Questions? +1 (202) 335-3939 Login
Trusted News Since 1995
A service for global professionals · Thursday, April 22, 2021 · 539,126,061 Articles · 3+ Million Readers

The International Monetary Fund Successfully Completes the Extension of Access to Bilateral Borrowed Resources Until End-2019/20

June 26, 2018

Total commitments under the 2016 borrowing framework amount to about SDR 316 billion (US$450 billion) from 40 members, including all 35 members that previously committed bilateral resources to the IMF under the 2012 borrowing framework, and 5 new creditors. Pursuant to these commitments, the IMF’s Executive Board has approved borrowing agreements with all 40 creditors, of which 39 agreements are now effective. The resources available under effective agreements amount to approximately SDR 314 billion. The 2016 borrowing framework has maximum terms through end-2020.

In welcoming the successful implementation of the 2016 Framework for Bilateral Borrowing, Ms. Christine Lagarde, IMF Managing Director, said: “I am heartened by the prompt response received from many countries that joined this important international cooperative effort to maintain the Fund’s access to bilateral resources under the 2016 Framework for Bilateral Borrowing. Bilateral borrowing constitutes the Fund’s important third line of defense after quotas and the New Arrangements to Borrow (NAB). With the effective extension of access to bilateral borrowed resources until end-2019/20, the membership has helped preserve the IMF’s overall lending capacity of about US$1 trillion, providing confidence that the Fund will continue to address the needs of our membership. ”

All individual agreements conform with the key substantive provisions endorsed by the Executive Board in August 2016. The 2016 Framework also allows for flexibility in respect of certain provisions, and the agreements include individual creditors’ choices in respect of these provisions.

Information on the borrowing agreements by individual countries is available at respective country page and through the IMF Financial Data Query Tool at the IMF website. Where individual creditors have consented to publication of their signed borrowing agreement, the text of the agreement is also made available.

2016 Borrowing Agreements

Member (Creditor)

Agreed

Currency

Amount

(in billions of currency)

Algeria (Bank of Algeria)

Link

USD

5

Australia

Link

SDR

4.61

Austria (Oesterreichische Nationalbank)

Link

EUR

6.13

Belgium (National Bank of Belgium)

Link

EUR

9.99

Brazil (Banco Central do Brasil)

Link

USD

10

Brunei Darussalam

Link

USD

0.3

Canada

Link

SDR

8.2

Chile (Central Bank of Chile)

Link

SDR

0.96

China (People's Bank of China)

Link

USD

43

Czech Republic (Czech National Bank) 1/

EUR

1.5

Denmark (Danmarks Nationalbank)

Link

EUR

5.3

Finland (Bank of Finland)

Link

EUR

3.76

France

Link

EUR

31.4

Germany (Deutsche Bundesbank)

Link

EUR

41.5

India (Reserve Bank of India)

Link

USD

10

Italy (Bank of Italy)

Link

EUR

23.48

Japan

Link

USD

60

Korea

Link

USD

15

Luxembourg

Link

EUR

2.06

Malaysia (Bank Negara Malaysia)

Link

USD

1

Malta (Central Bank of Malta)

Link

EUR

0.26

Mexico (Banco de Mexico)

Link

USD

10

Netherlands (De Nederlandsche Bank NV)

Link

EUR

13.61

New Zealand

Link

USD

1

Norway (Norges Bank)

Link

SDR

6

Peru (Central Reserve Bank of Peru)

Link

SDR

1.1

Philippines (Bangko Sentral ng Pilipinas)

Link

USD

1

Poland (Narodowy Bank Polski)

Link

EUR

6.27

Russia (Central Bank of the Russian Federation)

Link

USD

10

Saudi Arabia

Link

USD

15

Singapore (Monetary Authority of Singapore)

Link

USD

4

Slovak Republic

Link

EUR

1.56

Slovenia (Bank of Slovenia)

Link

EUR

0.91

South Africa (South African Reserve Bank)

Link

USD

2

Spain

Link

EUR

14.86

Sweden (Sveriges Riksbank)

Link

SDR

7.4

Switzerland (Swiss National Bank)

Link

CHF

8.5

Thailand (Bank of Thailand)

Link

USD

4

Turkey (Central Bank of the Republic of Turkey)

Link

USD

5

United Kingdom

Link

SDR

9.17822

1/ Effectiveness of this agreement is subject to domestic approval process.

Useful Links:

Guidelines for Borrowing by the Fund

Press Release: IMF Members Commitments under the 2016 Bilateral Borrowing Agreements Reach about US$450 billion

Press Release: IMF Members Commitments under the 2016 Bilateral Borrowing Agreements Reach US$400 billion

Press Release: IMF Members Commit US$340 billion in Bilateral Borrowing to Maintain the IMF’s Lending Capacity

Communiqué of the Thirty-Fourth Meeting of the International Monetary and Financial Committee (IMFC)

IMF Communications Department
MEDIA RELATIONS

PRESS OFFICER: Andrew Kanyegirire

Phone: +1 202 623-7100Email: MEDIA@IMF.org

Powered by EIN Presswire


EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.

Submit your press release