Download or read book Borrowing Agreement with the Government of Canada written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2009-10-06 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents for the approval of the Executive Board a draft borrowing agreement between the Government of Canada and the Fund. The Government of Canada announced its willingness to lend up to $10 billion to the Fund to support the Fund’s ability to provide timely and effective balance of payments assistance to its members in the context of the summit of the Leaders of the Group of Twenty (G-20) in early April. Staff and the Canadian authorities have now reached agreement on a draft borrowing agreement, the text of which is set forth in the Attachment (the “Agreement”). The Agreement would make an important contribution to the multilateral effort to ensure the adequacy of the Fund’s financial resources, adding to the resources already available to the Fund from the borrowing agreements with Japan and Norges Bank that were approved by the Board recently. It is also expected that borrowing agreements with other members will be proposed for Board approval soon.