With a view to enabling the International Monetary Fund (the Fund) to fulfil its role more effectively in the international monetary system, a number of countries with sufficient financial capacity to support the monetary system Agreed to provide resources to the Fund in accordance with the terms and conditions set out in this Decision. Since the Fund is an institution based on assessed contributions, the credit agreements made available in the manner provided for in this decision shall be drawn only in the event that assessments of resources are to be completed to prevent or To mitigate the deterioration of the international monetary system. In order to address these intentions, the following terms and conditions are adopted under s. VII, section 1 (i), of the statutes of the Fund ¹ .

(a) In this decision, the following shall be understood:

(i)

"Amount of a credit agreement" means the maximum amount expressed in special drawing rights that a participant undertakes to make available to the Fund under a credit agreement;

(ii)

"Statute" means the statutes of the Fund;

(iii)

"Available credit" means the amount of a participant's credit agreement that has been reduced by any amount taken or in progress;

(iv)

"Currency borrowed" means the currency transferred to the account of the Fund under a credit agreement;

(v)

"Call for funds" means the notification given by the Fund to a participant to transfer to the account of the Fund under its credit agreement;

(vi)

"Credit agreement" means the commitment to make resources available to the Fund in accordance with the procedure laid down in this Decision;

(vii)

"Convertible currency" means a currency included for the purposes of transfers in the quarterly financial transactions plan of the Fund;

(viii)

"Shooter" means the Member State which purchases the currency borrowed from the General Account of the Fund;

(ix)

"Fund indebtedness" means the amount the Fund is required to repay under a credit agreement;

X)

"Member State" means a Member State of the Fund;

(xi)

"Participant" means a participating Member State or a participating institution;

(xii)

"Participating institution" means an official body of a Member State which has entered into a credit agreement with the Fund, with the consent of that Member State;

(xiii)

"Participating Member State" means a Member State of the Fund which has entered into a credit agreement with the Fund.

(b) For the purposes of this Decision, the Hong Kong Monetary Authority (AMHK) shall be regarded as an official body of the Member State whose territory includes Hong Kong, on the understanding that:

(i)

Loans granted by the AMHK and payments from the Fund to the AMHK under this Decision shall be made in the currency of the United States of America, unless the Fund and the AMHK agree on a currency issued by another Member State;

(ii)

References to the balance of payments situation and reserves to s. 5 (c), 6 (b) 6 (c), 7 (a) and 11 (e) relate to the situation of the balance of payments and reserves in Hong Kong. The AMHK does not have the right to vote for activation proposals within the meaning of Art. 5 (c) relating to a resource mobilization plan within the meaning of s. 6 (b) or a call for funds within the meaning of s. 7 (a), and is excluded from appeals of funds within the meaning of s. 6 (c) if, at the time of the vote on the proposal, the approval of the resource mobilization plan or the call for funds, the AMHK shall notify the Fund that the current and foreseeable situation of the balance of payments and reserves of Hong Kong shall not Do not respond to a call for funds under its credit agreement;

(iii)

The AMHK may require early repayment within the meaning of Art. 13 (c) of the claims that were assigned to it if, at the time of the transfer, the Fund is of the opinion that the balance of payments situation in Hong Kong is sufficiently strong to justify this right.

(a) Any Member State or institution which accedes to this Decision undertakes to make resources available to the Fund in accordance with the terms of this Decision, to the extent of the amount of special drawing rights specified in Annex I to the This Decision (Annex I), which may be amended periodically in order to incorporate amendments to the credit agreements following the implementation of Art. 3 (b), 4, 15 (b), 16, 17 and 19 (b).

(b) Except as provided in Article 1 (b) (i) and unless otherwise agreed with the Fund, the resources made available to the Fund under this Decision shall be deposited in the currency of the participant. The provisions agreed under this Article for the use of the currency of another Member State shall be subject to the consent of the Member State whose currency is to be used.

(a) Any Member State or institution mentioned in Annex I as a new participant may accede to this Decision in accordance with Art. 3 (c).

