{
  "id": "97-468",
  "type": "CRS Report",
  "typeId": "REPORTS",
  "number": "97-468",
  "active": false,
  "source": "EveryCRSReport.com",
  "versions": [
    {
      "source": "EveryCRSReport.com",
      "id": 100665,
      "date": "1998-08-24",
      "retrieved": "2016-05-24T20:52:19.994941",
      "title": "The IMF's Proposed New Arrangements to Borrow (NAB): An Overview",
      "summary": "In the wake of the Mexican financial crisis, the major industrial countries agreed, at the Halifax\neconomic summit of June 15-16, 1995, to establish an \"emergency financing mechanism.\" This goal\nwould be achieved by the proposed establishment of the \"New Arrangements to Borrow\" (NAB),\nadopted by the International Monetary Fund's (IMF) Executive Board on January 27, 1997. The\nproposed NAB are medium-term lines of credit that will provide funds to the IMF to enable it to\n\"forestall or cope with an impairment of the international monetary system, or to deal with an\nexceptional situation that poses a threat to the stability of the system.\" \n  Commitments totaling SDR 34 billion, currently about $45.1 billion, have been received from\n25 countries. The total U.S. commitment to the NAB is SDR 6,712 million. SDR 2,462 million of\nthe proposed U.S. share in the NAB -- the increment above an existing U.S. participation of SDR\n4,250 in an earlier credit arrangement, the \"General Arrangements to Borrow\" (GAB) -- will require\nauthorization and appropriation by the U.S. congress. This amount is scored in the FY 1999 budget\nas $3.4 billion. Under current budgetary and accounting practices, however, U.S. participation in\nthe NAB is considered to be an exchange of assets and, therefore, to have no impact on the U.S.\nfederal fiscal position.\n  The NAB are easier to activate than the predecessor GAB. This results from dropping the GAB\nrequirement that, when making a call for funds on behalf of nonparticipants, the IMF face an\n\"inadequacy\" of resources. It is this shift that effectively establishes the NAB as the facility of first\nrecourse.\n  The NAB are currently under consideration by the 105th Congress. Under prevailing budgetary\nand accounting practices, the NAB are subject to the requirement of both an authorization and\nappropriation. The occasion of a request for IMF funding also presents an opportunity for vigorous\ncongressional oversight of the IMF's programs and operations.",
      "type": "CRS Report",
      "typeId": "REPORTS",
      "active": false,
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          "url": "http://www.crs.gov/Reports/pdf/97-468",
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      "topics": []
    }
  ],
  "topics": [
    "Economic Policy",
    "Foreign Affairs",
    "Industry and Trade"
  ]
}