Abstract
PRESS RELEASE
Press Release
PRESS RELEASE
PR 22/278
IMF Executive Board Discusses Strategy Towards Mainstreaming Gender at the IMF
FOR IMMEDIATE RELEASE
Washington, DC – July 22, 2022: The Executive Board of the International Monetary Fund (IMF) discussed a strategy paper to support gender mainstreaming at the IMF. The strategy calls for integrating gender into the IMF’s core activities, in accordance with its mandate.
Mainstreaming gender at the IMF starts with the recognition that reducing gender disparities goes hand-in-hand with higher economic growth, greater economic stability and resilience, and lower income inequality. At the same time, economic and financial policies can exacerbate or narrow gender disparities. Well-designed macroeconomic, structural, and financial policies can support efficient and inclusive outcomes and equitably benefit women, girls, and the society in general.
Attention to gender has never been more urgent—the COVID crisis, conflicts, the food and energy crisis and related spike in inflation, and long-standing factors such as climate change have exacerbated pre-existing gender gaps.
The strategy lays out how the IMF can help its member countries address gender disparities in the context of carrying out its core functions—surveillance, lending, and capacity development. This means assessing the macroeconomic consequences of gender gaps where they are macro-critical, evaluating the gender-differentiated impact of shocks and policies, and providing granular and tailored macroeconomic and financial policy advice.
The strategy comprises four key pillars: first, gender-disaggregated data collection and development of modeling tools to enable staff to conduct policy analysis; second, a robust governance framework for an evenhanded approach across members based on the macro-criticality of gender; third, strengthening collaboration with external partners to benefit from knowledge sharing and peer learning, leverage complementarities, and maximize the impact on the ground; and fourth, the efficient use of resources allocated to gender by putting in place a central unit for realizing scale economies and supporting country teams.
Executive Board Assessment1
Executive Directors welcomed the opportunity to discuss the IMF Strategy Toward Mainstreaming Gender. They noted that the strategy is particularly timely given the current economic uncertainties and recent shocks, which are exacerbating pre-existing gender gaps.
Directors recognized that reducing gender inequality can increase economic growth, reduce inequality, and foster economic and financial resilience. Well-designed macroeconomic and financial policies can support efficient and inclusive outcomes and equitably benefit women, girls, and the society in general. In this light, Directors broadly supported the strategy, with most concurring that narrowing macrocritical gender gaps falls squarely within the IMF’s mandate. They noted that the Fund has an important role to play in mainstreaming gender in its core activities when it is deemed macrocritical. A number of Directors considered that, given its mandate and core competencies, the role of the IMF in tackling gender disparities is relatively limited. A few other Directors saw merit in defining SMART goals and objectives in the operationalization of the strategy.
Directors concurred with the strategy’s focus on four pillars: (i) empowering country teams to provide tailored and granular policy advice to countries by developing and deepening tools for modeling and data analysis and creating a centralized data hub offering comparable, cross-country gender-related indicators; (ii) establishing a robust governance framework and a supportive internal organizational structure to promote wider buy-in from staff and ownership from country authorities and key stakeholders, and ensure that macrocritical aspects of gender are integrated in country work in an evenhanded manner by relying on a combination of a top-down and a bottom-up approach; (iii) deepening collaboration with other international partners, such as the World Bank Group and UN Women, to benefit from knowledge sharing and peer learning, leverage complementarities, and maximize the impact on the ground; and (iv) efficiently utilizing resources allocated to gender by realizing economies of scale and avoiding duplication of effort. On data, Directors highlighted the importance of supporting members with data capacity constraints, with some cautioning against placing additional resource pressures for data collection on member countries and the Fund. On collaboration, a few Directors expressed reservations regarding the involvement of CSOs and NGOs as external funding partners.
Directors broadly agreed on the importance of integrating gender in the IMF’s core functions—surveillance, lending, and capacity development (CD). They noted that member countries may have different challenges and characteristics that are at the core of gender gaps, and that country circumstances require a tailored and granular approach by Fund staff that avoids overly standardized recommendations. Staff will need to engage closely with country authorities on these issues in both surveillance and program contexts while also being mindful of cultural and other sensitivities. A few Directors emphasized that Fund engagement should remain targeted to macroeconomic objectives.
