Selected Decisions and Selected Documents of the IMF, Thirty- Third Issue -- PRGF-HIPC Trust Instrument-Sunset Clause on Eligibility
Prepared by the Legal Department of the IMFAs updated with decisions adopted during the first quarter of 2009 (posted July 2009)
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| ARTICLE V, SECTION 2(b) | ||||
| Technical and Financial Services | ||||
| Financial Services | ||||
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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 3 1, 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 111, paragraph l(d) of the PRGF-HIPC Trust Instrument, and who have not yet met the policy performance criterion set forth in Section 111, 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 111, paragraph 1 (b) of the PRGF-HIPC Trust Instrument. (SM/06/288, Sup. 2, 10/5/06) | ||||
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