## Statement by the Managing Director on the Work Program of the Executive Board — Executive Board Meeting, June 3, 2019

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**Canonical URL:** [Statement by the Managing Director on the Work Program of the Executive Board — Executive Board Meeting, June 3, 2019](https://www.imf.org/-/media/files/publications/pp/2019/ppea2019027.pdf)

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### Overview of the Work Program (WP)
- The WP translates strategic directions and policy priorities from the Spring 2019 Global Policy Agenda (GPA) and the IMFC Communiqué into an Executive Board agenda for the next twelve months.
- This WP covers FY20 (May 2019 to April 2020).
- Main policy priority areas: support domestic policies for resilience and inclusion; upgrade global cooperation; adapt the Fund’s toolkits; modernize the Fund’s operations; ensure Fund resources remain adequate and continue governance reform.

### Support domestic policies to enhance resilience and inclusion
- Flagship and thematic outputs and planned discussions:
  - World Economic Outlook (WEO): analyze forces shaping the global outlook; discuss policies to sustain growth, enhance inclusion, and boost resilience (Fall 2019).
  - Global Financial Stability Report (GFSR): assess key vulnerabilities in the financial system; study financial stability implications of US dollar funding of global non-US banks (Fall 2019).
  - 2019 External Sector Report (ESR) (July 2019): multilaterally-consistent assessment of largest economies’ external positions; new analysis on the role of exchange rates in external adjustment considering currency of invoicing and global value chains.
  - Staff discussion note (SDN) on Financial Services and Inequality (October 2019): examine how financial policies could enhance inclusion and opportunities.
  - Integrated Policy Framework briefing: staff plans to develop systematic assessment of policy mixes jointly considering monetary, exchange rate, macroprudential, and capital flow management policies.
  - Early Warning Exercise: Board engagement in October 2019 and April 2020.
  - Macroeconomic Developments and Prospects in Low-Income Developing Countries (LIDCs)—2019 (October 2019): assess macroeconomic conditions and policy challenges in LIDCs; focus on inclusiveness of growth and sustainability of its drivers; highlight VAT performance in revenue-generating and financial safety net arrangements.
- Additional analytical and regional inputs:
  - Regional Economic Briefings and briefings on Global Financial Markets Developments planned for November 2019 and May 2020.
  - Central Bank Governance After the Global Financial Crisis: In Search of Emerging Good Practices (February 2020).
  - Stock-take on the Fund’s Work on Illicit Financial Flows (May 2020).

Box: The Fund’s work on Illicit Flows
- Objectives of A Stock-take on the Fund’s Work on Illicit Financial Flows (May 2020):
  - Showcase the Fund’s wide-ranging IFF-related work, including AML/CFT, financial integrity, tax evasion, and IFF measurement and monitoring.
  - Clarify the definition of illicit financial flows by distinguishing illegal flows from legal tax avoidance and tax planning by multinationals.
  - Provide information on estimation practices and related challenges; input to the Seventh IMF Statistical Forum: Measuring the Informal Economy.
- The paper will involve consultations with other international institutions and civil society organizations.

### Upgrade global cooperation to level the playing field and address shared challenges
- Trade and macroeconomic cooperation:
  - Continue policy advice and trade-related macroeconomic analyses; staff briefs and joint work with WTO and World Bank as needed.
  - G-20 related outputs: share G-20 notes with the Board; joint IMF/WB G-20 note on Operational Guidelines for Sustainable Financing–Survey Results and Policy Recommendation (issued in May); G-20 Report on Strong, Sustainable, Balanced, and Inclusive Growth (October 2019); G-20 Data Gaps Initiative Progress Report (September 2019).
- Financial regulation and fintech:
  - Financial Stability Monitoring Framework briefing (May); Latest Developments in Financial Regulation (September 2019).
  - Adapting National Prudential Approaches to the International Reform Agenda: Lessons from Experience (April 2020).
  - Fintech: The Experience So Far (June 2019): follow-up to the Bali Fintech Agenda; stock-taking of countries’ fintech experiences and identification of fintech-related issues for further attention.
  - Update on Trends in Correspondent Banking Relationships (March 2020).
- Fiscal policy and climate:
  - Fall 2019 Fiscal Monitor analytical chapter: examine fiscal policy tools to mitigate climate change (see Box 2).
  - Update on Implementation of Measures to Strengthen Fund Engagement in Fragile and Conflict-Affected States (November 2019).
  - Board briefing on Revenue Mobilization in Developing Countries (February 2020).

Box: The Fund’s work on Climate Change and Natural Disasters
- Activities and analytical directions:
  - Building Resilience in Countries Vulnerable to Natural Disasters (discussed in May): three-pillar approach addressing physical, financial, and social resilience.
  - Fall 2019 Fiscal Monitor: analyze fiscal policies for climate change mitigation; impact of international coordination through carbon price floors; policies for investment in transition to low-carbon energy; political economy obstacles to pricing; implications for fiscal regimes in resource-rich countries.
  - Staff studies on climate-related risks for financial sector policies, including enhanced financial stress testing integrating climate-related shocks with macroeconomic scenarios and discussion in the 2020 FSAP Review.
  - Joint WB-IMF working group on Climate Change Policy Assessment (CCPA) and Disaster Resilience Strategy; cooperation with the European Union on revisions to its Climate Policy.

