Definition: Rights accumulation program

Category: External debt - IMF

An International Monetary Fund (IMF) program of assistance established in 1990 whereby a member country with long overdue obligations to the IMF, while still in arrears, may accumulate “rights” toward a future disbursement from the IMF on the basis of a sustained performance under an IMF-monitored adjustment program. Countries incurring arrears to the IMF after end-1989 are not eligible for assistance under this program. Rights Accumulation Programs adhere to the macroeconomic and structural policy standards associated with programs supported by the Extended Fund Facility (EFF) and the Poverty Reduction and Growth Facility (PRGF), and performance is monitored, and rights accrue, quarterly. http://ec.europa.eu/eurostat/ramon/statmanuals/files/external_debt_guide_2003_EN.pdf#page=255