## ppea2024013 ## Source details **Canonical URL:** [ppea2024013](https://www.imf.org/-/media/files/publications/pp/2024/english/ppea2024013.pdf) ## Other formats - [Markdown version](/-/media/files/publications/pp/2024/english/ppea2024013.pdf.md) - [Structured JSON version](/-/media/files/publications/pp/2024/english/ppea2024013.pdf.json) --- ### Introduction — Update on RST contribution agreements - The paper updates Resilience and Sustainability Trust (RST) contribution agreements finalized between October 2023 and March 15, 2024. - The Managing Director wrote to 35 members identified as potential RST contributors seeking contributions in a total amount of at least SDR 33 billion. - To date, the Fund has received total pledges amounting to SDR 31.9 billion from 21 members. - Of the SDR 31.9 billion in pledges, SDR 26.3 billion are pledged contribution packages to all three RST accounts (Loan Account (LA), Deposit Account (DA) and Reserve Account (RA)). - These pledges count toward the SDR 33 billion target and represent 79 percent of the targeted loan contributions and projected demand for loan resources. - The Fund has concluded contribution agreements with 19 members; fifteen were reported earlier and four are finalized in this paper. ### Status of pledges and coverage - Total pledges reported: SDR 31.9 billion (from 21 members). - Pledged contribution packages to all three RST accounts: SDR 26.3 billion. - Pledges represent 79 percent of targeted loan contributions and projected demand for loan resources. ### Recent contribution agreements (four finalized) - Aggregate amounts provided by the four contribution agreements: - Loan Account (LA): approximately SDR 609.3 million - Deposit Account (DA): SDR 621.9 million - Reserve Account (RA): SDR 12.2 million - Individual recent agreements and key effectiveness timing: - Belgium: contribution package totaling SDR 668.5 million. - RA and DA agreements effective October 25, 2023; LA agreement effective December 6, 2023. - First of two LA tranches immediately available for drawing; second LA tranche available for drawing starting February 29, 2024. - Malta: contribution package totaling SDR 24.9 million. - RA and DA agreements effective November 6, 2023; LA agreement effective December 6, 2023. - Qatar (State of Qatar, Ministry of Finance): contribution package totaling SDR 50 million. - RA and DA agreements effective October 11, 2023; LA agreement effective October 30, 2023. - Switzerland (Swiss National Bank): standalone contribution to the RST’s Deposit Account of SDR 500 million, effective February 13, 2024. - Deposit maturity: Switzerland’s standalone contribution to the DA matures February 22, 2034. ### Uniform substantive terms across contribution agreements - Denomination of all transactions in SDR. - Minimum thresholds relative to committed loan resources: 20 percent for DA and 2 percent for RA (not applicable to contributions that do not include loan resources). - Right to seek encashment of outstanding LA and DA contributions in case of a contributing member’s balance of payments needs or due to developments in its reserves. - Outstanding loan and deposit account claims remunerated at an interest rate that cannot exceed the SDRi. - Investment of DA and RA resources under a uniform investment strategy. - Standalone contributions have minimum maturity of at least ten years. - All agreements include uniform timing of drawings, repayments, and financial arrangements in case of a termination event. ### Deviations from template agreements - Deviations have been very minor in form and none in substance; they reflect legal and operational requirements of contributors without affecting uniformity of key substantive terms. - Examples: - The three components of a contribution package may be signed by one counterparty or as separate agreements by different institutions. - Belgium and Malta’s LA and DA contributions were expressed as the SDR equivalent of amounts in euros, while their RA contribution was provided in euros and subsequently expressed in SDRs. - Belgian contributions were provided in two equal tranches; two LA commitments became available when the corresponding RA and DA tranches were received. - Switzerland’s agreement is expressed in SDRs while the contribution was provided in euros. ### Selected figures from contributor summary (selected figures from Table 2) - Belgium (effectiveness dates): - Loan Account: 12/6/2023 & 2/29/2024 — Amount LA: 547.9 (SDR million) - Deposit Account: 10/25/2023 — Amount DA: 109.6 (SDR million) - Reserve Account: 10/25/2023 — Amount RA: 11.0 (SDR million) - Malta: - Loan Account: 12/6/2023 — Amount LA: 20.4 (SDR million) - Deposit Account: 11/6/2023 — Amount DA: 4.1 (SDR million) - Reserve Account: 11/6/2023 — Amount RA: 0.4 (SDR million) - Qatar: - Loan Account: 10/30/2023 — Amount LA: 41.0 (SDR million) - Deposit Account: 10/11/2023 — Amount DA: 8.2 (SDR million) - Reserve Account: 10/11/2023 — Amount RA: 0.8 (SDR million) - Switzerland: - Deposit Account: 2/13/2024 — Amount DA: 500.0 (SDR million) - Deposit maturity: February 22, 2034 - Remuneration: - LA remuneration: SDRi for Belgium, Malta, and Qatar (not applicable for Switzerland standalone DA). - DA remuneration: SDRi for all four contributors listed. - RA remuneration: Not remunerated for Belgium, Malta, and Qatar. ### Conclusion and next steps - The four new contribution packages add critical resources to support continued smooth operations of the RST. - Additional contributions are needed—both from finalizing existing pledges and from new pledges—to ensure the RST is adequately resourced to meet eligible members’ needs in the medium term. - Discussions with other contributors are ongoing. Staff will keep the Executive Board updated on new developments and will periodically circulate additional finalized contribution agreements to the Executive Board for information. ### Encashment and repayment rights — Borrowing and Deposit Account provisions (country-specific highlights) - Belgium — Loan Account encashment and repayment modalities: - Contributor may seek early repayment of principal on the Loan Account under Section IV, paragraph 3(b) of the RST Instrument if Belgium represents that its balance of payments and reserve position justifies early repayment and the Trustee, having given this representation the overwhelming benefit of any doubt, agrees. - Early repayment subject to availability of resources under borrowing agreements to the Loan Account of the Trust. - Trustee may repay any drawing in advance upon receipt of early repayment of the corresponding RSF loan disbursement; Trustee will give at least five (5) (Fund) business days’ notice prior to such advance repayment. - Payments of principal and interest by the Trustee shall be made in SDRs unless otherwise agreed. - Transfers, exchanges, and payments in currencies shall be made at exchange rates for the relevant currencies in terms of the SDR established by the Fund for the second (Fund) business day before the value date. - If the Fund changes the SDR basket, transfers, exchanges, and payments two or more (Fund) business days after the effective date shall be based on the new SDR basket. - Belgium — Deposit Account key terms: - 2023 Deposit: SDR-denominated amount equivalent to EUR 67 million (SDR-denominated amount determined as of the second (Fund) business day before the value date of the transfer). - 2024 Deposit: additional SDR-denominated amount equivalent to EUR 67 million upon receipt by the Trust of Belgium’s 2024 contribution to the Reserve Account. - Deposits denominated and made in SDRs; Deposits shall mature on November 30, 2050. - Investment by Trustee per Section VI, paragraph 4(a) of the RST Instrument; assets exposed to market and credit risk. - Notional Value defined based on Original Amount and attributed investment earnings or losses, interest payments, and transfers. - Trustee pays interest at the SDR interest rate; payments limited to the Notional Value. - Repayment upon Maturity: lower of (a) Original Amount less prior repayments/transfers or (b) Notional Value. - Encashment right conditional on Belgium’s representation regarding balance of payments and reserve position; Encashed Deposit may not exceed Original Amount less prior repayments/transfers or Notional Value, whichever is lower; Contributor agrees to restore encashed amounts when feasible. - Trustee may repay Deposits early with at least five (5) Fund business days’ notice; special return rights tied to Belgium’s consent to amendments under Section X of the RST Instrument. - Transferability of claims subject to Fund Article V and Article XVII provisions; transferee’s early-repayment rights limited to members/central banks/fiscal agencies with sufficiently strong balance of payments and reserve positions as determined by the Fund. - Modality of payments: interest and repayments in SDRs by credit to Belgium’s holdings account in the Special Drawing Rights Department; currency payments to agreed account, with business day conventions for Fund, TARGET system and domestic markets of non-euro currencies in the SDR basket. - Malta — Deposit and Reserve Contribution key terms: - Deposit (Deposit Account) equivalent to SDR 8,196,721; Deposit denominated and made in SDRs; Deposit matures on November 30, 2050. - Interest: Trustee pays interest on Original Amount less prior repayments/transfers at a rate of "SDR Interest Rate per cent per annum" calculated on an actual day basis or at the SDR interest rate established by the Fund, whichever is lower; interest accrues daily and paid quarterly after January 31, April 30, July 31, and October 31; payments limited to Notional Value. - Encashment and early repayment modalities mirror RST Instrument Section VI, paragraph 5(e) and trustee rights with five (5) Fund business days’ notice; transferee early-repayment rights conditional on membership and Fund assessment of balance of payments/reserve positions. - Reserve Contribution Agreement: Contribution equivalent to euro 500,000 (SDR-denominated amount determined as of the second (Fund) business day before transfer); Contribution denominated in SDRs, made in euros; no remuneration; proportional share in Reserve Account; transferability to members/central banks/official entities per Articles V and XVII. - Distribution rules: Contribution has no fixed maturity; distributions on liquidation or Trustee decision per Section V paragraphs of the RST Instrument; return rights tied to consent to RST Instrument amendments. - State of Qatar — Borrowing and Deposit/Reserve contributions highlights: - Borrowing Agreement: Contributor agrees to lend an amount up to the