Common use of Purposes and Amounts Clause in Contracts

Purposes and Amounts. (a) In light of the multilateral effort to ensure the adequacy of the financial resources available to the International Monetary Fund (the “Fund”), and with a view to supporting the Fund’s ability to provide timely and effective balance of payments assistance to its members, the Central Bank of Malta (the “CBM”) agrees to lend to the Fund an SDR- denominated amount up to the equivalent of EUR120 million, on the terms and conditions set out below. (b) This agreement is based on Article VII, Section 1 (i) of the Articles of Agreement of the IMF, which authorizes the Fund to borrow from Fund members or other sources if it deems such action appropriate to replenish its holdings of any member’s currency in the General Resources Account (GRA). This agreement must be considered in light of the Fund’s Guidelines on Borrowing which make clear that quota subscriptions are and should remain the basic source of Fund financing, and that the role of borrowing is to provide a temporary supplement to quota resources.

Purposes and Amounts. (a) In light of the multilateral effort to ensure the adequacy of the financial resources available to the International Monetary Fund (the “Fund”), and with a view to supporting the Fund’s ability to provide timely and effective balance of payments assistance to its members, the Central Bank of Malta Oesterreichische Nationalbank (the “CBMOeNB”) agrees to lend to the Fund an SDR- SDR-denominated amount up to the equivalent of EUR120 millionEUR 2.18 billion, on the terms and conditions set out below. (b) This agreement is based on Article VII, Section 1 (i1(i) of the Fund’s Articles of Agreement of the IMFAgreement, which authorizes the Fund to borrow from Fund members or other sources if it deems such action appropriate to replenish its holdings of any member’s currency in the General Resources Account (GRA). This agreement must be considered in light of the Fund’s Guidelines on Borrowing which make clear that quota subscriptions are and should remain the basic source of Fund financing, and that the role of borrowing is to provide a temporary supplement to quota resources.