Policy Papers
2012
December 21, 2012
The Fund's Income Position for FY 2013 - Midyear Update
Description: This paper presents updated projections on the Fund’s FY 2013 income position. The projected net income is now SDR 2.1 billion, slightly lower than the earlier projection of SDR 2.3 billion at the beginning of the year. The changes reflect lower projected disbursements under approved arrangements owing to delays in scheduled drawings and arrangements expected to expire with substantial undrawn balances, the expectation that funding of the gold endowment will not begin until FY 2014, and lower implicit returns on the Fund’s interest-free resources due to the prevailing interest rate environment.
December 17, 2012
Anti-Money Laundering and Combating the Financing of Terrorism - Inclusion in Surveillance and Financial Stability Assessments - Guidance Note
Description: This note provides guidance on the inclusion of AML/CFT issues in surveillance and financial stability assessments (FSAs). Specifically, it provides a framework for the treatment of cases where money laundering or terrorist financing (ML/TF) and related underlying crimes (i.e., “predicate crimes” or “predicate offenses”) are so serious as to threaten domestic stability, balance of payments stability, the effective operation of the International Monetary System—IMS— (in the case of Article IV surveillance), or the stability of the domestic financial system (in the case of FSAs).
December 14, 2012
Poverty Reduction and Growth Trust Interest Rate Mechanism - Extension of Temporary Interest Rate Waiver
Description: In recent months, a number of Directors have expressed support in the Executive Board for a further extension of the temporary exceptional interest waiver on concessional lending. An extension would send a signal of the Fund’s continued support for Low-Income Countries at a time when the global economic crisis is still ongoing. In view of the related downside risks to the global economic recovery and a decline in the ability of Low-Income Countries to respond to a further weakening of global growth, this paper proposes a further extension of the exceptional interest waiver by two years, to end-2014. This paper also proposes to further extend to April 2013 the existing subsidization of the rate of charge on outstanding Emergency Natural Disaster Assistance and Emergency Post-Conflict Assistance purchases by PRGT-eligible members.
December 7, 2012
Proposed Amendment on the Reform of the IMF Executive Board and Fourteenth General Review of Quotas—Status of Acceptances and Consents
Description: This status report reviews progress toward implementation of the 2010 Quota and Governance Reforms. It updates the status of consents to the proposed quota increases under the 14th General Review of Quotas and of acceptances of the Proposed Seventh Amendment on the Reform of the Executive Board (“Board Reform Amendment” or “Seventh Amendment”) as set out in the Board of Governors Resolution No. 66-2.
December 3, 2012
Poverty Reduction and Growth Trust - Borrowing Agreement with the National Bank of Belgium
Description: Effective November 12, 2012, the Fund, as Trustee of the Poverty Reduction and Growth Trust (PRGT), entered into a borrowing agreement (the “Agreement”) with the National Bank of Belgium, by which Belgium will provide new loan resources of up to SDR 350 million (see attachment). With this Agreement, the Fund has concluded fourteen new borrowing agreements providing total resources of SDR 9,811 million in the context of fundraising under the 2009 Low-Income Countries (LICs) financing package.
November 14, 2012
The Liberalization and Management of Capital Flows - An Institutional View
Description: Capital flows have increased significantly in recent years and are a key aspect of the global monetary system. They offer potential benefits to countries, but their size and volatility can also pose policy challenges. The Fund needs to be in a position to provide clear and consistent advice with respect to capital flows and policies related to them. In 2011, the International Monetary and Financial Committee (IMFC) called for ―further work on a comprehensive, flexible, and balanced approach for the management of capital flows.‖ This paper proposes an institutional view to underpin this approach, drawing on earlier Fund policy papers, analytical work, and Board discussions on capital flows.
November 9, 2012
Proposed Amendment on the Reform of the IMF Executive Board and Fourteenth General Review of Quotas - Status of Acceptances and Consents
Description: This status report reviews progress toward implementation of the 2010 Governance and Quota Reforms. It updates the status of consents to the proposed quota increases under the 14th General Review of Quotas and of acceptances of the Proposed Seventh Amendment on the Reform of the Executive Board (“Board Reform Amendment” or “Seventh Amendment”) as set out in the Board of Governors Resolution No. 66-2.
November 8, 2012
Quota Formula Review - Further Considerations
Description: The Executive Board has held three formal meetings on the quota formula review, and discussions have also taken place in other fora including the IMFC Deputies work stream and the G-20 IFA Working Group. Considerable progress has been made in terms of identifying areas of common ground as well as those areas where views differ. At their most recent meeting in late September, Directors reaffirmed their commitment to completing the review by January 2013, and stressed that achieving this goal will require constructive engagement and a spirit of flexibility and compromise from all sides. At its subsequent meeting in Tokyo, the IMFC called on the membership to develop the consensus needed through further engagement of the Executive Board, with input from the IMFC Deputies, to complete the review by January 2013.
November 8, 2012
Quota Formula Review - Further Considerations - Statistical Appendix
Description: This paper is a Statistical Appendix to complement the Quota Formula Review—Further Considerations.
November 8, 2012
Statement by the Managing Director on the Work Program of the Executive Board
Description: The Managing Director’s Global Policy Agenda (GPA) presented to the IMFC during the Annual Meetings charted a set of actions needed across the membership to secure the recovery and to lay the foundation for a more robust global financial architecture. The GPA also detailed the Fund’s role in assisting the membership with these formidable tasks, building on the recent reforms to buttress the Fund’s surveillance framework. This work program translates the broad policy directions laid out in the GPA into a specific agenda for the Fund for the next six months and, in order to foster more strategic planning and prioritization, our current plans regarding key policy items over the next year.