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IMF Financial Activities -- Update November 5, 2009

I.    Introduction
II.   Key IMF Financial Statistics
III.  Current Financial Arrangements
IV.  Status of Commitments of HIPC Assistance
V.  Status of Multilateral Debt Relief Initiative Assistance

The following tables, which are updated weekly, provide information on the IMF's financial activities. Definitions for the terms contained in the tables are provided below each table. The data are based on the most current information available at the time and are provided for the reader's convenience. The information is not intended to replace other official IMF financial reports and statements.

Key IMF Financial Statistics (Table 1) A summary of financial assistance to members, available resources, arrears, and key IMF rates.

Current Financial Arrangements (Tables 2a and 2b) Current Stand-By, Extended and Poverty Reduction and Growth (PRG) arrangements. The tables do not include members whose financial arrangements with the IMF have expired, but may have outstanding credit to the IMF. For a list of current arrangements since May 1996 (month-end), see http://www.imf.org/external/np/tre/tad/extarr1.cfm. For a list of all members with outstanding financial obligations to the IMF, see http://www.imf.org/external/np/tre/tad/extcred1.cfm.

Status of Commitments of HIPC Assistance (Table 3) Status of the IMF's commitments to members under the Heavily Indebted Poor Countries Initiative (HIPC).

Status of Multilateral Debt Relief Initiative Assistance (Table 4) Status of the MDRI debt relief to eligible member countries that qualified for the assistance.


Table 1. Key IMF Financial Statistics    
as of November 5, 2009    
(In billions of SDRs, and end of period, unless indicated otherwise)¹    
(For definitions, see below)
    
     
   
2009
      
  2008 Q1 Q2 Q3 Q4 to date      
Financial Assistance      
   GRA          
      Purchases (during period) 13.4 2.9 9.0 5.8 0.6      
      Repurchases (during period) 1.9 0.5 0.1 0.0 0.0      
      Credit outstanding 17.5 19.9 28.7 34.5 35.1      
                 
   PRGF-ESF                
      Disbursements (during period) 0.6 0.2 0.7 0.4 --      
      Repayments (during period) 0.5 0.1 0.2 0.1 0.0      
      Credit outstanding 4.0 4.1 4.6 4.9 4.9      
                 
   HIPC (SDR millions)                
      Number of countries 35 35 35 35 35      
      Commitments (cumulative) 2,324 2,324 2,349 2,349 2,349      
      Disbursements (cumulative) 1,716 1,754 1,759 1,772 1,772      
       Of which: Interim assistance 667 682 687 687 687      
       Completion point assistance 1,049 1,071 1,071 1,085 1,085      
                 
   MDRI (SDR millions)                
      Number of countries 25 26 26 27 27      
      Total Debt Relief (cumulative) 2,702 2,728 2,728 2,732 2,732      
       Financed from: MDRI Trusts 2,303 2,312 2,312 2,314 2,314      
       HIPC Umbrella Account 399 416 416 418 418      
                 
Available Resources                
   GRA                
      Usable resources 152.4 150.3 213.3 269.9 280.0      
       Of which: Available Fund borrowings -- -- 67.4 125.4 131.6 2    
      Uncommitted usable resources 132.1 130.7 134.6 192.0 202.7      
      Repurchases one-year forward 0.1 0.1 0.6 1.0 1.2      
      Repayments of borrowing one-year forward -- -- -- -- --      
      Prudential balance 34.7 34.7 49.2 61.6 62.9 3    
      One-year forward commitment capacity (FCC) 97.6 96.1 86.0 131.4 141.0      
                 
   PRGF-ESF Trust                
      Total loan resources 15.8 15.8 15.8 16.4 16.4      
      Cumulative commitments, net 14.0 14.5 15.3 16.0 16.0      
       Of which: Cumulative disbursements 13.4 13.6 14.4 14.7 14.7      
      Uncommitted loan resources 1.9 1.3 0.5 0.5 0.5      
                 
Arrears                
   GRA 1.1 1.1 1.1 1.1 1.1      
   PRGF 0.1 0.1 0.1 0.1 0.1      
   Trust Fund and other 0.1 0.1 0.1 0.1 0.1      
                 
