Key Trends in Implementing the Fund's Transparency Policy

International Monetary Fund

doi:10.5089/9781498344272.007.A001

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Key Trends in Implementing the Fund's Transparency Policy

Author: International Monetary Fund

Publication Date:: 25 Aug 2015

eISBN:: 9781498344272

ISBN:: 9781498344272

Language:: English

Keywords:: PP; staff report; country; country policy intention document; Article IV; emerging market; country desk; policy intention document; country team; UFR report

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At the time of the 2005 Review of the Fund’s Transparency Policy, the Executive Board requested regular updates on trends in implementing the transparency policy. The tables in this report provide an overview of recent developments, reflecting information on documents considered by the Board in 2014 and updating the previous annual report on Key Trends. Deeper analysis of these trends is undertaken in the context of periodic reviews of the Fund’s Transparency Policy.

Abstract

At the time of the 2005 Review of the Fund’s Transparency Policy, the Executive Board requested regular updates on trends in implementing the transparency policy. The tables in this report provide an overview of recent developments, reflecting information on documents considered by the Board in 2014 and updating the previous annual report on Key Trends. Deeper analysis of these trends is undertaken in the context of periodic reviews of the Fund’s Transparency Policy.

Table 1.

Trends in Publication Rates (2012–14) ^1/^2/

^{^1/}Refers to documents considered by the IMF Executive Board during the calendar year, and published within six months of the end of the calendar year; e.g. the publication rate for 2014 refers to documents discussed by the Board in 2014 and published by June 30, 2015.

^{^2/}Data include documents issued for the Board’s consideration in a meeting or on a lapse-of-time basis. SMPs, which are for information only, are also included.

^{^3/}Includes discussions held with members’ territories and currency unions in the context of Article IV consultations with their constituent members.

^{^4/}Includes initial ROSC assessments and reassessments produced by the IMF, as well as the World Bank and, in the case of AML/CFT ROSCs, by FATF and FATF-style regional bodies (FSRB), issued on a stand-alone basis or in FSSAs. Does not include assessments under detailed standards assessments. Completions and publications for the three standards led by the World Bank are updated as of February 28, 2009.

^{^5/}This item also includes “Public Information Notices”. However, following the 2013 Review of the Fund’s Transparency Policy, the term “Public Information Notice” (PIN) was discontinued and only press releases are used for external communication.

^{^6/}Does not include authorities’ statements that are included in ROSCs. Includes Executive Directors’ Statements and “right of reply” documents.

^{^7/}Includes LOIs/MEFPs and TMUs issued in the context of SMPs and PSIs.

^{^8/}The presumption of publication does not apply to certain papers dealing with administrative matters, for instance internal audits and papers on personnel and human resource issues.

Table 1.

Trends in Publication Rates (2012–14) ^1/^2/

			2012		2013		2014
Type of Report			Reports discussed	Published (percent)	Reports discussed	Published (percent)	Reports discussed	Published (percent)
Staff Reports			225	91	217	88	220	93
	Article IV, UFR, or Combined		188	95	199	90	193	93
		Stand-alone Article IV ^3/	97	93	107	85	112	92
		Article IV combined with UFR, PPM, SMP, EPA, PSI	25	100	19	95	20	90
		Stand-alone UFR	66	95	73	96	61	97
	Stand-alone PPM, SMP, EPA, EPE, PSI		21	71	11	73	22	95
	Joint Staff Advisory Note		12	67	7	71	5	60
	HIPC Country Papers		4	100	0	n/a	0	n/a
Selected Issues			46	89	66	83	78	90
FSSAs			17	76	11	82	10	70
ROSCs ^4/			52	56	47	83	32	72
Article IV Press Releases ^5/			100	99	113	96	108	92
UFR and PSI Chairman’s statements			81	100	86	100	92	99
Authorities’ statements ^6/			160	78	162	100	151	99
Country Policy Intention Documents			275	99	233	91	218	96
	LOIs/MEFPs ^7/		192	100	147	94	134	97
	TMUs ^7/		66	100	69	94	74	99
	PRS documents		17	82	17	59	10	70
All Policy Papers			46	91	74	74	75	84
	Policy Papers that are presumed to be published ^8/		43	98	62	89	66	95

^{^2/}Data include documents issued for the Board’s consideration in a meeting or on a lapse-of-time basis. SMPs, which are for information only, are also included.

^{^3/}Includes discussions held with members’ territories and currency unions in the context of Article IV consultations with their constituent members.

^{^6/}Does not include authorities’ statements that are included in ROSCs. Includes Executive Directors’ Statements and “right of reply” documents.

^{^7/}Includes LOIs/MEFPs and TMUs issued in the context of SMPs and PSIs.

^{^8/}The presumption of publication does not apply to certain papers dealing with administrative matters, for instance internal audits and papers on personnel and human resource issues.

Table 1.

Trends in Publication Rates (2012–14) ^1/^2/

			2012		2013		2014
Type of Report			Reports discussed	Published (percent)	Reports discussed	Published (percent)	Reports discussed	Published (percent)
Staff Reports			225	91	217	88	220	93
	Article IV, UFR, or Combined		188	95	199	90	193	93
		Stand-alone Article IV ^3/	97	93	107	85	112	92
		Article IV combined with UFR, PPM, SMP, EPA, PSI	25	100	19	95	20	90
		Stand-alone UFR	66	95	73	96	61	97
	Stand-alone PPM, SMP, EPA, EPE, PSI		21	71	11	73	22	95
	Joint Staff Advisory Note		12	67	7	71	5	60
	HIPC Country Papers		4	100	0	n/a	0	n/a
Selected Issues			46	89	66	83	78	90
FSSAs			17	76	11	82	10	70
ROSCs ^4/			52	56	47	83	32	72
Article IV Press Releases ^5/			100	99	113	96	108	92
UFR and PSI Chairman’s statements			81	100	86	100	92	99
Authorities’ statements ^6/			160	78	162	100	151	99
Country Policy Intention Documents			275	99	233	91	218	96
	LOIs/MEFPs ^7/		192	100	147	94	134	97
	TMUs ^7/		66	100	69	94	74	99
	PRS documents		17	82	17	59	10	70
All Policy Papers			46	91	74	74	75	84
	Policy Papers that are presumed to be published ^8/		43	98	62	89	66	95

^{^2/}Data include documents issued for the Board’s consideration in a meeting or on a lapse-of-time basis. SMPs, which are for information only, are also included.

