## THE MANAGING DIRECTOR’S GLOBAL POLICY AGENDA — Rebuild, Revive, Renew Spring Meetings 2024

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---

### Global outlook and risks
- Global growth forecast for 2024 upgraded to 3.2 percent from 2.9 percent since last fall; medium-term global growth forecast at 3.1 percent, compared with a 3.8 percent average over 2000–19.
- Inflation has fallen faster than expected in most regions due to still-tight monetary policy, easing supply pressures, and the unwinding of earlier energy price rises.
- Risks described as increasingly balanced; salient downside risks include:
  - near-term path for inflation and interest rates;
  - persistence in inflation;
  - asset prices and financial sector risks;
  - fiscal policy;
  - geopolitical developments.
- Cross-country divergence: aggregate improvement masks continued weaknesses in some countries.
- Buffers have been eroded by extraordinary policy responses to successive shocks, leaving reduced policy space and elevated debt levels.

### Rebuilding buffers (policy priorities)
- Principal priorities:
  - rebuild buffers that have been depleted by shocks;
  - revive sustainable and inclusive medium-term growth;
  - renew the IMF’s commitment to ensuring policies, lending toolkit, and governance remain fit for purpose.
- Fiscal policy (recommendations and guidance):
  - Shift focus to medium-term fiscal consolidation to reduce deficits and ensure debt sustainability; needed in most advanced economies (AEs) and EMDEs with cross-country differences requiring tailored policies.
  - Pace of tightening should balance fiscal risks and the strength of private demand to avoid disruptive adjustments.
  - Where inflation remains elevated, fiscal consolidation can support disinflation; front-loaded adjustment may be necessary in countries with debt vulnerabilities or lack of market access.
  - Emphasize credible medium-term plans with clear contingencies, strong fiscal frameworks, and enhanced public debt transparency.
  - Support consolidation with revenue mobilization and steps to address spending inefficiencies and rigidities while protecting priority investments and the vulnerable.
- Monetary policy (guidance):
  - Carefully manage the descent of inflation to target, balancing risks of premature easing vs. delaying too long.
  - Some countries should wait until wage and price pressures dissipate; others (including some EMs that tightened earlier) can start or continue to decline rates toward neutral.
  - EMDEs experiencing capital inflows should rebuild foreign reserves.
  - Safeguard central bank independence and use clear communication to reinforce credibility.
- Financial stability (monitoring and actions):
  - Monitor financial sector risks including the financial-sovereign nexus, overextended market valuations, strains in commercial real estate, corporate credit deterioration, and a weak tail of banks.
  - Develop regulatory and crisis management tools for nonbank financial institutions given their large size and growing leverage.
  - Ensure financial losses from exposures to property markets in distress are fully marked.
  - Mitigate cyber incident risks with stronger policy frameworks, legislation, and governance arrangements.

