Payment by check is received when the creditor gets it, not when the funds are collected. The “date of receipt” is the date that the payment instrument or other means of completing the payment reaches the creditor. Section 1026.10(a) does not require the creditor to post the payment to the consumer's account on a particular date the creditor is only required to credit the payment as of the date of receipt.Ģ. Risks and potential balance of payments needs.1. Need for resources is assessed on a case-by-case basis depending on the member's actual or potential balance of payments need.Ĭoncurrent use with SLL (which share the same qualificationĬriteria) is possible if justified by the nature and magnitude of external Exit strategy from the FCL to be articulated for FCLs with access above 200 percent of quota. However, no refund is made when countries do not draw.Ī service charge of 50 basis points is applied on each amount drawn.Įntire amount of access available upon approval and remains available throughout the arrangement period, subject to the completion of the mid-term review for two-year arrangements. If a country borrows the entire amount, the fee is fully refunded. Fees are refunded pro rata if amounts are drawn during the course of the relevant period. Resources are subject to a commitment fee levied at the beginning of each 12 month period on amounts that could be drawn in the period (15 basis points for committed amounts up to 115 percent of quota, 30 basis points on committed amounts above 115 percent and up to 575 percent of quota and 60 basis points on amounts exceeding 575 percent of quota). Surcharges are designed to discourage large and prolonged use of IMF resources. If credit remains above 187.5 percent of quota after three years, this surcharge rises to 300 basis points. A surcharge of 200 basis points is paid on the amount of credit outstanding above 187.5 percent of quota. Surcharges, depending on the amount and time that credit is outstanding.The market-determined Special Drawing Rights (SDR) interest rate-which has a minimum floor of 5 basis points-and a margin (currently 100 basis points), together known as the basic rate of charge.Renewable credit line, initially for one or two years. The review assesses the country’s continued adherence to the qualification criteria. Under a two-year arrangement, an IMF Executive Board review of the member’s policies needs to be completed within 12 months of approval of the arrangement so the country can retain access to IMF resources in the second year. No ex post "program' conditionality, given the strength of the policy frameworks, as attested by FCL qualification. The above criteria are the same as for the Short-term Liquidity Line (SLL). However, significant shortcomings on one or more of these criteria unless there are compensating factors, including corrective policy measures underway would generally signal that the member is not among the very strong performers for whom the FCL is intended. Strong performance against all the relevant criteria above would not be necessary to secure qualification. If the arrangement is requested on a precautionary basis: a reserve position that remains relatively comfortable, notwithstanding potential balance of payments pressures that justify IMF assistance.Sound financial system and the absence of solvency problems that may threaten systemic stability. Low and stable inflation, in the context of a sound monetary and exchange rate policy framework.Sound public finances, including a sustainable public debt position.A track record of steady sovereign access to international capital markets at favorable terms.
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