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Press Release: IMF Signs €1.95 Billion Borrowing Agreement with the Danish Central Bank
November 5, 2009
The International Monetary Fund (IMF) and the Danmarks Nationalbank, the central bank of Denmark, have signed a borrowing agreement to provide the Fund with up to €1.95 billion (about US$2.9 billion). The agreement is part of a commitment made by the European Union in March 2009 to contribute up to €75 billion to support the IMF’s lending capacity (See Press Release No. 09/82). The European Union has since committed an additional €50 billion to the Fund’s expanded New Arrangements to Borrow (see Press Release No. 09/298).
The signing of the agreement with the Danmarks Nationalbank means the Fund can now add these resources to those already available through borrowing agreements signed with other members. These agreements contribute toward an increase in Fund resources that was requested in April 2009 by G-20 leaders and the International Monetary and Financial Committee in order to provide timely and effective balance of payments assistance to its members in the current crisis.
Useful links:
Text of the borrowing agreement with the Danmarks Nationalbank
http://www.imf.org/external/np/pp/eng/2009/110409.pdf
Agreements bolstering lending capacity:
http://www.imf.org/external/np/exr/faq/contribution.htm
Press Release 09/82 on European Union financial support for the IMF:
http://www.imf.org/external/np/sec/pr/2009/pr0982.htm
IMFC Communiqué, April 25, 2009:
http://www.imf.org/external/np/sec/pr/2009/pr09139.htm
April 2009 G-20 London Summit final Communiqué:
http://www.londonsummit.gov.uk/resources/en/news/15766232/communique-020409
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