equivalent of SDR 40,983,606 to the Loan Account. - Drawdown period: from effective date through November 30, 2030. - Trustee may make drawings to finance early repayment of outstanding Trust borrowing under other agreements while those claims remain outstanding; drawings suspended following Contributor’s request for early repayment or when State of Qatar no longer included for transfers in Fund’s Financial Transactions Plan. - Trustee gives at least five (Doha) business days’ notice of intention to draw and provides payment instructions at least two (Fund) business days prior to the value date by SWIFT, unless otherwise agreed. - Drawings denominated in SDRs; payment by transfer of SDRs to an account specified by the Trustee. - Interest: each drawing bears interest at the SDR interest rate; interest payable calculated on an actual day basis and paid quarterly promptly after January 31, April 30, July 31, and October 31 of each year. - Deposit Account: Deposit equivalent to SDR 500 million? (Note: provided Deposit amounts across excerpts vary by contributor; for State of Qatar the Deposit specified is SDR 8,196,721 in one excerpt and other contributions referenced elsewhere as SDR 819,672 for Reserve Contribution—the overlay preserves each numeric figure as provided in the source text.) - Reserve Contribution Agreement: Contribution equivalent to SDR 819,672 to the Reserve Account; denominated and made in SDRs; no remuneration; proportional share and transferability rules mirror RST Instrument provisions. - Repayment, encashment, liquidation, transfer, exchange rate, and SDR basket rules follow the standard provisions cited across Borrowing, Deposit, and Reserve Contribution Agreements. - Switzerland — Deposit Account key terms (Swiss National Bank standalone DA contribution): - Original Amount of the Deposit: SDR 500 million. - Denomination: Deposit denominated in SDRs. - Media: Deposit made in Euros, unless otherwise agreed. - Timing: Deposit made promptly on or after effectiveness of Deposit Agreement. - Maturity Date: Deposit shall mature on the tenth anniversary of the date on which the Deposit is received. - Investment by Trustee per Section VI, paragraph 4(a) of the RST Instrument; assets exposed to market and credit risk. - Interest: paid at the SDR interest rate established by the Fund; accrues daily; paid quarterly after January 31, April 30, July 31 and October 31; limited to Notional Value. - Encashment: Contributor may seek early repayment if Switzerland represents that its balance of payments and reserve position justifies early repayment and Trustee agrees; Encashed Deposit may not exceed Original Amount less prior repayments/transfers or Notional Value, whichever is lower; Contributor agrees to restore encashed amounts upon favorable developments evidenced by inclusion of Switzerland’s currency in the Fund’s Financial Transactions Plan. - Early Repayment by Trustee: Trustee may repay with at least five (5) Fund business days’ notice; special return rights tied to Switzerland’s consent to RST Instrument amendments under Section X. - Transferability of claims: Contributor may transfer all or part of any claim on the Deposit Account to Fund members, central banks/fiscal agencies designated for Article V purposes, or official SDR holders under Article XVII; transferee early-repayment rights conditional on membership and Fund assessment of balance of payments/reserve position. - Modality of payments: unless otherwise agreed, payment of interest in SDRs and repayment in Euros; SDR payments by credit to Switzerland’s holdings account in the Special Drawing Rights Department; currency payments to agreed account with business day conventions for Fund, TARGET system and domestic markets. - Signatures and dates: - For THE SWISS NATIONAL BANK: - Thomas Jordan /s — January 25, 2024 — Chairman of the Governing Board - Martin Schlegel /s — January 25, 2024 — Vice Chairman of the Governing Board - For the INTERNATIONAL MONETARY FUND as Trustee: - Kristalina Georgieva /s — February 13, 2024 — Managing Director ### Maturity, repayment, and general final provisions (common clauses) - Repayment schedules: each drawing repaid in accordance with the RSF loan repayment schedule for which it was drawn; Trustee provides specific repayment schedule at time of drawing. - Early repayment rights: Contributor rights to request early repayment of Loan Account principal tied to representations on balance of payments and reserve positions; Trustee may repay in advance on receipt of corresponding RSF early repayment; Trustee required to give at least five (5) (Fund) business days’ notice prior to advance repayment. - Payments and currency conventions: unless otherwise agreed, payments of principal and interest made in SDRs; currency payments follow exchange rate rules tied to the SDR as established by the Fund for the second (Fund) business day before value date; SDR basket changes effective for transfers/exchanges/payments two or more (Fund) business days after the change. - Transferability: Contributors may transfer claims or shares to Fund members, designated central banks/fiscal agencies, or official SDR holders; transferees acquire rights subject to conditions related to membership and Fund assessments of balance of payments/reserve positions for early-repayment rights. - Dispute resolution: Any question arising under these Contribution/Deposit/Borrowing/Reserve Contribution Agreements shall be settled by mutual agreement between the Contributor and the Trustee. - Execution and effectiveness: Agreements may be executed in duplicate counterparts; effectiveness generally on the last date written below or tied to receipt of specified contributions to Reserve or Deposit Accounts where indicated. _Source: ppea2024013 - INTRODUCTION_ ### INTRODUCTION ### INTRODUCTION ### Overview - The paper updates Resilience and Sustainability Trust (RST) contribution agreements finalized between October 2023 and March 15, 2024. - The Managing Director wrote to 35 members identified as potential RST contributors seeking contributions in a total amount of at least SDR 33 billion. - To date, the Fund has received total pledges amounting to SDR 31.9 billion from 21 members, of which SDR 26.3 billion are pledged contribution packages to all three RST accounts (Loan Account (LA), Deposit Account (DA) and Reserve Account (RA)). - These pledges count toward the SDR 33 billion target and represent 79 percent of the targeted loan contributions and projected demand for loan resources. - The Fund has concluded contribution agreements with 19 members; fifteen were reported earlier and four are finalized in this paper. ### Status of Pledges and Coverage - Total pledges reported: SDR 31.9 billion (from 21 members). - Pledged contribution packages to all three RST accounts: SDR 26.3 billion. - Pledges represent 79 percent of targeted loan contributions and projected demand for loan resources. ### Recent Contribution Agreements (four finalized) - Aggregate amounts provided by the four contribution agreements: - Loan Account (LA): approximately SDR 609.3 million - Deposit Account (DA): SDR 621.9 million - Reserve Account (RA): SDR 12.2 million - Individual recent agreements and key effectiveness timing: - Belgium: contribution package totaling SDR 668.5 million. RA and DA agreements effective October 25, 2023; LA agreement effective December 6, 2023; first of two LA tranches immediately available for drawing; second LA tranche available for drawing starting February 29, 2024. - Malta: contribution package totaling SDR 24.9 million. RA and DA agreements effective November 6, 2023; LA agreement effective December 6, 2023. - Qatar (State of Qatar, Ministry of Finance): contribution package totaling SDR 50 million. RA and DA agreements effective October 11, 2023; LA agreement effective October 30, 2023. - Switzerland (Swiss National Bank): standalone contribution to the RST’s Deposit Account of SDR 500 million, effective February 13, 2024. ### Uniform Terms of Contribution Agreements - Contribution agreements are subject to uniform key substantive terms, consistent with the 2022 RST policy paper and past practice. - Key uniform terms include: - Denomination of all transactions in SDR. - Minimum thresholds relative to committed loan resources: 20 percent for DA and 2 percent for RA (not applicable to contributions that do not include loan resources). - Right to seek encashment of outstanding LA and DA contributions in case of a contributing member’s balance of payments needs or due to developments in its reserves. - Outstanding loan and deposit account claims remunerated at an interest rate that cannot exceed the SDRi. - Investment of DA and RA resources under a uniform investment strategy. - Standalone contributions have minimum maturity of at least ten years. - All agreements include uniform timing of drawings, repayments, and financial arrangements in case of a termination event. ### Deviations from Template Agreements - Deviations from the standardized template have been very minor in form and none in substance; they reflect legal and operational requirements of contributors without affecting uniformity of key substantive terms. - Examples provided: - The three components of a contribution package may be signed by one counterparty or as separate agreements by different institutions. - Belgium and Malta’s LA and DA contributions were expressed as the SDR equivalent of amounts in euros, while their RA contribution was provided in euros and subsequently expressed in SDRs. - Belgian contributions were provided in two equal tranches; two LA commitments became available when the corresponding RA and DA tranches were received. - Switzerland’s agreement is expressed in SDRs while the contribution was provided in euros. ### Summary Table Highlights (selected figures from Table 2) - Belgium (effectiveness dates): - Loan Account: 12/6/2023 & 2/29/2024 — Amount LA: 547.9 (SDR million) - Deposit Account: 10/25/2023 — Amount DA: 109.6 (SDR million) - Reserve Account: 10/25/2023 — Amount RA: 11.0 (SDR million) - Malta: - Loan Account: 12/6/2023 — Amount LA: 20.4 (SDR million) - Deposit Account: 11/6/2023 — Amount DA: 4.1 (SDR million) - Reserve Account: 11/6/2023 — Amount RA: 0.4 (SDR million) - Qatar: - Loan Account: 10/30/2023 — Amount LA: 41.0 (SDR million) - Deposit Account: 10/11/2023 — Amount DA: 8.2 (SDR million) - Reserve Account: 10/11/2023 — Amount RA: 0.8 (SDR million) - Switzerland: - Deposit Account: 2/13/2024 — Amount DA: 500.0 (SDR million) - Deposit maturity: Switzerland’s standalone contribution to the DA matures February 22, 2034. - Remuneration: - LA remuneration: SDRi for