Policy Papers

Staff-Monitored Programs—Updated Operational Guidance Note

Publication Date:

October 21, 2022

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

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.

Series:

Policy Paper No. 2022/048

Subject:

Monetary policy Political economy

Frequency:

occasional