Press Release: IMF Signs SDR 405 Million Borrowing Agreement with the Bank of Spain to Support Lending to Low-Income Countries

IMF News, February 19, 2010

Source details

Canonical URL

Press Release: IMF Signs SDR 405 Million Borrowing Agreement with the Bank of Spain to Support Lending to Low-Income Countries

Other formats

• Markdown version
• Structured JSON version
• Bundle manifest

Bibliographic details

• Published: February 19, 2010

Agreement details

• IMF, as Trustee of the Poverty Reduction and Growth Trust (PRGT), signed a borrowing agreement with the Bank of Spain.
• The Bank of Spain will provide the Trust with SDR 405 million (about US$617 million) in new loan resources for low-income countries.
• The agreement was signed on December 17, 2009.
• Press Release No. 10/50; published February 19, 2010.

Purpose and intended use

• Expand the IMF’s capacity to help low-income countries hit hard by the current global crisis.
• Increase the loan resources available for the recently reformed concessional lending facilities.

Fund-raising context and related reform timeline

• Following the Executive Board’s approval of reforms in July 2009, the Managing Director launched a fund-raising campaign seeking:
  • SDR 9 billion in new bilateral loan resources
  • SDR 0.2-0.4 billion in bilateral subsidy contributions
• Reference to related announcement: Press Release No. 09/268.

Institutional update: PRGT

• The Poverty Reduction and Growth Trust (PRGT) replaced the former Poverty Reduction and Growth Facility and Exogenous Shocks Facility Trust.
• The Executive Board decision making the PRGT effective date: January 7, 2010.
• The loan resources provided under the agreement are now held in the PRGT.

International Monetary Fund, Press Release No. 10/50, February 19, 2010.

References

• Spain and the IMF
• Press Releases
• PRESS CENTER
• Press Release No. 09/268
• https://www.imf.org/en/home