REPORT ON THE FIFTH REPLENISHMENT OF IFAD S RESOURCES

Transcription

1 Distribution: Limited GC 24/L.5 10 January 2001 Original: English genda Item 7(a) English IFD Governing Council Twenty-Fourth Session Rome, February 2001 REPORT ON THE FIFTH REPLENISHMENT OF IFD S RESOURCES. Introduction 1. The Governing Council, at its Twenty-Second Session in February 1999, adopted Resolution 112/XXII establishing the Consultation to Review the dequacy of the Resources vailable to IFD ( the Consultation ). The Consultation, consisting of all Member States from Lists and B and 12 Members and five Observers from List C, was requested to review the adequacy of the resources available to IFD and to negotiate, if appropriate, such arrangements as may be necessary to ensure the adequacy of the said resources. 2. The Consultation met in six sessions between February 1999 and February 2000 and presented its draft Report to the Twenty-Third Session of the Governing Council on 16 February fter considering the document, the Council, recognizing that the Consultation s work needed to be continued, that its final Report needed to be approved, and that the draft Resolution on the Fifth Replenishment of IFD s Resources needed to be adopted as soon as possible, adopted Resolution 115/XXIII on the subject, in which it decided, inter alia, that: 1. The Consultation is requested to continue meeting so as to conclude its deliberations as soon as possible, upon which event it is requested to submit its report and any draft resolutions thereon to the Governing Council for approval and adoption. 2. In the event that the Consultation concludes its deliberations prior to the Twenty-Fourth Session of the Governing Council, the Report and draft resolutions thereon shall be submitted to the Governing Council for approval and adoption by the holding of a vote by correspondence in accordance with Rule 39 of the Rules of Procedure of the Governing Council. For this purpose, in accordance with Rule 45 of the Rules of Procedure of the Governing Council, the operation of Rule 34.1(a) of the Rules of Procedure of the Governing Council is hereby suspended temporarily to the extent that it relates to the adoption of the draft Resolution on the Fifth Replenishment of IFD s Resources through a vote by correspondence. Document #: Library:DMS Due to resource constraints and environmental concerns, IFD documents are produced in limited quantities. Delegates are kindly requested to bring their documents to meetings and to limit requests for additional copies.

2 3. t its Seventh Session on 16 June 2000, the Consultation finalized its report Partnerships for Eradicating Rural Poverty: Report of the Consultation to Review the dequacy of the Resources vailable to IFD and decided to recommend to the Governing Council for adoption a draft resolution on the Fifth Replenishment of IFD s Resources, through a vote by correspondence. B. Vote by Correspondence 4. On 29 June 2000, the President of IFD sent, by express courier to all Member States, the report Partnerships for Eradicating Rural Poverty: Report of the Consultation to Review the dequacy of the Resources vailable to IFD and invited the Governing Council to approve the draft resolution on the Fifth Replenishment of IFD s Resources. deadline of Monday, 31 July 2000, was set for receipt of replies. 5. Under Rule 34.1(a) of the Rules of Procedure of the Governing Council, approval of the replenishment of the resources of the Fund requires at least two thirds of the total number of votes (i.e votes) and, in accordance with past practice, absence of a written reply by the stipulated deadline date is considered a yes vote. s at the close of business on 31 July 2000, all replies received were in the affirmative and therefore the resolution set out in the attachment hereto was adopted unanimously. C. Further Steps for the Effectiveness of the Fifth Replenishment 6. With the adoption of Resolution 119/XXIV on the Fifth Replenishment of IFD s Resources, the following steps remain necessary to achieve the effectiveness of the Fifth Replenishment: (a) (b) (c) Completion: Paragraph V.21 of the Resolution requires the Executive Board to complete the Resolution once pledges shall have been received equalling at least eighty per cent (80%) of the three hundred and sixty million dollars ( ) target of the List Member Countries and eighty per cent (80%) of the combined one hundred million dollars ( ) target of the List B and List C Member Countries. s at 22 December 2000, the target for List Member Countries had been met but that for List B and List C Member Countries, which stood at 48.3 million, had not. t its Seventy-First Session in December 2000, the Executive Board delegated the completion of the Resolution to the President of IFD in the event that the conditions precedent thereto are met prior to the Governing Council Session. Paragraph II.4(a) of the Resolution would then be finalized by the insertion of a figure, which would be the total amount that has been pledged on the date of completion of the Resolution. dditional pledges: Paragraph II.4(b) of the Resolution provides for a period of six months from the date of completion of the Resolution in which Member States may make or increase their pledged contributions to the Fifth Replenishment. Pledges received after this period will not count towards the creation of new votes under the Fifth Replenishment. Creation of votes: Upon the expiry of the above-mentioned six-month period, the total amount pledged to the Fifth Replenishment by that date will permit the calculation of the amount of new votes to be created for the Fifth Replenishment using the formula stipulated in rticle 6, Section 3(a)(ii), of the greement Establishing IFD, namely in the ratio of one hundred (100) votes for the equivalent of each one hundred and fifty eight million United States dollars ( ) contributed to the total amount of that replenishment, or a fraction thereof. Paragraph IV.19 of the Resolution would then be finalized. 2