### Adapt the Fund’s policy toolkits to lead and support change
- Major reviews and timelines:
  - 2020 Comprehensive Surveillance Review (CSR): scoping noted in March; Board engagements on Mid-point notes (December 2019) and final papers (April 2020).
  - 2020 Review of the Financial Sector Assessment Program (FSAP) (jointly with WB): staff technical briefing on Data and Methodology Used for Updating the List of Mandatory FSAP Jurisdiction (September); Board mid-point (December 2019) and final (April 2020).
  - Progress in Revising the Monetary and Financial Transparency Code (November 2019); formal meeting on The New Monetary and Financial Transparency Code (April 2020).
  - Review of the Fund’s Policy on Multiple Currency Practices—Proposals for Reform (September 2019).
- Lending and debt policies:
  - Follow-up to 2018 Review of Program Design and Conditionality and 2018 Review of Facilities for Low-income Countries—Reform Proposals (discussed in May).
  - Review of the Financing of the Fund’s Concessional Assistance and Debt Relief to Low-Income Countries and Poverty Reduction and Growth Trust—Review of Interest Rate Structure concluded; follow-up implementation work to proceed.
  - Review of Eligibility to Use the Fund’s Facilities for Concessional Financing expected to be completed later in the year after an informal briefing in June.
  - Misreporting Policies—Selected Issues (February 2020): review aspects of implementation of the Fund’s misreporting policies.
  - Update to the Joint WB-IMF Multipronged Approach for Addressing Emerging Debt Vulnerabilities (briefed in May).
  - Debt Sustainability Framework for Market Access Countries: Board engagement in November 2019, followed by a formal Board date to be announced.
  - Review of the Debt Limits Policy: engagements in May 2019 and January 2020 envisaged; formal Board meeting in April 2020.
- Capacity development integration:
  - IMF Policies on Capacity Development updated in June 2019 following the 2018 review.
  - AFR Capacity Development-Surveillance Integration (September 2019).
  - APD Capacity Development-Surveillance Integration (February 2020).

### Work to ensure Fund resources remain adequate and governance reform continues
- Ongoing package of reforms to maintain the Fund’s current resource envelope and continue governance reform; Board engagements to be scheduled as appropriate.
- Independent Evaluation Office (IEO) related activities:
  - IEO evaluation on IMF Advice on Unconventional Monetary Policies discussed in June 2019; Management Implementation Plan on this IEO report due December 2019.
  - IEO shorter Evaluation on IMF Collaboration with the World Bank on Macro-Structural Issues: Board engagement March 2020.
  - Management Implementation Plan on the IEO Report on The IMF Financial Surveillance scheduled for September 2019.
  - Periodic Monitoring Report and a paper proposing Categorization of Open Actions in Management Implementation Plans to be discussed in November 2019.
- Financial reviews and reporting:
  - Annual Report of the Investment Account and Trust Accounts for FY2019: Board briefing in August 2019.
  - Review of the Adequacy of the Fund’s Precautionary Balances: discussion in February 2020.
  - Review of the Fund’s Income Position for FY2020 and FY2021-2022: scheduled for April 2020.

### Modernize Fund operations
- Human resources and diversity:
  - Comprehensive Compensation and Benefits Review (CCBR): Market Analysis and Policy Discussion (September 2019); formal discussion in November 2019.
  - Continue work on human resources strategy: enhanced frameworks for performance management, career and succession management.
  - 2019 Diversity and Inclusion Update briefing (May); Diversity and Inclusion Report discussion in November 2019.
- Big 5 Modernization Agenda and related outputs:
  - Multiple Board engagements planned on Big 5 projects (1HR, CDMAP, IDW, iDATA, KM).
  - Big 5 briefings held in June 2019 on 1HR Business Case and Cost Benefit Analysis.
  - Budget Trends and Initiatives: Update on Big 5 Modernization Projects; Updated Capital Investment Framework (September 2019).
  - Periodic Reports on Big 5 Modernization Projects: provided for information in January 2020.
  - Periodic meetings on Budget, Income Position, and Compensation ahead of the 2020 Spring Meetings.
  - Briefing on Risk Management: Update on Information Security Posture and Roadmap (September 2019).
  - Update on the IMF Communications Strategy scheduled for January 2020.

*Source: Statement by the Managing Director on the Work Program of the Executive Board, Executive Board Meeting, June 3, 2019 (WP covers FY20 — May 2019 to April 2020).*

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_Source: https://www.imf.org/-/media/files/publications/pp/2019/ppea2019027.pdf_