Review of the Flexible Credit Line and Precautionary Credit Line

Policy Papers, November 1, 2011

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Review of the Flexible Credit Line and Precautionary Credit Line

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Bibliographic details

• Published: November 1, 2011
• Series: Policy Papers

Overview

• Publication date: November 1, 2011
• Purpose: Review experience with the Flexible Credit Line (FCL) and Precautionary Credit Line (PCL) introduced to overhaul the Fund’s GRA toolkit to address gaps in crisis prevention and resolution.
• Context: The FCL and PCL were designed to be innovative and flexible instruments intended to reduce stigma from using Fund resources and to underpin confidence in users amid stressed market conditions.
• Note on availability: IMF eLibrary offers over 25,000 IMF publications in multiple formats.

Assessment approach

• Methodology: The review uses a variety of methodological tools to assess experience with the instruments and arrangements.
• Scope: The review reflects on the appropriateness of the instruments’ design and recommends refinements to enhance their effectiveness.

Key findings (as stated)

• The FCL and PCL represent an overhaul of the Fund’s GRA toolkit to address gaps in crisis prevention and resolution.
• The innovative and flexible nature of the instruments was intended to reduce stigma and underpin confidence in users during stressed market conditions.
• There have been a limited number of members with these arrangements.
• The review assesses experience with the instruments, reflects on design appropriateness, and recommends refinements to enhance effectiveness.

Implications and recommended focus areas (as stated)

• Reflect on the appropriateness of the FCL and PCL design.
• Recommend refinements aimed at enhancing the instruments’ effectiveness in crisis prevention and resolution.
• Continue assessment using diverse methodological tools to inform potential future adjustments.

Publication details (as presented)

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Source: Review of the Flexible Credit Line and Precautionary Credit Line, November 1, 2011 (International Monetary Fund).

Content in this bundle

• Review of the Flexible credit Line and Precautionary Credit Line; IMF Policy Paper; November 1, 2011
  • Review of the Flexible credit Line and Precautionary Credit Line; IMF Policy Paper; November 1, 2011 (Markdown version)
  • Review of the Flexible credit Line and Precautionary Credit Line; IMF Policy Paper; November 1, 2011 (PDF)