## ppea2024068

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---

### EXECUTIVE SUMMARY
- Executive Directors expressed broad support at an informal meeting on November 26, 2024, for staff’s proposal to set overall GRA access limits at specified levels informed by staff analysis balancing offsetting erosion relative to macroeconomic aggregates and maintaining safeguards.
- Comprehensive review expected on the standard five-year cycle, with flexibility for earlier review if warranted.
- Staff proposes maintaining overall GRA access limits and other quota-based thresholds in nominal SDR terms when the general conditions for the effectiveness of the 16th General Review of Quotas (16th GRQ) are met.

### Proposal for Access Limits and Quota-Based Thresholds
- Staff proposes overall GRA access limits:
  - Annual Access Limit (AAL) = 200 percent of current quota.
  - Cumulative Access Limit (CAL) = 600 percent of current quota.
- Rationale:
  - These limits constitute a 38 percent increase relative to the 145/435 limits set in the February 2016 review.
  - The increase offsets a large part of the erosion since 2016 while sustaining appropriate risk mitigation safeguards.
  - Recent higher temporary access limits have helped navigate a shock-prone global environment and low medium-term global growth prospects; Fund financial buffers (e.g., precautionary balances and burden-sharing capacity) are strong.
- Other instrument-specific and safeguard thresholds to be broadly maintained:
  - Maintain SLL and PLL access limits and the FCL threshold without articulation of exit expectations at levels established during the 2023 Review of the FCL, SLL, and PLL.
  - Maintain RFI access limits at current levels (2019 adjustment offset a large portion of erosion during 2016–24).
  - Align safeguard-related quota-based threshold for the FCL liquidity impact assessment with the CAL of 600 percent of current quota.
  - Increase slightly the threshold for the extended Article IV consultation cycle to 150 percent of current quota for outstanding Fund credit.
- Implementation:
  - Proposed Decisions 1, 2, and 3 implement the above proposals on overall GRA access limits and safeguard-related thresholds.
  - Next comprehensive review expected on the standard five-year cycle with flexibility for earlier review.

### Implications of the 16th GRQ
- To maintain nominal (SDR) values of access limits and thresholds when 16th GRQ quota increases become effective, staff proposes dividing the GRA and RST access limits and other specified quota-based thresholds (defined in percent of current quota) by 1.5 and rounding up for simplification and communication.
- Adjustment applies to:
  - The AAL and CAL in the GRA, and other GRA instrument-specific limits (precautionary instruments and the RFI).
  - The cap on overall access to the RST, the access norm for RSF arrangements, and the limit on RSF disbursement per review.
  - Safeguard-related quota-based thresholds for the FCL liquidity impact assessments, Post Financing Assessments (PFAs), and extended Article IV Consultation cycles.
  - The lower and upper thresholds for commitment fees (small rounding up to maintain alignment with the AAL and CAL).
- Timing and protective provisions:
  - Adjustment becomes effective for all members when the general conditions for effectiveness of the 16th GRQ quota increases are met.
  - Nominal (SDR) values of access limits and other quota-based thresholds remain at their existing levels to preserve the integrity of current safeguards.
  - Protective provision for existing non-exceptional access (EA) cases: if adjusted limits would result in a member’s access under an existing arrangement exceeding the proposed new overall access limits, the EA framework would not apply for the remainder of such arrangement; additional access under a new arrangement or augmentation that exceeds the proposed new overall access limits would trigger the EA framework. A similar protective provision is proposed for high combined GRA and PRGT Credit Exposures.

