Selected Decisions and Selected Documents of the IMF, Fortieth Issue -- Post-Program Monitoring

Prepared by the Legal Department of the IMF
As updated as of April 30, 2019

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ARTICLE V, SECTION 3(a), (b), AND (c)
Use of Fund Resources
Emergency Financing Mechanism and Post-Program Monitoring


  • 1. If outstanding credit to a member exceeds any of the thresholds specified below:

    • (a) 200 percent of quota for credit from the Fund’s General Resources Account (GRA), or from the Fund as Trustee of the Poverty Reduction and Growth Trust (PRGT), or a combination thereof; or

    • (b) an amount equivalent to SDR 1.5 billion for credit from the Fund’s GRA; or

    • (c) an amount equivalent to SDR 0.38 billion from the PRGT,

    and the member does not have a program supported by a Fund arrangement or is not implementing a staff monitored program with reports issued to the Executive Board, or the member does not have a program supported by a Policy Coordination Instrument (“PCI”) or Policy Support Instrument (“PSI”), the member will be expected to engage in Post-Program Monitoring (PPM) with the Fund of its economic developments and policies upon the recommendation of the Managing Director. Where the above criteria are met, the Managing Director shall recommend PPM to the Executive Board, unless, in the view of the Managing Director, the member’s circumstances (in particular, the strength of the member’s policies, its external position, or the fact that a successor arrangement, PCI, PSI or a staff monitored program is expected to be in place within the next six months) are such that the process is unwarranted. PPM will normally cease when the member’s outstanding credit falls below all of the applicable thresholds above.

  • 2. The Managing Director may also propose PPM to the Executive Board in cases where outstanding credit as defined above is below the above-specified thresholds if, in the view of the Managing Director, there are developments that suggest the need for closer monitoring of the member’s capacity to repay, and particularly, where developments call into question the member’s progress toward external viability.

  • 3. For members subject to PPM, there will normally be one standalone PPM paper issued for Executive Board consideration in a twelve-month period. The member will be expected to engage in discussions with staff on its policies, which shall include a quantified macroeconomic framework. The staff will report to the Executive Board on the member’s policies, the consistency of the macroeconomic framework with the objective of medium-term viability, and the implications for the member’s capacity to repay the Fund. PPM papers should also examine the risks to the member’s capacity to repay the Fund.

  • 4. The Executive Board’s consideration of a PPM paper will be reflected in a press release. The publication of the press release will follow the normal press release procedure, including the requirement of the member’s consent.

Decision No. 13454-(05/26),

March 14, 2005,

as amended by Decision Nos. 13563-(05/85), October 5, 2005,

14184-(08/93), October 29, 2008,

14284 (09/29), March 24, 2009, 15946-(16/14), February 17, 2016,

16019-(16/61), July 1, 2016, and 16233-(17/62),

July 14, 2017

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