Washington (Reuters): The International Monetary Fund said on Tuesday its board approved a new, three-year framework for bilateral borrowing agreements, ensuring that its full $ 1 trillion lending capacity will be maintained as member countries battle pressures from the coronavirus outbreak.

The new framework is broadly the same as that enacted in 2016 for agreements that allow wealthier IMF member countries to lend directly to countries in need, the IMF said. It extends the Fund’s bilateral borrowing arrangements from December 2020 through the end of 2023, with a one-year extension possible through the end of 2024.

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