Notes
Part 1–Overview
Executive Board Calendar: http://www.imf.org/external/np/sec/bc/eng/index.aspx
The Managing Director’s Global Policy Agenda:
▪ October 2014: http://www.imf.org/external/np/pp/eng/2014/100314.pdf
▪ April 2015: http://www.imf.org/external/np/pp/eng/2015/041315.pdf
Triennial Surveillance Review: http://www.imf.org/external/np/spr/triennial/2014/index.htm
Action Plan for Strengthening Surveillance: http://www.imf.org/external/pp/longres.aspx?id=4924
World Economic Outlook:
▪ October 2014: http://www.imf.org/external/pubs/ft/weo/2014/02/
▪ April 2015: http://www.imf.org/external/pubs/ft/weo/2015/01/
Regional Economic Reports: http://www.imf.org/external/pubs/ft/reo/reorepts.aspx
Global Financial Stability Report: http://www.imf.org/external/pubs/ft/gfsr/index.htm
Fiscal Monitor: http://www.imf.org/external/ns/cs.aspx?id=262
“Seven Questions about the Recent Oil Price Slump,” iMFdirect blog: http://blog-imfdirect.imf.org/2014/12/22/seven-questions-about-the-recent-oil-price-slump/
IMF Response to the Ebola Crisis: http://www.imf.org/external/np/fad/ebola/index.htm
IMF Establishes a Catastrophe Containment and Relief Trust to Enhance Support for Eligible Low Income Countries Hit by Public Health Disasters, Press Release No. 15/53: http://www.imf.org/external/np/sec/pr/2015/pr1553.htm
Proposal to Enhance Fund Support for Low-Income Countries Hit by Public Health Disasters—Decisions: http://www.imf.org/external/np/pp/eng/2015/013015.pdf
Ukraine—Request for Extended Arrangement under the Extended Fund Facility and Cancellation of Stand-By Arrangement—Staff Report; Press Release; and Statement by the Executive Director for Ukraine: http://www.imf.org/external/pubs/ft/scr/2015/cr1569.pdf
IMF Completes Fifth Review under Extended Fund Facility Arrangement for Greece and Approves €3.41 Billion Disbursement, Press Release No. 14/254: http://www.imf.org/external/np/sec/pr/2014/pr14254.htm
“Inequality and Unsustainable Growth: Two Sides of the Same Coin?”: http://www.imf.org/external/pubs/ft/sdn/2011/sdn1108.pdf
“Redistribution, Inequality, and Growth”: http://www.imf.org/external/pubs/ft/sdn/2014/sdn1402.pdf
“Income Inequality and Fiscal Policy”: http://www.imf.org/external/pubs/ft/sdn/2012/sdn1208.pdf
“Fiscal Policy and Income Inequality”: http://www.imf.org/external/np/pp/eng/2014/012314.pdf
“Jobs and Growth: Analytical and Operational Considerations for the IMF”: http://www.imf.org/external/np/pp/eng/2013/031413.pdf
Triennial Surveillance Review: http://www.imf.org/external/np/spr/triennial/2014/index.htm
Regional Economic Outlook: Sub-Saharan Africa—Fostering Durable and Inclusive Growth, April 2014: http://www.imf.org/external/pubs/ft/reo/2014/afr/eng/sreo0414.htm
Africa Rising Conference, Maputo, Mozambique: http://africa-rising.org/
Building the Future—Jobs, Growth, and Fairness in the Arab World, Amman, Jordan: http://www.imf.org/external/np/seminars/eng/2014/act/index.htm
“The Economic Power of Women’s Empowerment”: http://www.imf.org/external/np/speeches/2014/091214.htm
“Can Women Save Japan?”: http://www.imf.org/external/pubs/ft/wp/2012/wp12248.pdf
“Fair Play: More Equal Laws Boost Female Labor Force Participation”: http://www.imf.org/external/pubs/ft/sdn/2015/sdn1502.pdf
IMFx—Free online courses from the International Monetary Fund: https://www.edx.org/school/imfx
Financial Programming and Policies, Part 1: Macroeconomic Accounts and Analysis: https://www.edx.org/course/financial-programming-policies-part-1-imfx-fpp-1x-0
French version: https://www.edx.org/course/programmation-et-politiques-financieres-imfx-ppf-lx
