The Group of Ten (G-10 or G10) refers to the group of countries that agreed to participate in the General Arrangements to Borrow (GAB), an agreement to provide the International Monetary Fund (IMF) with additional funds to increase its lending ability.[1]
In 1964, the funds were used by the IMF to rescue the pound sterling.[1] The G-10 grew in 1964 by the association of the eleventh member, Switzerland, then not a member of the IMF, but the name of the group remained the same.[2]
Activities
The GAB enables the IMF to borrow specified amounts of currencies from these eleven industrial countries (or their central banks), under certain circumstances. Specifically, a proposal for calls under the GAB may only be made when a proposal for the establishment of an activation period under the New Arrangements to Borrow (NAB) is not accepted by NAB participants, who number 38 countries, amongst which are the BRICS nations and Middle Eastern powers.[citation needed]
The potential amount of credit available to the IMF under the GAB totals SDR 17bn (about $26bn), with an additional SDR 1.5bn available under an associated arrangement[clarify] with Saudi Arabia. The GAB was established in 1962 and expanded in 1983 to SDR 17bn, from about SDR 6bn. It has been activated ten times, the last time in 1998. The GAB and the associated credit arrangement with Saudi Arabia have been renewed, without modifications, for a period of five years from December 26, 2013.[3]
group, group, refers, group, countries, that, agreed, participate, general, arrangements, borrow, agreement, provide, international, monetary, fund, with, additional, funds, increase, lending, ability, g10group, tenmembership, belgium, canada, france, germany,. The Group of Ten G 10 or G10 refers to the group of countries that agreed to participate in the General Arrangements to Borrow GAB an agreement to provide the International Monetary Fund IMF with additional funds to increase its lending ability 1 G10Group of TenMembership Belgium Canada France Germany Italy Japan Netherlands Sweden Switzerland United Kingdom United States Contents 1 History 2 Activities 2 1 Observers 3 See also 4 References 5 External linksHistory EditThe GAB was established in 1962 when the governments of eight International Monetary Fund IMF members Belgium Canada France Italy Japan the Netherlands the United Kingdom and the United States and the central banks of two others Germany and Sweden agreed to make resources available to the IMF with an additional 6 billion of their resources 1 The additional money was intended to allow the IMF to have increased lending resources 1 In 1964 the funds were used by the IMF to rescue the pound sterling 1 The G 10 grew in 1964 by the association of the eleventh member Switzerland then not a member of the IMF but the name of the group remained the same 2 Activities EditThe GAB enables the IMF to borrow specified amounts of currencies from these eleven industrial countries or their central banks under certain circumstances Specifically a proposal for calls under the GAB may only be made when a proposal for the establishment of an activation period under the New Arrangements to Borrow NAB is not accepted by NAB participants who number 38 countries amongst which are the BRICS nations and Middle Eastern powers citation needed The potential amount of credit available to the IMF under the GAB totals SDR 17bn about 26bn with an additional SDR 1 5bn available under an associated arrangement clarify with Saudi Arabia The GAB was established in 1962 and expanded in 1983 to SDR 17bn from about SDR 6bn It has been activated ten times the last time in 1998 The GAB and the associated credit arrangement with Saudi Arabia have been renewed without modifications for a period of five years from December 26 2013 3 The Bank for International Settlements BIS hosts a publications e library page for the G 10 4 Observers Edit The following international organizations are official observers of the activities of the G10 the BIS European Commission International Monetary Fund and Organisation for Economic Co operation and Development Luxembourg is an associate member See also EditEU three Big Four Western Europe Group of Six G6 Group of Seven G7 Group of Twelve G12 G10 currenciesReferences Edit a b c d Chand S N 2006 01 01 Dictionary of Economics Atlantic Publishers amp Dist ISBN 9788126905355 A Guide To Committees Groups And Clubs IMF Retrieved 2022 03 06 imf org Factsheet IMF Standing Borrowing Arrangements 30 Apr 2014 G10 BIS BIS Retrieved 2016 02 02 External links EditIMF A Guide To Committees Groups and Clubs Retrieved from https en wikipedia org w index php title Group of Ten IMF amp oldid 1135577897, wikipedia, wiki, book, books, library,
