## 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_

## Source details

**Canonical URL:** [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](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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## Bibliographic details
- Published: November 14, 2025

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### 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*

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_Source: 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_