Debt Sustainability Analysis: https://www.edx.org/course/debt-sustainability-analysis-imfx-dsax
Energy Subsidy Reform: https://www.edx.org/course/energy-subsidy-reform-imfx-esrx-0
Energy Subsidy Reform: Lessons and Implications:
http://www.imfbookstore.org/ProdDetails.asp?ID=ESRLIEA&PG=1&Type=BL
IMF eLibrary online data portal: http://data.imf.org/?sk=7CB6619C-CF87-48DC-9443-2973E161ABEB
Part 2–What we do: “The Big Three”
Economic Surveillance
“2014 Triennial Surveillance Review—Stakeholders’ Perspectives on IMF Surveillance”: http://www.imf.org/external/np/pp/eng/2014/073014a.pdf
“2014 Triennial Surveillance Review—Review of IMF Surveillance Products”: http://www.imf.org/external/np/pp/eng/2014/073014b.pdf
“2014 Triennial Surveillance Review—Analytical Background Studies”: http://www.imf.org/external/np/spr/triennial/2014/index.htm
“2014 Triennial Surveillance Review—External Study—Report on Interviews”: http://www.imf.org/external/np/pp/eng/2014/073014c.pdf
“2014 Triennial Surveillance Review—Report of the External Advisory Group”: http://www.imf.org/external/np/pp/eng/2014/073014j.pdf
IMF Executive Board Reviews Surveillance: Supporting Sustainable Growth in a Post-Crisis Interconnected World, Press Release No. 14/454: http://www.imf.org/external/np/sec/pr/2014/pr14454.htm
“2014 Triennial Surveillance Review—Managing Director’s Action Plan for Strengthening Surveillance”: http://www.imf.org/external/np/pp/eng/2014/112114.pdf
“Staff Guidance Note on Macroprudential Policy”: http://www.imf.org/external/np/pp/eng/2014/110614.pdf
“Key Aspects of Macroprudential Policy”: http://www.imf.org/external/np/pp/eng/2013/061013b.pdf
“Review of the Financial Sector Assessment Program: Further Adaptation to the Post Crisis Era”: http://www.imf.org/external/np/pp/eng/2014/081814.pdf
IMF Executive Board Concludes Review of the Financial Sector Assessment Program, Press Release No. 14/447: http://www.imf.org/external/np/sec/pr/2014/pr14447.htm
“Third Pilot External Sector Report”: http://www.imf.org/external/np/pp/eng/2014/062614.pdf
“IMF Multilateral Policy Issues Report—2014 Spillover Report”: http://www.imf.org/external/np/pp/eng/2014/062514.pdf
“Macroeconomic Developments in Low-Income Developing Countries”: http://www.imf.org/external/np/pp/eng/2014/091814.pdf
Global Housing Watch: http://www.imf.org/external/pubs/ft/survey/so/2014/NEW061114A.htm
“Housing Bubbles: An Ounce of Prevention Is Worth a Pound of Cure,” iMFdirect blog: http://blog-imfdirect.imf.org/2015/01/07/housing-bubbles-an-ounce-of-prevention-is-worth-a-pound-of-cure/
IIMB-IMF Conference on Housing Markets, Financial Stability, and Growth: http://www.imf.org/external/np/seminars/eng/2014/housing/
Conference on Housing Markets and the Macroeconomy:
http://www.bundesbank.de/Redaktion/EN/Termine/Research_centre/2014/2014_06_05_eltville.html
“Review of the Role of Trade in the Work of the Fund:” http://www.imf.org/external/np/pp/eng/2015/020215.pdf
IMF Executive Board Discusses Implementation Plan Following IEO Evaluation of IMF Involvement in International Trade Policy Issues, Public Information Notice (PIN) No. 10/35: http://www.imf.org/external/np/sec/pn/2010/pn1035.htm
Implementation Plan in Response to Board-Endorsed Recommendations Arising from the IEO Evaluation of IMF Involvement in International Trade Policy Issues: http://www.imf.org/external/np/pp/eng/2009/111209.pdf
IMF Involvement in International Trade Policy Issues: http://www.ieo-imf.org/ieo/pages/CompletedEvaluation109.aspx
