## A Framework for the Fund's Issuance of Notes to the Official Sector

_Policy Papers, June 17, 2009_

## Source details

**Canonical URL:** [A Framework for the Fund's Issuance of Notes to the Official Sector](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)

## Other formats

- [Markdown version](/en/publications/policy-papers/issues/2016/12/31/a-framework-for-the-fund-s-issuance-of-notes-to-the-official-sector-pp4347/index.md)
- [Structured JSON version](/en/publications/policy-papers/issues/2016/12/31/a-framework-for-the-fund-s-issuance-of-notes-to-the-official-sector-pp4347/index.json)
- [Bundle manifest](/en/publications/policy-papers/issues/2016/12/31/a-framework-for-the-fund-s-issuance-of-notes-to-the-official-sector-pp4347/bundle-manifest.json)

## Bibliographic details
- Published: June 17, 2009
- Series: Policy Papers

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### Overview
- 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.

### Key features of the framework
- 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.

### Operational triggers and use
- 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.

### Financial and legal design
- 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).

### Governance and approvals
- Board approval required for note purchase agreements.
- Framework adapted based on Executive Board discussions and reflected in supplement 2.

### Subjects and thematic coverage (as listed on the page)
- 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

*Source: A Framework for the Fund's Issuance of Notes to the Official Sector (June 17, 2009).*

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## Content in this bundle

- **A Framework for the Fund’s Issuance of Notes to the Official Sector; IMF Policy Paper; June 17, 2009**
  - [A Framework for the Fund’s Issuance of Notes to the Official Sector; IMF Policy Paper; June 17, 2009 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2009/_061709b.pdf.md){rel="alternate" type="text/markdown"}
  - [A Framework for the Fund’s Issuance of Notes to the Official Sector; IMF Policy Paper; June 17, 2009 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2009/_061709b.pdf){rel="external" type="application/pdf"}

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_Source: 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_