IMF signs loan agreement with the Czech Republic

The International Monetary Fund said late Wednesday it had signed an agreement with the Czech Republic to borrow up to 1.03 billion euros (1.4 billion dollars) to boost its lending capacity. The Group of 20 developed and developing countries committed in April 2009 to triple the IMF's resources so the Washington-based institution would be better positioned to help struggling member nations amid the global economic crisis. To date, 17 IMF members, including 11 EU countries, have signed agreements with the Fund to increase its financing capacity, either through direct loans or bond purchases.