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IFAD
ANNUAL
REPORT
�0��
L AO PEOPLE’S
DEMOCRATIC
REPUBLIC
(cover photo)
With the income Ladnee
earns from her vegetable
garden, she is able to send
her children to school and
save money for household
emergencies.
©IFAD/Nicholas Bosoni
TABLE
OF
CONTENTS
2024 in brief
1
2 President’s foreword
4 Where IFAD works
GLOBAL OPERATIONS
BY REGION
6 Asia and the Pacific
8 East and Southern Africa
10 Latin America and the Caribbean
12 Near East, North Africa and Europe
14 West and Central Africa
IN FOCUS
17 Our work on climate
20 Our financial architecture
23 Our impact
26 Our people
29 Learning, innovation and technology
32 IFAD at a glance 1978–2024
FINANCIAL STATEMENTS
33 Consolidated financial statements
of IFAD as at 31 December 2024
The year 2024 marked the end of the
Twelfth Replenishment of IFAD’s Resources
(IFAD12) project cycle (2022–2024).
By the end
of �024, IFAD had
delivered
US$3.336
billion
in funding
for new
projects –
99.5 per cent of the IFAD12 target of
US$3.354 billion.
These new investments respond to a
challenging global context, one in which
progress towards eliminating hunger
has stalled.
At IFAD,
84 per cent
of projects
approved
during the IFAD12 cycle are
strengthening rural people’s ability to
adapt to climate change. This number
is rising: 94 per cent of projects approved
in 2024 aim to build climate adaptive
capacity in rural communities.
In total, IFAD approved around
US$802 million in climate finance in
2024, of which 88 per cent is specifically
dedicated to climate adaptation.
Ongoing IFAD-supported projects
have created
194,710
jobs for rural
people
according to data released in 2024.
But we know we need to continue to
go even further, to reach more rural
people, create more jobs and strengthen
more livelihoods.
At the end of 2023, ongoing
IFAD-supported projects had reached
95.6 million people, an increase from
85.7 million in 2022.
We have committed
to improving the lives
of at least
100 million
rural people
during the Thirteenth Replenishment
of IFAD’s Resources (IFAD13) cycle
(2025–2027).
To help us to do this, we are continuing
to move staff closer to the people we serve.
In 2024, we increased the number of
IFAD field offices, which now stands at
51 offices in
49 countries
We now have 42 per cent of IFAD staff
based in field offices – 354 full-time
IFAD staff members, compared with
267 in 2023 and 143 in 2019.
The 2024 edition of
the report The State of
Food Security and
Nutrition in the World
(SOFI) revealed that
between
713 million
and
757 million
people may
be facing
hunger –
1 out of every 11 people
in the world. This is about
152 million more people
than in 2019.
The report cites climate
extremes as one of the
most common causes of
vulnerability to hunger.
And it calls for more
financing to enable small-
scale farmers to boost their
resilience, and to create
jobs in rural areas, in order
to lift millions of people out
of poverty and hunger.
1
20�4
IN
BRIEF
Our investments
are increasingly
tailored to the
factors that improve
rural people’s lives
and livelihoods –
such as market access, essential services
and natural resource management.
1%
Social services
36%
Production sectors
35%
Access to markets
8%
Policy and institutions
14%
Inclusive rural finance
6%
Environment and
natural resources
2
PRESIDENT’S
FOREWORD
As we complete
the IFAD12 project cycle, IFAD’s impact
continues to grow – even as the world’s challenges seem
to deepen in their impact and complexity. Nowhere are the
realities confronting us starker, nor the opportunities greater,
than in the rural areas of developing countries.
In 2024, IFAD’s AA+ credit rating
was reconfirmed for the fourth
consecutive year, and we raised
more than US$300 million from
financial markets through issuing
sustainable bonds. These funds
will be reinvested in our portfolio
of loans and grants, bringing life-
changing solutions to more rural
people across the world.
At the same time, core
replenishment contributions from
our Member States remain the
bedrock of our activities. Ninety-
four Member States pledged
US$1.37 billion towards our IFAD13
replenishment – our highest ever.
As the IFAD13 (2025–2027) project
cycle begins, we reassert our
ambition to improve the lives of
100 million rural people.
Our ongoing impact assessments
show how IFAD investments do this.
From increasing incomes from small
businesses, to improving access to
financial services, our projects are
transforming communities from the
bottom up.
These assessments are also crucial
sources of learning, providing
important lessons for us and our
partners on how we can make
serious progress on our globally
agreed development goals. It is
important that we take these lessons
to the global community.
Every day, small-scale farmers
deal with uncertainty: changing and
unpredictable weather patterns,
price fluctuations, and unreliable
access to technologies, tools
and markets.
IFAD invests in
rural resilience
and the ability
of communities
to withstand
uncertainty.
By investing in crucial services and
infrastructure like credit, insurance
and roads, we ensure that farmers,
rural entrepreneurs and youth can
grow productivity, nurture small
businesses and reach new markets.
We already understand the solutions
and we continue to scale up our
delivery to benefit even more rural
communities and rural people
around the world.
As of the end of 2024, we had
approved more than US$3.3 billion
in financing for the IFAD12 (2022–
2024) cycle, or over 99 per cent
of our target. This will allow us to
scale up the impact of our ongoing
portfolio. Indeed, data released
during 2024 showed that our
ongoing projects have reached
more than 95 million people, created
almost 200,000 jobs, and brought
more than two million hectares
of land under climate-resilient
management.
As our recently approved
investments take effect, these
impacts will be even greater
in the years ahead, continuing
to benefit rural communities
and helping end the scourge of
intergenerational poverty.
But we cannot be
complacent. We
need to continue to
innovate in how we
assemble finance so
we can scale up our
future investments
and ambitions.
IFAD ANNUAL REPORT 2024 PRESIDENT’S FOREWORD
3
During 2024, we highlighted
significant lessons from our work
at major global forums, including
COP29, the World Economic
Forum, the G20, the G7 and the
United Nations General Assembly,
where we shared solutions, and
advocated for rural investments
and new partnerships, both public
and private.
A particular highlight was the
beginning of a strategic partnership
with the G20 Brazilian Presidency
on the new Global Alliance against
Hunger and Poverty, which aligns
closely with IFAD’s ongoing work
and mandate.
During 2024, we also recalibrated
our internal structure to reinforce
project delivery and impact.
Highlights include a new specialized
division within the Operations
department to deepen engagement
with the private sector and a new
Office of Development Effectiveness
to drive and enforce more
systematic and data-driven learning
across the institution.
We also moved more staff even
closer to programmes, having
now doubled the number of staff
based in field duty stations in just
five years.
IFAD enters 2025 and the new
project cycle laser-focused
on impact and ready to meet this
global moment.
While the challenges
are significant, we
look forward to the
future with optimism,
knowing that thriving
agriculture is the key
to solving so many
of our problems,
and confident that the
positive impact of our
work will only increase
in the years ahead.
We look forward to a future in
which all rural people will live in
peace and prosperity.
Alvaro Lario
President of IFAD
©IFAD/Flavio Ianniello
4
WHERE
IFAD
WORKS
Washington D.C.
New York
Brussels
Rome
Istanbul
Cairo
Yokohama
Panama
Lima
Dakar
Abidjan
Yaoundé
Johannesburg
New
Delhi
Addis
Ababa
Nairobi
ASIA
AND THE
PACIFIC
43ongoing programmes in
18 countries
9 new programmes and
projects approved in 2024 in
China (2 projects), India (2 projects),
Nepal, Pakistan, the Philippines
and Viet Nam (2 projects)
1 new country strategic
opportunities programme
for China
EAST AND
SOUTHERN
AFRICA
44
ongoing programmes in
17 countries
9 new programmes and projects
approved in 2024 in Angola,
Comoros, Eritrea, Eswatini,
Kenya, South Sudan, Uganda,
the United Republic of Tanzania
and Zambia
LATIN
AMERICA
AND THE
CARIBBEAN
16
ongoing programmes in
12 countries
8 new programmes and projects
approved in 2024 in Bolivia
(Plurinational State of),
Brazil (4 projects), Colombia,
Haiti and Honduras
3 new country strategic
opportunities programmes for
Argentina, Brazil and Colombia
IFAD ANNUAL REPORT 2024 WHERE IFAD WORkS
5
Washington D.C.
New York
Brussels
Rome
Istanbul
Cairo
Yokohama
Panama
Lima
Dakar
Abidjan
Yaoundé
Johannesburg
New
Delhi
Addis
Ababa
Nairobi
NEAR EAST,
NORTH
AFRICA AND
EUROPE
25
ongoing programmes in
15 countries and
Gaza and the West Bank
5 new programmes and projects
approved in 2024 in Djibouti, Egypt,
Tunisia, Türkiye and Uzbekistan
3 new country strategic
opportunities programmes for
Kyrgyzstan, Montenegro and
the Republic of Moldova
WEST AND
CENTRAL
AFRICA
54ongoing programmes in
22 countries
5 new programmes and projects
approved in 2024 in Côte d’Ivoire,
Nigeria, Senegal (2 projects)
and Sierra Leone
2 new country strategic
opportunities programmes for
Guinea-Bissau and Nigeria
IFAD headquarters
Regional office
Multi-country office
Country director-led office
Country programme officer-led office
Liaison office
6
VIET NAM Producing
and marketing cockles
has provided a small
cooperative of farmers
in the climate-affected
province of Tra Vinh with
a steady income.
©IFAD/Nguyen Hoang Sanh
ASIA
AND THE
PACIFIC
US$2,356
million
invested by IFAD in the region’s
ongoing portfolio
US$768.3
million
in IFAD financing approved in 2024
35 COUNTRIES Afghanistan 1 Bangladesh 6 Bhutan 2 ■
Cambodia 3 China 2 Cook Islands Democratic People’s Republic of Korea Fiji India 5
Indonesia 4 Iran (Islamic Republic of) Kiribati Lao People’s Democratic Republic 2
Malaysia Maldives 1 Marshall Islands Micronesia (Federated States of)
Mongolia 1 Myanmar Nauru Nepal 3 Niue Pakistan 5 Palau Papua New Guinea 1
Philippines 2 Samoa 1 Solomon Islands Sri Lanka 2 Thailand Timor-Leste
Tonga 1 Tuvalu Vanuatu Viet Nam 1
Numbers indicate ongoing programmes and projects
■ Countries with ongoing ASAP grants
IFAD ANNUAL REPORT 2024 GLOBAL OPERATIONS BY REGION
7
HIGHLIGHTED PROJECT
CHINA
The Sustaining Poverty Reduction through
Agribusiness Development in South Shaanxi
project focused on connecting small-scale
farmers to new markets and improving
their access to finance. The project used
contract farming arrangements to improve
farmers’ incomes and food security, while
also incorporating diverse income-generating
methods – such as land rentals, wages and
profit-sharing – to improve livelihood resilience.
More than
115,000 households supported
29 per cent of project participants
were young people
Participating farmers’ incomes
increased by over 70 per cent
More than three quarters of
participating rural businesses
increased their sales
REGIONAL OVERVIEW
The Asia and the Pacific region is home to 4.4 billion people –
around 60 per cent of the global population. Despite robust
economic growth, progress towards the United Nations
Sustainable Development Goals (SDGs) remains slow,
with current trajectories indicating that the SDGs will not
be reached until 2062. Geopolitical tensions, inflationary
pressures and inequality are among the challenges holding
back progress in the region.
Inflation is still an issue. Although
headline inflation is trending
downwards in several countries,
food price inflation continues to
rise – from a median of 3.8 per cent
in January 2024 to 5.3 per cent in
March 2024. Progress in reducing
hunger has been modest. In Asia,
8.1 per cent of the population faced
hunger in 2023, marginally down
from 8.2 per cent in 2021, while in
the Pacific subregion, 7.3 per cent of
people faced hunger in 2023, down
from 7.5 per cent in 2022, but still
above the 2021 level of 7.1 per cent.
Across the region of Asia and the
Pacific, the number of people facing
hunger remains higher than it was
before the COVID-19 pandemic.
Vulnerability to climate hazards is
a growing issue across the region,
especially in small island developing
states. Furthermore, geopolitical
tensions, coupled with the persistent
crises in Afghanistan and Myanmar,
and broader debt challenges,
have reduced fiscal space across
the region.
For IFAD, these developments
introduce several risks. Inflationary
pressures are increasing operational
costs, and post-pandemic debt
build-up is affecting the uptake of
initiatives such as the Borrowed
Resource Access Mechanism.
In response, IFAD is implementing a
comprehensive strategy that
involves early planning and
consultation, enhancing the appeal
of funding options and prioritizing
adaptation measures like disaster
risk reduction and climate-smart
and resilient agriculture.
Looking ahead to the IFAD13
replenishment cycle, we will be
focusing on increasing investments
in fragile countries and contexts,
particularly through multiphase
projects that address both immediate
humanitarian needs and longer-term
development goals. IFAD also aims
to enhance climate finance, aligning
projects with climate resilience
targets and leveraging cofinancing.
Additionally, fostering private sector
engagement will enable us to
catalyse more investment in country
programmes to drive innovation,
sustainability and scalability
across the region.
8
SOUTH SUDAN Thanks to
high-quality seeds and training
in modern farming and business
techniques, Stella has been
able to boost her production
and her earnings.
©IFAD/Peter Caton
US$1,980
million
invested by IFAD in the region’s
ongoing portfolio
US$418.7
million
in IFAD financing approved in 2024
EAST AND
SOUTHERN
AFRICA
22 COUNTRIES Angola 2 Botswana Burundi 3 Comoros 2 ■ Eritrea 2
Eswatini 1 Ethiopia 3 ■ Kenya 3 Lesotho 3 ■ Madagascar 4 ■ Malawi 4 ■ Mauritius
Mozambique 4 Namibia Rwanda 4 Seychelles South Africa South Sudan 2
Uganda 2 United Republic of Tanzania 2 Zambia 1 Zimbabwe 2
Numbers indicate ongoing programmes and projects
■ Countries with ongoing ASAP grants
IFAD ANNUAL REPORT 2024 HIGHLIGHTED PROJECT
MALAWI
The Sustainable Agriculture Production
Programme has trained farmers in innovative
agricultural practices, including optimal
plant spacing, agroforestry and conservation
agriculture. In its current second phase,
the programme has focused specifically
on addressing the impacts of the Cyclone
Freddy in March 2023 and building resilience
to future climate-based shocks, giving
particular attention to hard-hit, women-
headed households.
GLOBAL OPERATIONS BY REGION
9
More than 1 million rural people
benefited from the programme
Yields increased by 26 per cent for
maize, 60 per cent for soybeans
and 80 per cent for pigeon peas
Income from crop production
increased by 28 per cent
Climate-resilient agricultural
practices were implemented across
more than 635,000 hectares
REGIONAL OVERVIEW
The East and Southern Africa
region continues to confront
significant socioeconomic hurdles, compounded by
overlapping crises. These include the lingering effects of the
COVID-19 pandemic, the war in Ukraine, and severe droughts,
floods and cyclones, which together have destabilized
economies, exacerbated food insecurity and hampered
poverty reduction efforts. Rising debt burdens are adding
further strains, with nine countries in the region classified
as being at a high risk of debt distress between 2021
and 2024, up from just three in 2008.
Fiscal pressures have contributed to
economic stagnation or contraction,
making economic growth precarious,
particularly in the Southern and
Indian Ocean states. Although
there are modest signs of recovery
in the Eastern and Horn of Africa
subregions, inflation – driven
by rising food prices – continues
to disproportionately affect
low-income households.
As a consequence of these fiscal
pressures, food insecurity remains a
critical issue across the region, with
13 out of the 17 countries in which
IFAD has ongoing projects facing
major food crises. A combination of
factors – including climate threats,
political instability and social
inequalities – have undermined
progress in reducing hunger and
food insecurity. Climate shocks, such
as droughts, floods and cyclones,
particularly in Southern Africa, are
disrupting agricultural productivity
and deepening food insecurity.
Urgent action is needed to build
climate resilience among small-
scale farmers, who are particularly
vulnerable to these shocks. IFAD’s
growing climate investments with
key partners, such as the Green
Climate Fund and the Global
Environment Facility, are channelling
much needed funds to small-scale
farmers and other vulnerable rural
people across the region. These
partnerships are critical to promoting
climate adaptation in East and
Southern Africa.
Investments like these create
opportunities for inclusive growth
and improved livelihoods. IFAD
also prioritizes partnerships with
the private sector through non-
sovereign operations, such as our
collaboration with Stanbic Bank
in Uganda, which is enhancing
access to finance for micro, small
and medium-sized enterprises
through savings and credit groups.
Expanding digitalization in rural
areas is creating more opportunities
to reach small-scale farmers with
crucial services that provide access
to finance and information, taking
advantage of modern technologies
and innovations. These tools can
also improve market access and
income-generating opportunities for
rural people, especially in the context
of free trade initiatives such as
the establishment of the African
Continental Free Trade Area.
10
US$307.5
million
invested by IFAD in the region’s
ongoing portfolio
US$220.3
million
in IFAD financing approved in 2024
CUBA Farmers unload
fruit and vegetables to
be distributed at a local
school as part of a school-
feeding agreement.
©IFAD/Factstory
LATIN
AMERICA
AND THE
CARIBBEAN
32 COUNTRIES Antigua and Barbuda Argentina 1 Bahamas (The)
Barbados Belize 1 Bolivia (Plurinational State of) 1 Brazil 3 ■ Colombia Costa Rica
Cuba 1 ■ Dominica Dominican Republic 2 Ecuador 2 El Salvador Grenada 1
Guatemala Guyana Haiti 1 Honduras 1 Jamaica Mexico 1 Nicaragua Panama
Paraguay Peru 1 Saint Kitts and Nevis Saint Lucia Saint Vincent and the Grenadines
Suriname Trinidad and Tobago Uruguay Venezuela (Bolivarian Republic of)
Numbers indicate ongoing programmes and projects
■ Countries with ongoing ASAP grants
IFAD ANNUAL REPORT 2024 GLOBAL OPERATIONS BY REGION
11
HIGHLIGHTED PROJECT
BRAZIL
The Pró-Semiárido Project has advanced
innovative, holistic solutions such as
territorial approaches to development and
agroecological principles for sustainable
agriculture. In particular, territorial approaches
have allowed the project to address
inequalities, include the voices of marginalized
people in decision-making processes and
develop local institutions that respond to
the needs of all local people. The project’s
success has inspired other IFAD-supported
projects across the region.
Reached over 75,000 families
Multidimensional poverty
rates declined by 34 per cent
among participating families
85 per cent of associations
supported by the project now have
women in leadership positions
Productivity increased by
more than 200 per cent
invaluable knowledge of the local
environment and ecosystems and of
the sustainable agricultural practices
that are needed to adapt to them.
When integrated with modern
techniques, these practices can help
boost productivity, resilience and
income-generating opportunities.
Our approach focuses on ensuring
that Indigenous Peoples, women
and young people have their rights
respected and are able to access
the resources and opportunities
they need to improve their lives
and livelihoods.
REGIONAL OVERVIEW
Around half of the people
in Latin America and the Caribbean
are employed in agrifood systems, and the region is the
world’s largest net exporter of food products. The region is
therefore an important source of the world’s food supply,
and its food production has helped stabilize global food
supply in the face of recent global crises and conflicts.
However, economic growth has been
slow for decades and has barely
exceeded 2 per cent in recent years.
The 2024 figure was projected to be
just 1.9 per cent. Inequality continues
to hold back progress in reducing
poverty and hunger – and rural rates
of both poverty and extreme poverty
are more than double those found in
urban areas.
Latin America and the Caribbean is
a region rich in biodiversity, home
to six of the world’s most biodiverse
countries. The region contains more
than half of the world’s primary
forests, and its extensive forests play
a significant role in shaping global
weather patterns and mitigating
climate change.
IFAD’s strategy in the region is
therefore dedicated to preserving
crucial natural resources. Sustainable
agriculture and climate-smart
practices are needed to improve
productivity while safeguarding the
environment. IFAD’s projects focus
on providing opportunities for local
communities to empower themselves,
overcome inequalities and forge their
own paths to prosperity. We tailor
our strategy to each unique context,
taking into account local needs,
knowledge and agroecological
conditions.
Indigenous Peoples already play
an important role in the sustainable
management of natural resources
and ecosystems. They are important
partners in IFAD’s work across the
region. Their communities possess
12
TUNISIA “I never thought
one day I would own a
flock of sheep, breed them
and have them graze in
the wild,” says Fatma, a
mother of two.
©IFAD/Chedly Ben Ibrahim
NEAR EAST,
NORTH
AFRICA
AND
EUROPE
US$921
million
invested by IFAD in the region’s
ongoing portfolio
US$227.1
million
in IFAD financing approved in 2024
23 COUNTRIES
and Gaza and the West Bank 1
Albania Algeria Armenia Azerbaijan Bosnia and Herzegovina 1 Djibouti 1 Egypt 3 ■
Georgia 1 Iraq 1 ■ Jordan 2 Kyrgyzstan Lebanon Republic of Moldova 1
Montenegro Morocco 3 Somalia 1 Sudan 1 Syrian Arab Republic 1 Tajikistan 1
Tunisia 3 Türkiye 3 Uzbekistan 1 Yemen
Numbers indicate ongoing programmes and projects
■ Countries with ongoing ASAP grants
IFAD ANNUAL REPORT 2024 NORTH
AFRICA
AND
EUROPE
GLOBAL OPERATIONS BY REGION
13
NEAR EAST,
HIGHLIGHTED PROJECT
JORDAN
The objective of the Rural Economic Growth
and Employment Project is to create decent
jobs and income-generating opportunities for
vulnerable rural people, including refugees,
from the Syrian Arab Republic. The project
is focused on strengthening local agrifood
value chains, making finance available to
rural people and training farmers in modern
agricultural techniques, including water
management techniques, such as advanced
irrigation systems and rainwater harvesting.
Project participants achieved
70 per cent savings in
water usage
Around 7,500 jobs were created,
with women taking up more
than half of these roles
Productivity among participants
increased by between
15 and 40 per cent
More than 20,000 people
benefited from the project
REGIONAL OVERVIEW
Substantial inequalities persist among countries
in the Near East
and North Africa. While the Gulf countries are leading
the regional economic recovery, with overall economic
growth projected at 2.7 per cent in 2024, non-oil-producing
economies such as Egypt, Jordan and Tunisia are struggling
under high debt burdens and sustained inflation. The average
rate of inflation for the region was 11 per cent in 2023.
Conflict-affected areas remain economically stagnant, largely
due to unresolved political instability and weak infrastructure.
Water scarcity exacerbates socioeconomic instability,
affecting agriculture and increasing regional tensions.
The region in general has a high
level of fragility, with several areas
experiencing high-intensity conflict:
Somalia, Sudan, the Syrian Arab
Republic, Yemen, and Gaza and the
West Bank. Food insecurity is high in
these areas, and in fragile economies
such as Lebanon and Libya. Youth
unemployment is a major challenge,
averaging around 26 per cent across
the Near East and North Africa
in 2024.
IFAD-supported projects respond
to these challenges by focusing
on strengthening agricultural value
chains and access to finance, as well
as on improving the management
of natural resources and water
management through investments
in climate change adaptation and
infrastructure. Connecting rural
people to remunerative markets
and increasing collaboration with
the private sector, in particular
through extending the use of digital
technologies, are also strategic
priorities. In fragile situations, building
resilience to shocks and securing
basic livelihoods and nutrition are
important, in particular for displaced
people and refugees.
Some of the same challenges
also exist in Europe and Central
Asia, although per capita incomes
are substantially higher. These
economies remain reliant on
international financial flows and
remittances, which have been
severely disrupted by the war in
Ukraine. Overall, economic growth
is 2 per cent, slightly below its
pre-pandemic rate. Here, IFAD’s work
is focused on addressing pockets
of poverty in remote areas through
approaches such as developing
market-based partnerships with
the private sector and promoting
sustainable agricultural systems and
climate-smart innovations.
14
LIBERIA “After harvesting
my rice, I can sell my share
and help my husband to
send our children to school,”
says Hawa.
©IFAD/Peter Caton WEST
AND
CENTRAL
AFRICA
US$2,314
million
invested by IFAD in the region’s
ongoing portfolio
US$395.4
million
in IFAD financing approved in 2024
24 COUNTRIES Benin 3 ■ Burkina Faso 3 ■ Cabo Verde 1 ■
Cameroon 1 Central African Republic 3 Chad 3 ■ Congo 1 Côte d’Ivoire 2 ■
Democratic Republic of the Congo 3 Equatorial Guinea Gabon Gambia (The) 1
Ghana 3 Guinea 1 Guinea-Bissau 2 Liberia 3 ■ Mali 4 Mauritania 3 ■ Niger 4 ■
Nigeria 3 ■ Sao Tome and Principe 1 Senegal 5 Sierra Leone 2 Togo 2
Numbers indicate ongoing programmes and projects
■ Countries with ongoing ASAP grants
IFAD ANNUAL REPORT 2024 GLOBAL OPERATIONS BY REGION
15
HIGHLIGHTED PROJECT
BURKINA
FASO
As part of its activities, the Agricultural Value
Chains Promotion Project provided funding,
technical support and equipment to a local
cooperative, SANIGNAN. The result was that
SANIGNAN went from producing simple rice
couscous to a range of higher-value products,
including biscuits and puffed rice. The new
products adhere to international quality
standards and food hygiene regulations,
thereby fetching higher market prices,
improving profitability and creating new jobs.
Processing
capacity increased fivefold
Market value of products
grew by 25 per cent
Cooperative membership has
more than doubled
Women make up the majority
of cooperative members
REGIONAL OVERVIEW
As global commodity prices continue to stabilize, the
economic outlook in the West and Central Africa region is
optimistic. Median growth is projected to be 4.7 per cent
in 2025, higher than projections for both sub-Saharan
Africa and the world as a whole. Countries including Benin,
Côte d’Ivoire, Liberia, Niger and Senegal are expected to
be among the top growing countries globally in 2025.
However, economic growth alone
will not put countries on track to
end poverty and hunger. Across the
region, approximately one in three
people still live on less than US$2.15
per day, which is equivalent to an
estimated total of 187 million people
living in poverty. Equally worrying,
the widespread political instability
across the Sahel, much of it driven
by worsening environmental and
climate crises, has contributed to the
region being home to over 14 million
internally displaced persons.
These dynamics all complicate efforts
to end poverty and hunger and to
achieve the SDGs. Furthermore,
governments are facing mounting
fiscal constraints, with many facing
high levels of debt – for example, in
multiple countries in West and Central
Africa, government debt is more than
50 per cent of GDP.
The region’s youth population – with
a median age of 17 years – presents
an enormous opportunity to pursue
youth-led agricultural and economic
development. However, access to
funds, employment opportunities,
business development skills, land,
and digital tools and solutions
remains a challenge for young
people, in particular young women.
These are areas where the private
sector can play a greater role.
IFAD is prioritizing working with
private investors to create the right
conditions to encourage investment
that will create opportunities for the
rural communities where many of
these young people live. Indeed,
as the region continues to grapple
with shortages in financing and high
borrowing costs, the role of private
sector investment becomes ever
more important.
IFAD works with private businesses
and with governments across the
region to get more investment into
agriculture and rural areas – and
to make sure that investment has
a positive impact on lives and
livelihoods. Much of the emphasis of
this investment is on climate-smart
practices and green technologies that
can sustainably boost agricultural
productivity and on linking local
farmers and other agrifood
businesses to growing markets.
16
NIGERIA Dorothy, a
successful rice seed
entrepreneur, shows local
farmers how to operate a
digital weather forecaster.
©IFAD/Andrew Esiebo
IFAD ANNUAL REPORT 2024 IN FOCUS
17
OUR WORK
ON CLIMATE
Time is running out
for the international community to finally
deliver on its commitment to making robust climate financing
readily available. The need could not be more urgent: we know
what needs to be done to avoid a global climatic catastrophe,
but we need to move beyond commitments to concrete actions
and increased financing.
The financing imperative relates not only to how much we invest
in climate resilience but also to how we invest it. Financing
must flow to the places where it is most desperately needed –
to where it will have the greatest impact.
In particular, much more financing is
needed for the rural areas of developing
countries, especially for the small-scale
farmers and other rural business people who
produce, process and distribute much of
the world’s food.
Despite their vulnerability to the impacts of
a changing climate, small-scale farms and
other agrifood businesses receive less than
1 per cent of global climate finance.
IFAD is determined to change this.
18
OUR WORK
ON CLIMATE
THE VISION FOR
ADAPTED CROPS AND
SOILS (VACS)
The Vision for Adapted Crops and
Soils (VACS) is a transformative
initiative launched in partnership with
the African Union and the Food and
Agriculture Organization of the United
Nations (FAO) in February 2023. It
is focused on promoting climate-
resilient crops and sustainable
soil management practices. By
diversifying crops and improving soil
health, VACS addresses systemic
vulnerabilities that are a consequence
of soil degradation and overreliance
on a few staple crops. This initiative
is anchored to IFAD’s larger Rural
Resilience Programme, allowing for a
broader and more sustained impact
through integration with IFAD’s
programme of loans and grants.
