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

February 20, 2024

Preview Citation

Format: Chicago

Review of the Policy on Staff-Monitored Program With Executive Board Involvement, (USA: International Monetary Fund, 2024) accessed November 21, 2024

Summary

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.

Subject: Asset and liability management, Credit, Debt Relief, Debt restructuring, Debt sustainability, External debt, Monetary policy, Money, Political economy

Keywords: Concessional external borrowing, Credit, Debt relief, Debt restructuring, Debt sustainability, External Debt, Global, IMF toolkit, Monetary policy, PMB approval, PMB policy, Political economy, Transparency policy, Use criteria

Publication Details

Pages:

16
Volume:

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DOI:

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Issue:

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Series:

Policy Paper No. 2024/005
Stock No:

PPEA2024005
ISBN:

9798400268700
ISSN:

2663-3493

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