bluuebunny/crossref_metadata_2025 huggingface dataset:
Study of Differences between Results from Raboratory Tests and Tests of Real Tools for Selected Cold Work Tool Steels
Authors: Kuřík Martin , Sobotová Jana , Moravcová Nikola
Published: August 2019

The growing pressure on tool performance and durability increases demands on the materials used and on the choice of optimal heat treatment. The properties of tool steels produced by conventional and powder metallurgy (1.2379, Vanadis 23) were compared after different heat treatment modes. Cryogenic treatment was performed in several batches for 4 hours at-90°C or-196°C. Cryogenic treatment was inserted between quenching and tempering. Mechanical properties were evaluated by hardness tests and three-point bending strength and wear resistance by Pin-on-disk tests. Metallographic analysis was performed using light and electron microscopy. On the basis of the results obtained both materials were subject to selected heat treatment and experimental forming tools produced which were used in operation. During operation the wear of the tools (shape change and volume loss) was assessed. Results of the laboratory tests were then compared with operation tests.
Influence of Operation Temperature on Rolling Bearings
Authors: Kantoriková Elena , Fabian Peter
Published: August 2019

Rolling bearings are among the most widely widespread components in the engineering industry. A critical issue is damage to functional surfaces of rolling bearings, which has arisen during the operation. An important area is the monitoring of production temperature and its impact on components. We undertook this study to damage of functional surfaces bearings. It was decided that the optimal procedure is comparing three samples, each with another type of damage. This procedure will aid determine the cause of damaged bearings. This work has shown the adverse effect of residual austenite and residual stresses caused by the production process on the dimensional stability of the bearing components.
Microstructure and Properties of Advanced Tool Steels
Authors: Šerák Jan , Pečinka Vojtěch , Vojtěch Dalibor
Published: August 2019

In this work, the microstructure and mechanical properties of four types of high-speed tool steels (Vanadis 30, Vanadis 60, ASP 2052 and S 705) were studied. The steel S 705 was made by conventional ingot metallurgy technology, and other types of steels were manufactured by powder metallurgy technology. All studied steels were examined both in the soft state and further in the hardened condition with subsequent tempering. Microstructure of metallographic samples and fracture areas was studied by electron microscopy. Hardness, tensile properties and notch toughness were determined. Significant differences in the properties of steels in both studied states were documented.
Relationships between the Microstructure, Hardness and Fracture Toughness of Differently Sub-Zero Treated Tool Steel
Authors: Jurči Peter , Dlouhý Ivo , Horník Jakub , Priknerová Petra , Mrštný Zdeněk
Published: August 2019

A PM made Cr-V ledeburitic tool steel Vanadis 6 has been subjected to conventional austenitizing and quenching, which was followed by sub-zero treatment at different temperatures, and by tempering treatments. The microstructure, hardness and fracture toughness of sub-zero treated steel have been investigated with reference to the same material after conventional room temperature quenching. The main findings are that sub-zero treatments reduce the retained austenite amount, enhance the population density of small carbides, refine the martensite and change the precipitation of carbides during tempering. These alterations are reflected in elevated hardness after low-temperature tempering but slightly lowered hardness after tempering within the normal secondary hardening temperature range, except the specimens treated at-140 °C where the hardness improvement was maintained. The fracture toughness is rather negatively influence by the sub-zero treatments, except the treatment at-140 °C where no impact or rather improvement has been recorded; thus, the treatment at a temperature of-140 °C seems to be a promising way how to improve the hardness and the fracture toughness pf the Vanadis 6 steel simultaneously.
High Performance Unalloyed Ductile Cast Iron with Multiphase Structure
Authors: Zhou Wen Tao , Yang Chen , Cui Xi Xi , Liang Zhong Yang , Wang Xuan , Northwood Derek O. , Liu Cheng
Published: August 2019

An unalloyed ductile cast iron with a multiphase structure is designed by a novel austempering process. The designed austempering treatment consists of initial rapid quenching to 180°C after austenizing at 890°C for 20min, and finally austempering at 220°C for 240min. A multiphase structure comprising lenticular/needle-like prior martensite, fine needle bainitic ferrite and film retained austenite is obtained. The excellent mechanical properties, with a tensile strength of 1530MPa and an elongation of 3.1% can be achieved by controlling the matrix microstructure of 12% prior martensite, 15% retained austenite with 1.64% carbon content, and 73% bainitic ferrite. This is mainly attributed to prior marteniste which can promote refinement of multiphase colonies.
Research on Cutting Stability of High-Efficiency Micro Turn-Milling Compound Machine Tool Based on Lobes
Authors: Zheng Zhong Peng , Jin Xin , Sun Ye Wang , Jiang Xin Yang , Zhang Zhi Jing , Liu Bing Bing
Published: August 2019

