Inventory of quick-disbursing international instruments

Institution

Facilities

Jurisdiction eligibility

Access type/conditions

IMF

Flexible credit line

189 Member States

Precautionary facility for only very strong performers who meet ex ante qualification criteria

Precautionary and liquidity line

Precautionary facility for strong performers who meet ex ante qualification criteria

Rapid financing instrument

Support for urgent balance of payments needs without formal adjustment programmes and designed for situations where a full-fledged economic programme is either unnecessary or not feasible

Rapid credit facility

70 PRGT-eligible Member States

Concessional support for urgent balance-of-payments needs without formal adjustment programmes and designed for situations where a full-fledged economic programme is either unnecessary or not feasible

Stand-by Arrangement

189 Member States

Facility for all countries facing external financing needs, and includes high access precautionary arrangements (HAPAs), a type of insurance facility against very large potential financing needs

Extended fund facility

Augmentation of this existing facility is possible in case of shocks to a country already experiencing serious payments imbalances because of structural impediments, or with slow growth and an inherently weak balance-of-payments position

Standby credit facility

70 PRGT-eligible Member States

Concessional facility for countries facing an immediate or potential balance-of-payments need, can be used as precautionary instrument

Extended credit facility

Augmentation of this existing concessional facility is possible in case of shocks to a country with a protracted balance-of-payments problem

Fondo Latinoamericano de Reservas (FLAR)

Liquidity, contingency and treasury credits

Bolivia (Plurinational State of), Colombia, Costa Rica, Ecuador, Paraguay, Peru, Uruguay, Venezuela

On approval of Executive President

Balance-of-payments (and debt restructuring) loans

On approval of Board of Directors, within 32 days

Chiang Mai Initiative Multilateralization (CMIM)

CMIM precautionary line

ASEAN +3 countries

Decision within two weeks of request, 30% of total access available as quick disbursing

CMIM stability facility

Decision within two weeks of request, 30% pf total access available as quick disbursing

BRICS Contingent Reserve Arrangement

Precautionary instrument

Brazil, Russian Federation, India, China, South Africa

Potential short-term BoP pressures; 30% of total access on request

Liquidity instrument

Short-term BoP pressures; 30% on request

European Union Balance of Payments Facility

Loans

9 European Union member states outside the euro area

For countries experiencing or threatened by difficulties regarding their balance of payments; economic policy conditions will be set that must be met before funds are released

European Stability Mechanism (ESM)

Loans

19 States in the euro area

Conditional upon the implementation of macroeconomic reform programmes

Precautionary credit lines

To support sound policies and prevent crisis situations from emerging

Recapitalization of financial institutions

Both direct recapitalization by lending to the private sector, and indirect recapitalization through loans to the sovereign

Eurasian Fund for Stablization and Development (EFSD)

Financial credits

Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russian Federation, Tajikistan

In support of anti-crisis and stabilization programmes

Arab Monetary Fund (AMF)

Short-term liquidity facility

22 AMF member states

For countries with a track record of structural and economic reforms that face temporary liquidity shortage due to unfavourable developments in global financial markets

Institution

Facilities

Jurisdiction eligibility

Access type/conditions

World Bank (IBRD)

Deferred drawdown option

IBRD-eligible countries

Precautionary instrument agreed pre-shock and available for drawdown on cyclical/financial or catastrophe reasons

Immediate response mechanism

IDA-eligible countries

For countries in crisis, but requires prior inclusion of contingent emergency response components in selected IDA projects and adoption by the recipient of an IRM Operations Manual

Special development policy financing

IBRD-eligible countries

Offered to countries that are approaching crisis or are in a crisis with substantial structural and social dimensions and that have an urgent and extraordinary financing need

Crisis response window

IDA-eligible countries

Additional financing available in two stages for large economic crises, natural disasters or public health emergencies

Inter-American Development Bank (IDB)

Development sustainability contingent credit line

IDB borrowing members

Precautionary facility to support countries facing exogenous systemic economic shocks or exogenous country-specific economic shocks

Deferred drawdown option

Middle-income IDB borrowing members

Optional precautionary facility used with policy based loans and available for any general financing need

Contingent credit facility for natural disaster emergencies

IDB borrowing members

Covers urgent financing needs that arise immediately after a natural disaster, until other sources of funding can be accessed; requires active integrated disaster risk management programme

Contingent credit line for natural disasters

IDB borrowing members

Covers urgent financing needs that arise immediately after a natural disaster, until other sources of funding can be accessed, but with a relatively low limit on resources

Asian Development Bank (ADB)

Precautionary financing option

Middle-income ADB countries

Delayed disbursement of a countercyclical support facility

African Development Bank (AfDB)

Emergency Liquidity Facility (discontinued)

AfDB regional members

For urgent financing needs, available for public and private sector clients – discontinued in December 2010

Corporación Andina de Fomento

Contingent credit line for financial emergencies

17 States in Latin America and the Caribbean

Precautionary facility available for natural and economic shocks