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International Monetary Fund Annual Report 2016 Financial Statements
Chapter

Other Administered Accounts: 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

At the request of members, the IMF has established special-purpose accounts (the Other Administered Accounts) to administer contributed resources provided to fund financial and technical services consistent with the purposes of the IMF. The instruments establishing the Other Administrative Accounts provide the terms and conditions, as agreed with the IMF and contributing members, under which the resources may be used. The assets of each account and each subaccount are separate from the assets of all other accounts of, or administered by, the IMF and are not to be used to discharge liabilities or to meet losses incurred in the administration of other accounts, unless the terms of an account would authorize transfers of assets to another account.

1.1. Administered Account—Japan

The account was established in March 1989 to administer resources made available by Japan—and, under a subsequent amendment, by other countries with Japan’s concurrence—that are to be used to assist certain members with overdue obligations to the IMF. The resources of the account are to be disbursed in amounts specified by Japan and to members designated by Japan. Effective March 5, 2008, the instrument governing the account was amended to allow the provision of assistance to these members in the context of an internationally agreed comprehensive package that integrates arrears clearance and subsequent debt relief.

1.2. Administered Account for Selected Fund Activities—Japan

The account was established in March 1990 to administer resources contributed by Japan to finance technical assistance to member countries and to support the IMF’s Regional Office for Asia and the Pacific (OAP). The resources of the account designated for technical assistance activities are used with the approval of Japan and include the provision of scholarships. The resources designated for the OAP are used as agreed between Japan and the IMF for certain activities of the IMF with respect to Asia and the Pacific through the OAP. Disbursements can also be made from the account to the General Resources Account (GRA) to reimburse the IMF for qualifying technical assistance projects and OAP expenses. The IMF and Japan agreed to terminate the account when ongoing projects are completed, and any residual amounts will be deposited by the IMF into the Japan subaccount under the Framework Administered Account for Selected Fund Activities.

1.3. Framework Administered Account for Technical Assistance Activities

The Framework Administered Account for Technical Assistance Activities (the Framework Account) was established by the IMF in April 1995 to receive and administer contributed resources that are to be used to finance technical assistance activities of the IMF. Technical assistance is provided on macroeconomic, fiscal, monetary, financial, and related statistical fields, including training programs and projects that strengthen the legal and administrative framework in these core areas. The financing of technical assistance activities is implemented through the establishment and operation of subaccounts within the Framework Account. Resources are to be used in accordance with the written understandings between the contributor and the IMF. Disbursements can also be made from the Framework Account to the GRA to reimburse the IMF for costs incurred on behalf of technical assistance activities financed by resources from the Framework Account. Since March 2009, upon the establishment of the Framework Administered Account for Selected Fund Activities (see below), no new subaccounts have been established under this Framework Administered Account.

1.4. Framework Administered Account for Selected Fund Activities

The Framework Administered Account for Selected Fund Activities (the SFA Framework Account) was established in March 2009 to administer externally contributed resources that are to be used to finance selected IMF activities, including the full range of IMF technical assistance activities and activities in support of technical assistance provided directly to recipients.

The financing of selected Fund activities is implemented through the establishment and operation of subaccounts within the SFA Framework Account. At April 30, 2014, there were 42 subaccounts, including 7 new subaccounts that were established during the financial year (two new subaccounts were established in the financial year ended April 30, 2013). Disbursements are made from the SFA Framework Account to the GRA to reimburse the IMF for costs incurred in connection with activities financed by resources from the SFA Framework Account. Resources are to be used in accordance with terms and conditions established by the IMF, with the concurrence of contributors. Resources in SFA subaccounts may be transferred to other SFA subaccounts if the terms and conditions of the subaccounts so provide.

1.5. Administered Account for Interim Holdings of Voluntary Contributions for Fund Activities

The account was established in April 2010 to receive and hold externally contributed resources for an interim period until such time as they can be transferred to other Trusts or accounts administered by the IMF.

1.6. Supplementary Financing Facility Subsidy Account

The account was established in December 1980 to assist low-income member countries to meet the costs of using resources made available through the IMF’s Supplementary Financing Facility and under the policy on exceptional access. All repurchases under these policies were due on or before January 31,1991, and the final subsidy payments were approved in July 1991. However, one member (Sudan), overdue in the payment of charges to the IMF at April 30, 2014, remains eligible to receive previously approved subsidy payments of SDR 0.9 million at April 30, 2014, and 2013, when its overdue charges are settled. Accordingly, the account remains in operation and has retained amounts for payment to Sudan until after the overdue charges are paid.

