Policy Papers

Extension of Temporary Increase in Normal Access Limits Under the General Resources Account

Publication Date:

March 19, 2024

Electronic Access:

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Summary:

The IMF extended the current temporarily higher General Resources Account (GRA) normal annual and cumulative access limits, 200 percent of quota and 600 percent of quota, respectively, until end-2024. Initially, access limits were temporarily increased for 12 months in March 2023. The extension reflects the still uncertain global economic environment. Importantly, it helps bridge the gap to the comprehensive review of access limits planned for the second half of 2024, which will review access limits in the context of the developments of the nominal value of access limits against relevant macroeconomic aggregates and the outcomes of the 16th General Review of Quotas (GRQ). The impact on GRA resources and risks to the Fund from the extension of higher access limits are expected to be manageable.

Series:

Policy Paper No. 2024/009

Subject:

Monetary policy Political economy

Frequency:

occasional