|Summary:In September, 2005, the Fund published its Medium-Term Strategy, which
considered the future direction of the Fund in light of the economic transformation wrought by 21st century globalization. The strategy concluded that the emergence of new economic powers, integrated financial markets, unprecedented capital flows, and new ideas to promote economic development required an updated interpretation of the Fund’s mandate as the steward of international financial cooperation and stability. Without new focus and carefully chosen priorities, the institution risked being pulled in too many directions and losing its
relevance to large parts of the membership.