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Review of the Policy on Staff-Monitored Program With Executive Board Involvement

Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 17

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Book Description
This paper reviews the policy on Staff-Monitored Program with Executive Board Involvement (PMB). The PMB plays an important niche role in the Fund’s toolkit in supporting members in circumscribed circumstances, while not supplanting the Staff-Monitored Programs (SMPs) as the primary tool for building or rebuilding a track record towards a Fund arrangement that supports a UCT-quality program. Experience with the PMB is limited to three country cases over the past sixteen months. Further experience would be needed to draw more definitive conclusions in terms of the usefulness of the PMB vis-à-vis alternative instruments and a more parsimonious Fund toolkit. In this context, the PMB is kept in the toolkit, and it will be expected to be reviewed in three years.

Review of the Policy on Staff-Monitored Program With Executive Board Involvement

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Proposal for a Staff-Monitored Program with Executive Board Involvement

Author: International Monetary
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 18

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Book Description
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. To differentiate from regular SMPs, such SMPs would be called “Program Monitoring with Board Involvement” or “PMBs”. Their use would be only available to those (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. The PMB would support members in designing, implementing, and monitoring policies under often complex circumstances.

Malawi

Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 141

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Book Description
Malawi is recovering from a series of shocks. Real GDP is projected to increase by 1.6 percent in 2023, with shortages of foreign exchange still weighing on economic activity. Inflation is expected to average 30.3 percent in 2023 and to start declining next year. The authorities stepped up efforts to meet fiscal targets under the PMB, adjusting expenditure to offset a shortfall in revenue, and containing government borrowing to slow money growth. The Reserve Bank of Malawi (RBM) tightened monetary policy to contain inflationary pressures and resumed foreign exchange auctions. Rebuilding international reserves of the RBM has been slow as access to trade credit has remained limited. The authorities are seeking comparable treatment from all official bilateral creditors. The authorities continue to pursue good faith negotiations with commercial creditors to restructure their external debt and are in arrears on commercial debt while these discussions continue.

Review of the IMF's Communications Strategy

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498343155
Category : Business & Economics
Languages : en
Pages : 44

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Book Description
The framework guiding the IMF’s communications—established by the Executive Board in 2007—has enabled the institution to respond flexibly to the changing global context. The framework is based on four guiding principles: (i) deepening understanding and support for the Fund’s role and policies; (ii) better integrating communications into the IMF’s daily operations; (iii) raising the impact of new communications materials and technologies; and (iv) rebalancing outreach efforts to take account of different audiences. In addition, greater emphasis has been placed on strengthening internal communications to help ensure institutional coherence in the Fund’s outreach activities. Continued efforts are needed to strengthen communications going forward. Several issues deserve particular attention. First, taking further steps to ensure clarity and consistency in communication in a world where demand for Fund services continues to rise. Second, doing more to assess the impact of IMF communications and thus better inform efforts going forward. Third, engaging strategically and prudently with new media—including social media.

Ex Post Evaluations of Exceptional Access Arrangements—Revised Guidance Note

Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN: 1498337821
Category : Business & Economics
Languages : en
Pages : 7

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Book Description
The Executive Board has agreed that post-program monitoring (PPM), with formal involvement of the Board, could be useful in certain cases. Specifically, the Board has decided that when a member’s outstanding credit from the General Resources Account (GRA) of the Fund, or from the Fund as Trustee of the Poverty Reduction and Growth Trust (PRGT), or a combination thereof, exceeds a threshold of 200 percent of quota, and the member no longer has an arrangement or is not implementing a staff-monitored program with reports issued to the Board, there should be a presumption that the member will engage in PPM with the Fund of economic developments and policies after the expiration of the arrangement.

