Update on the Financing of PRGF and HIPC Operations and the Subsidization of Post-Conflict Emergency Assistance

Update on the Financing of PRGF and HIPC Operations and the Subsidization of Post-Conflict Emergency Assistance,
March 20, 2003

Report by the Acting Managing Director on Financing the Fund's Participation in the HIPC Initiative and the Continuation of the Poverty Reduction and Growth Facility
April 14, 2000

Progress in Strengthening the Architecture of the International Financial System
March 30, 2000

Update on the Financing of PRGF and HIPC Operations and the Subsidization of Post-Conflict Emergency Assistance

Prepared by the Finance Department (In consultation with the Legal and Policy Development and Review Departments)

Approved by Eduard Brau

August 18, 2003

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Contents

I.   Introduction and Summary

II.   Financing of Current PRGF and HIPC Operations

PRGF Loan Resources

PRGF Reserve Account

PRGF Subsidies and HIPC Initiative Grants

HIPC Initiative Topping-Up Assistance

III.   Financing of PRGF Lending Beyond 2005

IV.   Resources Needed for Protracted Arrears Cases

V.   Subsidization of Post-Conflict Emergency Assistance

VI.   Proposed Decision

Text Tables

1.   PRGF Subsidies and HIPC Initiative Grants

2.   Pending Subsidy Contributions to the PRGF-HIPC Trust

3.   Interest Rate Sensitivity of PRGF Subsidies and HIPC Grant Resources

4.   Estimated Costs to the Fund of Potential Topping-Up Assistance under the HIPC Initiative

5.   Subsidy Contributions for Post-Conflict Emergency Assistance

Text Figure

1.   New PRGF Commitments, 1998–2005

Text Box

1.   Overview of the PRGF and PRGF-HIPC Trusts

Appendix Tables

6.   Summary of Bilateral Contributions to the PRGF and PRGF-HIPC Trusts

7.   PRGF Trust—Subsidy Agreements

8.   PRGF Trust—Loan Agreements

9.   PRGF Trust—Reserve Account Coverage

10.   Information on Pending Bilateral Contributions to the
PRGF-HIPC Trust