REDUCING
AGRICULTURAL
METHANE
PROGRAMME
Although small-scale farming is
not a major source of greenhouse
gas (GHG) emissions, farmers
can still contribute to reducing
emissions in areas such as improved
livestock management and rice
cultivation techniques. The Reducing
Agricultural Methane Programme
(RAMP) is pioneering innovative
techniques that show how small-
scale farming can be climate-friendly
while increasing productivity and
income.
After US$8.9 million was allocated in the
first tranche, a second tranche, announced
at the United Nations Convention
to Combat Desertification COP16 in
December 2024, committed a further
US$41.1 million.
VACS project designs were completed
for Malawi and Côte d’Ivoire. In Malawi,
we project that scaling up drought-
resistant crops like sorghum and
cowpea will benefit over 29,000 farming
families. In Côte d’Ivoire the focus
will be on improving soil health
and agricultural productivity in the
Gontougo and Boukani regions.
In addition, RAMP is supporting
countries in integrating methane
reduction into their Nationally
Determined Contributions within their
climate strategies. This represents
a bold shift towards global,
coordinated climate action.
Between now and 2030:
RAMP aims to directly benefit over
3 million people and indirectly impact
an additional 10 million.
By helping reduce methane emissions
from livestock and rice cultivation by
20–25 per cent, RAMP could
prevent 26 million tons of crop
losses annually.
IFAD ANNUAL REPORT 2024 IN FOCUS
19
BRA ZIL Francisca
manages the Cooperxique
Cooperative, which is
accessing new markets
now that its agroecological
products have their own
official branding.
©IFAD/Ueslei Marcelino
20
OUR FINANCIAL
ARCHITECTURE
its financial architecture in recent years,
IFAD has reformed
adopting a long-term view to ensure that we can sustainably scale
up the level of our investment in rural people around the world.
In 2024, we continued to move forward with this process. In 2024,
IFAD also took major steps towards the adoption of Sustainability
Reporting Standards.
Highlights in 2024 included:
Two AA+ credit ratings reconfirmed by Standard
& Poor’s and Fitch for the fourth consecutive year.
US$1.85 billion investment portfolio managed under
IFAD’s mandate of capital preservation, liquidity and
return, in compliance with the Investment Policy Statement
approved by the Executive Board.
US$44 million net investment income generated, with
our liquidity portfolio continuing to outperform benchmarks.
91 per cent of fixed-income investments allocated to
high-quality bond holdings with credit ratings ranging
from AAA to AA–.
10 per cent of the net assets of IFAD’s investment
portfolio invested in sustainable bonds, as part of
IFAD’s commitment as a responsible investor.
US$305 million equivalent raised in 2024 from
financial markets, with the issuance of four sustainable
bonds under IFAD’s Sustainable Development Finance
Framework, including our first Swedish krona issuance and
our first Australian dollar issuance.
US$1 billion mobilized in supplementary funds during
IFAD12, inclusive of US$310 million mobilized during 2024.
Approximately 41,000 transactions processed
for payroll, vendors, travel, consultants and
loan/grant payments.
IFAD ANNUAL REPORT 2024 IN FOCUS
21
MANAGING RISK
In order to scale up our investments,
IFAD needs to be able to operate ever
more effectively within the context
of a more complicated global risk
environment. A solid foundation of
IFAD financial architecture is the
issuance of the annual financial
statements and the clean audit
opinion, as well as the attestation
of the effectiveness of the internal
control framework over financial
reporting. These provide donors,
lenders, rating agencies and other
stakeholders with confidence in
IFAD’s finances.
Extensive reforms in project financial
management have recalibrated
fiduciary oversight, integrating
principles-based and risk-based
methodologies across all phases
of disbursement, implementation
support and project auditing.
Furthermore, the internal audit
section in IFAD’s Office of Audit
and Oversight continues to provide
objective assurance and advisory
services designed to add value and
improve IFAD’s operations by bringing
a systematic, disciplined approach
to evaluating and improving the
effectiveness of risk management,
control and governance processes.
Our Office of Enterprise Risk
Management plays a key role in
identifying, assessing and mitigating
risks that could affect operations,
reputation and financial stability – all
important factors for the preservation
and potential strengthening of
IFAD’s credit rating. In 2024, we
advanced the implementation of
IFAD’s Enterprise Risk Management
Framework. In so doing, we prioritized
operational-level risk awareness
and effective risk management in
order to continue to facilitate IFAD’s
transition from a “developing” to an
“established” level of risk.
By adopting best practices in risk
oversight and operationalizing
the framework through the
implementation of the main risk
management components (e.g. key
risk indicators, risk control self-
assessments, and incident and loss
data collection), we are enhancing our
capacity for holistic oversight.
Other 2024 highlights included:
More than 350 liquidity
forecasting model scenarios
run with IFAD’s enhanced
financial model, forming
the backbone of our
replenishment scenarios
through short- and medium-
term cash flow predictions,
thereby supporting liquidity
risk management and
optimizing funding decisions.
The percentage of projects
with high or substantial
inherent financial management
risk stood at 88 per cent,
but we were able to bring the
residual risk figure down to
62 per cent by implementing
mitigating measures.
About 97 per cent of eligible
projects submitted interim
financial reports, improving
project liquidity management,
enabling the systematic
tracking of financial progress,
and facilitating the updating of
project accounting systems.
About 74.4 per cent of
ongoing projects were rated
as satisfactory or better
for the quality of financial
management.
UNDERPINNING
INVESTMENT
WITH LEGAL AND
GOVERNANCE
EXPERTISE
Our investment activities must be
assured by legal and governance
advice from our team of experts.
State-of-the-art expertise in
these areas is crucial to improving
efficiency and maximizing
investment impact.
During 2024, our legal team drafted
and negotiated 30 loan agreements
with our borrowing Member States
and 25 grant agreements with other
recipients. We also negotiated
agreements for additional financing
to ten existing projects. IFAD was
selected by the Central African
Forest Initiative and the Cameroon
Ministry of Economy, Planning
and Regional Development to
implement a US$20 million project
to support Cameroon’s transition to
deforestation-free agroecological
practices, in collaboration with
FODECC, the country’s coffee and
cocoa development fund.
Other milestones included
our ongoing negotiation on
reaccreditation with the Green
Climate Fund, as well as new
guidelines on processing and
administering non-sovereign
operations. We signed a historic
procurement framework agreement
with the Caribbean Development
Bank on collaboration to improve
efficiency in project procurement.
22
VIET NAM Thuy has
been able to access small
loans and technical training
through a women’s saving
and credit group.
©IFAD/Nguyen Hoang Sanh
IFAD ANNUAL REPORT 2024 IN FOCUS
23
OUR IMPACT
that is inclusive and sustainable,
In order to create long-term impact
IFAD prioritizes a results-based approach. To do this, each
IFAD-supported project contains a monitoring and evaluation
system for collecting results throughout the project’s life cycle.
This includes a set of core indicators that allow us to assess
results against the SDGs. Each three-year project cycle also
contains a results management framework with specific indicators
and targets to assess success against the priorities of that cycle.
In addition, IFAD’s Independent Office of Evaluation carries
out independent project evaluations that not only enhance
transparency but also provide lessons and recommendations for
improving effectiveness and impact in future projects.
OVERARCHING 2024 DATA ON IFAD’S IMPACT
According to data released in 2024, by 31 December 2023,
ongoing IFAD-supported projects had:
Reached 95.6 million people
since their inception
Led to the creation of 194,710 jobs
Brought 2.2 million hectares of land
under climate-resilient management
Resulted in 27.3 million tons of
GHG emissions being avoided
or sequestered
24
OUR IMPACT
SELECTED RESULTS
BY THEME
IFAD’s technical knowledge in
thematic areas linked to rural
development – such as rural finance,
water and livestock – is central to our
success. In the years and decades
ahead, our delivery in these technical
areas will continue to underpin our
work with rural people. The following
are some of the highlights of our
thematic work in 2024.
CLIMATE RESILIENCE
About 600,000 rural people,
over half of whom are
women, are being reached
by risk management and
climate risk insurance within
IFAD-supported projects
REMITTANCES
Over 100,000 people have
switched to more affordable
digital remittance options
as a result of projects being
implemented by IFAD’s Financing
Facility for Remittances
LAND GOVERNANCE
Over 50,000 people have
more secure land access
as a result of ongoing
IFAD-supported projects
Findings emerging from the
assessments in 2024 included:
As a result of the Adaptation
for Smallholders in Hilly Areas
Project in Nepal, participants
increased the income from
their businesses by 44 per cent
and livestock sales more
than doubled
As a result of the Vocational
Training and Agricultural
Productivity Improvement
Programme in Madagascar,
participants’ incomes grew
by 80 per cent
As a result of the Building
Rural Entrepreneurial
Capacities Programme in
Colombia, participants’
incomes increased by
34 per cent
The Adapted Rural Financial
Services Development Project
in Benin strengthened
financial inclusion, with a
32-percentage-point
rise in loan access
and a 56 per cent increase
in livestock ownership
The Dairy Value Chains
Development Project in
Uzbekistan led to a 49 per cent
rise in cattle ownership
and an 84 per cent increase in
livestock holdings overall
RURAL FINANCE
Ongoing IFAD-supported
projects have extended
financial services to more than
10 million people
LIVESTOCK
Two thirds of IFAD-supported
projects approved since
2010 have included investments
in livestock and livestock-
related value-chain activities
FISHERIES AND
AQUACULTURE
About 82 per cent of participants
in the Artisanal Fisheries and
Aquaculture Project reported
increases in their incomes
WATER INFRASTRUCTURE
Over 50 government
engineers and technicians
were trained in Green Roads
for Water principles, and
over 350 kilometres of new
green roads were planned in
IFAD-supported projects in
Zimbabwe and Kenya
IMPACT ASSESSMENT
RESULTS
In 2024, IFAD advanced its cycle of
impact assessments, with a rigorous
evaluation process applied to a
sample of at least 15 per cent of our
portfolio of projects. A synthesis
report of the findings will be
shared with our Executive Board
in September 2025.
IFAD ANNUAL REPORT 2024 IN FOCUS
25
UNITED REPUBLIC OF
TANZANIA Women
from the Maziwani group,
a farmers’ organization,
celebrate their good harvest.
©IFAD/Imani Nsamila
26
OUR PEOPLE
that IFAD’s most valuable asset is its people:
We are well aware
their knowledge, their skills and their dedication to IFAD’s mission.
To truly get the best out of IFAD personnel means continually
striving for a working environment where they can thrive, develop
personally and feel fulfilled. In 2024, we continued our journey
towards this goal.
HARNESSING
IFAD’S MOST
VALUABLE ASSET
Following IFAD’s recalibration
exercise, the Human Resources
Division has been renamed the
People and Culture Division.
More than a change in name, this
underscores our new vision reflecting
an organization-wide, people-centric
approach, dedicated to creating an
environment where every individual
feels valued and supported in their
journey to meaningfully contribute to
the delivery of IFAD’s mandate.
In 2024, we continued implementing
our action plan to address the
high number of vacancies at IFAD,
which stood at 16 per cent of the
total number of positions at the
beginning of 2024. After completing
83 recruitments, at year-end
the vacancy rate decreased to
11 per cent, below the established
12 per cent threshold. Additionally,
we are reviewing the recruitment
process with a view to streamlining
it while maintaining our focus
on the quality and diversity of
selected candidates.
Other important milestones included:
We reached 45 per cent
of women in positions at
the P-5 level and above,
and 56 per cent staff
representation from Lists B
and C countries. At present
110 different nationalities are
represented across IFAD.
About 89 per cent of IFAD
supervisors completed
the mandatory training in
performance management
for supervisors to boost
their performance
management skills.
The 2024 Global Staff
Pulse Survey was launched
in January, achieving
a response rate of
73 per cent. The survey
results demonstrated an
overall increase in staff
engagement, trust in
leadership and improved
work–life balance.
IFAD ANNUAL REPORT 2024 IN FOCUS
27
CONTINUING TO
ADVANCE ON
DECENTRALIZATION
Providing corporate services in field
duty stations is essential as IFAD’s
decentralization gets closer to target,
with growing numbers of staff and
offices based outside headquarters.
This is a key component of our
IFAD13 operational pillar of enhanced
organizational effectiveness
and efficiency.
In 2024, we continued implementing
initiatives undertaken since 2022
to support the second phase of
decentralization. Key steps included
setting up, enhancing and closing
field office premises; ensuring
adequate staffing to provide
high-quality service standards
across all IFAD duty stations;
improving onboarding services and
coordination; and achieving efficiency
improvements through participation
in United Nations reform initiatives.
Results in 2024 included:
42 per cent of IFAD staff are now based
in field duty stations, with the number
of field-based staff well over double what
it was five years ago.
The total number of field offices has
grown to 51, spanning 49 countries.
In 2024, six office premises were established,
closed, upgraded or rightsized, and
work is ongoing for eight more, including
two regional offices.
61 per cent of IFAD field offices are
located in United Nations common
premises – above the United Nations
efficiency agenda global target of 50 per cent
– and 100 per cent benefit from pooled
business operations services.
Field support increased by 52 per cent
in 2024, with 80 per cent of the new
positions based in regional offices.
GOING FURTHER
TO ENSURE A
SAFE, INCLUSIVE
AND ETHICAL
ENVIRONMENT
The year 2024 marked the first
implementation of IFAD’s Ethics
Charter. This was an important
milestone as we strive to ensure that
our staff and implementing partners
uphold the highest standards of
integrity and dedication to supporting
rural communities.
Highlights in 2024 included:
IFAD’s Ethics Office
conducted visits to all
five IFAD regions, offering
in-person guidance
to over 550 personnel
We provided performance
management training to
managers and conducted
training sessions as part of
corporate inductions
We provided sexual
harassment and sexual
exploitation and abuse (SEA)
training sessions to nearly
900 personnel worldwide
IFAD personnel completed
over 1,000 certifications
and recertifications of
mandatory training on SEA,
the IFAD Code of Conduct and
anti-harassment awareness
28
YEMEN Solar-powered
water pumps represent
a lifeline for rural people
like Ismael who live in
areas faced with frequent
water scarcity.
©IFAD/Gabreez
IFAD ANNUAL REPORT 2024 IN FOCUS
29
LEARNING,
INNOVATION
AND
TECHNOLOGY
in today’s world and the complexity of the
The pace of change
challenges are unprecedented. Emerging trends and technological
breakthroughs, such as artificial intelligence (AI), have created
an increasing need for approaches underpinned by state-of-
the-art knowledge and innovation. As IFAD’s business model
responds to the realities of today and tomorrow, it is even more
important that learning, innovation and technology are at the
heart of everything we do.
ENGAGING WITH
ARTIFICIAL
INTELLIGENCE
AI, particularly generative AI,
continues to make headlines and
reshape the way we work. The
responsible use of AI, supported
by our guidelines for the use of
generative AI, is enabling efficiency
savings in daily institutional
tasks. However, over and above
efficiency gains, it is in the areas
of learning, communicating and
developing tailored solutions that
AI can potentially have the greatest
impact on the effectiveness of
IFAD’s investments.
Moreover, AI is contributing to the
way we can extract knowledge and
good practices from IFAD teams
working on crucial topics such as
biodiversity, youth, climate and
fragility. For instance, the use of
AI contributed to a robust analysis
we conducted on the impact of
the COVID-19 pandemic on the
performance of our projects. It
has also enabled us to assess the
alignment of IFAD country strategies
and project designs with national
priorities on various dimensions of
food systems.
30
LEARNING,
INNOVATION
AND
TECHNOLOGY
Building on its work with AI, IFAD is
taking a leading role in a task force
on the use of AI across the United
Nations system. In 2024, we co-chaired
an assessment of mechanisms for pooling
technical capacity and sharing knowledge
on AI, contributing to wider United
Nations-led efforts on AI governance
and adoption.
STRENGTHENING
DIGITAL TIES
WITH PROJECT
PARTICIPANTS
By upgrading our digital engagement
platforms, IFAD has ensured that
communication with participants in
IFAD-supported projects is smooth.
For example, our Online Project
Procurement End-To-End System
(OPEN) is an innovative project
procurement reporting system for
both IFAD and our clients, which
has transformed procurement by
replacing outdated manual Microsoft
Excel spreadsheets with intelligent
tools. OPEN includes automatic anti-
financial crime vendor screening as
a tool to detect and avoid possible
illegal acts connected to money
laundering, terrorist financing or
breaches of related sanctions. The
adoption of OPEN has allowed us to
boost efficiency and collaboration
while enhancing transparency,
offering superior oversight and
driving improved outcomes.
Currently, OPEN is utilized by over
200 IFAD-financed operations
worldwide, with 1,500 external
users managing procurement and
non-procurement activities worth
US$1.7 billion.
GOING FURTHER
ON LEARNING AND
KNOWLEDGE
Striving to do more and do better
in a complicated global situation
necessarily requires a commitment
to extracting knowledge and
lessons from all aspects of our
work. In 2024, during the process
of reviewing US$2.1 billion in loans
and grants, we placed a strong focus
on knowledge related to project
implementation and performance.
This process resulted in two
analytical reports that will inform our
operational work in the years ahead.
One of these reports focused on
the ability of projects to fill financing
gaps during implementation, and
one analysed the relationship
between project quality at the
design stage and results at project
completion, using both IFAD’s
internal quality review ratings and
those of the Independent Office of
Evaluation (IOE).
Two important IOE evaluations
started or were ongoing in 2024:
one on IFAD’s investments in human
nutrition and one on our engagement
in small island developing states.
Both will provide insights and
lessons that will inform our future
work on these priority topics. At a
higher strategic level, IOE began a
corporate-level evaluation of IFAD11
and IFAD12 to assess progress
towards those replenishment
commitments. The evaluation is to
be completed in 2025.
Also during the year, our ongoing
impact assessments provided
lessons learned on topics central to
our work, especially those related
to financial and market inclusion.
The assessments provided
recommendations on how future
project designs can prioritize market
access and financial literacy and
inclusion through flexible loans and
insurance schemes, and through
targeted strategies that foster
participation across all stages of the
value chain.
IFAD ANNUAL REPORT 2024 IN FOCUS
31
Furthermore, the IFAD-hosted
Global Donor Platform for Rural
Development provided a space for
the donor community to coordinate
knowledge and information on
food systems policies, such
as through its Annual General
Assembly on Financing Food
Systems Transformation and Rural
Revitalization. The platform also
contributed to global knowledge on
financing food systems, building
on its report Unleashing the Catalytic
Power of Donor Financing to Achieve
Sustainable Development Goal 2,
and contributing to FAO’s 2024
report on financing to end hunger,
The State of Food Security and
Nutrition in the World.
ADVANCING OUR
INNOVATION AGENDA
Finding solutions that work in
today’s dynamic context means
prioritizing innovation. For this
purpose, IFAD’s innovation labs offer
participants the tools to develop
innovative solutions, providing safe
environments to test the feasibility
of new ideas. We organized five
innovation labs in 2024, with a
total of over 200 participants.
Our IFAD innovation talks – a series
of knowledge-sharing sessions
showcasing new innovations –
continued, with four talks in
2024, attracting a total of over
500 participants, covering topics
such as digital public infrastructures
and emerging technologies for
rural communities.
One of our most significant
milestones on the topic of
innovation and technology was the
launch of AgroWeb3, a platform
developed in partnership with
the Inter-American Development
Bank. This initiative, announced
during IFAD’s 2024 Governing
Council and launched in late 2024,
aims to reach 1 million people
(mostly small-scale farmers) by 2027.
It will improve small-scale farmers’
access to markets through
blockchain-based certifications that
provide proof of compliance with
regulations, such as the European
Union Regulation on deforestation-
free products. AgroWeb3 will
be piloted in Brazil, Indonesia,
Kenya, Peru, Rwanda, Uganda and
potentially in Nigeria, from 2025
to 2027.
32
IFAD AT A GLANCE
1978–2024
Operational activitiesa, b
2020
2021
2022
2023
2024 1978–2024c
Loan and DSF grant approvals
Number of programmes and projectsd
Amount
Grant approvals
Number
Amount
Total IFAD loan and grant
operationse
Cofinancing
Multilateral
Bilateral
NGO
Otherf
Domestic contributions
Total programme and
project costg
US$ million
18
782.7
25
981.0
13
833.9
15
528.6
38
1 232
2 029.8 25 500.0
US$ million
25
35
10
10.2
4
1.4
5
6.1
20
21.9
2 221
1 061.6
US$ million
817.7
991.2
835.3
534.7 2 051.7
26 561.6
US$ million
181.3
102.1
3.5
3.4
72.4
1 112.3
987.0
124.6
0.7
-
559.3
360.3
94.9
99.3
4.8
886.0
755.7
46.5
83.7
-
1 623.1
1 402.6
190.1
30.4
-
16 984.6
13 980.6
2 377.1
264.2
362.7
US$ million
934.4
950.6
438.1 1 022.9
3 341.6
23 897.5
US$ million 1 933.4 3 054.4 1 832.7 2 443.6
7 016.4
67 443.7
Programmes and projects
Number of effective programmes and projects
under implementation
Number of programmes and projects completed
Number of approved programmes and projects
initiated by IFAD
Number of recipient countries/territories
(current portfolio)
Membership and administration
Member States – at end of period
Professional staff – at end of periodh
203
25
23
96
177
457
207
26
24
94
177
502
198
28
12
93
177
514
194
22
13
92
177
573
182
35
34
87
180
586
1 019
1 056
Note: For the reader’s convenience, tables and charts use figures shown in US$ equivalents, as per the President’s report
for each programme or project approved by the Executive Board. Any discrepancy in totals is the result of rounding.
a Excludes fully cancelled programmes and projects.
Excludes the Programme Development Financing Facility.
b A small number of projects are supervised by IFAD and funded
by a grant from the Global Agriculture and Food Security
Program. The programmes are counted under the number of
programmes and projects but have no IFAD financing.
c Figures for 1986–1995 include the Special Programme
for Sub-Saharan African Countries Affected by Drought
and Desertification.
d Includes two regional lending operations.
e Includes grants allocated through the Adaptation for
Smallholder Agriculture Programme Trust Fund (ASAP1).
f Includes financing under basket or similar funding
arrangements and financing from private sector resources.
g Includes DSF grants, component grants, and excludes
grants not related to investment projects as well as other non-
regular financing managed by IFAD and IFAD's contributions
to the Rural Poor Stimulus Facility, IFAD Climate Facility,
Climate Finance Design Gap 2021 and the African Agricultural
Transformation Initiative.
h Includes national professional officers in country offices.
IFAD ANNUAL REPORT 2024
Consolidated financial statements of
IFAD as at 31 December 2024
Contents
Acronyms and abbreviations
Appendix A
Appendix B
Consolidated and IFAD-only balance sheet
Consolidated statement of comprehensive income
IFAD-only statement of comprehensive income
Appendix B1
Appendix C
Appendix D
Appendix E
Appendix E1
Appendix E2
Appendix E3
Appendix E4
Appendix F
Consolidated statement of changes in equity
IFAD-only statement of changes in equity
Consolidated cash flow statement
IFAD-only cash flow statement
Notes to the consolidated financial statements
Statements of complementary and supplementary
contributions
Statement of cumulative complementary contributions from
1978 to 2024
Statement of contributions from Member States and donors to
the HIPC Initiative and contributions to arrears clearance
Contributions received in 2024
Unspent funds in 2024 and 2023
Summary of the Rural Resilience Programme
Management assertion report on the effectiveness of internal controls over
financial reporting
External auditor’s attestation on the effectiveness of internal controls over
financial reporting
Report of the external auditor
Appendix G
Appendix H
Appendix H1 Special Programme for sub-Saharan African Countries Affected
Statements of contributions
Statement of loans
by Drought and Desertification
Appendix H2 Statement of grants
Appendix H3
Appendix I
Appendix J
Appendix K
Appendix L
Appendix L1
IFAD-only Debt Sustainability Framework
Summary of the Heavily Indebted Poor Countries (HIPC)
Initiative
Summary of contributions to the Haiti Debt Relief Initiative
IFAD-only analysis of operating expenses
Rural Poor Stimulus Facility (RPSF)
Crisis Response Initiative (CRI)
Private Sector Trust Fund
Notes:
The consolidated financial statements have been prepared using the symbols of the
International Organization for Standardization.
