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

International Monetary Fund

No 2023/031, IMF Policy Papers from International Monetary Fund

Abstract: The IMF extended the temporarily higher Cumulative Access Limits under the Fund’s Emergency Financing instruments, the Rapid Financing Instrument (RFI) under the General Resources Account, and the Rapid Credit Facility (RCF) under the Poverty Reduction and Growth Trust. This extension ensures that the Fund can continue to support member countries that accessed Fund’s emergency financing during COVID-19 pandemic in case of renewed emergency situations. The temporarily higher cumulative access limits under the RFI will be maintained until end-June 2024 when most RFI recipients will have repaid a significant part of their past emergency financing. The temporarily higher cumulative access limits under the RCF will be maintained until the completion of the 2024/25 comprehensive review of the Fund’s concessional facilities and financing, given the longer repayment schedule for RCF financing.

Keywords: Cumulative Access Limits; Rapid Financing Instrument; Rapid Credit Facility; LND window; UCT-quality program; RCF ES window; FSW financing; RFI recipient; FSW relative; FSW experience; Emergency assistance; COVID-19; Balance of payments need; Credit; Global (search for similar items in EconPapers)
Pages: 24
Date: 2023-06-30
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