2012年-IMF国际货币组织全球_Partial_Distribution_of_the_General_Reserve_Attributed_to_Windfall_Gold_Sale_Profits_23页_427kb

Summary of the Proposed Decision on Partial Distribution of the General Reserve Attributed to Windfall Gold Sale Profits

Core Content

This document outlines a proposed decision by the International Monetary Fund (IMF) to partially distribute the Fund's general reserve, specifically the portion attributed to windfall profits from recent gold sales. The distribution is intended to support the Poverty Reduction and Growth Trust (PRGT) by facilitating additional subsidy contributions from member countries.

Main Points

• Purpose of the Distribution: To provide additional subsidy resources to the PRGT, which is critical for concessional lending to low-income countries.
• Background: The proposal is part of a broader strategy endorsed by the IMF Board in July 2009 to use gold sale profits to support the PRGT. The goal was to ensure the PRGT could lend up to SDR 11.3 billion (USD 17 billion) during 2009–14.
• Gold Sale Details: The limited gold sales, initiated in October 2009 and concluded in December 2010, resulted in total profits of SDR 6.85 billion, with SDR 2.45 billion classified as windfall profits.
• Funding Mechanism: The distribution of SDR 0.7 billion from the general reserve will be funded by a partial reduction of the Investment Account (IA) principal, which was transferred to the General Resources Account (GRA) in March 2011.
• Timing and Conditions: The distribution will be made only after the IMF receives satisfactory assurances that members will provide new PRGT subsidy contributions equivalent to at least 90% of the distribution amount (SDR 630 million). The exact timing is uncertain and depends on the pace of member commitments.
• Modalities for Distribution: The distribution will be made in SDRs or the member's own currency, depending on the Fund's or member's decision. For members with overdue repurchase obligations, the distribution will be made in their own currency.
• Interim Administered Account: A new account, the "Interim Administered Account for Windfall Gold Sales Profits," will be established to temporarily hold members' shares of the distribution. This account will be used to transfer resources to the PRGT subsidy accounts upon the member's request.
• Legal and Financial Framework: The distribution is governed by Article XII, Section 6(d) of the IMF Articles of Agreement, which allows for the partial distribution of the general reserve. It also requires a 70% majority approval from the Executive Board.

Key Information

• Total Gold Sale Profits: SDR 6.85 billion
• Windfall Profits: SDR 2.45 billion
• Proposed Distribution Amount: SDR 0.7 billion from the general reserve
• Minimum Subsidy Contribution Assurances: SDR 630 million
• Account Establishment: The Interim Administered Account is to be governed by the Fund and administered in accordance with the attached Instrument.
• Investment of Funds: The account's unused resources may be invested in marketable obligations or deposits, subject to the Managing Director's discretion.
• Account Separation: The assets in the Interim Administered Account are kept separate from other Fund accounts to ensure financial integrity.
• Financial Reporting: The Fund will maintain separate financial records and prepare financial statements for the account in accordance with International Financial Reporting Standards (IFRS).
• Member Contributions: Members can choose to allocate their share of the distribution to the General Subsidy Account or to specific facility subsidy accounts (ECF, SCF, RCF).
• Unallocated Shares: Members who do not specify the use of their share will receive it via a deposit into their SDR account.

Summary of Key Elements

• Strategy: The distribution is part of a strategy to support the PRGT's subsidy capacity.
• Funding Source: A partial reduction of the Investment Account's principal, transferred to the General Resources Account.
• Assurances Requirement: At least 90% of the distribution amount must be committed as new PRGT subsidy contributions.
• Account Mechanism: A temporary administered account will be used to hold and manage the distribution shares.
• Legal Basis: The decision is based on Articles XII and V of the IMF Articles of Agreement.
• Operational Flexibility: Members have flexibility in how they use their share of the distribution, with options to direct it to various PRGT subsidy accounts.

Conclusion

The proposed decision aims to utilize windfall profits from gold sales to enhance the PRGT's capacity to provide concessional financing. It involves a partial distribution of the general reserve, subject to member assurances, and the establishment of an interim administered account to manage the process. The decision is subject to approval by the Executive Board with a 70% majority vote.