### Key Proposed Numeric Adjustments (Pre- and Post-16th GRQ)
- Overall GRA access limits (AAL/CAL)
  - Current (until end-2024, then revert): 200/600
  - Proposed overall GRA access limits (percent of current quota): 200/600
  - Proposals after 16th GRQ becomes effective (Percent of 16th GRQ quota):
    - Pre-rounding up: 133.33/400
    - Post-rounding up: 135/405
- SLL
  - Current proposed: 200
  - After 16th GRQ: 133.33 (pre-rounding), 135 (post-rounding)
- FCL without articulation of exit expectations
  - Current proposed: 200
  - After 16th GRQ: 133.33 (pre-rounding), 135 (post-rounding)
- PLLs of 1–2 years (Annual limit at approval/Cumulative PLL access cap)
  - Current proposed: 300/600
  - After 16th GRQ: 200/400 (pre-rounding), 202.5/405 (post-rounding)
- PLLs of 6 months (Standard/Exceptional per-arrangement limit/Cumulative 6-month PLL Access Cap)
  - Current proposed: 150/300/300
  - After 16th GRQ: 100/200/200 (pre-rounding), 101.25/202.5/202.5 (post-rounding)
- RFI (AAL/CAL)
  - Current proposed: 50/100
  - After 16th GRQ: 33.33/66.67 (pre-rounding), 35/70 (post-rounding)
- RFI LND (AAL/CAL)
  - Current proposed: 80/133.3
  - After 16th GRQ: 53.33/88.89 (pre-rounding), 55/90 (post-rounding)
- Additional RFI CAL for past FSW users
  - Current proposed: 25 percent additional
  - After 16th GRQ: 16.67 percent additional (pre-rounding), 17.5 percent additional (post-rounding)
- RSF (Total access to RST)
  - Current proposed: 150 percent or SDR 1 billion
  - After 16th GRQ: 100 percent or SDR 1 billion (both pre- and post-rounding)
- RSF disbursement (per review)
  - Current proposed: 50
  - After 16th GRQ: 33.33 (pre-rounding), 35 (post-rounding)
- RSF access norm
  - Current proposed: 75
  - After 16th GRQ: 50 (pre- and post-rounding)

### Safeguard and Fee Thresholds (Selected)
- Commitment fee thresholds (lower/upper)
  - Current: 200/600
  - After 16th GRQ: 133.33/400 (pre-rounding), 135/405 (post-rounding)
- Requirement for the FCL liquidity impact assessment (CAL)
  - Current: 575 percent or SDR 10 billion
  - Proposed (current-quota basis): 600 percent or SDR 10 billion
  - After 16th GRQ: 400 percent or SDR 10 billion (pre-rounding), 405 percent or SDR 10 billion (post-rounding)
- PFA (Outstanding credit from the GRA, the PRGT, and the RST, or from a combination of these)
  - Current: 200 percent or SDR 1.5 billion
  - After 16th GRQ: 133.33 percent or SDR 1.5 billion (pre-rounding), 135 percent or SDR 1.5 billion (post-rounding)
- Extended Article IV cycle (Outstanding Fund credit)
  - Current: 145 percent
  - Proposed (current-quota basis): 150 percent
  - After 16th GRQ: 100 percent (pre- and post-rounding)

### Revised Proposed Decisions (High-level)
- Decision 1 amends Decision No. 14064-(08/18) to set:
  - Overall annual limit of 200 percent of quota.
  - Cumulative limit of 600 percent of quota, net of scheduled repurchases.
  - These limits will not apply where a member requests an FCL or SLL arrangement, though outstanding holdings under such arrangements will be taken into account when applying limits for other facilities.
  - Paragraph 4 reference updated from “500 percent of quota” to “600 percent of quota”.
- Decision 2 amends the FCL liquidity impact assessment requirement (Decision No. 14283-(09/29)) to replace “575 percent of quota” with “600 percent of quota”.
- Decision 3 amends Decision No. 14747-(10/96) to set the extended Article IV consultation condition to outstanding credit above “one hundred and fifty percent (150 %) of the member’s quota”.
- Decision 4 provides for adjustments to limits on overall access to the GRA, and of PLL, FCL, SLL, RFI access limits, and other quota-based thresholds upon satisfaction of general conditions for effectiveness of quota increases under the 16th GRQ (detailed protective provisions and rounding conventions included).
- Decisions 5 and 6 address related adjustments (including RST/RSF and commitment fee thresholds) and the voting thresholds for adoption (Decisions 1–5 by majority of votes cast; Decision 6 by 70 percent majority of total voting power).

### 1. The annual limit of 200 percent of quota and the cumulative limit of 600 percent of quota
- Headline reductions (effective upon Executive Board Determination that general conditions for 16th GRQ quota increases are met):
  - Annual limit: 200 percent -> 135 percent of quota.
  - Cumulative limit: 600 percent -> 405 percent of quota.

### PLL detailed adjustments
- Cumulative cap:
  - Reduced from 600 percent of quota to 405 percent of quota.
- Annual access limit at approval for 1–2 year PLL arrangements:
  - Reduced from 300 percent of quota to 202.5 percent of quota.
- Six-month PLL per-arrangement limits:
  - Normal per-arrangement limit reduced from 150 percent of quota to 101.25 percent of quota.
  - Exceptional per-arrangement limit reduced from 300 percent of quota to 202.5 percent of quota.
- Cumulative access cap for six-month PLL arrangements:
  - Reduced from 300 percent of quota to 202.5 percent of quota.

