## FRAMEWORK ADMINISTERED ACCOUNT FOR SELECTED FUND ACTIVITIES: GOVERNMENT OF AUSTRALIA SUBACCOUNT

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### Background
- In March 2009, the Fund adopted the Instrument to establish a new Framework Administered Account to administer external financial resources for Selected Fund Activities (the “SFA Instrument”).
- This paper requests Executive Board approval to establish the Government of Australia Subaccount for Selected Fund Activities (the “Subaccount”) under the terms of the SFA Instrument.
- The Fund, represented by the Managing Director, has reached understandings with the Government of Australia (“Australia”) to finance technical assistance, training and related activities.

### Essential terms and conditions (as established by the Managing Director and concurred by Australia)
- Resources of the Subaccount:
  - Shall consist of amounts contributed to the Subaccount by Australia and earnings that accrue as a result of investment of these amounts (net of any costs associated with such investments).
  - 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 understandings:
  - Australia and the Fund shall reach understandings upon the operational features related to the activities to be financed from the Subaccount, consistent with the SFA Instrument and with the understandings that have been reached between Australia and the Fund.
- Placement and transfer of resources:
  - Resources will be placed in the Subaccount by Australia on the basis of Letters of Understanding signed between Australia and the Fund relating to specific activities to be undertaken.
  - The Subaccount will permit Australia to transfer resources from the Subaccount to any subaccount established under the SFA Instrument.
- Reimbursement for Fund management expenses:
  - To help defray the expenses incurred by the Fund in the management of the Subaccount, reimbursement equal to 7 percent of the expenses financed by the Subaccount will be paid to the Fund from the Subaccount.

### Consistency and approval request
- 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: FRAMEWORK ADMINISTERED ACCOUNT FOR SELECTED FUND ACTIVITIES: GOVERNMENT OF AUSTRALIA SUBACCOUNT (_061213).*

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_Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2013/_061213.pdf_