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| Author | : International Monetary Fund. Finance Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 40 |
| Release | : 2004-03-23 |
| Genre | : Business & Economics |
| ISBN | : 1498330398 |
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| Author | : International Monetary Fund. Legal Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 25 |
| Release | : 2005-03-14 |
| Genre | : Business & Economics |
| ISBN | : 149833170X |
Section I of this paper contains a discussion of the purpose of access rules, and Section II examines the Fund’s liquidity position. Section III discusses the potential demand for Fund resources resulting from several possible shocks. Section IV considers recent trends in access decisions and evaluates how they have conformed to the principles underlying the access rules, and whether the Fund’s liquidity would be a constraint to providing similar access in the period ahead. Section V summarizes recent developments in exceptional access and discusses issues pertinent to policy in such cases. Section VI concludes with the list of staff recommendations and the issues for discussion. Draft decisions on access to GRA and PRGF resources are provided in Section VII.
| Author | : International Monetary Fund. Strategy, Policy, & Review Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 7 |
| Release | : 2010-03-18 |
| Genre | : Business & Economics |
| ISBN | : 1498337821 |
The Executive Board has agreed that post-program monitoring (PPM), with formal involvement of the Board, could be useful in certain cases. Specifically, the Board has decided that when a member’s outstanding credit from the General Resources Account (GRA) of the Fund, or from the Fund as Trustee of the Poverty Reduction and Growth Trust (PRGT), or a combination thereof, exceeds a threshold of 200 percent of quota, and the member no longer has an arrangement or is not implementing a staff-monitored program with reports issued to the Board, there should be a presumption that the member will engage in PPM with the Fund of economic developments and policies after the expiration of the arrangement.
| Author | : International Monetary Fund. Finance Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 25 |
| Release | : 2008-02-01 |
| Genre | : Business & Economics |
| ISBN | : 1498334946 |
This paper reviews the Fund’s access policy under its main financing facilities in the General Resources Account (GRA) and under the Poverty Reduction and Growth Facility (PRGF). It responds to the Board’s request for a periodic review of the access policy, that is, the rules and practices that govern the amount of financing the Fund makes available to its members.
| Author | : International Monetary Fund. Finance Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 112 |
| Release | : 2016-01-20 |
| Genre | : Business & Economics |
| ISBN | : 1498346081 |
Scope and strategy: This paper reviews access limits and surcharge policies in the Fund’s General Resources Account (GRA). It builds on the preliminary Executive Board discussion that took place in May 2014, against the backdrop of the 14th Review quotas expected to become effective early in 2016, which will on average double individual members’ quotas. At the meeting in 2014, most Directors considered that a moderate increase in normal access limits in SDR terms would broadly restore the normal Fund access to levels considered acceptable in 2009, and saw merit in adjusting the surcharge threshold to allow for a moderate increase in the SDR value of credit not subject to the charge.
| Author | : International Monetary Fund. Strategy, Policy, & Review Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 16 |
| Release | : 2008-03-09 |
| Genre | : Business & Economics |
| ISBN | : 1498334202 |
The Board completed its last review of access policy in February 2008 (2008 Access Policy Review). At that time, while some Directors saw the need for an increase in the limits on normal access to Fund resources, most Directors supported maintaining the access limits in the credit tranches and under the Extended Fund Facility (EFF) and the separate overall limits on access to resources in the General Resources Account (GRA) at the present level of 100 percent of quota on an annual basis and 300 percent on a cumulative basis. During the 2008 Spring Meetings, the International Monetary and Financial Committee (IMFC) encouraged the Executive Board to consider raising access limits. In doing so, the IMFC recognized that emerging market and developing countries are not immune to a broadening of the problems in financial markets and looked forward to reviewing progress at its next meeting. A fresh look at access limits is warranted in light of the broader review of the Fund’s lending framework which is underway, and to take account of the April 28, 2008 agreement on a second round of ad hoc quota increases under the quota and voice reform.
| Author | : International Monetary Fund. Legal Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 48 |
| Release | : 2009-06-02 |
| Genre | : Business & Economics |
| ISBN | : 1498336310 |
In the context of the ongoing review of Fund facilities, this paper examines the analytical basis for Fund lending in emerging market countries and provides a broad-ranging perspective for reforming the General Resources Account (GRA) lending toolkit. The Fund’s important lending role in crisis prevention and resolution is buttressed by its unique characteristics: (i) its ability as a nonatomistic lender to provide large-scale financing and reduce the likelihood of a run by private creditors; (ii) its ability as a cooperative institution with near-universal membership to agree conditionality with members, thus providing national authorities with a policy commitment tool to underpin confidence and catalyze private lending; and (iii) its de facto preferred creditor status, which allows it to provide crisis financing when private creditors may be reluctant to lend.
| Author | : International Monetary Fund. Policy Development and Review Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 20 |
| Release | : 2003-01-14 |
| Genre | : Business & Economics |
| ISBN | : 149832990X |
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| Author | : International Monetary Fund. Policy Development and Review Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 19 |
| Release | : 2006-04-20 |
| Genre | : Business & Economics |
| ISBN | : 149833265X |
In the context of a relatively benign international environment with limited balance of payments needs, recourse to Fund resources has declined across several dimensions: fewer GRA arrangements; lower outstanding Fund resources; and a smaller average access under new PRGF arrangements.
| Author | : International Monetary Fund. Policy Development and Review Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 23 |
| Release | : 2003-01-14 |
| Genre | : Business & Economics |
| ISBN | : 1498329896 |
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