Policy Coordination Instrument (PCI)

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The Policy Coordination Instrument (PCI) is a non-financing instrument open to all IMF member countries.
It enables a closer dialogue with countries and the endorsement of policies by the IMF, which allows them to signal commitment to reforms and to catalyze financing from other sources.
The PCI signals a commitment to an economic reform agenda, facilitating access to financing from official creditors or private investors.
The PCI requires approval by the IMF’s Executive Board, unlike the Staff Monitored Program which is only an informal agreement between an IMF member country and IMF staff to monitor the member country’s economic program.
The last update was in April 2025.

The PCI has a review-based approach to monitoring program targets, which eliminates the need to request waivers for missed targets.
Delays in the completion of reviews are possible for a three-month period to allow the authorities to implement overdue policies, take corrective actions, or mobilize necessary financing to close any financing gaps.
If a review is delayed beyond the three-month buffer period, it can no longer be completed and staff would provide an interim performance update to the IMF's Executive Board for information.
Non-completion of a review for a 12-month period results in an automatic termination of the instrument.

The PCI is explicitly non-financing but is designed to catalyze financing from other sources by signaling policy commitment to official creditors and private investors.
The instrument is subject to Executive Board approval.

The Policy Coordination Instrument
- The Policy Coordination Instrument (Markdown version)
- The Policy Coordination Instrument (PDF)