## GUIDELINES FOR INVESTING PRG, RS, PRG-HIPC, AND CCR TRUSTS’ ASSETS

## Source details

**Canonical URL:** [GUIDELINES FOR INVESTING PRG, RS, PRG-HIPC, AND CCR TRUSTS’ ASSETS](https://www.imf.org/-/media/files/publications/pp/2025/english/ppea2025019.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/pp/2025/english/ppea2025019.pdf.md)
- [Structured JSON version](/-/media/files/publications/pp/2025/english/ppea2025019.pdf.json)

---

### General Provisions
- Purpose: Establishes investment objectives and policies for the Poverty Reduction and Growth Trust (“PRG Trust”), the Resilience and Sustainability Trust (“RS Trust”), the Trust for Special Poverty and Growth Operations for the Heavily Indebted Poor Countries and Interim ECF Subsidy Operations (“PRG-HIPC Trust”) and the Catastrophe Containment and Relief Trust (“CCR Trust”) (each a “Trust,” and collectively the “Trusts”).
- Investment Assets: resources of each Trust that are available for investment shall be subject to these Guidelines.
- Responsibilities of the Managing Director:
  - Implement the investment policies set out in these Guidelines.
  - Establish effective decision-making and oversight arrangements.
  - Adopt measures, policies and procedures to seek to avoid actual or perceived conflicts of interest.
  - Adopt responsible investing principles incorporating environmental, social, and governance (ESG) considerations into the investment process to support the investment objectives of the Trust Assets and to uphold the Fund’s reputation.
  - Establish specific risk control measures and mechanisms to monitor their observance by asset managers.
  - Consult with the Executive Board regarding key conflicts of interest policies and arrangements and responsible investment principles and arrangements.
  - Provide annual reports to the Executive Board on the investment activities of the Trusts; prepare ad hoc reports as warranted by market or other developments.
- External Asset Managers:
  - Investment Assets shall be managed by external managers, except the Managing Director is authorized to manage: (a) investments in obligations of the Bank for International Settlements (BIS) and central bank deposits; and (b) other Investment Assets of the Trusts on an interim basis following termination of an external asset manager and pending transfer to another external asset manager.
  - The Managing Director shall select external asset managers of the highest professional standards and take into account proven skills and track record suitable to achieve the investment objectives and carry out the investment strategies.
- Custody Arrangements: Managing Director shall establish adequate measures for the safekeeping and custody of the Investment Assets.
- Audit: Investment Assets shall be audited by the Fund’s external auditors and included in the annual financial statements of the Fund.
- Review: The Executive Board shall review these Guidelines and the Fund’s relevant conflict of interest policies at least every five years.

### Investment of Assets of the PRG Trust — Objectives and Portfolios
- Investment objectives for PRG Trust Investment Assets:
  - (a) generate income to support the self-sustaining operations of the PRG Trust,
  - (b) provide security to lenders to the PRG Trust,
  - (c) provide adequate liquidity for the PRG Trust’s operational needs.
- Portfolios:
  - Long-Term Portfolio objective: generate a margin of 100 basis points above the three-month SDR rate, over a long-term investment horizon of at least 10 years.
  - Short-Term Portfolio objective: enhance returns and provide liquidity to meet short-term operational needs over a short to medium-term horizon.
  - Specific allocation between Long-Term and Short-Term Portfolios determined by the Managing Director.