IMF Executive Board Reviews the Role of Trade in the Fund’s Work, Press Release No. 15/132: http://www.imf.org/external/np/sec/pr/2015/pr15132.htm
“From Banking to Sovereign Stress: Implications for Public Debt”: http://www.imf.org/external/np/pp/eng/2014/122214.pdf
“Cross-Border Bank Resolution: Recent Developments”: http://www.imf.org/external/np/pp/eng/2014/060214.pdf
“Sovereign Debt Restructuring—Recent Developments and Implications for the IMF’s Legal and Policy Framework”: http://www.imf.org/external/np/pp/eng/2013/042613.pdf
“The IMF’s Lending Framework and Sovereign Debt—Preliminary Considerations”: http://www.imf.org/external/np/pp/eng/2014/052214.pdf
IMF Executive Board Discusses the Fund’s Lending Framework and Sovereign Debt, Press Release No. 14/294: http://www.imf.org/external/np/sec/pr/2014/pr14294.htm
“Strengthening the Contractual Framework to Address Collective Action Problems in Sovereign Debt Restructuring”: http://www.imf.org/external/np/pp/eng/2014/090214.pdf
IMF Executive Board Discusses Strengthening the Contractual Framework in Sovereign Debt Restructuring, Press Release No. 14/459: http://www.imf.org/external/np/sec/pr/2014/pr14459.htm
“Spillovers in International Corporate Taxation”: http://www.imf.org/external/np/pp/eng/2014/050914.pdf
“Assessing Reserve Adequacy”: http://www.imf.org/external/np/pp/eng/2011/021411b.pdf
“Assessing Reserve Adequacy—Further Considerations”: http://www.imf.org/external/np/pp/eng/2013/111313d.pdf
“Assessing Reserve Adequacy—Specific Proposals”: http://www.imf.org/external/np/pp/eng/2014/121914.pdf
IMF Executive Board Discusses Reserve Adequacy Assessment, Press Release No. 15/176: http://www.imf.org/external/np/sec/pr/2015/pr15176.htm
International Reserves—IMF Concerns and Country Perspectives: http://www.ieo-imf.org/ieo/files/completedevaluations/IR_Main_Report.pdf
“Update on the Fiscal Transparency Initiative”: http://www.imf.org/external/np/pp/eng/2014/061614.pdf
Manual on Fiscal Transparency: https://www.imf.org/external/np/fad/trans/manual.htm
Guide on Resource Revenue Transparency: http://www.imf.org/external/np/fad/trans/guide.htm
“Macroeconomic Issues In Small States and Implications for Fund Engagement”: IMF Executive Board Concludes Macroeconomic Issues in Small States and Implications for Fund Engagement, Public Information Notice (PIN) No. 13/39: http://www.imf.org/external/np/sec/pn/2013/pn1339.htm
“Staff Guidance Note on the IMF’s Engagement with Small Developing States”: http://www.imf.org/external/np/pp/eng/2014/032414.pdf
IMF Pledges Continued Commitment to Partner with Small Island Developing States in Their Pursuit of Sustainable Economic Development, Press Release No. 14/412: http://www.imf.org/external/np/sec/pn/2013/pn1339.htm
Data Standards and Codes: http://www.imf.org/external/data.htm
Lending
IMF Executive Board Approves US$154 Million Stand-By Arrangement for Georgia, Press Release No. 14/377: http://www.imf.org/external/np/sec/pr/2014/pr14377.htm
IMF Executive Board Approves US$113.2 Million Stand-By Arrangement and US$75.4 Million Stand-By Credit Facility for Honduras, Press Release No. 14/545: http://www.imf.org/external/np/sec/pr/2014/pr14545.htm
IMF Executive Board Approves US$497.1 Million Stand-By Arrangement and US$191.2 Million Stand-By Credit Facility for Kenya, Press Release No. 15/29: http://www.imf.org/external/np/sec/pr/2015/pr1529.htm
IMF Executive Board Approves €1.2 Billion Stand-By Arrangement for Serbia, Press Release No. 15/67: http://www.imf.org/external/np/sec/pr/2015/pr1567.htm
