Policy Coordination Instrument Updated Operational Guidance Note

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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 : 52,8 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.

Staff Guidance Note on Macroprudential Policy

International Monetary Fund
Staff Guidance Note on Macroprudential Policy Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 45 pages
File Size : 43,7 Mb
Release : 2014-06-11
Category : Business & Economics
ISBN : 9781498342629

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Staff Guidance Note on Macroprudential Policy by International Monetary Fund Pdf

This note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries

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 : 48,5 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.

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 : 43,9 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.

Review of the Policy Coordination Instrument and Proposal to Eliminate the Policy Support Instrument

International Monetary Fund. Strategy, Policy, & Review Department
Review of the Policy Coordination Instrument and Proposal to Eliminate the Policy Support Instrument Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 65 pages
File Size : 52,5 Mb
Release : 2023-10-06
Category : Business & Economics
ISBN : 9798400257193

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Review of the Policy Coordination Instrument and Proposal to Eliminate the Policy Support Instrument by International Monetary Fund. Strategy, Policy, & Review Department Pdf

The Policy Coordination Instrument (PCI) is a non-financial instrument designed to help countries demonstrate commitment to a reform agenda and unlock financing from other sources. Established in 2017, the PCI aims to support countries in designing and implementing a full-fledged macroeconomic program of policies to address imbalances, prevent crises, build buffers, and enhance stability. The PCI enables closer cooperation with the Fund in cases where countries commit to upper-credit tranche (UCT) quality policies and more intensive monitoring. However, at the time of requesting a PCI, such countries must not be seeking financial assistance from the General Resources Account (GRA) and the Poverty Reduction and Growth Trust (PRGT). The design, request, and review process of the PCI are structured based on Fund arrangements, with several design features drawing on the Policy Support Instrument (PSI). Similar to the PSI, the PCI is a form of technical assistance. However, unlike the PSI, which is restricted to PRGT-eligible members, the PCI is available to all member countries.

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 : 43,9 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.

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

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept.
Review of the Policy on Staff Monitored Program With Executive Board Involvement 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 : 17 pages
File Size : 47,7 Mb
Release : 2024-02-20
Category : Business & Economics
ISBN : 9798400268700

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Review of the Policy on Staff-Monitored Program With Executive Board Involvement by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept. Pdf

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.

Proposal for a Staff-Monitored Program with Executive Board Involvement

International Monetary,International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Proposal for a Staff Monitored Program with Executive Board Involvement Book PDF

Author : International Monetary,International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 18 pages
File Size : 41,5 Mb
Release : 2022-10-05
Category : Business & Economics
ISBN : 9798400221385

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Proposal for a Staff-Monitored Program with Executive Board Involvement by International Monetary,International Monetary Fund. Finance Dept.,International Monetary Fund. Legal Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf

This paper proposes an amendment to the policy on Staff-Monitored Programs (SMPs) that would allow for limited Executive Board involvement in opining on the robustness of a member’s policies to meet their stated objectives under an SMP and monitoring its implementation. To differentiate from regular SMPs, such SMPs would be called “Program Monitoring with Board Involvement” or “PMBs”. Their use would be only available to those (requesting) members who, in addition to seeking to build or rebuild a track record for Upper Credit Tranche (UCT) Use of Fund Resources (UFR), would benefit from targeted Executive Board involvement because of either (i) an ongoing concerted international effort by creditors or donors to provide substantial new financing or debt relief to the member or (ii) significant outstanding Fund credit under emergency financing instruments at the time new emergency financing is received. Members meeting criterion (i) or (ii) above would be strongly encouraged to request such a PMB. The PMB would support members in designing, implementing, and monitoring policies under often complex circumstances.

Guidance Note For Developing Government Local Currency Bond Markets

International Monetary Fund,World Bank
Guidance Note For Developing Government Local Currency Bond Markets Book PDF

Author : International Monetary Fund,World Bank
Publisher : International Monetary Fund
Page : 157 pages
File Size : 40,5 Mb
Release : 2021-03-12
Category : Business & Economics
ISBN : 9781513573922

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Guidance Note For Developing Government Local Currency Bond Markets by International Monetary Fund,World Bank Pdf

This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.

