Annual Report of the Executive Board

Annual Report of the Executive Board

Annual Report of the Executive Board for the Financial Year Ended April 30, 2005

September 2005

WASHINGTON, D.C.

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Ordering Information

CONTENTS
File 1 124k pdf file	Message from the Managing Director
	The Executive Board
File 2 91k pdf file	Overview
		World economy
		Global economic risks
		The work of the Fund
File 3 388k pdf file	1.	Surveillance in action during FY2005
		Global surveillance
			World Economic Outlook • Global Financial Stability Report • Oil market developments
		Country surveillance
		Regional surveillance
			Sub-Saharan Africa • ECCU • Euro area • WAEMU
	2.	Strengthening surveillance and crisis prevention
		Biennial Review of Surveillance
			Focus and quality of analysis • Policy dialogue with country authorities • Communication and signaling • Assessing the effectiveness of surveillance • Use of staff resources
		Financial sector surveillance
			Financial Sector Assessment Program • Gaps in financial sector regulation • Monetary policy implementation at different stages of market development • Offshore financial centers
		Balance sheet approach, debt, and liquidity
			Debt-related vulnerabilities • Liquidity management
		Policy monitoring, precautionary arrangements, and signaling
		Standards and codes, and data provision to the Fund
			Resource revenue transparency • Data standards • Guide to GDDS • External Debt Database • Data and metadata for portfolio and direct investment • Enhanced data reporting
File 4 266k pdf file	3.	Strengthening IMF program support and crisis resolution
		2004–05 Conditionality Review
			Design of IMF-supported programs • Experience with 2002 Conditionality Guidelines • Ex post assessments
		Financial facilities and policies
			Access policy • Activation of Trade Integration Mechanism Crisis resolution
			Collective Action Clauses • Principles for Stable Capital Flows and Fair Debt Restructuring • Evian approach
		Looking forward
	4.	The IMF’s role in low-income countries
		Review of the Fund’s role and operations
		Strengthening instruments for supporting low-income countries
			PRSPs: progress in implementation • Access to financial support • Emergency assistance for natural disasters • Post-program monitoring • Policy support and signaling
		Debt relief and sustainability
			Further debt relief • Debt sustainability framework
		Mobilizing international support
			Board review of aid effectiveness • Global Monitoring Report
File 5 160k pdf file	5.	Financial operations and policies
		External Financing
			Lending • Resources and liquidity
		Concessional financing activities
			Poverty Reduction and Growth Facility • Enhanced HIPC Initiative • Financing of PRGF subsidies and the HIPC Initiative • Investments to support concessional financing and HIPC Initiative assistance • Emergency assistance
		Income, charges, remuneration, and burden sharing
		Credit risk management and precautionary balances
		Quota developments
		SDR developments
			SDR operations and transactions
		Safeguards assessments
		Arrears to the IMF
		External audit mechanism
File 6 343k pdf file	6.	Technical assistance and training
		Technical assistance delivery in FY2005
		IMF Institute
		External financing
		Reviewing and enhancing effectiveness
			IEO evaluation of technical assistance • Evaluation of the AFRITACs
	7.	Governance and management of the IMF
		Administrative and capital budgets
		Human resources
		Organization
	8.	Cooperation, communication, and outreach
		Cooperation with other international organizations
		External communication and outreach
File 7 210k pdf file	Appendixes
	I	International reserves
	II	Financial operations and transactions
	III	Principal policy decisions of the Executive Board
	IV	Press communiqués of the International Monetary and Financial Committee and the Development Committee
	V	Executive Directors and voting power, April 30, 2005
	VI	Changes in membership of the Executive Board
File 8 237k pdf file	VII	Financial statements, April 30, 2005
File 9 16k pdf file	Acronyms and Abbreviations