IMF and the Banco de España Amend Agreement to Increase Lending to Low-Income Countries by an Additional SDR 750 Million

IMF News, October 28, 2020

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Canonical URL: IMF and the Banco de España Amend Agreement to Increase Lending to Low-Income Countries by an Additional SDR 750 Million

The Banco de España agreed to provide an additional SDR 750 million (US$ 1.06 billion) to the IMF’s Trust benefitting low-income member countries.
The total loan contribution under the amended 2017 borrowing agreement was increased to SDR 1.2 billion (US$ 1.7 billion).
The amendment became effective on July 1, 2020, and constitutes Spain’s seventh loan contribution to the Poverty Reduction and Growth Trust (PRGT).

The amendment supports the PRGT, benefitting the IMF’s low-income member countries.
The contribution places Spain among the first providers of new PRGT loan resources under the accelerated fundraising campaign launched in response to COVID-19 related demand for the Fund’s concessional resources.
The Managing Director launched the accelerated fundraising campaign in April 2020 with a target of SDR 12.5 billion in new bilateral loan resources.
Spain’s loan resources are described as a critical element toward sustaining the Fund’s concessional lending operations over the medium-term.

Original borrowing agreement referenced: 2017 borrowing agreement (see Press Release No. 17/155).
Campaign launch: April 2020.
Campaign target: SDR 12.5 billion in new bilateral loan resources.
Amendment effective: July 1, 2020.

Source: Press Release No. 20/324, October 28, 2020.