S.L. 209.3 Art. 2Cap. 209.

It is hereby declared:

(a) that the Central Bank of Malta and the International Monetary Fund shall be entering into a bilateral agreement with a view to lend to the Fund of Special Drawing Rights a denominated amount subject to the relevant provisions of the 2020 Borrowing Agreement, in accordance with Section 1(i) of Article VII of the Fund Agreement in the Schedule of the

Malta Membership of the International Monetary Fund Act;

(b) that paragraph 2(a) of the 2020 Borrowing Agreement provides that the term thereof shall expire on December 31, 2023; provided that the Fund may extend the term for one further year until December 31, 2024 by a decision of the Executive Board, taking into account the Fund’s overall liquidity situation and actual and prospective borrowing requirements, and with the consent of the Central Bank of Malta;

(c) that the loan of a denominated amount to the Fund of Special Drawing Rights by the Central Bank of Malta under the 2020 Borrowing Agreement shall be equivalent up to two hundred and sixty million euro (€260,000,000);

(d) that the loan of a denominated amount to the Fund of Special Drawings Rights shall be automatically reduced to one hundred and twelve million euro (€112,000,000) once the primary source for temporary resources of the International Monetary Fund is doubled;

(e) that it is expedient that those arrangements under the 2020 Borrowing Agreement should take effect upon the entry into force of the 2020 Borrowing Agreement and in accordance with the relevant provisions of the said 2020 Borrowing Agreement;

(f) that the 2020 Borrowing Agreement shall enter MONETARY FUND (2020 BORROWING AGREEMENT)

into force immediately upon the signing thereof.