Board that the required satisfactory financing assurances have been secured—as of today, October 12, 2012, satisfactory financing assurances have been received from 134 members regarding the availability of SDR 632.46 million (90.35 percent of the distribution) for new PRGT subsidy contributions ( Appendix Table ). Accordingly, the relevant provisions of the Distribution Decision are effective as of today.
Appendix Table. Assurances of PRGT Subsidies Related to the Partial DistributionofSDR 700 million of General Reserves 1/
(As of October 12, 2012
distributionofSDR 700 million be made to members using a portion of the gold windfall profits that have been placed in the general reserve. The distribution would be funded with a partial reduction of the principal in the Investment Account (to which the gold profits have been transferred). The proposed partial distribution of the general reserve would reduce the Fund’s overall reserves. However, that part of general reserve that is attributable to gold windfall profits (along with that part of the special reserve attributable to gold profits) has been excluded from the
On February 24, 2012, the Executive Board approved a partial distribution of the general reserve equivalent to SDR 700 million attributed to part of the gold sales windfall profits to all members in proportion to their quotas.
use of windfall gold sales profits has been achieved . The partial distributionofSDR 0.7 billion of the Fund’s general reserves attributed to windfall gold sales profits became effective on October 12, 2012, with SDR 632.46 million having been pledged to the PRGT. So far 140 members have pledged 91.20 percent of the distribution. As of end-March 2013, 115 members have either made new contributions or directed the transfer of their shares in the distribution to the PRGT’s subsidy accounts, totaling SDR 522 million. Further pledges and contributions linked to this