Factsheets List

April 9, 2021

Catastrophe Containment and Relief Trust

The Catastrophe Containment and Relief Trust (CCRT) allows the IMF to provide grants for debt relief for the poorest and most vulnerable countries hit by catastrophic natural disasters or public health disasters. The relief on debt service payments frees up additional resources to meet exceptional balance of payments needs created by the disaster and for containment and recovery. Established in February 2015 during the Ebola outbreak and modified in March 2020 in response to the COVID-19 pandemic, CCRT grants complement donor financing and IMF concessional lending through the Poverty Reduction and Growth Trust (PRGT).

April 2, 2021

IMF Policy Coordination Instrument (PCI)

The Policy Coordination Instrument (PCI) is a non-financing tool open to all members of the International Monetary Fund (IMF). It enables them to signal commitment to reforms and catalyze financing from other sources. The establishment of the PCI is part of the Fund’s broader effort to strengthen the global financial safety net—a network of insurance and loan instruments that countries can draw on if confronted with a crisis.

April 2, 2021

Post-Program Monitoring (PPM)

When a member country borrows money from the IMF, its policies come under closer scrutiny. Once a country has completed its lending program, it may be subject to Post-Program Monitoring (PPM), which is an important part of the Fund’s safeguard architecture. PPM is generally expected for all member countries that have substantial IMF credit outstanding following the expiration of their programs. The aim is to identify risks to such member countries’ medium-term viability and provide early warnings on risks to the Fund’s balance sheets. Should it become necessary, IMF staff will advise on policy actions to correct macroeconomic imbalances.

April 2, 2021

IMF Extended Credit Facility (ECF)

The Extended Credit Facility (ECF) provides financial assistance to countries with protracted balance of payments problems. The ECF was created under the Poverty Reduction and Growth Trust (PRGT) as part of a broader reform to make the Fund’s financial support more flexible and better tailored to the diverse needs of low-income countries (LICs), including in times of crisis. The ECF is the Fund’s main tool for providing medium-term support to LICs.

March 30, 2021

IMF Rapid Credit Facility (RCF)

The Rapid Credit Facility (RCF) provides rapid concessional financial assistance with limited conditionality to low-income countries (LICs) facing an urgent balance of payments need. The RCF was created under the Poverty Reduction and Growth Trust (PRGT) as part of a broader reform to make the Fund’s financial support more flexible and better tailored to the diverse needs of LICs, including in times of crisis. The RCF places emphasis on the country’s poverty reduction and growth objectives.

March 30, 2021

IMF Staff Monitored Program (SMP)

When a country is not yet in a position to implement a normal IMF-supported program, the IMF can help the authorities build a track record of policy implementation through a Staff Monitored Program (SMP). An SMP is an informal agreement between national authorities and IMF staff to monitor the authorities’ economic program. SMPs resemble other Fund-supported programs in form, but are not typically required to meet normal conditionality standards and are not endorsed by the IMF Executive Board.

March 26, 2021

IMF Standards for Data Dissemination

The IMF has taken steps to enhance member country transparency and openness, including setting standards for voluntary dissemination of economic and financial data. The Special Data Dissemination Standard (SDDS) was established in 1996 to guide members that have, or might seek, access to international capital markets in providing their economic and financial data to the public. The General Data Dissemination System (GDDS) was established in 1997 for member countries with less developed statistical systems as a framework for evaluating their needs for data improvement and setting priorities. In 2012, the SDDS Plus was created as an upper tier of the IMF’s Data Standards Initiatives to help address data gaps identified during the global financial crisis. In 2015 the enhanced GDDS (e-GDDS) replaced the GDDS. More than 95 percent of IMF member countries participate in the e-GDDS, SDDS, or SDDS Plus.

March 23, 2021

The IMF's Rapid Financing Instrument (RFI)

The Rapid Financing Instrument (RFI) provides rapid financial assistance, which is available to all member countries facing an urgent balance of payments need. The RFI was created as part of a broader reform to make the IMF’s financial support more flexible to address the diverse needs of member countries. The RFI replaced the IMF’s previous emergency assistance policy and can be used in a wide range of circumstances.

March 23, 2021

Regional Capacity Development Centers

The IMF has a global network of 17 regional centers that coordinate much of its capacity development work in countries. Tailored to regional priorities, these centers work closely with member countries and development partners to respond quickly to emerging needs. Member and host countries, as well as external partners, help the IMF finance these centers. Their activities are complemented by capacity development financed by the IMF’s special thematic funds  and the IMF’s own resources.

