Press Release No. 18/62

• The Banque de France agrees to lend US$2.9 billion to the Poverty Reduction and Growth Trust benefiting low income member countries

The International Monetary Fund (IMF), as Trustee of the Poverty Reduction and Growth Trust (PRGT), and the Banque de France have signed a borrowing agreement through which France will provide up to SDR 2 billion (about US$2.9 billion) in new loan resources for the PRGT benefitting the IMF’s low-income member countries.

This agreement, made effective on February 1, 2018, constitutes France’s sixth loan contribution to the PRGT and puts France among the largest contributors to have provided new PRGT loan resources under the current fund-raising campaign to increase resources available for concessional lending. Following the Executive Board’s endorsement, the Managing Director launched this campaign in November 2015 with a target of raising SDR 11 billion in new bilateral loan resources (see Update on the Financing of the Fund's Concessional Assistance and Debt Relief to Low-Income Member Countries ).

France’s continued support of the PRGT in loan resources for the IMF’s low-income member countries is a critical element towards sustaining the Fund’s concessional lending operations over the medium-term.

Useful links :

Factsheet: Financing the IMF's Concessional Lending to Low-Income Countries

Factsheet: Where the Fund gets its Money