Press Release No. 09/299

IMF Signs €11 Billion Borrowing Agreement with France

September 4, 2009

The International Monetary Fund (IMF) and France have signed an agreement to provide the Fund with up to the equivalent of €11.06 billion (about US$15.8 billion). The agreement is part of a commitment made by the European Union to contribute up to €75 billion to support the IMF’s lending capacity (See Press Release No. 09/82). This agreement contributes 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.

Furthermore, the IMF and France have signed an agreement to provide the PRGF-ESF Trust with an additional SDR 670 million (about US$1.05 billion) in new loan resources. This agreement expands the IMF’s capacity to help low-income countries hit hard by the crisis.

Useful links:

Text of the borrowing agreement with the government of France:

http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2009/072909.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

Factsheet: Where the IMF gets its money (including details on PRGF-ESF Trust Fund)

http://0-www-imf-org.library.svsu.edu/external/np/exr/facts/finfac.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