IMF Executive Board Approves US$6.2 Billion Arrangement for Morocco under the Precautionary Liquidity Line, Press Release No. 12/287: http://www.imf.org/external/np/sec/pr/2012/pr12287.htm
IMF Executive Board Approves New Two-Year US$70 Billion Flexible Credit Line Arrangement with Mexico, Press Release No. 14/543: http://www.imf.org/external/np/sec/pr/2014/pr14543.htm
IMF Executive Board Approves New Two-Year US$23 Billion Flexible Credit Line Arrangement for the Republic of Poland, Press Release No. 15/05: http://www.imf.org/external/np/sec/pr/2015/pr1505.htm
IMF Executive Board Approves US$17.6 Million Extended Fund Facility Arrangement for Seychelles, Press Release No. 14/262: http://www.imf.org/external/np/sec/pr/2014/pr14262.htm
IMF Executive Board Approves 4-Year US$17.5 Billion Extended Fund Facility for Ukraine, US$5 Billion for Immediate Disbursement, Press Release No. 15/107: http://www.imf.org/external/np/sec/pr/2015/pr15107.htm
IMF Executive Board Approves US$130 Million in Immediate Assistance to Guinea, Liberia, and Sierra Leone in Response to the Ebola Outbreak, Press Release No. 14/441: http://www.imf.org/external/np/sec/pr/2014/pr14441.htm
IMF Establishes a Catastrophe Containment and Relief Trust to Enhance Support for Eligible Low-Income Countries Hit by Public Health Disasters, Press Release No. 15/53: http://www.imf.org/external/np/sec/pr/2015/pr1553.htm
IMF Executive Board Approves US$114.63 Million in Financing and Debt Relief for Sierra Leone, Press Release No. 15/86: http://www.imf.org/external/np/sec/pr/2015/pr1586.htm
IMF Executive Board Approves US$45.6 Million Disbursement under the Rapid Credit Facility and US$36.5 Million in Debt Relief under the Catastrophe Containment and Relief Trust for Liberia, Press Release No. 15/69: http://www.imf.org/external/np/sec/pr/2015/pr1569.htm
IMF Executive Board Approves US$29.8 Million in Debt Relief under the Catastrophe Containment and Relief Trust for Guinea, Press Release No. 15/137: http://www.imf.org/external/np/sec/pr/2015/pr15137.htm
IMF Executive Board Approves New US$122.4 Million ECF Arrangement for Chad, Press Release No. 14/381: http://www.imf.org/external/np/sec/pr/2014/pr14381.htm
IMF Approves US$918 Million ECF Arrangement to Help Ghana Boost Growth, Jobs, and Stability, Press Release No. 15/159: http://www.imf.org/external/np/sec/pr/2015/pr15159.htm
IMF Executive Board Approves 3-Year US$21.7 Million Extended Credit Facility Arrangement for Grenada and Concludes 2014 Article IV Consultation, Press Release No.14/310: http://www.imf.org/external/np/sec/pr/2014/pr14310.htm
IMF Executive Board Approves US$92.4 Million Extended Credit Facility to Support the Kyrgyz Republic, Press Release No. 15/165: http://www.imf.org/external/np/sec/pr/2015/pr15165.htm
IMF Executive Board Approves a 3-Year, US$552.9 Million Extended Credit Facility Arrangement with Yemen, Press Release No. 14/408: http://www.imf.org/external/np/sec/pr/2014/pr14408.htm
IMF Executive Board Completes Sixth Review under Burundi’s ECF Arrangement, Augments Access and Approves US$6.9 Million Disbursement, Press Release No. 15/134: http://www.imf.org/external/np/sec/pr/2015/pr15134.htm
IMF Executive Board Completes Sixth Review under the ECF Arrangement for Côte d’Ivoire, Approves US$94.7 Million Disbursement, and Augments Access and Extends the Arrangement, Press Release No. 14/554: http://www.imf.org/external/np/sec/pr/2014/pr14554.htm
IMF Executive Board Completes Fifth Review under ECF Arrangement for Guinea, Extends Arrangement, and Approves US$63.6 Million Augmentation, Press Release No. 15/49: http://www.imf.org/external/np/sec/pr/2015/pr1549.htm
