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Political Science > Political Economy

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Cover Policy Papers
Interim Guidance Note on Mainstreaming Gender at The IMF
International Monetary Fund. Strategy, Policy, & Review Department
This interim note provides general guidance on the operationalization of the IMF’s Strategy Toward Mainstreaming Gender. It offers a comprehensive overview of how IMF staff can integrate macrocritical gender issues into the IMF’s core areas of surveillance, lending, and capacity development. Key topics include i) identifying and assessing macrocritical gender gaps; ii) the “light touch” and “deep dive” approaches; iii) early insights on integrating gender into IMF-supported programs; iv) capacity development on gender or with a gender lens; v) synergies with other workstreams and vi) the importance of collaboration. It also includes summaries and links to relevant tools, databases, IMF staff reports, and relevant literature.
Keywords:
Gender; Equality; Inclusion; Surveillance; Lending; Capacity Development; Fiscal Policy; Labor Market; Macroeconomics/Macroeconomic Policy; transparency policy; gender-disaggregated analysis; IMF country office; gender wage gap; implementation capacity; SPR staff; IMF strategy Toward Mainstreaming Gender; labor force participation; IMF team; IMF gender; equal pay; Gender inequality; Women; Gender diversity; Income inequality; Financial inclusion; Global
Cover Policy Papers
List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments Over 18 Months
International Monetary Fund. Strategy, Policy, & Review Department
In accordance with the 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 have been delayed by more than 18 months, as of December 15, 2023, since the expected deadline for conclusion. The latest version of this list, as shown in Appendix I, will be published on the Fund’s external website on or after Tuesday, January 2, 2024.
Keywords:
Mandatory Financial stability assessment; delays in completion; transparency policy; list of IMF member country; Financial stability assessment
Cover Policy Papers
Review of the Framework for Data Adequacy Assessment for Surveillance
International Monetary Fund. Statistics Dept. and International Monetary Fund. Strategy, Policy, & Review Department
This paper reviews the framework for Data Adequacy Assessment for Surveillance, which is a key element of the policies that govern the requirements for Data Provision to the Fund for Surveillance Purposes, aimed at ensuring high-quality data for economic analysis and policy advice. The Data Adequacy Assessment requires staff to assess, in the context of Article IV consultations, the adequacy of data provided to the Fund for surveillance purposes, the implications of data inadequacies for surveillance, and the need for corrective measures. In line with the recommendation of the Independent Evaluation Office’s report “Behind the Scenes with Data at the IMF: An IEO Evaluation” and previous guidance provided by the IMF Executive Board, this paper introduces a new framework to prepare the Data Adequacy Assessment, ensuring greater objectivity and granularity in the assessment. Data adequacy will become more prominent in the surveillance discussions by including a new Data Issues Annex in the staff report, which will replace the current Statistical Issues Appendix in the Informational Annex. The new framework will facilitate the policy dialogue with country authorities on macro-critical data issues and enhance the integration of surveillance and capacity development.
Keywords:
Data; Macroeconomic and Financial Statistics; Surveillance; Capacity Development; Article IV consultation; Data Provision to the Fund for Surveillance; Macroeconomic and Financial Analysis; DAA questionnaire; DAA framework; policy dialogue; IMF's transparency policy; data provision; Government finance statistics; Special Data Dissemination Standard Plus (SDDS+); Special Data Dissemination Standard (SDDS); Financial statistics; Global
Cover Policy Papers
IMF and World Bank Approach to Cross-Border Payments Technical Assistance
International Monetary Fund. Monetary and Capital Markets Department and World Bank
The G20 had made enhancing cross-border payments a priority. Faster, cheaper, more transparent and more inclusive cross-border payment services have the potential to be transformative for citizens and economies across the world. The Roadmap for Enhancing Cross-Border Payments, launched in 2020, is the first attempt by the international community to address the challenges faced by cross-border payments in a holistic way. A key foundational element in the Roadmap was the publication by the FSB of 11 quantitative targets to define the Roadmap’s aims and create accountability. Technical Assistance (TA) plays a critical role in helping achieve the Roadmap targets. TA relates closely to, and builds on, the IMF’s and World Bank’s respective missions. This paper outlines a multi-year strategy to provide TA in order to meet the cross-border payments targets. The paper (1) details the important role TA plays in achieving the Roadmap targets; (2) summarizes stocktakes conducted by the IMF and World Bank of recent and ongoing TA supporting cross-border payments; and (3) explains the IMF’s and World Bank’s approaches to cross-border payments TA. The IMF and World Bank commit to collaborating, coordinating, and complementing each other on cross-border payments TA wherever possible and appropriate at country/project level.
