Resilience and Sustainability Trust―2024 Contribution Agreements with Belgium, Malta, Qatar, and Switzerland

April2024 RESILIENCEANDSUSTAINABILITYTRUST―2024CONTRIBUTIONAGREEMENTSWITHBELGIUM,MALTA,QATAR,ANDSWITZERLAND IMFstaffregularlyproducespapersproposingnewIMFpolicies,exploringoptionsforreform,orreviewingexistingIMFpoliciesandoperations.TheReportpreparedbyIMFstaffandcompletedonMarch26,2024,hasbeenreleased. ThestaffreportwasissuedtotheExecutiveBoardforinformation.ThereportwaspreparedbyIMFstaff.TheviewsexpressedinthispaperarethoseoftheIMFstaffanddonotnecessarilyrepresenttheviewsoftheIMF'sExecutiveBoard. TheIMF’stransparencypolicyallowsforthedeletionofmarket-sensitiveinformationandprematuredisclosureoftheauthorities’policyintentionsinpublishedstaffreportsandotherdocuments. ElectroniccopiesofIMFPolicyPapersareavailabletothepublicfrom http://www.imf.org/external/pp/ppindex.aspx InternationalMonetaryFundWashington,D.C. ©2024InternationalMonetaryFund March26,2024 RESILIENCEANDSUSTAINABILITYTRUST―2024CONTRIBUTIONAGREEMENTSWITHBELGIUM,MALTA,QATAR,ANDSWITZERLAND PreparedbytheFinanceandLegaldepartments.ThestaffteamwasledbyLindaKaltani(FIN) andStephanieFontana-Raina(LEG)andcomprisedPhildeImus,IvettaHakobyan,andIzabelaRutkowska(FIN),EgbiriEgbiri,EvaKabundu,andAudreyYiadom(LEG);productionassistancebyVeraLochanandAmyMiranda(FIN). ApprovedBy PapaN’Diaye(FIN)andBernhardSteinki(LEG) INTRODUCTION 1.ThispaperprovidesanupdateonResilienceandSustainabilityTrust(RST)contributionagreementsfinalizedbetweenOctober2023andMarch15,2024.ShortlyaftertheExecutiveBoard’sApril2022approvaloftheestablishmentoftheRST,theManagingDirectorwroteto35memberswithstrongexternalpositionswhowereidentifiedaspotentialRSTcontributorsseekingtheircontributionsinatotalamountofatleastSDR33billion.1Todate,theFundhasreceivedtotalpledgesamountingtoSDR31.9billionfrom21members,ofwhichSDR26.3billionarepledgedcontributionpackagestoallthreeRSTaccounts(i.e.,theLoanAccount(LA),DepositAccount(DA)andtheReserveAccount(RA)).ThesepledgescounttowardtheSDR33billiontargetandrepresent 79percentofthetargetedloancontributionsandprojecteddemandforloanresources.TheFundhasconcludedcontributionagreementswith19members,fifteenofwhichwerealreadyreportedtotheExecutiveBoardinJanuary2023,April2023,andSeptember2023,andtheremainingandmostrecentfourarepresentedinthispaper.2,3 1SeeDecisionNo.17231-(22/37),adoptedApril13,2022. 2SeeResilienceAndSustainabilityTrust–2022ContributionAgreementswithAustralia,Canada,China,Germany,Japan,andSpain;ResilienceAndSustainabilityTrust–2023ContributionAgreementswithEstonia,France,Japan,Korea,Lithuania,andTheNetherlands,andResilienceandSustainabilityTrust–2023ContributionAgreementswithItaly,Luxembourg,Oman,andtheUnitedKingdom. 3PursuanttoSectionIII,Paragraph2oftheInstrumenttoEstablishtheRST(the“RSTInstrument”),theManagingDirectorisauthorizedtoenterintocontributionagreementsandtomakethenecessaryarrangements. Table1.StatusofPledgestotheResilienceandSustainabilityTrust (InSDRbillion;asofMarch15,2024) CountryPledges1SDRallocationin2021 Pledgesasshareof2021SDRallocation Status Contributionpackagewithloanresources2 1 Australia 0.9 6.3 15% SignedandRA/DAdisbursed 2 Belgium 0.7 6.1 11% SignedandRA/DAdisbursed 3 Canada 1.4 10.6 13% SignedandRA/DAdisbursed 4 China 6.0 29.2 21% SignedandRA/DAdisbursed 5 France 3.1 19.3 16% SignedandRA/DAdisbursed 6 Italy 1.9 14.4 13% SignedandRA/DAdisbursed 7 Japan 5.0 29.5 17% SignedandRA/DAdisbursed 8 Korea 0.9 8.2 11% SignedandRA/DAdisbursed 9 Lithuania 0.085 0.4 20% SignedandRA/DAdisbursed 10 Luxembourg 0.253 1.3 20% SignedandRA/DAdisbursed 11 Malta 0.025 0.2 15% SignedandRA/DAdisbursed 12 Netherlands 1.2 8.4 15% SignedandRA/DAdisbursed 13 Oman 0.039 0.5 7% SignedandRA/DAdisbursed 14 Qatar 0.05 0.7 7% SignedandRA/DAdisbursed 15 Singapore 0.7 3.7 20% 16 Spain 1.4 9.1 16% SignedandRA/DAdisbursed 17 UnitedKingdom 2.5 19.3 13% SignedandRA/DAdisbursed 18 UnitedArabEmirates 0.2 2.2 7% Subtotal 26.3 14% Standalonecontributions2 19 Estonia3 0.025 0.2 11% SignedandDAdisbursed 20 Germany 5.1 25.5 20% SignedandRA/DAdisbursed 21 Switzerland3 0.5 5.5 9% SignedandDAdisbursed Subtotal 5.6 13% Grandtotal 31.9 15% Source:Countryauthorities;IMFstaffestimates. 1Thetablereportstheamountspledgedorcontributed.Whenpledgesarereported,thistableshowstheamountaspledgedbyeachcountry.Inmostofsuchcases,thepledgeamountexcludesthereserveaccountcontribution,butat2percentoftheloancontribution,itsimpactonthetotalamountissmall.Forsomecountries,pledgesaresubjecttodomesticprocedures,includingbudgetaryapprovals. 2A'contributionpackage'includescontributionstoalltheloan,deposit,andreserveaccountsoftheRST.A'standalonecontribution'referstocontributionstothedepositand/orreserveaccounts,withpossiblyshortermaturities(e.g.,10years). 3ContributorprovidedresourcestotheDepositAccountonly. 2.ThecontributionagreementspresentedinthispaperincludethreecontributionpackagesandonestandalonecontributiontotheRST’sDepositAccount.4Altogether,thesecontributionagreementsprovideapproximatelySDR609.3milliontotheLA,SDR621.9milliontothe 4AsspecifiedinSectionIII,Paragraph1(b)oftheRSTInstrument,eachLAc