## Loan Agreement between the Bank of Slovenia and the International Monetary Fund

## Source details

**Canonical URL:** [Loan Agreement between the Bank of Slovenia and the International Monetary Fund](https://www.imf.org/-/media/files/news/press-release/2021/pr214/pr214-signed-slovenia-2020-borrowing-agreements.pdf)

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### Purposes, amounts, and legal basis
- Loan Amount: SDR-denominated amount up to the equivalent of EUR 910 million (the “Loan Amount”).
- Rolled Back Loan Amount: upon effectiveness of the NAB Reform (Decision No. 16645-(20/5), adopted January 16, 2020), the Loan Amount will be automatically reduced to an SDR-denominated amount up to the equivalent of EUR 392 million (the “Rolled Back Loan Amount”).
- Legal basis: Article VII, Section 1(i) of the Fund’s Articles of Agreement; to replenish holdings of any member’s currency in the General Resources Account (“GRA”).
- Context: Agreement considered in light of the Guidelines for Borrowing by the Fund; borrowing is a temporary supplement to quota resources.
- Terminology: this agreement is one of the “2020 Borrowing Agreements”; earlier agreements under the August 2016 framework are “2016 Borrowing Agreements”; collectively “Bilateral Borrowing Agreements”.

### Term, activation, and use of resources
- Term:
  - Ends on December 31, 2023.
  - Fund may extend term for one further year through December 31, 2024 by Executive Board decision with Bank of Slovenia consent.
- Activation conditions (2020 Borrowing Agreements):
  - Managing Director must notify Executive Board that modified FCC (as defined in Decision No. 14906-(11/38), adopted April 20, 2011, and taking into account all available uncommitted resources under the NAB) is below SDR 100 billion (the “activation threshold”).
  - NAB must be activated as of notification time, or there are no available uncommitted resources under the NAB at that time.
  - Activation must be approved by creditors representing at least 85 percent of the total credit amount committed under the 2020 Borrowing Agreements by creditors eligible to vote on such activation.
- Uses during activation:
  - Fund may use resources under this agreement to fund outright purchases from the GRA during the term.
  - Fund may approve commitments whose purchases could be funded by drawings under this agreement at any time during the period of such commitments, including after expiration or during deactivation.
  - Resources may be used to fund early repayment of claims under other 2020 Borrowing Agreements if relevant creditors request early repayment as specified in paragraph 8.
- Drawing objective: achieve over time broadly balanced positions among creditors under all Bilateral Borrowing Agreements relative to their commitments.
- Deactivation:
  - Automatic when NAB is no longer activated unless no available uncommitted resources under NAB.
  - Deactivated if Managing Director notifies Executive Board that modified FCC (excluding Bilateral Borrowing Agreements amounts) has risen above activation threshold and either (i) Executive Board determines activation unnecessary; or (ii) six months elapse since notification without the modified FCC falling below activation threshold.
  - If deactivated and modified FCC later falls below activation threshold, activation rules in paragraph 2(b) apply.

### Estimates, notices, and limitations on drawings
- Estimates and inclusion:
  - Prior to each plan period, Fund shall provide Bank of Slovenia with best estimates of expected drawings and revised estimates as warranted.
  - No inclusion/no drawings if Slovenia is not included or proposed to be included in the Financial Transactions Plan for transfers of its currency.
  - No drawings if Slovenia was included in the plan but at time of drawing Slovenia’s currency is not used because of Slovenia’s balance of payments and reserve position.
  - If Slovenia is subsequently included in the Financial Transactions Plan after activation vote, drawings may fund purchases and commitments during the activation period unless Bank of Slovenia notifies Fund it does not wish to be drawn upon.
- Notice requirements:
  - At least five business days’ (Ljubljana) notice of intention to draw.
  - Payment instructions at least two business days (Fund) prior to value date by rapid authenticated communication (e.g., SWIFT).
  - Exceptional circumstances: at least three business days (Ljubljana) notice; Bank of Slovenia to make best efforts to meet such a call.
- Maturity limits and drawing caps:
  - No drawing shall cause cumulative amount drawn under this agreement and the 2016 Borrowing Agreement to:
    - (i) exceed the Loan Amount prior to the effectiveness of the NAB Reform, or
    - (ii) exceed the Rolled Back Loan Amount upon and after the effectiveness of the NAB Reform, as calculated pursuant to paragraph 10(b).