1.7. The Post-Conflict and Natural Disaster Emergency Assistance Subsidy Account

The account was established in May 2001 to administer resources contributed by members for the purpose of providing assistance to Poverty Reduction and Growth Trust (PRGT)-eligible members in support of the subsidization of emergency assistance for post conflict and, since January 2005, natural disasters. During the financial year ended April 30, 2014, the account was terminated upon the final payment of subsidies to eligible members and the unused subsidy funds were refunded to the contributors or contributed by them to the PRG Trust and other administered accounts.

1.8. Administered Account—Indonesia

The account was established on June 30, 1994, for the administration of resources provided by Bank Indonesia for the benefit of the PRG-HIPC Trust.

1.9. Post-SCA-2 Administered Account

The account was established in December 1999 for the temporary administration of resources transferred by members following the termination of the second Special Contingent Account (SCA-2) in the General Department of the IMF, prior to the final disposition of those resources in accordance with members’ instructions.

1.10 SCA-1/Deferred Charges Administered Account

The account was established in March 2008 as an interim vehicle to hold and administer members’ refunds resulting from the distribution of certain SCA-1 balances and from the payment of deferred charges adjustments that had been made in respect of overdue charges attributed to Liberia. Following Liberia’s arrears clearance, members were given the option to temporarily deposit their refunds into this account pending their decisions as to the final disposition of those resources.

1.11 Administered Account People’s Bank of China

The account was established in June 2012 in order to administer and invest resources provided by the People’s Bank of China to support the IMF’s technical assistance and training programs.

1.12 Interim Administered Account for Windfall Gold Sales Profits

The account was established in October 2012 to temporarily hold and administer contributions representing all or a portion of members’ shares of the partial distribution of amounts in the IMF’s General Reserve attributable to windfall gold sales profits. Members were given the option to temporarily deposit the proceeds from the distribution into this account pending their decisions as to the final disposition of these resources.

1.13 Interim Administered Account for the Remaining Windfall Gold Sales Profits

The account was established in October 2013 to temporarily hold and administer contributions representing all or a portion of members’ shares of the final distribution of amounts in the IMF’s General Reserve attributable to windfall gold sales profits. Members were given the option to temporarily deposit the proceeds from the distribution into this account pending their decisions as to the final disposition of these resources.

1.14 Post-EPCA/ENDA Interim Administered Account

The account was established in January 2014 to temporarily hold and administer resources transferred by members in the context of the termination of the Post-Conflict and Natural Disaster Emergency Assistance Subsidy Account, prior to the final disposition of those resources in accordance with members’ instructions.

2. Basis of preparation and measurement

The financial statements of the Other Administered Accounts are prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). The financial statements have been prepared under the historical cost convention, 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

2.7.7 Administered Account—Japan, Administered Account for Selected Fund Activities–Japan, Framework Administered Account for Technical Assistance Activities, Framework Administered Account for Selected Fund Activities, and Administered Account for Interim Holdings of Voluntary Contributions for Fund Activities

The functional and presentation currency of these accounts is the U.S. dollar. All transactions and operations of these accounts, including the transfers to and from these accounts, are denominated in U.S. dollars. Contributions denominated in other currencies are converted into U.S. dollars upon receipt of the funds.

2.7.2 Supplementary Financing Facility Subsidy Account, The Post-Conflict and Natural Disaster Emergency Assistance Subsidy Account, Administered Account—Indonesia, Post-SCA-2 Administered Account, SCA-1/Deferred Charges Administered Account, Administered Account People’s Bank of China, Interim Administered Account for Windfall Gold Sales Profits, Interim Administered Account for Remaining Windfall Gold Sales Profits, and Post-EPCA/ENDA Interim Administered Account

The financial statements for the above accounts 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 (see below) 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).

Transactions and operations of the above accounts are denominated in SDRs. Contributions denominated in other currencies are converted into the component currencies in the SDR basket upon receipt of the funds.

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 areas involving estimates and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements are described in Note 3.

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 Other Administered Accounts 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 Other Administered Accounts’ financial statements. In accordance with the transitional provisions of IFRS 13, the Other Administered Accounts have applied the new fair value measurement guidance prospectively and has not provided any comparative information for new disclosures. The change has no impact on the measurement of assets and liabilities.