(b) Any Member State or institution whose name is not listed in Annex I may apply to become a participant at any time. The Member State or the institution wishing to become a participant shall, after consultation with the Fund, notify its wish to accede to this Decision and, if the Fund and the participants whose credit agreements account for 85 % of the total Consent, the Member State or the institution may accede to that decision in accordance with the provisions of Art. 3 (c). By notifying its wish to accede to the decision under this paragraph, the Member State or the institution shall specify the amount, expressed in special drawing rights, of the credit agreement which it is prepared to conclude, on the understanding that that amount shall not Shall not be less than the lesser of the credit agreements entered into with the participants. The accession of a new participant shall result in a proportional reduction of the credit agreements of all the participants whose amount is higher than that of the lowest credit agreement: the overall amount of this proportional reduction of the Participants' credit agreements are equal to the amount of the new participant's credit agreement less than any increase in the total amount of credit agreements determined under the provisions of s. 4 (a), on the understanding that no credit agreement of a participant shall be reduced to less than the minimum stipulated in Annex I.

(c) A Member State or an institution shall accede to this Decision by submitting to the Fund an instrument specifying that such accession complies with its legislation and that all necessary measures have been taken to be able to satisfy The terms of this Decision. Where the instrument is deposited, the Member State or the institution shall become a participant from the date of the deposit or the date of entry into force of the amendments to this Decision in accordance with the decision of the Administrative Council n ^O 14577 - (10/35) of April 12, 2010, whichever is later.

(a) Where a Member State or an institution is authorized to accede to this decision under s. 3 (b), the Fund may increase the total amount of credit agreements with the consent of participants whose credit agreements account for 85 % of the total; the increase shall not exceed the amount of the new credit agreement Participant.

(b) The amount of individual credit agreements of participants may be reviewed periodically, in the light of changing circumstances, and modified with the consent of the Fund and of participants whose credit agreements account for 85 per cent of the Total, including the member whose credit agreement is being amended. This provision may be amended only with the consent of all participants.

(a) When the Director-General considers that the resources of the General Account which the Fund has in order to provide funding to the Member States must be completed in order to prevent or mitigate a deterioration of the international monetary system, And after consultation with the directors and participants, the Director General may propose to open an activation period during which the Fund may:

(i)

Commit under the Fund's agreements by providing a call for funds to the participants under their credit agreements; and

(ii)

Fund firm purchases by offering funds to participants under their credit agreements.

A period of activation shall not exceed six months and the amount of the calls for funds to finance commitments under the Fund agreements and on firm purchases may not exceed the maximum amount provided for in the proposal. The proposal to open an activation period must contain information:

(i)

The total volume, if any, of the Fund's agreements to which the discussions relate;

(ii)

On the part of the agreements to be drawn up and the forecast agreements;

(iii)

The additional funding requirements that the Director General believes could be realized during the activation period; and

(iv)

On the allocation of resources from assessed contributions to new borrowing arrangements for the General Account during the period following the approval of a period of activation.

This information will be updated quarterly during the activation period.

(b) If the participants are not unanimous in deciding that they are prepared to accept the Director General's proposal to open an activation period within the meaning of s. 5 (a), the question is put to a vote. A favourable decision requires the consent of participants allowed to vote whose credit agreements account for at least 85 % of the total. The decision shall be notified to the Fund.

(c) A participant shall not be eligible to vote if, in view of the current and foreseeable balance of payments and reserves of the Member State, at the time of the decision on the proposal to open a period of activation the Member State currency shall not be included for the purposes of transfers in the plan of financial transactions.

(d) A period of activation shall take effect only if it is accepted by the participants in accordance with the provisions of Art. 5 (b) and is subsequently approved by the Board of Directors.

