{
  "title": "Temporary Modifications To Access Limits Under The Large Natural Disaster Window Of The Rapid Credit Facility And Of The Rapid Financing Instrument",
  "publication": "Policy Papers, June 21, 2021",
  "sourceUrl": "https://www.imf.org/en/publications/policy-papers/issues/2021/06/21/temporary-modifications-to-access-limits-under-the-large-natural-disaster-window-of-the-461093",
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  "summary": "To help support members faced with the COVID-19 pandemic, the Fund temporarily increased certain access limits to its emergency financing (EF) instruments, i.e., Rapid Credit Facility (RCF) and Rapid Financing Instrument (RFI).",
  "sections": [
    {
      "heading": "Context and problem statement",
      "content": "- The Fund temporarily increased certain access limits to its emergency financing (EF) instruments, i.e., Rapid Credit Facility (RCF) and Rapid Financing Instrument (RFI), to help members faced with the COVID-19 pandemic.\n- That temporary increase was not applied to the Large Natural Disasters (LND) windows within the EF toolkit, reducing the flexibility to respond to such LNDs."
    },
    {
      "heading": "Proposal and key modification",
      "content": "- Proposal: temporarily increase by 50 percent of quota the annual access limit (AAL) and cumulative access limit (CAL) under the LND windows of the RCF and RFI.\n- Effective period: the changes to the “LND windows” would be in effect through end-December 2021, in line with the other temporary changes of access limits under EF instruments.\n- Follow-up: the case for further extensions to all the temporarily increased EF AALs and CALs will be examined after the 2021 Annual Meetings."
    },
    {
      "heading": "Intended effect and rationale",
      "content": "- Restore parity between LND windows and other EF instrument windows that received temporary increases during the COVID-19 pandemic.\n- Increase the Fund’s flexibility to respond to Large Natural Disasters occurring while members are still managing pandemic-related shocks."
    },
    {
      "heading": "Related thematic tags (as listed)",
      "content": "- Balance of payments, Balance of payments need, COVID-19, Credit, Emergency assistance, Environment, Foreign aid, Health, Monetary policy, Money, Natural disasters, Political economy\n- Keywords: Africa, Balance of payments need, COVID-19, Credit, draft press release, Emergency assistance, Global, Natural disasters, RCF annual, RCF financing, RFI RCF, RFI window, transparency policy\n\nSource: Temporary Modifications To Access Limits Under The Large Natural Disaster Window Of The Rapid Credit Facility And Of The Rapid Financing Instrument (Policy Paper No. 2021/044).\n\n---\n\n Content in this bundle\n\n- Policy Paper\n  - Policy Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Policy Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/policy-papers/issues/2021/06/21/temporary-modifications-to-access-limits-under-the-large-natural-disaster-window-of-the-461093"
    }
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    "Published: June 21, 2021",
    "Series: Policy Papers",
    "DOI: https://doi.org/10.5089/9781513587400.007",
    "The Fund temporarily increased certain access limits to its emergency financing (EF) instruments, i.e., Rapid Credit Facility (RCF) and Rapid Financing Instrument (RFI), to help members faced with the COVID-19 pandemic.",
    "That temporary increase was not applied to the Large Natural Disasters (LND) windows within the EF toolkit, reducing the flexibility to respond to such LNDs.",
    "Proposal: temporarily increase by 50 percent of quota the annual access limit (AAL) and cumulative access limit (CAL) under the LND windows of the RCF and RFI.",
    "Effective period: the changes to the “LND windows” would be in effect through end-December 2021, in line with the other temporary changes of access limits under EF instruments.",
    "Follow-up: the case for further extensions to all the temporarily increased EF AALs and CALs will be examined after the 2021 Annual Meetings.",
    "Restore parity between LND windows and other EF instrument windows that received temporary increases during the COVID-19 pandemic.",
    "Increase the Fund’s flexibility to respond to Large Natural Disasters occurring while members are still managing pandemic-related shocks.",
    "Balance of payments, Balance of payments need, COVID-19, Credit, Emergency assistance, Environment, Foreign aid, Health, Monetary policy, Money, Natural disasters, Political economy",
    "Keywords: Africa, Balance of payments need, COVID-19, Credit, draft press release, Emergency assistance, Global, Natural disasters, RCF annual, RCF financing, RFI RCF, RFI window, transparency policy",
    "**Policy Paper**"
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