bluuebunny/crossref_metadata_2025 huggingface dataset:
Framework Administered Account for Selected Fund Activities - Caribbean Regional Technical Assistance Center (CARTAC) 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 Caribbean Regional Technical Assistance Center (CARTAC) subaccount (the “Subaccount”) under the terms of the SFA Instrument.
The Fund's Role Regarding Cross-Border Capital Flows
Authors:   International Monetary Fund
Published: September 2019

Global capital flows have multiplied many times over in recent years, mainly between advanced economies but increasingly also to emerging markets, reflecting the general reduction in regulatory and informational barriers. Thus, with international asset positions now dwarfing output, global portfolio allocations and reallocations have profound effects on the world economy, as demonstrated by recent boombust episodes of both global reach (e.g., the transmission of the 2001 IT shock and the 2008 mortgage market shock from the United States) and regional significance (in Asia, Latin America, and Central and Eastern Europe). Such cycles and reversals in cross-border capital flows should not be surprising, given that these flows - more so than domestic ones - imply crossing informational barriers, currency and macroeconomic risks, and regulatory regimes.
Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting, November 22, 2010
Authors:   International Monetary Fund
Published: September 2019

Persistent challenges: The multi-speed nature of the global economic recovery is testing the system, with strains already appearing in the form of large capital inflows to many emerging market countries and exchange rate pressures. At the same time, slow employment growth, high indebtedness, and remaining financial sector fragilities in some countries could yet derail a fragile recovery. Only cooperative approaches will succeed in relieving tensions and building a strong and sustainable recovery, based on a more balanced pattern of global growth.
Framework Administered Account for Selected Fund Activities - IMF-Middle East Center for Economics and Finance 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 IMF-Middle East Center for Economics and Finance Subaccount for Selected Fund Activities (the “Subaccount”) under the terms of the SFA Instrument.
Statement by the Managing Director to the International Monetary and Financial Committee on the Fund’s Policy Agenda
Authors:   International Monetary Fund
Published: September 2019

Although the global recovery continues to move ahead, it remains fragile and uneven, with continued high unemployment. Many countries are emerging from the crisis with high debt burdens, low growth, and still fragile financial sectors. At the same time, economic activity in many emerging market countries has picked up, attracting large capital inflows that challenge economic policy. Important steps have been taken to make financial sectors safer around the world, but the unfinished agenda is still substantial, particularly for cross-border finance and macro-prudential regulation. All this suggests serious vulnerabilities and challenges remain, requiring continued policy cooperation and collaboration.
Guidance Note for Staff on Undertaking Targeted (Risk-Based) Reports on the Observance of Standards and Codes (ROSCs) in Financial Regulation and Supervision
Authors:   International Monetary Fund
Published: September 2019

In September 2009, the International Monetary Fund (IMF) and the World Bank (WB) Boards approved changes to the Financial Sector Assessment Program (FSAP) to (i) make it more flexible and better-aligned with country needs as well as IMF and WB financial sector priorities and core responsibilities; (ii) enhance the quality, candor, and comparability of assessments; and (iii) better-integrate FSAP analysis into the institutions’ evolving mandates.
Executive Board Progress Report to the IMFC on the Fund's Mandate
Authors:   International Monetary Fund
Published: September 2019

This paper responds to the IMFC call to review, in light of the crisis, the Fund’s mandate over macroeconomic and financial sector policies bearing on global stability.

The crisis exposed weaknesses in economic oversight—national, regional, and global—prior to the crisis, prompting major institutional innovations to uncover risks and meet large and diverse financing needs. Despite progress, it still needs to be asked if the mandate in the Fund’s Articles is up to the challenges ahead. The Board’s deliberations, which are far from complete, have prompted it to emphasize practical steps to deliver on the Fund’s broad stability mandate, with any need to amend the Articles reconsidered in light of experience. The effectiveness of these steps will also depend on quota and governance reform, as confidence in the Fund as an impartial overseer of global stability and lender of last resort rests on its legitimacy.
Fourteenth General Review of Quotas - Possible Elements of a Compromise
Authors:   International Monetary Fund
Published: September 2019