33
Page
34
35
36
37
38
38
39
40
62
64
65
66
67
69
79
88
94
97
98
100
101
102
103
104
105
Acronyms and abbreviations
AATI
ABC Fund
APO
ASMCS
ASAP
BFFS.JP
CPL
CRI
DSF
DC
EAD
ECL
FAO
FVTPL
FGWB
GEF
GCF
IAS
IFAD13
IFRS
HIPC
LGD
MLR
OFID
PCS
PD
PIT
RAMP
RPSF
PSTF
Spanish Trust Fund
SPA
SDR
S&P
TTC
UNJSPF
African Agricultural Transformation Initiative
Agribusiness Capital Fund
associate professional officer
After-Service Medical Coverage Scheme
Adaptation for Smallholder Agriculture Programme
Belgian Fund for Food Security Joint Programme
concessional partner loan
Crisis Response Initiative
Debt Sustainability Framework
deployable capital
exposure at default
expected credit loss
Food and Agriculture Organization of the United Nations
fair value through profit and loss
IFAD Fund for Gaza and the West Bank
Global Environment Facility
Green Climate Fund
International Accounting Standard (superseded by IFRS)
Thirteenth Replenishment of IFAD’s Resources
International Financial Reporting Standards
Heavily Indebted Poor Countries
loss given default
minimum liquidity requirement
OPEC Fund for International Development
preferred creditor status
probability of default
point-in-time
Reserves Advisory and Management Program
Rural Poor Stimulus Facility
Private Sector Trust Fund
Spanish Food Security Cofinancing Facility Trust Fund
Special Programme for sub-Saharan African Countries Affected
by Drought and Desertification
special drawing rights
Standard & Poor’s
through-the-cycle
United Nations Joint Staff Pension Fund
34
Appendix A
Consolidated and IFAD-only balance sheet
As at 31 December 2024 and 2023
(Thousands of United States dollars)
Assets
Cash on hand and in banks
Investments
Other financial assets
Share investments at fair value through
profit and loss
Contributions and promissory notes
receivables
Contributors’ promissory notes
Contributions receivable
Less: qualified contribution receivables
Less: accumulated allowance for
contribution impairment loss
Net contribution and promissory notes
receivables
Other receivables
Fixed and intangible assets
Right-of-use assets
Loans outstanding
Loans outstanding
Less: accumulated allowance for loan
impairment losses
Less: accumulated allowance for the Heavily
Indebted Poor Countries (HIPC) Initiative
Net loans outstanding
Total assets
Liabilities and equity
Liabilities
Payables and liabilities
Undisbursed grants
Deferred revenues
Lease liabilities
Borrowing liabilities
Other financial liabilities
Total liabilities
Equity
Contributions
Regular
Special
Total contributions
Retained earnings
General Reserve
Accumulated deficit
Total retained earnings
Total equity
Note
4
4
17
5
6
6
6
7
8
9
9
10
10
11
Consolidated
IFAD-only
31 Dec
2024
31 Dec
2023
31 Dec
2024
31 Dec
2023
890 995
751 339
561 092
469 285
1 588 145
1 500 874
1 250 973
1 136 140
-
16 859
5 190
5 863
-
-
16 859
-
70 860
102 523
1 325 932
861 003
70 860
893 904
102 523
427 060
(181 047)
(85 598)
(181 047)
(85 598)
(117 739)
(117 659)
(117 739)
(117 659)
1 098 006
760 269
665 978
326 326
25 854
14 033
92 306
19 303
13 612
71 580
160 240
165 637
14 033
92 306
13 612
71 580
8 899 809
8 871 487
8 686 169
8 643 285
(157 148)
(185 980)
(147 274)
(174 613)
(88 244)
(101 377)
(88 244)
(101 377)
8 654 417
8 584 130
8 450 651
8 367 295
12 368 946 11 723 829
11 195 273
10 566 734
Consolidated
IFAD-only
Note
31 Dec
2024
31 Dec
2023
31 Dec
2024
31 Dec
2023
13
14
15
9
16
17
195 776
199 996
184 400
191 933
377 220
346 834
548 224
575 283
94 067
72 320
37 913
99 296
94 067
49 039
65 260
72 320
2 710 349
2 479 749
2 443 121
2 249 705
18 189
15 599
18 189
15 599
3 943 825
3 689 781
2 876 986
2 643 856
11 204 146 10 352 727
11 204 146
10 352 727
20 369
20 369
20 369
20 369
Appendix G
11 224 515 10 373 096
11 224 515
10 373 096
95 000
95 000
95 000
95 000
(2 894 394) (2 434 048)
(3 001 228)
(2 545 218)
(2 799 394)
(2 339 048)
(2 906 228)
(2 450 218)
8 425 121
8 034 048
8 318 287
7 922 878
Total liabilities and equity
12 368 946 11 723 829
11 195 273
10 566 734
35
Appendix B
Consolidated statement of comprehensive income
For the years ended 31 December 2024 and 2023
(Thousands of United States dollars)
Revenue
Income from loans
Income/(losses) from cash and investments
Income from other sources
Income from contributions
Net (loss)/gain from share investments
Total revenue
Operating expenses
Staff salaries and benefits
Office and general expenses
Consultants and other non-staff costs
Direct bank and investment costs
Subtotal operating expenses
Other expenses
Interest expenditures on financial liabilities and leases
Allowance for loan impairment losses
HIPC Initiative expenses
Grant expenses
Grant expenses countries in debt distress
Depreciation
Subtotal other expenses
Total expenses
(Deficit)/Surplus before foreign exchange adjustments and change in hedge
accounting
Net (Loss)/Profit from hedging
Gains/(Losses) from currency exchange movements of IFAD-only
Net (loss)/profit
Other comprehensive income/(loss):
Gains/(Losses) from currency exchange movements and retranslation of
consolidated entities
Change in provision for After-Service Medical Coverage Scheme (ASMCS)
benefits
Total other comprehensive (loss)/income
Total comprehensive (loss)/income
Note
2024
2023
18
19
20
21
137 008
127 928
93 611
18 624
85 407
11 237
242 474
215 684
(308)
(150)
491 409
440 106
23
(131 294)
(119 050)
24
22
28
10
27
25
25
9
(36 253)
(66 041)
(4 954)
(35 022)
(65 434)
(2 202)
(238 542)
(221 708)
(103 795)
20 691
8 120
(85 156)
(30 302)
6 874
(215 914)
(174 200)
(172 516)
(178 062)
(12 802)
(12 428)
(476 216)
(473 274)
(714 758)
(694 982)
(223 349)
(254 876)
29
26
(19 160)
(209 894)
(9 281)
42 494
(452 403)
(221 663)
26
(15 572)
11 940
23
7 629
(7 943)
(1 361)
10 579
(460 346)
(211 084)
36
Appendix B
IFAD-only statement of comprehensive income
For the years ended 31 December 2024 and 2023
(Thousands of United States dollars)
Revenue
Income from loans
Income /(losses) from cash and investments
Income from other sources
Income from contributions
Total revenue
Operating expenses
Staff salaries and benefits
Office and general expenses
Consultants and other non-staff costs
Direct bank and investment costs
Subtotal operating expenses
Other expenses
Interest expenditures on financial liabilities and leases
Allowance for loan impairment losses
HIPC Initiative expenses
Grant expenses
Grant expenses to countries in debt distress
Depreciation
Subtotal other expenses
Total expenses
(Deficit)/Surplus before foreign exchange adjustments and
change in hedge accounting
Net (Loss)/Profit from hedging
Gains/Losses from currency exchange movements of IFAD-only
Net (loss)/profit
Other comprehensive income/(loss):
Change in provision for ASMCS benefits
Total other comprehensive (loss)/income
Total comprehensive (loss)/income
Note
2024
2023
18
19
20
21
131 729
89 061
18 624
170
123 572
79 635
18 082
86
239 584
221 375
23
(120 403)
(110 052)
24
22
28
10
27
25
25
9
29
26
23
(32 157)
(49 727)
(4 389)
(31 721)
(52 758)
(1 559)
(206 676)
(196 090)
(96 179)
19 784
8 120
(13 900)
(172 516)
(12 802)
(267 493)
(474 169)
(77 507)
(22 007)
6 875
(5 185)
(178 062)
(12 428)
(288 314)
(484 404)
(234 585)
(263 029)
(19 160)
(209 894)
(463 639)
7 629
7 629
(9 281)
42 494
(229 816)
(1 361)
(1 361)
(456 010)
(231 177)
37
Appendix B1
Consolidated statement of changes in equity
For the years ended 31 December 2024 and 2023
(Thousands of United States dollars)
Balances as at 1 January 2023
10 184 751
(2 222 964)
95 000
8 056 787
Contributions Accumulated deficit General Reserve Total equity
2023
Instruments of contribution
Foreign exchange and other movements
Net profit and loss
Total other comprehensive profit or (loss)
183 995
4 350
(221 663)
10 579
183 995
4 350
(221 663)
10 579
Balances as at 31 December 2023
10 373 096
(2 434 048)
95 000
8 034 048
2024
Balances as at 1 January 2024
Instruments of contribution
10 373 096
875 423
Foreign exchange and other movements
(24 004)
Net profit and loss
Total other comprehensive profit or (loss)
(2 434 048)
95 000
8 034 048
(452 403)
(7 943)
875 423
(24 004)
(452 403)
(7 943)
Balances as at 31 December 2024
11 224 515
(2 894 394)
95 000
8 425 121
IFAD-only statement of changes in equity
For the years ended 31 December 2024 and 2023
(Thousands of United States dollars)
Balances as at 1 January 2023
10 184 751
(2 314 041)
95 000
7 965 710
Contributions Accumulated deficit General Reserve Total equity
2023
Instruments of contribution
Foreign exchange and other movements
Net profit and loss
Total other comprehensive profit or (loss)
183 995
4 350
(229 816)
(1 361)
183 995
4 350
(229 816)
(1 361)
Balances as at 31 December 2023
10 373 096
(2 545 218)
95 000
7 922 878
2024
Balances as at 1 January 2024
10 373 096
(2 545 218)
95 000
7 922 878
Instruments of contribution
Foreign exchange and other movements
875 423
(24 004)
Net profit and loss
Total other comprehensive profit or (loss)
(463 639)
7 629
875 423
(24 004)
(463 639)
7 629
Balances as at 31 December 2024
11 224 515
(3 001 228)
95 000
8 318 287
38
Appendix C
Consolidated and IFAD-only cash flow statement
For the years ended 31 December 2024 and 2023
(Thousands of United States dollars)
Cash flows from operating activities
Interest received from loans
Receipts for non-replenishment contributions
Payments for operating expenses and other payments
Grant disbursements
DSF disbursements
Net cash flows used in operating activities
Cash flows from investing activities
Loan disbursements
Loan principal repayments
Receipts from investments
Consolidated
IFAD-only
2024
2023
2024
2023
140 524
213 991
(279 235)
(176 655)
(172 516)
(273 891)
112 445
135 219
107 948
260 184
18 458
13 966
(242 953)
(223 544)
(206 862)
(148 901)
(21 673)
(28 748)
(178 062)
(172 516)
(178 062)
(197 287)
(264 056)
(291 758)
(749 283)
(699 435)
(736 570)
(691 449)
448 616
(5 572)
401 978
434 548
387 562
(33 851)
(31 903)
(2 645)
Net cash flows used in investing activities
(306 239)
(331 308)
(333 925)
(306 532)
Cash flows from financing activities
Receipts for replenishment contributions
Receipts of borrowed funds
Payments for borrowing liabilities principal
Payments for borrowing liabilities interest
Net cash flows from financing activities
521 491
372 881
(57 713)
(95 428)
741 231
412 520
521 491
412 520
360 188
308 639
360 188
(57 035)
(42 131)
(42 588)
(77 894)
(87 816)
(70 217)
637 779
700 183
659 903
Effects of exchange rate movements on cash and cash equivalents
(21 449)
(171)
(10 398)
109 013
91 804
642 247
469 206
751 260
561 010
(5 493)
56 120
413 086
469 206
751 260
561 010
469 206
751 260
561 010
469 206
Net (decrease) in unrestricted cash and cash equivalents
Unrestricted cash and cash equivalents at beginning of year
Unrestricted cash and cash equivalents at end of year
Composed of:
Unrestricted cash
Cash and cash equivalents at end of year
139 652
751 260
890 912
890 912
890 912
39
Appendix D
NOTES TO THE
CONSOLIDATED
FINANCIAL STATEMENTS
NOTE 1
BRIEF DESCRIPTION OF THE
FUND AND THE NATURE OF
OPERATIONS
The International Fund for Agricultural
Development (herein after IFAD or the Fund) is a
specialized agency of the United Nations. IFAD
formally came into existence on
30 November 1977, on which date the agreement
for its establishment entered into force, and has its
headquarters in Rome, Italy. The Fund and its
operations are governed by the Agreement
Establishing the International Fund for Agricultural
Development.
As an international financial institution, IFAD enjoys
a de facto preferred creditor status (PCS). As is the
case for other international financial institutions,
PCS is not a legal status, but is embodied in
practice and granted by the Fund’s stakeholders
(177 Member States). The concept of PCS receives
consistent universal recognition from entities such
as bank regulators, the Bank for International
Settlements and rating agencies.
Membership in the Fund is open to any Member
State of the United Nations or any of its specialized
agencies, or the International Atomic Energy Agency.
The Fund’s resources come from Member
contributions, special contributions from non-Member
States and other sources, and funds derived or to be
derived from operations or otherwise accruing to the
Fund, including by borrowing from Members and
other sources.
The objective of the Fund is to mobilize additional
resources to be made available on concessional
terms, primarily for financing projects specifically
designed to improve food production systems, the
nutrition of the poorest populations in developing
countries and the conditions of their lives. IFAD
mobilizes resources and knowledge through a
dynamic coalition of the rural poor, governments,
financial and development institutions,
intergovernmental organizations, non-governmental
organizations and the private sector, including
cofinancing. Financing from non-replenishment
sources in the form of supplementary funds and
human resources forms is an integral part of IFAD’s
operational activities.
In 2024 the external context was characterized by a
general volatility in the exchange rates market by
challenges such as the continuing conflicts and
instability.
IFAD continued implementing interventions focused
on food security and the eradication of rural poverty.
In February 2024 the Governing Council adopted
resolution 235/XLVII on the Thirteenth
Replenishment of IFAD’s Resources (IFAD13).
IFAD13 pledges reached US$1.4 billion as at
31 December 2024.
NOTE 2
SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
The principal accounting policies applied in the
preparation of these consolidated financial
statements are set out below. These policies have
been consistently applied to all the years
presented, unless otherwise stated.
(a) Basis of preparation
The consolidated financial statements of the Fund
are prepared in accordance with International
Financial Reporting Standards Accounting Standards
(IFRS) issued by the International Accounting
Standards Board and on a going concern basis,
based on the current financial situation and cash flow
forecast. Information is provided separately in the
financial statements for entities where this is deemed
of interest to readers of the financial statements.
The preparation of financial statements in conformity
with IFRS Accounting Standards requires the use of
certain critical accounting estimates. It also requires
Management to exercise judgment in the process of
applying accounting policies. The areas involving a
higher degree of judgment or complexity, or areas
where assumptions and estimates are significant to
the consolidated financial statements are disclosed in
note 3.
New and amended IFRS mandatorily effective
During 2024, there were no new or amended IFRS
standards or pronouncements with a material impact
on IFAD.
IFRS not yet mandatorily effective
No IFRS accounting standards or interpretations are
yet effective for the next year that would have a
material impact on the Fund.
(b) Area of consolidation
Financing in the form of supplementary funds and
other non-core funding forms are an integral part of
IFAD’s operations. The Fund prepares consolidated
accounts that include the transactions and balances
for the following entities:
• Special Programme for sub-Saharan African
Countries Affected by Drought and Desertification
(SPA);
•
IFAD Fund for Gaza and the West Bank (FGWB);
• Other supplementary funds including technical
assistance grants, cofinancing, associate
professional officers (APOs), programmatic and
thematic supplementary funds, the Belgian Fund
for Food Security Joint Programme (BFFS.JP) and
the Global Environment Facility (GEF); and the
RPSF launched in 2020 in response to the
COVID-19 pandemic.
•
•
IFAD’s Trust Fund for the HIPC Initiative;
IFAD’s ASMCS Trust Fund;
• Administrative account for Haiti Debt Relief
Initiative;
• Spanish Trust Fund;
• Rural Resilience Programme (former ASAP Trust
Fund);
• Private Sector Trust Fund (PSTF); and
40
Appendix D
• African Agricultural Transformation Initiative
(AATI), approved by the Executive Board in
August 2021.
These entities have a direct link with IFAD’s core
activities and are controlled by IFAD in accordance
with IFRS 10. In line with the underlying agreements
and recommendations establishing these entities,
IFAD has the power to govern the related financial
and operating policies. IFAD is exposed or has rights,
at a minimum, to the residual results of its
involvement with these entities and has the ability to
affect those results through its power over the
components. Accordingly, these entities are
consolidated in IFAD’s financial statements. All
transactions and balances among these entities have
been eliminated. Additional financial data for the
funds are provided upon request to meet specific
donor requirements. All entities included in the
consolidation area have a fiscal period corresponding
to the solar year.
Entities housed and other facilities
These entities do not form part of the core activities
of the Fund and IFAD does not have power to govern
the related financial and operating policies. As such,
they are not consolidated as they are not
substantially controlled. As at 31 December 2024 the
only entity hosted by IFAD is the International Land
Coalition (formerly known as the Popular Coalition to
Eradicate Hunger and Poverty).
The Fund is an accredited entity of the Green Climate
Fund (GCF), and in 2020 signed the first contribution
agreement with the GCF. As an accredited entity of
the GCF, IFAD does not have the power to govern
the related financial and operating policies and is not
exposed to nor has rights to the results of its
involvement in GCF-financed activities.
(c) Investments in private sector
initiatives
Since 2018, IFAD has partnered with the European
Union, the Government of Luxembourg, and the
Alliance for the Green Revolution in Africa to
establish the Agribusiness Capital Fund (ABC Fund),
a private sector fund that aims to boost investments
in small rural agribusinesses across emerging
markets. IFAD acted as sponsor in the establishment
of the ABC Fund, which is a separate legal entity.
IFAD has subscribed share investments through
supplementary funds – both on behalf of third parties
and directly on its own account (with support from
the Swiss Agency for Development and Cooperation).
In accordance with IFRS 10, IFAD does not exercise
control over decision-making in respect of
investments made by the ABC Fund.
(d) Translation and conversion of
currencies
Items included in the consolidated financial
statements are measured using the currency of the
primary economic environment in which the entity
operates (the “functional currency”). The
consolidated financial statements are presented in
United States dollars, which is IFAD’s functional and
presentation currency.
Foreign currency transactions are translated into the
functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign
exchange gains and losses resulting from the
settlement of such transactions and from the
translation at year-end exchange rates of monetary
assets and liabilities denominated in foreign
currencies are recognized in the net profit or loss of
41
the period in which they arise except for promissory
contributions, which are recognized in equity.
The results and financial position of the
entities/funds consolidated that have a functional
currency different from the presentation currency are
translated into the presentation currency and are
reported under other comprehensive income/loss as
follows:
• Assets and liabilities are translated at the closing
rate and revenue and expenditures are
translated at the monthly average rate; and
• All resulting exchange differences are recognized
as a separate component of other comprehensive
income.
(e) Measurement of financial
assets and liabilities
Financial assets at amortized cost
A financial asset is classified at "amortized cost" only
if both of the following criteria are met: (i) the
financial asset is held within a business model whose
objective is to hold financial assets in order to collect
contractual cash flows, and (ii) the contractual terms
of the financial asset give rise on specified dates to
cash flows that are solely payments of principal and
interest on the principal amount outstanding. Since
both of these conditions are considered to be met,
loan receivables are classified at amortized costs.
Financial assets at fair value
If the criteria is not met, the asset cannot be
classified in the amortized cost category and must be
classified at fair value through profit and loss
(FVTPL). The fair value through other comprehensive
income category is not used by the Fund. All other
financial assets not classified at amortized cost are
classified as FVTPL.
Financial liabilities
Financial liabilities measured at amortized cost
comprise financial instruments (other than liabilities
held for trading or those designated at fair value)
representing the various forms of third-party
funding.
These financial liabilities are recognized at settlement
date initially at fair value, which is normally the
consideration received less transaction costs directly
attributable to the financial liability. Subsequently
these instruments are measured at amortized cost
using the effective interest method.
When IFRS 9 conditions for hedge accounting are
met, financial liabilities are recognized at trade date
at amortized cost, adjusted for the fair value
movements attributable to the risks being hedged.
Interest is accrued and recognized in profit and loss
under loan interest expenditures.
Derivative instruments and hedge accounting
Derivative instruments are used to manage interest
rate and currency risks and are recognized in the
financial statements at trade date at their fair value
as “other assets or other liabilities”. IFAD applies
IFRS 9 hedge accounting treatment to individual
identified hedge relationships when conditions set
out by the standard are met.
(f) Equity
This comprises the following three elements:
(i) contributions (equity); (ii) General Reserve; and
(iii) retained earnings.
Appendix D
(i) Contributions (equity)
Background to contributions
The contributions to the Fund by each Member when
due are payable in freely convertible currencies,
except in the case of Category III Members up to the
end of the Third Replenishment period, which were
permitted to pay contributions in their own currency
whether or not it was freely convertible. Each
contribution is to be made in cash or, to the extent
that any part of the contribution is not needed
immediately by the Fund in its operations, may be
paid in the form of non-negotiable, irrevocable, non-
interest-bearing promissory notes or obligations
payable on demand.
A contribution to IFAD replenishment resources is
recorded in full as equity and as receivable when a
Member deposits an instrument of contribution,
except for qualified instruments of contribution,
which are subject to national appropriation measures
and which will be proportionally reduced upon
fulfilment of those conditions. Amounts receivable
from Member States as contributions and other
receivables including promissory notes are
represented as the balance subscribed but not yet
encashed.
Concessional partner loans (CPLs) were introduced
with the adoption of the IFAD11 resolution.
Borrowing terms of CPLs are concessional: the
maturities are either 25 or 40 years with a grace
period of 5 years for a 25-year loan and 10 years for
a 40-year loan. Voting rights are allocated to
Member States that provide CPLs in an amount
proportionate to the grant element embedded in
such loans. Proceeds received as CPLs consists of
two components: a borrowing component and an
equity component. The equity component is the
derived grant element, computed on the basis of the
loan terms and the discount rate agreed over the
replenishment consultations. The grant element is
recorded as equity.
Allowance for contribution impairment losses
The Fund has established a policy on provisions
against overdue Member States’ contributions while
still maintaining PCS as follows:
If there is evidence that an identified asset is
impaired, a specific provision for impairment is
recognized as a reduction to equity. Impairment is
quantified as the difference between the carrying
amount and the collectable amount. The criteria used
to determine whether there is objective evidence of
an impairment loss include:
• Delinquency in contractual payments of principal
and interest;
• Cash flow difficulties experienced by the debtor;
• Breach in contracts or conditions; and
•
Initiation of bankruptcy proceeding.
In the absence of such evidence, provisions will be
set up as follows:
• Whenever a payment of an instalment against an
instrument of contribution or a payment of a
drawdown against a promissory note becomes
overdue by 24 months, a provision will be made
equal to the value of all overdue contribution
payments or the value of all unpaid drawdowns
on the promissory note(s) outstanding.
• Whenever a payment of an instalment against an
instrument of contribution or a payment of a
42
drawdown against a promissory note becomes
overdue by 48 months or more, a provision will
be made against the total value of the unpaid
contributions of the Member or the total value of
the promissory note(s) of that Member related to
the particular funding period (i.e. a
replenishment period).
• The end of the financial year is currently used for
determining the 24- and 48-month periods.
(ii) General Reserve
The General Reserve may only be used for the
purposes authorized by the Governing Council and
was established in recognition of the need to cover
the Fund’s potential over-commitment risk as a
result of exchange rate fluctuations, possible
delinquencies in loan service payments or in the
recovery of amounts due to the Fund from the
investment of its liquid assets. It is also intended to
cover the risk of over-commitment as a result of a
decrease in the value of assets caused by
fluctuations in the market value of investments.
As per Financial Regulation XIII, “annual transfers
from the accumulated surplus to the General Reserve
shall be determined by the Executive Board after
taking into account the Fund’s financial position in
the context of the review/approval of yearly audited
financial statements of the Fund”.
(iii) Retained earnings
Retained earnings represent the cumulative deficit of
revenue as compared to expenses inclusive of the
effects of changes in foreign exchange rates and
hedging.
(g) Loans
(i) Loans to Member States
Loans are made to developing states that are
Members of the Fund or to intergovernmental
organizations in which such Members participate. In
the latter case, the Fund may require governmental
or other guarantees. A loan enters into force on the
date that both the Fund and the borrower have
signed it, unless the financing agreement states that
it is subject to ratification. In this case, the financing
agreement shall enter into force on the date the
Fund receives an instrument of ratification. All IFAD
loans are approved and loan repayments and
interest are payable in the currency specified in the
loan agreement. Loans approved are disbursed to
borrowers in accordance with the provisions of the
loan agreement.
Lending terms of the Fund are published on IFAD site
https://www.ifad.org/en/financial-products-and
terms.
(ii) Loans to non-Member States
At its twenty-first session in February 1998, the
Governing Council adopted resolution 107/XXI
approving the establishment of a fund for the specific
purpose of lending to FGWB. The application of
article 7, section 1(b), of the Agreement Establishing
IFAD was waived for this purpose. Financial
assistance, including loans, is transferred to the
FGWB by decision of the Executive Board and the
repayment thereof, if applicable, is made directly to
IFAD’s regular resources.
At its 129th session, the Executive Board approved
document EB 2020/129/R.11/Rev.1, setting forth the
Appendix D
framework for IFAD non-sovereign private sector
operations.
looking information through the inclusion of
macroeconomic factors.
(iii) Measurement of loans
Loan transactions are recognized in the balance
sheet at the time the funds are disbursed to the
borrower. Loans are recognized initially at fair value,
which corresponds to the transaction price (amount
disbursed including transaction costs - nominal
balance). Loans outstanding are subsequently carried
at amortized cost using the effective interest
method.
(iv) Heavily Indebted Poor Countries
(HIPC) Initiative
IFAD participates in the International Monetary
Fund/World Bank original and enhanced HIPC
Initiative as an element of IFAD’s broader policy
framework for managing operational partnerships
with countries that face the risk of having arrears
with IFAD in the future because of their debt-service
burden. Accordingly, IFAD provides debt relief by
forgiving a portion of an eligible country’s debt-
service obligations as they become due.
In 1998, IFAD established a Trust Fund for the HIPC
Initiative. This fund receives resources from IFAD
and from other sources, specifically dedicated as
compensation to the loan-fund account(s) for agreed
reductions in loan repayments under the Initiative.
Amounts of debt service forgiven are expected to be
reimbursed by the Trust Fund on a pay-as-you-go
basis (i.e. relief is when debt-service obligations
become due) to the extent that resources are
available in the fund.
The Executive Board approves each country’s debt
relief in net present value terms. The estimated
nominal equivalent of the principal components of
the debt relief is recorded under the accumulated
allowance for the HIPC Initiative, and as a charge to
the HIPC Initiative expenses in the statement of
comprehensive income. The assumptions underlying
these estimates are subject to periodic revision.
Significant judgment has been used in the
computation of the estimated value of allowances for
the HIPC Initiative.
The charge is offset and the accumulated allowance
reduced by income received from external donors to
the extent that such resources are available. The
accumulated allowance for the HIPC Initiative is
reduced when debt relief is provided.
In November 2006, IFAD was granted access to the
core resources of the World Bank HIPC Trust Fund, in
order to assist in financing the outstanding debt
relief once countries reach completion point.
Compensation from the World Bank HIPC Trust Fund
is received based on net present value calculation of
future debt relief flows as determined by the World
Bank based on IFAD data.
(v) Accumulated allowance for impairment
losses
According to IFRS 9 IFAD has established the
forward-looking expected credit loss (ECL)
methodology to calculate an allowance for loan
impairment. The methodology embeds preferred
creditor status (PCS) features. It is applied to
financial assets recorded at amortized cost such as
loans receivables. The Fund is required to recognize
an allowance for either 12 months or lifetime ECLs,
depending on whether there has been a significant
increase in credit risk since initial recognition.
ECL reflects a probability-weighted outcome, time
value of money and the best available forward-
43
ECL comprises a three-stage model based on
changes in credit quality since initial
recognition/origination of the financial instrument.
Origination is the date on which disbursement
conditions have been met. Impairments are reported
based on either 12-month or lifetime ECLs,
depending on the stage allocation of the financial
instrument. The stage allocation also determines if
interest income for the financial instrument is
reported on the gross carrying amount, as for stage
1 and 2, or the net of impairment allowance, as for
stage 3.
The staging model relies on a relative assessment of
credit risk (i.e. a loan with the same characteristics
could be included in stage 1 or stage 2, depending
on its credit risk at origination). As a result, the
same counterpart could have loans classified in
different stages.
Stage 1 includes “performing” financial instruments
that have not had a significant deterioration in credit
quality since initial recognition or have a low credit
risk at reporting date. For these instruments, the ECL
is a probability-weighted result of default events that
are possible within the next 12 months after the
reporting date. Low-risk assets (investment grade)
are classified as stage 1.
Stage 2 includes “under-performing” financial
instruments that have had a significant increase in
credit risk since initial recognition. For these assets,
the lifetime ECL results from all possible default
events over the expected lifetime, weighted with the
probability of default. Interest income is computed
on the gross carrying amount.
Stage 3 includes “non-performing” financial
instruments when there is objective evidence of
impairment/default at the reporting date (probability
of default at 100 per cent). For these instruments,
lifetime ECLs are recognized. According to IFRS 9,
interest is computed on the net carrying amount.
Considering that the Fund fully provides for the
interest accrued, the calculation is determined on the
gross basis.
Movements between stages depend on the evolution
of the financial instrument’s credit risk from initial
recognition to reporting date. Movements, whether
improvements or deterioration, may therefore cause
volatility in the impairment allowance balances.
In accordance with IFRS 9, section 5.5
“Impairment”, IFAD has adopted some rebuttable
presumptions associated with days past due. In line
with the debt servicing procedures, financial
instruments overdue by more than 75 days are
classified at stage 2 while financial instruments
overdue by more than 180 days are classified at
stage 3.
The carrying amount of the financial instrument is
reduced through an allowance account and the loss
amount is recognized in the income statement.
Interest and service charges for financial instruments
classified at stages 1 and 2 are recognized following
the accrual basis, while for financial instruments
classified at stage 3, interest and service charges
are recognized as income only when actually
received.
Appendix D
(h) Investments
(i) Classification and Measurement
The Fund’s investments could be classified at FVTPL
or at amortized cost. Investments are classified at
amortized cost when they belong to a portfolio
managed by the Fund based on a business model to
hold those securities until their maturity, by
collecting solely maturing interest and principal in
line with the contractual characteristics. If the above
conditions are not met, the Fund carries investments
at FVTPL. Fair value is determined in accordance with
the hierarchy set in note 3. For securities at FVTPL,
both realized and unrealized security gains and
losses are included in income from investments as
they arise. Both realized and unrealized exchange
gains and losses are included in the account for
movements in foreign exchange rates as they arise.
All purchases and sales of investments are
recognized on the trade date. Derivatives are initially
recognized at fair value on the date a derivative
contract is entered into and are subsequently
remeasured at their fair value. The majority of
derivatives are used for risk management purposes
and they do not qualify for hedge accounting and
therefore changes in the fair value of these
derivative instruments are recognized immediately in
the statement of comprehensive income. IFAD’s
portfolio is currently classified in full as FVTPL.
(ii) Accumulated allowance for securities
held at amortized cost
Portfolios with securities held at amortized cost are
subject to an impairment allowance calculated using
an ECL methodology. A three-stage model for
impairment is applied based on changes in the credit
quality of the financial instrument since origination.
The origination of the financial instrument is the date
on which the instrument was purchased by the Fund.
Considering the Investment Policy requirements
adopted by the Fund, the investment portfolio held
at amortized cost is classified at stage 1 since the
financial instruments are investment grade, and
therefore the low credit risk instruments exemption
applies.
(i) Cash and cash equivalents
Cash and cash equivalents comprise cash in hand
and deposits held at call with banks. They also
include investments that are readily convertible at
the balance sheet date. Net investment payables and
investments at amortized cost are excluded from
readily convertible investments for cash flow
purposes. Restricted cash is excluded from cash and
cash equivalents.
(j) Share investments
The Fund, through supplementary fund
contributions, held equity investments in the private
sector. Such investments are accounted for at
FVTPL. Share investments have been recognized at
day one at settlement date for the subscribed value.
Realized gains and losses are recognized in the profit
and loss in the proper period based on settlement
date and value. Fair value changes may generate
unrealized gains and losses which are accounted for
in the profit and loss. The fair value of the share
investment derives from the net asset value,
incorporating a liquidity adjustment on a case-by-
case basis. As these investments do not meet IFRS
10, IFRS 11 and IAS 28 requirements, they are not
considered controlled, joint ventures or associated
entities, and thus are not wholly or proportionally
consolidated, nor accounted for under the equity
method. In line with IFRS 9 requirements, as share
investments do not meet the requirements to be
accounted for at amortized cost, they are accounted
for at fair value.
(k) Contributions (non-equity)
Contributions to non-replenishment resources are
recorded as revenues in the period in which the
related expenses occur. For project cofinancing
activities, contributions received are recorded as
revenues in the period in which the related grant
becomes disbursable. Contributions relating to
programmatic grants, APOs, BFFS.JP and other
supplementary funds are recorded in the balance
sheet as deferred revenues and are recorded as
revenue for the amount of project-related expenses
in the statement of comprehensive income. Where
specified in the donor agreements, contributions
received (including management fees) and interest
earned thereon, for which no direct expenses have
yet been incurred, are deferred until future periods
to be matched against the related costs. This is
consistent with the accounting principle adopted
with regard to IFAD’s combined supplementary
funds and serves to present the underlying nature
of these balances more clearly. A list of such
contributions can be found in appendix E.
Individual donors provided human resources (in the
form of APOs) to assist IFAD in its activities. The
contributions received from donors are recorded as
revenues and the related costs are included in staff
costs.
(l) Grants
(i) Grants
The Agreement Establishing IFAD empowers the
Fund to provide grants to its Member States, or to
intergovernmental organizations in which its
Members participate, on such terms as the Fund
deems appropriate.
