Group-of-ten meaning

Major industrial countries that have banded together because they share joint interests in economic and political issues. Specifically, the countries in the G-10 have agreed to participate in the International Monetary Fund’s General Arrangements to Borrow, which was established in 1962 when the governments of 10 IMF members agreed to make money available to the IMF to loan out to member countries, or, in some cases, non-member countries, at market-interest rates during times of crisis. The IMF Executive Board renewed GAB in November, 2002 for a period of five years, beginning December, 2003. Members of G-10 include Belgium, Canada, France, Italy, Japan, the Netherlands, the U.K. and the U.S. The central banks of Germany and Sweden are also members. Switzerland joined in 1964 when it wasn’t a member of the International Monetary Fund, which administers the group, but the G-10 name remained.
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