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Poverty Reduction and Growth Trust (PRGT) Pledges Linked to SDR 700 Million Distribution of Reserves Associated with Gold Sales

Last Updated: March 28, 2014

Under a plan initially launched in 2009 aimed at raising concessional lending capacity to US$17 billion over the period 2009-2014, the Fund decided to distribute to the membership in proportion to their quota shares SDR 700 million (about US$1.1 billion) in reserves attributed to a part of the profits from its 2009-2010 gold sales program. This distribution was subject to the provision of satisfactory assurances by members that they will make new concessional lending subsidy contributions equivalent to at least 90 percent of the amount distributed—i.e. SDR 630 million (about US$978 million). This threshold was reached on October 12, 2012 and the distribution was effected on October 23, 2012.

As of March 28, 2014, 143 countries representing 94.25 percent of the proposed distribution had pledged to use their portion of the distribution to subsidize lending to low-income countries, which may currently borrow at zero interest from the Poverty Reduction and Growth Trust (PRGT), the IMF’s concessional lending vehicle.

On September 28, 2012, the IMF approved the distribution of SDR 1.75 billion from the General Reserve attributable to the remaining windfall gold sales profits as part of a strategy to ensure the longer term sustainability of the PRGT.



PRGT Subsidy Pledges Based on the Partial Distribution1
(As of January 7, 2014)

Algeria

Argentina

Armenia

Australia

Austria

Bangladesh

Belarus

Belgium

Belize

Benin

Bhutan

Bosnia and Herzegovina

Botswana

Brazil

Brunei

Bulgaria

Burkina Faso

Burundi

Cambodia

Cameroon

Canada

Cape Verde

Central African Republic

Chad

China

Comoros

Congo, Democratic Republic of

Costa Rica

Côte d’Ivoire

Croatia

Czech Republic

Denmark

Djibouti

Dominica

Egypt

Estonia

Ethiopia

Fiji, Republic

Finland

France

Gabon

The Gambia

Georgia

Germany

Ghana

Greece

Grenada

Guinea

Guinea-Bissau

Haiti

Honduras

Hungary

Iceland

India

Indonesia

Iraq

Ireland

Italy

Jamaica

Japan

Jordan

Kenya

Korea

Kuwait

Kyrgyz Republic

Lao People’s Democratic Republic

Latvia

Lebanon

Lesotho

Liberia

Libya

Lithuania

Luxembourg

Macedonia, Former Yugoslav Republic

Malawi

Malaysia

Maldives

Mali

Malta

Mauritania

Mauritius

Mexico

Moldova

Mongolia

Montenegro

Morocco

Mozambique

Myanmar

Namibia

Nepal

Netherlands

New Zealand

Nicaragua

Niger

Nigeria

Norway

Oman

Pakistan

Panama

Papua New Guinea

Paraguay

Peru

Philippines

Poland

Portugal

Qatar

Russia

Rwanda

San Marino

São Tomé and Príncipe

Saudi Arabia

Senegal

Serbia, Republic of

Seychelles

Sierra Leone

Singapore

Slovak Republic

Slovenia

Solomon Islands

South Africa

Spain

Sri Lanka

Sweden

Switzerland

Tajikistan

Tanzania

Thailand

Togo

Tonga

Trinidad and Tobago

Tunisia

Turkey

Turkmenistan

Uganda

Ukraine

United Arab Emirates

United Kingdom

United States

Uruguay

Uzbekistan

Vietnam

Zambia

Zimbabwe

1/Pledges made in light of the proposed partial distribution of reserves attributed to part of the windfall profits from the recent gold sales. Pledges may be subject to domestic processes to enable members to make PRGT subsidy contributions.