{
  "title": "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",
  "publication": "IMF News, November 14, 2025",
  "sourceUrl": "https://www.imf.org/en/news/articles/2025/11/13/pr25373-imf-approves-2-step-reversion-of-cumulative-access-limits-under-rapid-cf-of-prgt",
  "canonical": "https://www.imf.org/en/news/articles/2025/11/13/pr25373-imf-approves-2-step-reversion-of-cumulative-access-limits-under-rapid-cf-of-prgt",
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  "summary": "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.",
  "publishDate": "2025-11-14",
  "sections": [
    {
      "heading": "Decision overview",
      "content": "- 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.\n- The Executive Board’s decisions were taken on a lapse-of-time basis."
    },
    {
      "heading": "Current and prior CALs under the RCF ES and LND windows",
      "content": "- Temporarily increased CALs at the time of the COVID-19 pandemic:\n  - Exogenous shock (ES) window: 150 percent (from 100 percent) of quota.\n  - Large natural disaster (LND) window: 183.33 percent (from 133.33 percent) of quota.\n- The Executive Board agreed to maintain the CALs at these levels through end-2026."
    },
    {
      "heading": "Two-step reversion timeline and mechanics",
      "content": "- Reduction steps:\n  - Reduce CALs by 25 percent of quota on January 1, 2027.\n  - Reduce CALs by a further 25 percent of quota on January 1, 2028.\n- Outcome: Restores the CALs to their pre-pandemic levels by 2028.\n- 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."
    },
    {
      "heading": "Food Shock window treatment",
      "content": "- Countries that accessed the Food Shock window under the RCF will:\n  - Maintain the additional 25 percent of quota added to their CAL under the RCF ES window until end-2029.\n- Purpose: Intended to align with the repayment schedule of the RCF and ensure adequate borrowing space."
    },
    {
      "heading": "Quota adjustment for GRQ",
      "content": "- 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.\n- Objective: To broadly retain the limits in SDR terms following the GRQ adjustment."
    },
    {
      "heading": "Contact",
      "content": "- IMF Communications Department, MEDIA RELATIONS\n  - PRESS OFFICER: Randa Elnagar\n  - Phone: +1 202 623-7100\n  - Email: MEDIA@IMF.org\n  - @IMFSpokesperson\n\nPress Release No. 25/373 — November 14, 2025\n\n---\n\n\n References\n\n- Press Releases\n- PRESS CENTER\n- IMF Support for Low-Income Countries\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2025/11/13/pr25373-imf-approves-2-step-reversion-of-cumulative-access-limits-under-rapid-cf-of-prgt"
    }
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    "Published: November 14, 2025",
    "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.",
    "Temporarily increased CALs at the time of the COVID-19 pandemic:",
    "The Executive Board agreed to maintain the CALs at these levels through end-2026.",
    "Reduction steps:",
    "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.",
    "Countries that accessed the Food Shock window under the RCF will:",
    "Purpose: Intended to align with the repayment schedule of the RCF and ensure adequate borrowing space.",
    "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.",
    "IMF Communications Department, MEDIA RELATIONS",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[IMF Support for Low-Income Countries](https://www.imf.org/en/About/Factsheets/IMF-Support-for-Low-Income-Countries)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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