General agreements to borrow (GAB)

General agreements to borrow (GAB),

Definition of General agreements to borrow (GAB):

  1. A contract provided for a transaction between members of the Group of 10. The lending country deposits funds in the International Monetary Fund (IMF) for the borrowing country to access. Members include the US, Canada, UK, Belgium, the Netherlands, Japan, Italy, France, Germany, Sweden and recently added Switzerland. Each party conducts its part of the transaction in its own currency.

  2. General Agreements to Borrow (GAB) was a lending medium for members of the Group of Ten (G-10). Under GAB, G-10 countries deposited funds into the International Monetary Fund (IMF) for a nation in economic distress to access. Usually, the loans made through GAB were temporary and designed to help address potential crisis situations.

  3. Participants agreed unanimously for the GAB to lapse at the end of 2018, due to its "diminished and limited usefulness.".

How to use General agreements to borrow (GAB) in a sentence?

  1. Generally, the loans were temporary and designed to help address potential crisis situations.
  2. Under General Agreements to Borrow (GAB), members of the Group of Ten (G-10) countries deposited funds into the International Monetary Fund (IMF) for a nation in economic distress to access.
  3. Participants agreed unanimously for the General Arrangements to Borrow (GAB) to lapse at the end of 2018, due to its "diminished and limited usefulness.".

Meaning of General agreements to borrow (GAB) & General agreements to borrow (GAB) Definition