Categories: BANKS

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

The FINANCIAL — 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), according to IMF.

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.

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