### Maturity, extensions, and repayments
- Standard maturity: each drawing shall have a maturity date of three months from the drawing date, except as provided in paragraph 5 and paragraph 8.
- Extensions:
  - Fund may elect to extend maturity in additional periods of three months after initial maturity.
  - Extension automatically deemed elected for all drawings unless Fund notifies Bank of Slovenia at least five business days (Fund) before a maturity date that it does not elect to extend a particular drawing or portion.
  - Limits on extensions:
    - Maturity date for any drawing to fund purchases from the GRA shall not be extended later than the tenth anniversary of the date of such drawing.
    - Maturity date for drawings to fund early repayments of other creditors’ claims shall be a single common maturity date that is the longest remaining maximum maturity of any claim for which early repayment requested or the tenth anniversary of the date of the relevant drawing to fund early repayment, whichever is earlier.
- Repayment mechanics:
  - Fund shall repay principal on applicable maturity date.
  - Early repayment by Fund may occur in part or in full after consultation and with at least five business days (Fund) notice via rapid authenticated means.
  - Repayments do not restore drawing capacity pro tanto; extensions do not reduce drawable amount.
  - If maturity date is not a business day at place of payment, payment date is next business day there; interest accrues until payment date.

### Rate of interest, calculation, and payment dates
- Interest rate:
  - Each drawing bears interest at the SDR interest rate established by the Fund pursuant to Article XX, Section 3 of the Fund’s Articles of Agreement.
  - Exception: if Fund pays a higher interest rate on outstanding balances from any other comparable borrowing effected pursuant to Article VII, Section 1(i), and while that higher rate remains in effect, interest payable on drawings under this agreement shall be equivalent to that higher rate.
- Interest calculation and payment:
  - Calculated on outstanding amount of each drawing.
  - Interest accrues daily.
  - Interest paid promptly after each July 31, October 31, January 31, and April 30.

### Denomination, payment modalities, and currencies
- Denomination: each drawing and corresponding repayment denominated in SDRs.
- Payment mechanics:
  - Unless otherwise agreed, Bank of Slovenia pays each drawing by transfer of the SDR equivalent amount of euro to the Fund’s account at Slovenia’s designated depository on the specified value date.
  - For drawings pursuant to paragraph 2(e), Bank of Slovenia shall ensure that balances drawn that are not balances of a freely usable currency can be exchanged for a freely usable currency of its choice; for balances that are freely usable currencies, Bank of Slovenia shall collaborate with Fund and other members to enable exchange for another freely usable currency.
- Repayment currencies:
  - Except as provided in paragraph 8, principal repayment shall be made, as determined by the Fund, in the currency borrowed whenever feasible, in euro, in special drawing rights (subject to Article XIX, Section 4 SDR holdings limit unless Slovenia agrees to accept above that limit), in freely usable currencies, or with Bank of Slovenia agreement in other currencies included in the Fund’s Financial Transactions Plan for transfers.
- Interest payments: normally in SDRs; Fund and Bank of Slovenia may agree interest payments be made in euro.
- Payment accounts:
  - All payments in euro to an account specified by Bank of Slovenia.
  - Payments in SDRs by crediting Slovenia’s account in the Special Drawing Rights Department.
  - Payments in any other currency to an account specified by Bank of Slovenia.

### Early repayment at Bank of Slovenia request (paragraph 8)
- Bank of Slovenia may request early repayment at face value of all or part of outstanding drawings if:
  - (i) Bank of Slovenia represents Slovenia’s balance of payments and reserve position justifies repayment; and
  - (ii) Fund, giving the representation the overwhelming benefit of any doubt, determines there is a need for the early repayment in light of Slovenia’s balance of payments and reserve position.
- Repayments under this paragraph may be made in SDRs or a freely usable currency as determined by the Fund or, with Bank of Slovenia agreement, in currencies of other members included in the Fund’s Financial Transactions Plan for transfers.

