Published on 8 September 2025

Switzerland's international monetary cooperation

One of the core tasks of the International Monetary Fund (IMF) is to maintain and strengthen global financial stability. In order to achieve this, it works closely with the central banks and finance ministries of the member states. This cooperation also concerns the provision of resources to prevent or limit financial and currency crises.

Due to its openness to trade and capital flows, its own currency and its significant financial centre, Switzerland has a significant interest in being part of the global financial safety net. In particular, it participates in the international monetary cooperation mechanism within the framework of its IMF membership. In this context, the Federal Department of Finance (FDF) and the Swiss National Bank (SNB) work in close coordination in accordance with the following legal framework:

• Federal Act on Switzerland's Participation in the Bretton Woods Institutions of 4 October 1991
• Federal decree of 10 September 2020 on the approval of Switzerland's adhesion to the IMF's amended New Arrangements to Borrow

The Confederation may enter into financial obligations in accordance with the Monetary Assistance Act (MAA) and the Monetary Assistance Decree (MAD). The MAD puts this legal authorisation for monetary assistance into concrete terms and permits the assumption of default guarantees by the Confederation for assistance in accordance with Articles 2 and 4 of the MAA, up to a maximum of CHF 10 billion. The MAD is always limited to five years and was renewed for the last time in 2022 up to 15 April 2028.

• Monetary Assistance Act (MAA)
• Monetary Assistance Decree (MAD)

Switzerland's corresponding commitment includes the following contributions (data is mainly in Special Drawing Rights, the IMF's unit of account > Special Drawing Rights (SDRs), IMF website):

• Switzerland's quota in the IMF

  Switzerland's commitment:

  • Switzerland's quota in the IMF: SDR 5.77 billion
  • For the amount currently drawn by the IMF, see > SNB website
  • Last quota adjustment on 26 January 2016, not limited in time

  Legal basis:

  Federal Act on Switzerland's Participation in the Bretton Woods Institutions

  Remarks:
  The total IMF quota amount is SDR 476 billion, of which Switzerland has been assigned a share of 1.21%. The drawn part of the Swiss quota is a liquid monetary reserve which the SNB can draw down on demand. These funds are not guaranteed by the Confederation.

• Participation in the IMF's New Arrangements to Borrow (NAB)

  Switzerland's commitment:

  • Switzerland's contribution to the NAB: SDR 11.08 billion
  • For the amount currently drawn by the IMF, see > SNB website
  • In force since 1 January 2011, not limited in time

  Legal basis:

  Federal decree on the approval of Switzerland's adhesion to the IMF's amended New Arrangements to Borrow

  Remarks:
  Under the NAB, the 40 participating countries can provide the IMF with up to SDR 361 billion in addition to its ordinary resources. These resources are not guaranteed by the Confederation.

• SNB's participation in SDR trading (Voluntary Trading Arrangement)

  Switzerland's commitment:

  • SDRs allocated to Switzerland to date (2009 and 2021): SDR 8.82 billion
  • Agreed maximum amount of purchase/sale of SDRs in exchange for foreign currencies: SDR 4.41 billion

  Legal basis:

  Agreement between the SNB and the IMF within the framework of > Switzerland's Participation in the Bretton Woods Institutions

  Remarks:
  The SDR is not only the IMF's unit of account, but also a foreign exchange reserve created by the IMF. The total amount of SDRs allocated to members is approximately SDR 660 billion. Under a voluntary trading arrangement, the SNB undertook vis-à-vis the IMF to buy or sell SDRs in exchange for US dollars or euros up to an agreed maximum limit.

• SNB's credit line to the IMF (monetary assistance in accordance with Art. 2 of the MAA)

  Switzerland's commitment:

  • SNB's credit line to the IMF: CHF 3.66 billion
  • For the amount currently drawn by the IMF, see > SNB website
  • In force since 1 January 2011, commitments until the end of 2024 at the latest

  Legal basis:

  Monetary Assistance Act (MAA), > Monetary Assistance Decree (MAD)

  Remarks:
  As supplementary secondary protection, in addition to the quotas and NABs, 41 countries provide loans worth SDR 138 billion to the IMF. They were adopted as a package and are due to expire at the end of 2024 at the latest. This monetary assistance, which is covered by the MAD, is intended to be provided in the event of disruptions to the international monetary system in accordance with Article 2 of the MAA. The Confederation thus guarantees the SNB timely repayment and interest on any loan tranches drawn by the IMF.

