Proposal to Establish a Resilience and Sustainability Trust — List of Eligible Members and Eligibility Criteria

1. The members on the list annexed to this decision as Attachment B are eligible to receive financing under the Resilience and Sustainability Trust (“RST-eligible members”) established by Decision 17231-(22/37).

2. The following criteria for entry and graduation shall, respectively, guide Executive Board decisions to add members to, and remove members from, the list of RST-eligible members (the “RST-eligibility list”) at reviews of RST eligibility:

a. Criteria for entry: A member will be added to the RST-eligibility list if its annual per capita gross national income (“GNI”) based on the latest available qualifying data is (a) less than ten times the International Development Association (“IDA”) operational cut-off; or (b) less than twenty-five times the IDA operational cutoff if the member has a population below 1.5 million.

b. Criteria for graduation: A member will be removed from the RST-eligibility list if its GNI (a) has been above (i) ten times the IDA operational cutoff or (ii) twenty-five times the IDA operational cutoff if the member has a population below 1.5 million, for at least the last five years for which qualifying data are available, (b) has not been on a declining trend in the same period (comparing the first and the last relevant annual data) and (c) based on the latest qualifying data, is at least ten percent above (i) ten times the IDA operational cutoff or (ii) twenty-five times the IDA operational cutoff if the member has a population below 1.5 million.

c. For the purposes of the criteria set forth in this paragraph, assessments of per capita GNI will normally be based on World Bank data using the ATLAS methodology, but other data sources may be used in exceptional circumstances, including data estimated by Fund staff in the absence of World Bank ATLAS data. Qualifying data for the purposes of the RST-eligibility criteria shall be data in respect of which the most recent observation relates to a calendar year that is not more than 30 months in the past at the time of the assessment.

3. Notwithstanding paragraph 2, any member that does not have an arrangement under the Resilience and Sustainability Facility (RSF) in effect can elect to opt out of the RST-eligibility list by notifying in writing the Fund of its decision to opt out. The removal of the member from the RST-eligibility list will be effective immediately upon the Fund’s receipt of the member’s written notification. Such written notification will be issued to the Executive Board for information. Once a member has opted-out, it would not be considered for inclusion onto the RST-eligibility list until a future review of RST eligibility and provided that the member communicated in writing to the Fund that it would like to be assessed against the criteria for entry set out in paragraph 2 at the next scheduled review of RST-eligibility.

4. Executive Board decisions to remove a member from the RSTeligibly list pursuant to the graduation criteria set forth in paragraph 2(b) of this decision shall become effective five months after their adoption (the “effectiveness date”), provided that such decisions shall not affect any RSF arrangements that are in existence as of the effectiveness date. Any such arrangement may continue until the expiration or other termination of the arrangement, and the arrangement may be extended or access under the arrangement may be augmented where appropriate in accordance with the applicable policies on extension or augmentation.

5. The criteria for entry and graduation set forth in this decision, and the RST-eligibility list, shall be reviewed and updated, respectively, on the basis of the then applicable criteria for entry and graduation three years after the RST becomes operational for lending. Thereafter, it is expected that the criteria for entry and graduation set forth in this decision as well as the RST eligibility list shall be reviewed and updated on the basis of the then applicable criteria in conjunction with the review of eligibility to use the Fund’s facilities for concessional financing set forth in Decision No. 14521-(10/3), January 11, 2010, as amended. However, decisions on RST eligibility may be adopted in the interim period between regular reviews:(i) for entry onto the RST-eligibility list by members that meet the entry criteria specified in paragraph 2(a) above, other than members that opted out under paragraph 3 above; and (ii) for reentry onto the RST eligibility list by members that had previously been removed from such list as a sanction for overdue obligations, so long as such a member at the time of re-entry does not meet the criteria for graduation specified in subparagraph 2(b) above. (SM/22/63, Sup. 3, 04/11/22)

Decision No. 17232-(22/37),

April 13, 2022

Attachment B

RST-Eligible Members¹

Notes: GNI data based on data current as of October 2021. Andorra, San Marino, and Venezuela excluded due to missing GNI data.

¹ Ed. Note: Table from page 46 of SM/22/63, Supplement 3.