## Framework Administered Account for Selected Fund Activities: West Africa Regional Technical Assistance Center (AFRITAC West) Subaccount

## Source details

**Canonical URL:** [Framework Administered Account for Selected Fund Activities: West Africa Regional Technical Assistance Center (AFRITAC West) Subaccount](https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2009/_091509b.pdf)

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### Background and purpose
- The Fund established a new Framework Administered Account to administer external financial resources for selected Fund activities (the “SFA Instrument”) in March 2009.
- The AFRITAC West subaccount would be the fourth subaccount under the SFA Instrument.
- Contributions to AFRITAC West since its establishment in 2002 have been administered through the Framework Administered Account for Technical Assistance Activities (“FAA”); with the new funding cycle for AFRITAC West starting in November 2009, AFRITAC West will be administered solely under the SFA.
- The Managing Director established essential terms and conditions of the Subaccount concerning the nature, design, and implementation of activities to be financed from the Subaccount.

### Activities, scope, and beneficiaries
- AFRITAC West activities will focus on:
  - tax and customs policy and administration;
  - public financial management;
  - debt management and financial markets development and supervision; and
  - economic and financial statistics.
- Beneficiaries of AFRITAC West are member countries in the West Africa region: Benin, Burkina Faso, Côte d’Ivoire, Guinea, Guinea-Bissau, Mali, Mauritania, Niger, Senegal, and Togo.
- Additional beneficiary members of AFRITAC West may be added with the consent of the Managing Director and the concurrence of Contributors.

### Resources, contributions, and financial arrangements
- Resources of the Subaccount will consist of:
  - amounts contributed to the Subaccount by donors and beneficiary countries of AFRITAC West (“Contributors”), and
  - earnings that accrue as a result of the investment of these amounts (net of any costs associated with such investments).
- Resources will be used to finance capacity building, training and related activities consistent with the purposes of the Fund for identified beneficiaries of AFRITAC West.
- Contributors may transfer resources from any bilateral subaccount under the SFA into the AFRITAC West subaccount.

### Contributor consent, join/withdraw provisions, and documentation
- Each Contributor will consent to the essential terms and conditions of the Subaccount before the Managing Director may accept the Contributor’s resources into the subaccount.
- Resources will be placed in the Subaccount by each Contributor after signature of a Letter of Understanding between the Contributor and the Fund.
- Contributors may join the Subaccount at any time.
- A Contributor’s consent to the essential terms and conditions of the Subaccount shall constitute the Contributor’s ex ante concurrence to any additional Contributor joining the Subaccount on the latter’s consent to the same essential terms and conditions.
- A Contributor may withdraw from the Subaccount, and receive a retransfer of its net contributions, without precipitating the termination of the Subaccount.

### Fees and Fund reimbursement
- Reimbursement equal to 7 percent of the expenses financed from the Subaccount will be paid to the Fund from the Subaccount to help defray the expenses incurred by the Fund in the management of the Subaccount that it will finance.

### Consistency and request to Executive Board
- The essential terms and conditions of the Subaccount are consistent with the terms of the SFA Instrument.
- The activities to be financed from the Subaccount are consistent with the purposes of the Fund.
- It is proposed that the Executive Board approve the establishment of the Subaccount.

*Prepared by the Legal and Finance Departments, and the Office of Technical Assistance Management; Approved by Sean Hagan, Andrew Tweedie, and Alfred Kammer; September 15, 2009.*

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_Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2009/_091509b.pdf_