{ "title": "IMF Executive Board reviews the Staff-Monitored Program with Board Involvement", "publication": "IMF News, February 20, 2024", "sourceUrl": "https://www.imf.org/en/news/articles/2024/02/16/pr2452-imf-executive-board-reviews-the-staff-monitored-program-with-board-involvement", "canonical": "https://www.imf.org/en/news/articles/2024/02/16/pr2452-imf-executive-board-reviews-the-staff-monitored-program-with-board-involvement", "overlayPath": "/en/news/articles/2024/02/16/pr2452-imf-executive-board-reviews-the-staff-monitored-program-with-board-involvement/index.md", "summary": "The Executive Board of the International Monetary Fund (IMF) completed the review of the policy on Staff-Monitored Programs with Board Involvement (PMB). This instrument helps member countries to establish a track record to access an IMF-supported program.", "publishDate": "2024-02-20", "sections": [ { "heading": "Overview", "content": "- Press Release No. 24/52\n- Date on page: February 20, 2024\n- The Executive Board completed the review of the policy on Staff-Monitored Programs with Board Involvement (PMB).\n- The PMB is an instrument to help member countries establish a track record to access an IMF-supported program." }, { "heading": "Executive Board decision", "content": "- The Executive Board endorsed the proposal to keep the PMB in the Fund’s toolkit.\n- A subsequent review of the instrument is expected in three years.\n- The Board completed the review on February 7 (date of completion noted in the text)." }, { "heading": "Purpose and use criteria of the PMB", "content": "- Objective: To build or rebuild a track record of policy implementation towards an Upper Credit Tranche (UCT)-quality Fund-supported program.\n- PMB is carefully circumscribed for member countries under either:\n - (i) an ongoing concerted international effort by creditors or donors to provide substantial new financing or debt relief in support of the member’s policy program; or\n - (ii) significant outstanding credit under emergency financing (EF) instruments at the time of a new EF request.\n- The PMB allows the Executive Board to:\n - Opine, at the time of PMB approval, on the robustness of the member’s policies to meet the program’s objectives.\n - In the context of reviews, opine on whether it agrees with staff that the member is on track to meet those objectives." }, { "heading": "Experience and cases to date", "content": "- Since inception, three members have implemented PMBs:\n - Malawi\n - Ukraine\n - South Sudan\n- Given the limited number of cases, further experience is needed to draw more definitive conclusions on the PMB’s usefulness relative to alternative instruments." }, { "heading": "Executive Board Assessment (summary of Directors’ views)", "content": "- Broad support to maintain the PMB in the Fund’s toolkit, while noting limited case experience.\n- Agreement that the Staff-Monitored Program (SMP) should remain the Fund’s primary instrument to build or rebuild a track record of policy implementation toward a UCT-quality program.\n- Noted potential benefits of limited Executive Board involvement through the PMB:\n - Enhancing donor coordination.\n - Catalyzing additional financial support including in low-income, fragile, and conflict-affected countries.\n - Creating an additional safeguard in cases of elevated emergency financing exposure.\n - Reflecting the Board’s views on policies at an earlier stage, thereby facilitating the transition to UCT-quality programs.\n - Positive experiences cited for Ukraine and Malawi.\n- Concerns and caveats raised by Directors:\n - Limited number of PMB cases prevents firm conclusions on pros and cons.\n - A few Directors were skeptical about PMB merits relative to the regular SMP.\n - Access to the PMB should remain limited to the two specified use criteria to prevent encroachment on SMP use.\n - The choice between a PMB or a regular SMP should remain voluntary and rest with the requesting member.\n - Importance of mitigating risks that could blur the lines between Board-endorsed programs and SMPs:\n - Maintain effective communication on the nature and purpose of the PMB.