Policy Papers
2013
October 12, 2013
Managing Director’s Global Policy Agenda to the International Monetary and Financial Committee
Description:
Over the past five years much has been done to avoid the worst and stave off a great depression. While the recovery has been disappointing until recently, there are some encouraging signs that activity is strengthening in advanced economies. Breaking the cycle of growth shortfalls and recurring market jitters requires carefully managing multiple transitions that are already underway. These transitions include the normalization of global financial conditions; a shift in global growth dynamics, and a rebalancing of global demand; and the completion of reforms to the international financial system. Much more ambitious reform implementation and policy coherence are needed to address these challenges and avoid five more years of growth disappointments.
The Executive Summary is also available in
Arabic , Chinese, French, Japanese, Russian , and Spanish.
October 12, 2013
Provisional Agenda for the Twenty-Eighth Meeting of the International Monetary and Financial Committee
Description: The following is the provisional agenda for the Twenty-Eight Meeting of the International Monetary and Financial Committee, which is to be convened at the IMF's Headquarters in Washington, D.C. on October 12, 2013.
October 9, 2013
Progress Report on the Activities of the Independent Evaluation Office
Description:
This report summarizes the activities of the Independent Evaluation Office of the IMF (IEO) in the period since April 2013.
October 8, 2013
Arab Countries in Transition - Economic Outlook and Key Challenges - Deauville Partnership Ministerial Meeting
Description: In an environment of heightened socio-economic tensions, regional insecurity, and strained public finances, the Arab Countries in Transition (ACTs) 1 face the difficult task of delivering on the expectations for jobs and growth. Despite patchy improvements in some countries, economic growth remains subdued, private investment is weak, and external and fiscal buffers are running low. Fostering social cohesion and avoiding a downward spiral of economic and political malaise calls for urgent implementation of economic reforms and coordinated support from the international community.
October 7, 2013
Safeguards Assessments - 2013 Update
Description: The safeguards policy, introduced in 2000, is designed to reduce the risks of misuse of Fund resources and misreporting of program monetary data to the Fund. It supports the Fund’s approach to prudent lending and complements other safeguards, including program design, conditionality, and access limits. Safeguards assessments are required for almost all member countries seeking Fund financing, and are followed by a period of monitoring for as long as Fund credit is outstanding.
October 4, 2013
Report on Fiscal Safeguards Pilots
Description: This paper reports on the results of a pilot exercise on fiscal safeguards conducted by the Fiscal Affairs Department (FAD) during FY2013. The exercise was launched following an independent review of the existing safeguards policy in 2010 in which many Directors encouraged staff to highlight fiscal safeguards risks in cases where a substantial portion of the resources provided by the Fund for balance of payments support is channeled to state treasuries for budget purposes. Pilot fiscal safeguards exercises were conducted for five countries: Antigua and Barbuda, Cyprus, Greece, Ireland, and Kyrgyz Republic.
October 4, 2013
Unification of Discount Rates Used in External Debt Analysis for Low-Income Countries
Description: This paper proposes reforms to the discount rates used by the Bank and the Fund to (a) calculate the present value (PV) of the external debt of low-income countries (LICs) in debt sustainability analyses (DSAs) and (b) to calculate the grant element of individual loans. Consistent with the conclusions of the March 2013 review of the Fund’s debt limits policy, the paper proposes a single uniform discount rate to be used for these related operational purposes. It has been prepared as a joint product of Bank and Fund staff, with the exception of the decision, which is Fund-specific.
October 3, 2013
Key Trends in Implementation of 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 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 discussed by the Board through December 2012.
September 27, 2013
Guidance Note on Jobs and Growth Issues in Surveillance and Program Work
Description:
This note provides operational guidance to staff on Jobs and Growth issues in surveillance and program work, building on the Board paper “Jobs and Growth: Analytical and Operational Considerations for the Fund” (hereafter, “Board paper”). Jobs and Growth issues can be defined broadly as issues relating to GDP growth, employment, and income distribution.
The Board paper noted that work on these issues needs to be consistent with both the Fund’s mandate and its areas of expertise. On a number of structural issues, especially related to labor market reforms and social protection schemes, the Fund would need to effectively collaborate with other institutions with greater relevant expertise.
September 27, 2013
Guidance Note on Jobs and Growth Issues in Surveillance and Program Work - Supplement on Country Case Studies
Description:
This supplement provides case studies of how countries around the world have addressed jobs and growth challenges, and how Fund staff have helped in this. The studies are meant to provide cross country experience. They share a broad structure, organized around four questions:
What was the initial situation regarding growth, employment, and income distribution?
What policy measures were implemented to enhance growth and employment and to even out the distribution of income? Were potential complementarities or trade-offs between enhancing growth, employment, and income distribution considered?
How did Fund staff help the authorities? For example, in which areas did staff help the authorities analyze issues, how did staff go about analyzing issues, and what were the main considerations that shaped staff’s recommendations?
What were the results of policy actions taken?