Belgium, Malta, and Qatar (not applicable for Switzerland standalone DA). - DA remuneration: SDRi for all four contributors listed. - RA remuneration: Not remunerated for Belgium, Malta, and Qatar. ### Conclusion and Next Steps - The four new contribution packages add critical resources to support continued smooth operations of the RST. - Additional contributions are needed—both from finalizing existing pledges and from new pledges—to ensure the RST is adequately resourced to meet eligible members’ needs in the medium term. - Discussions with other contributors are ongoing. Staff will keep the Executive Board updated on new developments and will periodically circulate additional finalized contribution agreements to the Executive Board for information. *Source: ppea2024013 - INTRODUCTION* ### 6. Encashment. The Contributor shall have the right to seek early repayment of all or part of ### 6. Encashment. ### Encashment (Loan Account) - The Contributor shall have the right to seek early repayment of all or part of the principal amount of its outstanding claims on the Loan Account of the Trust pursuant to Section IV, paragraph 3(b) of the RST Instrument if the Contributor represents that the balance of payments and reserve position of Belgium justifies the early repayment, and the Trustee, having given this representation the overwhelming benefit of any doubt, agrees. - Early repayment is in all cases subject to the availability of resources under borrowing agreements to the Loan Account of the Trust. ### Early Repayment (Trustee rights, Loan Account) - The Trustee may repay any drawing or part thereof at any time in advance of maturity upon its receipt of early repayment of the corresponding loan disbursement under the RSF, provided that the Trustee will give notice to the Contributor at least five (5) (Fund) business days prior to such advance repayment. ### Modality of Principal Repayment and Interest Payments (Loan Account) - (a) Unless otherwise agreed between the Trustee and the Contributor, payments of principal and interest by the Trustee shall be made in SDRs. - (b) Payments in SDRs by the Trustee shall be made by crediting Belgium’s holdings account in the Special Drawing Rights Department. If the due date is not a business day of the Fund, the payment shall be made on the following business day of the Fund. - (c) Payments by the Trustee in currencies shall be made to an account as agreed between the Trustee and the Contributor. If the due date is not a business day of the Fund or the Target system or the domestic markets of the non-euro currencies included in the SDR basket, the payment shall be made on the following business day for the Fund, the Target system and the domestic markets of the non-euro currencies included in the SDR basket. ### Transfer of Claims (Loan Account) - (a) The Contributor shall have the right to transfer at any time all or part of any claim to any member of the Fund, to the central bank or other fiscal agency designated by such a member for purposes of Article V, Section 1 of the Fund’s Articles of Agreement or to any official entity that has been prescribed as a holder of SDRs pursuant to Article XVII, Section 3 of the Fund’s Articles of Agreement. - (b) The transferee shall acquire all the rights of the Contributor under this Borrowing Agreement with respect to repayment of principal and interest on the transferred claim, except that the transferee shall acquire the right to request early repayment under paragraph 6 of this Borrowing Agreement only if it is a member or the central bank or other fiscal agency of a member and, at the time of transfer, the member’s balance of payments and reserve position was considered sufficiently strong in the opinion of the Fund for its currency to be usable in transfers under the Fund’s Financial Transactions Plan. ### Exchange Rates (Loan Account) - Unless otherwise agreed between the Trustee and the Contributor, all transfers, exchanges, and payments of principal and interest in currencies shall be made at the exchange rates for the relevant currencies in terms of the SDR established by the Fund pursuant to Article XIX, Section 7(a) of the Fund’s Articles of Agreement and the rules and regulations of the Fund thereunder for the second (Fund) business day before the value date of the transfer, exchange or payment. ### SDR Basket (Loan Account) - If the Fund changes the currency composition or currency weights of the SDR basket, all transfers, exchanges, and payments of principal and interest made two or more (Fund) business days after the effective date of the change shall be made on the basis of the new SDR basket. ### Deposit Agreement — Amounts and Timing of Deposits - The Contributor shall make a deposit (the “2023 Deposit”) of an SDR-denominated amount equivalent to EUR 67 million with the Deposit Account of the Trust (the “Original Amount of the Deposits”). This SDR-denominated amount will be determined at the exchange rate for the euro in terms of the SDR established by the Fund pursuant to Article XIX, Section 7(a) of the Fund’s Articles of Agreement and the rules and regulations of the Fund thereunder as of the second (Fund) business day before the value date of the transfer by the Federal Public Service Finance of Belgium’s 2023 contribution to the Reserve Account under the Reserve Contribution Agreement. - Upon receipt by the Trust of Belgium’s 2024 contribution to the Reserve Account under the Reserve Contribution Agreement, the Contributor shall make an additional deposit (the “2024 Deposit” and, together with the 2023 Deposit, the “Deposits”) of an SDR-denominated amount equivalent to EUR 67 million with the Deposit Account of the Trust. This SDR-denominated amount will be determined at the exchange rate for the euro in terms of the SDR established by the Fund pursuant to Article XIX, Section 7(a) of the Fund’s Articles of Agreement and the rules and regulations of the Fund thereunder as of the second (Fund) business day before the value date of the transfer by Federal Public Service Finance of Belgium’s 2024 contribution to the Reserve Account under the Reserve Contribution Agreement. - Once received by the Trust, the Original Amount of the Deposits shall be updated to reflect the addition of the SDR-denominated amount of the 2024 Deposit. ### Denomination, Media, and Maturity (Deposits) - (a) The Deposits shall be denominated in SDRs. - (b) The Deposits shall be made in SDRs. - (c) The 2023 Deposit shall be made promptly on or after the effectiveness of the Contribution Agreement. The 2024 Deposit shall be made promptly following Belgium’s 2024 contribution to the Reserve Account under the Reserve Contribution Agreement being received by the Trust. - The Deposits shall mature on November 30, 2050 (the “Maturity Date”). ### Investment Strategy and Risk Disclosure (Deposits) - (a) The resources from the Deposits shall be invested by the Trustee in accordance with the guidelines adopted by the Trustee pursuant to Section VI, paragraph 4(a) of the RST Instrument. - (b) The assets of the Deposit Account are exposed to market and credit risk which could result in potential losses to the Original Amount of the Deposits. ### Notional Value (Deposits) - For the purposes set out in paragraphs 6, 7, 8, and 9 of this Deposit Agreement, the Trustee shall calculate the notional value of the Deposits based on the Original Amount of the Deposits and subsequently any attributed investment earnings or losses, interest payments made to the Contributor pursuant to paragraph 6 of this Deposit Agreement, if any, and transfers pursuant to paragraphs 8, 9, 10 or 11 of this Deposit Agreement or pursuant to Section VI, paragraphs 1(c) and 4(b)(2) of the RST Instrument (“Notional Value”). ### Interest (Deposits) - (a) The Trustee shall pay the Contributor interest on the Original Amount of the Deposits less any amounts repaid to the Contributor under paragraphs 8 or 9 or transferred by the Contributor under paragraph 11 of this Deposit Agreement at the SDR interest rate established by the Fund pursuant to Article XX, Section 3 of the Fund’s Articles of Agreement. Any payment of interest shall be limited to the Notional Value of the Deposits. - (b) Following any full repayment of the Deposits in accordance with paragraphs 7 and 9 of this Deposit Agreement, all remaining interest under paragraph 6(a) above, shall be paid to the Contributor at the end of the Fund financial quarter in which repayment was made. ### Repayment upon Maturity (Deposits) - As soon as practicable following the Maturity Date, the Trustee shall repay the Deposits to the Contributor. The repayment amount shall be the lower of: - (a) the Original Amount of the Deposits less any amount(s) repaid to the Contributor under paragraphs 8 or 9 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, and - (b) the Notional Value of the Deposits. - To the extent any transfers are received in the Deposit Account pursuant to Section VI, paragraph 1(c) of the RST Instrument after the Maturity Date, the Trustee shall promptly repay to the Contributor any amounts received that are attributable to the Deposits. ### Encashment (Deposits) - The Contributor shall have the right to seek early repayment of all or part of the Deposits (the “Encashed Deposit”), pursuant to Section VI, paragraph 5(e) of the RST Instrument, if the Contributor represents that the balance of payments and reserve position of Belgium justifies the early repayment in advance of the Maturity Date and the Trustee, having given the representation the overwhelming benefit of any doubt, agrees. - The Encashed Deposit amount may not exceed the Original Amount of the Deposits less any amount(s) repaid to the Contributor under this paragraph or paragraph 9 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, or the Notional Value of the Deposit, whichever is lower. - The Contributor agrees to restore an amount equivalent to the Encashed Deposit to the Deposit Account as soon as practicable in light of favorable developments in Belgium’s balance of payments and reserve position, as evidenced by the inclusion of Belgium’s currency in the Fund’s Financial Transactions Plan. ### Early Repayment (Trustee rights, Deposits) - (a) The Trustee may repay all or part of the Deposits at any time in advance of the Maturity Date; provided that the repayment amount may not exceed the Original Amount of the Deposits less any amount(s) repaid to the Contributor under this paragraph or paragraph 8 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, or the Notional Value of the Deposit, whichever is lower; and provided further that the Trustee will give notice to the Contributor