Review of The Cumulative Access Limits Under The Rapid Financing Instrument and The Rapid Credit Facility

Review of cumulative access limits under Rapid Financing Instrument and Rapid Credit Facility

date of issue:

June 30, 2023

Electronic access:

Free download.Please use the free Adobe Acrobat Reader to view this PDF file

summary:

The IMF temporarily increased cumulative access limits under the Fund’s Emergency Loan Facility, the General Resources Account’s Rapid Financing Facility (RCF), and the Poverty Reduction and Growth Trust’s Rapid Financing Facility (RFI). This extension will ensure that member countries that have accessed the Fund’s emergency financing during the COVID-19 pandemic will be able to continue to be assisted by the Fund in the event of new emergencies. A temporary high cumulative access limit under RFI will be maintained until the end of June 2024, when most of his RFI beneficiaries have repaid a significant portion of their past emergency loans. Temporarily higher cumulative access limits under the RCF will be maintained until a comprehensive review of the Fund’s incentives and loans is completed in 2024/25, given the longer repayment schedule for RCF loans .

series:

Policy document number 2023/031

subject:

monetary policy political economy

frequency:

sometimes