The money the IMF loans to its members on its best – or non-concessional – terms comes from member countries, mainly through their payment of quotas. Multilateral and bilateral arrangements can supplement quota funds and plays a critical role in the IMF’s support for member countries in times of crisis.

The IMF’s current total resources of about SDR 977 billion translate into a capacity for lending of about SDR 713 billion (around US$1 trillion).

Who funds the IMF?

IMF funds come from three sources: member quotas, multilateral and bilateral borrowing agreements.


Member quotas are the primary source of IMF funding. A member country’s quota reflects its size and position in the world economy. Read more on how the IMF regularly reviews quotas.


New Arrangements to Borrow (NAB) between the IMF and a group of members and institutions are the main backstop for quotas. In January 2020, the IMF Executive Board agreed to double the size of the NAB to SDR 361 billion, or $482 billion. 



Member countries also have committed resources throughbilateral borrowing agreements (BBAs). In 2020, the IMF Executive Board approved a new round of BBAs, totaling SDR 139 billion, or $185 billion.


Lines of defense IMF

What are member quotas?

IMF Quotas

Quotas are the IMF’s main source of financing. Each member of the IMF is assigned a quota, based broadly on its relative position in the world economy.

The IMF regularly reviews quotas to assess their adequacy overall and their distribution among members.  

Quick Facts:

The IMF expects to conclude the current review, the 16th, by mid-December 2023

The previous review concluded in February 2020 without a quota increase.

The last increase in quotas, to SDR 477 billion (US$ 637 billion), was agreed to under the 14th Review, which concluded in December 2010 and took effect in January 2016.  

What happens if quotas fall short?

IMF New Arrangements to Borrow

The New Arrangements to Borrow (NAB) constitutes a second line of defense. Through the NAB, certain member countries and institutions stand ready to lend additional resources to address challenges to the international monetary system. In January 2021, a reform of the NAB took effect, almost doubling the size of the NAB to SDR 361 billion (US$482 billion) from 2021 to 2025. 

Quick Facts:

40 participants (38 current and 2 prospective participants)

The size of the NAB was doubled effective January 2021, to SDR 361 billion (US$482 billion)

The current five-year period of NAB effectiveness runs from January 2021 through December 2025

NAB activation requires support from 85% of participants eligible to vote

Activated 10 times between April 2011 and February 2016


IMF Concludes Steps to Maintain its Lending Capacity

Which source of funding is the last resort?

Borrowing Agreements

Bilateral Borrowing Agreements serve as a third line of defense after quotas and the NAB. Since the onset of the global financial crisis, the IMF has entered into several rounds of bilateral borrowing agreements (BBAs) to meet its members’ financing needs.

Quick Facts:

The 2020 bilateral borrowing agreements include 42 creditors.

Total commitments from 42 effective agreements: SDR 139 billion (US$185 billion)

Initial terms of three years through end-2023, extendable with creditor consents through end-2024

Activation of the agreements requires support of 85% of creditors eligible to vote


IMF Concludes Steps to Maintain its Lending Capacity
IMF Blog
IMF Podcasts
F&D Magazine
Country Focus

This page was last updated in July 2022