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Implementation Plan In Response To The Executive Board-Endorsed Recommendations From The IEO Evaluation Of The IMF's Financial Surveillance

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Implementation Plan In Response To The Executive Board-Endorsed Recommendations From The IEO Evaluation Of The IMF's Financial Surveillance »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 October 2019

DOI: http://dx.doi.org/10.5089/9781513518732.007

ISBN: 9781513518732

Keywords: Real sector, Financial systems, Macroprudential policies and financial stability, Financial crises, Financial sector development, PP, proposed action, IEO, article IV consultation, article IV

The actions in this Management Implementation Plan aim at: Strengthening financial and macrofinancial analysis in Article IV consultations Refocusing FSAP country selection and scope Increasing traction of...

Gender Diversity In The Executive Board
			: Progress Report Of The Executive Board To The Board Of Governors

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Gender Diversity In The Executive Board : Progress Report Of The Executive Board To The Board Of Governors »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Secretary's Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 October 2019

DOI: http://dx.doi.org/10.5089/9781513517414.007

ISBN: 9781513517414

Executive Directors underscore the importance of promoting gender diversity at the IMF's Executive Board and the Offices of Executive Directors (OEDs). The Executive Board recognizes that a diversity of views contr...

FY2019 - Output Cost Estimates and Budget Outturn

FY2019 - Output Cost Estimates and Budget Outturn »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Office of Budget and Planning

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 September 2019

DOI: http://dx.doi.org/10.5089/9781513515205.007

ISBN: 9781513515205

Keywords: Economic analysis, Risk management, Debt sustainability analysis, Special Drawing Rights, Capital expenditure, Budget Outturn, transparency policy, PP, outturn, operational target

The paper presents highlights from the FY 19 budget, followed by a discussion of outputs based on the Fund Thematic Categories and of inputs....

Age Limit for the Managing Director
			: Proposed Amendment of Section 14(c) of the By-Laws

Age Limit for the Managing Director : Proposed Amendment of Section 14(c) of the By-Laws »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 September 2019

DOI: http://dx.doi.org/10.5089/9781513513416.007

ISBN: 9781513513416

Keywords: Retirement, Travel, Employment, Transportation, Services, PP, By-Laws, age limit, manage director, executive board

At the request of Executive Directors, and in light of the publicly announced nomination of a candidate who is over the age of sixty-five for the post of Managing Director, I am circulating the attached draft Repor...

Rules and Regulations for the Investment Account

Rules and Regulations for the Investment Account »

Series: Policy Papers

Author(s): International Monetary Fund. Finance Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 August 2019

DOI: http://dx.doi.org/10.5089/9781513511337.007

ISBN: 9781513511337

Keywords: Investment policy, SDR interest rates, Financial statements, Financial institutions, Strategic asset allocation, Investment Account, IMF Investment Account, manage director, asset manager, asset class

Rules and Regulations for the Investment Account, which were adopted on January 23, 2013 and amended thereafter, were further amended on May 13, 2019 by the Executive Board of the IMF....

Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI)-Statistical Update

Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI)-Statistical Update »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund;World Bank

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 August 2019

DOI: http://dx.doi.org/10.5089/9781513510095.007

ISBN: 9781513510095

Keywords: Heavily indebted poor countries, Domestic debt, External sector data, Debt relief, Public debt, HIPC, HIPC initiative, annex III, creditor, indebted poor country

This report reviews developments in the implementation of the Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI). It also provides updates on debt service and poverty-r...

Statement by The Managing Director on the Work Program of The Executive Board

Statement by The Managing Director on the Work Program of The Executive Board »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 July 2019

DOI: http://dx.doi.org/10.5089/9781498326629.007

ISBN: 9781498326629

Keywords: External sector, Multiple currency practices, Central bank governance, Interest rate structures, International financial markets, capacity development, resilience, briefing, IEO, IMF

This Work Program translates the strategic directions and policy priorities laid out in the Spring 2019 Global Policy Agenda and the International Monetary and Financial Committee Communiqué into an Executive Board...

The Revised EBA-Lite Methodology

The Revised EBA-Lite Methodology »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 July 2019

DOI: http://dx.doi.org/10.5089/9781498324373.007

ISBN: 9781498324373

Keywords: National income, External sector, Economic growth, Public sector investments, Credit, public health expenditure, WEO, health expenditure, Eba, desirable level

The Methodology review identified three broad areas for improving the EBA-Lite methodology: (1) expanding the fundamentals and policy determinants in the CA and REER regressions to better capture the external balan...

Review Of The Fund's Income Position For FY 2019 And FY 2020

Review Of The Fund's Income Position For FY 2019 And FY 2020 »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Finance Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 June 2019

DOI: http://dx.doi.org/10.5089/9781498322904.007

ISBN: 9781498322904

Keywords: SDR interest rates, Special charges, Interest rates, Rate of charge, Reserve currencies, Income Position, GRA, basis point, special charge, special reserve

This paper reviews the Fund's income position for FY 2019 and FY 2020. The paper updates projections provided in April 2018 and proposes decisions for the current year. The paper includes a comprehensive review of...

Fintech
			: The Experience So Far

Fintech : The Experience So Far »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund;World Bank

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 June 2019

DOI: http://dx.doi.org/10.5089/9781498321860.007

ISBN: 9781498321860

Keywords: Central bank market infrastructure, Financial services industry, International monetary system, Central banks, Financial regulation and supervision, Fintech, payment service, sandbox, cybersecurity, DLT

The paper finds that while there are important regional and national differences, countries are broadly embracing the opportunities of fintech to boost economic growth and inclusion, while balancing risks to stabil...

Building Resilience in Developing Countries Vulnerable to Large Natural Disasters

Building Resilience in Developing Countries Vulnerable to Large Natural Disasters »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Western Hemisphere Dept.;International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2019

DOI: http://dx.doi.org/10.5089/9781498321020.007

ISBN: 9781498321020

Keywords: Developing countries, Multilateral development institutions, Development, Public investments, Public services, Disaster risk management, resilience, financial resilience, post-disaster resilience, disaster resilience strategy

This paper discusses how countries vulnerable to natural disasters can reduce the associated human and economic cost. Building on earlier work by IMF staff, the paper views disaster risk management through the lens...

Poverty Reduction and Growth Trust-Review of Interest Rate Structure

Poverty Reduction and Growth Trust-Review of Interest Rate Structure »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Finance Dept.;International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2019

DOI: http://dx.doi.org/10.5089/9781498321556.007

ISBN: 9781498321556

Keywords: Interest rates on loans, Interest rates, Interest rate structures, Credit, Credit ratings, SCF, ECF, concessional, RCF, interest rate

This paper reviews the Poverty Reduction and Growth Trust (PRGT) interest rate structure for the period July 2019-June 2021. Since the interest rate mechanism was first established in 2009, no interest has been ch...

Poverty Reduction and Growth Trust-Review of the Interest Rate Structure-Postponement

Poverty Reduction and Growth Trust-Review of the Interest Rate Structure-Postponement »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Finance Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2019

DOI: http://dx.doi.org/10.5089/9781498321365.007

ISBN: 9781498321365

This paper proposes to postpone the deadline for the next interest rate review by six months in light of the timing of the second stage of the Low-Income Countries (LIC) Facilities Review, and to maintain the zero...

List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments over 18 Months

List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments over 18 Months »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 June 2019

DOI: http://dx.doi.org/10.5089/9781498321068.007

ISBN: 9781498321068

In accordance with Executive Board Decision No. 15106-(12/21), the Fund will publish on its external website a list of member countries whose Article IV consultations or mandatory financial stability assessments ha...

A Strategy for IMF Engagement on Social Spending

A Strategy for IMF Engagement on Social Spending »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Fiscal Affairs Dept.;International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 June 2019

DOI: http://dx.doi.org/10.5089/9781498318884.007

ISBN: 9781498318884

Keywords: Equity and social spending, Sustainable Development Goals (SDG), Social safety nets, Poverty, Age-related spending, Fiscal policy, Social welfare programs, social spend, conditionality, social safety net

Interest in social spending issues has intensified over the last decade. This reflects concerns about rising inequality and the need to support vulnerable groups, especially in the aftermath of the global financial...

