This Work Program (WP) translates the policy priorities and strategic directions laid out in the Spring 2017 Global Policy Agenda (GPA) and the International Monetary and Financial Committee (IMFC) Communiqué into an Executive Board agenda for the next twelve months. The Managing Director’s GPA, welcomed by the IMFC, called on members to continue using supportive policies based on a three-pronged approach to sustain the recovery, to work together within the multilateral framework toward strong and more balanced growth, and to provide economic opportunities for all. It outlined how the Fund would support the membership by promoting efforts to sustain the recovery, lift productivity and increase resilience, and by promoting sustainable policies toward a more inclusive global economy, while facilitating multilateral solutions to global challenges. Where the work extends beyond traditional areas, the WP will focus on macro-relevant issues that are systemically important or relevant for many countries and amenable to change through economic policies.
Accordingly, the Work Program is based on four key elements:
- i.Guide the global policy dialogue, in particular through discussions on the GPA and IMF flagship publications that present the current conjecture and outlook, including trends in financial stability, public finance and external developments. The flagships will also focus on wage dynamics (World Economic Outlook (WEO), Fall 2017), on relationships between household debt, income, and credit, and their implications for financial stability (Global Financial Stability Report (GFSR), Fall 2017), and on fiscal policy options to address rising concerns about inequality (Fiscal Monitor (FM), Fall 2017).
- ii.Support efforts to sustain the recovery, lift productivity, and increase resilience by continuing with supportive polices based on the three-pronged approach. The Board will be briefed on Assessing Fiscal Space—An Update and Stocktaking followed by an Update of Fund Work on Macro-Structural Issues. The Board will discuss the progress in strengthening surveillance during the Interim Comprehensive Surveillance Review.
- iii.Promote sustainable policies toward a more inclusive global economy by analyzing inclusiveness in flagship reports, discussing Second-Generation Fiscal Rules and addressing sustainability issues in the Update on the Application of the Medium-Term Debt Management Strategy, Review of the Low-Income Countries (LIC) Debt Sustainability Framework and Review of the Market-Access Countries (MAC) Debt Sustainability Framework. The Board will discuss how governance and corruption issues have been handled in surveillance and lending in The Role of the Fund in Governance Issues—Review of the Guidance Note—Preliminary Considerations.
- iv.Facilitate multilateral solutions across countries to meet global challenges by looking at Issues in International Taxation and considering Increasing Resilience to Large and Volatile Capital Flows: The Role of Macroprudential Policies. The Board will continue to focus on strengthening the global financial safety net in Adequacy of Fund Resources—Further Considerations; Collaboration Between Regional Financial Arrangements (RFA) and the IMF; Adequacy of the Global Financial Safety Net—Review of the FCL and PLL, and Proposals for Toolkit Reform; and Proposal for a New Policy Coordination Instrument.