Press Release: IMF Signs SDR 200 Million Borrowing Agreement with the Danmarks Nationalbank to Support Lending to Low-Income Countries
February 19, 2010Press Release No. 10/ 51
February 19, 2010
The International Monetary Fund (IMF), as Trustee of the Poverty Reduction and Growth Trust (PRGT), has signed a borrowing agreement with the Danmarks Nationalbank, through which Denmark will provide the PGRT with SDR 200 million (about US$305 million) in new loan resources for low-income countries.
This agreement, signed on January 28, 2010, expands the IMF’s capacity to help low-income countries hit hard by the current global crisis, and increases the loan resources available for the recently reformed concessional lending facilities. Following the Executive Board’s approval of these reforms in July 2009, the Managing Director has launched a fund-raising campaign seeking SDR 9 billion in new bilateral loan resources and SDR 0.2-0.4 billion in bilateral subsidy contributions (see Press Release No. 09/268).