bluuebunny/crossref_metadata_2025 huggingface dataset:
Quotas - Updated Calculations
Authors:   International Monetary Fund
Published: September 2019

The purpose of this paper is to present the results of updating the data set used for quota calculations through 2004. This updated data set will provide the basis for discussions on possible adjustments in the distribution of quotas in the period leading up to the Annual Meetings. The paper describes the methodologies used to update the data set and discusses the impact of the data update on the distribution of calculated quotas among major country groups. More detailed information on the methodology used and results of the updated quota calculations are presented in the appendices.
Bosnia and Herzegovina - Assessment of MFd's Technical Assistance Program
Authors:   International Monetary Fund
Published: September 2019

This report summarizes the findings of an evaluation of the technical assistance delivered by MFD to the CBBH. The assessment was conducted during a visit to Bosnia and Herzegovina during the period March 15–17, 2006. It covers the period 1997–2005, although MFD TA started earlier: two brief MFD staff visits took place in 1996 to assist the authorities in preparing legislation to establish a currency board and create a market-based central bank.
Article VIII Acceptance by IMF Members - Recent Trends and Implications for the Fund
Authors:   International Monetary Fund
Published: September 2019

This paper reports on the work undertaken in this area since the 1992 review and seeks to encourage further progress in current account liberalization among the membership. Section II provides an overview of the legal framework; Section III studies recent trends in members’ acceptance of Article VIII obligations, and analyzes the factors underlying these trends; Section IV outlines the possible economic (and financial) benefits of current account liberalization for Fund members; finally, Section V lays out the implications for surveillance, the enforcement of compliance with Article VIII obligations and technical assistance.
Progress Report to the International Monetary and Financial Committee on Fund Initiatives to Promote Avian Flu Preparedness
Authors:   International Monetary Fund
Published: September 2019

There is widespread concern about the possibility of an avian flu pandemic and its implications for humans, and for the global economic and financial system. While the H5N1 virus cannot transmit efficiently from human to human in its present form, a mutation allowing such transmission could lead to a pandemic that might have high costs. Accordingly, the Fund has been active in raising awareness about the potential economic and financial risks of a pandemic, and in helping member countries to undertake contingency planning in their financial sectors.
Report of the External Evaluation of the Independent Evaluation Office
Authors:   International Monetary Fund
Published: September 2019

The IEO of the IMF was created in 2000 to enhance the learning culture of the IMF, to build the IMF’s external credibility by undertaking objective evaluations in a transparent manner, to provide independent feedback to the Executive Board in its governance and oversight responsibilities, and to promote greater understanding of the work of the IMF among its members and the broader public. In the period October 2005-February 2006, the Evaluation Panel assessed how well the IEO meets these objectives, asking at the outset whether the IMF needs an IEO and whether the existing office is adequately independent. The Panel concludes that the IEO has served the IMF well but identifies certain weaknesses and makes recommendations to the IEO and the IMF to address them.
Review of Low-Income Country Debt Sustainability Framework and Implications of the Multilateral Debt Relief Initiative (MDRI)
Authors:   International Monetary Fund
Published: September 2019

This paper reviews the experience with the joint IMF-World Bank Debt Sustainability Framework for low-income countries, including cooperation between the staffs, and highlights the implications of the Multilateral Debt Relief Initiative.
Review of Financing of the Fund's Concessional Assistance and Debt Relief to Low-Income Member Countries
Authors:   International Monetary Fund
Published: September 2019

Immediately following the effectiveness of the decisions on the Multilateral Debt Relief Initiative (MDRI) and the Exogenous Shocks Facility (ESF), debt relief totaling SDR 2.3 billion was delivered to 19 qualifying members, including 17 countries under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative and two non-HIPCs, on January 6, 2006, with financing from the HIPC Umbrella sub-accounts and the newly established MDRI Trusts.
Review of Exchange Arrangements, Restrictions, and Controls
Authors:   International Monetary Fund
Published: September 2019

This review reports on trends, developments, and issues in exchange rate arrangements and currency convertibility. This section presents a summary of the overall findings. Section II provides an overview of key trends and developments in exchange rate arrangements. Section III outlines key trends and developments in current and capital account restrictions. The present paper uses the existing methodology for the classification of exchange rate arrangements.
Provisional Agenda for the Sixteenth Meeting of the International Monetary and Financial Committee
Authors:   International Monetary Fund
Published: September 2019