### Evidence of indebtedness and reporting
- Outstanding drawings included in Slovenia’s position statements published monthly by the Fund.
- At Bank of Slovenia request, Fund shall issue non-negotiable instruments evidencing indebtedness under this agreement.
  - Upon repayment of an instrument and accrued interest, instrument returned for cancellation.
  - If partially repaid, instrument returned and a new instrument for remainder substituted with same maturity date.

### Transferability and conditions on transfers
- General rule: Bank of Slovenia may not transfer obligations under this agreement or claims resulting from outstanding drawings except with prior Fund consent and on Fund-approved terms.
- Permitted transfers (any time): Bank of Slovenia may transfer all or part of any claim to:
  - any member of the Fund;
  - the central bank or other fiscal agency designated by any member for Article V, Section 1 purposes (“other fiscal agency”);
  - any official entity prescribed as a holder of SDRs pursuant to Article XVII, Section 3.
- Conditions on transferee (for transfers under subparagraph (b)):
  - Transferee shall assume Bank of Slovenia’s liability under paragraph 5(a) regarding extension of maturity of drawings related to transferred claim.
  - Transferred claim held on same terms and conditions, except:
    - (i) Transferee acquires right to request early repayment under paragraph 8 only if it is a member, or central bank or other fiscal agency of a member, and at transfer time the member’s balance of payments and reserve position is considered sufficiently strong for its currency to be used in transfers under the Financial Transactions Plan.
    - (ii) If transferee is a member or central bank/other fiscal agency of a member, reference to euro in paragraph 7 deemed to refer to the currency of the relevant member; otherwise deemed to refer to a freely usable currency determined by the Fund.
    - (iii) Payments related to transferred claim made to an account specified by the transferee.
    - (iv) References to business days (Ljubljana) deemed to refer to business days in place where transferee is situated.
- Transfer price: as agreed between Bank of Slovenia and transferee.
- Notification: Bank of Slovenia shall promptly notify the Fund of the claim being transferred, transferee name, amount transferred, agreed price, and value date.
- Fund records: transfer notified under the preceding notification will be reflected in Fund records if in accordance with paragraph 9 terms and conditions.
- Transfer effectiveness and interest on transferred claims:
  - Transfer effective as of the value date agreed between the Bank of Slovenia and the transferee.
  - If all or part of a claim is transferred during a quarterly period as described in paragraph 6(b), the Fund shall pay interest to the transferee on the amount of the claim transferred for the whole of that period.
  - If requested, the Fund shall assist in seeking to arrange transfers.

### Exchange rates, SDR valuation changes, non‑subordination, and cooperation
- Effective exchange rate (Paragraph 10):
  - 10(a): Unless otherwise agreed between the Bank of Slovenia and the Fund, all drawings, exchanges, and payments of principal and interest under this agreement shall be made at the exchange rates for the relevant currencies in terms of the SDR established pursuant to Article XIX, Section 7(a) of the Fund’s Articles of Agreement and the rules and regulations of the Fund thereunder for the second business day of the Fund before the value date of the transfer, exchange or payment.
    - If this exchange rate determination date is not a business day in Ljubljana, such date shall be the last preceding business day of the Fund that is also a business day in Ljubljana.
  - 10(b): For purposes of applying the limit on drawings as specified in paragraphs 1(a), 15(b) and 15(d), the euro value of each SDR-denominated drawing shall be determined and permanently fixed on the value date of the drawing based on the euro/SDR exchange rate established pursuant to Article XIX, Section 7(a) of the Fund’s Articles of Agreement and the rules and regulations of the Fund thereunder for the second business day of the Fund before the value date of the drawing.
    - If this exchange rate determination date is not a business day in Ljubljana, such date shall be the last preceding business day of the Fund that is also a business day in Ljubljana.
- Changes in valuation method of the SDR (Paragraph 11):
  - If the Fund changes the method of valuing the SDR, all transfers, exchanges and payments of principal and interest made two or more business days of the Fund after the effective date of the change shall be made on the basis of the new method of valuation.
- Non-subordination of claims (Paragraph 12):
  - The Fund agrees that it will not take any action that would have the effect of making the Bank of Slovenia’s claims on the Fund resulting from outstanding drawings under this agreement subordinate in any way to claims on the Fund resulting from any other borrowing effected pursuant to Article VII, Section 1(i) of the Fund’s Articles of Agreement.
- Settlement of questions (Paragraph 13): Any question arising under this agreement shall be settled by mutual agreement between the Bank of Slovenia and the Fund.
- Cooperation (Paragraph 14): The Bank of Slovenia stands ready to cooperate with the Fund in the spirit of IMFC/G-20 commitments as needed and appropriate.