### FCL, SLL, and RFI detailed adjustments
- FCL:
  - Reference in Paragraph 6(a)(iii) of Decision No. 14283-(09/29): “600 percent of quota” changed to 405 percent of quota.
  - Assessment threshold reference revised from 575 600 percent of quota to 600 405 percent of quota in redlined text.
- SLL:
  - Paragraph 4 of the SLL Decision: “200 percent of the member’s quota” changed to 135 percent of quota.
  - SLL arrangements may be approved in an amount of up to 200 135 percent of the member’s quota, cumulative for total credit outstanding under the SLL.
- RFI:
  - General RFI annual limit reduced from 50 percent of quota to 35 percent of quota.
  - General RFI cumulative limit reduced from 100 percent of quota to 70 percent of quota.
  - Large Natural Disaster window:
    - Annual limit reduced from 80 percent of quota to 55 percent of quota.
    - Cumulative limit reduced from 133.3 percent of quota to 90 percent of quota.
  - Food Shock window:
    - Cumulative access limit reduced from 125 percent of quota to 87.5 percent of quota.
  - Transitional and temporary provisions for specific periods remain as specified (periods and percentages preserved in original text).

### Post Financing Assessment (PFA) and Article IV cycles
- PFA thresholds:
  - Outstanding credit threshold reduced from 200 percent of quota to 135 percent of quota for combined GRA/PRGT/RST credit.
  - SDR-denominated thresholds preserved: SDR 1.5 billion (GRA), SDR 0.38 billion (PRGT), SDR 0.38 billion (RST).
- Article IV consultation cycles:
  - Standard twelve-month cycle with 3-month grace period; consultations expected within 15 months.
  - Extended cycle (longer than 12 months but not longer than 24 months) may be applied only if member does not meet specified criteria and has outstanding credit above one hundred percent (100%) of the member’s quota.

### Resilience and Sustainability Trust (RST) and RSF adjustments
- RSF disbursement phasing:
  - Phasing limit at a single review under an RSF arrangement changed from 50 percent to 35 percent of quota.
  - At reviews, total disbursements at a single review limited to not more than 50 35 percent of quota, subject to exceptions described.
- Cap on overall access to the RST:
  - Changed from 150 percent to 100 percent of quota (or SDR 1 billion, lower of the two).
- Access norm for RSF arrangements:
  - Changed from 75 percent to 50 percent of quota.
- Effective date: paragraphs 1 to 3 of Decision 5 become effective when the Executive Board determines the general conditions for quota increases under the Sixteenth General Review of Quotas have been met, and will apply to new RSF arrangements and augmentations approved following that determination.

### Commitment fee amendment (Decision 6)
- Rule I-8 provision (e) amended:
  - “Instead of the thresholds of 200 percent and 600 percent referred to in subparagraphs (a) and (b) above, the thresholds of 135 percent and 405 percent, respectively, shall be used in computing charges and refunds for a member from the first occurring of (i) the effective date of that member’s quota increase under the Sixteenth General Review of Quotas, or (ii) 35 days after the Fund determines that the general effectiveness conditions for the Sixteenth General Review of Quotas have been met.”

*Source: EXECUTIVE SUMMARY — COMPREHENSIVE REVIEW OF GRA ACCESS LIMITS, December 4, 2024; ppea2024068 excerpts.*

### EXECUTIVE SUMMARY

### EXECUTIVE SUMMARY

### Introduction
- Executive Directors expressed broad support at an informal meeting on November 26, 2024, for staff’s proposal to set overall GRA access limits at specified levels, informed by staff analysis showing a balance between offsetting erosion relative to macroeconomic aggregates and maintaining safeguards.
- The comprehensive review was expected on the standard five-year cycle, with flexibility to conduct earlier if circumstances warrant.
- The paper proposes maintaining overall GRA access limits and other quota-based thresholds in nominal SDR terms when the general conditions for the effectiveness of the 16th General Review of Quotas (16th GRQ) are met.

