IMF Signs Agreement to Borrow up to €280 Million from the Bank of Slovenia
The International Monetary Fund (IMF) and the Bank of Slovenia have signed an agreement to provide the Fund with up to €280 million (about US$388 million). The agreement, which became effective today, is part of a commitment made by the European Union in March 2009 to contribute up to €75 billion (then equal to about US$100 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. 10/145).
The signing of the agreement with the Bank of Slovenia means the Fund can now add these resources to those already available through 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.