^{^3/}Includes discussions held with members’ territories and currency unions in the context of Article IV consultations with their constituent members.

^{^6/}Does not include authorities’ statements that are included in ROSCs. Includes Executive Directors’ Statements and “right of reply” documents.

^{^7/}Includes LOIs/MEFPs and TMUs issued in the context of SMPs and PSIs.

^{^8/}The presumption of publication does not apply to certain papers dealing with administrative matters, for instance internal audits and papers on personnel and human resource issues.

Table 2.

Trends in Publication Rates of Article IV and UFR Staff Reports (2012–14) ^1/

^{^1/}Refers to documents considered by the IMF Executive Board during the calendar year, and published within six months of the end of the calendar year; e.g. the publication rate for 2014 refers to the documents discussed by the Board in 2014 and published by June 30, 2015.

^{^2/}Based on World Economic Outlook definitions, including the new definition of Low-Income Developing Countries established in 2014 (http://www.imf.org/external/np/pp/eng/2014/060314.pdf).

^{^3/}Includes discussions held with members’ territories and currency unions in the context of Article IV consultations with their constituent members.

Table 2.

Trends in Publication Rates of Article IV and UFR Staff Reports (2012–14) ^1/

		2012		2013		2014
Reports by group ^2/		Reports discussed	Published (percent)	Reports discussed	Published (percent)	Reports discussed	Published (percent)
Article IV, UFR and combined staff reports ^3/		188	95	199	90	193	93
	Advanced markets	35	100	41	100	39	100
	Emerging markets	80	91	88	83	88	91
	Developing countries	73	96	70	93	66	92
Emerging market and developing countries ^3/		153	93	158	87	154	92
	Africa	50	98	55	95	46	98
	Asia	27	96	25	88	26	92
	Central and Eastern Europe	16	100	15	100	13	100
	CIS and Mongolia	16	94	14	86	13	92
	Middle East	18	83	18	83	20	95
	Western Hemisphere	26	85	31	71	36	78

^{^1/}Refers to documents considered by the IMF Executive Board during the calendar year, and published within six months of the end of the calendar year; e.g. the publication rate for 2014 refers to the documents discussed by the Board in 2014 and published by June 30, 2015.

^{^2/}Based on World Economic Outlook definitions, including the new definition of Low-Income Developing Countries established in 2014 (http://www.imf.org/external/np/pp/eng/2014/060314.pdf).

^{^3/}Includes discussions held with members’ territories and currency unions in the context of Article IV consultations with their constituent members.

Table 2.

Trends in Publication Rates of Article IV and UFR Staff Reports (2012–14) ^1/

		2012		2013		2014
Reports by group ^2/		Reports discussed	Published (percent)	Reports discussed	Published (percent)	Reports discussed	Published (percent)
Article IV, UFR and combined staff reports ^3/		188	95	199	90	193	93
	Advanced markets	35	100	41	100	39	100
	Emerging markets	80	91	88	83	88	91
	Developing countries	73	96	70	93	66	92
Emerging market and developing countries ^3/		153	93	158	87	154	92
	Africa	50	98	55	95	46	98
	Asia	27	96	25	88	26	92
	Central and Eastern Europe	16	100	15	100	13	100
	CIS and Mongolia	16	94	14	86	13	92
	Middle East	18	83	18	83	20	95
	Western Hemisphere	26	85	31	71	36	78

^{^1/}Refers to documents considered by the IMF Executive Board during the calendar year, and published within six months of the end of the calendar year; e.g. the publication rate for 2014 refers to the documents discussed by the Board in 2014 and published by June 30, 2015.

^{^2/}Based on World Economic Outlook definitions, including the new definition of Low-Income Developing Countries established in 2014 (http://www.imf.org/external/np/pp/eng/2014/060314.pdf).

^{^3/}Includes discussions held with members’ territories and currency unions in the context of Article IV consultations with their constituent members.

Table 3.

Trends in Publication Lags (2012–14) ^1/^2/

^{^1/}Refers to documents considered by the IMF Executive Board during the calendar year, and published within six months of the end of the calendar year; e.g. the publication rate for 2014 refers to the documents discussed by the Board in 2014 and published by June 30, 2015.

^{^2/}Data include documents issued for the Board’s consideration in a meeting or on a lapse-of-time basis. It also includes SMPs, which are for information only.

^{^3/}Based on World Economic Outlook definitions, including the new definition of Low-Income Developing Countries established in 2014 (http://www.imf.org/external/np/pp/eng/2014/060314.pdf). Also includes discussions held with members’ territories and currency unions in the context of Article IV consultations with their constituent members.

^{^4/}Number of calendar days.

^{^6/}Includes LOIs/MEFPs/TMUs issued in the context of SMPs and PSIs.

^{^7/}Only includes policy papers for which publication is presumed.

Table 3.