Keywords:
Cross-border payments; stocktake; technical assistance; payment systems; IMF TA approach; strengthening World Bank TA; IMF TA mission; TA program; IMF-World Bank; TA mission; cross-border payments TA; Anti-money laundering and combating the financing of terrorism (AML/CFT); Remittances; Central Bank digital currencies; Global
Cover Policy Papers
Integrated Policy Framework—Principles for the Use of Foreign Exchange Intervention
International Monetary Fund. Monetary and Capital Markets Department, International Monetary Fund. Research Dept., International Monetary Fund. Institute for Capacity Development, and International Monetary Fund. Strategy, Policy, & Review Department
This note guides policy advice on the use of foreign exchange intervention (FXI) as part of the Integrated Policy Framework (IPF) in Fund surveillance. The note provides general principles for the advice in countries with flexible exchange rates and sets out three use cases for FXI that are tied to specific frictions. It explores the use of FXI as part of an overall policy response, allowing the advice to differ with shocks, frictions, and country-specific circumstances.
Keywords:
Capital flows; Exchange rates; Foreign exchange intervention; Macroprudential Policy; Inflation; Monetary Policy; Integrated Policy Framework; FX mismatch; policy discussion; staff advice; IPF friction; IPF policy; Currency markets; Exchange rate adjustments; Global
Cover Policy Papers
Update on Implementation Plan to Address the Recommendations of the 2022 Institutional Safeguards Review
International Monetary Fund, International Monetary Fund. Legal Dept., and International Monetary Fund. Strategy, Policy, & Review Department
In response to the recommendations from the 2022 Institutional Safeguards Review (ISR), a comprehensive Implementation Plan (IP) was developed drawing on the work undertaken by a Board Steering Group, Management, and staff. The IP, which was discussed and endorsed by the Board in December 2022, outlined a set of actions and policy changes that reflected the strong shared commitment of the Board and Management to a durable change in the institution and the highest standards of institutional governance. Substantial progress has been made in advancing the IP actions that were due to be completed in CY2023, with 85 percent of the actions having been completed or remaining on track for completion.
Keywords:
Data Integrity; Dispute Resolution; Culture Change; Oversight and Accountability; Leadership; Tone from the Top; staff pulse survey; staff feel; Board approval; staff address concern; DRS office; Board-endorsed IP; OED personnel access; Auditing; Internal audit; Employment; External audit; ISR implementation core group
Cover Policy Papers
Guidance Note for the Fund's Policy on Multiple Currency Practices
International Monetary Fund. Strategy, Policy, & Review Department, International Monetary Fund. Legal Dept., and International Monetary Fund. Monetary and Capital Markets Department
This note provides operational guidance to staff on the implementation of the new Fund’s policy on multiple currency practices (MCPs), effective February 1, 2024. The MCP policy is a key element of the Fund’s jurisdiction on exchange rates. The Fund’s Articles of Agreement prohibit member countries from engaging or permitting their fiscal agencies (as defined in the Articles) to engage in MCPs unless authorized under the Articles or approved by the Fund. The comprehensive review of the policy in 2022 aimed to reflect developments in FX policy and FX markets since the last policy review in the 1980s and to align it with other relevant Fund’s policies. Key changes to the policy include the following: (i) an MCP will arise due to an official action that segments foreign exchange (FX) markets or increases or subsidizes the cost of certain FX transactions (e.g., exchange taxes) and the resulting exchange rate spreads exceed the permissible margins, (ii) MCPs will be identified on the basis of a new country-specific market-based rule, and (iii) the new policy ensures better alignment of the MCP policy with other relevant IMF’s policies. The note provides guidance to staff on all stages of the process: from identification of an MCP to its approval or removal and clarifies the treatment of MCPs in surveillance and Fund-supported programs. It also guides staff’s engagement with the authorities on MCP issues and their coverage in country documents.
