Washington, Nov 25: Participants in the International Monetary Fund’s crisis credit facility agreed to expand it by up to $100 billion, add new contributing countries and make the facility more flexible, the IMF said on Tuesday.
At a meeting in Washington, the 26 participants in the IMF’s New Arrangements to Borrow (NAB), a standing loan fund for use in times of financial crisis, agreed to increase the credit arrangements to up to $600 billion from a previous pledge of up to $500 million.
The NAB members also agreed to add an unspecified number of new members from a pool of 13 potential new participants.
A formal decision on expanding the NAB is expected to be taken by the IMF’s executive board in coming weeks.
“Current and potential NAB participants agreed to work quickly to take the necessary measures to make the new enhanced NAB effective as soon as possible,” Japan NAB chairman Daisuke Kotegawa, said in a statement.
–Agencies