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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
Access to Fund financial resources provides a financial safety net to help countries manage adverse shocks, acting as a potential supplement to foreign reserves when there is a balance of payments need. Such support is especially important to developing countries with limited capacity to borrow in domestic or foreign markets. This paper proposes a set of measures that would expand access to Fund resources for developing countries, as one of the initiatives the Fund is undertaking as part of the wider effort of the international community to support countries in pursuing the post- 2015 Sustainable Development Goals (SDGs).
International Monetary Fund

1. The Covid-19 pandemic is taking a human toll and has unleashed a series of shocks on the Fund’s entire membership, creating severe disruption in the global economic and financial system. For the majority of Fund members, what started as a sudden increase in health and other pandemic-related spending, has been compounded by a broader supply shock due to containment measures, domestic and external demand shocks, a large terms of trade shock for commodity producers, and a dramatic tightening of financial conditions for emerging markets (EMs).

International Monetary Fund

bullet above, Decision II provides that these new limits will be reduced by one half once the general effectiveness conditions for quota increases under the Fourteenth General Review of Quotas are met. Decision III would implement the proposed amendments to the RFI Decision to raise annual and cumulative access limits for the RFI. This proposal is described in Annex II of the main paper, Financing for Development: Enhancing the Financial Safety Net for Developing Countries . Going forward, to broadly preserve in SDR terms the new higher access limits for the RFI

International Monetary Fund

DEVELOPMENT: ENHANCING THE FINANCIAL SAFETY NET FOR DEVELOPING COUNTRIES— PROPOSED DECISIONS June 25, 2015 Approved By Sean Hagan, Siddharth Tiwari and Andrew Tweedie Prepared by the Legal Department, Strategy, Policy, and Review Department, and the Finance Department. Contents INTRODUCTION SUMMARY OF DECISIONS A. Amendments to the PRGT Instrument B. Amendments to the RFI Decision PROPOSED DECISIONS I. Amendments to the PRGT Instrument II. Review of PRGT Access Limits III. Amendments to the Rapid Financing Instrument IV. Review of

’s authenticated instructions to request the disbursement of the approved RCF loan. The Trustee, at the member’s request made prior to the automatic expiration date, may decide to delay such expiration date for an additional period not exceeding 60 days from the automatic expiration date.” Decision III. Amendments to the RFI Instrument 1. Paragraph 5(A) of the Decision establishing the Rapid Financing Instrument (RFI), Decision No. 15015-(11/112), November 21, 2011, as amended, (“RFI Decision”) shall be amended by replacing the reference to “April 6, 2021” with

International Monetary Fund. Strategy, Policy, & Review Department

implement the proposed amendments to the RFI decision. Appendices 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. Amendments to the PRGT Instrument Section II, paragraph 2(b)(ii) and paragraph 2(b)(iii) of the Instrument to Establish the Poverty Reduction and Growth Trust (“ PRGT Instrument ”), Annex

International Monetary Fund
The COVID-19 pandemic is taking a human toll and has unleashed a series of shocks on the Fund’s entire membership, creating severe disruption in the global economic and financial system. As a result, many emerging market and developing country (EMDC) members face urgent and unprecedented financing needs, creating significant immediate demand for Fund resources. In order to respond to members’ large and urgent financing needs, the paper proposes to enhance the Fund’s emergency financing toolkit, through a temporary increase in access limits for both the Rapid Financing Instrument (RFI), available to all members, and the Rapid Credit Facility (RCF), available to Poverty Reduction Growth Trust-eligible members only. It is proposed to increase these access limits for a proposed period of six months, which may be extended by the Executive Board. A companion Board paper sets out proposals to accelerate Board consideration of member requests for financing under the RCF and RFI, completion of reviews and requests for changes in access in existing arrangements, and requests for grant assistance under the Catastrophe Containment and Relief Trust.
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.
International Monetary Fund

150 percent of quota, net of scheduled repayments; and” Decision II. Amendment to the RFI Instrument Paragraph 5(A) of the Decision establishing the Rapid Financing Instrument (RFI), Decision No. 15015-(11/112), November 21, 2011, as amended, (“RFI Decision”) shall be further amended by replacing the reference to “October 5, 2020” with “April 6, 2021” and shall read as follows: “(A) for the period from April 6, 2020 to April 6, 2021, the above annual and cumulative access limits shall be 100 percent of quota and 150 percent of quota, net of scheduled