A number of institutional changes took place or were announced during the financial year. Early in 2003, the Technology and General Services Department restructured its organizational units, particularly in the information technology area, to bring greater efficiency to the delivery of its services. Later in the year, the IMF created the Monetary and Financial Systems Department to reflect the expanded responsibilities of the former Monetary and Exchange Affairs Department in such areas as the Financial Sector Assessment Program and combating money laundering and terrorist financing. In another organizational change, the Treasurer’s Department became the Finance Department.

A number of institutional changes took place or were announced during the financial year. Early in 2003, the Technology and General Services Department restructured its organizational units, particularly in the information technology area, to bring greater efficiency to the delivery of its services. Later in the year, the IMF created the Monetary and Financial Systems Department to reflect the expanded responsibilities of the former Monetary and Exchange Affairs Department in such areas as the Financial Sector Assessment Program and combating money laundering and terrorist financing. In another organizational change, the Treasurer’s Department became the Finance Department.

Deputy Managing Director Eduardo Aninat announced his intention to leave his position in June 2003, and it was also announced that Economic Counsellor and Director of the Research Department Kenneth Rogoff would return to his professorship at Harvard University in the fall of 2003 when his leave of absence expired. The Managing Director announced that they would be succeeded, respectively, by Agustin Carstens, Mexico’s Deputy Secretary of Finance, and Raghuram Rajan of the University of Chicago Graduate School of Business.

The IMF’s Administrative Budget for the financial year authorized total expenditure of $794.3 million (or $746.4 million net of reimbursements). Actual expenditure amounted to $764.0 million, $30.3 million (3.8 percent) less than estimated in the original budget, including $10.7 million less in spending on personnel expenses and $19.7 million less in travel and other activities. After allowance for a $3.8 million shortfall in reimbursements, net administrative expenditures amounted to $719.9 million, some $26.5 million (3.6 percent) below the budget estimate.

The IMF’s ongoing commitment to diversity remained strong in FY2003. Notable progress was made in the recruitment and promotion of several underrepresented staff groups: the share of women in management positions in the Fund reached 15 percent, and the share of managerial-level staff from developing countries reached over 30 percent.


The IMF is governed by its Board of Governors, and its business is conducted by an Executive Board, a Managing Director, a First Deputy Managing Director, two other Deputy Managing Directors, and a staff of international civil servants whose sole responsibility is to the IMF. The institution’s founding Articles of Agreement require that staff appointed to the IMF demonstrate the highest standards of efficiency and technical competence and reflect the organization’s diverse membership.

Executive Board

The IMF’s 24-member Executive Board, as the IMF’s permanent decision-making organ, conducts the institution’s day-to-day business. In calendar year 2002, the Board held 126 formal meetings, 8 seminars, and 77 informal, committee, and other meetings.

The Board’s discussions are largely based on papers prepared by IMF management and staff. In 2002, the Board spent 67 percent of its time on member country matters (especially Article IV consultations and reviews and approvals of IMF arrangements); 23 percent of its time on multilateral surveillance and policy issues (such as the world economic outlook, global financial stability reports, IMF financial resources, strengthening the international financial system, the debt situation, and issues related to IMF lending facilities and program design); and its remaining time on administrative and other matters.


The IMF staff is organized mainly into departments with regional (or area), functional, information and liaison, and support responsibilities (Figure 9.1). These departments are headed by directors who report to the Managing Director.

Figure 9.1
Figure 9.1

IMF Organization Chart

(As of April 30, 2003)

1 Known formally as the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries.2 Formerly the Treasurer’s Department; name change effective May 1, 2003.3 Formerly the Monetary and Exchange Affairs Department; name change effective May 1, 2003.4 Attached to the Office of the Managing Director.

Area Departments

Six area departments—African, Asia and Pacific, European I, European II, Middle Eastern, and Western Hemisphere— advise management and the Executive Board on economic developments and policies in countries in their region. Their staffs are responsible also for putting together financial arrangements to support members’ economic reform programs and for reviewing performance under these IMF-supported programs. Together with relevant functional departments, they provide member countries with policy advice and technical assistance and maintain contact with regional organizations and multilateral institutions in their geographic areas. Supplemented by staff in functional departments, area departments carry out much of the IMF’s country surveillance work through direct contacts with member countries. In addition, 93 area department staff are assigned to member countries as IMF resident representatives (see Box 9.1).

