International Monetary Fund Annual Report 2016

Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
September 2016
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Notes

Part 1—Overview

Managing Director’s Global Policy Agenda: http://www.imf.org/external/pp/longres.aspx?id=5031

April 2016 GPA: http://www.imf.org/external/np/pp/eng/2016/041416.pdf

Macroeconomic Developments and Selected Issues in Small Developing States: http://www.imf.org/external/np/pp/eng/2015/030915.pdf

Spotlights

IMF Board of Governors Approves Major Quota and Governance Reforms, December 16, 2010, Press Release No. 10/477: http://www.imf.org/external/np/sec/pr/2010/pr10477.htm

IMF Board of Governors Adopts Quota and Voice Reforms by Large Margin, April 29, 2008, Press Release No. 08/93: http://www.imf.org/external/np/sec/pr/2008/pr0893.htm

“Strengthening the International Monetary System: Taking Stock and Looking Ahead”: http://www.imf.org/external/np/pp/eng/2011/032311.pdf

Work Program of the Executive Board: http://www.imf.org/external/ns/cs.aspx?id=89

Factsheet—Integrated Surveillance Decision: http://www.imf.org/external/np/exr/facts/isd.htm

IMF Sets Out a Strategy for Financial Surveillance, Public Information Notice (PIN) No. 12/111: http://www.imf.org/external/np/sec/pn/2012/pn12111.htm

2015 Spillover Report: http://www.imf.org/external/np/pp/eng/2015/060815.pdf

“Strengthening the International Monetary System—A Stocktaking”: http://www.imf.org/external/np/pp/eng/2016/022216b.pdf

The Adequacy of the Global Financial Safety Net: http://www.imf.org/external/np/pp/eng/2016/031016.pdf

IMF Executive Board Completes the 2015 Review of SDR Valuation, Press Release No. 15/543: https://www.imf.org/external/np/sec/pr/2015/pr15543.htm

IMF Executive Board Approves Extension of Current SDR Currency Basket Until September 30, 2016, Press Release No. 15/384: https://www.imf.org/external/np/sec/pr/2015/pr15384.htm

IMF’s Executive Board Completes Review of SDR Basket, Includes Chinese Renminbi, Press Release No. 15/540: http://www.imf.org/external/np/sec/pr/2015/pr15540.htm

“Seizing a Once-in-a-Generation Opportunity,” Keynote Remarks by Christine Lagarde, Managing Director, IMF, The Brookings Institution, Washington, D.C.: http://www.imf.org/external/np/speeches/2015/070815.htm

Factsheet—The IMF and the Sustainable Development Goals: http://www.imf.org/external/np/exr/facts/sdg.htm

Third International Conference on Financing for Development, Addis Ababa, Ethiopia: http://www.un.org/esa/ffd/ffd3/

“Financing for Development: Enhancing the Financial Safety Net for Developing Countries”: http://www.imf.org/external/np/pp/eng/2015/061115b.pdf

“Financing for Development: Revisiting the Monterrey Consensus”: http://www.imf.org/external/np/pp/eng/2015/061515.pdf

“From Ambition to Execution: Policies in Support of Sustainable Development Goals”: http://www.imf.org/external/pubs/ft/sdn/2015/sdn1518.pdf

“After Paris: Fiscal, Macroeconomic, and Financial Implications of Climate Change”: http://www.imf.org/external/pubs/ft/sdn/2016/sdn1601.pdf

Factsheet—IMF Rapid Credit Facility: http://www.imf.org/external/np/exr/facts/rcf.htm

Enhancing Macroeconomic Resilience to Natural Disasters and Climate Change in the Small States of the Pacific: http://www.imf.org/external/pubs/ft/wp/2015/wp15125.pdf

Macroeconomic Developments and Selected Issues in Small Developing States: http://www.imf.org/external/np/pp/eng/2015/030915.pdf

Regional Highlights

Communiqué of the Thirty-Third Meeting of the IMFC, Chaired by Mr. Agustín Carstens, Governor of the Bank of Mexico: http://www.imf.org/external/np/cm/2016/041616a.htm

“The Refugee Surge in Europe: Economic Challenges”: http://www.imf.org/external/pubs/ft/sdn/2016/sdn1602.pdf

Czech Republic: Financial System Stability Assessment Update: http://www.imf.org/external/pubs/ft/scr/2012/cr12177.pdf

Advancing Asia: Investing for the Future conference in New Delhi, India: http://www.imf.org/external/np/seminars/eng/2016/advancingasia/

IMF and India Set Up Regional Training and Technical Assistance Center, Press Release No. 16/102: http://www.imf.org/external/np/sec/pr/2016/pr16102.htm

Future of Asia’s Finance: Financing for Development conference in Jakarta, Indonesia: http://www.imf.org/external/np/seminars/eng/2015/indonesia/index.htm

The Future of Asian Finance: http://www.imfbookstore.org/ProdDetails.asp?ID=TFAFEA&PG=1&Type=BL

IMF Executive Board Approves $49.7 Million Disbursement under the Rapid Credit Facility for Nepal, Press Release No. 15/365: http://www.imf.org/external/np/sec/pr/2015/pr15365.htm

