## Framework Administered Account for Selected Fund Activities: The Socialist People’s Libyan Arab Jamahiriya Subaccount for Selected Fund Activities

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### Background and purpose
- In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund Activities (the “SFA Instrument”).
- The Socialist People’s Libyan Arab Jamahiriya Subaccount will be the eighth subaccount to be established under the SFA.
- This paper requests Executive Board approval to establish the Socialist People’s Libyan Arab Jamahiriya Subaccount for Selected Fund Activities (the “Subaccount”) under the terms of the SFA instrument.
- Prepared by the Legal and Finance Departments, and the Office of Technical Assistance Management. Approved by Sean Hagan, Andrew Tweedie, and Alfred Kammer. November 11, 2009.

### Understandings and scope of activities
- The Fund, represented by the Managing Director, and Libya, acting through the Central Bank of Libya (“Libya”), have reached understandings to finance capacity building (technical assistance and training) and related activities.
- The Subaccount’s activities will:
  - Enhance the capacity of Fund members to formulate and implement policies in the macroeconomic, fiscal, monetary, financial and related statistical fields.
  - Include training programs and projects that strengthen the legal and administrative framework in these core areas.

### Resources and financing
- The resources of the Subaccount shall consist of:
  - Amounts contributed to the Subaccount by The Socialist People’s Libyan Arab Jamahiriya.
  - Earnings that accrue as a result of investment of these amounts (net of any costs associated with such investments).
- Resources will be placed in the Subaccount on the basis of Letters of Understandings signed between The Socialist People’s Libyan Arab Jamahiriya and the Fund relating to specific activities to be undertaken.
- The Subaccount will permit The Socialist People’s Libyan Arab Jamahiriya to transfer resources from The Socialist People’s Libyan Arab Jamahiriya Subaccount to any subaccount under the SFA.

### Operational arrangements and consistency
- The Socialist People’s Libyan Arab Jamahiriya and the Fund shall reach understandings upon operational features related to the activities to be financed from the Subaccount, consistent with the understandings already reached and the Instrument governing the SFA.
- The essential terms and conditions of the Subaccount are consistent with the terms and conditions of the SFA Instrument, and the activities to be financed are consistent with the purposes of the Fund.

### Cost recovery for Fund management
- To help defray the expenses incurred by the Fund in the management of the Subaccount, reimbursement equal to 7 percent of the expenses financed by the Subaccount will be paid to the Fund from the Subaccount.

### Recommendation
- It is proposed that the Executive Board approve the establishment of the Subaccount.

*Source: IMF document "Framework Administered Account for Selected Fund Activities: The Socialist People’s Libyan Arab Jamahiriya Subaccount for Selected Fund Activities", November 11, 2009.*

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_Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2009/_111109d.pdf_