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IMF raises annual fund limit to help members tackle economic headwinds


The annual limit under the fund’s General Resources Account of the International Monetary Fund (IMF) will be temporarily raised to 200% of quota for a period of 12 months from the current 145%. Access to cumulative limits was revised to 600% from 435% now. The IMF said this is to help member nations overcome current economic challenges. The measure follows its permission last month to five development lenders to use its reserves to help poor nations. The fund’s staff will re-engage the Executive Board before the end of the 12-month period on a proposal to maintain the higher limits for longer, should the circumstances warrant it. The IMF’s board also discussed possible changes in access limits under the Poverty Reduction and Growth Trust (PRGT), the lender’s concessional financing arm.

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