{
  "title": "Extension of Temporary Increase in Normal Access Limits Under the General Resources Account",
  "publication": "Policy Papers, March 19, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/policy-papers/issues/2024/03/21/extension-of-temporary-increase-in-normal-access-limits-under-the-general-resources-account-546183",
  "canonical": "https://www.imf.org/en/publications/policy-papers/issues/2024/03/21/extension-of-temporary-increase-in-normal-access-limits-under-the-general-resources-account-546183",
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  "summary": "The IMF extended the current temporarily higher General Resources Account (GRA) normal annual and cumulative access limits, 200 percent of quota and 600 percent of quota, respectively, until end-2024. Initially, access limits were temporarily increased for 12 months in March 2023.",
  "sections": [
    {
      "heading": "Extension decision",
      "content": "- The IMF extended the temporarily higher General Resources Account (GRA) normal annual and cumulative access limits until end-2024.\n- The temporary limits remain at 200 percent of quota (annual) and 600 percent of quota (cumulative).\n- The initial temporary increase was for 12 months in March 2023."
    },
    {
      "heading": "Rationale and timing",
      "content": "- The extension reflects the still uncertain global economic environment.\n- The extension is intended to bridge the gap to the comprehensive review of access limits planned for the second half of 2024.\n- The comprehensive review will assess access limits in the context of:\n  - developments of the nominal value of access limits against relevant macroeconomic aggregates, and\n  - the outcomes of the 16th General Review of Quotas (GRQ)."
    },
    {
      "heading": "Impact and risks",
      "content": "- The impact on GRA resources from the extension of higher access limits is expected to be manageable.\n- The risks to the Fund from the extension of higher access limits are expected to be manageable."
    },
    {
      "heading": "Key statistics and publication metadata",
      "content": "- Temporary annual access limit: 200 percent of quota\n- Temporary cumulative access limit: 600 percent of quota\n- Initial temporary increase duration: 12 months in March 2023\n- Extension effective through: end-2024\n- Comprehensive review scheduled for: second half of 2024\n- Pages: 22\n- Volume: 2024\n- Issue: 009\n- Series: Policy Paper No. 2024/009\n- DOI: https://doi.org/10.5089/9798400270512.007\n- ISBN: 9798400270512\n- ISSN: 2663-3493\n- Subjects: Monetary policy, Political economy\n- Keywords: External debt, Financial markets, Financial regulation and supervision, IMF policy, Lending, Monetary policy, political economy, Use of Fund Resources\n\nInternational 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).\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/2024/03/21/extension-of-temporary-increase-in-normal-access-limits-under-the-general-resources-account-546183"
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    "Published: March 19, 2024",
    "Series: Policy Papers",
    "DOI: https://doi.org/10.5089/9798400270512.007",
    "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.",
    "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:",
    "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.",
    "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",
    "**Policy Paper**"
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