Trends in Publication Lags (2012–14) ^1/^2/

			2012				2013				2014
Reports by type and group ^3/			Number published	Average lag ^4/	percent with lag > 1 month	percent with lag > 2 month	Number published	Average lag ^4/	percent with lag > 1 month	percent with lag > 2 month	Number published	Average lag ^4/	percent with lag > 1 month	percent with lag > 2 month
Article IV, UFR and Combined staff reports			178	34	35	14	179	23	24	9	180	23	17	8
	Article IV		90	31	34	12	91	26	30	14	103	18	17	8
	Combined		25	34	44	16	18	30	22	17	18	31	33	11
	UFR		63	38	32	16	70	14	17	1	59	21	14	7
	Advanced markets		35	5	6	0	41	6	0	0	39	9	0	0
	Emerging markets		73	36	38	16	73	30	38	16	80	25	21	9
	Developing countries		70	46	46	19	65	26	23	8	61	24	20	8
	Emerging market and developing countries		143	37	42	17	138	31	35	5	141	22	18	4
		Africa	49	48	49	20	52	23	23	12	45	27	24	11
		Asia	26	23	38	4	22	18	32	0	24	20	13	0
		Central and Eastern Europe	16	13	13	0	15	11	7	0	13	15	0	0
		CIS and Mongolia	15	27	13	7	12	60	67	6	12	26	17	2
		Middle East	15	63	53	27	15	40	47	4	19	23	21	2
		Western Hemisphere	22	50	64	41	22	33	36	12	28	21	32	9
Selected other documents
	FSSAs		13	51	23	23	9	28	33	22	7	30	29	14
	Selected Issues		41	18	20	7	55	24	33	15	70	18	21	7
	Article IV Press Releases ^5/		99	13	14	1	108	19	17	6	99	18	16	8
	UFR and PSI Chairman’s statements		81	1	0	0	86	7	8	1	91	19	13	8
	Country Policy Intention Documents ^6/		272	17	8	5	213	12	17	2	210	21	6	3
	Policy papers ^7/		42	6	5	2	55	22	1	1	63	24	1	1

^{^1/}Refers to documents considered by the IMF Executive Board during the calendar year, and published within six months of the end of the calendar year; e.g. the publication rate for 2014 refers to the documents discussed by the Board in 2014 and published by June 30, 2015.

^{^2/}Data include documents issued for the Board’s consideration in a meeting or on a lapse-of-time basis. It also includes SMPs, which are for information only.

^{^4/}Number of calendar days.

^{^6/}Includes LOIs/MEFPs/TMUs issued in the context of SMPs and PSIs.

^{^7/}Only includes policy papers for which publication is presumed.

Table 3.

Trends in Publication Lags (2012–14) ^1/^2/

			2012				2013				2014
Reports by type and group ^3/			Number published	Average lag ^4/	percent with lag > 1 month	percent with lag > 2 month	Number published	Average lag ^4/	percent with lag > 1 month	percent with lag > 2 month	Number published	Average lag ^4/	percent with lag > 1 month	percent with lag > 2 month
Article IV, UFR and Combined staff reports			178	34	35	14	179	23	24	9	180	23	17	8
	Article IV		90	31	34	12	91	26	30	14	103	18	17	8
	Combined		25	34	44	16	18	30	22	17	18	31	33	11
	UFR		63	38	32	16	70	14	17	1	59	21	14	7
	Advanced markets		35	5	6	0	41	6	0	0	39	9	0	0
	Emerging markets		73	36	38	16	73	30	38	16	80	25	21	9
	Developing countries		70	46	46	19	65	26	23	8	61	24	20	8
	Emerging market and developing countries		143	37	42	17	138	31	35	5	141	22	18	4
		Africa	49	48	49	20	52	23	23	12	45	27	24	11
		Asia	26	23	38	4	22	18	32	0	24	20	13	0
		Central and Eastern Europe	16	13	13	0	15	11	7	0	13	15	0	0
		CIS and Mongolia	15	27	13	7	12	60	67	6	12	26	17	2
		Middle East	15	63	53	27	15	40	47	4	19	23	21	2
		Western Hemisphere	22	50	64	41	22	33	36	12	28	21	32	9
Selected other documents
	FSSAs		13	51	23	23	9	28	33	22	7	30	29	14
	Selected Issues		41	18	20	7	55	24	33	15	70	18	21	7
	Article IV Press Releases ^5/		99	13	14	1	108	19	17	6	99	18	16	8
	UFR and PSI Chairman’s statements		81	1	0	0	86	7	8	1	91	19	13	8
	Country Policy Intention Documents ^6/		272	17	8	5	213	12	17	2	210	21	6	3
	Policy papers ^7/		42	6	5	2	55	22	1	1	63	24	1	1

^{^1/}Refers to documents considered by the IMF Executive Board during the calendar year, and published within six months of the end of the calendar year; e.g. the publication rate for 2014 refers to the documents discussed by the Board in 2014 and published by June 30, 2015.

^{^2/}Data include documents issued for the Board’s consideration in a meeting or on a lapse-of-time basis. It also includes SMPs, which are for information only.

^{^4/}Number of calendar days.

^{^6/}Includes LOIs/MEFPs/TMUs issued in the context of SMPs and PSIs.

^{^7/}Only includes policy papers for which publication is presumed.

Table 4a.

Deletions in Article IV and UFR Staff Reports (2012–14) ^1/^2/

(Percent of all published reports, unless otherwise indicated)

^{^1/}Refers to documents considered by the Board during the calendar year, and published within six months of the end of the calendar year; e.g. the publication rate for 2014 refers to the documents discussed by the Board in 2014 and published by June 30, 2015.

^{^2/}Because a single report can have deletions falling into multiple categories, e.g., exchange rate, financial sector and/or other areas, there is no fixed relationship between the second column and the third and fourth column under each year.

Table 4a.

