Key Trends in Implementing the Fund's Transparency Policy

International Monetary Fund. Strategy, Policy, &amp; Review Department

doi:10.5089/9781498307208.007.A001

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Key Trends in Implementing the Fund's Transparency Policy

Author: International Monetary Fund. Strategy, Policy, & and Review Department

Publication Date:: 16 Jan 2018

eISBN:: 9781498307208

Language:: English

Keywords:: PP; staff report; country; country policy intention document; member country; Article IV; country team; UFR staff report; publication lag

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The IMF’s transparency policy allows for the deletion of market-sensitive information and premature disclosure of the authorities’ policy intentions in published staff reports and other documents. The Report prepared by IMF staff and completed on December 6, 2017 has been released. The staff report was issued to the Executive Board for information. The report was prepared by IMF staff. The views expressed in this paper are those of the IMF staff and do not necessarily represent the views of the IMF's Executive Board.

Abstract

Table 1.

Trends in Publication Rates (2014–16) ^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 2016 refers to documents discussed by the Board in 2016 and published by June 30, 2017.

^{^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.

^{^5/}Does not include authorities’ statements that are included in ROSCs. Includes Executive Directors’ Statements and “right of reply” documents.

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

^{^7/}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 (2014–16) ^1/^2/

			2014		2015		2016
Type of Report			Reports discussed	Published (percent)	Reports discussed	Published (percent)	Reports discussed	Published (percent)
All Documents			984	93	922	92	913	92
Staff Reports			220	93	217	94	201	96
	Article IV, UFR, or Combined		193	93	188	94	186	96
		Stand-alone Article IV ^3/	112	92	113	92	115	95
		Article IV combined with UFR, PPM, SMP, EPA, PSI	20	90	14	100	17	94
		Stand-alone UFR	61	97	61	95	54	100
	Stand-alone PPM, SMP, EPA, EPE, PSI		22	95	27	93	15	93
	Joint Staff Advisory Note		5	60	1	100	0	n/a
	HIPC Country Papers		0	n/a	1	100	0	n/a
Selected Issues/Statistical Annexes			78	90	84	90	93	89
FSSAs			10	70	9	78	12	92
ROSCs ^4/			32	72	20	90	25	80
Article IV Press Releases			108	92	102	98	120	96
UFR and PSI Chairman’s statements			92	99	80	95	53	100
Authorities’ statements ^5/			151	99	149	95	165	100
Country Policy Intention Documents			218	96	182	91	170	100
	LOIs/MEFPs ^6/		134	97	118	93	114	100
	TMUs ^6/		74	99	56	93	56	100
	PRS documents		10	70	8	50	0	n/a
All Policy Papers			75	84	79	80	74	78
	Policy Papers that are presumed to be published ^7/		66	95	68	93	62	94

^{^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.

^{^5/}Does not include authorities’ statements that are included in ROSCs. Includes Executive Directors’ Statements and “right of reply” documents.

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

^{^7/}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 (2014–16) ^1/^2/

			2014		2015		2016
Type of Report			Reports discussed	Published (percent)	Reports discussed	Published (percent)	Reports discussed	Published (percent)
All Documents			984	93	922	92	913	92
Staff Reports			220	93	217	94	201	96
	Article IV, UFR, or Combined		193	93	188	94	186	96
		Stand-alone Article IV ^3/	112	92	113	92	115	95
		Article IV combined with UFR, PPM, SMP, EPA, PSI	20	90	14	100	17	94
		Stand-alone UFR	61	97	61	95	54	100
	Stand-alone PPM, SMP, EPA, EPE, PSI		22	95	27	93	15	93
	Joint Staff Advisory Note		5	60	1	100	0	n/a
	HIPC Country Papers		0	n/a	1	100	0	n/a
Selected Issues/Statistical Annexes			78	90	84	90	93	89
FSSAs			10	70	9	78	12	92
ROSCs ^4/			32	72	20	90	25	80
Article IV Press Releases			108	92	102	98	120	96
UFR and PSI Chairman’s statements			92	99	80	95	53	100
Authorities’ statements ^5/			151	99	149	95	165	100
Country Policy Intention Documents			218	96	182	91	170	100
	LOIs/MEFPs ^6/		134	97	118	93	114	100
	TMUs ^6/		74	99	56	93	56	100
	PRS documents		10	70	8	50	0	n/a
All Policy Papers			75	84	79	80	74	78
	Policy Papers that are presumed to be published ^7/		66	95	68	93	62	94

^{^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.

