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International Monetary Fund. Strategy, Policy, & Review Department, International Monetary Fund. Finance Dept., and International Monetary Fund. Legal Dept.

. Decision I would implement the proposed amendments regarding the RCF to the Poverty Reduction and Growth Trust (PRGT) Instrument. Decision II would implement the proposed amendments to the RFI decision. Annexes I and II set forth redlined texts that show revisions against the current PRGT Instrument and RFI Decision incorporating the proposed modifications. Proposed Decisions The following decisions, which may be adopted by a majority of the votes cast, are proposed for adoption by the Executive Board: Decision I: Amendment to the PRGT Instrument The

International Monetary Fund. Strategy, Policy, & Review Department, International Monetary Fund. Finance Dept., and International Monetary Fund. Legal Dept.
To help support members faced with the COVID-19 pandemic, the Fund temporarily increased certain access limits to its emergency financing (EF) instruments, i.e., Rapid Credit Facility (RCF) and Rapid Financing Instrument (RFI). While this expanded support has been critical to help countries manage the pandemic, the increase in access limits was not applied to the Large Natural Disasters (LND) windows within the EF toolkit, reducing the flexibility to respond to such LNDs. This paper proposes to temporarily increase by 50 percent of quota the annual access limit (AAL) and cumulative access limit (CAL) under the LND windows of the RCF and RFI. The changes to the “LND windows” would be in effect through end-December 2021, in line with the other temporary changes of access limits under EF instruments. The case for further extensions to all the temporarily increased EF AALs and CALs will be examined after the 2021 Annual Meetings.