Directors agreed that where gender gaps are judged to significantly influence present or prospective balance of payment needs and domestic stability, staff should include gender in Article IV Consultations. They noted further that this assessment will need to be made on a case-by-case basis, and the coverage in surveillance will be limited to areas in which the IMF has expertise, focusing on key macroeconomic and financial policies. The timing and sequencing of gender-related policy advice need to be carefully considered vis-à -vis country authorities’ implementation capacity and policy priorities.
Directors broadly supported introducing gender in IMF program conditionality but stressed that gender-related structural benchmarks should be included only if they are critically important to achieving program goals, and that the measures are within the country authorities’ control. Parsimony and prioritization will be important. A few Directors cautioned against including gender-related conditionality at this early stage of implementing the strategy and given the current difficult conjuncture.
Directors noted that CD can be particularly impactful to assist countries in implementing their gender policy objectives. Member countries can benefit from CD that is provided in coordination with other IFIs, development partners, and IMF Regional Technical Assistance Centers and Regional Training Centers.
Directors broadly welcomed the strategy’s ambitious vision coupled with its gradual, measured implementation timeline. They noted that a phased approach is in line with resource availability and accounts for the need to develop an adequate knowledge base and expertise among staff to engage meaningfully with members. Directors urged staff to work expeditiously in articulating clear criteria for assessing the macrocriticality of gender issues and operationalizing this assessment. Most Directors suggested advancing the timeline for the Staff Guidance Note. Directors broadly supported exploring synergies with other Fund workstreams such as climate, digitalization, and fragile and conflict-affected states, with a few Directors stressing the importance of clearly establishing the relevance and connection to these workstreams.
Directors also supported the strategy’s call for enhanced internal and external communications to set expectations, build support and ownership, and foster peer learning, and welcomed the plans to conduct a periodic stocktaking and Board engagement on the implementation of the strategy.
Title Page
IMF STRATEGY TOWARD MAINSTREAMING GENDER
July 22, 2022
EXECUTIVE SUMMARY
Mainstreaming gender at the IMF starts with the recognition that many aspects of gender disparities in opportunities, outcomes, and decision-making roles are macro-critical and that economic and financial policies can exacerbate or narrow these gaps. Reducing gender disparities goes hand-in-hand with higher economic growth, greater economic stability and resilience, and lower income inequality. Well-designed macroeconomic, structural, and financial policies can support efficient and inclusive outcomes and equitably benefit women, girls, and the society in general.
Attention to gender has never been more urgent. The increase in fragility across the globe as a consequence of conflicts, the COVID-19 pandemic, and long-standing factors such as climate change have exacerbated pre-existing gaps, disproportionately affecting women’s jobs, incomes, and security. The fallout from the war in Ukraine resulting in higher food and energy prices is compounding the suffering.
The vision is to integrate gender into the IMF’s core activities—surveillance, lending, and capacity development—in accordance with its mandate. This means enabling IMF staff to systematically assess the macroeconomic consequences of gender gaps where they are macro-critical, evaluate the gender-differentiated impact of shocks and policies, and provide granular and tailored macroeconomic and financial policy advice.
A comprehensive strategy to successfully mainstream gender comprises four key pillars:
The first is to empower country teams with access to relevant data and modeling tools to conduct policy analysis.
The second is to set up a robust governance framework to ensure that macro-critical aspects of gender are integrated in country work based on an evenhanded approach across members and create a supportive internal organizational structure.
The third is to establish collaboration with external partners to benefit from knowledge sharing and peer learning. Working closely with other institutions, such as the World Bank Group and UN Women, will be important to enhance the IMF’s efficiency and leverage impact.
The fourth is to efficiently utilize resources allocated to gender by realizing economies of scale and avoiding duplication of effort.
A good foundation of past work and efforts of a relatively small group of staff members paved the way to mainstream gender at the IMF.
This new, ambitious long-term strategy will help IMF member countries foster resilient and inclusive economies by supporting them in addressing gender gaps and improving women’s economic empowerment. Progress is expected to be gradual and measured, given resource availability and the need to build an adequate knowledge base and expertise among staff.
