Borrowing Agreement with Norges Bank

Author: International Monetary Fund

This paper presents for the approval of the Executive Board a draft borrowing agreement between Norges Bank and the Fund.

Volume/Issue: Volume 2009 Issue 039

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Banks and Banking , Exports and Imports , Finance , Public Finance , PP , agreement , Japan agreement , Japan , fund , borrowing agreement , agreement of Norges Bank , draft agreement , term of the agreement , NAB decision , Balance of payments assistance , Lines of credit , Liquidity management , SDR interest rate , Resource management in revenue administration

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Summary

This paper presents for the approval of the Executive Board a draft borrowing agreement between Norges Bank and the Fund. On March 28, the Finance Minister of Norway announced that the Ministry of Finance and Norges Bank (the central bank of Norway) were exploring a possible Norwegian contribution of up to 30 billion Norwegian kroner (about US$4.5 billion or SDR 3 billion) of financial resources to the IMF to support the Fund’s ability to provide timely and effective balance of payments assistance to its members in the current crisis. Staff and Norges Bank representatives have now reached agreement on a draft borrowing agreement, the text of which is set forth in the Attachment (“the Agreement”).