The following is the provisional agenda for the Sixteenth Meeting of the International Monetary and Financial Committee, which is to be convened on Saturday, October 20, 2007, at the Fund's Headquarters in Washington, D.C.
Implementation Plan in Response to Board-Endorsed Recommendations Arising from the IEO Report on the Evaluation of the IMF Exchange Rate Policy Advice, 1999-2005
Authors:   International Monetary Fund
Published: September 2019

This paper presents an implementation plan that responds to the Board endorsed recommendations in the IEO Report on the Evaluation of the IMF's Exchange Rate Policy Advice, 1999-2005 ("the IEO Report"). The IEO recommendations and the views of the Executive Board are summarized in Section II, followed by descriptions of implementation plans (Section III) and the projected resource cost associated with the implementation plan (Section IV).
Implementation Plan in Response to Board-Endorsed Recommendations Arising from the Independent Evaluation Office Report on The IMF and Aid to Sub-Saharan Africa
Authors:   International Monetary Fund
Published: September 2019

This paper sets out an implementation plan that responds to the IEO report on the Fund and Aid to Sub-Saharan Africa (the IEO Report). It sets out the recommendations made in the IEO Report and the view of the Executive Board on them (Section II), and outlines the various work streams that are being undertaken to respond substantively to the recommendations endorsed by the Board (Section III). The paper also estimates the cost of the first stage of the Fund’s response to the IEO Report, while costings for proposals in the implementation phase will be provided in the context of forthcoming Board papers. Finally, the paper solicits Directors’ feedback.
Progress Report on the Activities of the Independent Evaluation Office (IEO)
Authors:   International Monetary Fund
Published: September 2019

Since its last Report to the IMFC in Singapore, the IEO has focused most of its attention on completion of two evaluations; namely the IMF and Aid to Sub-Saharan Africa and the IMF’s Advice on Exchange Rate Policy. In addition work is progressing or has been initiated on a number of new topics identified in the last Report.
A New Quota Formula - Additional Considerations, Statistical Appendix, and Statement by the Managing Director
Authors:   International Monetary Fund
Published: September 2019

An informal Executive Board seminar in December 2006 made an important start in the development of a new quota formula.2 The discussion was wide ranging, raising a number of important issues that need to be considered further in the development of a formula that can achieve the objectives of the quota reform and command the required broad support within the membership.

This paper seeks to provide a basis for a second discussion, including by exploring issues raised at the December meeting. The paper also provides further simulations based on a wider range of assumptions regarding possible variables and their weights, as requested by many Directors. As with the last paper, it should be emphasized that this paper does not seek to propose any particular formula and that all the simulations presented should be seen as illustrative and as merely an aid to discussion. Nevertheless, it is hoped that the discussion of this paper will help lay the groundwork for beginning to narrow options and moving toward formulation of a specific proposal in the coming months.

The paper does not address the size of the second round ad hoc quota increases. This question, which is closely linked to the magnitude of the increase in basic votes, will be taken up at a later stage once the discussion of the formula is more advanced.
The Role of Fiscal Institutions in Managing the Oil Revenue Boom
Authors:   International Monetary Fund
Published: September 2019

This paper examines the fiscal responses of oil-producing countries (OPCs) to the oil boom through 2005 and the role of special fiscal institutions (SFIs)—oil funds, fiscal rules and fiscal responsibility legislation (FRL), and budgetary oil prices—in fiscal management in OPCs, and draws some general lessons.
Mauritius - Assessment Letter for the World Bank and African Development Bank
Authors:   International Monetary Fund
Published: September 2019

Mauritius has a long and sustained track record of implementing strong policies, and the authorities have responded appropriately to the global financial crisis by easing macroeconomic policies. While the crisis response has halted the decline in public debt, the public finances are fundamentally sound and external debt is sustainable. In light of the flexible exchange rate, the country’s current reserve position is comfortable, and banks have remained liquid and profitable. With these strong economic fundamentals and an effective institutional policy framework, Mauritius is well placed to weather the current challenges.
Third Periodic Monitoring Report on the Status of Implementation Plans in Response to Board-Endorsed IEO Recommendations
Authors:   International Monetary Fund
Published: September 2019

Periodic Monitoring Reports (PMRs) were established by the Executive Board in January 2007 to ensure the systematic monitoring of those IEO recommendations that the Board has endorsed. The first PMR was discussed by the Executive Board in January 20081 and the second PMR was discussed by the Evaluation Committee (EVC) in November 2008.2 This third report updates the status of the performance benchmarks related to IEO evaluations covered in the first and second PMRs and listed in Periodic Monitoring Report on the Status of Implementation Plans in Response to Board-Endorsed IEO Recommendations, Table 5. It also updates the implementation status of the management implementation plan (MIP) for Board-endorsed recommendations stemming from the IEO evaluation of "Structural Conditionality in IMF-Supported Programs."
Framework Administered Account for Selected Fund Activities - Managing Natural Resource Wealth Topical Trust Fund Subaccount
Authors:   International Monetary Fund
Published: September 2019