### Investment of Assets of the PRG Trust — Target Asset Allocation and Components
- Target Asset Allocation for the Long-Term Portfolio:
  - 40 percent in a short duration fixed-income component
  - 30 percent in a component of corporate bonds
  - 10 percent in a component of global government bonds
  - 20 percent in a component of global equities
- Short-Term Portfolio:
  - Invested in a liquidity component and a short duration fixed-income component; specific allocation to be established by the Managing Director.
- Eligible investments—liquidity component:
  - Limited to BIS deposits and central bank deposits, each with a maximum maturity of up to one year and denominated in SDR or currencies included in the SDR basket.
- Short duration fixed-income component (guidelines):
  - Shall consist of two tranches (Tranche 1 shorter-duration, Tranche 2 longer-duration) and shall have a maximum average duration of 3 years.
  - Tranche 1: managed actively; eligible asset classes are Group 1 and Group 2 asset classes.
  - Tranche 2: managed according to a buy-and-hold investment approach; eligible asset classes are Group 1 asset classes.
  - Asset transfers between tranches and allocation of future inflows/outflows determined by the Managing Director.
- Definitions—Group 1 asset classes:
  - Debt obligations issued by national governments of members or their central banks.
  - Debt obligations issued by national agencies of members.
  - Debt obligations issued by supranational institutions.
  - Obligations issued by the BIS, including without limitation deposits with the BIS and MTIs.
  - All denominated in SDR or currencies included in the SDR basket.
- Definitions—Group 2 asset classes:
  - A. Debt obligations issued by national governments of members, or their central banks denominated in non-SDR currencies selected by the Managing Director or, upon authorization by the Managing Director, by external managers, provided any currency selection is based on ex-ante criteria determined by the Managing Director.
  - B. Debt obligations denominated in SDR or the currencies included in the SDR basket, comprising: (I) securities issued by subnational governments; (II) mortgage-backed and other asset-backed securities; (III) covered bonds; and (IV) short-dated unsecured corporate bonds.
  - C. Cash-equivalent investments with maturities of one year or less, denominated in SDR or the currencies included in the SDR basket.
- Group 2 limit:
  - Up to the maximum 40 percent of the total value of the short duration fixed-income component may be invested in Group 2 asset classes; breach requires prompt action to restore limit.
- Corporate bond, global government bond, global equity components:
  - Managing Director shall establish parameters for specific assets eligible, and duration and currency requirements; on an exceptional basis, Managing Director may permit inclusion of debt obligations issued by national governments of members or their central banks in the corporate bond component.
  - Components managed passively, except emerging market equities may be managed actively.
- Residual cash balances: may be held temporarily uninvested, or in short-term instruments sponsored by the custodian(s) or an affiliate.
- Rebalancing: allocation of Investment Assets in the Long-Term Portfolio shall be rebalanced at least annually to minimize deviation from allocation targets under paragraph 14 or more frequently in the event of significant deviation.

### Investment of Assets of the PRG Trust — Credit, Divestment, and Activity Limits
- Minimum Credit Ratings:
  - Except for obligations of the BIS, central bank deposits, uninvested cash balances and equities, all assets must have a credit rating equivalent to at least BBB- for corporate bonds and BBB+ for all other assets (based on Standard & Poor’s long-term rating scale) by a major credit rating agency at the time of acquisition.
  - Managing Director may establish higher credit ratings for eligible individual asset classes.
  - Where an asset is not directly rated, Managing Director may determine whether a credit rating may be inferred consistent with market practice.
- Divestment:
  - Any eligible investment that ceases to meet the rating threshold or otherwise becomes ineligible after acquisition shall be divested within three months, except corporate bonds which fail to meet the rating threshold may be divested or continued to be retained in accordance with modalities established by the Managing Director.
- Limits on investment activities:
  - Managing Director shall establish adequate safeguards against short selling and financial leverage.
  - Derivatives may be used for managing interest rate risk, currency hedging, or reducing costs in portfolio balancing, benchmark replication and market access.
  - Currency composition of the liquidity, short duration fixed income, corporate bond, and global government bond components shall be aligned with, or hedged to, the SDR basket composition.

### Investment of Assets of the RS Trust — Objectives and Structure
- Investment objectives for RS Trust Investment Assets:
  - (a) generate income to support RS Trust operations,
  - (b) provide security for RS Trust loans,
  - (c) provide adequate liquidity for the RS Trust’s withdrawal needs.
- Portfolio structure:
  - Invested in liquidity and short duration fixed-income components; specific allocation to be established by the Managing Director.
  - Liquidity component managed to meet operational needs.
  - Short duration fixed-income component investment objective: achieve investment returns in SDR terms that exceed the 3-month SDR interest rate by a margin of 50 basis points over time while minimizing the frequency and extent of negative returns and underperformance over an investment horizon of three to four years.

