IMF borrows 1.03 billion euros from Czech Republic

The International Monetary Fund said Wednesday it had signed an agreement with the Czech Republic to borrow up to 1.03 billion euros (1.4 billion dollars) to boost its lending capacity. The 27-nation EU initially pledged to contribute up to 75 billion euros but has since raised it to 125 billion euros (168.9 billion dollars).
The Group of 20 developed and developing countries committed in April 2009 to triple the IMF's resources so the Washington-based institution would be better positioned to help struggling member nations amid the global economic crisis. To date, 17 IMF members, including 11 EU countries, have signed agreements with the Fund to increase its financing capacity, either through direct loans or bond purchases. More than twenty other countries have pledged additional resources to the IMF, including the United States which is planning a loan of up to 100 billion dollars.