### Reviving growth (structural reforms and global public goods)
- Structural reforms emphasized to raise growth and arrest setbacks in income convergence; bundling reforms that alleviate binding constraints can deliver front-loaded gains and strengthen public buy-in.
- For EMDEs, targeted and sequenced supply-enhancing reforms—particularly in governance, business regulation, and external sector reforms—can boost productivity and growth.
- Governance reforms to mitigate corruption and red tape are highlighted for boosting investor confidence and rebuilding trust.
- Labor market reforms to close gender gaps, support reskilling and upskilling of at-risk or displaced workers, and develop a digitally skilled labor force.
- Preserve gains from trade and economic integration:
  - Geoeconomic fragmentation and supply chain security concerns are reconfiguring global trade and investment flows; growth in trade has slowed everywhere and more between countries not politically aligned.
  - IMF research indicates the cost of fragmentation could be large and weigh disproportionately on EMDEs.
  - Renewed multilateral efforts urged to avoid discriminatory actions and harmful cross-border spillovers; countries should respect WTO rules and limit unilateral actions to addressing externalities and market distortions.
  - Ensure domestic policies share gains from trade fairly to preserve support for free trade.
- Accelerate climate transition:
  - Orderly transition to a low carbon economy can yield growth-boosting green innovation and diffusion while managing energy security risks.
  - Policy mix to include carbon pricing and nonpricing instruments (like feebates) and public investment in clean energy infrastructure.
  - International support via a global carbon price floor differentiated by countries’ development levels to mobilize private financing.
- Harness AI:
  - AI potential and exposure: "26 percent of jobs in low-income countries (LICs), 40 percent in EMs, and 60 percent in AEs exposed to its effects."
  - IMF staff compiled an AI preparedness index showing countries’ readiness.
  - Harnessing AI will require investing in skills and infrastructure, supporting displaced workers, and developing regulations (including in finance) to mitigate financial stability and cybersecurity risks.
  - Safe and responsible use of AI globally will require multilateral cooperation.
- Support for vulnerable countries:
  - Vulnerable countries with severe liquidity constraints face large refinancing needs and debt service obligations that crowd out critical spending and weigh on weak growth.
  - Recommended holistic policy package: reforms to promote higher and more inclusive growth, sustainably mobilize domestic revenue, increase spending efficiency, and better channel savings toward development.
  - The IMF’s new Domestic Resource Mobilization Initiative (DRMI), jointly with the World Bank, is highlighted as an important avenue.
  - Efforts should be matched by a scaling-up of financing from the international community.

### Renewing the IMF’s ability to respond to members’ needs (surveillance, lending, governance)
- Surveillance (bilateral and multilateral):
  - Bilateral surveillance to help members assess risks and design macrofinancial policies to rebuild buffers and boost inclusive growth, with attention to policy and institutional frameworks.
  - Assistance designing high-quality fiscal adjustments that minimize adverse growth, distributional, and poverty impacts.
  - Macroeconomic and exchange rate adjustments remain first line of defense to external shocks; capital flow management measures or FX interventions may be appropriate to contain financial stability risks.
  - Revised Institutional View and Integrated Policy Framework to guide members.
  - Mainstreaming strategies on climate, digital, gender, macrofinancial, trade, and fragile and conflict-affected states (FCSs); tailoring support to small developing states.
  - Implementation of reviewed Framework for Enhanced Engagement on Governance to improve policy design and transparency; AML/CFT strategy to safeguard financial sector integrity.
  - New dashboard to track macrostructural reforms and disseminate good practices.
  - Revamped Data Adequacy Assessment Framework and Review of Data Provision to the Fund for Surveillance Purposes to improve data availability and quality.
  - Upcoming Review of the Transparency Policy and Open Archives Policy to increase public access to IMF analysis and policy advice.
- Multilateral surveillance focus:
  - Spillovers from diverging cross-country policy stances and structurally slower growth in large EMs.
  - Drivers of growth prospects such as productivity and allocative efficiency.
  - Rethinking policies in the face of evolving challenges.
  - IMF-WTO dialogue on trade and industrial policies to promote resilience and preserve a coherent multilateral trading system.
  - Analysis of energy security, green industrial policies, and geopolitical fragmentation on the green transition; strengthening climate information architecture and climate statistics.
- Global Financial Safety Net and quotas:
  - Approval of a quota increase under the 16th General Review of Quotas (GRQ) increased IMF quota resources by 50 percent.
  - Members are counted on to secure domestic consents to the quota increases by mid-November 2024, and NAB participants to secure consents to the reduction in the size of their NABs by the same deadline.
  - Transitional arrangements with creditors are being worked on to maintain access to bilateral borrowing until quota increases and NAB rollback become effective.
  - Priority work to help membership develop, by June 2025, possible approaches as a guide for further quota realignment, including through a new quota formula, under the 17th GRQ.
  - Election of the third Chair for sub-Saharan Africa expected at this year’s Annual Meetings.
- Lending toolkit and programs (reviews and actions):
  - Reviews of concessional financing to ensure IMF remains a strong partner for LICs, tailoring lending to their needs and catalyzing more financing.
  - All options, including use of internal resources, will be explored to help ensure long-term sustainability of the Poverty Reduction and Growth Trust.
  - Interim review of the Resilience and Sustainability Trust (RST) to examine and draw lessons from experience.
  - Hope expressed that economically stronger members will further boost resources for concessional facilities and the RST given continued strong demand.
  - Review of the IMF’s Surcharges Policy and the General Resources Account Access Limits will be undertaken, including in the context of the quota increase under the 16th GRQ.
  - Review of Program Design and Conditionality will begin to help members design more effective reforms to promote macroeconomic stability and catalyze investment and inclusive growth.

