Operational Guidance Note On Program Design And Conditionality

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Operational Guidance Note On Program Design and Conditionality

International Monetary Fund. Strategy, Policy, & Review Department
Operational Guidance Note On Program Design and Conditionality Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 179 pages
File Size : 44,9 Mb
Release : 2024-01-30
Category : Business & Economics
ISBN : 9798400264849

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Operational Guidance Note On Program Design and Conditionality by International Monetary Fund. Strategy, Policy, & Review Department Pdf

This note aims to provide guidance on the key principles and considerations underlying the design of Fund-supported programs. The note expands on the previous operational guidance notes on conditionality published over 2003-2014, incorporating lessons from the 2018-19 Review of Conditionality, and other recent key policy developments including the recommendation of the Management’s Implementation Plan in response to Independent Evaluation Office (IEO)’s report on growth and adjustment in IMF-supported programs. The note in particular highlights operational advice to (i) improve the realism of macroeconomic forecast in programs and fostering a more systematic analysis of contingency plans and risks; (ii) improve the focus, depth, implementation, and tailoring of structural conditions (SCs), with due consideration of growth effects; and (iii) help strengthen the ownership of country authorities. Designed as a comprehensive reference and primer on program design and conditionality in an accessible and transparent manner, the note refers in summary to a broad range of economic and policy considerations over the lifecycle of Fund-supported programs. As with all guidance notes, the relevant IMF Executive Board Decisions remain the primary legal authority on matters covered in this note.

Policy Coordination Instrument — Updated Operational Guidance Note

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.
Policy Coordination Instrument Updated Operational Guidance Note Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.
Publisher : International Monetary Fund
Page : 39 pages
File Size : 53,9 Mb
Release : 2024-04-25
Category : Business & Economics
ISBN : 9798400274213

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Policy Coordination Instrument — Updated Operational Guidance Note by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept. Pdf

This note provides updated general guidance on the use of the Policy Coordination Instrument (PCI). The PCI is a non-financing instrument designed for countries that, at the time of the PCI request, are seeking to unlock financing from sources other than the Fund and/or to demonstrate a commitment to a reform agenda. Since its establishment in 2017 as part of the Fund’s work on the Global Financial Safety Net, the PCI has been used by several members. These experiences helped establish and refine best practices, which are reflected in this updated operational guidance note together with changes to the PCI policy approved by the Executive Board on October 4, 2023. The note covers operational issues in a broad range of areas such as purpose, objectives, eligibility, modalities, applicability of UFR-related and other relevant policies, design of a PCI-supported program, conditionality framework, review schedule , and a comparison with other lending instruments. The note is an aid to the implementation of the PCI policy and its underlying principles. If there is any instance in which a provision of the guidance note or its implementation conflicts with the policy approved by the Board, the PCI policy shall prevail.

Operational Guidance Note on Conditionality—December 2009 Revisions

International Monetary Fund
Operational Guidance Note on Conditionality December 2009 Revisions Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 11 pages
File Size : 41,7 Mb
Release : 2010-01-25
Category : Business & Economics
ISBN : 9781498337960

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Operational Guidance Note on Conditionality—December 2009 Revisions by International Monetary Fund Pdf

The 2000-02 comprehensive review of the Fund’s conditionality culminated in the adoption of a set of conditionality guidelines by the Executive Board on September 25, 2002. The 2002 Conditionality Guidelines (the “guidelines”) replace the 1979 Conditionality Guidelines and the Interim Guidance Note on Streamlining Structural Conditionality of September 18, 2000. A review of experience with the guidelines, looking at how they have been implemented and at their impact, is conducted periodically; summary statistics on conditionality have been prepared annually since 2008.

Operational Guidance Note for IMF Engagement on Social Spending Issues

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Fiscal Affairs Dept.
Operational Guidance Note for IMF Engagement on Social Spending Issues Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 52 pages
File Size : 55,6 Mb
Release : 2024-04-30
Category : Business & Economics
ISBN : 9798400272271

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Operational Guidance Note for IMF Engagement on Social Spending Issues by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Fiscal Affairs Dept. Pdf

This note provides general guidance on the operationalization of the strategy for IMF engagement on social spending. Social spending plays a critical role as a key lever for promoting inclusive growth, addressing inequality, protecting vulnerable groups during structural change and adjustment, smoothing consumption over the lifecycle, and stabilizing demand during economic shocks. Social spending policies have also been playing an important role in tackling the structural challenges associated with demographic shifts, gender inequality, technological advances, and climate change. This note builds on a series of notes on IMF engagement on specific social spending issues since the publication of the 2019 strategy paper and provides operational guidance on when and how to engage on social spending issues, in the context of surveillance, IMF-supported programs, and capacity development.

