Interim Review of Access Limits Under the Poverty Reduction and Growth Trust and Initial Considerations for Access Limits under the General Resource Account

The interim review on PRGT access limits follows the call from the Executive Board in March 2023 and confirmed by the IMFC in October 2023. Low-income countries (LICs) face high economic uncertainty and pressures, while grappling with limited policy space and a funding squeeze. In March 2023, access...

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Bibliographic Details
Corporate Author: International Monetary Fund Strategy, Policy, & Review Department
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2023
Series:Policy Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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653 |a Provision and Effects of Welfare Program 
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653 |a Credit 
653 |a Short-term Capital Movements 
653 |a Political Economy 
653 |a Monetary economics 
653 |a Value of Firms 
653 |a Current Account Adjustment 
653 |a Monetary Policy, Central Banking, and the Supply of Money and Credit: General 
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653 |a Balance of payments need 
653 |a Exports and Imports 
653 |a Social welfare & social services 
653 |a International Lending and Debt Problems 
653 |a International economics 
653 |a Political economy 
653 |a External debt 
653 |a Debts, External 
653 |a Social Services and Welfare 
653 |a Poverty reduction strategy 
653 |a Financial risk management 
653 |a Capital and Ownership Structure 
653 |a Credit risk 
653 |a Goodwill 
653 |a Banks and Banking 
653 |a Poverty 
653 |a Financial regulation and supervision 
653 |a Debt sustainability 
653 |a Monetary policy 
653 |a Concessional external borrowing 
653 |a Financial Risk and Risk Management 
653 |a Financing Policy 
653 |a Monetary Policy 
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520 |a The interim review on PRGT access limits follows the call from the Executive Board in March 2023 and confirmed by the IMFC in October 2023. Low-income countries (LICs) face high economic uncertainty and pressures, while grappling with limited policy space and a funding squeeze. In March 2023, access limits under the General Resources Account (GRA) were temporarily increased for 12 months to give space for countries to face such economic pressures. The IMF Executive Board emphasized the importance of the alignment of the Poverty Reduction and Growth Trust (PRGT) access limits with those of the GRA that was achieved in 2021. The Board also agreed that, once substantial progress with PRGT fundraising toward the SDR 2.3 billion first-stage target for subsidy resources agreed in 2021 has been made—with total pledges of SDR 2 billion or more—access limits under the PRGT would be reviewed at an ad hoc interim review. This target has now been reached, paving the way for the review, also called for by the IMFC during the Annual Meetings in October 2023, in a context where the LICs’ economic challenges have further increased, including due to the risk of additional negative spillovers on the global economy stemming from the current geopolitical tensions and conflicts