In order to improve the cutting stability of high-efficiency micro turn-milling machine tools, avoid the chattering problem during the cutting process. In this paper, the chatter problem in the cutting process is studied based on the stable lobes. By analyzing the high-efficiency turn-milling machine tool mechanism and the turn-milling model, the micro turn-milling dynamic dynamic vibration model and the mathematical model of turn-milling chatter are obtained. Then, based on the hammer test method, the transfer function of the tool-workpiece system is obtained, and the turn-milling stable lobes of the high-efficiency micro turn-milling machine tool is constructed. Finally, the research on the stable zone of the turning main spindle parts, the turning back spindle parts and the high-frequency milling part are completed. The experimental research results guide and optimize the selection of cutting parameters for turn-milling process.
Prediction of Regeneration Chatter Stability of Composite Boring Bar
Authors: Ren Yong Sheng , Tian Ji Shuang , Zhang Yu Huan , Ma Jing Min
Published: August 2019

The deep holes cutting process by metal boring bar is usually limited due to the development of chatter vibration. This is because metal boring bar has not only low bending stiffness but also low structural damping. A chatter stability prediction of composite boring bar under regenerative cutting force is presented. Based on the theory of Euler-Bernoulli beam, the regenerative chatter dynamic model of composite boring bar is proposed, and the solution formula of the limited cutting depth and corresponding spindle speed is given. The dynamic stability lobes of the composite boring bar are obtained by numerical calculation. The results indicate that composite boring bar exhibits efficient chatter stability than metal boring bar. Chatter stability is closely related to fiber ply angle. It is demonstrated that when ply angle is 0o, carbon/ epoxy reaches its critical cutting depth, and for graphite/ epoxy boring bar about 25o of ply angle gives its critical cutting depth, It is also demonstrated that stability boundary decreases as the ratio length and diameter increases. Finally, the prediction results of stability are compared with those from the dynamic stiffness and time-domain response, agreement is found.
The Photoluminescence Spectra Research of SiC Thin Film under Different Sputtering Powers
Authors: Zhao Chang , Zhao Man , Lv Su Ye , Liu Qing Jun , Xing Guang Jian
Published: August 2019

This study prepared an SiC thin film by using the ratio frequency magnetron sputtering method, investigated the effects of different sputtering powers on the SiC material and analysed the changes in crystal morphology and photoluminescence characteristics caused by changes in the growth conditions used. It was considered that there was 6H-SiC crystal morphologies in the SiC thin film under the experimental conditions prevailing in this study. The SiC morphologies with small grain sizes intermingled and therefore formed anSiC thin film. The analyses of the photoluminescence spectra and Scanning Electron Microscope indicated that the SiC thin film materials with preferable crystal compositions could be prepared under appropriate power inputs.
Liderança e gestão do conhecimento: desafios organizacionais da pós-graduação e pesquisa em uma universidade federal brasileira
Authors: Giraldi Daniel Castro , Melo-Silva Gustavo
Published: August 2019

Este artigo apresenta um estudo de caso de caráter hermenêutico e aplicado, realizado com o objetivo de compreender quais são os principais desafios vivenciados pelos gestores da Pró-Reitoria de Pesquisa e Pós-Graduação da Universidade Federal de São João del-Rei (PROPE/UFSJ) em seus esforços de consolidação dos programas de pós-graduação stricto sensu. Os resultados mostraram que os principais desafios são a ausência de ações voltadas à qualificação funcional de docentes para o exercício do cargo de coordenador de programas de mestrado e de doutorado e a falta de apoio empresarial regional à pesquisa desenvolvida nesses programas. Os dados colhidos sugerem que a prática da liderança no âmbito da unidade organizacional estudada vem sendo impulsionada mais em razão de problemas e dúvidas por parte dos gestores do que em razão de planejamentos e estratégias, o que indica que esses profissionais tem atualmente um perfil gerencial mais reativo do que proativo.
Satisfação, confiança, comprometimento e suas relações com a lealdade do estudante do ensino superior
Authors: Maziero Kenys Bonatti , Araújo Marcus Augusto Vasconcelos , Silva Humberto Caetano Cardoso da , Figueirêdo Marlinda Grazielly de Oliveira
Published: August 2019

