Post-Program Monitoring Research Articles

Empowerment of Village Cooperative Enterprises For Economic Resilience During The Covid 19

The Covid 19 has changed the routine of the global community, including in Indonesia. This service program aimed to empower and develop the potential of village cooperative members, especially during the Covid 19 pandemic, especially in Kasihan village. This program was carried out in 3 stages, handwashing soap manufacture training, production of products to be marketed, and organizational training. The output of this program is the creation of ready-to-sell products, business and marketing strategies, packaging that meets health standards. The development of village cooperatives for the welfare of cooperative members is also the output of this empowerment program. Partners in this service program are the Kasihan hamlet community who are members of the Harum Manis Cooperative. The choice of this partner was chosen because the problems that the community has in the midst of the Covid 19 pandemic are very urgent to find a solution, and the Harum Manis has just started a business so that business programs are needed to develop. In order to achieve the success of this activity, material delivery, discussion and practical training, business and marketing training had been carried out. The steps were through observation of the service team to partner villages, delivery of organizational materials, workshops and mentoring, and post-program monitoring.

Post-Program Monitoring During The Pandemic

The increase in Fund lending in the aftermath of the Covid-19 pandemic, including emergency financing, has led to a record number of requests for financing last year, and to an unprecedented amount of credit outstanding. This underscores the need for appropriate safeguards to the Fund’s balance sheet. Post Program Monitoring (PPM) is one such safeguard, which provides a framework for deeper and closer engagement with members that have substantial outstanding Fund credit but are not in a program relationship.

Substance Abuse Disorder in Nursing: Evaluation and Recommendation for Regulatory Monitoring Program Performance Measures and Enhancement.

Outcome measures for individual states' nursing professional alternative-to-discipline (ATD) programs have historically ceased beyond successful fulfillment of active program monitoring, leaving a gap in affirmation of sustained postprogram efficacy. The project objective challenges the absence of profession-specific postmonitoring practice, affording qualitative evaluation of the program's impact to professional nursing. The pilot study's 8-week process improvement PICO(T) seeks validation of incorporating postprogram monitoring to validate program efficacy, conceptualizing framework guidelines established by the Federation of State Physician Health Programs' Performance Enhancement Review. Study efforts encompass identified needs assessment, current practice through outcome recommendations, and access of developed online mixed-methods appraisal with an emphasis on qualitative analysis, questioning the alumni's state of sobriety, perspective related to program participation, workforce contribution to professional practice, and intent to remain in nursing. The proposed alumni graduate status between 2 and 5 years from program completion resulted in an 11% response rate: 90% reported zero relapse since program completion; greater than 50%, willingness to participate as ATD or peer mentors; 90%, nursing licensure in good standing; and 66%, intent to remain working in profession over the next 5 years. Limitations constitute sample size, inception groundwork, and project constraints. Findings offer insight from alumni perspective, validation of literary support, and organizational interest for implementation. Contributions to nursing practice embody care of the caregiver ideology and offer future collaboration with ATD programs at state, national, and global levels to support sustained recovery of professionals affected with substance use disorder.

Ghana

The ECF-supported program was completed successfully in March. Since then, the authorities have maintained macroeconomic stability, building on the achievements of the last years. Growth remains strong and inflation is well within the target band. However, while the fiscal stance has improved in recent years, it continues to put pressure on the external position and has not completely offset the impact of contingent liabilities on public debt, which continues to rise. Given Ghana’s history of budget cycles, the 2020 election will be a key test of the authorities’ continued commitment to fiscal discipline. Ghana is now under Post-Program Monitoring.

Greece

Greece’s economic recovery continues, but it has fallen far short of expectations. The new government elected in July has pledged to follow pro-growth policies while honoring fiscal and structural policy commitments to Euro Area (EA) member states, but its ability to overcome vested interests has yet to be tested. Public debt is projected to trend down over the next decade, though long-term sustainability is not assured under realistic macro-fiscal assumptions. Still-weak bank balance sheets act as a drag on growth prospects and pose significant fiscal and financial stability risks. These and other factors leave Greece vulnerable to a range of external and domestic shocks. Greece owes the Fund SDR 6.7 billion and is under Post-Program Monitoring (PPM). The authorities have asked the European Institutions (EIs) for approval to prepay the portion (SDR 2.2 billion) that is subject to surcharges.

