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International Monetary Fund

their share of the distribution as new subsidies to the PRGT, and staff will remain in close contact with those members with the goal of maximizing the PRGT’s lending capacity. Further updates will be provided to the Board in due course. 1 See Partial Distribution of the General Reserve Attributed to Windfall Gold Sale Profits (2/1/2012). 2 Similar operational modalities were followed for the partial distribution of SCA-1 balances and deferred charges for the financing of Liberia’s debt relief in March 2008.

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
In April 2011, Executive Directors held a preliminary discussion on the use of the profits of SDR 6.85 billion from the Fund’s limited gold sale. They noted their expectation that at least SDR 4.4 billion of the profits would be placed in an endowment within the Investment Account, and affirmed their support for the 2009 financing package for low-income countries (LICs), including the distribution to the Fund’s membership of up to SDR 0.7 billion from the profits linked to gold sales, with the expectation that most members will return equivalent funds to the Poverty Reduction and Growth Trust (PRGT). There was a wide range of views among Directors on the three main options presented for the windfall of SDR 1.75 billion, but no consensus favoring a single option. The main options presented included use of resources linked to the windfall to boost the capacity of the PRGT, counting the windfall towards precautionary balances, or investing the windfall profits as part of the Investment Account’s endowment. Many Directors indicated that they could support a combination of two or more of the main options.
International Monetary Fund
This paper proposes the distribution of a portion of the Fund’s general reserve that is attributed to profits from recent Fund gold sales. The proposed distribution is part of a strategy endorsed by the Board in July 2009 involving the use of resources linked to gold sale profits to facilitate members’ contributions towards Poverty Reduction and Growth Trust (PRGT) subsidies. The strategy was formulated in the context of a comprehensive reform of the Fund’s Low Income Country (LIC) facilities and concessional financing framework approved by the Executive Board that included a financing package aimed at ensuring the PRGT’s capacity to lend concessional resources of up to SDR 11.3 billion ($17 billion) during the period 2009–14. The financing package included an agreement to raise SDR 1.5 billion in subsidy resources, of which SDR 0.5–0.6 billion (in end-2008 NPV terms) was expected to be generated from resources linked to profits from gold sales.
International Monetary Fund

gold sale profits to facilitate contributions of SDR 0.5-0.6 billion (in end 2008 NPV terms) for the PRGT, as endorsed under the 2009 financing package for LICs. They emphasized the importance of minimizing leakage in the process by seeking satisfactory assurances from members, prior to distribution of any resources, that they would provide broadly equivalent amounts to the Fund as bilateral contributions to the PRGT. 6 6. In September 2011, Executive Directors held a second discussion on the use of windfall gold sale profits. Directors agreed with the staff

International Monetary Fund

In April 2011, Executive Directors held a preliminary discussion on the use of the profits of SDR 6.85 billion from the Fund’s limited gold sale. They noted their expectation that at least SDR 4.4 billion of the profits would be placed in an endowment within the Investment Account, and affirmed their support for the 2009 financing package for low-income countries (LICs), including the distribution to the Fund’s membership of up to SDR 0.7 billion from the profits linked to gold sales, with the expectation that most members will return equivalent funds to the Poverty Reduction and Growth Trust (PRGT). There was a wide range of views among Directors on the three main options presented for the windfall of SDR 1.75 billion, but no consensus favoring a single option. The main options presented included use of resources linked to the windfall to boost the capacity of the PRGT, counting the windfall towards precautionary balances, or investing the windfall profits as part of the Investment Account’s endowment. Many Directors indicated that they could support a combination of two or more of the main options.

International Monetary Fund

Front Matter Page Office Memorandum To: Members of the Executive Board October 12, 2012 From: The Managing Director   Subject: Notification of Effectiveness of Partial Distribution of the General Reserve Attributed to Windfall Gold Sale Profits

International Monetary Fund

windfall gold sale profits (see Chapter 3 ), as well as new borrowing agreements signed to support financing for low-income countries (see Chapter 5 ), the Executive Board took up a number of issues particularly pertinent to low-income countries during the year. Debt issues were addressed in Board reviews of the HIPC Initiative and MDRI, as well as of the IMF–World Bank debt sustainability framework for low-income countries. Additionally, the Board examined ways of managing global growth risks and commodity price shocks in these countries. Heavily Indebted Poor