Temporary Modifications to The Fund’s Annual and Cumulative Access Limits
Temporary Modifications to The Fund’s Annual and Cumulative Access Limits
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Volume/Issue:
Volume 2023
Issue 005
Publication date: March 2023
ISBN: 9798400236174
$5.00
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Topics covered in this book
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Banks and Banking , Exports and Imports , Finance , Money and Monetary Policy , Political Economy , access limit , executive board review PRGT access , PRGT resource , PRGT access metrics , concessional financing arm , Credit , COVID-19 , Emerging and frontier financial markets , Credit risk , Debt sustainability , Global
Summary
In light of current elevated uncertainty and challenges in the global economy, the IMF has temporarily increased the limits on access in the Fund’s General Resources Account (GRA) to 200 percent of a member’s quota annually and 600 percent of quota cumulatively (from 145 and 435 percent of quota previously, respectively, last set in 2016). These changes will be in place for 12 months and, if circumstances warrant, the Executive Board may consider extending them further before their expiration. Regarding the Poverty Reduction and Growth Trust (PRGT), the paper proposes that the Executive Board reviews PRGT access limits once sufficient subsidy resources have been pledged to the PRGT. The impact on GRA resources and risks to the Fund from the proposed changes are expected to be manageable.