2017 Staff Guidance Note on the Fund's Engagement with Small Developing States

International Monetary Fund. African Dept.,International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. European Dept.,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Legal Dept.,International Monetary Fund. Middle East and Central Asia Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Western Hemisphere Dept.
2017 Staff Guidance Note on the Fund s Engagement with Small Developing States Book PDF

Author : International Monetary Fund. African Dept.,International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. European Dept.,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Legal Dept.,International Monetary Fund. Middle East and Central Asia Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 56 pages
File Size : 41,6 Mb
Release : 2018-01-26
Category : Nature
ISBN : 9781498307598

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2017 Staff Guidance Note on the Fund's Engagement with Small Developing States by International Monetary Fund. African Dept.,International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. European Dept.,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Legal Dept.,International Monetary Fund. Middle East and Central Asia Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Western Hemisphere Dept. Pdf

"This guidance note highlights the unique economic characteristics and constraints facing small developing states. It provides operational guidance on Fund engagement with such countries, including on how small state characteristics might shape Fund surveillance and financial support, program design, capacity building activities, and collaboration with other institutions and donors. The note updates the previous version that was published in May 2014. It incorporates modifications resulting from Board papers and related Executive Board discussions that have taken place since the March 2013 Board papers on small states, which provided the foundations of the original guidance note. Based on these inputs, five key thematic areas (G.R.O.W.TH.) have been identified as central to the policy dialogue: • Growth and job creation. With small states experiencing relatively weak growth since the 1990s, Fund staff working on small states should ensure an explicit focus on growth in both surveillance and program-related work. • Resilience to shocks. Small states experience higher macroeconomic volatility and more frequent natural disasters. Staff should be ready to advise on how to tailor macroeconomic policies to provide greater resilience to shocks and climate change. • Overall competitiveness. Options to improve relative prices may include exchange rate adjustment (where possible) or measures supportive of internal devaluation (if not), and efforts to improve the business climate, including through regional initiatives. • Workable fiscal and debt sustainability options. With many small states having very high debt burdens, reducing debt to manageable levels requires sustained fiscal consolidation with supporting policies and structural reforms. In cases where the amount of adjustment needed to restore debt sustainability is not feasible or adequate financing is not available, debt restructuring may be needed. • Thin financial sectors. Developing deeper and more competitive, yet sound, financial sectors contributes to macroeconomic stability and enhances the effectiveness of policy interventions while strengthening competitiveness by improving business access to financial services."

Coordination of Monetary and Fiscal Policies

International Monetary Fund
Coordination of Monetary and Fiscal Policies Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 33 pages
File Size : 50,6 Mb
Release : 1998-03-01
Category : Business & Economics
ISBN : 9781451844238

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Coordination of Monetary and Fiscal Policies by International Monetary Fund Pdf

Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.

Strengthening FDI and SME Linkages in Portugal

OECD
Strengthening FDI and SME Linkages in Portugal Book PDF

Author : OECD
Publisher : OECD Publishing
Page : 145 pages
File Size : 46,8 Mb
Release : 2022-01-12
Category : Electronic
ISBN : 9789264561939

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Strengthening FDI and SME Linkages in Portugal by OECD Pdf

This report assesses the enabling conditions for maximising the benefits of foreign direct investment (FDI) on SME productivity and innovation in Portugal. It looks at the quality of investment that Portugal attracts and the capacity of Portuguese SMEs to benefit from any knowledge and technology spillovers resulting from these investments.

Staff Guidance Note on the Fund’s Engagement with Countries in Fragile Situations

International Monetary Fund
Staff Guidance Note on the Fund s Engagement with Countries in Fragile Situations Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 39 pages
File Size : 48,5 Mb
Release : 2012-04-25
Category : Business & Economics
ISBN : 9781498340588

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Staff Guidance Note on the Fund’s Engagement with Countries in Fragile Situations by International Monetary Fund Pdf

This note aims to provide country teams with broad guidance on engagement with countries in fragile situations. The aim of the guidance note is to help staff maintain focus on issues specific to countries in fragile situations. While engagement should focus on the issues and principles laid out in the note, there is, of course, scope for staff to tailor engagement to country specific circumstances beyond proposed practices.

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 : 41,8 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.

Guidance Note for the Liberalization and Management of Capital Flows

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department
Guidance Note for the Liberalization and Management of Capital Flows Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 33 pages
File Size : 52,8 Mb
Release : 2013-04-25
Category : Business & Economics
ISBN : 9781498341929

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Guidance Note for the Liberalization and Management of Capital Flows by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department Pdf

This note provides operational guidance to staff for how to use the Fund’s institutional view on the liberalization and management of capital flows. The institutional view is a consistent basis for providing policy advice on capital flows and policies related to them and assessments when required for surveillance. In the absence of an institutional view, country teams risk providing inconsistent advice to countries in similar circumstances (IEO, 2005). The view does not have mandatory implications for Fund-supported programs or technical assistance. It does not alter members’ rights and obligations under the Fund’s Articles of Agreement or under any other international agreements. The institutional view and guidance will evolve over time to reflect new experience, emerging views of authorities and staff, and research. Staff teams are encouraged to reflect useful lessons from authorities’ experiences with capital flow liberalization and management in Fund reports so that these experiences can continue to influence the Fund’s approach to these issues.