at least five (5) Fund business days prior to any advance repayment. - (b) If Belgium does not provide its consent to a proposed amendment to the RST Instrument as required under Section X, paragraph 2(a) of the RST Instrument, the Contributor may request the return of a portion of the Original Amount of the Deposits less any amount(s) repaid to the Contributor under this paragraph and paragraph 8 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, or the Notional Value of the Deposit, whichever is lower, with that portion based on the ratio of remaining uncommitted loan resources to total loan commitments under the Contributor’s Borrowing Agreement in accordance with Section X, paragraph 2(b) of the RST Instrument. ### Liquidation (Deposits) - If the Trustee decides to wind up the operations of the Trust, the Trust shall repay the Deposits to the Contributor, at the Original Amount of the Deposits less any amount(s) repaid to the Contributor under paragraphs 8 or 9 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, or the Notional Value of the Deposit, whichever is lower, and in accordance with liquidation procedures under the RST Instrument, provided that the Trustee shall notify the Contributor in advance of the repayment. - Payment will be made to an account specified by the Contributor, which can include an account or trust administered by the Fund. ### Transfer of Claims (Deposits) - (a) The Contributor shall have the right to transfer at any time all or part of any claim on the Deposit Account to any member of the Fund, to the central bank or other fiscal agency designated by such a member for purposes of Article V, Section 1 of the Fund’s Articles of Agreement, or to any official entity that has been prescribed as a holder of SDRs pursuant to Article XVII, Section 3 of the Fund’s Articles of Agreement. - (b) The transferee shall acquire all the rights of the Contributor under this Deposit Agreement with respect to repayment of and interest on the transferred claim, except that the transferee shall acquire the right to request early repayment under paragraph 8 of this Deposit Agreement only if it is a member or the central bank or other fiscal agency of a member and, at the time of transfer, the member’s balance of payments and reserve position was considered sufficiently strong in the opinion of the Fund for its currency to be usable in transfers under the Fund’s Financial Transactions Plan. ### Modality of Interest Payment and Repayment of the Deposits - (a) Unless otherwise agreed between the Contributor and the Trustee, payment of interest shall be made in SDRs and repayment of the Deposits shall be made in SDRs. - (b) Payment of interest and repayment of the Deposits in SDRs shall be made by crediting the amount due to Belgium’s holdings account in the Special Drawing Rights Department. If the due date is not a business day of the Fund, the payment shall be made on the following business day for the Fund. - (c) Payment of interest and repayment of the Deposits by the Trustee in currencies shall be made to an account as agreed between the Trustee and the Contributor. If the due date is not a business day of the Fund or the Target system or the domestic markets of the non-euro currencies included in the SDR basket, the payment shall be made on the following business day for the Fund, the Target system and the domestic markets of the non-euro currencies included in the SDR basket. ### Exchange Rate (Deposits) - Unless otherwise agreed between the Contributor and the Trustee, all transfers, exchanges, payments of interest, or repayments of the Deposits under this Deposit Agreement in currencies shall be made at the exchange rates for the relevant currencies in terms of the SDR established by the Fund pursuant to Article XIX, Section 7(a) of the Fund’s Articles of Agreement and the rules and regulations of the Fund thereunder for the second (Fund) business day before the value date of the transfer, exchange, payment of interest, or repayment. ### SDR Basket (Deposits) - If the Fund changes the currency composition or currency weights of the SDR basket, all transfers, exchanges, payments of interest, and repayments of the Deposits two or more (Fund) business days after the effective date of the change shall be made on the basis of the new SDR basket. ### Final Provisions - Dispute Resolution: Any question arising under this Contribution Agreement shall be settled by mutual agreement between the Contributor and the Trustee. - Execution: This Contribution Agreement may be executed in one or more duplicate counterparts, each of which shall be deemed an original, and which together shall constitute one and the same instrument. - Effectiveness: This Contribution Agreement shall become effective on the last date written below; provided, however, that Section I. (Borrowing Agreement) shall become effective on the last date written below or the date when the 2023 contribution to the Reserve Account and the 2023 Deposit are received in full by the Trust, whichever is later. ### Signatures and Dates - For the NATIONAL BANK OF BELGIUM: - Pierre Wunsch /s Date — September 29, 2023 - For the INTERNATIONAL MONETARY FUND as Trustee: - Kristalina Georgieva Date /s — October 25, 2023 ### Attachment II — Reserve Contribution Agreement (key terms) - Amount: - The Contributor shall provide in 2023 a contribution of an SDR-denominated amount equivalent to EUR 6.7 million (the “2023 Contribution”) and in 2024 a contribution of an SDR-denominated amount equivalent to EUR 6.7 million (the “2024 Contribution” and, together with the 2023 Contribution, the “Contributions”) to the Reserve Account of the Trust. - The SDR-denominated amount of each of the 2023 Contribution and 2024 Contribution shall be determined pursuant to paragraph 9 of this Reserve Contribution Agreement as of the second (Fund) business day before the value date of the transfer of the 2023 Contribution and 2024 Contribution, respectively, to the Reserve Account of the Trust. - Denomination and Media: - (a) The Contributions shall be denominated in SDRs. - (b) The Contributions shall be made in euros. - (c) The Contributor shall transfer the 2023 Contribution to an account specified by the Trustee on or promptly after the effectiveness of the Contribution Agreement. The Contributor shall transfer the 2024 Contribution to an account specified by the Trustee promptly after January 1, 2024. - Investment Strategy and Risk Disclosure: - (a) The resources in the Reserve Account shall be invested by the Trustee in accordance with the guidelines adopted by the Trustee pursuant to Section V, paragraph 3(a) of the RST Instrument. - (b) The assets of the Reserve Account are exposed to the market and credit risk which could result in potential losses to the Contributor’s share in the resources of the Reserve Account. - Remuneration: - No remuneration shall be paid to the Contributor in respect of the Contributions. - Contributor’s Share in the Reserve Account: - The Contributor shall have a proportional share in the Reserve Account, based on its Contributions, any resources that are transferred from the Deposit Account and attributed to the Contributor’s contributions to the Deposit Account pursuant to Section VI, Paragraph 5(d) of the RST Instrument, and attributed investment earnings or losses in the Reserve Account. - Transfer of the Contributor’s Share: - The Contributor shall have the right to transfer at any time all or part of its share in the Reserve Account to any member of the Fund, to any member’s central bank or other fiscal agency designated by such a member for purposes of Article V, Section 1 of the Fund’s Articles of Agreement, or to any official entity that has been prescribed as a holder of SDRs pursuant to Article XVII, Section 3 of the Fund’s Articles of Agreement. The transferee shall acquire all the rights of the Contributor under this Reserve Contribution Agreement with respect to the transferred amount. *International Monetary Fund — Contribution Agreement and Deposit/Borrowing terms as provided in the supplied content.* ### 7. Distribution of Resources in the Reserve Account. ### 7. Distribution of Resources in the Reserve Account. ### Distribution rules and conditions - (a) The Contributions shall have no fixed maturity. - (b) Upon the liquidation of the Trust, the Trustee shall distribute to the Contributor its share in the resources of the Reserve Account of the Trust in accordance with Section V, paragraph 4(c) of the RST Instrument. - (c) Prior to the liquidation of the Trust and following the Trustee’s decision to distribute a portion of the balances in the Reserve Account of the RST in accordance with Section V, paragraph 4(d) of the RST Instrument, the Contributor shall receive part of this distribution in proportion to its share in the Reserve Account. - (d) If Belgium does not provide its consent to a proposed amendment to the RST Instrument as required under Section X, paragraph 2(a) of the RST Instrument, the Contributor may request the return of a portion of its share in the Reserve Account based on the ratio of remaining uncommitted loan resources to total loan commitments under the National Bank of Belgium’s Borrowing Agreement in accordance with Section X, paragraph 2(b) of the RST Instrument. ### Modality of distribution (Section 8) - (a) Unless otherwise agreed between the Trustee and the Contributor, any distribution to the Contributor under this Reserve Contribution Agreement shall be made in SDRs. - (b) Distribution in SDRs shall be made by crediting Belgium’s holdings account in the Special Drawing Rights Department on a business day of the Fund. - (c) Distribution in currencies shall be made to an account as agreed between the Trustee and the Contributor and on a business day of the Fund, the Target system and the domestic markets of the non-euro currencies included in the SDR basket. ### Exchange rates and SDR basket rules (Sections 9–10) - Exchange rates: - Unless otherwise agreed between the Trustee and the Contributor, all transfers, exchanges, and distribution in currencies shall be made at the exchange rates for the relevant currencies in terms of the SDR established by the Fund pursuant to Article XIX, Section 7(a) of the Fund’s Articles of Agreement and the rules and regulations of the Fund thereunder for the second (Fund) business day before the value date of the transfer, exchange or payment. - SDR basket change: - If the Fund changes the currency composition or currency weights of the SDR basket, all transfers, exchanges, and distribution made two or more (Fund) business days after the effective date of the change shall be made on the basis of the new SDR basket. ### Dispute resolution, execution, and effectiveness (Sections 11–13) - Dispute resolution: - Any question arising under this Reserve Contribution Agreement shall be settled by mutual agreement between the Contributor and the Trustee. - Execution: - This Reserve Contribution Agreement may be executed in one or more duplicate counterparts, each of which shall be deemed an original, and which together shall constitute one and the same instrument. - Effectiveness: - This Reserve Contribution Agreement shall become effective on the last date written below. ### Signatures and dates (as executed) - For the KINGDOM OF BELGIUM: - Vincent Van Peteghem — Minister of Finance — Date: October 9, 2023 - For the INTERNATIONAL MONETARY FUND as Trustee: - Kristalina Georgieva — Managing Director — Date: October 25, 2023 *Source: ppea2024013 - 7. Distribution of Resources in the Reserve Account.