(a) To finance firm purchases during a period of activation and commitments under approved agreements during a period of activation, calls for funds under the credit agreements of the participants may be launched on the basis of Resource mobilization plans approved by the Board of Directors, in principle on a quarterly basis, in conjunction with the quarterly financial transaction plan of the General Account. These resource mobilization plans specify the maximum amount of potential funding calls, for each participant, during the reporting period. The Board of Directors may amend at any time the maximum amounts and periods of appeal of funds from these plans. In a resource mobilization plan, the maximum amounts allocated to participants are normally allocated in such a way that the commitments of the participants are proportional to their credit agreements.

(b) A participant is not included in the resource mobilization plan if, due to the current and foreseeable circumstances of its balance of payments and reserves, the Member State is not listed, and the Director General does not propose the Include, on the list of countries whose currency is included for transfers in the quarterly financial transactions plan.

(c) The Director General shall propose funds to the participants during the period of the resource mobilization plan, taking due account of the objective set out in art. 6 (a), that the commitments of the participants are proportionate to their credit agreements. No call for funds should be sent to a participant who is included in the resource mobilization plan if, at the time of the call, the currency of the Member State is not used in the transfers of the financial transaction plan, due to The situation of the balance of payments and reserves of the Member State.

(d) Where the Fund makes a call for funds in accordance with this Article, the participant shall promptly make the transfer corresponding to the appeal.

(a) Calls for funds within the meaning of Art. 11 (e) may be launched at any time, taking due account of the objective set out in Art. 6 (a), that the commitments of the participants are proportionate to their credit agreements. Such calls for funds may not be addressed to a participant if, due to the current and foreseeable circumstances of its balance of payments and reserves, the Member State is not listed, and the Director General does not propose to do so. On the list of countries whose currency is included for transfers in the quarterly financial transaction plan or, where the Member State is included in the financial transaction plan, if, at the time of the call, the currency of The Member State is not used in the transfers of the plan due to the balance of payments situation and Reserves of the Member State. The appeals of funds launched in accordance with this paragraph shall not be subject to the rules of procedure laid down in Art. 5 and 6.

(b) Calls for funds within the meaning of s. 23 may be launched at any time and shall not be subject to the rules of procedure laid down in Art. 5 and 6.

(c) Where the Fund makes a call for funds in accordance with this Article, the participant shall promptly make the transfer corresponding to the appeal.

(a) The claims of Fund participants under the Fund under this Decision shall be in the form of loans to the Fund. At the request of the participant, the Fund shall issue one or more promissed promissed notes on behalf of that participant, and that participant shall acquire them, up to the amount of the call for funds to which it has replied. These promiss-ordered notes have the same scope and effect as the loans granted under this Decision and are subject to the General Conditions for the NAE (CG) Notes as set out in Annex II to this Decision. The GCs may be amended by decision of the Fund, with the consent of participants whose credit agreements account for 85 % of the total. Any changes to the CG shall be in accordance with the provisions of this Decision. Upon entry into force, the amended GCs shall apply to all outstanding promissable notes issued pursuant to this Decision.

(b) Where a participant's claim is in the form of a loan, the Fund shall provide to the participant, upon request, instruments attesting to the indebtedness of the Fund. The Fund and the participant shall establish by common accord the form of such instruments. Upon repayment of the amount of these instruments and all due interest, the instrument shall be returned to the Fund for cancellation. If the refund is less than the amount of the said instrument, it shall be returned to the Fund and a new instrument, an amount equal to the balance owing and bearing the same due date as the old one, shall be substituted.

(c) Where the participant's claim is in the form of promissable notes, they shall be issued in the form of an accounting entry. At the request of the participant, the Fund shall issue a nominal promissory note in the forms provided for in the Annex to the CG. Upon refund of a promissed note and interest, the promissed note shall be returned to the Fund for cancellation. If the refund is less than the amount of the promissed ticket, the latter shall be returned to the Fund and a new promissed note, an amount equal to the balance owing and bearing the same due date as the old one, shall be substituted.

(a) The Fund shall pay interest on its indebtedness under this Decision at a rate equal to the composite market rate, which the Fund shall periodically calculate to determine the interest rate it pays on the assets of special drawing rights Or, where appropriate, at a higher rate that may be agreed between the Fund and participants whose credit agreements account for 85 % of the total.

