Group of Ten (economics)

Group of Ten Members

The Group of Ten (G-10 or G10) refers to the group of countries that agreed to participate in the General Arrangements to Borrow (GAB), an agreement to provide the International Monetary Fund (IMF) with additional funds to increase its lending ability.[1]

History

The GAB was established in 1962, when the governments of eight International Monetary Fund (IMF) members—Belgium, Canada, France, Italy, Japan, the Netherlands, the United Kingdom, and the United States—and the central banks of two others, Germany and Sweden, agreed to make resources available to the IMF with an additional $6 billion of their resources.[1] The additional money was intended to allow the IMF to have increased lending resources.[1]

In 1964, the funds were used by the IMF to rescue the pound sterling.[1] The G-10 grew in 1964 by the association of the eleventh member, Switzerland, then not a member of the IMF, but the name of the group remained the same. In 2011, Spain and Australia also joined.[citation needed]