## Press Release: IMF’s New Arrangements to Borrow Enter into Force

_IMF News, November 19, 1998_

## Source details

**Canonical URL:** [Press Release: IMF’s New Arrangements to Borrow Enter into Force](https://www.imf.org/en/news/articles/2015/09/14/01/49/pr9857)

## Other formats

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## Bibliographic details
- Published: November 19, 1998

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### Overview
- 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.

### Purpose and scope of the NAB
- 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.

### Relationship with the General Arrangements to Borrow (GAB)
- 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.

### Duration and renewal
- The NAB decision will be in effect for five years from November 17, 1998, and may be renewed.

### Participants and Amount of Credit Arrangements under the NAB
- The list of NAB participants and their credit arrangements (amounts in SDR millions) is reported as follows:
  - Australia: 810
  - Austria: 412
  - Belgium*: 967
  - Canada*: 1,396
  - Denmark: 371
  - Deutsche Bundesbank*: 3,557
  - Finland: 340
  - France*: 2,577
  - Hong Kong Monetary Authority
  - Italy*: 1,772
  - Japan*
  - Korea
  - Kuwait: 345
  - Luxembourg
  - Malaysia
  - Netherlands*: 1,316
  - Norway: 383
  - Saudi Arabia*: 1,780
  - Singapore
  - Spain: 672
  - Sveriges Riksbank*: 859
  - Swiss National Bank*: 1,557
  - Thailand
  - United Kingdom*
  - United States of America*: 6,712
  - Total: 34,0001
- Participants marked with an asterisk (*) are "Also a participant in, or associated with, the GAB."

### Exchange rate / footnote
- On November 17, 1998 SDR 1 equaled US$1.39731.

*Source: Press Release No. 98/57, "IMF’s New Arrangements to Borrow Enter into Force" (November 19, 1998).*

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## References

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_Source: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr9857_