IMF and Bank Al-Maghrib Extend Term of Investment Agreement to Support IMF’s Lending to Low-Income Countries
October 13, 2017
- Bank Al-Maghrib agrees to extend the terms of its investment agreement with the IMF for the benefit of the Poverty Reduction and Growth Trust until 2022 in support of the IMF’s concessional lending to low-income member countries.
The International Monetary Fund (IMF), as Trustee of the Poverty Reduction and Growth Trust (PRGT), and Bank Al-Maghrib have agreed to amend their 2012 investment agreement, through which Morocco committed to provide a subsidy contribution of SDR 1.1 million to the PRGT. To achieve this goal, the term of the 2012 investment agreement with Morocco was extended today by up to five years.
This amendment, made effective on October 13, 2017, constitutes the first PRGT investment agreement that takes into account the new investment strategy for PRGT assets approved by the IMF Board in March of this year (see Guidance for the Investment of Temporary Resources to Generate Income to Contribute to PRG, PRG-HIPC, and CCR Trust).
Morocco’s contribution to the PRGT is important for sustaining the Fund’s concessional lending to the IMF’s low-income member countries over the medium-term. (see Update on the Financing of the Fund's Concessional Assistance and Debt Relief to Low-Income Member Countries)
Factsheet: Financing the IMF's Concessional Lending to Low-Income Countries
Factsheet: Where the Fund gets its Money
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