March 23, 2021

Debt Relief Under the Heavily Indebted Poor Countries (HIPC) Initiative

The joint IMF–World Bank comprehensive approach to debt reduction is designed to ensure that no poor country faces a debt burden it cannot manage. To date, debt reduction packages under the HIPC Initiative have been approved for 37 countries, 31 of them in Africa, providing $76 billion in debt-service relief over time. Three additional countries are eligible for HIPC Initiative assistance.

March 17, 2021

Transparency at the IMF

Transparency in economic policy and the availability of reliable data on economic and financial developments are critical for sound decision-making and for the smooth functioning of an economy. The IMF has policies in place to ensure that meaningful and accurate information—both about its own role in the global economy and the economies of its member countries—is provided in real time to its global audiences. 

March 17, 2021

Joint World Bank-IMF Debt Sustainability Framework for Low-Income Countries

Low-income countries (LICs) have often struggled with large external debts. The IMF and the World Bank have developed a framework to help guide countries and donors in mobilizing the financing of LICs' development needs, while reducing the chances of an excessive build-up of debt in the future. The Debt Sustainability Framework (DSF) was introduced in April 2005 and is periodically reviewed. The current framework was approved by IMF and World Bank Executive Boards in September 2017 and has been implemented since July 2018.

March 16, 2021

Monetary Policy and Central Banking

Central banks play a crucial role in ensuring economic and financial stability. They conduct monetary policy to achieve low and stable inflation. In the wake of the global financial crisis, central banks have expanded their toolkits to deal with risks to financial stability and to manage volatile exchange rates. In response to the COVID-19 pandemic, central banks used an array of conventional and unconventional tools to ease monetary policy, support liquidity in key financial markets and maintain the flow of credit. Central banks need clear policy frameworks to achieve their objectives. Operational processes tailored to each country’s circumstances enhance the effectiveness of the central banks’ policies. The IMF supports countries around the world by providing policy advice and technical assistance.

March 16, 2021

IMF-FSB Early Warning Exercise

In November 2008, the G20 asked the IMF and the Financial Stability Board (FSB) to collaborate on regular Early Warning Exercises (EWEs). The EWE assesses low-probability but high-impact risks to the global economy and identifies policies to mitigate them. It integrates macroeconomic and financial perspectives on systemic risks, drawing on a range of quantitative tools and broad-based consultations.

March 16, 2021

Financial Sector Assessment Program (FSAP)

The global financial crisis showed that the health and functioning of a country’s financial sector has far-reaching implications for its own and other economies. The Financial Sector Assessment Program (FSAP) is a comprehensive and in-depth analysis of a country’s financial sector. It is a crucial part of the Fund’s financial surveillance and an input to the Article IV consultations. FSAP assessments are the joint responsibility of the IMF and World Bank in developing economies and emerging markets —and of the IMF alone in advanced economies. The FSAP includes two major components: a financial stability assessment, which is the responsibility of the IMF, and a financial development assessment, the responsibility of the World Bank. To date, more than three-quarters of the institutions’ member countries have undergone assessments.

March 16, 2021

Gold in the IMF

Gold played a central role in the international monetary system until the collapse of the Bretton Woods system of fixed exchange rates in 1973. Since then, its role has diminished. But it remains an important asset in the reserve holdings of several countries, and the IMF is still one of the world’s largest official holders of gold. In line with the new income model for the Fund agreed in April 2008, profits from limited gold sales were used to establish an endowment and used to boost the IMF’s concessional lending capacity to eligible low-income countries (LICs).

March 10, 2021

IMF and the Fight Against Money Laundering and the Financing of Terrorism

Money laundering and terrorist financing can threaten a country’s economic stability.  As such, over recent years, the IMF has become increasingly active in supporting and promoting the anti-money laundering and counter-terrorism financing efforts of our member countries. It has now become part of the Fund’s core work—from analysis and policy advice, to assessing the health and integrity of financial sectors, to providing financial assistance when needed, to helping countries build institutions and increase operational effectiveness.

March 8, 2021

The IMF and the Fight Against Illicit and Tax Avoidance related Financial Flows

Illicit financial flows refer to the movement of money across borders that is illegal in its source (e.g. corruption, smuggling), its transfer (e.g. tax evasion), or its use (e.g. terrorist financing). Over the last two decades, these flows have been the focus of increasing global concern and the IMF has played a key role in international efforts to combat these opaque and often destabilizing transfers of capital. The IMF has also long been concerned with flows that, while not strictly illegal, are associated with tax avoidance resulting from aggressive tax planning.