The IMFC in its April 2010 Communiqué pledged to complete the 14th Quota Review before January 2011 in line with the parameters agreed in Istanbul. The Committee of the Whole (COW) has since continued its work aimed at developing proposals that could command broad support. At its most recent meeting in September, there was a shared commitment to reaching an agreement within the agreed timetable but views remained divided on many issues. To facilitate progress towards the agreed goal, this paper suggests possible elements that could help form the basis for an agreement. These elements seek to build on the discussions to date and balance the diverse views that have been expressed. Inevitably, they will not fully meet the preferences or priorities of any individual member, and difficult compromises will be required from all sides if an agreement is to be reached.
Update on the Financing of the Fund's Concessional Assistance and Debt Relief to Low-Income Member Countries
Authors:   International Monetary Fund
Published: September 2019

A new framework to facilitate mobilization of loan resources for the PRGT became effective in June 2010. It includes a voluntary encashment regime allowing claims of participating creditors to qualify as reserve assets; the issuance of PRGT notes; and a revised framework for borrowing in SDRs.

Members have responded positively to the Managing Director’s fund-raising request. Thirteen members have pledged about SDR 9.3 billion in additional loan resources, compared to the target of SDR 10.8 billion (including provision for a liquidity buffer to facilitate encashment). New loan and note purchase agreements totaling SDR 7.2 billion have been signed so far with nine lenders. Five of these borrowing agreements provide loan resources in SDRs. It remains important to mobilize additional loan resources to complete the financing package.
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 Trends2 with information on documents published through December 2009.
Framework Administered Account for Selected Fund Activities-Kuwait 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 Kuwait Subaccount for Selected Fund Activities (the “Subaccount”) under the terms of the SFA instrument.
The Fund's Income Position for FY 2010 - Actual Outcome
Authors:   International Monetary Fund
Published: September 2019

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.
IMF Membership in the Financial Stability Board - Decision
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.
Framework Administered Account for Selected Fund Activities - Central African Regional Technical Assistance Center (AFRITAC Central) Subaccount
Authors:   International Monetary Fund
Published: September 2019

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.
IMF Governance Reform
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.
How Did Emerging Markets Cope in the Crisis?
Authors:   International Monetary Fund
Published: September 2019

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.
Resolution of Cross-Border Banks - A Proposed Framework for Enhanced Coordination
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 AFRITAC Central subaccount under the terms of the SFA Instrument.
Technical Assistance Evaluation Program - Findings of Evaluations and Updated Program
Authors:   International Monetary Fund
Published: September 2019

The Kyrgyz Republic -- Joint Economic Assessment: Reconciliation, Recovery and Reconstruction; Prepared by the Asian Development Bank, International Monetary Fund, and The World Bank; With the participation of Eurasian Development Bank, European Bank for Reconstruction and Development, European Commission, International Finance Corporation, and The United Nations
PP4463-Proposal-for-a-Post-Catastrophe-Debt-Relief-Trust-Fund
Authors:   International Monetary Fund
Published: September 2019

The global crisis has underscored the need for effective global financial safety nets to protect countries with sound policy frameworks from adverse outcomes. Complementing the traditional crisis resolution role of the IMF, which has been instrumental during the recent crisis and is expected to remain dominant going forward, further strengthening instruments to prevent crises and mitigate contagion in systemic events would contribute to the IMF’s mandate to secure global stability.

This paper proposes specific reforms of crisis prevention instruments, and separately presents further considerations for strengthening the IMF’s toolkit for dealing with systemic crises. The proposals, which have benefited from feedback from policymakers and other stakeholders, build on last year’s major overhaul of the IMF lending toolkit and the reform options considered earlier this year by the IMF Executive Board in the context of a broader review of the institution’s mandate.
Executive Board Progress Report to the IMFC on the Reform of Fund Governance
Authors:   International Monetary Fund
Published: September 2019

At its most recent meeting in April 2010, the IMFC pledged to complete the 14th General Review of Quotas before January 2011. This follows an earlier call by G-20 Leaders and the IMFC to bring forward the deadline for completing the 14th Review by two years as part of the multilateral response to the global financial crisis and the recognized need to enhance the Fund’s legitimacy and effectiveness.
Statement by the Managing Director to the International Monetary and Financial Committee on the IMF Reform Agenda
Authors:   International Monetary Fund
Published: September 2019