Grants are recorded as expenses on disbursable date
for the approved amount and as a liability for
undisbursed amounts. In accordance to the General
Conditions for Agricultural Development Financing
(April 2009), grants become disbursable when a
recipient has the right to incur eligible expenditure.
Cancellations of undisbursed balances are recognized
as an offset to the expense in the period in which
they occur.
(ii) Grants to countries in debt distress
Under the Debt Sustainability Framework (DSF),
countries eligible for highly concessional lending
receive financial assistance on a grant rather than a
loan basis. DSF financing is subject to IFAD’s General
Conditions for Agricultural Development Financing.
DSF financing is implemented over an extended
time-horizon and recognized as expenditure in the
statement of comprehensive income in the period in
which conditions for the release of funds to the
recipient are met.
(m) Borrowing
Financial liabilities are accounted for at amortized cost.
IFAD has signed several borrowing agreements with
sovereign institutions at variable rate debt. Maturity
could vary from 20 years to 40 years. IFAD may not
prepay loans outstanding without incurring penalties.
Interest rates are variable (linked to EURIBOR plus a
spread). Borrowing activities are subject to the Revised
Integrated Borrowing Framework as approved by the
Executive Board in 2023 (EB 2023/138/R.8). Borrowed
funds are deployed in accordance with IFAD’s policies
and procedures (with the exception of DSF countries).
44
Appendix D
The Fund’s borrowings include loans from Member
States in the form of CPLs. These borrowings are carried
and reported at amortized cost.
IFAD issues bonds through private placements.
Considering that such transactions, together with the
related derivative instruments, met IFRS 9 conditions
for hedge accounting, such financial liabilities are
recognized at trade date at amortized cost, adjusted
for the fair value movements attributable to the risks
being hedged.
(n) Hedge Accounting - Fair Value
Hedge
IFAD applies IFRS 9 hedge accounting treatment to
each individual identified hedge relationship, when
conditions set out by the standard are met. IFAD
documents the relationship between the hedging
instrument (derivative) and hedged items (bond)
upon initial recognition of the transaction and on an
ongoing basis. In particular, IFAD assesses the
specific relationships between two or more financial
instruments in which the change in value of one
instrument (the hedging instrument) is highly
negatively correlated to the change in value of the
other (the hedged item).
IFAD mitigates interest rate risk by using interest
rate swaps to convert the interest rate profile of the
liabilities from fixed to floating rate in line with the
rate applied to loan assets at ordinary terms.
IFAD mitigates currency risks by using cross
currency swaps to convert the currency risk profile of
the liabilities from the currency of issuance to the
denomination currency associated to loan assets at
ordinary terms. Based on the assessment of
individual transactions, IFAD does not segregate
foreign currency basis from financial instruments.
Such derivatives are recognized on trade date as
“Other Financial Assets” or “Other Financial
Liabilities”.
Changes in fair value of the derivatives are included
in the income statement along with corresponding
changes in the hedge fair value of the liability that is
attributable to the specific hedge risk.
If the hedging derivative expires or is sold,
terminated or exercised, or the hedge no longer
meets the criteria for fair value hedge accounting
under IFRS 9, then hedge accounting is discontinued
prospectively. Any adjustment up to the point of
discontinuation to a hedged item for which the
effective interest method is used is amortized to
profit or loss as part of the recalculated effective
interest rate of the item over its remaining life. If the
hedged item is derecognized, the related
unamortized fair value is recognized immediately in
the statement of comprehensive income.
(o) Employee schemes
Pension obligations
IFAD participates in the United Nations Joint Staff
Pension Fund (UNJSPF), which was established by
the United Nations General Assembly to provide
retirement, death, disability and related benefits. The
Pension Fund is a funded, defined benefit plan. The
financial obligation of the Fund to the UNJSPF
consists of its mandated contribution, at the rate
established by the United Nations General Assembly,
together with any share of any actuarial deficiency
payments under article 26 of the regulations of the
Pension Fund. Such deficiency payments are only
payable if and when the United Nations General
Assembly has invoked the provision of article 26,
45
following determination that there is a requirement
for deficiency payments based on an assessment of
the actuarial sufficiency of the Pension Fund as of the
valuation date. At the time of this report, the United
Nations General Assembly has not invoked this
provision.
The actuarial method adopted for the UNJSPF is the
Open Group Aggregate method. The cost of
providing pensions is charged to the statement of
comprehensive income so as to spread the regular
cost over the service lives of employees, in
accordance with the advice of the actuaries, who
carry out a full valuation of the period plan every two
years. The plan exposes participating organizations
to actuarial risks associated with the current and
former employees of other organizations, with the
result that there is no consistent and reliable basis
for allocating the obligation, plan assets and costs to
individual organizations participating in the plan.
IFAD, like other participating organizations, is not in
a position to identify its share of the underlying
financial position and performance of the plan with
sufficient reliability for accounting purposes.
After-Service Medical Coverage Scheme
IFAD participates in the ASMCS, which provides
medical benefits for staff receiving a United Nations
pension and eligible former staff on a shared-cost
basis. The ASMCS operates on a pay-as-you-go
basis, meeting annual costs out of annual budgets
and staff contributions. An independent valuation is
performed on an annual basis, in accordance with
IAS 19R.
IFAD has set up a trust fund into which it transfers
the funding necessary to cover the actuarial liability.
Service costs are recognized as operating
expenditure. The net balance between interest costs
and expected return on plan assets is recognized in
the net profit or loss, while actuarial gains or losses
are recognized in other comprehensive income.
(p) Accruals for long-service
entitlements
Employee entitlements to annual leave and long-
service entitlements are recognized when they
accrue to employees. An accrual is made for the
estimated liability for annual leave and long-service
separation entitlements as a result of services
rendered by employees up to the balance sheet date.
(q) Taxation
As a specialized agency of the United Nations, IFAD
enjoys direct tax-exemption status under the
Convention on Privileges and Immunities of
Specialized United Nations Agencies of 1947 and the
Agreement Establishing IFAD; and direct and indirect
tax-exemption status under the Agreement between
the Italian Republic and IFAD regarding the
provisional headquarters of IFAD.
(r) Revenue recognition
Service charge income and income from other
sources are recognized as revenue in the period in
which the related expenses are incurred (goods
delivered or services provided).
(s) Tangible and intangible assets
Fixed assets
Major purchases of property, furniture and
equipment are capitalized. Depreciation is charged
on a straight-line basis over the estimated useful
economic life of each item purchased as set out
below:
Appendix D
Permanent equipment fixtures & fittings 10 years
5 years
Furniture
4 years
Office equipment
5 years
Vehicles
Intangible assets
Software development costs are capitalized as
intangible assets where future economic benefits are
expected to flow to the organization. Amortization is
calculated on a straight-line basis over the estimated
useful life of the software (four to 10 years).
Leasehold improvements are capitalized as assets.
Amortization is calculated on a straight-line basis
over their estimated useful life (not exceeding rental
period of IFAD headquarters).
Right-of-use assets
The Fund recognizes right-of-use assets at the
commencement date of the lease (i.e. the date the
underlying asset is available for use). Right-of-use
assets are measured at cost, less any accumulated
depreciation and impairment losses, and adjusted for
any remeasurement of lease liabilities. The cost of
right-of-use assets includes the amount of lease
liabilities recognized, initial direct costs incurred, and
lease payments made at, or before, the
commencement date less any lease incentives
received. Right-of-use assets are depreciated on a
straight-line basis over the lease term. In order to
determine the lease term, the Fund considers the
non-cancellable period established in the contract, in
which the lessee is entitled to use the underlying
asset taking also into account potential renewal
options if the lessee is reasonably certain to renew.
In particular, with reference to those contracts that
allow the lessee to tacitly renew the lease contract
after a first set of years, the lease term is
determined taking into account factors such as the
length of the first period, the existence of dismissal
plans for the asset leased and any other
circumstance indicating a reasonable certainty of the
renewal. It should be noted that, as allowed by the
standard, IFAD has decided not to recognize any
right-of-use asset or lease liability with reference to
the following lease contracts:
•
•
Short-term leases, lower than 12 months; and
Low-value assets leases. For this purpose an
asset is considered as “low value” when its fair
value as new is equal to or lower than
US$5,000.
Lease liabilities
At the commencement date of the lease, lease
liabilities are measured at the present value of the
remaining lease payments, discounted at IFAD’s
average cost of funding for IFAD financial liabilities.
NOTE 3
CRITICAL ACCOUNTING
ESTIMATES AND JUDGMENTS
(a) Critical accounting estimates
and assumptions
Estimates and judgments are continually evaluated
and are based on historical experience and other
factors, including expectations of future events that
are believed to be reasonable under the
circumstances. It is reasonably possible that
outcomes within the next financial year are different
from the assumptions made based on existing
knowledge. The estimates and assumptions that
have a significant risk of causing a material
46
adjustment to the carrying amounts of assets and
liabilities within the next financial year are outlined
below:
Financial assets and liabilities measured at
fair value on the balance sheet are
categorized as follows
Level 1. Financial assets and liabilities whose values
are based on unadjusted quoted prices for identical
assets or liabilities in active markets.
Level 2. Financial assets and liabilities whose values
are based on quoted prices for similar assets or
liabilities, or pricing models for which inputs are
substantially and significantly observable, either
directly or indirectly, for substantially the full term of
the asset or liability.
Level 3. Financial assets and liabilities whose values
are based on prices or valuation techniques requiring
inputs that are both unobservable and significant to
the overall fair value measurement.
Valuation of ASMCS
As described in note 2(o), IFAD participates in the
ASMCS for staff receiving a United Nations pension
and eligible former staff on a shared-cost basis. An
independent valuation of the liability is performed on
an annual basis. The methodology and principal
assumptions used are described in note 23(c). A
sensitivity analysis of the principal assumptions is
included within note 23(d).
(b) Critical judgment in applying
accounting policies
Hedge accounting
For instruments designated for hedge accounting
for the hedging instrument-derivatives and hedged
items-borrowing liabilities, IFAD calculates the fair
value using a discounted cash flow model based on
underlying prevailing market interest rates.
Allowance for impairment losses: Impairment
Methodology
Governance
IFAD calculates and reports its impairments based on
an individual ECL method. The ECL framework is
based on the requirements of IFRS 9’s financial
instruments section and validated by IFAD’s Financial
Controller’s Division and Office of Enterprise Risk
Management. The impairment allowances and ECL
methodology have been approved by the Associate
Vice-President Chief Financial Officer and Chief
Controller, Financial Operations Department.
Three-stage model
IFAD recognizes a loss allowance for ECL on financial
instruments measured at amortized cost and for loan
commitments. The ECL comprises a three-stage
model based on changes in the credit quality since
initial recognition as described in note 2g(v) above.
Impairments are reported based on either 12-month
or lifetime ECL, depending on the stage allocation of
the financial instrument. The stage allocation also
determines if interest income for the financial
instrument is reported on the gross carrying amount
or the net of impairment allowance.
In order to determine whether there has been a
significant increase in the credit risk since origination
– and therefore transition to or from stage 2 – a
combination of quantitative and qualitative risk
metrics are employed.
charge (i.e. commitment fee). Since EAD is modelled
at an individual instrument level, all future expected
cash flows, including disbursements, cancellations,
prepayments and interest, are considered. EAD
combines actual and contractual cash flows for loans
outstanding, and models future disbursements and
repayments based on the Fund’s own experience for
undrawn commitments.
Macroeconomic scenarios. IFRS 9 impairment
methodology is forward-looking. The starting point is
IFAD’s view of current and future macroeconomic
conditions, and the credit environment. IFAD
considers a range of outcomes in a probability-
weighted manner. The purpose is to capture possible
non-linear behaviour in the dependence of the ECL
on economic conditions. Forward-looking
macroeconomic simulations consist of neutral,
positive and pessimistic scenarios. Each scenario is
assigned a probability of occurrence based on expert
judgment and best practices. The probabilities
assigned to the pessimistic and optimistic scenarios
indicate either a balance or skew in either direction
in order to capture the perceived distribution of risks
in a forward-looking manner.
Based on expert judgment, Management may adopt
temporary adjustments (overlays) to the model-
based ECL impairment allowance in order to reflect
additional factors that are not explicitly incorporated
into the modelling of ECL or the credit risk ratings
and therefore the staging allocation (e.g. significant
scenarios or events representative of the Fund’s
particular experience).
Based on expert judgment, IFAD Management may
assign a different stage to specific loans that require
a manual override in respect of their ratings at
origination, because of different credit risk ratings
assigned to the counterparty on a quarterly basis.
NOTE 4
CASH AND INVESTMENT
BALANCES
Analysis of balances (consolidated)
Table 1
As at 31 December
Unrestricted cash
Cash subject to restriction
Subtotal cash
Unrestricted investments at fair
value
Investments subject to restriction
Subtotal investments
Total cash and investments
US$ thousands
2024
2023
890 912
83
751 260
79
890 995
1 588 006
751 339
1 500 737
139
137
1 588 145
2 479 140
1 500 874
2 252 213
Appendix D
The Fund has established an internal rating
methodology by leveraging public ratings available in
the market and by calculating proxies derived from
macroeconomic conditions (e.g. income level and
level of debt distress) and geographical area.
A loan’s migration across the Fund’s internal credit
rating scale is monitored from the instrument’s
origination date to the reporting date. Following a
significant deterioration in its counterparty’s
creditworthiness, the loan is classified at stage 2.
Depending on qualitative assessments, loans may be
placed on a watch list and transitioned between
stages.
Inputs
The ECL calculation is performed at the level of
individual financial instruments. Expected losses are
determined according to an individual process based
on certain risk parameters represented by probability
of default, loss given default rate, exposure value
and discount factor. The model is forward-looking:
current and future macroeconomic conditions are
incorporated into the model through macro-financial
scenarios. A number of critical accounting estimates
and judgments are also factored into the model.
Probability of default (PD)
The Fund uses forward-looking point-in-time (PIT)
PD rates to calculate ECL. The PIT PD rates are
derived from through-the-cycle (TTC) PD rates
adjusted for projected macroeconomic conditions.
TTC PD rates express the likelihood of a default
based on long-term credit risk trend rates. TTC PD
rates are based on PDs associated to external ratings
and are calibrated to reflect IFAD’s default
experience and PCS. On a yearly basis, TTC PD is
reviewed based on IFAD’s loss experience.
The cumulative TTC PD rates used are set out by
internal rating grade according to the methodology
detailed below:
Each instrument in the Fund’s portfolio has an
internal PD associated with it. To calculate ECLs for
both stage 1 and stage 2 instruments, a default
probability has been retrieved from the PD
embedded in the official observable ratings calibrated
to the Fund’s experience based on IFAD-specific
historical default data.
For unrated exposures, a methodology has been
developed starting from the rated portfolio and
calculating proxies based on indicators such as
income level, region and level of debt distress. For
financial instruments at stage 3, the PD has been set
at 100 per cent.
Loss given default (LGD) is the magnitude of the
likely loss if a default would occur. An LGD is
assigned to individual instruments, indicating how
much the Fund expects to lose on each facility if the
borrower defaults. For financial instruments at stages
1 and 2 the LGD has been determined in relation to
the sovereign sector and calibrated in order to
benefit from the Fund’s recovery experience and
PCS. For financial instruments at stage 3, the LGD
has been informed by IFAD’s historical data as well
as the experience of other multilateral development
institutions, currently set at 30 per cent.
Exposure at default (EAD) represents the
expected exposure in the event of a default. It is
measured from discounted contractual cash flows.
The discount factor is the contractual effective
interest rate of the financial instrument since IFAD’s
lending terms currently do not foresee any additional
47
Appendix D
The composition of the portfolio by entity was as
follows:
Table 4
Table 2
As at 31 December
Entity
IFAD
ASMCS Trust Fund
HIPC Trust Fund
Supplementary funds
Spanish Trust Fund
Haiti Debt Relief Initiative
Rural Resilience Programme
PSTF
AATI
Total cash and
investments
US$ thousands
2024
2023
1 812 065
89 293
2 427
306 219
31 993
9 590
109 291
112 265
5 997
1 605 425
89 983
780
328 174
38 538
10 371
122 216
49 796
6 930
2 479 140
2 252 213
(a) Cash and investments subject
to restriction
In accordance with the Agreement Establishing IFAD,
the amounts paid into the Fund by the then-
Category III Member States in their respective
currencies on account of their initial or additional
contributions are subject to restriction in usage.
(b) Composition of the investment
portfolio by instrument
(consolidated)
As at 31 December 2024, cash and investments,
including payables for investment purchased and
receivables, amounted to US$2,479 million
(2023 – to US$2,252 million) comprised of the
following instruments:
Table 3
Unrestricted Cash
Fixed-income instruments
Unrealized (loss)/gain
on forward contracts
Unrestricted time deposits and
other obligations of banks
Unrealized (loss)/gain on futures
Unrealized (loss)/gain on swaps
Total cash and investments
Receivables for investments sold
and taxes receivable
Payables for investments
purchased
US$ thousands
2024
2023
890 912
1 516 961
751 260
1 283 259
58 468
185 373
38
13 920
280
26 706
2 478 918
13
2 251 996
408
(99)
(588)
Currency
Chinese renminbi
Euro
Japanese yen*
Pound sterling*
US$ thousands
2024
12 324
676 422
6 615
8 609
2023
13 310
698 368
8 111
13 688
United States dollar
1 773 621
1 518 334
Swiss Franc
Australian Dollar
Swedish Krona
Vietnamese Dong
Total cash and
investment portfolio
5
20
1 207
9
5
2 478 832
2 251 816
* This balance includes open positions on foreign exchange forward
contracts offset by open positions in United States dollars for the
equivalent amount.
(d) Composition of the investment
portfolio by maturity
(consolidated)
The composition of cash and investments by
maturity as at 31 December was as follows:
Table 5
US$ thousands
2024
2023
Due in one year or less
1 398 037
1 332 965
Due after one year
through five years
Due from five to 10 years
Due after 10 years
Total cash and
investment portfolio
1 031 925
861 991
46 552
2 318
55 989
871
2 478 832
2 251 816
The average life to maturity of unrestricted cash and
fixed-income investments included in the
consolidated investment portfolio at 31 December
2024 was 15 months (2023 - 15 months).
IFAD’s investment activities are exposed to a variety
of financial risks: market risk, credit risk, custodial
risk and liquidity risk.
IFAD’s portfolio is managed in accordance with its
Investment Policy Statement and Investment
Guidelines, which address a variety of financial risks
through restrictions on the eligibility of instruments
and other limitations:
1. Benchmarks and limits on deviations from
benchmarks;
(1 381)
5 118
(e) Financial risk management
Total investment portfolio
2 478 832
2 251 816
(c) Composition of the investment
2. Credit floors (refer to note 4[g], credit risk);
portfolio by currency
(consolidated)
The currency composition of cash and investments
as at 31 December was as follows:
3. Conditional value at risk limitation, which
measures the expected loss under extreme
conditions, providing an indication of how much
value a portfolio could lose over a forward-
looking period; and
4. Duration, which measures the sensitivity of the
market price of a fixed-income investment to a
change in interest rates.
The benchmark indices used for the respective
portfolios are shown in table 8.
48
Appendix D
(f) Market risk
The actual weights and amounts of each asset class
within the overall portfolio, together with the asset
allocation weights as of 31 December 2024 and
2023, are shown in tables 6 and 7. Disclosures for
the net asset value relate to IFAD-only accounts.
Table 6
2024
Asset class
Cash
Swaps
Time deposit
Futures
Global government bonds/agencies
Corporate bonds
Total
Fixed-income receivables
(payables)
Total
Table 7
2023
Asset class
Cash
Swaps
Time deposit
Futures
Global government bonds/agencies
Corporate bonds
Total
Fixed-income receivables
Total
Actual allocation
%
31.0
0.7
0.0
0.0
64.3
4.0
US$
millions
561.2
13.2
0.9
0
1 164.3
72.4
100.0
1 812.0
0.0
(0.0)
100.0
1 812.0
Actual allocation
%
29.2
1.6
2.8
0
56.5
9.9
US$
millions
469.3
25.5
44.3
0
907.5
158.8
100.0
1 605.4
0.0
0.0
100.0
1 605.4
Table 8
Benchmark indices by portfolio
Portfolio
Benchmark index
Operational tranche
(USD)
ICE BofA 0-1 Year United States
Treasury Index
Operational tranche
(EUR)
ICE BofA 0-1 Year AAA-AA Euro
Government Index
Prudential tranche
(USD)
ICE BofA 0-1 Year United States
Treasury Index
Prudential tranche
(EUR)
ICE BofA 0-1 Year AAA-AA Euro
Government Index
World Bank
Reserves Advisory
and Management
Program (RAMP)
ASMCS
ICE BofA 0-1 Year United States
Treasury Index
IFAD Global Diversified Fixed-Income
for ASMCS Customized Index
Exposure to market risk is managed by modifying
the duration of the portfolio.
The upper limit for the duration is set at:
• Operational tranche: effective duration shall not
exceed one year
• Prudential tranche: Effective duration shall not
exceed two years.*
* The specified limit is determined in accordance with Treasury
guidelines, which adopt a more conservative approach. In
contrast, the Investment Framework permits a duration of up to
5 years.
The effective duration of the IFAD-only investment
portfolio as of 31 December 2024 and 2023, and
respective benchmarks are shown in table 9.
Table 9
Average duration of portfolios and benchmarks in years
(IFAD-only)
As of 31 December
Portfolio
Benchmark
Portfolio
2024
2023
2024
2023
Operational tranche
Prudential tranche (USD)
Prudential tranche (EUR)
World Bank RAMP
Total average
0.5
0.6
n.a
0.4
-
0.5
0.3
n.a
0.3
0.4
0.5
n.a.
0.4
-
0.5
0.4
n.a
0.4
The sensitivity analysis of IFAD’s portfolio in table 10
shows how a parallel shift in the yield curve (-300 to
+300 basis points) would affect the value of the
liquidity portfolio as at 31 December 2024 and 31
December 2023.
Table 10
Sensitivity analysis on IFAD’s portfolio
2024
2023
Change in
portfolio
value
(US$
million)
22
17
Total
portfolio
(US$
million)
1834
1829
Change in
value of
portfolio
(US$
million)
16
13
13
10
7
4
-1
-4
-7
-9
-12
-14
1825
1822
1819
1816
1812
1813
1808
1805
1803
1800
1798
10
8
5
3
-3
-5
-8
-10
-12
-15
Total
portfolio
(US$
million)
1 621
1 618
1 616
1 613
1 610
1 608
1 605
1 603
1 600
1 598
1 595
1 593
1 590
Basis
point
shift in
yield
curve
-300
-250
-200
-150
-100
-50
0
50
100
150
200
250
300
49
Appendix D
The graph below shows the negative relationship
between yields and fixed-income portfolio value.
Graph 1
Sensitivity analysis on investment portfolio value
(IFAD-only)
(Millions of United States dollars)
As at 31 December 2024, if the general level of
interest rates on the global markets had been 300
basis points higher (as a parallel shift in the yield
curves) the overall portfolio value would have been
lower by US$14 million as a result of the capital
losses on the marked-to-market portion of the
portfolio. If the general level of interest rates on the
global markets had been 300 basis points lower (as a
parallel shift in the yield curves) the overall portfolio
value would have been higher by US$22 million as a
result of the capital gains on the marked-to-market
portion of the portfolio.
(g) Credit risk
The Investment Policy Statement and Investment
Guidelines set credit rating floors for the eligibility of
securities and counterparties. The eligibility of banks
and bond issues is determined on the basis of ratings
by major credit rating agencies. The minimum
allowable credit ratings for portfolios within IFAD’s
overall investment portfolio under the Investment
Policy Statement and Investment Guidelines are
shown in table 11.
Table 11
Minimum credit rating floor as per Investment Policy
Statement as at 31 December 2024
Eligible asset classes
Credit rating floors a
Money market instruments
• Demand deposits
• Time deposits
• Certificates of deposit
• Commercial papers
• Treasury bills
• Money market funds (contract net
asset value, short-term funds only)
A-/A3
AAA/Aaa
• Repurchase and reverse-repurchase A-/A3
Currency instrument
Spot foreign exchange
A-/A3
Fixed-income securities: both nominal and inflation-linked
• Government and government
agencies fixed-income bonds at the
national or subnational level
• Supra-nationals
• Asset-backed securities (only
government-, agency-issued or
guaranteed)
• Covered bonds
• Corporate bonds
• Bonds issued or guaranteed by
financial institutions and depository
banks
• Callable bonds
•
Inflation-linked bonds
A-/A3
A-/A3
AAA/Aaa
AAA/Aaa
A-/A3
A-/A3
A-/A3
A-/A3
50
Derivatives: for hedging purposes only
•
•
•
•
•
•
•
•
Forward foreign exchange
Foreign exchange swaps
Currency forwards
Forward interest rate
agreements
Exchange-traded futures and
options
Interest rate swaps
Cross currency swaps
Credit default swaps
A-/A3 counterparty
rating
•
Over-the-counter options
Repurchase and reverse-repurchase
transactions
A-/A3 counterparty
rating
a The credit rating that is compared to the rating floor is the
average credit rating available from the four agencies comprising
the Bloomberg Composite Credit Ratings, namely, Standard &
Poor’s (S&P), Moody’s, Fitch and DBRS. The security, issuer,
counterparty or their credit support provider must be rated by at
least two of the following rating agencies: S&P, Moody’s or Fitch.
As at 31 December 2024, the average credit ratings
by portfolio were in line with the minimum allowable
ratings under the Investment Policy Statement and
Investment Guidelines (table 12).
Table 12
Average a credit ratings by IFAD’s portfolio
As at 31 December 2024 and 2023
Portfoliob
Transaction tranche
Operational tranches.
Prudential tranche (EUR)
Prudential tranche (USD)
Average credit rating
2023
2024
A-
AA+
AA
AA+
P-1
Aa3
Aa1
a
b
The average credit rating is calculated based on market values
as at 31 December 2024 and 2023.
IFAD portfolios are renamed based on new Investment Policy
Statement
(h) Currency risk
IFAD’s exposure to currency risk on the cash and
investment portfolio is described in table 4 within
note 4.
Currency risk arises from the potential for losses
stemming from changes in foreign exchange rates.
IFAD’s Asset and Liability Management Framework is
guided by the principle of adequately managing the
currency composition of its assets and liabilities, so
as to limit losses deriving from fluctuations or an
adverse reduction in IFAD’s financing capacity.
In the case of misalignments that are considered
persistent and significant, IFAD undertakes a
realignment procedure by changing the currency
composition of its projected inflows to align them to
its outflows over a 24-month horizon.
(i) Liquidity risk
Prudent liquidity risk management includes
maintaining sufficient cash and cash equivalents to
meet loan and grant disbursements as well as debt
repayments and administrative expenses as they
arise.
IFAD’s liquidity risk is addressed through IFAD’s
minimum liquidity ratio (MLR). During 2021, IFAD’s
liquidity policy stated that highly liquid assets in
IFAD’s portfolio should remain above 100 per cent of
the projected amount of 12 months’ disbursements
of loans and grants and scheduled repayments of
debt.
Appendix D
IFAD’s latest financial model assumptions,
incorporating the 2024 resources available for
commitment under IFAD’s sustainable cash flow
approach, calculates an MLR of US$1,112 million that
is covered by IFAD’s portfolio balance of US$1,812
million.
(j) Capital adequacy
The Fund’s main internal capital adequacy metric is
the deployable capital (DC) ratio. The DC ratio
assesses IFAD’s capital utilization and the availability
of resources to support future commitments. To
ensure that the Fund is well capitalized and
maintains strong credit ratings at all times, the
capital utilization trajectory is managed within
appropriate tolerance levels, indicating that IFAD has
enough capital to cover expected and unexpected
losses derived from core and non-core risks
embedded within the Fund’s operations. As at
December 2024, IFAD’s debt to capital available ratio
was within the parameters established in its Capital
Adequacy Policy.
NOTE 5
SHARE INVESTMENTS
US$ thousands
2024
2023
-
8 717
(3 527)
5 190
-
9 300
(3 437)
5 863
IFAD
Supplementary funds
Unrealized (losses)/gains
Share investments
NOTE 6
CONTRIBUTIONS
PROMISSORY NOTES AND
RECEIVABLES
Table 1
US$ thousands
2024
2023
Promissory notes to be encashed
Replenishment contributions
70 860
102 523
Promissory notes to be
encashed
Contributions receivable
Replenishment contributions
Supplementary contributions
Total
Qualified instruments of
contribution
Total promissory notes
and contributions
receivables
70 860
102 523
884 059
441 873
1 325 932
427 060
433 943
861 003
(181 047)
(85 598)
1 215 745
877 928
(b) Special Programme for Africa
(SPA)
Details of contributions to the SPA under the first and
second phases are shown in appendix G, table 3.
(c) Credit risk
Because of the sovereign status of its donor
contributions, the Fund expects that each of its
contributions for which a legally binding instrument
has been deposited will ultimately be received,
except for the amount described in note 7.
Collectability risk is covered by the provisions on
contributions.
(d) Currency Risk
Appendix G - Statement of Contributions – provides
details pertaining to the currency composition of
contribution promissory notes and receivables. IFAD
overall currency risk is managed as described in note
4(h).
