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The purchase of notes is usually a

temporary bilateral arrangement for an initial period of one year, which may be extended by a

period of up to two years. The principal of the notes is to be denominated in SDR, the Fund's

unit of account, which is a currency basket composed of the US dollar, euro, yen, and pound

sterling. Interest payments are to be made quarterly, at the off icial Special Drawing Rights

(SDR) interest rate, which is a weighted average of 3-month interest rates in these currencies.

Permanent increases in the resources of IMF are expected to take place through an increase in

quotas and standing borrowing arrangements, which are currently under negotiation. This

opens up room for central banks like RBI to donate more to the cause in the coming months.

What happens after the notes are purchased?

Once purchased by member governments, or their central banks, the notes would be tradable

within the official sector, which includes all IMF members, their central banks, and 15

multilateral institutions -those which are designated holders of SDR. So, if a member nation

is in a financial crisis and needs assistance, then it can approach IMF. For instance, Greek

Prime Minister George Papandreou recently said he might have to go to IMF to meet debt

obligations falling due in April if the European Union did not help with funds.

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11y ago
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1y ago

A note purchase agreement is a legal contract between a buyer and a seller that outlines the terms and conditions of the purchase of a promissory note. It typically includes details such as the purchase price, interest rate, repayment terms, and any warranties or representations made by the seller regarding the note. This agreement is commonly used in financial transactions involving the sale of debt or loans.

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