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Press Releases

Activation of IMF's New Arrangements to Borrow

The Executive Board of the International Monetary Fund (IMF) has adopted a decision to activate the New Arrangements to Borrow (NAB) at a meeting in Washington DC on Wednesday (2 December).

The NAB is a loan facility to provide the IMF with supplementary resources to forestall or cope with an impairment of the international monetary system. In October 1996, the Financial Secretary, after seeking advice from the Exchange Fund Advisory Committee, approved the HKMA's participation in the NAB.

Yesterday the IMF Executive Board authorised the IMF to activate the NAB and borrow a total amount of about SDR 9.117 billion * (about US$12.7 billion) to help to fund IMF's financing support for Brazil. The Hong Kong Monetary Authority (HKMA) will be one of 21 participants providing loans under this arrangement to IMF. The HKMA's share of this particular activation is up to SDR99.4 million (about US$138 million) or about 1.09% of the total loan to IMF. The maximum commitment of HKMA under the NAB, approved by the Financial Secretary, is SDR340 million (around US$473 million).

A HKMA spokesman said that the loan to IMF would be drawn from the Exchange Fund. He added that as the loan is made to IMF, an institution of triple A credit rating, and will earn a market interest rate, it represents a prudent investment in itself.

The other 20 participants in the current loan to IMF are: Australia, Austria, Belgium, Canada, Denmark, Deutsche Bundesbank, Finland, France, Italy, Japan, Kuwait, Luxembourg, the Netherlands, Norway, Singapore, Spain, Sveriges Riksbank, Swiss National Bank, United Kingdom, United States.

 

*The value of SDR (Special Drawing Right) is the sum of the values of specified amounts of the following currencies: US dollar, Deutsche mark, Japanese yen, France franc and Pound Sterling. The current exchange rate of 1 SDR against US$1.39 is used here.


Hong Kong Monetary Authority

3 December 1998



Last revision date: 1 August 2011
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