Policy Papers
2012
November 5, 2012
One Year After the 2011 Triennial Surveillance Review - Progress Report
Description: This progress report provides a short update on the first year of implementation of the 2011 Triennial Surveillance Review (TSR) in line with the Managing Director’s Statement on Strengthening Surveillance of October 2011. The report does not provide a comprehensive review of surveillance—which will be done in the 2014 TSR. Instead, its purpose is to establish, at an early stage, whether the new operational priorities are being implemented, set out key areas of progress, and discuss the challenges raised in their implementation. The report also identifies areas where further efforts may need to be directed—particularly following the change to the legal framework—to ensure even implementation and delivery of effective surveillance. The report recognizes that, while some measures have been implemented over the past year, others will take more time to come to fruition.
October 23, 2012
Implementation Plan in Response to Board-Endorsed Recommendations for the IEO Evaluation of Research at the IMF--Relevance and Utilization
Description: This paper presents a forward-looking implementation plan for the above-cited Independent Evaluation Office (IEO) report. During the Board discussion, Executive Directors noted that the report “provides a balanced assessment of the quality, relevance, management, and utilization of IMF research” and “were particularly encouraged by the overall finding that a large number of IMF analytical papers are of high quality, widely read, and appreciated by country authorities and the research community.” At the same time, they noted the finding that “IMF research is of uneven quality and perceived to be message driven.” Directors therefore saw scope for “enhancing the relevance and technical quality of the analytical work, openness to alternative points of view, and coordination of research activities across the institution.”
October 19, 2012
Niger - Assessment Letter for the African Development Bank
Description: The new three-year ECF arrangement was approved by the Board on March 16, 2012. The economic outlook for 2012 and 2013 is broadly positive, thanks to the coming onstream of oil production and continuing investment in the natural resource sector. Downside risks to the outlook include the fragile regional security situation and climatic shocks. Program implementation in 2012 has been mixed. All end-June quantitative performance criteria were met other than the continuous performance criterion on non-concessional borrowing, but there were delays in the execution of the structural reform agenda.
October 16, 2012
Gulf Cooperation Council (GCC) - Economic Prospects and Policy Challenges for the GCC Countries
Description: The already sluggish global recovery has suffered new setbacks and uncertainty weighs heavily on prospects. The euro area crisis intensified in the first half of 2012 and growth has slowed across the globe, reflecting financial market tensions, extensive fiscal tightening in many countries, and high uncertainty about medium-term prospects. Activity is forecast to remain tepid and bumpy, with a further escalation of the euro-area crisis or a failure to avoid the “fiscal cliff” in the United States entailing significant downside risk.
October 13, 2012
Managing Director’s Global Policy Agenda
Description:
The global recovery has suffered new setbacks with uncertainty weighing heavily on confidence and prospects. Output is contracting in the euro area and growth has decelerated in many other advanced economies and major emerging markets.
Markets have been buoyed by central bank action in the advanced economies which provides an opportunity to lay the basis for a recovery. Policymakers must detail, and aggressively implement, measures to address the underlying weaknesses—fiscal, financial, and structural. In the Euro area the ESM and the OMT need to be deployed, banking union advanced, and national authorities should implement strong policies to credibly ensure fiscal consolidation over the medium-term and to raise growth and employment. In the U.S., the immediate priority is to resolve the fiscal cliff and raise the debt ceiling, while developing an appropriately ambitious medium-term fiscal consolidation plan. In the Euro area, the Fund will support members’ efforts by assisting in the development and monitoring of well-designed adjustment programs and providing analysis and advice on options for banking and fiscal union. For other advanced economies, the Fund will assess the implications of the underlying policy framework.
October 12, 2012
Notification of Effectiveness of Partial Distribution of the General Reserve Attributed to Windfall Gold Sale Profits
Description: On February 24, 2012, the Executive Board approved a partial distribution of the general reserve equivalent to SDR 700 million attributed to part of the gold sales windfall profits to all members in proportion to their quotas.
October 11, 2012
Provisional Agenda for the Twenty-Sixth Meeting of the International Monetary and Financial Committee
Description:
Provisional Agenda
Friday, October 12, 2012
Introductory Session
Global Economic and Financial Prospects and Policies
(11:30 a.m. – 12:45 p.m.)
Tokyo International Forum, Hall B5
Restricted Session
Early Warning Exercise
(2:30 p.m. – 4:00 p.m.)
Imperial Hotel, Hikari Room
Saturday, October 13, 2012
Restricted Breakfast
Dialogue on Policy Challenges
(8:00 a.m. – 9:30 a.m.)
Imperial Hotel, Hikari Room
Plenary Session
1. Opening Remarks by the Chair
(10:00 a.m. – 1:00 p.m.)
Imperial Hotel, Fuji Room
2. Global Policy Agenda
- Securing the recovery and anchoring the future. Issues facing the advanced economies, emerging markets, low-income countries, Arab countries in transition, and the role of the Fund
- Strengthening IMF Governance. 2010 Quota and Governance reforms; Quota Formula Review
3. Approval of Press Communiqué
Press Conference
(1:30 p.m.)
Tokyo International Forum, Hall D7
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An Informal Gathering of World Economic Leaders, bringing together IMFC members and selected private sector, civil society and academic leaders, will be held on Friday, October 12 from 4:30 p.m. to 6:00 p.m. in the Hikari Room at the Imperial Hotel.
October 10, 2012
Guidance Note for Article IV Consultations
Description: This note provides guidance to staff on the conduct of surveillance in the context of Article IV consultations, a core activity of the Fund. Surveillance involves the continuous monitoring of members‘ economic and financial policies and their impact on their own and global stability. During Article IV consultations, staff holds pointed discussions with country authorities on the economic situation, the authorities‘ policies and how these affect the country‘s stability, the role of potential or actual spillovers where relevant, and desirable policy adjustments. These discussions are then reported to the Fund‘s Executive Board for its consideration. The goal, through thorough analysis, candid discussions, and a peer-review mechanism, is to promote the stability of members‘ economies, as well as the effective operation of the international monetary system, including through maintaining global stability.
October 10, 2012
Global Risks, Vulnerabilities, and Policy Challenges Facing Low-Income Countries
Description: The rapid recovery in many low-income countries (LICs) following the global crisis has been sustained in 2012. Softening commodity prices have led to moderating inflation pressures in most LICs. However, progress in rebuilding policy buffers has halted over the past two years, despite continued strong growth in LICs.
October 9, 2012
Arab Countries in Transition - Economic Outlook and Key Challenges - Deauville Partnership Ministerial Meeting
Description: Political uncertainty in the Arab Countries in Transition (ACT) has continued in recent months, especially as the escalation of the conflict in Syria is creating negative regional spillovers.1 While transition governments have maintained macroeconomic stability thus far, serious short-term risks continue, and the authorities have made limited progress in building consensus for needed economic reforms. With the exception of Libya, the ACTs’ growth in 2012 has remained weak in light of continued policy uncertainty, regional tensions, the deteriorating global economy, and high food and fuel commodity prices. A moderate recovery is expected in 2013. The shrinking of fiscal and reserve buffers over the past year has left very little policy space and heightened vulnerabilities. Prompt policy action and timely and adequate international support are essential to maintain macroeconomic stability and address long-running structural deficiencies, to lay the foundation for inclusive growth and job creation for a young and growing population.