Policy Papers
2009
April 17, 2009
Statement by the Managing Director on the IMF's Crisis Response and Reform Agenda
Description: Crisis response to date. As the world economy has become engulfed in the worst crisis in many generations, the Fund has mobilized on many fronts to support its member countries. We have responded with prompt, large and flexible financial support where needed. Our monitoring, forecasts, and policy advice, informed by a global perspective and by experience from previous crises, have been in high demand. We have deployed a broad financial safety net, through an overhaul of our general lending framework that makes it better suited to members’ needs, and by garnering pledges for a massive increase in Fund resources. And we have contributed to the ongoing collective effort to draw lessons from the crisis for policy, regulation, and the global architecture.
April 14, 2009
Review of the Fund's Income Position for FY 2009 and FY 2010
Description:
This paper reviews the Fund’s income position for FY 2009 and FY 2010. The proposals build on previous discussions relating to implementation of the new income model, the framework for accumulating precautionary balances, and the recent reform of the Fund’s lending toolkit.
The paper is structured as follows: Section II reviews the income position for FY 2009 and explains the main changes from the projections at the midyear review; Section III makes proposals that pertain to the FY 2009 income position, including the disposition of investment income, the overall income position of the General Resources Account (GRA), and the annual reimbursement of the GRA for the expenses of conducting the business of the SDR Department and the MDRI-I Trust; Section IV reviews the FY 2010 income outlook, including the margin for the rate of charge; Section V reviews the burden sharing mechanism; and Section VI reviews special charges.
April 13, 2009
Modifications of the Fund's Conditionality Framework - Application to the Policy Support Instrument
Description: In connection with its recent review of the GRA Lending Toolkit and Conditionality—Reform Proposals, the Executive Board decided that the Fund would move to a review-based approach to monitor the implementation of structural reforms in the context of Fund-supported programs, including under PRGF or ESF arrangements.
April 10, 2009
Modification of Access Policies for the Poverty Reduction and Growth Facility and the Exogenous Shocks Facility
Description: The paper proposes a doubling of access limits on concessional lending to ensure that the Fund can respond effectively to the needs of low-income countries (LICs) severely affected by the current world economic downturn. Pending adoption of broader reforms to the LIC facilities architecture, higher access limits under the Poverty Reduction and Growth Facility (PRGF) and Exogenous Shocks Facility-High-Access Component (ESF-HAC) would give the Fund greater flexibility in assisting LICs, which have become more exposed to global volatility over time. A doubling of access limits would restore them to their 1998 levels in percent of GDP and would be consistent with the approach taken in determining new access limits for General Resources Account (GRA) resources. It would also be in line with the projected doubling of medium-term demand for concessional resources.
April 9, 2009
Key Developments in IMF Policy Work--October 12, 2008-April 22, 2009
Description: This paper summarizes key developments in the Fund’s policy work since the 2008 Annual Meetings. Table 1 presents key conclusions of policy initiatives. Table 2 provides a progress report on implementation of the Fund’s surveillance priorities.
April 7, 2009
Staff Operational Guidelines on Dissemination of Technical Assistance Information
Description: TA information should be disseminated more widely. The more active sharing of TA information with donors and other TA providers will improve coordination, exploit synergies, and enable the Fund to prioritize and leverage its limited TA resources, thereby fulfilling key objectives under the Paris Declaration on Aid Effectiveness. Moreover, especially from the perspective of their own accountability to their governments and legislators, donors to the Fund’s TA program have a legitimate interest in receiving information on TA that is financed by them. For TA recipient countries, the wider dissemination of TA information among different government agencies will strengthen ownership and facilitate the more effective implementation of TA recommendations. More generally, through publication, the membership and the public at large will benefit from a better understanding of best practices, and the Fund’s experiences in the provision of TA.
March 27, 2009
Framework Administered Account for Selected Fund Activities - Central America, Panama, and the Dominican Republic Technical Assistance Center (CAPTAC-DR) 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 Central America, Panama, and the Dominican Republic Technical Assistance Center (CAPTAC-DR) would be the first one established under the SFA. This paper requests Executive Board approval to establish the CAPTAC-DR subaccount (the “Subaccount”) under the terms of the SFA Instrument.
March 27, 2009
Framework Administered Account for Selected Fund Activities- Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) 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 Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Topical Trust Fund (“TTF”) would be the second one under the SFA. This paper requests Executive Board approval to establish the AML/CFT TTF subaccount (the “Subaccount”) under the terms of the SFA Instrument.
March 26, 2009
The FY2010-FY2012 Medium-Term Administrative, Restructuring, and Capital Budgets
Description:
This paper presents for Executive Board approval proposals for the FY 10–12 medium-term administrative budget, and the FY 10 capital budget in the context of the FY 10–12 capital plan.
It also proposes to carry forward up to six percent of the unspent resources from the FY 09 administrative budget to help finance increased costs associated with the global financial crisis.
March 16, 2009
Policy for Country Contributions for Capacity Building-Implementation of Policy
Description: This paper provides an update on the implementation of the strengthened country contribution policy for capacity-building (the “Charging Policy”) and informs the Executive Board of management’s intentions to delay the date of effectiveness of some features of the Charging Policy.