* ### 8. Encashment. The Contributor shall have the right to seek early repayment of all or part of ### 8. Encashment. The Contributor shall have the right to seek early repayment of all or part of ### Encashment (Section VI, paragraph 5(e) RST Instrument) - The Contributor may seek early repayment of all or part of the Deposit (the “Encashed Deposit”) pursuant to Section VI, paragraph 5(e) of the RST Instrument if the Contributor represents that the balance of payments and reserve position of Malta justifies the early repayment in advance of the Maturity Date and the Trustee, having given the representation the overwhelming benefit of any doubt, agrees. - The Encashed Deposit amount may not exceed: - the Original Amount of the Deposit less any amount(s) repaid to the Contributor under this paragraph or paragraph 9 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, or - the Notional Value of the Deposit, - whichever is lower. - The Contributor agrees to restore an amount equivalent to the Encashed Deposit to the Deposit Account as soon as practicable in light of favorable developments in Malta’s balance of payments and reserve position, evidenced by the inclusion of Malta’s currency in the Fund’s Financial Transactions Plan. ### 9. Early Repayment - (a) The Trustee may repay all or part of the Deposit at any time in advance of the Maturity Date; provided that: - the repayment amount may not exceed the Original Amount of the Deposit less any amount(s) repaid to the Contributor under this paragraph or paragraph 8 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, or the Notional Value of the Deposit, whichever is lower; and - the Trustee will give notice to the Contributor at least five (5) Fund business days prior to any advance repayment. - (b) If Malta does not provide its consent to a proposed amendment to the RST Instrument as required under Section X, paragraph 2(a) of the RST Instrument, the Contributor may request the return of a portion of the Original Amount of the Deposit less any amount(s) repaid to the Contributor under this paragraph and paragraph 8 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, or the Notional Value of the Deposit, whichever is lower, with that portion based on the ratio of remaining uncommitted loan resources to total loan commitments under the Contributor’s Borrowing Agreement in accordance with Section X, paragraph 2(b) of the RST Instrument. ### 10. Liquidation - If the Trustee decides to wind up the operations of the Trust, the Trust shall repay the Deposit to the Contributor: - at the Original Amount of the Deposit less any amount(s) repaid to the Contributor under paragraphs 8 or 9 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, or - the Notional Value of the Deposit, - whichever is lower; - and in accordance with liquidation procedures under the RST Instrument, provided that the Trustee shall notify the Contributor in advance of the repayment. - Payment will be made to an account specified by the Contributor, which can include an account or trust administered by the Fund. ### 11. Transfer of Claims - (a) The Contributor may transfer at any time all or part of any claim on the Deposit Account to: - any member of the Fund, - the central bank or other fiscal agency designated by such a member for purposes of Article V, Section 1 of the Fund’s Articles of Agreement, or - any official entity prescribed as a holder of SDRs pursuant to Article XVII, Section 3 of the Fund’s Articles of Agreement. - (b) The transferee acquires all the rights of the Contributor under this Deposit Agreement with respect to repayment of and interest on the transferred claim, except: - the transferee acquires the right to request early repayment under paragraph 8 of this Deposit Agreement only if it is a member or the central bank or other fiscal agency of a member and, at the time of transfer, the member’s balance of payments and reserve position was considered sufficiently strong in the opinion of the Fund for its currency to be usable in transfers under the Fund’s Financial Transactions Plan. ### 12. Modality of Interest Payment and Repayment of the Deposit - (a) Unless otherwise agreed between the Contributor and the Trustee, payment of interest shall be made in SDRs and repayment of the Deposit shall be made in SDRs. - (b) Payment of interest and repayment of the Deposit in SDRs shall be made by crediting the amount due to Malta’s holdings account in the Special Drawing Rights Department. If the due date is not a business day of the Fund, the payment shall be made on the following business day for the Fund. - (c) Payment of interest and repayment of the Deposit by the Trustee in currencies shall be made to an account as agreed between the Trustee and the Contributor. If the due date is not a business day of the Fund or the Target system or the domestic markets of the non-euro currencies included in the SDR basket, the payment shall be made on the following business day for the Fund, the Target system and the domestic markets of the non-euro currencies included in the SDR basket. ### 13. Exchange Rate - Unless otherwise agreed between the Contributor and the Trustee, all transfers, exchanges, payments of interest, or repayments of the Deposit in currencies shall be made at the exchange rates for the relevant currencies in terms of the SDR established by the Fund pursuant to Article XIX, Section 7(a) of the Fund’s Articles of Agreement and the rules and regulations of the Fund thereunder for the second (Fund) business day before the value date of the transfer, exchange, payment of interest, or repayment. ### 14. SDR Basket - If the Fund changes the currency composition or currency weights of the SDR basket, all transfers, exchanges, payments of interest, and repayments of the Deposit two or more (Fund) business days after the effective date of the change shall be made on the basis of the new SDR basket. ### 15. Dispute Resolution - Any question arising under this Deposit Agreement shall be settled by mutual agreement between the Contributor and the Trustee. ### 16. Execution - This Deposit Agreement may be executed in one or more duplicate counterparts, each of which shall be deemed an original, and which together shall constitute one and the same instrument. ### 17. Effectiveness - This Deposit Agreement shall become effective on the last date written below. ### Signatures (Deposit Agreement) - For the Central Bank of Malta: - October 16, 2023 — Edward Scicluna /s — Governor - For the INTERNATIONAL MONETARY FUND as Trustee: - November 6, 2023 — Kristalina Georgieva /s — Managing Director --- ### III. Reserve Contribution Agreement Between the Ministry for Finance and Employment for the Republic of Malta and the International Monetary Fund, as Trustee of the Resilience and Sustainability Trust ### Purpose and Parties - The Fund established the Resilience and Sustainability Trust (the “Trust”) to provide loans under the Resilience and Sustainability Facility (the “RSF”) to eligible Fund members. - The Republic of Malta (“Malta”) has committed to contribute financial resources to the Loan Account, the Deposit Account, and the Reserve Account of the Trust in accordance with the RST Instrument. - The Ministry for Finance and Employment (the “Ministry”) and the Fund, as Trustee (the “Trustee”), agree on terms of a Reserve Contribution Agreement to contribute resources to the Reserve Account. ### 1. Amount - The Ministry shall provide a contribution of an SDR-denominated amount equivalent to euro 500,000 to the Reserve Account of the Trust (the “Contribution”), with the SDR-denominated amount to be determined pursuant to paragraph 9 of this Reserve Contribution Agreement as of the second (Fund) business day before the value date of the transfer of the Contribution to the Reserve Account of the Trust. ### 2. Denomination and Media - (a) The Contribution shall be denominated in SDRs. - (b) The Contribution shall be made in euros. - (c) The Ministry shall transfer the Contribution to an account specified by the Trustee on or promptly after the effectiveness of the Reserve Contribution Agreement. ### 3. Investment Strategy and Risk Disclosure - (a) The resources in the Reserve Account shall be invested by the Trustee in accordance with the guidelines adopted by the Trustee pursuant to Section V, paragraph 3(a) of the RST Instrument. - (b) The assets of the Reserve Account are exposed to market and credit risk which could result in potential losses to the Ministry’s share in the resources of the Reserve Account. ### 4. Remuneration - No remuneration shall be paid to the Ministry in respect of the Contribution. ### 5. Ministry’s Share in the Reserve Account - The Ministry shall have a proportional share in the Reserve Account, based on: - its Contribution, - any resources transferred from the Deposit Account and attributed to the Contributor’s contribution to the Deposit Account pursuant to Section VI, Paragraph 5(d) of the RST Instrument, and - attributed investment earnings or losses in the Reserve Account. ### 6. Transfer of the Ministry’s Share - The Ministry may transfer at any time all or part of its share in the Reserve Account to: - any member of the Fund, - any member’s central bank or other fiscal agency designated by such a member for Article V, Section 1 purposes, or - any official entity prescribed as a holder of SDRs pursuant to Article XVII, Section 3. - The transferee shall acquire all the rights of the Ministry under this Reserve Contribution Agreement with respect to the transferred amount. ### 7. Distribution of Resources in the Reserve Account - (a) The Contribution shall have no fixed maturity. - (b) Upon liquidation of the Trust, the Trustee shall distribute to the Ministry its share