Temporary Modifications to the Fund's Annual and Cumulative Access Limits

1. Paragraph 2 of Decision No. 14046-(08/18), as amended, shall be further amended to read as follows:

“2. The overall access by members to the Fund’s general resources shall be subject to (i) an annual limit of 145 percent of quota; and (ii) a cumulative limit of 435 percent of quota, net of scheduled repurchases. For the period from March 6, 2023 to March 5, 2024, the annual limit will be 200 percent of quota and the cumulative limit will be 600 percent of quota, net of scheduled repurchases. These limits will not apply in cases where a member requests a Flexible Credit Line arrangement or where a member requests a Short-Term Liquidity Line arrangement, although outstanding holdings of a member’s currency arising under such arrangements will be taken into account when applying these limits in cases involving requests for access under other Fund facilities.”

2. The roll back of the temporary increase in access limits set forth under this decision shall not cause members to be subject to the exceptional access policy after March 5, 2024 if they were not subject to the said policy as of that date, unless following March 5, 2024 the Executive Board approves access to the Fund’s general resources account under a new arrangement, or through an augmentation of access under an arrangement that was in place on March 5, 2024, or through an outright purchase under the RFI, in an amount that would cause the member to exceed the overall annual or cumulative access limits in place at that time.

3. The roll back of the temporary increase in the thresholds for High Combined GRA and PRGT Credit Exposures resulting from the roll back of the temporary increase in access limits set forth under this decision shall not cause members to be subject to the policy safeguards for high combined GRA and PRGT exposures set forth under Decision No. 16873-(20/91) after March 5, 2024 if they were not subject to the said policy as of that date, unless following March 5, 2024 the Executive Board approves access to the Fund’s general resources account and/or to the Poverty Reduction and Growth Trust under a new arrangement, or through an augmentation of access under an arrangement that was in place on March 5, 2024, or through an outright purchase under the RFI or RCF, in an amount that would cause the member to exceed the High Combined GRA and PRGT Credit thresholds in place at that time. (SM/23/44, 02/17/23)

Decision No. 17421-(23/16),

March 6, 2023