IMF expresses appreciation to Norway for offering loan

The International Monetary Fund today issued a press release where Managing Director Christine Lagarde thanks Norway for offering a loan to strengthen the IMF’s resources. Norway offered on December 21, 2011, the IMF a loan of up to 6 billion SDR, equivalent to 7 billion euros.

The Norwegian loan is conditional on a broader international effort to strengthen the IMF’s lending capacity. Several countries are now in the process of specifying their contributions. Finance Minister Sigbjørn Johnsen will this week travel to Washington DC to participate in the Spring meetings of the IMF, where this issue is on the agenda.

- A broad international agreement to strengthen the IMF’s lending capacity is within reach. I hope an agreement can be finalized within few days. Norway is pleased to participate. We have a strong interest in securing international economic and financial stability, as well as significant international reserves, says Finance Minister Sigbjørn Johnsen.

- Many of Norway’s trading and cooperation partners are in a difficult economic situation. Unemployment is high in many countries, in particular among youth. A broad effort is required to create new growth and employment, says Johnsen.

The Norwegian bilateral loan will be extended to the IMF’s general resource account. The funds will therefore be available for all member countries of the IMF, and not earmarked any particular region or group of countries. Norway’s total lending commitments to the IMF will be doubled.

Read more:
Press release from the IMF
Letter from finance minister Johnsen to managing director of IMF
Letter from managing director IMF Christine Lagarde