Policy Papers
2007
July 11, 2007
Quota and Voice Reform - Stocktaking and Further Considerations, Statistical Appendices I and II, Statement by the Managing Director, and Summing Up of the Board Meeting
Description: At its Spring Meeting, the IMFC reiterated the importance of implementing the program of quota and voice reforms in line with the timetable set out by the Board of Governors in Singapore. The Committee welcomed the initial informal Board discussions on a new quota formula and stressed the importance of agreeing on a new formula, which should be simple and transparent and should capture members’ relative positions in the world economy. It noted that this reform would result in higher shares for dynamic economies, many of which are emerging market economies, whose weight and role in the global economy have increased. The Committee also stressed the importance of enhancing the voice and participation of low-income countries, a key issue for which is an increase in basic votes, at a minimum preserving the voting share of low-income countries. The Committee called on the Executive Board to continue its work on the reform package as a matter of priority.
June 29, 2007
Staff Report on the Multilateral Consultation on Global Imbalances with China, the Euro Area, Japan, Saudi Arabia, and the United States
Description: Multilateral Consultations are a new tool of multilateral surveillance for the IMF, designed to foster action-oriented debate and policy actions on a problem of systemic or regional importance. The first multilateral consultation focused on facilitating the resolution of global imbalances while sustaining robust global growth. China, the euro area, Japan, Saudi Arabia, and the United States agreed to participate.
June 21, 2007
Review of the 1977 Decision on Surveillance over Exchange Rate Policies - Proposal for a New Decision
Description: This paper presents a draft Decision that reflects the guidance provided by the Board. In February, the Board endorsed three overarching principles to guide a new Decision: (i) no new obligations for members, together with confirmation that dialogue and persuasion are key pillars of surveillance; (ii) due regard for country circumstances and emphasis on the need for evenhandedness; and (iii) continued flexibility.
June 14, 2007
Aid Inflows - The Role of the Fund and Operational Issues for Program Design - Background Paper
Description: This paper contains background material to the Board paper on "Aid Inflows— The Role of the Fund and Operational Issues for Program Design." The main paper draws operational implications for program design of increased and volatile aid inflows, based on selected case studies (Annex I) and a review of program conditionality (Annex II). It also uses findings on recent developments in official donor assistance (ODA) and meeting the Millennium Development Goals (MDGs) (Annex III).
June 14, 2007
Aid Inflows - The Role of the Fund and Operational Issues for Program Design
Description: The paper focuses on the operational implications of high and volatile aid for the design of Fund-supported programs. It provides a conceptual framework that should guide country teams in giving advice to low-income countries on a case-by-case basis, without specific quantitative performance thresholds for the spending and absorption of additional aid. In doing so, it responds to some of the concerns raised by the Independent Evaluation Office (IEO) in its recent evaluation of the Fund and aid to sub-Saharan Africa.
June 5, 2007
Fiscal Policy Response to Scaled-Up Aid
Description: Sound fiscal policies are critical for handling aid volatility as well as for making effective use of scaled-up aid and other flows. By easing resource constraints, these flows allow low-income countries (LICs) to increase spending aimed at enhancing growth and reducing poverty. Effective management of these policies, however, presents a host of macroeconomic challenges, many of them fiscal.
June 5, 2007
Implementation Plan in Response to Board-Endorsed Recommendations Arising from the Independent Evaluation Office Report on The IMF and Aid to Sub-Saharan Africa
Description: This paper sets out an implementation plan that responds to the IEO report on the Fund and Aid to Sub-Saharan Africa (the IEO Report). It sets out the recommendations made in the IEO Report and the view of the Executive Board on them (Section II), and outlines the various work streams that are being undertaken to respond substantively to the recommendations endorsed by the Board (Section III). The paper also estimates the cost of the first stage of the Fund’s response to the IEO Report, while costings for proposals in the implementation phase will be provided in the context of forthcoming Board papers. Finally, the paper solicits Directors’ feedback.
May 29, 2007
The IMF's Communication Strategy
Description: The strategy proposed in this paper seeks to build understanding and support for the IMF’s reform agenda as outlined in the IMF's Medium-Term Strategy, further integrate communications with operations, raise the impact of communication tools, and rebalance outreach efforts.
April 20, 2007
Code of Good Practices on Fiscal Transparency, revised April 2007
Description: The IMF has revised its Code of Good Practices on Fiscal Transparency, following a public consultation process. Nine new practices have been added to the Code and many existing practices have been broadened in scope. The four pillars of the original Code remain unchanged: clarity of roles and responsibilities, open budget processes, public availability of information and assurances of integrity. The revised Code will be used in IMF surveillance and in voluntary assessments of fiscal transparency in member countries under the standards and codes initiative. Two associated documents - the Manual on Fiscal Transparency (2007) and the Guide on Resource Revenue Transparency (2007) - provide supporting in-depth coverage of good practices.
April 20, 2007
Manual on Fiscal Transparency, revised April 2007
Description: The Manual, which is a companion document to the IMF’s Code of Good Practices on Fiscal Transparency (2007), has been revised to reflect the new Code and to provide more recent examples of good practice by individual countries. The Manual expands and explains the pillars and principles of the Code and provides richer and more in-depth coverage of each good practice. Country examples are taken from Reports on Standards and Codes (ROSCs). The Manual also includes new linkages to the Guide on Resource Revenue Transparency (2007), including reporting on contracts, quasi-fiscal activities and use of public assets.