National Bank of Poland Joins the IMF’s Standing Borrowing ArrangementsPress Release No. 11/421
November 18, 2011
The International Monetary Fund (IMF) announced today that the National Bank of Poland has joined the Fund’s New Arrangements to Borrow (NAB) with immediate effect. The NAB is a standing set of credit lines under which now 37 members or their institutions have committed to provide supplementary resources to the IMF totaling up to SDR 366.1 billion (about US$573 billion1). The National Bank of Poland’s commitment to the NAB is SDR 2.5 billion (about US$4 billion).
The NAB is supplementary to quota resources, which are made up of the quota subscriptions each member pays upon joining the Fund and in the context of quota increases thereafter, broadly based on its relative size in the world economy. The IMF is a quota-based institution, and the Fund’s Board of Governors has emphasized that each member of the Fund commits to use its best efforts to complete the steps required to make the quota increase under the 14th General Review of Quotas effective no later than the Annual Meetings in 2012.
The expanded NAB became effective on March 11, 2011 (see Press Release No. 11/74) and since it was first activated on April 1, 2011, some SDR 28.6 billion have been committed to Fund-supported programs for which NAB resources could be drawn, and actual drawings under the NAB amounted to SDR 6.8 billion (US$11 billion). The NAB was most recently activated for the maximum period of six months commencing on October 1, 2011 (see Press Release No. 11/342).