Deletions in Article IV and UFR Staff Reports (2012–14) ^1/^2/

(Percent of all published reports, unless otherwise indicated)

			2012				2013				2014
				With deletions	With deletions on exch. rate issues	With deletions on fin. sector issues		With deletions	With deletions on exch. rate issues	With deletions on fin. sector issues		With deletions	With deletions on exch. rate issues	With deletions on fin. sector issues
Reports by group ^3/			Number published				Number published				Number published
All Article IV and UFR reports			178	18	4	11	179	17	4	8	180	19	6	7
	Advanced markets		35	23	3	20	41	32	2	27	39	23	0	8
		EU	23	26	0	26	31	39	3	32	26	12	0	4
		Other Europe	4	25	0	25	4	25	0	25	3	0	0	0
		ROW	8	13	13	0	6	0	0	0	10	60	0	20
	Emerging markets		73	26	10	15	73	19	7	4	80	26	11	11
	Developing countries		70	7	0	3	65	5	2	2	61	8	2	0
	Emerging market and developing countries		143	17	5	9	138	12	4	3	141	18	7	6
		Africa	49	2	0	0	52	8	2	2	45	9	0	2
		Asia	26	12	8	0	22	14	9	0	24	21	4	0
		Central and Eastern Europe	16	13	0	6	15	7	0	7	13	15	0	0
		CIS and Mongolia	15	40	27	13	12	25	17	0	12	58	42	33
		Middle East	15	13	7	7	15	20	0	7	19	16	5	0
		Western Hemisphere	22	45	0	41	22	14	5	5	28	32	11	14

Table 4a.

Deletions in Article IV and UFR Staff Reports (2012–14) ^1/^2/

(Percent of all published reports, unless otherwise indicated)

			2012				2013				2014
				With deletions	With deletions on exch. rate issues	With deletions on fin. sector issues		With deletions	With deletions on exch. rate issues	With deletions on fin. sector issues		With deletions	With deletions on exch. rate issues	With deletions on fin. sector issues
Reports by group ^3/			Number published				Number published				Number published
All Article IV and UFR reports			178	18	4	11	179	17	4	8	180	19	6	7
	Advanced markets		35	23	3	20	41	32	2	27	39	23	0	8
		EU	23	26	0	26	31	39	3	32	26	12	0	4
		Other Europe	4	25	0	25	4	25	0	25	3	0	0	0
		ROW	8	13	13	0	6	0	0	0	10	60	0	20
	Emerging markets		73	26	10	15	73	19	7	4	80	26	11	11
	Developing countries		70	7	0	3	65	5	2	2	61	8	2	0
	Emerging market and developing countries		143	17	5	9	138	12	4	3	141	18	7	6
		Africa	49	2	0	0	52	8	2	2	45	9	0	2
		Asia	26	12	8	0	22	14	9	0	24	21	4	0
		Central and Eastern Europe	16	13	0	6	15	7	0	7	13	15	0	0
		CIS and Mongolia	15	40	27	13	12	25	17	0	12	58	42	33
		Middle East	15	13	7	7	15	20	0	7	19	16	5	0
		Western Hemisphere	22	45	0	41	22	14	5	5	28	32	11	14

Table 4b.

Deletions in 2014 ^1/

(Percent of all deletions requested by income group and region, unless otherwise indicated)

^{^1/}Figures refer to deletions made to staff reports for Article IV consultations and use of Fund resources as well as associated documents (e.g. selected issues papers, informational annexes, etc.) that went before the Board from January 1, 2014 to December 31, 2014.

^{^2/}Based on World Economic Outlook definitions, including the new definition of Low-Income Developing Countries established in 2014 (http://www.imf.org/external/np/pp/eng/2014/060314.pdf). Also includes discussions held with members’ territories and currency unions in the context of Article IV consultations with their constituent members.

^{^3/}This aggregate includes deletion requests received by country desks and reviewed by SPR; it does not include requests received and rejected by country teams that were not forwarded to SPR for review. Each deletion is counted separately, implying that there may be multiple deletion requests for each document.

^{^4/}Partially rejected deletions include items where only part of the requested deletion was accepted or where the deletion was reformulated and then accepted.

^{^5/}Deletions may be made on the basis of market sensitivity when the material is not already in the public domain, is market-relevant within the near term, and is sufficiently specific to create a clear risk of triggering a disruptive market reaction if disclosed.

^{^6/}Deletions may be made on the basis of premature disclosure of policy intentions where material is not already in the public domain, the information consists of operational details of a policy the authorities intend to implement, and premature disclosure of the operational details would, in itself, seriously undermine the ability of the authorities to implement it.

Table 4b.

Deletions in 2014 ^1/

(Percent of all deletions requested by income group and region, unless otherwise indicated)

								Reason deletion requests were rejected^5/6/
Reports by group ^2/			Number of deletion requests ^3/	Approved	Of which : Partially rejected^4/	Rejected	Rejected, but subsequently approved by management	Information is already in the public domain	Information is sufficiently general not to trigger market disruption in near term	Inclusion of information in Staff report does not impede ability to implement new policy	Other
All Article IV, UFR and combined reports			98	74	9	26	0	12	13	0	0
	Advanced markets		13	62	8	38	0	15	23	0	0
		EU	6	67	0	33	0	33	0	0	0
		Other Europe	0	0	0	0	0	0	0	0	0
		ROW	7	57	14	43	0	0	43	0	0
	Emerging markets		77	77	10	23	0	13	10	0	0
	Developing countries		8	75	0	25	0	0	25	0	0
	Emerging market and developing countries
		Africa	6	100	33	0	0	0	0	0	0
		Asia	9	44	0	56	0	22	33	0	0
		Central and Eastern Europe	2	50	50	50	0	0	50	0	0
		CIS and Mongolia	30	90	10	10	0	3	7	0	0
		Middle East	7	43	0	57	0	29	29	0	0
		Western Hemisphere	31	77	6	23	0	16	6	0	0
	Countries with fixed or crawling pegs or bands		12	42	0	58	0	25	33	0	0
	Countries with other exchange rate regimes		85	79	11	21	0	11	11	0	0

^{^4/}Partially rejected deletions include items where only part of the requested deletion was accepted or where the deletion was reformulated and then accepted.

Table 4b.