The recent financial crisis has given renewed urgency to the need for resolution systems for financial institutions, which both safeguard financial stability and limit moral hazard. However, experience demonstrates that these systems will not be effective unless progress is also made in developing a framework that applies on a cross-border basis. Since many systemically important financial groups operate globally, an uncoordinated application of resolution systems by national authorities will make it much more difficult to both secure the continuity of essential functions (thereby limiting contagion), and ensure that shareholders and creditors bear the financial burden of the resolution process.
Provisional Agenda for the Twenty-First Meeting of the International Monetary and Financial Committee
Authors:   International Monetary Fund
Published: September 2019

The crisis brought the financial system to the verge of systemic collapse and raised the prospect of depression and deflation. Central banks helped defuse these threats, including through exceptional measures. Considerable efforts are now under way to draw policy lessons from the crisis. For central banks, the crisis seems to provide three important lessons for policy frameworks—mainly concerning systemic financial stability.
Establishment of an Administered Account for Interim Holdings of Voluntary Contributions for Fund Activities and Establishment of a Framework Administered Account for Selected Fund Activities - Subaccount for the Administration of Selected Smaller-Scale Capacity Building Activities
Authors:   International Monetary Fund
Published: September 2019

This paper identifies policy tools to support fiscal consolidation in the years ahead. Its starting point is the analysis in the recent Board papers describing strategies for fiscal consolidation (IMF, 2010a, 2010b), which showed that on current trends, general government debt in advanced countries would rise 36 percentage points of GDP during 2007–14, and that age-related spending (health and pension) would rise rapidly later, further adding to fiscal pressures. Trends are more favorable in emerging economies, but adjustments are needed there too.
Reserve Accumulation and International Monetary Stability - Supplementary Information
Authors:   International Monetary Fund
Published: September 2019

Reform package. Comprehensive reform of Fund governance—encompassing quotas, ministerial engagement and oversight, the size and composition of the Executive Board, voting rules, management selection, and staff diversity—is essential to enhancing the Fund’s long-term legitimacy and effectiveness. Although the elements of such a reform are being discussed sequentially, and some could be taken up sooner, most will need to be decided as a package, given the linkages and trade-offs.
Borrowing Agreement with the Swedish Riksbank
Authors:   International Monetary Fund
Published: September 2019

This paper reviews the Fund’s income position for FY 2010 and FY 2011. The paper updates projections provided at the FY 2010 midyear review and sets out related proposed decisions for the current and next financial years.

The paper is structured as follows: Section II reviews the FY 2010 income position and the main changes from the midyear projections; Section III makes proposals on the disposition of FY 2010 net income, which includes the General Resources Account (GRA) net operational income and profits from the limited gold sales; Section IV discusses the FY 2011 income outlook, the margin on the rate of charge, and projected burden sharing adjustments; and Section V reviews special charges.
Financial Sector Surveillance and the Mandate of the Fund
Authors:   International Monetary Fund
Published: September 2019

This paper reviews the Fund’s liquidity position. The review covers the Fund’s financial activities for the period September 11, 2009 through March 31, 2010, and also discusses recent developments likely to influence the Fund’s liquidity position. Against this backdrop, it examines the outlook for liquidity using the one-year Forward Commitment Capacity (FCC), the primary measure of the Fund’s liquidity, which is calculated taking into account supplementary resources made available under borrowing arrangements, including note purchase agreements.
Borrowing Agreement with the Czech National Bank
Authors:   International Monetary Fund
Published: September 2019

The last comprehensive discussion of reform of the international monetary system (IMS)—the set of official arrangements that regulate key dimensions of balance of payments—international reserves, exchange rates, current payments, and capital flows—was held nearly four decades ago. In light of repeated and costly international financial crises since then, it is timely to review the structure of the IMS to assess how it can be strengthened and made more resilient. At issue is the confluence of, on one side, an unprecedented build-up in global current account imbalances and volatile cross border capital flows, accompanied by a sharp build-up of international reserves, and on the other side, the concentration of those reserves in a few reserve currencies facing new challenges in maintaining fiscal and financial stability. As pre-crisis trends appear set to resume, this tension calls for examining their broader implications for the stability and efficiency of the current system. While the paper views the problems of the IMS through this prism in the tension between high reserve demand and narrow reserve supply, it also inevitably touches on all the components of the IMS—exchange rate arrangements, capital flows, and the global adjustment process. It should also be seen in the broader context of the Fund’s recent work on IMS stability, which started with a paper focused on exchange rate arrangements last summer and will continue in coming months with another on capital flows.
Guidance Note on the Fund’s Transparency Policy
Authors:   International Monetary Fund
Published: September 2019

