## Framework Administered Account for Selected Fund Activities: Sweden Subaccount for Selected Fund Activities

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### Purpose and proposal
- Proposal to establish the Sweden Subaccount for Selected Fund Activities (the “Subaccount”) under the SFA Instrument.
- Background: In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund Activities (the “SFA Instrument”).
- Paper requests Executive Board approval to establish the Subaccount.  
- Approved by Sean Hagan, Andrew Tweedie, and J.R. Rosales; dated November 18, 2010.

### Parties and understandings
- The Fund, represented by the Managing Director, has reached understandings with the Government of Sweden acting through the Swedish International Development Cooperation Agency (“Sida”).
- The Managing Director established the essential terms and conditions of the Subaccount, with which Sida concurs, regarding the nature, design, implementation, and financing method for the activities.

### Eligible activities and use of resources
- Resources will 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.
- Eligible activities include training programs and projects that strengthen the legal and administrative framework in these core areas.

### Resources, placement, and investment
- Resources of the Subaccount shall consist of amounts contributed to the Subaccount by Sida and 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 by Sida on the basis of Letters of Understandings signed between Sida and the Fund relating to specific activities to be undertaken.
- The Subaccount will permit Sida to transfer resources from the Subaccount to any subaccount under the SFA.

### Operational coordination and charges
- Sida 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.
- 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.

### Consistency and 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.
- Recommendation: Executive Board approval to establish the Subaccount.

*Framework Administered Account for Selected Fund Activities: Sweden Subaccount for Selected Fund Activities, November 18, 2010.*

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_Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2010/_111810.pdf_