The IMF’s Exceptional Access Policy

Full Text of the Main Report

Executive Summary

English

1. Introduction
2. Rationale and Evolution of Exceptional Access Policy
3. Experience with EA Program Design and Outcomes
4. The Four Criteria
5. EAP Procedures
6. Main Findings
7. Recommendations
Annex 1. Exceptional Access Criteria: Policy Safeguards for High Combined Credit (GRA and PRGT)—A Comparison
Annex 2. Theory of Change: An Evaluation Tool
Annex 3. Abstracts of Background Papers
Annex 4. IMF Policies and Procedures that Facilitated Lending Above Normal Access Levels, 1977–97
Annex 5. Evolution of Exceptional Access Criteria
Annex 6. Access Limits and "Erosion" of Quotas
Annex 7. Surcharges
Annex 8. Enterprise Risk Assessment
Foreword
Statement by the Managing Director on the IEO Evaluation
Summing Up of the Executive Board Discussion
1. The IMF’s Exceptional Access Policy: Rationale and Evolution
Series Number: BP/24-02/01
Authors: Alisa Abrams and Vivek Arora
2. The IMF's Exceptional Access Policy: Program Design and Outcomes in IMF-Supported Programs with Exceptional Access
Series Number: BP/24-02/02
Authors: Peter Montiel, Jérémie Cohen-Setton, and Jiakun Li
3. The IMF’s Exceptional Access Policy: Exceptional Access Criteria Part I: EAC1 and EAC4
Series Number: BP/24-02/03
Author: Yasemin Bal Gündüz
4. Exceptional Access Criteria Part II: Debt Sustainability and Market Access
Series Number: BP/24-02/04
Author: Aitor Erce
5. Strengthened Decision-Making Procedures Under Exceptional Access Policies
Series Number: BP/24-02/05
Author: G. Russell Kincaid
6. Ex Post Evaluations and Institutional Learning
Series Number: BP/24-02/06
Authors: Ajai Chopra and Jiakun Li
7. Exceptional Access in the Context of Global, Regional, and Country-Specific Shocks: Latvia, Pakistan, Jordan, Greece, and Ukraine Cases
Series Number: BP/24-02/07
Authors: Chris Lane and Sandra Saveikyte
8. The IMF’s Exceptional Access Policy in the 2018 Stand-By Arrangement for Argentina
Series Number: BP/24-02/08
Authors: Miguel de Las Casas and Carlos Pérez-Verdía
9. The IMF's Exceptional Access Policy in the 2020 Fund-Supported Program for Ecuador
Series Number: BP/24-02/09
Authors: Laura Alfaro and Miguel de Las Casas
10. The IMF’s Exceptional Access Policy in the 2020 Stand-By Arrangement and Rapid Financing Instrument for the Arab Republic of Egypt
Series Number: BP/24-02/10
Authors: Marcelo Giugale and Yasemin Bal Gündüz
IEO Releases Evaluation of The IMF’s Exceptional Access Policy
IEO Outreach Webinar
Implementation Plan in Response to the Board-Endorsed Recommendations from the IEO Evaluation of the IMF's Exceptional Access Policy