Esta pesquisa buscou verificar as variáveis do modelo Relationship Quality-based Student Loyalty (RQSL) que estão significativamente relacionadas à lealdade dos alunos no contexto de prestação de serviços educacionais em uma Instituição de Ensino Superior particular. Abordou sobre os construtos satisfação, qualidade, confiança e comprometimento e sua relação com a lealdade. Para análise da questão de pesquisa, realizou-se um estudo de caso em uma IES, localizada no município de Recife-PE, através de questionário online, direcionado aos estudantes dos cursos de Direito, Ciências Contábeis, Administração, Ciência da Computação e Engenharia de Produção. Dessa forma o contexto abordado dirige-se a esse questionamento de pesquisa: “Qual a influência de construtos relacionados ao ambiente educacional na forma de se perceber o impacto positivo sobre a lealdade do aluno para com a Instituição de Ensino Superior particular?" Os dados obtidos revelam que os construtos satisfação, comprometimento e confiança influenciam a lealdade dos alunos, sendo a satisfação o construto de maior força.
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: August 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.
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: August 2019

This status report reviews progress toward implementation of the 2010 Governance and Quota 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
Statement by the Managing Director on the Work Program of the Executive Board
Authors:   International Monetary Fund
Published: August 2019

The Managing Director’s Global Policy Agenda (GPA) presented to the IMFC during the Annual Meetings charted a set of actions needed across the membership to secure the recovery and to lay the foundation for a more robust global financial architecture. The GPA also detailed the Fund’s role in assisting the membership with these formidable tasks, building on the recent reforms to buttress the Fund’s surveillance framework. This work program translates the broad policy directions laid out in the GPA into a specific agenda for the Fund for the next six months and, in order to foster more strategic planning and prioritization, our current plans regarding key policy items over the next year.
Quota Formula Review - Further Considerations
Authors:   International Monetary Fund
Published: August 2019

The Executive Board has held three formal meetings on the quota formula review, and discussions have also taken place in other fora including the IMFC Deputies work stream and the G-20 IFA Working Group. Considerable progress has been made in terms of identifying areas of common ground as well as those areas where views differ. At their most recent meeting in late September, Directors reaffirmed their commitment to completing the review by January 2013, and stressed that achieving this goal will require constructive engagement and a spirit of flexibility and compromise from all sides. At its subsequent meeting in Tokyo, the IMFC called on the membership to develop the consensus needed through further engagement of the Executive Board, with input from the IMFC Deputies, to complete the review by January 2013.
Quota Formula Review - Further Considerations - Statistical Appendix
Authors:   International Monetary Fund
Published: August 2019

This paper is a Statistical Appendix to complement the Quota Formula Review—Further Considerations.
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: August 2019

This status report reviews progress toward implementation of the 2010 Governance and Quota 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.
Proposal to Distribute Remaining Windfall Gold Sales Profits and Strategy to Make the Poverty Reduction and Growth Trust Sustainable
Authors:   International Monetary Fund
Published: August 2019

This paper revisits the use of the remaining gold sales windfall profits (SDR 1.75 billion). Directors previously considered three main options: using them as part of a strategy to boost the capacity of the PRGT; counting them towards precautionary balances; or investing them in the Investment Account’s endowment. In past discussions, Directors expressed a wide range of views on these options, and the resources have continued to be held in the Investment Account pending a decision by the Executive Board.
The Fund's Income Position for FY 2012 - Actual Outcome
Authors:   International Monetary Fund
Published: August 2019

This paper presents the Fund’s net income for FY 2012. The actual outcome reported in this paper follows the closing of the Fund’s accounts for the financial year and completion of the FY 2012 external audit conducted by Deloitte & Touche, the Fund’s external auditor.
The IMF Financial Surveillance Strategy
Authors:   International Monetary Fund
Published: August 2019

This paper outlines strategic priorities for the IMF’s financial surveillance in the coming years. It complements recent discussions on the work agenda in this area. It takes stock of innovations and gaps in financial surveillance by the Fund during the past decade, including in the wake of the current global financial crisis. It proposes concrete and prioritized steps to further strengthen financial surveillance so that the Fund can fulfill its mandate to ensure the effective operation of the international monetary system and support global economic and financial stability.
The Key Attributes of Effective Resolution Regimes for Financial Institutions - Progress to Date and Next Steps
Authors:   International Monetary Fund
Published: August 2019

The financial crisis underscored the need to develop an effective international framework to resolve cross-border financial institutions and groups. The development of such a framework has been a priority for the international community. Many important milestones have been achieved—most notably the adoption by the Financial Stability Board (FSB) of the Key Attributes of Effective Resolution Regimes for Financial Institutions (the Key Attributes) which is emerging as a new (nonbinding) international standard. Fund staff have been heavily involved in their development.