^{^5/}Does not include authorities’ statements that are included in ROSCs. Includes Executive Directors’ Statements and “right of reply” documents.

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

^{^7/}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 (2014–16)^1/

(By economic and regional characteristics)

^{^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 2016 refers to the documents discussed by the Board in 2016 and published by June 30, 2017.

^{^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 (2014–16)^1/

(By economic and regional characteristics)

		2014		2015		2016
Reports by group ^2/		Reports discussed	Published (percent)	Reports discussed	Published (percent)	Reports discussed	Published (percent)
Article IV, UFR and combined staff reports ^3/		193	93	188	94	186	96
	Advanced markets	39	100	30	100	34	100
	Emerging markets	88	91	81	94	91	92
	Developing countries	66	92	77	91	61	100
Emerging market and developing countries ^3/		154	92	158	92	152	95
	Africa	46	98	51	96	44	100
	Asia	26	92	28	93	28	96
	Central and Eastern Europe	13	100	15	100	17	100
	CIS and Mongolia	13	92	13	77	10	90
	Middle East	20	95	20	90	14	86
	Western Hemisphere	36	78	31	90	39	92

^{^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 2016 refers to the documents discussed by the Board in 2016 and published by June 30, 2017.

^{^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 (2014–16)^1/

(By economic and regional characteristics)

		2014		2015		2016
Reports by group ^2/		Reports discussed	Published (percent)	Reports discussed	Published (percent)	Reports discussed	Published (percent)
Article IV, UFR and combined staff reports ^3/		193	93	188	94	186	96
	Advanced markets	39	100	30	100	34	100
	Emerging markets	88	91	81	94	91	92
	Developing countries	66	92	77	91	61	100
Emerging market and developing countries ^3/		154	92	158	92	152	95
	Africa	46	98	51	96	44	100
	Asia	26	92	28	93	28	96
	Central and Eastern Europe	13	100	15	100	17	100
	CIS and Mongolia	13	92	13	77	10	90
	Middle East	20	95	20	90	14	86
	Western Hemisphere	36	78	31	90	39	92

^{^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 2016 refers to the documents discussed by the Board in 2016 and published by June 30, 2017.

^{^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 (2014–16)^1/^2/

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

^{^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 2016 refers to the documents discussed by the Board in 2016 and published by June 30, 2017.

^{^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.

^{^5/}Includes LOIs/MEFPs/TMUs issued in the context of SMPs and PSIs.

^{^6/}Only includes policy papers for which publication is presumed.

Table 3.

Trends in Publication Lags (2014–16)^1/^2/

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

			2014				2015				2016
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			180	23	17	8	176	20	17	3	179	16	11	6
	Article IV		103	18	17	8	104	23	17	5	109	19	13	6
	Combined		18	31	33	11	14	23	29	7	16	12	6	0
	UFR		59	21	14	7	58	14	14	0	54	16	9	7
	Advanced markets		39	9	0	0	30	5	0	0	34	6	0	0
	Emerging markets		80	25	21	9	76	19	21	4	84	16	13	8
	Developing countries		61	24	20	8	70	25	20	4	61	17	15	5
	Emerging market and developing countries		141	22	18	4	147	22	21	5	145	18	14	8
		Africa	45	27	24	11	49	19	20	2	44	15	9	2
		Asia	24	20	13	0	26	17	12	0	27	12	15	4
		Central and Eastern Europe	13	15	0	0	16	9	6	0	17	10	0	0
		CIS and Mongolia	12	26	17	2	10	31	40	10	9	24	11	11
		Middle East	19	23	21	2	18	25	17	6	12	26	25	17
		Western Hemisphere	28	21	32	9	28	29	32	11	36	23	22	14
Selected other documents
	FSSAs		7	30	29	14	7	58	57	14	11	25	27	9
	Selected Issues/Statistical Annexes		70	18	21	7	76	23	18	9	83	16	12	4
	Article IV Press Releases		99	18	16	8	100	12	4	1	115	9	3	0
	UFR and PSI Chairman’s statements		91	19	13	8	76	5	4	1	53	0	0	0
	Country Policy Intention Documents ^5/		210	21	6	3	166	2	11	0	170	14	7	6
	Policy papers ^6/		63	24	1	1	63	23	2	1	58	20	2	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 2016 refers to the documents discussed by the Board in 2016 and published by June 30, 2017.

