Auroran Monetary Fund

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Auroran Monetary Fund
Auroranischer Währungsfonds (ETH)

Putea Moni o te Orora (OAN)
Fondo monetario de Aurora (AXD)
ავრორას სავალუტო ფონდი (SAL)

Auroriaansk Monetêr Fûns (BLU)
Logo of the Auroran Monetary Fund
File:AMF HQ.png
Seat of the Auroran Monetary Fund
File:AMF Member States.png
Member states of the Auroran Monetary Fund
Formation1 March 2021
TypeInternational organization
Legal statusNon-profit organization
PurposeFinancial stability and infrastructure development
HeadquartersTokapa, The Oan Isles (AMF)
Culoria, Oscrelia (ASFS)
Baecca, Valerica (AIF)
Policy advisory
FieldsInternational finance
Jump to this section
Official language


President of the AMF
Locklyn Le Roy
Vice President of AIF
Vice President of the AIF
Chairperson of the General Assembly
Board of Governors
Main organ
General Assembly
Parent organization
United Nations of the Auroran Continent
SubsidiariesAuroran Infrastructure Fund
Auroran Financial Stability Fund
Budget (2021)
Revenue (2021)
Expenses (2021)TBA KRB
Staff (2021)

The Auroran Monetary Fund is a multilateral international financial organization affiliated with the United Nations of the Auroran Continent. It was founded on 1 March 2021 following the approval of the Council of the UNAC, however negotiations and discussions to bring the organization to fruition started in 2019, when Minister of Foreign Affairs of the Oan Isles, Arana Marama, proposed its founding. As enumerated in its founding document, the Charter of the Auroran Monetary Fund, its purpose is to encourage economic stability and prosperity - functions it exercises via its Constituent funds: the Auroran Financial Stability Fund and the Auroran Infrastructure Fund.

Pooling the resources of member states (the governments of which are its primary shareholders), it also raises private sector financial capital via preferential shares and bonds. Disputes between members undergo internal and external processes of mediation, arbitration and adjudication, ending with a decision by the Auroran Court of Justice. Though comprising two parts each led by its own Vice President, the General Assembly (comprised of member states) makes the final decisions and appoints the President of the AMF who oversees and administers the daily running of the institution. Alongside, the Auroran Central Bank, the AMF is one of the key financial institutions of Aurora. The AMF uses the Kirib as its sole currency.


On December 8, 2019, Arana Marama, the Foreign Minister of the Oan Isles published an article on the Oan national news broadcast service OAN NEWS, calling for member states of the UNAC to use finance to foster peace through using finance to encourage economic prosperity[1]. She discussed that bringing economic prosperity to the Kohatu Isles by investing in infrastructure allowed the Oan Isles to maintain political stability. Prone to internal conflict such as but not limited to the Auroran-Pacific War and the Auroran Imperial War, she argued that the Auroran continent needed to encourage prosperity to prevent wars for all nations. In the article, it was pointed out that while trade encourages competition, entrepreneurship and technology transfer, infrastructure was crucial to facilitate it, and a lack thereof, puts member states at a disadvantage.

On the same day, the National Treasury and Foreign Department of the Oan Isles published a white paper titled Auroran Monetary Fund: A White Paper on the Implications, Aims and Mechanics of a Debt Coordinating Structure for the Auroran Continent in which they proposed how the Auroran Monetary Fund should be structured and how it should function.[2] The original intent was for the AMF to focus on low-cost finance for infrastructure. Concerns were raised by member states that these financial models were not ideal and that welfare should be prioritised. On February 2020, a poll was conducted in Blueacia asking political parties if they supported or opposed the formation of the AMF.[3] Political parties were divided, hinting at the questions across the continent about the power this organisation would have and the proclivity for neo-liberal capitalist policy interventions that would yield unfavourable conditions for receiving states. Discussions on the AMF stalled.

On 13 February 2020, the Emperor of Polynesia Oahoanu opened the Oan National Assembly and delivered the Speech-from-the-Throne. In this speech, discussed how the Oan government would resume the process on the AMF. In the same month discussions resumed and the Oans published a revised discussion document titled the Auroran Monetary Fund Discussion Document.[4] Member states were more supportive of the revised format with the AFSF being included to provide the welfare issues and how policy making would be revised to protect the poor. Following extensive discussions, the AMF was passed by UNAC member states and came into force on 1 March 2021.

