## 1. Bilateral Borrowing—Status of Commitments

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### Introduction and Key Conclusions
- Review period: September 11, 2009 through March 31, 2010.
- Major conclusions:
  - The Fund’s liquidity position has strengthened significantly and is adequate in the near term. Supplementary resources under bilateral loan and note purchase agreements have bolstered liquidity to a record level even with increases in total credit commitments. Nevertheless, given the possibility of substantial additional Fund commitments and further renewals of Flexible Credit Line (FCL) arrangements, additional supplementary resources should be made readily available by securing the effectiveness of the remaining bilateral pledges.
  - The SDR 15 billion limit on immediate repayment of claims under bilateral loan and note purchase agreements remains appropriate. Scope for raising the limit could be considered at the time of the next liquidity review in light of developments in demand for Fund resources and progress in securing effectiveness of remaining commitments.
  - The 1:1 mix of borrowed to quota resources targeted for disbursements during the current Financial Transactions Plan (FTP) remains appropriate. Staff will keep the mix under close review and revisit it in quarterly FTPs or sooner if warranted by larger-than-expected demand.

### The Fund’s One-Year Forward Commitment Capacity (FCC)
- FCC definition and components:
  - FCC = stock of usable resources less undrawn balances under existing arrangements, plus projected repurchases during coming 12 months, less repayments of borrowing due one-year forward, less a prudential balance.
  - Usable resources consist of:
    - (i) Fund holdings of currencies of members included in the FTP,
    - (ii) Fund holdings of SDRs,
    - (iii) unused amounts available under currently active bilateral loan and note purchase agreements and unused amounts available under the NAB or GAB when activated.
  - Prudential balance = 20 percent of the quotas of members included in the FTP, amounts made available under bilateral loan and note purchase agreements, and any amounts activated under the NAB or the GAB.

### Recent Developments — Demand for Fund Resources
- GRA commitments (including successor arrangements) to nine members totaled SDR 37.4 billion during the review period.
- GRA credit outstanding:
  - Rose to SDR 41.1 billion at end-March 2010 from SDR 32.6 billion at early September 2009.
  - Purchases during the period were SDR 8.5 billion.
  - Repurchases totaled SDR 36 million; no voluntary advance repurchases during the period.
- Composition of new commitments (SDR 37.4 billion):
  - Successor FCL arrangement for Mexico (treated precautionary).
  - Six SBAs (one precautionary: El Salvador; five non-precautionary: Dominican Republic, Angola, Maldives, Jamaica, Iraq).
  - Two Extended Arrangements (Seychelles, Moldova).
  - About 85 percent of new commitments were accounted for by Mexico and El Salvador successor arrangements.
- Undrawn balances and concentration:
  - Twenty-six members had GRA arrangements with undrawn balances totaling SDR 76.6 billion at end-March 2010.
  - About two-thirds of undrawn balances (SDR 52.2 billion) were the three precautionary FCLs: Mexico, Poland, Colombia.
  - Combined undrawn balances under 21 SBAs = SDR 24.3 billion; five treated as precautionary with combined undrawn balance SDR 4.6 billion.
  - Credit concentration: largest user Romania accounted for 20 percent of credit outstanding at end-March 2010. Three largest users (Romania, Hungary, Ukraine) accounted for about 56 percent of total credit outstanding; five largest users accounted for about 79 percent.

### Recent Developments — Supply of Fund Resources
- Usable resources and borrowing:
  - As of end-March 2010, effective bilateral loan and note purchase agreements amounted to SDR 167 billion (US$253 billion).
  - During the period, nine bilateral loan agreements and two note purchase agreements became effective, adding about SDR 49 billion in supplementary resources to the SDR 115 billion effective at the beginning of the period.
  - Total loan and note purchase agreements in effect: US$253 billion / SDR 167 billion.
  - Total loan and note purchase agreements (effective + not yet effective): US$304 billion / SDR 200 billion.
  - Bilateral pledges not yet effective: US$51 billion / SDR 33 billion (Approved by Executive Board: US$36 billion / SDR 24 billion; Under Discussion: US$15 billion / SDR 10 billion).
- Outstanding borrowing by the Fund:
  - Outstanding borrowing by the Fund amounted to SDR 6.3 billion as of end-March 2010.
- Encashment limit:
  - No change proposed to immediate encashment limit of SDR 15 billion given uncertainty about future demand; scope for increasing limit could be reconsidered at next semi-annual review.

