Switzerland and Belgium strike borrowing agreements with IMF to support low-income countries

22 Sep 17

The Swiss National Bank and the National Bank of Belgium have both agreed to lend millions of dollars to support low-income countries, in partnership with the International Monetary Fund.

Belgium agreed to give $498.7m and Switzerland will lend $712.4m to the Poverty Reduction and Growth Trust (PRGT), which IMF is trustee of.

It is Switzerland’s fourth loan contribution to PRGT and Belgium’s third. Both countries are among the 14 member countries to provide new PRGT loan resources under the current fund-raising campaign to increase the amount available for concessional lending.

The fundraising campaign was launched in November 2015 with a target of SDR 11bn in new bilateral loan resources.

The agreements were made effective on 30 August.

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