Policy Papers
2014
July 30, 2014
2014 Triennial Surveillance Review - External Study - Structural Policies in Fund Surveillance
July 23, 2014
Revised Operational Guidance to IMF Staff on the 2002 Conditionality Guidelines
Description:
This note aims to provide broad guidance on the operational implications of the 2002 Conditionality Guidelines and the key principles underlying the design of conditionality in Fund-supported programs. These five inter-related principles are national ownership of programs, parsimony in program-related conditions, tailoring of programs to country circumstances, effective coordination with other multilateral institutions, and clarity in the specification of conditions. The operational issues covered are grouped into three areas: program discussions with the authorities and program design, the design of conditionality, and the presentation of conditionality in Board papers.
The note is not intended as a comprehensive guide, but rather as an aid to the implementation of the guidelines and the underlying principles. It should be used in conjunction with other relevant operational guidance notes, such as those on jobs and growth issues and debt sustainability analysis. It will continue to be revised on a periodic basis, especially following regular reviews of the conditionality guidelines.
July 2, 2014
Quota Formula—Data Update and Further Considerations
Description:
The IMF staff has updated individual member country data for the variables used in the quota formula for the period 2000-12. The updated database also incorporates the recently released 2011 International Comparison Program (ICP) global estimates for purchasing power parity rates (PPP) rates.
The staff paper also presents updated calculated quota shares based on the current quota formula. The current quota formula includes a GDP variable, which is a blend of GDP at market rates and GDP at purchasing power parity (PPP), openness, variability, and international reserves. The International Monetary and Financial Committee has called for agreement on a new quota formula as part of the 15th General Review of Quotas. The paper presents a limited set of illustrative simulations of possible reforms of the quota formula using the updated quota data. These simulations are purely illustrative and do not represent proposals.
The new data tables that can be downloaded via the below link include also the comparable value of each variable for the previous quota dataset, which was based on data covering the period 1999-2011. The information is presented in millions of SDRs (Table A1) and in percent of their respective global totals (Tables A2 and A3). A table showing calculated quota shares based on the current quota formula is also included (Table A4).
Data sources and a description of the quota variables are discussed in Quota Formula – Data Update and Further Considerations - Statistical Appendix; IMF Policy Paper; July 2014.
Download Quota Data: Updated IMF Quota Formula Variables - July 2014
June 30, 2014
Sixth Periodic Monitoring Report on the Status of Implementation Plans in Response to Board-Endorsed IEO Recommendations
Description: This Periodic Monitoring Report (PMR) reviews the status of implementation of actions set out in four Management Implementation Plans (MIPs) that were endorsed by the Board in the period since the last (fifth) PMR, which was issued in September 2012, and approved by the Board in February 2013. It also presents a brief update of progress on relevant issues related to previous MIPs agreed since 2007.
June 30, 2014
Review of the IMF's Communications Strategy
Description:
The framework guiding the IMF’s communications—established by the Executive Board in 2007—has enabled the institution to respond flexibly to the changing global context. The framework is based on four guiding principles: (i) deepening understanding and support for the Fund’s role and policies; (ii) better integrating communications into the IMF’s daily operations; (iii) raising the impact of new communications materials and technologies; and (iv) rebalancing outreach efforts to take account of different audiences. In addition, greater emphasis has been placed on strengthening internal communications to help ensure institutional coherence in the Fund’s outreach activities.
Continued efforts are needed to strengthen communications going forward. Several issues deserve particular attention. First, taking further steps to ensure clarity and consistency in communication in a world where demand for Fund services continues to rise. Second, doing more to assess the impact of IMF communications and thus better inform efforts going forward. Third, engaging strategically and prudently with new media—including social media.