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Definitions

 

Operational Policies (OPs): are short, focused statements of policy that are based on the Bank's Articles of Agreement, the General Conditions, and policies approved by the Bank’s Executive Directors. OPs set out the mandatory policy requirements for the conduct of Bank operations.

Policy: a statement of broad substantive policy principles that require, permit or constrain Bank activities to achieve institutional goals.

Bank Procedures (BPs): are statements setting out the general mandatory procedural requirements necessary for Bank staff to carry out the policies set out in the OPs. They are designed to ensure Bankwide consistency and quality in Bank operations.

Directive: a statement of substantive directions, within Management’s authority, that require, permit or constrain activities. If accompanied by a Policy, the statement provides substantive details (methods, criteria and technical information) on how to implement the Policy. The statement may also address matters not covered by a Policy.

 

Operational Memoranda (OpMemos): are interim mandatory requirements designed to elaborate on requirements in OPs/BPs or to reflect changes to the OPs/BPs which have not yet been incorporated in the OPs/BPs concerned. Once the requirements in OpMemos are incorporated into revisions of the pertinent OPs/BPs, the Op Memos are retired.





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