^{^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.

^{^5/}Includes LOIs/MEFPs/TMUs issued in the context of SMPs and PSIs.

^{^6/}Only includes policy papers for which publication is presumed.

Table 3.

Trends in Publication Lags (2014–16)^1/^2/

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

			2014				2015				2016
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			180	23	17	8	176	20	17	3	179	16	11	6
	Article IV		103	18	17	8	104	23	17	5	109	19	13	6
	Combined		18	31	33	11	14	23	29	7	16	12	6	0
	UFR		59	21	14	7	58	14	14	0	54	16	9	7
	Advanced markets		39	9	0	0	30	5	0	0	34	6	0	0
	Emerging markets		80	25	21	9	76	19	21	4	84	16	13	8
	Developing countries		61	24	20	8	70	25	20	4	61	17	15	5
	Emerging market and developing countries		141	22	18	4	147	22	21	5	145	18	14	8
		Africa	45	27	24	11	49	19	20	2	44	15	9	2
		Asia	24	20	13	0	26	17	12	0	27	12	15	4
		Central and Eastern Europe	13	15	0	0	16	9	6	0	17	10	0	0
		CIS and Mongolia	12	26	17	2	10	31	40	10	9	24	11	11
		Middle East	19	23	21	2	18	25	17	6	12	26	25	17
		Western Hemisphere	28	21	32	9	28	29	32	11	36	23	22	14
Selected other documents
	FSSAs		7	30	29	14	7	58	57	14	11	25	27	9
	Selected Issues/Statistical Annexes		70	18	21	7	76	23	18	9	83	16	12	4
	Article IV Press Releases		99	18	16	8	100	12	4	1	115	9	3	0
	UFR and PSI Chairman’s statements		91	19	13	8	76	5	4	1	53	0	0	0
	Country Policy Intention Documents ^5/		210	21	6	3	166	2	11	0	170	14	7	6
	Policy papers ^6/		63	24	1	1	63	23	2	1	58	20	2	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 2016 refers to the documents discussed by the Board in 2016 and published by June 30, 2017.

^{^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.

^{^5/}Includes LOIs/MEFPs/TMUs issued in the context of SMPs and PSIs.

^{^6/}Only includes policy papers for which publication is presumed.

Table 4a.

Deletions in Article IV and UFR Staff Reports (2014–16) ^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 2016 refers to the documents discussed by the Board in 2016 an d pu blish ed by Jun e 30, 2017.

^{^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.

^{^3/}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 4a.

Deletions in Article IV and UFR Staff Reports (2014–16) ^1/^2/

(Percent of all published reports, unless otherwise indicated)

			2014				2015				2016
Reports by group ^3/			Number published	With deletions	With deletions on exch. rate issues	With deletions on fin. sector issues	Number published	With deletions	With deletions on exch. rate issues	With deletions on fin. sector issues	Number published	With deletions	With deletions on exch. rate issues	With deletions on fin. sector issues
All Article IV and UFR reports			180	19	6	7	176	11	4	7	179	12	4	7
	Advanced markets		39	23	0	8	30	13	3	10	34	12	3	12
		EU	26	12	0	4	18	11	0	11	22	18	5	18
		Other Europe	3	0	0	0	4	50	25	25	4	0	0	0
		ROW	10	60	0	20	7	0	0	0	7	0	0	0
	Emerging markets		80	26	11	11	76	16	7	11	84	19	6	10
	Developing countries		61	8	2	0	70	4	1	3	61	2	2	0
	Emerging market and developing countries		141	18	7	6	147	10	4	7	145	12	4	6
		Africa	45	9	0	2	49	2	0	2	44	2	0	2
		Asia	24	21	4	0	26	8	4	8	27	7	7	0
		Central and Eastern Europe	13	15	0	0	16	6	0	6	17	12	0	12
		CIS and Mongolia	12	58	42	33	10	30	10	20	9	22	22	11
		Middle East	19	16	5	0	18	11	11	6	12	33	17	8
		Western Hemisphere	28	32	11	14	28	21	7	11	36	17	3	8

Table 4a.

