Post Program Monitoring During The Pandemic: Proposal For Temporary Streamlining Of Procedures And Renaming Of The Policy

Policy Papers, May 19, 2021

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Post Program Monitoring During The Pandemic: Proposal For Temporary Streamlining Of Procedures And Renaming Of The Policy

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Bibliographic details

• Published: May 19, 2021
• Series: Policy Papers
• DOI: https://doi.org/10.5089/9781484366080.007

Overview

• Publication date: May 19, 2021
• Core premise: The increase in Fund lending in the aftermath of the Covid-19 pandemic, including emergency financing, has led to a record number of requests for financing last year, and to an unprecedented amount of credit outstanding.
• Purpose: Emphasizes the need for appropriate safeguards to the Fund’s balance sheet; Post Program Monitoring (PPM) is identified as one such safeguard, providing a framework for deeper and closer engagement with members that have substantial outstanding Fund credit but are not in a program relationship.

Rationale and Context

• Pandemic impact:
  • Increase in Fund lending in the aftermath of the Covid-19 pandemic, including emergency financing.
  • Resulted in a record number of requests for financing last year.
  • Led to an unprecedented amount of credit outstanding.
• Safeguard objective:
  • Need for appropriate safeguards to the Fund’s balance sheet in light of increased lending and credit exposure.
  • PPM cited as a safeguard mechanism for enhanced engagement with members with substantial outstanding Fund credit.

Post Program Monitoring (PPM): Role and Framing

• Function:
  • Provides a framework for deeper and closer engagement with members that have substantial outstanding Fund credit but are not in a program relationship.
• Policy action signaled in title:
  • Proposal for temporary streamlining of procedures.
  • Proposal for renaming of the policy.

Subjects and Keywords (as listed)

• Subjects: COVID-19, Credit, Emergency assistance, Financial statements, Fiscal policy, Foreign aid, Health, Macro-fiscal framework, Monetary policy, Money, Political economy, Public financial management (PFM)
• Keywords: Africa, COVID-19, Credit, Emergency assistance, Financial statements, Macro-fiscal framework, PPM decision, PPM discussion, PPM framework, PPM policy, PPM report, PPM threshold

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