## Proposal for a Staff-Monitored Program with Executive Board Involvement

_Policy Papers, October 5, 2022_

## Source details

**Canonical URL:** [Proposal for a Staff-Monitored Program with Executive Board Involvement](https://www.imf.org/en/publications/policy-papers/issues/2022/09/30/proposal-for-a-staff-monitored-program-with-executive-board-involvement-524076)

## Other formats

- [Markdown version](/en/publications/policy-papers/issues/2022/09/30/proposal-for-a-staff-monitored-program-with-executive-board-involvement-524076/index.md)
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## Bibliographic details
- Published: October 5, 2022
- Series: Policy Papers
- DOI: https://doi.org/10.5089/9798400221385.007

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### Summary of proposal
- The paper proposes an amendment to the policy on Staff-Monitored Programs (SMPs) to allow limited Executive Board involvement in:
  - opining on the robustness of a member’s policies to meet their stated objectives under an SMP; and
  - monitoring implementation of those policies.
- 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.

### Eligibility and criteria for PMBs
- PMBs would be available only to requesting members who:
  - 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:
    - (i) an ongoing concerted international effort by creditors or donors to provide substantial new financing or debt relief to the member; or
    - (ii) significant outstanding Fund credit under emergency financing instruments at the time new emergency financing is received.
- Members meeting criterion (i) or (ii) above would be strongly encouraged to request such a PMB.

### Purpose, scope, and anticipated use
- Purpose:
  - Provide limited Executive Board involvement to opine on policy robustness and monitor implementation where this support would facilitate policy design and execution.
- Anticipated use:
  - For members seeking to build or rebuild UCT-quality track records for UFR.
  - Where complex circumstances—such as coordinated creditor/donor financing or concurrent emergency financing—make targeted Board involvement useful.

### Subject areas and keywords
- 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.

### Availability and formats
- The landing page references availability on the IMF eLibrary and a PDF download option.
- Format citation example provided in Chicago style on the page.

*International 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).*

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## Content in this bundle

- **Policy Paper**
  - [Policy Paper (Markdown version)](/-/media/files/publications/pp/2022/english/ppea2022041.pdf.md){rel="alternate" type="text/markdown"}
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_Source: https://www.imf.org/en/publications/policy-papers/issues/2022/09/30/proposal-for-a-staff-monitored-program-with-executive-board-involvement-524076_