3 (d) Effectiveness: The Fifth Replenishment will become effective, according to paragraph II.7(a) of the Resolution, on the date upon which the Instruments of relating to contributions from all the Members have been deposited with the Fund in the aggregate total amount equivalent to at least fifty per cent (50%) of the total contribution to the Fifth Replenishment of all such Members. Payment of contributions without the deposit of an Instrument of will also count, in practice, as the deposit of an Instrument of for the amount paid. 7. It should be noted that contributions paid before the date of the effectiveness of the Resolution will not be available as resources available for commitment to loans and grants unless the contributing Member so specifies in accordance with paragraph II.8 of the Resolution. Member States are encouraged to so do. 8. ttachments and C to the Resolution attached hereto have been updated to reflect the status of contributions and allocation of votes as at 22 December

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5 TTCHMENT 5 Fifth Replenishment s of Member Countries as at 22 December Previous s () Cumulative s in Convertible Currencies B. s Pledged to Fifth Replenishment mount of to IFD s Replenishments (Initial to Third) Fourth Replenishment 2/ Unit of in Unit mount in Equivalent Pledges Payments 1/ Pledges Payments 1/ Obligation 3/ of Obligation 4/ in SDR 5/ State B-1 B-2 B-3 B-4 fghanistan lbania lgeria ngola ntigua and Barbuda rgentina rmenia ustralia UD ustria EUR zerbaijan Bangladesh Barbados Belgium EUR Belize Benin Bhutan Bolivia Bosnia and Herzegovina Botswana Brazil Burkina Faso Burundi Cambodia Cameroon Canada CD Cape Verde Central frican Republic Chad Chile China

6 6 Fifth Replenishment s of Member Countries as at 22 December Previous s () Cumulative s in Convertible Currencies B. s Pledged to Fifth Replenishment mount of to IFD s Replenishments (Initial to Third) Fourth Replenishment 2/ Unit of in Unit mount in Equivalent Pledges Payments 1/ Pledges Payments 1/ Obligation 3/ of Obligation 4/ in SDR 5/ State B-1 B-2 B-3 B-4 Colombia Comoros Congo Cook Islands Costa Rica Côte d'ivoire Croatia Cuba Cyprus D.P.R. Korea D.R. Congo Denmark DKK Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Ethiopia Fiji Finland EUR France EUR Gabon Gambia, The Georgia Germany EUR Ghana Greece

7 7 Fifth Replenishment s of Member Countries as at 22 December Previous s () Cumulative s in Convertible Currencies B. s Pledged to Fifth Replenishment mount of to IFD s Replenishments (Initial to Third) Fourth Replenishment 2/ Unit of in Unit mount in Equivalent Pledges Payments 1/ Pledges Payments 1/ Obligation 3/ of Obligation 4/ in SDR 5/ State B-1 B-2 B-3 B-4 Grenada Guatemala Guinea Guinea-Bissau Guyana Haiti Honduras India Indonesia Iran Iraq Ireland EUR Israel Italy EUR Jamaica Japan JPY Jordan Kazakhstan Kenya Kuwait Kyrgyzstan Laos Lebanon Lesotho Liberia Libyan rab Jamahiriya Luxembourg EUR Madagascar Malawi Malaysia