The Key Attributes specify essential features that should be part of the resolution framework at both the national and international levels, with the key objective of making resolution feasible without severe systemic disruption and without exposing taxpayers to loss. These features include a comprehensive “toolkit” of resolution powers for national authorities, including powers to: (i) assume control of a financial institution from existing managers and owners; (ii) effect a resolution of the troubled institution through the sale or merger of the entity, the transfer of assets and liabilities of the institution to third parties, or through unilateral debt restructuring or “bail-in”; and (iii) support the resolution through a temporary stay on the execution of early termination rights under financial contracts.
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: August 2019

This status report reviews progress toward implementation of the 2010 Governance and Quota 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.

For the proposed quota increases under the 14th General Review of Quotas to become effective, members having not less than 70 percent of the total of quotas on November 5, 2010 must consent to the increases in their quotas and the proposed Board Reform Amendment must have entered into force. The proposed Board Reform Amendment enters into force once the Fund certifies that three-fifths of the members (i.e., currently 113 members) representing 85 percent of the total voting power have accepted the proposed amendment.
Key Trends in Implementation of the Fund’s Transparency Policy
Authors:   International Monetary Fund
Published: August 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 to the Board through December 2011.
Revisions to the Financial Action Task Force (FATF) Standard - Information Note to the Executive Board
Authors:   International Monetary Fund
Published: August 2019

The purpose of this note is to inform the Executive Board of the amendments made to the standard on anti-money laundering and combating the financing of terrorism (AML/CFT). The Financial Action Task Force (FATF)—the standard setter for AML/CFT—adopted on February 16, 2012 a revised standard, now entitled the “International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation: the FATF Recommendations.”
Report on the Incidence of Longer-Term Program Engagement
Authors:   International Monetary Fund
Published: August 2019

Longer-term program engagement (LTPE) occurs when a member has spent at least seven of the past 10 years under Fund-supported financial arrangements.2 In response to the Executive Board’s request for periodic updates on the incidence of LTPEs, this is the thirteenth such report and provides information through June 27, 2012.
Quota Formula Review - Data Update and Further Considerations
Authors:   International Monetary Fund
Published: August 2019

In March 2012, the Executive Board held its first formal discussion on the comprehensive review of the quota formula. This review, to be completed by January 2013, is an important part of the quota and governance reforms agreed in 2010. Directors stressed the importance of agreeing on a quota formula that better reflects members’ relative positions in the global economy for future discussions on the 15th General Review of Quotas. This view was reiterated in April by the IMFC, which looked forward to an agreement by January 2013: "…on a simple and transparent quota formula that better reflects members’ relative positions in the world economy." The IMFC also reaffirmed its commitment to complete the 15th quota review by January 2014. It noted that any realignment is expected to result in increases in the quota shares of dynamic economies in line with their relative positions in the world economy, and hence likely in the share of EMDCs as a whole; and that steps shall be taken to protect the voice and representation of the poorest members. The Board held an informal follow-up meeting on June 13, 2012.
Flexible Credit Line—Operational Guidance Note
Authors:   International Monetary Fund
Published: August 2019

The Flexible Credit Line (FCL) was introduced as part of a package of reforms to the Fund’s lending facilities in March 2009 and its design was further refined in August 2010. The following provides operational guidance and further background information on the FCL. SPR (the Emerging Markets Division), FIN, and LEG stand ready to clarify any further questions departments may have on the FCL or other aspects of the reforms to lending and conditionality.
Fiscal Safeguards
Authors:   International Monetary Fund
Published: August 2019

This paper notifies the Executive Board of a pilot exercise for fiscal safeguards. The pilot will be conducted by the Fiscal Affairs Department and will cover a limited number of large budget financing cases over the next twelve months. Contrary to the existing safeguards assessment for central banks, participation in this exercise will be voluntary but will follow similar procedures in terms of confidentiality.
Staff Guidance Note on the Fund’s Engagement with Countries in Fragile Situations
Authors:   International Monetary Fund
Published: August 2019

This note aims to provide country teams with broad guidance on engagement with countries in fragile situations. The aim of the guidance note is to help staff maintain focus on issues specific to countries in fragile situations. While engagement should focus on the issues and principles laid out in the note, there is, of course, scope for staff to tailor engagement to country specific circumstances beyond proposed practices.
Managing Director's Consolidated Multilateral Surveillance Report to the International Monetary and Financial Committee
Authors:   International Monetary Fund
Published: August 2019

