{
  "title": "Press Release: IMF’s New Arrangements to Borrow Enter into Force",
  "publication": "IMF News, November 19, 1998",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr9857",
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  "summary": "Press Release No. 98/57 dated November 19, 1998.",
  "publishDate": "1998-11-19",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Press Release No. 98/57 dated November 19, 1998.\n- With the adherence of the United States and Germany, the New Arrangements to Borrow (NAB), approved by the Executive Board on January 27, 1997 (see Press Release No. 97/5), became effective on November 17, 1998.\n- The NAB are a set of credit arrangements between the IMF and 25 members and institutions to provide supplementary resources to the IMF."
    },
    {
      "heading": "Purpose and scope of the NAB",
      "content": "- Designed to provide supplementary resources to the IMF to forestall or cope with an impairment of the international monetary system or to deal with an exceptional situation that poses a threat to the stability of that system.\n- Intended to strengthen the IMF's ability to support the adjustment efforts of its members and to address their balance of payments difficulties.\n- The NAB are an important element of the IMF's capacity to respond to potential systemic problems."
    },
    {
      "heading": "Relationship with the General Arrangements to Borrow (GAB)",
      "content": "- The NAB do not replace the existing General Arrangements to Borrow (GAB), which remain in force.\n- The total amount of resources available to the IMF under the NAB and GAB combined will be up to SDR 34 billion (about US$ 48 billion), double the amount available under the GAB alone."
    },
    {
      "heading": "Duration and renewal",
      "content": "- The NAB decision will be in effect for five years from November 17, 1998, and may be renewed."
    },
    {
      "heading": "Participants and Amount of Credit Arrangements under the NAB",
      "content": "- The list of NAB participants and their credit arrangements (amounts in SDR millions) is reported as follows:\n  - Australia: 810\n  - Austria: 412\n  - Belgium: 967\n  - Canada: 1,396\n  - Denmark: 371\n  - Deutsche Bundesbank: 3,557\n  - Finland: 340\n  - France: 2,577\n  - Hong Kong Monetary Authority\n  - Italy: 1,772\n  - Japan\n  - Korea\n  - Kuwait: 345\n  - Luxembourg\n  - Malaysia\n  - Netherlands: 1,316\n  - Norway: 383\n  - Saudi Arabia: 1,780\n  - Singapore\n  - Spain: 672\n  - Sveriges Riksbank: 859\n  - Swiss National Bank: 1,557\n  - Thailand\n  - United Kingdom\n  - United States of America: 6,712\n  - Total: 34,0001\n- Participants marked with an asterisk () are \"Also a participant in, or associated with, the GAB.\""
    },
    {
      "heading": "Exchange rate / footnote",
      "content": "- On November 17, 1998 SDR 1 equaled US$1.39731.\n\nSource: Press Release No. 98/57, \"IMF’s New Arrangements to Borrow Enter into Force\" (November 19, 1998).\n\n---\n\n\n References\n\n- Germany and the IMF\n- United States and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr9857"
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    "Published: November 19, 1998",
    "Press Release No. 98/57 dated November 19, 1998.",
    "With the adherence of the United States and Germany, the New Arrangements to Borrow (NAB), approved by the Executive Board on January 27, 1997 (see Press Release No. 97/5), became effective on November 17, 1998.",
    "The NAB are a set of credit arrangements between the IMF and 25 members and institutions to provide supplementary resources to the IMF.",
    "Designed to provide supplementary resources to the IMF to forestall or cope with an impairment of the international monetary system or to deal with an exceptional situation that poses a threat to the stability of that system.",
    "Intended to strengthen the IMF's ability to support the adjustment efforts of its members and to address their balance of payments difficulties.",
    "The NAB are an important element of the IMF's capacity to respond to potential systemic problems.",
    "The NAB do not replace the existing General Arrangements to Borrow (GAB), which remain in force.",
    "The total amount of resources available to the IMF under the NAB and GAB combined will be up to SDR 34 billion (about US$ 48 billion), double the amount available under the GAB alone.",
    "The NAB decision will be in effect for five years from November 17, 1998, and may be renewed.",
    "The list of NAB participants and their credit arrangements (amounts in SDR millions) is reported as follows:",
    "Participants marked with an asterisk (*) are \"Also a participant in, or associated with, the GAB.\"",
    "On November 17, 1998 SDR 1 equaled US$1.39731.",
    "[Germany and the IMF](http://www.imf.org/external/country/DEU/index.htm)",
    "[United States and the IMF](http://www.imf.org/external/country/USA/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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