Policy Papers
2008
June 18, 2008
Report on the Incidence of Longer-Term Program Engagement and Request to Reduce the Frequency of Reporting
Description: Longer-term program engagement (LTPE) occurs when a member has spent at least seven of the past ten years under Fund financial arrangements.1 The Executive Board has requested semi-annual reports on the incidence of LTPE. This is the ninth such report and provides information through end-March 2008.
June 18, 2008
Statement by the Managing Director on the Work Program of the Executive Board
Description: Our work on restructuring the IMF is now well advanced, but our work on refocusing the IMF is only beginning. Over the next few months I expect to see a shift of emphasis in our work away from our internal concerns such as the size and governance structure of the IMF and toward the actions the IMF will take to help our members meet global challenges. Drawing on the ideas set out in my statement on Strategic Directions in the Medium-Term Budget, I will propose action in some of the major areas of the IMF's work. The principle guiding our work will continue to be responsiveness to our members' needs with a focus on the IMF's comparative advantage. We will aim to make substantial progress over the next few months but in a number of areas, the work will continue beyond the Annual Meetings.
June 13, 2008
The Role of the Fund in Low-Income Countries
Description: This paper takes stock of the work over the past four years on the role of the Fund in LICs, and outlines a comprehensive approach for Fund engagement. It responds to the Board’s request for a synthesis of the full range of policy decisions and developments related to the Fund’s work in LICs since 2004. A key purpose is to ensure that, as the Fund is refocusing its work, LIC-related objectives and responsibilities are well articulated and understood.
June 13, 2008
The Role of the Fund in Low-Income Countries - Background Paper
Description: This paper provides background material to the Board paper on “The Role of the Fund in Low Income Countries.” The main paper outlines a comprehensive approach for Fund engagement with Low-Income Countries (LICs) going forward. The background material in this paper provides a comprehensive stock-taking of the Fund’s involvement and policy advice in LICs since the establishment of the Poverty Reduction and Growth Facility (PRGF) in 1999.
May 21, 2008
Fiscal Risks - Sources, Disclosure, and Management
Description: A number of member countries have expressed interest in advice regarding disclosure and management of fiscal risks (defined as the possibility of deviations of fiscal outcomes from what was expected at the time of the budget or other forecast). This paper analyzes the main sources of fiscal risks and—building on an overview of existing practices in a wide range of countries—provides practical suggestions in this area, including a possible Statement of Fiscal Risks and a set of Guidelines for Fiscal Risk Disclosure and Management.
May 8, 2008
Offshore Financial Centers - Report on the Assessment Program and Proposal for Integration with the Financial Sector Assessment Program
Description: This paper provides an update and overview of the Offshore Financial Center (OFC) program. At the time of the November 2003 review of the OFC program, Directors indicated that the Board should conduct the next review of the program in 2–3 years and be updated periodically on the progress in implementing the OFC program. Progress reports have been issued to the Board annually, the most recent in February 2006.
May 8, 2008
Offshore Financial Centers - Report on the Assessment Program and Proposal for Integration with the Financial Sector Assessment Program - Supplementary Information
Description: This supplement reviews the data received thus far and the progress made by participating jurisdictions in their dissemination efforts. Data for major jurisdictions that declined to participate are also provided where it is available from published sources. In addition, data on a sample of advanced economies are provided for comparative purposes. The framework identified a minimum set of variables for dissemination and recommended that jurisdictions publish data on those variables although jurisdictions could choose to publish more. Tables 2 and 5 to 13 provide the data received on those variables. The framework also identified additional variables that were to be provided to the Fund to help Fund staff monitor developments in financial centers.
April 28, 2008
Training as Part of Capacity Building - Report on IMF Training During 2007
Description: This Report provides statistical detail on IMF training for member country officials during calendar year 2007. Section I describes the distribution of training by provider, venue, and region. Section II presents information on the courses delivered through the INS program and the distribution of that training by curriculum area. Drawing on the recently integrated database on IMF training (Box 1), it also lists the courses that IMF departments and the regional technical assistance centers delivered outside the INS program.
April 18, 2008
Training as Part of Capacity Building - Recent Initiatives and Strategic Considerations
Description:
This paper focuses on the IMF’s training program as part of the Medium–Term Strategy (MTS) for capacity building in member countries.1 It updates Executive Directors on the current features of the program, reviews the efforts that have been made in recent years to strengthen the curriculum and to enhance value for money, and considers options for boosting external financing of training through charging and increased donor contributions. The paper also provides background for addressing the following issues:
— Are the objectives of IMF training fully consistent with the broader objectives of the institution? And are these training objectives being met?
— Is Fund training efficiently organized—i.e., is the current degree of decentralization sensible?
— Are adequate evaluation and feedback mechanisms in place?
—In the absence of market signals and with a large unsatisfied demand, how can we determine the “right” volume of training and how can we assess its worth?
April 14, 2008
Review of the Fund's Income Position for FY2008 and FY2009
Description: This paper provides the basis for the annual review of the Fund’s income position, including a review of the system of special charges. The paper also sets out proposed decisions relating to the Fund’s income position for FY 2008 and FY 2009. The review takes account of the recent discussions in the Executive Board on the new income model for the Fund. The paper is structured as follows: Section II reviews the Fund’s FY 2008 income position, provides an explanation of key variances from projections, and discusses the impact of restructuring costs on the income position; Section III makes proposals for the disposition of investment income and the General Resources Account (GRA) income position; Section IV outlines updated projections and proposes a margin for the rate of charge for FY 2009; Section V provides an update on the burden sharing mechanism; and Section VI reviews special charges.