IMF Financial Statements for the quarter ended July 31, 2011
Transcrição
IMF Financial Statements for the quarter ended July 31, 2011
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) (In millions of SDRs) 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 The accompanying notes are an integral part of these consolidated financial statements. 6 General Department Consolidated statements of changes in reserves, resources and retained earnings for the three months ended July 31, 2011, and 2010 (unaudited) (In millions of SDRs) 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 Net comprehensive income Balance at July 31, 2011 The accompanying notes are an integral part of these consolidated financial statements. 7 General Department Consolidated statements of cash flows for the three months ended July 31, 2011, and 2010 (unaudited) (In millions of SDRs) 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 Net comprehensive income Adjustments to reconcile net comprehensive income to usable resources generated by operations Depreciation and amortization Interest and charges Interest on SDR holdings 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 and charges Interest on SDR holdings 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 The accompanying notes are an integral part of these consolidated financial statements. 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 Notes to the consolidated financial statements 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 (In millions of SDRs) 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 (In millions of SDRs) 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 Notes to the consolidated financial statements 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 (In millions of SDRs) 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 (In millions of SDRs) Somalia Sudan Total 106 187 293 118 717 835 224 904 1,128 July 1987 July 1985 11 General Department Notes to the consolidated financial statements 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 to the consolidated financial statements 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 (In millions of SDRs) 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 (In millions of SDRs) 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 Notes to the consolidated financial statements 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 (In millions of SDRs) 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: Financial year ending April 30 (In millions of SDRs) 2012 2013 2014 2015 2016 and beyond Total 7,409 2,819 3,261 509 61 14,059 14 General Department Notes to the consolidated financial statements 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 (In millions of SDRs) 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 (In millions of SDRs) 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 Notes to the consolidated financial statements 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 (In millions of SDRs) 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 Notes to the consolidated financial statements 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 (In millions of SDRs) 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 (In millions of SDRs) 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 Quotas, IMF’s holdings of currencies, reserve tranche positions and outstanding credit and loans at July 31, 2011 (In millions of SDRs) Outstanding credit and loans Member Côte d'Ivoire Croatia Cyprus Czech Republic Denmark Quota 325.2 365.1 158.2 1,002.2 1,891.4 General Resources Account 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 Schedule 1(continued) General Department Quotas, IMF’s holdings of currencies, reserve tranche positions and outstanding credit and loans at July 31, 2011 (In millions of SDRs) Outstanding credit and loans General Resources Account 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 Schedule 1(continued) General Department Quotas, IMF’s holdings of currencies, reserve tranche positions and outstanding credit and loans at July 31, 2011 (In millions of SDRs) Outstanding credit and loans Member Nicaragua Niger Nigeria Norway Oman Quota 130.0 65.8 1,753.2 1,883.7 237.0 General Resources Account 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 Quotas, IMF’s holdings of currencies, reserve tranche positions and outstanding credit and loans at July 31, 2011 (In millions of SDRs) Outstanding credit and loans Member Sweden Switzerland Syrian Arab Republic Tajikistan Tanzania Quota 2,395.5 3,458.5 293.6 87.0 198.9 General Resources Account 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 General Resources Account (In millions of SDRs) 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 (In millions of SDRs) Member Stand-By Arrangements Angola Antigua and Barbuda Bosnia and Herzegovina 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 (In millions of SDRs) 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 (In millions of SDRs) 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 Director, Finance Department April 30, 2011 Christine Lagarde /s Managing Director 26 Total assets 19 July 31, 27 SDR Department Statements of comprehensive income for the three months ended July 31, 2011, and 2010 (unaudited) (In millions of SDRs) Revenue Net charges from participants with holdings below allocations Assessment on SDR allocations 2011 2010 18 1 7 —1 7 19 Expenses Interest on SDR holdings Net interest to participants with holdings above allocations General Resources Account Prescribed holders Administrative expenses 4 13 1 18 1 Other comprehensive income Net comprehensive income 19 — — The accompanying notes are an integral part of these financial statements. 1 Less than SDR 500,000. 