Review of Access Limits and Surcharge Policies

Policy Papers, January 20, 2016

Source details

Canonical URL

Review of Access Limits and Surcharge Policies

Other formats

• Markdown version
• Structured JSON version
• Bundle manifest

Bibliographic details

• Published: January 20, 2016
• Series: Policy Papers

Scope and strategy

• This paper reviews access limits and surcharge policies in the Fund’s General Resources Account (GRA).
• It builds on the preliminary Executive Board discussion that took place in May 2014, against the backdrop of the 14th Review quotas expected to become effective early in 2016, which will on average double individual members’ quotas.
• At the meeting in 2014, most Directors considered that a moderate increase in normal access limits in SDR terms would broadly restore the normal Fund access to levels considered acceptable in 2009, and saw merit in adjusting the surcharge threshold to allow for a moderate increase in the SDR value of credit not subject to the charge.

Summary

• Scope and strategy: This paper reviews access limits and surcharge policies in the Fund’s General Resources Account (GRA).
• It builds on the preliminary Executive Board discussion that took place in May 2014, against the backdrop of the 14th Review quotas expected to become effective early in 2016, which will on average double individual members’ quotas.
• At the meeting in 2014, most Directors considered that a moderate increase in normal access limits in SDR terms would broadly restore the normal Fund access to levels considered acceptable in 2009, and saw merit in adjusting the surcharge threshold to allow for a moderate increase in the SDR value of credit not subject to the charge.

Findings and policy considerations

• Most Directors supported a moderate increase in normal access limits in SDR terms to broadly restore normal Fund access to levels considered acceptable in 2009.
• There was support for adjusting the surcharge threshold to allow for a moderate increase in the SDR value of credit not subject to the charge.

Subjects

• Access limits
• Access to Fund general resources
• Flexible Credit Line
• Fourteenth General Review of Quotas
• General Resources Account
• Precautionary and Liquidity Line
• Quota increases
• Use of Fund resources

Source: Review of Access Limits and Surcharge Policies, January 20, 2016.

Content in this bundle

• Review of Access Limits and Surcharge Policies; IMF Policy Paper, January 20, 2016
  • Review of Access Limits and Surcharge Policies; IMF Policy Paper, January 20, 2016 (Markdown version)
  • Review of Access Limits and Surcharge Policies; IMF Policy Paper, January 20, 2016 (PDF)