Deletions in 2014 ^1/

(Percent of all deletions requested by income group and region, unless otherwise indicated)

								Reason deletion requests were rejected^5/6/
Reports by group ^2/			Number of deletion requests ^3/	Approved	Of which : Partially rejected^4/	Rejected	Rejected, but subsequently approved by management	Information is already in the public domain	Information is sufficiently general not to trigger market disruption in near term	Inclusion of information in Staff report does not impede ability to implement new policy	Other
All Article IV, UFR and combined reports			98	74	9	26	0	12	13	0	0
	Advanced markets		13	62	8	38	0	15	23	0	0
		EU	6	67	0	33	0	33	0	0	0
		Other Europe	0	0	0	0	0	0	0	0	0
		ROW	7	57	14	43	0	0	43	0	0
	Emerging markets		77	77	10	23	0	13	10	0	0
	Developing countries		8	75	0	25	0	0	25	0	0
	Emerging market and developing countries
		Africa	6	100	33	0	0	0	0	0	0
		Asia	9	44	0	56	0	22	33	0	0
		Central and Eastern Europe	2	50	50	50	0	0	50	0	0
		CIS and Mongolia	30	90	10	10	0	3	7	0	0
		Middle East	7	43	0	57	0	29	29	0	0
		Western Hemisphere	31	77	6	23	0	16	6	0	0
	Countries with fixed or crawling pegs or bands		12	42	0	58	0	25	33	0	0
	Countries with other exchange rate regimes		85	79	11	21	0	11	11	0	0

^{^4/}Partially rejected deletions include items where only part of the requested deletion was accepted or where the deletion was reformulated and then accepted.

Table 5a.

Corrections in Article IV and UFR Staff Reports (2012–14) ^1/^2/

(Percent of all published reports, unless otherwise indicated)

^{^1/}Refers to documents considered by the IMF Executive Board during the calendar year, and published within six months of the end of the calendar year; e.g. the publication rate for 2014 refers to the documents discussed by the Board in 2014 and published by June 30, 2015.

^{^2/}Because a single report can have corrections falling into multiple categories, e.g., exchange rate, financial sector and/or other areas, there is no fixed relationship between the second column and the third and fourth column under each year.

Table 5a.

Corrections in Article IV and UFR Staff Reports (2012–14) ^1/^2/

(Percent of all published reports, unless otherwise indicated)

			2012				2013				2014
				With corrections	With corrections for Evident Ambiguity	With corrections for Mischaracteriz-ation		With corrections	With corrections for Evident Ambiguity	With corrections for Mischaracteriz-ation		With corrections	With corrections for Evident Ambiguity	With corrections for Mischaracterization
Reports by group ^3/			Number published				Number published				Number published
All Article IV and UFR reports			178	69	31	16	179	72	41	20	180	74	39	23
	Advanced markets		35	97	66	37	41	93	73	46	39	92	79	33
		EU	23	96	70	35	31	94	74	42	26	85	73	27
		Other Europe	4	100	75	25	4	100	75	75	3	100	67	67
		ROW	8	88	50	50	6	83	67	50	10	100	90	40
	Emerging markets		73	77	36	16	73	89	52	21	80	94	41	31
	Developing countries		70	47	10	4	65	40	8	2	61	38	11	5
	Emerging market and developing countries		143	62	23	10	138	66	31	12	141	70	28	20
		Africa	49	47	8	2	52	56	19	6	45	44	18	9
		Asia	26	62	19	8	22	77	45	27	24	58	25	29
		Central and Eastern Europe	16	75	38	19	15	53	40	13	13	92	54	23
		CIS and Mongolia	15	60	13	7	12	75	25	8	12	75	33	17
		Middle East	15	67	27	20	15	67	33	13	19	89	21	32
		Western Hemisphere	22	86	55	23	22	82	41	9	28	96	43	21

^{^1/}Refers to documents considered by the IMF Executive Board during the calendar year, and published within six months of the end of the calendar year; e.g. the publication rate for 2014 refers to the documents discussed by the Board in 2014 and published by June 30, 2015.

Table 5a.

Corrections in Article IV and UFR Staff Reports (2012–14) ^1/^2/

(Percent of all published reports, unless otherwise indicated)

			2012				2013				2014
				With corrections	With corrections for Evident Ambiguity	With corrections for Mischaracteriz-ation		With corrections	With corrections for Evident Ambiguity	With corrections for Mischaracteriz-ation		With corrections	With corrections for Evident Ambiguity	With corrections for Mischaracterization
Reports by group ^3/			Number published				Number published				Number published
All Article IV and UFR reports			178	69	31	16	179	72	41	20	180	74	39	23
	Advanced markets		35	97	66	37	41	93	73	46	39	92	79	33
		EU	23	96	70	35	31	94	74	42	26	85	73	27
		Other Europe	4	100	75	25	4	100	75	75	3	100	67	67
		ROW	8	88	50	50	6	83	67	50	10	100	90	40
	Emerging markets		73	77	36	16	73	89	52	21	80	94	41	31
	Developing countries		70	47	10	4	65	40	8	2	61	38	11	5
	Emerging market and developing countries		143	62	23	10	138	66	31	12	141	70	28	20
		Africa	49	47	8	2	52	56	19	6	45	44	18	9
		Asia	26	62	19	8	22	77	45	27	24	58	25	29
		Central and Eastern Europe	16	75	38	19	15	53	40	13	13	92	54	23
		CIS and Mongolia	15	60	13	7	12	75	25	8	12	75	33	17
		Middle East	15	67	27	20	15	67	33	13	19	89	21	32
		Western Hemisphere	22	86	55	23	22	82	41	9	28	96	43	21

^{^1/}Refers to documents considered by the IMF Executive Board during the calendar year, and published within six months of the end of the calendar year; e.g. the publication rate for 2014 refers to the documents discussed by the Board in 2014 and published by June 30, 2015.

Table 5b.

