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International Monetary Fund
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.
International Monetary Fund

-sustainability. This framework is robust to a range of demand scenarios. There have been no additional bilateral loan and subsidy pledges to the PRGT since the October 2012 update . Loan resources remain SDR 1 billion short of the SDR 10.8 billion target under the 2009 financing package. The total amount of pledged new bilateral subsidy resources remained at SDR 214 million, slightly above the lower end of the target range of SDR 0.2–0.4 billion under the 2009 package. Staff continues to seek additional bilateral loan and subsidy resources. Resources available in the HIPC and

International Monetary Fund

distribution or SDR 1.46 billion. This compares with the minimum threshold of 90 percent required to make the second distribution effective. Under the first partial distribution of SDR 0.7 billion that became effective in October 2012, a total of 141 members have so far pledged 91.27 percent of the distribution and 118 of these members have transferred a total of SDR 537 million to the PRGT. There have been no additional bilateral loan and subsidy pledges to the PRGT since the April 2013 update beyond pledges related to distribution of reserves. Since 2009 the PRGT has

International Monetary Fund

. In the September discussion, Directors agreed that a Board decision to distribute gold profits of up to SDR 0.7 billion should be considered in 2011; many also expressed support for the staff proposal that this process should be initiated only once the lower end of the target range for bilateral contributions has been met. As of end-2011, bilateral subsidy pledges under the 2009 package had reached SDR 202.8 million, broadly in line with the bottom end of the SDR 0.2-0.4 billion target range. Consistent with the strategy endorsed in 2009, staff proposes that a

International Monetary Fund

Account IV. Subsidization of Emergency Assistance V. Financing of Debt Relief A. Remaining HIPCs B. Pending Contributions to Liberia’s Debt Relief C. Protracted Arrears Cases Tables 1. Scenarios of Medium Term Concessional Lending to LICs 2. New PRGT Commitments to LICs in 2012 3. New Commitments of Loan Resources to the PRGT 4. PRGT Loan Resources Mobilization 5. ESF Subsidy Contributions 6. PRG-HIPC Trust—Pending Contributions 7. New Subsidy Commitments to the PRGT 8. PRGT Subsidy Pledges Based on the Partial Distribution 9

International Monetary Fund

IV. Subsidization of Emergency Assistance V. Financing of Debt Relief A. Remaining HIPCs B. Pending Contributions to Liberia’s Debt Relief C. Protracted Arrears Cases Tables 1. New PRGT Commitments to LICs in 2011 2. Scenarios of Medium Term Concessional Lending to LICs 3. New Commitments of Loan Resources to the PRGT 4. PRGT Loan Resources Mobilization 5. ESF Subsidy Contributions 6. PRG-HIPC Trust—Pending Contributions 7. New Subsidy Commitments to the PRGT 8. PRGT Subsidy Pledges Based on the Partial Distribution 9. Financing of

International Monetary Fund

)   Member Distribution Subsidy Pledge     Millions of SDRs In percent of the distribution Millions of SDRs 1 Afghanistan, Islamic Republic of 0.48 0.07 - 2 Albania 0.18 0.03 - 3 Algeria 3.69 0.53 3.69 4 Angola 0.84 0.12 - 5 Antigua and Barbuda 0.04 0.01 - 6 Argentina 6.22 0.89 6.22 7 Armenia 0.27 0.04 0.27 8 Australia 9.51 1.36 9.51 9 Austria 6.21 0.89 6.21 10 Azerbaijan 0.47 0.07 - 11 Bahamas, The 0

International Monetary Fund

in 2013, while disbursements on existing arrangements amounted to about SDR 0.8 billion . However, this lower demand is expected to be temporary. New commitments are projected to rebound to about SDR 1.5 billion in 2014, similar to the level observed in 2012. These projections are subject to considerable uncertainty regarding progress on ongoing program negotiations. There have been no additional bilateral loan and subsidy pledges to the PRGT since the September 2013 update, beyond pledges of subsidy resources related to the two distributions of reserves . Since

International Monetary Fund

New commitments under programs supported by the Poverty Reduction and Growth Trust (PRGT) amounted to SDR 0.6 billion during the first nine months of 2014, and disbursements on existing arrangements amounted to about SDR 0.3 billion through end-August . While this level of demand is low by historical standards, new commitments for 2014 as a whole could still exceed SDR 1 billion. These projections are, however, subject to considerable uncertainty regarding progress with ongoing program negotiations. There have been no additional bilateral loan and subsidy pledges

International Monetary Fund

assistance as well as the debt relief under the MDRI and extended HIPC Initiative for future financing need. 12 The conclusion was that there is a need for additional loan and subsidy resources. With regard to the ESF, the IMF has so far received total subsidy pledges of about SDR 214 million from eight countries—Canada, France, Japan, Norway, Oman, Russia, Saudi Arabia, and the U.K. However, this is still well short of the target of SDR 500 million (in end-2005 NPV terms) needed to ensure that the Fund is ready to provide timely concessional financing for its low