Approved By
Ceyla Pazarbasioglu
Prepared by a team led by Ratna Sahay (Senior Advisor on Gender, Office of the Managing Director) in close collaboration with area and functional departments. The staff team comprised Stefania Fabrizio, Valentina Flamini, and Lisa Kolovich (all SPR), Rishi Goyal (WHD), and Monique Newiak (AFR). Research assistance was provided by Mattia Chiapello and Musirah Farrukh (SPR), and administrative assistance was provided by Amelia Oliveira (SPR) and Laila Azoor (WHD).
Contents
GLOSSARY
MOTIVATION
POSITIONING THE IMF
VISION
STRATEGY
A. Key Pillars
B. Data and Analytics
C. Governance
D. External Collaboration
E. Resources
F. Risks and Challenges to Mainstreaming Gender
A ROADMAP TO SEQUENCE MAINSTREAMING
CONCLUSION AND NEXT STEPS
ISSUES FOR DISCUSSION
BOXES
1. Examples of Gender Mainstreaming
2. Gender Data Hub
3. Examples of How Country Teams Can Engage on Gender Issues
FIGURES
1. The Broad Span of Gender Inequality
2. Links between Gender Gaps and Macroeconomic Outcomes
3. Mainstreaming Gender: Closing Gender Gaps to Serve the Membership
4. Mainstreaming Gender: Key Pillars
5. Coverage of Gender in Country Work
6. Gender Inequality and Coverage of Gender in IMF Reports
7. External Collaboration
8. Collaborating with the World Bank
9. Additional Resources by Output Area in FY25
10. Approach over FY23–25
11. Country Coverage in the Initial Years
12. Phasing of the Gender Strategy and Monitorable Targets
TABLE
1. Current and Additional Resources Allocated to Gender Across Departments
References
Glossary
ADB | Asian Development Bank |
AEs | Advanced Economies |
AfDB | African Development Bank |
AFR | African Department |
APD | Asia and Pacific Department |
AIIB | Asian Infrastructure Investment Bank |
GAC | Global Affairs Canada |
CD | Capacity Development |
CDB | Caribbean Development Bank |
CEO | Chief Executive Officer |
COM | Communications Department |
CSOs | Civil Society Organizations |
CSR | Comprehensive Surveillance Review |
DFID | Department for International Development, United Kingdom |
EBRD | European Bank for Reconstruction and Development |
EC | European Commission |
EcOS | Economic Outlook Suite |
EIB | European Investment Bank |
EMDEs | Emerging Market and Developing Economies |
EU | European Union |
EUR | European Department |
FAD | Fiscal Affairs Department |
FAS | Financial Access Survey |
FCS | Fragile and Conflict-affected States |
FCDO | UK Foreign, Commonwealth & Development Office |
FSAP | Financial Sector Assessment Program |
FSSR | Financial Sector Stability Review |
FTE | Full-time Equivalent |
FY | Fiscal Year |
GDP | Gross Domestic Product |
GWG | Gender Working Group |
IADB | Inter-American Development Bank |
ICD | Institute for Capacity Development |
IFC | International Finance Corporation |
IFIs | International Financial Institutions |
ILO | International Labour Organization |
IMF | International Monetary Fund |
IMFC | International Monetary and Financial Committee |
ISD | Integrated Surveillance Decision |
MAP | Mobility Assignment Program |
MCD | Middle East and Central Asia Department |
MCM | Monetary and Capital Markets Department |
MDBs | Multilateral Development Banks |
OECD | Organization for Economic Co-operation and Development |
OIC | Office of Innovation and Change |
OMD | Office of the Managing Director |
RES | Research Department |
RTAC | Regional Technical Assistance Center |
SDGs | Sustainable Development Goals |
SARTTAC | South Asia Regional Training and Technical Assistance Center |
SDDS | Special Data Dissemination Standard |
SPR | Strategy, Policy and Review Department |
STA | Statistics Department |
TA | Technical Assistance |
UN Women | United Nations Entity for Gender Equality and the Empowerment of Women |
UNDP | United Nations Development Programme |
WB | The World Bank |
WBG | The World Bank Group |
WFID | Women’s Financial Inclusion Data Partnership |
WHD | Western Hemisphere Department |
At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country's authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.