8 8 Fifth Replenishment s of Member Countries as at 22 December Previous s () Cumulative s in Convertible Currencies B. s Pledged to Fifth Replenishment mount of to IFD s Replenishments (Initial to Third) Fourth Replenishment 2/ Unit of in Unit mount in Equivalent Pledges Payments 1/ Pledges Payments 1/ Obligation 3/ of Obligation 4/ in SDR 5/ State B-1 B-2 B-3 B-4 Maldives Mali Malta Mauritania Mauritius Mexico Mongolia Morocco Mozambique Myanmar Namibia Nepal Netherlands EUR New Zealand NZD Nicaragua Niger Nigeria Norway NOK Oman Pakistan Panama # Papua New Guinea Paraguay Peru Philippines Portugal EUR Qatar Republic of Korea Republic of Moldova Romania

9 9 Fifth Replenishment s of Member Countries as at 22 December Previous s () Cumulative s in Convertible Currencies B. s Pledged to Fifth Replenishment mount of to IFD s Replenishments (Initial to Third) Fourth Replenishment 2/ Unit of in Unit mount in Equivalent Pledges Payments 1/ Pledges Payments 1/ Obligation 3/ of Obligation 4/ in SDR 5/ State B-1 B-2 B-3 B-4 Rwanda Saint Christopher and Nevis Saint Lucia Saint Vincent and the Grenadines Samoa Sao Tome and Principe Saudi rabia Senegal Seychelles Sierra Leone Solomon Islands Somalia South frica Spain EUR Sri Lanka Sudan Suriname Swaziland Sweden SEK Switzerland CHF Syria Tajikistan Tanzania, United Republic of Thailand The Former Yugoslav Republic of Macedonia Togo Tonga Trinidad and Tobago Tunisia Turkey

10 10 Fifth Replenishment s of Member Countries as at 22 December Previous s () Cumulative s in Convertible Currencies B. s Pledged to Fifth Replenishment mount of to IFD s Replenishments (Initial to Third) Fourth Replenishment 2/ Unit of in Unit mount in Equivalent Pledges Payments 1/ Pledges Payments 1/ Obligation 3/ of Obligation 4/ in SDR 5/ State B-1 B-2 B-3 B-4 Uganda United rab Emirates United Kingdom GBP United States Uruguay Venezuela Viet Nam Yemen Yugoslavia Zambia Zimbabwe Complementary s to Replenishments Complementary s Expected for the Fifth Replenishment Fourth Replenishment 2/ mount of Unit of in Unit mount in Equivalent State Pledges Payments 1/ Obligation 3/ of Obligation 4/ in SDR 5/ Belgium EUR / Netherlands Italy EUR Replenishment / Payments in cash and promissory notes excluding accounting provisions against the encashment of promissory notes at time of drawdown. 2/ In accordance with Resolution 87/XVIII on the Fourth Replenishment of IFD s Resources. 3/ The following abbreviations are used for currencies: UD: ustralian Dollar EUR: Euro NZD: New Zealand Dollar CD: Canadian Dollar GBP: Pound Sterling SDR: Special Drawing Right CHF: Swiss Franc JPY: Japanese Yen SEK: Swedish Krona DKK: Danish Krone NOK: Norwegian Krone : United States Dollar 4/ Converted into amount applying the average exchange rate as described in paragraph II.15 of this Resolution. 5/ Converted from amount applying the average IMF /SDR exchange rate for the period 1 July 1999 to 31 December / This amount has been pledged by Belgium as a complementary contribution in accordance with paragraph II.4 (d) of this Resolution. The Governing Council has decided that this complementary contribution shall be used for the specific objectives of the Belgium Survival Fund for the Third World, and in conformity with its procedures. # These Members have not yet pledged a contribution but have made advance payments to the Fifth Replenishment.

