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Cover Policy Papers
Review Of Temporary Modifications To The Fund’s Access Limits In Response To The Covid-19 Pandemic
International Monetary Fund. Strategy, Policy, & Review Department
Over the course of the pandemic, the Fund has made several modifications to the access limits on the use of Fund’s resources to increase the borrowing space under the hard caps on emergency financing and under the annual limits that trigger exceptional access (EA) safeguards under GRA and PRGT. The current temporarily-increased access limits expire at end-December 2021, and absent policy changes, the limits would return to the lower pre-pandemic levels or to the new PRGT annual access limit. Staff proposes to let all access limits return to pre-pandemic levels (or the new PRGT annual access limit), with the exception of the cumulative access limits for emergency financing instruments, which would be extended at the current level for another 18 months.
Keywords:
emergency financing instrument; risk management framework; RFI LND window; PRGT financing; exogenous shock; Emergency assistance; COVID-19; Natural disasters; Balance of payments need; Global
Cover Policy Papers
Review Of Temporary Modifications To The Fund’s Access Limits In Response To The Covid-19 Pandemic
International Monetary Fund. Strategy, Policy, & Review Department

sources may arise in the future in situations where putting in place a UCT-quality program is not feasible. While this extension would allow members to request financial assistance under EF instruments, a rigorous application of the qualification requirements for these instruments would preclude use of RCF/RFI when a UCT-quality program is more adequate and/or feasible. 15 Furthermore, the lower AAL (50 percent of quota for the RCF ES window and RFI regular window, and 80 percent of quota for RCF and RFI LND window) would provide some degree of safeguards. Table 2

Keywords:
PRGT limit; RFI financing; RCF CAL; UCT-quality program; lending portfolio