### Proposal for Access Limits and Quota-Based Thresholds
- Staff proposes setting overall GRA access limits:
  - Annual Access Limit (AAL) = 200 percent of current quota.
  - Cumulative Access Limit (CAL) = 600 percent of current quota.
- Rationale and considerations:
  - These limits constitute a 38 percent increase relative to the 145/435 limits set in the February 2016 review.
  - The increase offsets a large part of the erosion since 2016 while sustaining appropriate risk mitigation safeguards.
  - Recent higher temporary access limits have helped navigate shock-prone global environment and low medium-term global growth prospects; Fund financial buffers (e.g., precautionary balances and burden-sharing capacity) are strong.
- Other instrument-specific and safeguard thresholds to be broadly maintained:
  - Maintain SLL and PLL access limits and the FCL threshold without articulation of exit expectations at levels established during the 2023 Review of the FCL, SLL, and PLL.
  - Maintain RFI access limits at current levels (2019 adjustment offset a large portion of erosion during 2016–24).
  - Align safeguard-related quota-based threshold for the FCL liquidity impact assessment with the CAL of 600 percent of current quota.
  - Increase slightly the threshold for the extended Article IV consultation cycle to 150 percent of current quota for outstanding Fund credit.
- Implementation and process:
  - Proposed Decisions 1, 2, and 3 implement the above proposals on overall GRA access limits and safeguard-related thresholds.
  - Next comprehensive review expected on the standard five-year cycle with flexibility for earlier review.

### Implications of the 16th GRQ
- To maintain nominal (SDR) values of access limits and thresholds when 16th GRQ quota increases become effective, staff proposes dividing the GRA and RST access limits and other specified quota-based thresholds (defined in percent of current quota) by 1.5 and rounding up for simplification and communication.
- Adjustment applies to:
  - The AAL and CAL in the GRA, and other GRA instrument-specific limits (precautionary instruments and the RFI).
  - The cap on overall access to the RST, the access norm for RSF arrangements, and the limit on RSF disbursement per review.
  - Safeguard-related quota-based thresholds for the FCL liquidity impact assessments, Post Financing Assessments (PFAs), and extended Article IV Consultation cycles.
  - The lower and upper thresholds for commitment fees (small rounding up to maintain alignment with the AAL and CAL).
- Timing and protective provisions:
  - Adjustment becomes effective for all members when the general conditions for effectiveness of the 16th GRQ quota increases are met.
  - Nominal (SDR) values of access limits and other quota-based thresholds remain at their existing levels to preserve the integrity of current safeguards.
  - Protective provision for existing non-exceptional access (EA) cases: if adjusted limits would result in a member’s access under an existing arrangement exceeding the proposed new overall access limits, the EA framework would not apply for the remainder of such arrangement; additional access under a new arrangement or augmentation that exceeds the proposed new overall access limits would trigger the EA framework. A similar protective provision is proposed for high combined GRA and PRGT Credit Exposures.

### Key Proposed Numeric Adjustments (Pre- and Post-16th GRQ)
- Overall GRA access limits (AAL/CAL)
  - Current (until end-2024, then revert): 200/600
  - Proposed overall GRA access limits (percent of current quota): 200/600
  - Proposals after 16th GRQ becomes effective (Percent of 16th GRQ quota):
    - Pre-rounding up: 133.33/400
    - Post-rounding up: 135/405
- SLL
  - Current proposed: 200
  - After 16th GRQ: 133.33 (pre-rounding), 135 (post-rounding)
- FCL without articulation of exit expectations
  - Current proposed: 200
  - After 16th GRQ: 133.33 (pre-rounding), 135 (post-rounding)
- PLLs of 1–2 years (Annual limit at approval/Cumulative PLL access cap)
  - Current proposed: 300/600
  - After 16th GRQ: 200/400 (pre-rounding), 202.5/405 (post-rounding)
- PLLs of 6 months (Standard/Exceptional per-arrangement limit/Cumulative 6-month PLL Access Cap)
  - Current proposed: 150/300/300
  - After 16th GRQ: 100/200/200 (pre-rounding), 101.25/202.5/202.5 (post-rounding)
- RFI (AAL/CAL)
  - Current proposed: 50/100
  - After 16th GRQ: 33.33/66.67 (pre-rounding), 35/70 (post-rounding)
- RFI LND (AAL/CAL)
  - Current proposed: 80/133.3
  - After 16th GRQ: 53.33/88.89 (pre-rounding), 55/90 (post-rounding)
- Additional RFI CAL for past FSW users
  - Current proposed: 25 percent additional
  - After 16th GRQ: 16.67 percent additional (pre-rounding), 17.5 percent additional (post-rounding)
- RSF (Total access to RST)
  - Current proposed: 150 percent or SDR 1 billion
  - After 16th GRQ: 100 percent or SDR 1 billion (both pre- and post-rounding)
- RSF disbursement (per review)
  - Current proposed: 50
  - After 16th GRQ: 33.33 (pre-rounding), 35 (post-rounding)
- RSF access norm
  - Current proposed: 75
  - After 16th GRQ: 50 (pre- and post-rounding)

