Framework Interim Account—Establishment of the Interim Windfall Gold Sales Profits Subaccount, and Termination of the Interim Administered Account for Windfall Gold Sales Profits

• I. Pursuant to Article V, Section 2(b), the Fund approves the establishment of the Interim Windfall Gold Sales Profits Subaccount (the “Interim WGSP Subaccount”) under the Framework Interim Account, which was established pursuant to Decision No. 16626-(19/103), December 18, 2019.

• II. Consistent with paragraph 2 of the Instrument to Establish the Framework Interim Account (the “Instrument”), the Interim WGSP Subaccount shall be managed in accordance with the Instrument and the following terms and conditions:

  • 1. The purpose of the Interim WGSP Subaccount is to serve as an interim vehicle for the holding and administration of resources transferred from the Interim Administered Account for Windfall Gold Sales Profits (which was established pursuant to Decision No. 15092-(12/19), February 24, 2012, as amended), pending instruction from each such Fund member (“Member”) which owns part of these resources as to the disposition of its share of such resources.

  • 2. Upon the instruction of a Member, the Fund shall transfer all or part of the resources in the Interim WGSP Subaccount that are attributable to the Member, including the Member’s pro rata share of any investment returns, to one or more of the Subsidy Accounts of the Poverty Reduction and Growth Trust (PRGT), or as otherwise specified by the Member.

  • 3. The Interim WGSP Subaccount shall be terminated by the Fund: (a) as determined by the Fund upon the request of the Managing Director; (b) upon the request of a Member and with the concurrence of all other Members contributing to the subaccount at the time of termination; or (c) as promptly as practicable following the receipt of instructions from every Member regarding the disposition of its resources in the Interim WGSP Subaccount; whichever is earlier. In the event of termination pursuant to (a) or (b) above, each Member with resources remaining in the Interim WGSP Subaccount at the time of termination shall have paid in full to it the amount of such resources, together with its net pro rata share of any investment returns.

  • 4. Any amendment to the terms and conditions of the Interim WGSP Subaccount requires approval of the Executive Board as well as the concurrence of each Member with resources held in the Interim WGSP Subaccount at the time at which such amendment is proposed. Such concurrence for any proposed amendment of this Instrument may be presumed if Members do not object within thirty days after the issuance of the proposed amendment to Members.

• III. A Member’s shares in the Interim Administered Account for Windfall Gold Sales Profits shall be transferred to the Interim WGSP Subaccount, subject to the Member’s consent; provided that a Member shall be deemed to have consented to such transfer if no response from the Member is received by April 3, 2020; and provided further that a Member that is not in a position to consent to the transfer shall so notify the Fund by April 3, 2020 and shall receive their shares in the Interim Administered Account for Windfall Gold Sales Profits no later than April 30, 2020.

• IV. The Interim Administered Account for Windfall Gold Sales Profits shall be terminated as promptly as practicable following the completion of the transfers pursuant to paragraph II.1 of this decision. (EBS/20/14, 03/06/20)

Decision No. 16666-(20/27),

March 12, 2020