Policy Papers
2020
January 15, 2020
Extension Of The Periods For Consent To And Payment Of Quota Increases
Description: On December 20, 2019, the IMF’s Executive Board approved a further six-month extension of the period for members to consent to an increase in their quotas under the Fourteenth General Review of Quotas (“Fourteenth Review”) through June 30, 2020. The deadline was due to expire on December 27, 2019. However, Board of Governors Resolution No. 66-2 provides that the Executive Board may extend the period for consent as it may determine. An extension under Resolution No. 66-2 also extends the periods of consent for quota increases under the 2008 Reform of Quota and Voice (Resolution No. 63-2) and the Eleventh General Review of Quotas (Resolution No. 53-2). The Executive Board also approved a further six-month extension of the period for payment of quota increases under the Fourteenth Review, and an extension for the payment of the quota increases under the 2008 Reform, through June 30, 2020.
2019
December 27, 2019
List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments over 18 Months
Description: In accordance with Executive Board Decision No. 15106-(12/21), the Fund will publish on its external website a list of member countries whose Article IV consultations or mandatory financial stability assessments have been delayed by more than 18 months, as of December 15, 2019, since the expected deadline for conclusion.
December 27, 2019
Attendance by Officials of International Agencies at Fund Training
Description: On September 3, 2010, the Executive Board authorized the Managing Director to approve training to officials of international agencies.
December 17, 2019
Safeguards Assessment—2019 Update
Description: Safeguards assessments are a key pillar of the risk management arrangements for IMF lending. Safeguards assessments aim to mitigate the risks of misuse of Fund resources and misreporting of program monetary data under Fund arrangements. Safeguards assessment reports are confidential and therefore the IMF Executive Board is provided with a periodic report on safeguards activities on a biennial basis, in addition to high-level summaries in member country staff reports on key findings and recommendations. This update on safeguards activity covers the period May 2017 to end-April 2019 (the period).
December 13, 2019
Enhancing the Role of SMEs in the Arab World—Some Key Considerations
Description: Small and medium-sized enterprises (SMEs) are a cornerstone of Arab economies, accounting for over 90 percent of all businesses and providing a major source of new job creation. Governments across the Arab World recognize the important role that SMEs can play in delivering higher and more inclusive growth. Many have rightly placed SME development at the center of growth and jobs strategies to meet the needs of young populations. Authorities have initiated policy interventions and schemes to support SME development. But progress so far has been patchy, and more comprehensive policy action is needed. Fostering vibrant and competitive SMEs that contribute to employment opportunities and high value-added output requires various stakeholders to deliver on a broad range of factors. Arab governments need a holistic policy approach that addresses the gaps in access to finance, creates an enabling business environment, and upgrades human capital and infrastructure. The approach should also promote an entrepreneurial mindset.
December 11, 2019
Macroeconomic Developments and Prospects in Low-Income Developing Countries—2019
Description: This paper is the fifth in a series that examines macroeconomic developments and prospects in low-income developing countries (LIDCs). LIDCs are a group of 59 IMF member countries primarily defined by income per capita below a threshold level. LIDCs contain one fifth of the world’s population—1.5 billion people—but account for only 4 percent of global output. The first chapter of the paper discusses recent macroeconomic developments and trends across LIDCs and, using growth decompositions, explores the key drivers of growth performance in LIDCs. A second chapter examines the challenges faced by LIDCs in implementing a value-added tax system, generally seen as a key component of a strong national tax system. The third chapter discusses how financial safety nets can be appropriately tailored to the specific needs of LIDCs, recognizing that an effective safety net is important for ensuring financial stability and underpinning public confidence in the financial system, thereby promoting financial intermediation.
November 14, 2019
IMF Policies and Practices on Capacity Development
Description: This statement summarizes the IMF’s policies and practices with regard to the delivery of capacity development (CD) activities. It updates the 2014 Statement on IMF Policies and Practices on Capacity Development and reflects the conclusions of the 2018 Review of the Fund’s Capacity Development Strategy, approved by the Executive Board on November 14, 2018. The purpose of the statement is to consolidate the guiding principles endorsed by the Board with policies and practices that are within the authority of IMF’s management and are followed by staff in carrying out capacity development activities. The statement is expected to be of use to IMF staff, Executive Directors and their staff, country authorities, and donors. It also serves as a point of reference for future reviews of the IMF’s CD activities.
October 31, 2019
Implementation Plan In Response To The Executive Board-Endorsed Recommendations From The IEO Evaluation Of The IMF’s Financial Surveillance
Description: The actions in this Management Implementation Plan aim at: • Strengthening financial and macrofinancial analysis in Article IV consultations • Refocusing FSAP country selection and scope • Increasing traction of multilateral surveillance • Enhancing the IMF’s macrofinancial analysis toolkit • Building financial skills and expertise at the Fund
October 24, 2019
Gender Diversity In The Executive Board: Progress Report Of The Executive Board To The Board Of Governors
Description: Executive Directors underscore the importance of promoting gender diversity at the IMF’s Executive Board and the Offices of Executive Directors (OEDs). The Executive Board recognizes that a diversity of views contributes to stronger decisionmaking, and is committed to ongoing efforts to improve the gender profile of the Board and Offices of the Executive Directors. The Fund’s membership has also indicated that it places importance on this issue; the International Monetary and Financial Committee (IMFC) has consistently drawn attention in its communiqués to the importance of enhancing the gender diversity of the Executive Board.
October 19, 2019
IMF Managing Director's Statement to the Development Committee, October 2019
Description: The global economy is facing increasing headwinds. Growth both in advanced economies and in emerging and developing economies has slowed, with some emerging economies experiencing acute economic stress. Risks to the outlook are substantial as uncertainty is spilling over into market sentiment and investment, which could trigger bouts of risk sell-offs and financial strains. Emerging and developing economies should strengthen macroeconomic and structural policies to increase resilience and put themselves into a position to better cope with such risks. At the same time, multilateral cooperation is indispensable to resolve many pressing challenges.