Annex I. Implementation of Policy Priorities by the Membership
Annex II. Implementation of IMF Deliverables
Annex III. Key IMF Activities since the Spring Meetings
IMF provided financial assistance to members in need.
Access to concessional Fund resources for all Poverty Reduction and Growth Trust (PRGT)-eligible countries and support under the Rapid Financing Instrument (RFI) for all members was increased.
New disbursements under the Rapid Credit Facility and the RFI were approved for Iraq, Nepal and Vanuatu to the tune of $1.3 billion. New arrangements were also approved for Ghana, Guinea-Bissau, Haiti, Kosovo, the Kyrgyz Republic, and São Tomé and Príncipe involving a resource commitment of $1.3 billion. A successor arrangement for Colombia under the Flexible Credit Line (FCL) was approved in the amount of $5.5 billion.
A number of major policy reviews are ongoing or have been completed.
Steps were outlined to operationalize the MD’s action plan on the 2014 Triennial Surveillance Review (TSR) to cover the main building blocks of surveillance.
Operational guidance notes on the FCL and the Precautionary and Liquidity Line (PLL) as well as the new debt limits policy were published. The Crisis Program Review (CPR) is underway to distill lessons from Fund arrangements during the global financial crisis.
Staff published a report laying out initial considerations for the quinquennial review of the method of valuation of the Special Drawing Right (SDR) currency basket.
Analytical and policy work focused on challenges facing the membership.
Staff analyzed policy options to accelerate financing for development and support select SDGs. Work on monetary and financial sector policies focused on the link between monetary policy and financial stability, balance sheet analysis, tackling non-performing loans in Europe, housing finance and real estate booms, and Islamic finance. Analysis of fiscal issues included the nexus between fiscal policy and long-term growth, public investment management frameworks, energy tax and subsidy reform, fiscal consequences of shrinking populations, and fiscal governance reform in the Euro area. Analytical work on structural issues covered topics such as the causes and consequences of inequality, financial inclusion, managing water challenges, and implications of financial deepening for growth and stability in emerging market economies.
Capacity building activities supported the global policy agenda.
Most technical assistance and training has been provided to priority groups, including low-income countries, Arab Countries in Transition, fragile states, small states, the financial sector and highly vulnerable or program countries. In West Africa, capacity building has recently focused on compliance management to boost domestic revenue mobilization. Despite difficult security and political situations, the Fund remained engaged with its members in the Middle East, focusing technical assistance on banking supervision, public financial management, revenue administration, and macroeconomic statistics.
In line with 2014 TSR’s recommendation to strengthen the linkages between surveillance and capacity development, two successful pilot workshops were held in Bangkok and Fiji on macro-financial linkages and strengthening fiscal frameworks for officials from Cambodia, Lao PDR, Myanmar, Vietnam, and Pacific island countries. Online learning has continued to grow strongly and the first online course in French further extended its reach to Sub-Saharan and North Africa. Training delivery through regional technical assistance centers has also increased significantly.