Factsheet—Rapid Credit Facility (RCF): http://www.imf.org/external/np/exr/facts/rcf.htm

Republic of Nauru Becomes IMF’s 189th Member, Press Release No. 16/167: http://www.imf.org/external/np/sec/pr/2016/pr16167.htm

Factsheet—Policy Support Instrument: “Oversight Issues in Mobile Payments”: https://www.imf.org/external/pubs/ft/wp/2014/wp14123.pdfhttp://www.imf.org/external/np/exr/facts/psi.htm

Government Finance Statistics Manual 2014: http://www.imf.org/external/Pubs/FT/GFS/Manual/2014/gfsfinal.pdf

Consumer Price Index (CPI) Data: http://data.imf.org/CPI

IMF Data: http://data.imf.org/?sk=4FFB52B2-3653-409A-B471-D47B46D904B5

IMF Executive Board Approves $8.7 Million Disbursement under the Rapid Credit Facility for Dominica, Press Release No. 15/483: http://www.imf.org/external/np/sec/pr/2015/pr15483.htm

Factsheet—Rapid Credit Facility (RCF): http://www.imf.org/external/np/exr/facts/rcf.htm

Part 2—What we do

Economic Surveillance

World Economic Outlook: http://www.imf.org/external/ns/cs.aspx?id=29

Global Financial Stability Report: http://www.imf.org/external/pubs/ft/gfsr/index.htm

Fiscal Monitor: http://www.imf.org/external/ns/cs.aspx?id=262

Bilateral Surveillance

List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments Over 18 Months: http://www.imf.org/external/np/pp/eng/2016/033016.pdf

2014 Triennial Surveillance Review: http://www.imf.org/external/np/spr/triennial/2014/index.htm

Balance Sheet Analysis in Fund Surveillance: http://www.imf.org/external/np/pp/eng/2014/073014.pdf

IMF Executive Board Discusses Principles for Evenhanded of Fund Surveillance and a New Mechanism for Reporting Concerns, Press Release No. 16/91: http://www.imf.org/external/np/sec/pr/2016/pr1691.htm

2014 Triennial Surveillance Review—External Study—Evenhandedness of Fund Surveillance: http://www.imf.org/external/np/pp/eng/2014/073014h.pdf

CEMAC: A Stronger Community for Stronger and More Inclusive Growth, by Christine Lagarde, Managing Director, International Monetary Fund, Yaoundé: http://www.imf.org/external/np/speeches/2016/010816.htm

Factsheet—Financial Sector Assessment Program: http://www.imf.org/external/np/exr/facts/fsap.htm

United States Financial Sector Assessment Program Financial System Stability Assessment: http://www.imf.org/external/pubs/ft/scr/2015/cr15170.pdf

IMF Executive Board Concludes 2015 Article IV Consultation with Iran, Press Release No. 15/581: http://www.imf.org/external/np/sec/pr/2015/pr15581.htm

Multilateral Surveillance

Fourth External Sector Report: http://www.imf.org/external/np/pp/eng/2015/062615.pdf

Virtual Currencies and Beyond: Initial Considerations: http://www.imf.org/external/pubs/ft/sdn/2016/sdn1603.pdf

2015 External Sector Report—Individual Economy Assessments: http://www.imf.org/external/np/pp/eng/2015/062615a.pdf

2015 Spillover Report: http://www.imf.org/external/np/pp/eng/2015/060815.pdf

2015 External Sector Report: http://www.imf.org/external/np/pp/eng/2015/062615.pdf

“Macroeconomic Developments and Prospects in Low-Income Developing Countries: 2015”: http://www.imf.org/external/np/pp/eng/2015/111915.pdf

IMF Executive Board Discusses “Macroeconomic Developments and Prospects in Low-Income Developing Countries: 2015,” Press Release No. 15/566: http://www.imf.org/external/np/sec/pr/2015/pr15566.htm

Gruss, Bertrand. 2014. “After the Boom—Commodity Prices and Economic Growth in Latin America and the Caribbean.” In Regional Economic Outlook: Western Hemisphere: Rising Challenges. Washington: International Monetary Fund, April: http://www.imf.org/external/pubs/ft/reo/2014/whd/eng/pdf/wreo0414.pdf

Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries—Background Paper: Country Experiences: http://www.imf.org/external/np/pp/eng/2015/102315a.pdf

Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries: http://www.imf.org/external/np/pp/eng/2015/102315.pdf

Public Debt Vulnerabilities in Low-Income Countries: The Evolving Landscape: http://www.imf.org/external/np/pp/eng/2015/110215.pdf

Options for Low-Income Countries’ Effective and Efficient Use of Tax Incentives for Investment: http://www.imf.org/external/np/g20/pdf/101515a.pdf

Unlocking the Potential of Small Middle-Income States: http://www.elibrary.imf.org/page/africa-move-excerpt?redirect=true

Small Middle-Income Countries—Raising the Bar conference in Gabarone, Botswana: http://www.imf.org/external/np/seminars/eng/2016/smic/