### Transitional arrangements (Paragraph 15)
- 15(a):
  - Regardless of whether this agreement is activated or not, the Fund:
    - (i) shall make drawings under this agreement to repay any outstanding claims under the Bank of Slovenia’s 2016 Borrowing Agreement, and
    - (ii) may make drawings under this agreement to fund purchases under commitments approved by the Fund during an activation of the 2016 Borrowing Agreements or to fund early repayment of claims under other 2016 Borrowing Agreements in case the creditor represents a balance of payments need;
      - provided that notwithstanding paragraph 5(a) of this agreement the maximum maturity date of the claim from the repayment herein shall be the residual maximum maturity date of the claim that is repaid with drawings under this agreement; and
      - provided further that any claims under this agreement that result from the repayment herein shall be considered claims under the 2016 Borrowing Agreements for purposes of funding the early repayment of these claims in case of balance of payments need in accordance with the 2016 Borrowing Agreements.
- 15(b):
  - If, following the entry into effect of the NAB Reform, the Bank of Slovenia’s outstanding claims under the Bank of Slovenia’s 2016 Borrowing Agreement and this agreement are in excess of the Rolled Back Loan Amount as calculated pursuant to paragraph 10(b), the Fund shall repay any outstanding claims under the Bank of Slovenia’s 2016 Borrowing Agreement and this agreement in excess of the Rolled Back Loan Amount;
    - provided that claims with shorter remaining maximum maturities shall be repaid before those with longer remaining maximum maturities.
- 15(c): After the entry into force of this agreement, the Fund may make no further drawing under the Bank of Slovenia’s 2016 Borrowing Agreement.
- 15(d): No drawing under this agreement shall be made that would cause the cumulative amount drawn under both this agreement and the 2016 Borrowing Agreement between the Bank of Slovenia and the Fund, at the time of such drawing, to:
  - (i) exceed the Loan Amount prior to the effectiveness of the NAB Reform, or
  - (ii) exceed the Rolled Back Loan Amount upon and after the effectiveness of the NAB Reform, as calculated pursuant to paragraph 10(b).

### Final provisions and signatures
- Execution and effectiveness:
  - 16(a): This agreement may be executed in duplicate counterparts, each of which shall be deemed an original and both of which together shall constitute but one and the same instrument.
  - 16(b): This agreement shall become effective on the date last signed below or on the date on which Slovenia provides the concurrence that is required under Article VII, Section 1(i) of the Fund’s Articles of Agreement for Fund borrowing of euro from the Bank of Slovenia, or on January 1, 2021, whichever is later.
- Signature blocks and dates:
  - For the Bank of Slovenia:
    - Honorable Boštjan Vasle, Governor
    - Date (first signature block): [blank]
  - For the International Monetary Fund:
    - Kristalina Georgieva, Managing Director
    - Date (first signature block): 10/14/2020
  - For the Bank of Slovenia (second signature block):
    - Honorable Boštjan Vasle, Governor
    - Date (second signature block): [blank]
  - For the International Monetary Fund (second signature block):
    - Kristalina Georgieva, Managing Director
    - Date (second signature block): 10/23/2020

*Loan Agreement between the Bank of Slovenia and the International Monetary Fund — Sections 1–2 (source PDF).*