Albania

Albania’s economy continues to strengthen, benefitting from rising domestic demand, large energy-related FDI, and a recovery in key EU trading partners. Fiscal and financial vulnerabilities have been lowered; however, challenges remain from the high level of public debt and financing needs, non-performing loans (NPLs), and institutional weaknesses that hinder investment. The clear government mandate following election victory in June, the favorable economic outlook, and the prospects for opening negotiation for EU accession provide a window of opportunity to resume implementing the reform agenda. Albania remains under Post-Program Monitoring.

Guidance Note on Post Program Monitoring

operational guidance to staff on the implementation of post-program monitoring (PPM). It is based on the policy paper Strengthening the Framework for Post-Program Monitoring and the related Board discussion and summing-up, and supersedes the guidance note issued in March 2010.

Albania: Ninth and Tenth Reviews Under the Extended Arrangement, and Proposal for Post-Programmonitoring-Press Release; Staff Report; and Statement by the Excutive Director for Albania

This paper discusses Albania’s Ninth and Tenth Reviews under the Extended Arrangement and Proposal for Post-Program Monitoring. All performance criteria were met, although of the three indicative targets were missed by a narrow margin. Eleven structural benchmarks were also implemented. Over the past three years, the authorities have met most quantitative targets and have made good progress in implementing the structural reform agenda under the program, albeit with some delays. The IMF staff supports the completion of the Ninth and Tenth Reviews under the Extended Arrangement.

Ireland: 2016 Sixth Post-Program Monitoring Discussions-Press Release; and Staff Report for Ireland

Ireland: 2016 Sixth Post-Program Monitoring Discussions-Press Release; and Staff Report for Ireland

Post-program Monitoring - Proposed Decision on Countries

On July 1, 2016 the Executive Board adopted a decision to move to a more risk-based and focused framework for Post-Program Monitoring (PPM). The revised decision on PPM, which comes into effect on September 30, 2016, specifies absolute size and quota-based thresholds for establishing expectations as to when members would engage in PPM. Under the new framework, members would be expected to engage in PPM if their credit outstanding exceeds at least one of the applicable thresholds, unless the Managing Director considers that, in her view, the member’s circumstances are such that the process is unwarranted. Against that backdrop, this paper contains proposals to operationalize the new PPM decision.

Strengthening the Framework for Post Program Monitoring

Post-Program Monitoring (PPM) is an important part of the Fund’s safeguards architecture. It provides a framework for closer engagement with members that have substantial outstanding Fund credit but are no longer in a program relationship, and helps identify risks and provide advice on policies that will assist these members in repaying the Fund. The significant expansion in Fund credit since the global financial crisis, much of it through medium-term financing of members with high access levels, puts a premium on this form of monitoring. The design and implementation of the current policy can be strengthened.

Sri Lanka: Fourth Post-Program Monitoring Discussion-Press Release; Staff Report; and Statement by the Executive Director for Sri Lanka

This paper discusses recent economic developments, outlook, and policies required to stabilize the economy of Sri Lanka. Recent economic developments reflect a more challenging external environment as well as a sharpening of macro-financial imbalances that began emerging late in 2014. Fiscal consolidation has stalled, and public debt is set to rise in 2015. Monetary policy has been on hold since the last rate cut in April 2015, and there appears little room for additional easing. Quick action is needed to reestablish credible policies and restore confidence. Strong fiscal and monetary policies need to be implemented for sustainable economic growth in Sri Lanka.

Pakistan: Twelfth and Final Review Under the Extended Arrangement, Request for Waivers of Nonobservance of Performance Criteria, and Proposal for Post-Program Monitoring-Press Release; Staff Report; and Statement by the Executive Director for Pakistan

This paper discusses Pakistan’s Twelfth and Final Review Under the Extended Arrangement, Request for Waivers of Nonobservance of Performance Criteria (PCs), and Proposal for Post-Program Monitoring. The authorities met most PCs at end-June 2016, but the PCs on the budget deficit and Net Domestic Assets (NDA) of the State Bank of Pakistan were missed by small margins. They also met all program indicative targets. Structural benchmarks on financial sector reform, privatization, and energy sector reform were met. The IMF staff supports the authorities’ request for completion of the twelfth review under the arrangement and for waivers for nonobservance of the end-June PCs on the budget deficit and NDA.

