IMF financing operations

IMF lending instruments

Over the years, the IMF has created various lending instruments adapted to the specific circumstances of its members:


GRA account lending

In March 2016, 15 loan agreements were in effect3 in the General Resources Account (GRA), including in particular the precautionary credit lines, for a total of 87 billion SDR, including 12 billion outstanding. The 36 billion in outstandings for expired agreements are added to this figure, for a total amount outstanding of 48 billion.


[1] The rate of charge is based on the SDR interest rate, which is recalculated every week to take into account short-term interest rate fluctuations in the major international monetary markets. The maximum amount a country may borrow from the IMF – the “access limit” – varies based on the type of loan granted, but is typically a multiple of the quota. These limits may be exceeded in exceptional cases. There is no predefined cap on access to the Stand-By Arrangements, Flexible Credit Line and Extended Fund Facility.

[3] See Key IMF Financial Statistics, in particular p.3

Updated on: 06/12/2018 10:34