Financial Integration in Latin America: http://www.imf.org/external/np/pp/eng/2016/030416.pdf

IMF Executive Board Discusses the Fund’s Lending Framework and Sovereign Debt, Press Release No. 14/ 294, June 20, 2014: http://www.imf.org/external/np/sec/pr/2014/pr14294.htm

IMF Executive Board Approves Exceptional Access Lending Framework Reforms, Press Release No. 16/31, January 29, 2016: http://www.imf.org/external/np/sec/pr/2016/pr1631.htm

IMF Executive Board Discusses Reforming the Fund’s Policy on Non-Toleration of Arrears to Official Creditors, Press Release No. 15/555: http://www.imf.org/external/np/sec/pr/2015/pr15555.htm

Policy Advice

“Financial Inclusion: Can It Meet Multiple Macroeconomic Goals?”: http://www.imf.org/external/pubs/ft/sdn/2015/sdn1517.pdf

The Future of Asia’s Finance: Financing for Development 2015 conference, Jakarta, Indonesia: http://www.imf.org/external/np/seminars/eng/2015/indonesia/

Finance for All: Promoting Financial Inclusion in Central Africa conference, Brazzaville, Congo: http://www.imf.org/external/np/seminars/eng/2015/brazzaville/

Financial Inclusion: Macroeconomic and Regulatory Challenges conference: http://www.imf.org/external/np/seminars/eng/2016/finincl/

Financial Access Survey: http://data.imf.org/?sk=E5DCAB7E-A5CA-4892-A6EA-598B5463A34C

IMF Executive Board Concludes Review of Fund-supported Programs During Global Financial Crisis, Press Release No. 15/563, December 16, 2015: http://www.imf.org/external/np/sec/pr/2015/pr15563.htm

Crisis Program Review: http://www.imf.org/external/np/pp/eng/2015/110915.pdf

2009 Review of Recent Crisis Programs: http://www.imf.org/external/np/pp/eng/2009/091409.pdf

Fiscal Policy and Long-Term Growth: http://www.imf.org/external/np/pp/eng/2015/042015.pdf

Guidance Note for the Liberalization and Management of Capital Flows: http://www.imf.org/external/np/pp/eng/2013/042513.pdf

Managing Capital Outflows—Further Operational Considerations: http://www.imf.org/external/np/pp/eng/2015/120315.pdf

“The External Balance Assessment (EBA) Methodology”: http://www.imf.org/external/pubs/ft/wp/2013/wp13272.pdf

External Sector Report: http://www.imf.org/external/np/spr/2015/esr/

2014 Triennial Surveillance Review: http://www.imf.org/external/np/spr/triennial/2014/index.htm

Managing Director’s Action Plan: http://www.imf.org/external/np/pp/eng/2014/112114.pdf

Structural Reforms and Macroeconomic Performance: Initial Considerations for the Fund: http://www.imf.org/external/np/pp/eng/2015/101315.pdf

Structural Reforms and Macroeconomic Performance: Country Cases: http://www.imf.org/external/np/pp/eng/2015/101315a.pdf

World Economic Outlook: http://www.imf.org/external/pubs/ft/weo/2016/01/

Staff Note for the G20—A Guiding Framework for Structural Reforms: https://www.imf.org/external/np/pp/eng/2016/033116.pdf

Third International Conference on Financing for Development, Addis Ababa, Ethiopia: http://www.un.org/esa/ffd/ffd3/

“IMF Engagement with Countries in Post-Conflict and Fragile Situations—Stocktaking.”: http://www.imf.org/external/np/pp/eng/2015/050715.pdf

“Macroeconomic and Operational Challenges in Countries in Fragile Situations”: http://www.imf.org/external/np/pp/eng/2011/061511a.pdf

Staff Guidance Note on the Fund’s Engagement with Countries in Fragile Situations: http://www.imf.org/external/np/pp/eng/2012/042512.pdf

Rapid Credit Facility: http://www.imf.org/external/np/exr/facts/rcf.htm

Income Inequality and Labor Income Share in G20 Countries—Trends, Impacts and Causes: https://www.oecd.org/g20/topics/employment-and-social-policy/Income-inequality-labour-income-share.pdf

Making Public Investment More Efficient: http://www.imf.org/external/np/pp/eng/2015/061115.pdf

Public Investment Management Assessment (PIMA): http://www.imf.org/external/np/pp/eng/2015/061515.pdf

Financing for Development: Revisiting the Monterrey Consensus: http://www.imf.org/external/np/pp/eng/2015/061515.pdf

“Monetary Policy and Financial Stability”: http://www.imf.org/external/np/pp/eng/2015/082815a.pdf

Global Financial Stability Report: http://www.imf.org/external/pubs/ft/gfsr/index.htm

Factsheet—Fund Surveillance: http://www.imf.org/external/np/exr/facts/surv.htm

Ninth Review of the IMF’s Data Standards Initiatives: http://www.imf.org/external/np/pp/eng/2015/040615.pdf

