Review Of The Flexible Credit Line The Short Term Liquidity Line And The Precautionary And Liquidity Line And Proposals For Reform
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Review of the Flexible Credit Line, The Short Term Liquidity Line and the Precautionary and Liquidity Line, and Proposals for Reform
Author: International Monetary
language: en
Publisher: International Monetary Fund
Release Date: 2023-10-06
The Fund’s precautionary toolkit rests on the simple proposition that facilitating crisis prevention is far less costly than crisis resolution. Its value increases with systemic risk. Serial shocks to the global trading and financial systems pose significant and persistent headwinds for well-integrated emerging markets. An adequately funded global financial safety net (GFSN) with a suite of precautionary tools allows qualifying members to respond to balance of payments (BoP) shocks, reducing the incidence of crises and limiting contagion. The Fund is the only layer of the GFSN available to all members; other layers vary in their availability and externalities. In this context, the overarching objective of this review of the Flexible Credit Line (FCL), Short-term Liquidity Line (SLL), and Precautionary and Liquidity Line (PLL) is to ensure that the precautionary facilities toolkit (henceforth “the toolkit”) is fit for purpose for the challenges ahead.
Precautionary and Liquidity Line - Operational Guidance Note
Author: International Monetary Fund. Strategy, Policy, & Review Department
language: en
Publisher: International Monetary Fund
Release Date: 2025-04-30
This note provides operational guidance on the use of the Precautionary and Liquidity Line (PLL). After an overview of the instrument explaining its specific nature, the operational issues are grouped into six areas: an outline of the process and specific steps that need to be followed if a member expresses interest in an arrangement; guidance on determining qualification of a member; guidance on access, phasing, ex-post conditionality, review process; guidance on purchases; guidance on communication of expiration or cancellation; and guidance on interaction with other instruments. The note is an aid to the implementation of the policy and its underlying principles. If there is any instance in which a provision of the guidance note or its implementation conflicts with Board policy, Board policy prevails. It will be revised as needed, for example, following relevant policy reviews.
Flexible Credit Line and Short-Term Liquidity Line - Operational Guidance Note
Author: International Monetary Fund. Strategy, Policy, & Review Department
language: en
Publisher: International Monetary Fund
Release Date: 2025-04-30
This note provides operational guidance on the use of the Flexible Credit Line (FCL) and the Short-Term Liquidity Line (SLL). After an overview of each instrument, explaining its specific nature, the operational issues are grouped into five areas: an outline of the process and specific steps that need to be followed if a member expresses interest in an arrangement; guidance on the modalities of concurrent use of the two instruments; guidance on interaction with other instruments; guidance on determining qualification of a member; and a how-to guide for determining appropriate access levels. The note is an aid to the implementation of the policy and its underlying principles. If there is any instance in which a provision of the guidance note or its implementation conflicts with Board policy, Board policy prevails. It will be revised as needed, for example following relevant policy reviews.