February 24, 2017
UNITED KINGDOM – The United Kingdom is to provide up to SDR 2 billion in new loan resources for the Poverty Reduction and Growth Trust(PRGT) in support of the IMF’s low-income member countries.
The continued support from the United Kingdom is a critical element towards sustaining the Fund’s concessional lending operations over the medium-term, themIMF has said.
The International Monetary Fund (IMF), as Trustee of the Poverty Reduction and Growth Trust (PRGT), and H.M. Treasury, representing the Government of the United Kingdom, have signed a Note Purchase Agreement through which the United Kingdom will provide up to SDR 2 billion (about US$2.71 billion) in new loan resources for the PRGT benefitting the IMF’s low-income member countries.
This agreement, made effective on January 23, 2017, constitutes the United Kingdom’s second contribution of lending resources to the PRGT and puts the United Kingdom among the first seven countries to provide new PRGT loan resources under the current fund-raising campaign to increase resources available for concessional lending.
Following the Executive Board’s endorsement, the Managing Director launched this campaign in November 2015 with a target of raising SDR 11 billion in new bilateral loan resources.
The United Kingdom’s continued support to the PRGT in loan resources for the IMF’s low income member countries is a critical element towards sustaining the Fund’s concessional lending operations over the medium-term.