### Reducing debt vulnerabilities and building capacity
- Debt efforts and reforms:
  - Continue supporting global efforts such as the Common Framework for Debt Treatments (CF), with progress noted that it is delivering results more predictably and faster.
  - Encouraging progress observed outside the CF; the Global Sovereign Debt Roundtable is building common understanding on technical issues to improve predictability and timeliness of debt restructurings.
  - Board-endorsed Policy Reforms to Promote the Fund’s Capacity to Support Countries Undertaking Debt Restructurings to make IMF engagement more agile and effective and provide stronger incentives for faster creditor participation.
  - Enhancing analysis of debt vulnerabilities via the Review of the Debt Sustainability Framework for Low-Income Countries.
- Capacity development (CD):
  - Recent review of the CD Strategy shows tailored support enables members to develop skills and build strong institutions to respond to economic challenges.
  - Strategy aims to make CD more flexible and better integrated with IMF policy advice.

---

### Global public finance initiatives, digital currency work, CD delivery, and lending aggregates

### Global public finance and digital currency
- Launched the Global Public Finance Partnership to support efforts to develop a DRMI.
- Developing the Central Bank Digital Currency Virtual Handbook as a reference for policymakers; intended externalities: encouraging digitalization and improving financial inclusion, with particular benefits for LICs and FCSs.

### Capacity development (CD) delivery and digital learning (FY24* figures)
- CD Delivery in FY24*:  
  - Monetary and Financial Systems: 48.5%  
  - Macroeconomic Frameworks: 13.7%  
  - Legislative Frameworks: 5.1%  
  - Statistics: 12.2%  
  - Public Finances: 20.4%
- Single country CD projects*: 1,429 projects to 167 countries.
  - 66% to LIDCs, FCS, and small states.
- IMF Online Learning***:
  - 311 videos (Microlearning via YouTube**) to 190 countries  
  - 16k subscribers  
  - 6 languages  
  - 1.2 m views  
  - 199k active users

### Lending commitments and outstanding credit (selected aggregates and notes)
- TOTAL LENDING COMMITMENTS = SDR 205.36 BILLION
- TOTAL GRA COMMITMENTS (A)+(B)+(C): 173 . 68
- Total Current Arrangements (GRA): 124 . 62
  - o/w Undrawn Balance (A): 81.67
  - Total Outstanding Credit (B): 75.54
- MEMBERS WITHOUT CURRENT ARRANGEMENTS: Total Outstanding Credit (C): 16. 46
- PRGT totals and notes:
  - Total Current Arrangements (PRGT): 12 . 89
    - o/w Undrawn Balance (D): 6.53
    - Total Outstanding Credit (E): 15.02
  - Members without current arrangements: Total Outstanding Credit (F): 3.87
  - TOTAL PRGT COMMITMENTS (D)+(E)+(F): 25.42
  - Note: The fivefold increase in PRGT compares average annual lending commitments for 2020-23 versus lending commitments for the prepandemic decade (2010-19).
  - PRGT: Fivefold increase in interest-free lending to 56 low-income countries; 13 of which have a PRGT facility.
- Resilience and Sustainability Trust (RST):
  - Total Outstanding Credit: 1.46
  - TOTAL RST COMMITMENTS (G): 6.27
  - RST: 18 countries benefiting in less than 2 years (list of beneficiary countries shown in source).
- Notes:
  - October 2023 to March 2024.
  - Numbers may not add up due to rounding.
  - Includes outstanding credit under expired arrangements and outright disbursements.
  - o/w = of which. Available balance not yet drawn under current arrangements.
  - FCL = Flexible Credit Line; PLL = Precautionary and Liquidity Line; PRGT = Poverty Reduction and Growth Trust; RST = Resilience and Sustainability Trust.

