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IMF Financial Activities -- Update June 25, 2009

I.    Introduction
II.   Key IMF Financial Statistics
III.  Current Financial Arrangements
IV.  Status of Commitments of HIPC Assistance
V.  Status of Multilateral Debt Relief Initiative Assistance

The following tables, which are updated weekly, provide information on the IMF's financial activities. Definitions for the terms contained in the tables are provided below each table. The data are based on the most current information available at the time and are provided for the reader's convenience. The information is not intended to replace other official IMF financial reports and statements.

Key IMF Financial Statistics (Table 1) A summary of financial assistance to members, available resources, arrears, and key IMF rates.

Current Financial Arrangements (Tables 2a and 2b) Current Stand-By, Extended and Poverty Reduction and Growth (PRG) arrangements. The tables do not include members whose financial arrangements with the IMF have expired, but may have outstanding credit to the IMF. For a list of current arrangements since May 1996 (month-end), see http://www.imf.org/external/np/tre/tad/extarr1.cfm. For a list of all members with outstanding financial obligations to the IMF, see http://www.imf.org/external/np/tre/tad/extcred1.cfm.

Status of Commitments of HIPC Assistance (Table 3) Status of the IMF's commitments to members under the Heavily Indebted Poor Countries Initiative (HIPC).

Status of Multilateral Debt Relief Initiative Assistance (Table 4) Status of the MDRI debt relief to eligible member countries that qualified for the assistance.


Table 1. Key IMF Financial Statistics
         
as of June 25, 2009
         

(In billions of SDRs, and end of period, unless indicated otherwise)¹

       
(For definitions, see below)
         
           
        2009
 
 

2006

2007

2008

Q1

Q2 to date

Financial Assistance

         
   GRA          
      Purchases (during period)

2.4

1.0

13.4

2.9

9.0

      Repurchases (during period)

21.0

4.7

1.9

0.5

0.1

      Credit outstanding

9.8

6.0

17.5

19.9

28.7

           
   PRGF-ESF          
      Disbursements (during period)

0.5

0.3

0.6

0.2

0.7

      Repayments (during period)

2.9

0.4

0.5

0.1

0.1

      Credit outstanding

3.8

3.8

4.0

4.1

4.6

           
   HIPC (SDR millions)          
      Number of countries

31

33

35

35

35

      Commitments (cumulative)

1,877

1,896

2,324

2,324

2,349

      Disbursements (cumulative)

1,686

1,694

1,716

1,754

1,759

       Of which: Interim assistance

640

645

667

682

687

       Completion point assistance

1,047

1,049

1,049

1,071

1,071

           
   MDRI (SDR millions)          
      Number of countries

23

25

25

26

26

      Total Debt Relief (cumulative)

2,691

2,702

2,702

2,728

2,728

Financed from: MDRI Trusts

2,294

2,303

2,303

2,312

2,312

HIPC Umbrella Account

397

399

399

416

416

           

Available Resources

         
   GRA          
      Usable resources

161.2

165.4

152.4

150.3

145.8

      Uncommitted usable resources

157.3

162.3

132.1

130.7

67.9

      Repurchases one-year forward

2.8

0.3

0.1

0.1

0.6

      Prudential balance

34.8

34.9

34.7

34.7

35.7

      One-year forward commitment capacity (FCC)

125.4

127.7

97.6

96.1

32.7

           
   PRGF-ESF Trust          
      Total loan resources

15.8

15.8

15.8

15.8

15.8

      Cumulative commitments, net

13.3

13.2

14.0

14.5

15.2

       Of which: Cumulative disbursements

12.5

12.8

13.4

13.6

14.3

      Uncommitted loan resources

2.5

2.6

1.9

1.3

0.6

           

Arrears

         
   GRA

1.6

1.6

1.1

1.1

1.1

   PRGF

0.1

0.1

0.1

0.1

0.1

   Trust Fund and other

0.2

0.2

0.1

0.1

0.1

           

Rates

         
    US$ per SDR

1.50440

1.58025

1.54027

1.49507

1.54093

   SDR interest rate (percent)

4.07

3.50

0.82

0.42

0.42

   Rate of charge, adjusted (percent)

5.48

4.77

1.84

1.43

1.43

   Rate of remuneration, adjusted (percent)

3.77

3.32

0.80

0.41

0.41

           

1 -- indicates zero value. Totals may not add due to rounding

         

Key IMF Financial Statistics

 

Term

Definition

Financial Assistance

 

GRA

The General Resources Account (GRA) contains IMF’s holdings of members’ currencies, SDRs, gold, and other assets. These holdings are principally derived from quota subscription payments plus any activated borrowings.

