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| ARTICLE V, SECTION 3(a), (b), AND (C) | ||||
| Use of Fund Resources | ||||
| Access Policy | ||||
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2024 Comprehensive Review of General Resources Account Access Limits Adjustments to Limits on Overall Access to the Fund’s General Resources, and of PLL, FCL, SLL, and RFI Access Limits, and of Other Quota-Based Thresholds Upon Satisfaction of General Conditions for Effectiveness of Quota Increases Under the 16th General Review of Quotas 1. The annual limit of 200 percent of quota and the cumulative limit of 600 percent of quota specified in Paragraph 2 of Decision No. 14064-(08/18), as amended, shall be reduced to 135 percent of quota and 405 percent of quota, respectively. 2. The limits specified in the decision on Precautionary and Liquidity Line (PLL) Arrangements, Decision No. 15017-(11/112), adopted November 21, 2011, as amended (PLL Decision) shall be reduced as follows: (i) The cumulative cap of 600 percent of quota specified in Paragraph 4(a) of the PLL Decision and in paragraph 4 of Decision No. 14064-(08/18), as amended, shall be reduced to 405 percent of quota. (ii) The annual access limit at approval of 300 percent of quota specified in Paragraph 4(b) of the PLL Decision shall be reduced to 202.5 percent of quota. (iii) The per arrangement limit of 150 percent of quota applicable to six-month PLL arrangements specified in paragraphs 4(c)(i) and 4 (c)(ii) of the PLL Decision shall be reduced to 101.25 percent of quota and the per arrangement limit of 300 percent of quota applicable to six-month PLL arrangements in exceptional circumstances specified in paragraph 4(c)(ii) of the PLL Decision shall be reduced to 202.5 percent of quota. (iv) The cumulative access cap of 300 percent of quota for 6-month PLL arrangements specified in paragraph 4(c)(iii) of the PLL Decision shall be reduced to 202.5 percent of quota. 3. The reference to 600 percent of quota in Paragraph 6(a)(iii) of Decision No. 14283-(09/29) adopted March 24, 2009, as amended (FCL Decision) shall be changed to 405 percent of quota. 4. The reference to 200 percent of the member’s quota in Paragraph 4 of the decision on Short-Term Liquidity Line (SLL) Arrangements, Decision No. 16747-(20/43), adopted April 15, 2020 (SLL Decision), shall be changed to 135 percent of quota. 5. The limits specified in Decision No. 15015-(11/112), adopted November 21, 2011, as amended (the RFI Decision), shall be reduced as follows: (i) The annual limit of 50 percent of quota and the cumulative limit of 100 percent of quota specified in Paragraph 5 shall be reduced to 35 and 70 percent of quota, respectively. (ii) The annual limit of 80 percent of quota and the cumulative limit of 133.3 percent of quota specified in Paragraph 5(B) of the RFI Decision, with regard to the Large Natural Disaster window, shall be reduced to 55 and 90 percent of quota, respectively. (iii) The cumulative access limit of 125 percent of quota specified in Paragraph 5(C) of the RFI Decision, for members that made purchases under the Food Shock window, shall be reduced to 87.5 percent of quota. 6. The threshold of 200 percent of quota specified in Paragraph 1(a) of Decision No. 13454-(05/26), adopted March 14, 2005, as amended (the Post Financing Assessment Decision) shall be reduced to 135 percent of quota. 7. The threshold of 150 percent of quota specified in Paragraph 1(c) of Decision No. 14747-(10/96), adopted September 28, 2010, as amended (the decision on Article IV Consultation Cycles), shall be reduced to 100 percent of quota. 8. The access threshold of 200 percent of quota above which FCL users are required to articulate exit strategies as specified in SU/23/141 of October 4, 2023, shall be reduced to 135 percent of quota. 9. A reduction in access limits in accordance with paragraph 1 above shall not cause a member to be subject to the exceptional access policy specified in Decision No. 14064-(08/18), as amended, if that member was not subject to the exceptional access policy before the access limits were reduced. Notwithstanding this, the exceptional access policy shall apply if, following the reduction in access limits, the Executive Board approves access to the Fund’s General Resources Account (i) under a new arrangement, (ii) through an augmentation of access under an arrangement that was in place prior to such Executive Board determination, or (iii) through an outright purchase under the RFI, in an amount that would cause the member to exceed the overall annual or cumulative access limits in place at that time. 10. A reduction in the thresholds for High Combined GRA and PRGT Credit Exposures resulting from a reduction in access limits in accordance with paragraph 1 above shall not cause members to be subject to the policy safeguards for high combined GRA and PRGT exposures set forth in Decision No. 16873-(20/91), as amended, if they were not, as of that time, subject to such policy safeguards. Notwithstanding this, the policy safeguards for high combined GRA and PRGT exposures shall apply if, following the reduction in thresholds, the Executive Board approves access to financing under the GRA and/or the PRGT (i) under a new arrangement, (ii) through an augmentation of access under an arrangement that was in place prior to the Executive Board determination on the observance of the above-mentioned conditions, or (iii) through an outright purchase under the RFI or RCF, in an amount that would cause the member to exceed the High Combined GRA and PRGT Credit thresholds in place at that time. 11. Paragraphs 1 to 10 of this Decision will become effective when the Executive Board determines that the general conditions for the effectiveness of quota increases under the Sixteenth General Review of Quotas specified in paragraph 3 of the Board of Governors Resolution No. 79-1 (December 15, 2023) have been met (hereinafter the Executive Board Determination) provided that (a) The respective lower access limits for Precautionary and Liquidity Line Arrangements and Short-Term Liquidity Line Arrangements specified in paragraphs 2 and 4 of this Decision and (b) the lower access thresholds under Flexible Credit Line Arrangements specified in paragraphs 3 and 8 of this Decision will apply to (i) new arrangements and augmentations of access under existing arrangements that are approved after the above-mentioned Executive Board Determination and provided further that the lower access limits under the Rapid Financing Instrument will apply to new purchases approved after such Executive Board Determination. (SM/24/293, Sup. 3, 12/16/24) Decision No. 17887-(24/119), December 17, 2024 | ||||
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