The Executive Board of the International Monetary Fund (IMF) on December 1 approved the Nepali authorities’ request for a four-month extension of the country’s Extended Credit Facility (ECF) arrangement.

The extension, which runs until May 11, 2026, is to provide sufficient time for the completion of the seventh review of the program.

The IMF Executive Board approved the 38-month Extended Credit Facility (ECF) arrangement for Nepal on January 12, 2022, providing access to SDR 282.42 million—equivalent to 180 percent of the country’s quota—reads a statement issued by the International Monetary Fund. 

The IMF Executive Board on May 1, 2023 approved an extension of the ECF arrangement until January 11, 2026, along with a rephasing of the program’s disbursements, according to IMF Country Report No. 23/158.

The Executive Board’s decision was taken on a lapse-of-time basis.

The Executive Board takes the decisions under its lapse-of-time procedure when a proposal can be considered without convening formal discussions.