A Strategy for IMF Engagement on Social Spending
			: Background Papers

A Strategy for IMF Engagement on Social Spending : Background Papers »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Fiscal Affairs Dept.;International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 June 2019

DOI: http://dx.doi.org/10.5089/9781498318907.007

ISBN: 9781498318907

Keywords: Social spending and Fund-supported programs, Social safety nets, Social security, Old age pensions, Social welfare programs, social spend, social protection, CSOs, help country, IMF

This Supplement presents an account of the extensive consultations and the results of various analyses that supported the development of 'A Strategy for IMF Engagement on Social Spending.'...

A Strategy for IMF Engagement on Social Spending
			: Case Studies

A Strategy for IMF Engagement on Social Spending : Case Studies »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Fiscal Affairs Dept.;International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 June 2019

DOI: http://dx.doi.org/10.5089/9781498318921.007

ISBN: 9781498318921

Keywords: Equity and social spending, Development policy, Social safety nets, Economic stabilization, Age-related spending, staff report, policy advice, social spend, article IV consultation, CSOs

This paper uses case studies to explore the nature and extent of past IMF engagement on social spending issues and to draw lessons for future engagement....

Statement by the Managing Director on the Independent Evaluation Office Report on the IMF Advice on Unconventional Monetary Policies

Statement by the Managing Director on the Independent Evaluation Office Report on the IMF Advice on Unconventional Monetary Policies »

Volume/Issue: 2019/022

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 June 2019

DOI: http://dx.doi.org/10.5089/9781498321334.007

ISBN: 9781498321334

Keywords: Press Release - Independent Evaluation Office

I welcome the report of the Independent Evaluation Office (IEO) on the IMF Advice on Unconventional Monetary Policies (UMP). The report recognizes that the Fund's engagement on UMP since the Global Financial Crisis...

Review Of The Fund's Policy On Multiple Currency Practices
			: Initial Considerations

Review Of The Fund's Policy On Multiple Currency Practices : Initial Considerations »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Legal Dept.;International Monetary Fund. Monetary and Capital Markets Department;International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Research Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 June 2019

DOI: http://dx.doi.org/10.5089/9781498318860.007

ISBN: 9781498318860

Keywords: Exchange rate policy, Exchange markets, Exchange restrictions, Multiple exchange rates, Exchange rates, foreign exchange markets, foreign investment, free trade, goods and services, multiple currency practices

This paper reviews the Fund's policy on multiple currency practices (MCPs). There remain strong economic and legal reasons to retain a policy on MCPs. The over-arching aim of the review is to make the policy and it...

2018-19 Review of Facilities for Low-Income Countries---Reform Proposals
			: Review Of The Financing Of The Fund's Concessional Assistance And Debt Relief To Low-Income Member Countries

2018-19 Review of Facilities for Low-Income Countries---Reform Proposals : Review Of The Financing Of The Fund's Concessional Assistance And Debt Relief To Low-Income Member Countries »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Finance Dept.;International Monetary Fund. Legal Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 June 2019

DOI: http://dx.doi.org/10.5089/9781498318716.007

ISBN: 9781498318716

Keywords: Poverty reduction strategy, International financial markets, Poverty reduction and development, Poverty reduction, Access to foreign markets, ECF, SCF, LIC, RCF, concessional

2018-19 Review of Facilities for Low-Income Countries---Reform Proposals: Review Of The Financing Of The Fund's Concessional Assistance And Debt Relief To Low-Income Member Countries...

Review of Implementation of IMF Commitments in Support of the 2030 Agenda for Sustainable Development

Review of Implementation of IMF Commitments in Support of the 2030 Agenda for Sustainable Development »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 June 2019

DOI: http://dx.doi.org/10.5089/9781498318082.007

ISBN: 9781498318082

Keywords: Developing countries, Sustainable development, Financial sector, Development, Public investments, SDGs, 2030 Agenda for Sustainable Development, Technical Assistance, Capacity Development, Domestic Resource Mobilization

The paper reviews the implementation of the initiatives the IMF committed to in 2015 to support developing countries in pursuing the 2030 agenda for sustainable development, including (i) strengthening national ta...

2018 Review of Program Design and Conditionality

2018 Review of Program Design and Conditionality »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 May 2019

DOI: http://dx.doi.org/10.5089/9781498315715.007

ISBN: 9781498315715

Keywords: Economic growth, Capital expenditure, Debt sustainability, Public debt, Fiscal adjustment, conditionality, program design, RoC, WEO, GRA

The 2018 Review of Program Design and Conditionality is the first comprehensive stocktaking of Fund lending operations since the global financial crisis. The review assesses program performance between September 20...

Update The Monetary And Financial Policies Transparency Code

Update The Monetary And Financial Policies Transparency Code »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 May 2019

DOI: http://dx.doi.org/10.5089/9781498314503.007

ISBN: 9781498314503

Keywords: Central bank governance, Central banks, Central banking, Monetary policy, Central bank autonomy, Central bank, Central bank transparency, Financial policy, Central bank code, Global Financial Crisis

This paper presents a staff proposal to update the 1999 Monetary and Financial Policies Transparency Code (MFPT). The proposal narrows the perimeter of the code to central banks only but broadens the areas on which...

Fiscal Policies for Paris Climate Strategies-from Principle to Practice

Fiscal Policies for Paris Climate Strategies-from Principle to Practice »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2019

DOI: http://dx.doi.org/10.5089/9781498311717.007

ISBN: 9781498311717

Keywords: Fiscal policy, Climate policy, Paris Club, Greenhouse emissions, Sustainable development, National budgets, Climatic changes, Debt sustainability, climate mitigation, Paris Agreement

This paper discusses the role of, and provides practical country-level guidance on, fiscal policies for implementing climate strategies using a unique and transparent tool laying out trade-offs among policy options...

FY2020-FY2022 Medium-Term Budget

FY2020-FY2022 Medium-Term Budget »

Volume: 2019

Series: Policy Papers

Author(s): International Monetary Fund. Office of Budget and Planning

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 April 2019

DOI: http://dx.doi.org/10.5089/9781498311168.007

ISBN: 9781498311168

Keywords: Capital budget, Budgets, Price increases, Budgeting, Price adjustments, BWP, deflator, reallocation, outturn, IEO

FY2020-FY2022 Medium-Term Budget...

IMF Managing Director's Statement to the Development Committee, April 2019

IMF Managing Director's Statement to the Development Committee, April 2019 »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 April 2019

DOI: http://dx.doi.org/10.5089/9781513510361.007

ISBN: 9781513510361

Keywords: Economic cooperation, Economic integration, Economic reforms, Economic stabilization, Economic growth, trade tension, advanced economy, low-income develop country, debt level, develop economy

While growth in advanced economies is losing momentum amid trade tensions and policy uncertainty, activity in many emerging and low-income developing countries (EMDEs) has remained more robust, supported by still f...

Provisional Agenda for the Thirty-Ninth Meeting of the International Monetary and Financial Committee

Provisional Agenda for the Thirty-Ninth Meeting of the International Monetary and Financial Committee »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 April 2019

DOI: http://dx.doi.org/10.5089/9781513510330.007

ISBN: 9781513510330

Keywords: Development, governance reform, IMF, global development, conference, policy challenge

Provisional Agenda for the Thirty-Ninth Meeting of the International Monetary and Financial Committee...

Joint Responsibility Shared Rewards
			: The Managing Director's Global Policy Agenda

Joint Responsibility Shared Rewards : The Managing Director's Global Policy Agenda »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 April 2019

DOI: http://dx.doi.org/10.5089/9781513510323.007

ISBN: 9781513510323

Keywords: Economic integration, Economic systems, Economic reforms, Economic policy, Fiscal policy, external linkage, trade tension, policy framework, structural reform, resilience

International cooperation, economic and financial integration, and technological progress have delivered enormous benefits across the globe during the past decades. Yet, in many countries, these benefits have not b...