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 Managing Natural Resource Wealth (MNRW) Topical Trust Fund (TTF) subaccount (the “Subaccount”) under the terms of the SFA Instrument.
Provisional Agenda for the Twenty-Second Meeting of the International Monetary and Financial Committee
Authors:   International Monetary Fund
Published: September 2019

The following is the provisional agenda for the Twenty-Second Meeting of the International Monetary and Financial Committee, which is to be convened at the Fund’s Headquarters in Washington, D.C. on October 8-9, 2010. A joint working breakfast of IMFC members and G-20 ministers on Next Steps on Quota and Governance Reforms will be held on Friday, October 8 from 8:00 a.m. until 9:30 a.m. in DAR Constitution Hall.
Statement by the Managing Director to the International Monetary and Financial Committee on the Global Economy and Financial Markets
Authors:   International Monetary Fund
Published: September 2019

The recovery remains fragile and uneven. In many advanced economies, activity is still sluggish and unemployment high, while legacy problems in the financial system remain unresolved. Activity is more robust in many emerging and developing economies. However, their prospects also depend on a healthy, broad-based recovery among the advanced economies, owing to deep real and financial linkages. The key policy challenge is to effect a smooth transition from public- to private-sector-led growth in many advanced economies, and from external to domestically driven growth in key emerging economies. While short-term macroeconomic policies are broadly appropriate, completing the two rebalancing acts will require tackling the medium-term fiscal, financial, and structural challenges raised by the crisis. Without such reforms, growth could sputter, with grave economic and social consequences.
Framework Administered Account for Selected Fund Activities - Belgium Subaccount for Selected Fund Activities
Authors:   International Monetary Fund
Published: September 2019

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 Belgium Subaccount for Selected Fund Activities (the “Subaccount”) under the terms of the SFA instrument.
Integrating Stability Assessments Under the Financial Sector Assessment Program into Article IV Surveillance-Background Material
Authors:   International Monetary Fund
Published: September 2019

This paper presents the staff analysis underpinning two central elements of the proposal to make financial stability assessments under the FSAP mandatory for members with systemically important financial sectors:

the definition of systemic importance used in the paper and the methodology for identifying members with systemically important financial sectors (Section II); and

the review of the literature and industry practices that form the basis for the staff proposal to conduct these mandatory financial stability assessments at a frequency of about three years (Section III).
Integrating Stability Assessments Under the Financial Sector Assessment Program into Article IV Surveillance - Revised Proposed Decision
Authors:   International Monetary Fund
Published: September 2019

Recognizing the important impact that a member’s domestic economic and financial policies can have on systemic stability, Article IV of the IMF’s Articles of Agreement establishes obligations for members respecting the conduct of these policies, including their financial sector policies. An examination of members’ financial sector policies is important in all cases of bilateral surveillance, and three quarters of the Fund’s membership has already undergone a financial stability assessment. With this Decision, the Fund decides that, taking into account the framework described above and the overall purpose of surveillance, heightened scrutiny should be given in bilateral surveillance to the financial sector policies of those members whose financial sectors are systemically important, given the risk that domestic and external instability in such countries will lead to particularly disruptive exchange rate movements and undermine systemic financial and economic stability. The mandatory financial stability assessments undertaken under this Decision will consist of the following elements: a) an evaluation of the source, probability, and potential impact of the main risks to macro-financial stability in the near-term for the relevant financial sector; b) an assessment of the authorities’ financial stability policy framework; and c) an assessment of the authorities’ capacity to manage and resolve a financial crisis should the risks materialize.
Integrating Stability Assessments Under the Financial Sector Assessment Program into Article IV Surveillance
Authors:   International Monetary Fund
Published: September 2019

Integration of financial sector issues into bilateral surveillance has been a long-standing challenge. Financial stability is a key component of the domestic and external stability of members and is important for the promotion of the “stable system of exchange rates” envisaged under Article IV. But although financial sector issues and policies are at the core of the Fund’s surveillance mandate, their effective integration has been a challenge.