IMF Executive Board Approves US$7.63 Million Disbursement under the Rapid Credit Facility for the Central African Republic, Press Release No. 15/129: http://www.imf.org/external/np/sec/pr/2015/pr15129.htm
IMF Executive Board Approves US$12.9 Million Disbursement under the Rapid Credit Facility for the Central African Republic, Press Release No. 14/226: http://www.imf.org/external/np/sec/pr/2014/pr14226.htm
IMF Executive Board Approves US$10.8 Million Disbursement under the Rapid Credit Facility for The Gambia, Press Release No. 15/155: http://www.imf.org/external/np/sec/pr/2015/pr15155.htm
IMF Executive Board Approves US$5.24 Million Disbursement under the Rapid Credit Facility for Guinea-Bissau, Press Release No. 14/495: http://www.imf.org/external/np/sec/pr/2014/pr14495.htm
IMF Executive Board Approves US$47.1 Million Disbursement under the Rapid Credit Facility for Madagascar, Press Release No. 14/287: http://www.imf.org/external/np/sec/pr/2014/pr14287.htm
IMF Executive Board Approves US$6.4 Million Disbursement under the Rapid Credit Facility And the Rapid Financing Instrument for St. Vincent and the Grenadines, Press Release No. 14/383: http://www.imf.org/external/np/sec/pr/2014/pr14383.htm
IMF Executive Board Completes Sixth and Seventh Reviews under the SBA for Bosnia and Herzegovina, Approves €95.7 Million Augmentation of the SBA and €191.4 Million Disbursement, Press Release No. 14/320: http://www.imf.org/external/np/sec/pr/2014/pr14320.htm
IMF Executive Board Discusses Reform of the Policy on Public Debt Limits in Fund-Supported Programs, Press Release No. 14/591: http://www.imf.org/external/np/sec/pr/2014/pr14591.htm
“Reform of the Policy on Public Debt Limits in Fund-Supported Programs”: http://www.imf.org/external/np/pp/eng/2014/111414.pdf
IMF Executive Board Approves Extension of Interest Waiver for Low-Income Countries through End-2016, Press Release No. 14/602: http://www.imf.org/external/np/sec/pr/2014/pr14602.htm
IMF Executive Board Approves Three-Year Policy Support Instrument for Tanzania, Press Release No. 14/350: http://www.imf.org/external/np/sec/pr/2014/pr14350.htm
Capacity Development
“IMF Policies and Practices on Capacity Development”: http://www.imf.org/external/np/pp/eng/2014/082614.pdf
IMF Launches Somalia Trust Fund for Capacity Development, Press Release No. 15/102: http://www.imf.org/external/np/sec/pr/2015/pr15102.htm
Part 3–Finances, Organization, and Accountability
IMF Executive Board Approves FY2015–FY2017 Medium-Term Budget, Press Release No. 14/201: http://www.imf.org/external/np/sec/pr/2014/pr14201.htm
IMF Executive Board Adopts New Rule for Basic Rate of Charge on IMF’s GRA Lending, Press Release No. 11/485: http://www.imf.org/external/np/sec/pr/2011/pr11485.htm
IMF Executive Board Modifies Rule for Setting SDR Interest Rate, Press Release No. 14/484: http://www.imf.org/external/np/sec/pr/2014/pr14484.htm
IMF Executive Board Approves One-Year Extension of the 2012 Borrowing Agreements, Press Release 14/417: http://www.imf.org/external/np/sec/pr/2014/pr14417.htm
IMF Executive Board Discusses 2014 Report on Diversity and Inclusion, Press Release No. 14/556: http://www.imf.org/external/np/sec/pr/2014/pr14556.htm
“Review of the Fund’s Income Position for FY 2014 and FY 2015–2016”: http://www.imf.org/external/np/pp/eng/2014/040714b.pdf
IMF Executive Board Reviews Fund’s Income Position and Sets Margin for Lending Rate for Financial Years 2015–16, Press Release No. 14/231: http://www.imf.org/external/np/sec/pr/2014/pr14231.htm
