Selected Decisions and Selected Documents of the IMF, Thirty- Third Issue -- Poverty Reduction and Growth Facility and Exogenous Shocks Facility-Access Limits
Prepared by the Legal Department of the IMFAs updated with decisions adopted during the first quarter of 2009 (posted July 2009)
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| ARTICLE V, SECTION 2(b) | ||||
| Technical and Financial Services | ||||
| Financial Services | ||||
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POVERTY REDUCTION AND GROWTH FACILITY AND EXOGENOUS SHOCKS FACILITY-ACCESS LIMITS The Fund as Trustee under the Instrument to Establish the Enhanced Structural Adjustment Facility Trust decides: 1. In accordance with Section II, paragraph 2(a) of the Instrument to Establish the Enhanced Structural Adjustment Facility Trust, the initial maximum limit on access of each eligible member to the resources of the Trust under a three-year commitment under the Poverty Reduction and Growth Facility shall be set at 140 percent of the member's quota in the Fund, minus resources committed to the member for loans in association with Trust loans. 2. The maximum limit in paragraph 1 may be increased in exceptional circumstances not to exceed 185 percent of the member's quota in the Fund, subject to the same deductions as in paragraph 1. 3. In accordance with Section II, paragraph 2(a) of the Instrument to Establish the Poverty Reduction and Growth Facility and Exogenous Shocks Facility Trust: (i) the maximum limit on access of each eligible member to the resources of the Trust under the rapid-access component of the Exogenous Shocks Facility (ESF) shall be 25 percent of the member's quota in the Fund for each exogenous shock; and (ii) the maximum limit on access of each eligible member to the resources of the Trust under an ESF arrangement under the high-access component of the ESF shall be 75 percent of the member's quota in the Fund, minus any outstanding resources disbursed to the member for the same exogenous shock under the rapid-access component. The Trustee may approve access in excess of the limit specified in (ii) above in exceptional circumstances. 4. The Fund shall review the maximum access limit and the exceptional maximum limit under the PRGF, and the maximum access limits under the ESF. Decision No. 8845-(88/61) ESAF | ||||
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