The following new standard has been issued by the IASB and is applicable for the Other Administered Accounts 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 fair 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 an insignificant risk of changes in value.

3.3. Investments

Investments are held in the Administered Account People’s Bank of China, which has designated the investments in fixed-income securities 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 Administered Account People’s Bank of China becomes 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, including currency valuation differences arising from exchange rate movements against the functional currency.

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

3.4. Borrowings

The Administered Account—Indonesia and the Administered Account People’s Bank of China borrow from contributing members for the purpose of generating investment income to support the activities of the PRG-HIPC Trust and the Framework Account for Selected Fund Activities, respectively. Borrowings are recorded and subsequently stated at amortized cost.

3.5. Fair value measurement

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

For the Other Administered Accounts’ short-term financial assets and liabilities, the carrying value at April 30, 2014, approximates to fair value. The carrying value of borrowings accounted for at amortized cost represents a reasonable estimate for the fair value.

3.6. Contributions

Bilateral contributions are reflected as increases in resources after the achievement of specified conditions and are subject to bilateral agreements stipulating how the resources are to be used.

3.7. Operating expenses

Operating expenses consist of reimbursements to the IMF for program and administrative costs incurred on behalf of technical assistance activities for select accounts, as agreed between the IMF and contributing members to the Other Administrative Accounts.

3.8. Payments to and on behalf of beneficiaries

Payments to and on behalf of beneficiaries in accordance with the terms and conditions agreed between the IMF and contributing members are recognized when the specified conditions in the respective agreements are achieved.

3.9. Foreign currency translation

Transactions in currencies other than the reporting currency 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 on the date of the transactions are included in the determination of net comprehensive income.

3.10 Administrative expenses

The expenses of conducting the activities of the Other Administered Accounts are paid by the IMF from the GRA and partial reimbursements are made by selected accounts. These reimbursements are included in operating expenses in the statements of comprehensive income and changes in resources and are as follows:

20142013
(In millions of U.S.
Administered Account for Selected Fund Activities—Japan11
Framework Administered Account for Technical Assistance Activities11
Framework Administered Account for Selected Fund Activities8.58.0
Total8.58.0

Less than SDR 0.1 million.

Less than SDR 0.1 million.

4. Risk management

In administering contributed resources and funding financial and technical services, the Other Administered Accounts have minimal exposure to credit, liquidity, and market risks. The assets and liabilities of each account are held separately, and operations primarily comprise receipt of cash contributions and disbursements for the designated purposes of each account.

This note provides further information on the above risks.

4.1. Credit risk

Credit risk on investment activities represents the potential loss that the Other Administered Accounts may incur if obligors and counterparties default on their contractual obligations. Credit risk is minimized by holding resources at the Bank for International Settlements (BIS), an international financial organization that provides financial services to central banks and other international financial organizations.

4.2. Liquidity risk

Liquidity risk is the risk of non-availability of resources to meet financing needs and obligations. Liquidity risk is monitored to ensure that upcoming payments or transfers can be met from the Other Administered Accounts’ cash and highly liquid investments. For the Administered Account People’s Bank of China, the principal resources are invested and the investment proceeds are held in currencies to ensure that the Account has sufficient liquidity to transfer up to US$2 million annually to the Framework Administered Account for Selected Fund Activities. The maturity of the investments matches the repayment of the principal to the People’s Bank of China due July 2017.

4.3. Market risk

4.3.1 Interest rate risk

Interest rate risk is the risk that future cash flows will fluctuate because of changes in market interest rates. Interest rate risk for the Other Administered Accounts is managed by limiting the investments to short-term fixed deposits and investing resources with the objective of earning sufficient interest income to cover interest expense and to meet disbursement obligations.

The Administered Account People’s Bank of China invests in medium-term investments (MTIs), and the intent is to hold them until maturity. Prior to the maturities of the MTIs, their carrying value would fluctuate. A 10 basis point increase and a 10 basis point decrease in the average effective yields at April 30, 2014, would result in a loss and gain, respectively, of SDR 0.6 million or approximately 0.3 percent of the portfolio (SDR 0.7 million or 0.4 percent at April 30, 2013).