IMF Resident Representatives

At the end of April 2003, the IMF had 93 resident representative positions covering 85 member countries in Africa, Asia, Europe, the Middle East, and the Western Hemisphere, and plans were under way to open a new post in Guatemala. These posts—usually filled by one IMF employee supported by local staff—help to enhance IMF policy advice and are often set up in conjunction with a reform program. The representatives, who typically have good access to key national policymakers, can have a major impact on the quality of IMF country work. In particular, resident representatives contribute to the formulation of IMF policy advice, monitor performance—especially under IMF-supported programs—and coordinate technical assistance. They can also alert the IMF and the host country to potential policy slippages, provide onsite program support, and play an active role in IMF outreach in member countries. Since the advent of enhanced initiatives for low-income countries, resident representatives have helped members develop their poverty reduction strategies (see Chapter 5) by taking part in country-led discussions on the strategy and presenting IMF perspectives. They also support monitoring of program implementation and institution building, working with different branches of government, civil society organizations, donors, and other stakeholders.

Functional and Special Services Departments

The Fiscal Affairs Department is responsible for activities involving public finance in member countries. It participates in area department missions on fiscal issues, reviews the fiscal content of IMF policy advice and IMF-supported adjustment programs, and provides technical assistance in public finance. It also conducts research and policy studies on fiscal issues, as well as on income distribution and poverty, social safety nets, public expenditure policy issues, and the environment.

The International Capital Markets Department assists the Executive Board and management in overseeing the international monetary and financial system and enhances the IMF’s crisis prevention and crisis management activities. As part of surveillance, the department prepares a semiannual Global Financial Stability Report that assesses developments and systemic issues in international capital markets. It also liaises with private capital market participants, national authorities responsible for financial system policies, and official forums dealing with the international financial system. In addition, the department plays a leading role in the IMF’s conceptual and policy work related to international capital market access and gives technical advice to members on access to, and how to benefit from, interactions with international markets, as well as on strategies for external debt management.

The IMF Institute provides training for officials of member countries—particularly developing countries—in such areas as financial programming and policy, external sector policies, balance of payments methodology, national accounts and government finance statistics, and public finance. The Institute also conducts an active program of courses and seminars in economics, finance, and econometrics for IMF economists. (See Chapter 6.)

The Legal Department advises management, the Executive Board, and the staff on the applicable rules of law. It prepares most of the decisions and other legal instruments necessary for the IMF’s activities. The department serves as counsel to the IMF in litigation and arbitration cases, provides technical assistance on legislative reform, assesses the consistency of laws and regulations with selected international standards and codes, responds to inquiries from national authorities and international organizations on the laws of the IMF, and arrives at legal findings regarding IMF jurisdiction on exchange measures and restrictions.

The Monetary and Exchange Affairs Department became the Monetary and Financial Systems Department effective May 1, 2003. The new name reflects the expanded responsibilities of the reorganized department, such as in the development of the Financial Sector Assessment Program and in anti-money laundering and combating the financing of terrorism assessments. Organized around four operational areas—financial system surveillance, banking supervision and crisis resolution, monetary and exchange infrastructure and operations, and technical assistance, the reorganized department continues to provides analytical, operational, and technical support to member countries and area departments, including development and dissemination of good policies and best practices. An important role is coordinating with collaborating central banks, supervisory agencies, and other international organizations.

The Policy Development and Review Department (PDR) plays a central role in the design and implementation of IMF financial facilities, surveillance, and other policies. Through its review of country and policy work, PDR ensures the consistent application of IMF policies throughout the institution. In recent years, the department has spearheaded the IMF’s work in strengthening the international financial system, in streamlining and focusing conditionality, and in developing the Poverty Reduction and Growth Facility and the HIPC Initiative. With area department staff, PDR economists participate in country missions and assist member countries that are making use of IMF resources by helping to mobilize other financial resources.

The Research Department conducts policy analysis and research in areas relating to the IMF’s work. The department plays a prominent role in surveillance and in developing IMF policy concerning the international monetary system and cooperates with other departments in formulating IMF policy advice to member countries. It coordinates the semiannual World Economic Outlook exercise and prepares analysis for the surveillance discussions of the Group of Seven, Group of Twenty, and such regional groupings as the Asia- Pacific Economic Cooperation (APEC) forum, and the Executive Board’s seminars on world economic and market developments. The department also maintains contacts with the academic community and with other research organizations.

