Partial Distribution of the General Reserve Attributed to Windfall Gold Sale Profits--Proposed Decision
February 1, 2012
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Summary
The strategy was formulated in the context of a comprehensive reform of the Fund’s Low Income Country (LIC) facilities and concessional financing framework approved by the Executive Board that included a financing package aimed at ensuring the PRGT’s capacity to lend concessional resources of up to SDR 11.3 billion ($17 billion) during the period 2009–14. The financing package included an agreement to raise SDR 1.5 billion in subsidy resources, of which SDR 0.5–0.6 billion (in end-2008 NPV terms) was expected to be generated from resources linked to profits from gold sales.
Subject: Executive Board decisions, Fund reserves, General Resources Account, Gold sales by Fund, Poverty Reduction and Growth Trust, Profits, Use of Fund resources
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