Press Release No. 11/391

Press Release: IMF Work Program Focuses on Effective Crisis Response, Lending Toolkit, and Sharper Surveillance

November 2, 2011

On October 31, 2011, the Executive Board of the International Monetary Fund (IMF) considered the IMF's bi-annual work program through April 2012. The work program reflects the imperative to prioritize and focus on supporting an effective crisis response and underscores that, as the global economy and financial system evolve, the Fund is adapting to meet the needs of its members.

In this current fragile environment, the IMF will focus its efforts on the essential, IMF Managing Director Christine Lagarde said in presenting the work program to the Executive Board. “Our first responsibility is to help develop and coordinate solutions to immediate threats to global stability, in particular to provide insightful analysis and policy advice to address fiscal-financial vulnerabilities and rekindle growth and job creation,” Ms. Lagarde emphasized.

“The Fund has been called by the International Monetary and Financial Committee (IMFC) to contribute to an orderly resolution of tensions in the global economy, and the membership must be prepared for bold action” said Ms. Lagarde.  Work will also continue on forward-looking issues, including improvements in Fund surveillance, to prevent future crises.

The work program, published today, prioritizes efforts in these areas.  Areas of focus include:

• providing policy advice and cooperative solutions to enhance global stability, including on repairing balance sheets and looking at various aspects of growth and employment;
• bolstering the global safety net to respond to periods of heightened global and/or regional stress;
• assisting low income countries with policy advice and financial support; and
• promoting the long-term stability of the international monetary system, including by strengthening Fund surveillance.