4.3.2. Exchange rate risk

Exchange rate risk is the exposure to the effects of fluctuations in prevailing foreign currency exchange rates on an entity’s financial position and cash flows. Exchange rate risk is managed, to the extent possible, by holding all financial assets and liabilities in the reporting currency designated for each of the accounts or, in the case of accounts whose unit of account is the SDR, in the constituent currencies included in the SDR valuation basket. The exchange rate risk on investments held by the Administered Account People’s Bank of China is managed by investing in MTIs denominated in the constituent currencies included in the SDR’s valuation basket with the relative amount of each currency matching its weight in the SDR basket. In addition, the cash holdings are rebalanced as needed in order to offset the effect of exchange rate movements against the SDR.

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 fluctuates daily and depends on the prevailing exchange rate at noon in the London market against the U.S. dollar on that day. Since the proportionate share of a currency in the SDR valuation basket is determined by reference to the market value against the U.S. dollar, the exchange risk can be measured indirectly using the exchange rate movements between a basket currency and the U.S. dollar. The net effect on the investment portfolio of a 10 percent increase and a 10 percent decrease in the market exchange rates of the basket currencies against the U.S. dollar for the Administered Account People’s Bank of China at April 30, 2014, and 2013, is minimal (net gain or loss of less than SDR 0.01 million or 0.01 percent of the value of the investments).

5. Investments

Investments in the Administered Account People’s Bank of China consisted of MTIs with the BIS, which mature during the financial year ending April 30, 2018, and are measured at fair value. The fair value of MTIs, which are not traded in an active market, 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 investments are categorized as Level 2 based on the fair value hierarchy.

Investment income for the Other Administered Accounts consisted of interest income only, except for the Administered Account People’s Bank of China, whose investment income comprised the following for the financial years ended:

201420131
(In millions of SDRs)
Interest income0.80.6
Realized gains4.31.4
Unrealized (losses)/gains(5.7)0.7
Total0.62.7

From inception to April 30, 2013.

From inception to April 30, 2013.

6. Borrowings

All borrowings are carried at amortized cost and are categorized as Level 2 based on the fair value hierarchy.

6.1. Administered Account—Indonesia

The Account was funded by a SDR 25 million loan from Bank Indonesia on June 30, 1994. The loan was to be repaid in one installment 10 years after the date of the deposit. Upon maturity in June 2004, the loan was extended for another 10 years and investment income of up to 2 percent per annum is transferred to the PRG-HIPC Trust. The interest payable on the deposit is equivalent to any investment income of above 2 percent per annum.

6.2. Administered Account People’s Bank of China

The Account was funded by a SDR 170 million loan from the People’s Bank of China on July 2, 2012. The loan is to be repaid in one installment within 90 days following the fifth anniversary date of the deposit. The interest payable on the loan is one-tenth of 1 percent per annum, payable annually, but only if the net investment earnings on the corresponding investment exceed that amount per annum.

