Policy Papers

Comprehensive Review of GRA Access Limits

December 23, 2024

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International Monetary Fund. Strategy, Policy, & Review Department, International Monetary Fund. Finance Dept., and International Monetary Fund. Legal Dept. "Comprehensive Review of GRA Access Limits", Policy Papers 2024, 068 (2024), accessed December 25, 2024, https://doi.org/10.5089/9798400298080.007

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Summary

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.

Keywords: Access limits, Balance of Payments need, Global, GRA, Lending, RST, Use of Fund Resources

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