Rates                
    US$ per SDR 1.54027 1.49507 1.55223 1.58437 1.59357      
   SDR interest rate (percent) 0.82 0.42 0.37 0.25 0.26      
   Rate of charge, adjusted (percent) 1.84 1.43 1.38 1.26 1.27      
   Rate of remuneration, adjusted (percent) 0.80 0.41 0.36 0.24 0.25      
                 
                 
1 -- indicates zero value. Totals may not add due to rounding.                
2 Includes borrowing agreements with Japan (US$100 billion), Canada (US$10 billion), Norges Bank (SDR 3 billion), the United Kingdom (SDR 9.92 billion), Deutsche Bundesbank (EUR 15 billion), De Nederlandsche Bank NV (EUR 5.31 billion), Danmarks Nationalbank (EUR 1.95 billion); and note purchase agreement with People's Bank of China (SDR 32 billion).    
3 Prudential Balance reflects inclusion of newly available Fund borrowings (see attached definition).      
Key IMF Financial Statistics
 
Term Definition
   
Financial Assistance  
GRA The General Resources Account (GRA) contains IMF’s holdings of members’ currencies, SDRs, gold, and other assets. These holdings are principally derived from quota subscription payments plus any activated borrowings.
Purchases GRA resources disbursed to members during the period (outflows).
Repurchases GRA resources repaid by members during the period (inflows).
Credit outstanding Total GRA resources disbursed less repayments.
PRGF-ESF The Poverty Reduction and Growth Facility (PRGF), formerly known as the Enhanced Structural Adjustment Facility (ESAF), and the Exogenous Shocks Facility, provide loans at a concessional interest rate to eligible, low-income members. PRGF and ESF financin
Disbursements Disbursements of PRGF and ESF loans during the period.
Repayments Repayments of PRGF, ESF, and Structural Adjustment Facility loans during the period.
Credit outstanding Total PRGF and ESF loan disbursements less repayments (including credit outstanding under Trust Fund and Structural Adjustment Facility (SAF)).
HIPC Assistance provided to eligible countries under the Heavily Indebted Poor Countries (HIPC) Initiative.
Number of countries Number of countries for which HIPC assistance has been committed.
Commitments Cumulative commitments made to HIPC-eligible members that have reached the decision point under the HIPC Initiative; includes amounts that the IMF has indicated will be committed subject to satisfactory assurances regarding exceptional assistance to be pr
Disbursements Cumulative grants to members eligible for financial assistance under the HIPC Initiative to be used to help meet debt service payments to the IMF.
Of which:  
Interim assistance Cumulative grants to members between their decision and completion points.
Completion point assistance Final grants to members at their completion points.
MDRI The Multilateral Debt Relief Initiative (MDRI) provides 100% debt relief to eligible member countries that are qualified for the assistance. The debt relief covers the full stock of debt owed to the Fund as of end-2004, and still outstanding at the time t
      Number of countries Number of countries which have received MDRI debt relief.
      Total Debt Relief  
       Financed from  
MDRI Trusts MDRI resources (excluding HIPC debt relief) disbursed to members during the period.
HIPC Umbrella Account HIPC resources used as debt relief under the MDRI during the period.
GRA  
Usable resources Usable resources consist of: (i) the IMF’s holdings of the currencies of members considered by the Executive Board to have a sufficiently strong balance of payments and reserve position for their currencies to be used in the financing of IMF transactions
Uncommitted usable
resources		 Usable resources less the full amount of undrawn balances under existing arrangements.
Repurchases one-year forward Repayments by member countries during the coming one-year period. These repurchases add to the supply of the IMF’s usable resources. It is assumed that repurchases would be made on an expectations basis for the SRF, and on an obligations basis under all o
Repayments of borrowings one-year forward Repayment obligations on Fund borrowing and note placements in the coming one-year period, including drawings and notes reaching final maturity in the next 12 months plus any encashment requests for early repayment to be met over that same period.
Prudential balance Amount set aside to safeguard the liquidity of creditors’ claims and take account of the potential erosion of the IMF’s resource base. The prudential balance is set at 20 percent of the quotas of members that issue the currencies that are used in the fina
One-year forward commitment capacity A measure of the resources available for new financial commitments in the coming year, equal to uncommitted usable resources plus repurchases one-year forward less repayments of borrowing due one-year forward and less the prudential balance.
   
