## Framework Administered Account for Selected Fund Activities: Belgium 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 financing of activities under the SFA Instrument is implemented through establishment and operation of subaccounts within the SFA.
- This paper requests Executive Board approval to establish the Belgium Subaccount for Selected Fund Activities (the “Subaccount”) under the SFA Instrument.

### Arrangements with Belgium
- The Fund, represented by the Managing Director, has reached understandings with the Government of Belgium acting through the Minister of Development Cooperation (“Belgium”), to finance capacity building, training and related activities.
- The Managing Director has established the essential terms and conditions of the Subaccount, with which Belgium concurs, covering the nature, design, implementation, and financing method for the activities to be financed.

### Resources and eligible activities
- Resources of the Subaccount shall consist of:
  - amounts contributed to the Subaccount by Belgium; and
  - earnings that accrue as a result of investment of these amounts (net of any costs associated with such investments).
- 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, including:
  - training programs; and
  - projects that strengthen the legal and administrative framework in these core areas.

### Operational features and transfers
- Belgium and the Fund shall reach understandings upon operational features related to the activities to be financed from the Subaccount, consistent with understandings between Belgium and the Fund and the SFA Instrument.
- Resources will be placed in the Subaccount by Belgium on the basis of Letters of Understandings signed between Belgium and the Fund relating to specific activities to be undertaken.
- The Subaccount will permit Belgium to transfer resources from the Belgium Subaccount to any subaccount under the SFA.

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

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

### Attachment — List of Subaccounts established under the SFA
- “Central America, Panama, and the Dominican Republic Technical Assistance Center (CAPTAC-DR) Subaccount”
- “Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Subaccount”
- “East Africa Regional Technical Assistance Center (AFRITAC East) Subaccount”
- “West Africa Regional Technical Assistance Center (AFRITAC West) Subaccount”
- “Switzerland Subaccount for Selected Fund Activities”
- “Germany Subaccount for Selected Fund Activities”
- “European Investment Bank Subaccount for Selected Fund Activities”
- “The Socialist People’s Libyan Arab Jamahiriya Subaccount for Selected Fund Activities”
- “European Commission Subaccount for Selected Fund Activities”
- “Kingdom of the Netherlands—Netherlands Subaccount for Selected Fund Activities”
- “Middle East Regional Technical Assistance Center (METAC) Subaccount”
- “Norway Subaccount for Selected Fund Activities”
- “United Kingdom Department for International Development Subaccount for Selected Fund Activities”
- “Japan Subaccount for Selected Fund Activities”
- “Establishment of an Administered Account for Interim Holdings of Voluntary Contributions for Fund Activities and Establishment of a Framework Administered Account for Selected Fund Activities—Subaccount for the Administration of Selected Smaller-Scale Capacity Building Activities”
- “United States Subaccount for Selected Fund Activities”
- “African Regional Technical Assistance Center (AFRITAC Central) Subaccount”
- “Kuwait Subaccount for Selected Fund Activities”

*Prepared by the Legal and Finance Departments, and the Office of Technical Assistance Management; Approved by Sean Hagan, Andrew Tweedie, and J. R. Rosales; September 24, 2010.*

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_Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2010/_092410.pdf_