### Liquidity Stocks and FCC — Key Figures (selected, end-of-period, In billions of SDRs)
- Usable resources: Apr. 18, 2007 = 165.4; 2008 = 152.4; 2009 = 290.1; Sep. 10, 2009 = 258.2; Mar. 31, 2010 = 306.9
- Undrawn balances under GRA arrangements: Apr. 18, 2007 = 3.1; 2008 = 20.3; 2009 = 77.1; Sep. 10, 2009 = 79.7; Mar. 31, 2010 = 76.6
- Projected repurchases one-year forward: Apr. 18, 2007 = 0.3; 2008 = 0.1; 2009 = 1.5; Sep. 10, 2009 = 0.8; Mar. 31, 2010 = 1.9
- Prudential balance: Apr. 18, 2007 = 34.9; 2008 = 34.7; 2009 = 65.3; Sep. 10, 2009 = 58.9; Mar. 31, 2010 = 69.3
- One-year Forward Commitment Capacity (FCC): Apr. 18, 2007 = 127.7; 2008 = 97.6; 2009 = 149.3/120.4; Mar. 31, 2010 = 162.9
- Quotas of members in FTP (end of period): Apr. 18, 2007 = 174.4; 2008 = 173.4; 2009 = 179.9; Sep. 10, 2009 = 179.9; Mar. 31, 2010 = 179.9
- GRA credit outstanding (memorandum): Apr. 18, 2007 = 6.0; 2008 = 17.5; 2009 = 37.2; Sep. 10, 2009 = 32.6; Mar. 31, 2010 = 41.1
- Active borrowing arrangements (end of period): Apr. 18, 2007 = 146.7; 2008 = 114.7; 2009 = 166.7
- Outstanding Borrowing by the Fund (end of period): Apr. 18, 2007 = 0.0; 2008 = 0.0; 2009 = 4.3; Sep. 10, 2009 = 1.9; Mar. 31, 2010 = 6.3
- Available NAB/GAB borrowing (memorandum): 34.0 (consistent across periods shown)

### Outlook and Near-Term Risks
- FCC strengthened to a record level; FCC increased by SDR 43 billion to SDR 163 billion at end-March 2010.
- Sources of further increases in available resources:
  - Quota-based resources: ad hoc quota increases for 54 members under Board of Governors Resolution No. 63-2 will increase total quotas of current FTP participants by about SDR 19.8 billion once effective. Effectiveness requires the 2008 Voice and Participation amendment to come into effect (68 members have ratified, accounting for almost 71.5 percent of voting power; 85 percent needed).
  - Further supplementary resources: seven bilateral loan agreements totaling about SDR 24 billion have been approved by the Executive Board but are not yet effective; effectiveness pending legislative approval and other steps. Additional agreements expected to be submitted for Board approval in coming months.
- Encashment and NAB considerations:
  - Under the proposed modification to the NAB, pledges total some SDR 367.5 billion (US$588.6 billion); these resources would not become available until reformed NAB becomes operational (requires consent representing 96 percent of current credit arrangements and adherence of new participants representing 70 percent of total credit arrangements of new participants).
  - Proposed modified NAB decision provides for full and immediate encashability of participants’ claims under their credit arrangements in case of balance of payments need; participants would have the option to fold bilateral claims into the NAB.

