Press Release: IMF Signs SDR 500 Million Borrowing Agreement with De Nederlandsche Bank NV to Support Lending to Low-Income Countries
August 4, 2010Press Release No. 10/309
August 4, 2010
The International Monetary Fund (IMF), as Trustee of the Poverty Reduction and Growth Trust (PRGT), has signed a borrowing agreement with De Nederlandsche Bank NV, through which the Kingdom of the Netherlands will provide the PRGT with up to SDR 500 million (about US$766.6 million) in new loan resources for low-income countries.
This agreement, signed on July 27, 2010, expands the IMF’s capacity to help low-income countries hit hard by the current global crisis, and increases the loan resources available for the recently reformed concessional lending facilities. Following the Executive Board’s approval of these reforms in July 2009, the Managing Director launched a fund-raising campaign, which seeks SDR 10.8 billion in new bilateral loan resources and SDR 0.2–0.4 billion in bilateral subsidy contributions (see Press Release No. 09/268).