Fourth Progress Report on Inclusion of Enhanced Contractual Provisions in International Sovereign Bond Contract

Fourth Progress Report on Inclusion of Enhanced Contractual Provisions in International Sovereign Bond Contract »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Legal Dept.;International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 March 2019

DOI: http://dx.doi.org/10.5089/9781498302968.007

ISBN: 9781498302968

Keywords: Collective action clauses, Bond issues, Sovereign debt restructuring, Low income countries, Bond yields, Collective action clause, CACs, Sovereign debt, restructuring, Pari passu

This paper reports on progress in inclusion of enhanced collective action clauses and modified pari passu clauses as of end-October 2018. The report finds that enhanced CACs have now become the market standard, wi...

Corporate Taxation in the Global Economy

Corporate Taxation in the Global Economy »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Fiscal Affairs Dept.;International Monetary Fund. Legal Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 March 2019

DOI: http://dx.doi.org/10.5089/9781498302197.007

ISBN: 9781498302197

Keywords: Tax competition, Tax reforms, Tax coordination, Tax systems, Tax administration, tax arrangement, BEPS, residual profit, digitalization, multi-national enterprise

The policy paper Corporate Taxation in the Global Economy stresses the need to maintain and build on the progress in international cooperation on tax matters that has been achieved in recent years, and in some resp...

Review of the Fund's Strategy on Anti-Money Laundering and Combating the Financing of Terrorism

Review of the Fund's Strategy on Anti-Money Laundering and Combating the Financing of Terrorism »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Legal Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 February 2019

DOI: http://dx.doi.org/10.5089/9781513510286.007

ISBN: 9781513510286

Keywords: Money laundering, Anti-money laundering, Combating the financing of terrorism, Financial sector, Macroprudential policies and financial stability, CFT, AML, FATF, financial integrity, article IV consultation

The staff report provides an overview of the Fund's AML/CFT program, since the last review conducted in 2014 and seeks the endorsement of the Executive Board to continue on the basis of the directions given in 2014...

Fiscal Transparency Initiative
			: Integration of Natural Resource Management Issues

Fiscal Transparency Initiative : Integration of Natural Resource Management Issues »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 January 2019

DOI: http://dx.doi.org/10.5089/9781513510224.007

ISBN: 9781513510224

Keywords: Public financial management, Fiscal policy, Fiscal transparency, Tax policy, Revenue administration, resource revenue, FTEs, resource-rich country, FTC, resource-rich

This paper integrates into the Fiscal Transparency Code (FTC) a new fourth pillar (Pillar IV) on natural resource revenue management. This completes the pending update to the IMF's FTC, as set out by staff in 2014...

Statement by the Managing Director on the Independent Evaluation Office Report on the IMF Financial Surveillance

Statement by the Managing Director on the Independent Evaluation Office Report on the IMF Financial Surveillance »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 January 2019

DOI: http://dx.doi.org/10.5089/9781513510217.007

ISBN: 9781513510217

Keywords: Global Financial Stability Risks, Macroprudential policies and financial stability, Financial crises, Financial systems, Financial analysis, article IV consultation, IEO, article IV, IMF, financial skill

Statement by the Managing Director on the Independent Evaluation Office Report on the IMF Financial Surveillance...

List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments over 18 Months

List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments over 18 Months »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Legal Dept.;International Monetary Fund. European Dept.;International Monetary Fund. African Dept.;International Monetary Fund. Asia and Pacific Dept;International Monetary Fund. Middle East and Central Asia Dept.;International Monetary Fund. Western Hemisphere Dept.;International Monetary Fund. Monetary and Capital Markets Department;International Monetary Fund. Secretary's Department;International Monetary Fund. Communications Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 January 2019

DOI: http://dx.doi.org/10.5089/9781513510170.007

ISBN: 9781513510170

In line with the framework for addressing excessive delays in the completion of Article IV consultations, the following table lists the IMF members for whom the Article IV consultation has been delayed by more than...

Extension of the Periods for Consent to and Payment of Quota Increases

Extension of the Periods for Consent to and Payment of Quota Increases »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Finance Dept.;International Monetary Fund. Legal Dept.;International Monetary Fund. Secretary's Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 January 2019

DOI: http://dx.doi.org/10.5089/9781513510408.007

ISBN: 9781513510408

This paper proposes a further six-month extension of the period for members to consent to an increase in their quotas under the Fourteenth General Review of Quotas ("Fourteenth Review") through June 28, 2019....

Gulf Cooperation Council Countries (GCC)
			: How Developed and Inclusive are Financial Systems in the GCC?

Gulf Cooperation Council Countries (GCC) : How Developed and Inclusive are Financial Systems in the GCC? »

Volume/Issue: 2018/057

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 December 2018

DOI: http://dx.doi.org/10.5089/9781498310284.007

ISBN: 9781498310284

Keywords: Economic integration, Financial sector development, External sector, Market economies, Economic growth, financial development, GCC country, SMEs, GCC, debt market

"Financial systems in the GCC have developed significantly over the last couple of decades, but there appears to be further room for progress. The development of bank and equity markets has been supported by a comb...

Gulf Cooperation Council
			: Trade and Foreign Investment-Keys to Diversification and Growth in the GCC

Gulf Cooperation Council : Trade and Foreign Investment-Keys to Diversification and Growth in the GCC »

Volume/Issue: 2018/058

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 December 2018

DOI: http://dx.doi.org/10.5089/9781498310307.007

ISBN: 9781498310307

Keywords: Economic integration, Investment policy, Economic growth, Global competitiveness, Comparative advantage, GCC country, non-oil, FDI, FDI inflow, GCC

"Diversification of the GCC economies, supported by greater openness to trade and higher foreign investment, can have a large impact on growth. Such measures can support higher, sustained, and more inclusive growth...

Statement by the Managing Director on the Work Program of the Executive Board

Statement by the Managing Director on the Work Program of the Executive Board »

Volume/Issue: 2018/056

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 November 2018

DOI: http://dx.doi.org/10.5089/9781498310253.007

ISBN: 9781498310253

Keywords: External sector, Development policy, Economic growth, Trade policy, Interest rate structures, WEO, multilateral trade system, capacity development, progress report, general review

"This Work Program (WP) translates the strategic directions and policy priorities laid out in the Fall 2018 Global Policy Agenda and the International Monetary and Financial Committee Communiqué into an Executive...

2018 Review of the Fund's Capacity Development Strategy

2018 Review of the Fund's Capacity Development Strategy »

Volume/Issue: 2018/055

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 November 2018

DOI: http://dx.doi.org/10.5089/9781498310239.007

ISBN: 9781498310239

Keywords: Development, Institutional capacity, Budgetary process, Capital, Investment, prioritization, fragile state, fund model, RBM, medium-term

"Capacity development (CD) is one of the Fund's three core activities and has grown in importance in recent years. It supports member countries' efforts to build the institutions and capacity necessary to formulate...

ASEAN Progress Towards Sustainable Development Goals and The Role of the IMF

ASEAN Progress Towards Sustainable Development Goals and The Role of the IMF »

Volume/Issue: 2018/054

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2018

DOI: http://dx.doi.org/10.5089/9781498310208.007

ISBN: 9781498310208

Keywords: Economic growth, Financial statistics, Economic stabilization, Economic integration, Health indicators, ASEAN country, SDG, ASEAN, education outcome, past trend

"Attainment of the Sustainable Development Goals (SDGs) will require that the Association of Southeast Asian Nations (ASEAN) countries continue their considerable past achievements. The Millennium Development Goals...

