February 24, 2017

• Canada to provide up to SDR 500 million in new loan resources for the for the Poverty Reduction and Growth Trust in support of the IMF’s low-income member countries
• The continued support from Canada is a critical element towards sustaining the Fund’s concessional lending operations over the medium-term

The International Monetary Fund (IMF), as Trustee of the Poverty Reduction and Growth Trust (PRGT), and the Department of Finance Canada, representing the Government of Canada, have signed a borrowing agreement through which Canada will provide up to SDR 500 million (about US$677.5 million) in new loan resources for the PRGT benefitting the IMF’s low-income member countries.

This agreement, made effective on January 10, 2017, constitutes Canada’s fourth loan contribution to the PRGT and puts Canada among the first seven countries to provide new PRGT loan resources under the current fund-raising campaign to increase resources available for concessional lending. Following the Executive Board’s endorsement, the Managing Director launched this campaign in November 2015 with a target of raising SDR 11 billion in new bilateral loan resources (see Update on the Financing of the Fund's Concessional Assistance and Debt Relief to Low-Income Member Countries ).

Canada’s continued support of the PRGT in loan resources for the IMF’s low-income member countries is a critical element towards sustaining the Fund’s concessional lending operations over the medium-term.

Useful links :

Factsheet: Financing the IMF's Concessional Lending to Low-Income Countries

Factsheet: Where the Fund gets its Money