Termination of the Administered Account for Liberia
Policy Papers, March 4, 2013
Source details
- Canonical URL
- Termination of the Administered Account for Liberia
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Bibliographic details
- Published: March 4, 2013
- Series: Policy Papers
Overview and Purpose of the LAA
- On March 14, 2008 the Fund established the Administered Account for Liberia (“Liberia Administered Account” or LAA).
- The LAA was intended to:
- receive resources contributed for the financing of the IMF’s share of debt relief to Liberia; and
- use these resources, as provided for in the Instrument to establish the LAA, to make contributions in the context of debt relief to Liberia under the Heavily Indebted Poor Country (HIPC) Initiative, and to deliver “beyond-HIPC” debt relief to Liberia.
Legal and Operational Closure Criteria
- The Instrument establishing the LAA (paragraph 10(a)) specifies that the LAA shall remain in effect for as long as necessary, in the judgment of the Fund, to conduct and wind up the business of the account.
- The account’s mandate was tied to the delivery of debt relief under the HIPC Initiative and the delivery of “beyond-HIPC” relief as set out in the Instrument.
Rationale for Termination
- Liberia achieved the HIPC completion point in June 2010.
- Full delivery of “beyond-HIPC” debt relief exhausted the balances in the LAA.
- Because the LAA has no pending business following these developments, the LAA can be terminated.
Administrative and Publication Details
- Publication date on the page: March 4, 2013.
- Subjects noted on the page: Administered accounts, Debt relief, Executive Board decisions, HIPC Initiative, Lapse of time approval, Liberia.
Termination of the Administered Account for Liberia, March 4, 2013 (web page).
Content in this bundle
- Termination of the Administered Account for Liberia; IMF Policy Paper; March 4, 2013