March 8, 2021

How the IMF Promotes Global Economic Stability

The IMF advises member countries on economic and financial policies that promote stability, reduce vulnerability to crises, and encourage sustained growth and high living standards. It also monitors global economic trends and developments that affect the health of the international monetary and financial system and promotes dialogue among member countries on the regional and global consequences of their policies. In addition to these surveillance activities, the IMF provides technical assistance to help strengthen members’ institutional capacity and makes resources available to them to facilitate adjustment in the event of a balance of payments crisis.

March 5, 2021

IMF Capacity Development

The IMF provides technical assistance and training to help countries build effective economic institutions that can implement the right policies. These capacity development efforts help countries achieve their growth and development objectives and contribute strongly to their progress toward their Sustainable Development Goals (SDGs). Capacity development is one of the three core functions of the IMF and accounts for around a third of its spending.

March 4, 2021

IMF Quotas

The IMF is a quota-based institution. Quotas are the building blocks of the IMF’s financial and governance structure. An individual member country’s quota broadly reflects its relative position in the world economy. Quotas are denominated in Special Drawing Rights (SDRs), the IMF’s unit of account.

March 3, 2021

The IMF and the World Bank

The International Monetary Fund (IMF) and the World Bank are institutions in the United Nations system. They share the same goal of raising living standards in their member countries. Their approaches to this goal are complementary, with the IMF focusing on macroeconomic and financial stability issues and the World Bank concentrating on long-term economic development and poverty reduction.

March 3, 2021

Thematic Funds for Capacity Development (CD)

The IMF maintains eight thematic funds that finance capacity development in areas of IMF expertise, including revenue mobilization, management of natural resources, tax administration, financial stability, financial sector reform, debt management, economic statistics, and AML/CFT. The IMF currently also operates one fragile states fund, focused on Somalia. All funds are complemented by the IMF’s extensive network of Regional Capacity Development Centers.

March 3, 2021

The IMF at a Glance

The International Monetary Fund, or IMF, promotes international financial stability and monetary cooperation. It also facilitates international trade, promotes employment and sustainable economic growth, and helps to reduce global poverty. The IMF is governed by and accountable to its 190 member countries.

March 2, 2021

The IMF's Trade Integration Mechanism (TIM)

The Trade Integration Mechanism (TIM) was introduced in April 2004 to assist member countries to meet balance of payments shortfalls that might result from trade liberalization measures implemented by other countries. The TIM is not a special lending facility, but rather a policy designed to make resources more predictably available under existing IMF lending facilities.

March 2, 2021

IMF Flexible Credit Line (FCL)

The Flexible Credit Line (FCL) was designed to meet the demand for crisis-prevention and crisis-mitigation lending for countries with very strong policy frameworks and track records in economic performance. This instrument was created as part of IMF reforms for lending to countries facing a cash crunch.  The aim was to tailor lending to the diverse needs and circumstances of member countries. To date, five countries—Chile, Colombia, Mexico, Peru and Poland—have had FCL arrangements.  The FCL has provided a valuable backstop for these countries, and helped boost market confidence during a period of heightened risks.

March 1, 2021

IMF Surveillance

A core responsibility of the IMF is to oversee the international monetary system and monitor the economic and financial policies of its 190 member countries, an activity known as surveillance. As part of this process, which takes place at the global, regional, and country levels, the IMF identifies potential risks to stability and recommends appropriate policy adjustments needed to sustain economic growth and promote financial and economic stability.

March 1, 2021

IMF Accountability

Created in 1945, the IMF is governed by and accountable to the 190 countries that make up its near-global membership. The IMF has a system of checks and balances to ensure accountability—ranging from internal and external audits, risk management, and evaluations of its policies and operations. Similarly, IMF staff are expected to observe the highest ethical and workplace standards of conduct.

March 1, 2021

Standards and Codes: The Role of the IMF

Standards and codes are benchmarks of good practices. The IMF and the World Bank have recognized international standards in 12 policy areas related to their work. In assessing countries’ observance of these standards, and helping them to implement reforms where needed, the IMF and the World Bank aim to increase economic and financial stability by strengthening countries’ economic and financial institutions.

February 23, 2021

Financial System Soundness

Weak financial institutions, inadequate regulation and supervision, and lack of transparency were at the heart of the financial crises of the late 1990s as well as the 2008 global financial crisis. That crisis also highlighted the importance of effective systemic risk monitoring and management. This is why the IMF has stepped up efforts to help countries implement policies to support sound financial systems.

