general agreement to borrow meaning

• -- The G-7 asks the Group of Ten ( G-10 ) and others to develop financing arrangements with the objective of doubling the amount currently available under the General Agreement to Borrow ( GAB ), to respond to financial emergencies.
• Then, to enable the IMF to lend heavily to countries suffering sudden capital outflows in return for their taking steps to rebuild investor confidence, the Group of Seven wants to double the $ 28 billion emergency standby credit line that the IMF already has with its 12 richest members, known as the General Agreement to Borrow.
• A year earlier, the finance ministers of these same countries had attended the 3rd APEC finance ministers meeting in Kyoto, Japan, on 17 March 1996, and according to that joint declaration, they had been unable to double the amounts available under the " General Agreement to Borrow " and the " Emergency Finance Mechanism ".
• The major new element in the package would be creation of a proposed " emergency financing mechanism, " a new loan window at the IMF to be financed by doubling current resources of the General Agreements to Borrow, a line of credit created in 1962 that is funded by the United States and 11 other wealthy nations.
• In support of the Bretton Woods system and to exert control over the exchange rate of gold, the United States initiated the London Gold Pool and the General Agreements to Borrow ( GAB ) in 1961 which sustained the system until 1967, when runs on gold and the devaluation of the pound sterling were followed by the demise of the system.
• After the $ 21 billion line of credit made available to South Korea, the IMF has available approximately $ 44 billion in cash and could call on another $ 23 billion in lines of credits it has with several countries, known as the General Agreement to Borrow ( GAB ), and / or sell some of its estimated $ 36 billion in gold.