2018 Review of Program Design and Conditionality

International Monetary Fund. Strategy, Policy, & Review Department
2018 Review of Program Design and Conditionality Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 172 pages
File Size : 51,7 Mb
Release : 2019-05-20
Category : Business & Economics
ISBN : 9781498315715

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2018 Review of Program Design and Conditionality by International Monetary Fund. Strategy, Policy, & Review Department Pdf

The 2018 Review of Program Design and Conditionality is the first comprehensive stocktaking of Fund lending operations since the global financial crisis. The review assesses program performance between September 2011 and end-2017. Programs during this period were defined by the protracted structural challenges faced by members and hampered by the persistently weak global environment.

2011 Review of Conditionality and the Design of Fund-Supported Programs - Concept Note

International Monetary Fund
2011 Review of Conditionality and the Design of Fund Supported Programs Concept Note Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 8 pages
File Size : 41,9 Mb
Release : 2011-01-21
Category : Business & Economics
ISBN : 9781498339452

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2011 Review of Conditionality and the Design of Fund-Supported Programs - Concept Note by International Monetary Fund Pdf

The Fund regularly assesses conditionality in IMF-supported programs, with the next formal review planned for 2011. This paper summarizes previous assessments of conditionality, outlines staff’s proposed approach to the forthcoming review, and seeks Directors’ early views on the approach.

Staff-Monitored Programs—Updated Operational Guidance Note

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept.
Staff Monitored Programs Updated Operational Guidance Note Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept.
Publisher : International Monetary Fund
Page : 23 pages
File Size : 40,6 Mb
Release : 2022-10-21
Category : Business & Economics
ISBN : 9798400223242

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Staff-Monitored Programs—Updated Operational Guidance Note by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept. Pdf

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.

Thirteenth Periodic Monitoring Report on The Status of Management Implementation Plans in Response to Board-Endorsed IEO Recommendations

International Monetary Fund. Office of Internal Audit
Thirteenth Periodic Monitoring Report on The Status of Management Implementation Plans in Response to Board Endorsed IEO Recommendations Book PDF

Author : International Monetary Fund. Office of Internal Audit
Publisher : International Monetary Fund
Page : 101 pages
File Size : 48,5 Mb
Release : 2023-12-08
Category : Business & Economics
ISBN : 9798400261510

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Thirteenth Periodic Monitoring Report on The Status of Management Implementation Plans in Response to Board-Endorsed IEO Recommendations by International Monetary Fund. Office of Internal Audit Pdf

Overall, progress has been made since the Twelfth PMR on actions in response to eight IEO evaluations, with the pace of implementation being faster on actions October 31, 2023 THIRTEENTH PERIODIC MONITORING REPORT 2 INTERNATIONAL MONETARY FUND contained in the MIP in Response to the Executive Board-Endorsed Categorization of Open Actions in Management Implementation Plans. It is also worth mentioning that many open actions depend on the implementation of some important reviews/key steps that are expected to be completed in or soon after December 2023, such as the Capacity Development (CD) Strategy Review, the issuance of a new CD Guidance Note, an update of the Small Developing States Staff Guidance Note (SDS-SGN), the Operational Guidance Note (OGN) on Program Design and Conditionality, and a Board paper on Bank-Fund collaboration.

Guidance Note On Implementing The Debt Limits Policy In Fund Supported Programs

International Monetary,International Monetary Fund. Strategy, Policy, & Review Department
Guidance Note On Implementing The Debt Limits Policy In Fund Supported Programs Book PDF

Author : International Monetary,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 65 pages
File Size : 45,7 Mb
Release : 2021-05-25
Category : Business & Economics
ISBN : 9781513583617

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Guidance Note On Implementing The Debt Limits Policy In Fund Supported Programs by International Monetary,International Monetary Fund. Strategy, Policy, & Review Department Pdf

The Debt Limits Policy (DLP) establishes the framework for using quantitative conditionality to address debt vulnerabilities in IMF-supported programs. In October 2020, the Executive Board approved reforms to the DLP which will enter into effect on June 30, 2021. The risk-based approach to setting debt conditionality informed by Debt Sustainability Analyses under the previous DLP approved in 2014 is maintained. The reforms aim to provide countries with more financing flexibility in practice while still adequately containing debt vulnerabilities through appropriate safeguards. This note provides operational and technical guidance related to the implementation of the DLP, including the operationalization of the approved reforms. In particular, it outlines the core principles underpinning the DLP, including when debt conditionality in IMF-supported programs is warranted and how to account for country-specific circumstances in the design of debt limits. The note also describes the process of setting and implementing debt conditionality, including: (i) identifying debt vulnerabilities to inform the focus of debt conditionality; (ii) designing debt conditionality; and (iii) implementing debt conditionality through the review cycle. The Guidance Note is intended for use by both IMF staff and country officials. In this regard, in addition to the guidance presented in the main body, the note also contains several annexes that cover definitional, technical, and operational issues arising in the determination and implementation of public debt limits.

