Policy Papers
2010
August 25, 2010
The Fund’s Mandate - The Future Financing Role - Revised Reform Proposals and Revised Proposed Decisions
Description: This supplement provides clarifications and proposes revision to the reforms of the nonconcessional lending toolkit contained in the staff papers on “The Fund’s Mandate—Future Financing Role: Reform Proposals”. The focus of this supplement is on the Flexible Credit Line (FCL) and the Precautionary Credit Line (PCL), for which revised proposed decisions are attached.
August 23, 2010
Key Trends in Implementation of the Fund's Transparency Policy
Description: At the time of the 2005 review of the Fund’s transparency policy, it was agreed that information on key trends in implementation of the transparency policy would be circulated to the Board regularly, along with lists indicating the publication status of reports discussed by the Board. The set of tables provided in this report updates the last Key Trends2 with information on documents published through December 2009.
August 20, 2010
Niger - 2010 Assessment Letter for the European Union and African Development Bank
Description: Niger’s macroeconomic performance and policies through end-January 2010 were assessed in the IMF Country Report No. 10/146, issued following the completion of the third program review under the arrangement under the Extended Credit Facility (ECF) from the IMF. Since the military intervention in February, the near-term growth outlook has weakened, reflecting the intensity of the food crisis and some contraction in public spending, but the outlook for 2011 is broadly favorable provided that budgetary policies remain appropriately cautious, that normal weather conditions prevail, and that donor support for Niger picks up.
August 17, 2010
Review of the Fund's Strategy on Overdue Financial Obligations
Description: This paper reviews progress under the Fund’s strengthened cooperative strategy on overdue financial obligations. Since the last review, total arrears to the Fund declined by SDR 17.5 million to SDR 1,309.5 million. Payments to the Fund by Sudan and Zimbabwe were in excess of new obligations falling due, and a decrease in Somalia’s arrears resulted from the full settlement of its overdue obligations to the SDR Department in the context of the general SDR allocation in August 2009.
August 11, 2010
IMF Membership in the Financial Stability Board
Description: This paper examines the implications of the Fund accepting membership in the Financial Stability Board (“FSB”). The FSB Charter (the ―Charter‖) explicitly contemplates the possibility of the Fund and the other international financial institutions becoming members but notes that ―the acceptance of membership by the international financial institutions (IFIs) in the FSB is subject to the approval of their respective governing bodies.‖ An Executive Board decision is required for the Fund to accept membership and is proposed below.
August 11, 2010
IMF Membership in the Financial Stability Board - Decision
Description: The decision on IMF membership in the Financial Stability Board (as set forth above) was adopted by the IMF’s Executive Board.
August 11, 2010
The Fund's Income Position for FY 2010 - Actual Outcome
Description: This paper presents the Fund’s net income outcome for FY 2010. The actual outcomes in this paper follow the closing of the Fund’s accounts for the financial year and completion of the FY 2010 external audit conducted by Deloitte & Touche, the Fund’s external auditor. The paper also provides an update on the restructuring costs incurred during FY 2010.
August 11, 2010
Framework Administered Account for Selected Fund Activities-Kuwait Subaccount for Selected Fund Activities
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. This paper requests Executive Board approval to establish the Kuwait Subaccount for Selected Fund Activities (the “Subaccount”) under the terms of the SFA instrument.
August 10, 2010
Borrowing Agreement with the Bank of Slovenia
Description: In light of the multilateral effort to ensure the adequacy of the financial resources available to the International Monetary Fund (the “Fund”), and with a view to supporting the Fund’s ability to provide timely and effective balance of payments assistance to its members, the Bank of Slovenia agrees to lend to the Fund an SDR-denominated amount up to the equivalent of EUR 280 million, on the terms and conditions set out in this paper.
July 30, 2010
Review of the Fund's Mandate - Follow-Up on Modernizing Surveillance
Description: The IMF Executive Board has been considering reforms to strengthen the Fund’s mandate to better equip the institution to safeguard global stability. Executive Directors have supported a range of reforms to modernize the Fund’s surveillance mandate and modalities. This paper focuses on selected aspects of these reforms where further work was called for, including on a possible multilateral surveillance decision and proposals to enhance the traction and flexibility of bilateral surveillance.