site.btaParliament Asked to Ratify Amendment to IBRD Articles of Agreement Removing Lending Limitation

Bulgaria's Council of Ministers on Wednesday decided to move to the National Assembly to ratify an amendment to Article III, Section 3 of the Articles of Agreement of the International Bank for Reconstruction and Development (IBRD), adopted by IBRD Board of Governors Resolution No. 696 of July 10, 2023.

The Board of Governors resolved that this provision of the Articles of Agreement shall be amended by deleting the existing title and text and substituting therefor "Article III, Section 3 Deleted". This will enable the international financial institution to increase its lending capacity so as to unleash its full financing potential in attaining its objectives for development and overcoming global crises.

The proposed amendment is part of the reforms of the global financial architecture and come in the context of the processes of restructuring of multilateral development banks related to measures for institutional changes of their mission and vision, their mode of operation and optimizing their financial capacity with a view to more effective addressing of global challenges and the consequences of the numerous crisis in recent years.