Comprehensive Review Of Gra Access Limits

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Comprehensive Review Of Gra Access Limits

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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2024-12-23

Comprehensive Review Of Gra Access Limits written by International Monetary and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-12-23 with Business & Economics categories.

On December 17, 2024, the IMF’s Executive Board concluded the Comprehensive Review of General Resources Account (GRA) Access Limits. The review maintained the overall annual and cumulative GRA access limits at 200 and 600 percent of current quotas, respectively, keeping them unchanged from the existing temporary limits that were set to expire at the end of 2024. These limits constitute a 38 percent increase relative to the limits set in the previous comprehensive review in 2016. The Board also approved adjustments to the access limits when the general conditions of the quota increase under the 16th General Review of Quotas are met and agreed that the next Review is expected to take place on the standard five-year review cycle, with flexibility to conduct it earlier if circumstances warrant. Access limits are a key element of the Fund’s risk management framework. Overall GRA access limits are not ceilings but thresholds for enhanced scrutiny and safeguards through the exceptional access framework. Two staff papers informed the Executive Board’s informal engagement (November) and the formal meeting (December) on this review.

Considerations For The Comprehensive Review Of Access Limits

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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2025-01-14

Considerations For The Comprehensive Review Of Access Limits written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-01-14 with categories.

This paper provides background for an informal discussion to engage with Executive Directors on the Comprehensive Review of GRA Access Limits. The General Resources Account (GRA) access limits are part of the Fund’s risk management framework. They help maintain a balance between the need to: (i) ensure that members have confidence in the availability of Fund financing; and (ii) preserve liquidity and the revolving nature of the Fund’s resources.

Interim Review Of Access Limits Under The Poverty Reduction And Growth Trust And Initial Considerations For Access Limits Under The General Resource Account

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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2023-12-15

Interim Review Of Access Limits Under The Poverty Reduction And Growth Trust And Initial Considerations For Access Limits Under The General Resource Account written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-12-15 with Business & Economics categories.

The interim review on PRGT access limits follows the call from the Executive Board in March 2023 and confirmed by the IMFC in October 2023. Low-income countries (LICs) face high economic uncertainty and pressures, while grappling with limited policy space and a funding squeeze. In March 2023, access limits under the General Resources Account (GRA) were temporarily increased for 12 months to give space for countries to face such economic pressures. The IMF Executive Board emphasized the importance of the alignment of the Poverty Reduction and Growth Trust (PRGT) access limits with those of the GRA that was achieved in 2021. The Board also agreed that, once substantial progress with PRGT fundraising toward the SDR 2.3 billion first-stage target for subsidy resources agreed in 2021 has been made—with total pledges of SDR 2 billion or more—access limits under the PRGT would be reviewed at an ad hoc interim review. This target has now been reached, paving the way for the review, also called for by the IMFC during the Annual Meetings in October 2023, in a context where the LICs’ economic challenges have further increased, including due to the risk of additional negative spillovers on the global economy stemming from the current geopolitical tensions and conflicts.

The Imf S Exceptional Access Policy

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Author : Mr. Vivek Arora
language : en
Publisher: International Monetary Fund
Release Date : 2024-12-12

The Imf S Exceptional Access Policy written by Mr. Vivek Arora and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-12-12 with Business & Economics categories.

The evaluation assesses the EAP’s rationale, evolution, and implementation during the period since its adoption in 2002. It assesses whether the EAP has fulfilled the objectives that guided its creation, namely, shaping members’ and market expectations, providing clearer benchmarks for Board decisions on program design and exceptional access, safeguarding the Fund’s resources, and helping to ensure uniformity of treatment of members. The evaluation draws on background papers comprising both thematic and country studies that draw on experience with the 38 exceptional access programs completed through mid-2023. The thematic papers analyze the rationale and evolution of the EAP as well as the three building blocks of the policy: the exceptional access criteria, enhanced Board decision-making procedures, and ex post evaluations. The country papers comprise both cross-country studies and country-specific studies of the completed programs with Argentina (2018), Ecuador (2020), and Egypt (2020).

2025 Handbook Of Imf Facilities For Low Income Countries

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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2025-04-23

2025 Handbook Of Imf Facilities For Low Income Countries written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-04-23 with Business & Economics categories.

This Handbook provides guidance to staff on the IMF’s facilities available to countries eligible to obtain concessional financing from the Fund under the PRGT, namely low-income countries (LICs). It updates the previous version of the Handbook that was published in March 2023 by incorporating modifications resulting from the 2024 Review of the Poverty Reduction and Growth Trust (PRGT) Facilities and Financing and other recent policy papers. Designed as a comprehensive reference tool for program work in LICs, this Handbook also refers, in summary form, to a range of relevant policies that apply more generally to IMF members. As with all guidance notes, the relevant IMF Executive Board decisions, including the terms of the various LIC Trust Instruments that have been adopted by the Board, remain the primary legal authority on the matters covered in this Handbook.

2024 Review Of The Poverty Reduction And Growth Trust Facilities And Financing Reform Proposals

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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2024-10-21

2024 Review Of The Poverty Reduction And Growth Trust Facilities And Financing Reform Proposals written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-10-21 with categories.

