## Framework Administered Account for Selected Fund Activities: Republic of South Sudan Macroeconomic Capacity Building ## Source details **Canonical URL:** [Framework Administered Account for Selected Fund Activities: Republic of South Sudan Macroeconomic Capacity Building](https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2012/_011812.pdf) ## Other formats - [Markdown version](/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2012/_011812.pdf.md) - [Structured JSON version](/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2012/_011812.pdf.json) --- ### Overview - The Fund established a 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 Republic of South Sudan Macroeconomic Capacity Building Subaccount (the “Subaccount”) under the SFA Instrument. - Document prepared by the Legal and Finance Departments, and the Office of Technical Assistance Management; approved by Sean Hagan, Andrew Tweedie, and J.R. Rosales; dated January 18, 2012. - The Subaccount has been established by the IMF on January 25, 2012. ### Objectives and Scope of Activities - Management and staff, in discussion with donors, proposed a capacity building program for the new government of the Republic of South Sudan focusing principally on: - (i) supporting the development of an integrated macroeconomic framework for monetary and fiscal policy implementation; - (ii) establishment of a fully functioning central bank; - (iii) improving tax and customs policy and implementation; - (iv) building capacity for the production of macroeconomic statistics; and - (v) strengthening public financial management. - Partnerships with donors will take the form of a multi-donor subaccount. ### Essential Terms and Conditions (summary) - Resources: - The Subaccount resources shall consist of amounts contributed by donors (“Contributors”) and earnings from investment of these amounts (net of any costs associated with such investments). - Resources will be used to finance capacity building, training, and related activities consistent with the Subaccount’s purposes. - Contributor consent and entry/exit: - Each Contributor must consent to essential terms and conditions before the Managing Director may accept resources. - Resources are placed in the Subaccount after signature of a Letter of Understanding or other legal agreement between the Contributor and the Fund. - Contributors may join the Subaccount at any time; a Contributor’s consent constitutes ex ante concurrence to additional Contributors joining on the same terms. - A Contributor may withdraw and receive a retransfer of its net contributions without precipitating termination of the Subaccount. - The Subaccount will permit Contributors to transfer resources from any bilateral subaccount under the SFA Instrument into the Republic of South Sudan Macroeconomic Capacity Building Subaccount. - Administrative reimbursement: - Reimbursement equal to seven percent of the expenses financed from the Subaccount will be paid to the Fund from the Subaccount to help defray administrative expenses. ### Governance and Responsibilities - Governance framework: - Administration governed by the SFA Framework Instrument, the Annex, respective Letters of Understanding (LOU), and the Program Document. - In case of discrepancies, controlling order: the SFA Framework Instrument, the Annex, the LOU, and the Program Document. - Personnel and procurement: - IMF will identify and employ personnel (IMF staff, experts, or administrative personnel) for Subaccount activities and will supervise and manage such personnel. - Goods and services financed will be procured in accordance with the IMF’s guidelines and procedures. - Subaccount Steering Committee: - The Subaccount will be guided by a steering committee (the “Subaccount Steering Committee”) including representatives of the Contributors and the IMF. - The Steering Committee will provide strategic guidance, assist in setting priorities of the workplan, and meet as required to endorse work plans. - Contributor responsibilities and liabilities: - Contributors will provide Contributions as set out in their LOUs. - Contributors will not be responsible for activities of any person or third-party engaged by the IMF, nor liable for costs incurred by the IMF in terminating such engagements. - LOUs, the Annex, and the Program Document have no bearing on any other arrangements Contributors or the IMF may have with beneficiary countries. - IMF will apply its normal procedures and exercise the same care as in administering its own affairs, but will be under no further obligation to Contributors. ### Reporting, Evaluation, and Audit - Annual reporting: - IMF will post once a year on the IMF’s donor gateway (https://extranet.imf.org/) (i) a financial statement regarding operations and transactions under the Subaccount and (ii) a progress report. IMF will inform Contributors when documents are posted; electronic notification will constitute reporting under paragraph 11 of the SFA Framework Instrument. - Final reporting: - Within twelve months of completion of activities relating to respective LOUs and the Program Document, IMF will furnish Contributors with a final report including financial statements of activities financed under the Subaccount. - Ex-post evaluations: - A Contributor may conduct an ex-post evaluation; IMF may participate at its discretion. The cost of such evaluation will be borne by the Contributor. Terms of reference and final report will be shared with the Subaccount Steering Committee and other Contributors. - Audit: - Operations and transactions through the Subaccount during the IMF financial year will be audited as part of the SFA Framework Account; the External Audit Firm’s report on the SFA Framework Account will be posted on the IMF’s external website as part of the IMF’s Annual Report. ### Financial Administration and Fees - Contributions and commingling: - Contributions to the multi-Contributor Subaccount are commingled funds. - Transfers: - Contributors may authorize IMF to transfer amounts directly to this Subaccount from other subaccounts under the SFA Framework Account at a Contributor’s request. - Administrative charge: - An amount equivalent to 7 (seven) percent of costs charged to the subaccount for Selected Fund Activities will be charged to the Subaccount to help cover