## Statement by the Managing Director on the Work Program of the Executive Board (December 15, 2021) ## Source details **Canonical URL:** [Statement by the Managing Director on the Work Program of the Executive Board (December 15, 2021)](https://www.imf.org/-/media/files/publications/pp/2021/english/ppea2021075.pdf) ## Other formats - [Markdown version](/-/media/files/publications/pp/2021/english/ppea2021075.pdf.md) - [Structured JSON version](/-/media/files/publications/pp/2021/english/ppea2021075.pdf.json) --- ### Overview - Work Program timeframe: remainder of FY 2022 (through April 2022) and priority topics for engagement in FY 2023. - Strategic alignment: Fall 2021 Global Policy Agenda and IMFC Communiqué. - Three policy priorities: (i) vaccinate the world to combat the pandemic everywhere; (ii) calibrate bilateral and multilateral policies to support the recovery and reduce scarring and divergences; and (iii) accelerate the transformation of the global economy to make it greener, more digital, and inclusive. - Objective: ensure the Fund remains appropriately equipped to maintain its role at the center of the global financial safety net. - Process: Spring Work Program will develop the full work agenda for the next financial year, aligned with the Board-approved budget; future cycles will follow the same approach. ### A. Vaccinate the World - Global vaccination goals to meet: - vaccinate at least 40 percent of the population in all countries by end-2021 - vaccinate 70 percent by mid-2022 - IMF actions: - continue collaboration with global partners, including under the Multilateral Leaders Task Force and the IMF-WHO vaccine supply tracker - Board briefings on status of vaccination and related financing efforts as needed ### B. Calibrate Policies - Global outlook and macro risk work: - Spring 2022 World Economic Outlook (WEO) will examine policy priorities to secure the recovery, and cover supply chains, inflation, and energy prices - Global Financial Stability Report (GFSR) will analyze financial market developments, the sovereign-bank nexus in emerging markets, and the fintech sector - Fiscal Monitor will cover latest fiscal developments and include an analytical chapter on international tax coordination (areas: corporate taxation, carbon taxation, and information sharing) - World Economic and Market Developments Update will provide interim information - Board engagement to continue on the Early Warning Exercise - Annual report on Macroeconomic Developments in Low-Income Developing Countries will resume in FY 2023 - Regional outreach and country-group analytical work: - Regional Briefings for granular views and calibrated policy recommendations - Briefings on Country Matters for in-depth analyses of common challenges for specific groups of countries or select countries - Fund outputs—Surveillance: - surveillance agenda through end of FY 2022 will focus on: - Institutional View on Liberalization and Management of Capital Flows - Fund’s Policy on Multiple Currency Practices - Review of Data Provision to the Fund for Surveillance Purposes - Board briefings on updates to the External Balance Assessment (EBA) and EBA-lite Methodology - next FY updates on operationalization of the Integrated Policy Framework and review of: - Implementation of the Framework for Enhanced Fund Engagement on Governance - Central Bank Transparency Code - Country Matters Meeting (CMM) will be scheduled in FY 2022 following CSR recommendations - Note: The CMM, along with the Granular Policy Initiative (GPI), is part of novel ways of modernizing surveillance. - Fund outputs—Lending: - near-term critical workstream: establish a new Resilience and Sustainability Trust to magnify impact of the recent general allocation of Special Drawing Rights (SDR) - Board discussions on: - Eligibility to Use the Fund’s Facilities for Concessional Financing - review of the Fund’s Arrears Policies and Perimeter - FY 2023 expected engagements: - Review of the Flexible Credit Line, Precautionary Liquidity Line, and Short-Term Liquidity Line - Pandemic Program Review - Fund outputs—Capacity development: - Board updates on review of the CD Information Dissemination Framework - engagement on Capacity Development Priorities for FY23-25 - FY 2023: CD Strategy Review kick-off with