IMF Executive Board Discusses Implementation Plan in Response to Board-Endorsed Recommendations for the IEO Evaluation of International Reserves—IMF Concerns and Country PerspectivesPublic Information Notice (PIN) No. 13/63
June 4, 2013
Public Information Notices (PINs) form part of the IMF's efforts to promote transparency of the IMF's views and analysis of economic developments and policies. With the consent of the country (or countries) concerned, PINs are issued after Executive Board discussions of Article IV consultations with member countries, of its surveillance of developments at the regional level, of post-program monitoring, and of ex post assessments of member countries with longer-term program engagements. PINs are also issued after Executive Board discussions of general policy matters, unless otherwise decided by the Executive Board in a particular case.
On March 29, 2013, the Executive Board of the International Monetary Fund (IMF) agreed to the implementation plan in response to Board-endorsed recommendations arising from the Independent Evaluation Office (IEO) evaluation of International Reserves—IMF Concerns and Country Perspectives.
On December 7, 2012, the Executive Board discussed the Independent Evaluation Office's (IEO’s) report on International Reserves—IMF Concerns and Country Perspectives. The IEO report proposed a set of recommendations on the Fund’s approach to the analysis of international reserves in both bilateral and multilateral contexts, as well as to its policy advice on reserve issues.
Based on the IEO recommendations that were endorsed by the Board, staff and management have prepared an implementation plan. The implementation plan is part of the framework established following an External Evaluation of the IEO that seeks to ensure a more systematic follow-up and monitoring of the implementation of Board-endorsed IEO recommendations. That framework envisages, amongst other things, the presentation to the Board of a forward-looking implementation plan for Board-endorsed recommendations soon after Board discussion of each IEO report. The Executive Board agreed that the proposals contained within the Annex of the implementation plan fulfilled this requirement. In particular, the plan proposes that additional work on reserve issues will be carried out and presented to the Board later this year. Specifically, this work will consider how the reserve adequacy metric designed for emerging markets in the IMF's 2011 Assessing Reserve Adequacy paper has performed, as well as develop new analysis in some specific areas, including for advanced and dollarized economies. The Fund will also continue to pursue recent initiatives which better integrate the discussion of policies affecting the external sector, and provide a multilaterally consistent snapshot of global external imbalances and spillovers. Finally, as part of this work program, the Fund will also step up engagement with country authorities on reserve-related issues.