(e) Qualified instruments of
contribution and promissory
notes
At the end of December 2024, contributions
receivables and promissory notes still subject to
national appropriation measures amounted to
US$181.0 million (US$85.6 million as at
31 December 2023).
NOTE 7
ALLOWANCES FOR
CONTRIBUTIONS
IMPAIRMENT
The fair value of the allowance is equivalent to the
nominal value, given that the underlying
receivables/promissory notes are already due at the
balance sheet date. In accordance with its policy,
IFAD has established allowances at 31 December as
follows:
Table 1
Balance at beginning of the year
Net (increase)/decrease in
allowance
Balance at year-end
Analysed as follows:
Promissory notes of
contributors (a)
Amounts receivable from
contributors (b)
Total
US$ thousands
2024
2023
(117 659)
(120 145)
(80)
2 486
(117 739)
(117 659)
(31 993)
(31 993)
(85 746)
(117 739)
(85 666)
(117 659)
(a) Allowances against promissory
(a) Replenishment
notes
Details of contributions and payments are shown in
appendix G. IFAD12 became effective on 18 August
2021. The IFAD13 Consultation took place
throughout fiscal year 2023, and the IFAD13
Resolution was adopted at the forty-seventh
session of the Governing Council, in February 2024.
In accordance with the policy, the Fund has
established allowances against promissory notes as
at 31 December:
51
Appendix D
Table 2
US$ thousands
2024
2023
Initial contributions
Iran (Islamic Republic of)
(29 358)
(29 358)
Third Replenishment
Democratic People’s
Republic of Korea
State of Libya
Total
(29 358)
(29 358)
(600)
(600)
(2 035)
(2 635)
(2 035)
(2 635)
(31 993)
(31 993)
48.4
Total cost
Accumulated depreciation
Computer hardware
Computer software
Vehicles
Furniture and fittings
Leasehold improvement
(6.6)
(24.5)
(1.5)
(0.7)
(1.5)
Total depreciation
Net fixed and
intangible assets
(34.8)
6.6
55.0
(1.0)
(4.7)
(0.2)
(0.2)
(0.1)
(6.2)
(7.6)
(29.2)
(1.7)
(0.9)
(1.6)
(41.0)
13.6
0.4
14.0
US$ million
Increase/
(decrease)
31 Dec
2023
1 Jan
2023
(b) Allowances against amounts
receivable from contributors
2023
Cost
In accordance with its policy, the Fund has
established allowances against some of these
amounts:
Table 3
US$ thousands
2024
2023
Initial contributions
Iran (Islamic Republic of)
(83 167)
(83 167)
Third Replenishment
Iran (Islamic Republic of)
(2 400)
(2 400)
Twelfth Replenishment
Mauritania*
Gabon
Total
-
(179)
(85 746)
(99)
-
(85 666)
* Balance settled in February 2024
NOTE 8
OTHER RECEIVABLES
Receivables for
investments sold
Receivables for reimbursement
headquarter expenditures
Other receivables
Total
US$ thousands
2024
2023
13
408
9 440
9 571
16 401
25 854
9 324
19 303
The amounts above are all expected to be received
within one year of the balance sheet date. The
balance of other receivables includes
reimbursements from the host country for
expenditures incurred during the year.
NOTE 9
(a) Fixed and intangible assets
Table 1
2024
Cost
Computer hardware
Computer software
Vehicles
Furniture and fittings
Leasehold improvement
US$ million
Increase/
(decrease)
31 Dec
2024
1.6
4.3
0.4
0.4
(0.1)
10.2
38.1
2.7
2.1
1.9
1 Jan
2024
8.6
33.8
2.3
1.7
2.0
Computer hardware
Computer software
Vehicles
Furniture and fittings
Leasehold improvement
7.0
31.7
1.6
1.0
2.0
43.3
Total cost
Accumulated depreciation
Computer hardware
Computer software
Vehicles
Furniture and fittings
Leasehold improvement
(5.9)
(22.2)
(1.2)
(0.6)
(1.4)
1.6
2.1
0.7
0.7
-
5.1
(0.7)
(2.3)
(0.3)
(0.1)
(0.1)
(3.5)
8.6
33.8
2.3
1.7
2.0
48.4
(6.6)
(24.5)
(1.5)
(0.7)
(1.5)
(34.8)
Total depreciation
Net fixed and
intangible assets
(31.3)
12.0
1.6
13.6
(b) Right-of-use assets and lease
liabilities
The recognition of right-of-use assets refers mainly
to the operating lease agreement for the
headquarter building.
Table 2
2024
US$ million
1 Jan
2024
Increase/
(decrease)
Foreign
exchange
movement
31 Dec
2024
Cost
Right-of-use assets 116.4
Accumulated depreciation
(44.8)
Right-of-use assets
Net right-of-use
assets
71.6
Lease liabilities*
(72.3)
31.4
(7.2)
140.6
(6.2)
2.7
(48.3)
25.2
(26.2)
(4.5)
92.3
4.4
(94.1)
* Of the total above, US$8.1 million is payable within one year
from the balance sheet date.
US$ million
1 Jan
2023
Increase/
(decrease)
Foreign
exchange
movement
31 Dec
2023
2023
Cost
Right-of-use assets 112.6
Accumulated depreciation
(34.2)
Right-of-use assets
Net right-of-use
assets
78.4
Lease liabilities
(79.1)
0.1
3.7
116.4
(9.1)
(1.5)
(44.8)
(9.0)
9.5
2.2
71.6
(2.7)
(72.3)
52
Appendix D
NOTE 10
LOANS
(a) Analysis of loan balances
The composition of the loans outstanding balance by
entity as at 31 December is as follows:
Table 1
US$ thousands
Consolidated
IFAD
Spanish Trust Fund
Private Sector Trust Fund
Total
2024
8 686 169
190 558
23 082
8 899 809
2023
8 643 284
217 425
10 778
8 871 487
The tables below provide details of approved loans
(net of cancellations), undisbursed balances and
repayments.
(b) Sovereign Loans
Table 2
IFAD and SPA
Approved loans
Undisbursed balance*
Repayments
Interest/principal
receivable
US$ thousands
2024
2023
17 955 681
(4 874 966)
(4 432 018)
16 811 898
(4 014 347)
(4 196 448)
8 648 697
8 601 103
37 472
42 181
Loans outstanding
8 686 169
8 643 284
* This balance comprises US$2.7 billion (in 2023,
US$3.0 billion) pertaining to commitments for disbursing
loans and US$2.1 billion (in 2023, US$1.0 billion) pertaining
to approved loans, which have not yet met disbursement
conditions.
Details of loans approved and disbursed, and of loan
repayments, are presented in appendix H.
Table 3
Spanish Trust Fund
Approved loans
Undisbursed balance
Repayments
Interest/principal receivable
Loans outstanding
US$ thousands
2024
280 464
-
(90 724)
189 740
818
190 558
2023
299 684
(382)
(82 898)
216 404
1 021
217 425
(c) Non-Sovereign Loans
Table 4
Private Sector
Trust Fund
Approved disbursable
loans
Undisbursed balance
Repayments
Interest/principal
receivable
Loans outstanding
US$ thousands
2024
34 419
(11 107)
(500)
22 812
270
23 082
2023
25 866
(15 252)
-
10 614
164
10 778
53
(d) Accumulated allowance for
impairment losses
An analysis of the accumulated allowance for loan
impairment losses by entity is shown below:
Table 5a
Consolidated
US$ thousands
2024
2023
IFAD
Spanish Trust Fund (STF)
Private Sector Trust Fund
Accumulated allowance for
impairment losses
Provision for Haiti Debt Relief
Total
(139 198)
(6 269)
(3 604)
(149 071)
(8 077)
(157 148)
(163 866)
(10 214)
(1 154)
(175 234)
(10 746)
(185 980)
The balances for the two years ending on 31
December are summarized below:
Table 5b
Consolidated
Balance at beginning of
year
Change in provision
Exchange rate movements
US$ thousands
2024
2023
(185 980)
20 691
8 141
(154 170)
(30 302)
(1 508)
Balance at end of year
(157 148)
(185 980)
For the purpose of calculating impairment in
accordance with IFRS 9, loans at amortized cost are
grouped in three stages.
Stage 1: impairment is calculated on a portfolio basis
and equates to a 12-month ECL of these assets.
Stage 2: impairment is calculated on a portfolio basis
and equates to the full lifetime ECL of these assets.
Stage 3: impairment is calculated on the full lifetime
ECL calculated for each individual asset.
The following tables provide details of the
accumulated allowance by stage and by entity for
sovereign loans.
Table 6
Sovereign Loans
2024 US$ millions
Stage 1
Stage 2
Stage 3
Allowance impairment losses
Haiti Debt relief
Total
Table 7
IFAD
STF
Total
(3.7)
(71.7)
(63.8)
(139.2)
(8.1)
(147.3)
(0.1)
(1.1)
(5.1)
(6.3)
-
(6.3)
(3.8)
(72.8)
(68.9)
(145.5)
(8.1)
(153.6)
Sovereign Loans
2023 US$ millions
IFAD
STF
Total
Stage 1
Stage 2
Stage 3
(5.2)
(64.3)
(94.4)
Allowance impairment losses
Haiti Debt relief
(163.9)
(10.7)
(0)
(0.8)
(9.4)
(10.2)
-
(5.2)
(65.1)
(103.8)
(174.1)
(10.7)
Total
(174.6)
(10.2)
(184.8)
The tables below provide a summary of the loan
portfolio by stage and exposure (loans outstanding
and undrawn commitments) as at 31 December
2024 and 2023.
Appendix D
Table 8
Sovereign Loans
2024 US$ millions
Exposure
Allowance
Stage 1
Stage 2
Stage 3
Total
Exposure:
Loans outstanding
Loan commitments
Total
Table 9
3.7
72.9
68.9
145.5
7 630.6
3 528.2
285.0
11 443.8
8 737.8
2 706.0
11 443.8
Sovereign Loans
2023 US$ millions
Exposure
Allowance
Stage 1
Stage 2
Stage 3
Total
Exposure:
Loans outstanding
Loan commitments
Total
5.2
65.1
103.8
174.1
7 960.6
3 321.9
345.5
11 628.0
8 817.5
2 810.5
11 628.0
The table below provides indications of transfers
between stages during the year.
Table 10
Sovereign Loans
2024 US$ millions
Exposure at 1
January 2024
Stage 1
Stage 2 Stage 3
Total
7 960.6
3 321.9
345.5 11 628.0
1.6
(101.5)
552.2
(84.9)
(133.7)
84.9
1.6
-
-
-
684.7
101.5
(418.5)
HIPC Countries
Transfer to Stage 1
Transfer to Stage 2
Transfer to Stage 3
New assets
originated or
purchased
Amortization
repayments
Cancellations (167.1)
(203.0)
Forex
(327.6)
684.7
(0.1)
(47.9)
(167.2)
(261.1)
(10.2)
Exposure as at 31
December 2024
7 630.6
3 528.2
285.0 11 443.8
The table below provides a sensitivity analysis of the
loan portfolio provisioning to the variation of
macroeconomic scenarios used in determining the
level of impairment.
Table 11
US$
million
Stage 1
Stage 2
Stage 3
Total
Neutral
Optimistic
Pessimistic
3.2
72.6
68.9
2.8
71.1
68.9
5.4
75.1
68.9
144.6
142.7
149.4
Probability-
weighted
scenario
3.7
72.9
68.9
145.5
The accumulated allowance for loan impairment
losses for loans in the private sector portfolio
amounted to US$3.6 million (stage 1 -
US$2.4 million and stage 3 - US$1.2 million) over a
total exposure of US$25.8 million.
54
(e) Non-accrual status
Loans in stage 3 are in non-accrual status; income
from such loans is not recognized in the statement of
comprehensive income.
(f) Market risk
IFAD’s loan portfolio is well diversified. Loans are
provided to Member States according to the
performance-based allocation system. Appendix H
provides a summary of the geographical distribution,
an analysis of the portfolio by lending terms and
details about the maturity structure.
(g) Currency Risk
Appendix H – Statement of loans – provides details
pertaining to the loan outstanding portfolio. IFAD’s
overall currency risk is managed as described in note
4(h).
NOTE 11
HIPC INITIATIVE
(a) Impact of the HIPC Initiative
IFAD provided funding for the HIPC Initiative in the
amount of US$260.2 million during the period 1998-
2024. Details of funding from external donors on a
cumulative basis are found in appendix E2.
Contributions amounted to US$301.5 million.
Investment income amounted to US$8.6 million
(2023 – US$8.5 million) from the HIPC Trust Fund
balances.
For a summary of debt relief reimbursed since the
start of the Initiative and expected in the future,
please refer to appendix I. Debt relief approved by
the Executive Board to date excludes all amounts
relating to the enhanced Initiative for Eritrea. At the
time of preparation of the 2024 consolidated
financial statements, the estimate of IFAD’s share of
the overall debt relief for these countries, including
principal and interest, was US$18.9 million (2023 –
US$19.4 million for Eritrea).
HIPC Initiative
The balances for the two years ended 31 December
are summarized below:
Balance at beginning of
year
Change in provision
Decision Point in the year
Exchange rate movements
US$ thousands
2024
2023
(101 377)
10 336
(108 893)
8 101
2 797
(585)
Balance at end of year
(88 244)
(101 377)
NOTE 12
FINANCIAL INSTRUMENTS
BY CATEGORY
Tables 1 and 2 provide information about the Fund’s
assets and liabilities classification, accounting policies
for financial instruments have been applied to the
line items below:
(113.1)
(1.5)
(442.2)
(b) Accumulated allowance for the
Appendix D
Table 1
2024
Level 1
Cash and bank balances
Investments at FVTPL
Level 2
Investments at FVTPL
Loans outstanding
Share investments at
FVTPL
Total
Other financial liabilities
Table 2
2023
Level 1
Cash and bank balances
Investments at FVTPL
Level 2
Investments at FVTPL
Other financial assets
Loans outstanding
Share investments at
FVTPL
Total
Other financial Liabilities
Cash
and
bank
deposits
891
891
Cash
and
bank
deposits
751
751
US$ millions
Investments
at FVTPL
Loans at
amortized
cost
1 548
40
5
1 593
18
8 654
8 654
US$ millions
Investments
at FVTPL
Loans at
amortized
cost
1 455
45
17
6
1 523
16
8 584
8 584
Borrowing liabilities, other financial liabilities, and
undisbursed grants are classified at fair value level
2.
NOTE 13
NOTE 15
DEFERRED REVENUES
Deferred revenue represents contributions received
for which revenue recognition has been deferred to
future periods to match the related costs. Deferred
income includes amounts relating to service
charges received for which the related costs have
not yet been incurred.
US$ thousands
2024
2023
IFAD
Supplementary funds
Rural Resilience Programme
PSTF
AATI
Consolidation entries
(99 296)
(420 814)
(82 515)
(52 366)
(9 220)
115 987
(65 260)
(462 225)
(104 489)
(34 324)
(10 517)
101 532
Deferred revenue
(548 224)
(575 283)
NOTE 16
BORROWING LIABILITIES
The balance represents the funds received for
borrowing activities plus interest accrued. For private
placements covered by interest rate swap and cross
currency swap derivatives that qualify for IFRS 9
hedge accounting, the balance represents the hedge
value of borrowing liabilities.
Table 1
Borrowing Liabilities at
amortized costs
IFAD
Spanish Trust Fund
Private Sector Trust Fund
US$ thousands
2024
2023
(1 802 631)
(200 695)
(66 533)
(1 900 638)
(230 044)
PAYABLES AND LIABILITIES
Subtotal borrowing liabilities
at amortized costs
(2 069 859)
(2 130 682)
Payable for investments
purchased
ASMCS liability
Other payables and
accrued liabilities
US$ thousands
2024
(99)
2023
(588)
(104 739)
(90 938)
(109 089)
(90 319)
Total
(195 776)
(199 996)
Of the total above, an estimated US$155.7 million
(2023 – US$157.1 million) is payable in more than
one year from the balance sheet date.
NOTE 14
UNDISBURSED GRANTS
The balance of effective grants not yet disbursed to
grant recipients is as follows:
IFAD
Supplementary funds
Rural Resilience
Programme
Undisbursed grants
US$ thousands
2024
2023
(37 913)
(287 819)
(51 488)
(49 039)
(256 634)
(41 161)
(377 220)
(346 834)
55
Borrowing liabilities measured
at hedge accounting
IFAD
(640 490)
(349 067)
Total borrowing liabilities
(2 710 349)
(2 479 749)
Table 2 below provides additional details pertaining
to borrowing liabilities issued in the form of private
placements and related swaps.
Table 2
Borrowing liabilities hedge
accounting
Opening balance
New issues
Amortization
Interest payable
Foreign exchange
adjustments
Hedge accounting adjustment
Subtotal borrowing
liabilities measured at hedge
accounting
US$ thousands
2024
2023
(349 067)
(303 125)
(5 014)
26 820
(10 104)
(141 901)
(194 416)
-
(4 152)
(4 103)
(4 495)
(640 490)
(349 067)
Table 2
2024
Cross currency swaps
at floating rate
Cross currency swaps
(payables)
US$ thousands
Notional
(323 330)
Other
financial
assets/
(liabilities)
3 054
(11 591)
Hedge
adjustment
(13 027)
Subtotal
(323 330)
(8 537)
(13 027)
Interest rate swaps
(fair value hedges)
Interest rate swaps
(payables)/receivable
s
Subtotal
Total
2023
Cross currency swaps
at floating rate
Cross currency swaps
receivables/(Payables)
Other financial assets
Interest rate swaps
fair value hedges
Interest rate swaps
receivables/
(payables)
Other financial
liabilities
(303 550)
(8 874)
8 437
(778)
(303 550)
(626 880)
(9 652)
(18 189)
8 437
(4 590)
US$ thousands
Carrying
amount
assets/
(liabilities)
Hedge
adjustment
Notional
(198 837)
8 828
(10 601)
8 031
16 859
(150 000)
(15 432)
14 842
(167)
(15 599)
Total
(348 837)
1 260
4 241
NOTE 18
INCOME FROM LOANS
This balance represents amounts accrued and
received as the interest component on the loan
portfolio.
US$ thousands
2024
131 729
4 456
823
137 008
2023
123 572
4 356
0
127 928
Appendix D
The maturity structure of IFAD’s borrowing liabilities
was as follows:
Table 3
Borrowing Liabilities
amortized cost
IFAD
0-1 years
2-3 years
3-4 years
4-5 years
5-10 years
More than 10 years
US$ thousands
2024
2023
(48 342)
(76 686)
(91 339)
(102 437)
(709 636)
(774 191)
(51 487)
(44 030)
(80 776)
(95 429)
(583 678)
(1 045 238)
Subtotal
(1 802 631)
(1 900 638)
Borrowing liabilities hedge
accounting
0-1 years
2-4 years
5-10 years
More than 10 years
Subtotal
Borrowing hedge
accounting adjustment
Subtotal
Total
NOTE 17
(9 020)
(4 471)
(344 054)
(282 826)
(100 000)
(248 837)
(635 900)
(353 308)
(4 590)
4 241
(640 490)
(349 067)
(2 443 121)
(2 249 705)
OTHER FINANCIAL ASSETS
(LIABILITIES)
This balance represents the fair value of derivatives
designated as fair value hedges of derivatives held
in relation to borrowings liabilities.
Table 1
Other financial assets
Cross currency swaps at
floating rate
Other financial liabilities
Fair value held in relation to
borrowing liabilities
Cross currency swaps at
floating rate
US$ thousands
2024
2023
-
16 859
(9 652)
(15 599)
(8 537)
Total
(18 189)
1 260
Table 2 provides information regarding instruments
designated hedge relationship.
IFAD
STF
PSTF
Total
56
(c) Income from cash and
investments (consolidated)
Gross income from cash and investments for the
year ending 31 December 2024 amounted to
US$93.6 million (2023 gross income of
US$85.4 million).
Table 3
Fair value
Interest from banks and fixed-
income investments
Net realized and unrealized
(losses)/gains from
futures/options/ swaps
Realized capital gain/(loss) from
fixed-income securities
Unrealized gain/(loss) from fixed-
income securities
Total
2024
2023
60 273
51 858
11 029
2 532
8 370
(10 282)
13 939
93 611
41 299
85 407
The figures above are broken down by income for
the consolidated entities, as follows:
Table 4
IFAD
ASMCS Trust Fund
HIPC Trust Fund
Spanish Trust Fund
Haiti Debt Relief Initiative
ASAP
Private Sector Trust Fund
Supplementary funds
Total
US$ thousands
2024
89 061
3 236
61
822
17
158
0
256
93 611
2023
79 635
4 409
51
894
34
236
0
149
85 407
The annual rate of return on IFAD-only cash and
investments in 2024 was 4.71 per cent net of
investment expenses (2023: 2.17 per cent net of
investment expenses).
NOTE 20
INCOME FROM OTHER
SOURCES
This income relates principally to reimbursement
from the host government for specific operating
expenses. It also includes service charges received
from entities housed at IFAD as compensation for
providing administrative services. A breakdown is
provided below:
Consolidated
Reimbursement from host
government
Income from other sources
Total
US$ thousands
2024
2023
8 133
10 491
18 624
8 294
2 943
11 237
Appendix D
NOTE 19
INCOME FROM CASH AND
INVESTMENTS
(a) Investment management
(IFAD-only)
As at 31 December 2024, funds under management
in IFAD’s portfolio amounted to US$1,812 million
(2023 – US$1,605 million).
(b) Derivative instruments
IFAD’s portfolio invests in derivative instruments for
risk mitigation purposes, primarily to manage the
duration of the global liquidity portfolio and asset and
liability portfolio, and to ensure alignment to the
currency composition of IFAD’s commitments.
Accordingly, such investments are not considered
hedge accounting.
(i) Futures
IFAD had minimal outstanding futures at
31 December 2024. During fiscal year 2024, realized
gains on futures amounted to US$0 million (2023:
realized losses US$0 million).
(ii) Swaps
IFAD’s asset portfolios use derivative instruments
such as swaps to immunize positions from interest
rate risk. Positions hedged are of medium- to long-
term maturities, fixed-rate coupon bonds, effectively
converted to variable rate instruments. The following
tables provide information regarding designated
hedging instrument relationships.
Table 1
Outstanding swaps notional
Derivative assets
Interest rate swaps
Derivative liabilities
Interest rate swaps
Net unrealized market (losses)/
gains of swap contracts
Maturity range of swap contracts
US$ thousands
2024
1 150 941
16 864
(2 944)
13 920
0.1 to 14.4 years
The following table summarizes the notional amount
of the hedging instrument, profiled by timing of
repayments.
Table 2
Interest rates
swaps 2024
Interest rates
swaps 2023
US$ thousands
Less than
1 year 1-2 years
2-5 years
More than
5 years
128 039
189 263
321 407
512 232
80 000
126 800
345 700
364 029
(iii) Forwards
The unrealized market value loss on forward
contracts as of 31 December 2024 amounted to
US$0.1 million (2023 – US$3.3 million). The
maturities of forward contracts of 31 December 2024
was 152 days (31 December 2023 – 186 days).
57
Appendix D
NOTE 21
INCOME FROM
CONTRIBUTIONS
US$ thousands
2024
170
30 961
1 219
1 634
208 490
242 474
2023
86
7 153
7 500
1 202
199 743
215 684
IFAD
ASAP
PSTF
AATI
Supplementary funds
Total
NOTE 22
OPERATING EXPENSES
An analysis of IFAD-only operating expenses by
principal funding source is shown in appendix K. The
breakdown of the consolidated figures is set out
below:
IFAD
Other entities
Total
US$ thousands
2024
206 676
31 866
238 542
2023
196 090
25 618
221 708
The costs incurred are classified in the accounts in
accordance with the underlying nature of the
expense.
The balance above includes, for the year ended
31 December 2024, external audit fees amounting
to EUR 91,280 (EUR 90,560 for fiscal year 2023)
and fees for the attestation of the effectiveness of
the Internal Control Framework over financial
reporting amounting to EUR 79,870 (EUR 79,240
for fiscal year 2023).
NOTE 23
STAFF NUMBERS,
RETIREMENT PLAN AND
MEDICAL SCHEMES
(a) Staff numbers
Employees that are on IFAD’s payroll are part of
the retirement and medical plans offered by IFAD.
These schemes include participation in the UNJSPF
and in the ASMCS.
The number of full-time equivalent employees of
the Fund and other consolidated entities in 2024
was as follows (breakdown by principal budget
source):
Table 1
Full-time equivalent
Professional
General
Service Total
IFAD administrative budget
APO / special programme officer
Others
Total 2024
Total 2023
477
22
49
177
9
654
22
58
548
508
186 734
184 692
(b) Non-staff
As in previous years, in order to meet its operational
needs, IFAD engaged the services of consultants,
conference personnel and other temporary contract-
holders, who are also covered by an insurance plan.
(c) Retirement plan
The UNJSPF carries out an actuarial valuation every
two years; the latest available report was prepared
as at 31 December 2023. This valuation revealed an
actuarial surplus. Thus the UNJSPF was assessed as
adequately funded and the United Nations General
Assembly did not invoke the provision of article 26,
requiring participating agencies to provide additional
payments. IFAD makes contributions on behalf of its
staff and would be liable for its share of the
unfunded liability, if any (current contributions are
paid as 7.9 per cent of pensionable remuneration by
the employee and 15.8 per cent by IFAD). Total
retirement plan contributions made for staff in 2024
amounted to US$18.0 million (2023 – US$16.2
million).
(d) After-Service Medical Coverage
Scheme
The latest actuarial valuation for the ASMCS was
carried out as at 31 December 2024. The
methodology used was the projected unit-credit-cost
method with service prorates. The principal actuarial
assumptions used were as follows: discount rate 4.3
per cent for international staff and 5.6 per cent for
national staff; return on invested assets, 5.4 per
cent; initial medical cost increase 4.4 per cent;
inflation 3.8 per cent; and exchange rate. The results
determined IFAD’s liability as at 31 December 2024
to be US$104.7 million. The 2024 and 2023 financial
statements include a provision and related assets as
at 31 December as follows:
Table 2
Past service liability
Plan assets*
Surplus /(deficit)
Yearly movements
Opening balance (deficit)
Interest cost
Current service charge
Actuarial gains/(losses)
Interest earned on balances
Exchange rate movement
Closing balance (deficit)
Past service liability
Total provision at
1 January
Interest cost
Current service charge
Actuarial gains/(losses)
Provision at 31 December
Plan assets
Total assets at 1 January
Contribution paid
Interest earned on balances
Exchange rate movement
US$ thousands
2024
(104 739)
89 305
2023
(109 089)
89 996
(15 434)
(19 093)
(19 093)
(19 161)
(637)
(2 642)
7 629
3 067
(3 758)
(840)
(4 016)
(1 361)
4 226
2 059
(15 434)
(19 093)
(109 089)
(637)
(2 643)
7 629
(104 739)
(102 872)
(840)
(4 016)
(1 361)
(109 089)
89 996
3 067
(3 758)
83 711
4 226
2 059
Total assets at 31 December
89 996
* Plan asset balance is inclusive of net receivables and payables for
pending trades.
89 305
ASMCS assets are invested in accordance with the
ASMCS Trust Fund Investment Policy Statement as
approved by the Executive Board and Governing
Council periodically.
58
Appendix D
IFAD provides for the full annual current service
costs of this medical coverage, including its eligible
retirees. In 2024, such costs included under staff
salaries and benefits in the financial statements
amounted to US$2.6 million (2023 – US$4.0 million).
Based on the 2024 actuarial valuation, the level of
assets necessary for funding requirements is
US$70.7 million in net present value terms (including
assets pertaining to the International Land Coalition).
As reported above, at 31 December 2024 the assets
already held in the trust fund are US$89.3 million;
consequently this is sufficient to cover the level of
liabilities in actuarial terms.
(e) Actuarial valuation risk of the
ASMCS
A sensitivity analysis of the principal assumptions of
the liability contained within the group data as at
31 December 2024 is shown below:
Table 3
Impact on
Medical inflation:
2.8 per cent instead of 3.8 per cent
4.8 per cent instead of 3.8 per cent
Liability
(18.4)
24.0
NOTE 24
DIRECT BANK AND
INVESTMENT COSTS
US$ thousands
2024
461
4 493
4 954
2023
490
1 712
2 202
Investment management fees
Other charges
Total
NOTE 25
GRANT EXPENSES
The breakdown of the consolidated figures is set
out below:
Expenses (cancellations)
IFAD net grants
Supplementary funds
ASAP
Total Grants
US$ thousands
2024
13 900
173 557
28 457
215 914
2023
5 185
165 185
3 830
174 200
The grant expenses to countries in debt distress
(former DSF) are set out below:
IFAD-only
Grant expenses to
countries in debt distress
Total
US$ thousands
2024
2023
172 516
172 516
178 062
178 062
NOTE 26
NET FOREIGN EXCHANGE
GAINS/LOSSES
The following rates of one unit of special drawing
rights (SDR) in terms of United States dollars as at
31 December were used:
Table 1
Year
2024
2023
2022
United States dollars
1.30183
1.34400
1.33520
The balance of foreign exchange movement is
shown below:
Table 2
IFAD
Other entities
US$ thousands
2024
2023
(209 894)
(15 572)
42 494
11 940
Total movements in the year (225 466)
54 434
The movement in the account for foreign exchange
rates is explained as follows:
Table 3
US$ thousands
2024
2023
Exchange movements
for the year on:
Cash and investments
Net receivables/payables
Loans and grants outstanding
Promissory notes and
Members’ receivables
Member States’ contributions
Borrowing liabilities
(900)
(63 251) 27 949
1 088
(246 600) 63 262
4 709
(25 844)
23 702
(4 187)
87 427 (38 387)
Total movements in the year
(225 466) 54 434
NOTE 27
HIPC INITIATIVE EXPENSES
This balance represents the debt relief provided
during the year to HIPC eligible countries for both
principal and interest. It reflects the overall net effect
of new approvals of HIPC debt relief or top-ups, the
payments made to IFAD by the Trust Fund on behalf
of HIPC and the release of the portion of deferred
revenues for payments from past years.