(b) Interest shall be calculated on a daily basis and shall be paid as soon as possible after 31 July, 31 October, 31 January and 30 April.

(c) Interest owed to a participant shall be paid, depending on whether the Fund decides in consultation with the participant, in special drawing rights, in the currency of the participant, in the currency borrowed, in freely usable currency or, with the Consent of the participant, in other currencies actually convertible.

The policies and practices of the Fund under s. V, sections 3 and 7, of the statutes concerning the use of its general resources, and in particular those relating to the period of use, apply to purchases of currencies borrowed by the Fund. Nothing in this Decision shall affect the authority of the Fund in respect of requests for the use of its resources submitted by the different Member States. Member States' access to such resources shall be determined by the policies and practices of the Fund and shall not depend on the borrowings which the Fund may incur under this Decision.

(a) Subject to the other provisions of this Article, the Fund, five years after a transfer has been made by a participant in response to a call for funds under this Decision, shall reimburse the Fund for an amount equivalent to that transfer, Calculated in accordance with the provisions of s. 12. If a shooter for whom resources have been made available under this Decision makes a buyback less than five years after purchase, the Fund shall reimburse participants an equivalent amount during the quarter Where the redemption is made in accordance with s. 11 (d). Reimbursement under ss. 11 (a) or 11 (c) shall be made, as determined by the Fund, in the currency borrowed to the extent possible, or in the currency of the participant, or in special drawing rights, subject not to bear the assets in the drawing rights Of the participant beyond the limit set out in s. XIX, section 4, of the Statute, unless the participant agrees to receive special drawing rights beyond that limit for such reimbursement, in freely usable currencies or, with the consent of the participant, in other currencies Effectively convertible.

(b) Before the date specified in art. 11 (a), the Fund, after consultation with the participants, may reimburse one or more participants, in whole or in part, in accordance with art. 11 (d). The Fund shall have the option of making the reimbursement under this paragraph in the currency of the participant, in the currency borrowed, in special drawing rights, subject not to bear the assets of special drawing rights of the Participating beyond the prescribed limit under s. XIX, section 4, of the Statute, unless the participant agrees to receive special drawing rights beyond that limit for such reimbursement, in freely usable currencies or, with the consent of the participant, in other currencies Effectively convertible.

(c) Where a reduction in the Fund's assets in the currency of a shooter is charged to the purchase of a currency borrowed under this Decision, the Fund shall promptly reimburse an amount equivalent to the participants. If the Fund has used resources under this decision to finance the purchase of a reserve by a shooter and the Fund's assets in its currency that are not subject to redemption are reduced as a result of sales Net of this currency for a quarterly period covered by a financial transaction plan, the Fund shall reimburse at the beginning of the following quarterly period an amount equivalent to that reduction to the participants, up to the date of Amount of the purchase of the reserve. Payments made under this paragraph shall be distributed among the participants in accordance with the provisions set out in Art. 11 (d).

(d) Amounts reimbursed pursuant to s. 11 (a), second sentence, 11 (b) and 11 (c) shall be distributed among the participants, taking due account of the objective set out in art. 6 (a), that the commitments of the participants are proportionate to their credit agreements. The amounts reimbursed to the participants shall be allocated primarily to their oldest claims under their credit agreement. If the refund under this paragraph is to be allocated to a assigned receivable, the refund shall be sent to the assignee of the receivable.