The Statistics Department maintains databases of country, regional, and global economic and financial statistics and reviews country data in support of the IMF’s surveillance role. It is also responsible for developing statistical concepts in balance of payments, government finance, and monetary and financial statistics, as well as producing methodological manuals. The department provides technical assistance and training to help members develop statistical systems and produces the IMF’s statistical publications. In addition, it is responsible for developing and maintaining standards for the dissemination of data by member countries.

The Treasurer’s Department was renamed the Finance Department on May 1, 2003, to describe its range of responsibilities more accurately. Its mission continues to be to mobilize, manage, and safeguard the IMF’s financial resources to ensure that they are deployed consistent with the Fund’s overall mandate. This entails major responsibilities for the institution’s financial policies and for the conduct, accounting, and control of all financial transactions. In addition, the department safeguards the IMF’s financial position by assessing the adequacy of the Fund’s capital base (quotas), net income targets, precautionary balances, and the rates of charge and remuneration. Other responsibilities include investing funds in support of assistance to low-income countries and conducting assessments of borrowing members’ central banks.

Information and Liaison

The External Relations Department plays a key role in promoting public understanding of and support for the IMF and its policies. It aims to make the IMF’s policies understandable through many activities aimed at transparency, communication, and engagement with a wide range of stakeholders. It prepares, edits, and distributes most IMF publications and other material, promotes contacts with the press and other external groups, such as civil society organizations and parliamentarians, and manages the IMF’s website. (See also Chapter 7 and Appendix V.)

The IMF’s offices in Asia, Europe, and at the United Nations maintain close contacts with other international and regional institutions (see Appendix IV). The UN Office also makes a substantive contribution to the Financing for Development process. The offices in Europe were reorganized in 2002, with the addition of an office in Brussels to enhance the IMF’s EU-related cooperation, surveillance, and outreach, and with streamlining and consolidation of resources across the offices in Paris, Geneva, and Brussels to achieve efficiency gains.

Support Services

The Human Resources Department helps ensure that the IMF has the right mix of staff skills, experience, and diversity to meet the changing needs of the organization, and that human resources are managed, organized, and deployed in a manner that maximizes their effectiveness, moderates costs, and keeps the workload and stress at acceptable levels. The department develops policies and procedures that help the IMF achieve its work objectives, manages compensation and benefits, recruitment, and career planning programs, and supports organizational effectiveness by assisting departments with their human resources management goals.

The Secretary’s Department organizes and reports on the work of the IMF’s governing bodies and provides secretariat services to them, as well as to the Group of Twenty-Four. In particular, it assists management in preparing and coordinating the work program of the Executive Board and other official bodies, including scheduling and assisting in the conduct of Board meetings. The department also manages the Annual Meetings, in cooperation with the World Bank.

The Technology and General Services Department manages and delivers a full range of services essential for the IMF’s operation. These include information services (information technology, library services, multimedia services, records and archives management, and telecommunications); facilities services (building projects and facilities management); language services (translation, interpretation, and publications in languages other than English); and a broad range of security and business continuity services (covering headquarters security, field security, and information technology security). In 2003, the department restructured its organizational units, particularly in the information technology and administrative services areas, to bring greater efficiency to its operations.

The IMF also has offices responsible for internal auditing and review of work practices, budget matters, technical assistance, and investments under the staff retirement plan.

Independent Evaluation Office

The IMF’s Independent Evaluation Office (IEO) provides objective and independent evaluation on issues related to the Fund. The office operates independently of IMF management and at arm’s length from the IMF’s Executive Board. The IEO enhances the learning culture of the IMF, promotes understanding of the IMF’s work, and supports the Board in its governance and oversight. (For more information on the IEO’s work program see Chapter 7.)

Administrative and Capital Budgets

Budget Reforms

The IMF is engaged in substantial reform of its budgetary procedures, following an external review conducted in 2001. The reforms are designed to modernize the budget process and to follow, to the extent practical and appropriate for an international financial institution, the output-focused public sector budget systems that have evolved in the major industrial countries. The revised system should help the Fund respond flexibly to the evolving demands on its resources, while maintaining the institution at broadly its present size.

In FY2003, the specific reforms undertaken focused on introducing a top-down budget constraint for use in departmental budget planning; adopting total resource or dollar budgeting, while preserving a limit on staff positions; and introducing departmental business plans. A revised output structure has been developed for use in the FY2004 and subsequent budgets. In addition, the Executive Board is now presented with information on the costs of new and existing policy and programs that come forward for discussion or review. Consistent with the IMF’s transparency policy, the Board also decided to publish the FY2004 budget document.1

In the year ahead, three more reforms are planned that will help provide the base for a more output oriented budget system: improvements to the measurement of the costs of outputs which, in turn, will require better reporting of staff time; enhancement of the medium-term estimates framework; and development of additional information and reports on performance.

