Spain Provides Eighth Loan Contribution Amounting to SDR 350 Million to the Trust Benefiting Low-Income Member Countries

IMF News, April 4, 2022

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The Banco de España and the IMF amended their 2009 borrowing agreement to increase lending to the IMF’s Poverty Reduction and Growth Trust (PRGT) by an additional SDR 350 million (US$483 million).
The amendment brings the total loan amount under the 2009 borrowing agreement to SDR 755 million (US$1.0 billion) for the PRGT benefitting the IMF’s low‑income member countries.
The amendment was made effective on March 3, 2022, and constitutes Spain’s eighth loan contribution to the PRGT.

Additional loan amount: SDR 350 million (US$483 million).
Total loan amount under the amended 2009 agreement: SDR 755 million (US$1.0 billion).
Spain previously provided SDR 750 million (US$1.0 billion) in July 2020 under the first round of the fundraising campaign to address COVID-19.

The contribution places Spain among the first providers of new PRGT loan resources under the current two-stage fundraising campaign to support low-income countries’ financing needs during the pandemic and the recovery.
The Managing Director launched the fundraising campaign in July 2021 with a target of SDR 12.6 billion in new bilateral loan resources.
This new contribution is in addition to prior support and is intended to sustain the Fund’s concessional lending operations over the medium-term.

Original borrowing agreement year: 2009.
Amendment effective date: March 3, 2022.
Campaign launch: July 2021.
Spain’s prior contribution under the first round: July 2020.
This press release is identified as Press Release No. 22/102 and references Press Release No.10/50 and Press Release 20/324.

Spain Provides Eighth Loan Contribution Amounting to SDR 350 Million to the Trust Benefiting Low-Income Member Countries