This note updates an earlier version of the operational guidance note, in light of the Board discussion of Omnibus Paper on Easing Work Pressures. The guidance note for ex post evaluations of exceptional access arrangements has also been updated.
See Review of Ex Post Assessments and Issues Related to the Policy on Longer-Term Program Engagement.
Fund financial arrangements that qualify for the definition of LTPE are those drawing on upper credit tranche GRA or PRGF-ESF/PRGT resources, or any blend of the two. An outright purchase under the ESF, RAC, RCF, or ENDA/EPCA does not count towards LTPE.
This timing for the preparation of EPAs applies to all new arrangements, including those precautionary upon approval, and to PSIs.
In most cases, the EPA should not be initiated at the staff level until the last year of the existing PRGF- ESF/PRGT arrangement and the last six months for an arrangement under the GRA. In a few cases, the timing of the EPA may diverge from these best practice guidelines to take account of special country-specific circumstances, such as when market pressures require a swift Fund response.
The text of EPA reports should remain below 5,000 words (excluding tables of content, list of acronyms, tables and appendices). This would keep EPA reports in line with a similar limit for regular non-systemic Article IV staff reports as described.
Given their streamlined nature, EPA updates are expected to be not more than half the length of a full report, i.e., around 2,500 words.
Affected countries include, over 2009 and 2010, Albania, Benin, Cameroon, Chad, Gambia, Kyrgyz Republic, Madagascar, Malawi, and Mauritania—if these members request a successor program.
In any case, the team leader should not be the current or previous mission chief.
As described in footnote 1, guidelines to ex post evaluations have also been updated.
For instance, in cases where market pressures require a swift consideration by the Board of a member’s request for a new Fund-supported program.
See the Guidance Note on the Fund’s Transparency Policy.
The non-objection basis comes into effect on March 17, 2010, reflecting the new Transparency Policy Decision of December 2009.