Policy Papers
2006
July 19, 2006
Review of the 1977 Decision on Surveillance Over Exchange Rate Policies - Preliminary Considerations
Description: This review of the Decision forms part of a more comprehensive approach to strengthen the effectiveness of surveillance.
July 19, 2006
Lao People's Democratic Republic - Assessment Letter for the Asian Development Bank and the World Bank
Description: This note provides an update of the assessment of Lao P.D.R.’s macroeconomic conditions and outlook presented at the time of the 2005 Article IV Consultation.
Notes: Assessment letters or statements may be prepared for member countries with Fund-supported programs; receiving Fund emergency assistance; with staff-monitored programs; or surveillance-only cases. They are typically produced for use by the country with multilateral or bilateral donors or creditors, in particular the World Bank and other International Financial Institutions.
July 17, 2006
Sierra Leone - Evaluation of the Technical Assistance Program (November 2001 to November 2004) for the Bank of Sierra Leone
Description: Over the period 2001–2004, Sierra Leone was a major recipient of MFD Technical Assistance, generally among the 10 countries in the world receiving the most assistance. This involvement represented a substantial contribution by the IMF towards the reconstruction of the country after the devastating civil war that ended in 2000.
July 12, 2006
Technical Assistance Evaluation Program - - Findings of Evaluations and Updated Program
Description: This paper is the third to be issued under the Fund's Technical Assistance Evaluation Program, which was launched in FY 2003. It reports on the findings of five completed evaluations, and updates the program of evaluations for FY 2007–2009. The completed evaluations featured in this paper are: (i) an evaluation of technical assistance provided by the Legal Department to Indonesia related to the strengthening of the commercial courts and the implementation of the bankruptcy law; and (ii) evaluations of technical assistance delivered by the Monetary and Financial Systems Department to Sierra Leone, the Democratic Republic of the Congo, Bosnia and Herzegovina, and Kosovo to strengthen capacity in the financial sector.
July 5, 2006
Making the Misreporting Policies Less Onerous in De Minimis Cases
Description: The Managing Director's Medium-Term Strategy referred to complex misreporting procedures for even trivial forms of misreporting and called for streamlining. This paper presents a proposal to reduce the burden of the Fund’s misreporting policies in cases involving de minimis deviations from program conditions. The proposal is to consider deviations from a performance criterion or other condition to be de minimis where they are so small as to be trivial with no impact on the assessment of program performance.
June 30, 2006
Bosnia and Herzegovina - Assessment of MFD's Technical Assistance Program
Description: This report summarizes the findings of an evaluation of the technical assistance delivered by MFD to the CBBH. The assessment was conducted during a visit to Bosnia and Herzegovina during the period March 15–17, 2006. It covers the period 1997–2005, although MFD TA started earlier: two brief MFD staff visits took place in 1996 to assist the authorities in preparing legislation to establish a currency board and create a market-based central bank.
Notes: The views expressed in this evaluation are of an independent consultant and do not necessarily reflect the views of the IMF.
June 30, 2006
Kosovo - Assessment of MFD's Technical Assistance Program
Description: MFD technical assistance to Kosovo has been provided under special circumstances, since it is not a member of the IMF or of the World Bank. As a region within the former Federal Republic of Yugoslavia severely affected by the war with Serbia, Kosovo has been administered by the UNMIK on the basis of UN Security Council Decision 1244 of June 10, 1999. After the end of the war, the UNMIK requested technical assistance from the IMF. The IMF's Executive Board approved this request, and MFD began providing TA in late 1999.
Notes: The views expressed in this evaluation are of an independent consultant and do not necessarily reflect the views of the IMF.
June 29, 2006
Standards and Codes - Implementing the Fund's Medium-Term Strategy and the Recommendations of the 2005 Review of the Initiative
Description: This paper informs Executive Directors of the operational changes that are being made to the Fund’s work on Standards and Codes, to implement the Fund’s Medium-Term Strategy (MTS) and the recommendations of the 2005 IMF-World Bank review of the Standards and Codes Initiative. The changes aim at improving (i) the country coverage and prioritization of Reports on the Observance of Standards and Codes (ROSCs) to make more efficient use of resources, (ii) the integration of ROSCs with Fund surveillance and technical assistance, for a better use of ROSC findings and greater support of reform efforts, and (iii) the clarity and timeliness of ROSCs. The paper focuses on the actions that are being taken and does not elaborate on the rationales for the corresponding recommendations, which were discussed by Directors in the context of the MTS and 2005 Review. The actions being taken are summarized in Table 1. Many of the actions do not apply to ROSCs carried out under the aegis of the Financial Sector Assessment Program (FSAP), which are typically subject to a separate set of procedures under the FSAP, or to financial sector ROSCs of Offshore Financial Centers, which are conducted separately. According to the proposals in the MTS, the next review of the Standards and Codes Initiative would take place in 2010.
June 28, 2006
Article IV of the Fund's Articles of Agreement - An Overview of the Legal Framework
Description: This paper is designed to assist the Executive Board in its consideration of the steps that could be taken to provide members with more specific guidance as to their obligations under Article IV.
Notes: Fund documents that are cited in this paper are available in some cases on the IMF external website and, in all cases, under the Fund's Archives Policy.
June 23, 2006
Quotas and Voice - Further Thoughts on Approaches to Reform
Description: There is now widespread recognition that addressing quota and voice imbalances across the membership is essential for preserving the effectiveness of the Fund and its credibility as a cooperative institution. As noted in the Managing Director’s Report on Implementing the Medium-Term Strategy,2 members’ quotas have become increasingly out of line with countries’ economic weight in the global economy. In addition, the declining role of basic votes since the Fund was established has weakened the voice of smaller developing countries.