The FINANCIAL — The International Monetary Fund (IMF) and the Österreichische Nationalbank have signed an agreement to provide the Fund with up to €2.18 billion (about US$3 billion).
According to IMF, the agreement is part of a commitment made by the European Union in March 2009 to contribute up to €75 billion (then equal to about US$100 billion) to support the IMF’s lending capacity. The European Union has since committed an additional €50 billion to the Fund’s expanded New Arrangements to Borrow.
The signing of the agreement with the Österreichische Nationalbank, Austria’s central bank, means the Fund can now add these resources to those already available through agreements signed with other members. These agreements contribute toward an increase in Fund resources that was requested in April 2009 by G-20 leaders and the International Monetary and Financial Committee in order to provide timely and effective balance of payments assistance to its members in the current crisis.