Purchases

GRA resources disbursed to members during the period (outflows).

Repurchases

GRA resources repaid by members during the period (inflows).

Credit outstanding

Total GRA resources disbursed less repayments.

PRGF

The Poverty Reduction and Growth Facility (PRGF), formerly known as the Enhanced Structural Adjustment Facility (ESAF), provides loans at a concessional interest rate to eligible, low-income members. PRGF financing is conducted through the PRGF-ESF Trust.

Disbursements

Disbursements of PRGF loans during the period.

Repayments

Repayments of PRGF and Structural Adjustment Facility loans during the period.

Credit outstanding

Total PRGF loan disbursements less repayments (including credit outstanding under Trust Fund and Structural Adjustment Facility (SAF)).

HIPC

Assistance provided to eligible countries under the Heavily Indebted Poor Countries (HIPC) Initiative.

Number of countries

Number of countries for which HIPC assistance has been committed.

Commitments

Cumulative commitments made to HIPC-eligible members that have reached the decision point under the HIPC Initiative; includes amounts that the IMF has indicated will be committed subject to satisfactory assurances regarding exceptional assistance to be provided by other creditors under the HIPC Initiative.

Disbursements

Cumulative grants to members eligible for financial assistance under the HIPC Initiative to be used to help meet debt service payments to the IMF.

Of which:

 

Interim assistance

Cumulative grants to members between their decision and completion points.

Completion point assistance

Final grants to members at their completion points.

MDRI

The Multilateral Debt Relief Initiative (MDRI) provides 100% debt relief to eligible member countries that are qualified for the assistance. The debt relief covers the full stock of debt owed to the Fund as of end-2004, and still outstanding at the time the country qualifies for such debt relief.

      Number of countries

Number of countries which have received MDRI debt relief.

      Total Debt Relief  
       Financed from  

MDRI Trusts

MDRI resources (excluding HIPC debt relief) disbursed to members during the period.

HIPC Umbrella Account

HIPC resources used as debt relief under the MDRI during the period.

   

Available Resources

 

GRA

 

Usable resources

Usable resources consist of: (i) the IMF’s holdings of the currencies of members considered by the Executive Board to have a sufficiently strong balance of payments and reserve position for their currencies to be used in the financing of IMF transactions (see Financial Transactions: http://www.imf.org/cgi-shl/create_x.pl?ftp ), (ii) holdings of SDRs, and (iii) unused amounts, if any, under credit lines already activated, such as under the General Arrangements to Borrow and New Arrangements to Borrow (GAB/NAB).

Uncommitted usable
resources

Usable resources less the full amount of undrawn balances under existing arrangements.

Repurchases one-year forward

Repayments by member countries during the coming one-year period. These repurchases add to the supply of the IMF’s usable resources. It is assumed that repurchases would be made on an expectations basis for the SRF, and on an obligations basis under all other facilities (see Terms of IMF Lending: http://www.imf.org/external/np/exr/facts/howlend.htm )

Prudential balance

Amount set aside to safeguard the liquidity of creditors’ claims and take account of the potential erosion of the IMF’s resource base. The prudential balance is set at 20 percent of the quotas of members that issue the currencies that are used in the financing of IMF transactions and any amounts activated under borrowing arrangements. The prudential ratio of 20 percent as decided by the IMF’s Executive Board reflects historical experience and judgments on the indicative level of uncommitted usable resources that the IMF would normally not use to make financial commitments. The prudential balance does not represent a rigid minimum and IMF resources could on a strictly temporary basis, fall below this level.

One-year forward commitment capacity

A measure of the resources available for new financial commitments in the coming year, equal to uncommitted usable resources plus repurchases one-year forward minus the prudential balance.

   

PRGF-ESF Trust

Trust administered by the IMF to conduct PRGF and ESF-related operations through the Loan, Reserve and Subsidy Accounts.

Available loan resources

Loan Account resources committed by lenders to the PRGF Trust, plus resources under an associated loan agreement with the Saudi Fund for Development.