Factsheet—Protecting IMF Resources: Safeguards Assessments of Central Banks: http://www.imf.org/external/np/exr/facts/safe.htm
Deputy Managing Director Naoyuki Shinohara to Leave IMF, Press Release No. 15/03: http://www.imf.org/external/np/sec/pr/2015/pr1503.htm
IMF Deputy Managing Director Nemat Shafik Announces Her Departure, Press Release No. 14/106: http://www.imf.org/external/np/sec/pr/2014/pr14106.htm
IMF Managing Director Christine Lagarde Proposes Appointment of Carla Grasso as Deputy Managing Director and Chief Administrative Officer, Press Release No. 15/04: http://www.imf.org/external/np/sec/pr/2015/pr1504.htm
IMF Managing Director Christine Lagarde Proposes Appointment of Mitsuhiro Furusawa as Deputy Managing Director, Press Release No. 15/33: http://www.imf.org/external/np/sec/pr/2015/pr1533.htm
IMFC Selects Agustín Carstens as New Chairman, Press Release No. 15/65: http://www.imf.org/external/np/sec/pr/2015/pr1565.htm
IMF Response to the Financial and Economic Crisis: http://www.ieo-imf.org/ieo/pages/CompletedEvaluation227.aspx
IMF Management and Staff Welcome Independent Evaluation Office’s Report on the IMF Response to the Financial and Economic Crisis, Press Release No. 14/494: http://www.imf.org/external/np/sec/pr/2014/pr14494.htm
Recurring Issues from a Decade of Evaluation: Lessons for the IMF: http://www.ieo-imf.org/ieo/pages/CompletedEvaluation214.aspx
IMF Independent Evaluation Office: http://www.ieo-imf.org/ieo/pages/ieohome.aspx
IMF Executive Board Reports to the Board of Governors on the 2010 Reforms and Fifteenth General Review of Quotas, Press Release No. 14/22: http://www.imf.org/external/np/sec/pr/2014/pr1422.htm
Communiqué of the Thirty-First Meeting of the IMFC: http://www.imf.org/external/np/cm/2015/041815.htm
Nauru Applies for IMF Membership, Press Release No. 14/216: http://www.imf.org/external/np/sec/pr/2014/pr14216.htm
“2011 Triennial Surveillance Review”: http://www.imf.org/external/np/spr/triennial/2011/
“Review of the IMF’s Communications Strategy”: http://www.imf.org/external/np/pp/eng/2014/063014.pdf
IMF Executive Board Discusses the IMF’s Communication Strategy, Public Information Notice (PIN) No. 07/74: http://www.imf.org/external/np/sec/pn/2007/pn0774.htm
Part 4—Looking Back/Looking Ahead
Looking Back
Regional Economic Outlook: Sub-Saharan Africa—Navigating Headwinds, April 2015: http://www.imf.org/external/pubs/ft/reo/2015/afr/eng/index.htm
“Pan-African Banks: Opportunities and Challenges for Cross-Border Oversight”: http://www.imf.org/external/pubs/ft/dp/2015/afr1503.pdf
“IMF Country Report No. 14/235—People’s Republic of China”: http://www.imf.org/external/pubs/ft/scr/2014/cr14235.pdf
Regional Economic Outlook Special Report—“25 Years of Transition: Post-Communist Europe and the IMF”: http://www.imf.org/external/pubs/ft/reo/2014/eur/eng/pdf/erei_sr_102414.pdf
“Central and Eastern Europe: New Member States (NMS) Policy Forum, 2014; Staff Report on Cluster Consultations—Common Policy Frameworks and Challenges”: http://www.imf.org/external/pubs/ft/scr/2015/cr1597.pdf
Baltic Cluster Report: 2014 Cluster Consultation—Staff Report; Press Release; and Statement by the Executive Director for the Baltic Countries: http://www.imf.org/external/pubs/ft/scr/2014/cr14116.pdf
IMF Executive Board Discusses Baltic Cluster Report on the Republics of Estonia, Latvia, and Lithuania, Press Release No. 14/203: http://www.imf.org/external/np/sec/pr/2014/pr14203.htm