The global financial crisis has had a significant impact on low-income countries (LICs)’ debt vulnerabilities. Recent debt sustainability analyses (DSAs) indicate that external and fiscal financing requirements have increased. In addition, standard measures of a country’s capacity to repay debt?GDP, exports, and fiscal revenue?are expected to be permanently lower. On average, debt ratios are therefore expected to deteriorate in the near term, particularly for public debt.
Application of Structural Conditionality - 2009 Annual Report
Authors:   International Monetary Fund
Published: September 2019

Motivation and approach. Last year’s major reforms of the Fund’s lending instruments, together with the commitment to treble its resources, made a significant contribution to global stabilization as Fund lending created room for policy accommodation and helped countries weather the worst of the crisis. While these reforms have yielded positive results, it is appropriate to ask—as the IMFC has—whether there is scope to build on this experience. This paper tries to answer this question, including by drawing on the lessons of the crisis, as perceived by policymakers, market participants, and academic observers, with whom Fund staff has consulted extensively.

While every effort has been made to explore the pros and cons of various reform options neutrally, some options are clearly more evolutionary (e.g., those building on last year’s headline introduction of the Flexible Credit Line or FCL), while others are of a more radical nature (e.g., Fund provision of pure insurance payouts or collateralized lending). This paper focuses on the former, covering the latter set of ideas in a supplement. Once the Executive Board has had a chance to comment on all options, a more defined and specific set of proposals could be developed by staff for further consideration.
Côte d'Ivoire-Assessment Letter for the International Financial Community
Authors:   International Monetary Fund
Published: September 2019

This paper sets forth a proposal for an expanded and more flexible NAB. The proposal was developed in close consultation with current and potential participants in the NAB, including through meetings of current and potential participants in April, July, and November 2009 in Washington, D.C. under the chairmanship of Japan.
Ex Post Evaluations of Exceptional Access Arrangements—Revised Guidance Note
Authors:   International Monetary Fund
Published: September 2019

The Executive Board has agreed that post-program monitoring (PPM), with formal involvement of the Board, could be useful in certain cases. Specifically, the Board has decided that when a member’s outstanding credit from the General Resources Account (GRA) of the Fund, or from the Fund as Trustee of the Poverty Reduction and Growth Trust (PRGT), or a combination thereof, exceeds a threshold of 200 percent of quota, and the member no longer has an arrangement or is not implementing a staff-monitored program with reports issued to the Board, there should be a presumption that the member will engage in PPM with the Fund of economic developments and policies after the expiration of the arrangement.
Government Finance Statistics to Strengthen Fiscal Analysis
Authors:   International Monetary Fund
Published: September 2019

This paper seeks Board approval of a phased migration strategy for implementing the GFSM 2001 as the standard for Fund fiscal data. The financial crisis has underscored the need for better and more comparable fiscal data, including on government assets and liabilities.

In 2005, the Board endorsed the Government Finance Statistics Manual 2001 (GFSM 2001) and asked staff to propose a migration strategy for the Fund, based on lessons to be drawn from conducting pilot studies.

The pilot studies and other tests confirmed that some aspects of the GFSM 2001 methodology (primarily relating to presentation) can be implemented by staff with relatively modest resource needs, while other aspects can proceed meaningfully only after member countries have made sufficient progress in their own fiscal reporting—including in detailed balance sheet breakdowns, and in strengthening underlying accounting systems.
Operational Guidance Note on Conditionality—December 2009 Revisions
Authors:   International Monetary Fund
Published: September 2019

The 2000-02 comprehensive review of the Fund’s conditionality culminated in the adoption of a set of conditionality guidelines by the Executive Board on September 25, 2002.

