Information about Asia and the Pacific Asia y el Pacífico

Poverty Reduction and Growth Facility and Exogenous Shocks Facility Trust

International Monetary Fund
Published Date:
October 2007
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Information about Asia and the Pacific Asia y el Pacífico
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Combined balance sheets as at April 30, 2007, and 2006

(In thousands of SDRs)

Cash and cash equivalents322,061747,326
Investments (Note 4)4,890,2674,882,395
Loans receivable (Note 5)3,784,7883,819,760
Interest and other receivables30,38529,333
Total assets9,027,5019,478,814
Liabilities and resources
Borrowings (Note 6)4,384,8354,979,466
Interest payable46,83341,507
Other liabilities10,9169,126
Total liabilities4,442,5845,030,099
Total liabilities and resources9,027,5019,478,814
The accompanying notes are an integral part of these financial statements.
The accompanying notes are an integral part of these financial statements.
/s/ Michael G. Kuhn/s/ Rodrigo de Rato
Director, Finance DepartmentManaging Director

Combined statements of income and changes in resources for the years ended April 30, 2007, and 2006

(In thousands of SDRs)

Balance, beginning of the year4,448,7154,994,480
Investment income (Note 8)184,973140,407
Interest on loans18,46527,936
Interest expense(158,165)(154,379)
Other expenses(1,414)(2,886)
Operational income43,85911,078
Contributions (Note 9) from:
Bilateral donors92,14856,048
Special Disbursement Account195507,109
Contributions to MDRI-II Trust (Note 7)(1,120,000)
Net income (loss)/changes in resources136,202(545,765)
Balance, end of the year4,584,9174,448,715
The accompanying notes are an integral part of these financial statements.
The accompanying notes are an integral part of these financial statements.

Combined statements of cash flows for the years ended April 30, 2007, and 2006

(In thousands of SDRs)

Cash flows from operating activities
Net income/(loss)136,202(545,765)
Adjustments to reconcile net income to cash generated by operations
Interest income on investments(180,626)(161,763)
Interest income on loans(18,465)(27,936)
Interest expense158,165154,379
Changes in other assets(195)
Changes in other liabilities1,7902,727
Loan disbursements(477,079)(402,743)
Loan repayments512,0513,171,048
Cash provided by operations131,8432,189,947
Interest received198,234186,035
Interest paid(152,839)(160,349)
Net cash provided by operating activities177,2382,215,633
Cash flows from investment activities
Net acquisition of investments(7,872)(982,024)
Net cash used in investment activities(7,872)(982,024)
Cash flows from financing activities
Repayment of borrowings(1,120,304)(2,844,214)
Net cash used in financing activities(594,631)(2,432,185)
Net decrease in cash and cash equivalents(425,265)(1,198,576)
Cash and cash equivalents, beginning of the year747,3261,945,902
Cash and cash equivalents, end of the year322,061747,326
The accompanying notes are an integral part of these financial statements.
The accompanying notes are an integral part of these financial statements.

Notes to the combined financial statements as at April 30, 2007, and 2006

1. Nature of operations

The Poverty Reduction and Growth Facility Trust (the PRGF Trust), for which the IMF is Trustee, was established in December 1987 to provide loans on concessional terms to qualifying low-income country members. Assistance under the Poverty Reduction and Growth Facility (PRGF) is made available under three-year arrangements in support of macroeconomic and adjustment programs. Effective January 5, 2006, the PRGF Trust was renamed the Poverty Reduction and Growth Facility and Exogenous Shocks Facility Trust (the Trust) to also support programs under the Exogenous Shocks Facility (ESF) to facilitate member countries’ adjustment to sudden and exogenous shocks. Programs under the ESF range from one to two years.

The operations of the Trust are conducted through the Loan Account, the Reserve Account, and three Subsidy Accounts—the PRGF-ESF Subsidy Account, the PRGF Subsidy Account, and the ESF Subsidy Account. The resources of the Trust are held separately from the assets of all other accounts of, or administered by, the IMF and may not be used to discharge liabilities or to meet losses incurred in the administration of other accounts. Combining balance sheets and statements of income and changes in resources for the Trust are provided in Note 12 of these financial statements.

