IMF-审查快速信贷机制下的累积准入限额（英）

© 2025 International Monetary Fund IMF POLICY PAPER REVIEW OF THE CUMULATIVE ACCESS LIMITS UNDER THE RAPID CREDIT FACILITY IMF staff regularly produces papers proposing new IMF policies, exploring options for reform, or reviewing existing IMF policies and operations. The following documents have been released and are included in this package: • A Press Release summarizing the views of the Executive Board as expressed during its November 10, 2025 consideration of the staff report. • The Staff Report, prepared by IMF staff and completed on October 12, 2025, for the Executive Board’s consideration on November 7, 2025. The IMF’s transparency policy allows for the deletion of market-sensitive information and premature disclosure of the authorities’ policy intentions in published staff reports and other documents. Electronic copies of IMF Policy Papers are available to the public from http://www.imf.org/external/pp/ppindex.aspx International Monetary Fund Washington, D.C. November, 2025 PR 25/373 IMF Executive Board Approves a Two-Step Reversion of the Cumulative Access Limits under the Rapid Credit Facility of the PRGT to Pre-Pandemic Levels FOR IMMEDIATE RELEASE • The IMF Executive Board approved a two-step reversion of the temporarily higher cumulative access limits (CALs) under the Rapid Credit Facility (RCF) of the Poverty Reduction and Growth Facility Trust (PRGT) to pre-pandemic levels. • This phase-out provides predictability for the normalization of RCF access limits while retaining adequate borrowing space for most low-income countries (LICs) to cope with unexpected exogenous shocks that create urgent Balance of Payment needs. Washington, DC – November 14, 2025: The Executive Board of the International Monetary Fund (IMF) approved on November 7, 2025, a two-step process to bring the temporarily higher cumulative access limits (CALs) under the Poverty Reduction and Growth Trust (PRGT)’s Rapid Credit Facility (RCF) back to pre-pandemic levels by 2028. For background on access to PRGT facilities, the IMF’s concessional lending vehicle, see IMF Support for Low-Income Countries. The current higher CALs under the RCF exogenous shock (ES) and large natural disaster (LND) windows had been increased on a temporary basis to 150 percent (from 100 percent) and 183.33 percent (from 133.33 percent) of quota, respectively, at the time of the COVID-19 pandemic. The Executive Board agreed to maintain the CALs at these levels through end-2026. These limits will then be reduced in two equal steps: by 25 percent of quota on January 1, 2027, followed by another 25 percent of quota reduction on January 1, 2028, restoring the CALs to their pre-pandemic levels. This decision provides a clear path for the normalization of RCF access limits while retaining adequate borrowing space for most PRGT-eligible members, in the event that they face unexpected exogenous shocks and qualify for RCF financial support. Countries that accessed the Food Shock window u