### Operational and Policy Points
- Mix of borrowed to quota resources used in disbursements:
  - Targeted mix during current FTP is 1:1 and was adhered to during the period under review.
  - Staff to keep the mix under close review and revisit in quarterly FTPs or sooner if warranted by demand (e.g., FCL drawing or large new arrangements).
- Encashment limit policy:
  - Retain SDR 15 billion immediate encashment limit for the time being given potential coincident increased demand under adverse global conditions; scope to raise limit to be reconsidered at next semi-annual liquidity review.

### Global Recovery, Risks, and Implications for Fund Liquidity
- Global activity and outlook:
  - 2010 world output projection: rise by about 4¼ percent, following a 0.5 percent contraction in 2009.
  - Recovery remains dependent on highly accommodative policies and subject to downside risk as fiscal fragilities have come to the fore.
  - Global Financial Stability Report: health of the global financial system has improved, but risks remain elevated.
- Fund liquidity policy priorities (immediate):
  - Make effective the loan agreements already approved by the Executive Board.
  - Conclude further agreements with members that have indicated willingness to provide supplementary resources to the Fund.
  - Continue work toward putting in place the expanded NAB, and conclude the Fourteenth General Review of Quotas.
  - Monitor the Fund’s liquidity closely during this period of heightened uncertainty.
- Rationale for maintaining and monitoring the 1:1 disbursement mix:
  - Substantial increase in usable borrowed resources suggests a higher ratio of borrowed to quota resources could be appropriate once more borrowing lines are in place.
  - New demand for Fund resources has moderated but could increase rapidly if downside risks materialize. Total GRA commitments (credit outstanding and undisbursed commitments) increased by a moderate SDR 5½ billion since early September 2009.
  - Disbursements arising under existing and projected non-precautionary arrangements between May 2010 and October 2010 are projected at about SDR 15 billion.
  - Usable quota resources available for lending (excluding the prudential balance if all pledged bilateral borrowing becomes effective) stand at about SDR 70 billion, while resources remaining under total pledged bilateral borrowing are about SDR 194 billion.
  - Consequently, the ratio of borrowed to quota resources that would allow disbursements of all resources available for lending is currently about 2.7:1.
- Triggers for revisiting the mix:
  - A drawdown under one or more current FCL arrangements.
  - Approval of sizable new arrangements.
  - A sizable increase in access under an existing arrangement.
- Staff commitment: return promptly to the Executive Board if circumstances warrant adjustments.

### Appendix — Selected Table Highlights (as presented)
- Table 3 (Bilateral Loan and Note Purchase Agreements, as of March 31, 2010): Total Bilateral Agreements in Effect — US$ 253 billion; SDR 167 billion.
- Table 4 (New Commitments (GRA), September 2008–March 31, 2010): Total commitments listed — 143,449 (in millions of SDRs).
- Table 5 (Current Arrangements (GRA) as of March 31, 2010): Total 26 SBA, FCL, and EFF — Total GRA Credit 109,162; Drawings Outstanding 32,844; Undrawn/Scheduled 76,624; Total Available Thru End-2010 72,242.
- Table 6 (Mix Between Own and Borrowed Resources — illustrations):
  - Initial situation (March 31, 2010): Total potential borrowing assumed at SDR 200 billion (US$304 billion); Usable Quota Resources A = 146; Prudential Balance B = 76; UQR Available for Lending C = 70; Total potential borrowing D = 194; Borrowing:Quota Remaining E = 2.7.
  - After further disbursements of SDR 15 billion (Borrowing:Quota = 2:1 scenario): A = 141; B = 76; C = 65; D = 184; E = 2.8.
  - After further disbursements of SDR 50 billion (Borrowing:Quota = 2:1 scenario): A = 130; B = 76; C = 54; D = 160; E = 3.0.
  - After further disbursements of SDR 15 billion (Borrowing:Quota = 1:1 scenario): A = 139; B = 76; C = 63; D = 186; E = 3.0.
  - After further disbursements of SDR 50 billion (Borrowing:Quota = 1:1 scenario): A = 121; B = 76; C = 45; D = 169; E = 3.7.
- Notes:
  - Prudential balance is set at 20 percent of the sum of the quota of FTP members and total potential borrowing.
  - As of March 31, 2010, SDR 6.3 billion of borrowed resources had been disbursed.
  - Projected disbursements refer to May 2010–October 2010; some scenarios are illustrative.

