Policy Coordination Instrument — Updated Operational Guidance Note

Policy Coordination Instrument — Updated Operational Guidance Note
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Volume/Issue: Volume 2024 Issue 020
Publication date: April 2024
ISBN: 9798400274213
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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Exports and Imports , Money and Monetary Policy , Public Policy - Social Services and Welfare , Political Economy , PCI , UCT , Guidance Note , non-financial instrument , IMF , PCI policy , SCF arrangement , PCI program , PCI review cycle , transparency policy , Poverty reduction strategy , Arrears , Balance of payments need , Global

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.