Loan Account

The resources of the Loan Account consist of the proceeds from borrowings, repayments of principal, and interest payments on loans extended by the Trust.

Reserve Account

The resources of the Reserve Account consist of amounts transferred by the IMF from the Special Disbursement Account and net earnings from investment of resources held in the Reserve Account.

The resources held in the Reserve Account are to be used by the Trustee in the event that borrowers’ principal repayments and interest payments, together with the authorized interest subsidy, are insufficient to repay loan principal and interest on borrowings of the Loan Account. The Trustee reviews the adequacy of the Reserve Account regularly to determine whether sufficient resources are available to meet all obligations to the lenders to the Loan Account.

Subsidy Accounts

The resources held in the Subsidy Accounts consist of bilateral contributions to the Trust, including transfers of net earnings from the PRGF Administered Accounts, resources transferred by the IMF from the Special Disbursement Account, and net earnings from investment of Subsidy Accounts resources.

The resources available in the Subsidy Accounts are drawn by the Trustee to pay the difference, with respect to each interest period, between the interest due from the borrowers under the Trust and the interest due on Loan Account borrowings.

The resources in the PRGF Subsidy Account are earmarked for PRGF loans only, while the resources in the ESF Subsidy Account are earmarked for ESF loans only. The PRGF-ESF Subsidy Account can be used for both PRGF and ESF loans.

To the extent that resources in the PRGF-ESF Subsidy Account and the PRGF Subsidy Account are insufficient for PRGF subsidy operations, the Trustee will transfer to the PRGF Subsidy Account resources in the PRGF-HIPC Trust Account not earmarked for debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative.

2. Summary of significant accounting policies

Basis of accounting

The financial statements of the PRGF-ESF Trust are prepared in accordance with International Financial Reporting Standards (IFRS). Specific accounting principles and disclosure practices, as set out below, are in accordance with and comply with IFRS and have been applied consistently for all periods presented.

Use of estimates

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The determination of estimates requires the exercise of judgment based on various assumptions and other factors, such as historical experience and current and expected economic conditions. Actual results could differ from those estimates.

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Unit of account

The functional and presentation currency of the Trust is the SDR. The value of the SDR is determined by the IMF each day by summing the values in U.S. dollars, based on market exchange rates, of the currencies in the SDR valuation basket. The IMF reviews the SDR valuation basket every five years. The latest review was completed in November 2005, and the new composition of the SDR valuation basket became effective on January 1, 2006. The currencies in the basket as of April 30, 2007, and 2006 and their amounts were as follows:

Japanese yen18.4000
Pound sterling0.0903
U.S. dollar0.6320

As of April 30, 2007, one SDR was equal to 1.52418 U.S. dollars (one SDR was equal to 1.47106 U.S. dollars as of April 30, 2006).

Foreign currency translation

Foreign currency transactions are recorded at the rate of exchange on the date of the transaction. At the balance sheet date, monetary assets and liabilities denominated in foreign currencies are reported using the closing exchange rates. Exchange differences arising from the settlement of transactions at rates different from those at the originating date of the transaction and unrealized foreign exchange differences on unsettled foreign currency monetary assets and liabilities are included in the determination of net income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits, and other highly liquid short-term investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.


Financial assets at fair value through profit or loss

Investments are managed by external investment managers and their performance is measured on a fair value basis. The Trust has designated its investments in fixed-income securities, other than fixed-term deposits, as financial assets held at fair value through profit or loss. Such designation may be made only upon initial recognition and cannot subsequently be changed. The designated assets are carried at fair value on the balance sheet with the change in fair value included in the income statement in the period in which they arise.


Investments are recognized on the trade date at which the Trust becomes a party to the contractual provisions of the instrument.


