2016 Bilateral Borrowing Agreements (about US$ 433 billion): Terms Extended by an Additional Yearto End-2020

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 of terms preserves the IMF’s overall lending capacity of about US$1 trillion for an additional year and is 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. This step 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.

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, in view of 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. 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.

Information on the borrowing agreements with individual countries is available in the table below, as well as via the IMF Financial Data Query Tool and individual IMF country pages.

2016 Borrowing Agreements
Member (Creditor)Agreed
CurrencyAmount(in billions of currency)
Algeria (Bank of Algeria)USD5
AustraliaSDR4.61
Austria (Oesterreichische Nationalbank)EUR6.13
Belgium (National Bank of Belgium)EUR9.99
Brazil (Banco Central do Brasil)USD10
Brunei DarussalamUSD0.3
CanadaSDR8.2
Chile (Central Bank of Chile)SDR0.96
China (People’s Bank of China)USD43
Czech Republic (Czech National Bank)EUR1.5
Denmark (Danmarks Nationalbank)EUR5.3
Finland (Bank of Finland)EUR3.76
FranceEUR31.4
Germany (Deutsche Bundesbank)EUR41.5
India (Reserve Bank of India)USD10
Italy (Bank of Italy)EUR23.48
JapanUSD60
KoreaUSD15
LuxembourgEUR2.06
Malaysia (Bank Negara Malaysia)USD1
Malta (Central Bank of Malta)EUR0.26
Mexico (Banco de Mexico)USD10
Netherlands (De Nederlandsche Bank NV)EUR13.61
New ZealandUSD1
Norway (Norges Bank)SDR6
Peru (Central Reserve Bank of Peru)SDR1.1
Philippines (Bangko Sentral ng Pilipinas)USD1
Poland (Narodowy Bank Polski)EUR6.27
Russia (Central Bank of the Russian Federation)USD10
Saudi ArabiaUSD15
Singapore (Monetary Authority of Singapore)USD4
Slovak RepublicEUR1.56
Slovenia (Bank of Slovenia)EUR0.91
South Africa (South African Reserve Bank)USD2
SpainEUR14.86
Sweden (Sveriges Riksbank)SDR7.4
Switzerland (Swiss National Bank)CHF8.5
Thailand (Bank of Thailand)USD4
Turkey (Central Bank of the Republic of Turkey)USD5
United KingdomSDR9.1782

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