2010年-IMF国际货币组织全球_Borrowing_Agreement_with_the_Swedish_Riksbank_7页_269kb

报告摘要

Borrowing Agreement Summary: Swedish Riksbank and International Monetary Fund

Core Content

This document outlines the Borrowing Agreement between the Swedish Riksbank (Riksbank) and the International Monetary Fund (IMF). The agreement establishes the terms under which the Riksbank will lend up to EUR 2.47 billion (equivalent to SDRs) to the IMF, with the aim of supporting the Fund's ability to provide timely balance of payments assistance to its members.

Key Terms and Conditions

1. Purposes and Amounts

The Riksbank agrees to lend up to EUR 2.47 billion in SDRs to the IMF.
The agreement is intended to support the Fund’s multilateral efforts to ensure financial adequacy and provide effective balance of payments assistance.

2. Term of the Agreement

The agreement is initially valid for one year from its effective date.
It may be extended by one additional year at a time, with the total term not exceeding four years.
Extensions require at least one month's notice from the Fund.
The Riksbank may terminate the agreement if Sweden, the Riksbank, or another official institution is a participant in an enlarged and amended NAB that becomes effective after the agreement's date.

3. Uses, Estimates, and Limits on Drawings

The Fund may draw under this agreement for General Resources Account uses or outstanding indebtedness under other official sector borrowings.
Weekly and monthly limits are set:
- SDR 0.3 billion per calendar week.
- SDR 1 billion per calendar month.
The total outstanding drawings cannot exceed EUR 2.47 billion.
The Fund must provide quarterly estimates of expected drawings, and revised estimates if needed.

4. Evidence of Indebtedness

The Fund must issue nonnegotiable instruments to the Riksbank to evidence the debt.
Upon repayment, the instrument is canceled. If partial repayment occurs, a new instrument is issued for the remaining amount.

5. Maturity

Each drawing has an initial maturity of three months from the drawing date.
The Fund may extend the maturity by additional three-month periods, unless it notifies the Riksbank five business days before the maturity date.
The maximum maturity for any drawing is five years from the drawing date.
Repayments must occur on the maturity date, or earlier if agreed.

6. Rate of Interest

Interest is calculated at the SDR interest rate set by the IMF.
If the IMF pays a higher interest rate on other borrowings, this rate will apply to the current agreement.
Interest is paid quarterly on July 31, October 31, January 31, and April 30.

7. Denomination and Payment Modalities

All drawings and repayments are denominated in SDRs.
Payments are made in Swedish kronor (unless otherwise agreed), transferred to the IMF’s account at the Riksbank.
Interest payments are typically in SDRs, but may be in Swedish kronor or a freely usable currency.
Payments in Swedish kronor are made to a specified account; SDR payments are credited to Sweden’s account in the IMF.

8. Termination of Drawings at Request of the Riksbank

The Riksbank may request termination of its obligations if Sweden’s balance of payments and reserve position is deemed insufficient for further drawings.
The Fund must agree with this assessment.

9. Early Repayment at Request of the Riksbank

The Riksbank may request early repayment if Sweden’s balance of payments and reserve position justify it.
The Fund may repay in SDRs or a freely usable currency as determined.

10. Transferability

The Riksbank may transfer its claims to other entities, including IMF members or their fiscal agencies, with prior consent from the Fund.
Transferees must assume liability for any maturity extensions and must be strong enough in balance of payments to justify the transfer.
Payments for transferred claims are made to the transferee’s account and follow the business days of the transferee's location.

11. Effective Exchange Rate

Exchange rates are determined based on the SDR value on the second business day of the Fund before the value date of the transaction.
If this date is not a business day in Stockholm, it is adjusted to the last preceding business day in both locations.

12. Changes in SDR Valuation Method

If the IMF changes the valuation method of SDRs, the new method applies to transactions made two or more business days after the change.

13. Non-Subordination of Claims

The Riksbank’s claims under this agreement are not subordinate to any other borrowing under Article VII, Section 1(i) of the IMF's Articles of Agreement.

14. Settlement of Questions

Disputes or questions arising under this agreement are to be settled by mutual agreement between the Riksbank and the IMF.

15. Final Provisions

The agreement is executed in duplicate counterparts.
It becomes effective on the last signed date or when Sweden provides concurrence for the borrowing, whichever is later.