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

The IMF extended the temporarily higher Cumulative Access Limits under the Rapid Financing Instrument until end-June 2024, and under the Rapid Credit Facility until the completion of the 2024/25 comprehensive review of the Fund’s concessional facilities.
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Volume/Issue: Volume 2023 Issue 031
Publication date: June 2023
ISBN: 9798400248290
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Topics covered in this book

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Exports and Imports , Money and Monetary Policy , Political Economy , Poverty and Homelessness , 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

Summary

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.