The Diplomat
Spain has signed two financing agreements with the International Monetary Fund (IMF) for a total of 14,419 million euros, with the aim of supporting the Washington-based institution to continue to have an adequate level of funds available and to deal with the exceptional needs of some countries due to the impact of the Covid-19, as reported yesterday by the Ministry of Economic Affairs and Digital Transformation.
In a statement, the Ministry indicated that Spain has signed a multilateral agreement to double the volume of resources made available to the IMF, in which 38 countries participate, for the equivalent of 8,018 million euros. The total amount of the agreement is 424,778 million euros.
In addition, Spain has signed a bilateral agreement, which will come into force once it has been ratified by the Spanish parliament, to be implemented through a credit line for an amount of up to Euro 6,401 million. The amount approved is proportional to Spain’s weight in the capital of the IMF, as agreed in the European coordination circuit.
