Front Matter
Author:
International Monetary Fund. Strategy, Policy, & Review Department
Search for other papers by International Monetary Fund. Strategy, Policy, & Review Department in
Current site
Google Scholar
Close

PRESS RELEASE

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

1

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.

  • Collapse
  • Expand
IMF Strategy Toward Mainstreaming Gender
Author:
International Monetary Fund. Strategy, Policy, & Review Department