(e) Prior to the date specified in art. 11 (a), a participant may argue that the balance of payments situation makes it necessary to repay all or part of the Fund's indebtedness to the participant and to claim the repayment. A participant who wishes to obtain a refund must consult with the Director General and other participants before notifying his intention. The Fund has a highly favourable presumption in favour of the participant's statement. The reimbursement shall be effected promptly, in consultation with the participant, in freely usable currencies or in special drawing rights, depending on whether the Fund decides, or in currencies actually convertible from other Member States. If the assets of the Fund in the currencies to be used for the reimbursement are not fully sufficient, the Director General may issue a call for funds to certain participants in the balance of the necessary balance, in respect of their Credit agreement and subject to the limit of their available credits. At the time of the call for funds and if the participant who requested the early repayment requires it:

(i)

A participant who provides funds under its credit agreement in a currency that is not freely usable must ensure that such funds can be exchanged for the freely usable currency of its choice; and

(ii)

A participant who provides funds under its credit agreement in a freely usable currency must work with the Fund and other Member States so that these funds can be exchanged for another freely usable currency.

(f) Where a refund is made in respect of a debt arising out of a call for funds under this Decision, the amount that may be called under the credit agreement of the participant under which the debt was incurred as a result of A call for funds under this Decision shall be reconstituted.

(g) Unless otherwise agreed between the Fund and the participating institution, the Fund shall be deemed to have fulfilled its obligation to reimburse the participating institution in accordance with the provisions of this Article, or to pay interest in accordance with To the provisions of s. 9, if it transfers an equivalent amount to special drawing rights to the Member State in which the participating institution is established.

(a) The value of any transfer shall be calculated on the date on which the transfer instructions are sent. The calculation shall be made in special drawing rights in accordance with Art. XIX, section 7 (a) of the Statute, and the Fund is obliged to reimburse an equivalent value.

(b) For the purposes of applying all the provisions of this Decision, the value of a currency in terms of special drawing rights shall be calculated by the Fund in accordance with Rule O-2 of the Rules and Regulations of the Fund.

(a) Participating and non-participating owners are not permitted to assign all or part of their claims under a credit agreement except:

(i)

In accordance with the terms provided in this Article; or

(ii)

With the prior agreement of the Fund and in accordance with the terms and conditions it may approve.

(b) Any claim under a credit agreement may be assigned in whole or in part, at any time, to a participant or non-participant who has standing:

(i)

Member State of the Fund;

(ii)

Of a central bank or other financial institution of a Member State designated in accordance with Art. V, section 1, of the articles (other financial institution); or

(iii)

Of a registered official body as holder of special drawing rights in accordance with Art. XVII, section 3, of the Statute.

(c) From the date of the value of the assignment, the assignee shall hold the assigned receivable in the same manner as the receivables arising under its credit agreement (if the transferee is a participant) or as if the receivable were held by the transferee Transferor (if the transferee is a non-participant):

(i)

The assignee, however, is not entitled to claim the early repayment of the assigned receivable for balance of payments purposes in accordance with the provisions of s. 11 (e) if the transferee is a Member State or an institution of a Member State whose balance of payments and reserves situation, at the time of the transfer, is considered sufficiently strong for its currency to be used in transfers Carried out as part of the Fund's financial transaction plan;

(ii)

If the transferee is a non-participant, references to the member's currency are deemed to relate to:

A)

If the transferee is a Member State, to the currency of the assignee,

(B)

If the transferee is an institution of a Member State, to the currency of that Member State, and

(C)

In other cases a freely usable currency depending on whether the Fund decides; and

(iii)

The claims assigned in accordance with this Article shall be regarded as amounts drawn by the first participating participant in the determination of the credit available under its credit agreement and the claims received by a participant in the Of an assignment shall not be considered as amounts drawn by the assignee when determining the credit available under its credit agreement.

(d) The price of the assigned receivable is agreed between the assignee and the assignor.

(e) The assignor shall promptly communicate to the Fund the following information: the assigned amount receivable, the name of the assignee, the amount of the assigned receivable, the agreed transfer price and the date of the value of the transaction.

(f) The assignment shall be registered by the Fund and the assignee shall be deemed to be the holder of the receivable if the assignment is made in accordance with this Decision. Subject to the foregoing provisions, the assignment shall take effect on the date of value agreed between the assignee and the assignor.

