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IMFSurvey Magazine: In the News

IMF LENDING

IMF Signs $100 Billion


Borrowing Agreement With
Japan
IMF Survey online

February 13, 2009

J
Strauss-Kahn (left) shakes hands after the
signing ceremony with Shoichi Nakagawa,
Japan's Minister of Finance (photo: IMF)
Injection of funds by Japan will strengthen IMF's
ability to tackle global crisis
apan
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the current global economic and financial crisis.
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Nakagawa, Minister of Finance of Japan, signed the
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terms of Japan's $100 billion commitment on February
Gold in the IMF
13 under a borrowing agreement designed to
temporarily supplement the Fund's financial resources. Video: Strauss-Kahn thanks
Japan
The IMF said the additional funds will bolster its capacity
to provide timely and effective balance of payments
assistance to its 185 member governments.

Crisis-lending

The IMF has so far committed around $48 billion in lending to a number of economies
affected by the crisis, including Belarus, Hungary, Iceland, Latvia, Pakistan, Serbia, and
Ukraine. It announced a precautionary loan for El Salvador last month and an IMF team has
also been in negotiations with Turkey.

The IMF expects global growth to grind to a virtual halt in 2009, with the advanced
economies in a recession. The economic crisis has caused global trade and capital flows to
plummet.

The formal signing of the agreement in Rome, Italy, follows the IMF Executive Board's
approval of the terms on February 12, 2009. Taro Aso, Japanese Prime Minister, announced
in November 2008 that Japan would be willing to provide supplemental funding to the IMF,
to help overcome the current global crisis (see Press Release No. 08/284).
Apart from the new money from Japan, the IMF has around $200 billion in lendable
resources.

Managing Director Dominique Strauss-Kahn wants to boost the IMF's lendable resources to
around $500 billion, both as a precaution in case the crisis gets worse and as reassurance
that the IMF can meet any eventuality. The IMF's Executive Board is considering a number of
ways to strengthen the Fund's resources, including additional borrowing from official sources.

Single-largest commitment

Strauss-Kahn, on a trip to Rome to attend a meeting of ministers from the Group of Seven
(G-7) advanced economies, said the IMF was deeply grateful for the Japanese government's
support [see video reaction].

"This commitment is the single-largest supplemental financing contribution by an IMF


member country ever, and it clearly demonstrates Japan's continuing commitment to a
multilateral approach to global economic and financial challenges. We are hopeful that other
countries will join Japan in providing their support to the Fund's efforts."

Japan's total commitment is equivalent to about 31 percent of total Fund quotas, the capital
members put into the IMF when joining.

The initial period of the commitment by Japan is for one year, and may be extended by the
IMF for up to a total of five years if warranted by the Fund's liquidity situation and its actual
and prospective borrowing needs. Each drawing will carry interest at the interest rate on the
IMF's Special Drawing Rights, which is currently 0.62 percent.

Comments on this article should be sent to imfsurvey@imf.org


(参考仮訳)

プレスリリース No. 09/32 国際通貨基金(IMF)


即時解禁 米国・ワシントン DC
2009 年 2 月 13 日

IMF、日本との 1,000 億ドルの融資取極 に署名

ドミニク・ストロスカーン国際通貨基金(IMF)専務理事と日本の中川昭一財務大
臣は本日、日本による IMF への最大で 1,000 億米ドルの資金提供に関する融資取極
に署名した。同取極は IMF の融資財源を暫定的に補完するもので、これにより国際
収支上の問題に直面している加盟国に対して、IMF が適時に効果的な支援を実施す
る上での能力が強化される。

本日のイタリア・ローマでの同取極の正式締結・署名に先立ち、IMF 理事会は 2009


年 2 月 12 日、同取極を承認した。日本の麻生太郎首相は 2008 年 11 月、現下の世界
的な危機への対応として、IMF に対し補完的な資金を提供する用意があることを表
明している。( プレスリリース No. 08/284参照)

「我々は、日本政府の支援に心より感謝する」とストロスカーン専務理事は述べた。
「この度の取極は、IMF の加盟国一国による補完的な資金提供としては過去最大で
あり、日本のリーダーシップと、世界経済ならびに国際金融が直面している問題の
解決に向けた多国間協調主義的アプローチに対する、日本の継続的なコミットメン
トを明確に示すものである。他の国々に対しても日本に続き、我々の努力に対する
支援を期待したい」

同取極に基づく日本の資金提供は総額で 670 億 SDR 相当で、IMF の総クォータ(出


資割当額)の 31 パーセントに相当する。これを除く IMF の融資能力は 950 億 SDR
(約 1,430 億米ドル)であった。この他に、IMF は既存の借入取極である新規借入
取極(NAB)および一般借入取極(GAB)に基づき、最大 340 億 SDR(約 510
億米ドル)の引き出しが可能となっている。

同取極による日本の資金提供期間は当初 1 年であるが、IMF の流動性の状況や借入


れニーズの実績および見通しに鑑みてその延長が必要になった場合には、IMF は最
長 5 年まで期間を延長できる。また個々の借り入れに対して SDR 金利(現在
0.62%)が適用される。