Ninth Periodic Monitoring Report on the Status of Implementation Plans in Response to Board-Endorsed IEO Recommendations

Ninth Periodic Monitoring Report on the Status of Implementation Plans in Response to Board-Endorsed IEO Recommendations »

Volume/Issue: 2018/053

Series: Policy Papers

Author(s): International Monetary Fund. Finance Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 October 2018

DOI: http://dx.doi.org/10.5089/9781498310192.007

ISBN: 9781498310192

Keywords: Financial and Monetary Sector, Financial sector development, Financial statistics, Economic data and statistics, Economic integration, management action, IEO, PMR, SPR, staff report

"The Ninth Periodic Monitoring Report (PMR) on the Status of Management Implementation Plans (MIPs) in Response to Board-Endorsed Independent Evaluation Office (IEO) Recommendations assesses the progress made over...

Fund's Income Position for FY 2018 Actual Outcome

Fund's Income Position for FY 2018 Actual Outcome »

Volume/Issue: 2018/052

Series: Policy Papers

Author(s): International Monetary Fund. Finance Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 October 2018

DOI: http://dx.doi.org/10.5089/9781498310185.007

ISBN: 9781498310185

Keywords: Financial statements, SDR interest rates, Reserve tranche positions, Credit, Capital budget, outturn, budget item, administrative expense, actual outcome, total expense

"This paper reports the Fund's income position for FY 2018 following the closing of the Fund's accounts for the financial year and completion of the external audit. Total FY 2018 net income, including income from s...

Progress Report to the IMFC on the Activities of the Independent Evaluation Office of the IMF

Progress Report to the IMFC on the Activities of the Independent Evaluation Office of the IMF »

Volume/Issue: 2018/051

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 October 2018

DOI: http://dx.doi.org/10.5089/9781498310178.007

ISBN: 9781498310178

Keywords: Manpower training, Monetary policy, Financial assistance, Development, Stocks, IEO, conditionality, IMF, evaluation, IMFC

Over the past six months, a key theme has been ensuring strong follow-up to IEO evaluations, a priority stressed by the recently competed External Evaluation of the IEO. Of particular note, the Managing Director ha...

The Bali Fintech Agenda

The Bali Fintech Agenda »

Volume/Issue: 2018/050

Series: Policy Papers

Author(s): International Monetary Fund;World Bank;International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Legal Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 October 2018

DOI: http://dx.doi.org/10.5089/9781498309950.007

ISBN: 9781498309950

Keywords: International monetary system, Central banks, Macroprudential policies and financial stability, Financial services, Financial safety nets, financial integrity, financial system, financial stability, national authority, IMF

"Rapid advances in financial technology are transforming the economic and financial landscape, offering wide-ranging opportunities while raising potential risks. Fintech can support potential growth and poverty red...

The Managing Director's Global Policy Agenda
			: Rising Risks: A Call for Policy Cooperation

The Managing Director's Global Policy Agenda : Rising Risks: A Call for Policy Cooperation »

Volume/Issue: 2018/049

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 October 2018

DOI: http://dx.doi.org/10.5089/9781498309943.007

ISBN: 9781498309943

Keywords: External sector, International monetary system, Real interest rates, Multiple currency practices, SDR interest rates, global growth, capacity development, capital flow, multilateralism, policy space

Global growth remains strong. The recovery has created jobs and increased incomes. But growth momentum is moderating. Previously identified risks have partly materialized or have become more pronounced. A rapid rev...

Provisional Agenda for the Thirty-Eighth Meeting of the International Monetary and Financial Committee

Provisional Agenda for the Thirty-Eighth Meeting of the International Monetary and Financial Committee »

Volume/Issue: 2018/048

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 October 2018

DOI: http://dx.doi.org/10.5089/9781498309936.007

ISBN: 9781498309936

Keywords: International Monetary and Financial Committee agendas, International Monetary and Financial Committee meetings, Development, global development, policy challenge, Nusa Dua, agenda, policy cooperation

....

Implementation Plan in Response to the Board-Endorsed Recommendations for the IEO Evaluation Report-"The IMF and Fragile States"

Implementation Plan in Response to the Board-Endorsed Recommendations for the IEO Evaluation Report-"The IMF and Fragile States" »

Volume/Issue: 2018/047

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2018

DOI: http://dx.doi.org/10.5089/9781498309912.007

ISBN: 9781498309912

Keywords: Financial assistance, Developing countries, Human capital, Development, Economic stabilization, fragile state, implementation plan, IEO, FCS, capacity development

"This management implementation plan (MIP) proposes actions to advance the Board-endorsed recommendations of the IEO evaluation 'The IMF and Fragile States.' The actions outlined below would have resource implicati...

Reinvigorating Trade and Inclusive Growth

Reinvigorating Trade and Inclusive Growth »

Volume/Issue: 2018/046

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2018

DOI: http://dx.doi.org/10.5089/9781498309905.007

ISBN: 9781498309905

Keywords: Trade, Trade integration, Trade policy, Economic integration, Cost of living, Agricultural trade, Social safety nets, WTO member, GATS, e-commerce

"Trade integration can play a much larger role in boosting shared prosperity. The current focus on trade tensions threatens to obscure the great untapped benefits possible from further trade reform. The opportuniti...

Statement by the Managing Director on the Independent Evaluation Office Report on Governance of the IMF

Statement by the Managing Director on the Independent Evaluation Office Report on Governance of the IMF »

Volume/Issue: 2018/045

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 September 2018

DOI: http://dx.doi.org/10.5089/9781498309660.007

ISBN: 9781498309660

Keywords: Governance, IMF Structure and Governance, Press Release - Independent Evaluation Office, Risk management, Stocks, Emerging markets, Financial crises, Goods, IEO, accountability

I would like to thank the Independent Evaluation Office (IEO) for preparing this informative update on the 2008 report on governance of the IMF. It is reassuring that the Update recognizes the significant progress...

Guidance Note for the Use of Third-Party Indicators in Fund Reports

Guidance Note for the Use of Third-Party Indicators in Fund Reports »

Volume/Issue: 2018/044

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Statistics Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2018

DOI: http://dx.doi.org/10.5089/9781498309622.007

ISBN: 9781498309622

Keywords: Financial statistics, Corporate income taxes, Interest rates, Private sector involvement, Public investments, TPI, article IV consultation, staff report, fund report, source data

This note provides guidance on use of third-party indicators (TPIs) in Fund reports, in line with the policy endorsed by the Board in November 2017....

The Fund's Income Position for FY 2017 - Actual Outcome

The Fund's Income Position for FY 2017 - Actual Outcome »

Volume/Issue: 2018/043

Series: Policy Papers

Author(s): International Monetary Fund. Finance Dept.;International Monetary Fund. Legal Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 September 2018

DOI: http://dx.doi.org/10.5089/9781498309608.007

ISBN: 9781498309608

Keywords: Financial statements, SDR interest rates, Reserve tranche positions, Credit, Income accounting, budget item, administrative expense, outturn, accrual, actual outcome

"This paper reports the Fund's income position for FY 2017 following the closing of the Fund's accounts for the financial year and completion of the external audit. Total FY 2017 net income, including income from s...

Flexible Credit Line - Operational Guidance Note

Flexible Credit Line - Operational Guidance Note »

Volume/Issue: 2018/042

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Finance Dept.;International Monetary Fund. Legal Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 August 2018

DOI: http://dx.doi.org/10.5089/9781498309592.007

ISBN: 9781498309592

Keywords: Balance of payments need, Financial statements, Central banks, Credit, Central banking, FCL, staff report, mid-term review, qualification criterion, conditionality

"This note provides general guidance on the use of the Flexible Credit Line (FCL). After an overview of the instrument, explaining its specific nature, the operational issues are grouped into three areas: an out...

Precautionary and Liquidity Line - Operational Guidance Note

Precautionary and Liquidity Line - Operational Guidance Note »

Volume/Issue: 2018/041

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Finance Dept.;International Monetary Fund. Legal Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 August 2018

DOI: http://dx.doi.org/10.5089/9781498309431.007

ISBN: 9781498309431

Keywords: Access to international capital markets, Balance of payments need, Exchange rate policy, Debt sustainability analysis, Exchange rate frameworks, PLL, conditionality, staff report, prior action, ex-post

"This note provides general guidance on the use of the Precautionary and Liquidity Line (PLL). After an overview of the instrument, explaining its specific nature, the operational issues are grouped into five areas...

