2016 Bilateral Borrowing Agreements (about US$ 433 billion): Terms Extended by an Additional Year to End-2020
IMF News, November 5, 2019
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- Published: November 5, 2019
Extension decision and rationale
- The terms of the 2016 Borrowing Agreements between the IMF and 40 members are now effective through end-2020, following approval by the IMF Executive Board and consents from all 40 creditors to a one-year extension of the terms of their respective agreements.
- The extension preserves the IMF’s overall lending capacity of about US$1 trillion for an additional year and is described as a prudent step to provide confidence to members and markets that the Fund continues to have adequate resources to meet the potential needs of the membership.
- The extension is part of a broader package of actions on IMF resources and governance reform—including support for maintaining the IMF’s current resource envelope and considering a doubling of the New Arrangements to Borrow (NAB) and a further temporary round of bilateral borrowing beyond 2020—endorsed by the IMF membership at the 2019 Annual Meetings.
Purpose and background
- The IMF has entered into several rounds of bilateral borrowing agreements over the past decade to supplement its quota and NAB resources and meet the potential financing needs of its members.
- In 2016, given continued uncertainty in the global economy, the membership committed to maintain access to bilateral borrowing, as a third line of defense (after quota and NAB resources) and under a revised governance framework, with an initial term through the end of 2019, extendable for a further year by the Executive Board and with creditors’ consents.
Key statistics and aggregate commitments
- Total commitments under the 2016 borrowing framework from 40 members amount to about SDR 318 billion (US$433 billion) at end-September 2019 exchange rates.
- Extension preserves IMF lending capacity of about US$1 trillion for an additional year.
2016 Borrowing Agreements — commitments by creditor (as listed)
- Algeria (Bank of Algeria) — USD 5
- Australia — SDR 4.61
- Austria (Oesterreichische Nationalbank) — EUR 6.13
- Belgium (National Bank of Belgium) — 9.99
- Brazil (Banco Central do Brasil) — 10
- Brunei Darussalam — 0.3
- Canada — 8.2
- Chile (Central Bank of Chile) — 0.96
- China (People's Bank of China) — 43
- Czech Republic (Czech National Bank) — 1.5
- Denmark (Danmarks Nationalbank) — 5.3
- Finland (Bank of Finland) — 3.76
- France — 31.4
- Germany (Deutsche Bundesbank) — 41.5
- India (Reserve Bank of India)
- Italy (Bank of Italy) — 23.48
- Japan — 60
- Korea — 15
- Luxembourg — 2.06
- Malaysia (Bank Negara Malaysia) — 1
- Malta (Central Bank of Malta) — 0.26
- Mexico (Banco de Mexico)
- Netherlands (De Nederlandsche Bank NV) — 13.61
- New Zealand
- Norway (Norges Bank) — 6
- Peru (Central Reserve Bank of Peru) — 1.1
- Philippines (Bangko Sentral ng Pilipinas)
- Poland (Narodowy Bank Polski) — 6.27
- Russia (Central Bank of the Russian Federation)
- Saudi Arabia
- Singapore (Monetary Authority of Singapore) — 4
- Slovak Republic — 1.56
- Slovenia (Bank of Slovenia) — 0.91
- South Africa (South African Reserve Bank) — 2
- Spain — 14.86
- Sweden (Sveriges Riksbank) — 7.4
- Switzerland (Swiss National Bank) — CHF 8.5
- Thailand (Bank of Thailand)
- Turkey (Central Bank of the Republic of Turkey)
- United Kingdom — 9.1782
Press Release No. 19/395, November 5, 2019. International Monetary Fund.
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References
- IMF-World Bank Debt Sustainability Framework for Low-Income Countries -- A Factsheet
- Special Drawing Rights (SDRs) -- A Factsheet
- Press Releases
- PRESS CENTER
- endorsed by the IMF membership
- IMF Financial Data Query Tool
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- [Press Release: The International Monetary Fund Successfully
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