After suffering a major setback, global prospects are gradually strengthening again. Improved activity in the United States and better policies in the euro area in response to the deepening economic crisis there have reduced the immediate threat of a sharp global slowdown. Weak recovery is likely to resume in the major advanced economies, and activity should remain relatively solid in emerging market and developing economies.
Enhancing Financial Sector Surveillance in Low-Income Countries - Financial Deepening and Macro-Stability
Authors:   International Monetary Fund
Published: August 2019

This paper aims to widen the lens through which surveillance is conducted in LICs, to better account for the interplay between financial deepening and macro-financial stability as called for in the 2011 Triennial Surveillance Review. Reflecting the inherent risk-return tradeoffs associated with financial deepening, the paper seeks to shed light on the policy and institutional impediments in LICs that have a bearing on the effectiveness of macroeconomic policies, macro-financial stability, and growth. The paper focuses attention on the role of enabling policies in facilitating sustainable financial deepening. In framing the discussion, the paper draws on a range of conceptual and analytical tools, empirical analyses, and case studies.
Provisional Agenda for the Twenty-Fifth Meeting of the International Monetary and Financial Committee
Authors:   International Monetary Fund
Published: August 2019

The following is the provisional agenda for the Twenty-Fifth Meeting of the International Monetary and Financial Committee, which is to be convened at the IMF's Headquarters in Washington, D.C. on April 21, 2012.
Framework Administered Account for Selected Fund Activities - International Forum Sovereign Wealth Funds Subaccount
Authors:   International Monetary Fund
Published: August 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 International Forum of Sovereign Wealth Funds Subaccount (the "Subaccount") under the terms of the SFA Instrument.
Liberalizing Capital Flows and Managing Outflows - Background Paper
Authors:   International Monetary Fund
Published: August 2019

Liberalization of capital flows can benefit both source and recipient countries by improving resource allocation, reducing financing costs, increasing competition and accelerating the development of domestic financial systems. The empirical evidence, however, is mixed on the benefits, and it suggests that countries benefit most when they meet certain thresholds related to institutional and financial development. The principal cost of capital flow liberalization stems from the economic instability brought on by volatile capital flows. In extreme cases, sudden stops or reversals in capital inflows can trigger financial crises followed by prolonged periods of weak growth.
Framework Administered Account for Selected Fund Activities -Government of Canada Subaccount
Authors:   International Monetary Fund
Published: August 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. This paper requests Executive Board approval to establish the Government of Canada Subaccount for Selected Fund Activities (the "Subaccount") under the terms of the SFA Instrumen
Proposed Steps to Address Excessive Delays in the Completion of Article IV Consultations
Authors:   International Monetary Fund
Published: August 2019

Bilateral surveillance is mandatory for both the Fund and its members, and all members have an obligation to consult with the Fund for this purpose.3 Periodic consultations with members on their policies and access to necessary information are essential for effective bilateral surveillance. Furthermore, to enable the Fund to effectively conduct multilateral surveillance, bilateral surveillance needs to cover all economies at a reasonable frequency.
Eligibility to Use the Fund's Facilities for Concessional Financing
Authors:   International Monetary Fund
Published: August 2019

This paper proposes to maintain the Poverty Reduction and Growth Trust (PRGT)-eligibility criteria established in early 2010 and considers, based on the application of such criteria, whether updates to the eligibility list are warranted at this time. The premise remains that access to the Fund’s scarce concessional resources should be preserved for members with low income and related vulnerabilities, while keeping PRGT eligibility closely aligned with International Development Association (IDA) practices. Based on the application of the PRGT-eligibility framework, no countries are proposed for entry or graduation at this time.
The Managing Director’s Statement on the Role of the Fund in Addressing Climate Change
Authors:   International Monetary Fund
Published: August 2019

The Fund has a role to play in helping its members address those challenges of climate change for which fiscal and macroeconomic policies are an important component of the appropriate policy response. The greenhouse gas mitigation pledges submitted by over 160 countries ahead of the pivotal Climate Conference in Paris in December represent an important step by the international community towards containing the extent of global warming.

Strategies for reducing emissions will reflect countries’ differing initial positions, political constraints and circumstances. Carbon pricing can, however, play a critical role in meeting in the most efficient and effective way the commitments that countries are now entering into; it can also raise substantial revenues that can be used to reduce other, more distorting taxes. Through its incentive effects, carbon pricing will also help mobilize private finance for mitigation activities and spur the innovation needed to address climate challenges. Finance ministries have a key role to play in promoting and implementing these policies and ensuring efficient use of the revenue raised.