To address this challenge, it is proposed to adopt a more risk-based approach to financial sector surveillance by making FSAP stability assessments part of Article IV surveillance for members with systemically important financial sectors.
Review of the Fund's Strategy on Overdue Financial Obligations
Authors:   International Monetary Fund
Published: September 2019

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.
Borrowing Agreement with the Bank of Slovenia
Authors:   International Monetary Fund
Published: September 2019

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.
Framework Administered Account for Selected Fund Activities - United States Subaccount for Selected Fund Activities
Authors:   International Monetary Fund
Published: September 2019

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.
Report on the Incidence of Longer-Term Program Engagement
Authors:   International Monetary Fund
Published: September 2019

The decision on IMF membership in the Financial Stability Board (as set forth above) was adopted by the IMF’s Executive Board.
Cross-Cutting Themes in Economies with Large Banking Systems
Authors:   International Monetary Fund
Published: September 2019

Recent events make clear that the global economy remains vulnerable, and that important work remains to be done to secure the recovery and prevent future crises. We must adapt to new challenges and ensure that the institution is equipped with the right tools to assess pressing risks to global stability and, when crisis prevention efforts are not enough, with the right instruments to restore confidence.
Review of the Fund’s Income Position for FY 2010 and FY 2011
Authors:   International Monetary Fund
Published: September 2019

Securing the recovery. The global recovery has been better than expected. The WEO projections see global output expanding by about 4¼ percent in 2010 and 2011. Extraordinary and coordinated policy intervention since the crisis has all but eliminated the risk of another Great Depression, laying the foundation for recovery. Nevertheless, the recovery is proceeding at varying speeds—it is tepid and policy-dependent in many advanced economies, but solid in most emerging and developing economies.
The Fund’s Liquidity Position—Review and Outlook
Authors:   International Monetary Fund
Published: September 2019

This paper proposes a new trust fund that would enable the IMF to join international debt relief efforts for Haiti and other low-income countries hit by similar catastrophic disasters. Following the devastation caused by the recent earthquake in Haiti, an international consensus emerged that creditors should consider full debt relief to support Haiti’s recovery. Haiti’s debt to the IMF stands at SDR 178 million.
Reserve Accumulation and International Monetary Stability
Authors:   International Monetary Fund
Published: September 2019

Since its last report to the IMFC in October 2009, the IEO has completed its evaluation report on IMF Interactions with Member Countries and finalized issues papers for evaluations on the IMF Performance in the Run-up to the Current Financial and Economic Crisis and Research at the IMF: Relevance and Utilization. On February 1, Moisés Schwartz assumed his duties as the third Director of the IEO.
Preserving Debt Sustainability in Low-Income Countries in the Wake of the Global Crisis
Authors:   International Monetary Fund
Published: September 2019

We cannot allow the return of economic stability to signify a return to "business as usual" for the IMF. The crisis exposed huge cracks in the international financial architecture of which the Fund is a key part. We have an historic responsibility to fix them. I urge all of us to recommit to seeing our collective goals to the finish line before reform fatigue sets in.
The FY2011–FY2013 Medium-Term Budget
Authors:   International Monetary Fund
Published: September 2019

This letter provides an assessment of recent macroeconomic developments in Benin and an update on the discussions of Fund staff with the Beninese authorities on macroeconomic policies and structural reforms that could form the basis for the authorities’ request for a new arrangement under the Extended Credit Facility (ECF). An earlier assessment letter to donors was issued in December 2009 and is available at http://www.imf.org/external/pp/longres.aspx?id=4399.
Modernizing the Surveillance Mandate and Modalities
Authors:   International Monetary Fund
Published: September 2019

This paper reviews the status of financing for the Fund’s concessional lending and debt relief activities for low-income countries (LICs). It is based on the latest available data and projections, and it takes into account the commitments made so far in response to the Managing Director’s fund-raising request of August 2009.

The paper is organized as follows. Section II summarizes: (i) the comprehensive reforms of the Fund’s concessional lending instruments and the associated financing framework that have become effective since the last review; and (ii) the measures that the Board recently endorsed to facilitate the needed mobilization of loan resources. Section III on the financing of PRGT operations begins by reviewing the projected financing needs established in July 2009 in light of recent commitments under the PRGT, and then considers the status of loan and subsidy resources, before discussing developments in the PRGT Reserve Account. Sections IV and V provide updates on the subsidization of emergency assistance and the financing of debt relief under the HIPC and MDRI.
Guidance Note on the Implementation of Post-Program Monitoring
Authors:   International Monetary Fund
Published: September 2019

The modern history of the international monetary system (IMS) starts with the shift from a bimetallic system to the Gold Standard in the 1870s and 1880s. Under the Gold Standard, the major national currencies were freely convertible to gold at a fixed exchange rate, with adjustment largely undertaken through flexible prices, wages and income. This system survived up to the outbreak of the First World War, and while it was subsequently re-established in a modified form following a painful period of post-war disinflation, the economic and political strains of the Great Depression led to the system’s ultimate collapse in the 1930s.

