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International Monetary Fund

provided under the RCF does not exceed the annual limit on access under this facility. Executive Board Assessment 1 Executive Directors welcomed the opportunity to consider proposals to raise the limits on annual access to Fund resources on a temporary basis. They noted that the COVID-19 pandemic had triggered a uniquely severe synchronized shock across the global economy and an ensuing surge in requests for financial support under the Fund’s emergency financing instruments. While access limits under these instruments had already been increased temporarily on April

International Monetary Fund

stabilization and recovery phases. Current Account Developments during Crises (percent of GDP) Sources: WEO, Valencia and Laeven (2018), IMF staff calculations. 2. In response to the crisis, the Fund has boosted its capacity to provide emergency assistance, with some 70 requests already approved . The Fund’s emergency financing instruments—the Rapid Credit Facility (RCF) and the Rapid Financing Instrument (RFI)—provide urgent financial support without the need to have a full-fledged program in place. On April 6, the Executive Board approved a temporary

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

Executive Directors welcomed the opportunity to discuss staff’s proposals (i) to create a new temporary window under the Fund’s emergency financing instruments to address the urgent balance of payments (BOP) needs related to food shock that was exacerbated by Russia’s war in Ukraine, and (ii) to amend the policy on Staff Monitored Programs (SMP) to introduce a n SMP with Board involvement (PMB) that will allow the Executive Board to opine under narrowly tailored circumstances on a member’s program approved by management. They broadly endorsed both proposals

International Monetary Fund
The COVID-19 pandemic has caused a uniquely severe synchronized shock across the global economy, in turn leading numerous member countries to request substantial financial assistance from the Fund. The Executive Board responded to members’ needs by increasing the access limits under the Fund’s emergency financing instruments by 50 percent of quota for a period of 6 months (until October 5, 2020), subject to a possible extension by the Executive Board.
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

The Executive Board responded to members' needs by increasing the access limits under the Fund's emergency financing instruments by 50% of the quota.

International Monetary Fund

indicators and socio-economic outcomes; the second focuses on the role of IMF shock-related financing—through augmentations of ECF arrangements and short-term and emergency financing instruments—on short-term macroeconomic performance. The empirical results shed some light on two channels through which different Fund facilities may have helped LICs respond to the global financial crisis—(i) by supporting a gradual buildup of macroeconomic buffers in the decades prior to the crisis and (ii) by providing liquidity support at the height of the crisis. The combination of