The 2002 Conditionality Guidelines (the “guidelines”) replace the 1979 Conditionality Guidelines and the Interim Guidance Note on Streamlining Structural Conditionality of September 18, 2000. A review of experience with the guidelines, looking at how they have been implemented and at their impact, is conducted periodically; summary statistics on conditionality have been prepared annually since 2008.
Borrowing Agreement with the Central Bank of Malta
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 Central Bank of Malta agrees to lend to the Fund an SDR denominated amount up to the equivalent of EUR120 million, on the terms and conditions set in this policy paper.
Eligibility to Use the Fund’s Facilities for Concessional Financing - Decisions
Authors:   International Monetary Fund
Published: September 2019

This paper proposes a framework for updating the PRGT eligibility list, based on transparent criteria and a regular review process, including policies for phasing in changes in eligibility. The premise is that access to scarce resources for concessional Fund financing should be preserved for members with a low level of income and related economic and financial vulnerabilities. From this perspective, there are several potential anomalies in the current eligibility list, which has been established primarily on the basis of IDA eligibility, and was last reviewed in 2003.
Report of the Task Force on the Fund's Technical Assistance Strategy
Authors:   International Monetary Fund
Published: September 2019

Fund technical assistance (TA) has undergone major changes during the last few years. On the demand side, there is increased interest in a longer-term, implementation-oriented TA, “second generation” reforms, and in new topics. On the supply side, TA is increasingly financed by donors, and increasingly delivered through experts located in the field. These and other developments call for reassessing the Fund’s TA strategy.
Progress Report on the Activities of the Independent Evaluation Office
Authors:   International Monetary Fund
Published: September 2019

Since its last report to the IMFC in April 2011, the Independent Evaluation Office (IEO) completed the evaluation of Research at the IMF: Relevance and Utilization. The IEO continues its work on the evaluations of “International Reserves: IMF Advice and Country Perspectives” and of “The Role of the IMF as Trusted Advisor,” announced last spring. Draft issues papers on these two evaluations, as well as on a new study, “Learning from Experience at the IMF: An IEO Assessment of Self-Evaluation Systems,” were circulated to the Executive Board and posted on the IEO website for public comment.
Update on the Financing of the Fund's Concessional Assistance and Debt Relief to Low-Income Member Countries
Authors:   International Monetary Fund
Published: September 2019

Lower-than-expected demand over the recent past has raised the lending capacity of the PRGT for the years 2012–14. Staff’s latest projections suggest PRGT demand in 2011 could be about SDR 1.4 billion, up from SDR 1.2 billion in 2010. Assuming the 2009 LIC financing package is completed, these projections would be consistent with lending capacity of about SDR 2.1 billion per year from 2012–14, or SDR 1.5 billion per year through 2015.

Most of the targeted loan resources under the 2009 package have now been secured, but additional pledges of about SDR 1 billion in loans are still needed. Fourteen members have pledged SDR 9.8 billion in new loan resources for the PRGT, compared to the target of SDR 10.8 billion. New borrowing agreements totaling SDR 9.5 billion have been signed with thirteen lenders. Eight of these agreements provide loan resources in SDRs, and seven creditors also participate in the voluntary encashment regime.
Macroeconomic and Operational Challenges in Countries in Fragile Situations
Authors:   International Monetary Fund
Published: September 2019

There is broad recognition that countries in fragile situations face unique challenges. While fragility may afflict countries at different levels of income and capacity, common features of fragile states are institutions that are seen to be weak and lack legitimacy, as well as a fractious political setting, which in turn elevates the risk of violence.

Fragilities impose large costs and hardships on local populations that can spill over to neighboring countries—directly through conflict, crime, and disease, but also through economic linkages. Considering these unique challenges, the international community is developing forms of engagement that stress peacebuilding, social cohesion, and statebuilding. They incorporate recognition of the need for sustained engagement, a willingness to take calculated risks in uncertain environments, fuller attention to the political economy of reforms and capacity constraints, and coordination of donor efforts.
Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) - Review of the Effectiveness of the Program
Authors:   International Monetary Fund
Published: September 2019

The Fund’s Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) program has significantly contributed to the international community’s response to money laundering and the financing of terrorism. This paper reviews how the Fund’s AML/CFT program has evolved during the past five years and discusses how the Fund could move forward in this area.

