## Framework Administered Account for Selected Fund Activities: European Commission Subaccount for Selected Fund Activities

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### Background
- In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund Activities (the “SFA Instrument”).
- The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of subaccounts within the SFA.
- The European Commission Subaccount will be the ninth subaccount to be established under the SFA.
- Paper prepared by the Legal and Finance Departments, and the Office of Technical Assistance Management; approved by Sean Hagan, Andrew Tweedie, and Alfred Kammer on November 11, 2009.

### Purpose and Scope of the Subaccount
- Resources of the Subaccount will be used to finance projects that seek to enhance the capacity of Fund members to formulate and implement policies in the macroeconomic, fiscal, monetary, financial and related statistical fields.
- Financing includes training programs and projects that strengthen the legal and administrative framework in these core areas.
- Activities to be financed from the Subaccount are consistent with the purposes of the Fund.

### Legal and Operational Terms
- The Managing Director and EC President Barroso signed a framework agreement on January 12, 2009; the provisions of that framework agreement serve as the essential terms and conditions of the Subaccount with respect to the nature, design, and implementation of activities and the method by which costs will be financed from the Subaccount.
- The EC and the Fund shall reach understandings upon operational features related to the capacity building activities agreed to be financed from the Subaccount, consistent with the understandings reached under the framework agreement.
- Resources will be placed in the Subaccount by the EC on understandings to be reached by the Fund and the EC as reflected in EC Standard Contribution Agreements (SCAs), relating to specific activities to be undertaken.

### Recommendation to Executive Board
- The essential terms and conditions of the Subaccount are consistent with the terms and conditions of the SFA Instrument.
- It is proposed that the Executive Board approve the establishment of the European Commission Subaccount for Selected Fund Activities.

*Source: IMF internal paper prepared by the Legal and Finance Departments, and the Office of Technical Assistance Management, approved November 11, 2009.*

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_Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2009/_111109e.pdf_