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Extra info for Financial Organization and Operations of the IMF
The Surcharge on high levels of credit outstanding under the credit tranches and the EFF is designed to discourage large use of IMF resources. The SRF and CCL surcharges increase with the time elapsed since the first SRF or CCL purchase, which sharpens the incentive for repurchases ahead of the obligation schedule. The annual commitment fee applies to amounts available under an arrangment during the year. The fee is refunded to the extent that available amounts are purchased. 33 Repurchases are made in equal installments at regular intervals over a fixed period.
The CCL is intended to provide members maintaining strong policies with a precautionary line of defense against balance of payments problems arising from international financial contagion. Although it draws on IMF experience over several decades, the CCL has a number of novel features that set it apart from other IMF lending instruments, notably an element of pre-qualification and automaticity in using IMF resources. The CCL is subject to demanding eligibility requirements: • the absence of an immediate need to use IMF resources at the time of approval; • a positive assessment of policies by the IMF, taking into account the member’s adherence to internationally accepted standards (especially the IMF’s Special Data Dissemination Standard or SDDS); • constructive relations with private creditors, with a view to facilitating appropriate involvement of the private sector, and satisfactory management of external vulnerability; and 43 FINANCIAL ORGANIZATION AND OPERATIONS OF THE IMF • a satisfactory economic and financial program, which the member stands ready to adjust as needed.
The amount of emergency assistance for natural disasters and for postconflict cases is limited, in any one instance, to 25 percent of quota. Larger amounts can be made available on an exceptional basis in post-conflict cases. Emergency assistance was until recently subject to the access limits under the credit tranches but was converted into a facility and excluded from these access limits, pending further review. Access to other facilities • The Supplemental Reserve Facility (SRF) is not subject to explicit access limits.