IMF Policy Paper: Key Trends in Implementing the Fund’s Transparency Policy

Key Trends in Implementing the Fund's Transparency Policy

Abstract

Key Trends in Implementing the Fund's Transparency Policy

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, updating the previous annual report on Key Trends with information on documents considered by the Board in 2015. Staff analyzes these trends in depth in the context of periodic reviews of the Fund’s Transparency Policy.

Table 1.

Trends in Publication Rates (2013-15) 1/2/

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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 2015 refers to documents discussed by the Board in 2015 and published by June 30, 2016. SMPs, which are for information only, are also included.

Data include documents issued for the Board’s consideration in a meeting or on a lapse-of-time basis.

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

UFR staff reports include requests and reviews but exclude extensions and modifications, in accordance with the Transparency Policy.

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.

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.

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

Includes LOIs/MEFPs and TMUs issued in the context of SMPs and PSIs.

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 (2013-15) 1/

(By economic and regional characteristics)

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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 2015 refers to the documents discussed by the Board in 2015 and published by June 30, 2016.

Based on World Economic Outlook definitions. 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 (2013-15) 1/2/

(By type of reports, and by economic and regional characteristics)

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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 2015 refers to the documents discussed by the Board in 2015 and published by June 30, 2016. Publication lags refer to calendar days between the Board date and the publication date.

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.

Based on World Economic Outlook definitions. Also includes discussions held with members’ territories and currency unions in the context of Article IV consultations with their constituent members.

Number of calendar days.

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.

Includes LOIs/MEFPs/TMUs issued in the context of SMPs and PSIs.

Only includes policy papers for which publication is presumed.

Table 4a.

Deletions in Article IV and UFR Staff Reports (2013-15) 1/2/

(Percent of all published reports, unless otherwise indicated)

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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 2015 refers to the documents discussed by the Board in 2015 and published by June 30, 2016.

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.

Based on World Economic Outlook definitions. Also includes discussions held with members’ territories and currency unions in the context of Article IV consultations with their constituent members.

Table 4b.

Deletions in 20151/

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

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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, 2015 to December 31, 2015.

Based on World Economic Outlook definitions. Also includes discussions held with members’ territories and currency unions in the context of Article IV consultations with their constituent members.

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.

Partially rejected deletions include items where only part of the requested deletion was accepted or where the deletion was reformulated and then accepted.

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 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

Deletions my 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 5a.

Corrections in Article IV and UFR Staff Reports (2013-15)1/2/

(Percent of all published reports, unless otherwise indicated)

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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 2015 refers to the documents discussed by the Board in 2015 and published by June 30, 2016.

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.

Based on World Economic Outlook definitions. Also includes discussions held with members’ territories and currency unions in the context of Article IV consultations with their constituent members.

Table 5b.

Corrections in 2015 1/2/

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

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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, 2015 to December 31, 2015.

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.

Based on World Economic Outlook definitions. Also includes discussions held with members’ territories and currency unions in the context of Article IV consultations with their constituent members.

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.

Partially rejected corrections include items where the requested correction was reclassified or reformulated and then accepted.

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 6.

Members that Published All Article IV/UFR Staff Reports in 2015 1/2/3/4/

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

The members listed in this table had published all their Article IV and/or all their UFR staff reports considered by the Board in 2015, by June 30, 2016.

Member countries who published at least one of their Article IV/UFR staff reports in 2015 are Central African Republic, Comoros, Djibouti, and Dominica.

This list does not reflect the 48 members and members’ territories that did not have an Article IV or UFR document considered by the Board in 2015: Algeria, Antigua and Barbuda, Argentina, Austria, Azerbaijan, Bahrain, Bhutan, Botswana, Cabo Verde, Denmark, Dominican Republic, El Salvador, Eritrea, Fiji, Georgia, Greece, Guatemala, Guyana, Hong Kong SAR, Lesotho, Libya, Macao SAR, Marshall Islands, Mauritius, Netherlands, New Zealand, Nicaragua, Palau, Romania, Rwanda, Senegal, Slovak Republic, South Africa, South Sudan, Sri Lanka, St. Lucia, Sudan, Suriname, Syria, Tanzania, Timor-Leste, Trinidad and Tobago, Turkey, Tuvalu, United Kingdom, Venezuela, Vietnam, Yemen, and Zimbabwe.

Table 7a.

Members Not Publishing Article IV Reports in 20151/2/

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These members had Article IV documents considered by the Board in 2015 (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, 2016.

All these members published Press Releases except Dominica and Suriname.

Table 7b.

Members Not Publishing All UFR Staff Reports in 2015 1/

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These members had UFR staff reports considered by the Board in 2015, but had not published all of these documents by June 30, 2016. UFR staff reports include requests and reviews but exclude extensions and modifications, in accordance with the Transparency Policy.

This member published a Press Release following Board consideration of this document.

Table 8.

Longest and Shortest Publication Lags for 2015 1/2/3/

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Publication refers to Article IV and UFR documents considered by the Board in 2015, and published by June 30, 2016.

Publication lags refer to calendar days between the Board date and the publication date.

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 Publication1/

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Under the Transparency Policy, a member’s consent to publish is typically obtained on a “nonobjection” 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.

Key Trends in Implementing the Fund's Transparency Policy
Author: International Monetary Fund