(g) Any notification given to or by an assignee who is non-participant shall be transmitted by letter or by the quickest means addressed to the financial institution or the financial institution designated by the assignee Pursuant to s. V, Section 1, of the Statute and Rule G-1 of the Rules and Regulations of the Fund, if the assignee is a Member State, and by the assignee himself if he is not a Member State.

(h) If all or part of a receivable is transferred during one of the quarterly periods defined in Art. 9 (b), interest shall be paid by the Fund to the assignee on the amount of the assigned receivable for the whole of that period.

(i) Unless otherwise agreed between the Fund and the transferee, if the transferee is either a participating institution or the central bank or another designated financial institution of any Member State in accordance with Art. V, section 1, of the articles, the Fund is deemed to be relieved of its obligation to reimburse the assignee in special drawing rights in accordance with art. 11 or pay interest in special drawing rights in accordance with s. 9, if the Fund transfers an equivalent amount to special drawing rights on the account of the Member State in which the institution is established.

(j) If requested, the Fund may assist in the organization of assignments of receivables.

(k) The assignee of a receivable may require, at the time of the assignment, that the Fund exchange a debt in the form of a loan against a promissed note of the same amount in accordance with the CG, or exchange a receivable in the form of promissed note Against a debt in the form of a loan of the same amount.

(l) Transactions derived from claims issued in accordance with this Decision and the assignment of interests in such claims shall be prohibited.

Any notification given under this Decision to a participating Member State or by a participating Member State must be transmitted by letter or by the quickest means addressed to the financial institution or by the institution Financial of the participating Member State designated pursuant to Art. V, section 1, of the Articles of Association and Rule G-1 of the Rules and Regulations of the Fund. Any notification given to a participating institution or by a participating institution must be transmitted by letter or by the quickest channels to that institution or institution.

(a) Subject to the provisions of art. 4 (b), 15 (b) and 16, this decision cannot be amended during the period specified in s. 19 (a) and for any period of subsequent extension that may be determined under the provisions of s. 19 (b), that by a decision of the Fund and with the consent of participants whose credit agreements account for 85 % of the total. This consent is not required to amend the decision where it is continued under the provisions of s. 19 (b).

(b) If a participant considers that an amendment against which the participant has voted materially affects his or her interests, the participant shall have the right to withdraw its accession to this Decision by notifying the Fund and other participants within a period of time 90 days after the date of adoption of the said amendment. This provision may be amended only with the consent of all participants.

Without prejudice to the provisions of Art. 15 (b), a participant may withdraw its membership in this Decision in accordance with the provisions of s. 19 (b), but cannot do so during the period specified in s. 19 (a) with the agreement of the Fund and all participants. This provision may be amended only with the consent of all participants.

If a participating Member State, or a Member State of which an institution is a participant, withdraws from the Fund, the credit agreement of that participant shall terminate on the date on which the withdrawal takes effect. The Fund's indebtedness under the credit agreement in question is treated as an amount owing by the Fund for the purposes of s. XXVI, section 3, and Annex J of the Statute.

(a) The Fund's right to initiate appeals of funds under the provisions of s. 6, 11 (e) and 23 and the obligation to make repayments under the provisions of s. 11 are suspended during any interruption of foreign exchange transactions under s. XXVII of the Statute.

(b) In the event of the liquidation of the Fund, the credit agreements shall terminate and the indebtedness of the Fund shall constitute commitments within the meaning of Annex K of the Statute. For the purposes of the provisions of Art. 1 (a) of Annex K, the currency in which the liabilities of the Fund are payable is in the first place the currency borrowed, then the currency of the participant and finally the currency of the shooter for which the participants made transfers In respect of appeals of funds under s. 6.

(a) This decision shall remain in force until 16 November 2012. In considering the extension of this decision for a period following the period referred to in this paragraph, the Fund and the participants will consider the application of the decision, in particular:

(i)

The operation of activation procedures; and

(ii)

The effects of the fourteenth general review of assessments on the overall volume of assessments;

And will consult to decide on any possible changes.