7. Cumulative contributions and disbursements

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

April 30, 20141April 30, 20131
AccountCumulative contributions2Cumulative disbursements3Cumulative contributions2Cumulative disbursements3
(In millions of U.S. dollars)
Administered Account—Japan135.282.4135.282.4
Administered Account for Selected Fund Activities–Japan329.2338.7329.2338.4
Technical assistance284.4292.8284.4292.5
Scholarships28.929.628.929.6
Office of Asia and the Pacific15.916.315.916.3
Framework Administered Account for Technical Assistance Activities211.8208.6211.8206.2
Japan Advanced Scholarship Program Subaccount19.320.019.320.0
Rwanda—Macroeconomic Management Capacity Subaccount1.51.61.51.6
Australia—IMF Scholarship Program for Asia Subaccount5.85.65.85.6
Switzerland Technical Assistance Subaccount18.618.918.618.9
French Technical Assistance Subaccount1.20.71.20.7
Denmark Technical Assistance Subaccount6.36.76.36.7
Australia Technical Assistance Subaccount5.95.45.95.1
The Netherlands Technical Assistance Subaccount14.915.014.915.0
The United Kingdom DFID Technical Assistance Subaccount15.916.015.916.0
Italy Technical Assistance Subaccount3.74.03.73.9
Pacific Financial Technical Assistance Centre Subaccount13.513.213.513.2
Africa Regional Technical Assistance Centers Subaccount37.438.237.438.2
Sweden Technical Assistance Subaccount1.71.61.71.6
China Technical Assistance Subaccount0.40.40.40.4
Technical Assistance Subaccount for Iraq6.06.26.06.2
Canadian Technical Assistance Subaccount8.78.48.77.6
Middle East Regional Technical Assistance Center Subaccount11.311.111.311.1
Technical Assistance Subaccount to Support Macroeconomic and Financial Policy Formulation and Management3.63.63.63.6
Spain Technical Assistance Subaccount0.81.00.81.0
European Commission Technical Assistance Subaccount for METAC1.11.21.11.2
European Investment Bank Technical Assistance Subaccount1.41.21.41.1
Central Africa Regional Technical Assistance Center Subaccount15.515.515.515.5
Islamic Development Bank Technical Assistance Subaccount0.60.50.60.5
FIRST Technical Assistance Subaccount12.18.212.17.1
Belgium Technical Assistance Subaccount4.54.44.54.4
Framework Administered Account for Selected Fund Activities5700.3414.7531.1284.5
Subaccount for the Administration of Selected Smaller-Scale Capacity Building Activities4.93.93.22.9
African Development Bank (AfDB) Subaccount for Selected Fund Activities
Africa Regional Technical Assistance Center South (AFRITAC South) Subaccount46.519.532.99.6
Africa Regional Technical Assistance Center West 2 Subaccount11.40.8
Africa Training Institute Subaccount for Selected Fund Activities8.32.1
Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Subaccount33.626.725.323.0
Belgium Subaccount for Selected Fund Activities10.54.06.32.5
Caribbean Regional Technical Assistance Center (CARTAC) Subaccount48.223.042.714.3
Central African Regional Technical Assistance Center (AFRITAC Central) Subaccount23.713.416.78.5
Central America, Panama, and the Dominican Republic Technical Assistance Center (CAPTAC-DR) Subaccount29.028.028.021.6
Denmark Subaccount for Selected Fund Activities1.71.41.10.8
East Africa Regional Technical Assistance Center (AFRITAC East) Subaccount37.828.132.220.7
European Commission Subaccount for Selected Fund Activities24.018.520.312.5
European Investment Bank Subaccount for Selected Fund Activities0.30.3
Externally Financed Appointee Subaccount0.50.2
Financial Access Survey Subaccount for Selected Fund Activities1.60.6
Germany Subaccount for Selected Fund Activities0.50.20.24
Government of Australia Subaccount for Selected Fund Activities0.20.1
Government of Canada Subaccount42.72.522.14
IMF-Middle East Center for Economics and Finance Subaccount for Selected Fund Activities21.417.117.313.2
International Forum of Sovereign Wealth Funds Subaccount1.90.50.80.1
Japan Subaccount for Selected Fund Activities148.2105.4113.773.7
Kingdom of the Netherlands-Netherlands Subaccount for Selected Fund Activities2.42.03.31.5
Korea Subaccount for Selected Fund Activities2.1
Kuwait Subaccount for Selected Fund Activities2.81.42.31.0
Liberia Macro-Fiscal Subaccount4.12.44.11.5
Managing Natural Resource Wealth Topical Trust Fund Subaccount20.49.519.45.8
Mauritius Subaccount for Selected Fund Activities10.015.0
Middle East Regional Technical Assistance Center (METAC) Subaccount14.09.712.07.5
Norway Subaccount for Selected Fund Activities7.44.55.83.2
Republic of South Sudan Macroeconomic Capacity Building4.12.52.60.6
Pacific Financial Technical Assistance Center (PFTAC) Subaccount22.410.811.76.7
The Socialist People’s Libyan Arab Jamahiriya Subaccount for Selected Fund Activities2.51.32.51.3
Switzerland Subaccount for Selected Fund Activities24.113.720.710.4
Tax Administration Diagnostic Assessment Tool Subaccount0.30.1
Tax Policy and Administration Topical Trust Fund Subaccount22.79.716.65.6
United Arab Emirates Subaccount for Selected Fund Activities0.40.2
United Kingdom Department for International Development Subaccount for Selected Fund Activities26.421.419.614.9
United States Subaccount for Selected Fund Activities5.43.44.62.2
West Africa Regional Technical Assistance Center (AFRITAC West) Subaccount26.321.521.916.0
World Bank Subaccount for Selected Fund Activities5.64.45.63.0
(In millions of SDRs)
The Post-Conflict and Natural Disaster Emergency Assistance Subsidy Account630.333.240.933.1

The ending balances include rounding differences.

