By James Muyanwa –

THE International Monetary Fund (IMF) has secured commitments valued at $450 billion from a total of 40 members.
Since the Spring Meetings in April 2017, further progress has been made in securing commitments to provide bilateral borrowed funds under the IMF’s 2016 borrowing framework.
This came to light at the just-ended IMF/World Bank annual meetings.
The IMF has received commitments from four additional members, bringing total commitments under the 2016 borrowing framework to $450 billion from the 40 members.
In welcoming these commitments, IMF Managing Director, Christine Lagarde, said that bilateral borrowing constituted the fund’s important third line of support after quotas and the New Arrangements to Borrow (NAB).
“I am encouraged by the commitments received from the membership to provide bilateral resources under the new borrowing framework.
“These commitments will preserve the IMF’s overall lending capacity of about US$1 trillion and provide confidence that the Fund will continue to be able to address the needs of our membership,” she said.
With these commitments, all 35 creditors under the 2012 Borrowing Agreements have committed to participate in the 2016 framework, in addition to five new creditors.
Pursuant to these commitments, 33 borrowing agreements in an aggregate amount Special Drawing Right of about 289 billion are now effective.
Agreements under the 2016 borrowing framework have maximum terms up to the end of 2020.