Press Release No. 17/155

IMF and Bank of Spain Sign SDR 450 million Borrowing Agreement to Support Lending to Low-Income Countries

May 9, 2017

• Bank of Spain agrees to provide US$ 615 million to IMF’s Trust benefitting low income member countries 

The International Monetary Fund (IMF), as Trustee of the Poverty Reduction and Growth Trust (PRGT), and the Bank of Spain have signed a borrowing agreement through which Spain will provide up to SDR 450 million (about US$615 million) in new loan resources for the PRGT benefitting the IMF’s low-income member countries.

This agreement, made effective on February 22, 2017, constitutes Spain’s sixth loan contribution to the PRGT and puts Spain among the first ten [UO1] countries to provide new PRGT loan resources under the current fund-raising campaign to increase resources available for concessional lending. Following the Executive Board’s endorsement, the Managing Director launched this campaign in November 2015 with a target of raising SDR 11 billion in new bilateral loan resources. (see Update on the Financing of the Fund's Concessional Assistance and Debt Relief to Low-Income Member Countries ).

Spain’s continued support of the PRGT in loan resources for the IMF’s low-income member countries is a critical element towards sustaining the Fund’s concessional lending operations over the medium-term.

Useful links :

Factsheet: Financing the IMF's Concessional Lending to Low-Income Countries

Factsheet: Where the Fund gets its Money