Cumulative commitments, net

Cumulative commitments to borrowers, net of unused amounts under arrangements which have expired or have been canceled.

Of which: Cumulative disbursements

Disbursements to borrowers under PRGF and ESF arrangements.

Uncommitted loan resources

Available PRGF loan resources less commitments made to PRGF and ESF borrowers.

   

Arrears Outstanding

 

GRA

Total overdue GRA financial obligations.

PRGF

Total overdue PRGF financial obligations.

Trust Fund and other

Total overdue financial obligations to the Trust Fund, Structural Adjustment Facility (SAF), and SDR Department. Although the Trust Fund and SAF are no longer operational, arrears to the Trust Fund and SAF consist of overdue repayments, interest, or charges on loans provided under these facilities. Arrears in the SDR Department are incurred on any unpaid charges.

   

Rates

 

US$ per SDR

Exchange rate for the SDR in terms of U.S. dollars. The method for valuing the SDR was revised effective January 1, 2006.

 

(See: http://www.imf.org/external/np/tre/sdr/basket.htm )

SDR interest rate

Interest rate calculated as a weighted average of three month market interest rates on U.S. dollar, euro, Japanese yen and pound sterling assets. The method for valuing the SDR interest rate was revised effective January 9, 2006.

 

(See: http://www.imf.org/external/np/tre/tad/sdr_ir.cfm )

Rate of charge, adjusted

Interest rate charged on GRA loans to cover the IMF's cost of financing, additions to reserves, and administrative expenses. Adjusted by a small margin to allow for special additions to reserves and to compensate for income forgone because of

Rate of remuneration, adjusted

Interest rate paid to members that provide resources to the IMF. Adjusted by a small margin to allow for special additions to reserves and to compensate for income forgone because of charges in arrears.

   

Investments

 

Amount

PRGF-ESF, PRGF-HIPC, Special Disbursement Account (SDA), and MDRI Trusts resources invested in short-term deposits and medium-term instruments with the Bank for International Settlements (BIS) and bond portfolios managed by the World Bank and private investment managers. Data from the first quarter of 2000 onward also include sight deposits. The SDA contains the profits (sales proceeds minus the value of the gold at the acquisition cost) from sales of the IMF's gold holdings.

Average yield (percent)

Weighted average yield on time deposits, two days' notice accounts, demand deposit accounts, and fixed income securities.

Average maturity (months)

Weighted average of remaining maturity of resources placed in time deposits and the modified duration of fixed income securities.

Table 2a. Current Financial Arrangements (GRA)
       
as of June 25, 2009
         

(In millions of SDRs)1

         
(For definitions see Attachment)
         
           

Member

Effective

Expiration

Amount

Undrawn

Total Credit
  Date
Date
Agreed
Balance
Outstanding
           

Stand-by Arrangements

 

Armenia

3/6/09

7/5/11

534

269

264

Belarus

1/12/09

4/11/10

1,618

1,100

518

Costa Rica

4/11/09

7/10/10

492

492

--

El Salvador

1/16/09

3/31/10

514

514

--

Gabon

5/7/07

5/6/10

77

77

--

Georgia

9/15/08

3/14/10

477

189

288

Guatemala

4/22/09

10/21/10

631

631

--

Hungary

11/6/08

4/5/10

10,538

2,951

7,587

Iceland

11/19/08

11/18/10

1,400

840

560

Latvia

12/23/08

3/22/11

1,522

986

535

Mongolia

4/1/09

10/1/10

153

77

77

Pakistan

11/24/08

10/23/10

5,169

2,533

2,636

Romania

5/4/09

5/3/11

11,443

7,073

4,370

Serbia, Republic of

1/16/09

4/15/11

2,619

1,918

702

Seychelles

11/14/08

11/13/10

18

11

7

Ukraine

11/5/08

11/4/10

11,000

6,125

4,893

           
   16 Arrangements    

48,203

25,785

22,437

           

Flexible Credit Line

         
           

Colombia

5/11/09

5/10/10

6,966

6,966

--

Mexico

4/17/09

4/16/10

31,528

31,528

--

Poland

5/6/09

5/5/10

13,690

13,690

--

           
   3 Arrangements    

52,184

52,184

--

           

Extended Arrangements

         
           
   0 Arrangements    

--

--

--

           

Total 19 STBY, EFF, and FCL

   

100,387

77,969

22,437

           

1 -- indicates zero value. Totals may not add due to rounding.

