2016 Borrowing Agreements—One-Year Extension of Terms

• 1. Taking into account the Fund’s overall liquidity situation and actual and prospective borrowing requirements, the Executive Board approves a one-year extension through December 31, 2020 of the initial terms of the borrowing agreements concluded following the approval by the Executive Board in August of 2016 of the modalities for a new round of bilateral borrowing (“the 2016 Borrowing Agreements”), in accordance with paragraph 2(a) of each of the 2016 Borrowing Agreements.

• 2. The Executive Board authorizes the Managing Director to take such actions as necessary to implement this extension of the 2016 Borrowing Agreements on behalf of the Fund. (EBS/19/22, 04/22/19)

Decision No. 16513-(19/40),

May 20, 2019