Investments are derecognized when the contractual rights to the cash flows from the asset expire, or in transactions where substantially all the risks and rewards of ownership of the investment are transferred.

Fair value measurement

The determination of the fair values of the investments, other than fixedterm deposits, is based on quoted market prices for financial instruments traded in active markets. The carrying amount of fixed-term deposits, which typically have maturities of 12 months or less, approximates the fair value.

Investment income

Investment income comprises interest income, realized gains and losses, and unrealized gains and losses, including currency valuation differences arising from exchange rate movements against the SDR.


Loans in the Trust are initially recorded at the amount disbursed provided that the present value of the cash flows from stated interest due and the Subsidy Accounts is equal to or exceeds the disbursed amount. Thereafter, the carrying value of the loans is amortized cost.

PRGF and ESF loans are repayable in 5½ to 10 years in semiannual installments. Interest on loans accrues at the stated interest rate of ½ of 1 percent per annum. It is the Trust’s policy to exclude from income interest on loans that are six months or more overdue. At each balance sheet date, the loans are reviewed to determine whether there is objective evidence of loan impairment. If any such evidence exists, an impairment loss is recognized to the extent that the present value of estimated future cash flows falls below the carrying amount.


Contributions are reflected as increases in resources after the achievement of specified conditions and are subject to bilateral agreements stipulating how the resources are to be used.


Internal transfers of resources within the Trust are accounted for under the accrual method of accounting.

Administrative costs

The expenses of conducting the activities of the Trust are paid by the General Resources Account of the IMF and reimbursed by the Special Disbursement Account with resources from the PRGF-ESF Trust Reserve Account when and to the extent needed for such reimbursement.

Adoption of new International Financial Reporting Standards

In August 2005, the International Accounting Standards Board (IASB) issued a new standard, IFRS 7 “Financial Instruments: Disclosures,” which requires enhanced quantitative and qualitative risk disclosures for all major categories of financial instruments. IFRS 7 will become effective for financial year 2008, and its implementation is not expected to have an impact on the PRGF-ESF Trust’s financial position or results of operations.

3. Financial risk management

In providing financial assistance to eligible country members and conducting its operations, the Trust is exposed to various types of risks, including credit, interest rate, exchange rate, and liquidity risks.

Credit risk refers to potential losses on credit outstanding owing to the inability, or unwillingness, of member countries to make loan repayments. To mitigate credit risk, the amounts that eligible member countries may borrow under a PRGF and ESF arrangement are limited to 140 percent (in exceptional cases up to 185 percent) and 50 percent (in exceptional cases in excess of this limit), respectively, of their IMF quotas. Disbursements under PRGF and ESF arrangements are linked to performance criteria, and the IMF, as Trustee, conducts periodic reviews to ensure that such criteria are met. To protect the lenders to the Trust, resources are accumulated in the Reserve Account and are available to repay the lenders in the event of delays in repayment or nonpayment by borrowers. Credit risk on investments represents the potential loss that the Trust may incur if the obligors or counterparties default on their contractual obligations. Credit risk is minimized by limiting eligible investments to marketable securities rated AA or higher by a major credit rating agency, and for deposits, the Trust may invest in obligations issued by institutions with a credit rating of A or higher.

Interest rate risk is the risk that future cash flows will fluctuate because of changes in market interest rates. Interest rate risk on the Trust’s investments is managed by limiting the investment portfolio to a weighted-average effective duration that does not exceed three years.

Exchange rate risk is the exposure to the effects of fluctuations in the prevailing foreign currency exchange rates on the Trust’s financial position and cash flows. Exchange rate risk on the Trust’s investments is managed by investing in securities denominated in SDRs or in the constituent currencies, with the same composition, of the SDR valuation basket.

