In response to global financial crisis, 25 members of the International Monetary Fund (IMF) have committed to a total of SDR 243 billion ($340 billion) in bilateral borrowed resources through end-2020.

“These commitments will preserve the overall lending capacity of the IMF and provide confidence that the Fund will continue to address the needs of our membership. I am heartened that so many countries have already made a commitment, and I would encourage others to join this important international cooperative effort,” said IMF Managing Director, Christine Lagarde, welcoming the commitments.

In this regard, IMF’s executive board approved in August 2016 a new framework which will govern access to and facilitate bilateral borrowing. The new framework will replace that agreed in 2012.

Alain Okpeitcha