Selected Decisions and Selected Documents of the IMF, Thirty- Eighth Issue -- Reduction of Blackout Periods in GRA Arrangements

Prepared by the Legal Department of the IMF
As updated as of February 29, 2016

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ARTICLE V, SECTION 3(a), (b), AND (c)
Use of Fund Resources

REDUCTION OF BLACKOUT PERIODS IN GRA ARRANGEMENTS

  • 1. This Decision shall apply to all Fund GRA arrangements that have periodic performance criteria.

  • 2. A member may purchase any amount available under the phasing provisions of an arrangement without having to demonstrate observance of any periodic performance criterion specified for the most recent relevant test date if:

    • (i) the purchase is requested within 45 days of the most recent test date;

    • (ii) the member is meeting all other conditions applicable to purchases under the arrangement;

    • (iii) the member has either met or been granted a waiver for nonobservance of each periodic performance criterion for the relevant test date immediately preceding the most recent test date, provided that in cases where a purchase is subject to periodic performance criteria specified for more than one test date, this paragraph (iii) shall not apply to performance criteria specified for the earlier of such test dates where the data is unavailable and the 45-day period referred to in paragraph 2(i) of this Decision for that earlier test date has not elapsed;

    • (iv) the member has met all data reporting deadlines applicable to each periodic performance criterion for the most recent relevant test date set forth in the Technical Memorandum of Understanding (“TMU”);

    • (v) with respect to any periodic performance criterion for the most recent relevant test date for which data are available, the member has either met or been granted a waiver for nonobservance of that performance criterion; and

    • (vi) with respect to any performance criterion for the most recent relevant test date for which data are unavailable and the reporting deadline set out in the TMU has not passed, the member represents that such data are unavailable.

  • 3. Any purchase made pursuant to Paragraph 2 above shall, for the purposes of the Guidelines on Corrective Action for Misreporting and Noncomplying Purchases in the General Resources Account set out in Decision No. 7842-(84/165), adopted November 16, 1984, as amended (hereinafter the “Misreporting Guidelines”), be deemed to have been made subject to a condition that any representation made by the member under Paragraph 2(vi) above is accurate.

  • 4. When a purchase is made under Paragraph 2 in circumstances where the Misreporting Guidelines do not apply, and it is subsequently determined that the member did not observe a performance criterion for which a representation was made under paragraph 2 (vi), the Managing Director shall promptly inform Executive Directors in such manner as he deems appropriate.

  • 5. Accordingly, to implement this Decision, the following amendments shall be made to the standard forms of the stand-by and extended arrangements set out, respectively, in Attachments A and B to Decision No. 10464-(93/130), September 13, 1993, as amended:

    • (a) The first sentence of Paragraph 3 (a) of the standard form of the Stand-By Arrangement shall be modified as follows:

    • “Subject to paragraph 2 of Decision No. 14407, during any period in which the data at the end of the preceding period indicate that: …”
    • (b) The first sentence of Paragraph 3 (a) of the standard form of the extended arrangement shall be modified as follows:

    • “Subject to paragraph 2 of Decision No. 14407, during any period in which the data at the end of the preceding period indicate that: …”
  • 6. This Decision is expected to be reviewed by the Fund on an as needed basis. (SM/13/19, 01/23/13)

Decision No. 14407-(09/105),

October 26, 2009,

as amended by Decision No. 15320-(13/10),

January 30, 2013

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