The past five years have witnessed significant changes to the Fund’s AML/CFT technical assistance program. It is now being delivered more strategically than in the past and is almost exclusively funded by external resources. Its central pillar is now the AML/CFT Topical Trust Fund.
Statement by the Managing Director to the International Monetary and Financial Committee on the Fund’s Policy Agenda
Authors:   International Monetary Fund
Published: September 2019

Since the IMFC last met, the global economic recovery has gathered strength and financial conditions have kept improving; but members continue to face multiple and diverse challenges—slow growth, high unemployment, and fiscal and financial vulnerabilities in many advanced economies; and rapid credit growth and overheating pressures in some emerging markets. Rising food and energy prices have returned, further constraining policies. Meanwhile, global imbalances show no sign of abating, and volatility in cross border financial flows and exchange rates remains high. The outlook has been further challenged recently by unpredictable shocks: the tragic events in Japan and developments across the Middle East and North Africa. The latter also contain an important lesson for policy makers, namely that the quality of growth—especially its ability to combat unacceptably high unemployment and inequality—is critical to the sustainability of growth.
Provisional Agenda for the Twenty-Third Meeting of the International Monetary and Financial Committee
Authors:   International Monetary Fund
Published: September 2019

A joint meeting of IMFC and G-20 Members will be held on Friday, April 15 on The Governance of Multilateral Surveillance from 7:00 p.m. until 8:30 p.m. in HQ1 Meeting Halls A & B.
Update on the Financing of the Fund’s Concessional Assistance and Debt Relief to Low-Income Member Countries
Authors:   International Monetary Fund
Published: September 2019

Significant progress has been made towards meeting the fund-raising targets for the PRGT, but additional resources will be needed to complete the 2009 LIC financing package. So far, fourteen members have pledged about SDR 9.8 billion in new loan resources, compared to the target of SDR 10.8 billion (including provision for a liquidity buffer to facilitate encashment). New borrowing agreements totaling SDR 7.7 billion have been signed with ten lenders. Six of these agreements provide loan resources in SDRs, and five creditors also participated in the voluntary encashment regime.
Framework Administered Account for Selected Fund Activities - Denmark 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 subaccounts within the SFA. This paper requests Executive Board approval to establish the Denmark Subaccount for Selected Fund Activities (the “Subaccount”) under the terms of the SFA Instrument.
Strengthening the International Monetary System - Taking Stock and Looking Ahead
Authors:   International Monetary Fund
Published: September 2019

The current IMS has survived for over forty years, underpinning strong growth in GDP and in the international exchange of goods and capital, one of its core objectives. As a result, interdependence among the world’s economies has grown dramatically, making the existence of a sound system ever more important.

At the same time, the system has exhibited many symptoms of instability—frequent crises, persistent current account imbalances and exchange rate misalignments, volatile capital flows and currencies, and unprecedentedly large reserve accumulation.

These symptoms have come to a head since the 2008 crisis and brought renewed international momentum to the idea of attempting to reform the IMS. Yet the debate so far suggests little consensus on the underlying problems, let alone on the solutions.

This paper identifies four root causes to these problems: inadequate global adjustment mechanisms to prevent inconsistent or imprudent policies among systemic countries; lack a comprehensive oversight framework for growing cross-border capital flows, covering both source and recipient countries; inadequate systemic liquidity provision mechanisms; and structural challenges in the supply of safe assets.
Use of Gold Sales Profits - Initial Considerations and Options
Authors:   International Monetary Fund
Published: September 2019

In December 2010, the Fund concluded the limited gold sale (403 metric tons) approved by the Board in September 2009. The main purpose of the sale was to generate profits to fund an endowment that would diversify the Fund’s income sources away from lending income.

In addition, the Board agreed in July 2009, before approving the sale, to a strategy pursuant to which resources linked to the gold sale would contribute to boosting the Fund’s concessional lending capacity.

Total profits from the gold sale were SDR 6.85 billion. The profits significantly exceeded those assumed in April 2008 when agreement was reached on the key features of the new income model, and in July 2009 at the time of the discussions on a financing package to support reform of the Fund’s concessional lending activities. This reflects the substantial increase in the market price of gold throughout the period of the gold sales. With the gold sale complete, it is timely for the Board to revisit the issues relating to the use of the profits.

