe0.10.1
Saudi Arabia72.072.01.0
Senegal1.71.7
Serbia4.84.8
Seychelles0.10.1
Sierra Leone0.80.31.1
Singapore2.3
Slovak Republic3.93.92.7
Slovenia1.41.40.3
Solomon Islands0.10.1
South Africa20.9
Spain5.350.255.516.6
Sri Lanka4.24.23
Swaziland3
Sweden110.93.228.5142.65.3
Switzerland41.218.459.638.3
Tajikistan0.90.9
Tanzania2.12.1
Thailand14.814.82.2
Timor-Leste0.10.1
Togo0.50.20.7
Tonga0.10.13
Trinidad and Tobago1.01.0
Tunisia2.92.90.1
Turkey10.04.314.3
Turkmenistan0.80.8
Tuvalu33
Ukraine14.114.1
United Arab Emirates7.77.70.4
United Kingdom372.9136.6509.557.4
United States126.1433.4559.5221.9
Uruguay3.23.2
Vanuatu0.10.1
Vietnam4.84.83
Yemen, Republic of1.81.8
Zambia5.05.01.2
Zimbabwe3.63.6
Total direct contributions2,436.021.419.31,757.028.84,262.5939.2
Net income transfers4
Austria40.540.5
Belgium78.078.0
Botswana1.41.4
Chile2.92.9
Greece25.925.9
Indonesia5.05.02.8
Iran, Islamic Republic of1.31.3
Portugal3.63.6
Government of Spain (ICO)0.90.9
Total net income transfers159.5159.52.8
Other contributions
Special Disbursement Account870.3147.91,018.2
Administered Account for Liberia339.6
Total other contributions870.3147.91,018.2339.6
Total contributions received3,465.821.419.31,904.928.85,440.21,281.6
Other resources
Transfers (from)/to:
Special Disbursement Account1,166.8
General Resources Account72.5
ECF Subsidy Account(95.0)95.0
ESF Subsidy Account3
RCF Subsidy Account(1.4)6.7(5.3)
SCF Subsidy Account(2.9)8.2(5.3)
General Subsidy Account(241.3)256.2(14.9)
Contributions to the MDRI-II Trust(1,120.0)(1,120.0)
Cumulative net income1,156.10.10.425.63.71,185.9321.8
Disbursements to provide:
Subsidies for Trust lending(2,099.7)(2.6)(0.4)(102.0)(2,204.7)
HI PC grants for debt relief(2,602.5)
Total resources1,061.625.627.52,18673,301.4240.2

Formerly the PRGF and ESF Subsidy Accounts.

Contribution amounts include windfall gold sales profits. See Schedule 5 for detailed contribution by member.

Less than SDR 50,000.

In addition to direct contributions, a number of members also provided loans to the PRG Trust on concessional terms and made implicit contributions equivalent to the investment income net of interest expense to the Trusts.

Formerly the PRGF and ESF Subsidy Accounts.

Contribution amounts include windfall gold sales profits. See Schedule 5 for detailed contribution by member.

Less than SDR 50,000.

In addition to direct contributions, a number of members also provided loans to the PRG Trust on concessional terms and made implicit contributions equivalent to the investment income net of interest expense to the Trusts.

