Annual Report 2019
Central Bank of the Republic of Armenia
Notes to the 2019 consolidated financial statements
16. Operations with the International Monetary Fund (continued)
Liabilities due to the IMF
In thousands of Armenian Drams
Securities account
Adjustment account for AMD liabilities to the IMF
Account 1
Account 2
SDR allocation
ECF:
Carrying value
Deferred income
Interest accrued
Total liabilities due to the IMF
31 December
2019
159,285,304
(823,199)
31 December
2018
159,285,304
(6,611,507)
9,436,432
35,173,286
2,590
2,703
58,366,397
59,197,890
14,341,411
18,797,753
13,795,377
17,928,595
546,034
869,158
477,671
339,968
240,948,903
266,323,100
The Securities account, Adjustment account and Account 1 represent the amounts of the liability of the Bank as per EFF
and the membership quota. Currently all major settlements with the IMF are made through Account 1. Account 2 is used
by the IMF for administrative purposes.
As at 31 December 2019 part of the Bank's liabilities to the IMF and the membership quota are covered by the promissory
note in the amount of AMD 159,285,304 thousand (31 December 2018: AMD 159,285,304 thousand).
Except for membership quota and liability in respect of SDR allocation, the Bank's liability to the IMF as at 31 December
2019 represents liabilities as per Extended Credit Facility and Extended Fund Facility. Funds received under Extended
Fund Facility are recorded on Account 1.
The Extended Credit Facility provides financial assistance to the countries with protracted balance of payments problems.
The ECF was created under the newly established Poverty Reduction and Growth Trust (the "PRGT") as part of a broader
reform to make the IMF's financial support more flexible and better tailored to the diverse needs of Low Income countries,
including in times of crisis. As at 31 December 2019 the ECF bears no interest (2018: 0%). The loans outstanding as at
31 December 2019 mature in June 2020 - June 2023 (31 December 2018: June 2019 - June 2023).
The Extended Fund Facility (the "EFF") is provided to the countries to overcome medium-term payment problems.
The EFF interest rate is floating and published by the IMF on a weekly basis as Adjusted Rate of Charge. The loans
outstanding as at 31 December 2019 mature in March 2020 - June 2027 (31 December 2018: June 2019 - December 2027).
The IMF for the purpose of increasing the international reserves of the member countries makes SDR allocations to the
member countries. The SDR allocation interest rate is floating and published by the IMF on a weekly basis as
SDR interest rate. The SDR allocation has no maturity date but can be cancelled by the IMF.
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