11 Fifth Replenishment of Member Countries as at 22 December State. Original B. Fourth Replenishment D. Fifth Replenishment 1/ E B-1 B-2 B-3 C. D-1 D-2 D-3 D-4 E-1 E-2 1/ 1/ Original and Fourth Replenishment Membership Membership Membership Potential 2/ Potential 2/ fghanistan lbania lgeria ngola ntigua and Barbuda rgentina rmenia ustralia ustria zerbaijan Bangladesh Barbados Belgium Belize Benin Bhutan Bolivia Bosnia and Herzegovina Botswana Brazil Burkina Faso Burundi Cambodia Cameroon Canada Cape Verde Central frican Republic Chad Chile China

12 Fifth Replenishment of Member Countries as at 22 December State. Original B. Fourth Replenishment D. Fifth Replenishment 1/ E B-1 B-2 B-3 C. D-1 D-2 D-3 D-4 E-1 E-2 1/ 1/ Original and Fourth Replenishment Membership Membership Membership Potential 2/ Potential 2/ Colombia Comoros Congo Cook Islands Costa Rica Côte d'ivoire Croatia Cuba Cyprus D.P.R. Korea D.R. Congo Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Ethiopia Fiji Finland France Gabon Gambia, The Georgia Germany Ghana Greece

13 Fifth Replenishment of Member Countries as at 22 December State. Original B. Fourth Replenishment D. Fifth Replenishment 1/ E B-1 B-2 B-3 C. D-1 D-2 D-3 D-4 E-1 E-2 1/ 1/ Original and Fourth Replenishment Membership Membership Membership Potential 2/ Potential 2/ Grenada Guatemala Guinea Guinea-Bissau Guyana Haiti Honduras India Indonesia Iran Iraq Ireland Israel Italy Jamaica Japan Jordan Kazakhstan Kenya Kuwait Kyrgyzstan Laos Lebanon Lesotho Liberia Libyan rab Jamahiriya Luxembourg Madagascar Malawi Malaysia

14 Fifth Replenishment of Member Countries as at 22 December State. Original B. Fourth Replenishment D. Fifth Replenishment 1/ E B-1 B-2 B-3 C. D-1 D-2 D-3 D-4 E-1 E-2 1/ 1/ Original and Fourth Replenishment Membership Membership Membership Potential 2/ Potential 2/ Maldives Mali Malta Mauritania Mauritius Mexico Mongolia Morocco Mozambique Myanmar Namibia Nepal Netherlands New Zealand Nicaragua Niger Nigeria Norway Oman Pakistan Panama Papua New Guinea Paraguay Peru Philippines Portugal Qatar Republic of Korea Republic of Moldova Romania

15 Fifth Replenishment of Member Countries as at 22 December State. Original B. Fourth Replenishment D. Fifth Replenishment 1/ E B-1 B-2 B-3 C. D-1 D-2 D-3 D-4 E-1 E-2 1/ 1/ Original and Fourth Replenishment Membership Membership Membership Potential 2/ Potential 2/ Rwanda Saint Christopher and Nevis Saint Lucia Saint Vincent and the Grenadines Samoa Sao Tome and Principe Saudi rabia Senegal Seychelles Sierra Leone Solomon Islands Somalia South frica Spain Sri Lanka Sudan Suriname Swaziland Sweden Switzerland Syria Tajikistan Tanzania, United Republic of Thailand The Former Yugoslav Republic of Macedonia

16 Fifth Replenishment of Member Countries as at 22 December State. Original B. Fourth Replenishment D. Fifth Replenishment 1/ E B-1 B-2 B-3 C. D-1 D-2 D-3 D-4 E-1 E-2 1/ 1/ Original and Fourth Replenishment Membership Membership Membership Potential 2/ Potential 2/ Togo Tonga Trinidad and Tobago Tunisia Turkey Uganda United rab Emirates United Kingdom United States Uruguay Venezuela Viet Nam Yemen Yugoslavia Zambia Zimbabwe / 2/ Only freely convertible currency contributions will be taken into account in calculating, in accordance with paragraph IV.20 of this Resolution. This column indicates the potential that will be earned by each Member once all Members have paid their pledged contributions as shown in Column B-2 of ttachment to this Resolution.