*Source: IMF Finance Department paper covering September 11, 2009 through March 31, 2010 (1. Bilateral Borrowing—Status of Commitments).*

### 1. Bilateral Borrowing—Status of Commitments ..................................................................... 5

### 1. Bilateral Borrowing—Status of Commitments

### Introduction and Key Conclusions
- The paper reviews the Fund’s liquidity position for the period September 11, 2009 through March 31, 2010 and examines the outlook using the one-year Forward Commitment Capacity (FCC).
- Major conclusions:
  - The Fund’s liquidity position has strengthened significantly and is adequate in the near term. Supplementary resources under bilateral loan and note purchase agreements have bolstered liquidity to a record level even with increases in total credit commitments. Nevertheless, given the possibility of substantial additional Fund commitments and further renewals of Flexible Credit Line (FCL) arrangements, additional supplementary resources should be made readily available by securing the effectiveness of the remaining bilateral pledges.
  - The SDR 15 billion limit on immediate repayment of claims under bilateral loan and note purchase agreements remains appropriate. Scope for raising the limit could be considered at the time of the next liquidity review in light of developments in demand for Fund resources and progress in securing effectiveness of remaining commitments.
  - The 1:1 mix of borrowed to quota resources targeted for disbursements during the current Financial Transactions Plan (FTP) remains appropriate. Staff will keep the mix under close review and revisit it in quarterly FTPs or sooner if warranted by larger-than-expected demand.

### The Fund’s One-Year Forward Commitment Capacity (Box 1)
- FCC definition and components:
  - FCC = stock of usable resources less undrawn balances under existing arrangements, plus projected repurchases during coming 12 months, less repayments of borrowing due one-year forward, less a prudential balance.
  - Usable resources consist of:
    - (i) Fund holdings of currencies of members included in the FTP,
    - (ii) Fund holdings of SDRs,
    - (iii) unused amounts available under currently active bilateral loan and note purchase agreements and unused amounts available under the NAB or GAB when activated.
  - Prudential balance = 20 percent of the quotas of members included in the FTP, amounts made available under bilateral loan and note purchase agreements, and any amounts activated under the NAB or the GAB.

### Recent Developments — Demand for Fund Resources
- GRA commitments (including successor arrangements) to nine members totaled SDR 37.4 billion during the review period.
- GRA credit outstanding:
  - Rose to SDR 41.1 billion at end-March 2010 from SDR 32.6 billion at early September 2009.
  - Purchases during the period were SDR 8.5 billion.
  - Repurchases totaled SDR 36 million; no voluntary advance repurchases during the period.
- Composition of new commitments (SDR 37.4 billion):
  - Successor FCL arrangement for Mexico (treated precautionary).
  - Six SBAs (one precautionary: El Salvador; five non-precautionary: Dominican Republic, Angola, Maldives, Jamaica, Iraq).
  - Two Extended Arrangements (Seychelles, Moldova).
  - About 85 percent of new commitments were accounted for by Mexico and El Salvador successor arrangements.
- Undrawn balances and concentration:
  - Twenty-six members had GRA arrangements with undrawn balances totaling SDR 76.6 billion at end-March 2010.
  - About two-thirds of undrawn balances (SDR 52.2 billion) were the three precautionary FCLs: Mexico, Poland, Colombia.
  - Combined undrawn balances under 21 SBAs = SDR 24.3 billion; five treated as precautionary with combined undrawn balance SDR 4.6 billion.
  - Credit concentration: largest user Romania accounted for 20 percent of credit outstanding at end-March 2010. Three largest users (Romania, Hungary, Ukraine) accounted for about 56 percent of total credit outstanding; five largest users accounted for about 79 percent.