Regional Economic Outlook—Western Hemisphere: Northern Spring, Southern Chills, April 2015: http://www.imf.org/external/pubs/ft/reo/2015/whd/eng/pdf/wreo0415.pdf
“Santiago Conference—Latin American Conference Discusses Ideas to Promote Growth,” IMF Survey: http://www.imf.org/external/pubs/ft/survey/so/2014/NEW121214A.htm
“Islamic Finance: Opportunities, Challenges, and Policy Options”: http://www.imf.org/external/pubs/ft/sdn/2015/sdn1505.pdf
IMF External Advisory Group on Islamic Finance: http://www.imf.org/external/themes/islamicfinance/eagmembers.htm
IMF’s Middle East Center for Economics and Finance (CEF) and the Middle East Regional Technical Assistance Center (METAC) conclude Workshop on Risk-Based Supervision in Institutions Offering Islamic Financial Services, Press Release No. 15/36: http://www.imf.org/external/np/sec/pr/2015/pr1536.htm
“Assessing Concentration Risks in GCC Banks”: http://www.imf.org/external/np/pp/eng/2014/102514.pdf
Looking Ahead
Financing Sustainable Development—Key Policy Issues and the Role of the IMF: http://www.imf.org/external/np/pp/eng/2015/041515.pdf
Managing Director’s Global Policy Agenda: http://www.imf.org/external/ns/cs.aspx?id=318
Acronyms and Abbreviations
| APEC | Asia-Pacific Economic Cooperation |
| BEPS | Base Erosion and Profit Shifting |
| CCRT | Catastrophe Containment and Relief Trust |
| DGI | Data Gaps Initiative |
| EAC | External Audit Committee |
| EFF | Extended Fund Facility |
| EU | European Union |
| EWE | Early Warning Exercise |
| FCL | Flexible Credit Line |
| FM | Fiscal Monitor |
| FMCG | G20 Finance Ministers and Central Bank Governors |
| FSAP | Financial Sector Assessment Program |
| FSB | Financial Stability Board |
| FY | financial year |
| G20 | Group of Twenty |
| GDDS | General Data Dissemination System |
| GDP | gross domestic product |
| GFSR | Global Financial Stability Report |
| GPA | Global Policy Agenda |
| GRA | General Resources Account |
| HIPC | Heavily Indebted Poor Countries |
| ICD | Institute for Capacity Development |
| IEO | Independent Evaluation Office |
| IFRS | International Financial Reporting Standards |
| IMFC | International Monetary and Financial Committee |
| LIDC | low-income developing country |
| MDRI | Multilateral Debt Relief Initiative |
| MOOC | massive open online course |
| OECD | Organisation for Economic Co-operation and Development |
| OIA | Office of Internal Audit and Inspection |
| OPEC | Organization of Petroleum Exporting Countries |
| PLL | Precautionary and Liquidity Line |
| PRGT | Poverty Reduction and Growth Trust |
| PSI | Policy Support Instrument |
| RCF | Rapid Credit Facility |
| REO | Regional Economic Outlook |
| RFI | Rapid Financing Instrument |
| RTAC | Regional Technical Assistance Center |
| SBA | Stand-By Arrangement |
| SDDS | Special Data Dissemination Standard |
| SDR | Special Drawing Right |
| TSR | Triennial Surveillance Review |
| WEO | World Economic Outlook |
Letter of Transmittal to the Board of Governors
July 31, 2015
Dear Mr. Chairman:
I have the honor to present to the Board of Governors the Annual Report of the Executive Board for the financial year ended April 30, 2015, in accordance with Article XII, Section 7(a) of the Articles of Agreement of the International Monetary Fund and Section 10 of the IMF’s By-Laws. In accordance with Section 20 of the By-Laws, the administrative and capital budgets of the IMF approved by the Executive Board for the financial year ending April 30, 2016, are presented in Chapter 3. The audited financial statements for the year ended April 30, 2015, of the General Department, the SDR Department, and the accounts administered by the IMF, together with reports of the external audit firm thereon, are presented in Appendix VI, which appears on the CD-ROM version of the Report, as well as at www.imf.org/external/pubs/ft/ar/2015/eng. The external audit and financial reporting processes were overseen by the External Audit Committee, comprising Mr. Ramos (Chair), Mr. Loeto, and Ms. Barth, as required under Section 20(c) of the Fund’s By-Laws.
