Policy Papers

October 17, 2019

Provisional Agenda for the Fortieth Meeting of the International Monetary and Financial Committee

October 17, 2019

Progress Report to the IMFC on the Activities of the Independent Evaluation Office of the IMF

Description: The past six months have been productive ones for evaluation at the IMF. The IEO has completed the evaluation of IMF Advice on Unconventional Monetary Policies and has embarked on three new evaluations as well as an evaluation update. In addition, good progress has been made in following through with recommendations of the recent evaluations on The IMF and Social Protection and The IMF and Fragile States. Staff has presented a management implementation plan to follow up on the IEO evaluation of IMF Financial Surveillance, and is also working to apply the new framework to deal with outstanding actions from past evaluations.

October 17, 2019

Bridging Differences through Multilateral Cooperation: The Managing Director's Global Policy Agenda

Description: The global economy has experienced a synchronized slowdown, and growth remains weak. Escalating trade disputes, entrenched policy uncertainty, and adverse geopolitical developments have taken a toll on confidence, investment, and growth. The outlook remains precarious, and downside risks, stemming primarily from a further broadening of trade tensions and rising financial vulnerabilities, cloud the horizon. There is also a growing risk that trade disputes could spill over to monetary, exchange rate, or financial sector policies, threatening global financial stability and jeopardizing hard-won economic gains.

The focus must be on reversing tariff increases and finding lasting solutions to trade disputes, including by removing domestic distortions and strengthening the multilateral trading system. Domestic policies should continue to aim for more resilient, adaptable, and inclusive economies. By working together, guided by the principles of  “Joint Responsibility, Shared Rewards” called for in the Spring 2019 Global Policy Agenda, policymakers can bridge differences to secure lasting growth for the benefit of all people. 

The Fund is helping countries design better policies and pursue opportunities for sustainable growth and development while modernizing its toolkit and operations to meet members’ evolving needs. By delivering on its mandate and working with other institutions, the Fund plays a key role in demonstrating the effectiveness of a multilateral approach to global challenges.

September 24, 2019

FY2019 - Output Cost Estimates and Budget Outturn

Description: The paper presents highlights from the FY 19 budget, followed by a discussion of outputs based on the Fund Thematic Categories and of inputs.

September 5, 2019

Age Limit for the Managing Director: Proposed Amendment of Section 14(c) of the By-Laws

Description: At the request of Executive Directors, and in light of the publicly announced nomination of a candidate who is over the age of sixty-five for the post of Managing Director, I am circulating the attached draft Report of the Executive Board to the Board of Governors. The draft report proposes an amendment of Section 14(c) of the By-Laws regarding the age limit for the Managing Director.

August 15, 2019

Rules and Regulations for the Investment Account

Description: Rules and Regulations for the Investment Account, which were adopted on January 23, 2013 and amended thereafter, were further amended on May 13, 2019 by the Executive Board of the IMF.

August 6, 2019

Extension Of The Periods For Consent To And Payment Of Quota Increase

Description: On June 25, 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 December 27, 2019. The deadline was due to expire on June 28, 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 December 27, 2019.

August 6, 2019

Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI)—Statistical Update

Description: This report reviews developments in the implementation of the Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI). It also provides updates on debt service and poverty-reducing expenditure by beneficiary countries, as well as on the cost of debt relief, creditor participation rates, and litigation against HIPCs.

July 16, 2019

Statement by The Managing Director on the Work Program of The Executive Board

Description: This Work Program translates the strategic directions and policy priorities laid out in the Spring 2019 Global Policy Agenda and the International Monetary and Financial Committee Communiqué into an Executive Board agenda for the next twelve months. Its main policy priorities and related deliverables are as follows: • Support domestic policies to enhance resilience and inclusion: • Upgrade global cooperation to level the playing field and address other shared challenges • Adapt the Fund’s toolkits to lead and support change: • Continue to modernize the Fund to deliver for the future:

July 3, 2019

The Revised EBA-Lite Methodology

Description: The Methodology review identified three broad areas for improving the EBA-Lite methodology: (1) expanding the fundamentals and policy determinants in the CA and REER regressions to better capture the external balance of EBA-Lite countries; (2) identifying alternatives to regression models for external assessments of large exporters of exhaustible commodities; and (3) a revised approach for the assessment of external sustainability in highly indebted economies. Accordingly, the revised methodology consists of three modules: 1) Regression Module 2) Module for External Assessments of Exporters of Exhaustible Commodities 3) Module for the Assessment of External Sustainability