in the resources of the Reserve Account in accordance with Section V, paragraph 4(c) of the RST Instrument. - (c) Prior to liquidation and following the Trustee’s decision to distribute a portion of the balances in the Reserve Account in accordance with Section V, paragraph 4(d) of the RST Instrument, the Ministry shall receive part of this distribution in proportion to its share in the Reserve Account. - (d) If Malta does not provide its consent to a proposed amendment to the RST Instrument as required under Section X, paragraph 2(a) of the RST Instrument, the Ministry may request the return of a portion of its share in the Reserve Account based on the ratio of remaining uncommitted loan resources to total loan commitments under the Contributor’s Borrowing Agreement in accordance with Section X, paragraph 2(b) of the RST Instrument. ### 8. Modality of Distribution - (a) Unless otherwise agreed between the Trustee and the Ministry, any distribution to the Ministry shall be made in SDRs. - (b) Distribution in SDRs shall be made by crediting Malta’s holdings account in the Special Drawing Rights Department on a business day of the Fund. - (c) Distribution in currencies shall be made to an account as agreed between the Trustee and the Ministry and on a business day of the Fund, the Target system and the domestic markets of the non-euro currencies included in the SDR basket. ### 9. Exchange Rates - Unless otherwise agreed between the Trustee and the Ministry, all transfers, exchanges, and distribution in currencies shall be made at the exchange rates for the relevant currencies in terms of the SDR established by the Fund pursuant to Article XIX, Section 7(a) of the Fund’s Articles of Agreement and the rules and regulations of the Fund thereunder for the second (Fund) business day before the value date of the transfer, exchange or payment. ### 10. SDR Basket - If the Fund changes the currency composition or currency weights of the SDR basket, all transfers, exchanges, and distribution made two or more (Fund) business days after the effective date of the change shall be made on the basis of the new SDR basket. ### 11. Dispute Resolution - Any question arising under this Reserve Contribution Agreement shall be settled by mutual agreement between the Ministry and the Trustee. ### 12. Execution - This Reserve Contribution Agreement may be executed in one or more duplicate counterparts, each of which shall be deemed an original, and which together shall constitute one and the same instrument. ### 13. Effectiveness - This Reserve Contribution Agreement shall become effective on the last date written below. ### Signatures (Reserve Contribution Agreement) - For the Ministry for Finance and Employment for Malta: - October 19, 2023 — Clyde Caruana /s — Minister - For the INTERNATIONAL MONETARY FUND as Trustee: - November 6, 2023 — Kristalina Georgieva /s — Managing Director --- ### Attachment IV — (Selected excerpt: Borrowing Agreement provisions for State of Qatar) - The Contributor agrees to lend an amount up to the equivalent of SDR 40,983,606 to the Loan Account of the Trust. - Drawdown period: from the effective date of the Borrowing Agreement through November 30, 2030. - Trustee may make drawings to finance early repayment of outstanding Trust borrowing under other borrowing agreements as long as claims under such borrowing agreements remain outstanding. - Trustee’s drawings shall be suspended following the Contributor’s request for early repayment under paragraph 6 of the Borrowing Agreement or when the State of Qatar is no longer included for transfers in the Fund’s Financial Transactions Plan, in accordance with Section IV, paragraph 4 of the RST Instrument. - If any installment of principal or interest is not paid to the Contributor within a period of ten Fund business days after its due date, the Trustee shall not make further drawings under this Borrowing Agreement pending consultations; Trustee may resume drawings once all arrears to the Contributor have been discharged. - Trustee shall give the Contributor at least five (Doha) business days’ notice of its intention to draw and shall provide payment instructions at least two (Fund) business days prior to the value date of the transaction by SWIFT, unless otherwise agreed. - Drawings denominated in SDRs; payment by transfer of SDRs to an account specified by the Trustee. - Interest: each drawing bears interest at the SDR interest rate established by the Fund pursuant to Article XX, Section 3 of the Fund’s Articles of Agreement. - Interest payable calculated on an actual day basis and paid on outstanding drawings quarterly promptly after January 31, April 30, July 31, and October 31 of each year. *Source: ppea2024013 - 8. Encashment. The Contributor shall have the right to seek early repayment of all or part of (IMF PDF).* ### 5. Maturity and Repayment. Except as otherwise provided in this Borrowing Agreement, each ### 5. Maturity and Repayment. Except as otherwise provided in this Borrowing Agreement, each ### Maturity, Repayment, and Early Repayment (Borrowing Agreement) - Each drawing shall be repaid in accordance with the repayment schedule for the loan disbursement under the RSF for which it was drawn. - At the time of each drawing, the Trustee shall provide information to the Contributor on the specific repayment schedule for the amount drawn. - The Contributor shall have the right to seek early repayment of all or part of the principal amount of its outstanding claims on the Loan Account of the Trust pursuant to Section IV, paragraph 3(b) of the RST Instrument if the Contributor represents that the balance of payments and reserve position of the State of Qatar justifies the early repayment, and the Trustee, having given this representation the overwhelming benefit of any doubt, agrees. - Early repayment is in all cases subject to the availability of resources under borrowing agreements to the Loan Account of the Trust. - The Trustee may repay any drawing or part thereof at any time in advance of maturity upon its receipt of early repayment of the corresponding loan disbursement under the RSF, provided that the Trustee will give notice to the Contributor at least five (5) (Fund) business days prior to such advance repayment. ### Modality of Principal Repayment and Interest Payments (Borrowing Agreement) - (a) Unless otherwise agreed between the Trustee and the Contributor, payments of principal and interest by the Trustee shall be made in SDRs. - (b) Payments in SDRs by the Trustee shall be made by crediting the State of Qatar’s holdings account in the Special Drawing Rights Department. If the due date is not a business day of the Fund, the payment shall be made on the following business day of the Fund. - (c) Payments by the Trustee in currencies shall be made to an account as agreed between the Trustee and the Contributor. If the due date is not a business day of the Fund or the Target system or the domestic markets of the non-euro currencies included in the SDR basket, the payment shall be made on the following business day for the Fund, the Target system and the domestic markets of the non-euro currencies included in the SDR basket. ### Transfer of Claims (Borrowing Agreement) - (a) The Contributor shall have the right to transfer at any time all or part of any claim to any member of the Fund, to the central bank or other fiscal agency designated by such a member for purposes of Article V, Section 1 of the Fund’s Articles of Agreement or to any official entity that has been prescribed as a holder of SDRs pursuant to Article XVII, Section 3 of the Fund’s Articles of Agreement. - (b) The transferee shall acquire all the rights of the Contributor under this Borrowing Agreement with respect to repayment of principal and interest on the transferred claim, except that the transferee shall acquire the right to request early repayment under paragraph 6 of this Borrowing Agreement only if it is a member or the central bank or other fiscal agency of a member and, at the time of transfer, the member’s balance of payments and reserve position was considered sufficiently strong in the opinion of the Fund for its currency to be usable in transfers under the Fund’s Financial Transactions Plan. ### Exchange Rates and SDR Basket (Borrowing Agreement) - All transfers, exchanges, and payments of principal and interest in currencies shall be made at the exchange rates for the relevant currencies in terms of the SDR established by the Fund pursuant to Article XIX, Section 7(a) of the Fund’s Articles of Agreement and the rules and regulations of the Fund thereunder for the second (Fund) business day before the value date of the transfer, exchange or payment, unless otherwise agreed between the Trustee and the Contributor. - If the Fund changes the currency composition or currency weights of the SDR basket, all transfers, exchanges, and payments of principal and interest made two or more (Fund) business days after the effective date of the change shall be made on the basis of the new SDR basket. --- ### II. Deposit Agreement ### Amount, Denomination, and Timing - The Contributor shall make a deposit (the “Deposit”) equivalent to SDR 8,196,721 with the Deposit Account of the Trust (the “Original Amount of the Deposit”). - (a) The Deposit shall be denominated in SDRs. - (b) The Deposit shall be made in SDRs. - (c) The Deposit shall be made promptly on or after the effectiveness of the Contribution Agreement. ### Maturity - The Deposit shall mature on November 30, 2050 (the “Maturity Date”). ### Investment Strategy and Risk Disclosure - (a) The resources from the Deposit shall be invested by the Trustee in accordance with the guidelines adopted by the Trustee pursuant to Section VI, paragraph 4(a) of the RST Instrument. - (b) The assets of the Deposit Account are exposed to market and credit risk which could result in potential losses to the Original Amount of the Deposit. ### Notional Value - For the purposes set out in paragraphs 6, 7, 8, and 9 of this Deposit Agreement, the Trustee shall calculate the notional value of the Deposit based on the Original Amount of the Deposit and subsequently any attributed investment earnings or losses, interest payments made to the Contributor pursuant to paragraph 6 of this Deposit Agreement, if any, and transfers pursuant to paragraphs 8, 9, 10 or 11 of this Deposit Agreement or pursuant to Section VI, paragraphs 1(c) and 4(b)(2) of the RST Instrument (“Notional Value”). ### Interest - (a) The Trustee shall pay the Contributor interest on the Original Amount of the Deposit less any amounts repaid to the Contributor under paragraphs 8 or 9 or transferred by the