Selected Decisions and Selected Documents of the IMF, Thirty- Sixth Issue -- Special Disbursement Account: Transfer of Resources from the Special Disbursement Account to the Enhanced Structural Adjustment Facility Trust and Retransfer to the Special Disbursement Account

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: TRANSFER OF RESOURCES FROM THE SPECIAL DISBURSEMENT ACCOUNT TO THE ENHANCED STRUCTURAL ADJUSTMENT FACILITY TRUST AND RETRANSFER TO THE SPECIAL DISBURSEMENT ACCOUNT

    1. The following resources held in, or to be received by, the Special Disbursement Account shall be transferred to the Enhanced Structural Adjustment Facility Trust (“the Trust”)1 for its Reserve Account upon the establishment of the Trust or upon receipt of these resources by the Special Disbursement Account, whichever is later:

      (i) all income already received or to be received from the investment of resources available for the Structural Adjustment Facility within the Special Disbursement Account;

      (ii) all interest already received or to be received, including from special charges, on loans under the Structural Adjustment Facility;

      (iii) all repayments of loans under the Structural Adjustment Facility; and

      (iv) all the resources held in the Special Disbursement Account that are derived from the termination of the 1976 Trust Fund and that can no longer be used under the Structural Adjustment Facility, and that have not been transferred to the Subsidy Account of the ESAF Trust in accordance with Decision No. 10531-(93/170) SAF;

    provided that the above resources shall be retransferred to the Special Disbursement Account when and to the extent that they are needed for the reimbursement of the expenses incurred by the General Resources Account in the administration of the Structural Adjustment Facility and the Trust, which must be reimbursed in accordance with paragraph 10 of the Regulations for the Administration of the Structural Adjustment Facility and paragraph 3 of this decision.

    2. Whenever the Trustee determines that amounts in the Reserve Account of the Trust exceed the amount that may be needed to cover the total liabilities of the Trust to lenders that are authorized to be discharged by the Reserve Account, the Trustee shall retransfer such excess amounts to the Special Disbursement Account. Upon liquidation of the Trust, all amounts in the Reserve Account remaining after discharge of liabilities authorized to be discharged by the Reserve Account shall be transferred to the Special Disbursement Account.

    3. The Special Disbursement Account shall reimburse the General Resources Account annually in respect of the expenses of conducting the business of the Enhanced Structural Adjustment Facility Trust.

    4. Resources transferred under this decision shall be available to cover liabilities that are authorized to be discharged by the Reserve Account with respect to members that are eligible for assistance from the Structural Adjustment Facility and have notified the Fund of their intention not to make use of the resources of the Structural Adjustment Facility.

    5. This decision replaces Decision No. 8237-(86/56) SAF, adopted March 26, 1986.

Decision No. 8760-(87/176),
December 18, 1987,
as amended by Decision Nos. 9989-(92/48), April 7, 1992, and 10531-(93/170) SAF,
December 15, 1993

1 Ed. Note: On the Instrument to Establish the Enhanced Structural Adjustment Facility Trust, later renamed the Poverty Reduction and Growth Facility Trust, see Decision No. 8759-(87/176) ESAF, p. 194.

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