OREANDA-NEWS. November 14, 2016. The Executive Board of the International Monetary Fund (IMF) approved on November 4, 2016—without an Executive Board meeting [1] —the renewal of the New Arrangements to Borrow (NAB) for a five-year period starting November 17, 2017.

The NAB are credit arrangements between the IMF and a group of members and institutions to provide supplementary resources of up to SDR 181 billion (about US\\$250 billion) to the IMF to forestall or cope with an impairment of the international monetary system or to deal with an exceptional situation that poses a threat to the stability of that system.

The NAB entered into effect on November 17, 1998 (see Press Release No. 98/57), and has been renewed continuously, with the current five-year NAB period ending on November 16, 2017. The approved renewal of the NAB, together with the IMF membership’s commitments to bilateral borrowing ( click here ) will help maintain the IMF’s lending capacity and provide confidence that the IMF will continue to address the needs of its membership.

[1] The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.