Negotiations between the U.K. and U.S. in the 1940s led to the post war emergence of the Bretton Woods system of fixed and adjustable exchange rates tied to the dollar, with the dollar fixed to gold and the IMF established to oversee the system. However, this system too faced repeated strains, and with the dollar’s link to gold broken and most major currencies floating in the early 1970s, the current arrangements centered on floating currencies were born. The U.S. dollar remained the key reserve currency in the new system, with U.S. Treasury Bills the major reserve asset.
Fourteenth General Review of Quotas - The Size of the Fund - Initial Considerations
Authors:   International Monetary Fund
Published: September 2019

The FY 11–13 medium-term budget (MTB) presented in this paper brings to a close the three-year restructuring effort that began with the FY 09–11 MTB. It secures savings of $100 million in real terms while providing sufficient financing for structural operations and the Fund’s response to the global financial crisis.

This budget has been crafted in a period of uncertainty regarding the final scope and duration of the financial crisis as well as the ongoing responsibilities that the Fund may retain even as the crisis unwinds. There is also uncertainty about new responsibilities that may result as a review of the Fund’s mandate is undertaken. Addressing these items will be part of the work agenda to be undertaken in the coming year.
Ex Post Assessments of Members with a Longer-Term Program Engagement—Revised Guidance Note
Authors:   International Monetary Fund
Published: September 2019

Financial sector issues and policies are central to the Fund’s surveillance mission, as the recent crisis has amply demonstrated, and the institution has placed a high priority on enhancing the coverage and depth of analysis of financial sector issues in surveillance. Achieving this goal requires far-reaching operational and resource adjustments, which are already underway. However, these alone may not be enough. Changes in the Fund’s mandate and modalities of surveillance may also be needed.

A key goal of these changes should be to strengthen multilateral surveillance. New analytical tools and effective forms of engagement at the global level are crucial for financial surveillance, given an increasingly interconnected and globalized international financial system. At the same time, financial surveillance at the country level should also be strengthened and become a central part of the Article IV consultation process.
Borrowing Agreement with Slovak Republic
Authors:   International Monetary Fund
Published: September 2019

In light of the multilateral effort to ensure the adequacy of the financial resources available to the International Monetary Fund, and with a view to supporting the Fund's ability to provide timely and effective balance of payments assistance to its members, the Slovak Republic agrees to lend to the Fund an SDR-denominated amount up to the equivalent of EUR 440 million, on the terms and conditions set in this policy paper.
Borrowing Agreement with National Bank of Belgium
Authors:   International Monetary Fund
Published: September 2019

In light of the multilateral effort to ensure the adequacy of the financial resources available to the International Monetary Fund, and with a view to supporting the Fund’s ability to provide timely and effective balance of payments assistance to its members, the National Bank of Belgium agrees to lend to the Fund an SDR denominated amount up to the equivalent of EUR 4.74 billion, on the terms and conditions set out in this policy paper.
Provisional Agenda for the Twenty-Fourth Meeting of the International Monetary and Financial Committee (IMFC)
Authors:   International Monetary Fund
Published: September 2019

Provisional Agenda
1. Adoption of Agenda—Opening Remarks by the Chair
2. The Managing Director’s Consolidated Multilateral Surveillance Report
- Presentation by the IMF Economic and Financial Counsellors The Managing Director’s Action Plan
- Presentation by the Managing Director
3. Approval of Press Communiqué
2011 Triennial Surveillance Review - Staff Background Studies
Authors:   International Monetary Fund
Published: September 2019

This paper evaluates the IMF’s exchange rate analysis since the 2008 TSR. It focuses on the evolution of methods, the quality of the IMF‘s multilateral and bilateral exchange rate analysis, the evenhandedness and transparency of this analysis, and the need to improve the coverage and integration of external stability assessments.
Key Trends in Implementation of the Fund's Transparency Policy
Authors:   International Monetary Fund
Published: September 2019

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 Trends with information on documents issued through December 2010.
Poverty Reduction and Growth Trust - Borrowing Agreement with the Bank of Italy
Authors:   International Monetary Fund
Published: September 2019

