IMF Financial Statements for the quarter ended July 31, 2011

Transcrição

INTERNATIONAL
MONETARY
FUND
FINANCIAL
STATEMENTS
Quarter Ended
July 31, 2011
Contents
Page
I. FINANCIAL STATEMENTS OF THE GENERAL DEPARTMENT
Consolidated statements of financial position .....................................................................4
Consolidated statements of comprehensive income ............................................................5
Consolidated statements of changes in reserves, resources and retained earnings ..............6
Consolidated statements of cash flows ................................................................................7
Notes to the consolidated financial statements .................................................................... 8
Schedule 1–Quotas, IMF’s holdings of currencies, reserve tranche positions, and
outstanding credit and loans..............................................................................................17
Schedule 2–Financial resources and liquidity position in the General
Resources Account............................................................................................................22
Schedule 3–Status of arrangements in the General Resources Account............................23
Schedule 4–Status of borrowings in the General Resources Account ..............................24
II. FINANCIAL STATEMENTS OF THE SDR DEPARTMENT
Statements of financial position ........................................................................................26
Statements of comprehensive income ................................................................................27
Statements of cash flows....................................................................................................28
Notes to the financial statements .......................................................................................29
Schedule 1–Statements of changes in SDR holdings ........................................................31
Schedule 2–Allocations and holdings of participants ........................................................33
III. FINANCIAL STATEMENTS OF THE CONCESSIONAL LENDING AND DEBT
RELIEF TRUSTS
Statements of financial position ........................................................................................39
Statements of comprehensive income and changes in resources .......................................40
Statements of cash flows....................................................................................................41
Notes to the financial statements .......................................................................................42
Schedule 1– Status of loan arrangements ..........................................................................51
I. Financial Statements
of the
General Department
General Department
Consolidated statements of financial position
(In millions of SDRs)
July 31, 2011
(unaudited)
April 30, 2011
July 31, 2011
(unaudited)
Assets
April 30, 2011
Liabilities (including quotas)
Usable currencies
140,165
144,279
Credit outstanding (Note 2)
Other currencies
75,627
37,092
65,539
36,827
Total currencies
252,884
246,645
Remuneration payable (Note 8)
70
49
264
499
131
436
1,188
1,188
26,217
19,659
Reserve tranche positions
Subscription payments
60,507
177,255
56,252
181,104
Total quotas
Total liabilities (including quotas)
237,762
266,000
237,356
258,819
14,023
13,764
Investment trades payable
Other liabilities
Special Contingent Account
SDR holdings
8,971
8,644
475
387
14,059
13,184
Interest and charges receivable (Note 5)
Investments (Note 6)
Quotas, represented by (Note 4):
3,167
3,167
Fixed assets
283
289
Reserves of the General Resources Account
Pension assets and other assets
269
282
Retained earnings of the Investment Account
72
2
9
9
Resources of the Special Disbursement Account (SDA)
22
22
280,117
272,607
280,117
272,607
Structural Adjustment Facility loans
Total assets
Total liabilities, reserves, and resources
The accompanying notes are an integral part of these consolidated financial statements.
Andrew Tweedie /s
Director, Finance Department
Christine Lagarde /s
Managing Director
4
Gold holdings (Note 7)
Borrowings (Note 3)
5
General Department
Consolidated statements of comprehensive income
for the three months ended July 31, 2011, and 2010
(unaudited)
2011
2010
460
12
70
56
248
2
44
104
598
398
70
33
166
22
6
177
269
205
329
193
Gains on the sales of gold
—
975
MDRI grant assistance
—
2
—
(280)
—
—
Net comprehensive income
329
890
Net comprehensive income of the General Department comprises:
Net comprehensive income of the General Resources Account
Net comprehensive income of the Investment Account
Net comprehensive loss of the Special Disbursement Account
259
70
—
1,124
44
(278)
329
890
Operational Income
Interest and charges (Note 5)
Interest on SDR holdings
Net income from investments (Note 6)
Service charges and commitment fees
Operational expenses
Remuneration (Note 8)
Interest expense on borrowings (Note 3)
Administrative expenses
Net operational income
Contribution from MDRI-I Trust through the SDA to
the Post-Catastrophe Debt Relief Trust (PCDR)
Other comprehensive income
6
General Department
Consolidated statements of changes in reserves, resources and retained earnings
(unaudited)
General
Resources
Account
reserves
Investment
Account
retained
earnings
Special
Disbursement
Account
resources
Balance at April 30, 2010
Net comprehensive income:
Net operational income
Gains on the sales of gold
Transfers
Balance at July 31, 2010
9,885
—
301
149
975
—
11,009
44
—
—
44
2
—
(280)
23
Balance at April 30, 2011
13,764
2
22
259
70
—
14,023
72
22
Balance at July 31, 2011
7
General Department
Consolidated statements of cash flows
(unaudited)
2011
2010
329
890
7
(460)
(12)
7
(248)
(2)
(35)
—
33
70
(68)
15
184
—
131
(33)
(975)
6
22
(333)
(34)
52
(2)
(317)
(10,403)
249
(10,023)
(8,198)
844
(7,671)
379
7
25
201
2
39
(49)
(21)
(9,682)
(18)
(3)
(7,450)
(1)
(869)
—
(4)
166
1,306
(870)
1,468
6,558
206
1
4,108
—
(78)
6,765
4,030
(3,787)
(1,952)
Usable currencies and SDRs, beginning of year
152,923
146,777
Usable currencies and SDRs, end of period
149,136
144,825
Usable currencies and SDRs from operating activities
Adjustments to reconcile net comprehensive income to usable resources generated by operations
Depreciation and amortization
Interest and charges
Interest income from investments
Realized gains on the sales of gold
Interest expense on borrowings
Remuneration
Changes in interest and charges receivables, and pension and other assets
Changes in remuneration payable and other liabilities
Changes in accrued MDRI-I Trust grants
Usable currencies and SDRs from credit to members
Purchases in currencies and SDRs, including reserve tranche purchases
Repurchases in currencies and SDRs
Interest received
Interest from investments
Remuneration and interest paid
Remuneration
Interest expense on borrowings
Net usable currencies and SDRs used in operating activities
Usable currencies and SDRs from investment activities
Acquisition of fixed assets
Net (acquisition) / disposition of investments
Proceeds received from gold sales
Net usable currencies and SDRs (used in)/provided by investment activities
Usable currencies and SDRs from financing activities
Borrowings
Quota subscription payments in SDRs and usable currencies
Changes in composition of usable currencies
Net usable currencies and SDRs provided by financing activities
Net decrease in usable currencies and SDRs
8
General Department
Notes to the consolidated financial statements
1. Basis of presentation
The unaudited consolidated financial statements have been prepared in accordance with
International Accounting Standard 34 (Interim Financial Reporting). The consolidated
financial statements include the accounts of the General Resources Account (GRA); the
Special Disbursement Account (SDA); the Investment Account (IA); and the Multilateral
Debt Relief Initiative–I Trust (MDRI-I Trust), for which the IMF is the Trustee and over
which the SDA has substantial control. These consolidated financial statements do not
include all information and notes required by International Financial Reporting Standards
(IFRS) for complete financial statements and should be read in conjunction with the
April 30, 2011 consolidated financial statements and the notes included therein.
Unit of account
At July 31, 2011, one SDR was equal to US$ 1.59900 (US$ 1.62096 at April 30, 2011).
2. Credit outstanding
During the three months ended July 31, 2011, the IMF approved a Stand-By Arrangement for
St. Kitts and Nevis totaling SDR 53 million, an extended arrangement for Portugal for
SDR 23,742 million, and a successor Flexible Credit Line (FCL) arrangement for Colombia
for SDR 3,870 million (four Stand-By Arrangements for Antigua and Barbuda, Greece,
Kosovo, and Ukraine totaling SDR 36,607 million, an extended arrangement for Armenia for
SDR 133 million, and successor FCL arrangements for Colombia and Poland totaling
SDR 16,012 million were approved during the three months ended July 31, 2010).
During the same period, drawings under Stand-By Arrangements and extended arrangements
amounted to SDR 10,337 million (SDR 8,198 million for the three months ended July 31,
2010). No drawings were made under the FCL and the Precautionary Credit Line (PCL)
arrangements.
Changes in the use of IMF credit under the various facilities of the GRA during the three
months ended July 31, 2011, and 2010 were as follows:
9
General Department
April 30,
2011
Credit tranches
Extended Fund Facility
Enlarged Access
Compensatory and
Contingency Financing
Facility
Supplementary Financing
Facility
Total credit outstanding
Purchases
Repurchases
July 31,
April 30,
2011
2010
63,167
40,581
12,258
447
156
159
60,148
5,186
156
3,265
7,072
—
(246)
—
—
32
—
(3)
29
17
_____
65,539
—
_____
10,337
—
_____
(249)
17
_____
75,627
Purchases
Repurchases
8,158
40
—
(499)
(344)
(1)
48,240
143
158
34
—
—
34
17
_____
41,238
—
_____
8,198
—
_____
(844)
17
_____
48,592
Scheduled repurchases in the GRA are summarized below (SDR 9 million in repayments of
SAF loans in the SDA are overdue):
Financial year ending April 30
3,018
13,758
21,178
17,146
9,102
11,141
284
75,627
2012
2013
2014
2015
2016
2017 and beyond
Overdue
Total
The use of credit in the GRA by the largest users was as follows:
July 31, 2011
April 30, 2011
(In millions of SDRs and as a
percentage of total GRA credit outstanding)
Largest user of credit
Three largest users of credit
Five largest users of credit
15,619
35,438
49,498
20.7%
46.9%
65.5%
July 31,
2010
12,736
32,555
45,425
19.4%
49.7%
69.3%
The five largest users of credit at July 31, 2011, in descending order, were Greece, Romania,
Ukraine, Hungary, and Ireland. Outstanding credit, by member, is provided in Schedule 1.
