What is IMF's Extended Fund Facility (EFF)?

• The Extended Fund Facility (EFF) provides financial assistance to countries with protracted balance of payments. It is designed for emerging and advanced market economies with longer-term balance of payments problems, where impediments to growth are considered structural.
• Aim - The EFF supports country's economic programs aimed at moving toward a stable and sustainable macroeconomic position, consistent with strong and durable poverty reduction and growth. The EFF may also help catalyse additional foreign aid.
• Eligibility -  It is available to all eligible members countries that face a protracted balance of payment problem. 
• Access to EFF financing is determined on a case-by-case basis, taking into account country's balance of payments need, the strength of its economic program and capacity can repay the Fund, the amount of outstanding Fund credit and the member's record of past use of fund credit.
• Under the EFF, member countries agree to implement a set of policies that will help them make progress towards stable and sustainable macroeconomic position over the medium term. These commitments, including specific conditions are described in the country's letter of intent.
• Duration -  EFFs are typically approved for 3 years, but may be extended. Repayments are due within 4 to 10 years. The ECF (Extended Credit Facility) is the equivalent to the EFF for low-income countries and falls under the PRGT. It is designed to address medium-to-long-term structural issues. ECFs are also provided initially for 3 years but may be extended up to 5 years and included five-year grace period, with a maturity of 10 years.