On April 18, 2011, the Fund, as Trustee of the Poverty Reduction and Growth Trust (PRGT), entered into a borrowing agreement (the “Agreement”) with the Bank of Italy, by which Italy will provide new loan resources of up to SDR 800 million (see attachment). With this Agreement, the Fund has concluded eleven new borrowing agreements providing total resources of SDR 8,461 million in the context of the current fund-raising effort, which supports the reform of the Fund’s lending facilities for low-income countries that became effective on January 7, 2010.
Financial Transactions Plan - Temporary Modification of Guidelines for Allocation of Currencies Used for Transfers
Authors:   International Monetary Fund
Published: September 2019

This paper proposes a temporary modification of the current guidelines for allocation of currencies used for transfers in the Financial Transactions Plan (FTP). This temporary modification is designed to promote fair burden sharing between NAB participants that have bilateral borrowing agreements or note purchase agreements (hereafter referred to as “bilateral agreements”) and participants that do not have such agreements, and would result in a change from the current approach only for those FTP members that are NAB participants. It is proposed that the current guidelines for allocation of currencies used for transfers be reinstated automatically for all FTP members when all pre-NAB bilateral agreements have been terminated and when any imbalances in NAB positions resulting from the folding in of claims under bilateral agreements have been eliminated, or at an earlier date as decided by the Executive Board.
Framework Administered Account for Selected Fund Activities - Pacific Financial Technical Assistance Center (PFTAC) Subaccount
Authors:   International Monetary Fund
Published: September 2019

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 subaccounts under the SFA. This paper requests Executive Board approval to establish the Pacific Financial Technical Assistance Center (PFTAC) subaccount (the "Subaccount") under the terms of the SFA Instrument.
2011 Triennial Surveillance Review and Review of the 2007 Decision - Concept
Authors:   International Monetary Fund
Published: September 2019

Over the past three years, the IMF has worked to assist members in addressing the repercussions of the global financial crisis while also tackling gaps in its surveillance framework that the crisis laid bare. This reform agenda has drawn extensively from the recommendations of the 2008 Triennial Surveillance Review (TSR), as well as subsequent IMF and IEO reviews of the Fund's performance in the run-up to the crisis. This TSR provides an opportunity to take stock of the steps taken and to assess recent experience with surveillance.
2011 Review of Conditionality and the Design of Fund-Supported Programs - Concept Note
Authors:   International Monetary Fund
Published: September 2019

The Fund regularly assesses conditionality in IMF-supported programs, with the next formal review planned for 2011. This paper summarizes previous assessments of conditionality, outlines staff’s proposed approach to the forthcoming review, and seeks Directors’ early views on the approach.
Proposed Amendment on the Reform of the IMF Executive Board and Fourteenth General Review of Quotas--Status of Acceptances and Consents
Authors:   International Monetary Fund
Published: September 2019

This status report reviews progress toward implementation of the 2010 Quota and Governance Reforms. It updates the status of consents to the proposed quota increases under the 14th General Review of Quotas and of acceptances of the Proposed Seventh Amendment on the Reform of the Executive Board (“Board Reform Amendment” or “Seventh Amendment”) as set out in the Board of Governors Resolution No. 66-2.
Modifications to the Current List of Financial Soundness Indicators
Authors:   International Monetary Fund
Published: September 2019

The purpose of this paper is to inform Executive Directors on the outcomes of consultations conducted by the IMF’s Statistics Department (STA) on revising the current list of FSIs in response to the global financial crisis and the adoption of a new regulatory framework under the Basel III Accord. In addition, the G-20 Data Gaps Initiative calls on the IMF to review the FSI list (Recommendation no. 2). STA has undertaken these consultations in close collaboration with a broad-based group of national and international experts, international standard setting bodies, IMF’s relevant departments and all FSI-reporting countries and concerned international organizations
Amendment to Steps to Address Excessive Delays in the Completion of Article IV Consultations or Mandatory Financial Stability Assessments
Authors:   International Monetary Fund
Published: September 2019

In February 2012, the Executive Board adopted new procedures to address excessive delays in the completion of Article IV consultations.
These consisted of three formal steps to be applied to all members with serious delays, regardless of the reason for delay, recognizing that the obligation to consult with the Fund under Article IV applies uniformly to all members. These steps are: (i) sending a letter from the Managing Director where an Article IV consultation is delayed for more than 12 months from the expected deadline for its conclusion; (ii) publishing a list of members with Article IV consultations delayed for over 18 months; and (iii) holding an informal session to brief Executive Directors on the economic developments and policies of a member with Article IV consultations delayed for over 18 months.
While the implementation of the Decision has been relatively smooth, experience to date has led staff to believe that a modification of the Decision should be considered. In particular, the lack of leeway in the Decision regarding the notification by the Managing Director to a member whose Article IV consultation has been delayed by more than 12 months has proved to be inappropriate in some cases.
Gulf Cooperation Council (GCC) - Economic Prospects and Policy Challenges for the GCC Countries
Authors:   International Monetary Fund
Published: September 2019

