## 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](https://www.imf.org/en/publications/policy-papers/issues/2020/07/22/temporary-modification-to-the-fund-s-annual-access-limits-49600)

## Other formats

- [Markdown version](/en/publications/policy-papers/issues/2020/07/22/temporary-modification-to-the-fund-s-annual-access-limits-49600/index.md)
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## Bibliographic details
- Published: July 22, 2020
- Series: Policy Papers
- DOI: https://doi.org/10.5089/9781513550947.007

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### 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*

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## Content in this bundle

- **Policy Paper**
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_Source: https://www.imf.org/en/publications/policy-papers/issues/2020/07/22/temporary-modification-to-the-fund-s-annual-access-limits-49600_