4 2 1 7 —1 7 — — 28 SDR Department Statements of cash flows for the three months ended July 31, 2011, and 2010 (unaudited) (In millions of SDRs) 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 General Resources Account Transfers from the General Resources Account to participants and prescribed holders Interest received: Participants General Resources Account Prescribed holders Total receipts of SDRs Uses of SDRs Transfers among participants and prescribed holders Transfers from participants and prescribed holders to the General Resources Account Transfers from the General Resources Account to participants and prescribed holders Charges paid by participants Total uses of SDRs The accompanying notes are an integral part of these financial statements. 29 SDR Department Notes to the financial statements 1. Basis of presentation 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 and charges 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 (In millions of SDRs) 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 Notes to the financial statements A summary of SDR holdings is provided below: July 31, 2011 April 30, 2011 (In millions of SDRs) Participants General Resources Account 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 for the three months ended July 31, 2011, and 2010 (In millions of SDRs) 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 Refunds, distributions and other 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 for the three months ended July 31, 2011, and 2010 (In millions of SDRs) 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 Refunds, distributions and other — 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 Refunds, distributions and other — 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 (In millions of SDRs) 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 Bosnia and Herzegovina 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 Allocations and holdings of participants at July 31, 2011 (In millions of SDRs) 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 Schedule 2 (continued) SDR Department Allocations and holdings of participants at July 31, 2011 (In millions of SDRs) 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 Schedule 2 (continued) SDR Department Allocations and holdings of participants at July 31, 2011 (In millions of SDRs) 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 São Tomé and Príncipe 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 Allocations and holdings of participants at July 31, 2011 (In millions of SDRs) 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 General Resources Account 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 Concessional Lending and Debt Relief Trusts Statements of financial position (In millions of SDRs) 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 The accompanying notes are an integral part of these financial statements. Andrew Tweedie /s Director, Finance Department Christine Lagarde /s Managing Director 40 Concessional Lending and Debt Relief Trusts Statements of comprehensive income and changes in resources for the three months ended July 31, 2011, and 2010 (unaudited) (In millions of SDRs) 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) Other comprehensive income — — — — — — — — — — — Net comprehensive income (loss) / changes in resources Resources, end of the period 50 59 16 (433) 5,295 5,218 277 221 The accompanying notes are an integral part of these financial statements. 38 33 102 102 102 41 Concessional Lending and Debt Relief Trusts Statements of cash flows for the three months ended July 31, 2011, and 2010 (unaudited) (In millions of SDRs) 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 The accompanying notes are an integral part of these financial statements. 42 Concessional Lending and Debt Relief Trusts Notes to the financial statements 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. 2. Basis of presentation 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 Concessional Lending and Debt Relief Trusts Notes to the financial statements 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 (In millions of SDRs) 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: Financial year ending April 30 PRG Trust PRG-HIPC Trust MDRI-II Trust PCDR Trust (In millions of SDRs) 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 Concessional Lending and Debt Relief Trusts Notes to the financial statements Scheduled repayments of loans by borrowers, including Zimbabwe’s overdue obligations, are summarized below: Financial year ending April 30 (In millions of SDRs) 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 Concessional Lending and Debt Relief Trusts Notes to the financial statements 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 Concessional Lending and Debt Relief Trusts Notes to the financial statements Scheduled repayments of borrowings are summarized below: Financial year ending April 30 2012 2013 2014 2015 2016 2017 and beyond Total PRG PRG-HIPC Trust Trust (In millions of SDRs) 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 (In millions of SDRs) 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 Concessional Lending and Debt Relief Trusts Notes to the financial statements PRG-HIPC Trust and PRG Trust Related Account 2011 2010 2011 2010 (In millions of SDRs) 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 Concessional Lending and Debt Relief Trusts Notes to the financial statements 2011 2010 (In millions of SDRs) 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 Concessional Lending and Debt Relief Trusts Combining statements of financial position (In millions of SDRs) 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 Less than SDR 500,000. 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) Concessional Lending and Debt Relief Trusts Combining statements of comprehensive income and changes in resources for the three months ended July 31, 2011, and 2010 (unaudited) (In millions of SDRs) 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 Less than SDR 500,000. 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 (In millions of SDRs) 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 São Tomé and Príncipe 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