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IMF POLICY PAPER
MODIFICATION TO THE TRANSPARENCY POLICY
IMF staff regularly produces papers proposing new IMF policies, exploring options for reform, or reviewing existing IMF policies and operations. The following documents have been released and are included in this package:
July, 2022
The Staff Report, prepared by IMF staff and completed on June 24, 2022 for the Executive Board’s consideration on June 7, 2022.
The IMF’s transparency policy allows for the deletion of market-sensitive information and premature disclosure of the authorities’ policy intentions in published staff reports and other documents.
Electronic copies of IMF Policy Papers are available to the public from
http://www.imf.org/external/pp/ppindex.aspx
International Monetary Fund
Washington, D.C.
© 2022 International Monetary Fund
Title page
MODIFICATION TO THE TRANSPARENCY POLICY
June 24, 2022
EXECUTIVE SUMMARY
The new Debt Sustainability Framework for Market Access Countries (MAC SRDSF) contemplates certain output that would be shared with the Board but that would need to be deleted from Country Documents before publication. A targeted modification to the Transparency Policy—proposed in this paper—is required for such deletions to be applied across market access Country Documents rather than on a case-by-case basis. The MAC SRDSF output to be deleted before publication consists on: (i) the near-term risk assessment; (ii) when debt is assessed to be sustainable, the qualification “with high probability” or “but not with high probability”, unless such qualification is required for use of Fund resources; and (iii) the mechanical signal on debt sustainability.
Approved By
Jeromin Zettelmeyer
Prepared by an IMF team led by Manrique Saenz (SPR), consisting of Geoff Keim (SPR), Ioana Lucca (LEG), Murna Morgan (SPR).
Contents
INTRODUCTION
MODIFICATION TO THE TRANSPARENCY POLICY
Proposed Decision
TABLE
1. MAC SRDSF Output and Applicable Deletions Under Modification to Transparency Policy
ANNEX
I. Application of Automatic Deletions to the MAC SRDSF Output