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International Monetary Fund

Abstract

The IMF remains central to efforts to restore the global economy to a robust and sustained growth path. The institution’s work during FY20111 focused on providing policy advice and technical support to member countries to help achieve this goal, meeting the financing needs of countries to support their adjustment efforts, including through programs in Greece, Ireland, and Portugal (the latter in early FY2012), putting in place systems that will strengthen the institution’s ability to identify and respond to global economic risks as they emerge, and working on reforms that will strengthen the international monetary system.

International Monetary Fund. Secretary's Department

Abstract

The period from May 2012 through April 2013—the IMF’s financial year 20131—saw the world dealing with the prolonged effects of a global crisis that had persisted well beyond initial expectations in an atmosphere of heightened global change. With economic activity remaining weak and the potential for renewed stresses still high, efforts to advance global stability and a secure future were as essential as ever.

International Monetary Fund

Abstract

After suffering the first contraction since World War II in 2009, the global economy staged a strong recovery in 2010, with world GDP growing by 5 percent. However, the pace of activity remained geographically uneven, with employment lagging. Economic performance during 2010 was a tale of two halves. During the first half of the year, the recovery was driven by the rebuilding of depleted inventories, which fostered a sharp rebound in industrial production and trade. Supportive macro-economic policies also played an important role. During the second half, as the inventory cycle leveled off and fiscal consolidation loomed in many advanced economies, fears of a double-dip recession increased. In the end, reduced excess capacity, accommodative policies, and further improvements in confidence and financial conditions bolstered private demand, making the recovery more self-sustaining. Investment was in the lead, though consumption also regained strength.

International Monetary Fund. Secretary's Department

Abstract

As FY2013 came to a close, financial conditions had improved, but the road to a comprehensive and robust global recovery was expected to remain bumpy. Policy actions during the year addressed the gravest short-term risks, but growth prospects were little changed by the end of April 2013, and the global economy was evolving at different speeds—in various parts of the world improved financial conditions had not translated evenly into growth or other factors were acting as brakes.

International Monetary Fund. Secretary's Department

Abstract

As recent experiences in world economic and financial markets have underscored, countries have become more interconnected. Developments in one country or region can quickly spill across borders. In reviewing economic trends and developments that affect the health of the international monetary and financial system, the IMF has focused increasingly on the regional and international consequences of member countries’ economic and financial policies.

International Monetary Fund

Abstract

As the recovery from the global economic crisis continued at varying speeds and in varying modes across the globe in FY2011, the IMF’s efforts were directed toward identifying and promoting the implementation of policies that would secure sustained and balanced growth in the world economy and continuing to offer financial and other support to member countries suffering from the crisis’s lingering effects.

International Monetary Fund. Secretary's Department

Abstract

In October 2012, the Managing Director presented her first Global Policy Agenda to the IMFC during the Annual Meetings. The agenda outlined a set of actions needed across the membership to secure recovery from the ongoing global crisis and to lay the foundation for a more robust global financial architecture.39 It also detailed the IMF’s role in assisting the membership with these formidable tasks, building on reforms to buttress the institution’s framework.

International Monetary Fund

Abstract

The IMF has been undergoing a fundamental governance overhaul, with the aim of ensuring that the institution better reflects the changing realities of the global economy, including the heightened importance of emerging markets, while protecting the voting shares of the poorest members. The latest round of reforms, approved in FY2011, builds on those initiated in 2008 and, combined with the earlier steps, will increase by nine percentage points the quota shares of dynamic emerging market and developing countries as a group. The new allocation of quota shares will result in the biggest-ever shift of influence within the institution in favor of emerging market and developing countries.

International Monetary Fund

Abstract

The global crisis highlighted the need for a substantial increase in the IMF’s resources for providing financing to member countries. During FY2011, the IMF approved a historic increase in members’ quotas, which is now awaiting ratification by the Fund membership to become effective, and also approved and activated a significant expansion of its standing arrangements to borrow from member countries, significantly augmenting its resources available to provide such financing. It also signed bilateral agreements with a number of member countries to support both nonconcessional and concessional lending. Conclusion of the Fund’s limited gold sales during the year will ensure funding of an endowment under the Fund’s new income model endorsed in 2008. There is also support for making resources linked to the gold sales profits available to provide concessional assistance to low-income countries, though agreement on the final strategy is still pending.

International Monetary Fund. Secretary's Department

Abstract

Quota subscriptions (see Web Box 5.1) are the primary source of the IMF’s financial resources. The Board of Governors conducts general quota reviews at regular intervals (at least every five years), allowing the IMF to assess the adequacy of quotas in terms of members’ financing needs and to modify members’ quotas to reflect changes in their relative positions in the world economy. Quota reviews aim to ensure that the IMF is representative of its membership and the changing structure of the global economy. The most recent of these reviews, the Fourteenth General Review of Quotas, was concluded in December 2010, though the proposed reforms have not yet taken effect.