### Investment of Assets of the RS Trust — Eligible Instruments, Tranches, and Limits
- Eligible investments—liquidity component:
  - Limited to BIS deposits and central bank deposits, each with a maximum maturity of up to one year and denominated in SDR or currencies included in the SDR basket.
- Short duration fixed-income component (guidelines):
  - Shall consist of two tranches (Tranche 1 shorter-duration, Tranche 2 longer-duration) and shall have a maximum average duration of 3 years.
  - Tranche 1: managed actively; eligible asset classes are Group 1 and Group 2 asset classes.
  - Tranche 2: buy-and-hold approach; eligible asset classes are Group 1 asset classes.
  - Asset transfers between tranches and allocation of future inflows/outflows determined by the Managing Director.
- Definitions of Group 1 and Group 2 asset classes mirror PRG Trust definitions (denomination and asset types).
- Group 2 limit:
  - Up to the maximum 40 percent of the total value of the short duration fixed-income component may be invested in Group 2 asset classes; breach requires prompt action to restore limit.
- Residual cash balances: may be held temporarily uninvested, or in short-term instruments sponsored by the custodian(s) or an affiliate.
- Minimum Credit Ratings:
  - Except for obligations of the BIS, central bank deposits, and uninvested cash balances, all assets must have a credit rating equivalent to at least BBB- for corporate bonds and BBB+ for all other assets (based on Standard & Poor’s long-term rating scale) by a major credit rating agency at the time of acquisition.
  - Managing Director may establish higher credit ratings for eligible individual asset classes.
  - Where an asset is not directly rated, Managing Director may determine whether a credit rating may be inferred consistent with market practice.
- Divestment:
  - Any eligible investment that ceases to meet the rating threshold or otherwise becomes ineligible after acquisition shall be divested within three months, except corporate bonds which fail to meet the rating threshold may be divested or continued to be retained in accordance with modalities established by the Managing Director.
- Limits on investment activities:
  - Managing Director shall establish adequate safeguards against short selling and financial leverage.
  - Derivatives may be used for managing interest rate risk, currency hedging, or reducing costs in portfolio balancing, benchmark replication and market access.
  - Currency composition of the liquidity and short duration fixed-income components shall be aligned with, or hedged to, the SDR basket composition.

### Other Trust Assets (PRG-HIPC and CCR Trusts) — Objectives and Structure
- Investment objectives:
  - Invest to enhance returns subject to the liquidity requirements of each Trust while limiting the risk of impairment of capital over an investment horizon of no more than three years.
- Portfolio structure:
  - Invested in a liquidity component and an investment component; specific allocation determined by the Managing Director.
- Eligible investments—liquidity component:
  - Limited to BIS deposits and central bank deposits, each with a maximum maturity of up to one year and denominated in SDR or currencies included in the SDR basket.

### (Section 2) Investment component: eligible instruments
- The investment component shall be limited to:
  - marketable obligations issued by a member or by a national official financial institution of a member that are denominated in SDR;
  - marketable obligations issued by a member or by a national official financial institution of a member whose currency is in the SDR basket and that are denominated in the currency of that member;
  - marketable obligations issued by international financial organizations and denominated in SDR or in a currency in the SDR basket;
  - deposits with a commercial bank, a national financial institution of a member, or an international financial institution that are denominated in SDR or in a currency in the SDR basket.

### (Section 2) Duration limit and management
- Duration limit:
  - The investment component shall have a maximum average duration of three years.
- Investment management and liquidity:
  - The liquidity component shall be managed to meet the operational needs of the respective trust.
  - The investment component shall be managed actively except for:
    - investments in obligations of the BIS; and
    - central bank deposits managed by the Managing Director.
- Currency composition rebalancing:
  - The currency composition of the Investment Assets of the PRG-HIPC and CCR Trusts shall be rebalanced periodically to the SDR basket composition.

### (Section 2) Credit, divestment, derivatives, and currency use
- Minimum credit ratings and unrated assets:
  - Except for obligations of the BIS, central bank deposits and uninvested cash balances, all assets in which the PRG-HIPC Trust and CCR Trust invest must have a credit rating equivalent to at least A (based on Standard & Poor’s long-term rating scale) by a major credit rating agency at the time of acquisition.
  - In cases where an asset is not directly rated, the Managing Director may determine whether a credit rating may be inferred for such asset in a manner that is consistent with market practice.
- Divestment rule:
  - Any eligible investment that ceases to meet the rating threshold in paragraph 47 or otherwise becomes ineligible after acquisition shall be divested within three months.
- Limits on investment activities and derivatives:
  - The Managing Director shall establish adequate safeguards against short selling and financial leverage.
  - Derivatives shall be prohibited except for forwards entered into for purposes of currency hedging with eligible issuers under paragraph 42.
- Use of currencies:
  - Investment which does not involve an exchange of currency shall be made only after consultation with the member whose currency is to be used.
  - When an exchange of currencies is involved, investment shall be made with the consent of the issuers of such currencies.

