A
Access Policy and Access Limits
Policies that govern the use of IMF resources by its mem-
bers, including access limits set in terms of members’ quo-
tas. The access policy, including annual and cumulative
limits, under the credit tranches and the Extended Fund
Facility (EFF) are reviewed each year. Access under other
facilities also is reviewed periodically. Access under the
Supplemental Reserve Facility (SRF) and the Contingent
Credit Line (CCL) are not subject to limits in relation to
quotas.
Arrangement
A decision by the IMF that gives a member the assurance
that the institution stands ready to provide foreign ex-
change or SDRs in accordance with the terms of the deci-
sion during a specified period of time. An IMF arrange-
ment—which is not a legal contract—is approved by the
Executive Board in support of an economic program under
which the member undertakes a set of policy actions to re-
duce economic imbalances and achieve sustainable
growth. Resources used under an arrangement carry with
them the obligation to repay the IMF in accordance with
the applicable schedule, and to pay charges on outstanding
purchases (drawings) and loans.
Article IV
Article IV consultations are the main vehicle through
which the IMF exercises its bilateral surveillance man-
date. In accordance with Article IV of its Articles of Agree-
ment, the IMF holds consultations, normally every year,
with each of its members. The purpose of these consulta-
tions is to assess whether a country’s economic develop-
ments and policies are consistent with the achievement of
sustainable growth and domestic and external stability. In
this way, the IMF seeks to provide a preventive mecha-
nism that is capable of signaling dangers on the economic
horizon and anticipating the need for policy action.The
outcome of these consultations is a staff report discussed
by the IMF’s Executive Board. Many countries choose to
make these reports public after they have been discussed
by the Board.
Articles of Agreement
An international treaty that sets out the