Parliament approves Swiss contribution to IMF sustainability fund
Published: Monday, Dec 11th 2023, 20:40
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Switzerland is contributing around CHF 620 million to the International Monetary Fund's (IMF) Trust Fund for Resilience and Sustainability. After the Council of States, the National Council also approved a corresponding commitment credit on Monday.
The Grand Chamber reached its decision by 177 votes to five with one abstention. It thus followed the unanimous motion of the Foreign Affairs Committee. The matter has thus been resolved.
The trust fund is intended to enable IMF loans to be granted to developing and emerging countries in particular. These loans are intended to be used for macroeconomic reforms, tackling climate change and preventing and combating pandemics.
The proposal provides for the Swiss National Bank to grant the fund a loan of 500 million special drawing rights with a ten-year term. This corresponds to around CHF 620 million.
Specifically, Parliament had to decide on a federal guarantee for this loan in the amount of CHF 750 million. This includes a reserve of CHF 130 million to cover any exchange rate fluctuations.
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