Extension of Temporary Increase in Normal Access Limits Under the General Resources Account
Policy Papers, March 19, 2024
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- Extension of Temporary Increase in Normal Access Limits Under the General Resources Account
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Bibliographic details
- Published: March 19, 2024
- Series: Policy Papers
- DOI: https://doi.org/10.5089/9798400270512.007
Extension decision
- The IMF extended the temporarily higher General Resources Account (GRA) normal annual and cumulative access limits until end-2024.
- The temporary limits remain at 200 percent of quota (annual) and 600 percent of quota (cumulative).
- The initial temporary increase was for 12 months in March 2023.
Rationale and timing
- The extension reflects the still uncertain global economic environment.
- The extension is intended to bridge the gap to the comprehensive review of access limits planned for the second half of 2024.
- The comprehensive review will assess access limits in the context of:
- developments of the nominal value of access limits against relevant macroeconomic aggregates, and
- the outcomes of the 16th General Review of Quotas (GRQ).
Impact and risks
- The impact on GRA resources from the extension of higher access limits is expected to be manageable.
- The risks to the Fund from the extension of higher access limits are expected to be manageable.
Key statistics and publication metadata
- Temporary annual access limit: 200 percent of quota
- Temporary cumulative access limit: 600 percent of quota
- Initial temporary increase duration: 12 months in March 2023
- Extension effective through: end-2024
- Comprehensive review scheduled for: second half of 2024
- Pages: 22
- Volume: 2024
- Issue: 009
- Series: Policy Paper No. 2024/009
- DOI: https://doi.org/10.5089/9798400270512.007
- ISBN: 9798400270512
- ISSN: 2663-3493
- Subjects: Monetary policy, Political economy
- Keywords: External debt, Financial markets, Financial regulation and supervision, IMF policy, Lending, Monetary policy, political economy, Use of Fund Resources
International Monetary Fund. Strategy, Policy, & Review Department; International Monetary Fund. Finance Dept.; International Monetary Fund. Legal Dept., "Extension of Temporary Increase in Normal Access Limits Under the General Resources Account", Policy Papers 2024, 009 (2024).
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- Policy Paper