Lending

IMF Executive Board Approves New Two-Year US$5.45 Billion Flexible Credit Line Arrangement for Colombia, Press Release No. 15/281: http://www.imf.org/external/np/sec/pr/2015/pr15281.htm

IMF Executive Board Approves €147.5 Million Stand-By Arrangement for Republic of Kosovo, Press Release No. 15/362: http://www.imf.org/external/np/sec/pr/2015/pr15362.htm

IMF Executive Board Approves Extension of the Stand-By Arrangement and Stand-By Credit Facility for Kenya, Press Release No. 16/29: http://www.imf.org/external/np/sec/pr/2016/pr1629.htm

IMF Executive Board Approves New Two-Year US$23 Billion Flexible Credit Line Arrangement for the Republic of Poland, Press Release No. 15/05: http://www.imf.org/external/np/sec/pr/2015/pr1505.htm

IMF Approves 7-Month Extension of the Stand-By Arrangement for Tunisia, Press Release No. 15/229: http://www.imf.org/external/np/sec/pr/2015/pr15229.htm

IMF Executive Board Approves New Arrangements for Kenya Totaling US$1.5 Billion, Press Release No. 16/110: http://www.imf.org/external/np/sec/pr/2016/pr16110.htm

IMF Executive Board Completes Fifth PSI Review, Approves US$282.9 Million Credit Facility and Concludes 2015 Article IV Consultation with Mozambique, Press Release No. 15/580: http://www.imf.org/external/np/sec/pr/2015/pr15580.htm

IMF Executive Board Approves 3-Month Extension of the Extended Credit Facility Arrangement for Liberia, Press Release No. 15/498: http://www.imf.org/external/np/sec/pr/2015/pr15498.htm

IMF Executive Board Approves US$1.24 Billion in Financial Support for Iraq, Press Release No. 15/363: http://www.imf.org/external/np/sec/pr/2015/pr15363.htm

IMF Executive Board Completes Reviews of Niger’s ECF Arrangement, Approves US$53.7 Million Disbursement, Increases Access and Extends the Program, Press Release No. 15/541: http://www.imf.org/external/np/sec/pr/2015/pr15541.htm

IMF Executive Board Approves Three-Year, US$6.2 Million Extended Credit Facility Arrangement for the Democratic Republic of São Tomé and Príncipe, Press Release No. 15/336: http://www.imf.org/external/np/sec/pr/2015/pr15336.htm

IMF Executive Board Approves Three-Year US$23.9 Million Extended Credit Facility Arrangement for Guinea-Bissau and Concludes 2015 Article IV Consultation, Press Release No. 15/331: http://www.imf.org/external/np/sec/pr/2015/pr15331.htm

IMF Executive Board Approves US$23.8 Million in Financial Support for Vanuatu, Press Release No. 15/264: http://www.imf.org/external/np/sec/pr/2015/pr15264.htm

IMF Executive Board Approves Three-Year US$69.7 Million under ECF for Haiti, Press Release No. 15/231: http://www.imf.org/external/np/sec/pr/2015/pr15231.htm

IMF Executive Board Approves US$11.8 Million Disbursement under the Rapid Credit Facility for the Central African Republic, Press Release No. 15/417: http://www.imf.org/external/np/sec/pr/2015/pr15417.htm

IMF Executive Board Approves US$8.7 Million Disbursement under the Rapid Credit Facility for Dominica, Press Release No. 15/483: http://www.imf.org/external/np/sec/pr/2015/pr15483.htm

IMF Executive Board Approves US$42.1 Million Disbursement under the Rapid Credit Facility for Madagascar, Press Release No. 15/528: http://www.imf.org/external/np/sec/pr/2015/pr15528.htm

IMF Executive Board Approves US$ 49.7 Million Disbursement under the Rapid Credit Facility for Nepal, Press Release No. 15/365: http://www.imf.org/external/np/sec/pr/2015/pr15365.htm

IMF Executive Board Concludes Review of Fund-supported Programs during Global Financial Crisis, Press Release No. 15/563, December 16, 2015: http://www.imf.org/external/np/sec/pr/2015/pr15563.htm

IMF Executive Board Approves Three-Year US$23.9 Million Extended Credit Facility Arrangement for Guinea-Bissau and Concludes 2015 Article IV Consultation, Press Release No. 15/331: http://www.imf.org/external/np/sec/pr/2015/pr15331.htm

IMF Executive Board Approves Three-Year PSI for Senegal, Press Release No. 15/297: http://www.imf.org/external/np/sec/pr/2015/pr15297.htm

Capacity Development

IMF’s Regional Technical Assistance Center for Southern Africa Supports Strengthening Risk Based Supervision, Press Release No. 16/79: http://www.imf.org/external/np/sec/pr/2016/pr1679.htm

The IMF’s Regional Technical Assistance Center South Supports Strengthening Coordinated Border Management, Press Release No. 16/65: http://www.imf.org/external/np/sec/pr/2016/pr1665.htm

IMF’s African Technical Assistance Center South Strengthens Regional Statisticians’ Capacity, Press Release No. 16/136: http://www.imf.org/en/news/articles/2015/09/14/01/49/pr16136