FY2018 - Output Cost Estimates and Budget Outturn

FY2018 - Output Cost Estimates and Budget Outturn »

Volume/Issue: 2018/040

Series: Policy Papers

Author(s): International Monetary Fund. Finance Dept.;International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 August 2018

DOI: http://dx.doi.org/10.5089/9781498309387.007

ISBN: 9781498309387

Keywords: Multiple currency practices, Risk management, Fiscal space, Capital expenditure, Financial sector surveillance, outturn, AFR, country work, IEO, capital spend

"The Fund continues to make efforts to maximize the use of available resources in order to deliver on the priorities and initiatives laid out in the Global Policy Agenda (GPA). The FY 18 outturn reflects reallocati...

2018 Review of Facilities for Low-Income Countries

2018 Review of Facilities for Low-Income Countries »

Volume/Issue: 2018/039

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Finance Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2018

DOI: http://dx.doi.org/10.5089/9781498310871.007

ISBN: 9781498310871

Keywords: Interest rates, Credit, Balance of payments need, Development, Concessional aid, concessional, ECF, SCF, RCF, LIC

The Fund is facing strong demand for financing from low-income countries (LICs). Commodity price shocks and loose fiscal policies have contributed to rising debt levels and financing needs in many countries. Severa...

Extension of the Periods for Consent to and Payment of Quota Increase

Extension of the Periods for Consent to and Payment of Quota Increase »

Volume/Issue: 2018/038

Series: Policy Papers

Author(s): International Monetary Fund. Finance Dept.;International Monetary Fund. Legal Dept.;International Monetary Fund. Secretary's Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 July 2018

DOI: http://dx.doi.org/10.5089/9781498310697.007

ISBN: 9781498310697

Keywords: Consents to quota increases, Quota calculations, Quota distribution, Quota increases, Quota ratio, Payments arrears, Accounting, general review, executive board, quota

"On June 27, 2018, the IMF's Executive Board approved a further six-month extension of the period for members to consent to an increase in their quotas under the Fourteenth General Review of Quotas ('Fourteenth Rev...

Statement by the Managing Director on the Work Program of the Executive Board

Statement by the Managing Director on the Work Program of the Executive Board »

Volume/Issue: 2018/037

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 2018

DOI: http://dx.doi.org/10.5089/9781498309240.007

ISBN: 9781498309240

Keywords: Executive Board work program, External sector, Development policy, Real interest rates, Interest rate structures, Real effective exchange rates, digitalization, policy space, WEO, IEO

This Work Program (WP) translates the strategic directions and policy priorities laid out in the Spring 2018 Global Policy Agenda (GPA) Update and the International Monetary and Financial Committee (IMFC) Communiqu...

Guidance Note on IMF Engagement on Social Safeguards in Low-Income Countries

Guidance Note on IMF Engagement on Social Safeguards in Low-Income Countries »

Volume/Issue: 2018/036

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 July 2018

DOI: http://dx.doi.org/10.5089/9781498310611.007

ISBN: 9781498310611

Keywords: Low income countries, Social protection, Social safety nets, Social indicators, Poverty reduction, Fiscal policy, Civil society, social safety net, vulnerable group, conditionality

This note provides operational guidance to staff on how to engage on social safeguard issues with low-income countries in both program and surveillance contexts. The note is not intended as a comprehensive guide, a...

Review of the Fund's Strategy on Overdue Financial Obligations

Review of the Fund's Strategy on Overdue Financial Obligations »

Volume/Issue: 2018/035

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Finance Dept.;International Monetary Fund. Legal Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 July 2018

DOI: http://dx.doi.org/10.5089/9781498309103.007

ISBN: 9781498309103

Keywords: Overdue obligations, Somalia, Sudan, SDR interest rates, Exchange rate policy, Fiscal sector, Exchange rate adjustments, SDR holdings, right approach, SDRs

"This paper reviews progress under the Fund's strengthened cooperative strategy on overdue financial obligations. The level of overdue obligations to the Fund declined and their structure has remained broadly uncha...

List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments over 18 Months

List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments over 18 Months »

Volume/Issue: 2018/034

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Communications Department;International Monetary Fund. Legal Dept.;International Monetary Fund. Secretary's Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 June 2018

DOI: http://dx.doi.org/10.5089/9781498309066.007

ISBN: 9781498309066

"In accordance with Executive Board Decision No. 15106-(12/21), the Fund will publish on its external website a list of member countries whose Article IV consultations or mandatory financial stability assessments h...

Assessing Fiscal Space
			: An Update and Stocktaking

Assessing Fiscal Space : An Update and Stocktaking »

Volume/Issue: 2018/033

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 June 2018

DOI: http://dx.doi.org/10.5089/9781498309042.007

ISBN: 9781498309042

Keywords: Fiscal space, Debt sustainability, Fiscal policy, Monetary policy, Fiscal rules, commodity producer, country-specific, market access, bottom-line, conjuncture

This paper reviews the experience with the fiscal space assessment framework that was piloted during 2017-18. In 2016, staff proposed an operational definition of fiscal space and a new four-stage framework for its...

How to Operationalize Gender Issues in Country Work

How to Operationalize Gender Issues in Country Work »

Volume/Issue: 2018/031

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 June 2018

DOI: http://dx.doi.org/10.5089/9781498309011.007

ISBN: 9781498309011

Keywords: Total factor productivity, Labor force participation, Labor market reforms, Manpower training, Financial management information systems, gender gap, gender inequality, gender issue, article IV, article IV consultation

"Reducing gender gaps can have important economic benefits. Gender gaps remain significant on a global scale, both with respect to opportunities and outcomes. For example, gender-based legal restrictions in many pa...

How to Operationalize Inequality Issues in Country Work

How to Operationalize Inequality Issues in Country Work »

Volume/Issue: 2018/032

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 June 2018

DOI: http://dx.doi.org/10.5089/9781498309028.007

ISBN: 9781498309028

Keywords: Employment, Economic stabilization, Economic growth, Economic recession, Unemployment, distributional, inequality issue, inequality, macroeconomic stability, article IV consultation

"Economic inclusion is the broad sharing of the benefits of, and the opportunities to participate in, economic growth. It embodies equitable outcomes related to financial well-being as well as opportunities in acce...

Review of the Fund's Income Position for FY 2018 and FY 2019-20

Review of the Fund's Income Position for FY 2018 and FY 2019-20 »

Volume/Issue: 2018/030

Series: Policy Papers

Author(s): International Monetary Fund. Finance Dept.;International Monetary Fund. Legal Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 June 2018

DOI: http://dx.doi.org/10.5089/9781498309004.007

ISBN: 9781498309004

Keywords: SDR interest rates, Interest rates, Rate of charge, Special charges, Credit, general reserve, GRA, basis point, net income, special reserve

"The Fund's total net income for FY 2018 is projected at about SDR 0.7 billion, broadly in line with the April 2017 estimate. The projections for total lending income are broadly unchanged. Most sources of lending...

Pursuing Women's Economic Empowerment

Pursuing Women's Economic Empowerment »

Volume/Issue: 2018/029

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 May 2018

DOI: http://dx.doi.org/10.5089/9781498308526.007

ISBN: 9781498308526

Keywords: Total factor productivity, Labor force participation, Low-income developing countries, Labor market reforms, Gross national product, gender gap, gender inequality, gender equality, IMF, inequality

"The economic and social imperative for women's economic empowerment is clear. Greater gender equality boosts economic growth and leads to better development outcomes. It contributes to reducing income inequality a...

