1. This note updates guidance on key operational aspects of the policy on Longer-Term Program Engagement (LTPE). The updated guidance reflects operational changes following the Board’s decision on April 30, 2015 to replace Ex Post Assessments (EPAs) for members with LTPEs with succinct ex post peer reviewed assessments (PRAs)1 to reflect on the lessons from the past for the design of successor arrangements or usage of the Policy Support Instrument (PSI).
See paragraphs 29–32, Selected Streamlining Proposals Under the FY16-FY18 Medium-Term Budget – Implementation Issues, 04/09/2015.
For the purpose of the PRA, new or successor program refers to all new Fund arrangements and PSIs.
When emergency financing mechanism is invoked, the PRA can be sent for comments to the peer review team at the same time as the policy note is sent to departments for review.