### Safeguard and Fee Thresholds (Selected)
- Commitment fee thresholds (lower/upper)
  - Current: 200/600
  - After 16th GRQ: 133.33/400 (pre-rounding), 135/405 (post-rounding)
- Requirement for the FCL liquidity impact assessment (CAL)
  - Current: 575 percent or SDR 10 billion
  - Proposed (current-quota basis): 600 percent or SDR 10 billion
  - After 16th GRQ: 400 percent or SDR 10 billion (pre-rounding), 405 percent or SDR 10 billion (post-rounding)
- PFA (Outstanding credit from the GRA, the PRGT, and the RST, or from a combination of these)
  - Current: 200 percent or SDR 1.5 billion
  - After 16th GRQ: 133.33 percent or SDR 1.5 billion (pre-rounding), 135 percent or SDR 1.5 billion (post-rounding)
- Extended Article IV cycle (Outstanding Fund credit)
  - Current: 145 percent
  - Proposed (current-quota basis): 150 percent
  - After 16th GRQ: 100 percent (pre- and post-rounding)

### Revised Proposed Decisions (High-level)
- Decision 1 amends Decision No. 14064-(08/18) to set:
  - Overall annual limit of 200 percent of quota.
  - Cumulative limit of 600 percent of quota, net of scheduled repurchases.
  - These limits will not apply where a member requests an FCL or SLL arrangement, though outstanding holdings under such arrangements will be taken into account when applying limits for other facilities.
  - Paragraph 4 reference updated from “500 percent of quota” to “600 percent of quota”.
- Decision 2 amends the FCL liquidity impact assessment requirement (Decision No. 14283-(09/29)) to replace “575 percent of quota” with “600 percent of quota”.
- Decision 3 amends Decision No. 14747-(10/96) to set the extended Article IV consultation condition to outstanding credit above “one hundred and fifty percent (150 %) of the member’s quota”.
- Decision 4 provides for adjustments to limits on overall access to the GRA, and of PLL, FCL, SLL, RFI access limits, and other quota-based thresholds upon satisfaction of general conditions for effectiveness of quota increases under the 16th GRQ (detailed protective provisions and rounding conventions included).
- Decisions 5 and 6 address related adjustments (including RST/RSF and commitment fee thresholds) and the voting thresholds for adoption (Decisions 1–5 by majority of votes cast; Decision 6 by 70 percent majority of total voting power).

*Source: EXECUTIVE SUMMARY — COMPREHENSIVE REVIEW OF GRA ACCESS LIMITS, December 4, 2024.*

### 1. The annual limit of 200 percent of quota and the cumulative limit of 600 percent of quota

### 1. The annual limit of 200 percent of quota and the cumulative limit of 600 percent of quota

### Summary of headline adjustments
- The annual limit of 200 percent of quota shall be reduced to 135 percent of quota.
- The cumulative limit of 600 percent of quota shall be reduced to 405 percent of quota.

### Precautionary and Liquidity Line (PLL) adjustments
- Cumulative cap:
  - Reduced from 600 percent of quota to 405 percent of quota (Paragraph 4(a) of the PLL Decision).
- Annual access limit at approval for 1–2 year PLL arrangements:
  - Reduced from 300 percent of quota to "202.5 percent of quota" (Paragraph 4(b) of the PLL Decision).
- Six-month PLL per-arrangement limits:
  - Normal per-arrangement limit reduced from 150 percent of quota to 101.25 percent of quota (Paragraph 4(c)(i)).
  - Exceptional per-arrangement limit for six-month PLL arrangements reduced from 300 percent of quota to 202.5 percent of quota (Paragraph 4(c)(ii)).
- Cumulative access cap for six-month PLL arrangements:
  - Reduced from 300 percent of quota to 202.5 percent of quota (Paragraph 4(c)(iii)).

### Flexible Credit Line (FCL) and related references
- Reference in Paragraph 6(a)(iii) of Decision No. 14283-(09/29) (FCL Decision):
  - “600 percent of quota” changed to 405 percent of quota.
- Impact on consultations where access would exceed thresholds:
  - Assessment of impact of the arrangement on Fund liquidity in cases where it is contemplated that access would exceed 575 600 percent of quota or SDR 10 billion, whichever is lower — revised to reference 600 405 percent of quota in redlined text.

### Short-Term Liquidity Line (SLL)
- Reference in Paragraph 4 of the SLL Decision:
  - “200 percent of the member’s quota” changed to 135 percent of quota.