Liquidity risk is the risk of non-availability of resources to meet the Trust’s financing needs and obligations. The Trust conducts semiannual reviews to determine the adequacy of the resources accumulated in the Subsidy and Reserve Accounts to meet liquidity needs. Resources in the Subsidy Accounts are expected to exceed estimated needs based on the present level of loans outstanding, and the balance in the Reserve Account is projected to increase until it reaches the level sufficient to cover all outstanding PRGF-ESF Trust obligations to lenders. Liquidity risk on investments is limited by investing in readily marketable obligations of international financial organizations and short- and medium-term government securities.

4. Investments

Investments consisted of the following at April 30:

(In thousands of SDRs)
Fixed-term deposits834,6411,838,961
Fixed-income securities4,055,6263,043,434

The maturities of the investments are as follows at April 30:

(In thousands of SDRs)
Less than 1 year828,3414,571,089
1 -3 years3,784,756298,294
3-5 years237,7932,257
Over 5 years39,377710,755

5. Loans receivable

Resources of the Loan Account of the PRGF-ESF Trust are committed to qualifying members for a three-year period, upon approval by the Trustee of three-year PRGF arrangements or ESF arrangements with durations of one to two years in support of the members’ macroeconomic and structural adjustment programs. Interest on the outstanding loans, which is repayable in 10 equal semi-installments beginning 5½ years after disbursement, is set at the rate of ½ of 1 percent per annum.

At April 30, 2007, and 2006, the resources of the Loan Account included cumulative advances from the Reserve Account of SDR 75 million resulting from the nonpayment of principal by Zimbabwe.

Scheduled repayments of loans by borrowers, including Zimbabwe’s overdue obligations, are summarized below:

Period of repayment,
financial year
ending April 30
(In thousands of SDRs)
2013 and beyond1,341,513

As of April 30, 2007, scheduled repayments of loans include loans totaling SDR 834 million due from members that are potentially eligible for debt relief under the HIPC Initiative and the Multilateral Debt Relief Initiative (MDRI).

As of April 30, use of credit in the Trust by the largest users was as follows:

(In millions of SDRs and percent of total PRGF-ESF credit)
Largest user of credit922.124.4%975.125.5%
Three largest users of credit1,792.347.4%1,811.747.4%
Five largest users of credit2,085.955.1%2,139.256.0%

The five largest users of credit as of April 30, 2007, in descending order, were Pakistan, the Democratic Republic of the Congo, Bangladesh, Georgia, and Kenya. Outstanding credit by member is provided in Schedule 1.

6. Borrowings

The Trust borrows on such terms and conditions as agreed between the Trustee and the lenders. The weighted average interest rate on borrowings was 3.42 percent per annum for the financial year ended April 30, 2007 (2.38 percent per annum for the financial year ended April 30, 2006). The principal amounts of the borrowings are repayable between 5½ and 16 years after the first drawing.

During the financial year ended April 30, 2007, the PRGF-ESF Trust made early repayments of SDR 368 million (SDR 1,438 million for the financial year ended April 30, 2006) to lenders following the repayment of Trust loans by members that received MDRI debt relief.

Scheduled repayments of borrowings are summarized below:

Period of repayment,
financial year
ending April 30
(In thousands of SDRs)
2013 and beyond1,954,938

The following summarizes the borrowing agreements concluded as of April 30:

Amount undrawn
(In thousands of SDRs)
Loan Account3,216,6573,690,736
Subsidy Accounts38,75449,148

7. Multilateral Debt Relief Initiative

Under the MDRI, effective January 5, 2006, the IMF administers resources to provide debt relief to Heavily Indebted Poor Countries (HIPCs) and non-HIPCs with annual per capita income of $380 or less and to HIPCs with annual per capita income of more than $380.

Qualifying members at or below the per capita income threshold receive grant assistance from the MDRI-I Trust, which was funded initially by resources transferred from the Special Disbursement Account (SDR 1.5 billion). Grant assistance to the HIPCs with per capita income above the threshold is provided from the MDRI-II Trust by resources contributed by individual members. The initial contributions to the MDRI-II Trust were received through the transfer of a portion of members’ contributions to the PRGF-ESF Trust Subsidy Account (SDR 1.12 billion). Grant assistance from the MDRI Trusts (together with assistance under the HIPC Initiative) provides debt relief to cover the full stock of debt owed to the IMF (including the PRGF-ESF Trust) as of December 31, 2004, that remains outstanding at the time the member qualifies for such relief.