Deletions in Article IV and UFR Staff Reports (2014–16) ^1/^2/

(Percent of all published reports, unless otherwise indicated)

			2014				2015				2016
Reports by group ^3/			Number published	With deletions	With deletions on exch. rate issues	With deletions on fin. sector issues	Number published	With deletions	With deletions on exch. rate issues	With deletions on fin. sector issues	Number published	With deletions	With deletions on exch. rate issues	With deletions on fin. sector issues
All Article IV and UFR reports			180	19	6	7	176	11	4	7	179	12	4	7
	Advanced markets		39	23	0	8	30	13	3	10	34	12	3	12
		EU	26	12	0	4	18	11	0	11	22	18	5	18
		Other Europe	3	0	0	0	4	50	25	25	4	0	0	0
		ROW	10	60	0	20	7	0	0	0	7	0	0	0
	Emerging markets		80	26	11	11	76	16	7	11	84	19	6	10
	Developing countries		61	8	2	0	70	4	1	3	61	2	2	0
	Emerging market and developing countries		141	18	7	6	147	10	4	7	145	12	4	6
		Africa	45	9	0	2	49	2	0	2	44	2	0	2
		Asia	24	21	4	0	26	8	4	8	27	7	7	0
		Central and Eastern Europe	13	15	0	0	16	6	0	6	17	12	0	12
		CIS and Mongolia	12	58	42	33	10	30	10	20	9	22	22	11
		Middle East	19	16	5	0	18	11	11	6	12	33	17	8
		Western Hemisphere	28	32	11	14	28	21	7	11	36	17	3	8

Table 4b.

Deletions in 2016^1/

(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 that went before the Board from January 1, 2016 to December 31, 2016.

^{^2/}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.

^{^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 2016^1/

(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			66	70	27	30	0	8	12	3	8
	Advanced markets		14	64	14	36	0	14	14	0	7
		EU	12	75	17	25	0	0	17	0	8
		Other Europe	1	0	0	100	0	100	0	0	0
		ROW	1	0	0	100	0	0	0	0	0
	Emerging markets		50	72	30	28	0	6	10	4	8
	Developing countries		2	50	50	50	0	0	50	0	0
	Emerging market and developing countries
		Africa	1	100	100	0	0	0	0	0	0
		Asia	3	67	67	33	0	0	0	0	33
		Central and Eastern Europe	4	50	25	50	0	50	0	0	0
		CIS and Mongolia	6	67	50	33	0	0	0	0	33
		Middle East	22	82	23	18	0	0	9	9	0
		Western Hemisphere	16	63	25	38	0	6	25	0	6
	Countries with fixed or crawling pegs or bands		36	69	31	31	0	6	17	6	3
	Countries with other exchange rate regimes		24	63	29	38	0	13	8	0	17

^{^1/}Figures refer to deletions made to staff reports for Article IV consultations and use of Fund resources that went before the Board from January 1, 2016 to December 31, 2016.

^{^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 2016^1/

(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			66	70	27	30	0	8	12	3	8
	Advanced markets		14	64	14	36	0	14	14	0	7
		EU	12	75	17	25	0	0	17	0	8
		Other Europe	1	0	0	100	0	100	0	0	0
		ROW	1	0	0	100	0	0	0	0	0
	Emerging markets		50	72	30	28	0	6	10	4	8
	Developing countries		2	50	50	50	0	0	50	0	0
	Emerging market and developing countries
		Africa	1	100	100	0	0	0	0	0	0
		Asia	3	67	67	33	0	0	0	0	33
		Central and Eastern Europe	4	50	25	50	0	50	0	0	0
		CIS and Mongolia	6	67	50	33	0	0	0	0	33
		Middle East	22	82	23	18	0	0	9	9	0
		Western Hemisphere	16	63	25	38	0	6	25	0	6
	Countries with fixed or crawling pegs or bands		36	69	31	31	0	6	17	6	3
	Countries with other exchange rate regimes		24	63	29	38	0	13	8	0	17

^{^1/}Figures refer to deletions made to staff reports for Article IV consultations and use of Fund resources that went before the Board from January 1, 2016 to December 31, 2016.

^{^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 (2014–16)^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 2016 refers to the documents discussed by the B oard in 2016 and publi shed by Ju ne 30, 2017.

