WASHINGTON - The International Monetary Fund says its executive board has agreed to temporarily increase the limits on member countries' annual and cumulative access to IMF loan resources to help them cope with a particularly challenging and uncertain environment.
In an announcement late on Monday, the Fund said its cumulative lending limits were increased to 600% of a country's quota, or shareholding in the fund, from a previous limit of 435%. The 12-month borrowing limit was raised to 200% of quota from 145%.
These changes will provide member countries - "particularly emerging markets and developing economies — that face increased financing pressures and vulnerabilities" access to more Fund financial support, the IMF said in a statement.
The Fund, which has about $1 trillion in total lending resources, said the executive board also discussed possible changes in access limits under the Poverty Reduction and Growth Trust, its concessional lending arm for low-income countries.
The IMF added it would review PRGT access limits once sufficient additional resources had been pledged to the fund by wealthier member countries. Those limits were last raised by 45% in 2021.
(Reporting by David Lawder Editing by Mark Potter)