Antigua and Barbuda: Staff Report for the 2014 Article IV Consultation and Second Post-Program Monitoring

KEY ISSUES Context. The new government that came to power in June 2014 inherited serious fiscal and external payments problems, including arrears to the Fund and other creditors, and unresolved banking sector problems. Moreover, public debt remains at an unsustainable level of close to 100 percent of GDP, while economic activity has been weak with output still well below the level reached at the time of the 2008/09 global financial crisis. Main policy recommendations • Implement fiscal measures equivalent to 2.8 percent of GDP in 2015 to tackle cash flow problems and achieve an underlying primary surplus of 3.0 percent of GDP by 2016 to address debt sustainability challenges. Underpin measures with structural fiscal reforms. • Use Citizenship by Investment Program revenues to pay down arrears and debt and fund bank resolution. The program should be managed in line with the high standards of governance and transparency set out in the law. • Move expeditiously as planned with the resolution of ABI Bank and support initiatives underway to strengthen the regional bank resolution framework, in particular, the passage of needed legislative reforms. • Improve competitiveness by moderating labor costs; increasing energy efficiency, including by better performance of the state-owned utility company; and improving the investment climate. Authorities’ views. The authorities broadly agreed with staff’s assessment of the economic situation and risks, and its recommendations to reduce fiscal vulnerabilities and strengthen the banking system. They were more optimistic about growth prospects for 2015 based on expectations for substantial FDI. They are opposed to increases in taxes and plan to focus fiscal efforts on cutting recurrent spending. On bank resolution, they wish to work closely with the Fund and World Bank to speedily address outstanding problems. They paid the arrears to the Fund and committed to timely servicing of Fund obligations. Data provision. Data provision is adequate for surveillance and post-program monitoring although significant areas for improvement remain, in particular on labor market statistics, measurement of arrears, financial information on state-owned enterprises, and national accounts by expenditure components.

Jordan: Seventh and Final Review Under the Stand-By Arrangement and Proposal for Post-Program Monitoring

Jordan: Seventh and Final Review Under the Stand-By Arrangement and Proposal for Post-Program Monitoring

Ireland: Third Post-Program Monitoring Discussions-Press Release; and Staff Report

Ireland: Third Post-Program Monitoring Discussions-Press Release; and Staff Report

Sri Lanka: Third Post-Program Monitoring Discussion-Staff Report; Press Release; and Statement by the Executive Director for Sri Lanka

Sri Lanka: Third Post-Program Monitoring Discussion-Staff Report; Press Release; and Statement by the Executive Director for Sri Lanka

Angola: Second Post-Program Monitoring; Press Release; and Statement by the Executive Director for Angola

Angola: Second Post-Program Monitoring; Press Release; and Statement by the Executive Director for Angola

Angola: Second Post-Program Monitoring; Press Release; and Statement by the Executive Director for Angola

Angola: Second Post-Program Monitoring; Press Release; and Statement by the Executive Director for Angola

St. Kitts and Nevis: Ninth and Final Review Under the Stand-By Arrangement, Request for Waiver of Nonobservance of Performance Criterion, and Proposal for Post-Program Monitoring-Staff Report; Press Release

KEY ISSUES Stand-By Arrangement (SBA): The 36-month SBA for SDR 52.51 million (590 percent of quota) was approved on July 27, 2011. The seventh and eighth reviews were completed on March 19, 2014, together with the 2014 Article IV consultation. The authorities plan to continue to treat the arrangement as precautionary, which they began at the last review, and have repaid early a portion of the Fund’s outstanding credit (about 125 percent of quota). Context: Growth is expected to continue at a relatively rapid pace, following a stronger- than-expected recovery of nearly 4 percent in 2013, after a four-year contraction. This reflects rapid expansion in construction related to large Citizenship-by-Investment inflows, and a substantial increase in public sector investment, as well as support from the People Employment Program (PEP). The ECCB is investigating the reclassification of two public sector loans targeted for restructuring that may adversely impact banks’ financial soundness indicators. Program performance: Substantial strides have been made under the government’s home-grown economic program. Fiscal sustainability has improved, debt was substantially reduced and is on a downward path, the financial sector has remained stable, and key structural reforms have been implemented. The fiscal program is on track and all performance criteria were met with the exception of the continuous performance criterion on external arrears. The external arrears were minor and quickly repaid. Progress on the implementation of structural reforms is slow, with delay in one of the two benchmarks that were to be completed for this review, which is now a prior action. Review: The authorities continue to demonstrate their commitment to their home- grown program, and are on track to meet the 2014 fiscal targets. They also plan to press ahead with their structural reform agenda and complete reforms initiated under the program. With ongoing implementation of prudent fiscal management, the authorities are on track to reduce debt to 60 percent of GDP by 2020. In accordance with Fund policy, the Managing Director is recommending the initiation of Post-Program Monitoring (PPM).