This paper provides background for an informal discussion to engage with Executive Directors, held on November 26, 2024, on the Comprehensive Review of GRA Access Limits. The General Resources Account (GRA) access limits are part of the Fund's risk management framework. They help maintain a...

On December 17, 2024, the IMF's Executive Board concluded the Comprehensive Review of General Resources Account (GRA) Access Limits. The review maintained the overall annual and cumulative GRA access limits at 200 and 600 percent of current quotas, respectively, keeping them unchanged from the...

In the 2014 Triennial Surveillance Review, the Board approved the shift from a three-year to a five-year cycle for Comprehensive Surveillance Reviews (CSRs) and requested a smaller-scale interim report after 2½-3 years to assess implementation, identify emerging pressure points, and help shape...

The Fund has made significant progress towards greater transparency over the past decade. Nearly all Board documents are published and are on average published more quickly. The information available in the Fund's archives has significantly increased and is more easily accessible to the public....

Under its Articles of Agreement, the Fund may only provide financing to assist members to resolve their balance of payments problems and restore medium-term external viability and may only do so under adequate safeguards. The Fund's inter-related policies on financing assurances, debt...

The Resilience and Sustainability Trust (RST) provides affordable longer-term financing to help eligible IMF members address longer-term structural challenges, thereby progressing toward strengthening their prospective balance of payments stability. This paper takes stock of the initial...

The 2023 Review of the Flexible Credit Line (FCL), the Short-Term Liquidity Line (SLL), and the Precautionary and Liquidity Line (PLL) introduced a welcome streamlining of procedures. This included dropping the requirement for an informal consultation with the Executive Board for the approval of...

This paper provides an update of the adequacy of the resources of the Fund's Poverty Reduction and Growth Trust (PRGT) and the debt relief trusts. Demand for PRGT loans continued to exceed earlier projections. Total PRGT credit outstanding reached SDR 18.3 billion at end-2023, or three times the...

This note provides updated general guidance on the use of the Policy Coordination Instrument (PCI). The PCI is a non-financing instrument designed for countries that, at the time of the PCI request, are seeking to unlock financing from sources other than the Fund and/or to demonstrate a...

A number of sovereign debt restructurings over the past three years faced significant delays but the cases are now moving forward. These delays slowed access of countries to much needed Fund financial support, and alongside creditors' efforts the Fund had to find ways forward. With significant...