• Loading stock data...
PublicWire | Emerging Market Stock News
  •  Home
  • Technology
  • Medical
  • Energy
  • Cannabis
  • Finance
  • Retail
  • General
  • Podcast
  • Videos
  • Services
  •  Home
  • Technology
  • Medical
  • Energy
  • Cannabis
  • Finance
  • Retail
  • General
  • Podcast
  • Videos
  • Services
No Result
View All Result
PublicWire
No Result
View All Result

Home » Finance » IMF approves a new round of bilateral borrowing agreements to maintain $1 trillion lending capacity

IMF approves a new round of bilateral borrowing agreements to maintain $1 trillion lending capacity

Al Restar by Al Restar
April 1, 2020
in Finance
2 min read
34
0
The new BBAs will have an initial term of three years through end-2023, which is extendable by one more year through end-2024.

Managing Director Kristalina Georgieva arrives and starts her first day of work at the IMF. Photo: IMF

A new round of bilateral borrowing has been approved by the board of the International Monetary Fund (IMF) from January 1, 2021, to succeed the current bilateral borrowing agreements (BBAs) currently in place through end-December 2020 on Tuesday.

The new round will adopt the same framework as that agreed in 2016 for the current BBAs. The new BBAs will have an initial term of three years through end-2023, which is extendable by one more year through end-2024, a press release from the organization revealed. 

The move is designed to help the IMF maintain a lending capacity of US$1 trillion for the next few years, ensuring its ability to respond to members’ needs. 

“The BBAs are the IMF’s third line of defense after quotas and the New Arrangements to Borrow (NAB). Today’s Executive Board decision is part of a broader package on IMF resources and governance reform endorsed by the IMF membership during the 2019 Annual Meetings, and builds on the Board’s January 2020 approval of a doubling of the NAB and guidance on quota reforms,” the press release reads.

The new BBAs and the doubling of the NAB are expected to take effect on January 1, 2021, subject to timely approvals by creditor member countries and their institutions. IMF said that this move is critical at this point as the world faces a pandemic that has caused disturbances in economic activities in most nations. 

Al Restar

Al Restar

An idealist straight from business school who works as a content marketer, digital branding consultant, and graphic designer. Outside work, he spends his time taking care of his cacti and painting watercolors.

Related Posts

Federal Reserve to Offer Loans to ‘Eligible’ Nonprofit Organization
Finance

Federal Reserve to Offer Loans to ‘Eligible’ Nonprofit Organization

June 16, 2020
199
Vroom Stocks Off to a Very Good Start in its First Day of Trading
Finance

Vroom Stocks Off to a Very Good Start in its First Day of Trading

June 9, 2020
126
Hertz Stocks Improve After Travel Shows Signs of Revival
Finance

Hertz Stocks Improve After Travel Shows Signs of Revival

June 9, 2020
145
Vroom Increased Price Listing Ahead IPO
Finance

Vroom Increased Price Listing Ahead IPO

June 9, 2020
162
Polls predicted Brazil’s GDP ‘most likely’ to hit an all-time low
Finance

Polls predicted Brazil’s GDP ‘most likely’ to hit an all-time low

May 26, 2020
128
Hertz Filed for Bankruptcy
Finance

Hertz Files for Bankruptcy Protection

May 23, 2020
120
Currently Playing

Subscribe To Our Newsletter

Ad

PublicWire | Emerging Market Stock News 24/7 | Investor Relations US Stock Market

© Copyright 2020 PublicWire.com

Navigate Site

  • About
  • #96576 (no title)
  • Disclaimer
  • Watch LIVE
  • Privacy Policy
  • Terms and Services
  • Contributors

Follow Us

No Result
View All Result
  • LIVE Investor News Channel
  • Cannabis
  • Energy
  • Finance
  • General
  • Medical
  • Podcasts
  • Retail
  • Technology
  • #370 (no title)

© Copyright 2020 PublicWire.com

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Public Wire Logo

Hello please subscribe to our newsletter to get up to date news weekly!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.