Selected Decisions and Selected Documents of the IMF, Thirty- Sixth Issue -- Special Disbursement Account: Review of Structural Adjustment Facility (SAF), Termination of Authority to Make Commitments to Provide Assistance from SAF in Conjunction with Loans from ESAF Trust, and Transfer of Resources from SDA to ESAF Trust

Prepared by the Legal Department of the IMF
As updated as of December 31, 2011

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ARTICLE V, SECTION 12(f)
Special Disbursement Account

SPECIAL DISBURSEMENT ACCOUNT: REVIEW OF STRUCTURAL ADJUSTMENT FACILITY (SAF), TERMINATION OF AUTHORITY TO MAKE COMMITMENTS TO PROVIDE ASSISTANCE FROM SAF IN CONJUNCTION WITH LOANS FROM ESAF TRUST, AND TRANSFER OF RESOURCES FROM SDA TO ESAF TRUST

    1. The Fund has reviewed the operation of the Structural Adjustment Facility (SAF) within the Special Disbursement Account (SDA) and decides that from the date this decision becomes effective it will no longer approve commitments to provide assistance from the SAF in conjunction with loans from the Enhanced Structural Adjustment Facility Trust (ESAF Trust).

    2. With the exception of the resources that have been or are to be transferred to the Reserve Account of the ESAF Trust pursuant to subparagraphs 1(i), 1(ii), or 1(iii) of Decision No. 8760-(87/176), as amended, (i) SDR 260 million of the resources held in the SDA derived from the termination of the 1976 Trust Fund shall be maintained in that account for further use under the SAF, and (ii) SDR 400 million of the resources held or to be received by the SDA that are derived from the termination of the 1976 Trust Fund shall be transferred promptly after the effectiveness of this decision to the Subsidy Account of the ESAF Trust for the subsidization of ESAF Trust loans. Accordingly, Decision No. 8760-(87/176), as amended, is further amended by adding at the end of subparagraph 1(iv) the following: “and that have not been transferred to the Subsidy Account of the ESAF Trust in accordance with Decision No. 10531-(93/170) SAF.”

    Decision No. 10531-(93/170) SAF,
    December 15, 1993

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