Budgets and Actual Expenditure in FY2003

The IMF’s Administrative Budget for the financial year ended April 30, 2003 (FY2003) authorized total expenditure of $794.3 million (or $746.4 million net of reimbursements). The FY2003 Capital Budget made provision for expenditure of $215.0 million on projects commencing in FY2003, including $43.2 million for building facilities projects, $42.5 million for information technology projects, and $129.3 million for the Headquarters 2 building project (bringing the total cost of that project to $149.3 million).

The Administrative Budget outturn for FY2003 amounted to $764.0 million, $30.3 million (3.8 percent) less than estimated in the original budget. This underspending comprised $10.7 million in personnel expenses, $11.3 million in travel, and $8.4 million for other activities and unused contingencies; part of the underspending was linked to the suspension of travel (as from mid-February) to some countries in the Middle East and Asia in response to the security situation and the outbreak of SARS respectively. After allowance for a $3.8 million shortfall in reimbursements, net administrative expenditures amounted to $719.9 million, some $26.5 million (3.6 percent) below the budget estimate.

Information on actual expenditures on the administrative budgets for FY2001 through FY2003 and budgeted expenditure for FY2003 and FY2004 is shown in Table 9.1.

Table 9.1

Administrative Budgets, Financial Years 2001-20041

(In millions of U.S. dollars)

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Note: Totals may not add to totals due to rounding.

Administrative budgets as approved by the Board for the financial year ending April 30, 2003 and April 30, 2004, compared with actual expenses for the financial years ended April 30, 2001, April 30, 2002, and April 30, 2003.

Includes a contingency reserve of $1 million.

Includes a contingency reserve of $2 million. computerization),

Budgets for FY2004

In April 2003, the Board approved a gross Administrative Budget of $837.S million, ($785.5 million net of estimated reimbursements), an increase of 5.4 percent in gross terms (5.2 percent in net terms) over the approved budget for the previous year.

In terms of inputs, the proposed budget makes provision for a budget-to-budget increase of 5 percent in personnel expenses, 9.3 percent for travel, and 4.2 percent for other expenditures. The provision for travel includes allowance for the additional costs associated with holding the 2003 Annual Meetings in Dubai. Within these aggregates, there are significant reductions in costs through elimination of low-priority activities, efficiency savings (mainly from computerization), and streamlining of some support services.

There is also a substantial reallocation of resources, including a shift in personnel and other resources from departments performing intermediate and governance activities to those producing the primary outputs—policy development, research, and operation of the international monetary system; standard setting and the provision of standardized information; bilateral and regional surveillance; use of Fund resources; and capacity building. The projected shares of each primary output group in the total output funded from the net administrative budget is shown in Figure 9.2. Although this projected breakdown in FY2004 does not differ 1 significantly from that of earlier years, there remain considerable uncertainties—for example about the number of IMF-supported programs. Nonetheless, some important developments within the main output categories are envisaged. In particular, more resources will be devoted to the work on vulnerability, on securing a fresh perspective on surveillance, and on trade and capital account issues. The resources devoted to capacity building from the Fund’s net administrative budget are expected to be enhanced by a projected 23 percent increase, budget-to-budget, in external finance from donors.

Figure 9.2
Figure 9.2

Projected Share of Resources by Output Category, FY2004

(As a percent of net administrative budget)

Under the IMF’s revised capital budgeting procedures, the Board was presented with a medium-term “capital plan” that envisages total spending of $115.1 million on n ew projects over the next three fiscal years, including $45.6 million for building facilities and $69.5 million for information technology projects. These aggregates do not include spending on projects authorized under previous years’ appropriations, including the construction of the Headquarters 2 building.

The Capital Budget appropriation approved by the Board for projects starting in FY2004 is $39.6 million. This covers the cost during the period to FY2006 of the projects starting in FY2004 and includes $13.2 million for building facilities and $26.4 million for information technology projects.

