The IMF’s Work Program: Invigorating a Sustainable Recovery and Restoring ResiliencePress Release No. 13/199
June 6, 2013
On June 3, 2013, the Executive Board of the International Monetary Fund (IMF) considered the IMF's bi-annual work program. The Work Program translates the policy priorities laid out in the Global Policy Agenda (GPA) presented to the International Monetary and Financial Committee (IMFC) in April 2013, into the agenda for the Fund over the next six to twelve months.
“The IMF’s work program charts a range of actions needed to invigorate a sustainable recovery and to make the global economy more resilient.” IMF Managing Director Christine Lagarde said in presenting the work program to the Executive Board. “An important goal for all countries is to have more growth and jobs, although individual countries’ challenges and constraints vary,” she said. “We also need to think ahead—and be ahead of the curve—by reflecting on longer-term trends and integrating them into our work.”
Invigorating a Sustainable Recovery
The Fund will focus on assisting all members in identifying emerging risks, potential financing needs, as well as designing calibrated policies to encourage stronger and sustainable growth.
- In advanced economies, the Fund will seek an appropriate balance between supporting activity and addressing underlying fiscal, financial, and private balance sheet risks.
- In emerging economies, Fund analysis and policy advice will focus on helping countries recalibrate their policy mix, manage volatile flows, and limit financial stability risks.
- In low-income countries, the Fund will assist countries in rebuilding policy buffers while meeting pressing infrastructure and social needs. Given the difficult policy challenges in the Middle East and North Africa, the Fund will also provide support as appropriate and help build capacity in the region.
Restoring the world economy’s resilience also requires decisively addressing medium-term structural issues. The Fund will support efforts in this area in a number of ways.
- Strengthening financial systems. The Fund will continue to support the global regulatory reform agenda monitor and identify risks to financial stability. Efforts will also focus on implementing macroprudential policies and on financial system deepening to support growth.
- Addressing high deficits and debt. Durable fiscal adjustment and institutional reform are needed to get to grips with high public and private debt. The Fund will continue to assist members in identifying and dealing with risks to fiscal and debt sustainability.
- Supporting jobs and growth. Work is ongoing to examine macroeconomic and structural factors that may help enhance and sustain growth and support job creation across the membership.
- Narrowing global imbalances and anticipating spillovers. The Fund will continue to enhance its analysis of multilateral policy consistency and cross-border spillovers. Cluster-based surveillance in Article IV reports and regional reports can also help to ensure consistent policy responses.
- Building capacity. The Fund will work to build on the effectiveness of capacity building and improve its delivery and outreach.
Adapting to the Future
Adapting to the challenges of the future remains a key task for the Fund. Here, the Fund will continue to seek the completion of the 2010 quota and governance reform, reflect on long-term trends that may shape the Fund’s operations in the future, and strengthen the Fund’s human resource management, including diversity.