The Core Principles for Islamic Finance Regulations and Assessment Methodology

The Core Principles for Islamic Finance Regulations and Assessment Methodology »

Volume/Issue: 2018/028

Series: Policy Papers

Author(s): International Monetary Fund;World Bank;International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. African Dept.;International Monetary Fund. Legal Dept.;International Monetary Fund. Middle East and Central Asia Dept.;International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 May 2018

DOI: http://dx.doi.org/10.5089/9781498308496.007

ISBN: 9781498308496

Keywords: Islamic banking, Basel Core Principles, Islamic banking supervision, Banking sector, Banking systems, islamic bank, IFSB, BCP, supervisory authority, conventional bank

This paper provides a proposal to incorporate the Core Principles for Islamic Finance Regulation (Banking Sector) (CPIFR) issued by the Islamic Financial Services Board (IFSB), as part of the standards used in asse...

FY2019-FY2021 Medium-Term Budget

FY2019-FY2021 Medium-Term Budget »

Volume/Issue: 2018/026

Series: Policy Papers

Author(s): International Monetary Fund. Finance Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 May 2018

DOI: http://dx.doi.org/10.5089/9781498308458.007

ISBN: 9781498308458

Keywords: Capital budget, Capital, Budgets, Budgeting, Savings, reallocation, outturn, medium-term, macro-structural, budget proposal

"The FY 19 budget proposal is formulated against the backdrop of a strengthening global recovery and broadly balanced near term risks. The budget reflects a solid income position and a multi-year strategic agenda-o...

Somalia
			: Currency Reform Assessment Letter for the Central Bank of Somalia

Somalia : Currency Reform Assessment Letter for the Central Bank of Somalia »

Volume/Issue: 2018/027

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 May 2018

DOI: http://dx.doi.org/10.5089/9781498308465.007

ISBN: 9781498308465

Keywords: Monetary policy instruments, Currency reform, Central banks, Reserve management guidelines, Accounting reporting, new banknote, banknote, MTBs, IMF, counterfeit

This letter provides IMF staff's assessment on the readiness of the Central Bank of Somalia (CBS) to issue a new national currency under Phase I which will be limited to exchanging the counterfeit Somali shilling n...

Public Investment Management Assessment - Review and Update

Public Investment Management Assessment - Review and Update »

Volume/Issue: 2018/025

Series: Policy Papers

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 May 2018

DOI: http://dx.doi.org/10.5089/9781498308441.007

ISBN: 9781498308441

Keywords: Public investments, Public investment programs, Economic growth, Expenditure efficiency, Fiscal policy, Pima, PPPs, public investment, PIM, institutional design

"Public Investment Management Assessments (PIMAs) are the IMF‘s key tool for assessing infrastructure governance over the full investment cycle and supporting economic institution building in this area. The PIMA fr...

The IMF's Annual Macroprudential Policy Survey- Objectives, Design, and Country Responses

The IMF's Annual Macroprudential Policy Survey- Objectives, Design, and Country Responses »

Volume/Issue: 2018/024

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 April 2018

DOI: http://dx.doi.org/10.5089/9781498308410.007

ISBN: 9781498308410

Keywords: Macroprudential Policy, Technical Assistance, Central banks, Macroprudential policies and financial stability, Central banking, Systemically important financial institutions, Banking systems, institutional arrangement, central bank, IMF

As use of macroprudential policy tools is growing, the IMF has initiated an annual survey on macroprudential policy with its membership. The resulting new database provides information on policy measures taken by I...

Update on the Financing of the Fund's Concessional Assistance and Debt Relief to Low-Income Countries

Update on the Financing of the Fund's Concessional Assistance and Debt Relief to Low-Income Countries »

Volume/Issue: 2018/023

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Finance Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 April 2018

DOI: http://dx.doi.org/10.5089/9781498308403.007

ISBN: 9781498308403

Keywords: Catastrophe Containment and Relief Trust, Debt relief, HIPC Initiative, Low income countries, Poverty Reduction and Growth Trust, Rapid Credit Facility, SDR interest rates, Market interest rates, Interest rates, Multilateral debt

"The Fund is adapting its framework for providing support to low-income countries (LICs) amid rising vulnerabilities. Despite a global economic upswing, many LICs continue to face difficult fiscal and external posi...

Review of 1997 Guidance Note on Governance - A Proposed Framework for Enhanced Fund Engagement

Review of 1997 Guidance Note on Governance - A Proposed Framework for Enhanced Fund Engagement »

Volume/Issue: 2018/022

Series: Policy Papers

Author(s): International Monetary Fund. Fiscal Affairs Dept.;International Monetary Fund. Legal Dept.;International Monetary Fund. Research Dept.;International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 April 2018

DOI: http://dx.doi.org/10.5089/9781498308366.007

ISBN: 9781498308366

Keywords: Governance, Central bank governance, Central bank operations, Financial sector oversight, Anti-money laundering, Money laundering, governance policy, governance issue, corruption issue, UNCAC

This paper proposes the adoption of a framework that would supplement the 1997 Fund's Guidance Note on the Role of the Fund in Governance Issues, adopted by the Executive Board (the '1997 Governance Policy'). While...

Provisional Agenda for the Thirty-Seventh Meeting of the International Monetary and Financial Committee

Provisional Agenda for the Thirty-Seventh Meeting of the International Monetary and Financial Committee »

Volume/Issue: 2018/020

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 April 2018

DOI: http://dx.doi.org/10.5089/9781498307437.007

ISBN: 9781498307437

Keywords: Development, financial committee, IMF, global development, policy challenge, conference

....

Progress Report to the IMFC on the Activities of the Independent Evaluation Office of the IMF

Progress Report to the IMFC on the Activities of the Independent Evaluation Office of the IMF »

Volume/Issue: 2018/021

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 April 2018

DOI: http://dx.doi.org/10.5089/9781498308359.007

ISBN: 9781498308359

Keywords: Exchange rate policy, Social safety nets, Monetary unions, Exchange rates, External sector, IEO, IMF, IMFC, fragile state, FCS

Since the October 2017 report to the IMFC, the IEO has completed an evaluation of the IMF's work in fragile states and an update of its 2007 evaluation of IMF exchange rate policy advice. The office continued work...

A Window of Opportunity Remains Open
			: The Managing Director's Global Policy Agenda Update

A Window of Opportunity Remains Open : The Managing Director's Global Policy Agenda Update »

Volume/Issue: 2018/019

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 April 2018

DOI: http://dx.doi.org/10.5089/9781498307420.007

ISBN: 9781498307420

Keywords: External sector, Fiscal policy, Globalization, Global imbalances, International monetary system, rules-based, medium-term, policy space, capacity development, upswing

"The momentum behind the cyclical global expansion remains strong. But escalating trade conflicts and financial market volatility highlight downside risks beyond the next several quarters. To sustain the upswing,...

2018 Interim Surveillance Review

2018 Interim Surveillance Review »

Volume/Issue: 2018/018

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 April 2018

DOI: http://dx.doi.org/10.5089/9781498307406.007

ISBN: 9781498307406

Keywords: External sector, Development, Spillovers, Balance sheets, Structural fiscal balance, article IV consultation, policy advice, ISR, article IV, TSR

"Fund surveillance has become better adapted to the global conjuncture, and more integrated and risk-based. The recommendations of the 2014 Triennial Surveillance Review (TSR) focused on helping members navigate th...

Considerations on the Role of the SDR

Considerations on the Role of the SDR »

Volume/Issue: 2018/017

Series: Policy Papers

Author(s): International Monetary Fund. Finance Dept.;International Monetary Fund. Monetary and Capital Markets Department;International Monetary Fund. Research Dept.;International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Statistics Dept.;International Monetary Fund. Legal Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 April 2018

DOI: http://dx.doi.org/10.5089/9781498307390.007

ISBN: 9781498307390

Keywords: SDR role, International monetary system, Freely usable currencies, Economic integration, Interest rate policy, Central banks, SDRs, IMS, issuer, multipolar

This paper explores whether a broader role for the SDR could contribute to the smooth functioning and stability of the international monetary system (IMS). Recent staff assessments highlighted that the IMS has disp...