NOTE 28
INTEREST EXPENSES
FINANCIAL LIABILITIES
This is the balance of loan interest expenses accrued
and fees incurred for borrowing liabilities as well as
for financial lease liabilities.
US$ thousands
2023
2024
Interest expenses on borrowings
Interest expenses on lease liabilities
99 855 84 927
229
3 940
Total
103 795 85 156
59
Appendix D
NOTE 29
NET (LOSS)/PROFIT FROM
HEDGING
The balance in the table below represents the fair
value of the derivatives along with corresponding
changes in the hedge value of the hedged liability (or
asset) that is attributable to the specific hedge risk.
Further details are provided in note 16.
US$ thousands
2024
2023
6 406
(6 557)
4 444
(6 508)
6 566
3 521
4 293
3 579
3 697
3 102
8 068
14 867
19 160
11 003
(8 870)
3 569
5 702
9 281
Interest Rates Swaps
Borrowings hedge adjustment
Derivatives fair value adjustment
Derivatives interest expenses (revenues)
Subtotal
Cross Currency Swaps
Borrowings hedge adjustment
Derivatives fair value adjustment
Derivatives interest expenses (revenues)
Subtotal
Total
NOTE 30
HOUSED ENTITY AND OTHER
FACILITIES
At 31 December balances owed to IFAD by the
housed entities were:
US$ thousands
2024
59
2 190
2 249
2023
0
1 176
1 176
GCF
International Land Coalition
Total
NOTE 31
CONTINGENT LIABILITIES
AND ASSETS
(a) Contingent liabilities
IFAD has contingent liabilities in respect of debt relief
announced by the World Bank/International
Monetary Fund for three countries. See note 11 for
further details of the potential cost of loan principal
and interest relating to these countries, as well as
future interest not accrued on debt relief already
approved as shown in appendix I.
IFAD has a contingent liability for grants to countries
in debt distress (former DSF financing) effective but
not yet disbursed for a global amount of
US$830 million (US$887 million in 2023). In
particular, at the end of December 2024, grants to
member countries in debt distress (former DSF)
disbursable but not yet disbursed, because the
conditions for the release of funds were not yet met,
amounted to US$167 million (US$191 million in
2023) and while related projects approved but not
yet effective amounted to US$663 million (US$696
million in 2023).
60
(b) Contingent assets
At the end of December 2024 the balance of qualified
instruments of contribution amounted to US$181.0
million. These contributions are subject to national
appropriation measures, therefore those receivables
will be considered due upon fulfilment of those
conditions and probable at the reporting date.
NOTE 32
POST-BALANCE-SHEET
EVENTS
Management is not aware of any events after the
balance sheet date that provide evidence of
conditions that existed at the balance sheet date or
were indicative of conditions that arose after the
reporting period that would warrant adjusting the
financial statements or require disclosure.
NOTE 33
RELATED PARTIES
The Fund has assessed related parties and
transactions carried out in 2024. This pertained to
transactions with Member States (to which IAS 24,
paragraph 25, is applicable) key management
personnel and other related parties identified under
IAS 24. Transactions with Member States and related
outstanding balances are reported in appendices H
and I. Key management personnel are the President,
Vice-President, Associate Vice-Presidents and
Director and Chief of Staff, as they have the
authority and responsibility for planning, directing
and controlling activities of the Fund.
The table below provides details of the remuneration
paid to key management personnel over the course
of the year, together with balances of various
accruals.
Aggregate remuneration paid to key management
personnel includes: net salaries; post adjustment;
entitlements such as representation allowance and
other allowances; assignment and other grants;
rental subsidy; personal effect shipment costs; post-
employment benefits and other long-term employee
benefits; and employer’s pension and current health
insurance contributions. Key management personnel
participate in the UNJSPF.
Independent review of the latest annual financial
disclosure statements confirmed that there are no
conflicts of interest, nor transactions and outstanding
balances, other the ones indicated below, for key
management personnel and other related parties
identified as per IAS 24 requirements.
US$ thousands
2024
2023
2 516
2 487
615
593
Salaries and other
entitlements
Contribution to retirement and
medical plans
Other related parties
Total
Total accruals
Total receivables
3 131
783
43
3 080
762
80
Appendix D
NOTE 34
DATE OF AUTHORIZATION
FOR ISSUE OF THE
CONSOLIDATED FINANCIAL
STATEMENTS
Management authorized the issuance of the
consolidated financial statements on 12 March 2025.
The statements will be submitted for review by the
Audit Committee in April 2025 and approved by the
Executive Board in May 2025. The 2023 consolidated
financial statements were approved by the Executive
Board at its 141st session in April 2024.
61
Appendix E
Statements of complementary and supplementary
contributions
Table 1
Member States:
Statement of cumulative supplementary contributions including project cofinancing from 1978 to 2024a
(Thousands of United States dollars)
Other
supplementary
funds
72
7
2 025
Project
cofinancing
-
-
-
-
-
-
APOs
1 960
1 511
-
-
51 339
4 819
755
8 946
5 358
-
-
-
-
-
-
-
-
-
-
-
7 602
30 891
3 238
10 214
28 076
4 793
2 834
1 032
33 500
-
-
-
-
-
-
-
5 093
405
5 960
2 978
10 045
Member States
Algeria
Angola
Australia b
Austria
Bangladesh
Belgium
Canada c
China
Colombia
Denmark
Estonia
Finland
France
Germany
Ghana
Greece
Hungary
Iceland
India
Indonesia
Ireland
Italy
Japan
Jordan
Kuwait
Lebanon
Luxembourg
Malaysia
Mauritania
Morocco
Netherlands (Kingdom of the)
New Zealand
Nigeria
Norway
Pakistan
Paraguay
Portugal
Qatar
Republic of Korea
Russian Federation
Saudi Arabia
Senegal
Sierra Leone
Spain
Suriname
Sweden
Switzerland
Türkiye
United Kingdom
United States
Total
a Non-United States dollars contributions have been translated at the year-end exchange rate.
b Australia’s withdrawal from IFAD membership became effective 31 July 2007.
c Canada does not include a returnable contribution; this is disclosed in appendix L1.
41
148 892
9 494
5 504
172
5 639
271
15 430
25 210
42 471
72
72
500
19
1 072
50
7 835
43 009
7 149
153
114
81
8 723
28
92
50
44 548
677
50
10 742
25
15
714
104
3 580
180
1 204
109
88
6 111
28 341
27 667
47
17 153
1 741
467 348
AATI
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11 801
2 000
19 901
19 070
19 074
9 871
493 152
-
-
-
-
-
-
-
-
-
-
-
-
-
5 943
1 320
3 000
148 151
3 457
617
73 759
-
-
-
-
5 285
3 868
-
-
-
-
-
-
-
-
-
-
68 244
11 267
-
-
-
-
2 085
7 712
2 753
142
-
-
-
-
PSTF
-
-
-
-
-
-
9 564
-
-
7 035
-
4 108
-
38 351
-
-
-
-
-
-
-
-
-
-
-
-
2 256
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
61 314
GEF
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total
72
7
6 844
755
41
161 066
47 134
11 808
172
69 106
675
28 331
29 220
124 367
72
72
500
19
1 072
50
15 437
82 847
15 745
153
114
81
13 064
28
92
50
203 967
4 134
50
81 740
25
15
855
104
17 235
1 500
4 204
109
88
17 912
2 000
53 527
50 606
47
36 228
12 229
1 095 572
62
Appendix E
Table 2
Non-Member States and other sources:
Statement of cumulative supplementary contributions including project cofinancing from 1978 to 2024 a
(Thousands of United States dollars)
Project
cofinancing
Other
supplementary
APOs
funds AATI
PSTF
GEF
Non-Member States and other sources
Abu Dhabi Fund for Development
Adaptation Fund
African Development Bank
Arab Authority for Agricultural Investment and
Development
Arab Bank
Arab Fund for Economic and Social Development
Arab Gulf Programme for United Nations Development
Organizations
Argidius Foundation (The Smallholder and Agri-SME
Finance and Investment Network [SAFIN])
-
-
2 800
-
(0)
2 983
299
-
Bill & Melinda Gates Foundation
11 090
Cassava Programme
Chief Executives Board for Coordination (CEB)
Congressional Hunger Center
Coopernic
European Commission
Food and Agriculture Organization of the United Nations
(FAO)
Global Agriculture and Food Security Program
IFAD
Least Developed Countries Fund (LDCF) / Special
Climate Change Fund (SCCF)
New Venture Fund
Nordic Development Fund
OPEC Fund for International Development (OPEC Fund)
Open Society London
Small Foundation
The David and Lucile Packard Foundation
United States Department of Education
United Nations Fund for International Partnership
United Nations Capital Development Fund
United Nations Development Programme
United Nations Economic Commission for Africa
United Nations Organization
Visa Foundation
World Bank
Other Supplementary funds
-
-
-
-
18 654
14
313 289
38 628
-
-
-
2 648
950
-
278
-
78
359
856
-
3 017
2 500
1 357
1 929
Total non-Member States and other sources
401 729
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1 481
134 993
1 096
168
25
-
-
262
-
-
-
-
-
-
-
-
16 045 10 000
69
998
183
3 107
828 878
3 472
18 278
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3 773 2 000 25 000
112 958
56
500
50
50
400
20
1 455
145
263
29 803
353
-
1 000
5 706
10 664
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total
1 481
134 993
3 896
168
25
2 983
299
262
37 135
69
998
183
3 107
847 532
3 486
331 568
69 401
112 958
56
500
2 698
1 000
400
298
1 455
223
623
30 659
353
3 017
3 500
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- 226 927
233 990
-
-
12 593
1 176 252 12 000 25 000 226 927 1 841 908
Total 2024
Total 2023
894 880 73 759
1 643 600 12 000 86 314 226 927 2 937 480
783 004 70 767
1 665 536 12 000 67 054 220 233 2 818 594
a Non-United States dollars contributions have been translated at the year-end exchange rate.
63
Appendix E1
Statement of cumulative complementary contributions
from 1978 to 2024
(Thousands of United States dollars)
Other complementary contributions
Canada
Germany
India
Saudi Arabia
Sweden
United Kingdom
Subtotal
Amount
1 511
458
1 000
30 000
13 827
12 002
58 798
Cumulative contributions received from Belgium for the BFFS.JP in the context of replenishments 80 002
Subtotal
Contributions made in the context of replenishments to the HIPC Trust Fund
Italy
Luxembourg
Netherlands (Kingdom of the)
Subtotal
Contributions made to ASAP in the context of replenishments
Unrestricted complementary contributions to the Tenth Replenishment
Canada
Germany
Netherlands (Kingdom of the)
Russian Federation
United States
Subtotal
Unrestricted complementary contributions to the Eleventh Replenishment
Germany
Luxembourg
Sweden
Switzerland
Subtotal
Total complementary contributions 2024
Total complementary contributions 2023
138 800
4 602
1 053
14 024
19 679
310 645
7 586
15 307
23 347
3 000
10 000
59 240
22 468
1 706
12 640
11 958
48 772
577 136
577 136
64
Appendix E2
Statement of contributions from Member States and
donors to the HIPC Initiative and contributions to
arrears clearance
(Thousands of United States dollars)
Contributions made in the context of replenishments (see table above)
Contributions not made in the context of replenishments:
Belgium
European Commission
Finland
Germany
Iceland
Norway
Sweden
Switzerland
World Bank HIPC Trust Fund
Total contributions to IFAD’s HIPC Trust Fund 2024
Total contributions to IFAD’s HIPC Trust Fund 2023
Contributions made in the context of arrear clearance for Somalia
Belgium
Italy
Sweden
Germany
Total contributions for Somalia arrears clearance 2024
Total contributions for Somalia arrears clearance 2023
Amount
19 679
2 713
10 512
5 193
6 989
250
5 912
17 000
3 276
230 020
301 544
292 987
2 955
482
969
6 498
10 904
10 904
65
Appendix E3
Contributions received in 2024
(Thousands of United States dollars)
Member States
For project cofinancing
Adaptation Fund
Canada
European Commission
European Commission
Germany
Global Agriculture and Food Security Program
Global Environmental Facility
Least Developed Countries Fund
Ireland
OPEC Fund
Republic of Korea
Saudi Arabia
Spain
United Nations Development Programme
Subtotal
For APOs
China
Denmark
France
Germany
Italy
Netherlands (Kingdom of the)
Republic of Korea
Switzerland
Subtotal
Currency
Amount
US$ equivalent
amount
USD
CAD
EUR
USD
EUR
USD
USD
USD
EUR
USD
KRW
USD
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
13 725
6 000
4 573
2 205
1 430
42 655
18 664
11 564
550
121
900 000
1 000
300
19 000
194
208
515
188
357
327
441
441
13 725
4 387
4 972
2 205
1 552
42 655
18 664
11 564
579
121
643
1 000
322
19 000
121 390
194
208
515
188
357
327
441
441
2 671
500
165
1 445
73 573
147
2 505
55
31 759
2 139
334
273
7 285
54
1 849
816
53
125
862
267
963
54
215
63
2 279
215
865
500
8 915
583
750
139 607
263 668
Other (including supplementary funds contributions to PSTF, AATI, and Rural Resilience Programme [2RP])
ADM Cares
Argidius Foundation (SAFIN)
Bill & Melinda Gates Foundation
Canada a
Colombia
Denmark
Estonia
European Commission
Finland
FAO
France
Germany
Ireland
Italy
Japan
Netherlands (Kingdom of the)
Nordic Development Fund
Republic of Korea
Saudi Arabia
Sweden
Switzerland
Un Women
United Kingdom
United Nations Development Programme
United Nations Office for Project Services
United States
United States Department of State
United States Department of Treasury
Visa Foundation
Windward Fund
Subtotal
Grand total
500
165
1 445
100 000
147
17 250
50
29 448
2 050
334
250
6 825
50
1 700
816
50
125
1200 000
267
10 000
50
215
50
2 279
215
865
500
8 915
583
750
USD
USD
USD
CAD
USD
DKK
EUR
EUR
EUR
USD
EUR
EUR
EUR
EUR
USD
EUR
USD
KRW
USD
SEK
EUR
USD
GBP
USD
USD
USD
USD
USD
USD
USD
a Funds received from Canada include funding for Returnable Contribution
66
Appendix E4
Unspent funds in 2024 and 2023
Table 1
Unspent complementary and supplementary funds from Member States and non-Member States
(Thousands of United States dollars)
Member States
APOs Other supplementary funds
Total
Australia
Belgium
Canada
China
Denmark
Estonia
Finland
France
Germany
Hungary
India
Ireland
Italy
Japan
Lebanon
Luxembourg
Malaysia
Netherlands (Kingdom of the)
New Zealand
Norway
Republic of Korea
Russian Federation
Saudi Arabia
Spain
Sweden
Switzerland
United Kingdom
United States
Total
-
-
-
140
203
271
0
469
439
-
-
-
369
305
-
-
-
200
-
101
477
-
-
-
40
486
-
-
3 499
1 068
339
698
3 439
1 116
17
4 164
2 615
7 747
460
249
1 047
3 409
2 440
80
253
13
3 621
1 096
3 522
1 744
29
330
110
6 333
241
335
185
46 701
1 068
339
698
3 579
1 319
288
4 164
3 084
8 186
460
249
1 047
3 779
2 744
80
253
13
3 820
1 096
3 623
2 220
29
330
110
6 373
727
335
185
50 200
67
348
18 617
3
88
2 297
59 892
18
62 790
1 460
25 123
175
10
66
564
19 938
8
601
37 664
12 963
Total
348
18 617
3
88
2 297
59 892
18
62 790
1 460
25 123
175
10
66
564
19 938
8
601
37 664
12 963
242 626
242 626
289 327
292 826
331 269
335 196
Appendix E4
Table 2
Other unspent complementary and supplementary funds from non-Member States
(Thousands of United States dollars)
Non-Member States
APOs Other supplementary funds
Abu Dhabi Fund for Development
Adaptation Fund
Arab Authority for Agricultural Investment and Development
Argidius Foundation (SAFIN)
Bill & Melinda Gates Foundation
European Commission
FAO
Global Agriculture and Food Security Programme
IFAD
Least Developed Countries Fund (LDCF) / Special Climate Change Fund (SCCF)
Nordic Development Fund
The David and Lucile Packard Foundation
UN Women
United States Department of Education
United Nations Development Programme
United Nations Economic Commission for Africa
Visa Foundation
World Bank
Other
Total non-Member States and other sources
Grand total 2024
Grand total 2023
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3 499
3 927
68
Appendix F
Summary of the Rural Resilience Programme
Table 1
Summary of complementary contributions and supplementary funds to the Rural Resilience Programme
Trust Fund (2RP)
(As at 31 December 2024)
(Thousands of United States dollars)
ASAP Member States
Total
contribution in
local currency
Complementary
contributions
received a
Supplementary funds
contributions received
b
Total
contributions
received
Belgium
Canada
Finland
Netherlands (Kingdom of the)
Norway
Sweden
Switzerland
United Kingdom
Flemish Department for Foreign Affairs
Republic of Korea
Subtotal ASAP
ASAP2 Norway
France
Sweden
Subtotal ASAP2
ASAP+b Austria
Denmark
Germany
Ireland
Sweden
Qatar
Norway
7 855
19 879
6 833
48 581
9 240
4 471
10 949
202 837
-
-
310 645
EUR 6 000
CAD 19 849
EUR 5 000
EUR 40 000
NOK 63 000
SEK 30 000
CHF 10 000
GBP 147 523
EUR 2 000
US$ 3 000
NOK 80 000
EUR 300
SEK 50 000
EUR 2 000
DKK 190 000
EUR 32 000
EUR 4 000
SEK 100 000
US$ 500
NOK 100 000
-
-
-
-
-
-
-
-
2 380
3 000
5 380
9 550
335
5 904
15 789
2 418
28 170
29 561
4 702
11 018
500
9 882
316 025
15 789
Subtotal ASAP+
Vision for Adapted Crops and Soils (VACS)
ADM Cares
US$ 500
United States Department of the Treasury
US$ 8 915
Subtotal VACS
86 251
86 251
500
8 915
9 415
9 415
Total Rural Resilience Programme (2RP)
310 645
116 835
427 480
a Payments counter-valued at exchange rate prevailing at receipt date.
b As at 31 December 2024, overall 2RP supplementary funds contributions amounted to US$122.5 million of which
US$116.9 million encashed and US$5.6 million receivables.
69
Appendix F
Table 2
Summary of grants under the Rural Resilience Programme
Grant recipient
US$ grants
Cuba
Iraq
Republic of Moldova
Total US$
EUR grants
Côte d’Ivoire
Montenegro
Total EUR
US$ equivalent
SDR grants
Burundi
Benin
Bangladesh
Bolivia (Plurinational State of)
Bhutan
Côte d'Ivoire
Comoros
Cabo Verde
Djibouti
Ecuador
Egypt
Ethiopia
Ghana
Gambia (The)
Kenya
Kyrgyzstan
Cambodia
Lao People’s Democratic
Republic
Liberia
Lesotho
Morocco
Madagascar
Mali
Mozambique
Mauritania
Malawi
Niger
Nigeria
Nicaragua
Nepal
Paraguay
Rwanda
Sudan
El Salvador
Chad
Tajikistan
United Republic of Tanzania
Uganda
Viet Nam
Yemen
Total SDR
US$ equivalent
Total ASAP1 grants in US$
Approved grants
less cancellations
Disbursable
Disbursements
2024
Undisbursed portion
of disbursable
grants
Grants not yet
disbursable as at
31 December 2024
4 000
2 000
4 907
10 907
3 070
1 878
4 948
5 123
-
3 385
3 220
9 900
6 401
3 580
1 619
740
2 900
3 999
0
3 380
7 866
6 500
3 536
7 100
6 496
10 150
3 550
3 280
4 568
938
4 200
6 498
3 250
4 300
5 150
9 250
9 800
5 247
9 629
3 650
4 509
6 877
3 560
3 240
3 600
0
6 770
7 591
0
4 000
2 000
0
6 000
3 070
0
3 070
3 179
-
0
3 220
9 900
0
3 580
0
740
2 900
0
0
3 380
0
6 500
0
7 100
0
0
0
3 280
0
0
4 200
0
0
4 300
5 150
9 250
9 800
0
0
3 650
0
4 730
3 560
3 240
0
0
6 770
0
0
293
500
4 907
5 699
1 210
1 878
3 088
3 198
-
3 385
3 208
9 497
6 401
3 251
1 619
683
2 900
3 995
0
3 259
7 866
6 396
3 536
7 100
6 496
10 150
3 550
3 098
4 568
938
3 903
6 498
3 250
3 505
5 079
9 112
7 161
5 247
9 629
3 559
4 509
6 736
3 560
3 240
3 600
0
6 769
7 591
0
3 707
1 500
0
5 207
1 860
-
1 860
1 926
-
0
12
403
0
329
0
57
0
0
0
121
0
104
0
0
0
0
0
182
0
0
297
0
0
795
71
138
2 639
0
0
91
0
142
0
0
0
0
1
0
0
190 231
247 648
263 678
95 250
123 999
133 178
184 844
240 635
249 532
5 383
7 007
14 140
70
-
-
-
-
-
-
-
-
-
0
0
0
0
0
0
0
0
4
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4
5
5
Appendix F
Table 3
Summary of grants under the ASAP2
(Thousands of United States dollars)
Grant recipient
US$ grants
FAO
Indonesia
Kenya
Wageningen Centre for
Development Innovation
Somalia
Climate Policy Initiative
BRAC USA
World Food Programme
Total ASAP2 grants in US$
Total grants in US$
Approved grants
less cancellations Disbursable
Disbursements
2024
Undisbursed
portion of
disbursable grants
Grants not yet
disbursable as at 31
December 2024
802
244
290
272
68
1 300
248
1 187
4 411
4 411
705
-
-
-
-
-
-
705
705
567
244
290
272
68
1 300
248
1 187
4 176
4 176
138
96
-
-
-
-
-
-
138
138
-
-
-
-
-
-
96
96
Table 4
Summary of grants under the Adaptation for Smallholder Agriculture Programme (ASAP+)
(Thousands of United States dollars)
Grant recipient
US$ grants
Brazil
Ethiopia
Lesotho
Malawi
Chad
Total ASAP+ grants
Total Grants Rural
Resilience Programme
(2RP)
Approved grants
less cancellations Disbursable
Disbursements
2024
Undisbursed portion
of disbursable
grants
Grants not yet
disbursable as at 31
December 2024
21 461
10 500
4 394
7 000
7 000
21 461
10 500
-
7 000
7 000
50 355
45 961
3 893
1 054
-
3 228
582
8 757
318 444
179 844
262 465
17 568
9 446
-
3 772
6 418
37 204
51 482
-
-
4 394
-
-
4 394
4 495
71
Management and external auditor’s reports
73
78
Appendix G
Statements of contributions
Table 1
Summary of contributions
(Thousands of United States dollars)
Replenishments
Initial contributions
First Replenishment
Second Replenishment
Third Replenishment
Fourth Replenishment
Fifth Replenishment
Sixth Replenishment
Seventh Replenishment
Eighth Replenishment
Ninth Replenishment
Tenth Replenishment
Eleventh Replenishment
Twelfth Replenishment
Thirteenth Replenishment
Total IFAD
Special Programme for Africa (SPA)
SPA Phase I
SPA Phase II
Total SPA
Special contributions a
Total replenishment contributions
Complementary contributions
Belgian Survival Fund
HIPC Initiative
ASAP complementary contributions
Unrestricted complementary contributions – Tenth Replenishment
Unrestricted complementary contributions – Eleventh Replenishment
Other complementary contributions
Total complementary contributions
Other
HIPC contributions not made in the context of replenishment resources
Belgian Survival Fund contributions not made in the context of replenishment resources
Contribution in the context of arrear clearance for Somalia
Supplementary contributions b
Project cofinancing
APO funds
Other supplementary funds
GEF
PSTF
AATI
ASAP supplementary funds
Total supplementary contributions
Total contributions
Total contributions include the following:
Total replenishment contributions (as above)
Less provisions
Less qualified instruments of contribution
Less DSF compensation
Total replenishment contributions
a Including Iceland’s special contribution prior to membership and US$20 million from the OPEC Fund.
b Includes interest earned according to each underlying agreement.