### Rapid Financing Instrument (RFI) and RFI-related windows
- RFI Decision and related limits (Decision No. 15015-(11/112)):
  - General RFI annual limit reduced from 50 percent of quota to 35 percent of quota.
  - General RFI cumulative limit reduced from 100 percent of quota to 70 percent of quota.
  - Large Natural Disaster window (Paragraph 5(B)):
    - Annual limit reduced from 80 percent of quota to 55 percent of quota.
    - Cumulative limit reduced from 133.3 percent of quota to 90 percent of quota.
  - Food Shock window (Paragraph 5(C)):
    - Cumulative access limit reduced from 125 percent of quota to 87.5 percent of quota.

### Other quota-based thresholds and Article IV cycles
- Post Financing Assessment Decision (Decision No. 13454-(05/26)):
  - Threshold reduced from 200 percent of quota to 135 percent of quota (Paragraph 1(a)).
- Article IV Consultation Cycles Decision (Decision No. 14747-(10/96)):
  - Threshold reduced from 150 percent of quota to 100 percent of quota (Paragraph 1(c)).
  - Redlined language shows references to 145 150 percent and 145% (150%) in context of outstanding credit thresholds.
- FCL users’ exit strategy threshold:
  - Reduced from 200 of quota to 135 percent of quota (paragraph referencing SU/23/141 of October 4, 2023).

### High Combined GRA and PRGT Credit Exposures and safeguards
- A reduction in access limits shall not by itself cause a member to be subject to the exceptional access policy if the member was not subject to it before the reduction (Paragraph 9).
- Notwithstanding, the exceptional access policy shall apply if, following the reduction, Executive Board approval of access (new arrangement, augmentation, or outright RFI purchase) would cause the member to exceed the overall annual or cumulative access limits in place at that time (Paragraph 9).
- Similar safeguard for High Combined GRA and PRGT Credit Exposures: reductions do not by themselves trigger policy safeguards if not previously subject, but safeguards apply if subsequent approvals cause thresholds to be exceeded (Paragraph 10).

### Effectiveness and transitional application
- Paragraphs 1 to 10 become effective when the Executive Board determines that the general conditions for the effectiveness of quota increases under the Sixteenth General Review of Quotas have been met (the Executive Board Determination) (Paragraph 11).
- Application timing specifics:
  - Lower access limits for PLL and SLL (paragraphs 2 and 4) and lower access thresholds for FCL (paragraphs 3 and 8) apply to new arrangements and augmentations approved after the Executive Board Determination.
  - Lower access limits under the RFI will apply to new purchases approved after the Executive Board Determination.

### Resilience and Sustainability Trust (RST) adjustments (Decision 5)
- Phasing limit at a single review under a Resilience and Sustainability Facility arrangement:
  - Changed from 50 percent to 35 percent of quota (Section II, paragraphs 1(b)(8) and 1(b)(9)(iii) of the Instrument).
- Cap on overall access to the resources of the Resilience and Sustainability Trust:
  - Changed from 150 percent to 100 percent of quota (Section II, paragraph 2(a)).
- Access norm for RSF arrangements:
  - Changed from 75 percent to 50 percent of quota.
- Effective date: paragraphs 1 to 3 of Decision 5 become effective when the Executive Board determines the general conditions for quota increases under the Sixteenth General Review of Quotas have been met, and will apply to new RSF arrangements and augmentations approved following that determination.

### Commitment fee amendment (Decision 6)
- Rule I-8 provision (e) amended:
  - “Instead of the thresholds of 200 percent and 600 percent referred to in subparagraphs (a) and (b) above, the thresholds of 135 percent and 405 percent, respectively, shall be used in computing charges and refunds for a member from the first occurring of (i) the effective date of that member’s quota increase under the Sixteenth General Review of Quotas, or (ii) 35 days after the Fund determines that the general effectiveness conditions for the Sixteenth General Review of Quotas have been met.”

