{
  "title": "Proposal for a Staff-Monitored Program with Executive Board Involvement",
  "publication": "Policy Papers, October 5, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/policy-papers/issues/2022/09/30/proposal-for-a-staff-monitored-program-with-executive-board-involvement-524076",
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  "summary": "This paper proposes an amendment to the policy on Staff-Monitored Programs (SMPs) that would allow for limited Executive Board involvement in opining on the robustness of a member’s policies to meet their stated objectives under an SMP and monitoring its implementation.",
  "sections": [
    {
      "heading": "Summary of proposal",
      "content": "- The paper proposes an amendment to the policy on Staff-Monitored Programs (SMPs) to allow limited Executive Board involvement in:\n  - opining on the robustness of a member’s policies to meet their stated objectives under an SMP; and\n  - monitoring implementation of those policies.\n- To differentiate from regular SMPs, such SMPs would be called “Program Monitoring with Board Involvement” or “PMBs”.\n- PMBs would support members in designing, implementing, and monitoring policies under often complex circumstances.\n- Publication date: October 5, 2022.\n- Pages: 11.\n- Volume: 2022.\n- Issue: 041.\n- Series: Policy Paper No. 2022/041.\n- DOI: https://doi.org/10.5089/9798400221385.007.\n- Stock No: PPEA2022041.\n- ISBN: 9798400221385.\n- ISSN: 2663-3493."
    },
    {
      "heading": "Eligibility and criteria for PMBs",
      "content": "- PMBs would be available only to requesting members who:\n  - 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:\n    - (i) an ongoing concerted international effort by creditors or donors to provide substantial new financing or debt relief to the member; or\n    - (ii) significant outstanding Fund credit under emergency financing instruments at the time new emergency financing is received.\n- Members meeting criterion (i) or (ii) above would be strongly encouraged to request such a PMB."
    },
    {
      "heading": "Purpose, scope, and anticipated use",
      "content": "- Purpose:\n  - Provide limited Executive Board involvement to opine on policy robustness and monitor implementation where this support would facilitate policy design and execution.\n- Anticipated use:\n  - For members seeking to build or rebuild UCT-quality track records for UFR.\n  - Where complex circumstances—such as coordinated creditor/donor financing or concurrent emergency financing—make targeted Board involvement useful."
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- 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.\n- 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."
    },
    {
      "heading": "Availability and formats",
      "content": "- The landing page references availability on the IMF eLibrary and a PDF download option.\n- Format citation example provided in Chicago style on the page.\n\nInternational 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).\n\n---\n\n Content in this bundle\n\n- Policy Paper\n  - Policy Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Policy Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/policy-papers/issues/2022/09/30/proposal-for-a-staff-monitored-program-with-executive-board-involvement-524076"
    }
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    "Published: October 5, 2022",
    "Series: Policy Papers",
    "DOI: https://doi.org/10.5089/9798400221385.007",
    "The paper proposes an amendment to the policy on Staff-Monitored Programs (SMPs) to allow limited Executive Board involvement in:",
    "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.",
    "PMBs would be available only to requesting members who:",
    "Members meeting criterion (i) or (ii) above would be strongly encouraged to request such a PMB.",
    "Purpose:",
    "Anticipated use:",
    "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.",
    "The landing page references availability on the IMF eLibrary and a PDF download option.",
    "Format citation example provided in Chicago style on the page.",
    "**Policy Paper**"
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