Selected Decisions and Selected Documents of the IMF, Thirty- Eighth Issue -- Financing for Development—Enhancing the Financial Safety Net for Developing Countries—Review of Poverty Reduction and Growth Trust Access Limits

Prepared by the Legal Department of the IMF
As updated as of February 29, 2016

< Previous DocumentNext Document >
ARTICLE V, SECTION 2(b)
Technical and Financial Services
Financial Services

FINANCING FOR DEVELOPMENT—ENHANCING THE FINANCIAL SAFETY NET FOR DEVELOPING COUNTRIES—REVIEW OF POVERTY REDUCTION AND GROWTH TRUST ACCESS LIMITS

  • 1. The Fund as Trustee of the Poverty Reduction and Growth Trust (“PRG Trust”) has reviewed the limits of overall access by eligible members to the resources of the Trust under all facilities pursuant to Section II, paragraph 2(d) of the PRG Trust, and decides as follows:

    • a. The percentages of quota referred to in Section II, paragraph 2(a) with regard to the annual and cumulative limits of overall access under all facilities shall be changed from 150 percent to 75 percent and from 450 percent to 225 percent respectively.

    • b. The percentages of quota referred to in Section II, paragraph 2(a) with regard to the maximum annual and cumulative limits of overall access under all facilities applicable when a member is experiencing an exceptionally large balance of payments need shall be changed from 200 percent to 100 percent and from 600 percent to 300 percent respectively.

    • c. The percentages of quota referred to in Section II, paragraph 2(b) with regard to the annual and cumulative limits of access under the RCF shall be changed from 37.5 percent to 18.75 percent and from 150 percent to 75 percent respectively.

    • d. The percentages of quota referred to in Section II, paragraph 2(b) with regard to the annual and cumulative limits of access under the RCF to address an urgent balance of payments need resulting primarily from a sudden and exogenous shock shall be changed from 75 percent to 37.5 percent and from 150 percent to 75 percent respectively.

    • e. The percentages of quota referred to in Section II, paragraph 2(c) with regard to the limits of access at approval of an SCF arrangement that is approved in the absence of an actual balance of payments need shall be changed from 75 percent to 37.5 percent with regard to the average annual access and from 112.5 percent to 56.25 percent with regard to annual access.

  • 2. This decision will become effective when the conditions specified in paragraph 3 of the Board of Governors Resolution No. 66-2 (December 15, 2010) are met and will apply to assistance under the PRGT committed after its date of effectiveness. (SM/15/134, Sup. 1, 06/25/15)

Decision No. 15819-(15/66),

July 1, 2015

< Previous DocumentNext Document >