### Section 1

### Loan Agreement between the Bank of Slovenia and the International Monetary Fund

### 1. Purposes and Amounts
- Loan Amount: SDR-denominated amount up to the equivalent of EUR 910 million (the “Loan Amount”).
- Rolled Back Loan Amount: upon effectiveness of the NAB Reform (Decision No. 16645-(20/5), adopted January 16, 2020), the Loan Amount will be automatically reduced to an SDR-denominated amount up to the equivalent of EUR 392 million (the “Rolled Back Loan Amount”).
- Legal basis: Article VII, Section 1(i) of the Fund’s Articles of Agreement; to replenish holdings of any member’s currency in the General Resources Account (“GRA”).
- Context: Agreement considered in light of the Guidelines for Borrowing by the Fund; borrowing is a temporary supplement to quota resources.
- Terminology: This agreement is one of the “2020 Borrowing Agreements”; earlier agreements under the August 2016 framework are “2016 Borrowing Agreements”; collectively “Bilateral Borrowing Agreements”.

### 2. Term of the Agreement and Use
- Term: ends on December 31, 2023; Fund may extend term for one further year through December 31, 2024 by Executive Board decision with Bank of Slovenia consent.
- Activation conditions (2020 Borrowing Agreements):
  - Managing Director must notify Executive Board that modified FCC (as defined in Decision No. 14906-(11/38), adopted April 20, 2011, and taking into account all available uncommitted resources under the NAB) is below SDR 100 billion (the “activation threshold”).
  - NAB must be activated as of notification time, or there are no available uncommitted resources under the NAB at that time.
  - Activation must be approved by creditors representing at least 85 percent of the total credit amount committed under the 2020 Borrowing Agreements by creditors eligible to vote on such activation.
- Creditor voting: Managing Director conducts a written proposal and request for vote; creditors ineligible to vote if their 2020 Borrowing Agreement is not effective or the member is not included in the Financial Transactions Plan for transfers of its currency.
- Pre-activation engagement: Managing Director may approach creditors before modified FCC falls below the activation threshold in extraordinary circumstances.
- Deactivation:
  - Automatic when NAB is no longer activated unless no available uncommitted resources under NAB.
  - Deactivated if Managing Director notifies Executive Board that modified FCC (excluding Bilateral Borrowing Agreements amounts) has risen above activation threshold and either (i) Executive Board determines activation unnecessary; or (ii) six months elapse since notification without the modified FCC falling below activation threshold.
  - If deactivated and modified FCC later falls below activation threshold, activation rules in paragraph 2(b) apply.
- Uses during activation:
  - Fund may use resources under this agreement to fund outright purchases from the GRA during the term.
  - Fund may approve, during the term, commitments whose purchases could be funded by drawings under this agreement at any time during the period of such commitments, including after expiration or during deactivation; commitments covered include any whose approval caused the activation threshold to be reached.
  - Resources may be used to fund early repayment of claims under other 2020 Borrowing Agreements if relevant creditors request early repayment as specified in paragraph 8; drawings to fund such early repayment may be made for as long as claims under the 2020 Borrowing Agreements remain outstanding, including after expiration or during deactivation.
- Drawing objective: achieve over time broadly balanced positions among creditors under all Bilateral Borrowing Agreements relative to their commitments.

### 3. Estimates, Notices, and Limits on Drawings
- Prior to each plan period, Fund shall provide Bank of Slovenia with best estimates of expected drawings and revised estimates as warranted.
- No inclusion/no drawings if Slovenia is not included or proposed to be included in the Financial Transactions Plan for transfers of its currency.
- No drawings if Slovenia was included in the plan but at time of drawing Slovenia’s currency is not used because of Slovenia’s balance of payments and reserve position.
- If Slovenia is subsequently included in the Financial Transactions Plan after activation vote, drawings may fund purchases and commitments during the activation period unless Bank of Slovenia notifies Fund it does not wish to be drawn upon.
- Notice requirements:
  - At least five business days’ (Ljubljana) notice of intention to draw.
  - Payment instructions at least two business days (Fund) prior to value date by rapid authenticated communication (e.g., SWIFT).
  - Exceptional circumstances: at least three business days (Ljubljana) notice; Bank of Slovenia to make best efforts to meet such a call.