Staff-Monitored Programs—Updated Operational Guidance Note

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Book Description
The note updates and replaces the prior guidance on SMPs, provided in 2003, incorporating changes to the Fund’s lending strategy, and clarifies some operational issues to better guide staff on the use and design of SMPs, while safeguarding even-handed application. Noteworthy changes include clarity on the role of SMPs, specifying the start and end dates of SMPs, clarifying the expected length of SMPs and track record periods, and extensions of SMPs. While many policies are clarified, the principle of flexibility is maintained.

Implementation of the Policy Support Instrument

Author: International Monetary Fund. Policy Development and Review Dept.
Publisher: International Monetary Fund
ISBN: 1498331165
Category : Political Science
Languages : en
Pages : 16

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Book Description
Within the terms of the proposed decisions, staff has formulated specific proposals on a number of issues raised in general terms during the previous Board discussion: (i) the modalities for a fixed schedule of reviews, including how to signal that a program is back on track; (ii) the application of a misreporting framework under the PSI; and (iii) the relationship between the PSI and the PRS process.

Review of The Cumulative Access Limits Under The Rapid Financing Instrument and The Rapid Credit Facility

Author: International Monetary Fund. Finance Dept.
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 25

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Book Description
The IMF extended the temporarily higher Cumulative Access Limits under the Fund’s Emergency Financing instruments, the Rapid Credit Facility (RCF) under the General Resources Account, and the Rapid Financing Instrument (RFI) under the Poverty Reduction and Growth Trust. This extension ensures that the Fund can continue to support member countries that accessed Fund’s emergency financing during COVID-19 pandemic in case of renewed emergency situations. The temporarily higher cumulative access limits under the RFI will be maintained until end-June 2024 when most RFI recipients will have repaid a significant part of their past emergency financing. The temporarily higher cumulative access limits under the RCF will be maintained until the completion of the 2024/25 comprehensive review of the Fund’s concessional facilities and financing, given the longer repayment schedule for RCF financing.

2023 Handbook of IMF Facilities for Low-Income Countries

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Book Description
This Handbook provides guidance to staff on the IMF’s concessional financial facilities and non-financial instruments for low-income countries (LICs), defined here as all countries eligible to obtain concessional financing from the Fund. It updates the previous version of the Handbook that was published in December 2017 (IMF, 2017e) by incorporating modifications resulting from the 2018–19 Review of Facilities for Low-Income Countries and Review of the Financing of the Fund’s Concessional Assistance and Debt Relief to Low-Income Member Countries (IMF, 2019a, b), approved by the Board in May 2019; the reforms introduced in 2021 on the basis of the Board paper Fund Concessional Financial Support for Low-Income Countries—Responding to the Pandemic (IMF, 2021a), approved in July 2021; and a number of other recent Board papers. Designed as a comprehensive reference tool for program work on LICs, the Handbook also refers, in summary form, to a range of relevant policies that apply more generally to IMF members. As with all guidance notes, the relevant IMF Executive Board decisions including the terms of the various LIC Trust Instruments that have been adopted by the Board, remain the primary legal authority on the matters covered in the Handbook.

Republic of South Sudan

Author: International Monetary
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 108

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Book Description
South Sudan is a very fragile post-conflict country, and one of the most vulnerable in the world to climate change effects. The spillovers from the fighting in Sudan have exacerbated an already dire humanitarian situation. Two-thirds of South Sudan’s population was exposed to acute food insecurity prior to the outbreak of the conflict in Sudan and the situation has worsened due to a large and growing number of refugees, and a sharp increase in fuel and food prices in the border areas with Sudan driven by trade disruptions. The Sudan war has also delayed the needed repair of the pipeline that transports South Sudan’s crude oil to international markets through Sudan. As a result, oil exports have since mid-February 2024 collapsed to about one-third of their previous level. This has increased significantly the fiscal financing and balance of payments gaps given that oil exports account for nearly 90 percent of fiscal revenues and 95 percent of exports. National elections, the first-ever since South Sudan’s independence in 2011, are scheduled for December 2024. However, due to delays in and operationalizing key election-related institutions development partners have expressed skepticism that free and fair elections will be feasible by the envisaged date.