Source: Zero Hedge
Late today, the IMF released details of three borrowing agreements signed between the organization and the National Banks of Belgium, Slovakia and Malta. The total amount between the three agreements provides the IMF with additional borrowing power of €5.3 billion. While the incremental capacity is not in itself material, it bears to keep in mind the full recourse the IMF has access to. As the press release notes: "The agreement is part of a commitment made by the European Union in March 2009 to contribute up to €75 billion (then equal to about US$100 billion) to support the IMF’s lending capacity (See Press Release No. 09/82). The European Union has since committed an additional €50 billion to the Fund’s expanded New Arrangements to Borrow (see Press Release No. 09/298)." In summary, with today's expansions, the IMF now has access to just over $500 billion in firm commitments as part of the IMF's April 2 agreement to triple its lending capacity to $750 billion.
As the IMF's bail out role will soon achieve much greater prominence, we present the full listing of countries pledging support to the IMF. The US comprises roughly 20% of total backstop capital. In other words for every dollar the IMF provides to Greece, Portugal, Spain, Italy, Hungary, Bulgaria, Latvia, Ukraine, etc., American taxpayers will be on the hook for 20 cents.
Japan - $100 Billion
European Union - $178 Billion
- IMF Signs €120 Million Borrowing Agreement with the Central Bank of Malta (February 12, 2010)
- IMF Signs Agreement to Borrow up to €4.74 Billion from the National Bank of Belgium (February 12, 2010)
- IMF Signs Agreement to Borrow up to €440 Million from the Slovak Republic (February 12, 2010)
- IMF Signs €1.06 Billion Borrowing Agreement with Banco de Portugal (November 30, 2009)
- IMF Signs €1.95 Billion Borrowing Agreement with the Danish Central Bank (November 4, 2009)
- IMF Signs €5.31 Billion Borrowing Agreement with De Nederlandsche Bank (October 5, 2009)
- IMF Signs €4 Billion Borrowing Agreement with Spain (October 5, 2009)
- IMF Signs €15 Billion Borrowing Agreement with Deutsche Bundesbank (September 22, 2009)
- IMF Signs €11 Billion Borrowing Agreement with France (September 4, 2009)
- Statement by IMF Managing Director Dominique Strauss-Kahn on the European Union’s Announcement of Additional Financial Support (September 4, 2009)
- IMF Signs US$15 Billion Borrowing Agreement with the United Kingdom (September 1, 2009)
- Statement by IMF Managing Director Dominique Strauss-Kahn on the European Union's Announcement of Financial Support for the IMF (March 20, 2009)
Norway - $4.5 Billion
Canada - $10 Billion
Switzerland - $10 Billion
United States - $100 Billion
Korea - At least $10 Billion
Australia - $5.7 Billion
Russia - Up to $10 Billion
China - Up to $50 Billion
Brazil - Up to $10 Billion
India - Up to $10 Billion
Singapore - $1.5 Billion
Chile - $1.6 Billion
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