### 4. Evidence of Indebtedness
- Outstanding drawings included in Slovenia’s position statements published monthly by the Fund.
- At Bank of Slovenia request, Fund shall issue non-negotiable instruments evidencing indebtedness under this agreement.
  - Upon repayment of an instrument and accrued interest, instrument returned for cancellation.
  - If partially repaid, instrument returned and a new instrument for remainder substituted with same maturity date.

### 5. Maturity
- Standard maturity: each drawing shall have a maturity date of three months from the drawing date, except as provided in paragraph 5 and paragraph 8.
- Extensions:
  - Fund may elect to extend maturity in additional periods of three months after initial maturity.
  - Extension automatically deemed elected for all drawings unless Fund notifies Bank of Slovenia at least five business days (Fund) before a maturity date that it does not elect to extend a particular drawing or portion.
  - Limits on extensions:
    - Maturity date for any drawing to fund purchases from the GRA shall not be extended later than the tenth anniversary of the date of such drawing.
    - Maturity date for drawings to fund early repayments of other creditors’ claims shall be a single common maturity date that is the longest remaining maximum maturity of any claim for which early repayment requested or the tenth anniversary of the date of the relevant drawing to fund early repayment, whichever is earlier.
- Repayment: Fund shall repay principal on applicable maturity date.
- Early repayment by Fund: may repay in part or in full after consultation and with at least five business days (Fund) notice via rapid authenticated means.
- Repayments do not restore drawing capacity pro tanto; extensions do not reduce drawable amount.
- If maturity date is not a business day at place of payment, payment date is next business day there; interest accrues until payment date.

### 6. Rate of Interest
- Interest rate: each drawing bears interest at the SDR interest rate established by the Fund pursuant to Article XX, Section 3 of the Fund’s Articles of Agreement.
- Exception: if Fund pays a higher interest rate on outstanding balances from any other comparable borrowing effected pursuant to Article VII, Section 1(i), and while that higher rate remains in effect, interest payable on drawings under this agreement shall be equivalent to that higher rate.
- Interest calculation and payment:
  - Calculated on outstanding amount of each drawing.
  - Interest accrues daily.
  - Interest paid promptly after each July 31, October 31, January 31, and April 30.

### 7. Denomination, Media and Modalities of Drawings and Payments
- Denomination: each drawing and corresponding repayment denominated in SDRs.
- Payment mechanics:
  - Unless otherwise agreed, Bank of Slovenia pays each drawing by transfer of the SDR equivalent amount of euro to the Fund’s account at Slovenia’s designated depository on the specified value date.
  - For drawings pursuant to paragraph 2(e), Bank of Slovenia shall ensure that balances drawn that are not balances of a freely usable currency can be exchanged for a freely usable currency of its choice; for balances that are freely usable currencies, Bank of Slovenia shall collaborate with Fund and other members to enable exchange for another freely usable currency.
- Repayment currencies:
  - Except as provided in paragraph 8, principal repayment shall be made, as determined by the Fund, in the currency borrowed whenever feasible, in euro, in special drawing rights (subject to Article XIX, Section 4 SDR holdings limit unless Slovenia agrees to accept above that limit), in freely usable currencies, or with Bank of Slovenia agreement in other currencies included in the Fund’s Financial Transactions Plan for transfers.
- Interest payments: normally in SDRs; Fund and Bank of Slovenia may agree interest payments be made in euro.
- Payment accounts:
  - All payments in euro to an account specified by Bank of Slovenia.
  - Payments in SDRs by crediting Slovenia’s account in the Special Drawing Rights Department.
  - Payments in any other currency to an account specified by Bank of Slovenia.