### Selected country and instrument highlights (examples as presented)
- Stand-By Arrangements (SBA) examples (Current Program Size / Outstanding Credit):
  - Armenia, Republic of 0 .13 0.26
  - Georgia 0.21 0.45
  - Kosovo, Republic of 0 .08 0.03
  - Pakistan 2.25 5.85
  - Serbia, Republic of 1.90 0.95
- Extended Fund Facility (EFF) examples:
  - Argentina 31.91 32.45
  - Bangladesh 1.65 0.69
  - Egypt, Arab Republic of 6 .11 10.65
  - Ukraine 11. 61 9.07
- Flexible Credit Line (FCL) examples:
  - Chile 13.95 -
  - Colombia 7.16 3.28
  - Mexico 26 .74 -
  - Morocco 3.73 1.34
- Precautionary and Liquidity Line (PLL) examples:
  - Jamaica 0.73 0.32
  - North Macedonia, Republic of 0.41 0.29

### Financial support approved and public goods publishing reach
- $46.4 billion was approved for 18 countries: total financial commitments since Nov 1, 2023.
- Publications and web reach:
  - 6 .1 million visitors to flagship publications, blogs, F&D, and Country Focus webpages.
  - 41k visitors to SDR Tracker.
  - 36k visitors to IMF PortWatch.
- Thematic publications counts in source:
  - 86 Climate Change
  - 20 Inclusion and Gender
  - 85 AI and Digitalization

### Surveillance and advisory activity counts (selected)
- 5 Financial System Stability Assessments
- 61 Article IV consultations
- FCL and PLL / Upper-Credit Tranche cumulative approved commitments chart referenced (NOV-23 to MAR-24).

*Source: ppea2024018 - Section 1; Section 2*

### Section 1

### THE MANAGING DIRECTOR’S GLOBAL POLICY AGENDA — Rebuild, Revive, Renew Spring Meetings 2024

### Global outlook and risks
- Global growth forecast for 2024 upgraded to 3.2 percent from 2.9 percent since last fall, while medium-term global growth is forecast at just 3.1 percent, compared with a 3.8 percent average over 2000–19.
- Inflation has fallen faster than expected in most regions due to still-tight monetary policy, easing supply pressures, and the unwinding of earlier energy price rises.
- Risks to the outlook are described as increasingly balanced, with salient downside risks from the near-term path for inflation and interest rates, persistence in inflation, asset prices and financial sector risks, fiscal policy, and geopolitical developments.
- Cross-country divergence noted: aggregate improvement masks continued weaknesses in some countries.
- Buffers have been eroded by extraordinary policy responses to successive shocks, leaving reduced policy space and elevated debt levels.

### Rebuilding buffers (policy priorities)
- Principal priorities: (1) rebuild buffers that have been depleted by shocks; (2) revive sustainable and inclusive medium-term growth; (3) renew the IMF’s commitment to ensuring policies, lending toolkit, and governance remain fit for purpose.
- Fiscal policy:
  - Shift focus to medium-term fiscal consolidation to reduce deficits and ensure debt sustainability; needed in most advanced economies (AEs) and EMDEs with cross-country differences requiring tailored policies.
  - Pace of tightening should balance fiscal risks and the strength of private demand to avoid disruptive adjustments.
  - Where inflation remains elevated, fiscal consolidation can support disinflation; front-loaded adjustment may be necessary in countries with debt vulnerabilities or lack of market access.
  - Emphasize credible medium-term plans with clear contingencies, strong fiscal frameworks, and enhanced public debt transparency.
  - Fiscal consolidation to be supported by revenue mobilization and steps to address spending inefficiencies and rigidities while protecting priority investments and the vulnerable.
- Monetary policy:
  - Carefully manage the descent of inflation to target, balancing risks of premature easing vs. delaying too long.
  - Some countries should wait until wage and price pressures dissipate; others (including some EMs that tightened earlier) can start or continue to decline rates toward neutral.
  - EMDEs experiencing capital inflows should rebuild foreign reserves.
  - Safeguard central bank independence and use clear communication to reinforce credibility.
- Financial stability:
  - Monitor financial sector risks including the financial-sovereign nexus, overextended market valuations, strains in commercial real estate, corporate credit deterioration, and a weak tail of banks.
  - Develop regulatory and crisis management tools for nonbank financial institutions given their large size and growing leverage.
  - Ensure financial losses from exposures to property markets in distress are fully marked.
  - Mitigate cyber incident risks with stronger policy frameworks, legislation, and governance arrangements.

