## Post Financing Assessment (PFA)

## Source details

**Canonical URL:** [Post Financing Assessment (PFA)](https://www.imf.org/en/about/factsheets/sheets/2023/post-financing-assessment-pfa)

## Other formats

- [Markdown version](/en/about/factsheets/sheets/2023/post-financing-assessment-pfa/index.md)
- [Structured JSON version](/en/about/factsheets/sheets/2023/post-financing-assessment-pfa/index.json)
- [Bundle manifest](/en/about/factsheets/sheets/2023/post-financing-assessment-pfa/bundle-manifest.json)

## Bibliographic details
- Published: May 30, 2024

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### Overview
- Last update: April 2025
- A Post Financing Assessment (PFA) is expected for countries with outstanding credit above specified absolute or quota-based thresholds that do not have an IMF-supported program or a staff-monitored program.
- The PFA reports on the member’s policies, the consistency of the macroeconomic framework with the objective of medium-term viability, and the implications for the member’s capacity to repay the Fund.
- Note: Before May 2021, the PFA was called Post Program Monitoring (PPM). The PPM was renamed to the PFA to better reflect the policy coverage.

### Purpose
- Identify risks to a country’s medium-term viability.
- Provide early warnings on risks to the IMF’s balance sheets.
- Assess the member’s policies and the consistency of the macroeconomic framework with medium-term viability and repayment capacity.

### Criteria
- The IMF’s Managing Director recommends a PFA to the Executive Board when the outstanding credit of a country to the IMF exceeds any of these thresholds:
  - 200 percent of quota from the Fund’s General Resources Account (GRA), or from the Fund as Trustee of the Poverty Reduction and Growth Trust (PRGT), or from the Fund as Trustee of the Resilience and Sustainability Trust (RST), or a combination thereof.
  - SDR 1.5 billion for credit from the GRA.
  - SDR 0.38 billion from the PRGT.
  - SDR 0.38 billion from the RST.
- Exceptions where a PFA might not be needed even if the country meets the criteria:
  - A successor financing arrangement, PCI, or an SMP is expected to be approved within six months.
  - The policies and external position of the member country are determined to be sufficiently strong that a PFA would be unwarranted.
- Cases where a PFA may be required even if outstanding credit is below the thresholds:
  - When economic developments call into question the country’s progress toward external viability.

### Timing
- A PFA is conducted after a country completes an IMF lending program and meets the applicable criteria for outstanding credit and program status.

### Duration
- The IMF’s Executive Board can agree to discontinue a PFA—even before outstanding credit falls below the thresholds—if strong policies are in place and the external position is sound.

### Process
- A PFA is recommended by the IMF’s Managing Director to the Executive Board when the criteria are met and proceeds as an assessment of policies, macroeconomic framework consistency with medium-term viability, and implications for repayment capacity.

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## Content in this bundle

- **The Post Financing Assessment**
  - [The Post Financing Assessment (Markdown version)](/-/media/files/factsheets/english/post-financing-assessment-updated-may2024.pdf.md){rel="alternate" type="text/markdown"}
  - [The Post Financing Assessment (PDF)](/-/media/files/factsheets/english/post-financing-assessment-updated-may2024.pdf){rel="external" type="application/pdf"}

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## References

- [IMF’s Managing Director](https://www.imf.org/en/About/senior-officials/managing-directors)
- [PCI](https://www.imf.org/en/About/Factsheets/Sheets/2017/07/25/policy-coordination-instrument)
- [SMP](https://www.imf.org/en/About/Factsheets/Sheets/2023/Staff-Monitored-Program-SMP)
- [IMF Executive Board](https://www.imf.org/en/About/executive-board/eds-voting-power)

_Source: https://www.imf.org/en/about/factsheets/sheets/2023/post-financing-assessment-pfa_