10
General Department
The concentration of GRA outstanding credit by region was as follows:
July 31, 2011
April 30, 2011
(In millions of SDRs and as a
percentage of total GRA credit outstanding)
Africa
Asia and Pacific
Europe
Latin America and Caribbean
Middle East and Turkey
Total
995
6,588
62,470
1,488
4,086
75,627
1.3%
8.7%
82.6%
2.0%
5.4%
100.0%
994
6,605
52,378
1,283
4,279
65,539
1.5%
10.1%
79.9%
2.0%
6.5%
100.0%
Overdue obligations
At July 31, 2011 and April 30, 2011, two members were six months or more overdue in
settling their financial obligations to the General Department. GRA repurchases, GRA
charges, SAF loan repayments, and SAF interest that are six or more months overdue were as
follows:
GRA
GRA
repurchases and
charges and SAF
interest
SAF loans
July 31,
2011
Total overdue
Overdue for six months or more
Overdue for three years or more
293
293
293
April 30,
July 31,
2011
2011
295
835
295
833
295
818
April 30,
2011
834
832
815
The type and duration of the overdue amounts in the General Department as of July 31, 2011,
were as follows:
GRA
repurchases
and SAF loans
GRA
charges
and SAF interest
Total
obligation
Longest
overdue obligation
Somalia
Sudan
Total
106
187
293
118
717
835
224
904
1,128
July 1987
July 1985
11
General Department
3. Borrowings
During the three months ended July 31, 2011, the IMF met part of its financing needs by
drawing on bilateral borrowing agreements and the enlarged and amended New Arrangements
to Borrow (NAB), which came into effect in March 2011, in the amount of SDR 6,558 million
(SDR 4,108 million from bilateral agreements during the three months ended July 31, 2010).
Total borrowings at July 31, 2011, amounted to SDR 26,217 million, an increase of 33 percent
compared with borrowings of SDR 19,659 million at April 30, 2011 (see Schedule 4).
With the coming into effect of the NAB, creditor claims under bilateral borrowing agreements
may be folded into the NAB at the election of the NAB participant. To help ensure IMF
liquidity for commitments approved prior to the expanded NAB, understandings have been
reached between the IMF and most NAB participants that the bilateral borrowing agreements
would be kept open to fund pre-NAB commitments, subject to safeguards, in particular
regarding total exposure to the IMF (“no double dipping”) and limited scope for future
drawings that would be implemented either via amendments to the borrowing agreements or
through supplementary memoranda of understanding (MOU). A participant that is not included
in the Financial Transaction Plan (FTP) for use of quota resources in lending activities would
also not be called upon to provide resources under borrowing agreements.
As at July 31, 2011, bilateral borrowing agreements for the following remained open but with
creditor claims folded into the expanded NAB: National Bank of Belgium, Canada, People’s
Bank of China, Danmarks Nationalbank, Deutsche Bundesbank, France, Reserve Bank of
India, Banca d’Italia, Japan, De Nederlandsche Bank NV, Norges Bank, Banco de Portugal,
Spain, Sveriges Riksbank and United Kingdom.
In using bilateral borrowing agreements for commitments approved prior to the expanded
NAB, the Executive Board has set the mix between borrowed resources and quota resources
at a ratio of 1:1. In using NAB commitments, the ratio has been set at 3:1 for use of NAB
resources and quota resources.
Drawings under the borrowing agreements and the NAB are denominated in SDRs and carry
interest at the SDR interest rate. The average interest rate on outstanding borrowings for the
three months ended July 31, 2011, was 0.55 percent per annum and the interest expense on
borrowings during the same period was SDR 33 million (SDR 6 million for the three months
ended July 31, 2010).
Most of the claims under the borrowing arrangements are encashable, subject to certain
conditions, upon demand by the lenders. IMF borrowing guidelines have set an
SDR 15 billion limit per agreement on possible immediate encashment of bilateral loans and
12
General Department
notes. The NAB allows for drawings in certain circumstances to meet requests for
encashment by members or their institutions in case of balance of payments needs.
4. Quotas
Under the 2008 Quota and Voice reforms, which became effective in March 2011,
54 member countries were eligible for quota increases. At April 30, 2011, 36 members had
consented and fully paid their quota increases which amounted to SDR 19.9 billion. During
the period to July 31, 2011, a further three members consented and paid their quota increases
amounting to SDR 0.4 billion.
5. Interest and charges
Interest and charges receivable were as follows:
July 31, 2011
April 30, 2011
Periodic charges
Amount paid through burden sharing
Unpaid charges
Interest receivable
Total interest and charges receivables
1,296
(700)
(134)
462
13
475
1,213
(699)
(134)
380
7
387
Interest and periodic charges consisted of the following for the three months ended July 31:
2011
2010
Interest and periodic charges
Burden sharing adjustments
Total interest and charges
459
1
460
248
—
248
The IMF recovers overdue charges (interest charged on use of IMF resources, by members,
that are at least six months overdue) under the burden sharing mechanism, through
adjustments to the rates of charge and remuneration. Members that participate in burden
sharing for overdue charges receive refunds to the extent that overdue charges are
subsequently collected.
Income from interest and charges for the three months ended July 31, 2011, is significantly
higher than that of the comparable period in the previous financial year primarily due to the
13
General Department
increase in outstanding IMF credit, averaging SDR 71,415 million and SDR 46,267 million,
respectively.
Service charges and commitment fees on canceled or expired arrangements, amounted to
SDR 56 million and SDR 104 million for the three months ended July 31, 2011, and 2010,
respectively. Commitment fee income during the quarter ended July 31, 2011 amounted to
SDR 4 million, compared with SDR 63 million in the comparable period last year when
SDR 55 million was recognized on expiration of Flexible Credit Line arrangements for
Colombia and Poland in May 2010.
6. Investments
Investments are held in the Investment Account (SDR 14,046 million at July 31, 2011 and
SDR 13,171 million at April 30, 2011) and MDRI-I Trust (SDR 13 million at July 31, 2011,
and April 30, 2011, respectively) and are managed by external managers. The investments
comprise fixed-term deposits, short-term investments, and fixed-income securities, none of
which include asset-backed securities. Fixed income securities include domestic government
bonds of the Euro area, Japan, the United Kingdom, and the United States; and medium-term
instruments issued by the Bank for International Settlements. A net transfer of
SDR 671 million was made from the GRA to the Investment Account in July 2011, in
accordance with an Executive Board decision for the transfer of FY 2011 net income
attributable to the GRA net operational income and surcharges.
Investments consisted of the following:
July 31, 2011
April 30, 2011
Short-term investments
Fixed-term deposits
Fixed-income securities
Total investments
127
6,871
7,061
2,383
4,583
6,218
14,059
13,184
The maturities of the investments are as follows:
2012
2013
2014
2015
2016 and beyond
Total
7,409
2,819
3,261
509
61
14,059
14
General Department
Investment income comprised the following and reflects the effects of trading and changes in
interest rates during the three months ended July 31:
2011
Interest income
Realized gains
Realized losses
Unrealized gains
Unrealized losses
Total
2010
35
33
4
14
(27)
(18)
66
24
(8)
(9)
70
44
7. Gold holdings
At July 31, 2011 and April 30, 2011, the IMF held 2,814 metric tons, equal to 90.474 million
fine ounces, of gold at designated depositories. Gold holdings were valued at a historical cost
of SDR 3,167 million at July 31, 2011 and April 30, 2011.
At July 31, 2011, the market value of the IMF's holdings of gold was approximately
SDR 92.1 billion (SDR 85.7 billion at April 30, 2011).
8. Remuneration
Remuneration for the three months ended July 31, was as follows:
2011
Remuneration
Burden sharing adjustments
2010
71
22
(1)
—
22
70
9. Restructuring
During the three months ended July 31, 2011, costs related to the institutional restructuring
plan approved in 2008 amounted to SDR 1 million (SDR 5 million for the three months
ended July 31, 2010). The remaining provision at July 31, 2011 amounted to SDR 5 million
(SDR 22 million at July 31, 2010).
15
General Department
10. Arrangements and commitments in the General Department
At July 31, 2011, the undrawn balances under the 23 Stand-By and extended arrangements
that were in effect in the GRA amounted to SDR 60,232 million (SDR 46,944 million under
22 arrangements at April 30, 2011).
Three arrangements under the FCL had undrawn balances in the amount of SDR 70,328 million
(three arrangements at April 30, 2011 in the amount of SDR 68,780 million), and a PCL
arrangement had an undrawn balance of SDR 216 million at July 31, 2011 and April 30, 2011
(see Schedule 3).
11. Pension and other post-retirement benefits
The IMF has a defined-benefit Staff Retirement Plan (SRP) that covers substantially all eligible
staff and a Supplemental Retirement Benefits Plan (SRBP) for selected participants of the SRP.
Participants contribute seven percent of their pensionable remuneration. The IMF contributes
the remainder of the cost of funding the plans; the plans pay for the administrative costs (see
Note 13). In addition, the IMF provides other employment and post-retirement benefits,
including medical, life insurance, and other long-term benefits. In 1995, the IMF established a
separate account, the Retired Staff Benefits Investment Account (RSBIA), to hold and invest
resources set aside to fund the cost of the post-retirement benefits.
The obligations of the SRP, SRBP, and other post-retirement benefits are valued annually by
independent actuaries. The latest actuarial valuations were carried out as at April 30, 2011
using the Projected Unit Credit Method and the net assets of the plans amounted to
SDR 194 million.
The fair value of plan assets was as follows:
July 31, 2011
April 30, 2011
SRP
SRBP
Other
4,661
2
626
4,700
—
601
Total assets
5,289
5,301
12. Other administered accounts
At the request of certain members, the IMF has established accounts to administer resources
contributed by these members and to perform financial and technical services consistent with
16
General Department
the purposes of the IMF. 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.
The total assets of these accounts were as follows:
July 31, 2011
April 30, 2011
(In millions of U.S. dollars)
Administered Account Japan
Administered Account for Selected Fund Activities – Japan
Framework Administered Account for Technical Assistance
Activities
Framework Administered Account for Selected Fund Activities
Administered Account for Interim Holdings of Voluntary
Contributions for Fund Activities
131.0
8.3
131.0
8.7
18.5
153.8
19.4
135.1
12.4
11.2
Supplementary Financing Facility Subsidy Account
The Post-Conflict and Natural Disaster Emergency Assistance
Subsidy Account
Post-SCA-2 Administered Account
SCA-1/Deferred Charges Administered Account
Administered Account – Indonesia
0.9
0.9
11.1
40.8
34.8
25.0
11.5
47.2
74.8
25.0
13. Related party transactions
The GRA conducts transactions with the SDR Department on the same terms and conditions
applicable to participants in the SDR Department. The administrative expenses of operating
the SDR Department, the SRP, the RSBIA, and other accounts administered by the IMF as
Trustee are borne by the GRA. The SDR Department, the SRP, the RSBIA, and some of the
other administered accounts reimburse the GRA for the administrative expenses at the end of
each financial year.