IMF administrative expenses. ### Consultation, Revision, Amendment, and Dispute Resolution - Consultation: - Contributors and IMF will consult as necessary on matters relating to the Subaccount. - Revisions (major changes): - Revisions (major changes to planned activities or budget, or extensions without adding new Contributions) require endorsement by the Subaccount Steering Committee. If urgent, IMF will propose revisions in writing for endorsement on a non-objection basis within one month; absent objection the revision is deemed approved. - Amendments (fundamental changes): - Amendments (e.g., joining of new Contributors or fundamental budget changes) will be communicated to Contributors who may object on a non-objection basis within one month; absent objection the amendment is deemed approved. - Suspension/termination notifications: - Contributors and IMF will promptly inform and consult regarding proposed suspension or termination of disbursements or events threatening implementation. - Dispute resolution: - Any disputes will be settled in accordance with the IMF’s normal dispute resolution mechanism. ### Confidentiality, Visibility, and Intellectual Property - Confidentiality: - IMF will preserve confidentiality of documents, information, or materials directly related to Subaccount activities in accordance with IMF policies, including the IMF’s dissemination policy. - Visibility: - IMF will publicize that the Subaccount has received funding from Contributors. Press information, publicity material, official notices, reports and publications will acknowledge that activities were carried out “with funding by” the Contributors and, if provided, will display Contributors’ logos or emblems appropriately. - Publication disclaimer: - All IMF publications pertaining to the Subaccount financed under the Subaccount will carry the following or similar disclaimer: “This document has been produced with the financial assistance of the [name of the Contributors].” ### Intellectual property and attribution - "The views expressed herein can in no way be taken to reflect the official opinion of the [name of the Contributors]." - (d) All technical assistance outputs are the intellectual property of the IMF. ### Withdrawal and Termination - (a) In accordance with paragraph 13 of the SFA Framework Instrument, upon a Contributor’s withdrawal, the Contributor’s pro rata share of any balances remaining in the Subaccount, net of any amounts of continuing liabilities and commitments, at the time of effectiveness of the withdrawal will be retransferred to the Contributor or to another subaccount, at the request of the Contributor. - (b) In accordance with paragraph 15 of the SFA Framework Instrument, upon termination of the Subaccount, a Contributor’s pro rata share of any balances remaining in the Subaccount at the time of termination, net of any amounts of continuing liabilities and commitments, will be retransferred to each Contributor or to another Subaccount, at the request of the Contributor. - (c) Following any retransfer to a Contributor, the Contributor will have no further claims with respect to the Subaccount or the governance of activities financed under the Subaccount. *Source: _011812 - Section 2* ### Section 1 ### Framework Administered Account for Selected Fund Activities: Republic of South Sudan Macroeconomic Capacity Building ### Overview - The Fund established a 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 Republic of South Sudan Macroeconomic Capacity Building Subaccount (the “Subaccount”) under the SFA Instrument. - Document prepared by the Legal and Finance Departments, and the Office of Technical Assistance Management; approved by Sean Hagan, Andrew Tweedie, and J.R. Rosales; dated January 18, 2012. - The Subaccount has been established by the IMF on January 25, 2012. ### Objectives and Scope of Activities - Management and staff, in discussion with donors, proposed a capacity building program for the new government of the Republic of South Sudan focusing principally on: - (i) supporting the development of an integrated macroeconomic framework for monetary and fiscal policy implementation; - (ii) establishment of a fully functioning central bank; - (iii) improving tax and customs policy and implementation; - (iv) building capacity for the production of macroeconomic statistics; and - (v) strengthening public financial management. - Partnerships with donors will take the form of a multi-donor subaccount. ### Essential Terms and Conditions (summary) - Resources: - The Subaccount resources shall consist of amounts contributed by donors (“Contributors”) and earnings from investment of these amounts (net of any costs associated with such investments). - Resources will be used to finance capacity building, training, and related activities consistent with the Subaccount’s purposes. - Contributor consent and entry/exit: - Each Contributor must consent to essential terms and conditions before the Managing Director may accept resources. - Resources are placed in the Subaccount after signature of a Letter of Understanding or other legal agreement between the Contributor and the Fund. - Contributors may join the Subaccount at any time; a Contributor’s consent constitutes ex ante concurrence to additional Contributors joining on the same terms. - A Contributor may withdraw and receive a retransfer of its net contributions without precipitating termination of the Subaccount. - The Subaccount will permit Contributors to transfer resources from any bilateral subaccount under the SFA Instrument into the Republic of South Sudan Macroeconomic Capacity Building Subaccount. - Administrative reimbursement: - Reimbursement equal to seven percent of the expenses financed from the Subaccount will be paid to the Fund from the Subaccount to help defray administrative expenses. ### Governance and Responsibilities - Governance framework: - Administration governed by the SFA Framework Instrument, the Annex, respective Letters of Understanding (LOU), and the Program Document. - In case of discrepancies, controlling order: the SFA Framework Instrument, the Annex, the LOU, and the Program Document. - Personnel and procurement: - IMF will identify and employ personnel (IMF staff, experts, or administrative personnel) for Subaccount activities and will supervise