A Framework for the Fund's Issuance of Notes to the Official Sector

Date: June 17, 2009
Electronic Access: Full Text

Summary:On July 1, 2009, the Executive Board of the International Monetary Fund discussed the Managing Director's proposal for a framework for issuing notes to the official sector. The framework approved by the Executive Board was adapted on the basis of these discussions, as reflected in supplement 2 of the paper. It enables members to invest in IMF paper under note purchase agreements approved by the Board, without any pre-specified limit on the cumulative amount committed under note purchase agreements. The actual issuance of notes will occur should the IMF need additional resources at the time of a loan disbursement to a member. The notes would have similar financial terms to the IMF’s recent bilateral borrowing agreements.

Series : Policy Paper
Subject(s): External financing | Financial instruments | Real sector | Borrowing by Fund | New Arrangements to Borrow | Fund general resources | Fund approval proposed | Article VII, Section 1(i) | Holdings of Fund | Borrowed resources use