17
Schedule 1
General Department
Quotas, IMF’s holdings of currencies, reserve tranche positions
and outstanding credit and loans
at July 31, 2011
Outstanding credit and loans
Member
Afghanistan, Islamic
Republic of
Albania
Algeria
Angola
Antigua and Barbuda
Quota
General Resources Account
IMF’s holdings
of currencies 1
Reserve
Percent of
tranche
Total
quota
position
GRA
Amount
Percent 2
(A)
+
PRG
Trust 4
SDA 3
(B)
+
(C)
Total 5
=
(D)
161.9
48.7
1,254.7
286.3
13.5
161.9
53.5
899.8
973.6
40.5
100.0
109.9
71.7
340.1
300.0
—
3.4
354.9
—
0.1
—
8.1
—
687.1
27.0
—
0.01
—
0.91
0.04
—
—
—
—
—
75.4
24.1
—
—
—
75.4
32.2
—
687.1
27.0
2,117.1
92.0
3,236.4
2,113.9
160.9
2,116.9
494.9
2,229.8
1,545.8
160.8
100.0
537.9
68.9
73.1
99.9
0.2
—
1,007.0
568.1
0.1
—
402.9
—
—
—
—
0.53
—
—
—
—
—
—
—
—
—
106.7
—
—
22.2
—
509.6
—
—
22.2
130.3
135.0
533.3
67.5
386.4
124.0
63.8
649.6
61.7
2,655.9
95.2
47.3
121.8
91.4
687.3
6.3
71.2
0.4
5.8
—6
—
—
116.7
—
2,269.5
—
—
0.15
—
3.00
—
—
—
—
—
—
—
234.0
—
—
—
—
350.7
—
2,269.5
Belgium
Belize
Benin
Bhutan
Bolivia
4,605.2
18.8
61.9
6.3
171.5
3,295.5
19.3
59.7
5.3
162.6
71.6
102.7
96.4
84.1
94.8
1,309.8
4.2
2.2
1.0
8.9
—
4.7
—
—
—
—
0.01
—
—
—
—
—
—
—
—
—
—
45.9
—
—
—
4.7
45.9
—
—
Bosnia and Herzegovina
Botswana
Brazil
Brunei Darussalam
Bulgaria
169.1
87.8
4,250.5
215.2
640.2
507.3
62.3
3,164.3
201.7
606.2
300.0
71.0
74.4
93.7
94.7
—6
25.5
1,086.3
13.7
34.1
338.2
—
—
—
—
0.45
—
—
—
—
—
—
—
—
—
—
—
—
—
—
338.2
—
—
—
—
Burkina Faso
Burundi
Cambodia
Cameroon
Canada
60.2
77.0
87.5
185.7
6,369.2
52.7
76.6
87.5
184.8
4,738.9
87.5
99.5
100.0
99.5
74.4
7.5
0.4
—
0.9
1,630.4
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
89.0
83.7
—
111.2
—
89.0
83.7
—
111.2
—
Cape Verde
Central African Republic
Chad
Chile
China
9.6
55.7
66.6
856.1
9,525.9
9.6
55.5
63.7
575.0
7,195.1
100.0
99.6
95.6
67.2
75.5
—6
0.2
2.9
281.1
2,330.9
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
4.6
58.7
6.8
—
—
4.6
58.7
6.8
—
—
774.0
8.9
533.0
557.8
8.4
533.0
72.1
94.4
100.0
216.2
0.5
—
—
—
—
—
—
—
—
—
—
—
9.6
308.8
—
9.6
308.8
84.6
164.1
84.0
144.1
99.3
87.8
0.6
20.0
—
—
—
—
—
—
18.7
—
18.7
—
Argentina
Armenia
Australia
Austria
Azerbaijan
Bahamas, The
Bahrain
Bangladesh
Barbados
Belarus
Colombia
Comoros
Congo, Democratic Republic
of the
Congo, Republic of
Costa Rica
18
Schedule 1(continued)
General Department
at July 31, 2011
Member
Côte d'Ivoire
Croatia
Cyprus
Czech Republic
Denmark
Quota
325.2
365.1
158.2
1,002.2
1,891.4
IMF’s holdings
of currencies 1
Reserve
Percent of
tranche
Total
quota
position
324.3
99.7
0.9
364.9
99.9
0.2
99.7
63.0
58.5
701.6
70.0
300.7
1,403.3
74.2
488.1
GRA
Amount
(A)
—
—
—
—
—
Percent 2
SDA 3
+
—
—
—
—
—
(B)
—
—
—
—
—
PRG
Trust 4
+
(C)
323.9
—
—
—
—
Total 5
=
(D)
323.9
—
—
—
—
Djibouti
Dominica
Dominican Republic
Ecuador
Egypt
15.9
8.2
218.9
302.3
943.7
14.8
10.0
1,105.4
285.1
943.7
93.1
122.0
505.0
94.3
100.0
1.1
—6
—6
17.2
—
—
1.8
886.5
—
—
—
—
1.17
—
—
—
—
—
—
—
11.5
9.2
—
—
—
11.5
11.0
886.5
—
—
El Salvador
Equatorial Guinea
Eritrea
Estonia
Ethiopia
171.3
52.3
15.9
65.2
133.7
171.3
47.4
15.9
65.2
126.2
100.0
90.6
100.0
100.0
94.4
—
4.9
—6
—6
7.5
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
187.2
—
—
—
—
187.2
Republic of Fiji
Finland
France
Gabon
Gambia, The
70.3
1,263.8
10,738.5
154.3
31.1
54.0
904.3
7,852.0
153.7
29.6
76.8
71.6
73.1
99.6
95.2
16.3
359.5
2,886.7
0.6
1.5
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
22.5
—
—
—
—
22.5
Georgia
Germany
Ghana
Greece
Grenada
150.3
14,565.5
369.0
1,101.8
11.7
727.4
10,648.2
369.0
16,480.6
11.7
484.0
73.1
100.0
1495.8
100.0
—6
3,917.3
—6
240.6
—
577.1
—
—
15,619.4
—
0.76
—
—
20.65
—
—
—
—
—
—
92.2
—
308.9
—
18.9
669.3
—
308.9
15,619.4
18.9
210.2
107.1
14.2
90.9
81.9
210.2
107.0
14.0
90.9
81.8
100.0
99.9
98.6
100.0
99.9
—
0.1
0.2
—
0.1
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
27.1
4.8
34.3
16.4
—
27.1
4.8
34.3
16.4
Honduras
Hungary
Iceland
India
Indonesia
129.5
1,038.4
117.6
5,821.5
2,079.3
120.9
8,601.6
1,218.9
4,289.6
1,933.8
93.4
828.4
1036.5
73.7
93.0
8.6
73.8
18.7
1,532.2
145.5
—
7,637.0
1,120.0
—
—
—
10.10
1.48
—
—
—
—
—
—
—
17.3
—
—
—
—
17.3
7,637.0
1,120.0
—
—
Iran, Islamic Republic of
Iraq
Ireland
Israel
Italy
1,497.2
1,188.4
1,257.6
1,061.1
7,882.3
1,497.2
2,086.9
7,421.6
753.0
5,668.5
100.0
175.6
590.1
71.0
71.9
—6
171.1
258.5
308.1
2,213.8
—
1,069.6
6,422.4
—
—
—
1.41
8.49
—
—
—
—
—
—
—
—
—
—
—
—
—
1,069.6
6,422.4
—
—
Guatemala
Guinea
Guinea-Bissau
Guyana
Haiti
19
General Department
at July 31, 2011
IMF’s holdings
of currencies 1
Reserve
Percent of
tranche
Total
quota
position
815.3
298.1
—
11,267.0
72.1
4,361.5
175.3
102.8
0.3
365.7
100.0
—6
258.4
95.2
13.0
GRA
Percent 2
SDA 3
(A)
541.8
—
5.1
—
—
+
0.72
—
0.01
—
—
(B)
—
—
—
—
—
Amount
Member
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Quota
273.5
15,628.5
170.5
365.7
271.4
Kiribati
Korea
Kosovo
Kuwait
Kyrgyz Republic
5.6
3,366.4
59.0
1,381.1
88.8
5.6
2,235.7
63.6
997.6
88.8
100.0
66.4
107.8
72.2
100.0
—6
1,130.7
14.2
383.6
—6
—
—
18.8
—
—
—
—
0.02
—
—
52.9
52.9
100.0
—
—
142.1
266.4
34.9
129.2
1,124.3
276.1
31.3
129.2
791.2
103.6
89.7
100.0
0.1
34.7
3.6
—6
Libya
Lithuania
Luxembourg
Macedonia, former
Yugoslav Republic of
Madagascar
1,123.7
183.9
418.7
68.9
827.9
183.9
267.0
265.9
73.7
100.0
63.8
385.9
122.2
122.2
Malawi
Malaysia
Maldives
Mali
Malta
69.4
1,773.9
10.0
93.3
102.0
Marshall Islands
Mauritania
Mauritius
Mexico
Micronesia, Federated
States of
PRG
Trust 4
(C) =
—
—
—
—
366.8
(D)
541.8
—
5.1
—
366.8
—
—
—
—
—
—
—
—
—
112.6
—
—
18.8
—
112.6
—
—
4.5
4.5
982.2
44.4
—
—
1.30
0.06
—
—
—
—
—
—
—
—
21.2
33.3
982.2
44.4
21.2
33.3
295.8
—6
151.7
—6
—
—
—
197.0
—
—
—
0.26
—
—
—
—
—
—
—
—
—
—
—
197.0
100.0
—6
—
—
—
62.1
62.1
67.0
1,283.5
16.2
83.3
71.7
96.5
72.4
162.0
89.3
70.3
2.4
490.4
2.0
10.0
30.3
—
—
8.2
—
—
—
—
0.01
—
—
—
—
—
—
—
94.8
—
2.1
54.5
—
94.8
—
10.3
54.5
—
3.5
64.4
101.6
3,625.7
5.1
3.5
64.4
73.1
2,503.1
5.1
100.0
100.0
71.9
69.0
100.0
—
—
28.5
1,122.7
—6
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
43.4
—
—
—
—
43.4
—
—
—
Moldova
Mongolia
Montenegro
Morocco
Mozambique
123.2
51.1
27.5
588.2
113.6
203.2
173.6
20.9
517.8
113.6
164.9
339.7
76.0
88.0
100.0
—6
0.1
6.6
70.4
—6
80.0
122.6
—
—
—
0.11
0.16
—
—
—
—
—
—
—
—
229.8
4.5
—
—
122.5
309.8
127.1
—
—
122.5
Myanmar
Namibia
Nepal
Netherlands
New Zealand
258.4
136.5
71.3
5,162.4
894.6
258.4
136.4
71.3
3,728.7
637.2
100.0
99.9
100.0
72.2
71.2
—
0.1
—6
1,433.8
257.5
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
72.7
—
—
—
—
72.7
—
—
Lao People's Democratic
Republic
Latvia
Lebanon
Lesotho
Liberia
+
Total 5
20
General Department
at July 31, 2011
Member
Nicaragua
Niger
Nigeria
Norway
Oman
Quota
130.0
65.8
1,753.2
1,883.7
237.0
IMF’s holdings
of currencies 1
Reserve
Percent of
tranche
Total
quota
position
130.0
100.0
—
57.2
86.9
8.6
1,753.1
100.0
0.1
1,395.7
74.1
488.0
170.4
71.9
66.7
Pakistan
Palau
Panama
