Selected Decisions and Selected Documents of the IMF, Fortieth Issue -- The Exchange of Documents Between the Fund and Regional Financing Arrangements

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

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ARTICLE X
Relations with Other International Organizations

THE EXCHANGE OF DOCUMENTS BETWEEN THE FUND AND REGIONAL FINANCING ARRANGEMENTS

  • 1. For the purpose of this decision, the term “Regional Financing Arrangement” shall mean a financing mechanism backed by pooled resources through which a group of countries pledge common financial support to a fellow member in the event of external liquidity needs or balance of payments (BoP) difficulties.

  • 2.

    • a. The Managing Director may transmit to Regional Financing Arrangements (“RFAs”) that meet the criteria set forth in subparagraph (b) below (“eligible RFAs”) the following documents pertaining to common member countries of the Fund and the eligible RFA: staff reports and related documents pertaining to (A) surveillance under Article IV, Section 3(a) and (b), (B) the use of Fund resources, and (C) the Policy Support Instrument and the Policy Coordination Instrument; (D) Staff Monitored Programs, Post-Program Monitoring reports, and Ex-Post Evaluation reports; (E) Financial System Stability Assessments; and (F) Selected Issues and Statistical Appendixes. The transmittal of documents under this paragraph would occur after Board consideration of the relevant document, provided that there is no objection by the member country to whom the document pertains.

    • b. The following criteria shall be applied in determining eligibility for access to Fund documents under this decision:

      • 1. Commonality of operational interest: The RFA has specialized responsibilities within the Fund’s field of interest (generally, a mechanism that is or will be providing substantial financial assistance to the member country concerned).

        • ii. Reciprocity: The RFA commits to transmit comparable documents of the RFA to the Fund.

        • iii. Confidentiality: The RFA provides credible assurance to the Fund that documents provided to the RFA would be used only for the internal purposes of the RFA and would be kept confidential. In the event that the confidentiality or reciprocity assurances are not upheld by the RFA, the document sharing arrangement with the RFA may be suspended by the Managing Director until the Managing Director is assured that the commitments would be kept.

  • 3.

    • a. The Managing Director may, in cases where an eligible RFA is providing or has indicated its readiness to provide financing to a common member country, transmit to the RFA staff reports and related documents on

      • (i) the use of Fund resources, and

      • (ii) the Policy Support Instrument and the Policy Coordination Instrument, pertaining to the concerned common member country, whichever is applicable. The transmittal of Fund documents under this paragraph may take place shortly after their issuance to the Executive Board, provided that there is no objection by the member country to whom the document pertains.

    • b. The transmittals described under this paragraph may be suspended by the Managing Director if she determines that the RFA’s financing activity with the common member country has been inactive for six months or more or upon completion of the RFA’s financing.

  • 4. With regard to each eligible RFA, the transmittals described in paragraphs 2 and 3 of this decision shall take place only after the eligible RFA requests a document sharing arrangement with the Fund and identifies an appropriate entity within the RFA to receive access to Fund documents as set forth in paragraphs 14 and 17 of SM/17/326. The transmittals described in paragraph 3 of this decision shall take place only after the eligible RFA indicates that it is providing or ready to provide financing to a common member country. (SM/17/326, 12/06/17)

Decision No. 16307-(17/102),

December 13, 2017

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