For the financial year ended April 30, 2007, four HIPC members upon reaching the completion point received MDRI grant assistance of SDR 189 million to settle GRA and PRGF-ESF Trust obligations of SDR 11 million and SDR 178 million, respectively. Since the IMF adopted the MDRI, 22 HIPC members and 2 non-HIPC members received grant assistance totaling SDR 2,692 million. The eligible debt covered by the grant assistance included GRA and PRGF-ESF Trust obligations of SDR 101 million and SDR 2,591 million, respectively. No impairment loss has been recognized in the Loan Account.

Since the stock of debt owed to the IMF as of December 31, 2004, decreases over time, the actual debt eligible for MDRI assistance for the remaining potentially eligible members depends on the timing of their completion points. The qualification of members for MDRI debt relief is reviewed periodically as progress by these members toward reaching the completion point under the HIPC Initiative is being made.

8. Investment income

Investment income comprised the following for the financial years ended April 30:

(In thousands of SDRs)
Interest income180,626161,763
Realized (losses)/gains, net(3,128)16,620
Unrealized gains/(losses), net7,406(37,848)
Exchange rate gains/(losses), net69(128)

9. Contributions

The Trustee accepts contributions for the Subsidy Accounts of the PRGF-ESF Trust on such terms and conditions as agreed between the Trustee and the contributors. At April 30, 2007, cumulative contributions amounted to SDR 3,075 million (SDR 2,983 million as of April 30, 2006).

10. Commitments under loan arrangements

An arrangement under the PRGF or ESF is a decision that gives a member the assurance that the IMF as Trustee stands ready to provide foreign exchange or SDRs during a specified period and up to a specified amount in accordance with the terms of the decision. At April 30, 2007, undrawn balances under 29 loan arrangements amounted to SDR 592 million (SDR 736 million under 27 arrangements at April 30, 2006).

11. Related party transactions

For the financial years ended April 30, 2007, and 2006, the Executive Board of the IMF decided to forgo the reimbursement by the Trust to the General Resources Account for the cost of administering the Trust. Such reimbursement would have amounted to SDR 48 million and SDR 51 million, respectively.

The cumulative contributions to the Trust from the IMF, through the Special Disbursement Account, as of April 30, 2007, and 2006 were as follows:

(In thousands of SDRs)
Reserve Account2,8622,667
Subsidy Accounts870870

The PRGF-ESF Subsidy Account also receives contributions from member countries that had placed deposits in the Poverty Reduction and Growth Facility Administered Accounts at low interest rates. Net investment income transferred from the Poverty Reduction and Growth Facility Administered Accounts to the PRGF-ESF Subsidy Account amounted to SDR 0.05 million and SDR 0.1 million for the financial years ended

April 30, 2007, and 2006, respectively.

12. Combining balance sheets and statements of income and changes in resources

The balance sheets and statements of income and changes in resources of the PRGF-ESF Trust are presented below:

Combining balance sheets as at April 30, 2007, and 2006

(In thousands of SDRs)

Loan AccountReserve AccountSUbsidy AccountCombined
Cash and cash equivalents34,123274,87357,088178,230230,850294,223322,061747,326
Loans receivable3,784,7883,819,7603,784,7883,819,760
Accrued account transfers(904)15,45058,57258,412(57,668)(73,862)
Interest and other receivables27,22822,1143065,1232,8512,09630,38529,333
Total assets4,439,5765,076,2773,432,5643,319,0721,155,3611,083,4659,027,5019,478,814
Liabilities and resources
Interest payable46,69241,4541415346,83341,507
Other liabilities10,9099,10572110,9169,126
Total liabilities4,364,6255,000,80877,95929,2914,442,5845,030,099
Total liabilities and resources4,439,5765,076,2773,432,5643,319,0721,155,3611,083,4659,027,5019,478,814