Yours very truly,
Christine Lagarde
Managing Director and Chairman of the Executive Board
Commemorating IMF’s 70th Anniversary
During 2014 the IMF marked the 70th anniversary of its founding at the Bretton Woods Conference. The institution looked back during the year, but the focus was also forward looking: How can the Fund best support the closely interconnected global economy of the 21st century? And how will it adapt to change going forward?
At the time of the IMF’s founding in 1944, the world faced extraordinarily difficult choices. Depression had produced a world war that was still months away from ending. The challenges of rebuilding a new international order were daunting.
Over the succeeding decades, the IMF helped rebuild Europe. It assisted new nations when colonial empires retreated, and as the Soviet Union collapsed. The Fund helped Latin America and Asia to navigate crises, and worked closely with the new emerging market economies that came into their own with the new millennium. Since 2008, the IMF has worked closely with all its members to overcome the most recent global financial crisis.
During the year the IMF devoted the quarterly publication Finance & Development to the Bretton Woods anniversary in its September 2014 issue titled “Past Forward: The Future of Global Economics.” It also published a booklet on the anniversary by former IMF historian James M. Boughton titled The IMF and the Force of History: Events that Have Shaped the Global Institution.
Three events during the year highlighted the milestones of the past and the challenges of the present and future. The first was a July 2014 in-house celebration of the founding for members of the Executive Board, IMF staff, and retirees. The second was an Executive Board Retreat in September where Directors had an opportunity to discuss their views on “The Battle for Bretton Woods.”
The third event was Managing Director Christine Lagarde’s keynote speech to the 2014 Annual Meetings in October on “The IMF at 70: Making the Right Choices—Yesterday, Today, and Tomorrow.” In the speech, Ms. Lagarde used the anniversary to look ahead to the new challenges facing the IMF:
Seventy years after Bretton Woods, the international community stands at another fork in the road. The tried-and-true modes of cooperation seem to be fraying around the edges. The sustainability of the global economic engine itself is increasingly being questioned.
Can it really deliver the jobs, the incomes, the better living standards that people aspire to?
There are three key collective choices to be made:
First, how do we achieve the growth and jobs needed to advance prosperity and ensure social harmony? I would call this the choice between acceleration and stagnation.
Second, how do we make this interconnected world a more inclusive, safer place for all of us to thrive? This is the choice between stability and fragility.
Third, how do we strengthen cooperation and multilateralism, instead of isolationism and insularity? This is the choice between solidarity and seclusion.
Our future hinges on our choices.