Measuring the Digital Economy

Measuring the Digital Economy »

Volume/Issue: 2018/016

Series: Policy Papers

Author(s): International Monetary Fund. Statistics Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2018

DOI: http://dx.doi.org/10.5089/9781498307369.007

ISBN: 9781498307369

Keywords: Cost of living, National income, Price indexes, Monetary statistics, Financial statistics, digitalization, digital product, digital economy, MNEs, deflator

"Digitalization encompasses a wide range of new applications of information technology in business models and products that are transforming the economy and social interactions. Digitalization is both an enabler an...

Statement by the Managing Director on the Independent Evaluation Office Report on the IMF and Fragile States

Statement by the Managing Director on the Independent Evaluation Office Report on the IMF and Fragile States »

Volume/Issue: 2018/015

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 April 2018

DOI: http://dx.doi.org/10.5089/9781498307345.007

ISBN: 9781498307345

Keywords: Interest rates, Financial assistance, Balance of payments need, Multilateral development institutions, Development, conflict situation, IEO, fragile state, IMF, policy advice

I welcome the report of the Independent Evaluation Office (IEO) on the IMF and Fragile States. The report recognizes that the Fund has made important contributions in restoring macroeconomic stability, building cor...

Rules and Regulations for the Investment Account

Rules and Regulations for the Investment Account »

Volume/Issue: 2018/014

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 March 2018

DOI: http://dx.doi.org/10.5089/9781498307321.007

ISBN: 9781498307321

Keywords: Article XII, Section 6(f)(iii), Asset management, Executive Board decisions, Gold sales by Fund, Net income of Fund, Resource allocation, Rules/Regulations, SDR interest rates, Investment policy, Financial statements

The objective of the Investment Account (IA) is to provide a vehicle for the investment of a part of the Fund's assets so as to generate income that may be used to meet the expenses of conducting the business of th...

Macroeconomic Developments and Prospects in Low-Income Developing Countries

Macroeconomic Developments and Prospects in Low-Income Developing Countries »

Volume/Issue: 2018/013

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 March 2018

DOI: http://dx.doi.org/10.5089/9781498307291.007

ISBN: 9781498307291

Keywords: Low-income developing countries, Domestic debt, Public debt, Debt sustainability, Expenditure efficiency, WEO, debt level, investment level, percent of GDP, public debt level

"This paper is the fourth in a series that examines macroeconomic developments and prospects in Low Income Developing Countries (LIDCs). LIDCs are Fund member countries where gross national income (GNI) per capita...

Overarching Strategy on Data and Statistics at the Fund in the Digital Age

Overarching Strategy on Data and Statistics at the Fund in the Digital Age »

Volume/Issue: 2018/012

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 March 2018

DOI: http://dx.doi.org/10.5089/9781498307314.007

ISBN: 9781498307314

Keywords: Statistics, Public goods, Financial statistics, Economic conditions, External sector statistics, capacity development, data management, strategic priority, IEO, data gap

"The first data and statistics strategy for the Fund comes at a critical time. A fast-changing data landscape, new data needs for evolving surveillance priorities, and persisting data weaknesses across the membersh...

Program Design in Currency Unions

Program Design in Currency Unions »

Volume/Issue: 2018/011

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Legal Dept.;International Monetary Fund. Finance Dept.;International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 March 2018

DOI: http://dx.doi.org/10.5089/9781498307284.007

ISBN: 9781498307284

Keywords: Central banks, Monetary policy, Monetary unions, Exchange rate policy, Balance of payments need, ECB, currency union, CUs, ECCB, payment problem

"Despite a long history of program engagement, the Fund has not developed guidance on program design in members of currency unions. The Fund has engaged with members of the four currency unions-the Central African...

Poverty Reduction and Growth Trust - 2018 Borrowing Agreement with the Banque de France

Poverty Reduction and Growth Trust - 2018 Borrowing Agreement with the Banque de France »

Volume/Issue: 2018/010

Series: Policy Papers

Author(s): International Monetary Fund. Finance Dept.;International Monetary Fund. Legal Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2018

DOI: http://dx.doi.org/10.5089/9781498307277.007

ISBN: 9781498307277

Keywords: Borrowing agreements, Poverty Reduction and Growth Trust, Poverty reduction, Borrowing, Loans, SDR interest rates, Debt relief, concessional, loan, maturity date

"The Fund, as Trustee of the Poverty Reduction and Growth Trust (PRGT or Trust), has entered into a new borrowing agreement (the 'Agreement') with the Banque de France (hereafter France), effective on February 1, 2...

Guidance Note on the Bank-Fund Debt Sustainability Framework for Low Income Countries

Guidance Note on the Bank-Fund Debt Sustainability Framework for Low Income Countries »

Volume/Issue: 2018/009

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 February 2018

DOI: http://dx.doi.org/10.5089/9781498307260.007

ISBN: 9781498307260

Keywords: Domestic debt, Access to international capital markets, Fiscal indicators, External sector, Public debt, DSA, DSF, stress test, moderate risk, country-specific

Low-income countries (LICs) face significant challenges in meeting their Sustainable Development Goals (SDGs) while at the same time ensuring that their external debt remains sustainable. In April 2005, the Executi...

Modifying the Poverty Reduction and Growth Trust (PRGT) Cumulative Borrowing Limit

Modifying the Poverty Reduction and Growth Trust (PRGT) Cumulative Borrowing Limit »

Volume/Issue: 2018/008

Series: Policy Papers

Author(s): International Monetary Fund. Finance Dept.;International Monetary Fund. Legal Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 February 2018

DOI: http://dx.doi.org/10.5089/9781498307253.007

ISBN: 9781498307253

Keywords: Poverty reduction, Poverty Reduction and Growth Trust, Credit, Borrowing, Loans, Debt, Reserves adequacy, mobilization, loan, loan agreement

An effort to mobilize SDR 11 billion in additional Poverty Reduction and Growth Trust (PRGT) loan resources is underway to sustain the Fund's concessional lending operations over the medium term. SDR 9.4 billion in...

Review of the Adequacy of the Fund's Precautionary Balances

Review of the Adequacy of the Fund's Precautionary Balances »

Volume/Issue: 2018/007

Series: Policy Papers

Author(s): International Monetary Fund. Finance Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 February 2018

DOI: http://dx.doi.org/10.5089/9781498307246.007

ISBN: 9781498307246

Keywords: Risk management, Credit risk, Financial risk, Credit demand, Credit, adequacy, SDRs, special reserve, general reserve, repurchase

This paper reviews the adequacy of the Fund's precautionary balances, using the framework approved by the Board in 2010. The review takes place on the standard two-year cycle and assesses developments since the las...

Implementation Plan in Response to the Board-Endorsed Recommendations for the IEO Evaluation Report - "The IMF and Social Protection"

Implementation Plan in Response to the Board-Endorsed Recommendations for the IEO Evaluation Report - "The IMF and Social Protection" »

Volume/Issue: 2018/006

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 February 2018

DOI: http://dx.doi.org/10.5089/9781498307239.007

ISBN: 9781498307239

Keywords: Press Release - Independent Evaluation Office, Social protection, Social safety nets, Policy instruments, International cooperation, Products, Development, protection issue, strategic framework, external communication

"This paper sets out Management's response to the Independent Evaluation Office's (IEO) report on 'The IMF and Social Protection.' The management implementation plan (MIP) proposes specific actions to address the...

Guidance Note on Letters and Statements Assessing Members' Economic Conditions and Policies

Guidance Note on Letters and Statements Assessing Members' Economic Conditions and Policies »

Volume/Issue: 2018/005

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 January 2018

DOI: http://dx.doi.org/10.5089/9781498307222.007

ISBN: 9781498307222

Keywords: External sector, Financial assistance, Public sector finance, Emergency assistance, Policy instruments, IFIs, assessment, recipient, board meet, structural policy

This note provides guidance on assessment letters and statements, including identifying the circumstances in which they are called for, and outlining the content, the review process, and the ground rules for circul...

