Policy Papers
2008
April 9, 2008
The Recent Financial Turmoil - Initial Assessment, Policy Lessons, and Implications for Fund Surveillance
Description: In response to the IMFC’s October 2007 communiqué, IMF staff has sought to assess the causes of the present turbulence and draw tentative lessons in order to inform its future bilateral and multilateral surveillance work. This effort has involved close collaboration with the Financial Stability Forum (FSF) and its working groups, as well as consultation with the private sector, national authorities, standard setters, and other bodies.
April 8, 2008
Report of the Managing Director to the International Monetary and Financial Committee on IMF Quota and Voice Reform
Description: The October 2007 Communiqué of the IMFC stressed the critical importance of the implementation of the program of quota and voice reforms adopted by the Board of Governors in Singapore and called on the Executive Board to continue its work in order to allow agreement on all elements of the package by Spring 2008. On March 28, 2008, the Executive Board recommended the adoption by the Board of Governors of an important package of quota and voice reforms.
April 8, 2008
Implementation Plan in Response to Board-Endorsed Recommendations Arising from the IEO Evaluation of Structural Conditionality in IMF-Supported Programs
Description: This paper presents an implementation plan for Board-endorsed recommendations arising from the IEO Evaluation of Structural Conditionality in IMF-Supported Programs (“the IEO Report”). The IEO report’s recommendations and the views of the Executive Board are summarized in Section II, followed by a description of the proposed initiatives which make up this implementation plan (Section III). Section IV concludes with a discussion of the projected resource cost associated with this plan. The IEO evaluation provides a renewed impetus to the Fund’s efforts to emphasize parsimony and criticality in the setting of structural conditions. The IEO report’s key findings echo in many respects those provided in the 2005 conditionality Review; specifically, evidence exists of a substantive shift in the composition of structural conditionality towards Fund core areas and Fund-supported programs cover narrower areas of reform. The IEO report argues, however, that conditionality may have covered areas not critical to the goals of Fund-supported programs, suggesting scope for strengthening the parsimony and criticality aspects of the 2002 Conditionality Guidelines (CG).
April 7, 2008
Provisional Agenda for the Seventeenth Meeting of the International Monetary and Financial Committee
Description: The following is the provisional agenda for the Seventeenth Meeting of the International Monetary and Financial Committee, which is to be convened on Saturday, April 12, 2008, at the Fund’s Headquarters in Washington, D.C.
April 4, 2008
Technical Assistance Evaluation Program - Findings of Evaluations and Updated Program - Mid-Term Evaluation of Middle East Regional Technical Assistance Center
Description: This evaluation reviewed the performance of the IMF Middle East Regional Technical Assistance Center (METAC) over the period since its operations began in late 2004. The evaluation focused on the operational and organizational effectiveness of METAC.
April 4, 2008
Technical Assistance Evaluation Program - Findings of Evaluations and Updated Program - Evaluation of the Technical Assistance Subaccount for Iraq
Description:
Key Messages
• The Iraq Subaccount is a good example of donor coordination as expressed in the Paris Declaration.
• Overall, the TAs funded from the Iraq TA Subaccount were successful, relevant, efficient and effective.
• Ensuring long-term sustainability requires maintaining an adequate the level of TA activity in the future.
• There were instances where more pro-active donor coordination was needed to build synergies to achieve development results.
• While the offsite modality was fairly effective and cost efficient and delivered value for money, the limits of this model will be stretched as IMF moves from policy and operational advice and training to greater emphasis on supporting the implementation of policies and procedures.
• The Fund’s internal monitoring needs to be strengthened, particularly the TA Information Management System. Reforms in this area are on track, supported by Fund management, and improvements are expected by 1 May 2008.
• The Fund’s TA evaluation framework needs to be strengthened by instituting a system of self assessments of all completed TAs and developing guidelines for the ex-post evaluation of TAs. Work in these areas is planned.
• The Fund delivered slightly more internally funded TA to Iraq than originally planned.
April 4, 2008
Technical Assistance Evaluation Program - Findings of Evaluations and Updated Program - Second Mid-Term Review of the Caribbean Regional Technical Assistance Centre
Description: CARTAC, the second of the regional technical assistance centers, was created with singular emphasis on ownership of technical assistance by the beneficiary countries. To this end, it was structured as a UNDP project with the IMF as Executing Agency and with a Steering Committee empowered to give strategic guidance to the program and select its senior staff from short lists provided by the IMF. With the spread of the RTAC modality, the IMF has sought to bring the Centers' activities within the ambit of overall resource planning for technical assistance, ensure consistency with the institution's view on priorities for technical assistance in the countries concerned, and tighten quality control through backstopping. This has created the potential for conflict with the relative independence that CARTAC has enjoyed from its inception. The conclusion in this report, however, is that alignment with the IMF does not necessarily undermine country ownership and that the Steering Committee can play a pivotal role in defusing any tension that may arise.
April 3, 2008
Enhancing the Impact of Fund Technical Assistance
Description: This paper outlines reforms to increase the impact of the Fund’s Technical Assistance (TA). The MTS and recommendations by the Independent Evaluation Office (IEO) have set in motion substantial changes to make Fund TA more effective, ensure that TA resources are allocated efficiently, and TA is better coordinated with recipient countries, other providers, and development partners. The Managing Director’s refocusing exercise underscored the need for reform and gave an impetus to accelerate and deepen these efforts.
April 3, 2008
Dissemination of Technical Assistance Information
Description: This paper sets out a framework for streamlined and strengthened procedures for the wider dissemination of technical assistance-related information ("TA Information"). On the basis of this framework, management intends to issue guidelines to the staff setting forth these new procedures.
April 3, 2008
Progress Report on the Activities of the Independent Evaluation Office
Description: Since its October 2007 Report to the IMFC, the IEO has released its report on Structural Conditionality in Fund-Supported Programs, and continued work on the evaluations of Aspects of IMF Corporate Governance—including the Role of the Board and Interactions with Member Countries. Work was also initiated on an evaluation of the IMF’s Approach to International Trade Policy Issues.