IMFC Meeting November 17, 2001

Documents Related to the November 17, 2001 IMFC Meeting

Remarks by Horst Köhler Managing Director of the
International Monetary Fund to the International
Monetary and Financial Committee (IMFC) on the
Status of the IMF Reform Agenda

November 13, 2001

Ministers and Governors have before them for information four reports setting out the progress that has been made on a number of key policy issues since the last meeting of the IMFC in April 2001. The work discussed in these reports aims at strengthening Fund surveillance, crisis prevention, and crisis management and resolution; and improving the effectiveness of conditionality and enhancing the ownership of Fund-supported programs.

The Report of The Managing Director to the IMFC—The Fund's Crisis Prevention Initiatives (IMFC/Doc/4/01/10) covers the progress made in enhancing the Fund's assessment of external vulnerability; promoting greater transparency of the policies of members and the Fund; developing, disseminating, and implementing internationally recognized standards and codes; and strengthening financial sectors. In addition to describing progress in implementing these initiatives, the report gives an early assessment of the response of members and markets to this work. I would propose that this report be published following the meeting of the IMFC.

Report of the Managing Director to the IMFC on Private Sector Involvement in the Prevention and Resolution of Financial Crises (IMFC/Doc/4/01/5) sets out recent developments regarding private sector involvement and the experience and lessons to be drawn from a number of recent Fund-supported programs. It takes stock of progress made to date and outlines the challenges remaining. Members hold diverse views on this subject. In the period ahead we intend to explore a number of key issues related to the further clarification and implementation of the Prague framework with the aim of achieving a greater convergence of views.

Report of the Managing Director to the IMFC on Streamlining Conditionality and Enhancing Ownership (IMFC/Doc/4/01/6) outlines the steps that have been taken to ensure that our continuing work to refocus and improve the effectiveness of conditionality while strengthening country ownership of Fund-supported programs takes into account a wide range of views from our members and civil society across the world. I would propose that this paper be published following the meeting of the IMFC.

Together, these reports set out the substantial work which has been done by the Fund on these important policy issues since the last meeting of the IMFC and outline next steps in the work program in these areas. These initiatives will continue to be in the forefront of our agenda going forward.

A Report on the Independent Evaluation Office (IMFC/Doc/4/01/4) has also been circulated and will be published.