Spanish Bank To Provide IMF Over $1Bln To Support Poor Countries - Statement

The Banco de Espana agreed to provide over $1 billion to support the poorest member of the International Monetary Fund (IMF), the fund said in a statement on Wednesday

WASHINGTON (UrduPoint News / Sputnik - 28th October, 2020) The Banco de Espana agreed to provide over $1 billion to support the poorest member of the International Monetary Fund (IMF), the fund said in a statement on Wednesday.

"The IMF, as Trustee of the Poverty Reduction and Growth Trust (PRGT), and the Banco de España have entered into an amendment of their 2017 borrowing agreement, through which the Banco de España will provide an additional amount of up to SDR 750 million (about US$1.

06 billion ) in new loan resources," the statement read.

This is the seventh tranche provided by Spain, the release said.

It puts Spain among the first providers of new PRGT loan resources under the current accelerated fundraising campaign in response to COVID-19, the fund added.