Using International Monetary Fund lending data from 2005 through 2015, we findevidence that the IMF General Resources Account credit creates moral hazard that isconcentrated in European and EU-member countries. Our results hold for the periods of time justprior to and after the financial crisis. In contrast, we find moral hazard associated with the IMFPoverty Reduction Growth Trust creates moral hazard only prior to the financial crisis and weattribute this change to the 2010 modifications to the trust.