(b) This decision may be extended for any period (s) and with any changes to which the Fund may decide, subject to the provisions of s. 4 (b), 15 (b) and 16. The Fund will make a decision on the extension and amendment, if any, not later than 12 months before the expiration of the period specified in s. 19 (a). Any participant may notify the Fund at least six months before the expiration of the period specified in Art. 19 (a), its intention to withdraw its accession to the decision thus extended. In the absence of notification, the participant shall be deemed to continue to adhere to the decision thus extended. Any withdrawal of membership by a participant in accordance with the provisions of this paragraph shall not prevent its subsequent accession under the provisions of Art. 3 (b).

(c) If this decision is repealed or is not continued, the provisions of s. 8 to 14, 17 and 18 (b) nevertheless continue to be applicable in respect of any indebtedness of the Fund under existing credit agreements at the date of the repeal or expiration of this Decision, until such time as the repayment is Completed. If a participant withdraws membership in this decision in accordance with the provisions of s. 15 (b), 16 or 19 (b), he ceases to be a participant under this decision, but at the date of withdrawal, s. 8 to 14, 17 and 18 (b) of that decision nevertheless continue to apply to the indebtedness of the Fund resulting from the former credit agreement until the repayment is completed.

Any questions of interpretation raised by this decision (including CG) that do not fall within the scope of s. XXIX of the Statute shall be settled to the mutual satisfaction of the Fund, the participant or the assignee of a claim having raised the matter, and of all the other participants. For the purposes of this section, participants are deemed to include former participants to whom s. 8 to 14, 17 and 18 (b) continue to be applicable under s. 19 (c), to the extent that one of these former participants is concerned with an issue of interpretation raised.

(a) When deciding whether to activate the New Arrangements for Borrowing or the General Arrangements to Borrow ¹ , the Fund will be guided by the principle that the New Arrangements for Borrowing are the first and most important recourse, it being understood that if a proposal to open an activation period under the New Arrangements for Borrowing is not Accepted under the provisions of s. 5 (a), a proposal for a call for funds may be submitted under the General Arrangements for Borrowing.

(b) The outstanding amount of draws and credits available under the New Arrangements for Borrowing and General Arrangements for Borrowing will not exceed $367,467.36 million, or any other total amount of credit agreements that may be applicable In accordance with this Decision. The available credit of a participant under the New Arrangements to Borrow is reduced by the amount of any non-refunded draw on the amount of its credit agreement and its commitments under the General Arrangements for Borrowing. The credit available to a participant under the General Arrangements for Borrowing is reduced to the extent that the amount of its credit agreement under the General Arrangements for Borrowing exceeds its credit available under the New Arrangements for Borrowing.

(c) References to draws and commitments under the General Arrangements for Borrowing include draws and commitments under the Associated Borrowing Agreements referred to in Art. 23 of the General Arrangements for Borrowing.

Nothing in this Decision shall prevent the Fund from entering into any other type of borrowing arrangement.

At the request of a participant who holds claims against the Fund in the form of loans or promiss-ordered notes under bilateral loan agreements entered into by the Fund before the entry into force of the amendments to this Decision adopted on 12 May April 2010 pursuant to Decision No. 14577 - (10/35), the Director General may issue funds under the credit agreement of that participant in order to finance the repayment of those claims. By analogy, at the request of the participant concerned, calls for funds may be offered to a participant who has the status of a participating institution, in order to reimburse the claims held by the Member State of which the participant is an organization Official, or by the central bank or other financial institutions designated by the Member State, or a participant who is a Member State, in order to reimburse the claims held by the central bank or other financial institutions Designated by the Member State. Notwithstanding the provisions of Art. 11 (a), the due date for credit agreements arising from this type of fund-raising is the maturity date of the debt obligation under the bilateral debt agreement that the call for funds is intended to repay.

No draw will be made under this Decision before participants whose credit agreements account for 70 per cent of the total number of new participants listed in Annex I have acceded to this Decision in accordance with Art. 3 (c).