This paper reviews Poverty Reduction and Growth Trust (PRGT) facilities and financing. It proposes a comprehensive package of lending policy reforms and financing measures that aims to bolster the Fund’s capacity to support Low-Income Countries (LICs) in addressing their balance of payment needs, while restoring the self-sustainability of the Trust. The Review proposes a long-term self-sustained annual PRGT lending envelope of SDR 2.7 billion, more than double the PRGT envelope before the Covid-19 pandemic, consistent with the expected demand for Fund’s concessional financial support in the years ahead. The paper also proposes to introduce a new interest rate mechanism to better reflect the heterogeneity among LICs and focus further concessional resources to the poorest countries. These countries (currently 31 LICs) will continue to benefit from an interest-free lending under the PRGT, while other LICs will be charged a modest, and still concessional, interest rate. Additionally, the paper proposes to keep PRGT access limits at their current levels and to implement several reforms, including: reverting the PRGT access norm to the level prevailing before December 2023, streamlining and strengthening the PRGT safeguards, adjusting the PRGT eligibility and graduation framework and updating the list of PRGT-eligible countries, extending the temporarily higher cumulative access limits under the RCF until the end of December 2025, and implementing a targeted adjustment to the Policy Safeguards for High Combined Credit Exposure. On financing measures, the paper proposes to address the remaining gap in PRGT subsidy resources after accounting for the lending policy changes through (1) a further five-year suspension of PRGT administrative expenses reimbursement to the GRA and (2) a framework to deploy IMF internal resources to facilitate the generation of PRGT subsidy resources.

Fund Concessional Financial Support For Low Income Countries Responding To The Pandemic

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2021-07-22

Fund Concessional Financial Support For Low Income Countries Responding To The Pandemic written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-07-22 with Business & Economics categories.

This paper proposes a package of policy reforms and a funding strategy to ensure that the Fund has the capacity to respond flexibly to LICs’ needs during the pandemic and recovery. The key policy reforms proposed include: • raising the normal annual/cumulative limits on access to PRGT resources to 145/435 percent of quota, the same thresholds for normal access in the GRA; • eliminating the hard limits on exceptional access (EA) to PRGT resources for the poorest LICs, enabling them to obtain all financing on concessional terms if the EA criteria are met; • changes to the framework for blending concessional and non-concessional resources to make it more robust and less complex; • stronger safeguards to address concerns regarding debt sustainability and capacity to repay the Fund; and • retaining zero interest rates on PRGT loans, consistent with the established rules for setting these interest rates.

Temporary Modifications To The Fund S Annual And Cumulative Access Limits

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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2023-03-10

Temporary Modifications To The Fund S Annual And Cumulative Access Limits written by International Monetary and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-03-10 with Business & Economics categories.

The paper discusses possible changes for the Poverty Reduction and Growth Trust (PRGT), for which the access limits were raised by 45 percent in 2021, bringing them into alignment with GRA access limits for the first time. While these changes helped address low-income countries’ (LICs) financing needs, these needs are projected to further increase in the medium term. An increase in the PRGT access limits in line with the proposed increase in the GRA access limits would help address these needs.

Temporary Extensions And Modifications Of Access Limits In The Fund S Lending Facilities

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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2021-03-25

Temporary Extensions And Modifications Of Access Limits In The Fund S Lending Facilities written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-25 with Business & Economics categories.

The Fund introduced two main sets of temporary adjustments to its lending frameworks in the early months of the pandemic: (i) increases in the limits on access to its emergency financing instruments (April 2020) and (ii) increases in the annual limits on access to financing from both its general and concessional financing facilities (July 2020).

The Managing Director S Global Policy Agenda Annual Meetings 2024 Secure A Soft Landing And Break From The Low Growth High Debt Path

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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2024-10-24

The Managing Director S Global Policy Agenda Annual Meetings 2024 Secure A Soft Landing And Break From The Low Growth High Debt Path written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-10-24 with Business & Economics categories.

The global economy has proven resilient, and a soft landing is within reach. Inflation has moderated thanks to tight monetary policy and fading supply shocks, and growth is expected to remain steady. But uncertainty remains significant, with risks tilted to the downside; medium-term growth prospects are lackluster; public debt has reached record highs and is expected to approach 100 percent of GDP by 2030; and geoeconomic fragmentation threatens to undo decades of gains from cross-border economic integration. At the same time, transformative changes—the green transition, demographic shifts, and digitalization, including artificial intelligence—are poised to reshape the global economy, creating challenges but also opportunities. Against this background, the key policy priorities are to secure a soft landing and break from the low growth-high debt path, and address other medium-term challenges. Monetary policy should ensure inflation returns durably to the target, and fiscal policy needs to decisively pivot toward consolidation to rebuild buffers and safeguard debt sustainability. Growth-enhancing reforms are urgently needed to lift growth prospects by boosting investment, job creation, and productivity. Domestic policies must be complemented by multilateral efforts to support countries with debt vulnerabilities, protect gains from economic integration, accelerate climate action, and harness benefits of new technologies while mitigating the risks. As it has done since its founding 80 years ago, the IMF will continue to adapt to serve its members with tailored policy advice, financial lifelines when needed, and capacity development. The Fund will remain a strong advocate for multilateralism and economic integration as foundations on which to build a resilient and inclusive global economy.