and manage such personnel. - Goods and services financed will be procured in accordance with the IMF’s guidelines and procedures. - Subaccount Steering Committee: - The Subaccount will be guided by a steering committee (the “Subaccount Steering Committee”) including representatives of the Contributors and the IMF. - The Steering Committee will provide strategic guidance, assist in setting priorities of the workplan, and meet as required to endorse work plans. - Contributor responsibilities and liabilities: - Contributors will provide Contributions as set out in their LOUs. - Contributors will not be responsible for activities of any person or third-party engaged by the IMF, nor liable for costs incurred by the IMF in terminating such engagements. - LOUs, the Annex, and the Program Document have no bearing on any other arrangements Contributors or the IMF may have with beneficiary countries. - IMF will apply its normal procedures and exercise the same care as in administering its own affairs, but will be under no further obligation to Contributors. ### Reporting, Evaluation, and Audit - Annual reporting: - IMF will post once a year on the IMF’s donor gateway (https://extranet.imf.org/) (i) a financial statement regarding operations and transactions under the Subaccount and (ii) a progress report. IMF will inform Contributors when documents are posted; electronic notification will constitute reporting under paragraph 11 of the SFA Framework Instrument. - Final reporting: - Within twelve months of completion of activities relating to respective LOUs and the Program Document, IMF will furnish Contributors with a final report including financial statements of activities financed under the Subaccount. - Ex-post evaluations: - A Contributor may conduct an ex-post evaluation; IMF may participate at its discretion. The cost of such evaluation will be borne by the Contributor. Terms of reference and final report will be shared with the Subaccount Steering Committee and other Contributors. - Audit: - Operations and transactions through the Subaccount during the IMF financial year will be audited as part of the SFA Framework Account; the External Audit Firm’s report on the SFA Framework Account will be posted on the IMF’s external website as part of the IMF’s Annual Report. ### Financial Administration and Fees - Contributions and commingling: - Contributions to the multi-Contributor Subaccount are commingled funds. - Transfers: - Contributors may authorize IMF to transfer amounts directly to this Subaccount from other subaccounts under the SFA Framework Account at a Contributor’s request. - Administrative charge: - An amount equivalent to 7 (seven) percent of costs charged to the subaccount for Selected Fund Activities will be charged to the Subaccount to help cover IMF administrative expenses. ### Consultation, Revision, Amendment, and Dispute Resolution - Consultation: - Contributors and IMF will consult as necessary on matters relating to the Subaccount. - Revisions (major changes): - Revisions (major changes to planned activities or budget, or extensions without adding new Contributions) require endorsement by the Subaccount Steering Committee. If urgent, IMF will propose revisions in writing for endorsement on a non-objection basis within one month; absent objection the revision is deemed approved. - Amendments (fundamental changes): - Amendments (e.g., joining of new Contributors or fundamental budget changes) will be communicated to Contributors who may object on a non-objection basis within one month; absent objection the amendment is deemed approved. - Suspension/termination notifications: - Contributors and IMF will promptly inform and consult regarding proposed suspension or termination of disbursements or events threatening implementation. - Dispute resolution: - Any disputes will be settled in accordance with the IMF’s normal dispute resolution mechanism. ### Confidentiality, Visibility, and Intellectual Property - Confidentiality: - IMF will preserve confidentiality of documents, information, or materials directly related to Subaccount activities in accordance with IMF policies, including the IMF’s dissemination policy. - Visibility: - IMF will publicize that the Subaccount has received funding from Contributors. Press information, publicity material, official notices, reports and publications will acknowledge that activities were carried out “with funding by” the Contributors and, if provided, will display Contributors’ logos or emblems appropriately. - Publication disclaimer: - All IMF publications pertaining to the Subaccount financed under the Subaccount will carry the following or similar disclaimer: “This document has been produced with the financial assistance of the [name of the Contributors].” *Prepared by the Legal and Finance Departments, and the Office of Technical Assistance Management; Approved by Sean Hagan, Andrew Tweedie, and J.R. Rosales; January 18, 2012.* ### Section 2 ### _011812 - Section 2 ### Intellectual property and attribution - "The views expressed herein can in no way be taken to reflect the official opinion of the [name of the Contributors]." - (d) All technical assistance outputs are the intellectual property of the IMF. ### Withdrawal and Termination (8) - (a) In accordance with paragraph 13 of the SFA Framework Instrument, upon a Contributor’s withdrawal, the Contributor’s pro rata share of any balances remaining in the Subaccount, net of any amounts of continuing liabilities and commitments, at the time of effectiveness of the withdrawal will be retransferred to the Contributor or to another subaccount, at the request of the Contributor. - (b) In accordance with paragraph 15 of the SFA Framework Instrument, upon termination of the Subaccount, a Contributor’s pro rata share of any balances remaining in the Subaccount at the time of termination, net of any amounts of continuing liabilities and commitments, will be retransferred to each Contributor or to another Subaccount, at the request of the Contributor. - (c) Following any retransfer to a Contributor, the Contributor will have no further claims with respect to the Subaccount or the governance of activities financed under the Subaccount. *Source: _011812 - Section 2* --- _Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2012/_011812.pdf_