^{^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 (2014–16)^1/^2/

(Percent of all published reports, unless otherwise indicated)

			2014				2015				2016
Reports by group ^3/			Number published	With corrections	With corrections for evident ambiguity	With corrections for mischaracterization	Number published	With corrections	With corrections for evident ambiguity	With corrections for mischaracterization	Number published	With corrections	With corrections for evident ambiguity	With corrections for mischaracterization
All Article IV and UFR reports			180	74	39	23	176	76	45	18	179	78	53	18
	Advanced markets		39	92	79	33	30	97	80	57	34	94	82	35
		EU	26	85	73	27	18	83	89	67	22	91	77	32
		Other Europe	3	100	67	67	4	100	50	25	4	100	75	50
		ROW	10	100	90	40	7	100	71	57	7	100	100	29
	Emerging markets		80	94	41	31	76	96	62	16	84	100	67	19
	Developing countries		61	38	11	5	70	46	11	4	61	39	18	7
	Emerging market and developing countries		141	70	28	20	147	72	38	10	145	74	46	14
		Africa	45	44	18	9	49	57	12	4	44	57	25	5
		Asia	24	58	25	29	26	69	42	8	27	70	52	19
		Central and Eastern Europe	13	92	54	23	16	88	50	0	17	100	59	18
		CIS and Mongolia	12	75	33	17	10	100	60	20	9	100	44	11
		Middle East	19	89	21	32	18	83	50	22	12	92	67	25
		Western Hemisphere	28	96	43	21	28	89	57	18	36	81	61	19

^{^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 2016 refers to the documents discussed by the B oard in 2016 and publi shed by Ju ne 30, 2017.

Table 5a.

Corrections in Article IV and UFR Staff Reports (2014–16)^1/^2/

(Percent of all published reports, unless otherwise indicated)

			2014				2015				2016
Reports by group ^3/			Number published	With corrections	With corrections for evident ambiguity	With corrections for mischaracterization	Number published	With corrections	With corrections for evident ambiguity	With corrections for mischaracterization	Number published	With corrections	With corrections for evident ambiguity	With corrections for mischaracterization
All Article IV and UFR reports			180	74	39	23	176	76	45	18	179	78	53	18
	Advanced markets		39	92	79	33	30	97	80	57	34	94	82	35
		EU	26	85	73	27	18	83	89	67	22	91	77	32
		Other Europe	3	100	67	67	4	100	50	25	4	100	75	50
		ROW	10	100	90	40	7	100	71	57	7	100	100	29
	Emerging markets		80	94	41	31	76	96	62	16	84	100	67	19
	Developing countries		61	38	11	5	70	46	11	4	61	39	18	7
	Emerging market and developing countries		141	70	28	20	147	72	38	10	145	74	46	14
		Africa	45	44	18	9	49	57	12	4	44	57	25	5
		Asia	24	58	25	29	26	69	42	8	27	70	52	19
		Central and Eastern Europe	13	92	54	23	16	88	50	0	17	100	59	18
		CIS and Mongolia	12	75	33	17	10	100	60	20	9	100	44	11
		Middle East	19	89	21	32	18	83	50	22	12	92	67	25
		Western Hemisphere	28	96	43	21	28	89	57	18	36	81	61	19

^{^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 2016 refers to the documents discussed by the B oard in 2016 and publi shed by Ju ne 30, 2017.

Table 5b.

Corrections in 2016 ^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 that went before the Board from January 1, 2016 to December 31, 2016.

^{^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 2016 ^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 improve presentation	Extends argument/Introduces new information	Does not meet post-Board criteria ^6/	Other
All Article IV, UFR or combined reports			1,557	92	11	8	0	1	3	3	0	0
	Advanced markets		538	94	10	6	0	0	2	4	0	0
		EU	288	93	12	7	0	0	3	4	0	0
		Other Europe	36	97	14	3	0	0	0	3	0	0
		ROW	199	93	8	7	0	0	2	5	0	0
	Emerging markets		917	91	12	9	0	1	4	3	1	0
	Developing countries		102	92	10	8	0	0	4	3	0	1
	Emerging market and developing countries
		Africa	141	90	11	10	0	0	5	3	2	0
		Asia	228	92	10	8	0	0	4	4	0	0
		Central and Eastern Europe	173	96	10	4	0	1	2	1	0	0
		CIS and Mongolia	59	90	12	10	0	2	5	2	0	2
		Middle East	104	90	13	10	0	3	1	3	0	3
		Western Hemisphere	329	89	13	11	0	1	5	4	0	0
	Countries with fixed or crawling pegs or bands		537	88	17	12	0	1	5	4	0	1
	Countries with other exchange rate regimes		753	92	11	8	0	0	3	4	0	0

^{^1/}Figures refer to corrections made to staff reports for Article IV consultations and use of Fund resources that went before the Board from January 1, 2016 to December 31, 2016.