Medium-Term Framework

Under the new budget procedures, the IMF prepares each year a medium-term estimate (MTE) framework, which sets out the projected cost of existing policies, starting from the current budget year, for each of the subsequent two years. Following this procedure, the estimates shown for the second year of the MTE—adjusted for policy and cost changes—become the base for the following year’s annual Administrative Budget. Consistent with management’s view that the institution should be maintained at broadly its present size and should seek to accommodate n ew tasks primarily by reductions in lower priority work, the latest MTE provides for increases in net administrative expenditure (excluding contributions to the Staff Retirement Plan) of 3.8 percent in FY2005 and 4.3 percent in FY2006.

Human Resources

The Managing Director appoints a staff whose sole responsibility is to the IMF, whose efficiency and technical competence are expected to be, as set forth in the Articles of Agreement, of the “highest standards,” and whose diversity by nationality reflects its membership and gives “due regard to the importance of recruiting personnel on as wide a geographical basis as possible.” In accordance with these high standards, the IMF has put in place a financial disclosure process for staff. To provide the continuity and institutional memory from which the membership benefits, the IMF has an employment policy designed to recruit and retain a corps of international civil servants interested in spending a career, or a significant part of a career, at the IMF. At the same time, the IMF recognizes the value of shorter-term employment and recruitment of mid-career professionals consistent with the changing labor market and the benefit of fresh perspectives. In the case of a number of skills and jobs—relating mainly to certain services and highly specialized economic and financial skills—business considerations have called for shorter-term appointments or for outsourcing activities.

As of December 31, 2002, the IMF employed 763 staff at the assistant level and 1,918 professional staff (about two-thirds of whom were economists).

In addition to its staff, the IMF had 297 contractual employees on its payroll, including technical assistance experts, consultants, and other short-term employees not included in the staff ceiling. Of the IMF’s 184 member countries, 141 were represented on the staff. (see Table 9.2 for the evolution of the nationality distribution of IMF professional staff since 1980.)

Table 9.2

Distribution of Professional Staff by Nationality 1

(In percent)

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Note: Totals may not add to totals due to rounding.

Includes staff in Grades A9-B5.

Regions are defined on the basis of the country distribution of the IMF’s area departments. The European region includes countries in both the European I and European II area departments. The Middle East region includes countries in North Africa.

Changes in Management and Senior Staff

Deputy Managing Director. On March 7, 2003, it was announced that in June 2003, Eduardo Aninat would leave his position, which he had held since December 1999. In informing the Executive Board, Managing Director Horst Kohler said, “During his stay here, Eduardo Aninat has contributed immensely to furthering the agenda of the Fund, drawing upon his vast experience of policy work, political acumen, and diplomatic skills.”

Economic Counsellor and Director of the Research Department. On April 29, 2003, it was announced that Kenneth S. Rogoff, an authority on international economics who had succeeded Michael Mussa on August 2, 2001, would be leaving the IMF to return to his professorship at Harvard University in the fall of 2003, when his two-year leave of absence expired.

The Managing Director announced that Messrs. Aninat and Rogoff would be succeeded, respectively, by Agustin Carstens, Mexico’s Deputy Secretary of Finance, and Raghuram Rajan of the University of Chicago Graduate School of Business.

Recruitment and Retention

Over the course of 2002, 216 people joined the IMF staff. The 110 economists, 54 hires in professional and managerial grades in specialized career streams, and 52 assistants represent a decrease of 15 from the 231 staff members hired externally in 2001 (and 108 from the total of 324 who joined the staff in 2001, if 93 conversions from contractual status are included.) Of the recruits in 2002, 55 were mid-career economists and 50 entered the Economist Program. (The two-year Economist Program serves to familiarize entry-level economists with the work of the IMF by placing them in two different departments, each for a 12-month period, and then offering regular staff appointments to those who perform well.)

During 2002, 168 staff separated from the organization. The separation rate of staff in professional and managerial grades was 6.0 percent (115 staff) in 2002. This represents an increase from 5.5 percent (101 staff) in 2001 and 5.1 percent (88 staff) in 2000.

Salary Structure

To recruit and retain the staff it needs, the IMF has developed a compensation and benefits system designed to be competitive, to reward performance, and to take account of the special needs of a multinational and largely expatriate staff. The IMF’s staff salary structure is reviewed annually and, if warranted, adjusted on the basis of a comparison with salaries paid by selected private financial and industrial firms and public sector organizations in the United States, France, and Germany. After analyses of updated comparator salaries, the salary structure was increased by 4.0 percent for FY2003, and the Board approved an increase of 4.0 percent for FY2004 (Table 9.3).