     

Table 2b. Current Financial Arrangements (PRGF and ESF)
     
as of June 25, 2009
         

(In millions of SDRs)1

         
(For definitions, see below)
       
           

Member

Effective

Expiration

Amount

Undrawn

Total Credit
  Date
Date
Agreed
Balance
Outstanding

Poverty Reduction and Growth Facility

       
           
   Afghanistan

6/26/06

3/31/10

81

11

70

   Benin

8/5/05

8/4/09

25

10

15

   Burkina Faso

4/23/07

4/22/10

15

3

35

   Burundi

7/7/08

7/6/11

46

33

51

   Central African Rep.

12/22/06

12/21/09

45

9

39

   Congo, Rep. of

12/8/08

12/7/11

8

6

26

   Cote d'Ivoire

3/27/09

3/26/12

374

215

194

   Djibouti

9/17/08

9/16/11

13

7

12

   Gambia, The

2/21/07

2/20/10

20

7

13

   Grenada

4/17/06

4/16/10

16

6

11

   Guinea

12/21/07

12/20/10

70

45

43

   Haiti

11/20/06

11/19/09

115

23

91

   Liberia

3/14/08

3/13/11

239

18

221

   Madagascar

7/21/06

7/20/09

73

20

64

   Mali

5/28/08

5/27/11

28

10

26

   Mauritania

12/18/06

12/17/09

16

6

10

   Nicaragua

10/5/07

10/4/10

78

48

72

   Niger

6/2/08

6/1/11

23

13

36

   Rwanda

6/12/06

8/14/09

8

1

9

   Sao Tome

3/2/09

3/1/12

3

2

3

   Sierra Leone

5/10/06

5/9/10

52

19

47

   Tajikistan

4/21/09

4/20/12

78

52

26

   Togo

4/21/08

4/20/11

84

35

49

   Zambia

6/4/08

6/3/11

220

106

169

   24 Arrangements    

1,730

707

1,333

           
   Exogenous Shocks Facility          
           
   Kyrgyz Republic

12/10/08

6/9/10

67

33

116

   Malawi

12/3/08

12/2/09

52

17

81

   Senegal

12/19/08

6/18/10

121

97

42

   Tanzania

5/29/09

5/28/10

219

60

170

   4 Arrangements    

459

207

408

           
   Total    

2,189

914

1,741

           
   1 -- indicates zero value. Totals may not add due to rounding.      

Table 2a. and 2b. Current Financial Arrangements (GRA, PRGF and ESF)

Term

Definition


 
Arrangements IMF credit is made available under a variety of borrowing arrangements with different disbursement schedules and maturities depending on the balance of payment needs of the member.
   Stand-By Arrangements The most common type of credit arrangement designed to provide short-term financial assistance. Purchases under Stand-By Arrangements are repayable in 8 quarterly installments 2¼ - 4 years after disbursement under the expectation schedule, and 3¼ - 5 yea
   Extended Arrangements Extended Arrangements provide credit for a longer period since these arrangements usually require fundamental reforms which may need more time to put in place and take effect. Drawings under extended arrangements are repayable in 6 semiannual installments
   PRGF Arrangements Concessional arrangements providing credit at an interest rate of ½ of 1 percent to eligible low-income members. The loans are repayable in 10 equal semiannual installments 5½ - 10 years after disbursement.

ESF Arrangements

The ESF is designed to provide concessional financing to low-income countries that are experiencing exogenous shocks but do not have a PRGF arrangement in place. The interest rate and repayment terms for disbursements under the ESF are the same as those u

   Flexible Credit Line The FCL has been established to allow members with very strong track records to access IMF resources based on pre-set qualification criteria to deal with all types of balance of payments problems. The FCL could be used both on a precautionary (crisis prevention) and nonprecautionary (crisis resolution) basis. Members may request either a six-month arrangement, or a 12-month arrangement with a mid-year review to confirm continued qualification. Arrangements would be renewable. Access is determined on a case-by-case basis and is not subject to a pre-set cap.
   
