Policy Papers

This notification summarizes the outcome of consultations with
Washington-based

representatives of participants in the General Arrangements to Borrow (GAB)
on a

possible renewal of the GAB decision. By way of background, the GAB was
established in 1962

and is a standing agreement between the Fund and 11 participants to
supplement the Fund’s

quota resources (see Box 1). The GAB decision stipulates that the
arrangements are subject to

periodic renewal, and that decisions on renewal must be taken one year
prior to expiration. The

last renewal became effective in December 2013. Accordingly, the Fund would
need to adopt a

decision on renewal not later than twelve months before the end of the
current period, i.e., not

later than December 25, 2017.