February 23, 2021

How the IMF Makes Decisions

The IMF has evolved along with the global economy throughout its history, allowing the organization to retain a central role within the international financial architecture. Unlike the General Assembly of the United Nations, where each country has one vote, decision making at the IMF was designed to reflect the relative positions of its member countries in the global economy. The IMF continues to undertake reforms to ensure that its governance structure adequately reflects fundamental changes taking place in the world economy, including the larger role that emerging market and developing economies now play in the global economy.

February 22, 2021

IMF Extended Fund Facility (EFF)

When a country faces serious medium-term balance of payments problems because of structural weaknesses that require time to address, the IMF can assist through an Extended Fund Facility (EFF). Compared to assistance provided under the Stand-by Arrangement, assistance under an extended arrangement features longer program engagement—to help countries implement medium-term structural reforms—and a longer repayment period.

February 22, 2021

IMF Lending

The IMF assists countries hit by crises by providing them financial support to create breathing room as they implement adjustment policies to restore economic stability and growth. It also provides precautionary financing to help prevent and insure against crises. The IMF’s lending toolkit is continuously refined to meet countries’ changing needs.

February 22, 2021

IMF Conditionality

When a country borrows from the IMF, its government agrees to adjust its economic policies to overcome the problems that led it to seek financial aid. These policy adjustments are conditions for IMF loans and serve to ensure that the country will be able to repay the IMF. This system of conditionality is designed to promote national ownership of strong and effective policies.

February 18, 2021

Special Drawing Rights (SDR)

The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves. So far SDR 204.2 billion (equivalent to about US$293 billion) have been allocated to members, including SDR 182.6 billion allocated in 2009 in the wake of the global financial crisis. The value of the SDR is based on a basket of five currencies—the U.S. dollar, the euro, the Chinese renminbi, the Japanese yen, and the British pound sterling.

February 17, 2021

How the IMF is Promoting Transparent and Accountable Use of COVID-19 Financial Assistance

COVID-19 is causing tragic loss of life and has disrupted economies and societies on a scale that we have not seen in living memory. The IMF is working closely with its members to meet their need for emergency financing, while sustaining its fight against corruption and the misuse of urgently needed resources. In this time of crisis, it is more important than ever to ensure that IMF financing is used to protect lives and livelihoods.

February 17, 2021

Short-term Liquidity Line (SLL)

As demand for liquidity has grown, and global uncertainty has increased, the IMF has established a new Short-term Liquidity Line (SLL) as part of its COVID-19 response. The SLL aims to minimize the risk of shocks evolving into deeper crises and spilling over to other countries.

February 17, 2021

Where the IMF Gets Its Money

Resources for IMF loans to its members on non-concessional terms are provided by member countries, primarily through their payment of quotas. Multilateral and bilateral borrowing serve as a second and third line of defense, respectively, by providing a temporary supplement to quota resources. These borrowed resources played a critical role in enabling the IMF to support its member countries during the global economic crisis. The IMF’s current total resources amounting to about SDR 966 billion translate into a capacity for lending of about SDR 705 billion (around US$1 trillion), after setting aside a liquidity buffer and considering that only resources of members with strong external position are used for lending.

February 16, 2021

Selection Process for IMF Managing Director

The IMF’s Managing Director is both Chairperson of the Executive Board and Head of IMF staff. He or she is appointed by the Executive Board for a renewable term of five years. The Executive Board may select a Managing Director by a majority of votes cast. In the past, the Board has made such appointments by consensus.

February 16, 2021

A Guide To Committees, Groups, and Clubs

Political leaders and officials from around the world shape the work of the IMF through their various forums and bodies. With the IMF at the center of the coordinated global response to events in international financial markets and the world’s economies, understanding what these groups do and how they work is important.

February 16, 2021

The 2021 Annual and Spring Meetings

The Annual and Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group each year bring together central bankers, ministers of finance and development, private sector executives, civil society, and academics to discuss issues of global concern, including the world economic outlook, global financial stability, poverty eradication, jobs and growth, economic development, and aid effectiveness. The Meetings, which are widely covered by the international media, also offer an opportunity for civil society organizations to share their views and interact with policymakers in a global setting.

February 16, 2021

IMF Support for Low-Income Countries

The IMF provides broad support to low-income countries (LICs) through surveillance and capacity-building activities, as well as concessional financial support to help them achieve, maintain, or restore a stable and sustainable macroeconomic position consistent with strong and durable poverty reduction and growth. Concessional support through the Poverty Reduction and Growth Trust (PRGT) is currently interest free.

