{
  "title": "A Framework for the Fund's Issuance of Notes to the Official Sector",
  "publication": "Policy Papers, June 17, 2009",
  "sourceUrl": "https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/a-framework-for-the-fund-s-issuance-of-notes-to-the-official-sector-pp4347",
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  "summary": "On July 1, 2009, the Executive Board of the International Monetary Fund discussed the Managing Director's proposal for a framework for issuing notes to the official sector.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- On July 1, 2009, the Executive Board of the International Monetary Fund discussed the Managing Director's proposal for a framework for issuing notes to the official sector.\n- The framework approved by the Executive Board was adapted on the basis of these discussions, as reflected in supplement 2 of the paper.\n- Publication date shown on the landing page: June 17, 2009."
    },
    {
      "heading": "Key features of the framework",
      "content": "- Enables members to invest in IMF paper under note purchase agreements approved by the Board.\n- Permits note purchase agreements without any pre-specified limit on the cumulative amount committed under note purchase agreements.\n- The actual issuance of notes will occur should the IMF need additional resources at the time of a loan disbursement to a member.\n- The notes would have similar financial terms to the IMF’s recent bilateral borrowing agreements."
    },
    {
      "heading": "Operational triggers and use",
      "content": "- Issuance trigger: need for additional resources at the time of a loan disbursement to a member.\n- Mechanism: issuance under note purchase agreements approved by the Board."
    },
    {
      "heading": "Financial and legal design",
      "content": "- Notes offered to the official sector under the approved note purchase agreements.\n- Financial terms: similar to the IMF’s recent bilateral borrowing agreements (no further numeric terms provided on the page)."
    },
    {
      "heading": "Governance and approvals",
      "content": "- Board approval required for note purchase agreements.\n- Framework adapted based on Executive Board discussions and reflected in supplement 2."
    },
    {
      "heading": "Subjects and thematic coverage (as listed on the page)",
      "content": "- Article VII, Section 1(i)\n- Borrowed resources use\n- Borrowing by Fund\n- External financing\n- Financial instruments\n- Fund approval proposed\n- Fund general resources\n- Holdings of Fund\n- New Arrangements to Borrow\n- Real sector\n\nSource: A Framework for the Fund's Issuance of Notes to the Official Sector (June 17, 2009).\n\n---\n\n Content in this bundle\n\n- A Framework for the Fund’s Issuance of Notes to the Official Sector; IMF Policy Paper; June 17, 2009\n  - A Framework for the Fund’s Issuance of Notes to the Official Sector; IMF Policy Paper; June 17, 2009 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - A Framework for the Fund’s Issuance of Notes to the Official Sector; IMF Policy Paper; June 17, 2009 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/a-framework-for-the-fund-s-issuance-of-notes-to-the-official-sector-pp4347"
    }
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    "Published: June 17, 2009",
    "Series: Policy Papers",
    "On July 1, 2009, the Executive Board of the International Monetary Fund discussed the Managing Director's proposal for a framework for issuing notes to the official sector.",
    "The framework approved by the Executive Board was adapted on the basis of these discussions, as reflected in supplement 2 of the paper.",
    "Publication date shown on the landing page: June 17, 2009.",
    "Enables members to invest in IMF paper under note purchase agreements approved by the Board.",
    "Permits note purchase agreements without any pre-specified limit on the cumulative amount committed under note purchase agreements.",
    "The actual issuance of notes will occur should the IMF need additional resources at the time of a loan disbursement to a member.",
    "The notes would have similar financial terms to the IMF’s recent bilateral borrowing agreements.",
    "Issuance trigger: need for additional resources at the time of a loan disbursement to a member.",
    "Mechanism: issuance under note purchase agreements approved by the Board.",
    "Notes offered to the official sector under the approved note purchase agreements.",
    "Financial terms: similar to the IMF’s recent bilateral borrowing agreements (no further numeric terms provided on the page).",
    "Board approval required for note purchase agreements.",
    "Framework adapted based on Executive Board discussions and reflected in supplement 2.",
    "Article VII, Section 1(i)",
    "Borrowed resources use",
    "Borrowing by Fund",
    "External financing",
    "Financial instruments",
    "Fund approval proposed",
    "Fund general resources",
    "Holdings of Fund",
    "New Arrangements to Borrow",
    "Real sector",
    "**A Framework for the Fund’s Issuance of Notes to the Official Sector; IMF Policy Paper; June 17, 2009**"
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