Streamlining Procedures for Board Consideration of the Fund’s Emergency Financing During Exceptional Circumstances Involving a Pandemic—Pandemic Emergency Procedures

• 1. Pandemic Emergency Procedures.

  • a. When the Managing Director, informed by the World Health Organization’s assessment, determines that a life-threatening global pandemic is inflicting severe economic disruption across the Fund’s membership, the Executive Board may activate the pandemic emergency procedures specified in this decision.¹ For a period of three months from the Executive Board’s approval, the Executive Board will generally be prepared to consider, in cases of urgent actual balance of payments need, requests for approval of purchases or disbursements under the Rapid Financing Instrument and/or the Rapid Credit Facility, respectively, program reviews and requests for changes in access in existing arrangements, and requests for assistance under the Catastrophe Containment and Relief Trust (CCRT) within 5 business days after the circulation of the relevant documentation to the Executive Board. The same circulation period will apply for Article IV consultations where the use of Fund resources under a Flexible Credit Line arrangement or Precautionary and Liquidity Line arrangement is under discussion or anticipated.

    b. In such cases, the standard minimum circulation periods for such documentation shall not apply.

  2. Renewal. Prior to the end of the three-month period from the date of the Executive Board’s activation decision pursuant to paragraph 1 above, the Executive Board shall determine whether to renew their application for an additional period of up to three months² or to discontinue them, provided that any discontinuation will not apply to the Board’s consideration of requests issued to the Executive Board pursuant to these procedures prior to such discontinuation.

  3. Early termination: At any time, the Executive Board may decide that conditions no longer warrant the use of these procedures and terminate their application, provided that any termination will not apply to the Board’s consideration of requests issued to the Executive Board pursuant to these procedures prior to such discontinuation. (SM/20/79, Rev. 1, 04/03/20)

Decision No. 16695-(20/37),

April 6, 2020,

as amended by 16844-(20/37),

July 1, 2020

¹ Ed. Note: Decision No. 16696-(20/37), April 6, 2020 provides: “The Executive Board decides, in light of the COVID-19 pandemic, to activate the Pandemic Emergency Procedures pursuant to Decision A, for three months from the date of this decision. (SM/20/79, Rev. 1, 04/03/20)”

² Ed. Note: In Decision No. 16844-(20/37), adopted July 1, 2020, “the Fund decides to renew the Pandemic Emergency Procedures activated pursuant to Decision No. 16696-(20/37), adopted April 6, 2020, for an additional period of three months ending on October 5, 2020. (SM/20/98, 06/26/20)”