This paper seeks to provide a basis for initial Board consideration of this topic. It focuses primarily on the options for use of the windfall profits above a price of US$935 per ounce, which was the average price required to generate resources for the endowment at the assumed gold price underlying the new income model and to implement the agreed strategy to provide SDR 0.5–0.6 billion in resources linked to gold sales as part of the 2009 concessional financing package.
Demand Projections for the Fund's Concessional Resources
Authors:   International Monetary Fund
Published: September 2019

Projections of demand for concessional loans under the Poverty Reduction and Growth Trust (PRGT) are subject to a high degree of uncertainty. The Fund’s financial support to low-income countries (LICs) is both cyclical and lumpy. Moreover, there are important structural changes underway that are likely to affect the frequency, nature, and size of Fund concessional lending. As a result, simple extrapolations from historical lending volumes are misleading. This paper reviews factors underlying historical lending trends and develops a methodology that can narrow down the range of possible longer-term demand scenarios.
Macroprudential Policy - An Organizing Framework - Background Paper
Authors:   International Monetary Fund
Published: September 2019

MCM conducted a survey in December 2010 to take stock of international experiences with financial stability and the evolving macroprudential policy framework. The survey was designed to seek information in three broad areas: the institutional setup for macroprudential policy, the analytical approach to systemic risk monitoring, and the macroprudential policy toolkit. The survey was sent to 63 countries and the European Central Bank (ECB), including all countries in the G-20 and those subject to mandatory Financial Sector Assessment Programs (FSAPs). The target list is designed to cover a broad range of jurisdictions in all regions, but more weight is given to economies that are systemically important (see Annex for details). The response rate is 80 percent. This note provides a summary of the survey’s main findings.
Kyrgyz Republic - Ex Post Assessment of Longer-Term Program Engagement
Authors:   International Monetary Fund
Published: September 2019

This report reviews the Kyrgyz Republic’s economic performance under Fund-supported programs from early 2005 to mid-2010. Two Fund-supported programs are assessed: the March 2005 Poverty Reduction and Growth Facility (PRGF, which expired in May 2008), and the December 2008 Exogenous Shock Facility (ESF, which expired in June 2010). Earlier Fund-supported programs were discussed in the Kyrgyz Republic’s first Ex Post Assessment (EPA), which was completed in November 2004. The assessment does not cover performance under the Rapid Credit Facility (RCF), which was approved by the Executive Board on September 15, 2010.
2011 Review of the Standards and Codes Initiative - Reports on the Observance of Standards and Codes (ROSC) Case Studies
Authors:   International Monetary Fund
Published: September 2019

This report is part of the 2011 ROSC Initiative review. It focuses on generating additional inputs for an informed assessment of the effectiveness of the Initiative in strengthening institutions in member countries. In particular, it analyses in detail a sample of twenty-two specific country experiences—at least two for each standard currently included in the Initiative. The review of specific country experiences with ROSC exercises—diagnosis and implementation of recommendations and follow-up—contributes to evaluate the extent to which ROSCs have been instrumental in identifying institutional weaknesses and contributed to promote financial reform and reduce financial vulnerability. This is an independent review prepared by an external consultant.
Is SDR Creation Inflationary?
Authors:   International Monetary Fund
Published: September 2019

Giving greater prominence to SDRs in international reserves would entail allocating them more frequently in significant amounts. The question has properly been raised whether such issuance would be inflationary for the world economy. This short paper addresses that question. It explores five different “scenarios” that describe how recipient countries and the leading central banks—most notably the U.S. Federal Reserve (FRB) and the EU’s European Central Bank (ECB)—would respond to those allocations. It concludes that SDR issuance would be inflationary for the world economy under two of the scenarios, but not under the remaining three scenarios, which include the most likely ones.
Debt Limits in Fund Programs with Low-Income Countries
Authors:   International Monetary Fund
Published: September 2019

This annotated presentation on the debt limits policy (DLP) for Fund programs with low income countries (LICs) was discussed at an informal session of the IMF Executive Board on January 10, 2014. The presentation contains a proposed new approach to the handling of external borrowing limits in such programs, building on the analysis contained in an earlier paper, discussed by the IMF Board in March 2013. The January 10 Board discussion provided staff with suggestions on how to refine their proposals, but the Board did not take a position on the merits of the proposed approach. IMF staff are to present a formal proposal to modify the IMF’s Debt Limits Policy (which covers all IMF lending programs, not merely those with low income countries) for consideration by the Fund’s Executive Board in the coming months.
Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting
Authors:   International Monetary Fund
Published: September 2019