79
2024
2023
1 017 370
1 017 370
1 016 564
1 016 564
567 245
553 931
361 436
441 401
567 021
654 640
963 550
987 355
913 959
1 040 175
1 219 780
884 430
567 245
553 881
361 421
441 401
567 021
654 640
963 550
987 355
913 959
1 040 071
1 156 353
1 078
11 188 857
10 241 909
288 868
62 364
351 232
20 369
288 868
62 364
351 232
20 369
11 560 458
10 613 510
80 002
19 679
310 645
59 240
48 772
58 798
80 002
19 679
310 645
59 240
48 772
58 798
577 136
577 136
301 544
63 836
10 904
894 880
73 759
273 308
63 836
10 904
783 004
70 767
1 643 600
1 665 536
226 927
86 314
12 000
116 835
220 233
67 054
12 000
104 741
3 054 315
2 923 335
15 568 193
14 462 029
11 560 458
10 613 510
(117 738)
(181 048)
(37 157)
(117 659)
(85 598)
(37 157)
11 224 515
10 373 096
Appendix G
Table 2
Replenishments through to IFAD12: Statement of Members’ contributions a
(As at 31 December 2024)
Member State
Replenishments through to
IFAD11 (thousands of US$
equivalent)
IFAD12
Instruments deposited
Payments
(thousands of US$ equivalent)
Currency
Amount
(thousands)
Thousands of
US$ equivalent
Promissory
notes
Cash
Total
Afghanistan
Albania
Algeria
Angola
Argentina
Armenia
Australia b
Austria
Azerbaijan
Bangladesh
Barbados
Belgium
Belize
Benin
Bhutan
Bolivia (Plurinational State of)
Bosnia and Herzegovina
Botswana
Brazil
Burkina Faso
Burundi
Cambodia
Cameroon
Canada
Cabo Verde
Central African Republic
Chad
Chile
China
Colombia
Comoros
Congo
Democratic Republic of the Congo
Cook Islands
Côte d’Ivoire
Cuba
Cyprus
Denmark
Djibouti
Dominica
Dominican Republic
Timor-Leste
Ecuador
Egypt
El Salvador
Eritrea
Estonia
Eswatini
Ethiopia
Fiji
Finland
-
60
82 430
9 796
29 900
80
37 247
126 972
300
8 106
10
149 694
205
582
255
1 600
332
1 010
104 696
734
130
1 815
4 169
US$
US$
US$
US$
US$
US$
-
-
500
4 000
2 500
15
-
0
0
500
4 000
2 500
15
0
-
-
500
4 000
2 500
15
-
EUR
16 000
17 481
17 481
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
10
2 000
-
-
-
200
-
140
53
-
6 000
250
50
600
1 255
10
10
2 000
2 000
0
0
0
200
0
140
53
0
-
-
-
200
-
140
53
-
6 000
6 000
250
50
600
250
50
600
1 255
1 255
464 347
CAD
112 500
86 163
86 163
69
13
391
860
247 277
1 040
31
818
2 070
5
1 735
106
432
152 614
37
51
1 288
100
1 391
29 409
200
140
59
338
381
425
US$
US$
US$
US$
23
-
-
-
23
0
0
0
23
-
-
-
CNY
593 853
87 391
87 391
US$
US$
XAF
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
60
-
55 000
500
-
217
-
60
-
-
-
200
-
210
3 000
100
-
-
40
100
44
60
0
95
500
0
217
0
60
0
0
0
200
0
210
3 000
100
0
0
40
100
44
60
-
95
500
-
217
-
60
-
-
-
200
-
210
3 000
100
-
-
40
100
44
121 289
EUR
32 101
35 770
35 770
80
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
500
4 000
2 500
15
0
17 481
10
2 000
0
0
0
200
0
140
53
0
6 000
250
50
600
1 255
86 163
23
0
0
0
87 391
60
0
95
-
500
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
217
0
60
0
0
0
200
0
210
3 000
100
0
0
40
100
44
35 770
Appendix G
Member State
France
Gabon
Gambia (The)
Georgia
Germany
Ghana
Greece
Grenada
Guatemala
Guinea
Guinea-Bissau
Guyana
Haiti
Honduras
Hungary
Iceland
India
Indonesia
Iran (Islamic Republic of) c
Iraq
Ireland
Israel
Italy
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Kiribati
Democratic People’s Republic of
Korea c
Republic of Korea
Kuwait
Lao People’s Democratic Republic
Lebanon
Lesotho
Liberia
Libya c
Luxembourg
Madagascar
Malawi
Malaysia
Maldives
Mali
Malta
Mauritania
Mauritius
Mexico
Micronesia (Federated States of)
Republic of Moldova
Mongolia
Montenegro
Morocco
Replenishments through
to IFAD11 (thousands of
US$ equivalent)
IFAD12
Instruments deposited
Payments
(thousands of US$ equivalent)
Currency
Amount
(thousands)
Thousands of
US$ equivalent
Promissory
notes
Cash
439 615
3 837
120
30
594 544
3 566
4 302
75
1 693
675
45
3 268
197
801
100
375
216 612
81 959
128 750
56 599
46 951
481
554 981
326
598 037
1 240
80
6 690
26
800
46 139
218 513
479
495
804
171
52 000
12 409
776
123
1 175
101
638
55
234
285
48 131
3
135
215
-
9 544
US$
US$
US$
US$
EUR
US$
EUR
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
EUR
US$
EUR
US$
JPY
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
106 000
106 000
106 000
500
50
50
88 490
2 000
85
20
450
79
-
713
220
-
-
-
50 460
10 000
-
-
12 500
25
84 000
-
500
50
50
-
50
50
95 337
95 337
2 000
2 000
89
20
450
79
0
713
220
0
0
0
89
20
450
79
-
713
176
-
-
-
50 460
10 000
50 460
10 000
0
0
-
-
13 565
13 565
25
25
91 282
91 282
0
-
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total
106 000
0
50
50
95 337
2 000
89
20
450
79
0
713
176
0
0
0
50 460
10 000
0
0
13 565
25
91 282
0
6 084 784
40 618
21 259
19 359
40 618
200
37
1 000
-
-
13 560
31 000
92
-
115
10
-
200
37
200
37
1 000
1 000
0
0
-
-
13 560
12 344
31 000
31 000
92
0
115
10
0
92
-
115
10
-
EUR
3 900
4 288
4 288
200
100
70
50
281
-
100
-
200
100
70
50
281
0
100
0
200
100
70
50
281
-
100
-
3 333
3 333
3 333
2
30
10
12
800
2
30
10
12
2
30
10
12
800
800
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
81
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
200
37
1 000
0
0
12 344
31 000
92
0
115
10
0
4 288
200
100
70
50
281
0
100
0
3 333
2
30
10
12
800
Appendix G
Member State
Mozambique
Myanmar
Namibia
Nepal
Netherlands (Kingdom of the)
New Zealand
Nicaragua
Niger
Nigeria
Norway
Oman
Pakistan
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Portugal
Qatar
Romania
Russian Federation
Rwanda
Saint Kitts and Nevis
Saint Lucia
Samoa
Sao Tome and Principe
Saudi Arabia
Senegal
Seychelles
Sierra Leone
Solomon Islands
Somalia
South Africa
South Sudan
Spain
Sri Lanka
Sudan
Sweden
Switzerland
Syrian Arab Republic
Tajikistan
United Republic of Tanzania
Thailand
Togo
Tonga
Tunisia
Türkiye
Uganda
United Arab Emirates
United Kingdom
United States
Uruguay
Uzbekistan
Venezuela (Bolivarian Republic of)
Replenishments through to
IFAD11 (thousands of US$
equivalent)
IFAD12
Payments
(thousands of US$ equivalent)
Instruments deposited
Amount
(thousands)
Thousands of
US$ equivalent
Currency
Cash
Promissory
notes
655
266
360
419
572 830
17 710
619
547
138 169
344 604
350
47 934
449
170
1 756
2 370
2 878
4 384
39 980
350
21 000
421
20
22
80
11
481 078
997
200
97
10
10
1 913
10
103 983
11 889
1 859
407 432
260 020
1 817
5
806
2 100
267
55
6 528
28 636
922
60 180
515 170
1 064 174
1 125
55
196 258
US$
US$
US$
US$
EUR
NZD
US$
US$
US$
-
6
-
75
72 500
4 500
150
185
-
0
6
0
75
-
6
-
75
78 851
78 851
2 876
2 876
150
185
0
150
185
-
NOK
648 000
63 059
63 059
-
10 000
-
-
-
375
700
1 683
-
-
-
100
-
-
30
20
0
-
10 000
10 000
0
0
0
375
700
-
-
-
375
700
1 683
1 683
0
0
0
-
-
-
100
100
0
0
30
20
-
-
30
20
25 300
25 300
25 300
-
-
100
-
10
500
-
3 834
101
-
800 000
47 000
-
5
120
300
-
50
1 250
5 000
300
3 000
36 960
0
0
100
0
10
500
0
-
-
100
-
10
500
-
3 834
3 834
101
0
101
-
77 532
77 532
51 157
51 157
0
5
120
300
0
50
1 250
5 000
300
3 000
-
5
120
300
-
50
1 244
5 000
300
3 000
47 487
47 487
129 000
129 000
129 000
-
50
-
0
50
0
-
50
-
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
SEK
CHF
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
GBP
US$
US$
US$
US$
82
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total
0
6
0
75
78 851
2 876
150
185
0
63 059
0
10 000
0
0
0
375
700
1 683
0
0
0
100
0
0
30
20
25 300
0
0
100
0
10
500
0
3 834
101
0
77 532
51 157
0
5
120
300
0
50
1 244
5 000
300
3 000
47 487
129 000
0
50
0
Appendix G
Member State
Replenishments through to
IFAD11 (thousands of US$
equivalent) a
IFAD12
Instruments deposited
Amount
(thousands)
Thousands of
US$ equivalent
Currency
Payments
(thousands of US$ equivalent)
Promissor
y notes
Cash
Total
Viet Nam
Yemen
Yugoslavia
Zambia
Zimbabwe
Total contributions
31 December 2024
For 2023
3 903
4 348
108
1 294
2 803
9 084 645
9 084 475
US$
US$
US$
US$
US$
600
600
200
-
-
-
0
0
0
-
-
-
200
200
200
0
0
0
0
0
200
0
0
0
200
1 219 781 1 198 256
19 359 1 217 615
1 156 354
782 531
70 381
852 912
a Amounts are expressed in thousands of United States dollars, thus payments received of less than US$500 are not shown in the
appendix.
b Australia’s withdrawal from membership of IFAD became effective on 31 July 2007.
c Note 7 provides details on allowances for contributions impairment.
83
Appendix G
IFAD13: Statement of Members’ contributions
(As at 31 December 2024)
Member State
Algeria
Austria
Bangladesh
Bosnia and Herzegovina
Botswana
Brazil
Cameroon
Canada
Cabo Verde
China
Democratic Republic of the Congo
Costa Rica
Denmark
Djibouti
Dominican Republic
Ecuador
Estonia
Finland
France
Germany
Greece
Guinea-Bissau
Guyana
Ireland
Italy
Japan
Kenya
Republic of Korea
Kyrgyzstan
Lesotho
Lithuania
Mauritania
Montenegro
Netherlands (Kingdom of the)
Papua New Guinea
Poland
Spain
Sweden
Switzerland
United Republic of Tanzania
Thailand
Tonga
Tunisia
United Arab Emirates
Uzbekistan
Viet Nam
Total contributions
31 December 2024
Instruments deposited
Payments
(thousands of US dollars equivalent)
IFAD13
Currency
Amount
(thousands)
Thousands
of US
dollars
equivalent
Cash
Promissory
notes
Total
500
19 200
2 000
254
135
13 000
600
71 309
35
85 486
1 000
50
18 045
100
220
210
21
13 462
150 000
91 631
93
50
238
25 888
113 905
38 719
1 000
14 100
30
200
52
100
36
100 000
130
1 000
5 424
55 686
54 621
200
300
50
1 250
3 000
200
900
884 430
254
1 681
600
27 852
35
1 000
50
10 547
100
210
21
93
50
238
1 000
30
52
100
36
48 649
130
1 000
5 424
200
300
50
200
254
1 681
600
27 852
35
1 000
50
10 547
100
210
21
93
50
238
19 359
19 359
1 000
30
52
100
36
48 649
130
1 000
5 424
200
300
50
-
200
99 902
19 359
119 261
US$
EUR
US$
EUR
US$
US$
US$
CAD
US$
US$
US$
US$
DKK
US$
US$
US$
EUR
EUR
US$
EUR
EUR
US$
US$
EUR
EUR
JPY
US$
US$
US$
US$
EUR
US$
EUR
US$
US$
US$
EUR
SEK
CHF
US$
US$
US$
US$
US$
US$
US$
500
18 542
2 000
240
135
13 000
600
100 000
35
623 981
1 000
50
129 000
100
220
210
20
31 376
150 000
88 490
85
50
238
25 000
110 000
6 085 000
1 000
14 100
30
200
50
100
34
100 000
130
1 000
5 000
615 290
47 000
200
300
50
1 250
3 000
200
900
-
84
Appendix G
Table 3
SPA: Statement of contributions
(As at 31 December 2024)
First phase
Second phase
Instruments deposited
Instruments deposited
Donor
Australia
Belgium
Denmark
Djibouti
European Union
Finland
France
Germany
Greece
Guinea
Ireland
Italy
Italy
Japan
Kuwait
Luxembourg
Mauritania
Netherlands (Kingdom of the)
New Zealand
Niger
Nigeria
Norway
Spain
Sweden
Switzerland
United Kingdom
United States
31 December 2024
31 December 2023
Currency
Amount
Thousands of
US$ equivalent
AUD
EUR
DKK
US$
EUR
EUR
EUR
EUR
US$
US$
EUR
EUR
US$
JPY
US$
EUR
US$
EUR
NZD
EUR
US$
NOK
US$
SEK
CHF
GBP
US$
500
31 235
120 000
1
15 000
9 960
32 014
14 827
37
25
380
15 493
10 000
2 553 450
-
247
25
15 882
500
15
-
138 000
1 000
131 700
25 000
7 000
10 000
389
34 975
18 673
1
17 619
12 205
37 690
17 360
37
25
418
23 254
10 000
21 474
-
266
25
16 174
252
18
-
19 759
1 000
19 055
17 049
11 150
10 000
288 868
288 868
Amount
-
11 155
-
-
-
-
3 811
-
40
-
253
5 132
-
-
15 000
-
-
8 848
-
-
250
-
-
25 000
-
-
10 000
Thousands of
US$
equivalent
-
12 263
-
-
-
-
4 008
-
40
-
289
6 785
-
-
15 000
-
-
9 533
-
-
250
-
-
4 196
-
-
10 000
62 364
62 364
Total
389
47 238
18 673
1
17 619
12 205
41 698
17 360
77
25
707
30 039
10 000
21 474
15 000
266
25
25 707
252
18
250
19 759
1 000
23 251
17 049
11 150
20 000
351 232
351 232
85
Appendix G
Table 4
Statement of Members’ contributions received in 2024
As at 31 December 2024
(Thousands of United States dollars)
Member State
IFAD0
Iraq
TOTAL IFAD0
IFAD01
Iraq
Total IFAD01
IFAD03
Liberia
TOTAL IFAD10
IFAD04
Guinea-Bissau
TOTAL IFAD10
IFAD11
Bhutan
Botswana
Mauritania
Total IFAD11
IFAD12
Angola
Argentina
Armenia
Austria
Bangladesh
Bolivia (Plurinational State of)
Canada
China
Cyprus
Dominican Republic
Ethiopia
Fiji
Finland
France
Germany
Guatemala
Guyana
India
Indonesia
Ireland
Italy
Japan
Kazakhstan
Republic of Korea
Kuwait
Liberia
Luxembourg
Mauritania
Netherlands (Kingdom of the)
New Zealand
Nicaragua
Norway
Pakistan
Philippines
Samoa
Saudi Arabia
Somalia
Sri Lanka
Sweden
Switzerland
Tajikistan
Instruments
deposited a,b
Promissory note
deposit b
-
-
-
-
-
-
-
30 605
25 300
86
Cash
1 000
1 000
5 773
5 773
50
50
15
15
10
45
50
105
2 000
833
5
5 744
-
140
18 558
27 500
20
134
40
44
5 384
36 000
-
150
238
16 153
4 000
4 485
31 656
-
10
5 383
-
10
1 409
100
24 443
918
50
20 517
10 000
233
10
25 300
10
100
-
19 274
2
Payments
Promissory note
encashment
-
-
-
-
-
-
667
29 673
10 091
10 850
25 538
Appendix G
Member State
Tunisia
Türkiye
United Arab Emirates
United States
United Kingdom
Total IFAD12
IFAD13
Algeria
Austria
Bangladesh
Botswana
Bosnia and Herzegovina
Brazil
Cameroon
Canada
Cabo Verde
China
Democratic Republic of the Congo
Costa Rica
Denmark
Djibouti
Dominican Republic
Ecuador
Estonia
Finland
France
Germany
Greece
Guinea Bissau
Guyana
Ireland
Italy
Japan
Kenya
Republic of Korea
Kyrgyzstan
Lesotho
Lithuania
Mauritania
Montenegro
Netherlands (Kingdom of the)
Papua New Guinea
Spain
Sweden
Switzerland
United Republic of Tanzania
Thailand
Tonga
Tunisia
United Arab Emirates
Uzbekistan
Viet Nam
Total IFAD13
Grand total
Payments
Promissory note
encashment
31 639
108 458
Instruments
deposited a,b
Promissory note
deposit b
32 121
62 726
21 117
25 300
500
20 269
2 000
135
13 000
72 979
85 962
50
18 311
220
21
14 071
150 000
96 605
27 140
119 301
38 675
14 100
30
200
100 000
56 242
55 125
1 250
3 000
900
Cash
414
2 000
1 000
43 000
307 267
187
1 681
600
27 853
23
1 000
50
10 548
100
210
21
93
50
238
1 000
30
52
100
36
48 649
130
5 424
200
300
50
200
890 086
21 117
915 386
83 843
98 824
413 034
108 458
a Instruments deposited also include equivalent instruments recorded on receipt of cash or promissory note where no
instrument of contribution has been received.
b Instruments deposited and promissory note deposits received in currencies other than United States dollars are translated
at the date of receipt.
87
Appendix H
Statement of loans
Table 1
Statement of outstanding loans
(As at 31 December 2024 and 2023)
(Amounts expressed in thousands)
Borrower or guarantor
US$ loans
Angola
Argentina
Bangladesh
Belize
Benin
Bhutan
Bolivia (Plurinational State of)
Brazil
Burkina Faso
Burundi
Cabo Verde
Cambodia
Cameroon
Central African Republic
China
Colombia
Côte d’Ivoire
Democratic Republic of the Congo
Djibouti
Dominican Republic
Ecuador
El Salvador
Eswatini
Gambia (The)
Ghana
Grenada
Guinea
Guinea-Bissau
Guyana
Haiti
Honduras
India
Indonesia
Iraq
Jordan
Kenya
Lao People's Democratic Republic
Lebanon
Lesotho
Liberia
Madagascar
Malawi
Maldives
Mali
Mauritania
Mexico
Mongolia
Mozambique
Myanmar
Nepal
Nicaragua
Niger
Nigeria
Pakistan
Papua New Guinea
Paraguay
Peru
Philippines
Republic of Moldova
Rwanda
Sierra Leone
Solomon Islands
South Sudan
Sri Lanka
Tajikistan
Approved
loans less
cancellations
Disbursed
portion
Undisbursed
portion Repayments
Outstanding
loans
34 911
16 708
174 247
3 619
-
7 603
6 343
2 568
18 971
2 696
2 003
104 109
1 100
4 202
195 318
-
24 979
15 848
15 578
5 537
3 730
-
6 456
4 012
29 155
5 330
14 827
7 552
7 960
3 500
3 039
95 514
84 966
1 000
7 579
31 181
2 497
-
-
34 614
6 815
20 756
2 067
-
8 463
21 788
-
11 497
2 750
27 088
19 632
798
72 052
157 791
16 738
6 446
20 887
37 215
15 901
3 740
23 992
-
830
65 158
15 345
60 933
23 692
65 156
4 381
11 080
9 571
17 257
108 432
29
10 054
5 430
75 337
-
3 848
89 943
50 000
11 910
57 492
17 123
18 493
41 101
31 300
16 064
243
69 845
1 070
22 123
6 438
-
-
30 991
367 621
40 219
14 730
821
135 619
25 952
4 900
11 802
38 029
54 185
30 244
1 218
10 155
14 973
23 704
10 327
5 503
6 234
65 120
872
79 202
235 718
96 310
8 762
3 554
3 113
33 304
-
-
16 208
9 300
1 070
42 942
6 735
6 878
2 870
27 170
1 600
-
-
-
-
-
-
1 803
-
-
-
21 195
-
460
-
721
390
-
-
1 194
-
-
121
-
-
1 393
3 194
816
6 269
2 371
1 000
1 960
-
-
-
-
-
-
-
-
-
-
2 683
-
-
-
10 386
-
-
2 227
2 737
3 188
1 667
-
2 174
2 664
-
-
-
-
18 864
-
28 033
13 838
147 077
2 019
-
7 603
6 343
2 568
18 971
2 696
200
104 109
1 100
4 202
174 123
-
24 519
15 848
14 857
5 147
3 730
-
5 262
4 012
29 155
5 209
14 827
7 552
6 567
306
2 223
89 245
82 595
-
5 619
31 181
2 497
-
-
34 614
6 815
20 756
2 067
-
8 463
19 105
-
11 497
2 750
16 702
19 632
798
69 825
155 054
13 550
4 779
20 887
35 041
13 237
3 740
23 992
-
830
46 294
15 345
95 844
40 400
239 403
8 000
11 080
17 174
23 600
111 000
19 000
12 750
7 433
179 446
1 100
8 050
285 261
50 000
36 889
73 340
32 701
24 030
44 831
31 300
22 520
4 255
99 000
6 400
36 950
13 990
7 960
3 500
34 030
463 135
125 185
15 730
8 400
166 800
28 449
4 900
11 802
72 643
61 000
51 000
3 285
10 155
23 436
45 492
10 327
17 000
8 984
92 208
20 504
80 000
307 770
254 101
25 500
10 000
24 000
70 519
15 901
3 740
40 200
9 300
1 900
108 100
22 080
88
Appendix H
Borrower or guarantor
Togo
Tonga
Türkiye
Uganda
United Republic of Tanzania
Uzbekistan
Viet Nam
Zambia
Zimbabwe
Subtotal US$ a
EUR loans
Angola
Argentina
Bangladesh
Benin
Bolivia (Plurinational State of)
Bosnia and Herzegovina
Brazil
Burkina Faso
Cameroon
Chad
China
Comoros
Congo
Côte d’Ivoire
Cuba
Ecuador
Egypt
El Salvador
Eswatini
Gabon
Georgia
Indonesia
Jordan
Kenya
Lesotho
Madagascar
Mali
Mauritania
Mexico
Montenegro
Morocco
Niger
Pakistan
Paraguay
Philippines
Republic of Moldova
Rwanda
Sao Tome and Principe
Senegal
Sudan
Togo
Tunisia
Türkiye
Subtotal EUR
US$ equivalent
SDR loans a
Albania
Angola
Argentina
Armenia
Azerbaijan
Bangladesh
Belize
Benin
Bhutan
Bolivia (Plurinational State of)
Bosnia and Herzegovina
Botswana
Brazil
Burkina Faso
Burundi
Cabo Verde
Disbursed
portion
-
580
7 832
27 620
27 668
70 690
49 726
6 609
4 721
1 732 447
10 961
20 642
67 303
21 035
-
20 247
-
51 977
1 100
5 272
70 099
3 830
2 166
6 864
11 850
1 569
61 261
10 457
8 550
1 913
13 223
104 287
8 257
49 963
5 692
2 869
26 134
704
1 297
3 803
33 494
22 210
6 096
7 576
37 473
5 467
6 184
798
59 495
2 475
4 491
18 179
42 981
840 244
870 073
34 462
24 240
3 831
60 941
43 931
444 313
1 847
91 349
38 425
72 490
45 686
842
91 022
83 838
40 859
23 966
Approved
loans less
cancellations
15 561
900
7 832
175 380
134 838
130 200
160 144
23 379
72 840
4 515 857
10 961
22 680
71 850
55 815
21 120
36 707
8 000
127 675
48 736
10 795
222 409
5 830
12 920
85 170
24 100
1 569
219 110
10 850
8 550
1 913
16 000
176 496
11 350
100 351
32 890
89 050
72 933
5 000
1 297
3 803
138 675
65 270
74 090
8 383
140 028
18 939
69 410
970
205 218
11 300
15 780
69 725
130 194
2 463 912
2 551 381
34 462
24 240
3 831
60 941
43 931
470 171
1 847
94 190
38 492
72 492
45 686
842
91 025
83 847
40 859
24 691
89
Undisbursed
portion Repayments
15 561
320
Outstanding
loans
-
580
7 832
27 620
19 010
66 070
40 727
5 948
4 721
1 581 514
10 961
14 594
67 303
21 035
-
-
-
-
-
8 658
4 620
8 999
661
-
150 933
-
6 048
-
-
-
2 965
17 282
-
-
-
-
20 384
-
-
-
1 453
-
22 317
1 447
2 565
-
2 134
11 197
-
-
-
-
-
-
540
1 289
8 584
-
-
2 084
18 272
-
-
-
-
-
-
6 688
4 762
112 729
116 731
18 668
9 978
2 740
24 873
16 350
166 013
1 616
43 350
16 277
34 724
21 789
681
47 962
36 871
23 966
7 323
-
51 977
1 100
5 272
49 715
3 830
2 166
6 864
10 397
1 569
38 944
9 010
5 985
1 913
11 089
93 090
8 257
49 963
5 692
2 869
26 134
704
757
2 514
24 910
22 210
6 096
5 492
19 201
5 467
6 184
798
59 495
2 475
4 491
11 491
38 219
727 515
753 342
15 794
14 262
1 091
36 068
27 581
278 300
231
47 999
22 148
37 766
23 897
161
43 060
46 967
16 893
16 643
-
147 760
107 170
59 510
110 418
16 770
68 119
2 783 410
-
2 038
4 547
34 780
21 120
16 460
8 000
75 698
47 636
5 523
152 310
2 000
10 754
78 306
12 250
-
157 849
393
-
-
2 777
72 209
3 093
50 388
27 198
86 181
46 799
4 296
-
-
105 181
43 060
67 994
807
102 555
13 472
63 226
172
145 723
8 825
11 289
51 546
87 213
1 623 668
1 681 308
-
-
-
-
-
25 858
-
2 841
67
2
-
-
3
9
-
725
Appendix H
Borrower or guarantor
Cambodia
Cameroon
Central African Republic
Chad
China
Colombia
Comoros
Congo
Côte d’Ivoire
Cuba
Democratic People’s Republic of Korea
Democratic Republic of the Congo
Djibouti
Dominica
Dominican Republic
Ecuador
Egypt
El Salvador
Equatorial Guinea
Eritrea
Eswatini
Ethiopia
Gabon
Gambia (The)
Georgia
Ghana
Grenada
Guatemala
Guinea
Guinea-Bissau
Guyana
Haiti
Honduras
India
Indonesia b
Jordan
Kenya
Kyrgyzstan
Lao People's Democratic Republic
Lebanon
Lesotho
Liberia
Madagascar b
Malawi b
Maldives
Mali
Mauritania
Mauritius
Mexico
Mongolia
Morocco
Mozambique
Myanmar
Nepal
Nicaragua
Niger
Nigeria
North Macedonia
Pakistan
Papua New Guinea
Paraguay
Peru
Philippines
Republic of Moldova
Rwanda b
Samoa
Sao Tome and Principe
Senegal
Seychelles
Sierra Leone
Solomon Islands
Somalia b
Sri Lanka
Disbursed
portion
62 360
100 274
26 215
18 138
515 741
32 013
5 291
21 957
21 117
6 840
50 496
49 563
7 146
1 146
17 902
25 487
176 172
45 265
5 794
25 428
3 473
414 957
3 529
34 187
30 370
181 796
1 632
15 366
64 160
8 487
8 522
58 463
85 463
584 754
155 017
14 416
173 090
27 111
64 646
2 406
30 124
26 097
193 370
133 352
10 792
137 864
49 545
1 205
13 827
27 106
43 513
143 311
14 754
101 307
49 474
89 432
206 517
11 721
294 189
23 186
16 298
45 207
80 478
55 612
183 930
1 908
13 747
109 317
1 875
45 736
4 069
13 250
156 846
Approved
loans less
cancellations
62 360
119 000
26 215
18 138
515 741
32 013
5 292
22 080
21 117
6 840
50 496
50 370
7 146
1 146
17 902
25 487
176 172
45 265
5 794
29 142
3 473
416 436
3 529
34 187
30 370
182 126
1 632
15 366
64 160
8 487
8 522
58 463
85 463
590 143
155 017
14 432
173 090
27 660
65 202
2 406
30 146
27 296
197 432
168 680
10 792
137 964
49 545
1 205
13 827
27 169
43 513
143 311
52 550
160 572
49 474
90 916
212 379
11 721
324 732
23 450
16 298
45 207
83 100
55 612
194 102
1 908
13 747
112 027
1 875
45 736
4 069
13 250
156 846
90
Undisbursed
-
-
807
1 479
3 714
18 726
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1
123
portion Repayments
13 815
19 885
15 864
6 201
286 479
20 706
2 758
5 238
9 015
2 740
10 539
21 565
2 429
978
11 232
14 116
108 848
28 068
5 230
10 907
2 594
84 099
3 217
16 299
12 344
54 956
1 131
15 239
37 205
4 100
4 453
33 098
40 275
274 161
73 065
9 815
36 110
4 823
25 179
1 183
12 905
3 790
50 922
42 520
5 319
50 352
23 241
1 119
6 339
7 737
30 350
55 859
22
1 199
4 062
35 328
-
-
-
-
-
-
-
-
-
-
549
556
-
-
5 389
100
330
16
63
-
-
-
-
37 796
59 265
-
1 484
5 862
-
30 543
264
-
-
2 622
-
10 172
-
-
2 710
-
-
-
-
-
-
47 511
19 249
20 994
43 083
6 304
110 049
5 296
7 171
17 792
38 393
13 071
45 458
1 293
7 368
34 804
1 299
20 630
1 815
12 013
62 869
Outstanding
loans
48 545
80 389
10 351
11 937
229 262
11 307
2 533
16 719
12 102
4 100
39 957
27 998
4 717
168
6 670
11 371
67 324
17 197
564
14 521
879
330 858
312
17 888
18 026
126 840
501
127
26 955
4 387
4 069
25 365
45 188
310 593
81 952
4 601
136 980
22 288
39 467
1 223
17 219
22 307
142 448
90 832
5 473
87 512
26 304
86
7 488
19 369
13 163
87 452
14 754
53 796
30 225
68 438
163 434
5 417
184 140
17 890
9 127
27 415
42 085
42 541
138 472
615
6 379
74 513
576
25 106
2 254
1 237
93 977
Appendix H
Borrower or guarantor
Sudan
Syrian Arab Republic
Tajikistan
Togo
Tonga
Tunisia
Türkiye
Uganda
United Republic of Tanzania
Uruguay
Uzbekistan
Venezuela (Bolivarian Republic of)
Viet Nam
Yemen
Zambia
Zimbabwe
Subtotal SDR
IFAD Fund for Gaza and the West Bank c
Total SDR
US$ equivalent
Total outstanding loans as at 31 December 2024
US$
Other receivables
Total loan receivables
as at 31 December 2024 US$
Total outstanding loans as at 31 December 2023
US$
Other receivables
Total loan receivables
as at 31 December 2023 US$
Approved
loans less
cancellations
128 641
15 220
6 200
24 584
5 927
22 393
29 371
322 097
225 249
2 081
21 163
10 450
216 206
138 389
128 820
8 818
8 135 487
2 513
8 138 000
Disbursed
portion
128 641
13 664
6 200
22 212
5 832
22 374
29 371
263 694
225 249
2 081
21 163
10 450
216 206
138 389
128 820
8 818
7 820 355
2 513
7 822 868
Undisbursed
portion Repayments
64 515
6 692
1 556
-
-
2 372
95
19
-
58 403
-
-
-
-
-
-
-
-
315 132
-
315 132
-
12 459
3 036
10 038
18 526
82 110
72 877
977
4 319
8 846
58 902
48 917
48 680
5 215
3 056 164
1 433
3 057 597
Outstanding
loans
64 126
6 972
6 200
9 753
2 796
12 336
10 845
181 584
152 372
1 104
16 844
1 604
157 304
89 472
80 140
3 603
4 764 191
1 080
4 765 271
10 594 285
10 184 037
410 248
3 980 469
6 203 568
17 661 523
12 786 557
4 874 966
4 248 133
8 538 424
36 800
8 575 224
16 508 212
12 493 865
4 014 347
4 013 677
8 480 188
41 653
8 521 841
a Loans in SDR and, for the purpose of presentation in the balance sheet, the accumulated amount of loans denominated in SDR has
been valued at the US$/SDR rate of 1.302 as at 31 December 2024. Loans denominated in EUR have been valued at the US$/EUR
rate of 0.966 as at 31 December 2024.
b Repayment amounts include participation by Belgium, Germany, Italy, the Kingdom of the Netherlands, Norway and Sweden in
specific loans to these countries, resulting in partial early repayment and a corresponding increase in committable resources.
c The amount of the loan to the IFAD Fund for Gaza and the West Bank is included in the above balance. See note 2(g)(ii).