The process of climate change is set to have a significant economic impact on many countries, with a large number of lower income countries being particularly at risk. Macroeconomic policies in these countries will need to be calibrated to accommodate more frequent weather shocks, including by building policy space to respond to shocks; infrastructure will need to be upgraded to enhance economic resilience. It will be important that developing countries seeking to make these adaptations have access to sufficient financial support on generous terms.

Financial markets will play an important role in helping economic agents and governments in coping with climate change-induced shocks. And heightened climate vulnerabilities and the structural adjustments associated with a shift towards a low-carbon economy over the medium-term will have important implications for financial institutions and financial stability.

This paper identifies areas in which the Fund has a contribution to make in supporting its members deal with the macroeconomic challenges of climate change, consistent with national circumstances. It draws on materials contained in a forthcoming Staff Discussion Note (Farid et al. 2015) and has benefited from the discussions at informal Board meetings on IMF work on climate change held on September 30 and November 24, 2015.
Arab Countries in Transition - Economic Outlook and Key Challenges
Authors:   International Monetary Fund
Published: August 2019

The Arab Countries in Transition (ACTs) have had diverging trajectories over the past year and face an uncertain outlook.1 Improvements in the European economy, lower oil prices, and some progress on the policy front have provided tailwinds to growth, which is expected to pick up significantly in Egypt and Morocco. At the same time, unemployment remains high. Moreover, several of the ACTs have also suffered from intensifying and spreading conflicts that cause widespread human suffering and sizeable economic challenges. Libya and Yemen are directly affected, while spillovers from these conflicts and the civil wars in Iraq and Syria weigh on Jordan and Tunisia, as well as other countries in the region (e.g., Lebanon, Djibouti), Turkey and Europe. These spillovers come most prominently in the form of large refugee flows, deteriorating security, and pressures on economic infrastructures and labor markets. All these factors add urgency to the need in the Arab countries to strengthen economic resilience and address long-standing sources of inequity and exclusion. Coordinated and scaled-up support from the international community will be also critical in stabilizing conditions in the region, addressing the refugee crisis, and securing a more promising economic future for the ACTs in this challenging environment.
Progress Report on Inclusion of Enhanced Contractual Provisions in International Sovereign Bond Contracts
Authors:   International Monetary Fund
Published: August 2019

As part of the Fund’s ongoing work on sovereign debt restructuring, in October 2014 the Executive Board endorsed the inclusion of key features of enhanced pari passu provisions and collective action clauses (CACs) in new international sovereign bonds.1 Specifically, the Executive Board endorsed the use of: (i) a modified pari passu clause that explicitly excludes the obligation to effect ratable payments and (ii) an enhanced CAC with a menu of voting procedures, including a “single-limb” voting procedure that enables bonds to be restructured on the basis of a single vote across all affected instruments, a two-limb aggregated voting procedure and a series-by-series voting procedure.
FY2017-FY2019 Medium-Term Budget
Authors:   International Monetary Fund
Published: August 2019

The net administrative budget for FY2017 has been set at US$1,072.5 million. After four years of zero real growth, the FY 2017 budget includes an increase of ½ percent in constant dollar terms to cover the institution’s rising IT and physical security costs, as well as a small adjustment for increases in the salary structure and in the costs of non-personnel expenses. The budget envelope also entails reallocation measures of 1.5 percent of resources and institution-wide savings to meet new high priority tasks and commitments to the membership. The FY2017 capital budget, set at US$60.5 million, provides financing for new capital projects for building facilities and IT.
Review of the Fund's Income Position for FY 2017 and FY 2018
Authors:   International Monetary Fund
Published: August 2019

The Fund’s total net income for FY 2017, including surcharges, is projected at about SDR 1.7 billion or some SDR 0.7 billion higher than expected in April 2016. This mainly reflects the IAS 19 adjustment (relating to reporting of employee benefits), which is expected to contribute about SDR 0.4 billion to net income, and higher investment income. Lending income is expected to be modestly lower than the April 2016 estimates.

The paper recommends that GRA net income of SDR 1.2 billion for FY 2017 (which excludes projected income of the gold endowment), be placed equally to the special and general reserve. After the placement of GRA FY 2017 net income to reserves, precautionary balances are projected to reach SDR 16.4 billion at the end of FY 2017. The paper further proposes to transfer currencies equivalent to the increase in the Fund’s reserves from the GRA to the Investment Account.

In April 2016, the margin for the rate of charge was set at 100 basis points for the two years FY 2017 and FY 2018. The margin may be adjusted before the end of the first year of this two-year period (i.e., FY 2017) but only if warranted by fundamental changes in the underlying factors relevant for the establishment of the margin at the start of the two-year period. Staff does not propose a change in the margin.