• Loans to individual countries (monetary assistance in accordance with Art. 4 of the MAA)

  
  Switzerland's commitment:
  ---

  Legal basis

  Monetary Assistance Act (MAA), > Monetary Assistance Decree (MAD)

  Remarks:
  Bilateral loans by creditor countries are usually part of an internationally coordinated initiative. Switzerland last participated in such assistance in 2015 (for Ukraine, this loan was repaid).

• Loan to the IMF Poverty Reduction and Growth Trust (PRGT), monetary assistance in accordance with Art. 3 of the MAA

  Switzerland's commitment:

  • Three loans from the SNB to the PRGT: SDR 1.55 billion
  • For the amount currently drawn by the IMF, see > SNB website
  • In force since 1 March 2011, 14 June 2017 and 1 January 2021; commitments until 2029 at the latest

  Legal basis:

  Monetary Assistance Act (MAA), > Federal decree on PRGT loans 2011, > Federal decree on PRGT loans 2017, > Federal decree on PRGT loans 2020

  Remarks:
  The PRGT enables the provision of discounted IMF loans to poorer countries in the context of programmes to strengthen their macroeconomic framework and thus promote sustainable growth. Financing is provided by voluntary loans and contributions from the creditor countries. This is a special participation within the IMF framework in accordance with Article 3 of the MAA. In each case, a federal decree for a guarantee obligation is submitted to Parliament with a dispatch, which guarantees the SNB's debt service.

• Loan to the IMF Resilience and Sustainability Trust (RST), monetary assistance in accordance with Art. 3 of the MAA

  Switzerland's commitment:

  • Loan from the SNB to the RST: SDR 500 million
  • Amount utilised by the IMF: SDR 500 million in the RST's investment account
  • In force since 1 January 2024; commitment until 2034

  Legal basis:

  Monetary Assistance Act (MAA), > Federal decree on RST loans 2023

  Notes:
  The RST is an IMF instrument to support poorer and vulnerable countries in coping with climate change and pandemic preparedness. Loans from the RST are always granted in conjunction with a regular IMF programme. Financing is provided through voluntary loans and contributions from the creditor countries. This is a special participation within the framework of the IMF in accordance with Article 3 of the IMF Act. To this end, a federal decree for a guarantee commitment is submitted to Parliament with a dispatch, which guarantees the SNB's debt service.

• Non-repayable payments within the framework of international initiatives of the IMF (monetary assistance in accordance with Art. 3 of the MAA)

  Switzerland's commitment:

  • Contribution to the IMF's Catastrophe Containment and Relief Trust (CCRT) for debt relief for the poorest countries vis-à-vis the IMF: CHF 25 million (payment within the framework of the 2020 budget)
  • Contribution to Somalia's debt relief vis-à-vis the IMF within the framework of the 1996/2005 HIPC/MDRI initiative: CHF 10 million by the Swiss Confederation and the SNB (payment Confederation: as part of the 2023 budget)
  • Contribution to the IMF's PRGT interest subsidy: CHF 50 million (to be paid in five equal instalments in the 2023-27 budgets)
  • Contribution to Sudan's debt relief vis-à-vis the IMF within the framework of the 1996/2005 HIPC/MDRI initiative: CHF 25 million by the Swiss Confederation and the SNB (payment Confederation: as part of the 2023 budget)

  Legal basis:

  Monetary Assistance Act (MAA)

  Remarks:
  The Federal Council can have limited budget contributions that correspond to a special contribution in the context of the IMF under Article 3 of the MAA approved in the budget process. For such contributions, the Federal Council submits the request for a guarantee credit with the dispatch on the budget or with the addenda.

For information on Switzerland's relations with the IMF, please consult the Switzerland country page on the IMF website.

Overview of Switzerland's relations with the IMF

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