## Framework Administered Account for Selected Fund Activities: United States Subaccount for Selected Fund Activities

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### Background and purpose
- Prepared by the Legal and Finance Departments, and the Office of Technical Assistance Management; Approved by Sean Hagan, Andrew Tweedie, and J.R. Rosales.
- Date of document: July 15, 2010.
- The Fund established a new Framework Administered Account to administer external financial resources for selected Fund Activities (the “SFA Instrument”) in March 2009.
- This paper requests Executive Board approval to establish the United States Subaccount for Selected Fund Activities (the “Subaccount”) under the SFA Instrument to finance capacity building, training, and related activities.

### Scope of activities to be financed
- The Subaccount resources 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.
- Activities include training programs and projects that strengthen the legal and administrative framework in these core areas.

### Terms and conditions (essential features)
- Resources of the Subaccount shall consist of amounts contributed to the Subaccount by the United States and earnings that accrue as a result of investment of these amounts (net of any costs associated with such investments).
- The United States and the Fund shall reach understandings upon operational features related to the activities to be financed from the Subaccount, consistent with prior understandings and the SFA Instrument.
- Resources will be placed in the Subaccount by the United States on the basis of Letters of Understandings signed between a United States government agency and the Fund relating to specific activities to be undertaken.
- The Subaccount will permit the United States to transfer resources from the United States Subaccount to any subaccount under the SFA.
- Reimbursement equal to 7 percent of the expenses financed by 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.

### Compliance and approval recommendation
- The essential terms and conditions of the Subaccount are consistent with the terms and conditions 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.

*Source: IMF paper prepared by the Legal and Finance Departments, and the Office of Technical Assistance Management; July 15, 2010.*

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_Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2010/_071510.pdf_