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IMF Consultations

Consultation on the 2013 Review of the IMF’s Transparency Policy

Last Updated: February 21, 2014

The IMF thanks all NGOs, academia, think tanks, private sector, governments and individuals who have provided written comments during the 2013 Review of the IMF’s Transparency Policy consultation period. The on-line process has officially ended by the end of March, 2013. Please find below the comments submitted between February 11, 2013 – February 27, 2013. If you have any questions, please send an e-mail to IMFconsultation@imf.org.


Background

R

eforms to develop a comprehensive transparency framework over the past two decades have supported the Fund’s efforts towards increased openness. Currently, the publication of IMF country documents—while voluntary—is presumed and the Fund now publishes about 90 percent of the country and policy documents presented to the Executive Board. The volume of information in the Fund’s archives has increased significantly in recent years and the Fund has strengthened outreach efforts to explain its operations and views to the outside world.

Significant changes were made to the IMF’s Transparency Policy in 2009 under the overarching principle of making information available on a timely basis, unless strong and specific reasons argue against such disclosure. The 2013 Review will assess the implementation of the transparency policy since 2009. It will also examine the implications of recent changes in Fund surveillance policies on transparency, notably the 2011 Triennial Surveillance Review, which called for an increased focus on interconnectedness, strengthened risk assessments, more work on financial stability and a renewed emphasis on the external sector; and the Integrated Surveillance Decision, which will lead to increased spillover analysis in Article IVs. It will also examine ways to increase the amount, timeliness, and accessibility of information that is made available to the public, protect the integrity of IMF documents, and enhance the IMF’s accountability.

Questions for Consultation

We would welcome your comment(s) on any or all aspects of the IMF’s Transparency Policy.

In particular, we are seeking your views on the questions below:

  • 1- Based on what you consider to be best practices in the area of Transparency Policy, what do you see as the main strengths and weaknesses of the IMF’s transparency policy?

  • 2- Do you have specific suggestions on how to improve the Fund’s transparency policy?

The following questions seek your views on whether you have observed an improvement or deterioration in the Fund’s transparency policy over the past five years.

  • 3- Has the Fund become more transparent during the recent global financial crisis (2008-2012)?
    • If “Yes,” how has the Fund improved?
    • If “No,” what specific areas could be improved?


  • 4- Have you noticed any changes in the timeliness or candor of IMF documents (e.g., country or policy papers) in recent years, in particular during the recent financial crisis?

  • 5- How would you assess the contribution of the IMF’s transparency policy to national and international policy debates in recent years?

  • 6- How do you assess recent efforts to improve the accessibility of the IMF’s archives?

The following questions seek your views on the IMF’s transparency policy as well as its performance relative to other institutions, including on the accessibility, frequency and usefulness of documents on IMF.org (i.e., Article IV reports, Policy papers, etc.)

  • 7- How does the IMF’s transparency policy compare with that of other international financial institutions (IFIs)?

  • 8- Should the IMF’s mandate and its relationship with member countries have an impact on the IMF’s transparency policy?

  • 9- Are Fund documents easy to find on www.imf.org?

  • 10- What types of changes would you suggest to the content and style of IMF Board documents, Staff papers and Research papers to make them more useful to you?

  • 11- Are documents sufficiently available in languages other than English?

How to participate

The IMF Civil Society Team will receive your comments and post a summary of the comments received by April 30, 2013. Senders can request for their comments to be private. Please submit your comments through the following channels:

When submitting your comments, via fax or email, please include the following information so that your comments are registered: name of sender; organization you represent; address; country; phone number; and e-mail address.

Comments should be submitted no later than March 29, 2013.

We look forward to hearing from you.