In 21 June 2021, most of the central government of Asilica was destroyed following the 2021 City of Asilica Terrorist Attack. Oscrelia proposed that the UNAC condemn the attack and pledge support to Asilica. The UNAC Council voted in favour. The Prime Minister of the Oan Isles, Maui Uye-Ahua wrote a letter to the UNAC asking for it to deliberate on possible intervention measures to help the people and government of Asilica and more broadly protect the UNAC from instability. President of the AMF, Locklyn Le Roy proposed the formation of two credit facilities for emergency relief and reconstruction. Funds worth 50 billion KRB were made available to Asilica to deal with the aftermath of the crisis.

Purpose and function

The purpose of the AMF is to:

  • Prevent political instability,
  • Promote economic prosperity,
  • Encourage good governance,
  • Protect UNAC nations from the spillover effects of financial crises in other states,

Its functions are to:

  • Provide bond and shareholders with a good return on their investment,
  • Give nations which cannot afford finance on commercial markets access to affordable and manageable finance,
  • Develop policy proposals and economic models and collect information to assist policymakers to make good governance decisions.

Structure and organization

Organogram of the Auroran Monetary Fund

The Auroran Monetary Fund is comprised of the following two sub-funds:

  • The Auroran Financial Stability Fund which lends money to governments whose countries cannot afford to pay for imports or to pay their debts. The purpose of this sub-fund is to ensure that the affected country is financial stable i.e. it provides the nation with the liquidity required to meet its debts and bridge its balance of payments gap.
  • The Auroran Infrastructure Fund which lends money to governments to build or expand physical infrastructure. This sub-fund aims to promote economic growth in the short term through the jobs and demand for goods and services created by the construction of the infrastructure and in the future by the economic benefits which accrue to the population from using that infrastructure.

The funds are practically 2 separate companies with their own financial statements, assets, liabilities, and equity, but the General Assembly exercises control over both bodies.The Funds administer directives specifically concerned with:

  • Collection of debt repayments,
  • Disbursal of monies to applicant governments,
  • Processing of loan applications,
  • Development of policies for indebted nations,
  • Collection and analysis of data relevant to that fund including assessing sovereign credit risk
  • Distribution of dividends to shareholders and maturities to bondholders,
  • Putting up bonds on bond markets.

General Assembly

The General Assembly comprises the member states of the Auroran Monetary Fund. The General Assembly has supreme decision-making authority over the AMF. It wields the following powers:

  • Appoint, dismiss, and ask questions of the Board of Directors,
  • Admit, suspend, and expel member states,
  • Issue directives for the Board of Directors,
  • Approve the budget, large borrowings, amendments to the Charter, and changes to the shareholding structure.

Voting in the General Assembly is by number and by share. This means that both over 50% of member state, and over 50% of voting shares must approve a decision for it to become binding.

Board of Governors

The Board of Directors collectively administers the directives of the has following duties and powers:

  • Approve proposals to the General Assembly,
  • Approve reports to the General Assembly,
  • Approve any decisions which do not fall within the remit of the General Assemby and which fall outside the scope of the individual members’ duties.

The Board consists of the President, two Vice Presidents and 4 Directors. The Directors are responsible for operational issues such as suppliers, facilities, human resources, and communications. They fall under the control of the President.


First and incumbent President of the AMF, Oan politician Locklyn Le Roy.

The President of the AMF has the following functions:

  • Convene and preside over meetings of the Board of Directors,
  • Represent the organization externally, which includes in other international organizations and in reporting to the Auroran Parliament,
  • Present proposals and reports to the General Assembly on behalf of the Board of Directors,
  • Hold the Vice Presidents accountable,
  • Direct the daily operations of AMF.
  • Coordinate the work of the Board of Directors.

Vice Presidents

The AFSF and the AIF are run by the Vice Presidents who have the following duties and powers:

  • Execute the directives of the General Assembly,
  • Report to the President and the Board of Directors on their sub-fund,
  • Control the appointment of and manage personnel,
  • Make proposals with respect to their sub-fund,
  • Direct the daily operations of their respective fund.