*International Monetary Fund — Guidelines for Investing PRG, RS, PRG-HIPC, and CCR Trusts’ Assets (Section 1 and Section 2).*

### Section 1

### GUIDELINES FOR INVESTING PRG, RS, PRG-HIPC, AND CCR TRUSTS’ ASSETS

### General Provisions
- Establishes investment objectives and policies for the Poverty Reduction and Growth Trust (“PRG Trust”), the Resilience and Sustainability Trust (“RS Trust”), the Trust for Special Poverty and Growth Operations for the Heavily Indebted Poor Countries and Interim ECF Subsidy Operations (“PRG-HIPC Trust”) and the Catastrophe Containment and Relief Trust (“CCR Trust”) (each a “Trust,” and collectively the “Trusts”).
- Investment Assets: resources of each Trust that are available for investment shall be subject to these Guidelines.
- Responsibilities of the Managing Director:
  - Implement the investment policies set out in these Guidelines.
  - Establish effective decision-making and oversight arrangements.
  - Adopt measures, policies and procedures to seek to avoid actual or perceived conflicts of interest.
  - Adopt responsible investing principles incorporating environmental, social, and governance (ESG) considerations into the investment process to support the investment objectives of the Trust Assets and to uphold the Fund’s reputation.
  - Establish specific risk control measures and mechanisms to monitor their observance by asset managers.
  - Consult with the Executive Board regarding key conflicts of interest policies and arrangements and responsible investment principles and arrangements.
  - Provide annual reports to the Executive Board on the investment activities of the Trusts; prepare ad hoc reports as warranted by market or other developments.
- External Asset Managers:
  - Investment Assets shall be managed by external managers, except the Managing Director is authorized to manage: (a) investments in obligations of the Bank for International Settlements (BIS) and central bank deposits; and (b) other Investment Assets of the Trusts on an interim basis following termination of an external asset manager and pending transfer to another external asset manager.
  - The Managing Director shall select external asset managers of the highest professional standards and take into account proven skills and track record suitable to achieve the investment objectives and carry out the investment strategies.
- Custody Arrangements: Managing Director shall establish adequate measures for the safekeeping and custody of the Investment Assets.
- Audit: Investment Assets shall be audited by the Fund’s external auditors and included in the annual financial statements of the Fund.
- Review: The Executive Board shall review these Guidelines and the Fund’s relevant conflict of interest policies at least every five years.