The global and regional economic environment remains challenging. Global growth remains tepid, and although some pick-up is expected, risks are tilted to the downside. Recent volatility in financial markets is having a significant impact on some large emerging markets, highlighting the challenges that will be faced in unwinding the Federal Reserve’s quantitative easing policy. Geopolitical uncertainties in the Middle East are also high.
Staff Guidance Note on the Application of the Joint Bank-Fund Debt Sustainability Framework for Low-Income Countries
Authors:   International Monetary Fund
Published: September 2019

Low-income countries (LICs) face significant challenges in meeting their development objectives while at the same time ensuring that their external debt remains sustainable. In April 2005, the Executive Boards of the International Monetary Fund (IMF) and the International Development Association (IDA) endorsed the Debt Sustainability Framework (DSF), a tool developed jointly by IMF and World Bank staff to conduct public and external debt sustainability analysis in low-income countries. The DSF aims to help guide the borrowing decisions of LICs, provide guidance for creditors’ lending and grant allocation decisions, and improve World Bank and IMF assessments and policy advice.
Progress Report on the Activities of the Independent Evaluation Office
Authors:   International Monetary Fund
Published: September 2019

This report summarizes the activities of the Independent Evaluation Office of the IMF (IEO) in the period since April 2013.
Arab Countries in Transition - Economic Outlook and Key Challenges - Deauville Partnership Ministerial Meeting
Authors:   International Monetary Fund
Published: September 2019

In an environment of heightened socio-economic tensions, regional insecurity, and strained public finances, the Arab Countries in Transition (ACTs) 1 face the difficult task of delivering on the expectations for jobs and growth. Despite patchy improvements in some countries, economic growth remains subdued, private investment is weak, and external and fiscal buffers are running low. Fostering social cohesion and avoiding a downward spiral of economic and political malaise calls for urgent implementation of economic reforms and coordinated support from the international community.
Safeguards Assessments - 2013 Update
Authors:   International Monetary Fund
Published: September 2019

The safeguards policy, introduced in 2000, is designed to reduce the risks of misuse of Fund resources and misreporting of program monetary data to the Fund. It supports the Fund’s approach to prudent lending and complements other safeguards, including program design, conditionality, and access limits. Safeguards assessments are required for almost all member countries seeking Fund financing, and are followed by a period of monitoring for as long as Fund credit is outstanding
Financial Surveillance Strategy - Progress Report
Authors:   International Monetary Fund
Published: September 2019

This note provides background to the informal Board briefing on the one-year progress in implementation of the FSS. The Board will have the opportunity to review progress in implementing the FSS in the context of the 2014 TSR and the 2014 review of the Financial Sector Assessment Program (FSAP), as well as through periodic reports to the International Monetary and Financial Committee and the semi-annual work program.
The Functions and Impact of Fiscal Councils
Authors:   International Monetary Fund
Published: September 2019

In recent years, a rapidly growing number of countries have established independent agencies aimed at promoting sound fiscal policies. Although these institutions vary greatly in terms of their remit, tasks, and institutional forms, they tend to share an explicit mandate enshrined in legislation, a “watchdog” role implying a direct contribution to the public debate on fiscal policy, and strict non-partisanship in their activities. Importantly, fiscal councils do not have the discretion to set policy instruments. Unlike independent central banks in the monetary policy area, they are only facilitators of sound fiscal public finances, not decision makers deliberately insulated from politics. Earlier IMF staff analysis of non-partisan fiscal agencies (IMF, 2005, expanded by Debrun, Hauner and Kumar, 2009) referred to the generic term of “fiscal council” to designate these institutions. A handful of similar bodies have been in place for a long time—mostly in advanced economies.
Local Currency Bond Markets - A Diagnostic Framework
Authors:   International Monetary Fund
Published: September 2019

In November 2011, the G-20 endorsed an action plan to support the development of local currency bond markets (LCBM). International institutions—the IMF, the World Bank, the EBRD, and the OECD—were asked to draw on their experience to develop a diagnostic framework (DF) to identify general preconditions, key components, and constraints for successful LCBM development. The objective is to provide a tool for analyzing the state of development and efficiency of local currency bond markets. The application of the DF is expected to be flexible, bearing in mind that the potential for LCBM development depends on economic size, financing needs, and stage of economic development.
2013 Pilot External Sector Report - Individual Economy Assessments
Authors:   International Monetary Fund
Published: September 2019

