IMF Approves Temporary Increase in Annual Access Limit

IMF Approves Temporary Increase in Annual Access Limit

The IMF (International Monetary Fund) Board of Directors has approved the temporary increase in annual access limits to financial support. In a statement made by the IMF, it was reported that there will be a temporary increase in the annual limits of access to resources in the General Resources Account and the Poverty Reduction and Growth Fund. As a result of the negative economic effects of the coronavirus (Covid-19) epidemic, many countries demanded financial support from the IMF, and the expectation that 72 countries have received financial support from the IMF as of July 13, and that there will be other support requests in the coming months. Reminding that IMF loans are subject to an annual limit on access to resources, it was stated that most countries that have received financial support from the IMF since the outbreak of the coronavirus (Covid-19) have reached or have reached the access limit in question. In consideration of the uncertainty brought about by the coronavirus (Covid-19) epidemic, it was announced that the annual access limits will be valid until April 6, 2021. In this statement, it is stated that countries will receive a higher level of support with this increase. It was stated that the annual access limit in the Poverty Reduction and Growth Fund also supports the increase of the quota from 100 percent to 150 percent. It was reported that the limit on the number of payments within the scope of Fast Credit Facility was temporarily suspended until April 6, 2021, and that this decision would allow emergency financing to be provided more frequently to the poorest member countries of the IMF.