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Mr. John Mendzela
This paper examines how major efficiency gains and improved effectiveness were simultaneously achieved at the Reserve Bank of New Zealand over a five-year period. It identifies the business management concepts that were used to transform the organization, outlines how they were applied, and evaluates the benefits obtained. The paper concludes that substantial real efficiency gains were achieved, while effectiveness was maintained or enhanced. Looking more widely, the business management concepts used to achieve these benefits could be applied to other central banks.
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
International Monetary Fund

On April 26, 2006, the Executive Board of the International Monetary Fund (IMF) discussed an External Evaluation of the Independent Evaluation Office (IEO).

Nagy Hanna

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

International Monetary Fund

renewal project. A proposal on HQ1 was endorsed by the Committee on the Budget on March 15, 2011. Consistent with last year, IT investments focused on improving information and data management, the delivery of systems to support reforms to HR, and improving operational efficiency. Table I.2. Capital Expenditures, FY 11 Q1-Q3 (In millions of U.S. dollars) Facilities IT Total Funds Available 48 52    Expenditures 8 21    Lapsed Funds … … Remaining Funds 40 31 Sources: Office of Budget and

International Monetary Fund
With the global financial landscape still unsettled, temporary spending looks set to remain at current levels over the next few years. Lending commitments and crisis-management activities have surged since the onset of the crisis: by the end of December 2010, there were 60 program and financial arrangements in place, compared with 40 at the time of the Fund’s restructuring in early 2008. The higher lending has generated a sharp but temporary rise in income, but has also required an increase in temporary spending. This expenditure will unwind over time, but only marginally over the FY 12–14 MTB period
International Monetary Fund

capital IT budget supports the updated IT strategy and provides resources for the replacement of outdated hardware, acquiring and updating software, improving information and data management, and protecting the Fund’s IT assets from external threat. 6. As part of the ongoing budget reforms, the carry forward limit for the budget for general administrative expenses (other than OED and IEO) will be revised downward to the levels envisaged when the policy was originally adopted. Funding crisis-related work cannot be sustainably provided through the carry-forward policy

International Monetary Fund

of their useful lives; resources to address key security concerns identified last year; and continued investment in information and data management initiatives started in response to the financial crisis. Projected spending beyond FY 13 is subject to some uncertainty related to evolving IT security demands. 33. Despite a sizeable increase compared to last year’s placeholder for FY 13, IT spending will remain well within its benchmark. As indicated to the COB in February, the IT capital budget increases by $10 million over last year’s FY 13 placeholder budget of

International Monetary Fund. Secretary's Department

renovation of the Concordia facility and the preliminary work for the HQ1 renovation project (see Box 5.1 ). IT investments focused on improving the stability and usability of core systems, including continued investments in information and data management initiatives as well as in IT security. For financial-reporting purposes, the IMF’s administrative expenses are accounted for in accordance with International Financial Reporting Standards (IFRS) rather than on a cash basis of budgetary outlays. These standards require accounting on an accrual basis and the recording

International Monetary Fund

largely as planned. Capital budget appropriations are approved for a period of three years, with proportionally lower spending typically in the first year, as most projects span a longer period. IT investments focused on improving information and data management, IT security, operational efficiencies, and replacing technology that was outdated or no longer supported. For financial-reporting purposes, the IMF’s administrative expenses are accounted for in accordance with International Financial Reporting Standards rather than on a cash basis of budgetary outlays. These