The Extended Rights to Purchase Policy - Reduction of Blackout Periods in GRA Arrangements - Operational Guidance Note

Publication Date:

May 20, 2013

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file


This note provides guidance on the operation of the IMF’s Extended Rights to Purchase policy for General Resources Account (GRA) arrangements. Provided certain safeguards are met, this policy extends the period (up to some limits) in which a member may access accumulated but undrawn balances under a GRA arrangement once a new test date is reached but for which the test data are not yet available. In so doing it addresses some access “blackouts” which can affect all GRA arrangements with the Fund, but especially precautionary ones. To assist in program design, other possible access blackouts, not addressed by this policy, are also described in this note.


Policy Papers



Publication Date:

May 20, 2013



Please address any questions about this title to