SMPs last for a minimum of six months. They are not expected to exceed 18 months. The duration depends on a country’s previous track record and the measures needed to establish an adequate record of policy implementation. SMPs closely resemble IMF-supported programs. SMPs are based on a quantified macroeconomic framework with medium-term projections for the main economic and financial variables and quantitative and structural benchmarks on key policy targets.
Since September 2022 the IMF’s Executive Board can also assess the robustness of a country’s economic policies to meet its objectives and monitor implementation. The Program Monitoring with Board involvement (PMB) is designed to help countries considering an SMP establish a policy track record for an IMF-supported program. PMBs can benefit countries that are the subject of an ongoing concerted international effort by creditors or donors to provide substantial new financing or debt relief or have significant outstanding IMF credit under emergency financing instruments. The PMB will be reviewed before the end of September 2023.
The last update was in January 2023