Poverty Reduction and Growth Trust (PRGT) Pledges Linked to the Distribution of the Remaining SDR 1,750 Million Windfall Profits from Gold Sales
Last Updated: March 28, 2016
As part of a strategy aimed at making its low-income lending sustainable over the longer term, the IMF decided in September 2012 to distribute to the membership in proportion to their quota shares SDR 1,750 million (about US$2.7 billion) of reserves attributed to the remaining profits from its 2009-2010 gold sales program. The resources are in addition to SDR 700 million (US$1.1 billion) that were approved in a similar but separate operation to support low income countries during the global financial crisis. This decision means that all of the windfall profits earned from gold sales have been directed to boosting the IMF’s ability to support low-income countries.
This distribution was subject to the provision of satisfactory assurances by members that they will make new concessional lending subsidy contributions equivalent to at least 90 percent of the amount distributed—i.e. SDR 1,575 million (about US$2.43 billion). This threshold was reached on October 10, 2013, and the distribution was effected on October 22, 2013.
As of March 28, 2016, 157 countries representing 95.07 percent of the distribution have pledged to use their portion of the distribution to subsidize lending to low-income countries, which may currently borrow at zero interest from the Poverty Reduction and Growth Trust(PRGT), the IMF’s concessional lending vehicle.
(As of September 11, 2015) | |||
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Afghanistan Albania Algeria Angola Antigua and Barbuda Argentina Armenia Australia Austria Azerbaijan The Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bhutan Bosnia and Herzegovina Botswana Brazil Brunei Darussalam Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Chad China Colombia Comoros Congo, Democratic Republic of Congo, Republic of Costa Rica Côte d'Ivoire Croatia Cyprus Czech Republic Denmark Djibouti Dominica Egypt Equatorial Guinea Estonia Ethiopia Fiji, Republic of Finland France Gabon The Gambia Georgia |
Germany Ghana Greece Guinea Guinea-Bissau Haiti Honduras Hungary Iceland India Indonesia Ireland Islamic Republic of Iran Italy Jamaica Japan Jordan Kenya Korea Kosovo Kuwait Kyrgyz Republic Lao, PDR Latvia Lebanon Lesotho Libya Lithuania Luxembourg Macedonia, Former Yugoslav Republic Malawi Malaysia Maldives Mali Malta Mauritania Mauritius Mexico Micronesia, Federated States of Moldova Mongolia Montenegro Morocco Mozambique Myanmar Namibia Nepal Netherlands New Zealand Nicaragua Niger Nigeria Norway |
Oman Pakistan Panama Papua New Guinea Paraguay Peru Poland Portugal Qatar Romania Russian Federation Rwanda Samoa San Marino São Tomé and Príncipe Saudi Arabia Senegal Serbia, Republic of Seychelles Sierra Leone Singapore Slovak Republic Slovenia Solomon Islands South Africa Spain Sri Lanka St. Lucia Sweden Switzerland Tajikistan Tanzania Thailand Timor-Leste Togo Tonga Tunisia Turkey Turkmenistan Tuvalu Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Vanuatu Vietnam Yemen, Republic of Zambia Zimbabwe |
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1/Pledges made in light of the proposed partial distribution of reserves attributed to remaining windfall profits from the recent gold sales. Pledges may be subject to domestic processes to enable members to make PRGT subsidy contributions. | |||