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How IMF lending helps 

IMF lending gives countries breathing room to adjust policies in an orderly manner, paving the way for a stable economy and sustainable growth. Policy adjustments will vary depending on the country’s circumstances. For example, a country facing a sudden drop in the price of key exports may need financial assistance while moving to strengthen its economy and diversify its exports. A country facing severe capital outflows may need to restore investor confidence by addressing the problems that led to capital flight —perhaps interest rates are too low, the budget deficit and debt are growing too fast, or the banking system is inefficient or poorly regulated.

Without timely IMF financing, a country’s adjustment process may be more abrupt and difficult. For example, if investors are unwilling to provide new financing, the country may suffer a painful compression of government spending, imports, and economic activity. IMF financing facilitates a more gradual adjustment. Because IMF lending usually is accompanied by a set of corrective policy actions, it signals that appropriate policies are being put in place, encouraging the return of private investors. IMF lending also aims to protect the most vulnerable population via policy conditionality. In low-income countries, IMF lending is also typically meant to catalyze financial support from other donors and development partners.

The IMF lending process is flexible. Countries that maintain a commitment to sound policies may be able to access resources with no or limited conditionality. The same is true for certain urgent and immediate needs covered by emergency financing instruments.

IMF lending in action

Does the IMF charge for its loans?

All IMF members have access to financial support through the General Resources Account (GRA), which is subject to various charges. These charges are designed to cover the operational costs of the IMF and support its activities, including those related to providing policy advice and capacity development to member countries.

Read more in this FAQ

Basic charges: based on the market-determined Special Drawing Rights (SDR) interest rate – which has a minimum floor of 5 basis points – plus a margin established by the IMF Executive Board every two years (currently 60 basis points). 

Surcharges: high and prolonged borrowing of non-concessional resources is subject to surcharges. There are two types:

• Level-based surcharges: of 200 basis points are applied on the portion of GRA credit outstanding greater than 300 percent of quota;
• Time-based surcharges: of 75 basis points are applied on the portion of credit exceeding the level-based threshold for more than 36 months (51 months in case of borrowings under the Extended Fund Facility (EFF)). 

Commitment fee: applied to the undisbursed portion of a loan. This fee is typically a small percentage of the loan amount. For most IMF lending instruments, the fee is 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 200 percent of quota; 30 basis points on committed amounts above 200 percent and up to 600 percent of quota; and 60 basis points on amounts exceeding 600 percent of quota. 

In line with the 2024 Review of Charges and the Surcharge Policy, IMF staff is expected to provide granular projections of the cost of Fund borrowing and capacity to repay during discussions with country authorities on new GRA-financed, IMF-supported programs.

Low-income countries (LICs) may borrow under the Poverty Reduction and Growth Trust (PRGT) on concessional terms. The 2024 Review Of The Poverty Reduction And Growth Trust Facilities And Financing — Reform Proposals updated the facilities and financing terms available to LICs. As a result:

• Access policies have been adjusted to calibrate Fund financial support to the individual needs of LICs. Effective January 1, 2025, the access norm, which guides the level of access of Extended Credit Facility (ECF) and Stand-by Credit Facility (SCF) arrangements, is set at 145 percent of quota. Access limits remain at their current levels of 200 percent of quota annually, and 600 percent of quota in total, maintaining the higher levels that were decided as a temporary measure for 12 months by the Board in December 2023. The space between the norm and the limits provides significant flexibility to help countries with higher needs.
• Safeguards were strengthened and streamlined, centered around the access norm, and reflecting the level of risks associated with higher PRGT credit exposure and elevated macroeconomic vulnerabilities in many LICs.
• Effective May 1, 2025, a new interest rate mechanism will apply to new PRGT lending. Outstanding credit under financing approved before that date, as well as new disbursements under existing arrangements, including potential augmentation of access, will remain subject to the current zero interest rate. The new mechanism will set interest rates at zero for the poorest PRGT-eligible members (around half of all LICs), and a modest, but still concessional, interest rates for the others.

Commitment fees are refunded to the borrowing member, in proportion to the drawings made. If a country borrows the entire amount, the fee is fully refunded. Additional commitment fees and/or refunds may also apply under certain circumstances, for example whenever arrangements access amounts or periods are increased or decreased or cancelled.

Service charge: a fixed charge on each amount drawn from the GRA (currently at 50 basis points, except for the Short-term Liquidity Line (SLL) which has a reduced rate of 21 basis points). For detail on each type of non-concessional loan, see Stand-by Arrangement (SBA), Extended Fund Facility (EFF), Flexible Credit Line (FCL), Precautionary and Liquidity Line (PLL), Short-term Liquidity Line (SLL), and Rapid Financing Instrument (RFI).