Policy Papers
2008
March 3, 2008
The Fund's Engagement in Fragile States and Post-Conflict Countries - A Review of Experience - Issues and Options
Description: The international community has stepped up efforts to devise a broad and coordinated approach to engaging more effectively with fragile states, whose economic and social performance is substantially impaired by their weak governance, limited administrative capacity, persistent social tensions, and a tendency to conflict and political instability. Such states increasingly lag behind other low-income countries (LICs) in terms of growth and development, and are at risk of falling into a poverty trap. They are also least likely to achieve the Millennium Development Goals (MDGs), and often receive less aid than warranted by macroeconomic and social needs.
February 29, 2008
Sovereign Wealth Funds - A Work Agenda
Description: Sovereign Wealth Funds (SWFs) are becoming increasingly important in the international monetary and financial system, attracting growing attention. SWFs are government-owned investment funds, set up for a variety of macroeconomic purposes. They are commonly funded by the transfer of foreign exchange assets that are invested long term, overseas. SWFs are not new, and some of the longer-established funds—for example those of Kuwait, Abu Dhabi, and Singapore—have existed for decades. However, high oil prices, financial globalization, and sustained, large global imbalances have resulted in the rapid accumulation of foreign assets particularly by oil exporters and several Asian countries. As a result, the number and size of SWFs are rising fast and their presence in international capital markets is becoming more prominent.
February 26, 2008
Quota and Voice Reform - Key Elements of a Potential Package of Reforms
Description: The IMFC in its October 2007 Communiqué called on the Executive Board to continue its work on quota and voice reform in order to allow agreement on all elements of a reform package by Spring 2008. To facilitate progress toward this goal, this paper suggests the possible contours of such a reform package. The package outlined is intended to be consistent with the objectives set out in the Singapore Resolution (Appendix 1), which were to make significant progress in realigning quota shares with economic weight in the global economy and, equally important, to enhance the participation and voice for low-income countries. It also reflects the further guidance provided in the IMFC’s October 2007 Communiqué, including the goal of agreeing on all elements of the package by Spring 2008.
February 22, 2008
The Fiscal Implications of Climate Change
Description:
This paper reviews the fiscal implications of climate change, and the potential role of the Fund in addressing them. It stresses that:
• The potential fiscal implications are immediate as well as lasting, and liable to affect—in differing forms and degree—all Fund members.
• Climate change is a global externality problem, calling for some degree of international fiscal cooperation…
• …and has features—an intertemporal mismatch between the (early) costs of action to address climate change and (later) benefits, pervasive uncertainties and irreversibilities (including risk of catastrophe), and sharp asymmetries in the effects on different countries—that raise difficult technical and ethical issues, and hinder policy coordination.
• In addition to itself impacting the public finances, climate change calls for deploying fiscal instruments to mitigate its extent and adapt to its remaining effects.
February 1, 2008
Review of Access Policy in the Credit Tranches and Under the Extended Fund Facility and the Poverty Reduction and Growth Facility, and Exceptional Access Policy
Description: This paper reviews the Fund’s access policy under its main financing facilities in the General Resources Account (GRA) and under the Poverty Reduction and Growth Facility (PRGF). It responds to the Board’s request for a periodic review of the access policy, that is, the rules and practices that govern the amount of financing the Fund makes available to its members.
January 31, 2008
Key Trends in Implementation of the IMF'sTransparency Policy -- 2008
Description:
At the time of the 2005 review of the IMF's transparency policy, it was agreed that information on key trends in implementation of the transparency policy would be circulated to the Board regularly, along with lists indicating the publication status of reports discussed by the Board.
The set of tables provided in this report updates the last Key Trends with information on documents published through December 2007. An update will continue to be issued annually to the Executive Board.
January 11, 2008
Assessing the General Data Dissemination System-What Has Been Accomplished After Ten Years, and Where Do We Go From Here?
Description: This paper reviews the role of the GDDS in helping developing and emerging market countries improve the dissemination of macroeconomic and sociodemographic data. It considers whether the GDDS, in the way it was designed about a decade ago and enhanced along the way, has fulfilled its purpose. Further, it considers whether the GDDS remains relevant to its current and prospective members, given ongoing global integration, increasing emphasis on transparency and governance mechanisms, and increased reliance on the Internet and electronic data transmission.
2007
December 19, 2007
Proposals to Modify the PRGF-HIPC Trust Instrument - Further Considerations
Description: This follow-up paper focuses on the proposed modifications to HIPC Initiative policy as implemented in the Fund, building on the July paper. It also addresses the key policy issues raised by Executive Directors at the July informal briefing and lays out the modalities and decision required to implement the proposed changes. If adopted, these modifications would also apply to future similarly situated pre-decision point HIPCs.
December 14, 2007
Statement by the Managing Director on the Interim Work Program of the Executive Board
Description: This interim work program statement reflects the imperative of accelerating the process of reform that has been underway in the Fund for some time.
December 7, 2007
The Fund's Income Position for FY 2008 - Midyear Review
Description: This paper provides the basis for the Executive Board’s midyear review of the Fund’s income position based on developments in the first half of FY 2008. Under Rule I-6(4) of the Fund’s Rules and Regulations, the Executive Board should consider whether the margin over the SDR interest rate used to calculate the rate of charge as determined at the beginning of the year should be changed in light of the actual income position for the first six months.