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

Table 5b.

Corrections in 2016 ^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 improve presentation	Extends argument/Introduces new information	Does not meet post-Board criteria ^6/	Other
All Article IV, UFR or combined reports			1,557	92	11	8	0	1	3	3	0	0
	Advanced markets		538	94	10	6	0	0	2	4	0	0
		EU	288	93	12	7	0	0	3	4	0	0
		Other Europe	36	97	14	3	0	0	0	3	0	0
		ROW	199	93	8	7	0	0	2	5	0	0
	Emerging markets		917	91	12	9	0	1	4	3	1	0
	Developing countries		102	92	10	8	0	0	4	3	0	1
	Emerging market and developing countries
		Africa	141	90	11	10	0	0	5	3	2	0
		Asia	228	92	10	8	0	0	4	4	0	0
		Central and Eastern Europe	173	96	10	4	0	1	2	1	0	0
		CIS and Mongolia	59	90	12	10	0	2	5	2	0	2
		Middle East	104	90	13	10	0	3	1	3	0	3
		Western Hemisphere	329	89	13	11	0	1	5	4	0	0
	Countries with fixed or crawling pegs or bands		537	88	17	12	0	1	5	4	0	1
	Countries with other exchange rate regimes		753	92	11	8	0	0	3	4	0	0

^{^1/}Figures refer to corrections made to staff reports for Article IV consultations and use of Fund resources that went before the Board from January 1, 2016 to December 31, 2016.

^{^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 2016 ^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 2016, by Ju ne 30, 2017.

^{^3/}Member countries who published some of their Article IV/UFR staff reports in 2016 are Ecuador and Suriname.

^{^4/}This list does not reflect the 43 members and members’ territories that did not have an Article IV or UFR document considered by the Board in 2016: Angola , Aruba, Australia, Benin, Burundi, Cameroon, Congo (Democratic Republic of) Congo (Republic of), Djibouti, Eritrea, Estonia, Gambia, Greece, Iran, Israel, Kazakhstan, Kuwait, Laos, Libya, Macao SAR, Micronesia, Mongolia, Mozambique, Myanmar, Nauru, Nepal, Qatar, Rwanda, Samoa, Seychelles, Somalia, South Sudan, Spain, Swaziland, Syria, Tajikistan, Togo, Turkmenistan, Uganda, Uzbekistan, Venezuela, Yemen, and Zambia.

Table 7(a)

Members Not Publishing Article IV Reports in 2016 ^1/^2/

^{^1/}These member countries had Article IV documents considered by the Board in 2016 (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, 2017.

^{^2/}All these countries published Press Releases except Antigua and Barbuda, Ecuador, Georgia, and Oman.

Table 7(b)

Members Not Publishing All UFR Staff Reports in 2016^1/

^{^1/}These member countries had UFR staff reports considered by the Board in 2016, but had not published all of these documents by June 30, 2017.

Table 8.

Longest and Shortest Publication Lags for 2016 ^1/^2/^3/

^{^1/}Publication refers to Article IV and UFR documents considered by the Board in 2016, and published by June 30, 2017.