Southern Africa Officials Share Experience of International Public Sector Accounting and Government Finance Statistical Standards, Press Release No. 15/458: http://www.imf.org/external/np/sec/pr/2015/pr15548.htm

The IMF’s Regional Technical Assistance Center South Supports Strengthening the Administration of Large Taxpayers in the Southern Africa Region, Press Release No. 15/546: http://www.imf.org/external/np/sec/pr/2015/pr15546.htm

The IMF’s Regional Technical Assistance Center South Supports Strengthening the Administration of Large Taxpayers in the Southern Africa Region, Press Release No. 15/470: http://www.imf.org/external/np/sec/pr/2015/pr15470.htm

Southern Africa Officials Share Experience of Natural Resource Wealth Management, Press Release No. 15/451: http://www.imf.org/external/np/sec/pr/2015/pr15451.htm

Southern Africa Officials Discuss Fiscal Risk Management, Press Release No. 15/191: http://www.imf.org/external/np/sec/pr/2015/pr15191.htm

Government Officials from Central and Southern Africa Promote Good Practice in Preventing Tax Fraud, Press Release No. 15/454: http://www.imf.org/external/np/sec/pr/2015/pr15454.htm

IMF’s East AFRITAC and the East African Community Strengthen Officials’ Capacity to Produce Better Public Debt Statistics, Press Release No. 15/293: http://www.imf.org/external/np/sec/pr/2015/pr15293.htm

Conference on Small Middle-Income Countries in Sub-Saharan Africa: Joint Statement by Deputy Managing Director Min Zhu and Governor Linah Mohohlo of the Bank of Botswana, Press Release No. 16/32: http://www.imf.org/external/np/sec/pr/2016/pr1632.htm

AFRITAC South Strengthens Member States Macroeconomic and Financial Sector Management, Press Release No. 16/153: http://www.imf.org/external/np/sec/pr/2016/pr16153.htm

IMF’s Middle East Regional Technical Assistance Center and the Statistics Department Conclude Workshop on Price Index Compilation Issues, Press Release No. 16/48: http://www.imf.org/external/np/sec/pr/2016/pr1648.htm

IMF’s Middle East Regional Technical Assistance Center Concludes Regional Workshop on Budget Preparation, Press Release No. 15/472: http://www.imf.org/external/np/sec/pr/2015/pr15472.htm

IMF’s Middle East Regional Technical Assistance Center (METAC) Concludes Workshop on “Cross-Border and Consolidated Supervision,” Press Release No. 15/254: http://www.imf.org/external/np/sec/pr/2015/pr15254.htm

CARTAC Delivers Strong Results; Considers its Role in Delivering the Sustainable Development Goals, Press Release No. 15/539: http://www.imf.org/external/np/sec/pr/2015/pr15539.htm

IMF and Caribbean Officials Discuss Uneven Economic Outlook, Strategies to Tackle Energy Challenge and Financial Sector Issues in the Caribbean, Press Release No. 15/402: http://www.imf.org/external/np/sec/pr/2015/pr15402.htm

The International Monetary Fund and the Central Bank of Trinidad and Tobago Bolster Capacity Building in the Caribbean, Press Release No. 15/464: http://www.imf.org/external/np/sec/pr/2015/pr15464.htm

IMF-Singapore Regional Training Institute Hosts Triennial Asia-Pacific Training Meeting, Press Release No. 16/41: http://www.imf.org/external/np/sec/pr/2016/pr1641.htm

Bank of Lao PDR Hosts the Second Annual Meeting of the Advisory Committee for the IMF Technical Assistance Office for Lao PDR and Myanmar, Press Release No. 15/537: http://www.imf.org/external/np/sec/pr/2015/pr15537.htm

IMF Technical Assistance Moves to Strengthen the Capacity of Officials in South East Asia on Macro-Financial Linkages and Diagnostics, Press Release No. 15/203: http://www.imf.org/external/np/sec/pr/2015/pr15203.htm

IMF Technical Assistance Moves to Strengthen the Capacity of Officials in South East Asia on Macro-Financial Linkages and Diagnostics, Press Release No. 16/185: http://www.imf.org/en/news/articles/2015/09/14/01/49/pr16185

Central Bank of Myanmar Hosts the Third Conference of the Committee for the Coordination of Financial Sector Technical Assistance to Myanmar (COFTAM), Press Release No. 15/326: http://www.imf.org/external/np/sec/pr/2015/pr15326.htm

IMF, Fiji to Co-Host a High-Level Dialogue to Discuss Resilience to Natural Disasters in the Pacific Islands, Press Release No. 15/283: http://www.imf.org/external/np/sec/pr/2015/pr15283.htm

IMF and India Host Regional Conference: Advancing Asia: Investing for the Future, Press Release No. 16/37: http://www.imf.org/external/np/sec/pr/2016/pr1637.htm

IMF and India Set Up Regional Training and Technical Assistance Center, Press Release No. 16/102: http://www.imf.org/en/news/articles/2015/09/14/01/49/pr16102