Combining statements of income and changes in resources for the years ended April 30, 2007, and 2006

(In thousands of SDRs)

Loan AccountReserve AccountSubsidy AccountCombinedAccounts
Balance, beginning of the year75,46975,2353,319,0723,198,5501,054,1741,720,6954,448,7154,994,480
Investment income27,41810,754113,89185,15143,66444,502184,973140,407
Interest on loans18,46527,93618,46527,936
Interest expense(157,822)(154,255)(343)(124)(158,165)(154,379)
Other expenses(972)(1,640)(442)(1,246)(1,414)(2,886)
Operational (loss)/income(111,939)(115,565)112,91983,51142,87943,13243,85911,078
Contributions from:
Bilateral donors92,14856,04892,14856,048
Special Disbursement Account19536,789470,320195507,109
Contributions to MDRI-II Trust(1,120,000)(1,120,000)
Transfers between:
Loan and Reserve Accounts(378)(222)378222
Loan and Subsidy Accounts111,799116,021(111,799)(116,021)
Net income (loss)/changes in resources(518)234113,492120,52223,228(666,521)136,202(545,765)
Balance, end of the year74,95175,4693,432,5643,319,0721,077,4021,054,1744,584,9174,448,715

Schedule of outstanding PRGF loans as at April 30, 2007

(In thousands of SDRs)

Afghanistan, Islamic Republic of24,5000.65
Burkina Faso23,7200.63
Cape Verde8,6400.23
Central African Republic30,5920.81
Congo, Democratic Republic of the553,46714.62
Congo, Republic of23,5800.62
Cote d’Ivoire91,4122.42
Gambia, The13,1340.35
Kyrgyz Republic102,3122.70
Lao People’s Democratic Republic17,2140.45
Macedonia, former Yugoslav Republic of5,9250.16
São Tomé and Príncipe2,0690.05
Sierra Leone23,1120.61
Sri Lanka38,3901.01
Yemen, Republic of127,2753.36
Total PRGF loans outstanding3,784,788100.00

Cumulative contributions to and resources of the Subsidy Accounts as at April 30, 2007

(In thousands of SDRs)

Subsidy Accounts
Direct contributions to the Subsidy Accounts1
Czech Republic10,00410,004
Russian Federation12,70512,705
United Kingdom345,280345,280
United States126,079126,079
Total direct contributions to the Subsidy Accounts2,024,1221,39220,3502,045,864
Net income transferred to the Subsidy Accounts
Iran, Islamic Republic of1,3461,346
Spain (ICO)681681
Total net income transferred to the Subsidy Accounts159,085159,085
Contributions from Special Disbursement Account870,320870,320
Total contributions received3,053,5271,39220,3503,075,269
Cumulative net income of the Subsidy Accounts980,3221,754522982,598
Contributions to MDRI-II Trust(1,120,000)(1,120,000)
Transfers to PRGF Subsidy Account(95,042)95,042
Transfers to ESF Subsidy Account(35)35
Resources disbursed to subsidize Trust lending(1,762,277)(98,188)(1,860,465)
Total resources of the Subsidy Accounts1,056,49520,9071,077,402

In addition to direct contributions, a number of members also make loans available to the Loan Account on concessional terms. See Schedule 3.

In addition to direct contributions, a number of members also make loans available to the Loan Account on concessional terms. See Schedule 3.