### Reviving growth (structural reforms and global public goods)
- Structural reforms are emphasized to raise growth and arrest setbacks in income convergence; bundling reforms that alleviate binding constraints can deliver front-loaded gains and strengthen public buy-in.
- For EMDEs, targeted and sequenced supply-enhancing reforms—particularly in governance, business regulation, and external sector reforms—can boost productivity and growth.
- Governance reforms that mitigate corruption and red tape are highlighted for boosting investor confidence and rebuilding trust.
- Labor market reforms to close gender gaps, support reskilling and upskilling of at-risk or displaced workers, and develop a digitally skilled labor force.

- Preserve gains from trade and economic integration:
  - Geoeconomic fragmentation and supply chain security concerns are reconfiguring global trade and investment flows; growth in trade has slowed everywhere and more between countries not politically aligned.
  - IMF research indicates the cost of fragmentation could be large and weigh disproportionately on EMDEs.
  - Renewed multilateral efforts urged to avoid discriminatory actions and harmful cross-border spillovers; countries should respect WTO rules and limit unilateral actions to addressing externalities and market distortions.
  - Ensure domestic policies share gains from trade fairly to preserve support for free trade.
- Accelerate climate transition:
  - Orderly transition to a low carbon economy can yield growth-boosting green innovation and diffusion while managing energy security risks.
  - Policy mix to include carbon pricing and nonpricing instruments (like feebates) and public investment in clean energy infrastructure.
  - International support via a global carbon price floor differentiated by countries’ development levels to mobilize private financing.
- Harness AI:
  - AI has potential to boost productivity and growth but poses disruption risks: "26 percent of jobs in low-income countries (LICs), 40 percent in EMs, and 60 percent in AEs exposed to its effects."
  - IMF staff compiled an AI preparedness index showing countries’ readiness; harnessing AI will require investing in skills and infrastructure, supporting displaced workers, and developing regulations (including in finance) to mitigate financial stability and cybersecurity risks.
  - Safe and responsible use of AI globally will require multilateral cooperation.
- Support for vulnerable countries:
  - Vulnerable countries with severe liquidity constraints face large refinancing needs and debt service obligations that crowd out critical spending and weigh on weak growth.
  - Recommended holistic policy package: reforms to promote higher and more inclusive growth, sustainably mobilize domestic revenue, increase spending efficiency, and better channel savings toward development.
  - The IMF’s new Domestic Resource Mobilization Initiative (DRMI), jointly with the World Bank, is highlighted as an important avenue.
  - Efforts should be matched by a scaling-up of financing from the international community.