PRGF-ESF Trust Trust administered by the IMF to conduct PRGF and ESF-related operations through the Loan, Reserve and Subsidy Accounts.
Available loan resources Loan Account resources committed by lenders to the PRGF-ESF Trust, plus resources under an associated loan agreement with the Saudi Fund for Development.
Cumulative commitments, net Cumulative commitments to borrowers, net of unused amounts under arrangements which have expired or have been canceled.
Of which: Cumulative disbursements Disbursements to borrowers under PRGF and ESF arrangements.
Uncommitted loan resources Available PRGF loan resources less commitments made to PRGF and ESF borrowers.
   
Arrears Outstanding  
GRA Total overdue GRA financial obligations.
PRGF Total overdue PRGF financial obligations.
Trust Fund and other Total overdue financial obligations to the Trust Fund, Structural Adjustment Facility (SAF), and SDR Department. Although the Trust Fund and SAF are no longer operational, arrears to the Trust Fund and SAF consist of overdue repayments, interest, or charg
   
Rates  
US$ per SDR Exchange rate for the SDR in terms of U.S. dollars. The method for valuing the SDR was revised effective January 1, 2006.
  (See: http://www.imf.org/external/np/tre/sdr/basket.htm )
SDR interest rate Interest rate calculated as a weighted average of three month market interest rates on U.S. dollar, euro, Japanese yen and pound sterling assets. The method for valuing the SDR interest rate was revised effective January 9, 2006.
  (See: http://www.imf.org/external/np/tre/tad/sdr_ir.cfm )
Rate of Charge, adjusted The basic rate of charge on GRA loans is equal to the SDR interest rate plus 100 basis points to cover the IMF's cost of financing, additions to reserves, and administrative expenses; and further adjusted by a small margin to compensate for income forgone
Rate of remuneration, adjusted Interest rate paid to members that provide resources to the IMF. Adjusted by a small margin to allow for special additions to reserves and to compensate for income forgone because of charges in arrears.
   
Investments  
Amount PRGF-ESF, PRGF-HIPC, Special Disbursement Account (SDA), and MDRI Trusts resources invested in short-term deposits and medium-term instruments with the Bank for International Settlements (BIS) and bond portfolios managed by the World Bank and private inv
Average yield (percent) Weighted average yield on time deposits, two days' notice accounts, demand deposit accounts, and fixed income securities.
Average maturity (months) Weighted average of remaining maturity of resources placed in time deposits and the modified duration of fixed income securities.
Table 2a. Current Financial Arrangements (GRA)
as of November 5, 2009
(In millions of SDRs)1
(For definitions see Attachment)
 
Member Effective Expiration Amount Undrawn
Total GRA Credit
Date
Date
Agreed
Balance
Outstanding
As percent of Quota
             
Stand-by Arrangements  
             
   Armenia 3/6/09 7/5/11 534 232 302 328
   Belarus 1/12/09 4/11/10 2,270 876 1,394 361
   Bosnia 7/8/09 6/30/12 1,015 832 183 108
   Costa Rica 4/11/09 7/10/10 492 492 -- --
   El Salvador 1/16/09 3/31/10 514 514 -- --
   Gabon 5/7/07 5/6/10 77 77 -- --
   Georgia 9/15/08 6/14/11 747 365 383 254
   Guatemala 4/22/09 10/21/10 631 631 -- --
   Hungary 11/6/08 10/5/10 10,538 2,901 7,637 735
   Iceland 11/19/08 5/31/11 1,400 735 665 565
   Latvia 12/23/08 3/22/11 1,522 808 714 563
   Mongolia 4/1/09 10/1/10 153 61 92 180
   Pakistan 11/24/08 12/30/10 7,236 3,833 3,403 329
   Romania 5/4/09 5/3/11 11,443 5,355 6,088 591
   Serbia, Republic of 1/16/09 4/15/11 2,619 1,918 702 150
   Seychelles 11/14/08 11/13/10 18 10 8 90
   Sri Lanka 7/24/09 3/23/11 1,654 1,447 239 58
   Ukraine 11/5/08 11/4/10 11,000 4,000 7,000 510
             
   18 Arrangements     53,860 25,085 28,808  
             
Flexible Credit Line            
             
   Colombia 5/11/09 5/10/10 6,966 6,966 -- --
   Mexico 4/17/09 4/16/10 31,528 31,528 -- --
   Poland 5/6/09 5/5/10 13,690 13,690 -- --
             