Papua New Guinea
Paraguay
1,033.7
3.1
206.6
131.6
99.9
6,266.6
3.1
194.8
131.2
78.4
606.2
100.0
94.3
99.7
78.5
Peru
Philippines
Poland
Portugal
Qatar
638.4
1,019.3
1,688.4
1,029.7
302.6
456.1
733.9
1,181.1
6,433.0
216.8
Romania
Russian Federation
Rwanda
St. Kitts and Nevis
St. Lucia
1,030.2
5,945.4
80.1
8.9
15.3
GRA
Amount
Percent 2
PRG
Trust 4
SDA 3
+
(C) =
112.8
38.2
—
—
—
Total 5
(A)
—
—
—
—
—
+
—
—
—
—
—
(B)
—
—
—
—
—
(D)
112.8
38.2
—
—
—
0.1
—6
11.9
0.4
21.5
5,233.0
—
—
—
—
6.92
—
—
—
—
—
—
—
—
—
327.3
—
—
—
—
5,560.3
—
—
—
—
71.4
72.0
70.0
624.7
71.6
182.3
285.4
507.3
207.7
85.8
—
—
—
5,611.0
—
—
—
—
7.42
—
—
—
—
—
—
—
—
—
—
—
—
—
—
5,611.0
—
11,599.2
4,176.3
80.1
33.2
16.8
1125.9
70.2
100.0
373.0
109.8
—
1,769.1
—
0.1
—6
10,569.0
—
—
24.4
1.5
13.97
—
—
0.03
—
—
—
—
—
—
—
—
9.6
—
10.7
10,569.0
—
9.6
24.4
12.2
St. Vincent and the
Grenadines
Samoa
San Marino
São Tomé and Príncipe
Saudi Arabia
8.3
7.8
94.0
0.5
—
—
—
5.8
5.8
11.6
17.0
7.4
6,985.5
10.9
12.9
7.4
4,701.8
94.0
75.9
100.0
67.3
0.7
4.1
—6
2,283.7
—
—
—
—
—
—
—
—
—
—
—
—
5.8
—
3.2
—
5.8
—
3.2
—
Senegal
Serbia
Seychelles
Sierra Leone
Singapore
161.8
467.7
10.9
103.7
1,408.0
160.0
1,835.5
34.1
103.7
1,003.2
98.9
392.5
312.8
100.0
71.3
1.8
—
0.5
—6
404.9
—
1,367.7
23.8
—
—
—
1.81
0.03
—
—
—
—
—
—
—
136.6
—
—
72.0
—
136.6
1,367.7
23.8
72.0
—
Slovak Republic
Slovenia
Solomon Islands
Somalia
South Africa
427.5
275.0
10.4
44.2
1,868.5
303.0
194.9
9.9
140.9
1,866.8
70.9
70.9
95.2
318.8
99.9
124.5
80.2
0.6
—
1.8
—
—
—
96.7
—
—
—
—
0.13
—
—
—
—
8.8
—
—
—
9.4
—
—
—
—
9.4
112.0
—
Spain
Sri Lanka
Sudan
Suriname
Swaziland
4,023.4
413.4
169.7
92.1
50.7
2,912.8
1,473.1
356.7
86.0
44.1
72.4
356.3
210.2
93.4
87.0
1,110.7
47.9
—6
6.1
6.6
—
1,107.6
187.0
—
—
—
1.46
0.25
—
—
—
—
—
—
—
—
15.4
—
—
—
—
1,123.0
246.2
—
—
21
Schedule 1(concluded)
General Department
at July 31, 2011
Member
Sweden
Switzerland
Syrian Arab Republic
Tajikistan
Tanzania
Quota
2,395.5
3,458.5
293.6
87.0
198.9
IMF’s holdings
of currencies 1
Reserve
Percent of
tranche
Total
quota
position
1,785.0
74.5
610.5
2,092.6
60.5
1,365.9
293.6
100.0
—6
87.0
100.0
—6
188.9
95.0
10.0
Thailand
Timor-Leste
Togo
Tonga
Trinidad and Tobago
1,440.5
8.2
73.4
6.9
335.6
1,058.0
8.2
73.0
5.2
239.9
73.4
100.0
99.5
75.4
71.5
Tunisia
Turkey
Turkmenistan
Tuvalu
Uganda
286.5
1,455.8
75.2
1.8
180.5
230.3
4,309.7
75.2
1.4
180.5
Ukraine
United Arab Emirates
United Kingdom
United States
Uruguay
1,372.0
611.7
10,738.5
42,122.4
306.5
Uzbekistan
Vanuatu
Venezuela, República
Bolivariana de
Vietnam
Yemen, Republic of
Zambia
Zimbabwe
Total
GRA
Amount
Percent 2
PRG
Trust 4
SDA 3
+
(C)
—
—
—
78.3
229.2
Total 5
(A)
—
—
—
—
—
+
—
—
—
—
—
(B)
—
—
—
—
—
=
(D)
—
—
—
78.3
229.2
382.5
—6
0.4
1.7
95.7
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
95.3
—
—
—
—
95.3
—
—
80.4
296.0
100.0
77.8
100.0
56.2
112.8
—6
0.4
—6
—
2,966.7
—
—
—
—
3.92
—
—
—
—
—
—
—
—
—
—
—
—
5.2
—
2,966.7
—
—
5.2
10,622.0
443.1
7,427.2
27,721.6
220.9
774.2
72.4
69.2
65.8
72.1
—6
169.2
3,311.4
14,399.2
85.6
9,250.0
—
—
—
—
12.23
—
—
—
—
—
—
—
—
—
—
—
—
—
—
9,250.0
—
—
—
—
275.6
17.0
2,659.1
275.6
14.5
2,337.2
100.0
85.3
87.9
—6
2.5
321.9
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
460.7
243.5
460.7
243.5
100.0
100.0
—6
—6
—
—
—
—
—
—
12.4
41.7
12.4
41.7
489.1
353.4
489.1
353.1
100.0
99.9
—6
0.3
—
—
—
—
—
—
272.4
71.1
272.4
71.1
237,761.7
252,883.8
60,506.9
75,626.5
100.00
8.8
5,050.8
80,751.8
The ending balances reflect rounding.
1
Includes nonnegotiable, non-interest-bearing notes that members are entitled to issue in substitution for currencies, and outstanding currency valuation adjustments.
2
Represents the percentage of total use of GRA resources (column A).
3
The Special Disbursement Account (SDA) of the General Department had financed loans under Structural Adjustment Facility (SAF) and Poverty Reduction Growth Facility
(PRGF) arrangements.
4
For information purposes only. The PRG Trust is not a part of the General Department.
5
Includes outstanding Trust Fund loans to Somalia (SDR 6.5 million) and Sudan (SDR 59.2 million).
6
Less than SDR 50,000.
22
Schedule 2
General Department
Financial resources and liquidity position in the
July 31, 2011
Total resources
Currencies
SDR holdings
Gold holdings
Other assets 1
April 30, 2011
252,884
8,971
3,167
13,884
278,906
262,625
246,645
8,644
3,167
13,362
271,818
270,507
541,531
542,325
Less: Non-usable resources 3
of which: Credit outstanding
Equals: Usable resources 4
129,770
75,627
411,761
118,895
65,539
423,430
Less: Undrawn balances under GRA arrangements
Equals: Uncommitted usable resources
130,776
280,985
115,940
307,490
Plus: Repurchases one year forward 5
Less: Prudential balance 6
Equals: One-year forward commitment capacity (FCC)
5,198
40,095
246,088
3,265
40,074
270,681
Memorandum items 5
Resources committed under borrowing arrangements
GAB/NAB
Others
Quotas of members that finance IMF transactions
Liquid liabilities
363,587
1,664
198,812
60,507
363,247
1,700
198,672
56,252
Available Resources under borrowings 2
Total resources
1 Other assets reflect current assets (charges, interest, and other receivables) and other assets (which include capital assets such as land, buildings, and
equipment), net of other liabilities including remuneration payable.
2 Includes amounts available for drawing under activated borrowing and note purchase arrangements. As of April 1, 2011, includes (1) activated amount of
the NAB ; (2) amounts available under bilateral borrowing and note purchase agreements of NAB participants needed to cover financing of undrawn
balances under pre-NAB approved arrangements based on the current 1:1 bilateral borrowed to quota resources financing ratio; (3) undrawn balances under
bilateral agreements of non-NAB participants fully available to finance both pre- and post-NAB commitments.
3 Resources are regarded as nonusable if they cannot be used in the financing of the IMF's ongoing operations and transactions. These resources include (1)
gold holdings, (2) currencies of members that are using IMF credit, (3) currencies of other members with relatively weak external positions, and (4) other
assets.
4 Usable resources consist of (1) holdings of currencies of members considered by the IMF as having balance of payments and reserve positions sufficiently
strong for their currencies to be used in transfers, (2) SDR holdings, and (3) any unused amounts under credit lines that have been activated.
5 Repurchases by member countries during the coming 12-month period.
6 Prudential balance is set at 20 percent of (i) quotas of members that issue the currencies that are used in the financing of IMF transactions and (ii) any
amounts made available under bilateral borrowing and note purchase agreements. As of April 1, 2011, the prudential balance excludes amounts under
bilateral and note purchase agreements of NAB participants.