Corrections in 2014 ^1/^2/

(Percent of all corrections requested by income group and region, unless otherwise indicated)

^{^1/}Figures refer to corrections made to staff reports for Article IV consultations and use of Fund resources as well as associated documents (e.g. selected issues papers, informational annexes, etc.) that went before the Board from January 1, 2014 to December 31, 2014. They include corrections made both before and after the Board Meeting.

^{^2/}Certain corrections are subject to Staff review as per the Transparency Policy (http://www.imf.org/external/np/pp/eng/2009/102609.pdf) and the 2013 Transparency Policy Review (http://www.imf.org/external/np/pp/eng/2013/051413.pdf). As per the policy, corrections to Staff reports cannot be used to improve the presentation, extend staff’s or the authorities arguments, alter staff’s assessment, or introduce any new information.

^{^4/}This aggregate includes correction requests received by country desks and reviewed by SPR; it does not include requests received and rejected by country teams that were not forwarded to SPR for review. Each correction is counted separately, implying that there may be multiple correction requests for each document.

^{^5/}Partially rejected corrections include items where the requested correction was reclassified or reformulated and then accepted.

^{^6/}Corrections may only be made after the Board date if the correction is brought to the attention of the Board before the conclusion of the Board’s consideration of the document, or the failure to make the correction would undermine the overall value of the publication.

Table 5b.

Corrections in 2014 ^1/^2/

(Percent of all corrections requested by income group and region, unless otherwise indicated)

								Reason correction requests were rejected
			Reports by group ^3/	Number of correction requests ^4/	Approved	Of which: Partially rejected ^5/	Rejected	Rejected, but subsequently approved by management	Alters Staff Assessment	Attempts to Extends argument/improve Introduces new presentation information	Does not meet post-Board criteria ^6/	Other
All Article IV, UFR or combined reports			2,028	86	9	14	0	1	8 4	0	0
	Advanced markets		898	79	10	21	0	2	15 4	0	0
		EU	390	88	12	12	0	2	6 4	1	0
		Other Europe	75	95	16	5	0	4	0 1	0	0
		ROW	433	67	9	33	0	1	26 5	0	0
	Emerging markets		929	92	8	8	0	1	3 4	0	0
	Developing countries		201	93	4	7	0	2	0 3	1	0
	Emerging market and developing countries
		Africa	131	92	2	8	0	0	1 5	2	0
		Asia	225	83	8	17	0	4	3 10	0	0
		Central and Eastern Europe	223	96	9	4	0	1	1 1	1	0
		CIS and Mongolia	82	84	16	16	0	0	5 11	0	0
		Middle East	212	93	5	7	0	2	5 0	0	0
		Western Hemisphere	257	99	8	1	0	0	0 1	0	0
	Countries with fixed or crawling pegs or bands		844	92	9	8	0	1	4 3	0	0
	Countries with other exchange rate regimes		1,184	82	9	18	0	2	11 5	1	0

^{^5/}Partially rejected corrections include items where the requested correction was reclassified or reformulated and then accepted.

Table 5b.

Corrections in 2014 ^1/^2/

(Percent of all corrections requested by income group and region, unless otherwise indicated)

								Reason correction requests were rejected
			Reports by group ^3/	Number of correction requests ^4/	Approved	Of which: Partially rejected ^5/	Rejected	Rejected, but subsequently approved by management	Alters Staff Assessment	Attempts to Extends argument/improve Introduces new presentation information	Does not meet post-Board criteria ^6/	Other
All Article IV, UFR or combined reports			2,028	86	9	14	0	1	8 4	0	0
	Advanced markets		898	79	10	21	0	2	15 4	0	0
		EU	390	88	12	12	0	2	6 4	1	0
		Other Europe	75	95	16	5	0	4	0 1	0	0
		ROW	433	67	9	33	0	1	26 5	0	0
	Emerging markets		929	92	8	8	0	1	3 4	0	0
	Developing countries		201	93	4	7	0	2	0 3	1	0
	Emerging market and developing countries
		Africa	131	92	2	8	0	0	1 5	2	0
		Asia	225	83	8	17	0	4	3 10	0	0
		Central and Eastern Europe	223	96	9	4	0	1	1 1	1	0
		CIS and Mongolia	82	84	16	16	0	0	5 11	0	0
		Middle East	212	93	5	7	0	2	5 0	0	0
		Western Hemisphere	257	99	8	1	0	0	0 1	0	0
	Countries with fixed or crawling pegs or bands		844	92	9	8	0	1	4 3	0	0
	Countries with other exchange rate regimes		1,184	82	9	18	0	2	11 5	1	0

^{^5/}Partially rejected corrections include items where the requested correction was reclassified or reformulated and then accepted.

Table 6.

Members that Published All Article IV/UFR Staff Reports in 2014 ^1/^2/^3/^4/

^{^1/}Includes discussions held with members’ territories and currency unions in the context of Article IV consultations with their constituent members.

^{^2/}The members listed in this table had published all their Article IV and/or all their UFR staff reports considered by the Board in 2014, by

June 30, 2015.

^{^3/}Member countries who published some of their Article IV/UFR staff reports in 2014 are Haiti, Honduras, and Kyrgyz Republic.

^{^4/}This list does not reflect the 39 members and members’ territories that did not have an Article IV or UFR document considered by the Board in 2014: Argentina, Aruba, Brazil, Comoros, Costa Rica, Djibouti, Egypt, Eritrea, Gabon, The Gambia, Guyana, Iceland, Indonesia, Iraq, Ireland, Kosovo, Lao P.D.R., Libya, Maldives, Malta, Mauritania, Micronesia, Mongolia, Montenegro, Nicaragua, Oman, Samoa, São Tomé Príncipe, Serbia, Syria, Tajikistan, Thailand, Togo, Turkmenistan, Uruguay, Uzbekistan, Vanuatu, Venezuela, and Zambia.