### Recent Developments — Supply of Fund Resources
- Usable resources and borrowing:
  - As of end-March 2010, effective bilateral loan and note purchase agreements amounted to SDR 167 billion (US$253 billion).
  - During the period, nine bilateral loan agreements and two note purchase agreements became effective, adding about SDR 49 billion in supplementary resources to the SDR 115 billion effective at the beginning of the period.
  - Total loan and note purchase agreements in effect (Table 1): US$253 billion / SDR 167 billion.
  - Total loan and note purchase agreements (effective + not yet effective): US$304 billion / SDR 200 billion.
  - Bilateral pledges not yet effective: US$51 billion / SDR 33 billion (Approved by Executive Board: US$36 billion / SDR 24 billion; Under Discussion: US$15 billion / SDR 10 billion).
- Outstanding borrowing by the Fund:
  - Outstanding borrowing by the Fund amounted to SDR 6.3 billion as of end-March 2010.
- Encashment limit:
  - No change proposed to immediate encashment limit of SDR 15 billion given uncertainty about future demand; scope for increasing limit could be reconsidered at next semi-annual review.

### Liquidity Stocks and FCC (Table 2, selected figures)
- Key end-of-period figures (In billions of SDRs):
  - Usable resources: Apr. 18, 2007 = 165.4; 2008 = 152.4; 2009 = 290.1; Sep. 10, 2009 = 258.2; Mar. 31, 2010 = 306.9
  - Available under borrowing arrangements (part of usable resources): Apr. 18, 2007 = 142.5; 2008 = 112.7; 2009 = 160.4; Sep. 10, 2009 = (not separately listed in same column); Mar. 31, 2010 = (not separately listed beyond table note)
  - Undrawn balances under GRA arrangements: Apr. 18, 2007 = 3.1; 2008 = 20.3; 2009 = 77.1; Sep. 10, 2009 = 79.7; Mar. 31, 2010 = 76.6
  - Projected repurchases one-year forward: Apr. 18, 2007 = 0.3; 2008 = 0.1; 2009 = 1.5; Sep. 10, 2009 = 0.8; Mar. 31, 2010 = 1.9
  - Prudential balance: Apr. 18, 2007 = 34.9; 2008 = 34.7; 2009 = 65.3; Sep. 10, 2009 = 58.9; Mar. 31, 2010 = 69.3
  - One-year Forward Commitment Capacity (FCC): Apr. 18, 2007 = 127.7; 2008 = 97.6; 2009 = 149.3/120.4 (note presence of two figures in table formatting); Mar. 31, 2010 = 162.9
  - Available NAB/GAB borrowing (memorandum): 34.0 (consistent across periods shown)
  - Quotas of members in FTP (end of period): Apr. 18, 2007 = 174.4; 2008 = 173.4; 2009 = 179.9; Sep. 10, 2009 = 179.9; Mar. 31, 2010 = 179.9
  - GRA credit outstanding (memorandum): Apr. 18, 2007 = 6.0; 2008 = 17.5; 2009 = 37.2; Sep. 10, 2009 = 32.6; Mar. 31, 2010 = 41.1
  - Active borrowing arrangements (end of period): Apr. 18, 2007 = 146.7; 2008 = 114.7; 2009 = 166.7
  - Outstanding Borrowing by the Fund (end of period): Apr. 18, 2007 = 0.0; 2008 = 0.0; 2009 = 4.3; Sep. 10, 2009 = 1.9; Mar. 31, 2010 = 6.3