\n - Communicate clearly that responsibility for PMBs rests with staff and management, and the Board has limited involvement and does not endorse a PMB.\n - Directors encouraged the next review to include an assessment of risks and challenges that may emerge with more PMB experience.\n- Timing of next review:\n - Directors agreed to have the review in three years once more experience is gained.\n - A number of Directors were open to an earlier review if warranted." }, { "heading": "Contact information", "content": "- IMF Communications Department, MEDIA RELATIONS\n- PRESS OFFICER: Randa Elnagar\n- Phone: +1 202 623-7100\n- Email: MEDIA@IMF.org\n- Twitter: @IMFSpokesperson\n\nInternational Monetary Fund\n\n---\n\n\n References\n\n- Malawi and the IMF\n- Republic of South Sudan and the IMF\n- Press Releases\n- PRESS CENTER\n- Staff-Monitored Program with Board Involvement (PMB)\n- http://www.IMF.org/external/np/sec/misc/qualifiers.htm\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2024/02/16/pr2452-imf-executive-board-reviews-the-staff-monitored-program-with-board-involvement" } ], "bullets": [ "[Markdown version](/en/news/articles/2024/02/16/pr2452-imf-executive-board-reviews-the-staff-monitored-program-with-board-involvement/index.md)", "[Structured JSON version](/en/news/articles/2024/02/16/pr2452-imf-executive-board-reviews-the-staff-monitored-program-with-board-involvement/index.json)", "[Bundle manifest](/en/news/articles/2024/02/16/pr2452-imf-executive-board-reviews-the-staff-monitored-program-with-board-involvement/bundle-manifest.json)", "Published: February 20, 2024", "Press Release No. 24/52", "Date on page: February 20, 2024", "The Executive Board completed the review of the policy on Staff-Monitored Programs with Board Involvement (PMB).", "The PMB is an instrument to help member countries establish a track record to access an IMF-supported program.", "The Executive Board endorsed the proposal to keep the PMB in the Fund’s toolkit.", "A subsequent review of the instrument is expected in three years.", "The Board completed the review on February 7 (date of completion noted in the text).", "Objective: To build or rebuild a track record of policy implementation towards an Upper Credit Tranche (UCT)-quality Fund-supported program.", "PMB is carefully circumscribed for member countries under either:", "The PMB allows the Executive Board to:", "Since inception, three members have implemented PMBs:", "Given the limited number of cases, further experience is needed to draw more definitive conclusions on the PMB’s usefulness relative to alternative instruments.", "Broad support to maintain the PMB in the Fund’s toolkit, while noting limited case experience.", "Agreement that the Staff-Monitored Program (SMP) should remain the Fund’s primary instrument to build or rebuild a track record of policy implementation toward a UCT-quality program.", "Noted potential benefits of limited Executive Board involvement through the PMB:", "Concerns and caveats raised by Directors:", "Timing of next review:", "IMF Communications Department, MEDIA RELATIONS", "PRESS OFFICER: Randa Elnagar", "Phone: +1 202 623-7100", "Email: MEDIA@IMF.org", "Twitter: @IMFSpokesperson", "[Malawi and the IMF](http://www.imf.org/external/country/MWI/index.htm)", "[Republic of South Sudan and the IMF](http://www.imf.org/external/country/SSD/index.htm)", "[Press Releases](https://www.imf.org/en/news/searchnews)", "[PRESS CENTER](http://presscenter.imf.org/)", "[Staff-Monitored Program with Board Involvement (PMB)](https://www.imf.org/en/News/Articles/2022/10/05/pr22335-imf-approves-a-new-food-shock-window-and-an-enhanced-staff-monitored-program)", "[http://www.IMF.org/external/np/sec/misc/qualifiers.htm](http://www.imf.org/external/np/sec/misc/qualifiers.htm)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2024/02/16/pr2452-imf-executive-board-reviews-the-staff-monitored-program-with-board-involvement/index.md", "json": "/en/news/articles/2024/02/16/pr2452-imf-executive-board-reviews-the-staff-monitored-program-with-board-involvement/index.json", "bundleManifest": "/en/news/articles/2024/02/16/pr2452-imf-executive-board-reviews-the-staff-monitored-program-with-board-involvement/bundle-manifest.json" }, "generatedAtUtc": "2026-09-26T02:45:44.304Z" }