Twelfth Periodic Monitoring Report On The Status Of Management Implementation Plans In Response To Board-Endorsed IEO Recommendations

International Monetary Fund
Twelfth Periodic Monitoring Report On The Status Of Management Implementation Plans In Response To Board Endorsed IEO Recommendations Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 105 pages
File Size : 54,9 Mb
Release : 2022-11-30
Category : Business & Economics
ISBN : 9798400225000

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Twelfth Periodic Monitoring Report On The Status Of Management Implementation Plans In Response To Board-Endorsed IEO Recommendations by International Monetary Fund Pdf

Twelfth Periodic Monitoring Report On The Status Of Management Implementation Plans In Response To Board-Endorsed IEO Recommendations

Resilience and Sustainability Facility—Operational Guidance Note

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept.
Resilience and Sustainability Facility Operational Guidance Note Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept.
Publisher : International Monetary Fund
Page : 69 pages
File Size : 45,8 Mb
Release : 2023-11-28
Category : Business & Economics
ISBN : 9798400260766

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Resilience and Sustainability Facility—Operational Guidance Note by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept. Pdf

This note provides general guidance on the operationalization of the Resilience and Sustainability Facility (RSF) for arrangement requests and reviews. The RSF complements the existing IMF lending toolkit by providing longer-term, affordable financing to members to help them address longer-term structural challenges from climate change and pandemic preparedness. The note has benefited from experience gained during early operationalization of the RSF.

2018-19 Review of Facilities for Low-Income Countries---Reform Proposals

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept.
2018 19 Review of Facilities for Low Income Countries Reform Proposals Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept.
Publisher : International Monetary Fund
Page : 169 pages
File Size : 42,6 Mb
Release : 2019-06-06
Category : Political Science
ISBN : 9781498318716

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2018-19 Review of Facilities for Low-Income Countries---Reform Proposals by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept. Pdf

2018-19 Review of Facilities for Low-Income Countries---Reform Proposals: Review Of The Financing Of The Fund’s Concessional Assistance And Debt Relief To Low-Income Member Countries

Tenth Periodic Monitoring Report On The Status Of Management Implementation Plans In Response To Board-Endorsed IEO Recommendations

International Monetary Fund
Tenth Periodic Monitoring Report On The Status Of Management Implementation Plans In Response To Board Endorsed IEO Recommendations Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 56 pages
File Size : 53,8 Mb
Release : 2020-03-04
Category : Business & Economics
ISBN : 9781513536194

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Tenth Periodic Monitoring Report On The Status Of Management Implementation Plans In Response To Board-Endorsed IEO Recommendations by International Monetary Fund Pdf

The Tenth Periodic Monitoring Report (PMR) on the Status of Management Implementation Plans (MIPs) in Response to Board-Endorsed Independent Evaluation Office (IEO) Recommendations assesses the progress made over the last year on actions contained in 10 MIPs with open management actions.

Growth and Adjustment in IMF-Supported Programs

International Monetary Fund. Independent Evaluation Office
Growth and Adjustment in IMF Supported Programs Book PDF

Author : International Monetary Fund. Independent Evaluation Office
Publisher : International Monetary Fund
Page : 116 pages
File Size : 55,7 Mb
Release : 2021-09-09
Category : Business & Economics
ISBN : 9781513594477

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Growth and Adjustment in IMF-Supported Programs by International Monetary Fund. Independent Evaluation Office Pdf

This evaluation assesses how well IMF-supported programs helped to sustain economic growth while delivering adjustment needed for external viability over the period 2008–19. The evaluation finds that the Fund’s increasing attention to growth in the programs has delivered some positive results. Specifically, it does not find evidence of a consistent bias towards excessive austerity in IMF-supported programs. Indeed, programs have yielded growth benefits relative to a counterfactual of no Fund engagement and boosted post-program growth performance. Notwithstanding these positive findings, program growth outcomes consistently fell short of program projections. Such shortfalls imply less protection of incomes than intended, fuel adjustment fatigue and public opposition to reforms, and jeopardize progress towards external viability. The evaluation examines how different policy instruments were applied to support better growth outcomes while achieving needed adjustment. Fiscal policies typically incorporated growth-friendly measures but with mixed success. Despite some success in promoting reforms and growth, structural conditionalities were of relatively low depth and their potential growth benefits were not fully realized. Use of the exchange rate as a policy tool to support growth and external adjustment during programs was quite limited. Lastly, market debt operations were useful in some cases to restore debt sustainability and renew market access, yet sometimes were too little and too late to deliver the intended benefits. The evaluation concludes that the IMF should seek to further enhance program countries’ capacity to sustain activity while undertaking needed adjustment during the program and to enhance growth prospects beyond the program. Following this conclusion, the report sets out three recommendations aimed at strengthening attention to growth implications of IMF-supported programs, including the social and distributional consequences.