### Outlook and Near-Term Risks
- FCC strengthened to a record level; FCC increased by SDR 43 billion to SDR 163 billion at end-March 2010 (paragraph 12).
- Sources of further increases in available resources:
  - Quota-based resources: ad hoc quota increases for 54 members under Board of Governors Resolution No. 63-2 will increase total quotas of current FTP participants by about SDR 19.8 billion once effective. Effectiveness requires the 2008 Voice and Participation amendment to come into effect (68 members have ratified, accounting for almost 71.5 percent of voting power; 85 percent needed).
  - Further supplementary resources: seven bilateral loan agreements totaling about SDR 24 billion have been approved by the Executive Board but are not yet effective; effectiveness pending legislative approval and other steps. Additional agreements expected to be submitted for Board approval in coming months.
- Encashment and NAB considerations:
  - Under the proposed modification to the NAB, pledges total some SDR 367.5 billion (US$588.6 billion); these resources would not become available until reformed NAB becomes operational (requires consent representing 96 percent of current credit arrangements and adherence of new participants representing 70 percent of total credit arrangements of new participants).
  - Proposed modified NAB decision provides for full and immediate encashability of participants’ claims under their credit arrangements in case of balance of payments need; participants would have the option to fold bilateral claims into the NAB.

### Operational and Policy Points
- The mix of borrowed to quota resources used in disbursements:
  - Targeted mix during current FTP is 1:1 and was adhered to during the period under review.
  - Staff to keep the mix under close review and revisit in quarterly FTPs or sooner if warranted by demand (e.g., FCL drawing or large new arrangements).
- Encashment limit policy:
  - Retain SDR 15 billion immediate encashment limit for the time being given potential coincident increased demand under adverse global conditions; scope to raise limit to be reconsidered at next semi-annual liquidity review.

*Source: IMF Finance Department paper covering September 11, 2009 through March 31, 2010 (1. Bilateral Borrowing—Status of Commitments).*

### 14.      The global recovery is proceeding better than expected, but activity remains

### 14.      The global recovery is proceeding better than expected, but activity remains dependent on highly accommodative policies and subject to downside risks.

### Global recovery, risks, and financial stability
- Recent IMF World Economic Outlook: activity recovering at varying speeds—tepidly in most advanced economies but solidly in emerging and developing economies.
- 2010 world output projection: rise by about 4¼ percent, following a 0.5 percent contraction in 2009.
- Recovery remains dependent on highly accommodative policies and subject to downside risk as fiscal fragilities have come to the fore.
- Global Financial Stability Report assessment: health of the global financial system has improved, but risks remain elevated due to the still-fragile nature of the recovery and ongoing repair of balance sheets.
- Concern: sovereign risks could undermine stability gains and morph the credit crisis into a new phase, potentially giving rise to additional Fund commitments.

### Fund liquidity position and immediate policy priorities
- On balance, the Fund’s liquidity position has been strengthened significantly, but ongoing efforts are needed to further bolster the Fund’s resources given risks to the global outlook.
- Immediate priority actions:
  - Make effective the loan agreements already approved by the Executive Board.
  - Conclude further agreements with members that have indicated willingness to provide supplementary resources to the Fund.
  - Continue work toward putting in place the expanded NAB, and conclude the Fourteenth General Review of Quotas.
  - Monitor the Fund’s liquidity closely during this period of heightened uncertainty.

### Mix of borrowed and quota-based resources: rationale and policy stance
- Disbursements under GRA arrangements aim over time to achieve a 1:1 ratio of borrowed to quota-based resources.
- By end March 2010, the actual ratio used in disbursements during the February–April 2010 FTP period was fully in line with the 1:1 target.
- Outstanding borrowing under bilateral loan and note purchase agreements stood at SDR 6.3 billion (see Appendix Table 6 note).
- Staff view: maintaining the use of temporary supplementary borrowed resources remains appropriate given continued upside risks to demand for Fund resources.
- No immediate change in the current mix of borrowed and quota-based resources appears warranted at this stage.
  - Rationale points:
    - Substantial increase in usable borrowed resources suggests a higher ratio of borrowed to quota resources could be appropriate once more borrowing lines are in place, preserving a liquidity buffer in the GRA.
    - New demand for Fund resources has moderated but could increase rapidly if downside risks materialize. Total GRA commitments (credit outstanding and undisbursed commitments) increased by a moderate SDR 5½ billion since early September 2009.
    - Disbursements arising under existing and projected non-precautionary arrangements between May 2010 and October 2010 are projected at about SDR 15 billion.
    - Usable quota resources provide flexibility: quota resources available for lending (excluding the prudential balance if all pledged bilateral borrowing becomes effective) stand at about SDR 70 billion, while resources remaining under total pledged bilateral borrowing are about SDR 194 billion.
    - Consequently, the ratio of borrowed to quota resources that would allow disbursements of all resources available for lending is currently about 2.7:1.
    - Quota resources available for lending would remain reasonably comfortable with a 1:1 ratio based on projected baseline disbursements of SDR 15 billion; a higher ratio would likely be needed if projected disbursements increase significantly.