23
Schedule 3
General Department
Status of arrangements in the General Resources Account
at July 31, 2011
Member
Stand-By Arrangements
Angola
Antigua and Barbuda
Dominican Republic
El Salvador
Date of arrangement
Expiration
November 23, 2009
June 07, 2010
July 08, 2009
November 09, 2009
March 17, 2010
February 22, 2012
June 06, 2013
June 30, 2012
March 08, 2012
March 16, 2013
Greece
Honduras
Iceland
Iraq
Jamaica
May 09, 2010
October 01, 2010
November 19, 2008
February 24, 2010
February 04, 2010
May 08, 2013
March 31, 2012
August 31, 2011
July 23, 2012
May 03, 2012
Kosovo
Latvia
Maldives
Pakistan
Romania
July 21, 2010
December 23, 2008
December 04, 2009
November 24, 2008
March 31, 2011
St. Kitts and Nevis
Sri Lanka
Ukraine
July 27, 2011
July 24, 2009
July 28, 2010
June 28, 2010
December 16, 2010
January 29, 2010
May 20, 2011
December 23, 2009
172
54
676
328
514
26,433
65
1,400
2,377
821
10,814
65
280
1,307
279
January 20, 2012
December 22, 2011
December 03, 2012
September 30, 2011
March 30, 2013
93
1,522
49
7,236
3,091
74
539
41
2,300
3,091
July 26, 2014
May 23, 2012
December 27, 2012
53
1,654
10,000
30
551
7,750
58,358
28,865
133
19,466
185
23,742
20
81
13,043
105
18,131
7
43,546
31,367
413
216
413
216
3,870
47,292
19,166
3,870
47,292
19,166
70,328
70,328
172,645
130,776
June 27, 2013
December 15, 2013
January 28, 2013
May 19, 2014
December 22, 2012
Total Extended Arrangements
Precautionary Credit Line
Macedonia, former Yugoslav
Republic of
January 19, 2011
January 18, 2013
Total Precautionary Credit Line
Flexible Credit Line
Colombia
Mexico
Poland
Total Flexible Credit Line
Total General Resources Account
May 06, 2011
January 10, 2011
January 21, 2011
Undrawn balance
859
81
1,015
1,095
514
Total Stand-By Arrangements
Extended Arrangements
Armenia
Ireland
Moldova
Portugal
Seychelles
Total amount agreed
May 05, 2013
January 09, 2013
January 20, 2013
24
Schedule 4
General Department
Status of borrowings in the General Resources Account
Member
Commitment amount
(in millions of SDRs)
NAB commitments
Australia
Austria
Belgium
Brazil
Canada
Bilateral claims
Outstanding
Bilateral claims
Outstanding
folded in
borrowings
folded in
borrowings
At July 31, 2011
At April 30, 2011
4,371
3,579
7,862
8,741
7,624
n/a
223
589
750
743
151
223
589
750
743
n/a
223
485
750
741
—
223
485
750
741
Banco Central de Chile
China
Cyprus
Danmarks Nationalbank
Deutsche Bundesbank
1,360
31,217
340
3,208
25,371
n/a
3,700
n/a
240
1,899
47
3,700
12
240
1,899
n/a
3,700
n/a
191
1,532
—
3,700
—
191
1,532
Finland
France
Hong Kong Monetary Authority
India
Bank of Israel
2,232
18,657
340
8,741
500
113
1,396
n/a
750
n/a
113
1,396
12
750
17
113
1,056
n/a
750
n/a
113
1,056
—
750
—
Italy
Japan
Korea
Kuwait
Luxembourg
13,578
65,953
6,583
341
971
1,015
7,070
n/a
n/a
n/a
1,015
7,070
227
12
33
—
7,070
n/a
n/a
n/a
214 1
7,070
—
—
—
Malaysia
Mexico
Netherlands
New Zealand
Norway
340
4,995
9,044
624
3,871
n/a
n/a
676
n/a
351
12
172
676
22
351
n/a
n/a
543
n/a
351
—
—
543
—
351
Banco de Portugal
Russian Federation
Saudi Arabia
Singapore
South Africa
1,542
8,741
11,126
1,277
340
64
n/a
n/a
n/a
n/a
64
302
384
44
—
64
n/a
n/a
n/a
n/a
64
—
—
—
—
Spain
Sveriges Riksbank
Swiss National Bank
Thailand
United Kingdom
6,702
4,440
10,905
340
18,657
501
332
n/a
n/a
1,393
501
332
377
12
1,393
361
225
n/a
n/a
1,126
361
225
—
—
1,126
69,074
363,587
n/a
21,805
2,390
n/a
19,282
—
United States
Borrowing Agreements
(in millions)
Central Bank of Malta
€ 120
13
Slovak Republic
€ 440
47
96
Czech National Bank
€ 1,030
Slovenia
€ 280
30
Total
26,217
The ending balances reflect rounding.
1
Represents outstanding borrowings from Banca d’Italia which were folded into the NAB on May 12, 2011.
10
38
90
24
19.659
II. Financial Statements
of the SDR Department
SDR Department
Statements of financial position
July 31, April 30,
2011
2011
(unaudited)
Assets
Net charges and assessments receivable
Participants with holdings below allocations (Note 2)
Allocations
Less : SDR holdings
Allocations in excess of holdings
13
121,941
108,991
105,342
92,709
12,950
12,633
12,969
12,646
2011
(unaudited)
Liabilities
Net interest payable
19
13
85,146
82,044
101,760
98,643
Holdings in excess of allocations
3,102
3,117
Holdings by the General Resources Account
Holdings by prescribed holders
8,971
877
8,644
872
12,969
12,646
Participants with holdings above allocations (Note 2)
SDR holdings
Less: allocations
Total liabilities
The accompanying notes are an integral part of these financial statements.
Andrew Tweedie /s
April 30,
2011
Managing Director
26
Total assets
19
July 31,
27
SDR Department
Statements of comprehensive income
(unaudited)
Revenue
Net charges from participants with holdings
below allocations
Assessment on SDR allocations
2011
2010
18
1
7
—1
7
19
Expenses
Net interest to participants with holdings
above allocations
Prescribed holders
Administrative expenses
4
13
1
18
1
19
—
—
1
4
2
1
7
—1
7
—
—
28
SDR Department
Statements of cash flows
(unaudited)
2011
2010
—
1,182
2
725
644
728
324
141
5
7
1
4
2
1
2,163
1,603
1,182
725
644
728
324
13
141
7
2,163
1,601
Cash flows from operating activities
Receipts of SDRs
SDR allocations
Transfers among participants and prescribed holders
Transfers from participants and prescribed holders to the
Transfers from the General Resources Account to participants
and prescribed holders
Interest received:
Participants
Prescribed holders
Total receipts of SDRs
Uses of SDRs
Transfers among participants and prescribed holders
Transfers from participants and prescribed holders to the
Transfers from the General Resources Account to participants
and prescribed holders
Charges paid by participants
Total uses of SDRs
29
SDR Department
Notes to the financial statements
The unaudited financial statements of the SDR Department are prepared in accordance with
International Accounting Standard 34 (Interim Financial Reporting) issued by the
International Accounting Standards Board (IASB). These financial statements do not include
all information and notes required by International Financial Reporting Standards (IFRS) for
complete financial statements and should be read with the April 30, 2011 financial statements
and the notes included therein.
Unit of account
At July 31, 2011, one SDR was equal to US$1.59900 (US$1.62096 at April 30, 2011).
Interest is paid on holdings of SDRs and charges are levied on each participant’s net
cumulative allocations plus any negative balance of the participant or unpaid charges at the
SDR interest rate. The average SDR interest rate was 0.55 percent for the quarter ended
July 31, 2011 (0.27 percent for the quarter ended July 31, 2010).
2. Allocations and holdings
At July 31, 2011 and April 30, 2011, net cumulative allocations to participants totaled
SDR 204.0 billion. Participants with holdings in excess of their allocations have established a
net claim on the SDR Department, which is represented on the balance sheet as a liability.
Participants with holdings below their allocations have used part of their allocations,
resulting in a net obligation to the SDR Department presented as an asset. Participants’ net
SDR positions at July 31, 2011 and April 30, 2011 were as follows:
Total
July 31, 2011
Below
Above
allocations allocations
Total
April 30, 2011
Below
Above
allocations allocations
Cumulative allocations
Holdings of SDRs by participants
Net SDR positions
203,985
194,137
121,941
108,991
82,044
85,146
203,985
194,469
105,342
92,709
98,643
101,760
9,848
12,950
(3,102)
9,516
12,633
(3,117)
30
SDR Department
A summary of SDR holdings is provided below:
July 31, 2011
April 30, 2011
Participants
Prescribed holders
Total holdings
194,137
8,971
877
203,985
194,469
8,644
872
203,985
In accordance with the provision of the Fourth Amendment of the IMF’s Articles of
Agreement, SDRs are held in escrow on behalf of participants with overdue obligations. At
July 31, 2011 and April 30, 2011, SDR 86.7 million was held in escrow for Somalia
(SDR 4.2 million), Sudan (SDR 16.1 million), and Zimbabwe (SDR 66.4 million). These
amounts would be released to the participants upon the settlement of overdue obligations to
the IMF, and their allocations and holdings accordingly adusted.
3. Overdue charges and assessments
At July 31, 2011 and April 30, 2011, no member was six months or more overdue in meeting
its financial obligations to the SDR Department.
4. Related-party transactions, administrative expenses and assessments
The General Resources Account is a holder of SDRs and conducts operations and
transactions with the SDR Department participants and prescribed holders. The General
Resources Account’s holdings of SDRs amounted to SDR 9.0 billion at July 31, 2011
(SDR 8.6 billion at April 30, 2011).
The expenses of conducting the business of the SDR Department are paid by the IMF from
the General Resources Account, which is reimbursed by the SDR Department at the end of
each financial year. For this purpose, the SDR Department levies an assessment on all
participants in proportion to their net cumulative allocations.
31
Schedule 1
SDR Department
Statements of changes in SDR holdings
Participants
General
Resources
Account
194,469
8,644
872
203,985
203,983
—
—
—
—
2
772
—
21
793
480
—
—
37
37
2
PRG Trust loans
22
—
—
22
59
PRG Trust contributions and payments
27
—
198
225
95
PRG Trust repayments and interest
—
—
74
74
87
—
—
0
1
1
Total holdings, beginning of year
Prescribed
holders
Total
2010
2011
Receipts of SDRs
SDR allocations
Transfers among participants and
prescribed holders
Transactions by agreement
Operations
Settlement of financial obligations
IMF-related operations
PRG-HIPC Trust contributions and interest payments
Emergency Assistance, SFF subsidy and HIPC payments
Refunds, distributions and other
Net interest on SDRs
0
1
0
1
1
—
—
0
31
—
—
31
—
1
5
—
1
6
5
Transfers from participants and prescribed holders
to the General Resources Account
Repurchases
—
36
—
36
34
Charges
—
541
—
541
351
Quota payments
—
67
—
67
—
Interest on SDRs
—
7
—
7
2
HIPC debt relief
—
—
—
—
343
229
—
—
229
18
Transfers from the General Resources
Account to participants and prescribed holders
Purchases
In exchange for currencies of other members
—
—
—
—
82
Remuneration
Acquisitions to pay charges
49
—
—
49
18
Interest on borrowings
21
—
—
21
3
25
—
—
25
20
1,181
651
331
2,163
1,603
Total receipts
32
Schedule 1 (concluded)
SDR Department
Statements of changes in SDR holdings
Participants
General
Resources
Account
547
—
246
793
480
37
—
—
37
2
59
Prescribed
holders
Total
2010
2011
Uses of SDRs
Transfers among participants and
prescribed holders
Transactions by agreement
Operations
Settlement of financial obligations
IMF-related operations
PRG Trust loans
—
—
22
22
198
—
27
225
95
PRG Trust repayments and interest
74
—
—
74
87
PRG-HIPC Trust contributions and interest payments
—
—
0
1
0
1
1
—
0
1
0
1
1
—
31
PRG Trust contributions and payments
Emergency Assistance, SFF subsidy and HIPC payments
—
0
1
32
—
Transfers from participants and prescribed holders
to the General Resources Account
Repurchases
36
—
—
36
34
541
—
—
541
351
Quota payments
67
—
—
67
—
HIPC debt relief
—
—
—
—
343
—
229
—
229
18
Charges
Transfers from the General Resources
Account to participants and prescribed holders
Purchases
In exchange for currencies of other members
—
—
—
—
82
Remuneration
Acquisitions to pay charges
—
49
—
49
18
Interest on borrowings
—
21
—
21
3
—
25
—
25
20
13
—
—
13
7
1,513
324
326
2,163
1,601
194,137
8,971
877
203,985
203,985
Charges paid in the SDR department
Net charges due
Total uses
Total holdings, end of period
Totals may not add-up due to rounding.
