Selected Decisions and Selected Documents of the IMF, Thirty- Sixth Issue -- Poverty Reduction and Growth Facility Trust-Other Provisions

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

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ARTICLE V, SECTION 2(b)
Technical and Financial Services
Financial Services

POVERTY REDUCTION AND GROWTH FACILITY TRUST—OTHER PROVISIONS

      2. All the provisions applying to assistance under the Poverty Reduction and Growth Facility Trust Instrument, other than those amended or deleted pursuant to Part I1 of this Decision, shall continue to apply to assistance committed after November 20, 1998 under such Instrument, including the maturity of loans, which will continue to be repaid in ten equal semiannual installments beginning not later than five and a half years from the date of each disbursement and completed at the end of the tenth year after that date with regard to the ECF and the RCF and beginning not later than four years from the date of each disbursement and completed at the end of the eight year after that date with regard to the SCF.

      3. The Managing Director shall not recommend, and the Fund shall not approve, a request by a member for the use of the Fund’s general resources, Special Disbursement Account resources, or resources administered by the Fund as Trustee, whenever the member is in arrears, or is failing to meet a repayment expectation, to the Poverty Reduction and Growth Facility Trust.

      4. Provision shall be made in Stand-By and Extended Arrangements for the suspension of further purchases whenever a member fails to meet a repayment obligation to the PRGF Trust or a repayment expectation to that Trust within the period established by the Executive Board pursuant to Section II, paragraph 3(c) of the PRGF-ESF Trust Instrument the provisions of Appendix I to the PRGF Trust Instrument.

      Decision No. 11832-(98/119) ESAF,
      November 20, 1998,
      as amended by Decision. No. 13592-(05/99) ESF,
      November  23, 2005,
      effective January 5, 2006, and
      14354-(09/79), July 23, 2009,
      effective January 7, 2010

      1 Ed. Note: Part I amended Sections II and V of the PRGF Instrument and added Appendix I.

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