The external sector assessments use a wide range of methods, including the External Balance Assessment developed by the IMF’s Research Department to estimate desired current account balances and real exchange rates (Boxes 6, 7 and Annex III of the Pilot Report describe the methodology and challenges). In all cases, the overall assessment is based on the judgment of IMF staff drawing on the inputs provided by these model estimates and other analysis and the estimates are subject to uncertainty. The assessments were initially based on the Spring 2013 WEO and an exchange rate reference period of the average of 2012. Potential policy responses are those which would work to reduce imbalances.
Framework Administered Account for Selected Fund Activities - Africa Regional Technical Assistance Center West 2 Subaccount
Authors:   International Monetary Fund
Published: September 2019

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 Africa Regional Technical Assistance Center West 2 (AFRITAC West 2) Subaccount (the “AFRITAC West 2 Subaccount” or the “Subaccount”) under the terms of the SFA Instrument.
The Fund's Capacity Development Strategy--Better Policies Through Stronger Institutions
Authors:   International Monetary Fund
Published: September 2019

This paper outlines reforms to increase the effectiveness of the Fund’s capacity development (CD) program. It builds on the 2008 and 2011 reviews of technical assistance (TA) and the 2008 review of training, which set in motion important changes to make CD more valuable to member countries. Reforms will involve Board endorsement in a few areas and implementation by staff of related next steps.
The Fund's Capacity Development Strategy - Better Policies Through Stronger Institutions - Background Paper
Authors:   International Monetary Fund
Published: September 2019

This supplement provides background information on various aspects of capacity development (CD) for the main Board paper, The Fund’s Capacity Development Strategy—Better Policies through Stronger Institutions. It is divided into nine notes or sections, each focused on a different topic covered in the main paper. Section A explores the importance of institutions for growth, and the role the Fund can play in building institutions. Section B presents stylized facts about how the landscape for CD has changed since the late 1990s. Section C discusses the difficulties of analyzing CD data because of measurement issues. Section D provides a longer-term perspective on how Fund CD has responded to member needs. Section E contains information on previous efforts to prioritize CD, assesses Regional Strategy Notes (RSNs) and country pages, and suggests ways to strengthen RSNs, including by using the Fund’s surveillance products. Section F compares the technical assistance (TA) funding model proposed in the 2011
Summary of Informal Discussions with Central Bankers and Other Officials on Unconventional Monetary Policies
Authors:   International Monetary Fund
Published: September 2019

A series of conference calls was held in March 2013 with selected representatives of central banks and other official agencies in advanced and emerging market economies to seek views on unconventional monetary policies (UMP). The key points raised during the discussions are summarized below. No views have been attributed to individual participants, and Fund staff is ultimately responsible for the contents of this summary.
Managing Director's Global Policy Agenda
Authors:   International Monetary Fund
Published: September 2019

The global economy has avoided the worst, but it is by no means out of the woods, and prospects may be diverging. A three-speed global recovery is emerging. Sentiment has improved, but growth and jobs are still lagging in many places, some old risks remain and could rekindle tail risks, and new risks are arising. Policymakers must, to varying degrees, continue to nurse the recovery, repair systems damaged by the crisis, strengthen defenses against a recurrence, and anticipate new challenges from stronger expansion. In a world of interconnections, lagging policy momentum in some corners will soon affect all.
Arab Countries in Transition - Economic Outlook and Key Challenges - Deauville Partnership Ministerial Meeting
Authors:   International Monetary Fund
Published: September 2019

Arab Countries in Transition (ACTs) continue to face high political uncertainty and social pressures. The uprisings and protests have generated the promise of a better life for 300 million people, but forthcoming elections and constitutional reform, as well as populations anxious for jobs and higher incomes, complicate policymaking for many governments. At the same time, fiscal and reserves buffers have diminished sharply, underscoring the urgent need to maintain macroeconomic stability in an environment of sluggish global growth, high commodity prices, and still impaired domestic confidence. Resolute policy action and support from the international community are required; particularly as last year’s subdued growth in the ACTs (except Libya) is expected to improve only slightly in 2013 and is overshadowed by persistent external and regional risks. It will be equally important for policymakers to move quickly on designing and implementing effective structural reforms to build dynamic and inclusive economies that generate (many) more jobs than are available today. Promoting private-sector growth and international trade, as well as attracting foreign direct investment inflows, will be key components of success. Financial assistance and technical expertise from external partners, including Transition Fund projects, can make a big difference in this endeavor.