Net of refunds of contributions to donors owing to termination of projects financed by resources in the Administered Account and transfers between subaccounts within the Framework Administered Account for Selected Fund Activities.

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

Less than US$50,000.

The Sweden Subaccount for Selected Fund Activities has yet to receive any funds as of April 30, 2014.

Account was terminated on February 1, 2014.

The ending balances include rounding differences.

Net of refunds of contributions to donors owing to termination of projects financed by resources in the Administered Account and transfers between subaccounts within the Framework Administered Account for Selected Fund Activities.

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

Less than US$50,000.

The Sweden Subaccount for Selected Fund Activities has yet to receive any funds as of April 30, 2014.

Account was terminated on February 1, 2014.

8. Transfer of resources

8.1. Administered Account for Interim Holdings of Voluntary Contributions for Fund Activities and Framework Administered Account for Selected Fund Activities

For the financial years ended April 30, 2014, and 2013, the Framework Administered Account for Selected Fund Activities received transfers from the Administered Account for Interim Holdings of Voluntary Contributions for Fund Activities of US$2.0 million and US$15.0 million, respectively.

8.2. The Post-Conflict and Natural Disaster Emergency Assistance Subsidy Account

For the period May 1 to February 1, 2014, transfers of SDR 7.1 million, SDR 0.6 million, and SDR 1.2 million were made to the PRG Trust Subsidy Accounts, the Framework Administered Account for Selected Fund Activities, and the Post-EPCA/ENDA Interim Administered Account, respectively, as instructed by the contributors upon the account’s termination.

8.3. Administered Account—Indonesia

For the financial years ended April 30, 2014, and 2013, net investment income transferred from the Administered Account—Indonesia to the PRG-HIPC Trust amounted to SDR 0.02 million for each year.

8.4. Administered Account People’s Bank of China

For the financial year ended April 30, 2014, and in accordance with the agreement with People’s Bank of China, interest income of SDR 0.5 million was transferred from the Administered Account People’s Bank of China to the Framework Administered Account for Selected Fund Activities (no transfers were made during the financial year ended April 30, 2013).

8.5. Interim Administered Account for Windfall Gold Sales Profits

For the financial year ended April 30, 2014, transfers to the PRG Trust and to members’ SDR holdings account amounted to SDR 17.8 million and less than SDR 0.1 million, respectively, (SDR 24.3 million and SDR 0.8 million, respectively, for financial year ended April 30, 2013).

8.6. Interim Administered Account for Remaining Windfall Gold Sales Profits

From inception to April 30, 2014, transfers to the PRG Trust and to members’ SDR holdings accounts amounted to SDR 1.9 million and SDR 2.0 million, respectively.

9. Accounts termination

During the financial year ended April 30, 2014, the Post-Conflict and Natural Disaster Emergency Assistance Subsidy Account was terminated upon final payment of subsidies to eligible members and SDR 1.7 million was subsequently refunded to contributors. No accounts were closed during the financial year ended April 30, 2013.

9.1. Administered Account—Japan and Administered Account for Selected Fund Activities—Japan

The accounts can be terminated by the IMF or by Japan at any time. Any remaining resources in the Administered Account—Japan at termination are to be returned to Japan. For the Administered Account for Selected Fund Activities—Japan, Japan informed the IMF in April 2010 of its intent to terminate the account upon completion of ongoing projects and to transfer remaining resources to the Japan subaccount under the Framework Administered Account for Selected Fund Activities.

9.2. Framework Administered Account for Technical Assistance Activities and Framework Administered Account for Selected Fund Activities

The Framework Accounts or any subaccount thereof may be terminated by the IMF at any time. The termination of a Framework Account shall terminate each subaccount thereof. A subaccount may also be terminated by the contributor of the resources to the subaccount or, in the case of a subaccount comprising resources from more than one contributor, by all the contributors participating in the subaccount at the time of termination, provided that a contributor to such a subaccount may cease its own participation in the subaccount at any time without termination of the subaccount. Termination shall be effective on the date that the IMF or the contributor, as the case may be, receives notice of termination. The disposition of any balances, net of continuing liabilities and commitments under the activities financed, is governed by the conditions agreed between the IMF and the contributor, or contributors in the case of a subaccount with more than one contributor. Absent such agreement, the balances are returned to the contributor(s).

