Message from the managing director

Dear Reader,

The global economy has faced shock upon shock, testing the resilience of people everywhere. Countries struggling to recover from the COVID-19 pandemic were dealt another blow by Russia’s war on Ukraine and the cost-of-living crisis that followed.

Now, growth is weak and inflation is stubbornly high, while debt and financial vulnerabilities remain elevated. And geoeconomic fragmentation is worsening, just as international cooperation is needed to address sovereign debt, climate change, and the risks and opportunities of digitalization and artificial intelligence.

The IMF is collaborating with its members to take on these challenges and build economic resilience. We do this through our core roles of surveillance, capacity development, and lending—and through our ability to bring the world’s top economic policymakers together in a space where they can work through difficult problems in the spirit of cooperation and mutual interest.

Between the beginning of the pandemic and the end of FY 2023, the IMF provided nearly $300 billion to 96 countries. And during FY 2023, two new lending facilities became operational. The Resilience and Sustainability Trust provides long-term affordable financing to help members address challenges such as climate change and pandemic preparedness, while the Food Shock Window offers emergency financing to address food-related balance-of-payments needs.

The IMF is also helping countries address large financing needs to prevent debt crises or, for countries already in debt distress, to restore economic and financial stability. In addition to its own efforts with member countries, the IMF is also working to facilitate debt restructuring through the G20 Common Framework and the Global Sovereign Debt Roundtable, which was convened jointly with the World Bank and Indian G20 Presidency to bring together public and private sector creditors and borrowers.

This Annual Report emphasizes the work of the IMF’s Executive Board, which provides essential guidance and oversight. It also highlights the real-time advice, capacity development, and support the Fund has provided to its members.

As policymakers from 190 countries prepare to gather in Marrakech, Morocco, for the Annual Meetings this October, we are reminded that we can work together to address the world’s shared challenges. There is no time to lose!