Schedule 5 – PRG Trust: Cumulative contributions to Subsidy Accounts related to distributions of IMF’s General Reserve attributable to windfall gold sales profits1: at April 30, 2014(In millions of SDRs)
Contributions related to
Second distribution
MemberGeneral SubsidyECF SubsidyRCF SubsidySCF SubsidyTotalFirst distributionTotal cumulative contributions
Afghanistan, Islamic Republic of1.21.21.2
Albania0.40.40.4
Algeria9.29.23.712.9
Angola2.12.12.1
Antigua and Barbuda0.10.10.1
Argentina15.615.66.221.8
Armenia0.70.70.31.0
Australia9.59.5
Austria15.515.56.221.7
Bahamas, The1.01.01.0
Bangladesh3.93.91.65.5
Barbados0.50.50.5
Belarus2.82.81.13.9
Belize0.10.10.10.2
Benin0.50.50.20.7
Bhutan2222
Bosnia and Herzegovina1.21.20.51.7
Botswana0.60.60.20.8
Brunei Darussalam1.61.60.62.2
Bulgaria4.24.21.75.9
Burkina Faso0.40.40.20.6
Burundi0.60.60.20.8
Cambodia0.60.60.30.9
Cameroon1.41.40.51.9
Canada46.846.818.765.5
Cabo Verde22
Central African Republic0.20.2
Chad0.50.50.20.7
China70.070.028.098.0
Comoros0.10.120.1
Congo, Democratic Republic of the3.93.91.65.5
Congo, Republic of0.60.60.6
Cote d’lvoire2.42.41.03.4
Croatia1.31.30.51.8
Czech Republic7.47.42.910.3
Denmark5.65.6
Djibouti0.10.120.1
Dominica0.10.120.1
Egypt6.96.92.89.7
Estonia0.70.70.31.0
Ethiopia1.01.00.41.4
Republic of Fiji0.50.50.20.7
Finland9.39.33.713.0
France78.978.931.6110.5
Gabon1.11.10.51.6
Gambia, The0.20.20.10.3
Georgia1.11.10.41.5
Germany107.0107.042.8149.8
Ghana1.11.1
Greece8.18.13.211.3
Guinea0.80.80.31.1
Guinea-Bissau0.10.120.1
Haiti0.60.60.20.8
Honduras1.01.00.41.4
Iceland0.90.90.31.2
India42.842.817.159.9
Iraq3.53.5
Italy57.957.923.281.1
Jamaica2.02.00.82.8
Japan110.6110.638.1148.7
Jordan0.50.5
Kenya2.0-—2.00.82.8
Korea9.99.9
Kosovo0.40.40.4
Kuwait10.210.24.114.3
Kyrgyz Republic0.70.70.31.0
Lao People’s Democratic Republic0.40.40.20.6
Latvia1.01.00.41.4
Lesotho0.30.30.10.4
Liberia0.40.4
Lithuania1.41.40.51.9
Luxembourg3.13.11.24.3
Macedonia, former Yugoslav Republic0.50.50.20.7
Malawi0.50.50.20.7
Malaysia13.013.05.218.2
Maldives0.10.120.1
Mali0.70.70.31.0
Malta0.70.70.31.0
Mauritania0.50.50.20.7
Mauritius0.70.70.31.0
Micronesia, Federated States of222
Moldova0.90.90.41.3
Mongolia0.40.40.20.6
Montenegro0.10.120.1
Morocco4.34.31.76.0
Mozambique0.80.80.31.1
Myanmar1.91.90.82.7
Namibia1.01.00.41.4
Nepal0.50.50.20.7
Netherlands37.937.915.253.1
New Zealand6.66.62.69.2
Nicaragua1.01.00.41.4
Niger0.50.50.20.7
Nigeria12.912.95.218.1
Norway6.96.913.85.519.3
Oman1.71.70.72.4
Pakistan7.67.63.010.6
Panama1.51.50.62.1
Papua New Guinea0.40.4
Philippines3.03.0
Portugal7.67.63.010.6
Qatar0.90.9
Russian Federation43.743.717.561.2
Rwanda0.60.60.20.8
St. Lucia0.10.10.1
Samoa0.10.10.1
San Marino0.10.10.10.2
Sao Tome and Principe0.10.120.1
Saudi Arabia51.351.320.571.8
Senegal1.21.20.51.7
Serbia3.43.41.44.8
Seychelles0.10.120.1
Sierra Leone0.80.80.31.1
Slovak Republic2.82.81.13.9
Slovenia1.01.00.41.4
Solomon Islands0.10.120.1
Spain29.629.611.841.4
Sri Lanka3.03.01.24.2
Sweden17.617.67.024.6
Switzerland7.37.3
Tajikistan0.60.60.30.9
Tanzania1.51.50.62.1
Thailand10.610.64.214.8
Timor-Leste0.10.10.1
Togo0.50.50.20.7
Tonga0.10.120.1
Trinidad and Tobago1.01.0
Tunisia2.12.10.82.9
Turkey4.34.3
Turkmenistan0.60.60.20.8
Tuvalu222
Ukraine10.110.14.014.1
United Arab Emirates5.55.52.27.7
United Kingdom78.878.832.2111.0
United States309.6309.6123.8433.4
Uruguay2.32.30.93.2
Vanuatu0.10.10.1
Vietnam3.43.41.44.8
Yemen, Republic of1.81.81.8
Zambia3.63.61.45.0
Zimbabwe2.62.61.03.6
Total1,120.2218.86.99.71,355.6580.41,936.0

The contributions by member are included in the cumulative contributions in Schedule 4.

Less than SDR 50,000.

The contributions by member are included in the cumulative contributions in Schedule 4.

Less than SDR 50,000.

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