Press Release No. 16/46

Press Release: IMF Executive Board Discusses the 2015 Diversity and Inclusion Annual Report

February 5, 2016

On December 4, 2015, the Executive Board of the International Monetary Fund (IMF) discussed the 2015 Diversity and Inclusion Annual Report.

The Report, which covers the Fiscal Year (FY) to the end of April, is prepared by the IMF’s Diversity Office in consultation with the Inclusion and Diversity Council, is a Fund-wide representative body that provides guidance to management, department heads, and departmental Diversity Reference Groups on diversity-related matters. The Report is published annually on the Fund’s external website, and provides an accounting of the institution’s efforts to promote a more diverse and inclusive working environment for all employees.

Executive Board Assessment¹

Directors welcomed the opportunity to discuss the FY 2015 Diversity and Inclusion Annual Report. They emphasized that staff diversity and inclusion are important objectives to enhance the quality of the Fund’s work and engagement with member countries. Directors supported the priority areas suggested in the report. In particular, they welcomed the revisions to the Inclusion and Diversity Council to promote more engagement with senior managers. Directors noted the slow and uneven progress toward meeting the 2020 diversity benchmarks. In this regard, they urged the Diversity Council to identify and address key barriers to meeting the benchmarks, and design a strategy to guide departments in how they recruit, develop, and retain staff. They also urged the staff to enhance the monitoring of progress toward diversity benchmarks while continuing to improve overall accountability.

Directors welcomed the progress being made to increase the number of women at managerial levels. They noted, however, that more work needs to be done, and supported the Fund’s focus on developing women leaders and building a more gender balanced leadership pipeline, particularly in economist departments.

With respect to the benchmarks for staff from underrepresented regions (URR), Directors called for further efforts to increase the share of staff from these regions, particularly from Sub Saharan Africa and the Middle East and North Africa. Directors also highlighted the need to increase the share of staff from all underrepresented regions at managerial levels, and to support retention and promotion. They noted that this will require a concerted effort and called for a concrete action plan to analyze the factors constraining progress for underrepresented regions to achieve the 2020 diversity benchmarks. Some Directors stressed the need to sustain the progress achieved with staff from transition countries. A few Directors also noted the need to enhance diversity from under represented countries within regions.

Directors considered that, while regional and gender diversity remain the primary focus, increased attention should be given to educational diversity, including further efforts to continue to diversify recruitment and outreach beyond major U.S. campuses. Directors noted that other aspects of diversity, particularly language, schools of thought, and experience and expertise are also important for the Fund to be more responsive to members’ needs.

Directors agreed that for progress in diversity and inclusion to be sustainable, the Diversity Council, made up of leaders from across all departments, should develop a medium and longer term strategy on diversity and inclusion, and that management and leadership of all departments must be committed and take concrete actions to implement the strategy. Directors underscored the need for ongoing consultation among a wide variety of stakeholders, including the Staff Association Committee, URR staff, and the Executive Directors working group on underrepresented regions. Many Directors felt that a consistent and increased use of flexible work arrangements, along with modernizing benefits to meet the needs of the future workforce should be considered as a means to attract and retain diverse staff. Some Directors asked for an external review of the recruitment and promotion processes to identify areas in need of improvement.

Directors observed that it will take institutional perseverance and strong leadership to make sustained progress. They saw a clear and focused strategy that management and department heads consistently drive forward as the key to achieving a more diverse and inclusive work environment. They looked forward to future updates from staff and management on the progress being made.

¹ At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country's authorities. An explanation of any qualifiers used in summings up can be found here: http://www.imf.org/external/np/sec/misc/qualifiers.htm.