### Renewing the IMF’s ability to respond to members’ needs (surveillance, lending, governance)
- Surveillance:
  - Bilateral surveillance to help members assess risks and design macrofinancial policies to rebuild buffers and boost inclusive growth, with attention to policy and institutional frameworks.
  - Assistance designing high-quality fiscal adjustments that minimize adverse growth, distributional, and poverty impacts.
  - Macroeconomic and exchange rate adjustments remain first line of defense to external shocks; capital flow management measures or FX interventions may be appropriate to contain financial stability risks.
  - Revised Institutional View and Integrated Policy Framework to guide members.
  - Mainstreaming strategies on climate, digital, gender, macrofinancial, trade, and fragile and conflict-affected states (FCSs); tailoring support to small developing states.
  - Implementation of reviewed Framework for Enhanced Engagement on Governance to improve policy design and transparency; AML/CFT strategy to safeguard financial sector integrity.
  - New dashboard to track macrostructural reforms and disseminate good practices.
  - Revamped Data Adequacy Assessment Framework and Review of Data Provision to the Fund for Surveillance Purposes to improve data availability and quality.
  - Upcoming Review of the Transparency Policy and Open Archives Policy to increase public access to IMF analysis and policy advice.
- Multilateral surveillance:
  - Focus on spillovers from diverging cross-country policy stances and structurally slower growth in large EMs, drivers of growth prospects such as productivity and allocative efficiency, and rethinking policies in the face of evolving challenges.
  - IMF-WTO dialogue on trade and industrial policies to promote resilience and preserve a coherent multilateral trading system.
  - Analysis of energy security, green industrial policies, and geopolitical fragmentation on the green transition; strengthening climate information architecture and climate statistics.
- Global Financial Safety Net and quotas:
  - Approval of a quota increase under the 16th General Review of Quotas (GRQ) increased IMF quota resources by 50 percent.
  - Members are counted on to secure domestic consents to the quota increases by mid-November 2024, and NAB participants to secure consents to the reduction in the size of their NABs by the same deadline.
  - Transitional arrangements with creditors are being worked on to maintain access to bilateral borrowing until quota increases and NAB rollback become effective.
  - Priority work to help membership develop, by June 2025, possible approaches as a guide for further quota realignment, including through a new quota formula, under the 17th GRQ.
  - Election of the third Chair for sub-Saharan Africa expected at this year’s Annual Meetings.
- Lending toolkit and programs:
  - Reviews of concessional financing to ensure IMF remains a strong partner for LICs, tailoring lending to their needs and catalyzing more financing.
  - All options, including use of internal resources, will be explored to help ensure long-term sustainability of the Poverty Reduction and Growth Trust.
  - Interim review of the Resilience and Sustainability Trust (RST) to examine and draw lessons from experience.
  - Hope expressed that economically stronger members will further boost resources for concessional facilities and the RST given continued strong demand.
  - Review of the IMF’s Surcharges Policy and the General Resources Account Access Limits will be undertaken, including in the context of the quota increase under the 16th GRQ.
  - Review of Program Design and Conditionality will begin to help members design more effective reforms to promote macroeconomic stability and catalyze investment and inclusive growth.

### Reducing debt vulnerabilities and building capacity
- Debt efforts:
  - Continue supporting global efforts such as the Common Framework for Debt Treatments (CF), with progress noted that it is delivering results more predictably and faster.
  - Encouraging progress observed outside the CF; the Global Sovereign Debt Roundtable is building common understanding on technical issues to improve predictability and timeliness of debt restructurings.
  - Board-endorsed Policy Reforms to Promote the Fund’s Capacity to Support Countries Undertaking Debt Restructurings to make IMF engagement more agile and effective and provide stronger incentives for faster creditor participation.
  - Enhancing analysis of debt vulnerabilities via the Review of the Debt Sustainability Framework for Low-Income Countries.
- Capacity development (CD):
  - Recent review of the CD Strategy shows tailored support enables members to develop skills and build strong institutions to respond to economic challenges.
  - Strategy aims to make CD more flexible and better integrated with IMF policy advice.

*Source: ppea2024018 - Section 1*

### Section 2

### ppea2024018 - Section 2

### Global public finance initiatives and digital currency work
- Launched the Global Public Finance Partnership to support efforts to develop a DRMI.
- Developing the Central Bank Digital Currency Virtual Handbook as a reference for policymakers; intended externalities: encouraging digitalization and improving financial inclusion, with particular benefits for LICs and FCSs.