Keywords:
Currency markets; Exchange rates; Exchange restrictions; Financial markets; Foreign exchange; Institutional View; Monetary policy; Multiple currency practices; transparency policy; segments foreign exchange; MCP policy; MCP Approval criteria; IMF's transparency policy; exchange transaction; Global
Cover Policy Papers
Sixteenth General Review of Quotas—Report to the Board of Governors and Proposed Resolution, and Proposed Decision to Extend the Deadline for a Review of the Borrowing Guidelines
International Monetary Fund. Finance Dept., International Monetary Fund. Legal Dept., and International Monetary Fund. Strategy, Policy, & Review Department
A strong, quota-based, and adequately resourced IMF at the center of the Global Financial Safety Net is essential to safeguard global financial stability in an uncertain and shock-prone world. Building on three years of Committee of the Whole meetings, Executive Directors’ feedback, and recent guidance from the International Monetary and Financial Committee (IMFC), this paper sets out for consideration of the Executive Board a proposal for the conclusion of the Sixteenth General Review of Quotas (16th Review) with a 50 percent quota increase allocated to members in proportion to their quotas (“equiproportional increase”). The paper includes for the Executive Board’s approval a Report by the Executive Board to the Board of Governors (BoG) on such an increase, including a draft BoG Resolution. The proposed increase in quotas, once in effect, would replace Bilateral Borrowing Agreements and be linked to a rollback in credit arrangements under the New Arrangements to Borrow, in order to maintain the Fund’s lending capacity. The proposed quota increase would strengthen the quota-based nature of the Fund by reducing its reliance on borrowing, thus ensuring the primary role of quotas in Fund resources. Transitional arrangements for borrowed resources may be needed to maintain the Fund’s lending capacity beyond 2024 until the quota increase becomes effective. Given significant differences in views among members about the quota formula and how to implement a realignment of quota shares, the proposed equiproportional distribution of the quota increase would leave quota shares of members unchanged at this time. However, the membership has signaled the urgency and importance of quota share realignment to better reflect members’ relative positions in the world economy, while protecting the quota shares of the poorest members. Thus, the proposed BoG Resolution includes guidance, building on the recent IMFC discussions, namely to work to develop, by June 2025, possible approaches as a guide for further quota realignment, including through a new quota formula. This work would begin after conclusion of the 16th Review.
Keywords:
IMF quotas; Global Financial Safety Net; Bilateral Borrowing Agreements; NAB rollback; credit arrangement; quota share; NAB participant; lending capacity; Credit; Financial safety nets; Global
Cover Policy Papers
Interim Review of Access Limits Under the Poverty Reduction and Growth Trust and Initial Considerations for Access Limits under the General Resource Account
International Monetary Fund. Strategy, Policy, & Review Department
The interim review on PRGT access limits follows the call from the Executive Board in March 2023 and confirmed by the IMFC in October 2023. Low-income countries (LICs) face high economic uncertainty and pressures, while grappling with limited policy space and a funding squeeze. In March 2023, access limits under the General Resources Account (GRA) were temporarily increased for 12 months to give space for countries to face such economic pressures. The IMF Executive Board emphasized the importance of the alignment of the Poverty Reduction and Growth Trust (PRGT) access limits with those of the GRA that was achieved in 2021. The Board also agreed that, once substantial progress with PRGT fundraising toward the SDR 2.3 billion first-stage target for subsidy resources agreed in 2021 has been made—with total pledges of SDR 2 billion or more—access limits under the PRGT would be reviewed at an ad hoc interim review. This target has now been reached, paving the way for the review, also called for by the IMFC during the Annual Meetings in October 2023, in a context where the LICs’ economic challenges have further increased, including due to the risk of additional negative spillovers on the global economy stemming from the current geopolitical tensions and conflicts.
Keywords:
Poverty Reduction and Growth Trust; PRGT; low-income countries; LICs; General Resources Account (GRA); PRGT resource; PRGT financing strategy; PRGT lending; PRGT access norm; PRGT commitment; Concessional external borrowing; Debt sustainability; Poverty reduction strategy; Balance of payments need; Credit risk; Global
Cover IMF Staff Country Reports
Gulf Cooperation Council: Economic Prospects and Policy Challenges for the GCC Countries
International Monetary Fund. Middle East and Central Asia Dept.
The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital inflows, and reform implementation. Oil production – which depends on OPEC+ decisions – will be subdued in the near term. Inflation is contained and current account surpluses are high. Fiscal balances remain healthy, supported by fiscal reforms and high oil prices. The primary non-oil deficits are expected to decrease to 24 percent of GDP by 2028, with higher non-oil revenue reflecting sustained fiscal and structural reforms and contained expenditures. High global uncertainty is weighing on the outlook.
Keywords:
Gulf Cooperation Council; GCC Countries; OPEC; GCC country; centrality indices; policies in the GCC; GCC net; GCC's acceleration; financial market; Inflation; Oil prices; Climate finance; Financial statements; Global; Middle East