   3 Arrangements     52,184 52,184 -- --
             
0 Extended Arrangements            
             
Total 21 STBY, EFF, and FCL     106,044 77,269 28,808  
            
             
1 -- indicates zero value. Totals may not add due to rounding.        
3 Indicates undrawn and scheduled purchases.          
Table 2b. Current Financial Arrangements (PRGF and ESF)
as of November 5, 2009
(In millions of SDRs)1
(For definitions, see below)
 
Member Effective Expiration Amount Undrawn
Total PRGF-ESF Loans
Date
Date
Agreed
Balance
Outstanding
As percent of Quota
             
Poverty Reduction and Growth Facility          
             
   Afghanistan 6/26/06 3/31/10 81 11 70 43
   Burkina Faso 4/23/07 4/22/10 15 2 36 60
   Burundi 7/7/08 7/6/11 46 26 58 75
   Central African Rep. 12/22/06 6/30/10 70 20 39 69
   Comoros 9/21/09 9/20/12 14 9 6 73
   Congo, Rep. of 12/8/08 12/7/11 8 6 26 31
   Cote d'Ivoire 3/27/09 3/26/12 374 215 189 58
   Djibouti 9/17/08 9/16/11 13 7 11 68
   Gambia, The 2/21/07 2/20/10 20 2 18 59
   Ghana 7/15/09 7/14/12 387 320 173 47
   Grenada 4/17/06 4/16/10 16 6 11 93
   Guinea 12/21/07 12/20/10 70 45 40 38
   Haiti 11/20/06 1/31/10 115 8 105 128
   Liberia 3/14/08 3/13/11 239 18 221 171
   Mali 5/28/08 5/27/11 28 8 28 30
   Mauritania 12/18/06 12/17/09 16 6 10 16
   Nicaragua 10/5/07 10/4/10 78 48 72 55
   Niger 6/2/08 6/1/11 23 13 36 55
   Sao Tome 3/2/09 3/1/12 3 2 3 38
   Sierra Leone 5/10/06 5/9/10 52 19 47 45
   Tajikistan 4/21/09 4/20/12 78 52 26 30
   Togo 4/21/08 4/20/11 84 35 49 67
   Zambia 6/4/08 6/3/11 220 106 169 35
             
   23 Arrangements     2,050 985 1,444  
             
   Exogenous Shocks Facility            
             
   Ethiopia 8/26/09 10/25/10 154 80 107 80
   Kyrgyz Republic 12/10/08 6/9/10 67 33 110 124
   Malawi 12/3/08 12/2/09 52 17 81 117
   Mozambique 6/30/09 6/29/10 114 28 95 84
   Senegal 12/19/08 6/18/10 121 65 74 46
   Tanzania 5/29/09 5/28/10 219 60 170 86
             
   6 Arrangements     726 284 637  
             
   Total     2,776 1,268 2,081  
             
             
1 -- indicates zero value.Totals may not add due to rounding.        
2 Dates in bold indicate uncompleted reviews.          
3 Reflects latest projections of scheduled disbursements under current arrangements, including expected augmentations.  
Table 2a. and 2b. Current Financial Arrangements (GRA, PRGF and ESF)
Term Definition
Arrangements IMF credit is made available under a variety of borrowing arrangements with different disbursement schedules and maturities depending on the balance of payment needs of the member.
Stand-By Arrangements The most common type of credit arrangement designed to provide short-term financial assistance. Purchases under Stand-By Arrangements are repayable in 8 quarterly installments 3¼ - 5 years after disbursement.
Extended Arrangements Extended Arrangements provide credit for a longer period since these arrangements usually require fundamental reforms which may need more time to put in place and take effect. Drawings under extended arrangements are repayable in 12 semiannual installment
Flexible Credit Line The FCL has been established to allow members with very strong track records to access IMF resources based on pre-set qualification criteria to deal with all types of balance of payments problems. The FCL could be used both on a precautionary (crisis prev
PRGF Arrangements Concessional arrangements providing credit at an interest rate of ½ of 1 percent to eligible low-income members. The loans are repayable in 10 equal semiannual installments 5½ - 10 years after disbursement.
ESF Arrangements The ESF is designed to provide concessional financing to low-income countries that are experiencing exogenous shocks but do not have a PRGF arrangement in place. The interest rate and repayment terms for disbursements under the ESF are the same as those u
   
