Press Release: IMF Signs Agreements Totaling SDR 5.3 billion with Japan, the Banque de France, the United Kingdom and the People's Bank of China to Support Lending to Low-Income Countries
IMF News, September 17, 2010
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- Press Release: IMF Signs Agreements Totaling SDR 5.3 billion with Japan, the Banque de France, the United Kingdom and the People's Bank of China to Support Lending to Low-Income Countries
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Bibliographic details
- Published: September 17, 2010
Summary of agreements and amounts
- Total new loan resources secured: SDR 5.256 billion (about US$8 billion).
- Note Purchase Agreements (first ever to fund the IMF’s concessional lending):
- Japan: SDR 1.8 billion (about US$2.7 billion).
- United Kingdom: SDR 1.328 billion (about US$2 billion).
- People’s Bank of China: SDR 800 million (about US$1.2 billion).
- Loan Agreement:
- Banque de France: SDR 1.328 billion (about US$2 billion).
Purpose and intended use
- Expand the IMF’s capacity to help low-income countries hit hard by the current global crisis.
- Increase loan resources available for the recently reformed concessional lending facilities.
Timing and context
- All agreements signed on September 3, 2010.
- The agreements follow the Executive Board’s approval of concessional lending reforms in July 2009.
- Fund-raising campaign launched by the Managing Director sought:
- SDR 10.8 billion in new bilateral loan resources.
- SDR 200–400 million in bilateral contributions to subsidize the costs of concessional lending (see Press Release No. 09/268).
International Monetary Fund. Press Release No. 10/340, September 17, 2010.