1
Less than SDR 500,000
33
Schedule 2
SDR Department
Allocations and holdings of participants
at July 31, 2011
Participant
Net
cumulative
allocations
Total
Holdings
Percent of
cumulative
allocations
(+) Above
(-) Below
allocations
Afghanistan, Islamic Republic of
Albania
Algeria
Angola
Antigua and Barbuda
155.3
46.5
1,198.2
273.0
12.5
128.3
52.3
1,073.6
261.5
0.5
82.6
112.7
89.6
95.8
3.7
(27.0)
5.9
(124.6)
(11.5)
(12.0)
Argentina
Armenia
Australia
Austria
Azerbaijan
2,020.0
88.0
3,083.2
1,736.3
153.6
2,053.0
12.2
3,069.8
1,688.2
154.4
101.6
13.9
99.6
97.2
100.6
32.9
(75.8)
(13.4)
(48.1)
0.9
124.4
124.4
510.4
64.4
368.6
114.1
127.9
394.8
56.3
387.0
91.7
102.9
77.4
87.5
105.0
(10.3)
3.6
(115.6)
(8.1)
18.3
Belgium
Belize
Benin
Bhutan
Bolivia
4,323.3
17.9
59.2
6.0
164.1
4,274.7
20.1
49.7
6.4
164.9
98.9
112.3
84.1
107.3
100.5
(48.7)
2.2
(9.4)
0.4
0.8
Botswana
Brazil
Brunei Darussalam
Bulgaria
160.9
57.4
2,887.1
203.5
610.9
1.7
86.9
2,588.2
216.4
610.9
1.1
151.3
89.6
106.3
100.0
(159.2)
29.4
(298.9)
12.9
Burkina Faso
Burundi
Cambodia
Cameroon
Canada
57.6
73.8
83.9
177.3
5,988.1
48.2
85.7
68.4
17.1
5,882.4
83.6
116.1
81.5
9.6
98.2
(9.4)
11.9
(15.5)
(160.2)
(105.6)
Cape Verde
Central African Republic
Chad
Chile
China
9.2
53.4
53.6
816.9
6,989.7
5.7
2.8
0.5
790.2
7,789.2
62.6
5.2
0.9
96.7
111.4
(3.4)
(50.6)
(53.1)
(26.7)
799.6
738.3
8.5
510.9
79.7
156.5
742.4
9.8
352.9
70.1
132.6
100.6
115.1
69.1
87.9
84.7
4.1
1.3
(158.0)
(9.6)
(24.0)
Bahamas, The
Bahrain
Bangladesh
Barbados
Belarus
Colombia
Comoros
Congo, Democratic Republic of the
Congo, Republic of
Costa Rica
—1
34
Schedule 2 (continued)
SDR Department
at July 31, 2011
Participant
Côte d'Ivoire
Croatia
Cyprus
Czech Republic
Denmark
Net
cumulative
allocations
Total
Holdings
Percent of
cumulative
allocations
(+) Above
(-) Below
allocations
310.9
347.3
132.8
780.2
1,531.5
273.0
303.3
132.7
749.7
1,460.3
87.8
87.3
99.9
96.1
95.4
(37.9)
(44.0)
(0.1)
(30.5)
(71.2)
Djibouti
Dominica
Dominican Republic
Ecuador
Egypt
15.2
7.8
208.8
288.4
898.5
10.0
5.4
19.7
15.7
819.4
66.2
68.7
9.4
5.4
91.2
(5.1)
(2.5)
(189.1)
(272.7)
(79.1)
El Salvador
Equatorial Guinea
Eritrea
Estonia
Ethiopia
163.8
31.3
15.2
62.0
127.9
163.8
21.0
3.6
62.0
97.3
100.0
67.2
23.8
100.1
76.1
—1
(10.3)
(11.6)
0.1
(30.6)
Fiji
Finland
France
Gabon
Gambia, The
67.1
1,189.5
10,134.2
146.7
29.8
51.1
1,165.0
9,678.5
132.8
24.6
76.2
97.9
95.5
90.5
82.6
(16.0)
(24.5)
(455.7)
(13.9)
(5.2)
Georgia
Germany
Ghana
Greece
Grenada
144.0
12,059.2
353.9
782.4
11.2
148.4
11,931.4
285.9
623.3
10.6
103.1
98.9
80.8
79.7
95.3
4.5
(127.8)
(68.0)
(159.1)
(0.5)
200.9
102.5
13.6
87.1
78.5
173.6
71.5
12.4
5.4
68.9
86.4
69.8
91.1
6.2
87.7
(27.3)
(30.9)
(1.2)
(81.7)
(9.6)
Honduras
Hungary
Iceland
India
Indonesia
123.8
991.1
112.2
3,978.3
1,980.4
101.6
651.0
200.6
2,882.7
1,761.9
82.0
65.7
178.8
72.5
89.0
(22.3)
(340.1)
88.5
(1,095.6)
(218.6)
Iran, Islamic Republic of
Iraq
Ireland
Israel
Italy
1,426.1
1,134.5
775.4
883.4
6,576.1
1,536.0
1,143.3
628.2
826.4
5,922.7
107.7
100.8
81.0
93.5
90.1
110.0
8.8
(147.2)
(57.0)
(653.5)
Guatemala
Guinea
Guinea-Bissau
Guyana
Haiti
35
SDR Department
at July 31, 2011
Participant
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Net
cumulative
allocations
Total
Holdings
Percent of
cumulative
allocations
(+) Above
(-) Below
allocations
261.6
12,285.0
162.1
343.7
259.6
209.8
12,834.7
146.5
344.6
14.1
80.2
104.5
90.4
100.3
5.4
(51.8)
549.7
(15.5)
0.9
(245.6)
5.3
2,404.4
55.4
1,315.6
84.7
5.3
2,243.6
55.0
1,444.2
109.4
100.2
93.3
99.4
109.8
129.1
—1
(160.9)
(0.4)
128.7
24.7
50.7
120.8
193.3
32.9
124.0
51.1
107.8
192.9
37.1
141.1
100.8
89.2
99.8
112.7
113.8
0.4
(13.0)
(0.4)
4.2
17.2
Libya
Lithuania
Luxembourg
M acedonia, former Yugoslav Republic of
M adagascar
1,072.7
137.2
246.6
65.6
117.1
1,607.4
137.3
243.5
1.1
95.3
149.8
100.1
98.7
1.7
81.4
534.7
0.1
(3.2)
(64.5)
(21.8)
M alawi
M alaysia
M aldives
M ali
M alta
66.4
1,346.1
7.7
89.4
95.4
0.9
1,284.5
7.1
73.4
90.6
1.4
95.4
92.6
82.2
95.0
(65.4)
(61.7)
(0.6)
(15.9)
(4.8)
M arshall Islands
M auritania
M auritius
M exico
M icronesia, Federated States of
3.3
61.7
96.8
2,851.2
4.8
3.3
1.1
99.9
2,647.0
6.2
100.0
1.8
103.1
92.8
129.1
—1
(60.5)
3.0
(204.2)
1.4
M oldova
M ongolia
M ontenegro
M orocco
M ozambique
117.7
48.8
25.8
561.4
108.8
0.5
46.4
26.2
444.8
107.8
0.4
95.1
101.4
79.2
99.1
(117.2)
(2.4)
0.4
(116.7)
(1.0)
M yanmar
Namibia
Nepal
Netherlands
New Zealand
245.8
130.4
68.1
4,836.6
853.8
1.2
5.4
59.4
4,802.1
847.8
0.5
4.1
87.2
99.3
99.3
(244.6)
(125.0)
(8.7)
(34.5)
(6.0)
Kiribati
Korea
Kosovo
Kuwait
Kyrgyz Republic
Lao People's Democratic Republic
Latvia
Lebanon
Lesotho
Liberia
36
SDR Department
at July 31, 2011
Participant
Nicaragua
Niger
Nigeria
Norway
Oman
Net
cumulative
allocations
Total
Holdings
Percent of
cumulative
allocations
(+) Above
(-) Below
allocations
124.5
62.9
1,675.4
1,563.1
178.8
109.0
54.3
1,675.2
1,521.8
175.0
87.5
86.2
100.0
97.4
97.8
(15.6)
(8.7)
(0.2)
(41.3)
(3.9)
988.6
3.0
197.0
125.5
95.2
743.7
3.0
171.0
9.8
110.5
75.2
100.0
86.8
7.8
116.1
(244.8)
—1
(26.1)
(115.7)
15.3
Peru
Philippines
Poland
Portugal
Qatar
609.9
838.0
1,304.6
806.5
251.4
524.2
727.9
1,170.1
791.8
268.5
86.0
86.9
89.7
98.2
106.8
(85.7)
(110.1)
(134.5)
(14.7)
17.1
Romania
Russian Federation
Rwanda
St. Kitts and Nevis
St. Lucia
984.8
5,671.8
76.8
8.5
14.6
538.5
5,679.8
83.4
8.3
15.4
54.7
100.1
108.5
97.7
105.8
(446.3)
8.0
6.5
(0.2)
0.9
St. Vincent and the Grenadines
Samoa
San M arino
Saudi Arabia
7.9
11.1
15.5
7.1
6,682.5
0.7
12.6
16.7
3.8
6,749.5
9.2
113.7
107.6
53.2
101.0
(7.2)
1.5
1.2
(3.3)
67.0
154.8
445.0
8.3
99.5
744.2
130.3
6.4
7.0
118.2
856.4
84.2
1.4
83.9
118.8
115.1
(24.5)
(438.6)
(1.3)
18.7
112.1
Slovak Republic
Slovenia
Solomon Islands
Somalia
South Africa
340.5
215.9
9.9
46.5
1,785.4
324.5
208.5
9.3
18.5
1,788.1
95.3
96.6
93.4
39.7
100.2
(16.0)
(7.4)
(0.7)
(28.0)
2.7
Spain
Sri Lanka
Sudan
Suriname
Swaziland
2,827.6
395.5
178.0
88.1
48.3
2,653.0
5.7
125.5
80.6
44.4
93.8
1.4
70.5
91.5
92.0
(174.5)
(389.8)
(52.5)
(7.5)
(3.9)
Pakistan
Palau
Panama
Papua New Guinea
Paraguay
Senegal
Serbia
Seychelles
Sierra Leone
Singapore
37
Schedule 2 (concluded)
SDR Department
at July 31, 2011
Participant
Sweden
Switzerland
Syrian Arab Republic
Tajikistan
Tanzania
Net
cumulative
allocations
Total
Holdings
Percent of
cumulative
allocations
(+) Above
(-) Below
allocations
2,249.0
3,288.0
279.2
82.1
190.5
2,234.0
3,223.6
279.2
69.8
157.7
99.3
98.0
100.0
85.0
82.8
(15.0)
(64.5)
—1
(12.3)
(32.8)
970.3
7.7
70.3
6.6
321.1
972.5
7.7
59.3
7.1
275.6
100.2
100.0
84.3
107.6
85.8
2.2
—1
(11.0)
0.5
(45.6)
272.8
1,071.3
69.8
1.7
173.1
241.8
982.4
69.8
1.3
142.7
88.6
91.7
100.0
74.4
82.5
(31.0)
(89.0)
—1
(0.4)
(30.3)
1,309.4
568.4
10,134.2
35,315.7
293.3
69.3
541.5
9,396.7
35,761.3
245.6
5.3
95.3
92.7
101.3
83.7
(1,240.1)
(26.9)
(737.5)
445.6
(47.7)
262.8
16.3
2,543.3
314.8
232.3
263.2
1.5
2,239.4
268.1
172.8
100.2
9.4
88.1
85.2
74.4
0.5
(14.7)
(303.8)
(46.7)
(59.4)
469.1
272.2
403.6
164.7
86.0
60.5
(65.5)
(107.5)
Above allocations
Below allocations
82,044.2
121,941.1
85,145.7
108,991.0
103.8
89.4
3,101.5
(12,950.1)
Total participants
Participants' holdings held in escrow
Prescribed holders
203,985.3
86.7
—
—
194,136.7
86.7
8,971.4
877.2
204,072.0
204,072.0
Thailand
Timor-Leste
Togo
Tonga
Trinidad and Tobago
Tunisia
Turkey
Turkmenistan
Tuvalu
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States
Uruguay
Uzbekistan
Vanuatu
Venezuela, República Bolivariana de
Vietnam
Yemen, Republic of
Zambia
Zimbabwe