Arrangement Details IMF financial arrangements are reviewed regularly to assess progress in policy reforms. The disbursement of funds under an arrangement is linked to the achievement of certain financial targets.
Next Scheduled Review Expected date the arrangement will be reviewed by the Executive Board.
Date of Approval Date the arrangement was approved by the Executive Board.
Date of Expiration Arrangements have a specified duration. Commitments are no longer available after the expiration of the arrangement.
Amount Agreed Amount of credit available under an arrangement.
Undrawn Balance Amount of credit available under an arrangement but not yet drawn.
Total Credit Outstanding Total resources outstanding to the member
Total Credit Outstanding as  
percent of quota Total credit outstanding in terms of member's quota.
Table 3. Status of Commitments of IMF HIPC Assistance
as of November 5, 2009
(In millions of SDRs)1
(For definitions, see below)
             
Member
Decision Point
Completion Point
Amount Committed
Amount Disbursed 2
             
Under the Original HIPC Initiative            
   Bolivia Sep. 1997 Sep. 1998 21.2   21.2  
   Burkina Faso Sep. 1997 Jul. 2000 16.3   16.3  
   Cote d'Ivoire Mar. 1998 -- 16.7 3 --  
   Guyana Dec. 1997 May. 1999 25.6   25.6  
   Mali Sep. 1998 Sep. 2000 10.8   10.8  
   Mozambique Apr. 1998 Jun. 1999 93.2   93.2  
   Uganda Apr. 1997 Apr. 1998 51.5   51.5  
Total Original HIPC     235.3   218.6  
             
Under the Enhanced HIPC Initiative          
   Afghanistan Jul. 2007 Floating -- 4 --  
   Benin Jul. 2000 Mar. 2003 18.4   20.1  
   Bolivia Feb. 2000 Jun. 2001 41.1   44.2  
   Burkina Faso Jul. 2000 Apr. 2002 27.7   29.7  
   Burundi Aug. 2005 Jan. 2009 19.3   22.4  
   Cameroon Oct. 2000 Apr. 2006 28.6   33.7  
   Central African Republic Sep. 2007 Jun. 2009 17.2   18.1  
   Chad May. 2001 Floating 14.3   8.6  
   Congo, Dem. Rep. of Jul. 2003 Floating 228.3 5 3.4  
   Congo, Rep. of Mar. 2006 Floating 5.6   0.1  
   Cote d'Ivoire Apr. 2009 Floating 25.2   5.0  
   Ethiopia Nov. 2001 Apr. 2004 45.1   46.7  
   Gambia, The Dec. 2000 Dec. 2007 1.8   2.3  
   Ghana Feb. 2002 Jul. 2004 90.1   94.3  
   Guinea Dec. 2000 Floating 24.2   10.0  
   Guinea-Bissau Dec. 2000 Floating 9.2   0.5  
   Guyana Nov. 2000 Dec. 2003 31.1   34.0  
   Haiti Nov. 2006 Jun. 2009 2.1   2.3  
   Honduras Jun. 2000 Apr. 2005 22.7   26.4  
   Liberia Mar. 2008 Floating 428.1   30.1  
   Madagascar Dec. 2000 Oct. 2004 14.7   16.4  
   Malawi Dec. 2000 Aug. 2006 33.4   37.2  
   Mali Sep. 2000 Mar. 2003 34.7   38.5  
   Mauritania Feb. 2000 Jun. 2002 34.8   38.4  
   Mozambique Apr. 2000 Sep. 2001 13.7   14.8  
   Nicaragua Dec. 2000 Jan. 2004 63.5   71.2  
   Niger Dec. 2000 Apr. 2004 31.2   34.0  
   Rwanda Dec. 2000 Apr. 2005 46.8   50.6  
   São Tomé and Príncipe Dec. 2000 Mar. 2007 0.8   0.9  
   Senegal Jun. 2000 Apr. 2004 33.8   38.4  
   Sierra Leone Mar. 2002 Dec. 2006 100.0   106.6  
   Tanzania Apr. 2000 Nov. 2001 89.0   96.4  
   Togo Nov. 2008 Floating 0.2   0.0  
   Uganda Feb. 2000 May. 2000 68.1   70.2  
   Zambia Dec. 2000 Apr. 2005 468.8   508.3  
Total Enhanced HIPC     2,113.6   1,553.6  
             
