Temporary Modification to the Fund's Annual Access Limits
Policy Papers, July 22, 2020
Source details
- Canonical URL
- Temporary Modification to the Fund's Annual Access Limits
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Bibliographic details
- Published: July 22, 2020
- Series: Policy Papers
- DOI: https://doi.org/10.5089/9781513550947.007
Summary
- The COVID-19 pandemic caused a uniquely severe synchronized shock across the global economy, prompting numerous member countries to request substantial financial assistance from the Fund.
- The Executive Board increased the access limits under the Fund’s emergency financing instruments by 50 percent of quota for a period of 6 months (until October 5, 2020), subject to a possible extension by the Executive Board.
Key policy action and parameters
- Increase in access limits: 50 percent of quota.
- Duration of modification: 6 months (until October 5, 2020).
- Governance: subject to a possible extension by the Executive Board.
- Target instruments: the Fund’s emergency financing instruments.
Context and intended effects
- Rationale: address a surge in member requests for substantial financial assistance due to the synchronized global shock from COVID-19.
- Expected outcome: provide greater immediate financing capacity through emergency instruments to help members meet balance of payments needs and finance health and economic responses.
Thematic coverage and keywords
- Subjects covered: Balance of payments, Balance of payments need, COVID-19, Credit, Emergency assistance, Foreign aid, Health, Money.
- Keywords present in the publication: application of the NAAL, Balance of payments need, COVID-19, Credit, Emergency assistance, emergency financing instrument, financial support, financing, Global, Gra credit, IMF's executive board, PP, RFI purchase, risk management framework.
International Monetary Fund. "Temporary Modification to the Fund's Annual Access Limits", Policy Papers 2020, 036 (2020), accessed 9/19/2026, https://doi.org/10.5089/9781513550947.007
Content in this bundle
- Policy Paper