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

that aim in mind, this paper proposes to temporarily increase by 50 percent of quota the annual access limit (AAL) and cumulative access limit (CAL) under the “LND window” of the Rapid Credit Facility (RCF) and Rapid Financing Instrument (RFI) through December 31, 2021 to restore the access limits across the RCF/RFI windows at a level relative to their pre-pandemic period and ensure that the Fund’s emergency financing to support member through the COVID-19 pandemic is truly additional. A. Context 2. The RFI and RCF are valuable elements of the disaster risk

International Monetary Fund. Strategy, Policy, & Review Department

Exceptional Access frameworks, which subjects financing requests to additional substantive and procedural requirements. See paragraph 7 in Temporary Modification to the Fund’s Annual Access Limits, SM/20/100, June 30, 2020. 2/ Outstanding disbursements (purchases) from all RCF (and RFI) windows are included in calculating cumulative access (See Temporary Modifications To Access Limits Under The Large Natural Disaster Window Of The Rapid Credit Facility And Of The Rapid Financing Instrument, footnote 46). Similarly, for the calculation of annual access

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

(and RFI) windows would be included in calculating cumulative access. 47 While there should be no presumption of alignment of access limits under the PRGT and GRA, both RCF and RFI access limits were simultaneously increased by 50 percent in 2015; and annual limits under the large natural disasters window were increased for both in 2017. Staff guidance on the use of RCF and RFI financing will be updated, including on blending. 48 There have been 26 cases of RCF disbursements since inception of the facility in 2010, and 4 cases of disbursements under the

International Monetary Fund. European Dept.

, domestic debt made up two-thirds of total debt. The external public debt is largely owed to multilaterals, namely the IDA, EIB, EBRD, and the IMF. 3. Financing assumptions . In 2020, large near-term fiscal financing needs arising from the impact of COVID-19 are assumed to be closed by drawdowns from existing government bank balances, official financing from World Bank resources and EU grants, the use of Fund credit under the RFI window, and larger domestic issuance of government bonds. Over the forecast period, the average maturity of domestic debt would gradually

International Monetary Fund. European Dept.
This paper discusses Republic of Kosovo’s Request for Purchase Under the Rapid Financing Instrument (RFI). The coronavirus disease 2019 (COVID-19) pandemic and the associated containment measures have severely weakened Kosovo’s economic outlook. The economy is expected to contract by 5 percent in 2020 as tourism receipts, remittances, exports of goods, and foreign direct investments will decrease due to travel restrictions and the effect of COVID-19 in trading partners and remittance-originating countries. The deteriorated economic outlook is expected to result in external and fiscal financing gaps. The RFI provides rapid and low-access financial assistance to member countries facing an urgent balance of payments need, without the need for a full-fledged economic program or reviews. It can provide support to meet a broad range of urgent needs, including those arising from commodity price shocks, natural disasters, conflict and post-conflict situations. Financial assistance under the RFI is provided in the form of outright purchases.
International Monetary Fund
Small developing states are disproportionately vulnerable to natural disasters. On average, the annual cost of disasters for small states is nearly 2 percent of GDP—more than four times that for larger countries. This reflects a higher frequency of disasters, adjusted for land area, as well as greater vulnerability to severe disasters. About 9 percent of disasters in small states involve damage of more than 30 percent of GDP, compared to less than 1 percent for larger states. Greater exposure to disasters has important macroeconomic effects on small states, resulting in lower investment, lower GDP per capita, higher poverty, and a more volatile revenue base.
International Monetary Fund

countries seeking financing within the augmented RCF or RFI window, an expectation could be established that the authorities’ letter of intent should document existing and planned practices in regard to the adoption and implementation of disaster risk reduction approaches. This documentation requirement would not slow access to Fund financing and would not establish conditionality. However, it would allow the Board to assess the adequacy of policy efforts to manage disaster risks, including the potential need for capacity building support for such efforts in the post

International Monetary Fund. Strategy, Policy, &, Review Department, International Monetary Fund. Finance Dept., and International Monetary Fund. Legal Dept.
2018-19 Review of Facilities for Low-Income Countries---Reform Proposals: Review Of The Financing Of The Fund’s Concessional Assistance And Debt Relief To Low-Income Member Countries