Table 7a.

Members Not Publishing Article IV Reports in 2014 ^1/^2/

^{^1/}These member countries had Article IV documents considered by the Board in 2014 (including for discussions with currency unions in the context of Article IV consultations with their constituent members), but had not published these documents by June 30, 2015.

^{^2/}All these countries published Press Releases except Dominica, Equatorial Guinea, and Saint Lucia.

Table 7b.

Members Not Publishing All UFR Staff Reports in 2014 ^1/

^{^1/}These member countries had UFR staff reports considered by the Board in 2014, but had not published all of these documents by June 30, 2015.

^{^2/}Both cases relate to documents requesting to extend Fund arrangements to allow time to complete the final reviews under those arrangements. The authorities published the subsequent program review documents, which referred to the extensions of those arrangements.

^{^3/}This country published a Press Release following Board consideration of this document.

Table 8.

Longest and Shortest Publication Lags for 2014 ^1/^2/^3/

^{^1/}Publication refers to Article IV and UFR documents considered by the Board in 2014, and published by June 30, 2015.

^{^2/}Publication lags refer to calendar days between the Board date and the publication date.

^{^3/}Includes discussions held with members’ territories and currency unions in the context of Article IV consultations with their constituent members.

Table 8.

Longest and Shortest Publication Lags for 2014 ^1/^2/^3/

Shortest Publication Lag			Longest Publication Lag
Board Date	Country^3/	Days	Board Date	Country^3/	Days
4/30/2014	Ukraine	1	8/1/2014	Saint Vincent and the Grenadines	144
7/22/2014	United States	1	5/28/2014	Cabo Verde	120
8/28/2014	Norway	1	3/24/2014	Sudan	113
8/28/2014	Sweden	1	7/21/2014	Congo, Democratic Republic of	113
2/10/2014	Australia	2	1/10/2014	Korea	97
2/10/2014	Barbados	2	6/23/2014	Belize	86
2/10/2014	Israel	2	12/17/2014	Niger	84
6/30/2014	Cyprus	2	12/18/2014	Armenia	83
7/1/2014	France	2	3/31/2014	Niger	80
10/20/2014	Cyprus	2	7/28/2014	Vietnam	80
12/3/2014	Netherlands	2	6/16/2014	Trinidad and Tobago	79
12/15/2014	South Sudan	2	7/11/2014	Saint Kitts and Nevis	77
5/5/2014	Estonia	3	7/11/2014	Saudi Arabia	74
5/5/2014	Lithuania	3	2/21/2014	Nigeria	60
6/20/2014	Solomon Islands	3	7/21/2014	Sri Lanka	59
6/23/2014	Poland	3	2/21/2014	Chad	55
6/30/2014	Bosnia and Herzegovina	3	1/17/2014	Bahamas	49
9/26/2014	Liberia	3	7/21/2014	Congo, Republic of	45
7/7/2014	Spain	3	5/21/2014	Rwanda	43
8/25/2014	Tuvalu	3	4/28/2014	Jordan	42
1/13/2014	Slovenia	4	2/19/2014	Myanmar	37
3/24/2014	Pakistan	4	6/4/2014	Lesotho	37
3/28/2014	Cyprus	4	7/3/2014	Philippines	36
4/17/2014	Portugal	4	12/15/2014	Georgia	36
6/27/2014	Russia	4	6/26/2014	Lebanon	35
8/29/2014	Ukraine	4	1/31/2014	Morocco	34
12/5/2014	Denmark	4	3/26/2014	Haiti	34
12/8/2014	Rwanda	4	12/9/2014	El Salvador	34
12/19/2014	Jamaica	4	5/14/2014	Central African Republic	33
1/8/2014	Poland	5	5/9/2014	Panama	31

^{^1/}Publication refers to Article IV and UFR documents considered by the Board in 2014, and published by June 30, 2015.

^{^2/}Publication lags refer to calendar days between the Board date and the publication date.

^{^3/}Includes discussions held with members’ territories and currency unions in the context of Article IV consultations with their constituent members.

Table 8.

Longest and Shortest Publication Lags for 2014 ^1/^2/^3/

Shortest Publication Lag			Longest Publication Lag
Board Date	Country^3/	Days	Board Date	Country^3/	Days
4/30/2014	Ukraine	1	8/1/2014	Saint Vincent and the Grenadines	144
7/22/2014	United States	1	5/28/2014	Cabo Verde	120
8/28/2014	Norway	1	3/24/2014	Sudan	113
8/28/2014	Sweden	1	7/21/2014	Congo, Democratic Republic of	113
2/10/2014	Australia	2	1/10/2014	Korea	97
2/10/2014	Barbados	2	6/23/2014	Belize	86
2/10/2014	Israel	2	12/17/2014	Niger	84
6/30/2014	Cyprus	2	12/18/2014	Armenia	83
7/1/2014	France	2	3/31/2014	Niger	80
10/20/2014	Cyprus	2	7/28/2014	Vietnam	80
12/3/2014	Netherlands	2	6/16/2014	Trinidad and Tobago	79
12/15/2014	South Sudan	2	7/11/2014	Saint Kitts and Nevis	77
5/5/2014	Estonia	3	7/11/2014	Saudi Arabia	74
5/5/2014	Lithuania	3	2/21/2014	Nigeria	60
6/20/2014	Solomon Islands	3	7/21/2014	Sri Lanka	59
6/23/2014	Poland	3	2/21/2014	Chad	55
6/30/2014	Bosnia and Herzegovina	3	1/17/2014	Bahamas	49
9/26/2014	Liberia	3	7/21/2014	Congo, Republic of	45
7/7/2014	Spain	3	5/21/2014	Rwanda	43
8/25/2014	Tuvalu	3	4/28/2014	Jordan	42
1/13/2014	Slovenia	4	2/19/2014	Myanmar	37
3/24/2014	Pakistan	4	6/4/2014	Lesotho	37
3/28/2014	Cyprus	4	7/3/2014	Philippines	36
4/17/2014	Portugal	4	12/15/2014	Georgia	36
6/27/2014	Russia	4	6/26/2014	Lebanon	35
8/29/2014	Ukraine	4	1/31/2014	Morocco	34
12/5/2014	Denmark	4	3/26/2014	Haiti	34
12/8/2014	Rwanda	4	12/9/2014	El Salvador	34
12/19/2014	Jamaica	4	5/14/2014	Central African Republic	33
1/8/2014	Poland	5	5/9/2014	Panama	31

^{^1/}Publication refers to Article IV and UFR documents considered by the Board in 2014, and published by June 30, 2015.

