Policy Papers

October 7, 2009

Third Periodic Monitoring Report on the Status of Implementation Plans in Response to Board-Endorsed IEO Recommendations

Description: Periodic Monitoring Reports (PMRs) were established by the Executive Board in January 2007 to ensure the systematic monitoring of those IEO recommendations that the Board has endorsed. The first PMR was discussed by the Executive Board in January 20081 and the second PMR was discussed by the Evaluation Committee (EVC) in November 2008.2 This third report updates the status of the performance benchmarks related to IEO evaluations covered in the first and second PMRs and listed in Periodic Monitoring Report on the Status of Implementation Plans in Response to Board-Endorsed IEO Recommendations, Table 5. It also updates the implementation status of the management implementation plan (MIP) for Board-endorsed recommendations stemming from the IEO evaluation of "Structural Conditionality in IMF-Supported Programs."

October 3, 2009

Executive Board Report to the IMFC on Reform of Fund Governance

Description: This paper responds to the request in the April 2009 IMFC communiqué for the Executive Board to report on governance reform. The current crisis has shown that the Fund’s decision-making structures can deliver the kind of innovative and rapid responses the membership needs and expects. Even so, there is an undercurrent of doubt about the future, reflecting the perception that much of the recent responsiveness has been driven by outside forces (e.g., the G-20) and that, once the crisis fades, old dissatisfactions with vote, voice and process will resurface to undermine the political backing that has been key to the Fund’s renewal. Hence, the IMFC’s interest in reforms to underpin the institution’s legitimacy and effectiveness is important and timely. This report focuses on five areas: fair quota share; high-level engagement; effective decision-making and representation at the Executive Board; open selection of management (and, more broadly, staff diversity); and updating of the Fund’s mandate.

October 2, 2009

Progress Report on the Activities of the Independent Evaluation Office

Description: Since its last report to the IMFC in April 2009, the IEO has completed its evaluation report on IMF Involvement in International Trade Policy Issues; released the issues papers for the evaluations on the IMF’s role in the run-up to the present crisis and on IMF research; and also issued the 2009 Annual Report.

September 30, 2009

Statement by the Managing Director to the International Monetary and Financial Committee on the IMF's Post-Crisis Role

Notes: This issues note is intended as background for discussions at the upcoming IMFC meeting.

September 30, 2009

Key Issues Note by the IMF Managing Director to the IMFC on the Global Economy and Financial Markets—Outlook and Policy Responses

September 28, 2009

The Implications of the Global Financial Crisis for Low-Income Countries—An Update

Description: Low-income countries are being hit hard by the global financial crisis. They are facing a sharp contraction in export growth, FDI inflows, and remittances, and lower-than-committed aid. But a marked recovery is in prospect for 2010 helped by rising world demand and supported by short-term domestic policies.

Countries are using fiscal and other policies to respond to the crisis and should continue to do so, where appropriate, until the economic recovery is clearly underway. However, the risks to debt sustainability are rising and countries should begin preparing to realign policies toward medium-term sustainability once the recovery is clearly on the move. Additional highly concessional donor support is needed to ensure that countries are not forced to make these adjustments prematurely, and to facilitate a smooth return to a sustainable debt path, with strong growth, over the medium term.

September 28, 2009

Provisional Agenda for the Twentieth Meeting of the International Monetary and Financial Committee

September 24, 2009

Update on the Financing of the Fund's Concessional Assistance and Debt Relief to Low-Income Member Countries

Description: This paper provides a semi-annual review of the status of financing for the Fund’s concessional lending and debt relief to low-income countries (LICs). Since the last review, the Executive Board has approved comprehensive reforms of the Fund’s concessional lending instruments and financing framework.

This update is based on data available at end-August and also takes into account the implications of these reforms.

September 18, 2009

Framework Administered Account for Selected Fund Activities—West Africa Regional Technical Assistance Center (AFRITAC West) Subaccount

Description: In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund activities (the “SFA Instrument”).

The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of a subaccount within the SFA. The subaccount for the West Africa Regional Technical Assistance Center (AFRITAC West) would be the fourth one under the SFA.

This paper requests Executive Board approval to establish the AFRITAC West subaccount under the terms of the SFA Instrument.

September 17, 2009

Framework Administered Account for Selected Fund Activities—East Africa Regional Technical Assistance Center (AFRITAC East) Subaccount

Description: In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund activities (the “SFA Instrument”). The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of a subaccount within the SFA.

The subaccount for the East Africa Regional Technical Assistance Center (AFRITAC East) would be the third one under the SFA.

This paper requests Executive Board approval to establish the AFRITAC East subaccount under the terms of the SFA Instrument.