IMF Concludes Steps to Maintain its Lending Capacity
IMF News, January 8, 2021
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Bibliographic details
- Published: January 8, 2021
Summary of outcome
- The IMF has maintained its lending capacity at around US$1 trillion for the coming years.
- This maintenance of capacity follows creditor support for a doubling of the IMF’s New Arrangements to Borrow (NAB) and a new round of new bilateral borrowing agreements (BBAs).
- Context: increased demand for IMF resources due to the COVID-19 pandemic and ongoing heightened risks.
New Arrangements to Borrow (NAB) — reforms and amounts
- Executive Board approved a NAB reform in January 2020 that included:
- a doubling of the size of the NAB, and
- setting a new NAB period through 2025.
- Reform took effect as targeted on January 1, 2021, after creditors provided the necessary consents.
- Post-reform status:
- 38 NAB participants contribute an aggregate amount of SDR 361 billion (USD 521 billion).
- Table 1 reports "Current Participants 360.80" (SDR billion) with detailed amounts by participant (examples shown in source: Australia 4.44; Austria 3.64; China 31.72; Japan 67.02; United States 56.40; Prospective Participants 3.60; Greece 1.68; Ireland 1.92).
2020 Bilateral Borrowing Agreements (BBAs) — framework and amounts
- Executive Board approved on March 30, 2020, a framework for a new round of bilateral borrowing to succeed agreements in place through end-2020.
- A new set of agreements (2020 BBAs) replaced the 2016 BBAs, which expired at end-2020.
- New bilateral borrowing agreements with 42 creditors have become effective for a total of SDR 138 billion (USD 195 billion).
- The 2020 BBAs have an initial term of three years through end-2023 and may be extended for one further year.
- Table 2 lists amounts by creditor and currency (examples shown in source: Algeria USD 2.15 / SDR 1.99; China 21.22; Germany 17.88; Italy 10.12 / 25.85; Mexico 4.31; Switzerland CHF 3.66; Turkey 3.95).
Key statistics and figures (preserved exactly as in source)
- Lending capacity: around US$1 trillion
- NAB aggregate (text): SDR 361 billion (USD 521 billion)
- NAB aggregate (table): 360.80 (SDR billion)
- Number of NAB participants contributing post-reform: 38
- 2020 BBAs total: SDR 138 billion (USD 195 billion)
- Number of creditors in 2020 BBAs: 42
- NAB new period through: 2025
- NAB reform effective date: January 1, 2021
- Executive Board approval of 2020 BBAs framework: March 30, 2020
- 2020 BBAs initial term: three years through end-2023 (may be extended for one further year)
- Note: [1] Updated as of September 24, 2021.
Operational notes and data access
- Information on NAB credit amounts and bilateral borrowing agreements is available at respective country pages and through the IMF Financial Data Query Tool at the IMF website.
- The latest amounts will be reflected in the next reporting period.
Press Release No. 21/4 — IMF Communications Department; January 8, 2021.
Content in this bundle
- A4_IMF_BorrowingAgreement_Japan.pdf
- A4_IMF_BorrowingAgreement_Lithuania.pdf
- Memo
- pr214-signed-australia-2020-borrowing-agreements
- Pr214 Signed Austria 2020 Borrowing Agreements
- Microsoft Word - Document2
- Scanned Document
- pr214-signed-canada-2020-borrowing-agreements
- Memo
- Memo
- Memo
- Microsoft Word
- Memo
- pr214-signed-finland-2020-borrowing-agreements
- Memo
- Loan Agreement between the Deutsche Bundesbank and the International Monetary Fund
- Pr214 Signed India 2020 Borrowing Agreements
- pr214-signed-italy-2020-borrowing-agreements
- Microsoft Word
- Microsoft Word - Memo to MGT
- pr214-signed-mexico-2020-borrowing-agreements
- A4_IMF_BorrowingAgreement_Template.pdf
- Microsoft Word - Document2
- Memo
- Microsoft Word - Document2
- Microsoft Word - Memo to MGT - MD Signature for BBAs - LT-PE-RU-SI-TR
- pr214-signed-saudi-arabia-2020-borrowing-agreements
- pr214-signed-slovak-republic-2020-borrowing-agreements
- Microsoft Word - Memo to MGT - MD Signature for BBAs - LT-PE-RU-SI-TR
- Note Purchase Agreement between the South African Reserve Bank and the International Monetary Fund
- Memo
- pr214-signed-sweden-2020-borrowing-agreements
- Loan Agreement between the Swiss National Bank and the International Monetary Fund
- Microsoft Word - Memo to MGT - MD Signature for BBAs - LT-PE-RU-SI-TR
- Microsoft Word
References
- People's Republic of China and the IMF
- IMF-World Bank Debt Sustainability Framework for Low-Income Countries -- A Factsheet
- Special Drawing Rights (SDRs) -- A Factsheet
- Press Releases
- PRESS CENTER
- resources and governance reform
- NAB reform
- a framework for a new round of bilateral borrowing
- Financial Data Query Tool
- https://www.imf.org/en/home