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

Author: International Monetary Fund. Strategy, Policy, & Review Department, International Monetary Fund. Finance Dept., and International Monetary Fund. Legal Dept.

The Executive Board completed the review of the policy on Staff-Monitored Programs with Board Involvement (PMB). The PMB supports members in circumscribed circumstances to build a track record to UCT-quality programs.

Volume/Issue: Volume 2024 Issue 005

Publication date: February 2024

ISBN: 9798400268700

$5.00

Add to Cart by clicking price of the language and format you'd like to purchase

Available Languages and Formats


English

Prices in red indicate formats that are not yet available but are forthcoming.

Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Exports and Imports , Money and Monetary Policy , Political Economy , Concessional external borrowing , Debt sustainability , External Debt , Monetary policy , Political economy , PMB approval , PMB policy , use criteria , IMF toolkit , transparency policy , Credit , Debt relief , Debt restructuring , Global

Also of interest

Review of Implementation of IMF Commitments in Support of the 2030 Agenda for...

2018 Review of Program Design and Conditionality

Annual Update on SDR Trading Operations

FY2024—Budget Outturn

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.