Policy Papers
2009
November 11, 2009
Report on the Technical Assistance Evaluation Mission to the People's Republic of China
Description: As part of the IMF Statistics Department (STA)' s program to evaluate its technical assistance (TA) and training provided to member countries, and with the support of the Chinese authorities and the Fund’s Asia and Pacific Department (APD), a TA/training evaluation mission visited China during March 16-20, 2009. The objectives of the mission were to: (1) evaluate the effectiveness of STA’s TA and training to China during the period 2003-2008; (2) elicit China’s views on how to broaden and enhance the technical cooperation between STA and China; (3) consider the role of the General Data Dissemination System (GDDS) in support of China’s statistical development; and (4) discuss TA and training priorities for the next two years.
November 11, 2009
Framework Administered Account for Selected Fund Activities—European Commission Subaccount for Selected Fund Activities
Description: The Fund, represented by the Managing Director, has reached understandings with the European Commission (EC), to finance capacity building (technical assistance and training) and related activities. On the basis of these understandings, the Managing Director and EC President Barroso signed a framework agreement on January 12, 2009. The provisions of the framework agreement serve as the essential terms and conditions of the Subaccount with respect to the nature, design, and implementation of the activities to be financed and the method by which the costs of the activities will be financed from the Subaccount.
November 11, 2009
Framework Administered Account for Selected Fund Activities—European Investment Bank Subaccount for Selected Fund Activities
Description: The Fund, represented by the Managing Director, has reached understandings with the EIB to finance capacity building (technical assistance and training) and related activities. On the basis of these understandings, the Managing Director has established the essential terms and conditions of the Subaccount, with which EIB concurs, with respect to the nature, design, and implementation of the activities to be financed and the method by which the costs of the activities will be financed from the Subaccount.
November 11, 2009
Framework Administered Account for Selected Fund Activities-The Socialist People's Libyan Arab Jamahiriya Subaccount for Selected Fund Activities
Description: The Fund, represented by the Managing Director, has reached understandings with Libya acting through the Central Bank of Libya (“Libya”), to finance capacity building (technical assistance and training) and related activities. On the basis of these understandings, the Managing Director has established the essential terms and conditions of the Subaccount, with which The Socialist People’s Libyan Arab Jamahiriya concurs, with respect to the nature, design, and implementation of the activities to be financed and the method by which the costs of the activities will be financed from the Subaccount.
November 11, 2009
Framework Administered Account for Selected Fund Activities-Germany Subaccount for Selected Fund Activities
Description: The Fund, represented by the Managing Director, has reached understandings with Germany acting through the German Federal Ministry of Economic Cooperation and Development (“Germany”), to finance capacity building (technical assistance and training) and related activities. On the basis of these understandings, the Managing Director has established the essential terms and conditions of the Subaccount, with which Germany concurs, with respect to the nature, design, and implementation of the activities to be financed and the method by which the costs of the activities will be financed from the Subaccount.
November 4, 2009
Borrowing Agreement with Danmarks Nationalbank
Description: In light of the multilateral effort to ensure the adequacy of the financial resources available to the International Monetary Fund (the “Fund”), and with a view to supporting the Fund’s ability to provide timely and effective balance of payments assistance to its members, Danmarks Nationalbank agrees to lend to the Fund an SDR-denominated amount up to the equivalent of EUR 1.95 billion, on the terms and conditions set out in this paper.
November 2, 2009
The Flexible Credit Line—Guidance on Operational Issues
Description: The Flexible Credit Line (FCL) was introduced as part of a package of reforms to the Fund’s lending facilities in March 2009. The following provides operational guidance and further background information on the FCL. SPR (the Emerging Markets Division), FIN, and LEG stand ready to clarify any further questions departments may have on the FCL or other aspects of the reforms to lending and conditionality.
October 26, 2009
Review of the Fund's Transparency Policy
Description:
The Fund has come a long way since the inception of its policy toward increased openness some ten years ago. Most Board documents are now published; the volume of information in the Fund’s archives has increased significantly; and the Fund has strengthened outreach efforts to explain its operations and views to the outside world.
Transparency and openness has become increasingly seen as a normal and essential part of the Fund’s business. There are significant benefits from increased transparency: it strengthens the Fund’s ability to influence public debate, subjects the Fund to outside scrutiny, and enhances the Fund’s legitimacy by making it more accountable. These benefits will only loom larger as the Fund takes on a larger role in calling out risks to the global economy, to help prevent future economic and financial crises. Indeed, in today’s world openness from public institutions like the Fund is generally expected.
October 23, 2009
Statement by the Managing Director on the Work Program of the Executive Board Executive Board Meeting November 4, 2009
Description: The Fund, called on to support a global response to the global crisis, has delivered with strengthened surveillance, policy advice and financing with modernized instruments. As I noted in Istanbul, where the membership expressed its appreciation for these accomplishments, we need to focus in the months ahead on four key reform areas—the Istanbul decisions, namely our mandate, our financing role, multilateral surveillance, and governance—while supporting the consolidation of the nascent upturn and helping to establish a stronger post-crisis global economy. Building on the work that we have completed in recent months (Table 1), the noncountry work program set out in Table 2 (which leaves aside country items such as Article IVs and program reviews) aims to accomplish these objectives. This work program is no less ambitious and taxing than the one we have just completed, but I am sure that we can successfully meet this challenge.
October 20, 2009
Mauritius - Assessment Letter for the World Bank and African Development Bank
Description: Mauritius has a long and sustained track record of implementing strong policies, and the authorities have responded appropriately to the global financial crisis by easing macroeconomic policies. While the crisis response has halted the decline in public debt, the public finances are fundamentally sound and external debt is sustainable. In light of the flexible exchange rate, the country’s current reserve position is comfortable, and banks have remained liquid and profitable. With these strong economic fundamentals and an effective institutional policy framework, Mauritius is well placed to weather the current challenges.