IMF Executive Board Approves a Two-Step Reversion of the Cumulative Access Limits under the Rapid Credit Facility of the PRGT to Pre-Pandemic Levels
IMF News, November 14, 2025
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- IMF Executive Board Approves a Two-Step Reversion of the Cumulative Access Limits under the Rapid Credit Facility of the PRGT to Pre-Pandemic Levels
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- Published: November 14, 2025
Decision overview
- The Executive Board of the International Monetary Fund (IMF) approved on November 7, 2025, a two-step process to bring the temporarily higher cumulative access limits (CALs) under the Poverty Reduction and Growth Trust (PRGT)’s Rapid Credit Facility (RCF) back to pre-pandemic levels by 2028.
- The Executive Board’s decisions were taken on a lapse-of-time basis.
Current and prior CALs under the RCF ES and LND windows
- Temporarily increased CALs at the time of the COVID-19 pandemic:
- Exogenous shock (ES) window: 150 percent (from 100 percent) of quota.
- Large natural disaster (LND) window: 183.33 percent (from 133.33 percent) of quota.
- The Executive Board agreed to maintain the CALs at these levels through end-2026.
Two-step reversion timeline and mechanics
- Reduction steps:
- Reduce CALs by 25 percent of quota on January 1, 2027.
- Reduce CALs by a further 25 percent of quota on January 1, 2028.
- Outcome: Restores the CALs to their pre-pandemic levels by 2028.
- Purpose: Provides a clear path for the normalization of RCF access limits while retaining adequate borrowing space for most PRGT-eligible members in the event of unexpected exogenous shocks that qualify for RCF support.
Food Shock window treatment
- Countries that accessed the Food Shock window under the RCF will:
- Maintain the additional 25 percent of quota added to their CAL under the RCF ES window until end-2029.
- Purpose: Intended to align with the repayment schedule of the RCF and ensure adequate borrowing space.
Quota adjustment for GRQ
- The Executive Board adopted a decision to ensure that the new access limits are adjusted once the 16th General Review of Quotas (GRQ) takes effect.
- Objective: To broadly retain the limits in SDR terms following the GRQ adjustment.
Contact
- IMF Communications Department, MEDIA RELATIONS
- PRESS OFFICER: Randa Elnagar
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org
- @IMFSpokesperson
Press Release No. 25/373 — November 14, 2025