Decision No. 14280 - (09/29), March 24, 2009.
Since 2005, new facilities and instruments include the Flexible Credit Line (FCL) and the Precautionary Credit Line (PCL) for all IMF member countries; and the Policy Support Instrument (PSI), the Rapid Credit Facility (RCF), the Stand-by Credit Facility (SCF), and the Extended Credit Facility (ECF), along with the Exogenous Shocks Facility (which was discontinued with the introduction of the SCF), for low-income countries.
Thus, the review would exclude assessment of conditionality or program design under the Emergency Natural Disaster (ENDA) facility, the Emergency Post-Conflict Assistance (EPCA) facility, the rapid access component of the ESF (ESF-RAC), and the RCF. Staff-monitored programs will also be excluded.
“Design of Fund-Supported Programs—Overview” (www.imf.org/external/np/pdr/2004/eng/design.htm). The review included three background papers: “Fund-supported Programs: Objectives and Outcomes” (www.imf.org/external/np/pdr/2004/eng/obiect.htm); “Policy Formulation, Analytical Frameworks and Program Design” (www.imf.org/external/np/pdr/2004/eng/policy.htm); and “Macroeconomic and Structural Policies in Fund-Supported Programs: Review of Experience” (www.imf.org/external/np/pdr/2004/eng/macro.htm).
“Review of the 2002 Conditionality Guidelines” (www.imf.org/external/np/pp/eng/2005/030305.htm). The analysis was limited for programs approved later in the period and also included comparisons to programs approved during 1995-2000.
”Statement of the IMF Staff - Principles Underlying the Guidelines on Conditionality, Revised Jan. 9, 2006” (www.imf.org/external/np/pp/eng/2006/010906.pdf) and “Operational Guidance to IMF Staff on the 2002 Conditionality Guidelines” revised January 9, 2006 (www.imf.org/external/np/pp/eng/2006/010906g.pdf).
“Independent Evaluation Office - Structural Conditionality in IMF-Supported Programs” (http://www.ieo-imf.org/eval/complete/pdf/01032008/SCmainreport.pdf) and “Implementation Plan in Response to Board-Endorsed Recommendations Arising from the IEO Evaluation of Structural Conditionality in IMF-Supported Programs (www.imf.org/external/np/pp/eng/2008/040808.pdf). See also Public Information Notice (PIN) No. 08/52.
“Operational Guidance to IMF Staff on the 2002 Conditionality Guidelines”, revised July 10, 2008 (http://www.imf.org/external/np/pp/eng/2008/071008.pdf).
This change was reflected in the “Operational Guidance to IMF Staff on the 2002 Conditionality Guidelines” revised January 25, 2010 (www.imf.org/external/np/pp/eng/2010/012510a.pdf). See also “Conditionality in Fund-Supported Programs—Purposes, Modalities, and Options for Reform” (www.imf.org/external/np/pp/eng/2009/012909.pdf) and Public Information Notice (PIN) No. 09/41.
“Creating Policy Space - Responsive Design and Streamlined Conditionality in Recent Low-Income Country Programs” (www.imf.org/external/np/pp/eng/2009/091009A.pdf).
Consequently, as the first PCL was approved only in early 2011, the review will not cover conditionality or program design issues related to this instrument.