IMF and EIB Strengthen Cooperation on Capacity Development, Press Release No. 15/467: http://www.imf.org/external/np/sec/pr/2015/pr15467.htm

European Union and International Monetary Fund Sign a New Framework Administrative Agreement for Capacity Development Cooperation, Press Release No. 15/232: http://www.imf.org/external/np/sec/pr/2015/pr15232.htm

IMF and USAID Strengthen Cooperation on Capacity Development, Press Release No. 15/385: http://www.imf.org/external/np/sec/pr/2015/pr15385.htm

Belgium and IMF Sign a Framework Arrangement to Strengthen Partnership on Capacity Development, Press Release No. 16/105: http://www.imf.org/en/news/articles/2015/09/14/01/49/pr16105

Part 3—Finances, Organization, and Accountability

Finance

IMF Executive Board Approves FY2016-FY2018 Medium-Term Budget, Press Release No. 15/228: http://www.imf.org/external/np/sec/pr/2015/pr15228.htm

Rules and Regulations for the Investment Account: http://www.imf.org/external/np/pp/eng/2015/082815.pdf

Human Resources

2015 IMF Diversity Annual Report: https://www.imf.org/external/np/div/2015/index.pdf

IMF Executive Board Selects Christine Lagarde to Serve a Second Term as Managing Director, Press Release No. 16/63, February 19, 2016: http://www.imf.org/external/np/sec/pr/2016/pr1663.htm

Managing Director Christine Lagarde Proposes Reappointment of Mr. David Lipton as First Deputy Managing Director, Press Release No. 16/138, March 28, 2016: http://www.imf.org/external/np/sec/pr/2016/pr16138.htm

IMF Managing Director Christine Lagarde Appoints Maurice Obstfeld as Economic Counsellor and Director of the IMF’s Research Department, Press Release No. 15/343, July 20, 2015: http://www.imf.org/external/np/sec/pr/2015/pr15343.htm

IMF Economic Counsellor and Director of Research Olivier Blanchard to Retire from the Fund, Press Release No. 15/219, May 14, 2015: http://www.imf.org/external/np/sec/pr/2015/pr15219.htm

Senior officers: http://www.imf.org/external/np/sec/memdir/officers.htm

Organization chart: http://www.imf.org/external/np/obp/orgcht.htm

Accountability

IMF Articles of Agreement: http://www.imf.org/external/pubs/ft/aa/index.htm

Risk Acceptance Statement: http://www.imf.org/external/about/riskaccept.htm

Independent Evaluation Office: http://www.ieo-imf.org

Self-Evaluation at the Fund: An IEO Assessment: http://www.ieo-imf.org/ieo/pages/CompletedEvaluation260.aspx

The Acting Chair’s Summing Up, Independent Evaluation Office—Self-Evaluation at the IMF—An IEO Assessment, Executive Board Meeting 15/89, September 18, 2015: http://www.imf.org/external/np/pp/eng/2015/091815b.pdf

Behind the Scenes with Data at the IMF: An IEO Assessment: http://www.ieo-imf.org/ieo/pages/EvaluationImages261.aspx

IEO Releases Report “Behind the Scenes with Data at the IMF: An IEO Evaluation”

IMF Management and Staff Welcome Independent Evaluation Office’s Report on the Institution’s Data, Press Release No. 16/134, March 24, 2016: http://www.imf.org/external/np/sec/pr/2016/pr16134.htm

The Acting Chair’s Summing Up, “Behind the Scenes with Data at the IMF—An IEO Evaluation,” Executive Board Meeting 16/23, March 17, 2016”: http://www.imf.org/external/np/pp/eng/2016/032116.pdf

Transparency

2013 Review of the Fund’s Transparency Policy: http://www.imf.org/external/np/pp/eng/2013/051413.pdf

Part 4—Looking Ahead

Report of the Executive Board to the Board of Governors on the Outcome of the Quota Formula Review: http://www.imf.org/external/np/pp/eng/2013/013013.pdf

Communiqué of the Interim Committee of the Board of Governors of the International Monetary Fund, Press Release 97/22: http://www.imf.org/en/news/articles/2015/09/14/01/49/pr9722

Financial Sector Assessment Program: http://www.imf.org/external/np/fsap/fssa.aspx

‘Analyzing and Managing Fiscal Risks”: http://www.imf.org/external/np/pp/eng/2016/050416.pdf

Communiqué of the Thirty-Third Meeting of the IMFC: http://www.imf.org/external/np/cm/2016/041616a.htm

“Inequality and Unsustainable Growth: Two Sides of the Same Coin?”: http://www.imf.org/external/pubs/ft/sdn/2011/sdn1108.pdf

“Fiscal Policy and Income Inequality”: http://www.imf.org/external/np/pp/eng/2014/012314.pdf

“Redistribution, Inequality, and Growth”: http://www.imf.org/external/pubs/ft/sdn/2014/sdn1402.pdf

October 2015 African Regional Economic Outlook chapter on “Inequality and Economic Outcomes in Sub-Saharan Africa”: http://www.imf.org/external/pubs/ft/reo/2015/afr/eng/pdf/chap3Oct.pdf