Members and shareholding

Shareholding structure

The AIF and the AFSF have independent shareholding structures. There are no shares for the AMF as a whole. The AIF and the AFSF have separate share structures and pay out their own dividends. They both have the following 2 types of shares:

  • Voting shares which give holders thereof the right to vote in the General Assembly. Only governments can own such shares. Governments may only transfer these shares to another government. They may not transfer these shares to non-member states. Governments may only transfer their voting share to another nation with the approval of the General Assembly. Voting rights are distributed according to the proportion of held voting shares. The General Assembly may vote to create more shares which would alter the voting rights of the members. Each fund has its own shares meaning that having shares in one sub-fund does not give one voting rights in matters concerning the other sub-fund. Members with voting shares only receive dividends once the preferential shares and bondholders have been paid. Governments may purchase as many shares as they can afford and as many shares as are available. Shares are sold and bought by auction. Meaning, for each round of shares made available, a government must present the quantity of shares and total price that it is willing to pay for the shares. The shares are then distributed according to the auction. The value of the share is calculated by distributed the net asset value of the sub-fund by number of shares.
  • Preferential shares do not grant any voting rights. They grant shareholders the right to receive a fixed dividend per share. Preferential shareholders are paid after bondholders but before voting shareholders. Anyone including governments, private citizens and companies may buy these shares. These shares can be sold and bought on any market where shares are legally traded.

Member states

As of March 2021, there are 100 million shares for the AIF and 100 million shares for the AFSF. Each share is worth 100 KRB.

Table of member states
Country Representative AIF Share % AIF Share KRB AFSF Share % AIF Share KRB
Emberwood Coast
Great Morstaybishlia
North Ethalrian Confederacy
Oan Isles
Yor Isles

Dispute resolution

Internal dispute resolution

Shareholders who have a dispute with respect to their rights whether with another shareholder or with the fund where their shares are held, they may present the dispute for mediation. The Independent Mediation and Reconciliation Committee helps nations settle disputes. Litigants may choose a party to stand as the mediator and help with the process. The IMRC proposes and guides litigants to solutions and provides counseling and emotional support.

Where a shareholder has a dispute with another shareholder with respect to their shareholder rights, the matter is resolved by the Independent Shareholders Dispute Resolution Committee, which is independent of the litigants. Litigants must state conflicts of interests arising from the presence of one of the committee’s members. The General Assembly appoints the members of the ISDRC for fixed terms. The ISDRC is insulated from shareholder interests e.g. their stipends are independent of the GA which may not withhold them, the GA may not dictate to the ISDRC how they are to make a decision. ISDRC is meant to provide expedient arbitration. If a litigant is unsatisfied with a decision of the ISDRC, they may open a case with the Auroran Court of Justice.

External dispute resolution

The only court of law with the power to make legally binding decisions over the AMF, AIF and AFSF is the Auroran Court of Justice. The decisions made by the ACJ are binding on the litigants who participate.

  • The pre-trial bench of the ACJ determines whether a case should be brought to the trial bench for consideration. It looks at whether the case falls within the scope of the ACJ, whether the matter is material and whether the litigants have attempted other channels to resolve the case. This bench issues a summons for the opposing party to stand trial, creating a legal obligation for the respondent to appear before the court and defend itself.
  • The trial bench of the ACJ receives evidence, arguments, and witness testimony from the litigants. It uses judicial precedent, international law, and international customary law to determine whether the arguments, evidence and testimony supports the matter which the litigants have presented. The trial bench may impose sanctions and remedies upon the litigants as it sees fit within the remit of relevant international law.
  • The appellate bench of the ACJ listens to appeals from litigants who are unsatisfied with the way the trial bench arrived at its decision. It does not retry the case. It looks at where there were substantive and/or procedural errors in the decision of the trial bench in arriving at its decision. It may then overturn the remedies and sanctions of the trial bench or impose entirely new sanctions and remedies.


The AMF, as a whole, has two sources of funding: shares and bonds:

  • Shares give the shareholder a repayment in the form of dividends and the dividend payout is contingent on the profits which the AMF makes.
  • Bonds give the bondholder a fixed repayment in the form of maturities according to the conditions of the bond-certificate. Usually bonds are payable regardless of the financial performance or position of the AMF, unless bondholders are willing to accept revised bond-certificate conditions through accepting a different (which they are not forced to).

The AMF may not invest money in equities unless the GA agrees to convert a loan repayment to an equity swap. The AMF is not an investment management firm, instead it is a last-resort source of finance to help nations navigate financial distress or access economic opportunities.


  1. Marama, Arana. 2019. Using finance as a vehicle for peace. OAN NEWS.
  2. National Treasury & Department of Foreign Affairs. 2019. Auroran Monetary Fund: A White Paper on the Implications, Aims and Mechanics of a Debt Coordinating Structure for the Auroran Continent. The Oan Isles.
  3. Trevisano, Adalgisio. 2020. Opinion on the AMF. National Broadcasting Foundation.
  4. National Treasury & Department of Foreign Affairs. Auroran Monetary Fund Discussion Document. The Oan Isles.