{ "title": "IMF Members Commit US$340 billion in Bilateral Borrowing to Maintain the IMF’s Lending Capacity", "publication": "IMF News, October 7, 2016", "sourceUrl": "https://www.imf.org/en/news/articles/2016/10/06/am16-pr16447-imf-members-commit-us-340-billion-in-bilateral-borrowing", "canonical": "https://www.imf.org/en/news/articles/2016/10/06/am16-pr16447-imf-members-commit-us-340-billion-in-bilateral-borrowing", "overlayPath": "/en/news/articles/2016/10/06/am16-pr16447-imf-members-commit-us-340-billion-in-bilateral-borrowing/index.md", "summary": "Ms. Christine Lagarde, IMF Managing Director, said: “I am encouraged by the commitments received from the membership to provide bilateral resources under the new borrowing framework.", "publishDate": "2016-10-07", "sections": [ { "heading": "Summary of commitments and purpose", "content": "- Twenty-five members of the International Monetary Fund (IMF) have committed a total of SDR 243 billion (US$340 billion) in bilateral borrowed resources with maximum terms through end-2020.\n- These bilateral borrowed resources are intended to preserve the overall lending capacity of the IMF and to continue serving as a third line of defense after quotas and the New Arrangements to Borrow (NAB).\n- Ms. Christine Lagarde, IMF Managing Director, said: “These commitments will preserve the overall lending capacity of the IMF and provide confidence that the Fund will continue to address the needs of our membership. I am heartened that so many countries have already made a commitment, and I would encourage others to join this important international cooperative effort.”\n- Press Release No. 16/447; publication date: October 7, 2016." }, { "heading": "Status of previous borrowing arrangements and transition", "content": "- There are currently 35 agreements with creditors under the 2012 Borrowing Agreements for a total of SDR 282 billion or US$393 billion.\n- The 2012 agreements, set to expire starting October 12, have not been drawn but have provided assurance that the IMF has adequate resources to meet potential needs.\n- Access to the bilateral borrowing will be governed by a new framework approved by the IMF’s Executive Board in August 2016 that will replace the framework agreed in 2012." }, { "heading": "Key features of the new borrowing framework", "content": "- The new framework retains key modalities of the existing borrowing framework.\n- It includes a new multilateral voting structure that gives creditors a formal say in any future activation of the bilateral borrowing agreements.\n- The new agreements will have a common maximum term of end-2020, with an initial term to end-2019 extendable for a further year with creditors’ consents.\n- Agreements under the new framework will be submitted to the Executive Board for approval once they are concluded." }, { "heading": "Operational and contact information", "content": "- Media relations: IMF Communications Department, Press Officer: Andrew Kanyegirire, Phone: +1 202 623-7100, Email: MEDIA@IMF.org\n\nIMF Members Commit US$340 billion in Bilateral Borrowing to Maintain the IMF’s Lending Capacity (Press Release No. 16/447, October 7, 2016).\n\n---\n\n Content in this bundle\n\n- 061709a (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Christine Lagarde\n- https://www.imf.org/en/About/infographics/AM16-Bilateral-Borrowing-Infographic\n- Q and A on IMF Bilateral Borrowing Agreements\n- Where the IMF Gets its Money\n- PRESS CENTER\n- Algeria and the IMF\n- Brunei Darussalam and the IMF\n- IMF-World Bank Debt Sustainability Framework for Low-Income Countries -- A Factsheet\n- IMF Quotas -- A Factsheet\n- Press Releases\n- Press Release: IMF Managing Director Christine Lagarde Welcomes Additional Pledges to Increase IMF Resources, Bringing Total Commitments to US$456 Billion\n- Press Release: IMF Managing Director Christine Lagarde Welcomes Pledges from Algeria and Brunei Darussalam to Boost Fund Resources\n- Press Release: IMF Executive Board Approves Modalities for Bilateral Borrowing to Boost IMF Resources\n- Press Release: IMF Executive Board Approves One-year Extension of the 2012 Borrowing Agreements\n- Press Release: IMF Extends Term of 2012 Borrowing Agreements by an Additional Year\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2016/10/06/am16-pr16447-imf-members-commit-us-340-billion-in-bilateral-borrowing" } ], "bullets": [ "[Markdown version](/en/news/articles/2016/10/06/am16-pr16447-imf-members-commit-us-340-billion-in-bilateral-borrowing/index.md)", "[Structured JSON version](/en/news/articles/2016/10/06/am16-pr16447-imf-members-commit-us-340-billion-in-bilateral-borrowing/index.json)", "[Bundle