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] 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.
[2] The GAB enables the IMF to borrow specified amounts of currencies from these eleven industrial countries (or their central banks), under certain circumstances.
Specifically, a proposal for calls under the GAB may only be made when a proposal for the establishment of an activation period under the New Arrangements to Borrow (NAB) is not accepted by NAB participants, who number 38 countries, amongst which are the BRICS nations and Middle Eastern powers.
The GAB and the associated credit arrangement with Saudi Arabia have been renewed, without modifications, for a period of five years from December 26, 2013.