Enhancing the Emergency Financing Toolkit—Responding To The COVID-19 Pandemic
Policy Papers, April 9, 2020
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- Enhancing the Emergency Financing Toolkit—Responding To The COVID-19 Pandemic
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Bibliographic details
- Authors: International Monetary Fund
- Published: April 9, 2020
- Series: Policy Papers
Summary of context and problem
- The COVID-19 pandemic is taking a human toll and has unleashed a series of shocks on the Fund’s entire membership, creating severe disruption in the global economic and financial system.
- Many emerging market and developing country (EMDC) members face urgent and unprecedented financing needs, creating significant immediate demand for Fund resources.
Proposed enhancements to the emergency financing toolkit
- Propose to enhance the Fund’s emergency financing toolkit through a temporary increase in access limits for both:
- the Rapid Financing Instrument (RFI), available to all members; and
- the Rapid Credit Facility (RCF), available to Poverty Reduction Growth Trust-eligible members only.
- The increase in these access limits is proposed for a period of six months, which may be extended by the Executive Board.
Related operational proposals
- A companion Board paper sets out proposals to accelerate:
- Board consideration of member requests for financing under the RCF and RFI;
- completion of reviews and requests for changes in access in existing arrangements; and
- requests for grant assistance under the Catastrophe Containment and Relief Trust.
Content in this bundle
- Policy Paper