This paper provides an early assessment of five initial programs supported by the IMF’s new facility supported by the Resilience and Sustainability Trust to address two longterm challenges, climate change and pandemic preparedness. We find that its operations can be strengthened to better achieve the underlying objectives. They include: paying greater attention to depth of program measures; ensuring that the overall number of program conditions are not excessive to unduly strain the capacity of countries; better coordinating program support with the provision of diagnostics by international financial institutions identifying reform measures to be included in the program; reporting the share of climate-related investment in total investment in countries receiving support from the new facility; and including measures to prepare for pandemics in the subsequent programs.