Renewal of And Modifications To The New Arrangements To Borrow

The Fund’s decision on the New Arrangements to Borrow (the “NAB Decision”) is subject to renewals not later than 12 months before the end of each NAB period. The current NAB period became effective on January 1, 2021 and is set to expire on December 31, 2025. Pursuant to paragraph 19(b) of the NAB Decision, the Executive Board is to take a decision on the renewal no later than twelve months before the end of the current NAB period, i.e., by December 31, 2024. Once a decision on renewal is taken, the new NAB period would become effective on January 1, 2026. Modifications of the NAB Decision may also be made at the time of renewal. This paper presents, for Executive Board approval, a proposal for the renewal of the NAB Decision for five years until end-2030, along with proposals for targeted modifications to the NAB Decision.