News Brief No. 99/18

News Brief: IMF Releases Experimental Case Studies on Transparency Practices

April 22, 1999

The International Monetary Fund (IMF) has released Experimental Case Studies on Transparency Practices; it contains two experimental case studies on Argentina and the United Kingdom, a note on IMF work in the preparation of a transparency report by Australia (available at http://www.treasury.gov.au). In addition, it also contains a background paper on the progress in developing international standards relevant for the effective operation of the international financial system.

Widespread adoption of internationally recognized standards, or codes of good practices, can make an important contribution to policy making. In the context of its surveillance activities, it is important for the IMF to appreciate the extent to which standards have been developed in various areas, what needs to be done to further strengthen and improve various standards, and what is required to encourage their adoption and implementation by countries.

Some in the international community have called on the IMF to go further and publish a transparency report for each country that summarizes the extent to which an economy observes internationally recognized standards. To help focus on the practical issues involved in the preparation of transparency reports, IMF staff (in conjunction with the authorities of the economies involved) has embarked on a series of experimental case studies of transparency practices. Experimental Case Studies on Transparency Practices makes the first of these reports available, and invites public comment on these experiments, together with a staff paper providing background information on the development of standards in various areas.

Comments should be directed to the Standards Coordination Unit, Policy Development and Review Department, IMF, 700 19th Street NW, Washington D.C. 20431 or by e-mail to scu-comment@imf.org.