Policy Papers

Poverty Reduction and Growth Trust—Guidance Note on the Strengthened Policy Safeguards

April 8, 2025

Download PDF More Formats on IMF eLibrary Order a Print Copy
More formats on IMF eLibrary Order a Print Copy

Preview Citation

Format: Chicago

International Monetary Fund. Strategy, Policy, & Review Department "Poverty Reduction and Growth Trust—Guidance Note on the Strengthened Policy Safeguards", Policy Papers 2025, 006 (2025), accessed April 22, 2025, https://doi.org/10.5089/9798229004985.007

Export Citation

  • ProCite
  • RefWorks
  • Reference Manager
  • BibTex
  • Zotero
  • EndNote

Summary

In October 2024, as part of the Review of the Poverty Reduction and Growth Trust (PRGT) Facilities and Financing, the IMF Executive Board established the “Strengthened Policy Safeguards (SPS)”—combining and replacing the previous High Access Procedures (HAP) and Enhanced Safeguards for debt sustainability and capacity to repay (ES)—thereby streamlining a key part of the safeguards framework for Fund lending. The SPS operates alongside the exceptional access framework and the Policy Safeguards for High Combined Credit (PS-HCC). The SPS framework applies when proposed access under a new arrangement, the Rapid Credit Facility (RCF), or an augmentation of access under an arrangement in the Poverty Reduction and Growth Trust (PRGT) exceeds certain access thresholds, and when countries at high risk of, or in, overall debt distress request financing. This note provides guidance on how to implement the SPS. It supersedes the 2022 guidance note on enhanced safeguards.

Subject: Debt service, Debt sustainability, External debt, Public and publicly-guaranteed external debt, Public debt

Keywords: Consultations, Country Documents, CtR table, Debt service, Debt sustainability, Debt sustainability analysis, Financing request, Guidance note, IMF concessional lending, Informal Board, PRGT facilities framework, PRGT Safeguards., Public and publicly guaranteed external debt, Public and publicly-guaranteed external debt, Reducing debt vulnerability, SPS framework, SPS trigger, Transparency policy

Publication Details

You May Also Be Interested In...

Suriname: Ninth Review Under the Extended Arrangement Under the Extended Fund Facility, Request for a Waiver of Nonobservance of Performance Criterion, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Suriname

April 15, 2025

Antigua and Barbuda: 2025 Article IV Consultation-Press Release; and Staff Report

April 14, 2025

Argentina: Request for an Extended Arrangement Under the Extended Fund Facility-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Argentina

April 11, 2025

Principality of Andorra: 2025 Article IV Consultation-Press Release; and Staff Report

April 11, 2025