Selected Decisions and Selected Documents of the IMF, Thirty- Eighth Issue -- The Rollback of Credit Arrangements in the New Arrangements to Borrow (NAB)—Change in Credit Arrangements and Amendment

Prepared by the Legal Department of the IMF
As updated as of February 29, 2016

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ARTICLE VII
Borrowing

THE ROLLBACK OF CREDIT ARRANGEMENTS IN THE NEW ARRANGEMENTS TO BORROW (NAB)—CHANGE IN CREDIT ARRANGEMENTS AND AMENDMENT

  • 1. Subject to paragraphs 3 and 4 below, the credit arrangements of current and prospective participants in the New Arrangements to Borrow (NAB) set out in Annex 1 to Executive Board Decision No. 11428-(97/6), adopted January 27, 1997, as amended (“Annex I to the NAB Decision”), shall be changed as set out in the Attachment to SM/11/331, 12/15/11 (“Attachment”).

  • 2. Subject to paragraph 5 below, Paragraph 11(b) of the NAB Decision shall be amended by adding the following as a new last sentence:

“At the request of a participant, the Fund shall repay, in accordance with this subparagraph (b), any claims resulting from calls under the participant’s credit arrangement that exceed the amount of the participant’s credit arrangement as changed in accordance with Executive Board Decision No. 15073 adopted December 21, 2011, provided that no such repayment shall be made until the quota increase for the relevant member under the Fourteenth General Review of Quotas has become effective.”

  • 3. The changes in credit arrangements for participants set forth in paragraph 1 above shall become effective for each participant on the day the relevant member pays its quota increase under the Fourteenth General Review of Quotas, provided that no change in credit arrangements shall become effective until participants representing at least 85 percent of total credit arrangements, including each participant whose credit arrangement is changed, have agreed to the changes in credit arrangements of participants.

  • 4. A prospective participant’s adherence to the NAB shall not become effective until the prospective participant consents to the proposed changes in credit arrangements set forth in paragraph 1 above.

  • 5. The amendment to the NAB Decision set forth in paragraph 2 above, shall become effective when NAB participants representing at least 85 percent of total credit arrangements have concurred in the amendment. (SM/11/331, 12/15/11)

Decision No. 15073-(12/1),

December 21, 2011

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