Instead of providing cheap loans to member countries, the new IMF tool will serve as a good housekeeping seal of approval for a government's reform program.
With that approval in hand governments would be more likely to be able to access other forms of financing from banks and bond markets, the IMF said in a statement.
"The new instrument is designed to help countries unlock financing from official and private donors and creditors," the IMF said.
"It enables them to signal commitment to reforms and catalyze financing from other sources."
The IMF last week revived a rarely-used mechanism under which it approved a one-year loan to Greece but withheld the disbursement of funds until the country receives significant debt relief from its eurozone partners.
That had a similar effect as the new tool: allowing Greece to return to markets this week to issue three billion euros (USD 3.5 billion) worth of five-year bonds, and removing a major roadblock in the negotiations with the euro area.
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