Arrangement Details  
Next Scheduled Review IMF financial arrangements are reviewed regularly to assess progress in policy reforms. The disbursement of funds under an arrangement is linked to the achievement of certain financial targets.
   Next Scheduled Review Expected date the arrangement will be reviewed by the Executive Board.
   Date of Approval Date the arrangement was approved by the Executive Board.
   Date of Expiration Arrangements have a specified duration. Commitments are no longer available after the expiration of the arrangement.
   Amount Agreed Amount of credit available under an arrangement.
   Undrawn Balance Amount of credit available under an arrangement but not yet drawn.
   Total Credit Outstanding Total resources outstanding to the member.
   Total Credit Outstanding as percent of quota Total credit outstanding in terms of member's quota.

Table 3. Status of Commitments of IMF HIPC Assistance
         
as of June 25, 2009
           

(In millions of SDRs)1

           
(For definitions, see below)
           
             
Member
Decision Point
Completion Point
Amount Committed
  Amount Disbursed

2

Under the Original HIPC Initiative

           
   Bolivia

Sep. 1997

Sep. 1998

21.2

 

21.2

 
   Burkina Faso

Sep. 1997

Jul. 2000

16.3

 

16.3

 
   Cote d'Ivoire

Mar. 1998

--

16.7

3

--

 
   Guyana

Dec. 1997

May. 1999

25.6

 

25.6

 
   Mali

Sep. 1998

Sep. 2000

10.8

 

10.8

 
   Mozambique

Apr. 1998

Jun. 1999

93.2

 

93.2

 
   Uganda

Apr. 1997

Apr. 1998

51.5

 

51.5

 

Total Original HIPC

   

235.3

 

218.6

 
             

Under the Enhanced HIPC Initiative

   

     
   Afghanistan

Jul. 2007

Floating

--

4

--

 
   Benin

Jul. 2000

Mar. 2003

18.4

 

20.1

 
   Bolivia

Feb. 2000

Jun. 2001

41.1

 

44.2

 
   Burkina Faso

Jul. 2000

Apr. 2002

27.7

 

29.7

 
   Burundi

Aug. 2005

Jan. 2009

19.3

 

22.4

 
   Cameroon

Oct. 2000

Apr. 2006

28.6

 

33.7

 
   Central African Republic

Sep. 2007

Floating

17.3

 

6.6

 
   Chad

May. 2001

Floating

14.3

 

8.6

 
   Congo, Dem. Rep. of

Jul. 2003

Floating

228.3

5

3.4

 
   Congo, Rep. of

Mar. 2006

5.6

 

0.1

 
   Cote d'Ivoire

Apr. 2009

25.2

 

5.0

 
   Ethiopia

Nov. 2001

Apr. 2004

45.1

 

46.7

 
   Gambia, The

Dec. 2000

Dec. 2007

1.8

 

2.3

 
   Ghana

Feb. 2002

Jul. 2004

90.1

 

94.3

 
   Guinea

Dec. 2000

Floating

24.2

 

10.0

 
   Guinea-Bissau

Dec. 2000

Floating

9.2

 

0.5

 
   Guyana

Nov. 2000

Dec. 2003

31.1

 

34.0

 
   Haiti

Nov. 2006

Floating

2.1

 

0.3

 
   Honduras

Jun. 2000

Apr. 2005

22.7

 

26.4

 
   Liberia

Mar. 2008

Floating

428.1

 

30.1

 
   Madagascar

Dec. 2000

Oct. 2004

14.7

 

16.4

 
   Malawi

Dec. 2000

Aug. 2006

33.4

 

37.2

 
   Mali

Sep. 2000

Mar. 2003

34.7

 

38.5

 
   Mauritania

Feb. 2000

Jun. 2002

34.8

 

38.4

 
   Mozambique

Apr. 2000

Sep. 2001

13.7

 

14.8

 
   Nicaragua

Dec. 2000

Jan. 2004

63.5

 

71.2

 
   Niger

Dec. 2000

Apr. 2004

31.2

 

34.0

 
   Rwanda

Dec. 2000

Apr. 2005

46.8

 

50.6

 
   São Tomé and Príncipe

Dec. 2000

Mar. 2007

0.8

 

0.9

 
   Senegal

Jun. 2000

Apr. 2004

33.8

 

38.4

 
   Sierra Leone

Mar. 2002

Dec. 2006

100.0

 

106.6

 
   Tanzania

Apr. 2000

Nov. 2001

89.0

 

96.4

 
   Togo

Nov. 2008

Floating

0.2

 

0.0

 
   Uganda

Feb. 2000

May. 2000

68.1

 

70.2

 
   Zambia

Dec. 2000

Apr. 2005

468.8

 

508.3

 

Total Enhanced HIPC

   

2,113.8

 

1,540.0

 
             
   Grand Total
   

2,349.1

 

1,758.6

 
             

1 -- indicates zero value. Totals may not add due to rounding.

