Selected Decisions and Selected Documents of the IMF, Fortieth Issue -- PRGF-HIPC Trust Instrument —Sunset Clause on Eligibility

Prepared by the Legal Department of the IMF
As updated as of April 30, 2019

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ARTICLE V, SECTION 2(b)
Technical and Financial Services
Financial Services
Heavily Indebted Poor Countries

PRGF-HIPC Trust Instrument—Sunset Clause on Eligibility

  • 1. The Fund decides not to extend further the sunset clause on eligibility set forth in Section 111, paragraph I (b) of the Instrument to Establish a Trust for Special PRGF Operations for the Heavily Indebted Poor Countries and Interim PRGF Subsidy Operations (“PRGF-HIPC Trust Instrument”), annexed to Decision No. 11436-(9711 O), adopted February 4, 1997. Accordingly, the sunset clause on eligibility shall take effect on December 31, 2006, as scheduled.

  • 2. Notwithstanding paragraph 1 of this decision, the Fund decides to grandfather members that have been, or in the future are, included on the list of members assessed by the Executive Board to have met the end-2004 indebtedness criterion set forth in Section III, paragraph l(d) of the PRGF-HIPC Trust Instrument, and who have not yet met the policy performance criterion set forth in Section III, paragraph 1 (b) of the PRGF-HIPC Trust Instrument. Accordingly, such members could become eligible for assistance under the HIPC Initiative if they adopt, at any time, a program of adjustment and reform of the kind specified in Section III, paragraph 1 (b) of the PRGF-HIPC Trust Instrument. (SM/06/288, Sup. 2, 10/5/06)

Decision No. 13797-(06/88),

October 13, 2006

1 Ed. Note: Section A.5 of Decision No. No. 14354-(09/79), July 23, 2009, effective January 7, 2010, states: “Except as otherwise specifically provided, references in other Fund decisions, instruments, agreements or documents to the Poverty Reduction and Growth Facility and Exogenous Shocks Facility Trust, PRGF, PRGF Trust, PRGF/ESF eligibility or PRGF/ESF Instrument shall be understood to be, respectively, references to the Poverty Reduction and Growth Trust, ECF, PRGT, PRGT eligibility and PRGT Instrument.” Further, section B.6(c) of the same decision states: “Except as otherwise specifically provided, references in the PRG-HIPC Trust Instrument to ‘interim PRGF’ shall be understood to be references to ‘interim ECF’, and references to ‘self-sustained PRGF’ shall be understood to be references to “self-sustained ECF.”

2 Ed. Note: The remaining text of Paragraph 3(b) was added by Decision No. 12696-(02/27) and will only apply to commitments approved after March 15, 2002.

3 Ed. Note: The remaining text of Paragraph 3(d), except for the item (iii) and the rest of Paragraph 3(d), was added by Decision No. 12696-(02/27) and will apply to disbursements of interim assistance approved after March 15, 2002, including the disbursements made under existing commitments. Item (iii) and the rest of Paragraph 3(d) was added by Decision No. 13849-(06/108).

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