## Precautionary and Liquidity Line - Operational Guidance Note

## Source details

**Canonical URL:** [Precautionary and Liquidity Line - Operational Guidance Note](https://www.imf.org/en/publications/policy-papers/issues/2018/08/06/pp080618-precautionary-and-liquidity-line-operatoinal-guidance-note)

## Other formats

- [Markdown version](/en/publications/policy-papers/issues/2018/08/06/pp080618-precautionary-and-liquidity-line-operatoinal-guidance-note/index.md)
- [Structured JSON version](/en/publications/policy-papers/issues/2018/08/06/pp080618-precautionary-and-liquidity-line-operatoinal-guidance-note/index.json)
- [Bundle manifest](/en/publications/policy-papers/issues/2018/08/06/pp080618-precautionary-and-liquidity-line-operatoinal-guidance-note/bundle-manifest.json)

## Bibliographic details
- Published: August 6, 2018

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### Overview
- This note provides general guidance on the use of the Precautionary and Liquidity Line (PLL).
- After an overview of the instrument, explaining its specific nature, the operational issues are grouped into five areas.
- The note is an aid to the implementation of the policy and its underlying principles.
- If there is any instance in which a provision of the guidance note or its implementation conflicts with Board policy, Board policy prevails.
- It will be revised as needed, for example following relevant policy reviews.

### Operational areas (as presented in the note)
- an outline of the process and specific steps that need to be followed if a member expresses interest in an arrangement;
- guidance on access, phasing, and purchases;
- guidance on determining qualification of a member and appropriate ex-post conditionality; and
- a guide to the semi-annual review process.

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## Content in this bundle

- **Policy Paper**
  - [Policy Paper (Markdown version)](/-/media/files/publications/pp/2018/pp080618-precautionary-and-liquidity-line-operational-guidance-note.pdf.md){rel="alternate" type="text/markdown"}
  - [Policy Paper (PDF)](/-/media/files/publications/pp/2018/pp080618-precautionary-and-liquidity-line-operational-guidance-note.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/policy-papers/issues/2018/08/06/pp080618-precautionary-and-liquidity-line-operatoinal-guidance-note_