Totals may not add due to rounding
1
Less than SDR 50,000
III. Financial Statements of the
Concessional Lending and Debt Relief Trusts
39
Statements of financial position
PRG Trust
July 31,
2011
(unaudited)
Assets
Cash and cash equivalents
Interest and other receivables
Investments (Note 3)
Loans receivable (Note 4)
Total assets
Liabilities and resources
Interest payable and other liabilities
Borrowings (Note 6)
Total liabilities
Resources
Total liabilities and resources
April 30,
2011
PRG-HIPC Trust
and Related Account
July 31,
2011
(unaudited)
April 30,
2011
PCDR Trust and
Related Account
MDRI-II Trust
July 31,
2011
(unaudited)
April 30,
2011
July 31,
2011
(unaudited)
April 30,
2011
183
16
5,136
5,050
233
16
5,069
4,807
44
—
455
—
35
—
449
—
—
—
38
—
—
—
38
—
—
—
102
—
—
—
102
—
10,385
10,125
499
484
38
38
102
102
22
5,068
26
4,854
—
222
—
223
—
—
—
—
—
—
—
—
5,090
4,880
222
223
—
—
—
—
5,295
5,245
277
261
38
38
102
102
10,385
10,125
499
484
38
38
102
102
Andrew Tweedie /s
Managing Director
40
Statements of comprehensive income and changes in resources
(unaudited)
PRG Trust
2011
2010
Resources, beginning of the year
5,245
PRG-HIPC Trust
and Related
Account
2011
2010
5,159
261
654
MDRI-II Trust
2011
2010
38
33
PCDR Trust and
Related Account
2011
2010
102
—
Investment income (Note 7)
Interest on loans
Interest expense
49
—
(9)
37
—
(7)
4
—
—
3
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Operational income
40
30
4
3
—
—
—
—
Contributions
Bilateral donors
Special Disbursement Account
Administered Account for Liberia
10
—
—
29
—
—
12
—
—
1
—
309
—
—
—
—
—
—
—
—
—
—
280
—
Debt Relief
HIPC assistance
PCDR assistance
—
—
—
—
—
—
(746)
—
—
—
—
—
—
—
—
(178)
—
—
—
—
—
—
—
—
—
—
—
Net comprehensive income (loss) /
changes in resources
Resources, end of the period
50
59
16
(433)
5,295
5,218
277
221
38
33
102
102
102
41
Statements of cash flows
(unaudited)
PRG Trust
2011
2010
Cash flows from operating activities
Net comprehensive income (loss)
Adjustments to reconcile net comprehensive income (loss) to
cash generated by operations
Interest income on investments
Interest income on loans
Interest expense
Loan disbursements
Loan repayments
Cash (used in)/provided by operations
Interest received
Interest paid
Net cash (used in)/provided by operating activities
Cash flows from investment activities
Net (acquisition)/disposition of investments
PRG-HIPC Trust
and Related
Account
2011
2010
MDRI-II Trust
2011
2010
PCDR Trust and
Related Account
2011
2010
50
59
16
(433)
—
—
—
102
(22)
—
9
(26)
—
7
(2)
—
—
(3)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
37
(386)
143
40
(436)
852
14
—
—
(436)
—
—
—
—
—
—
—
—
—
—
—
102
—
—
(206)
22
(13)
456
26
(10)
14
2
—
(436)
3
—
—
—
—
—
—
—
—
—
—
102
—
—
(197)
472
16
(433)
—
—
—
102
(67)
(109)
(6)
148
—
—
—
(67)
(109)
(6)
148
—
—
—
—
388
(174)
438
(202)
—
(1)
—
(1)
—
—
—
—
—
—
—
—
214
236
(1)
(1)
—
—
—
—
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents, beginning of year
(50)
233
599
330
9
35
(286)
361
—
8
—
102
—
Cash and cash equivalents, end of period
183
929
44
75
—
8
—
102
Net cash (used in)/provided by investment activities
Cash flows from financing activities
Borrowings
Repayment of borrowings
Net cash provided by/(used in) financing activities
42
1. Nature of Operations
The IMF is the Trustee of the Poverty Reduction and Growth Trust (PRG Trust), the Trust
for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor
Countries and Interim Extended Credit Facility Subsidy Operations (the PRG-HIPC Trust)
and the related Umbrella Account for HIPC Operations (the PRG-HIPC Umbrella Account),
the Multilateral Debt Relief Initiative-II Trust (the MDRI-II Trust), and the Post-Catastrophe
Debt Relief Trust (the PCDR Trust) and the related Umbrella Account for PCDR Operations
(the PCDR Umbrella Account), collectively referred to as the Concessional Lending and
Debt Relief Trusts or the Trusts.
The 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 instruments, including: the Extended Credit Facility (ECF) for members with protracted
balance of payments problems under three year arrangements; the Standby Credit Facility
(SCF) for actual or potential short-term balance of payments needs under one- to two-year
arrangements; and for urgent balance of payments needs, the Rapid Credit Facility (RCF),
which provides financial support in outright loan disbursements.
The PRG-HIPC Trust provides assistance to low-income countries by making grants or loans
for purposes of reducing their external debt burden to sustainable levels. In addition, debt
relief operations have been conducted through the MDRI-II Trust for HIPC members with
annual per capita income above US$380.
The PCDR Trust was established to provide additional exceptional support in the form of
debt relief grants to eligible low-income countries that suffer an exogenous catastrophe.
The unaudited financial statements have been prepared in accordance with International
Accounting Standard 34 (Interim Financial Reporting). These financial statements do not
include all information and notes required by International Financial Reporting Standards for
complete financial statements and should be read in conjunction with the April 30, 2011
financial statements and the notes included therein.
Unit of account
At July 31, 2011, one SDR was equal to US$1.59900 (US$1.62096 as at April 30, 2011).
43
3. Investments
The Trusts’ investments comprise fixed-term deposits and fixed-income securities. Fixed
income securities include domestic government bonds of the Euro area, Japan, the United
Kingdom, and the United States, and medium-term instruments issued by the Bank for
International Settlements. The fair value of investments are as follows:
PRG Trust
July 31,
2011
April 30,
2011
PRG-HIPC Trust
July 31,
2011
April 30,
2011
MDRI-II Trust
July 31,
2011
PCDR Trust
April 30,
2011
July 31,
2011
April 30,
2011
38
102
102
Fixed-term deposits
Fixed-income securities
Total
195
4,941
5,136
189
4,880
5,069
94
361
455
94
355
449
38
—
—
—
—
38
38
102
102
The maturities of the investments are as follows:
PRG Trust
PRG-HIPC Trust
MDRI-II Trust
PCDR Trust
2012
2013
2014
2015
2016
2017 and beyond
Total
249
2,042
2,417
378
25
25
5,136
110
172
168
2
2
1
455
38
—
—
—
—
—
38
102
—
—
—
—
—
102
4. Loans receivable
Loan resources of the PRG Trust have repayment terms of five and one-half to ten years for
the ECF and RCF and four to eight years for the SCF. Interest on outstanding loans has been
waived through December 2011 and thereafter the interest rate will be reviewed and reset
every two years in light of developments in the SDR interest rate.
At July 31, 2011 and April 30, 2011, the resources of the Loan Account included net
cumulative transfers from the Reserve Account of SDR 71 million, related to the nonpayment
of principal by Zimbabwe.
44
Scheduled repayments of loans by borrowers, including Zimbabwe’s overdue obligations, are
summarized below:
2012
2013
2014
2015
2016
2017 and beyond
Overdue
Total
297
421
396
472
651
2,742
71
5,050
The use of credit in the Trust by the largest users was as follows:
July 31, 2011
April 30, 2011
(In millions of SDRs and percent
of total PRG Trust credit outstanding)
Largest user of credit
Three largest users of credit
Five largest users of credit
367
1,018
1,636
7.3%
20.2%
32.4%
396
986
1,494
8.2%
20.5%
31.1%
The five largest users of credit as at July 31, 2011, in descending order, were Kenya,
Pakistan, Côte d’Ivoire, Ghana, and Democratic Republic of the Congo.