   Grand Total 2,348.9   1,772.2  
             
             
1 -- indicates zero value. Totals may not add due to rounding.          
2 Includes interest on amounts committed under the Enhanced HIPC Initiative.          
3 Equivalent to the committed amount of US $22.5 million at decision point exchange rates (3/17/98).        
4 At the time of its decision point, Afghanistan did not have any outstanding eligible debt.        
5 Amount committed is equivalent to the remaining balance of the total IMF HIPC assistance of SDR 337.9 million, after deducting SDR 109.6 million representing the concessional element associated with the disbursement of a PRGF loan.
Table 3. Status of Commitments of HIPC Assistance
Term Definition
   
Decision Point Point at which the IMF decides whether a member qualifies for assistance under the HIPC Initiative (normally at the end of the initial three-year performance period) and decides on the amount of assistance to be committed.
Completion Point Point at which the country receives the bulk of its assistance under the HIPC Initiative, without any further policy conditions. Under the enhanced HIPC Initiative, the timing of the completion point is linked to the implementation of pre-agreed key struc
Amount Committed Amount of HIPC assistance determined, in consultation with the World Bank, at the decision point to be made available by the IMF.
Amount Disbursed Resources disbursed to the member to help meet debt service payments to the IMF. Disbursements are normally dependent on receipt of sufficient financing assurances from other creditors.
Table 4. Status of Multilateral Debt Relief Initiative Assistance
as of November 5, 2009
(In millions of SDRs)1
(For definitions, see below)
         
Member
Delivery
Eligible Debt
Date GRA PRGF Total
         
   Benin 01/06/06 -- 36.1 36.1
   Bolivia 01/06/06 89.8 71.2 160.9
   Burkina Faso 01/06/06 -- 62.1 62.1
   Burundi 02/02/09   26.4 26.4
   Cambodia 01/06/06 -- 56.8 56.8
   Cameroon 04/28/06 -- 173.3 173.3
   Central African Republic 07/02/09 -- 4.0 4.0
   Ethiopia 01/06/06 -- 112.1 112.1
   Gambia, The 12/20/07 -- 9.4 9.4
   Ghana 01/06/06 -- 265.4 265.4
   Guyana 01/06/06 -- 45.1 45.1
   Honduras 01/06/06 -- 107.5 107.5
   Madagascar 01/06/06 -- 137.3 137.3
   Malawi 09/01/06 - 12/19/06 2 10.8 27.0 37.9
   Mali 01/06/06 -- 75.1 75.1
   Mauritania 06/22/06 -- 32.9 32.9
   Mozambique 01/06/06 -- 106.6 106.6
   Nicaragua 01/06/06 -- 140.5 140.5
   Niger 01/06/06 -- 77.6 77.6
   Rwanda 01/06/06 -- 52.7 52.7
   São Tomé and Príncipe 03/19/07 - 12/28/07 3 -- 1.4 1.4
   Senegal 01/06/06 -- 100.3 100.3
   Sierra Leone 12/18/06 -- 117.3 117.3
   Tajikistan 01/06/06 -- 69.3 69.3
   Tanzania 01/06/06 -- 234.0 234.0
   Uganda 01/06/06 -- 87.7 87.7
   Zambia 01/06/06 -- 402.6 402.6
         
   Total
   100.6 2,631.6 2,732.2
         
1 -- indicates zero value. Totals may not add due to rounding.      
2 MDRI assistance to Malawi was delivered in September 2006. Following the receipt    
of satisfactory financing assurances from other creditors, Malawi received    
additional MDRI assistance financed from HIPC topping-up assistance in    
December 2006.        
3 MDRI assistance to São Tomé and Príncipe was delivered in March 2007. Following    
the receipt of satisfactory financing assurances from other creditors, São Tomé and    
Príncipe received additional MDRI assistance financed from HIPC topping-up    
assistance in December 2007.        
Table 4. Status of Multilateral Debt Relief Initiative Assistance
Term Definition
Debt Relief Delivery Date The effective date of delivery of MDRI assistance to qualified members.
Eligible Debt  
GRA Assistance that covers credit outstanding under the GRA
PRGF Assistance that covers credit outstanding under the PRGF-ESF Trust