       

2 Includes interest on amounts committed under the Enhanced HIPC Initiative.

     

3 Equivalent to the committed amount of US $22.5 million at decision point exchange rates (3/17/98).

 

4 At the time of its decision point, Afghanistan did not have any outstanding eligible debt.

           

5 Amount committed is equivalent to the remaining balance of the total IMF HIPC assistance of SDR 337.9 million, after deducting SDR 109.6 million representing the concessional element associated with the disbursement of a PRGF loan.

           

Table 3. Status of Commitments of HIPC Assistance

Term

Definition

   
Decision Point Point at which the IMF decides whether a member qualifies for assistance under the HIPC Initiative (normally at the end of the initial three-year performance period) and decides on the amount of assistance to be committed.
Completion Point Point at which the country receives the bulk of its assistance under the HIPC Initiative, without any further policy conditions. Under the enhanced HIPC Initiative, the timing of the completion point is linked to the implementation of pre-agreed key struc
Amount Committed Amount of HIPC assistance determined, in consultation with the World Bank, at the decision point to be made available by the IMF.
Amount Disbursed Resources disbursed to the member to help meet debt service payments to the IMF. Disbursements are normally dependent on receipt of sufficient financing assurances from other creditors.

Table 4. Status of Multilateral Debt Relief Initiative Assistance
     
as of June 25, 2009
       

(In millions of SDRs)1

       
(For definitions, see below)
     
         
  Delivery
Eligible Debt
   

Member

Date

GRA

PRGF

Total

         
   Benin

1/6/2006

--

36.1 36.1
   Bolivia

1/6/2006

89.8 71.2 160.9
   Burkina Faso

1/6/2006

--

62.1 62.1
   Burundi

2/2/2009

  26.4 26.4
   Cambodia

1/6/2006

--

56.8 56.8
   Cameroon

4/28/2006

--

173.3 173.3
   Ethiopia

1/6/2006

--

112.1 112.1
   Gambia, The

12/20/2007

--

9.4 9.4
   Ghana

1/6/2006

--

265.4 265.4
   Guyana

1/6/2006

--

45.1 45.1
   Honduras

1/6/2006

--

107.5 107.5
   Madagascar

1/6/2006

--

137.3 137.3
   Malawi

9/1/06 / 12/19/06 2

10.8 27.0 37.9
   Mali

1/6/2006

--

75.1 75.1
   Mauritania

6/22/2006

--

32.9 32.9
   Mozambique

1/6/2006

--

106.6 106.6
   Nicaragua

1/6/2006

--

140.5 140.5
   Niger

1/6/2006

--

77.6 77.6
   Rwanda

1/6/2006

--

52.7 52.7
   São Tomé and Príncipe

3/19/07 / 12/28/07 3

--

1.4 1.4
   Senegal

1/6/2006

--

100.3 100.3
   Sierra Leone

12/18/2006

--

117.3 117.3
   Tajikistan

1/6/2006

--

69.3 69.3
   Tanzania

1/6/2006

--

234.0 234.0
   Uganda

1/6/2006

--

87.7 87.7
   Zambia

1/6/2006

--

402.6 402.6
         
   Total
  100.6 2,627.6 2,728.2
         

1 -- indicates zero value. Totals may not add due to rounding.

     

2 MDRI assistance to Malawi was delivered in September 2006. Following the receipt of satisfactory financing assurances from other creditors, Malawi received additional MDRI assistance financed from HIPC topping-up assistance in December 2006.

       

3 MDRI assistance to Sao Tome and Principe was delivered in March 2007. Following the receipt of satisfactory financing assurances from other creditors, Sao Tome and Principe received additional MDRI assistance financed from HIPC topping-up assistance in December 2007.

       

Table 4. Status of Multilateral Debt Relief Initiative Assistance

 

Term

Definition

Debt Relief Delivery Date

The effective date of delivery of MDRI assistance to qualified members.

Eligible Debt

 

GRA

Assistance that covers credit outstanding under the GRA

PRGF

Assistance that covers credit outstanding under the PRGF-ESF Trust