The International Monetary Fund (IMF) has approved an extension of its Bilateral Borrowing Agreements (BBAs) through the end of 2023, the fund said in a statement on Tuesday
WASHINGTON (Pakistan Point News / Sputnik - 31st March, 2020) The International Monetary Fund (IMF) has approved an extension of its Bilateral Borrowing Agreements (BBAs) through the end of 2023, the fund said in a statement on Tuesday.
"The new BBAs will have an initial term of three years through end-2023, which is extendable by one more year through end-2024," the statement said. "These new agreements will help maintain the IMF's lending capacity of US$1 trillion for the next few years, ensuring its ability to respond to members' needs."
The current agreement remains effective through the end of 2020, and the new one is broadly the same, the IMF said. It may extended for one additional year through the end of 2024, the IMF added.
