Policy Papers
2022
December 16, 2022
Safeguards Assessments - 2022 Review of Experience
Description: This paper reviews experience with the safeguards assessment policy since the last review in 2015. The policy is subject to periodic reviews by the Executive Board. The policy’s main objective is to mitigate risks of misuse of Fund resources and misreporting of monetary data under Fund arrangements. Consistent with past reviews, an external panel of experts provided an independent perspective on the implementation of the policy.
December 12, 2022
2023 Review Of The Fund’s Capacity Development Strategy—Concept Note
Description: The 2023 CD Strategy review centers on four themes: (1) Enhancing the Strategic and Prioritization Framework; (2) Ensuring that the Size, Composition, and Funding of CD is in Line with the Proposed Framework; (3) Modernizing CD Delivery; and (4) Assessing the Effectiveness and Impact of CD.
December 9, 2022
FY2022—Output Cost Estimates and Budget Outturn
Description: The paper presents highlights from the FY 2022 budget, followed by a discussion of outputs based on the Fund Thematic Categories and of inputs.
December 8, 2022
Macroeconomic Developments and Prospects in Low-Income Countries - 2022
Description: Russia’s war in Ukraine and the related fallout have created a challenging external environment for the post-pandemic recovery of low-income countries (LICs). Food and commodity prices linger at elevated level with worsening food security. Global financial conditions tighten as major economies are fighting against inflation. The delay in LICs’ income per capita convergence to that of advanced economies (AEs) is expected to last into the medium term.
November 30, 2022
Twelfth Periodic Monitoring Report On The Status Of Management Implementation Plans In Response To Board-Endorsed IEO Recommendations: Twelfth Periodic Monitoring Report On The Status Of Management Implementation Plans In Response To Board-Endorsed IEO Recommendations
Description: Twelfth Periodic Monitoring Report On The Status Of Management Implementation Plans In Response To Board-Endorsed IEO Recommendations
November 29, 2022
Gulf Cooperation Council: Economic Prospects and Policy Challenges for the GCC Countries
Description: GCC policymakers have managed to quickly mitigate the economic impact of the twin COVID-19 and oil price shock. Commodity prices have surged, and the outlook is more positive for GCC countries, with new challenges linked to Russia’s invasion of Ukraine and tighter global financial conditions expected to have a limited impact on GCC economies. While GCC countries have overall benefited from higher, albeit volatile hydrocarbon prices, numerous risks still cloud the outlook—notably a slowdown in the global economy. In this context, the reform momentum established during the low oil price years should be maintained—irrespective of the level of hydrocarbon prices.
November 11, 2022
Poverty Reduction and Growth Trust―2022: Borrowing Agreements With The Government of Canada As Represented By The Minister Of Finance, The Bank Of Italy, The Government Of Japan, And The Bank Of Spain
Description: This paper presents the first set of borrowing agreements that have been finalized as part of the loan mobilization round launched in July 2021 to cover the cost of pandemic-related lending and support the self-sustainability of the Poverty Reduction and Growth Trust (PRGT). All agreements presented use SDRs in the context of SDR channeling and together provide a total of SDR 2.85 billion in new PRGT loan resources for low-income countries (LICs).
November 8, 2022
Gender Diversity In The Executive Board—Report Of The Executive Board To The Board Of Governors
Description: While there are ample reasons for discussing gender diversity in good times, there is an even greater need in bad times. At the time of this report, the economic and social consequences of the Covid-19 pandemic, as well as the negative spillovers and higher inflation following Russia’s war in Ukraine, have exacerbated pre-existing gender gaps, disproportionately affecting women’s jobs, incomes, and security. The stall in progress towards gender parity has resulted in a call for further action to reduce gender inequality, as seen in the Strategy for Mainstreaming Gender at the Fund. The integration of gender in the Fund’s core activities, when macro-critical, recognizes the fact that reducing gender disparities results in higher economic growth, greater economic stability and resilience, and lower income inequality.
November 7, 2022
Guidance For The Investment Of Temporary Resources To Generate Income To Contribute To PRG, PRG-HIPC, And CCR Trusts Assets
Description: In July 2017, the Executive Board adopted a decision (hereinafter the ”Decision”) regarding the investment of resources provided to the Poverty Reduction and Growth Trust (“PRG Trust”) and other trusts on a temporary basis with the purpose of generating income for the operations of these trusts (“temporary resources”). This paper proposes that the Decision be amended to clarify that those temporary resources invested under the third option for PRG Trust contributors will be centralized in the Deposit and Investment Account (DIA).
October 21, 2022
Staff-Monitored Programs—Updated Operational Guidance Note
Description: The note updates and replaces the prior guidance on SMPs, provided in 2003, incorporating changes to the Fund’s lending strategy, and clarifies some operational issues to better guide staff on the use and design of SMPs, while safeguarding even-handed application. Noteworthy changes include clarity on the role of SMPs, specifying the start and end dates of SMPs, clarifying the expected length of SMPs and track record periods, and extensions of SMPs. While many policies are clarified, the principle of flexibility is maintained.