manifest](/en/news/articles/2016/10/06/am16-pr16447-imf-members-commit-us-340-billion-in-bilateral-borrowing/bundle-manifest.json)", "Published: October 7, 2016", "Twenty-five members of the International Monetary Fund (IMF) have committed a total of SDR 243 billion (US$340 billion) in bilateral borrowed resources with maximum terms through end-2020.", "These bilateral borrowed resources are intended to preserve the overall lending capacity of the IMF and to continue serving as a third line of defense after quotas and the New Arrangements to Borrow (NAB).", "Ms. Christine Lagarde, IMF Managing Director, said: “These commitments will preserve the overall lending capacity of the IMF and provide confidence that the Fund will continue to address the needs of our membership. I am heartened that so many countries have already made a commitment, and I would encourage others to join this important international cooperative effort.”", "Press Release No. 16/447; publication date: October 7, 2016.", "There are currently 35 agreements with creditors under the 2012 Borrowing Agreements for a total of SDR 282 billion or US$393 billion.", "The 2012 agreements, set to expire starting October 12, have not been drawn but have provided assurance that the IMF has adequate resources to meet potential needs.", "Access to the bilateral borrowing will be governed by a new framework approved by the IMF’s Executive Board in August 2016 that will replace the framework agreed in 2012.", "The new framework retains key modalities of the existing borrowing framework.", "It includes a new multilateral voting structure that gives creditors a formal say in any future activation of the bilateral borrowing agreements.", "The new agreements will have a common maximum term of end-2020, with an initial term to end-2019 extendable for a further year with creditors’ consents.", "Agreements under the new framework will be submitted to the Executive Board for approval once they are concluded.", "Media relations: IMF Communications Department, Press Officer: Andrew Kanyegirire, Phone: +1 202 623-7100, Email: MEDIA@IMF.org", "[061709a (PDF)](/external/np/pp/eng/2009/061709a.pdf){rel=\"external\" type=\"application/pdf\"}", "[Christine Lagarde](http://www.imf.org/external/np/omd/bios/cl.htm)", "[https://www.imf.org/en/About/infographics/AM16-Bilateral-Borrowing-Infographic](https://www.imf.org/en/About/infographics/AM16-Bilateral-Borrowing-Infographic)", "[Q and A on IMF Bilateral Borrowing Agreements](http://www.imf.org/external/about/faq/bilatborrowing.htm)", "[Where the IMF Gets its Money](http://www.imf.org/external/np/exr/facts/finfac.htm)", "[PRESS CENTER](http://presscenter.imf.org/)", "[Algeria and the IMF](http://www.imf.org/external/country/DZA/index.htm)", "[Brunei Darussalam and the IMF](http://www.imf.org/external/country/BRN/index.htm)", "[IMF-World Bank Debt Sustainability Framework for Low-Income Countries -- A Factsheet](https://www.imf.org/en/about/factsheets/sheets/2023/imf-world-bank-debt-sustainability-framework-for-low-income-countries)", "[IMF Quotas -- A Factsheet](https://www.imf.org/en/about/factsheets/sheets/2022/imf-quotas)", "[Press Releases](https://www.imf.org/en/news/searchnews)", "[Press Release: IMF Managing Director Christine Lagarde Welcomes Additional Pledges to Increase IMF Resources, Bringing Total Commitments to US$456 Billion](http://www.imf.org/external/np/sec/pr/2012/pr12231.htm)", "[Press Release: IMF Managing Director Christine Lagarde Welcomes Pledges from Algeria and Brunei Darussalam to Boost Fund Resources](http://www.imf.org/external/np/sec/pr/2012/pr12388.htm)", "[Press Release: IMF Executive Board Approves Modalities for Bilateral Borrowing to Boost IMF Resources](http://www.imf.org/external/np/sec/pr/2012/pr12229.htm)", "[Press Release: IMF Executive Board Approves One-year Extension of the 2012 Borrowing Agreements](http://www.imf.org/external/np/sec/pr/2014/pr14417.htm)", "[Press Release: IMF Extends Term of 2012 Borrowing Agreements by an Additional Year](http://www.imf.org/external/np/sec/pr/2015/pr15461.htm)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "related": [ { "title": "061709a", "role": "document", "sourceUrl": "http://www.imf.org/external/np/pp/eng/2009/061709a.pdf", "binary": { "path": "/external/np/pp/eng/2009/061709a.pdf", "mime": "application/pdf" } } ], "alternates": { "markdown": "/en/news/articles/2016/10/06/am16-pr16447-imf-members-commit-us-340-billion-in-bilateral-borrowing/index.md", "json": "/en/news/articles/2016/10/06/am16-pr16447-imf-members-commit-us-340-billion-in-bilateral-borrowing/index.json", "bundleManifest": "/en/news/articles/2016/10/06/am16-pr16447-imf-members-commit-us-340-billion-in-bilateral-borrowing/bundle-manifest.json" }, "generatedAtUtc": "2026-09-25T20:14:34.513Z" }