Peter Costello

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Activation of the New Arrangements to Borrow

NO.119

ACTIVATION OF THE NEW ARRANGEMENTS TO BORROW

STATEMENT BY THE CHAIRMAN OF THE NAB, THE HON. PETER COSTELLO, MP, TREASURER OF AUSTRALIA

The IMF’s New Arrangements to Borrow (NAB) are being activated today to provide loans to the IMF to support its financial assistance to Brazil.

The NAB came into effect on 17 November 1998 and this is the first time they have been activated. They are designed to supplement the resources available to the IMF to forestall or cope with an impairment of the international monetary system or deal with an exceptional situation that poses a threat to the stability of the system.

The NAB participants have agreed to finance the IMF’s payments to Brazil that are being made under the Supplemental Reserve Facility (SRF). These could amount to a total of SDR9.1 billion. The first call, immediately following today’s approval by the IMF Executive Board, is for SDR2.9 billion.

Contact:
Melinda Cilento
02 6263 2847

3 Dec 1998

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