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23 Repurchases are expected each quarter 2¼–4 years after 22 Article XXX(b). purchases without IMF arrangements can take place, but are rare. 23Outright 41 FINANCIAL ORGANIZATION AND OPERATIONS OF THE IMF each purchase, but these expectations can be extended to a maximum repurchase period of 3¼–5 years. 2 summarizes the terms of IMF credit under the various policies and facilities). Extended Fund Facility The Extended Fund Facility (EFF) was established in 1974 as a vehicle for longer-term external financing for members undertaking needed structural economic reforms.

The phasing and conditionality for the remaining CCL resources would be specified in a post-activation review concluded shortly after or together with the activation review; conditionality would be expected to cover macroeconomic rather than structural policies, given the nature of the balance of payments difficulties. The financial terms for CCL resources are identical to those governing SRF resources, except that the surcharge on CCL resources over the basic rate of charge is 150 basis points lower: the CCL surcharge is 150 basis points initially, rising by 50 basis points one year after the first purchase and every six months thereafter, up to a maximum surcharge of 350 basis points.

The CFF access limits range from 45 percent of quota for each of the export shortfall and excess cereal import costs elements to a combined limit of 55 percent of quota. Within these limits, actual access is determined by the size of the shortfall or excess, and may be limited by concerns about the member’s ability to repay the IMF. 24 Under certain circumstances, purchases under the CFF may be phased, with purchases subsequent to the initial purchase being conditioned on the member’s having an IMF arrangement in place and meeting all the conditions for a purchase or disbursement under that arrangement.

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