9.3. Administered Account for Interim Holdings of Voluntary Contributions for Fund Activities and Post-SCA-2 Administered Account

The Administered Account for Interim Holdings of Voluntary Contributions for Fund Activities may be terminated by the IMF at any time. Any uncommitted resources in the account at the time of termination shall be returned to the contributors. The Post-SCA-2 Administered Account shall be terminated upon completion of its operations.

9.4. Administered Account—Indonesia and Administered Account People’s Bank of China

The accounts shall be terminated upon completion of their operations, or at such earlier time by the IMF in consultation with the contributing member. Once the obligation to repay all outstanding loans has been discharged and the final payments of interest have been made, any surplus remaining in the Administered Account—Indonesia or the Administered Account People’s Bank of China shall be transferred to the PRG-HIPC Trust and the People’s Bank of China, respectively.

9.5. SCA-1/Deferred Charges Administered Account

The account shall be terminated three years from the effective date of decisions establishing the account. The original termination date was extended three times, to March 13, 2016, by the IMF Executive Board at the request of the remaining bilateral contributors.

9.6. Interim Administered Accounts for Windfall Gold Sales Profits and Remaining Windfall Gold Sales Profits

The termination dates of the Interim Administered Accounts for Windfall Gold Sales Profits and Remaining Windfall Gold Sales Profits are October 12, 2015, and October 13, 2016, respectively. The accounts may also be terminated as promptly as practicable following the receipt of instructions from every contributor regarding the distribution of the resources in the accounts. Any balances remaining in the accounts upon their termination are to be transferred to the respective contributors.

9.7. Post-EPCA/ENDA Interim Administered Account

The termination date of the Post-EPCA/ENDA Interim Administered Account is January 29, 2017. The account may also be terminated as promptly as practicable following the receipt of instructions from every contributor regarding the distribution of its resources in the account, whichever is earlier. Any balances remaining in the account upon termination are to be transferred to the respective contributors.

Schedule 1 – Post-SCA-2, SCA-1/Deferred Charges, and Post-EPCA/ENDA Interim Administered Accounts: Balances, contributions, and interest earned for the year ended April 30, 2014(In thousands of SDRs)
MemberBeginning balanceContributionsInterest earnedEnding balance
Post-SCA-2 Administered Account
Dominican Republic1,19111,192
Jordan1,35111,352
Trinidad and Tobago2,90432,907
Vanuatu57157
Venezuela, Republica Bolivariana de35,4083335,441
Total Post-SCA-2 Administered Account40,9113840,949
SCA-1/Deferred Charges Administered Account
Brazil34,8943334,927
Total SCA-1/Deferred Charges Administered Account34,8943334,927
Post-EPCA/ENDA Interim Administered Account2
Canada7701770
Switzerland3631363
India85185
Total Post-EPCA/ENDA Interim Administered Account1,21811,218

Less than SDR 500.

From inception to April 30, 2014.

Less than SDR 500.

From inception to April 30, 2014.

Schedule 2 – Interim Administered Account for Windfall Gold Sales Profits and Interim Administered Account for Remaining Windfall Gold Sales Profits Balances, contributions, interest earned, and transfers for the year ended April 30, 20141(In thousands of SDRs)
Interim Administered Account for Windfall Gold Sales ProfitsInterim Administered Account for Remaining Windfall Gold Sales Profits1
MemberBeginning balanceInterest earnedTransfersEnding balanceContributionsInterest earnedTransfersEnding balance
Brazil12,5001212,51231,2381931,257
Costa Rica48324831,20611,207
Cyprus46514661,16311,164
Dominican Republic64416451,60811,609
Equatorial Guinea3852385
Ghana2,71222,714
Grenada34234
Iceland34623468642864
Indonesia6,11566,12115,281915,290
Ireland3,69933,7029,24269,248
Korea24,7411524,756
Lebanon78317841,95811,959
Papau New Guinea9671968
Paraguay29422947341735
Romania7,57157,576
Russian Federation17,485517,490
Singapore10,348610,354
Slovenia1,01121,011
South Africa5,49555,50013,732813,740
Uganda53125311,32721,327
Venezuela, Republica Boliuariana de7,82087,828
56,6944217,83638,900126,088761,875124,289

From inception to April 30, 2014, for the Interim Administered Account for Remaining Windfall Gold Sales Profits.

Less than SDR 500.

From inception to April 30, 2014, for the Interim Administered Account for Remaining Windfall Gold Sales Profits.

Less than SDR 500.

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