The projections for FY 2018 point to a net income position of SDR 0.7 billion. These projections are subject to considerable uncertainty and are sensitive to a number of assumptions.
Eligibility to Use the Fund's Facilities for Concessional Financing for 2017
Authors:   International Monetary Fund
Published: August 2019

The review of PRGT-eligibility, conducted biennially, is guided by a transparent, rules-based, and parsimonious framework. The framework determines which IMF members can access concessional resources based on an assessment of their level of income per capita, market access, and serious short-term vulnerabilities. Application of the framework should be consistent with the self-sustainability of the PRGT’s lending capacity over time.

This paper concludes that the existing framework remains generally appropriate. The PRGT-eligibility framework is broadly aligned with the World Bank’s International Development Association practices, with minor differences between the lists of eligible countries explained by differences in the mandates of the two institutions and the timing of their respective review cycles. None of the countries that have graduated from the PRGT-eligibility list are at immediate risk of re-entering it.

No country is proposed for graduation from or entry onto the PRGT-eligibility list. While thirteen countries meet either the income or market access graduation criterion, all are assessed to be facing serious short-term vulnerabilities and thus none are proposed for graduation. No non-PRGT-eligible country meets the criteria for entry onto the PRGT-eligibility list.

The proposal to keep the list of PRGT-eligible countries unchanged is consistent with the self-sustained capacity of the PRGT.
FY2018–FY2020 Medium-Term Budget
Authors:   International Monetary Fund
Published: August 2019

The Fund has been operating under a flat real resource envelope for the past six years. With continued efforts to maximize the use of available resources, spending in FY 17 is projected to reach 99 percent of the net administrative budget, and a low vacancy rate has helped stabilize overtime at 11 percent. Internal savings and reallocations have allowed the Fund to dedicate more resources to country work, including capacity development, without requiring an increase in the approved budget—apart from $6 million provided in FY 17 to cover rising security costs.

An unchanged real net administrative budget in FY 18, despite deeper Fund engagement in a number of areas, as well as increased costs for corporate modernization. Accordingly, the budget proposal incorporates significant savings from reallocations and efficiency gains to fund new demands, as well as a further increase in the upfront allocation of carry-forward funds by about $10 million. The broad themes of the proposal are: (i) more intensive country work with a shift from surveillance to programs, but net savings in field offices; (ii) significant policy and analytical work on the financial sector and the role of the Fund (global safety net, facilities, and quotas), albeit less than in FY 17, with more work on structural issues and new challenges; (iii) funding for transforming IT and HR services, offset by central savings; and (iv) enhanced risk mitigation and knowledge management (KM), with the establishment of a KM unit to support cross-country analysis and knowledge transfer.

At this stage, a flat resource envelope is assumed also for the medium term, contingent on continued reprioritization and a broadly unchanged global economic environment. Upward pressure on resources will arise from growing capacity development activities and certain revenue losses. Savings are expected from the TransformIT initiative and internal efficiency gains. But for the budget to remain flat, the Fund will need to continuously reprioritize and adjust its activities to make room for new demands. Even then, a more challenging global environment, with a further ramping up of Fund lending, or significant demands for deeper engagement in other areas, would put significant strains on resources over the medium term.

The proposed capital budget envelope for FY 18–20 remains broadly unchanged from current levels. Some frontloading, however, is planned for the first two years, due to the cyclical nature of these investments and to accommodate strategic IT projects.
Poverty Reduction and Growth Trust - 2017 Borrowing Agreements with the Bank of Spain, the Government of Japan and the People's Bank of China
Authors:   International Monetary Fund
Published: August 2019

the Poverty Reduction and Growth Trust (PRGT or Trust), has entered into a new borrowing agreement with the Bank of Spain (Spain), amendments to the 2010 NPA with the Government of Japan (Japan), and a new note purchase agreement (NPA) with the People’s Bank of China (China). The new borrowing agreement with Spain, the amendments to the NPA with Japan, and the new NPA with China provide new resources of SDR 450 million, SDR 1.8 billion and SDR 800 million, respectively, to the General Loan Account of the PRGT for a total amount of SDR 3.05 billion in new PRGT lending resources.

The new borrowing agreement, the augmentation under the amended NPA and the new NPA are among the first ten loan contributions concluded in the context of the current Board endorsed effort to raise SDR 11 billion in new PRGT loan resources. These became effective on February 22, 2017, for Spain; April 20, 2017, for Japan; and April 21, 2017, for China.