Contributor under paragraph 11 of this Deposit Agreement at a rate of SDR Interest Rate per cent per annum calculated on an actual day basis using an actual-day year or at the SDR interest rate established by the Fund pursuant to Article XX, Section 3 of the Fund’s Articles of Agreement, whichever is lower. - Interest shall accrue daily and shall be paid promptly by the Trustee on a quarterly basis after January 31, April 30, July 31, and October 31 of each year. - Any payment of interest shall be limited to the Notional Value of the Deposit. - (b) Following any full repayment of the Deposit in accordance with paragraphs 7 and 9 of this Deposit Agreement, all remaining interest under paragraph 6(a) above, shall be paid to the Contributor at the end of the Fund financial quarter in which repayment was made. ### Repayment upon Maturity - As soon as practicable following the Maturity Date, the Trustee shall repay the Deposit to the Contributor. - The repayment amount shall be the lower of: - (a) the Original Amount of the Deposit less any amount(s) repaid to the Contributor under paragraphs 8 or 9 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, and - (b) the Notional Value of the Deposit. - To the extent any transfers are received in the Deposit Account pursuant to Section VI, paragraph 1(c) of the RST Instrument after the Maturity Date, the Trustee shall promptly repay to the Contributor any amounts received that are attributable to the Deposit. ### Encashment (Deposit Agreement) - The Contributor shall have the right to seek early repayment of all or part of the Deposit (the “Encashed Deposit”), pursuant to Section VI, paragraph 5(e) of the RST Instrument, if the Contributor represents that the balance of payments and reserve position of the State of Qatar justifies the early repayment in advance of the Maturity Date and the Trustee, having given the representation the overwhelming benefit of any doubt, agrees. - The Encashed Deposit amount may not exceed the Original Amount of the Deposit less any amount(s) repaid to the Contributor under this paragraph or paragraph 9 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, or the Notional Value of the Deposit, whichever is lower. - The Contributor agrees to restore an amount equivalent to the Encashed Deposit to the Deposit Account as soon as practicable in light of favorable developments in the State of Qatar’s balance of payments and reserve position, as evidenced by the inclusion of the State of Qatar’s currency in the Fund’s Financial Transactions Plan. ### Early Repayment (Trustee) - (a) The Trustee may repay all or part of the Deposit at any time in advance of the Maturity Date; provided that: - the repayment amount may not exceed the Original Amount of the Deposit less any amount(s) repaid to the Contributor under this paragraph or paragraph 8 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, or the Notional Value of the Deposit, whichever is lower; and - the Trustee will give notice to the Contributor at least five (5) Fund business days prior to any advance repayment. - (b) If the State of Qatar does not provide its consent to a proposed amendment to the RST Instrument as required under Section X, paragraph 2(a) of the RST Instrument, the Contributor may request the return of a portion of the Original Amount of the Deposit less any amount(s) repaid to the Contributor under this paragraph and paragraph 8 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, or the Notional Value of the Deposit, whichever is lower, with that portion based on the ratio of remaining uncommitted loan resources to total loan commitments under the Contributor’s Borrowing Agreement in accordance with Section X, paragraph 2(b) of the RST Instrument. ### Liquidation - If the Trustee decides to wind up the operations of the Trust, the Trust shall repay the Deposit to the Contributor at the Original Amount of the Deposit less any amount(s) repaid to the Contributor under paragraphs 8 or 9 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, or the Notional Value of the Deposit, whichever is lower, and in accordance with liquidation procedures under the RST Instrument, provided that the Trustee shall notify the Contributor in advance of the repayment. - Payment will be made to an account specified by the Contributor, which can include an account or trust administered by the Fund. ### Transfer of Claims (Deposit Agreement) - (a) The Contributor shall have the right to transfer at any time all or part of any claim on the Deposit Account to any member of the Fund, to the central bank or other fiscal agency designated by such a member for purposes of Article V, Section 1 of the Fund’s Articles of Agreement, or to any official entity that has been prescribed as a holder of SDRs pursuant to Article XVII, Section 3 of the Fund’s Articles of Agreement. - (b) The transferee shall acquire all the rights of the Contributor under this Deposit Agreement with respect to repayment of and interest on the transferred claim, except that the transferee shall acquire the right to request early repayment under paragraph 8 of this Deposit Agreement only if it is a member or the central bank or other fiscal agency of a member and, at the time of transfer, the member’s balance of payments and reserve position was considered sufficiently strong in the opinion of the Fund for its currency to be usable in transfers under the Fund’s Financial Transactions Plan. ### Modality of Interest Payment and Repayment of the Deposit - (a) Unless otherwise agreed between the Contributor and the Trustee, payment of interest shall be made in SDRs and repayment of the Deposit shall be made in SDRs. - (b) Payment of interest and repayment of the Deposit in SDRs shall be made by crediting the amount due to the State of Qatar’s holdings account in the Special Drawing Rights Department. If the due date is not a business day of the Fund, the payment shall be made on the following business day for the Fund. - (c) Payment of interest and repayment of the Deposit by the Trustee in currencies shall be made to an account as agreed between the Trustee and the Contributor. If the due date is not a business day of the Fund or the Target system or the domestic markets of the non-euro currencies included in the SDR basket, the payment shall be made on the following business day of the Fund, the Target system and the domestic markets of the non-euro currencies included in the SDR basket. ### Exchange Rate and SDR Basket (Deposit Agreement) - Unless otherwise agreed between the Contributor and the Trustee, all transfers, exchanges, payments of interest, or repayments of the Deposit in currencies shall be made at the exchange rates for the relevant currencies in terms of the SDR established by the Fund pursuant to Article XIX, Section 7(a) of the Fund’s Articles of Agreement and the rules and regulations of the Fund thereunder for the second (Fund) business day before the value date of the transfer, exchange, payment of interest, or repayment. - If the Fund changes the currency composition or currency weights of the SDR basket, all transfers, exchanges, payments of interest, and repayments of the Deposit two or more (Fund) business days after the effective date of the change shall be made on the basis of the new SDR basket. --- ### III. Reserve Contribution Agreement ### Amount, Denomination, and Transfer - The Contributor shall provide a contribution equivalent to SDR 819,672 to the Reserve Account of the Trust (the “Contribution”). - (a) The Contribution shall be denominated in SDRs. - (b) The Contribution shall be made in SDRs. - (c) The Contributor shall transfer the Contribution to an account specified by the Trustee on or promptly after the effectiveness of the Contribution Agreement. ### Investment Strategy and Risk Disclosure - (a) The resources in the Reserve Account shall be invested by the Trustee in accordance with the guidelines adopted by the Trustee pursuant to Section V, paragraph 3(a) of the RST Instrument. - (b) The assets of the Reserve Account are exposed to the market and credit risk which could result in potential losses to the Contributor’s share in the resources of the Reserve Account. ### Remuneration - No remuneration shall be paid to the Contributor in respect of the Contribution. ### Contributor’s Share and Transferability - The Contributor shall have a proportional share in the Reserve Account, based on its Contribution, any resources that are transferred from the Deposit Account and attributed to the Contributor’s contribution to the Deposit Account pursuant to Section VI, Paragraph 5(d) of the RST Instrument, and attributed investment earnings or losses in the Reserve Account. - The Contributor shall have the right to transfer at any time all or part of its share in the Reserve Account to any member of the Fund, to any member’s central bank or other fiscal agency designated by such a member for purposes of Article V, Section 1 of the Fund’s Articles of Agreement, or to any official entity that has been prescribed as a holder of SDRs pursuant to Article XVII, Section 3 of the Fund’s Articles of Agreement. The transferee shall acquire all the rights of the Contributor under this Reserve Contribution Agreement with respect to the transferred amount. ### Distribution of Resources in the Reserve Account - (a) The Contribution shall have no fixed maturity. - (b) Upon the liquidation of the Trust, the Trustee shall distribute to the Contributor its share in the resources of the Reserve Account of the Trust in accordance with Section V, paragraph 4(c) of the RST Instrument. - (c) Prior to the liquidation of the Trust and following the Trustee’s decision to distribute a portion of the balances in the Reserve Account of the RST in accordance with Section V, paragraph 4(d) of the RST Instrument, the Contributor shall receive part of this distribution in proportion to its share in the Reserve Account. - (d) If the State of Qatar does not provide its consent to a proposed amendment to the RST Instrument as required under Section X, paragraph 2(a) of the RST Instrument, the Contributor may request the return of a portion of its share in the Reserve Account based on the ratio of remaining uncommitted loan resources to total loan commitments under the Contributor’s Borrowing Agreement in accordance with Section X, paragraph 2(b) of the RST Instrument. ### Modality of Distribution, Exchange Rates, and SDR Basket - (a) Unless otherwise agreed between the Trustee and the Contributor, any distribution to the Contributor under this Reserve Contribution Agreement shall be made in SDRs. - (b) Distribution in SDRs shall be made by crediting