Partial Distribution of the General Reserve Attributed to Windfall Gold Sale Profits--Proposed Decision
Policy Papers, February 1, 2012
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Bibliographic details
- Published: February 1, 2012
- Series: Policy Papers
Proposal overview
- Proposes the distribution of a portion of the Fund’s general reserve that is attributed to profits from recent Fund gold sales.
- The proposed distribution is part of a strategy endorsed by the Board in July 2009 to use resources linked to gold sale profits to facilitate members’ contributions towards Poverty Reduction and Growth Trust (PRGT) subsidies.
Context and rationale
- Strategy formulated in the context of a comprehensive reform of the Fund’s Low Income Country (LIC) facilities and concessional financing framework approved by the Executive Board.
- The reform included a financing package aimed at ensuring the PRGT’s capacity to lend concessional resources of up to SDR 11.3 billion ($17 billion) during the period 2009–14.
Financing package and expected contributions
- Financing package included an agreement to raise SDR 1.5 billion in subsidy resources.
- Of the SDR 1.5 billion, SDR 0.5–0.6 billion (in end-2008 NPV terms) was expected to be generated from resources linked to profits from gold sales.
Metadata and publication
- Publication title: Partial Distribution of the General Reserve Attributed to Windfall Gold Sale Profits--Proposed Decision
- Publication date: February 1, 2012
- Subject tags (as provided): Executive Board decisions; Fund reserves; General Resources Account; Gold sales by Fund; Poverty Reduction and Growth Trust; Profits; Use of Fund resources
Source: Partial Distribution of the General Reserve Attributed to Windfall Gold Sale Profits--Proposed Decision (February 1, 2012), IMF web landing page.