GRA访问限制综合评述

COMPREHENSIVE REVIEW OF GRA ACCESS LIMITS IMF staff regularly produces papers proposing new IMF policies, exploring options forreform, or reviewing existing IMF policies and operations. The following documents havebeen released and are included in this package: •APress Releasesummarizing the views of the Executive Board as expressed during itsDecember 17, 2024 consideration of the staff report. •TheStaff Report, prepared by IMF staff and completed on December 4, 2024 for theExecutive Board’s consideration on December 17, 2024. The IMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Electronic copies of IMF Policy Papersare available to the public fromhttp://www.imf.org/external/pp/ppindex.aspx International Monetary FundWashington, D.C. IMF Executive Board Concludes the 2024 ComprehensiveReview of General Resources Account Access Limits FOR IMMEDIATE RELEASE •The IMF Executive Board concluded the Comprehensive Review of the General ResourcesAccount (GRA) Access Limits. The decision maintains the overall annual and cumulativeGRA access limits at 200 and 600 percent of current quotas, respectively, keeping themunchanged from the current temporary limits set to expire at the end of 2024. •The decision considered erosion, evolving global conditions, available Fund resources, andnecessary safeguards, among other factors. These limits constitute a 38 percent increaserelative to the limits set in the February 2016 review. This enables the IMF to continuemeeting the evolving needs of its member countries, providing greater stability andpredictability in their access to IMF resources. •The Executive Board also approved adjustments to maintain access limits in nominal termswhen the general conditions for the effectiveness of the quota increase under the 16thGeneral Review of Quotas (GRQ) are met. This approach is consistent with the Board’sdecision in the recently approved Review of Charges and Surcharge Policy and the Reviewof the PRGT Facilities and Financing. Washington, DC – December17, 2024:The Executive Board of the International MonetaryFund (IMF) concluded the Comprehensive Review of the General Resources Account (GRA)Access Limits. 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 thegeopolitical conflicts of recent years. The Board adopted a decision to set limits on overall annual and cumulative access to GRAresources at 200 and 600 percent of current quotas, respectively. This maintains stability andpredictability relative to the current temporary overall access limits, which were approved inMarch 2023, extended in March 2024, and set to expire at end-2024. The Board also adopted decisions to ensure that the nominal special drawing rights (SDR)value of the overall GRA access limits, instrument-specific limits, other quota-based thresholds,and the Resilience and Sustainability Trust (RST) quota-based limits will be maintained oncethe general conditions for the effectiveness of the quota increase under the 16thGeneralReview of Quotas (GRQ) are met. The limits and thresholds in percent of quota will be reducedby one-third (or divided by 1.5), with some being rounding up, following a similar approachendorsed by the Executive Board in the recent Review of Charges and the Surcharge Policyand the Review of PRGT Facilities and Financing. This will ensure stability of access limits,clarity for Fund-supported programs, as well as simplicity and consistency within the Fund’slending toolkit. The next Comprehensive Review of GRA Access Limits is expected to take place on thestandard five-year review cycle, with flexibility to conduct it earlier if circumstances warrant. Executive Board Assessment1 Executive Directors welcomed the Comprehensive Review of General Resources Account (GRA)Access Limits. They emphasized that access limits are a key element of the Fund’s riskmanagement framework, providing members with confidence about the possible scale offinancing that the Fund is prepared to provide in support of their adjustment efforts, whilesafeguarding Fund resources and preserving their revolving character. Access in individualfinancing requests is determined by rigorous assessments informed by standard accesscriteria, including balance of payments need, the strength of the member’s program, capacityto repay the Fund, and outstanding credit to the Fund. In that context, Directors took note thatoverall GRA access limits are not ceilings but thresholds for enhanced scrutiny and safeguards. Directors broadly supported the proposal to set the limits on overall GRA annual andcumulative access at 200 and 600 percent of current quotas, respectively, and keep othe