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Methodology used for encashment of donor contributions to IDA (Inglês)

This technical note describes the current systems, compares illustrative drawdowns under both approaches and presents some issues for donors to consider in deciding which approach to adopt for IDA9. Under the current system, donors' contributions are drawn down in equal proportion in terms of their unit of obligation. Encashments for each period are determined in such a way that the encashed amounts as a percentage of the face value of the contribution of a country, as expressed in the currency of denomination is the same for each donor. However, when encashments are expressed in SDR terms, the payment shares may be quite different for individual donors depending on fluctuations in exchange rates of their national currencies. The system that has been suggested for International Development Association (IDA) 9 aims at calculating calls on donors in a manner which will extend the agreed burden sharing percentages to the encashment process. Encashments for each period will be computed on the basis that the SDR value of the encashments of each country will represent its pro-rata share in the replenishment. Donors will thus pay according to their respective contribution shares fixed at the time of the replenishment agreement. In national currency terms, this result in an acceleration of encashments from countries whose currencies depreciate relative to the SDR, and a slowing down of encashments from countries whose currencies appreciate against the SDR.

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