Borrowing Agreement with Danmarks Nationalbank

In light of the multilateral effort to ensure the adequacy of the financial resources available to the International Monetary Fund (the “Fund”), and with a view to supporting the Fund’s ability to provide timely and effective balance of payments assistance to its members, Danmarks Nationalbank agrees to lend to the Fund an SDR-denominated amount up to the equivalent of EUR 1.95 billion, on the terms and conditions set out in this paper.