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IMF Executive Board Approves Temporary Streamlining of Procedures for Post Program Monitoring During Pandemic and Renaming of Policy
Washington, DC: On May 7, 2021, the Executive Board of the International Monetary Fund (IMF) approved temporary modifications to the modalities for itsPost Program Monitoring(PPM) until end-2022. The increase in IMF lending, including in the aftermath of the COVID-19 pandemic, has led to an unprecedented amount of credit outstanding, underscoring the need for appropriate safeguards to the IMF’s balance sheet. PPM is one such safeguard, providing a framework for deeper and closer engagement with members that have substantial outstanding IMF credit but are not in a program relationship. However, the ongoing pandemic is straining the capacity as well as resources for members and the Fund, given the need to focus efforts on immediate crisis-related work. ....

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