### Triggers and governance for revisiting the mix
- Larger-than-expected demand for Fund resources could call for increasing the share of borrowed resources in disbursements prior to the next review of liquidity.
- The mix needs close review and could be revisited in the next Financial Transactions Plan (FTP) or earlier if warranted.
- Possible triggers for revisiting the ratio:
  - A drawdown under one or more current FCL arrangements.
  - Approval of sizable new arrangements.
  - A sizable increase in access under an existing arrangement.
- Staff commitment: return promptly to the Executive Board if circumstances warrant adjustments.

### Key statistics and figures (preserved exactly)
- World output 2010: about 4¼ percent.
- World output 2009 contraction: 0.5 percent.
- Outstanding borrowing under bilateral loan and note purchase agreements (as of end March 2010): SDR 6.3 billion.
- Total GRA commitments increased since early September 2009: SDR 5½ billion.
- Projected disbursements under existing and projected non-precautionary arrangements, May 2010–October 2010: about SDR 15 billion.
- Quota resources available for lending (excluding prudential balance): about SDR 70 billion.
- Resources remaining under total pledged bilateral borrowing: about SDR 194 billion.
- Ratio of borrowed to quota resources that would allow disbursement of all resources available for lending: about 2.7:1.

### Appendix (selected table highlights from source)
- Table 3 (Bilateral Loan and Note Purchase Agreements, as of March 31, 2010): Total Bilateral Agreements in Effect — US$ 253 billion; SDR 167 billion.
- Table 4 (New Commitments (GRA), September 2008–March 31, 2010): Total commitments listed — 143,449 (in millions of SDRs).
- Table 5 (Current Arrangements (GRA) as of March 31, 2010): Total 26 SBA, FCL, and EFF — Total GRA Credit 109,162; Drawings Outstanding 32,844; Undrawn/Scheduled 76,624; Total Available Thru End-2010 72,242.
- Table 6 (Mix Between Own and Borrowed Resources — illustrations):
  - Initial situation (March 31, 2010): Total potential borrowing assumed at SDR 200 billion (US$304 billion); Usable Quota Resources A = 146; Prudential Balance B = 76; UQR Available for Lending C = 70; Total potential borrowing D = 194; Borrowing:Quota Remaining E = 2.7.
  - After further disbursements of SDR 15 billion (Borrowing:Quota = 2:1 scenario): A = 141; B = 76; C = 65; D = 184; E = 2.8.
  - After further disbursements of SDR 50 billion (Borrowing:Quota = 2:1 scenario): A = 130; B = 76; C = 54; D = 160; E = 3.0.
  - After further disbursements of SDR 15 billion (Borrowing:Quota = 1:1 scenario): A = 139; B = 76; C = 63; D = 186; E = 3.0.
  - After further disbursements of SDR 50 billion (Borrowing:Quota = 1:1 scenario): A = 121; B = 76; C = 45; D = 169; E = 3.7.
- Notes:
  - Prudential balance is set at 20 percent of the sum of the quota of FTP members and total potential borrowing.
  - As of March 31, 2010, SDR 6.3 billion of borrowed resources had been disbursed.
  - Total potential borrowing is reflected at an exchange rate as of March 31, 2010.
  - Projected disbursements refer to May 2010–October 2010; some scenarios are illustrative.

*Source: IMF Finance Department, data as presented in the chapter text and appendix tables.*

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