^{^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 2016 ^1/^2/^3/

Shortest Publication Lag			Longest Publication Lag
Board Date	Country^3/	Days	Board Date	Country^3/	Days
1/13/2016	Poland	0	2/19/2016	Dominican Republic	265
5/27/2016	Mexico	0	12/14/2016	Kyrgyz Republic	170
7/11/2016	France	1	5/23/2016	Panama	163
7/27/2016	Ireland	1	7/13/2016	ECCU	104
11/9/2016	Argentina	1	7/18/2016	Saudi Arabia	87
2/10/2016	Austria	2	11/18/2016	Haiti	80
3/21/2016	Solomon Islands	2	8/29/2016	Equatorial Guinea	79
5/2/2016	Zimbabwe	2	11/11/2016	Egypt	68
5/9/2016	Romania	2	7/8/2016	Ecuador	63
5/16/2016	Algeria	2	11/29/2016	Papua New Guinea	62
6/13/2016	Colombia	2	5/9/2016	Guyana	59
6/20/2016	Iceland	2	5/11/2016	Timor Leste	44
7/6/2016	Euro Area	2	12/12/2016	Lebanon	43
8/31/2016	Serbia	2	7/13/2016	CEMAC	42
9/7/2016	Bosnia and Herzegovina	2	5/20/2016	Trinidad and Tobago	40
9/7/2016	Kiribati	2	9/9/2016	Palau	40
11/7/2016	Moldova	2	9/21/2016	Belize	36
12/7/2016	Chile	2	12/1/2016	Senegal	34
1/11/2016	Slovak Republic	3	6/17/2016	Vietnam	31
2/5/2016	New Zealand	3	10/28/2016	Guinea	31
2/8/2016	Netherlands	3	2/19/2016	Gabon	28
6/15/2016	United Kingdom	3	3/25/2016	Turkey	28
7/25/2016	Marshall Islands	3	7/29/2016	Korea	28
9/16/2016	Jamaica	3	9/7/2016	Sudan	27
11/14/2016	Sweden	3	10/26/2016	Honduras	27
5/6/2016	San Marino	4	3/16/2016	Botswana	26
6/17/2016	Jamaica	4	7/22/2016	Chad	26
6/20/2016	Malawi	4	7/27/2016	Netherlands – Curaçao	26
7/8/2016	United States	4	12/2/2016	Guinea-Bissau	26
7/25/2016	Singapore	4	6/20/2016	Peru	25

^{^1/}Publication refers to Article IV and UFR documents considered by the Board in 2016, and published by June 30, 2017.

^{^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 2016 ^1/^2/^3/

Shortest Publication Lag			Longest Publication Lag
Board Date	Country^3/	Days	Board Date	Country^3/	Days
1/13/2016	Poland	0	2/19/2016	Dominican Republic	265
5/27/2016	Mexico	0	12/14/2016	Kyrgyz Republic	170
7/11/2016	France	1	5/23/2016	Panama	163
7/27/2016	Ireland	1	7/13/2016	ECCU	104
11/9/2016	Argentina	1	7/18/2016	Saudi Arabia	87
2/10/2016	Austria	2	11/18/2016	Haiti	80
3/21/2016	Solomon Islands	2	8/29/2016	Equatorial Guinea	79
5/2/2016	Zimbabwe	2	11/11/2016	Egypt	68
5/9/2016	Romania	2	7/8/2016	Ecuador	63
5/16/2016	Algeria	2	11/29/2016	Papua New Guinea	62
6/13/2016	Colombia	2	5/9/2016	Guyana	59
6/20/2016	Iceland	2	5/11/2016	Timor Leste	44
7/6/2016	Euro Area	2	12/12/2016	Lebanon	43
8/31/2016	Serbia	2	7/13/2016	CEMAC	42
9/7/2016	Bosnia and Herzegovina	2	5/20/2016	Trinidad and Tobago	40
9/7/2016	Kiribati	2	9/9/2016	Palau	40
11/7/2016	Moldova	2	9/21/2016	Belize	36
12/7/2016	Chile	2	12/1/2016	Senegal	34
1/11/2016	Slovak Republic	3	6/17/2016	Vietnam	31
2/5/2016	New Zealand	3	10/28/2016	Guinea	31
2/8/2016	Netherlands	3	2/19/2016	Gabon	28
6/15/2016	United Kingdom	3	3/25/2016	Turkey	28
7/25/2016	Marshall Islands	3	7/29/2016	Korea	28
9/16/2016	Jamaica	3	9/7/2016	Sudan	27
11/14/2016	Sweden	3	10/26/2016	Honduras	27
5/6/2016	San Marino	4	3/16/2016	Botswana	26
6/17/2016	Jamaica	4	7/22/2016	Chad	26
6/20/2016	Malawi	4	7/27/2016	Netherlands – Curaçao	26
7/8/2016	United States	4	12/2/2016	Guinea-Bissau	26
7/25/2016	Singapore	4	6/20/2016	Peru	25

^{^1/}Publication refers to Article IV and UFR documents considered by the Board in 2016, and published by June 30, 2017.

