Selected Decisions and Selected Documents of the IMF, Thirty- Sixth Issue -- PRGF-HIPC Trust Instrument—Sunset Clause on Eligibility

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

PRGF-HIPC TRUST INSTRUMENT—SUNSET CLAUSE ON ELIGIBILITY

1. The Fund decides not to extend further the sunset clause on eligibility set forth in Section 111, paragraph
1(b) of the Instrument to Establish a Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and Interim PRGF Subsidy Operations (“PRGF-HIPC Trust Instrument”), annexed to Decision No. 11436-(9711 O), adopted February 4, 1997. Accordingly, the sunset clause on eligibility shall take effect on December 31, 2006, as scheduled.

2. Notwithstanding paragraph 1 of this decision, the Fund decides to grandfather members that have been, or in the future are, included on the list of members assessed by the Executive Board to have met the end-2004 indebtedness criterion set forth in Section III,
paragraph 1(d) of the PRGF-HIPC Trust Instrument, and who have not yet met the policy performance criterion set forth in Section III, paragraph 1(b) of the PRGF-HIPC Trust Instrument. Accordingly, such members could become eligible for assistance under the HIPC Initiative if they adopt, at any time, a program of adjustment and reform of the kind specified in Section III, paragraph 1(b) of the PRGF-HIPC Trust Instrument. (SM/06/288, Sup. 2, 10/5/06)

Decision No. 13797-(06/88), October 13, 2006

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