Policy Coordination Instrument — Updated Operational Guidance Note

April 25, 2024

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Policy Coordination Instrument — Updated Operational Guidance Note, (USA: International Monetary Fund, 2024) accessed December 22, 2024

Summary

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.

Subject: Arrears, Balance of payments, Balance of payments need, External debt, Monetary policy, Political economy, Poverty, Poverty reduction strategy

Keywords: Arrears, Balance of payments need, Global, Guidance Note, IMF, Non-financial instrument, PCI, PCI policy, PCI program, PCI review cycle, Poverty reduction strategy, SCF arrangement, Transparency policy, UCT

Publication Details

Pages:

39
Volume:

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DOI:

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Issue:

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Series:

Policy Paper No. 2024/020
Stock No:

PPEA2024020
ISBN:

9798400274213
ISSN:

2663-3493

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