Policy Papers
2019
May 13, 2019
Update The Monetary And Financial Policies Transparency Code
Description: The paper responds to a request made by the Executive Board at the time of the 2017 Review of the Standards and Codes Initiative (RSCI) for a revision and update of the 1999 Monetary and Financial Policies Transparency Code (MFPT). Directors asked staff that the new code remove the overlap on financial policies covered by other standards, expand the transparency standards to broader set of activities undertaken by many central banks since the Global Financial Crisis, and reorient the transparency standards to facilitate risk-based assessments to support policy effectiveness and address macroeconomic risks.
May 1, 2019
Fiscal Policies for Paris Climate Strategies—from Principle to Practice
Description: This paper discusses the role of, and provides practical country-level guidance on, fiscal policies for implementing climate strategies using a unique and transparent tool laying out trade-offs among policy options.
April 15, 2019
IMF Managing Director's Statement to the Development Committee, April 2019
Description: While growth in advanced economies is losing momentum amid trade tensions and policy uncertainty, activity in many emerging and low-income developing countries (EMDEs) has remained more robust, supported by still favorable financing conditions. Differences across EMDEs are large, however, and downside risks are building. Policy priorities include enhancing resilience in response to a more challenging global environment, creating fiscal space for essential development spending, containing debt vulnerabilities, and promoting strong and inclusive growth. Strengthening revenue generating capacity, enhancing public spending efficiency, and addressing infrastructure gaps are critical for reaching the 2030 Sustainable Development Goals.
April 12, 2019
Provisional Agenda for the Thirty-Ninth Meeting of the International Monetary and Financial Committee
April 11, 2019
Joint Responsibility Shared Rewards: The Managing Director’s Global Policy Agenda
Description:
International cooperation, economic and financial integration, and technological progress have delivered enormous benefits across the globe during the past decades. Yet, in many countries, these benefits have not been shared adequately to prevent eroding trust in institutions and weakening support for the global system that has made these gains possible.
This rising disengagement comes at a time when the world is facing challenges from rapid technological advancements, uncertainty about the future of work, demographic shifts, environmental degradation, and climate change. These challenges can only be met in a new multilateralism that instills confidence that the costs and rewards of lasting solutions will be shared by all. It therefore falls on policymakers to re-orient domestic and international policies to better manage the economic and social consequences of international integration and technological advancements, while being mindful of the global footprint of their actions.
The concept of a new multilateralism hinges on three complementary and reinforcing areas of policy action: domestic policies to build more resilient economies and promote economic opportunities; upgraded global cooperation that will provide a more level playing field across borders; and a commitment to work together on broader global challenges.
March 21, 2019
Fourth Progress Report on Inclusion of Enhanced Contractual Provisions in International Sovereign Bond Contract
Description: This paper reports on progress in inclusion of enhanced collective action clauses and modified pari passu clauses as of end-October 2018. The report finds that enhanced CACs have now become the market standard, with only a few issuers standing out from the market trend. Around 88 percent of international sovereign bonds (in aggregate principal amount) issued since October 2014 in the main jurisdictions of New York and England include such clauses. The modified pari passu clause continues to be incorporated as a package with the enhanced CACs, with few exceptions. In line with findings in previous reports, the inclusion of enhanced CACs does not seem to have an observable pricing effect, according to either primary or secondary market data. The outstanding stock of international sovereign bonds without enhanced CACs remains high, with about 39 percent of the outstanding stock including enhanced CACs.
March 10, 2019
Corporate Taxation in the Global Economy
Description: The policy paper Corporate Taxation in the Global Economy stresses the need to maintain and build on the progress in international cooperation on tax matters that has been achieved in recent years, and in some respects now appears under stress. With special attention to the circumstances of developing countries, the paper identifies and discusses various options currently under discussion for the international tax system to ensure that countries, and in particular low-income countries, can continue to collect corporate tax revenues from multinational activities.
February 25, 2019
Key Trends in Implementing the Fund's Transparency Policy
Description: At the time of the 2005 Review of the Fund’s Transparency Policy, it was agreed that information on key trends in implementation of the transparency policy would be circulated to the Executive Board regularly, along with lists indicating the publication status of reports. The tables in this report contain information on documents considered by the Board in 2017, and update the previous annual report on Key Trends.
February 4, 2019
Review of the Fund’s Strategy on Anti-Money Laundering and Combating the Financing of Terrorism
Description:
Safeguarding financial integrity is a priority for the international community, including the Fund. Money laundering (ML), related predicate crimes, terrorist financing (TF), and the financing of the proliferation of weapons of mass destruction (PF) pose serious threats to the integrity and stability of some countries' financial sector or to external stability and can also threaten the international financial system. It is increasingly recognized that effective anti-money laundering and combating the financing of terrorism (AML/CFT) frameworks, and financial integrity more broadly, are key to financial stability, and that efforts to this effect should be pursued. Strong AML/CFT policies and measures are therefore crucial to mitigate the attendant threats.