© 2024 International Monetary Fund RESILIENCE AND SUSTAINABILITY TRUST―2024 CONTRIBUTION AGREEMENTS WITH BELGIUM, MALTA, QATAR, AND SWITZERLAND IMF staff regularly produces papers proposing new IMF policies, exploring options for reform, or reviewing existing IMF policies and operations. The Report prepared by IMF staff and completed on March 26, 2024, has been released. The staff report was issued to the Executive Board for information. The report was prepared by IMF staff. The views expressed in this paper are those of the IMF staff and do not necessarily represent the views of the IMF's Executive Board. The IMF’s transparency policy allows for the deletion of market-sensitive information and premature disclosure of the authorities’ policy intentions in published staff reports and other documents. Electronic copies of IMF Policy Papers are available to the public from http://www.imf.org/external/pp/ppindex.aspx International Monetary Fund Washington, D.C. April 2024 RESILIENCE AND SUSTAINABILITY TRUST―2024 CONTRIBUTION AGREEMENTS WITH BELGIUM, MALTA, QATAR, AND SWITZERLAND Approved By Papa N’Diaye (FIN) and Bernhard Steinki (LEG) Prepared by the Finance and Legal departments. The staff team was led by Linda Kaltani (FIN) and Stephanie Fontana-Raina (LEG) and comprised Phil de Imus, Ivetta Hakobyan, and Izabela Rutkowska (FIN), Egbiri Egbiri, Eva Kabundu, and Audrey Yiadom (LEG); production assistance by Vera Lochan and Amy Miranda (FIN). INTRODUCTION 1. This paper provides an update on Resilience and Sustainability Trust (RST) contribution agreements finalized between October 2023 and March 15, 2024. Shortly after the Executive Board’s April 2022 approval of the establishment of the RST, the Managing Director wrote to 35 members with strong external positions who were identified as potential RST contributors seeking their contributions in a total amount of at least SDR 33 billion.1 To date, the Fund has received total pledges amounting to SDR 31.9 billion from 21 members, of which SDR 26.3 billion are pledged contribution packages to all three RST accounts (i.e., the Loan Account (LA), Deposit Account (DA) and the Reserve Account (RA)). These pledges count toward the SDR 33 billion target and represent 79 percent of the targeted loan contributions and projected demand for loan resources. The Fund has concluded contribution agreements with 19 members, fifteen of which were already reported to the Executive Board in January 2023, April 2023, and September 2023, and the remaining and most recent four are presented in this paper.2,3 1 See Decision No. 17231-(22/37), adopted April 13, 2022. 2 See Resilience And Sustainability Trust – 2022 Contribution Agreements with Australia, Canada, China, Germany, Japan, and Spain; Resilience And Sustainability Trust – 2023 Contribution Agreements with Estonia, France, Japan, Korea, Lithuania, and The Netherlands, and Resilience and Sustainability Trust – 2023 Contribution Agreements with Italy, Luxembourg, Oman, and the United Kingdom. 3 Pursuant to Section III, Paragraph 2 of the Instrument to Establish the RST (the “RST Instrument”), t he Managing Director is authorized to enter into contribution agreements and to make the necessary arrangements. March 26, 2024 CONCESSIONAL FINANCING: RST BORROWING AGREEMENTS 2 INTERNATIONAL MONETARY FUND Table 1. Status of Pledges to the Resilience and Sustainability Trust (In SDR billion; as of March 15, 2024) Source: Country authorities; IMF staff estimates. 1 The table reports the amounts pledged or contributed. When pledges are reported, this table shows the amount as pledged by each country. In most of such cases, the pledge amount excludes the reserve account contribution, but at 2 percent of the loan contribution, its impact on the total amount is small. For some countries, pledges are subject to domestic procedures, including budgetary approvals. 2 A 'contribution package' includes contributions to all the loan, deposit, and reserve accounts of the RST. A 'standalone contribution' refers to contributions to the deposit and/or reserve accounts, with possibly shorter maturities (e.g., 10 years). 3 Contributor provided resources to the Deposit Account only. 2. The contribution agreements presented in this paper include three contribution packages and one standalone contribution to the RST’s Deposit Account.4 Altogether, these contribution agreements provide approximately SDR 609.3 million to the LA, SDR 621.9 million to the 4 As specified in Section III, Paragraph 1(b) of the RST Instrument, each LA contributor is required to sign a Contribution Package with three parts—the loan account contribution (borrowing agreement), a Reserve Account contribution, and a Deposit Account contribution. Contributions to the RA and DA would be a minimum of 2 percent and 20 percent, respectively, of a contributor’s commitment to the LA. The Trust may also receive ‘standalone’ contributions to the RA and/or DA tha