|
||||
Use of Fund Resources | ||||
Credit Tranche Policies and Facilities | ||||
Omnibus Paper on Easing Work Pressures Decision A. Lapse of Time Procedures for Completion of Program Reviews The Fund decides to approve the lapse of time procedures for completion of program reviews set forth in the Attachment to this Decision. The presumption set forth in paragraph 2 of the Attachment will come into effect for program reviews for which a Policy Consultation Meeting is held after the date of this Decision. The provisions of Decision No. 14003-(07/107), December 6, 2007, shall continue to apply to cases where a Policy Consultation Meeting was undertaken prior to the date of this Decision but where the relevant review has yet to be completed. Decision No. 14003-(07/107) shall lapse upon the earlier of the completion of the last review to which Decision No. 14003-(07/107) applies or January 31, 2010. Attachment to Decision A Lapse of Time Completion of Program Reviews
Decision B. Ex-Post Evaluations The Fund decides, with effect from the date of this decision, to approve the proposal to allow multi-country ex-post evaluations, as set forth in paragraph 6 of SM/09/213, August 5, 2009. Paragraph 6 of SM/09/213 “6. It is proposed that ex post evaluations be conducted on a multi-country basis where feasible (e.g., after a global shock), thus also facilitating cross-country comparison. These assessments would involve cross-country analyses of whether justifications presented at the outset of the programs were consistent with Fund policies and review performance under the programs.2 Consistent with the current guidelines, the cross-country analyses would also assess the appropriateness of the policy response—including the mix of financing and adjustment—based on the outturn. In line with BUFF/02/159, these assessments would be completed—approved by management for circulation to the Board—within a year of the end of the arrangements.” Decision C. Ex-Post Assessments [Repealed].3 Decision D. Procedural Deadlines for Completing Article IV Consultations The last sentence of paragraph 17 of Decision No. 13919-(07/51), June 15, 2007 shall be amended to read as follows: “It is expected that no later than sixty-five days after the termination of discussions between the member and the staff, the Executive Board will reach conclusions and thereby complete the consultation under Article IV, except in the case of consultations with members eligible for financing under the Poverty Reduction and Growth Facility identified in Decision No. 8240- (86/56), SAF, adopted March 26, 1986, as amended, where it is expected that the Executive Board will reach conclusions no later than three months from the termination of discussions between the member and the staff.” Decision E. Procedural Deadlines for Completing Policy Reviews The Fund decides, with effect from the date of this decision, to approve the proposal to convert mandatory deadlines for the completion of policy reviews into expectations, as set forth in paragraph 16 of SM/09/213, August 5, 2009. Accordingly, reviews of Fund policies shall henceforth be expected to be completed by the deadlines specified in relevant Executive Board decisions. These decisions are hereby amended accordingly. Paragraph 16 of SM/09/213 “16. Deadlines for policy papers. It is proposed to extend the proposal to policy papers, eliminating the need for formal decisions in the event papers are not discussed by the original deadline. While formal decisions on the timing of policy reviews give the Board some confidence that a certain timeframe will be respected, they do entail a nonnegligible administrative cost. Often, the delay is minor or results from a request from the Board. In practice, the Board has never refused to grant such extensions. Further, the monthly meetings on the calendar now give more control to the Board over the work program, such that casting deadlines as expectations rather than obligations would seem to have few, if any, downsides.” Decision F: Review of Experience It is expected that the experience with the Decisions set forth in SM/09/213, Sup. 3 will be reviewed by no later than August 27, 2011. (SM/09/213, Sup. 3, 8/31/09) Decision A-13207 (08/28/09), August 28, 2009, as amended by Decision Nos. 14766-(10/115), November 29, 2010, 15355-(13/32), April 8, 2013, 15481-(13/103), November 11, 2013, and 15763-(15/39), April 23, 2015 1 Ed Note: Decision No. 15481-(13/103), November 11, 2013, provides: “Upon completion of the conditions specified in paragraph 3 of the Board of Governors Resolution No. 66-2, the percentage of quota referred to in subparagraph (vi) of paragraph 2 of the Attachment to Decision A set forth in DEC/A/13207, as amended, with regard to the limit of access in augmentations considered for approval on a lapse-of-time basis shall be changed from 25 percent to 12.5 percent.” 2 See SM/02/246, 7/30/02. 3 Ed Note: Decision No. 15763-(15/39), adopted April 23, 2015, states: “The Fund decides to repeal the policy on Ex Post Assessments (EPA) set forth in BUFF/03/51 of April 8, 2003; BUFF/06/59 of May 17, 2006; and Decision C of DEC/A/13207 of August 28, 2009. The repeal of the policy on EPA is effective immediately effective except in cases where an EPA report has been already prepared by staff and submitted to management. In such cases the provisions of the EPA will continue to apply through December 31, 2015. (SM/15/81, Sup. 2, 04/28/15).” |
||||
|
Prepared by the Legal Department of the IMF
Note
- Page number references in the text are to the Forty-Second issue hard copy volume.