2017 Staff Guidance Note on the Fund's Engagement with Small Developing States

2017 Staff Guidance Note on the Fund's Engagement with Small Developing States »

Volume/Issue: 2018/004

Series: Policy Papers

Author(s): International Monetary Fund. African Dept.;International Monetary Fund. Asia and Pacific Dept;International Monetary Fund. European Dept.;International Monetary Fund. Fiscal Affairs Dept.;International Monetary Fund. Legal Dept.;International Monetary Fund. Middle East and Central Asia Dept.;International Monetary Fund. Monetary and Capital Markets Department;International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 January 2018

DOI: http://dx.doi.org/10.5089/9781498307215.007

ISBN: 9781498307215

Keywords: Technology transfer, Economic growth, Development policy, National income, Fiscal policy, small state, PICs, capacity development, growth performance, CCPA

"This guidance note highlights the unique economic characteristics and constraints facing small developing states. It provides operational guidance on Fund engagement with such countries, including on how small sta...

Key Trends in Implementing the Fund's Transparency Policy

Key Trends in Implementing the Fund's Transparency Policy »

Volume/Issue: 2018/003

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 January 2018

DOI: http://dx.doi.org/10.5089/9781498307208.007

ISBN: 9781498307208

Keywords: Transparency, Low-income developing countries, Developing countries, Monetary unions, Exchange rate regimes, Emerging markets, article IV consultation, article IV, publication rate, currency union

....

The Exchange of Documents between the Fund and Regional Financing Arrangements

The Exchange of Documents between the Fund and Regional Financing Arrangements »

Volume/Issue: 2018/002

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Legal Dept.;International Monetary Fund. Secretary's Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 January 2018

DOI: http://dx.doi.org/10.5089/9781498307178.007

ISBN: 9781498307178

Keywords: International monetary system, Central bank role, Financial safety nets, Central banks, Balance of payments need, transmittal, non-routine, co-financing, RFA, document share

"The changing contours of the global economy and the rapid transformation of the global financial safety net (GFSN) have strengthened the case for more structured collaboration between its different layers, particu...

Extension of the Periods for Consent to and Payment of Quota Increases

Extension of the Periods for Consent to and Payment of Quota Increases »

Volume/Issue: 2018/001

Series: Policy Papers

Author(s): International Monetary Fund;International Monetary Fund. Finance Dept.;International Monetary Fund. Legal Dept.;International Monetary Fund. Secretary's Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 January 2018

DOI: http://dx.doi.org/10.5089/9781498307185.007

ISBN: 9781498307185

Keywords: Consents to quota increases, Quota calculations, Quota distribution, Quota formulas, Quota increases, Quota ratio, Payments arrears, Accounting, general review, executive board

This paper proposes a further six-month extension of the period for members to consent to an increase in their quotas under the Fourteenth General Review of Quotas ('Fourteenth Review') through June 29, 2018. The c...

List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments over 18 Months

List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments over 18 Months »

Volume/Issue: 2017/072

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Legal Dept.;International Monetary Fund. Secretary's Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 December 2017

DOI: http://dx.doi.org/10.5089/9781498346092.007

ISBN: 9781498346092

Keywords: Article IV, Article IV consultation frequency, Article IV consultation procedures, Article IV consultation reports, Article IV consultations, Transparency

In accordance with Executive Board Decision No. 15106-(12/21), the Fund will publish on its external website a list of member countries whose Article IV consultations or mandatory financial stability assessments ha...

General Arrangements to Borrow

General Arrangements to Borrow »

Volume/Issue: 2017/071

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 December 2017

DOI: http://dx.doi.org/10.5089/9781498346108.007

ISBN: 9781498346108

Keywords: Central banks, Credit, Borrowing, Special Drawing Rights, gab, stand agreement, renewal, washington-based, quota

This notification summarizes the outcome of consultations with Washington-based representatives of participants in the General Arrangements to Borrow (GAB) on a possible renewal of the GAB decision. By way of backg...

Adequacy of the Global Financial Safety Net-Considerations for Fund Toolkit Reform

Adequacy of the Global Financial Safety Net-Considerations for Fund Toolkit Reform »

Volume/Issue: 2017/070

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Finance Dept.;International Monetary Fund. Legal Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 December 2017

DOI: http://dx.doi.org/10.5089/9781498346160.007

ISBN: 9781498346160

Keywords: Financial crises, Financial safety nets, Balance of payments need, Central banks, Balance of payments assistance, FCL, PLL, toolkit, qualification criterion, conditionality

liquidity in the face of increased vulnerabilities calls for enhancing the liquidity support provided through the global financial safety net (GFSN). The global economy is experiencing a period of protracted uncert...

Adequacy of the Global Financial Safety Net-Review of the Flexible Credit Line and Precautionary and Liquidity Line, and Proposals for Toolkit Reform

Adequacy of the Global Financial Safety Net-Review of the Flexible Credit Line and Precautionary and Liquidity Line, and Proposals for Toolkit Reform »

Volume/Issue: 2017/069

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 December 2017

DOI: http://dx.doi.org/10.5089/9781498346139.007

ISBN: 9781498346139

Keywords: Financial safety nets, Forward commitment capacity, Financial crises, Repurchase obligations, International capital market volatility, PP, FCL, SLS, PLL, access level

protracted global uncertainty combined with frequent episodes of capital flow volatility have intensified demand for liquidity support. In response to calls from the IMFC and the G20, the Fund has identified gaps i...

Adequacy of the Global Financial Safety Net-Review of the Flexible Credit Line and Precautionary and Liquidity Line, and Proposals for Toolkit Reform-Revised Proposals

Adequacy of the Global Financial Safety Net-Review of the Flexible Credit Line and Precautionary and Liquidity Line, and Proposals for Toolkit Reform-Revised Proposals »

Volume/Issue: 2017/068

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Finance Dept.;International Monetary Fund. Legal Dept.;International Monetary Fund. Policy Development and Review Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 December 2017

DOI: http://dx.doi.org/10.5089/9781498346153.007

ISBN: 9781498346153

Keywords: Financial safety nets, Lines of credit, Forward commitment capacity, Liquidity, Balance of payments need, FCL, PLL, credit line, SLS, toolkit

in the Fund's work stream on the Adequacy of the Global Financial Safety Net (GFSN). The paper follows the Executive Board's discussion of the Adequacy of the Global Financial Safety Net-Review of the Flexible Cred...

Third Progress Report on Inclusion of Enhanced Contractual Provisions in International Sovereign Bond Contracts

Third Progress Report on Inclusion of Enhanced Contractual Provisions in International Sovereign Bond Contracts »

Volume/Issue: 2017/067

Series: Policy Papers

Author(s): International Monetary Fund. Legal Dept.;International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 December 2017

DOI: http://dx.doi.org/10.5089/9781498346177.007

ISBN: 9781498346177

Keywords: Public debt management, Bond issues, Collective action clauses, Low income countries, Sovereign debt, passu, outstand stock, issuer, new York law, York law

The IMF Executive Board endorsed in October 2014 the inclusion of key features of enhanced pari passu provisions and collective action clauses (CACs) in new international sovereign bonds.1 Specifically, the Executi...

Gulf Cooperation Council
			:  How Can Growth-Friendlier Expenditure-Based Fiscal Adjustment be Achieved in the GCC?

Gulf Cooperation Council : How Can Growth-Friendlier Expenditure-Based Fiscal Adjustment be Achieved in the GCC? »

Volume/Issue: 2017/065

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 December 2017

DOI: http://dx.doi.org/10.5089/9781498346214.007

ISBN: 9781498346214

Keywords: Economic policy, Economic conditions, Economic theory, Economic reforms, Public financial management, GCC country, non-oil, GCC, capital spend, intergenerational equity

growth in expenditure, GCC governments have started to implement significant fiscal consolidation measures, but more needs to be done. Rapid population growth and booming oil revenues led to large increases in gove...