91
-
1 084 582
-
1 084 582
Appendix H
Table 2
Summary of loans approved at nominal value by year
(As at 31 December 2024)
Approved loans in thousands of Denomination
Currency
As at 1
January
2024
68 530
164 568
597 043
654 428
386 451
410 971
473 489
663 399
91 726
201 485
176 647
182 246
103 109
132 091
128 257
59 522
23 663
60 074
52 100
86 206
40 064
98 025
79 888
122 240
122 598
149 100
178 369
219 073
203 208
240 196
237 216
234 079
190 303
208 536
234 225
278 369
308 975
254 994
250 829
253 915
390 931
443 360
374 864
317 535
302 124
418 768
172 637
216 259
26 088
244 788
61 907
15 300
21 050
31 948
Effective/
(Reductions/
Cancellations)
2024
Loans
fully
repaid
-
(2 299)
-
(1 239)
(2 041)
(17 000)
(56 751)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- (45 775)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(11)
(1 188)
(693)
(3 272)
(93)
(11 530)
-
-
-
-
-
-
-
53 400
82 055
232 192
95 790
92 230
106 221
499 531
152 306
180 621
216 632
196 274
-
3 510 605
8 147 161
1 853 852
13 511 618
-
(53 439)
-
(77)
-
(15 899)
-
(1 560)
-
-
681 035
1 005 252
36 613
610 060
1 651 925
(45 774)
-
(45 774)
Year
US$
1978
US$
2016
US$
2017
US$
2018
2019
US$
2020 US$
US$
2021
US$
2022
US$
2023
US$
2024
SDR
1979
SDR
1980
SDR
1981
SDR
1982
SDR
1983
SDR
1984
SDR
1985
SDR
1986
SDR
1987
SDR
1988
SDR
1989
SDR
1990
SDR
1991
SDR
1992
SDR
1993
SDR
1994
SDR
1995
SDR
1996
SDR
1997
SDR
1998
SDR
1999
SDR
2000
SDR
2001
SDR
2002
SDR
2003
SDR
2004
SDR
2005
SDR
2006
SDR
2007
SDR
2008
SDR
2009
SDR
2010
SDR
2011
SDR
2012
SDR
2013
SDR
2014
SDR
2015
SDR
2016
SDR
2017
SDR
2018
SDR
2019
SDR
2020
SDR
2021
SDR
2022
SDR
2023
SDR
2024
EUR
2014
EUR
2015
EUR
2016
EUR
2017
EUR
2018
2019
EUR
2020 EUR
EUR
2021
EUR
2022
EUR
2023
2024
EUR
Total US$
Total SDR
Total EUR
Totals
As at 31
December
2024
68 530
162 269
597 043
653 189
384 410
393 971
416 738
663 399
91 726
1 084 582
201 485
176 647
182 246
103 109
132 091
128 257
59 522
23 663
60 074
52 100
86 206
40 064
98 025
79 888
122 240
122 598
149 100
178 369
219 073
203 208
240 196
237 216
234 079
190 303
208 536
234 225
278 369
263 200
254 994
250 829
253 915
390 931
443 360
374 853
316 347
301 431
415 496
172 544
204 729
26 088
244 788
61 907
15 300
21 050
31 948
53 400
82 055
178 753
95 790
92 153
106 221
483 632
152 306
179 061
216 632
196 274
681 035
4 515 857
8 138 000
2 463 912
15 117 769
92
As at 1
January
2024
68 530
164 568
597 043
654 428
386 451
410 971
473 489
663 399
91 726
270 794
237 413
244 938
138 578
177 529
172 377
79 997
31 803
80 740
70 023
115 861
53 846
131 746
107 369
164 290
164 771
200 389
239 727
294 433
273 111
322 824
318 818
314 601
255 765
280 271
314 798
374 127
415 260
342 711
337 112
341 260
525 409
595 874
503 815
426 765
406 053
562 823
232 022
290 651
35 062
328 994
83 203
20 563
28 291
42 943
Value in thousands of US$
Effective/
(Reductions/
Cancellations)
2024
Loans
fully
repaid
Exchange
rate
movement
SDR/US$
-
(2 299)
-
(1 239)
(2 041)
(17 000)
(56 751)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- (61 521)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(8 496)
(7 448)
(7 684)
(4 347)
(5 570)
(5 408)
(2 510)
(998)
(2 533)
(2 197)
(3 636)
(1 690)
(4 134)
(3 369)
(5 154)
(5 170)
(6 287)
(7 521)
(9 237)
(8 569)
(10 128)
(10 003)
(9 870)
(8 024)
(8 793)
(9 877)
(11 738)
(11 098)
(10 752)
(10 576)
(10 706)
(16 484)
(18 695)
(15 806)
(13 339)
(12 710)
(17 520)
(7 276)
(8 633)
(1 100)
(10 322)
(2 611)
(645)
(887)
(1 350)
-
(5 674)
(12 361)
(6 624)
(6 373)
(7 345)
(33 443)
(10 532)
(12 382)
(14 980)
(13 572)
-
-
As at 31
December
2024
68 530
162 269
597 043
653 189
384 410
393 971
416 738
663 399
91 726
1 084 582
262 298
229 965
237 254
134 231
171 959
166 969
77 487
30 805
78 207
67 826
112 225
52 156
127 612
104 000
159 136
159 601
194 102
232 206
285 196
264 542
312 696
308 815
304 731
247 741
271 478
304 921
362 389
342 641
331 959
326 536
330 554
508 925
577 179
487 994
411 830
392 411
540 904
224 623
266 522
33 962
318 672
80 592
19 918
27 404
41 593
69 518
84 968
185 099
99 190
95 424
109 992
500 801
157 713
185 418
224 323
203 241
705 212
4 515 857
10 594 285
2 551 381
17 661 523
(61 521)
-
(61 521)
(340 901)
(123 286)
(464 187)
(15)
(1 596)
(932)
(4 399)
(123)
(15 496)
-
-
-
-
-
-
-
69 518
90 642
256 491
105 814
101 882
117 337
551 807
168 245
199 523
239 303
216 813
-
3 510 605
10 949 750
2 047 857
16 508 212
-
(59 031)
-
(85)
-
(17 563)
-
(1 723)
-
-
705 212
1 005 252
46 957
626 810
1 679 019
Appendix H
Table 3
Maturity structure of outstanding loans by period at nominal value
(As at 31 December 2024 and 2023)
(Thousands of United States dollars)
Period due
Less than 1 year
1-2 years
2-3 years
3-4 years
4-5 years
5-10 years
10-15 years
15-20 years
20-25 years
More than 25 years
Total
2024
550 157
469 483
502 582
523 214
509 040
2 296 223
1 588 710
1 045 214
674 083
379 718
2023
547 502
459 993
490 872
494 911
498 712
2 239 866
1 586 532
1 090 452
681 120
390 228
8 538 424
8 480 188
Table 4
Summary of outstanding loans by lending type at nominal value
(As at 31 December 2024 and 2023)
(Thousands of United States dollars)
Lending type
2024
2023
Super highly concessional terms
26 390
7 005
Highly concessional terms
Hardened terms
6 432 506
25 199
6 545 280
29 958
Intermediate terms
116 381
140 298
Ordinary terms
Blended terms
Total
1 167 259
1 086 804
770 689
670 843
8 538 424
8 480 188
Table 5
Disbursement structure of undisbursed loans at nominal value
(Projected as at 31 December 2024 and 2023)
(Thousands of United States dollars)
Disbursements in:
Less than 1 year
1-3 years
3-5 years
5-10 years
Total
2024
2023
906 433
782 505
1 790 122
1 478 678
1 256 516
914 938
921 895
838 226
4 874 966
4 014 347
93
Appendix H1
Special Programme for sub-Saharan African Countries Affected by
Drought and Desertification (SPA)
Table 1
Statement of loans at nominal value
(As at 31 December 2024 and 2023)
Approved loans
less
cancellations
Disbursed
portion
Undisbursed
portion
Repayments
Outstanding
loans
Borrower or guarantor
SDR loans (thousands)
Angola
Burkina Faso
Burundi
Cabo Verde
Chad
Comoros
Djibouti
Ethiopia
Gambia (The)
Ghana
Guinea
Guinea-Bissau
Kenya
Lesotho
Madagascar
Malawi
Mali
Mauritania
Mozambique
Niger
Senegal
Sierra Leone
Sudan
Uganda
United Republic of Tanzania
Zambia
Total
Total outstanding loans as at 31 December
2024 - US$ equivalent
Other receivables
Total loan receivables as at 31 December 2024 (US$)
Total outstanding loans as at 31 December
2023 (US$)
Other receivables
Total loan receivables as at 31 December
2023 US$
2 714
10 546
4 494
2 183
9 617
2 289
114
6 660
2 638
22 321
10 762
2 126
12 241
7 481
1 098
5 777
10 193
19 020
8 291
11 119
23 234
1 505
26 012
8 124
6 789
8 607
225 958
294 158
2 714
10 546
4 494
2 183
9 617
2 289
114
6 660
2 638
22 321
10 762
2 126
12 241
7 481
1 098
5 777
10 193
19 020
8 291
11 119
23 234
1 505
26 012
8 124
6 789
8 607
225 958
294 158
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1 718
7 079
2 370
1 329
5 968
1 527
71
4 426
1 649
13 427
6 995
1 488
7 010
4 578
714
3 033
6 761
12 543
5 700
7 457
14 285
828
14 805
5 483
4 244
5 762
141 252
183 885
996
3 467
2 124
853
3 649
762
43
2 234
989
8 894
3 767
638
5 231
2 903
384
2 744
3 432
6 477
2 591
3 662
8 949
677
11 207
2 640
2 546
2 845
84 706
110 273
672
110 945
120 915
528
121 443
94
Appendix H1
Table 2
Summary of loans by year approved at nominal value
(As at 31 December 2024)
Approved loans in
thousands of SDR
Value in thousands of US$
As at
1 January
2024
Loans
cancelled
As at
31 December
2024
As at
1 January
2024
Loans
cancelled
Exchange
rate
movement
SDR/US$
As at
31 December
2024
24 902
41 292
34 770
25 756
17 370
18 246
6 952
34 268
16 320
6 082
225 958
-
-
-
-
-
-
-
-
-
-
-
24 902
41 292
34 770
25 756
17 370
18 246
6 952
34 268
16 320
6 082
33 468
55 495
46 731
34 616
23 345
24 523
9 344
46 056
21 934
8 174
225 958
303 686
-
-
-
-
-
-
-
-
-
-
-
(1 050)
(1 741)
(1 466)
(1 086)
(732)
(770)
(294)
(1 445)
(688)
(256)
32 418
53 754
45 265
33 530
22 613
23 753
9 050
44 611
21 246
7 918
(9 528)
294 158
Year
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
Total
SDR
SDR
SDR
SDR
SDR
SDR
SDR
SDR
SDR
SDR
SDR
Table 3
Maturity structure of outstanding loans by period
(As at 31 December 2024 and 2023)
(Thousands of United States dollars)
Period due
Less than 1 year
1-2 years
2-3 years
3-4 years
4-5 years
5-10 years
10-15 years
15-20 years
20-25 years
Total
2024
9 604
7 563
7 563
7 563
7 563
37 526
26 345
6 546
-
2023
9 178
7 808
7 808
7 808
7 808
39 037
31 381
10 087
-
110 273
120 915
Table 4
Summary of outstanding loans by lending type
(As at 31 December 2024 and 2023)
(Thousands of United States dollars)
Lending type
Highly concessional terms
Total
2024
2023
110 273
110 273
120 915
120 915
95
Appendix H1
Summary of IFAD and SPA loan balances
IFAD
Approved loans
Undisbursed balance
Repayments
Interest/principal receivable
Loans outstanding
SPA
Approved loans
Undisbursed balance
Repayments
Interest/principal receivable
Loans outstanding
IFAD and SPA
Approved loans
Undisbursed balance
Repayments
Interest/principal receivable
Loans outstanding
US$ thousands
2024
2023
17 661 523
(4 874 966)
(4 248 133)
8 538 424
36 800
8 575 224
16 508 212
(4 014 347)
(4 013 677)
8 480 188
41 653
8 521 841
US$ thousands
2024
2023
294 158
-
(183 885)
110 273
672
110 945
303 686
-
(182 771)
120 915
528
121 443
US$ thousands
2024
2023
17 955 681
(4 874 966)
(4 432 018)
8 648 697
37 472
8 686 169
16 811 898
(4 014 347)
(4 196 448)
8 601 103
42 181
8 643 284
96
Appendix H2
Statement of grants
(As at 31 December 2024 and 2023)
(Thousands of United States dollars)
2024 movements
Undisbursed
as at
1 January
2024
Disbursable Disbursements
Cancellations
Undisbursed
as at
31 December
2024
Exchange
rate
49 039
12 069
(21 673)
(839)
(683)
37 913
74 955
7 984
(28 748)
(5 517)
365
49 039
Grants 2024
Grants 2023
97
Appendix H3
IFAD-only Debt Sustainability Framework
(As at 31 December 2024 and 2023)
(Thousands of United States dollars)
Borrower or
guarantor
DSF projects denominated in EUR
Benin
Chad
Comoros
Madagascar
Mali
Niger
Sao Tome and Principe
Sudan
Togo
Grand total
US$ equivalent
DSF projects denominated in US$
Afghanistan
Bhutan
Burkina Faso
Burundi
Central African Republic
Democratic Republic of the Congo
Ethiopia
France
Gambia (The)
Guinea
Guinea-Bissau
Haiti
Kiribati
Liberia
Madagascar
Malawi
Maldives
Mauritania
Mozambique
Samoa
Sierra Leone
Somalia
South Sudan
Tajikistan
Tonga
Grand total
DSF projects denominated in SDR
Afghanistan
Benin
Burkina Faso
Burundi
Comoros
Democratic Republic of the Congo
Eritrea
Ethiopia
Kiribati
Kyrgyzstan
Lesotho
Madagascar
Malawi
Mali
Mauritania
Nepal
Niger
Sudan
Undisbursed as at
1 January 2024
Effective/
(cancellations)
2024
Disbursements
2024
Undisbursed as at
31 December
2024
-
-
-
-
-
1 184
-
-
-
1 184
1 227
-
-
-
19 379
18 180
-
-
(39)
11 930
7 950
-
-
-
-
-
18 050
-
-
49 300
-
15 000
11 600
-
-
-
(5 979)
(12 849)
(693)
(825)
(1 118)
(2 379)
(1 050)
490
(1 529)
(25 932)
(26 851)
-
(274)
(979)
(6 193)
(12 269)
(2 227)
(8 188)
6 211
25 857
805
1 360
4 018
17 267
3 320
41 344
4 712
104 894
108 620
32 211
517
2
61 090
28 425
5 560
69 616
-
-
(5 436)
(3 188)
(3 998)
(3 188)
-
(3 765)
(3 428)
(4 936)
(375)
(6 411)
(24 744)
(710)
(7 830)
(1 579)
(1 858)
(3 654)
(960)
11 930
8 594
8 546
11 118
10
5 380
19 072
16 246
239
150
91 736
2 471
14 859
10 021
3 749
27 197
1 338
151 350
(106 190)
430 077
-
(105)
-
-
-
-
-
-
-
-
(46)
-
-
(29)
-
(136)
-
-
-
-
-
(4 559)
-
(2 988)
(10 489)
(891)
-
(587)
29
(2 398)
(2 888)
(166)
(2 417)
(1 365)
-
-
24 097
-
15
7 259
1
1 334
13 266
5 632
10
1 939
-
522
10 508
24
2 574
1
1 512
58
12 190
38 706
1 498
2 185
5 136
18 462
4 370
40 854
6 241
129 642
134 244
32 211
791
981
47 904
22 514
7 787
77 804
39
5 436
3 832
12 544
14 306
10
9 145
22 500
3 132
614
6 561
67 180
3 181
7 689
-
5 607
30 851
2 298
384 917
24 097
105
15
11 818
1
4 322
23 755
6 523
10
2 526
17
2 920
13 396
219
4 991
1 502
1 512
58
98
Appendix H3
Borrower or
guarantor
Togo
Tonga
Yemen
Zimbabwe
Grand total
SDR at USD equivalent
2024 total USD/EUR/SDR
Exchange difference
Total 2024 disbursements
2023 total USD/EUR/SDR
Undisbursed as at
1 January 2024
Effective/
(cancellations)
2024
Disbursements
2024
Undisbursed as at
31 December
2024
2 371
95
24 279
134
124 666
162 295
681 456
-
-
-
-
(316)
(412)
152 165
649 520
225 633
-
-
-
(130)
(28 849)
(37 554)
(170 595)
(1 921)
(172 516)
(179 475)
2 371
95
24 279
4
95 501
124 329
663 026
695 678
99
Appendix I
Summary of the Heavily Indebted Poor Countries (HIPC) Initiative
As at 31 December 2024
(Thousands of United States dollars)
Debt relief provided to
31 December 2024
Debt relief to be provided as approved by
the Executive Board
To be covered by IFAD To be covered by
Completion point countries
Principal
Interest
Principal
Interest
World Bank
contribution
Total debt relief
Benin
Bolivia (Plurinational State of)
Burundi
Burkina Faso
Cameroon
Central African Republic
Chad
Comoros
Congo
Democratic Republic of the Congo
Côte d'Ivoire
Ethiopia
Gambia (The)
Ghana
Guinea
Guinea-Bissau
Guyana
Haiti
Honduras
Liberia
Madagascar
Malawi
Mali
Mauritania
Mozambique
Nicaragua
Niger
Rwanda
Sao Tome and Principe
Senegal
Sierra Leone
Somalia a
United Republic of Tanzania
Togo
Uganda
Zambia
Decision Point Countries
4 568
5 900
15 491
6 769
3 074
9 563
2 708
2 242
0
12 081
1 814
20 569
2 508
15 585
11 202
4 768
1 526
1 946
1 077
9 344
7 810
20 371
6 211
8 484
12 521
7 259
11 016
16 786
2 546
2 247
10 956
13 086
12 691
2 008
12 449
19 169
1 643
1 890
3 251
2 668
727
2 935
477
353
99
3 200
326
5 905
619
5 003
2 167
1 235
299
635
767
6 282
2 096
4 445
2 431
2 601
3 905
943
2 813
5 210
582
882
2352
740
4 293
759
4 655
4 920
-
-
-
-
-
-
-
84
-
998
-
-
-
-
493
-
-
-
61
-
-
-
-
-
-
0
-
76
-
-
-
-
-
-
-
-
-
-
-
-
--
8
-
51
-
-
-
-
-
26
-
-
-
5
-
-
-
-
-
-
-
-
10
-
-
-
-
-
-
-
-
-
-
-
-
-
103
-
648
-
-
-
-
-
223
-
-
-
55
-
-
-
-
-
-
-
-
61
-
-
-
-
-
-
-
Sudan
SDR
-
-
298 348
84 107
66 072
67 785
Total US$ equivalent
388 398
109 493
88 244
6 288
6 389
8 318
-
1 091
1 421
As at 31 December 2023
SDR
288 441
83 398
75 430
6 801
1 588
Total US$ equivalent
112 086
a Somalia reached completion point in December 2023, measures have been fully operationalized during fiscal year 2024.
101 377
387 664
2 134
9 140
6 211
7 790
18 742
9 437
3 801
12 498
3 185
2 791
99
16 978
2 140
26 474
3 127
20 588
13 369
6 746
1 825
2 581
1 844
15 746
9 906
24 816
8 642
11 085
16 426
8 202
13 829
21 996
3 276
3 129
13 308
13 826
16 984
2 767
17 104
24 089
72 360
457 720
595 978
455 657
612 401
100
Appendix J
Summary of contributions to the Haiti Debt Relief Initiative
(As at 31 December 2024 and 2023)
Thousands of US$
Thousands of SDR
438
509
2 303
339
1 080
1 480
1 743
178
3
1 066
1 115
637
1 717
5 217
17 825
2024
Member State contribution
Austria
Belgium
Canada
Denmark
France
Germany
Japan
Luxembourg
Mauritius
Norway
Sweden
Switzerland
United Kingdom
United States
Subtotal
Interest earned
Debt relief provided
Total administrative account Member States 2024
IFAD
IFAD contribution
Interest earned
Debt relief provided
Total administrative account IFAD
Grand total
Exchange rate movement
Total cash and investments 2024
2023
Total cash and investments
685
776
3 500
513
1 700
2 308
2 788
280
5
1 626
1 718
962
2 700
8 000
27 561
1 572
(29 133)
-
15 200
2 585
(3 879)
13 906
13 906
(4 319)
9 587
10 371
101
Appendix K
IFAD-only analysis of operating expenses
(For the years ended 31 December 2024 and 2023)
An analysis of IFAD operating expenses by principal sources of funding
(Thousands of United States dollars)
Expense
Staff salaries and benefits
Office and general expenses
Consultants and other non-staff costs
Direct bank and investment costs
Total 2024
Total 2023
Administrative
expenses a
Service
Charges b
IFAD’s
Climate
Facility
Other
sources c
Total
114 661
29 093
44 555
188 309
181 992
5 010
711
21
120 403
1 382
3 913
10 305
8 328
88
629
1 428
1 168
1 595
629
4 389
6 634
4 602
32 158
49 726
4389
206 676
196 090
a These refer to IFAD’s regular budget, the budget of the Independent Office of Evaluation of IFAD, carry-forward and ASMCS costs.
b Includes positions funded from service charges.
c Includes direct charges against investment income; Targeted Investment in IFAD’s Capacity budget; Government of Italy
reimbursable expenses due to the implementation of IFRS 16 headquarter reimbursable expenditures are disclosed as a reduction in
lease liabilities.
102
Appendix L1
Rural Poor Stimulus Facility (RPSF)
Table 1
(Thousands of United States dollars)
Member State
Local currency
Contribution denomination
currency
Contribution received US$
equivalent
Canada
Germany
Netherlands (Kingdom of the)
Sweden
Switzerland
Total
IFAD
CAD
EUR
EUR
SEK
CHF
Total as at 31 December 2024
Total as at 31 December 2023
Table 2
Summary of grants under the RPSF
(As at 31 December 2024)
(Thousands of United States dollars)
6 000
27 394
6 000
50 000
2 000
4 538
33 025
7 077
5 734
2 261
52 635
40 000
92 635
92 635
Country location/beneficiary
Afghanistan
Agricord
Agriterra
Angola
Bangladesh
Benin
Burkina Faso
Burundi
Cambodia
Cameroon
Central African Republic
Chad
Comoros
Congo
Côte d'Ivoire
Democratic Republic of the Congo
Djibouti
Eritrea
Eswatini
Ethiopia
Gabon
Gambia (The)
Guinea
Guinea-Bissau
Kenya
Lebanon
Lesotho
Liberia
Live and Learn Kiribati
Madagascar
Malawi
Mali
Mauritania
Mozambique
Myanmar b
Nepal
Niger
Nigeria
Pakistan
Palestine
Approved grants less
cancellations a
Disbursements 2024
Undisbursed portion of
disbursable grants
1 884
401
2 300
1 363
2 007
956
1 911
1 530
1 172
1 359
1 405
1 685
325
961
1 160
2 696
414
185
658
2 240
425
590
1 178
773
5 593
240
740
1 084
168
931
1 369
980
541
1 678
-
1 206
2 842
2 044
2 372
604
-
-
-
-
-
-
-
-
-
50
3
-
-
25
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1 884
401
2 300
1 363
2 007
956
1 911
1 530
1 172
1 409
1 408
1 685
325
985
1 160
2 696
414
185
658
2 240
425
590
1 178
773
5 593
240
740
1 084
168
931
1 369
980
541
1 678
600
1 206
2 842
2 044
2 372
604
103
Appendix L1
Country location/beneficiary
Papua New Guinea
Precision Agriculture for Development
Rwanda
Samoa
Sao Tome and Principe
Senegal
Sierra Leone
Somalia
South Africa
South Sudan
Sparkassenstiftung
Sudan
Syrian Arab Republic
Philippines
Togo
Tonga
Tunisia
Uganda
United Republic of Tanzania
Vétérinaires Sans Frontières Germany
World Vision New Zealand
Yemen
Zambia
Zimbabwe
Total US$ as at December 2024
Total US$ as at December 2023
a Balance considers grants approved as well as at disbursable stage, net of refund.
b Grant cancelled in 2025.
Approved grants less
cancellations a
612
3 160
1 400
217
442
1 003
978
2 751
331
706
2 543
1 657
545
3 204
945
700
118
2 121
1 961
724
710
3 746
1 455
1 555
86 231
87 303
Disbursements 2024
Undisbursed portion of
disbursable grants
612
3 160
1 400
217
441
979
978
2 751
331
706
2 543
1 657
545
3 204
945
700
118
2 121
1 961
724
710
3 746
1 455
1 555
85 528
85 738
-
-
-
-
1
24
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
103
1 565
Crisis Response Initiative (CRI)
Table 3
(Thousands of United States dollars)
Member States
Germany
Ireland
Netherlands (Kingdom of the)
United States
Norway
Total as at 31 December 2024
Total as at 31 December 2023
Local currency
EUR
EUR
EUR
USD
NOK
Contribution denomination
currency
30 000
1 000
10 000
10 000
300 000
Contribution Received
US$ equivalent
31 683
1 012
9 989
10 000
27 647
80 331
80 331
Table 4
Summary of grants under CRI
(Thousands of United States dollars)
Country location
Afghanistan
Burundi
Central African Republic
Eritrea
Ethiopia
Gambia (The)
Haiti
Italy
Madagascar
Mali
Mozambique
Malawi
Somalia
Chad
Uganda
Yemen
Total as at 31 December 2024
Total as at 31 December 2023
Approved grants
less cancellations Disbursements Undisbursed grants
4 792
2 262
5 686
3 300
3 300
2 760
1 750
3 000
3 000
2745
5 774
8 060
9 825
3248
5 034
3 300
67 836
34 342
5 324
4 842
5 769
3 300
3 300
2 760
3 245
3 000
3 000
2 887
5 774
8 060
10 000
3 253
5 050
3 300
72 864
67 104
104
532
2 580
83
-
-
-
1 495
-
-
142
-
-
175
5
16
-
5 028
32 762
Appendix L1
Private Sector Trust Fund (PSTF)
Table 1
(Thousands of United States dollars)
Local currency
EUR
EUR
EUR
DKK
CAD
Contribution
denomination
currency
4 000
35 944
2 000
50 000
100 000
Member State
Finland
Germany
Luxembourg
Denmark (Africa Rural Climate
Adaptation Finance Mechanism)
Subtotal
Canada returnable contribution a
IFAD
Total as at 31 December 2024 b
Total as at 31 December 2023
Contribution US$ equivalent
4 108
38 351
2 256
7 035
51 749
73 573
25 000
150 322
67 054
a As at 31 December 2024, no projects have been approved and committed under Canada resources. There are no reimbursable amounts
in addition to interests earned.
b This balance comprises receivables amounting to US$12.7 million.
Table 2
Statement of outstanding loans (As at 31 December 2024)
(Amounts expressed in thousands)
Approved loans
Country of the Borrower
less cancellations Disbursed Undisbursed Repayments Outstanding
EUR loans
SOAFIARY
Association Pour La Promotion De
L'epargne / Credit A Base
Communautaire (PEBCo)
Subtotal EUR
US$ equivalent
US$ loans
Credito Con Educación Rural Institución
Financiera De Desarrollo
AMK Microfinance Institution Plc.
Futuro Mcb S.A.
New Building Society Bank Plc. (NBS)
Babban Gona Farmer Services Nigeria
Limited
Stanbic Bank Uganda Limited
Joint Stock Commercial Bank with
Foreign Capital (Hamkorbank)
Subtotal US$
Total US$
Other receivables
Total loan receivables as at
31 December 2024 (US$ equivalent)
Total loan receivables as at
31 December 2023 (US$ equivalent)
1 750
1 750
1 750
3 000
4 750
1 750
4 919
1 812
3 000
3 000
3 107
- 1 750
-
1 812
5 000
5 000
5 000
2 000
5 000
5 000
5 000
2 000
5 000
2 000
5 000
2 500
5 000
2 500
500
3 000
29 500
21 500
34 419
23 312
8 000
11 107
500
500
5 000
1 500
5 000
2 000
5 000
2 500
21 000
22 812
269
23 081
10 778
105
© 2025 by the International Fund for
Agricultural Development (IFAD)
The designations employed and
the presentation of material in this
publication do not imply the expression
of any opinion whatsoever on the
part of the International Fund for
Agricultural Development of the United
Nations concerning the legal status
of any country, territory, city or area
or of its authorities, or concerning
the delimitation of its frontiers
or boundaries. The designations
“developed” and “developing”
economies are intended for statistical
convenience and do not necessarily
express a judgement about the stage
reached by a particular country or area
in the development process.
This publication or any part thereof
may be reproduced without prior
permission from IFAD, provided that
the publication or extract therefrom
reproduced is attributed to IFAD and
the title of this publication is stated
in any publication and that a copy
thereof is sent to IFAD.
NIGERIA Carolyn and
her daughter, Bella, grow
vitamin-rich sweet potatoes
and make bread and other
goods from them to sell
in their shop.
©IFAD/Andrew Esiebo
International Fund for Agricultural Development
Via Paolo di Dono, 44 - 00142 Rome, Italy
Tel: +39 06 54591 - Fax: +39 06 5043463
Email: [email protected]
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