February 16, 2021

IMF and the Sustainable Development Goals

The Sustainable Development Goals (SDGs) are a set of global development targets adopted by the member countries of the United Nations (UN) in September 2015. The SDGs will guide the global development agenda through 2030. The SDGs are universal and broader in scope than the Millennium Development Goals (MDGs) , reflecting the view that development needs to be economically, socially, and environmentally sustainable. The IMF, with its expertise in macroeconomic and financial issues and its global membership, supports the development efforts of its member countries and promotes global economic and financial stability, a crucial precondition for the success of development efforts.

February 11, 2021

Exogenous Shocks Facility- High Access Component (ESF-HAC)

The Exogenous Shocks Facility-High Access Component (ESF-HAC), which was established in 2008, has provided concessional financing to Poverty Reduction and Growth Trust (PRGT)-eligible countries facing balance of payments needs caused by sudden and exogenous shocks. As part of a broader reform to make the Fund’s financial support more flexible and better tailored to the diverse needs of LICs, the ESF-HAC has been superseded by the Standby Credit Facility (SCF), which became effective in January 2010. Currently, no credit is outstanding from ESF-HAC arrangements.

February 11, 2021

IMF Standby Credit Facility (SCF)

The Standby Credit Facility (SCF) provides financial assistance to low-income countries (LICs) with short-term balance of payments needs. The SCF was created under the Poverty Reduction and Growth Trust (PRGT) as part of a broader reform to make the Fund’s financial support more flexible and better tailored to the diverse needs of LICs, including in times of shocks or crisis.

February 11, 2021

IMF Stand-By Arrangement (SBA)

In an economic crisis, countries often need financing to help them overcome their balance of payments problems. Since its creation in June 1952, the IMF’s Stand-By Arrangement (SBA) has been the workhorse lending instrument for emerging and advanced market countries. The SBA was upgraded in 2009 along with the Fund’s broader toolkit to be more flexible and responsive to member countries’ needs. Conditions were streamlined and simplified, and more funds were made available up front. The reform also enables broader high-access on a precautionary basis.

February 11, 2021

IMF Precautionary and Liquidity Line (PLL)

The global financial crisis highlighted the need for effective global financial safety nets to help countries cope with adverse shocks. A key objective of lending reforms since the global financial crisis was to complement the traditional crisis resolution role of the IMF with more effective tools for crisis prevention. The Precautionary and Liquidity Line (PLL) is designed to flexibly meet the liquidity needs of member countries with sound economic fundamentals but with some remaining vulnerabilities that preclude them from using the Flexible Credit Line (FCL). To date, three countries, the Republic of North Macedonia, Morocco, and Panama have used the PLL.

March 25, 2020

Protecting IMF Resources - Safeguards Assessments of Central Banks

When the IMF provides a loan to a country, a due diligence exercise is carried out to obtain assurance that the country’s central bank receiving IMF resources is able to manage the funds and provide reliable information. Experience with safeguards assessments, which were introduced in 2000, shows a positive impact for central banks through strengthened governance, control, and reporting mechanisms

March 13, 2020

IMF and the World Trade Organization

The IMF and the WTO are international organizations with about 150 members in common. While the IMF’s central focus is on the international monetary and financial system, and the WTO’s is on the international trading system, both work together to ensure a sound system for global trade and payments.

March 3, 2020

IMF and Good Governance

The IMF places great emphasis on promoting good governance when providing policy advice, financial support, and technical assistance to its member countries. The IMF also has measures in place to ensure integrity, impartiality, and honesty in the discharge of its own professional obligations.

February 12, 2020

Policy Support Instrument (PSI)

The Policy Support Instrument (PSI) offers low-income countries that do not want—or need—Fund financial assistance a flexible tool that enables them to secure Fund advice and support without a borrowing arrangement. This non-financial instrument is a valuable complement to the IMF’s lending facilities under the Poverty Reduction and Growth Trust. The PSI helps countries design effective economic programs that deliver clear signals to donors, multilateral development banks, and markets of the Fund's endorsement of the strength of a member's policies.

March 13, 2019

How Does the IMF Encourage Greater Fiscal Transparency?

The IMF’s Fiscal Transparency Code (the Code) is the international standard for disclosure of information about public finances. The IMF’s Fiscal Transparency Evaluations (FTEs), which are based on the Code, support member countries in strengthening fiscal surveillance, accountability, and management. Greater fiscal transparency helps governments to provide a comprehensive picture of fiscal positions and prospects, the long-term costs and benefits of policy changes, and the potential fiscal risks down the road. Fiscal transparency also fosters better overall economic governance and supports the fight against corruption, including by providing legislatures, oversight bodies, markets, and citizens with the information they need to hold governments accountable.