IMF temporarily extends member nations’ lending ceiling. According to the International Monetary Fund, this prolongation is required in light of the uncertain global economy to facilitate the transition to the complete GRA access limit review scheduled for the second half of 2024.
According to a statement released by the global organization on March 11, the International Monetary Fund (IMF) Executive Board has decided to temporarily prolong the increase in access limits under the general resources account until the end of this year.
IMF said “The Executive Board of the International Monetary Fund (IMF) approved on March 4, 2024, an extension until the end of 2024 of the temporary increase in normal limits on members’ annual and cumulative access to Fund resources in the General Resources Account (GRA) to 200 and 600 percent of quota respectively.”
Alos see: China’s export and import growth in January-February exceed estimates
For a duration of 12 months, ending on March 5, 2024, the hike was first approved in March 2023.
A smooth transition to the thorough review of the GRA access limits scheduled for the second half of 2024 is imperative, according to the IMF, which also notes that the extension is being granted in light of the uncertain global economic climate.