Mona Glossary

Monitoring of Fund Arrangements (MONA)

Last Updated: January 14, 2009

Arrangement ID: Unique number assigned to identify each Fund-supported arrangement.

Conditionality: See

Economic descriptor: Economic sector classification under which structural performance criteria, prior actions, and structural benchmarks (in addition to limited quantitative performance criteria, see "Other criteria /Indicative Targets") are categorized. For listing of sectors, see "Other criteria /Indicative Targets"".

Main criteria: Economic sector categories considered most common under which quantitative performance criteria are classified:
Total domestic credit
Credit to Government/Public Sector
BOP/Reserve Test
Medium/Long-Term External Debt
Subceiling on Medium/Long-Term External Debt
Short-Term Debt
No new arrears/default (continuous injunction)
Ceilings on external arrears
Fiscal Deficit
Domestic Arrears

Other criteria /Indicative Targets: Economic sector classification under which quantitative performance criteria or indicative targets (in addition to structural conditions, see "economic descriptor") are classified when no category under "main criteria" is appropriate:
1. General government
1.1. Revenue measures, excluding trade policy
1.2. Revenue administration, including customs
1.3. Expenditure measures, including arrears clearance
1.4. Combined expenditure and revenue measures
1.5. Debt Management
1.6. Expenditure auditing, accounting, and financial controls
1.7. Fiscal transparency (publication, parliamentary oversight)
1.8. Budget preparation (e.g., submission or approval)
1.9. Inter-governmental relations
2. Central Bank
2.1. Central bank operations and reforms
2.2. Central bank auditing, transparency, and financial controls
3. Civil service and public employment reforms, and wages
4. Pension and other social sector reforms
4.1. Pension reforms
4.2. Other social sector reforms (e.g., social safety nets, health and education)
5. Public enterprise reform and pricing (non financial sector)
5.1. Public enterprise pricing and subsidies
5.2. Privatization, public enterprise reform and restructuring, other than pricing
5.3. Price controls and marketing restrictions
6. Financial sector
6.1. Financial sector legal reforms, regulation, and supervision
6.2. Restructuring and privatization of financial institutions
7. Exchange systems and restrictions (current and capital)
8. International trade policy, excluding customs reforms
9. Labor markets, excluding public sector employment
10. Economic statistics (excluding fiscal and central bank transparency and similar measures)
11. Other structural measures
11.1. Private sector legal and regulatory environment reform (non financial sector)
11.2. Natural resource and agricultural policies (excl. public enterprises and pricing)
11.3. PRSP development and implementation
11.4. Anti-corruption legislation/policy
Other - Total domestic credit
Other - Credit to Government/Public Sector
Other - BOP/Reserve Test
Other - Medium/Long-Term External Debt
Other - Subceiling on Medium/Long-Term External Debt
Other - Short-Term Debt
Other - No new arrears/default (continuous injunction)
Other - Ceilings on external arrears
Other - Fiscal Deficit
Other - Domestic Arrears

Prior action: See

Review Sequence: To filter IMF arrangement reviews, an ordering label is assigned to each MONA questionnaire at time of creation. When the subsequent review questionnaire is created, the review sequence is updated to reflect its accurate position in arrangement queue. Review sequence logic:
Arrangement stages which generate a MONA questionnaire Creation of review type Review sequence initially assigned Revised review sequence assigned when next review is created
Board approval R0 EL E
First Review R1 L Other
Second Review R2 L Other
Third Review R3 L Other
Fourth Review R4 L Other
Fifth Review R5 L Other
Sixth Review R6 L  

Review Type: Once an arrangment is approved by the IMF Executive Board, program reviews are scheduled on a quarterly or semi-annual basis to evaluate program implementation. The review type of the various stages of a Fund-supported arrangement are identified as: a) Board approval of arrangement, or "No Review" - R0; b) "Review 1" - R1; c) "Review 2" - R2, "Review 3" - R3, etc. When originally scheduled program reviews are missed, the subsequent review is termed a "joint review" as it combines more than one review on a given Executive Board meeting date. Nomenclature examples for joint reviews are: "Jt Review - 1&2" (joint first and second reviews); "Jt Review - 2&3" (joint second and third reviews), etc.

Structural benchmark: See

Structural conditions: See

Structural performance criteria: See


Test date: Date assigned for implementation of quantitative and/or structural conditionality. Prior actions, by definition, are completed before the IMF's Executive Board approves a loan or completes a review.

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