Pursuant to Section III, paragraph 2 of the Instrument to establish the PRGT, the Managing Director is authorized to enter into borrowing agreements and agree to their terms and conditions with lenders to the Loan Accounts of the Trust. This paper presents to the Executive Board for information the new borrowing agreement with Spain, the amendments to augment the existing agreement with Japan, and the new NPA with China.

The new borrowing agreement with Spain and NPA with China incorporate the following recent changes to the Fund’s framework for concessional lending to low income countries, which have also been adopted, as applicable, in prior amendments to the agreement with Japan: (i) the extensions of the commitments and drawdown period for PRGT loans to end-2020 and end-2024, respectively; (ii) the incorporation of the Chinese Renminbi (RMB) interest rate instrument of six month maturity for borrowing agreements in currencies; and (iii) the provision that, if the derived six-month SDR interest rate formula results in a negative rate, the applicable interest rate shall be zero percent.

With respect to the amendment of the NPA with Japan, in addition to increasing the principal amount of notes that can be issued under the NPA, Japan’s agreement was also modified to: (i) provide more flexibility in the media of payment for purchases under the NPA; (ii) set up a maximum amount for monthly purchases under the NPA; and (iii) to establish a preferred media for payments of interest and principal amount of the notes issued under the NPA. Except for these changes, all other elements of the NPA with Japan remain unchanged.
Recent Trends in Correspondent Banking Relationships
Authors:   International Monetary Fund
Published: August 2019

Correspondent banking relationships (CBRs), which facilitate global trade and economic activity, have been under pressure in several countries. So far, cross-border payments have remained stable and economic activity has been largely unaffected, despite a recent slight decrease in the number of CBRs. However, in a limited number of countries, financial fragilities have been accentuated as their cross-border flows are concentrated through fewer CBRs or maintained through alternative arrangements. These fragilities could undermine affected countries’ long-run growth and financial inclusion prospects by increasing costs of financial services and negatively affecting bank ratings.
Update on the Financing of the Fund’s Concessional Assistance and Debt Relief to Low-Income Countries
Authors:   International Monetary Fund
Published: August 2019

PRGT-related policies following the 2015 enhancement of the financial safety net for LICs, while options to better assist countries confronting sudden balance of payments needs due to large natural disasters are under consideration.

Demand for PRGT resources has increased. Demand for concessional resources has exceeded historical averages in recent years, mainly in response to sustained low commodity prices and deteriorated global financial market conditions. Demand is expected to reach new highs in 2017 and longer-term estimates have been raised somewhat.
Update on the Standard Template to Collect Data on Government Revenues from Natural Resources
Authors:   International Monetary Fund
Published: August 2019

The paper presents an update on the status of the standard template to collect data on government revenues from natural resources, originally presented to the Executive Board in January 2014. The paper discusses: (i) the field-testing of the standard template in six countries, which confirmed the feasibility of applying it more broadly; (ii) the final version of the template based on outcomes of consultation with the international community and the field-testing visits; and (iii) the adoption of the template by the Extractive Industries Transparency Initiative (EITI) International Secretariat as a mandatory reporting requirement for its member countries. The standard template serves as a companion to the Guide to Analyze Natural Resources in the National Accounts.

The standard template was developed to support fiscal policy formulation and analysis in resource-rich economies, which constitute about one third of the Fund’s membership. The standard template is based on the revenue classification of the Government Finance Statistics Manual 2014, thereby facilitating the collection of resource revenue data in methodologically sound, analytically relevant, and cross-country comparable format.
2018 Quinquennial Review of the Funds Capacity Development Strategy
Authors:   International Monetary Fund
Published: August 2019

(CD), including technical assistance (TA) and training, is one of the three core pillars of the Fund’s work. Its main objective is to help member countries build institutions and capacity necessary to formulate and implement sound economic and financial policies. The Institute for Capacity Development (ICD) was established in 2012 with a specific mandate to further define and develop the Fund's strategy on capacity building and provide a clear institutional framework to bring the coordination and oversight over TA and training activities under one umbrella, while building on partnerships with donors.

The Fund’s capacity development strategy was last discussed by the Board in June 2013, and the Board subsequently endorsed the 2014 statement on IMF Policies and Practices on Capacity Development. The 2018 review of the CD strategy will include backward- and forward-looking components:

The backward-looking component will consider the prioritization, funding, monitoring and evaluation, and delivery of CD as set out in the 2014 statement.
The forward-looking component will provide the opportunity to outline reforms to increase the impact of CD. Emphasis will be on making CD more effective and efficient while building on its existing strengths.
Conclusions from the 2018 review will be reflected in a revised statement on IMF Policies and Practices on Capacity Development.