45
The concentration of outstanding credit by region was as follows:
July 31, 2011
April 30, 2011
(In millions of SDRs and percent
of total PRG Trust credit outstanding)
Africa
Asia and Pacific
Europe
Latin America and Caribbean
Middle East and Central Asia
Total
3,299
688
475
225
363
5,050
65.3%
13.6%
9.4%
4.5%
7.2%
100%
3,019
780
453
220
335
4,807
62.8%
16.2%
9.4%
4.6%
7.0%
100%
5. HIPC, MDRI-II, and PCDR grant assistance
During the three months ended July 31, 2011, no HIPC, MDRI-II, or PCDR grant assistance
was provided to members (SDR 746 million and SDR 178 million in HIPC and PCDR grant
assistance, respectively, were disbursed during the three months ended July 31, 2010).
6. 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
0.74 percent and 0.57 percent for the three months ended July 31, 2011 and 2010,
respectively. During the same periods, interest rates on PRG-HIPC Trust borrowings varied
between 0 percent and 2 percent per annum, and had a weighted average interest rate of
0.09 percent (0.23 percent for the three months ended July 31, 2010).
46
Scheduled repayments of borrowings are summarized below:
2012
2013
2014
2015
2016
2017 and beyond
Total
PRG
PRG-HIPC
Trust
Trust
331
440
424
474
610
2,789
5,068
25
6
12
3
—
176
222
A loan agreement between the PRG Trust and the Government of Saudi Arabia in the amount
of SDR 500 million became effective during the three months ended July 31, 2011.
The following summarizes the undrawn balances of the PRG Trust borrowing agreements in
effect (all available PRG-HIPC Trust borrowing arrangements have been fully drawn):
July 31, 2011
April 30, 2011
Loan Accounts
Subsidy Accounts
9,442
43
9,329
46
On August 23, 2011, the Trust received a deposit of SDR 100 million from China under an
agreement to invest these resources and provide subsidy resources from investment returns.
7. Investment income
Investment income comprised the following during the three months ended July 31:
47
PRG-HIPC Trust and
PRG Trust
Related Account
2011
2010
2011
2010
Interest income
Realized (losses) gains, net
Unrealized gains, net
Other, net
Total
22
(19)
47
(1)
49
26
1
10
—
37
2
1
1
—
4
3
—
—
—
3
8. Commitments under arrangements
An arrangement under the PRG Trust is a decision that gives a member the assurance that the
IMF as Trustee stands ready to provide foreign exchange or SDRs during a specified period
and up to a specified amount in accordance with the terms of the decision. At July 31, 2011,
undrawn balances under 28 arrangements amounted to SDR 1,323 million (SDR 1,675 million
under 31 arrangements at April 30, 2011). Undrawn balances by member are provided in
Schedule 1.
During the three months ended July 31, 2011, the number of arrangements decreased by three
from 31 at end-April 2011. A new ECF arrangement for Kyrgyz Republic was approved, the
ECF arrangements for Burundi and Liberia were extended, the ECF arrangements for Niger,
Togo and Zambia expired, and Cȏte d’Ivoire canceled its ECF arrangement.
9. Related party transactions
The expenses of conducting the business of the Trusts and related accounts are borne by the
General Resources Account (GRA) of the IMF. For the financial years ended April 30, 2010
through 2012, the Executive Board of the IMF has decided to forgo the reimbursement by the
PRG Trust to the GRA for the cost of administering the Trust.
The IMF’s cumulative contributions, via the Special Disbursement Account, to the PRG,
PRG-HIPC, and PCDR Trusts were as follows at July 31:
48
2011
2010
PRG Trust Reserve Account
PRG Trust Subsidy Accounts
PRG-HIPC Trust
PCDR Trust
Total
2,893
954
1,239
280
5,366
2,893
908
1,239
280
5,320
10. Combining statements of financial position and statements of comprehensive income
and changes in resources
The combining statements of financial position and statements of comprehensive income and
changes in resources of the PRG Trust, PRG-HIPC Trust, and the PCDR Trust (including the
Umbrella Accounts) are presented below:
Note 10
Combining statements of financial position
PRG Trust
PRG-HIPC Trust and Related Account
July 31, 2011
(unaudited)
Loan
Accounts
Total assets
Liabilities and resources
Interest payable and other liabilities
Borrowings
Total liabilities
Resources
Total liabilities and resources
1
23
16
—
5,050
(45)
56
—
3,838
—
58
5,044
3,952
22
4,951
—
—
4,973
Subsidy
Accounts
Total
Total
PRG-HIPC
Trust
Account
Umbrella
Account
for HIPC
Operations
104
—1
1,298
—
(13)
183
16
5,136
5,050
—
233
16
5,069
4,807
—
44
—1
455
—
—
—
—
—
—
—
1,389
10,385
10,125
499
—1
117
22
5,068
26
4,854
—
117
5,090
71
3,952
1,272
5,044
3,952
1,389
1
PCDR Trust and Related Account
July 31, 2011
(unaudited)
April 30,
2011
Total
Total
Umbrella
Account
for PCDR
Operations
PCDR
Trust
Account
April 30,
2011
Total
Total
44
—1
455
—
—
35
—1
449
—
—
—1
—1
102
—
—
—
—
—
—
—
—1
—1
102
—
—
—1
—1
102
—
—
—
499
484
102
—
102
102
—1
222
—
—
—1
222
—1
223
—
—
1
—
—
—
—
1
4,880
222
—
222
223
—
1
—
—
1
5,295
5,245
277
—
277
261
102
—
102
102
10,385
10,125
499
—
499
484
102
—
102
102
1
—
—
—
49
Assets
Cash and cash equivalents
Interest and other receivables
Investments
Loans receivable
Accrued account transfers
Reserve
Account
July 31, 2011
(unaudited)
April 30,
2011
Note 10 (concluded)
Combining statements of comprehensive income and changes in resources
(unaudited)
PRG Trust
PRG-HIPC Trust and Related Account
2010
2011
Loan
Accounts
Resources, beginning of the year
Operational (loss) income
Contributions
Bilateral donors
Special Disbursement Account
Administered Account for Liberia
HIPC Disbursements
PCDR Disbursements
Transfers between:
Loan and Reserve Accounts
Loan and Subsidy Accounts
Net comprehensive income (loss) /
changes in resources
Resources, end of the period
1
5,159
261
—
49
—
(9)
37
—
(7)
4
—
—
12
40
30
—
—
—
10
—
—
10
—
—
—
—
—
—
Subsidy
Accounts
3,915
1,259
5,245
37
—
—
12
—
—
(9)
37
—
—
—
—
—
—
—
(9)
—
9
1
1
—
—
1
Total
Total
Total
PCDR Trust and Related Account
2010
2011
Total
Umbrella
Account
for PCDR
Operations
PCDR
Trust
Account
261
654
—
—
—
4
—
—
3
—
—
4
—
4
29
—
—
12
—
—
—
—
—
—
—
—
—
—
—
—
(9)
—
—
—
—
1
1
102
2010
—
—
—
—
1
—
—
—
3
—
1
12
—
—
1
—
309
—
—
—
—
—
—
—
—
1
—
37
13
50
59
16
—
71
3,952
1,272
5,295
5,218
277
—
1
Total
Total
102
—
—
—
—
1
—
—
—
—
—
1
—
—
—
—
—
—
—
—
—
—
—
280
—
(746)
—
—
—
—
—
—
—
—
(178)
—
—
—
—
—
—
—
—
—
—
—
—
16
(433)
—
—
—
277
221
102
—
102
1
1
102
102
50
Investment income
Interest income on loans
Interest expense
PRG-HIPC
Trust
Account
Umbrella
Account
for HIPC
Operations
Reserve
Account
71
2011
51
Schedule 1
PRG Trust
Status of loan arrangements
at July 31, 2011
Date of
arrangement
Expiration
date
Amount
agreed
Undrawn
balance
Jun. 28, 2010
Jun. 14, 2010
Jun. 14, 2010
Jul. 7, 2008
Sep. 21, 2009
Jun. 27, 2013
Sep. 13, 2013
Jun. 13, 2013
Jan. 31, 2012
Sep. 20, 2012
133
74
46
51
14
77
53
26
5
6
Congo, Democratic Republic of the
Congo, Republic of
Djibouti
Ghana
Grenada
Dec. 11, 2009
Dec. 8, 2008
Sep. 17, 2008
Jul. 15, 2009
Apr. 18, 2010
Dec. 10, 2012
Dec. 7, 2011
Jun. 16, 2012
Jul. 14, 2012
Apr. 17, 2013
346
8
13
387
9
148
2
3
179
6
Guinea-Bissau
Haiti
Kenya
Kyrgyz Republic
Lesotho
May 7, 2010
Jul. 2, 2010
Jan. 31, 2011
Jun. 20, 2011
Jun. 2, 2010
May 6, 2013
Jul. 20, 2013
Jan. 30, 2014
Jun. 19, 2014
Jun. 1, 2013
22
41
326
67
42
10
25
217
57
28
Liberia
Malawi
Mali
Mauritania
Moldova
Mar. 14, 2008
Feb. 19, 2010
May 28, 2008
Mar. 15, 2010
Jan. 29, 2010
Mar. 31, 2012
Feb. 18, 2013
Dec. 31, 2011
Mar. 14, 2013
Jan. 28, 2013
248
52
53
77
185
9
38
6
44
45
Nicaragua
Sierra Leone
Tajikistan
Yemen, Republic of
Oct. 5, 2007
Mar. 2, 2009
Jul. 1, 2010
Apr. 21, 2009
Jul. 30, 2010
Dec. 4, 2011
Mar. 1, 2012
Jun. 30, 2013
Apr. 20, 2012
Jul. 29, 2013
78
3
31
104
244
6
2
22
26
209
2,654
1,249
8
6
8
6
65
12
65
3
77
68
2,739
1,323
Member
ECF arrangements
Armenia
Benin
Burkina Faso
Burundi
Comoros
Total ECF arrangements
ESF arrangement
Maldives
Dec. 4, 2009
Dec. 3, 2011
Total ESF arrangement
SCF arrangements
Honduras
Solomon Islands
Total SCF arrangements
Total PRG Trust
Oct. 1, 2010
Jun. 2, 2010
Mar. 31, 2012
Dec. 1, 2011

IMF Financial Statements for the quarter ended July 31, 2011

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