### 8. Early Repayment at Request of the Bank of Slovenia
- Bank of Slovenia may request early repayment at face value of all or part of outstanding drawings if:
  - (i) Bank of Slovenia represents Slovenia’s balance of payments and reserve position justifies repayment; and
  - (ii) Fund, giving the representation the overwhelming benefit of any doubt, determines there is a need for the early repayment in light of Slovenia’s balance of payments and reserve position.
- Repayments under this paragraph may be made in SDRs or a freely usable currency as determined by the Fund or, with Bank of Slovenia agreement, in currencies of other members included in the Fund’s Financial Transactions Plan for transfers.

### 9. Transferability
- General rule: Bank of Slovenia may not transfer obligations under this agreement or claims resulting from outstanding drawings except with prior Fund consent and on Fund-approved terms.
- Permitted transfers (any time): Bank of Slovenia may transfer all or part of any claim to:
  - any member of the Fund;
  - the central bank or other fiscal agency designated by any member for Article V, Section 1 purposes (“other fiscal agency”);
  - any official entity prescribed as a holder of SDRs pursuant to Article XVII, Section 3.
- Conditions on transferee (for transfers under subparagraph (b)):
  - Transferee shall assume Bank of Slovenia’s liability under paragraph 5(a) regarding extension of maturity of drawings related to transferred claim.
  - Transferred claim held on same terms and conditions, except:
    - (i) Transferee acquires right to request early repayment under paragraph 8 only if it is a member, or central bank or other fiscal agency of a member, and at transfer time the member’s balance of payments and reserve position is considered sufficiently strong for its currency to be used in transfers under the Financial Transactions Plan.
    - (ii) If transferee is a member or central bank/other fiscal agency of a member, reference to euro in paragraph 7 deemed to refer to the currency of the relevant member; otherwise deemed to refer to a freely usable currency determined by the Fund.
    - (iii) Payments related to transferred claim made to an account specified by the transferee.
    - (iv) References to business days (Ljubljana) deemed to refer to business days in place where transferee is situated.
- Transfer price: as agreed between Bank of Slovenia and transferee.
- Notification: Bank of Slovenia shall promptly notify the Fund of the claim being transferred, transferee name, amount transferred, agreed price, and value date.
- Fund records: transfer notified under the preceding notification will be reflected in Fund records if in accordance with paragraph 9 terms and conditions.

*Loan Agreement between the Bank of Slovenia and the International Monetary Fund — Section 1 (source PDF).*

### Section 2

### pr214-signed-slovenia-2020-borrowing-agreements - Section 2

### Transfer effectiveness and interest on transferred claims
- The transfer shall be effective as of the value date agreed between the Bank of Slovenia and the transferee.
- Paragraph 7(g): If all or part of a claim is transferred during a quarterly period as described in paragraph 6(b), the Fund shall pay interest to the transferee on the amount of the claim transferred for the whole of that period.
- Paragraph 7(h): If requested, the Fund shall assist in seeking to arrange transfers.

### Effective exchange rate (Paragraph 10)
- 10(a): Unless otherwise agreed between the Bank of Slovenia and the Fund, all drawings, exchanges, and payments of principal and interest under this agreement shall be made at the exchange rates for the relevant currencies in terms of the SDR established pursuant to Article XIX, Section 7(a) of the Fund’s Articles of Agreement and the rules and regulations of the Fund thereunder for the second business day of the Fund before the value date of the transfer, exchange or payment.
  - If this exchange rate determination date is not a business day in Ljubljana, such date shall be the last preceding business day of the Fund that is also a business day in Ljubljana.
- 10(b): For purposes of applying the limit on drawings as specified in paragraphs 1(a), 15(b) and 15(d), the euro value of each SDR-denominated drawing shall be determined and permanently fixed on the value date of the drawing based on the euro/SDR exchange rate established pursuant to Article XIX, Section 7(a) of the Fund’s Articles of Agreement and the rules and regulations of the Fund thereunder for the second business day of the Fund before the value date of the drawing.
  - If this exchange rate determination date is not a business day in Ljubljana, such date shall be the last preceding business day of the Fund that is also a business day in Ljubljana.

### Changes in valuation method of the SDR (Paragraph 11)
- If the Fund changes the method of valuing the SDR, all transfers, exchanges and payments of principal and interest made two or more business days of the Fund after the effective date of the change shall be made on the basis of the new method of valuation.

