Press Release: IMF Signs Agreement to Borrow up to €8.11 Billion from Bank of Italy
March 14, 2011Press Release No. 11/76
March 14, 2011
The International Monetary Fund (IMF) and the Bank of Italy have signed an agreement to provide the Fund with up to €8.11 billion (about US$11.17 billion). The agreement 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 Releases No. 10/145 and No. 11/74).
The signing of the agreement with the Bank of Italy 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.