The IMF’s 2006 financial year (FY), the period covered by this Annual Report, was significant, as it marked an important turning point in the way the Fund carries out its mandate. The medium-term strategic review set in motion in 2004 by the Managing Director, Rodrigo de Rato, was completed and given broad endorsement by the Fund’s Executive Board and subsequently by the ministerial-level International Monetary and Financial Committee (IMFC), which requested that the Fund move rapidly to implementation. As a result, the IMF embarked on some far-reaching changes in its operations and governance.