Table 9.3

IMF Staff Salary Structure

(In U.S. dollars, effective May 1, 2003)

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Note: The above salary structure for IMF staff is intended to be internationally competitive to enable the IMF to secure highly qualified staff from all member countries. The salaries are reviewed annually by the Executive Board. The salaries are kept in line with the salaries for equivalent grades and positions in private sector financial and industrial firms and in representative public sector agencies, mainly in the United States. Because IMF staff other than U.S. citizens are usually not required to pay income taxes on their IMF compensation, the salaries are set on a net-of-tax basis, which is generally equivalent to the after-tax take-home pay of the employees of the public and private sector firms from which IMF salaries are derived.

Management Remuneration

Reflecting the responsibilities of each management position and the relationship between the management and staff salary structures, the salary structure for management, as of July 1, 2002, is as follows:

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Management remuneration is subject to a combination of periodic structural reviews by the Executive Board and annual revisions. It is autonomous and not formally linked to remuneration in other international organizations.

Executive Board Remuneration

Upon the recommendation of the Board of Governors’ Committee on the Remuneration of Executive Directors, the Governors approved from July 1, 2002, increases of 3.8 percent in the remuneration of Executive Directors and their Alternates. The remuneration of Executive Directors is $182,590.3 The remuneration of Alternate Executive Directors is $157,940.4


The Executive Board continued to emphasize the importance of staff diversity in improving the IMF’s effectiveness as an international institution. Notable progress was achieved in the recruitment and promotion of several underrepresented staff groups, although much more has to be done to reach a balanced regional representation. Women’s share at the managerial level reached 15 percent and the share of developing country staff at the managerial level reached 31 percent. In both categories there is still room for improvement. The IMF’s Senior Advisor on Diversity, who reports to the Managing Director, further developed indicators to monitor and strengthen nationality and gender diversity (Tables 9.2, 9.4, and 9.5), as well as diversity management in the organization. In line with the IMF’s diversity strategy, during calendar year 2002, the Human Resources Department (HRD) focused on integrating diversity into its human resource management policies and practices, including management standards and Mission Code of Conduct and management development programs, and introduced new policies and programs to accommodate the needs of diverse staff.

Table 9.4

Distribution of Staff by Gender

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Note: Totals may not add to totals due to rounding.

Includes only staff on duty.

Staff in Grades A1-A8.

Staff in Grades A9-A15.

Staff in Grades B1-B5.

Table 9.5

Distribution of Staff by Developing and Industrial Countries

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Includes only staff on duty.

Staff in Grades A 1 - A 8.

Staff in Grades A9-A15.

Staff in Grades B1-B5.

The Senior Advisor works closely with HRD and other departments to identify needs and opportunities for promoting diversity and carrying out departmental diversity plans, which have been prepared and monitored every year since 1996; in FY2002, departments integrated these action plans into comprehensive human resource plans, which will provide an even more business-relevant and systematic framework for the IMF’s diversity efforts. Typically, diversity actions include initiatives in recruitment and career development, orientation and mentoring programs for newcomers, and measures to improve competency-based performance feedback and increase the transparency and user-friendliness of human resource policies, procedures, and statistics. Two important new measures during the year were a mentoring pilot program for mid-career newcomers and a relocation program for staff and families.

Input to the Senior Advisor on Diversity by departments indicated efforts to improve diversity awareness and skills, more systematic and transparent approaches, and attention to people management practices in general. Achieving satisfactory diversity of staff in an institution that emphasizes career employment is a continuing challenge that requires concerted effort. Progress is monitored and problems are reported in a transparent manner, including in the Diversity Annual Report on the IMF’s website.

New Building

Construction is well under way on a second headquarters building adjacent to the existing IMF headquarters building. In September 2002, the Fund’s rezoning order, approved by the District of Columbia’s Zoning Commission, became final. In October 2002, the demolition of an existing building on the site was completed, and the construction of the new building began. The new building will enable the IMF to accommodate its entire staff within a single headquarters complex and reduce overall costs by eliminating the need to lease space. The project is scheduled to be completed by 2006.


The budget document can be accessed electronically at http://www.imf.org/external/np/obp/budget/033103.htm.


In addition, a supplemental allowance of $60,140 is paid to cover expenses


In determining the salary adjustments for Executive Directors for 2002, the committee took into consideration the percentage change in remuneration of the highest-level civil servant in the ministry of finance and central bank for selected member countries, and that country’s change in its consumer price index.


These figures do not apply to the U.S. Executive Director and Alternate Executive Director, who are subject to U.S. congressional salary caps.

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