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FINANCIAL ORGANIZATION AND OPERATIONS OF THE IMF
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• In 1976, the IMF initiated concessional operations through the estab-
lishment of the Trust Fund, which drew upon the profits generated from
the sale of part of the IMF’s gold holdings in 1976–80 and provided con-
cessional loans to low-income developing countries for balance of pay-
ments support.2
• In 1986, the IMF established the SAF to provide concessional assis-
tance to low-income countries by recycling resources lent under the
Trust Fund.3
• In 1987, the IMF established the ESAF to foster stronger adjustment
and reform measures than those under the SAF and to augment the
resources available for this purpose. In contrast to the Trust Fund and
SAF, the loan and subsidy resources were provided primarily by bilat-
eral contributors.
• In 1996, the IMF and World Bank jointly launched the HIPC Initiative
to reduce the external debt burden of eligible poor and heavily
indebted countries to a sustainable level.
• In September 1999, the HIPC Initiative was enhanced to provide faster,
deeper, and broader debt relief and the links between debt relief and
poverty reduction were strengthened.4 In October 1999, the Executive
Board decided to change the names of the ESAF and ESAF Trust to
the Poverty Reduction and Growth Facility (PRGF) and the Poverty
Reduction and Growth Facility Trust (PRGF Trust), respectively, and
to broaden the objectives of the renamed facility. The decision became
effective on November 22, 1999, when all contributors to the Trust had
consented to the change.5
• In September 1999, agreement was also reached on a financing package
for the HIPC Initiative and for a continuation of the PRGF for a four-
year period (the so-called interim PRGF) expected to begin in 2002
2Of the $4.6 billion in profits from the gold sales, $1.3 billion was distributed to develop-
ing country members of the IMF in proportion to their quotas, while $3.3 billion was made
available for concessional lending through the Trust Fund.
3See Joslin Landell-Mills, Helping the Poor: The IMF’s New Facilities for Structural
Adjustment (Washington: International Monetary Fund, rev. ed., 1992). 4For a more thorough discussion of the Enhanced HIPC Initiative, see David Andrews,
Anthony Boote, Syed S. Rizavi, and Sukhwinder Singh, Debt Relief for Low-Income Coun-
tries: The Enhanced HIPC Initiative, IMF Pamphlet Series No. 51 (Washington: Interna-
tional Monetary Fund, 2000).
5See “IMF Lending to Poor Countries—How Does the PRGF Differ from the ESAF?”
(International Monetary Fund, Issues Brief, 01/06, April 2001).