WASHINGTON, July 2 (Reuters) – The International Monetary Fund set the terms on Wednesday for its long-awaited plan to issue debt for the first time, a program it hopes will boost its own funding for crisis-hit countries and give emerging economic powers greater influence in the institution.

Under the framework agreed by the IMF board, the notes will have a maximum maturity of five years, with three-month interim maturities that could be extended by the IMF. Once purchased by member countries, the notes could then be traded among central banks but cannot be transferred to the private sector.

China has already committed to purchase up to $50 billion of IMF notes, with Russia and Brazil up to $10 billion each, part of an agreement by Group of 20 member countries in April to increase IMF resources by $500 billion to help it respond to the global financial crisis.