### Investment of Assets of the PRG Trust
- Investment objectives for PRG Trust Investment Assets:
  - (a) generate income to support the self-sustaining operations of the PRG Trust,
  - (b) provide security to lenders to the PRG Trust,
  - (c) provide adequate liquidity for the PRG Trust’s operational needs.
- Portfolios:
  - Long-Term Portfolio objective: generate a margin of 100 basis points above the three-month SDR rate, over a long-term investment horizon of at least 10 years.
  - Short-Term Portfolio objective: enhance returns and provide liquidity to meet short-term operational needs over a short to medium-term horizon.
  - Specific allocation between Long-Term and Short-Term Portfolios determined by the Managing Director.
- Target Asset Allocation for the Long-Term Portfolio:
  - 40 percent in a short duration fixed-income component
  - 30 percent in a component of corporate bonds
  - 10 percent in a component of global government bonds
  - 20 percent in a component of global equities
- Short-Term Portfolio:
  - Invested in a liquidity component and a short duration fixed-income component; specific allocation to be established by the Managing Director.
- Eligible investments—liquidity component:
  - Limited to BIS deposits and central bank deposits, each with a maximum maturity of up to one year and denominated in SDR or currencies included in the SDR basket.
- Short duration fixed-income component (guidelines):
  - Shall consist of two tranches (Tranche 1 shorter-duration, Tranche 2 longer-duration) and shall have a maximum average duration of 3 years.
  - Tranche 1: managed actively; eligible asset classes are Group 1 and Group 2 asset classes.
  - Tranche 2: managed according to a buy-and-hold investment approach; eligible asset classes are Group 1 asset classes.
  - Asset transfers between tranches and allocation of future inflows/outflows determined by the Managing Director.
- Definitions—Group 1 asset classes:
  - Debt obligations issued by national governments of members or their central banks.
  - Debt obligations issued by national agencies of members.
  - Debt obligations issued by supranational institutions.
  - Obligations issued by the BIS, including without limitation deposits with the BIS and MTIs.
  - All denominated in SDR or currencies included in the SDR basket.
- Definitions—Group 2 asset classes:
  - A. Debt obligations issued by national governments of members, or their central banks denominated in non-SDR currencies selected by the Managing Director or, upon authorization by the Managing Director, by external managers, provided any currency selection is based on ex-ante criteria determined by the Managing Director.
  - B. Debt obligations denominated in SDR or the currencies included in the SDR basket, comprising: (I) securities issued by subnational governments; (II) mortgage-backed and other asset-backed securities; (III) covered bonds; and (IV) short-dated unsecured corporate bonds.
  - C. Cash-equivalent investments with maturities of one year or less, denominated in SDR or the currencies included in the SDR basket.
- Group 2 limit:
  - Up to the maximum 40 percent of the total value of the short duration fixed-income component may be invested in Group 2 asset classes; breach requires prompt action to restore limit.
- Corporate bond, global government bond, global equity components:
  - Managing Director shall establish parameters for specific assets eligible, and duration and currency requirements; on an exceptional basis, Managing Director may permit inclusion of debt obligations issued by national governments of members or their central banks in the corporate bond component.
  - Components managed passively, except emerging market equities may be managed actively.
- Residual cash balances: may be held temporarily uninvested, or in short-term instruments sponsored by the custodian(s) or an affiliate.
- Rebalancing: allocation of Investment Assets in the Long-Term Portfolio shall be rebalanced at least annually to minimize deviation from allocation targets under paragraph 14 or more frequently in the event of significant deviation.
- Minimum Credit Ratings:
  - Except for obligations of the BIS, central bank deposits, uninvested cash balances and equities, all assets must have a credit rating equivalent to at least BBB- for corporate bonds and BBB+ for all other assets (based on Standard & Poor’s long-term rating scale) by a major credit rating agency at the time of acquisition.
  - Managing Director may establish higher credit ratings for eligible individual asset classes.
  - Where an asset is not directly rated, Managing Director may determine whether a credit rating may be inferred consistent with market practice.
- Divestment:
  - Any eligible investment that ceases to meet the rating threshold or otherwise becomes ineligible after acquisition shall be divested within three months, except corporate bonds which fail to meet the rating threshold may be divested or continued to be retained in accordance with modalities established by the Managing Director.
- Limits on investment activities:
  - Managing Director shall establish adequate safeguards against short selling and financial leverage.
  - Derivatives may be used for managing interest rate risk, currency hedging, or reducing costs in portfolio balancing, benchmark replication and market access.
  - Currency composition of the liquidity, short duration fixed income, corporate bond, and global government bond components shall be aligned with, or hedged to, the SDR basket composition.

### Investment of Assets of the RS Trust
- Investment objectives for RS Trust Investment Assets:
  - (a) generate income to support RS Trust operations,
  - (b) provide security for RS Trust loans,
  - (c) provide adequate liquidity for the RS Trust’s withdrawal needs.
- Portfolio structure:
  - Invested in liquidity and short duration fixed-income components; specific allocation to be established by the Managing Director.
  - Liquidity component managed to meet operational needs.
  - Short duration fixed-income component investment objective: achieve investment returns in SDR terms that exceed the 3-month SDR interest rate by a margin of 50 basis points over time while minimizing the frequency and extent of negative returns and underperformance over an investment horizon of three to four years.
- Eligible investments—liquidity component:
  - Limited to BIS deposits and central bank deposits, each with a maximum maturity of up to one year and denominated in SDR or currencies included in the SDR basket.
- Short duration fixed-income component (guidelines):
  - Shall consist of two tranches (Tranche 1 shorter-duration, Tranche 2 longer-duration) and shall have a maximum average duration of 3 years.
  - Tranche 1: managed actively; eligible asset classes are Group 1 and Group 2 asset classes.
  - Tranche 2: buy-and-hold approach; eligible asset classes are Group 1 asset classes.
  - Asset transfers between tranches and allocation of future inflows/outflows determined by the Managing Director.
- Definitions of Group 1 and Group 2 asset classes mirror PRG Trust definitions (denomination and asset types).
- Group 2 limit:
  - Up to the maximum 40 percent of the total value of the short duration fixed-income component may be invested in Group 2 asset classes; breach requires prompt action to restore limit.
- Residual cash balances: may be held temporarily uninvested, or in short-term instruments sponsored by the custodian(s) or an affiliate.
- Minimum Credit Ratings:
  - Except for obligations of the BIS, central bank deposits, and uninvested cash balances, all assets must have a credit rating equivalent to at least BBB- for corporate bonds and BBB+ for all other assets (based on Standard & Poor’s long-term rating scale) by a major credit rating agency at the time of acquisition.
  - Managing Director may establish higher credit ratings for eligible individual asset classes.
  - Where an asset is not directly rated, Managing Director may determine whether a credit rating may be inferred consistent with market practice.
- Divestment:
  - Any eligible investment that ceases to meet the rating threshold or otherwise becomes ineligible after acquisition shall be divested within three months, except corporate bonds which fail to meet the rating threshold may be divested or continued to be retained in accordance with modalities established by the Managing Director.
- Limits on investment activities:
  - Managing Director shall establish adequate safeguards against short selling and financial leverage.
  - Derivatives may be used for managing interest rate risk, currency hedging, or reducing costs in portfolio balancing, benchmark replication and market access.
  - Currency composition of the liquidity and short duration fixed-income components shall be aligned with, or hedged to, the SDR basket composition.

