(RTTNews) - The International Monetary Fund's Executive Board Wednesday approved a framework for the issuance of notes to member countries and their central banks, for the first time ever, in order to attract additional sources of income for lending purposes in the face of the global crisis.
Under this framework, members may sign agreements to purchase IMF notes up to a limit set by the member, the IMF said. The principal of the notes would be denominated in Special Drawing Rights or SDRs, a basket of four major currencies, consisting of the U.S dollar, Euro, Japanese Yen and the Pound Sterling. The notes would have a maximum maturity of five years, similar to the IMF's lending under the Stand-by and the Flexible Credit Line Arrangements.