Les économistes du FMI travaillent en étroite collaboration avec les pays membres sur diverses questions. Leur point de vue unique sur les expériences nationales et leurs bonnes pratiques relatives aux questions macroéconomiques mondiales sont souvent partagés sous la forme de livres sur divers sujets tels que les comparaisons entre pays, le renforcement des capacités, la politique macroéconomique, l’intégration financière et la mondialisation.
This paper focuses on goal setting for development of the world. The paper highlights that the goals come from the agreements and resolutions of the world conferences organized by the United Nations in the first half of the 1990s. The paper focuses on seven goals that cover poverty, education, gender equality, infant and child mortality, maternal mortality, reproductive health, and environment. Each of the seven goals addresses an aspect of poverty. The paper also emphasizes that these goals should be viewed together because they are mutually reinforcing.
The global economy went through a period of unprecedented financial instability in 2008-09, accompanied by the worst global economic downturn and collapse in trade in many decades. No country escaped the reach of this economic storm. The IMF played a leading role in helping the membership deal with the immediate challenges posed by the crisis and work toward a new, strengthened global financial system. To address these challenges, the Fund focused its efforts on (1) providing policy advice and timely financial support that met members’ needs, (2) analyzing what went wrong, with the aim of fortifying the financial system against a recurrence of crises down the road, and (3) assembling the building blocks of a new international financial architecture. At the same time, the crisis accelerated some elements of the Fund’s work program and redirected resources toward the following areas: advancing surveillance priorities, reforming the Fund’s lending framework, supporting low-income countries, increasing the Fund’s activities in the area of capacity building, reforming the Fund’s corporate governance, and augmenting the Fund’s resources. Work toward modernizing the IMF, which accelerated in FY2008 with the Fund’s restructuring exercise, continued in FY2009,1 and other institutional work focused on strengthening internal accountability and transparency, revamping the institution’s human resources function, and safeguarding the Fund’s finances and other operations, as well as putting the institution on a stronger financial footing.
On the heels of a major financial crisis that originated in advanced country markets in 2007, the global economy sank in 2008-09 into the deepest recession since World War II.4 Although the IMF’s 2008 Annual Report had highlighted the risks from the spreading financial crisis, the crisis advanced further and faster during FY2009 than expected, despite strong policy efforts in key economies. Emerging markets and lowincome countries, which had been relatively sheltered from financial strains owing to their limited exposure to U.S. mortgage-related assets, were drawn into the storm, as international credit markets, trade finance, and many foreign exchange markets also came under heavy pressure.
The extraordinary global financial crisis posed a host of serious policy challenges to most Fund members, as well as systemic risks to the global economy. The full attention of the IMF was directed toward addressing the policy challenges raised by the crisis, including helping governments prepare a full policy framework in countries already in crisis, and for other vulnerable countries, strengthening contingency planning and crisis preparedness and intensifying surveillance. In collaboration with other international bodies and standard setters, the Fund immediately identified the core macroeconomic and financial policy response needed to help minimize the economic and social costs of the crisis. It then worked to encourage early action, promoted dialogue within the membership, and started the critical task of examining the causes of, and gleaning lessons from, the crisis. The Fund helped members directly with financing and policy advice, placing greater emphasis on macrofinancial linkages, contagion risks, financial safety nets, and crisis preparedness and management. It also advised countries to provide support to economic activity wherever space for such support was available.
The protracted financial crisis accelerated and redirected the IMF’s ongoing work in the areas of lending and capacity building. This chapter describes the Fund’s efforts in FY2009 to continue the work begun in FY2008 to reform IMF governance, provide policy and financial support to low-income member countries, identify ways to deliver targeted and cost-effective capacity-building opportunities for members, and put the Fund on a sound, sustainable financial footing for the long term. (Efforts were undertaken as well in FY2009 to modernize the IMF’s human resources function, and those are discussed in Chapter 5.)
The financial year that ended on April 30, 2009, was one of major reform that transformed the IMF into a leaner and refocused institution. In the area of budget, organization, and accountability, efforts now turn to implementing mechanisms to safeguard the Fund’s finances and other operations. New practices to enhance the efficiency of the Fund are being put in place, and accountability and transparency within the Fund are also being strengthened.
Mr. Sanjeev Gupta, Mr. Benedict J. Clements, Maria Teresa Guin-Siu, and Mr. Luc E. Leruth
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
This pamphlet reports on how the enhanced Initiative for Heavily Indebted Poor Countries (HIPCs) is meeting its aim of delivering faster, broader, and deeper debt relief to more HIPCs once these countries have shown a commitment to put the freed-up funds to work for the poor. The pamphlet also includes introductory sections that explain the rationale for the HIPC Initiative and describe how it works. A concluding section discusses the Initiative’s top challenge in the year ahead: to bring the remaining eligible countries to their decision points under the Initiative as fast and realistically as possible.
Many factors contribute to poverty. War, corruption, and destructive economic management are among the most pervasive. Others worsen poverty’s impact. Unsustainable debt is one such factor. Half of the 600 million people living in the 40 poorest, most debt-burdened countries struggle to survive on less than one dollar a day. They die earlier, have access to fewer schools and teachers, and are hungrier and sicker than their counterparts in other developing countries.