Cover Policy Papers
Update on the Financing of the Fund's Concessional Assistance and Debt Relief to Low-Income Member Countries
Author:
International Monetary Fund
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Series:
Policy Papers
Volume/Issue:
Volume 2010: Issue 085
Language:
English
Publication Date:
21 Sep 2010
DOI:
https://doi.org/10.5089/9781498336833.007
ISBN:
9781498336833
ISSN:
2663-3493
Pages:
27
Keywords:
PP; SDR; PRGT; loan; financing; SDR equivalent; about SDR; loan resource; Post-Catastrophe debt relief Trust; MDRI debt relief; beyond-HIPC debt relief of SDR; PRGT Reserve Account; financing package; Debt relief; Loans; Credit; Emergency assistance; Liquidity requirements; Global
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A new framework to facilitate mobilization of loan resources for the PRGT became effective in June 2010. It includes a voluntary encashment regime allowing claims of participating creditors to qualify as reserve assets; the issuance of PRGT notes; and a revised framework for borrowing in SDRs. Members have responded positively to the Managing Director’s fund-raising request. Thirteen members have pledged about SDR 9.3 billion in additional loan resources, compared to the target of SDR 10.8 billion (including provision for a liquidity buffer to facilitate encashment). New loan and note purchase agreements totaling SDR 7.2 billion have been signed so far with nine lenders. Five of these borrowing agreements provide loan resources in SDRs. It remains important to mobilize additional loan resources to complete the financing package.
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Cover Policy Papers
Policy Papers
ISSN:
2663-3493
Publisher:
International Monetary Fund
Volume 2010: Issue 085