Comprehensive Review of GRA Access Limits

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 existing temporary limits that were set to expire at the end of 2024. These limits constitute a 38 percent increase relative to the limits set in the previous comprehensive review in 2016. The outcome of the review enables the IMF to continue meeting the evolving needs of its member countries, providing greater stability and predictability in their access to IMF resources. The Executive Board also approved adjustments to maintain access limits in nominal (Special Drawing Rights) terms when the general conditions for the effectiveness of the quota increase under the 16th General Review of Quotas are met. This approach is consistent with the Board’s decision in the recently approved Review of Charges and the Surcharge Policy and the Review of the PRGT Facilities and Financing. The Board also agreed that the next Comprehensive Review of GRA Access Limits is expected to take place on the standard five-year review cycle, with flexibility to conduct it earlier if circumstances warrant. The last comprehensive review of the Fund’s GRA access limits took place in February 2016, establishing an annual limit of 145 percent and a cumulative limit of 435 percent of quotas. These limits were adjusted temporarily during the COVID-19 pandemic and after the geopolitical conflicts in recent years. Most recently, they were temporarily increased in March 2023 and were set to expire at the end of 2024. Access limits are a key element of the Fund’s risk management framework: they provide members with confidence about the possible scale of financing that the Fund is prepared to provide in support of their adjustment efforts, while safeguarding Fund resources and preserving their revolving character. Overall GRA access limits are not ceilings but thresholds for enhanced scrutiny and safeguards through the exceptional access framework. Two staff papers informed the Executive Board’s informal engagement (November 2024) and the formal meeting (December 2024) on this review.