Press Release No. 09/298

Press Release No. 09/298
September 4, 2009

The Managing Director of the International Monetary Fund (IMF), Mr. Dominique Strauss-Kahn, made the following statement today regarding the European Union’s announcement of an additional commitment of €50 billion (about US$71 billion) to the Fund’s expanded New Arrangements to Borrow (NAB):

“I welcome the announcement by the European Union of its increased support for the IMF’s lending capacity, bringing the EU’s commitment to a total of €125 billion (about US$178 billion). This is a vital contribution to the goal set by the G-20 and IMFC earlier this year of increasing the Fund’s resources by up to US$500 billion. The funds will help underpin the Fund’s lending operations through the current global crisis and in the years to come.

“The European Union, alongside other members who have made funding available, has demonstrated leadership and a commitment to maintaining market and macroeconomic stability through a multilateral approach, helping to ensure the Fund will have sufficient resources to carry out its mandate and meet the requirements of its member countries.”

Useful links:

Agreements bolstering lending capacity:

http://www.imf.org/external/np/exr/faq/contribution.htm

Factsheet on increasing the Fund’s resources:

http://www.imf.org/external/np/exr/facts/imfresources.htm

Press Release 09/82 on European Union financial support for the IMF:

http://www.imf.org/external/np/sec/pr/2009/pr0982.htm

Factsheet on IMF borrowing arrangements:

http://www.imf.org/external/np/exr/facts/gabnab.htm

Press Release 09/143 on expansion of New Arrangements to Borrow:

http://www.imf.org/external/np/sec/pr/2009/pr09143.htm