## IMF Members Commit US$340 billion in Bilateral Borrowing to Maintain the IMF’s Lending Capacity

_IMF News, October 7, 2016_

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## Bibliographic details
- Published: October 7, 2016

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### Summary of commitments and purpose
- 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.

### Status of previous borrowing arrangements and transition
- 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.

### Key features of the new borrowing framework
- 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.

### Operational and contact information
- Media relations: IMF Communications Department, Press Officer: Andrew Kanyegirire, Phone: +1 202 623-7100, Email: MEDIA@IMF.org

*IMF Members Commit US$340 billion in Bilateral Borrowing to Maintain the IMF’s Lending Capacity (Press Release No. 16/447, October 7, 2016).*

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## Content in this bundle

- [061709a (PDF)](/external/np/pp/eng/2009/061709a.pdf){rel="external" type="application/pdf"}

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## References

- [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)

_Source: https://www.imf.org/en/news/articles/2016/10/06/am16-pr16447-imf-members-commit-us-340-billion-in-bilateral-borrowing_