### Capacity development (CD) delivery and digital learning
- CD Delivery in FY24*:  
  - Monetary and Financial Systems: 48.5%  
  - Macroeconomic Frameworks: 13.7%  
  - Legislative Frameworks: 5.1%  
  - Statistics: 12.2%  
  - Public Finances: 20.4%
- Single country CD projects*: 1,429 projects to 167 countries.
  - 66% to LIDCs, FCS, and small states.
- IMF Online Learning***:  
  - 311 videos (Microlearning via YouTube**) to 190 countries  
  - 16k subscribers  
  - 6 languages  
  - 1.2 m views  
  - 199k active users

### Lending commitments and outstanding credit (selected aggregates and notes)
- TOTAL LENDING COMMITMENTS = SDR 205.36 BILLION
- TOTAL GRA COMMITMENTS (A)+(B)+(C): 173 . 68
- Total Current Arrangements (GRA): 124 . 62
  - o/w Undrawn Balance (A): 81.67
  - Total Outstanding Credit (B): 75.54
- MEMBERS WITHOUT CURRENT ARRANGEMENTS: Total Outstanding Credit (C): 16. 46
- Total Outstanding Credit and Commitments (GRA) computed components noted above.
- PRGT (Poverty Reduction and Growth Trust) totals and notes:  
  - Total Current Arrangements (PRGT): 12 . 89  
    - o/w Undrawn Balance (D): 6.53  
    - Total Outstanding Credit (E): 15.02  
  - Members without current arrangements: Total Outstanding Credit (F): 3.87  
  - TOTAL PRGT COMMITMENTS (D)+(E)+(F): 25.42
  - Note: The fivefold increase in PRGT compares average annual lending commitments for 2020-23 versus lending commitments for the prepandemic decade (2010-19).
  - PRGT: Fivefold increase in interest-free lending to 56 low-income countries; 13 of which have a PRGT facility.
- Resilience and Sustainability Trust (RST):  
  - Total Outstanding Credit: 1.46  
  - TOTAL RST COMMITMENTS (G): 6.27  
  - RST: 18 countries benefiting in less than 2 years (list of beneficiary countries shown in source).
- Note: October 2023 to March 2024.
- Note: Numbers may not add up due to rounding.
- Note: Includes outstanding credit under expired arrangements and outright disbursements.
- Note: o/w = of which. Available balance not yet drawn under current arrangements.
- Note: FCL = Flexible Credit Line; PLL = Precautionary and Liquidity Line; PRGT = Poverty Reduction and Growth Trust; RST = Resilience and Sustainability Trust.

### Selected country and instrument highlights (as presented)
- Stand-By Arrangements (SBA) examples with Current Program Size / Outstanding Credit:  
  - Armenia, Republic of 0 .13 0.26  
  - Georgia 0.21 0.45  
  - Kosovo, Republic of 0 .08 0.03  
  - Pakistan 2.25 5.85  
  - Serbia, Republic of 1.90 0.95
- Extended Fund Facility (EFF) examples:  
  - Argentina 31.91 32.45  
  - Bangladesh 1.65 0.69  
  - Egypt, Arab Republic of 6 .11 10.65  
  - Ukraine 11. 61 9.07
- Flexible Credit Line (FCL) examples:  
  - Chile 13.95 -  
  - Colombia 7.16 3.28  
  - Mexico 26 .74 -  
  - Morocco 3.73 1.34
- Precautionary and Liquidity Line (PLL) examples:  
  - Jamaica 0.73 0.32  
  - North Macedonia, Republic of 0.41 0.29

### Financial support approved and public goods publishing reach
- $46.4 billion was approved for 18 countries: total financial commitments since Nov 1, 2023.
- Publications and web reach:  
  - 6 .1 million visitors to flagship publications, blogs, F&D, and Country Focus webpages.  
  - 41k visitors to SDR Tracker.  
  - 36k visitors to IMF PortWatch.
- Thematic publications counts in source:  
  - 86 Climate Change  
  - 20 Inclusion and Gender  
  - 85 AI and Digitalization

### Surveillance and advisory activity counts (selected)
- 5 Financial System Stability Assessments
- 61 Article IV consultations
- FCL and PLL / Upper-Credit Tranche cumulative approved commitments chart referenced (NOV-23 to MAR-24).

*Note: October 2023 to March 2024 and other explanatory notes appear in source.*

*Source: ppea2024018 - Section 2*

---


_Source: https://www.imf.org/-/media/files/publications/pp/2024/english/ppea2024018.pdf_