### Other Trust Assets (PRG-HIPC and CCR Trusts)
- Investment objectives:
  - Invest to enhance returns subject to the liquidity requirements of each Trust while limiting the risk of impairment of capital over an investment horizon of no more than three years.
- Portfolio structure:
  - Invested in a liquidity component and an investment component; specific allocation determined by the Managing Director.
- Eligible investments—liquidity component:
  - Limited to BIS deposits and central bank deposits, each with a maximum maturity of up to one year and denominated in SDR or currencies included in the SDR basket.

*International Monetary Fund — Guidelines for Investing PRG, RS, PRG-HIPC, and CCR Trusts’ Assets (Section 1)*

### Section 2

### ppea2025019 - Section 2

### Investment component: eligible instruments
- The investment component shall be limited to:
  - marketable obligations issued by a member or by a national official financial institution of a member that are denominated in SDR;
  - marketable obligations issued by a member or by a national official financial institution of a member whose currency is in the SDR basket and that are denominated in the currency of that member;
  - marketable obligations issued by international financial organizations and denominated in SDR or in a currency in the SDR basket;
  - deposits with a commercial bank, a national financial institution of a member, or an international financial institution that are denominated in SDR or in a currency in the SDR basket.

### Duration limit
- The investment component shall have a maximum average duration of three years.

### Investment management and liquidity
- The liquidity component shall be managed to meet the operational needs of the respective trust.
- The investment component shall be managed actively except for:
  - investments in obligations of the BIS; and
  - central bank deposits managed by the Managing Director.

### Currency composition rebalancing
- The currency composition of the Investment Assets of the PRG-HIPC and CCR Trusts shall be rebalanced periodically to the SDR basket composition.

### Minimum credit ratings and unrated assets
- Except for obligations of the BIS, central bank deposits and uninvested cash balances, all assets in which the PRG-HIPC Trust and CCR Trust invest must have a credit rating equivalent to at least A (based on Standard & Poor’s long-term rating scale) by a major credit rating agency at the time of acquisition.
- In cases where an asset is not directly rated, the Managing Director may determine whether a credit rating may be inferred for such asset in a manner that is consistent with market practice.

### Divestment rule
- Any eligible investment that ceases to meet the rating threshold in paragraph 47 or otherwise becomes ineligible after acquisition shall be divested within three months.

### Limits on investment activities and derivatives
- The Managing Director shall establish adequate safeguards against short selling and financial leverage.
- Derivatives shall be prohibited except for forwards entered into for purposes of currency hedging with eligible issuers under paragraph 42.

### Use of currencies
- Investment which does not involve an exchange of currency shall be made only after consultation with the member whose currency is to be used.
- When an exchange of currencies is involved, investment shall be made with the consent of the issuers of such currencies.

*International Monetary Fund — Guidelines for investing PRG, RS, PRG-HIPC, and CCR trusts’ assets (Section 2).*

---


_Source: https://www.imf.org/-/media/files/publications/pp/2025/english/ppea2025019.pdf_