Policy Papers
2020
November 23, 2020
Gender Diversity in the Executive Board: Progress Report of the Executive Board to the Board of Governors
Description: Executive Directors underscore the importance of promoting gender diversity at the IMF’s Executive Board and the Offices of Executive Directors (OEDs). The Executive Board recognizes that a diversity of views contributes to stronger decision making and is committed to ongoing efforts to improve the gender profile of the Board and Offices of the Executive Directors. The Fund’s membership has also indicated that it places importance on this issue; the International Monetary and Financial Committee (IMFC) has consistently drawn attention in its communiqués to the importance of enhancing the gender diversity of the Executive Board.
November 11, 2020
Reform of the Policy on Public Debt Limits in IMF-Supported Programs
Description: This paper evaluates the IMF’s policy on the use of quantitative limits on public debt in IMF-supported programs (the “debt limits policy”) and proposes a number of modifications. The review is taking place at a time when many countries are experiencing heightened debt vulnerabilities or actual debt distress, aggravated by the COVID-19 shock, and occurring against the backdrop of a changing credit landscape in which concessional finance is scarcer relative to countries’ investment needs.
October 30, 2020
Fifteenth General Review of Quotas—Further Considerations
Description: The paper revisits the two-pillar framework for assessing the adequacy of Fund resources. The quantitative pillar is updated to include alternative assumptions and to provide a longer-term perspective on likely resource needs. The updated qualitative pillar analysis highlights reforms since the global financial crisis and discusses uncertainties in the global environment. The paper also takes stock of recent discussions on the quota formula and provides further technical work on variability and PPP GDP. It provides an overview of approaches to quota adjustments that have facilitated the required broad consensus for changes in quotas in previous general reviews. A limited set of simulations illustrates the potential impact that different quota increases, quota formulas, and allocation mechanisms would have on the distribution of actual quota shares.
October 30, 2020
Fifteenth General Review of Quotas—Quota Formula and Realigning of Shares
Description: This paper discusses issues related to further reforms of the quota formula and realigning quota shares, based on updated quota data through 2015. The paper takes stock of discussions on the quota formula to date, including the significant divergences that remain on many key issues. It presents illustrative simulations of possible reforms of the formula. The paper also discusses the broader issue of realigning quota shares and presents a limited set of simulations to illustrate the potential impact that different quota formulas may have on the distribution of actual quota shares.
October 30, 2020
Fifteenth General Review of Quotas—Adequacy of Fund Resources—Further Considerations
Description: The paper presents a two-pillar framework for assessing the adequacy of Fund resources, building on the staff paper discussed by the Board in March 2016. The first pillar presents quantitative analysis, using three approaches to provide indicative ranges for the adequacy of Fund resources (traditional metrics, access-based and scenario-based). The second pillar of the framework is qualitative in nature, with focus on the interaction of interconnectedness with ongoing and new transitions. The paper also provides information to support a discussion on the mix of Fund resources.
October 23, 2020
FY2020 - Output Cost Estimates and Budget Outturn
Description: The paper presents highlights from the FY 2020 budget, followed by a discussion of outputs based on the Fund Thematic Categories and of inputs.
October 20, 2020
Poverty Reduction And Growth Trust - 2020 Borrowing Agreements With The National Bank Of Belgium, Banco Central Do Brasil, Banque De France, The Government Of Japan, De Nederlandsche Bank NV, The Norwegian Ministry Of Finance Representing The Kingdom Of Norway, The Bank Of Spain, The Sveriges Riksbank And The Government Of The United Kingdom
Description: This paper presents the first set of Poverty Reduction and Growth Trust (PRGT) borrowing agreements that have been signed to respond to the unprecedented demand for concessional financing during the COVID-19 pandemic. A fast-track loan mobilization round has been instrumental to allow the Fund to raise access limits and scale up emergency financing to low-income countries (LICs). The new agreements and augmentations of existing agreements that have been finalized are from Belgium, Brazil, France, Japan, the Netherlands, Norway, Spain, Sweden and the United Kingdom. Together, these agreements provide a total of SDR 10.6 billion in new PRGT loan resources for LICs.
October 19, 2020
Digital Money Across Borders: Macro-Financial Implications
Description: Rapid ongoing progress with digital technologies has increased the prospects for adoption of new forms of digital money for both domestic and international transactions. These include central bank digital currencies (CBDCs) and the so-called global stable coins (GSCs) proposed by large technological companies or platforms. This paper explores the complex interactions between the incentives to adopt and use CBDCs and GSCs across borders and discusses the potential macro-financial effects.
October 16, 2020
Development Committee: The Managing Director's Written Statement October 2020
Description: The global economy is embarking on a lengthy path to recovery with modest growth expected for 2021, after a severe contraction this year. The global forecast is subject to unusually large risks. Emerging markets and developing economies face an uphill battle. Low-income developing countries are in an especially vulnerable position and risk a persistent and significant deterioration in development prospects. Controlling the pandemic and cushioning the impact on the economy are key. LIDCs should adopt targeted containment measures and strictly prioritize spending and refrain from policies that could create long term damage. Multilateral cooperation and extensive support from the international community are indispensable. The IMF has helped EMDEs through emergency lending and debt service relief. Targeted surveillance and capacity development will tackle new policy challenges and react nimbly to the needs of the membership including fragile and small states.
October 14, 2020
The Managing Director’s Global Policy Agenda, Annual Meetings 2020: Catalyzing a Resilient Recovery
Description: The global economic outlook is improving, but the recovery is partial, uneven, and uncertain. Policies must restore confidence, support jobs, and boost growth. Now is the time to also build a more resilient future. We must work together to support the most vulnerable countries and people.