## IMF Executive Board Approves Framework for New Bilateral Borrowing Agreements

_IMF News, April 1, 2020_

## Source details

**Canonical URL:** [IMF Executive Board Approves Framework for New Bilateral Borrowing Agreements](https://www.imf.org/en/news/articles/2020/03/31/pr20123-imf-executive-board-approves-framework-for-new-bilateral-borrowing-agreements)

## Other formats

- [Markdown version](/en/news/articles/2020/03/31/pr20123-imf-executive-board-approves-framework-for-new-bilateral-borrowing-agreements/index.md)
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## Bibliographic details
- Published: April 1, 2020

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### Executive Board decision
- The Executive Board approved a framework for a new round of bilateral borrowing by the IMF from January 1, 2021, to succeed the current bilateral borrowing agreements (BBAs) currently in place through end-December 2020.
- The framework is broadly the same as that agreed in 2016 for the current BBAs.

### Terms of the new BBAs
- Initial term: three years through end-2023.
- Extension: extendable by one more year through end-2024.
- Role: The BBAs are the IMF’s third line of defense after quotas and the New Arrangements to Borrow (NAB).

### Purpose and expected impact
- These new agreements will help maintain the IMF’s lending capacity of $1 trillion for the next few years, ensuring its ability to respond to members’ needs.
- The decision is part of a broader package on IMF resources and governance reform endorsed by the IMF membership during the 2019 Annual Meetings.
- The action builds on the Board’s January 2020 approval of a doubling of the NAB and guidance on quota reforms.
- These are critical steps to ensure that the IMF can support its membership through the global pandemic now unfolding and beyond.

### Implementation timeline and conditions
- The new BBAs and the doubling of the NAB are expected to take effect on January 1, 2021, subject to timely approvals by creditor member countries and their institutions.

### Media contact
- IMF Communications Department
- MEDIA RELATIONS
- PRESS OFFICER: Wafa Amr WAmr@imf.org
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org
- @IMFSpokesperson

*Source: IMF Press Release No. 20/123 (March 31, 2020).*

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## References

- [https://www.imf.org/-/media/images/imf/bios/imfboard.jpg](https://www.imf.org/-/media/images/imf/bios/imfboard.jpg)
- [The Executive Board](https://www.imf.org/external/np/sec/memdir/eds.aspx)
- [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)
- [Press Releases](https://www.imf.org/en/news/searchnews)
- [PRESS CENTER](http://presscenter.imf.org/)
- [currently in place through end-December 2020](https://www.imf.org/en/News/Articles/2016/10/06/AM16-PR16447-IMF-Members-Commit-US-340-billion-in-Bilateral-Borrowing)
- [endorsed by the IMF membership](https://www.imf.org/en/News/Articles/2019/10/18/pr19379-imf-membership-endorses-package-on-imf-resources-and-governance-reform)
- [the Board’s January 2020 approval](https://www.imf.org/en/News/Articles/2020/01/17/pr2010-nab-and-quota-imf-executive-board-approves-package-resources-governance-reform)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2020/03/31/pr20123-imf-executive-board-approves-framework-for-new-bilateral-borrowing-agreements_