This document translates the policy priorities laid out in the Global Policy Agenda (GPA) and the IMFC communiqué into a work agenda for the Executive Board over the next six to twelve months
Global Impact and Challenges of Unconventional Monetary Policies - Background Paper
Authors:   International Monetary Fund
Published: September 2019

This paper provides case studies of 13 of the largest non-UMP countries. The case studies begin with an overview of recent macro-economic developments as well as capital flow patterns during the crisis up to the first U.S. tapering announcement in May 2013. Country experiences with capital inflows are judged along five dimensions: (i) the size of capital inflows, (ii) policies used to manage inflows, (iii) external stability, measured by exchange rate overvaluation and current account deficits relative to fundamentals,2 (iv) asset price and credit market reactions, and (v) financial sector stability. Case studies mostly draw on published IMF Staff Reports for each country, as well as the 2013 Pilot External Stability Report (IMF 2013d).
Quota Formula - Data Update and Further Considerations
Authors:   International Monetary Fund
Published: September 2019

The IMF staff has updated individual member country data for the variables used in the quota formula for the period 1999-2011; the tables also include the comparable value of each variable for the previous quota dataset, which was based on data covering the period 1998-2010. The information is presented in millions of SDRs (Table A1) and in percent of their respective global totals (Tables A2 and A3).

A table showing calculated quota shares based on the quota formula is also included (Table A4). The current quota formula includes a GDP variable, which is a blend of GDP at market rates and GDP at purchasing power parity (PPP), openness, variability, and international reserves (see Box 1 in Reform of Quota and Voice in the International Monetary Fund-Draft Report of the Executive Board to the Board of Governors).

Data sources and a description of the quota variables are discussed in Quota Formula – Data Update and Further Considerations - Statistical Appendix; IMF Policy Paper; June 2013.

Download Quota Data:
Updated IMF Quota Formula Variables - July 2013
Case Studies of Fiscal Councils - Functions and Impact
Authors:   International Monetary Fund
Published: September 2019

This supplement presents case studies of seven fiscal councils and examines how each council performs its core functions and if and how it impacts on the fiscal policy debate. The seven fiscal councils are: Belgium (Conseil Supérieur des Finances—HCF), Canada (Parliamentary Budget Officer—PBO), Hungary (Költségvetési Tanács), Korea (National Assembly Budget Office—NABO), the Netherlands (Centraal Planbureau—CPB), Sweden (Finanspolitiska rådet), and the United States (Congressional Budget Office-CBO). The main paper presents the comparative lessons and the general findings of this study based on a systematic comparison of these fiscal councils’ experiences. This supplement discusses in detail each individual fiscal council’s experiences.
Framework Administered Account for Selected Fund Activities -Financial Access Survey 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 within the SFA. This paper requests Executive Board approval to establish the Financial Access Survey Subaccount (“the Subaccount”) under the terms of the SFA Instrument.
Key Aspects of Macroprudential Policy - Background Paper
Authors:   International Monetary Fund
Published: September 2019

The countercyclical capital buffer (CCB) was proposed by the Basel committee to increase the resilience of the banking sector to negative shocks. The interactions between banking sector losses and the real economy highlight the importance of building a capital buffer in periods when systemic risks are rising. Basel III introduces a framework for a time-varying capital buffer on top of the minimum capital requirement and another time-invariant buffer (the conservation buffer). The CCB aims to make banks more resilient against imbalances in credit markets and thereby enhance medium-term prospects of the economy—in good times when system-wide risks are growing, the regulators could impose the CCB which would help the banks to withstand losses in bad times.
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 14 th 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.
The Consolidated Medium-Term Income and Expenditure Framework
Authors:   International Monetary Fund
Published: September 2019

The medium-term projections of Fund income and precautionary balances accumulation have been updated since the April 2012 projections. The overall income outlook remains positive with continued high lending income expected in the medium-term. The projections indicate a downward shift in the income path primarily due to lower non-lending income as a result of the low global interest rates and the agreement to phase in investments under the new gold-sales funded endowment. The updated expenditure path has not changed significantly. The projections also illustrate a broad balance between income and expenditures when lending returns to pre-crisis levels.

The accumulation of precautionary balances remains strong in the medium-term. The indicative medium-term target of SDR 20 billion is now expected to be reached by FY18–FY19.