^{^2/}Publication lags refer to calendar days between the Board date and the publication date.

^{^3/}Includes discussions held with members’ territories and currency unions in the context of Article IV consultations with their constituent members.

Table 9.

Members Requesting Explicit Consent Prior to Publication^1/

^{^1/}Under the Fund’s Transparency Policy, a member country’s consent to publish is typically obtained on a “non-objection” basis. However, a member may “opt out” of the “non-objection” system, in which case the member’s explicit consent is required prior to publication of its country and related policy intention documents. See: http://www.imf.org/external/np/pp/eng/2014/040714.pdf.

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Key Trends in Implementing the Fund's Transparency Policy

Author: International Monetary Fund

Volume/Issue:: Volume 2015: Issue 044

Publisher:: International Monetary Fund

ISBN:: 9781498344272

ISSN:: 2663-3493

Pages:: 14

DOI:: https://doi.org/10.5089/9781498344272.007

Keywords

Albania	Hong Kong SAR	Rwanda
Algeria	Hungary	San Marino
Angola	India	Saudi Arabia
Armenia	Iran, Islamic Republic of	Senegal
Australia	Israel	Seychelles
Austria	Italy	Sierra Leone
Azerbaijan	Jamaica	Singapore
Bahamas, The	Japan	Slovak Republic
Bangladesh	Jordan	Slovenia
Barbados	Kazakhstan	Solomon Islands
Belarus	Kenya	South Africa
Belgium	Kiribati	South Sudan
Belize	Korea	Spain
Benin	Kuwait	Sri Lanka
Bhutan	Latvia	St. Kitts and Nevis
Bolivia	Lebanon	St. Vincent and the Grenadines
Bosnia and Herzegovina	Lesotho	Sudan
Botswana	Liberia	Suriname
Bulgaria	Lithuania	Swaziland
Burkina Faso	Luxembourg	Sweden
Burundi	Macao SAR	Switzerland
Cambodia	Macedonia, FYR	Tanzania
Cameroon	Madagascar	Tonga
Canada	Malawi	Trinidad and Tobago
Cabo Verde	Malaysia	Tunisia
CEMAC	Mali	Turkey
Central African Republic	Marshall Islands	Tuvalu
Chad	Mauritius	Uganda
Chile	Mexico	Ukraine
China	Moldova	United Arab Emirates
Colombia	Morocco	United Kingdom
Congo, Democratic Republic of	Mozambique	United States
Congo, Republic of	Myanmar	Vietnam
Côte d’Ivoire	Namibia	WAEMU
Croatia	Nepal	Yemen
Cyprus	Netherlands	Zimbabwe
Czech Republic	New Zealand
Denmark	Niger
El Salvador	Nigeria
Estonia	Norway
Ethiopia	Pakistan
Euro Area	Palau
Fiji	Panama
Finland	Papua New Guinea
France	Paraguay
Georgia	Peru
Germany	Philippines
Ghana	Poland
Greece	Portugal
Grenada	Qatar
Guatemala	Romania
Guinea-Bissau	Russia

Albania	Hong Kong SAR	Rwanda
Algeria	Hungary	San Marino
Angola	India	Saudi Arabia
Armenia	Iran, Islamic Republic of	Senegal
Australia	Israel	Seychelles
Austria	Italy	Sierra Leone
Azerbaijan	Jamaica	Singapore
Bahamas, The	Japan	Slovak Republic
Bangladesh	Jordan	Slovenia
Barbados	Kazakhstan	Solomon Islands
Belarus	Kenya	South Africa
Belgium	Kiribati	South Sudan
Belize	Korea	Spain
Benin	Kuwait	Sri Lanka
Bhutan	Latvia	St. Kitts and Nevis
Bolivia	Lebanon	St. Vincent and the Grenadines
Bosnia and Herzegovina	Lesotho	Sudan
Botswana	Liberia	Suriname
Bulgaria	Lithuania	Swaziland
Burkina Faso	Luxembourg	Sweden
Burundi	Macao SAR	Switzerland
Cambodia	Macedonia, FYR	Tanzania
Cameroon	Madagascar	Tonga
Canada	Malawi	Trinidad and Tobago
Cabo Verde	Malaysia	Tunisia
CEMAC	Mali	Turkey
Central African Republic	Marshall Islands	Tuvalu
Chad	Mauritius	Uganda
Chile	Mexico	Ukraine
China	Moldova	United Arab Emirates
Colombia	Morocco	United Kingdom
Congo, Democratic Republic of	Mozambique	United States
Congo, Republic of	Myanmar	Vietnam
Côte d’Ivoire	Namibia	WAEMU
Croatia	Nepal	Yemen
Cyprus	Netherlands	Zimbabwe
Czech Republic	New Zealand
Denmark	Niger
El Salvador	Nigeria
Estonia	Norway
Ethiopia	Pakistan
Euro Area	Palau
Fiji	Panama
Finland	Papua New Guinea
France	Paraguay
Georgia	Peru
Germany	Philippines
Ghana	Poland
Greece	Portugal
Grenada	Qatar
Guatemala	Romania
Guinea-Bissau	Russia

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