Policy Papers
2019
December 13, 2019
Enhancing the Role of SMEs in the Arab World—Some Key Considerations
Description: Small and medium-sized enterprises (SMEs) are a cornerstone of Arab economies, accounting for over 90 percent of all businesses and providing a major source of new job creation. Governments across the Arab World recognize the important role that SMEs can play in delivering higher and more inclusive growth. Many have rightly placed SME development at the center of growth and jobs strategies to meet the needs of young populations. Authorities have initiated policy interventions and schemes to support SME development. But progress so far has been patchy, and more comprehensive policy action is needed. Fostering vibrant and competitive SMEs that contribute to employment opportunities and high value-added output requires various stakeholders to deliver on a broad range of factors. Arab governments need a holistic policy approach that addresses the gaps in access to finance, creates an enabling business environment, and upgrades human capital and infrastructure. The approach should also promote an entrepreneurial mindset.
December 11, 2019
Macroeconomic Developments and Prospects in Low-Income Developing Countries—2019
Description: This paper is the fifth in a series that examines macroeconomic developments and prospects in low-income developing countries (LIDCs). LIDCs are a group of 59 IMF member countries primarily defined by income per capita below a threshold level. LIDCs contain one fifth of the world’s population—1.5 billion people—but account for only 4 percent of global output. The first chapter of the paper discusses recent macroeconomic developments and trends across LIDCs and, using growth decompositions, explores the key drivers of growth performance in LIDCs. A second chapter examines the challenges faced by LIDCs in implementing a value-added tax system, generally seen as a key component of a strong national tax system. The third chapter discusses how financial safety nets can be appropriately tailored to the specific needs of LIDCs, recognizing that an effective safety net is important for ensuring financial stability and underpinning public confidence in the financial system, thereby promoting financial intermediation.
November 14, 2019
IMF Policies and Practices on Capacity Development
Description: This statement summarizes the IMF’s policies and practices with regard to the delivery of capacity development (CD) activities. It updates the 2014 Statement on IMF Policies and Practices on Capacity Development and reflects the conclusions of the 2018 Review of the Fund’s Capacity Development Strategy, approved by the Executive Board on November 14, 2018. The purpose of the statement is to consolidate the guiding principles endorsed by the Board with policies and practices that are within the authority of IMF’s management and are followed by staff in carrying out capacity development activities. The statement is expected to be of use to IMF staff, Executive Directors and their staff, country authorities, and donors. It also serves as a point of reference for future reviews of the IMF’s CD activities.
October 31, 2019
Implementation Plan In Response To The Executive Board-Endorsed Recommendations From The IEO Evaluation Of The IMF’s Financial Surveillance
Description: The actions in this Management Implementation Plan aim at: • Strengthening financial and macrofinancial analysis in Article IV consultations • Refocusing FSAP country selection and scope • Increasing traction of multilateral surveillance • Enhancing the IMF’s macrofinancial analysis toolkit • Building financial skills and expertise at the Fund
October 24, 2019
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 decisionmaking, 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.
October 19, 2019
IMF Managing Director's Statement to the Development Committee, October 2019
Description: The global economy is facing increasing headwinds. Growth both in advanced economies and in emerging and developing economies has slowed, with some emerging economies experiencing acute economic stress. Risks to the outlook are substantial as uncertainty is spilling over into market sentiment and investment, which could trigger bouts of risk sell-offs and financial strains. Emerging and developing economies should strengthen macroeconomic and structural policies to increase resilience and put themselves into a position to better cope with such risks. At the same time, multilateral cooperation is indispensable to resolve many pressing challenges.
October 17, 2019
Provisional Agenda for the Fortieth Meeting of the International Monetary and Financial Committee
October 17, 2019
Progress Report to the IMFC on the Activities of the Independent Evaluation Office of the IMF
Description: The past six months have been productive ones for evaluation at the IMF. The IEO has completed the evaluation of IMF Advice on Unconventional Monetary Policies and has embarked on three new evaluations as well as an evaluation update. In addition, good progress has been made in following through with recommendations of the recent evaluations on The IMF and Social Protection and The IMF and Fragile States. Staff has presented a management implementation plan to follow up on the IEO evaluation of IMF Financial Surveillance, and is also working to apply the new framework to deal with outstanding actions from past evaluations.
October 17, 2019
Bridging Differences through Multilateral Cooperation: The Managing Director's Global Policy Agenda
Description:
The global economy has experienced a synchronized slowdown, and growth remains weak. Escalating trade disputes, entrenched policy uncertainty, and adverse geopolitical developments have taken a toll on confidence, investment, and growth. The outlook remains precarious, and downside risks, stemming primarily from a further broadening of trade tensions and rising financial vulnerabilities, cloud the horizon. There is also a growing risk that trade disputes could spill over to monetary, exchange rate, or financial sector policies, threatening global financial stability and jeopardizing hard-won economic gains.
The focus must be on reversing tariff increases and finding lasting solutions to trade disputes, including by removing domestic distortions and strengthening the multilateral trading system. Domestic policies should continue to aim for more resilient, adaptable, and inclusive economies. By working together, guided by the principles of “Joint Responsibility, Shared Rewards” called for in the Spring 2019 Global Policy Agenda, policymakers can bridge differences to secure lasting growth for the benefit of all people.
The Fund is helping countries design better policies and pursue opportunities for sustainable growth and development while modernizing its toolkit and operations to meet members’ evolving needs. By delivering on its mandate and working with other institutions, the Fund plays a key role in demonstrating the effectiveness of a multilateral approach to global challenges.
September 24, 2019
FY2019 - Output Cost Estimates and Budget Outturn
Description: The paper presents highlights from the FY 19 budget, followed by a discussion of outputs based on the Fund Thematic Categories and of inputs.