IMF and the United Kingdom Sign SDR 2 Billion Agreement to Support Lending to Low-Income Countries
IMF News, February 24, 2017
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- IMF and the United Kingdom Sign SDR 2 Billion Agreement to Support Lending to Low-Income Countries
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Bibliographic details
- Published: February 24, 2017
Key announcement
- Press Release No. 17/63
- The International Monetary Fund (IMF), as Trustee of the Poverty Reduction and Growth Trust (PRGT), and H.M. Treasury, representing the Government of the United Kingdom, have signed a Note Purchase Agreement.
- The United Kingdom will provide up to SDR 2 billion (about US$2.71 billion) in new loan resources for the PRGT benefitting the IMF’s low-income member countries.
- The agreement was made effective on January 23, 2017.
Context and campaign
- This contribution constitutes the United Kingdom’s second contribution of lending resources to the PRGT.
- The United Kingdom is among the first seven countries to provide new PRGT loan resources under the current fund-raising campaign.
- The Managing Director launched the campaign in November 2015 with a target of raising SDR 11 billion in new bilateral loan resources.
Significance and implications
- The continued support from the United Kingdom is described as a critical element towards sustaining the Fund’s concessional lending operations over the medium-term.
- The new loan resources are intended to benefit the IMF’s low-income member countries through the PRGT.
Media contacts
- IMF Communications Department, MEDIA RELATIONS
- PRESS OFFICER: Andrew Kanyegirire
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org
Source: IMF press release dated February 24, 2017.