Schedule of borrowing agreements as at April 30, 2007

(In thousands of SDRs)

Interest rateAmount ofAmountOutstanding
Member(in percent)agreementdrawnbalance
Loan Account
Prior to enlargement of PRGF
GermanyVariable 1700,000700,000867
JapanVariable 12,200,0002,200,000593
Total prior to enlargement of PRGF2,900,0002,900,0001,460
For enlargement of PRGF
BelgiumVariable 1350,000244,68967,702
CanadaVariable 1400,000400,000209,249
ChinaVariable 1200,000176,29890,806
EgyptVariable 1155,600100,00029,723
FranceVariable 12,100,0001,284,048570,619
GermanyVariable 12,050,0001,077,256404,101
ItalyVariable 1800,000497,944434,484
JapanVariable 12,934,8002,682,7632,083,018
NetherlandsVariable 1450,000200,288145,109
Spain—Bank of SpainVariable 1425,000150,367108,957
Spain—Government of Spain (ICO)Fixed67,00067,00038,092
SwitzerlandVariable 1401,700236,790118,364
Total for enlargement of PRGF10,334,1007,117,4434,300,224
Resources held pending repayment25,340
Total—Loan Account13,234,10010,017,4434,307,024
PRGF-ESF Subsidy Account
Saudi Arabia0.5038,20038,20038,200
Spain—Government of Spain (ICO)0.5067,00028,90828,908
Total—Subsidy Accounts116,56577,81177,811

The loans under these agreements are made at variable, market-related rates of interest.

This amount represents principal repayments held and invested on behalf of a lender.

The loans under these agreements are made at variable, market-related rates of interest.

This amount represents principal repayments held and invested on behalf of a lender.

Status of loan arrangements as at April 30, 2007

(In thousands of SDRs)

Date ofExpirationAmountUndrawn
Afghanistan, Islamic Republic ofJun. 26, 2006Jun. 25, 200981,00056,500
AlbaniaFeb. 1, 2006Jan. 31, 20098,5234,870
ArmeniaMay 25, 2005May 24, 200823,0009,880
BangladeshJun. 20, 2003Jun. 19, 2007400,33083,600
BeninAug. 5, 2005Aug. 4, 20086,1904,430
Burkina FasoApr. 23, 2007Apr. 22, 20106,0205,520
BurundiJan. 23, 2004Sep. 30, 200769,3007,150
CameroonOct. 24, 2005Oct. 23, 200818,57010,620
Central African RepublicDec. 22, 2006Dec. 21, 200936,20018,600
ChadFeb. 16, 2005Feb. 15, 200825,20021,000
Congo, Republic ofDec. 6, 2004Jun. 5, 200854,99031,410
Gambia, TheFeb. 21, 2007Feb. 20, 201014,00012,000
GeorgiaJun. 4, 2004Sep. 30, 200798,00014,000
GrenadaApr. 17, 2006Apr. 16, 200910,5308,970
HaitiNov. 20, 2006Nov. 19, 200973,71045,610
KenyaNov. 21, 2003Nov. 20, 2007150,00037,500
Kyrgyz RepublicMar. 15, 2005Mar. 14, 20088,8803,810
MadagascarJul. 21, 2006Jul. 20, 200954,99039,278
MalawiAug. 5, 2005Aug. 4, 200838,17016,222
MaliJun. 23, 2004Oct. 31, 20079,3301,341
MauritaniaDec. 18, 2006Dec. 17, 200916,1009,650
MoldovaMay 5, 2006May 4, 2009110,88067,470
MozambiqueJul. 6, 2004Jul. 5, 200711,3601,640
NepalNov. 19, 2003Nov. 18, 200749,90021,380
NigerJan. 31, 2005Jan. 30, 200826,3202,820
RwandaJun. 12, 2006Jun. 11, 20098,0105,730
São Tomé and PríncipeAug. 1, 2005Jul. 31, 20082,9601,268
Sierra LeoneMay 10, 2006May 9, 200931,11022,000
ZambiaJun.16, 2004Jun. 15, 2007220,09527,511

Disbursed Multilateral Debt Relief Initiative assistance as of April 30, 2007

(In thousands of SDRs)

Eligible debtSources of grant assistance
Burkina Faso62,12062,12057,0535,067
São Tomé and Príncipe1,0491,0491,049
Sierra Leone117,343117,34376,75540,588

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