### Key redlined numerical excerpts and replacements (exact figures preserved)
- Overall GRA access (Decision No. 14064-(08/18)):
  - Annual limit: 200 percent -> 135 percent; redlined shows 145 200 and later 145 135 percent of quota.
  - Cumulative limit: 600 percent -> 405 percent; redlined shows 435 600 and later 435 405 percent of quota.
  - Transitional period: For March 6, 2023 to December 31, 2024, the annual limit will be 200 percent of quota and the cumulative limit will be 600 percent of quota, net of scheduled repurchases.
- Exceptional access under PLL:
  - Combined cumulative limit reference reduced from 500 600 percent to 600 405 percent in redlined sections.
- PLL Decision redlined (Decision No. 15017-(11/112)):
  - Cumulative cap: 600 -> 405 percent of quota.
  - Annual access limit: 300 -> 202.5 percent of quota.
  - Six-month per arrangement: 150 -> 101.25 percent of quota.
  - Six-month exceptional per arrangement: 300 -> 202.5 percent of quota.
  - Cumulative six-month cap: 300 -> 202.5 percent of quota.
- FCL Decision redlined (Decision No. 14283-(09/29)):
  - Consultation threshold reference for liquidity assessment changed from 575 600 percent of quota to 600 405 percent of quota in redlined text.
- Article IV consultation cycles:
  - Outstanding credit threshold references show 145 150 percent and 145% (150%) in redlined text; overall reduction intent to 100 percent is specified elsewhere.

*Source: ppea2024068 - 1. The annual limit of 200 percent of quota and the cumulative limit of 600 percent of quota*

### 4. SLL arrangements may be approved in an amount of up to 200 135 percent of the member’s

### ppea2024068 - 4. SLL arrangements may be approved in an amount of up to 200 135 percent of the member’s

### SLL (Short-term Liquidity Line) arrangements: access, purchases, and repurchases
- SLL arrangements may be approved in an amount of up to 200 135 percent of the member’s quota, with this limit being cumulative for total credit outstanding under the SLL.
- There shall be no phasing under SLL arrangements.
- A member may make one or more purchases up to the amount of approved access under an SLL arrangement at any time during the period of such arrangement, subject to the provisions of this Decision.
- Any outstanding amounts purchased by the member under the current or any previous SLL arrangement shall commensurately reduce the amount that can be purchased by the member during the course of an SLL arrangement.
- If a member repurchases amounts previously purchased under any SLL arrangement, the amount that can be subsequently purchased by the member under an SLL arrangement in effect shall be increased in an amount equal to such amounts repurchased, provided that at no time shall a member be entitled to purchase more than the approved access amount of its current SLL arrangement.
- The Fund shall not challenge a representation of need by a member for a purchase requested under an SLL arrangement.

### Rapid Financing Instrument (RFI): access rules and exceptional conditions
- Assistance under this Decision shall be made available to members in the form of outright purchases.
- Access by members under this Decision shall be subject to:
  - (a) an annual limit of 50 35 percent of quota, and
  - (b) a cumulative limit of 100 70 percent of quota, net of scheduled repurchases,
  - provided that:
    - (A) for the period from April 6, 2020 to December 31, 2021, the above annual access limit shall be 100 percent of quota and for the period from April 6, 2020, to June 30, 2024, the above cumulative access limit shall be 150 percent of quota, net of scheduled repurchases; and
    - (B) the annual access limit shall be 80 55 percent of quota and the cumulative access limit shall be 133.33 90 percent of quota, net of scheduled repurchases, where:
      - (i) the member requests assistance under the RFI to address an urgent balance of payments need resulting from a natural disaster that occasions damage assessed to be equivalent to or to exceed 20 percent of the member’s gross domestic product (GDP), and
      - (ii) the member’s existing and prospective policies are sufficiently strong to address the natural disaster shock.
    - Transitional provisions:
      - For the period from June 21, 2021 to December 31, 2021, the above annual access limit shall be 130 percent of quota.
      - For the period from June 21, 2021, to June 30, 2024, the above cumulative access limit shall be 183.33 percent of quota, net of scheduled repurchases.
    - (C) for the period from September 30, 2022 to March 31, 2024, the Fund may approve financing of up to 50 percent of quota to help a member address an urgent balance of payments need associated with acute food insecurity, increased costs of cereal and fertilizer imports, or cereal export shortfalls. Access under this subparagraph (C) shall be fully additional to the annual access limits established under paragraph 5.
      - Subject to subparagraph (B), a member’s access under subparagraph (C) shall increase the cumulative access limit under the RFI to 175 percent of quota until June 30, 2024; and to 125 87.5 percent of quota between July 1, 2024 and December 31, 2026.
      - Before approving financing under subparagraph (C), the Fund shall be satisfied that the member has an urgent balance of payments need associated with one of:
        - (1) acute food insecurity inflicting serious economic disruption on such a scale as to warrant a concerted international effort. Qualification will take into account whether the member faces acute food insecurity as defined by the FAO and WFP or a major food crisis per the UNGRFC, based on the most recent publicly available data;
        - (2) increased prices of cereal or fertilizer imports that negatively impact the member’s external current account where such negative impact amounts to at least 0.3 percent of GDP over a 12-month period, as specified in SM/22/229;
        - (3) shortfall in cereal exports where the projected negative shock to cereal exports, benchmarked against the previous year, exceeds 0.8 percent of projected GDP for the compensable year.

