IMF extends temporary higher loan limit for member nations [Video]

The International Monetary Fund’s (IMF) Executive Board has temporarily extended the increase in access limits under the general resources account until the end of this year, the world body said in a statement on March 11.

“The Executive Board of the International Monetary Fund (IMF) approved on March 4, 2024 an extension until 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,” IMF said.

The increase was initially approved in March 2023 for a period of 12 months, ending on March 5, 2024.

According to the IMF, the extension comes against the backdrop of an uncertain global economic environment, and the need for a smooth transition to the comprehensive review of the GRA access limits planned for the second half of 2024.