October 13, 2017
PRESS OFFICER: Andrew Kanyegirire
Phone: +1 202 623-7100Email: MEDIA@IMF.org
Since the Spring Meetings in April 2017, further progress has been made in securing commitments to provide bilateral borrowed resources under the IMF’s 2016 borrowing framework. The IMF has received commitments from four additional members, bringing total commitments under the 2016 borrowing framework to about SDR 319 billion (US$450 billion) from 40 members. With these commitments, all 35 creditors under the 2012 Borrowing Agreements have committed to participate in the 2016 framework, in addition to 5 new creditors. Pursuant to these commitments, 33 borrowing agreements in an aggregate amount of about SDR 289 billion are now effective. Agreements under the 2016 borrowing framework have maximum terms through end-2020.
In welcoming these commitments, 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. Bilateral borrowing constitutes the Fund’s important third line of defense after quotas and the New Arrangements to Borrow (NAB). These commitments will preserve the IMF’s overall lending capacity of about US$1 trillion and provide confidence that the Fund will continue to be able to address the needs of our membership.”
Useful Links:
Guidelines for Borrowing by the Fund.
Communiqué of the Thirty-Fourth Meeting of the International Monetary and Financial Committee (IMFC)
Factsheet: IMF Bilateral Borrowing
