Comprehensive Review Of Gra Access Limits
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Comprehensive Review of GRA Access Limits
Author: International Monetary
language: en
Publisher: International Monetary Fund
Release Date: 2024-12-23
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
Author: International Monetary Fund. Strategy, Policy, & Review Department
language: en
Publisher: International Monetary Fund
Release Date: 2025-01-14
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
Author: International Monetary Fund. Strategy, Policy, & Review Department
language: en
Publisher: International Monetary Fund
Release Date: 2023-12-15
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.