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 [1]. 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) |
USD |
5 |
|
|
Australia |
SDR |
4.61 |
|
|
Austria (Oesterreichische Nationalbank) |
EUR |
6.13 |
|
|
Belgium (National Bank of Belgium) |
EUR |
9.99 |
|
|
Brazil (Banco Central do Brasil) |
USD |
10 |
|
|
Brunei Darussalam |
USD |
0.3 |
|
|
Canada |
SDR |
8.2 |
|
|
Chile (Central Bank of Chile) |
SDR |
0.96 |
|
|
China (People's Bank of China) |
USD |
43 |
|
|
Czech Republic (Czech National Bank) |
Link |
EUR |
1.5 |
|
Denmark (Danmarks Nationalbank) |
EUR |
5.3 |
|
|
Finland (Bank of Finland) |
EUR |
3.76 |
|
|
France |
EUR |
31.4 |
|
|
Germany (Deutsche Bundesbank) |
EUR |
41.5 |
|
|
India (Reserve Bank of India) |
USD |
10 |
|
|
Italy (Bank of Italy) |
EUR |
23.48 |
|
|
Japan |
USD |
60 |
|
|
Korea |
USD |
15 |
|
|
Luxembourg |
EUR |
2.06 |
|
|
Malaysia (Bank Negara Malaysia) |
USD |
1 |
|
|
Malta (Central Bank of Malta) |
EUR |
0.26 |
|
|
Mexico (Banco de Mexico) |
USD |
10 |
|
|
Netherlands (De Nederlandsche Bank NV) |
EUR |
13.61 |
|
|
New Zealand |
USD |
1 |
|
|
Norway (Norges Bank) |
SDR |
6 |
|
|
Peru (Central Reserve Bank of Peru) |
SDR |
1.1 |
|
|
Philippines (Bangko Sentral ng Pilipinas) |
USD |
1 |
|
|
Poland (Narodowy Bank Polski) |
EUR |
6.27 |
|
|
Russia (Central Bank of the Russian Federation) |
USD |
10 |
|
|
Saudi Arabia |
USD |
15 |
|
|
Singapore (Monetary Authority of Singapore) |
USD |
4 |
|
|
Slovak Republic |
EUR |
1.56 |
|
|
Slovenia (Bank of Slovenia) |
EUR |
0.91 |
|
|
South Africa (South African Reserve Bank) |
USD |
2 |
|
|
Spain |
EUR |
14.86 |
|
|
Sweden (Sveriges Riksbank) |
SDR |
7.4 |
|
|
Switzerland (Swiss National Bank) |
CHF |
8.5 |
|
|
Thailand (Bank of Thailand) |
USD |
4 |
|
|
Turkey (Central Bank of the Republic of Turkey) |
USD |
5 |
|
|
United Kingdom |
SDR |
9.17822 |
|
Useful Links:
Guidelines for Borrowing by the Fund
Communiqué of the Thirty-Fourth Meeting of the International Monetary and Financial Committee (IMFC)
[1] This press release was updated on September 13, 2018, to reflect the coming into effect of the agreement with the Czech Republic (Czech National Bank) on September 12, 2018. As such, 40 agreements are now effective.
IMF Communications Department
MEDIA RELATIONS
PRESS OFFICER: Andrew Kanyegirire
Phone: +1 202 623-7100Email: MEDIA@IMF.org