Proposal for a Staff-Monitored Program with Executive Board Involvement
Policy Papers, October 5, 2022
Source details
- Canonical URL
- Proposal for a Staff-Monitored Program with Executive Board Involvement
Other formats
Bibliographic details
- Published: October 5, 2022
- Series: Policy Papers
- DOI: https://doi.org/10.5089/9798400221385.007
Summary of proposal
- The paper proposes an amendment to the policy on Staff-Monitored Programs (SMPs) to allow limited Executive Board involvement in:
- opining on the robustness of a member’s policies to meet their stated objectives under an SMP; and
- monitoring implementation of those policies.
- To differentiate from regular SMPs, such SMPs would be called “Program Monitoring with Board Involvement” or “PMBs”.
- PMBs would support members in designing, implementing, and monitoring policies under often complex circumstances.
- Publication date: October 5, 2022.
- Pages: 11.
- Volume: 2022.
- Issue: 041.
- Series: Policy Paper No. 2022/041.
- DOI: https://doi.org/10.5089/9798400221385.007.
- Stock No: PPEA2022041.
- ISBN: 9798400221385.
- ISSN: 2663-3493.
Eligibility and criteria for PMBs
- PMBs would be available only to requesting members who:
- in addition to seeking to build or rebuild a track record for Upper Credit Tranche (UCT) Use of Fund Resources (UFR), would benefit from targeted Executive Board involvement because of either:
- (i) an ongoing concerted international effort by creditors or donors to provide substantial new financing or debt relief to the member; or
- (ii) significant outstanding Fund credit under emergency financing instruments at the time new emergency financing is received.
- Members meeting criterion (i) or (ii) above would be strongly encouraged to request such a PMB.
Purpose, scope, and anticipated use
- Purpose:
- Provide limited Executive Board involvement to opine on policy robustness and monitor implementation where this support would facilitate policy design and execution.
- Anticipated use:
- For members seeking to build or rebuild UCT-quality track records for UFR.
- Where complex circumstances—such as coordinated creditor/donor financing or concurrent emergency financing—make targeted Board involvement useful.
Subject areas and keywords
- Subject: Asset and liability management, Balance of payments, Balance of payments need, Debt relief, Emergency assistance, Food security, Foreign aid, Monetary policy, Political economy, Poverty.
- Keywords: Balance of payments need, Debt relief, Emergency assistance, emergency financing instrument, Food security, Global, PMB criterion, PMB policy, SMP policy, UCT-quality instrument, UCT-quality program, urgent balance of payments.
Availability and formats
- The landing page references availability on the IMF eLibrary and a PDF download option.
- Format citation example provided in Chicago style on the page.
International Monetary Fund. Finance Dept., International Monetary Fund. Legal Dept., and International Monetary Fund. Strategy, Policy, & Review Department "Proposal for a Staff-Monitored Program with Executive Board Involvement", Policy Papers 2022, 041 (2022).
Content in this bundle
- Policy Paper