Working Paper “Sharing the Growth Dividend: Analysis of Inequality in Asia”: http://www.imf.org/external/pubs/ft/wp/2016/wp1648.pdf

Factsheet—IMF Surveillance: http://www.imf.org/external/np/exr/facts/surv.htm

“Catalyst for Change: Empowering Women and Tackling Income Inequality”: http://www.imf.org/external/pubs/ft/sdn/2015/sdn1520.pdf

“Unlocking Female Employment Potential in Europe: Drivers and Benefits”: http://www.imf.org/external/pubs/ft/dp/2016/eur1601.pdf

India Article IV Report: http://www.imf.org/external/pubs/ft/scr/2016/cr1675.pdf

“Macroeconomic Impacts of Gender Inequality and Informality in India”: http://www.imf.org/external/pubs/ft/scr/2016/cr1676.pdf

“After Paris: Fiscal, Macroeconomic, and Financial Implications of Climate Change”: http://www.imf.org/external/pubs/ft/sdn/2016/sdn1601.pdf

IMF Country Report on Mexico: http://www.imf.org/external/pubs/ft/scr/2015/cr15314.pdf

United States Article IV consultation: http://www.imf.org/external/pubs/ft/scr/2015/cr15168.pdf

“El Niño Good Boy or Bad?,” Finance & Development, March 2016, Vol. 53, No. 1: http://www.imf.org/external/pubs/ft/fandd/2016/03/cashin.htm

Against Corruption: A Collection of Essays: https://www.gov.uk/government/publications/against-corruption-a-collection-of-essays/against-corruption-a-collection-of-essays

“Against Corruption: Costs and Mitigating Strategies”: http://www.imf.org/external/pubs/ft/sdn/2016/sdn1605.pdf

World Economic Outlook Update—Uncertainty in the Aftermath of the U.K. Referendum, July 2016: http://www.imf.org/external/pubs/ft/weo/2016/update/02/index.htm

“Global Prospects and Policy Challenges,” G20 Finance Ministers and Central Bank Governors’ Meetings, July 23-24, 2016, Chengdu, China: http://www.imf.org/external/np/g20/pdf/2016/072116.pdf

“Priorities for Structural Reforms in G20 Countries,” Staff Background Paper for G20 Surveillance Note, July 2016: http://www.imf.org/external/np/pp/eng/2016/072216a.pdf

Acronyms and Abbreviations

AML/CFT

anti-money laundering and combating the financing of terrorism

ASEAN

Association of Southeast Asian Nations

CCRT

Catastrophe Containment and Relief Trust

CEE

Central and Eastern Europe

EAC

External Audit Committee

ECF

Extended Credit Facility

EFF

Extended Fund Facility

e-GDDS

Enhanced General Data Dissemination System

EU

European Union

FATF

Financial Action Task Force

FCL

Flexible Credit Line

FM

Fiscal Monitor

FSAP

Financial Sector Assessment Program

FSI

Financial Soundness Indicators

FY

financial year

G20

Group of Twenty industrialized economies

GCC

Cooperation Council for the Arab States of the Gulf

GDDS

General Data Dissemination System

GDP

gross domestic product

GFSR

Global Financial Stability Report

GPA

Global Policy Agenda

GRA

General Resources Account

HIPC

Heavily Indebted Poor Countries

ICD

Institute for Capacity Development

IEO

Independent Evaluation Office

IMFC

International Monetary and Financial Committee

IMS

international monetary system

LIDC

low-income developing country

MENAP

Middle East, North Africa, Afghanistan, and Pakistan

OIA

Office of Internal Audit and Inspection

PLL

Precautionary and Liquidity Line

PRGT

Poverty Reduction and Growth Trust

PSI

Policy Support Instrument

RCF

Rapid Credit Facility

REO

Regional Economic Outlook

RFI

Rapid Financing Instrument

SARTTAC

South Asia Regional Training and Technical Assistance Center

SBA

Stand-By Arrangement

SCF

Standby Credit Facility

SDDS

Special Data Dissemination Standard

SDGs

Sustainable Development Goals

SDR

Special Drawing Right

SECO

Swiss State Secretariat for Economic Affairs

SUNAT

Peruvian customs and tax administration agency

TAK

Tax Administration of Kosovo

TSR

Triennial Surveillance Review

UN

United Nations

WEO

World Economic Outlook

Letter of Transmittal to the Board of Governors

July 29, 2016

Dear Mr. Chairman:

I have the honor to present to the Board of Governors the Annual Report of the Executive Board for the financial year ended April 30, 2016, in accordance with Article XII, Section 7(a) of the Articles of Agreement of the International Monetary Fund and Section 10 of the IMF's By-Laws. In accordance with Section 20 of the By-Laws, the administrative and capital budgets of the IMF approved by the Executive Board for the financial year ending April 30, 2017, are presented in Chapter 3. The audited financial statements for the year ended April 30, 2016, of the General Department, the SDR Department, and the accounts administered by the IMF, together with reports of the external audit firm thereon, are presented in Appendix VI, which appears on the CD-ROM version of the Report, as well as at www.imf.org/external/pubs/ft/ar/2016/eng. The external audit and financial reporting processes were overseen by the External Audit Committee, comprising Mr. Loeto (Chair), Ms. Barth, and Mr. Vikamsey, as required under Section 20(c) of the Fund's By-Laws.