### Non-subordination of claims (Paragraph 12)
- The Fund agrees that it will not take any action that would have the effect of making the Bank of Slovenia’s claims on the Fund resulting from outstanding drawings under this agreement subordinate in any way to claims on the Fund resulting from any other borrowing effected pursuant to Article VII, Section 1(i) of the Fund’s Articles of Agreement.

### Settlement of questions (Paragraph 13)
- Any question arising under this agreement shall be settled by mutual agreement between the Bank of Slovenia and the Fund.

### Cooperation with the Fund (Paragraph 14)
- The Bank of Slovenia stands ready to cooperate with the Fund in the spirit of IMFC/G-20 commitments as needed and appropriate.

### Transitional arrangements (Paragraph 15)
- 15(a):
  - Regardless of whether this agreement is activated or not, the Fund:
    - (i) shall make drawings under this agreement to repay any outstanding claims under the Bank of Slovenia’s 2016 Borrowing Agreement, and
    - (ii) may make drawings under this agreement to fund purchases under commitments approved by the Fund during an activation of the 2016 Borrowing Agreements or to fund early repayment of claims under other 2016 Borrowing Agreements in case the creditor represents a balance of payments need;
      - provided that notwithstanding paragraph 5(a) of this agreement the maximum maturity date of the claim from the repayment herein shall be the residual maximum maturity date of the claim that is repaid with drawings under this agreement; and
      - provided further that any claims under this agreement that result from the repayment herein shall be considered claims under the 2016 Borrowing Agreements for purposes of funding the early repayment of these claims in case of balance of payments need in accordance with the 2016 Borrowing Agreements.
- 15(b):
  - If, following the entry into effect of the NAB Reform, the Bank of Slovenia’s outstanding claims under the Bank of Slovenia’s 2016 Borrowing Agreement and this agreement are in excess of the Rolled Back Loan Amount as calculated pursuant to paragraph 10(b), the Fund shall repay any outstanding claims under the Bank of Slovenia’s 2016 Borrowing Agreement and this agreement in excess of the Rolled Back Loan Amount;
    - provided that claims with shorter remaining maximum maturities shall be repaid before those with longer remaining maximum maturities.
- 15(c): After the entry into force of this agreement, the Fund may make no further drawing under the Bank of Slovenia’s 2016 Borrowing Agreement.
- 15(d): No drawing under this agreement shall be made that would cause the cumulative amount drawn under both this agreement and the 2016 Borrowing Agreement between the Bank of Slovenia and the Fund, at the time of such drawing, to:
  - (i) exceed the Loan Amount prior to the effectiveness of the NAB Reform, or
  - (ii) exceed the Rolled Back Loan Amount upon and after the effectiveness of the NAB Reform, as calculated pursuant to paragraph 10(b).

### Final provisions (Paragraph 16)
- 16(a): This agreement may be executed in duplicate counterparts, each of which shall be deemed an original and both of which together shall constitute but one and the same instrument.
- 16(b): This agreement shall become effective on the date last signed below or on the date on which Slovenia provides the concurrence that is required under Article VII, Section 1(i) of the Fund’s Articles of Agreement for Fund borrowing of euro from the Bank of Slovenia, or on January 1, 2021, whichever is later.

### Signature blocks and dates
- For the Bank of Slovenia:
  - Honorable Boštjan Vasle, Governor
  - Date (first signature block): [blank]
- For the International Monetary Fund:
  - Kristalina Georgieva, Managing Director
  - Date (first signature block): 10/14/2020
- For the Bank of Slovenia (second signature block):
  - Honorable Boštjan Vasle, Governor
  - Date (second signature block): [blank]
- For the International Monetary Fund (second signature block):
  - Kristalina Georgieva, Managing Director
  - Date (second signature block): 10/23/2020

*pr214-signed-slovenia-2020-borrowing-agreements - Section 2 (source PDF)*

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_Source: https://www.imf.org/-/media/files/news/press-release/2021/pr214/pr214-signed-slovenia-2020-borrowing-agreements.pdf_