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International Monetary Fund
Earlier in 2011, Management approved a new design covering both the design and structure for stand-alone Article IV staff reports. All stand-alone Article IV reports issued to the Board after September 1 are being prepared in the new format. It is anticipated that this new design will be rolled out gradually over the course of the next fiscal year for other country reports and policy documents.
International Monetary Fund. External Relations Dept.

The IMF has recently published the first volume of a new series, the International Economic Policy Review, which makes available to the general public a selection of policy papers prepared by IMF staff. Edited by Paul Masson of the Research Department, Padma Gotur of the Secretary’s Department, and Timothy Lane of the Policy Development and Review Department, the International Economic Policy Review is aimed at economic policy practitioners and will offer specific policy-relevant analysis on a relatively nontechnical level. These papers are intended to provide analytical background for IMF-supported programs and, more generally, to shed light on a range of policy choices facing ministries and central banks.

Dongyeol Lee and Huan Zhang
Export structure is less diversified in low-income countries (LICs) and especially small states that face resource constraints and small economic size. This paper explores the potential linkages between export structure and economic growth and its volatility in LICs and small states, using a range of indices of export concentration differing in the coverage of industries. The empirical analysis finds that export diversification may promote economic growth and reduce economic volatility in these countries. Furthermore, the analysis demonstrates that the economic benefits of export diversification differ by country size and income level—there are bigger benefits for relatively larger and poorer countries within the group of LICs and small states.
International Monetary Fund
Management has received a request from the Argentine authorities to publish documents on economic developments in the country prepared by Fund staff for informal Board briefings in 2013–15. The Argentine authorities see publication of these papers as part of their commitment to transparency and accountability in their operations. The documents were prepared pursuant to the Fund’s policy on excessive delays in the completion of Article IV consultations and mandatory financial stability assessments, which requires that staff informally brief Executive Directors every 12 months on the economic developments and policies of relevant members. The objectives of the policy are to promote re-engagement with members with excessively delayed consultations, and to share information with the Board to help it fulfill its surveillance function. Under current policy, the briefing documents are not published. Instead, a short factual statement is issued in a press release, noting that the Board was given an informal staff briefing on the member’s economy based on available information. Under the policy, the Fund decided against publication of the briefing documents since it was considered that publication could expose the Fund to a significant reputational risk if the analysis set out in the documents missed key vulnerabilities due to large information gaps created by the lack of consultation with the member. Also, outside audiences may not appreciate that the documents represent the views of staff, not the views of the Board, and do not constitute an Article IV consultation. A further concern was that publication could reduce the pressure on members to proceed with an Article IV consultation. In light of the current policy, any publication of these documents would require a change in policy approved by the Executive Board
International Monetary Fund. External Relations Dept.

This paper discusses origins of recent estimates of capital requirements for development and highlights some of the issues involved. The paper highlights that there are two possible approaches to making estimates of capital requirements for development. Both approaches are based on the idea that increased income and wealth depend fundamentally upon the application of more capital, either to increase output directly when used in combination with local resources, or indirectly when the use of such capital will lead to a more effective use of other resources.

International Monetary Fund. External Relations Dept.

On June 7, IMF Managing Director Horst Köhler announced the appointments of the new First Deputy Managing Director and three department heads. The full text of IMF Press Release No. 01/27 is available on the IMF’s website (

Mr. Anoop Singh

IMF Managing Director Horst Kohler announced on February 25 the appointment of Anoop Singh as Director for Special Operations, a newly created position in the IMF.