### Post Financing Assessment (PFA) thresholds and triggers
- A Post Financing Assessment (PFA) is expected when outstanding credit to a member exceeds any of the following thresholds:
  - (a) 200 135 percent of quota for credit from the Fund’s General Resources Account (GRA), or from the Fund as Trustee of the Poverty Reduction and Growth Trust (PRGT), or from the Fund as Trustee of the Resilience and Sustainability Trust (RST), or a combination thereof; or
  - (b) an amount equivalent to SDR 1.5 billion for credit from the Fund’s GRA; or
  - (c) an amount equivalent to SDR 0.38 billion from the PRGT; or
  - (d) an amount equivalent to SDR 0.38 billion from the RST,
- If the member does not have a program supported by a Fund arrangement, is not implementing a staff monitored program with reports issued to the Executive Board, or does not have a program supported by a Policy Coordination Instrument (PCI), the member will be expected to engage in PFA discussions with the Fund upon recommendation of the Managing Director.
- The Managing Director shall recommend PFA to the Executive Board unless the Managing Director judges the member’s circumstances (strength of policies, external position, or an expected successor arrangement/PCI/staff monitored program within six months) make the process unwarranted.
- PFA will normally cease when the member’s outstanding credit falls below all applicable thresholds above.

### Article IV Consultation cycles: frequency and extended cycles
- Article IV consultations will take place in principle annually.
- Standard twelve-month cycle consultations are subject to a grace period of 3 months and are expected to be completed within 15 months of the date of completion of the most recent consultation.
- The Fund may place a member on an extended cycle longer than 12 months but not longer than 24 months only if the member does not meet any of the following criteria:
  - (a) the member is of systemic or regional importance;
  - (b) the member is perceived to be at some risk because of policy imbalances or particular threat from exogenous developments, or the member is facing pressing policy issues of broad interest to the Fund membership; or
  - (c) the member has outstanding credit to the Fund under all facilities above one hundred and fifty-five percent (150%) one hundred percent (100%) of the member’s quota.
- The Fund will place a member on an extended cycle only after consulting with the Executive Director for the member and obtaining the member’s consent.

### Resilience and Sustainability Trust (RST) and RSF (Reform Support Facility) arrangements: disbursement phasing and access caps
- RSF disbursement phasing:
  - Each Reform Measure will be linked to one disbursement and implementation will be monitored through reviews.
  - Phasing under the RSF arrangement will limit the total amount of disbursements made available at a single review to not more than 50 35 percent of the member’s quota.
  - If delays in implementation of Reform Measures or completion of reviews under the accompanying qualifying UCT-quality instrument occur, related RSF disbursements may become subject to a later review, and total disbursements approved at the time of such a review may exceed 50 35 percent of the member’s quota.
  - At a review under an RSF Arrangement:
    - reviews take place concurrently with completion of reviews under the accompanying qualifying UCT-quality instrument(s);
    - a member may request to bring forward the availability date of a single disbursement to the date of completion of such review if conditions (a)–(e) in Paragraph 1(b)(9)(iii) are met, including that the 50 35 percent of quota limit on RSF disbursements at a review would not be exceeded.
- RST overall access cap:
  - The overall access to the resources of the Trust for each RST-eligible member shall be capped at the lower of (i) 150 100 percent of quota and (ii) SDR 1 billion.

### Commitment fee thresholds: proposed modified thresholds
- In proposed modifications to commitment fee thresholds (Rule I-8):
  - Instead of the thresholds of 200 percent and 600 percent referred to in subparagraphs (a) and (b), the thresholds of 133.33 135 percent and 400 405 percent, respectively, shall be used in computing charges and refunds for a member from the first occurring of (i) the effective date of that member’s quota increase under the Sixteenth General Review of Quotas, or (ii) 35 days after the Fund determines that the general effectiveness conditions for the Sixteenth General Review of Quotas have been met.

*International Monetary Fund — Comprehensive Review of GRA Access Limits (excerpts provided in source content).*

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_Source: https://www.imf.org/-/media/files/publications/pp/2024/english/ppea2024068.pdf_