Yours very truly,

Christine Lagarde

Managing Director and Chairman of the Executive Board

A Greater Role for Women

The critical role women play in the economic and social development of countries, local communities, and organizations is gaining growing recognition. At the IMF, we are confident that when our member countries make conscious efforts to enable and encourage women to participate in the workplace and enforce laws that support inclusion and economic empowerment for women, they have a better chance of thriving economically and fostering a more stable and secure future. Greater attention to gender equity and the gender implications of our work and policy advice will help us better serve our member countries and improve the quality of life for all.

Including more women in all aspects of society and all levels of leadership holds the key to many important challenges that our member countries face, but, more importantly, when women are excluded, we lose access to at least half of the world’s talent pool. In an increasingly interconnected, complex, and fast-changing world, we need the best thinking and maximum contributions from everyone (read more on IMF research on gender inequality in the “Looking Ahead” section).

In the IMF, collective intelligence is our strength and adding the voices and perspectives of talented women from all walks of life isn’t new. We’ve been consciously working toward a better gender balance inside our organization for more than a decade and we have made significant progress. We are proud of this progress but we know there is still more to do to ensure that women and men become equal partners to fulfill our mandate in service of our membership.

IMF Diversity Advisor Nadia Younes, former Nigerian Finance Minister Dr. Ngozi Okonjo-Iweala (back row, center), and the Managing Director pose with IMF staff and young visitors after an International Women’s Day event in March 2016.

CD rom pocket

This Annual Report was prepared by the Editorial and Publications Division of the IMF’s Communications Department, in consultation with a working group from across the Fund. Rhoda Weeks-Brown and Jeremy Clift oversaw the work of the Report team, which was under the direction of the Executive Board’s Evaluation Committee, chaired by Stephen Field. Jeremy Mark served as chief writer and S. Alexandra Russell as editor and project manager. Suzanne Alavi and Madjé Amega provided editorial and administrative assistance.

Photography

Stephen Jaffe/© IMF photo: Managing Director, Narendra Modi, Raghuram Rajan, David Adeang and Martin Hunt, President Humala, IMFC, Executive Directors, women in leadership, on pp. 2, 29 (top and bottom), 30 (top right), 39 (top right and bottom left), 100, and back cover

Ryan Rayburn/© IMF photo: Agustín Carstens, Min Zhu, Board room, Kalpana Kochhar, Senior Management, Women’s Day, pp. 39 (top left), 59 (right), 85 (top and bottom right), 91 (bottom right), 102, and 126

Ali Jarekji/© IMF Photo: p. 25 (second from bottom)

Pilu Delgado/© IMF photo: p. 41 (bottom)

Roxana Bravo/© IMF photo: Mitsuhiro Furusawa, p. 51 (right)

Yuri Gripas/© IMF photo: Carla Grasso, p. 87

Other © IMF photo: p. 31 (lower right), 34 (top), 39 (bottom right), 41 (bottom), p. 63 (bottom right), 85 (left), 91 (top and bottom left, top right)

Stock photos from Alamy, Getty Images, and Newscom

Design

Beth Singer Design LLC www.bethsingerdesign.com

Web Design

Theo and Sebastian http://theoandsebastian.com

IMF Annual Report video

IMF Multimedia Services (Gokhan Karahan, Kyzysztof Rucinski, Alex Curro, and William Connell)

Ancillary materials for the Annual Report—Web Tables, Appendixes (including the IMF’s financial statements for the financial year ended April 30, 2016), and other pertinent documents—can be accessed via the Annual Report web page at www.imf.org/external/pubs/fVar/2016/eng. A CDROM version of the Annual Report, including the ancillary materials posted on the web page, is also available from IMF Publication Services.

©2016 International Monetary Fund

Annual Report 2016—Find Solutions Together

ISBN 9781513565637 (paper)

ISBN 9781475568349 (PDF)

Publication orders may be placed online, by fax, or through the mail:

International Monetary Fund, Publication Services

P.O. Box 92780, Washington, DC 20090, U.S.A.

Tel.: (202) 623-7430 Fax: (202) 623-7201

E-mail: publications@imf.org

www.imfbookstore.org | www.elibrary.imf.org

IMF Women in Leadership

Women in top positions in the IMF (from bottom left, clockwise): Institute for Capacity Development Director Sharmini Coorey, Deputy Managing Director and Chief Administrative Officer Carla Grasso, African Department Director Antoinette Sayeh, Executive Director Chileshe Kapwepwe, Managing Director Christine Lagarde, Information Technology Department Director and Chief Information Officer Susan Swart, Human Resources Department Director Kalpana Kochhar (effective June 13, 2016), and Office of Internal Audit and Inspection Director Clare Brady (read more on page 126).

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