Press Release No. 09/291

Press Release: IMF Signs US$15 Billion Borrowing Agreement with the United Kingdom

September 1, 2009

The International Monetary Fund (IMF) and Her Majesty’s Treasury of the United Kingdom have signed an agreement to provide the Fund with up to the equivalent of SDR 9.92 billion (about US$15.5 billion). The agreement is part of a commitment made by the European Union in March 2009 to contribute up to 75 billion euros (then equal to about $100 billion) to support the IMF’s lending capacity (See Press Release No. 09/82).

The signing of the agreement means the Fund can now add these resources to those already available through borrowing agreements signed with Japan, Norges Bank and Canada (See Press Releases No. 09/32, No. 09/253 and No. 09/257). 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.

Useful links:

Text of the borrowing agreement with the United Kingdom:

http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2009/090109.pdf

Agreements bolstering lending capacity:

http://0-www-imf-org.library.svsu.edu/external/np/exr/faq/contribution.htm

Press Release 09/82 on European Union financial support for the IMF:

http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2009/pr0982.htm

IMFC Communiqué, April 25, 2009:

http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2009/pr09139.htm

April 2009 G-20 London Summit final communiqué:

http://www.londonsummit.gov.uk/resources/en/news/15766232/communique-020409