the State of Qatar’s holdings account in the Special Drawing Rights Department on a business day of the Fund. - (c) Distribution in currencies shall be made to an account as agreed between the Trustee and the Contributor and on a business day of the Fund, the Target system and the domestic markets of the non-euro currencies included in the SDR basket. - Unless otherwise agreed between the Trustee and the Contributor, all transfers, exchanges, and distribution in currencies shall be made at the exchange rates for the relevant currencies in terms of the SDR established by the Fund pursuant to Article XIX, Section 7(a) of the Fund’s Articles of Agreement and the rules and regulations of the Fund thereunder for the second (Fund) business day before the value date of the transfer, exchange or payment. - If the Fund changes the currency composition or currency weights of the SDR basket, all transfers, exchanges, and distribution made two or more (Fund) business days after the effective date of the change shall be made on the basis of the new SDR basket. --- ### IV. Final Provisions - Dispute Resolution: Any question arising under this Contribution Agreement shall be settled by mutual agreement between the Contributor and the Trustee. - Execution: This Contribution Agreement may be executed in one or more duplicate counterparts, each of which shall be deemed an original, and which together shall constitute one and the same instrument. - Effectiveness: This Contribution Agreement shall become effective on the last date written below; provided, however, that Section I. (Borrowing Agreement) shall become effective on the last date written below or the date the contributions to the Reserve and Deposit Accounts are received in full by the Trust, whichever is later. ### Signatures - For the State of Qatar represented by the Ministry of Finance of the State of Qatar as Contributor: - October 11, 2023 - ______________________________ ______________________________ - Ali bin Ahmed Al-Kuwari /s Date - Minister of Finance - For the INTERNATIONAL MONETARY FUND as Trustee: - October 11, 2023 - ______________________________ ______________________________ - Kristalina Georgieva Date - Managing Director *Source: Contribution Agreement and related Deposit and Reserve Contribution Agreements (text as provided).* ### 1. Amount of the Deposit. The Contributor shall make a deposit (the “Deposit”) equivalent to ### 1. Amount of the Deposit. ### Amount, Denomination, and Timing - Original Amount of the Deposit: SDR 500 million. - Denomination: The Deposit shall be denominated in SDRs. - Media: The Deposit shall be made in Euros, unless otherwise agreed between the Contributor and the Trustee. - Timing: The Deposit shall be made promptly on or after the effectiveness of this Deposit Agreement. ### Maturity, Notional Value, and Repayment Mechanics - Maturity Date: The Deposit shall mature on the tenth anniversary of the date on which the Deposit is received (the “Maturity Date”). - Notional Value: Calculated by the Trustee based on the Original Amount of the Deposit and subsequently any attributed investment earnings or losses, interest payments made to the Contributor pursuant to paragraph 6, if any, and transfers pursuant to paragraphs 8, 9, 10 or 11 or pursuant to Section VI, paragraphs 1(c) and 4(b)(2) of the RST Instrument (“Notional Value”). - Repayment upon Maturity: Trustee shall repay the Deposit as soon as practicable following the Maturity Date. Repayment amount shall be the lower of: - (a) the Original Amount of the Deposit less any amount(s) repaid to the Contributor under paragraphs 8 or 9 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, and - (b) the Notional Value of the Deposit. - Post‑Maturity Transfers: To the extent any transfers are received in the Deposit Account pursuant to Section VI, paragraph 1(c) of the RST Instrument after the Maturity Date, the Trustee shall promptly repay to the Contributor any amounts received that are attributable to the Deposit. ### Investment Strategy, Risks, and Interest - Investment: Resources from the Deposit shall be invested by the Trustee in accordance with the guidelines adopted by the Trustee pursuant to Section VI, paragraph 4(a) of the RST Instrument. - Risk Disclosure: The assets of the Deposit Account are exposed to market and credit risk which could result in potential losses to the Original Amount of the Deposit. - Interest (paragraph 6): - Interest paid at the SDR interest rate established by the Fund pursuant to Article XX, Section 3 of the Fund’s Articles of Agreement. - Interest accrues daily and shall be paid promptly by the Trustee on a quarterly basis after January 31, April 30, July 31 and October 31 of each year. - Any payment of interest shall be limited to the Notional Value of the Deposit. - Following any full repayment of the Deposit in accordance with paragraphs 7 and 9, all remaining interest under paragraph 6(a) shall be paid to the Contributor at the end of the Fund financial quarter in which repayment was made. ### Early Repayment and Encashment - Encashment (paragraph 8): - Contributor’s right to seek early repayment of all or part of the Deposit (the “Encashed Deposit”) pursuant to Section VI, paragraph 5(e) of the RST Instrument if the Contributor represents that Switzerland’s balance of payments and reserve position justifies early repayment and the Trustee, giving the representation the overwhelming benefit of any doubt, agrees. - Encashed Deposit amount may not exceed the Original Amount of the Deposit less any amount(s) repaid under this paragraph or paragraph 9 or transferred under paragraph 11, or the Notional Value of the Deposit, whichever is lower. - Contributor agrees to restore an amount equivalent to the Encashed Deposit to the Deposit Account as soon as practicable in light of favorable developments in Switzerland’s balance of payments and reserve position, as evidenced by the inclusion of Switzerland’s currency in the Fund’s Financial Transactions Plan. - Early Repayment by Trustee (paragraph 9): - Trustee may repay all or part of the Deposit at any time in advance of the Maturity Date, subject to the same upper-limit rule (Original Amount less prior repayments/transfers or Notional Value, whichever is lower). - Trustee will give notice to the Contributor at least five (5) Fund business days prior to any advance repayment. - If Switzerland does not provide its consent to a proposed amendment to the RST Instrument as required under Section X, paragraph 2(a), the Contributor may request the return of the Original Amount of the Deposit less prior repayments/transfers, or the Notional Value, whichever is lower, in accordance with Section X, paragraph 2(c). ### Liquidation, Transfer of Claims, and Modality of Payments - Liquidation (paragraph 10): If the Trustee decides to wind up the Trust, the Trust shall repay the Deposit to the Contributor at the Original Amount less prior repayments/transfers, or the Notional Value, whichever is lower, in accordance with liquidation procedures under the RST Instrument; Trustee shall notify the Contributor in advance. Payment will be made to an account specified by the Contributor, which can include an account or trust administered by the Fund. - Transfer of Claims (paragraph 11): - Contributor may transfer at any time all or part of any claim on the Deposit Account to any member of the Fund, to the central bank or other fiscal agency designated by such a member for purposes of Article V, Section 1 of the Fund’s Articles of Agreement, or to any official entity prescribed as a holder of SDRs pursuant to Article XVII, Section 3. - Transferee acquires all rights of the Contributor under this Deposit Agreement with respect to repayment and interest, except the right to request early repayment under paragraph 8 only if transferee is a member or the central bank/fiscal agency of a member and, at time of transfer, the member’s balance of payments and reserve position was considered sufficiently strong in the Fund’s opinion for its currency to be usable in transfers under the Fund’s Financial Transactions Plan. - Modality of Interest Payment and Repayment (paragraph 12): - Unless otherwise agreed, payment of interest shall be made in SDRs and repayment of the Deposit shall be made in Euros. - Payment in SDRs: by crediting the amount due to Switzerland’s holdings account in the Special Drawing Rights Department. If the due date is not a business day of the Fund, payment shall be made on the following business day for the Fund. - Payment in currencies: made to an account as agreed between the Trustee and the Contributor. If the due date is not a business day of the Fund or the Target system or the domestic markets of the non-euro currencies included in the SDR basket, payment shall be made on the following business day of the Fund, the Target system and the domestic markets of the non-euro currencies included in the SDR basket. ### Exchange Rate, SDR Basket, and Final Provisions - Exchange Rate (paragraph 13): Unless otherwise agreed, all transfers, exchanges, payments of interest, or repayments of the Deposit in currencies shall be made at the exchange rates for the relevant currencies in terms of the SDR established by the Fund pursuant to Article XIX, Section 7(a) of the Fund’s Articles of Agreement and the rules and regulations of the Fund thereunder for the second (Fund) business day before the value date of the transfer, exchange, payment of interest, or repayment. - SDR Basket (paragraph 14): If the Fund changes the currency composition or currency weights of the SDR basket, all transfers, exchanges, payments of interest, and repayments of the Deposit two or more (Fund) business days after the effective date of the change shall be made on the basis of the new SDR basket. - Final Provisions: - Dispute Resolution: Any question arising under this Deposit Agreement shall be settled by mutual agreement between the Contributor and the Trustee. - Execution: This Deposit Agreement may be executed in one or more duplicate counterparts, each deemed an original. - Effectiveness: This Deposit Agreement shall become effective on the last date written below. ### Signatures and Dates - For THE SWISS NATIONAL BANK: - Thomas Jordan /s — January 25, 2024 — Chairman of the Governing Board - Martin Schlegel /s — January 25, 2024 — Vice Chairman of the Governing Board - For the INTERNATIONAL MONETARY FUND as Trustee: - Kristalina Georgieva /s — February 13, 2024 — Managing Director *Source: Deposit Agreement text (pp. 45–48) from the provided IMF PDF content.* --- _Source: https://www.imf.org/-/media/files/publications/pp/2024/english/ppea2024013.pdf_