^{^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. Strategy, Policy, & and Review Department

Volume/Issue:: Volume 2018: Issue 003

Publisher:: International Monetary Fund

ISBN:: 9781498307208

ISSN:: 2663-3493

Pages:: 14

DOI:: https://doi.org/10.5089/9781498307208.007

Keywords

Afghanistan, Islamic Republic of	Guinea	Papua New Guinea
Albania	Guinea-Bissau	Paraguay
Algeria	Guyana	Peru
Argentina	Haiti	Philippines
Armenia	Honduras	Poland
Austria	Hong Kong SAR	Portugal
Azerbaijan	Hungary	Romania
Bahamas, The	Iceland	Russia
Bangladesh	India	St. Kitts and Nevis
Barbados	Indonesia	St. Lucia
Belarus	Iraq	St. Vincent and the Grenadines
Belgium	Ireland	San Marino
Belize	Italy	São Tomé Príncipe
Bhutan	Jamaica	Saudi Arabia
Bolivia	Japan	Senegal
Bosnia and Herzegovina	Jordan	Serbia
Botswana	Kenya	Sierra Leone
Brazil	Kiribati	Singapore
Bulgaria	Korea	Slovak Republic
Burkina Faso	Kosovo	Slovenia
Cambodia	Kyrgyz Republic	Solomon Islands
Canada	Latvia	South Africa
Cabo Verde	Lebanon	Sri Lanka
CEMAC	Lesotho	Sudan
Central African Republic	Liberia	Sweden
Chad	Lithuania	Switzerland
Chile	Luxembourg	Tanzania
China	Macedonia, FYR	Thailand
Colombia	Madagascar	Timor-Leste
Comoros	Malawi	Tonga
Costa Ri ca	Malaysia	Trinidad And Tobago
Côte d’Ivoire	Maldives	Tunisia
Croatia	Mali	Turkey
Cyprus	Malta	Tuvalu
Czech Republic	Marshall Islands	Ukraine
Denmark	Mauritania	United Arab Emirates
Dominica	Mauritius	United Kingdom
Dominican Republic	Mexico	United States
ECCU	Moldova	Uruguay
Egypt	Montenegro	Vanuatu
El Salvador	Morocco	Vietnam
Equatorial Guinea	Namibia	WAEMU
Ethiopia	Netherlands	Zimbabwe
Euro Area	Netherlands – Curaçao
Fiji	New Zealand
Finland	Nicaragua
France	Niger
Gabon	Nigeria
Germany	Norway
Ghana	Pakistan
Grenada	Palau
Guatemala	Panama

Afghanistan, Islamic Republic of	Guinea	Papua New Guinea
Albania	Guinea-Bissau	Paraguay
Algeria	Guyana	Peru
Argentina	Haiti	Philippines
Armenia	Honduras	Poland
Austria	Hong Kong SAR	Portugal
Azerbaijan	Hungary	Romania
Bahamas, The	Iceland	Russia
Bangladesh	India	St. Kitts and Nevis
Barbados	Indonesia	St. Lucia
Belarus	Iraq	St. Vincent and the Grenadines
Belgium	Ireland	San Marino
Belize	Italy	São Tomé Príncipe
Bhutan	Jamaica	Saudi Arabia
Bolivia	Japan	Senegal
Bosnia and Herzegovina	Jordan	Serbia
Botswana	Kenya	Sierra Leone
Brazil	Kiribati	Singapore
Bulgaria	Korea	Slovak Republic
Burkina Faso	Kosovo	Slovenia
Cambodia	Kyrgyz Republic	Solomon Islands
Canada	Latvia	South Africa
Cabo Verde	Lebanon	Sri Lanka
CEMAC	Lesotho	Sudan
Central African Republic	Liberia	Sweden
Chad	Lithuania	Switzerland
Chile	Luxembourg	Tanzania
China	Macedonia, FYR	Thailand
Colombia	Madagascar	Timor-Leste
Comoros	Malawi	Tonga
Costa Ri ca	Malaysia	Trinidad And Tobago
Côte d’Ivoire	Maldives	Tunisia
Croatia	Mali	Turkey
Cyprus	Malta	Tuvalu
Czech Republic	Marshall Islands	Ukraine
Denmark	Mauritania	United Arab Emirates
Dominica	Mauritius	United Kingdom
Dominican Republic	Mexico	United States
ECCU	Moldova	Uruguay
Egypt	Montenegro	Vanuatu
El Salvador	Morocco	Vietnam
Equatorial Guinea	Namibia	WAEMU
Ethiopia	Netherlands	Zimbabwe
Euro Area	Netherlands – Curaçao
Fiji	New Zealand
Finland	Nicaragua
France	Niger
Gabon	Nigeria
Germany	Norway
Ghana	Pakistan
Grenada	Palau
Guatemala	Panama

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