Report on the Incidence of Longer-Term Program Engagement
Author: International Monetary Fund
Publication Date:
03 Jul 2013
eISBN:
9781498341554
Language:
English
Keywords:
successor arrangement; EPA update; PRGT arrangement; LTPE case; Gra arrangement
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Longer-term program engagement (LTPE) occurs when a member has spent at least seven of the past 10 years under Fund-supported financial arrangements. In response to the Executive Board’s request for periodic updates on the incidence of LTPEs, this is the fourteenth such report and provides information through July 1, 2013.

Abstract

Longer-term program engagement (LTPE) occurs when a member has spent at least seven of the past 10 years under Fund-supported financial arrangements. In response to the Executive Board’s request for periodic updates on the incidence of LTPEs, this is the fourteenth such report and provides information through July 1, 2013.

An Update to the Report

1. Longer-term program engagement (LTPE) occurs when a member has spent at least seven of the past 10 years under Fund-supported financial arrangements. 1 In response to the Executive Board’s request for periodic updates on the incidence of LTPEs, this is the fourteenth such report and provides information through July 1, 2013.2

2. An Ex Post Assessment (EPA) is required for members considered as having LTPE that wish to request successor arrangements, provided at least five years have passed since the last EPA for the member.3 As of July 1, 2013, the Executive Board had discussed EPAs for 53 members. Two more LTPE cases were assessed since the last update to the Executive Board (Armenia and Burkina Faso).

3. Thirteen members, all PRGT eligible (with Armenia currently having both PRGT and GRA arrangements), met the LTPE definition as of July 1, 2013. Since the time of the last report, São Tomé and Príncipe was added to the list of countries with LTPE status. Georgia, Nicaragua, and Rwanda have ceased to meet the LTPE definition.

4. Should a successor arrangement be requested, an EPA report for Grenada would be required. 4

Table 1.

Ex Post Assessments Considered by the Executive Board and Member’s LTPE Status

(As of July 1, 2013)

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Source: IMF staff.

Excluding the Policy Support Instrument. Arrangement and LTPE status at the time of the EPA.

And 6th Review under PRGF.

And ex post evaluation of exceptional access.

EPA Update.

An EPA report, rather than an EPA update, was required since during the period relevant for the update, a program has been interrupted for more than six months.

Table 2.

Members with Longer-Term Program Engagement

(As of July 1, 2013)

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Source: IMF staff.

Members that have had at least seven years of non-precautionary Fund financial arrangements in the last ten years.

Excluding the Policy Support Instrument (PSI).

The member currently has both PRGT and GRA arrangements, but will cease to be PRGT-eligible on the date of the expiration of the current PRGT arrangement (September 27, 2013).

1

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, ENDA/EPCA, or RFI does not count towards LTPE. Further, time spent under the Policy Support Instrument (PSI), the precautionary use of the Flexible Credit Line (FCL), Precautionary and Liquidity Line (PLL), or the GRA or PRGT resources that remain undrawn throughout the arrangement does not count toward LTPE. For a complete definition of LTPE, see “Public Information Notice of Ex Post Assessments and Issues Related to the Policy on Longer-Term Program Engagement,” (PIN/06/96, 08/10/06); report entitled “Review of Ex Post Assessments and Issues Relating to the Policy on Longer-Term Engagement”; and “Ex Post Assessment of Members with Longer-Term Program Engagement—RevisedGuidance Note”.

2

This report provides an update since the last report to the Executive Board from July 2012.

3

The Executive Board approved, on August 28, 2009, modifications to the procedures for EPAs in light of the Board discussion of Omnibus Paper on Easing Work Pressures. The changed procedures are discussed in detail in the Revised Guidance Note for Ex Post Assessment of Members with Longer-Term Program Engagement.

4

EPA updates are not required for Mali, Mauritania, and Sierra Leone because an assessment has been prepared within the past five years (Table 1).

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Cover Policy Papers
Report on the Incidence of Longer-Term Program Engagement
Author: International Monetary Fund
Volume/Issue:
Volume 2013: Issue 059
Publisher:
International Monetary Fund
ISBN:
9781498341554
ISSN:
2663-3493
Pages:
5
DOI:
https://doi.org/10.5089/9781498341554.007