Board discussion of a concept note - Debt focus: - continued emphasis on the Multipronged Approach for Addressing Debt Vulnerabilities - Board discussions on update of the Debt Service Suspension Initiative (DSSI) and Common Framework - resource mobilization to ensure Catastrophe Containment and Relief Trust (CCRT) is adequately funded - Board engagement on CCRT—Fifth Tranche of Debt Service Relief in the Context of the COVID-19 Pandemic; review of the CCRT tentatively planned for FY 2023 - FY 2023: Board discussions on the Contractual Approach for Sovereign Debt Restructuring and briefings on Debt Transparency - Trade: - Board discussion: Review of Fund Role on Trade Policy in FY 2023 - Analytical work planned: - Central Bank Exit Strategies and Spillovers - Policy Options to Support and Restructure Enterprises - FY 2023 briefings expected on: - Fiscal Rules and Medium-term Fiscal Frameworks - Interplay between Capital Flows, CFMs and Crises - Central Bank Balance Sheet at Risk - Global cooperation and standards: - Annual Report of the IMF Committee on Balance of Payment Statistics - Tenth Review of the IMF’s Data Standards Initiatives - new G20 Data Gaps Initiative to prioritize climate change data among other items - FY 2023 update on the Balance of Payments Manual and System of National Accounts - Independent evaluation: - IEO work to reinforce Fund learning culture - near-term agenda: Management Implementation Plans (MIP) on Long-Standing Actions and on Adjustment and Growth in IMF-Supported Programs - FY 2023 IEO pipeline: IMF Engagement with Small States, Capacity Development, and the IMF’s Early Response to COVID-19 - respective MIPs expected within six months from the Board discussions ### C. Transformational Recovery - Purpose: accelerate transformation to a greener, more digital, and inclusive global economy; discuss priorities from strategies on climate, digitalization, inclusion, and fragile and conflict-affected states. - Climate near-term pipeline: - Strengthening Infrastructure Governance for Climate-Responsive Public Investment - Integration of Climate Adaptation in Fiscal Policy - Assessing the Financial Stability Implications of Climate Risk - FY 2023: Board consideration of modalities for the new Climate Macroeconomic Assessment Program and briefing on Implementation of the Climate Strategy - Digitalization: - follow-up to Board endorsement of Digital Money Strategy - Board consideration of Recent Central Bank Digital Currency (CBDC) Developments and an Approach to Capacity Development - initial engagement and formal discussion on interactions between Digital Money and the International Monetary System in FY 2023 - FY 2023 briefing on Implementation of the Digital Money Strategy - Inclusion: - Board consideration of a Gender Strategy to support analysis of gender issues and core Fund operations - Board briefing on the SDN on Women and Finance in the Post-COVID World - late FY 2023: briefing on Implementation of the Inclusion and Gender Strategies - Fragile and conflict-affected states (FCS): - Board agenda focuses on Enhancing Fund Financial Engagement in FCS and the FCS Strategy - FY 2023: briefing on Implementation of the FCS Strategy ### D. Fund Operations - Income and budget: - formal sessions on: - Review of the Fund’s Investment Account and Trust Assets Investment Strategy - Review of the Fund’s Income Position for FY2022 and FY2023-24 - Board-approved framework to ensure IMF has required staff and skills - regular engagement on the FY2023-FY2025 Medium-Term Budget to discuss specific allocations in priority areas - Modernization and diversity: - Board update on the 1HR project - regular discussions on human resources issues including: - 2022 Review of Staff Compensation - Staff Recruitment and Retention Experience for CY2021 - FY2020-FY2021 Diversity and Inclusion Report - briefings on: - Resumption and Early Experiences with the Hybrid Work Model Pilot - The Fund’s Carbon Footprint and the Work of the Environmental Sustainability Council - Resources and governance: - work on the Sixteenth General Review of Quotas continuing with a view to concluding the 16th Review by no later than mid-December 2023 - Committee of the Whole to engage again ahead of the 2022 Spring Meetings; Board to consider the second semi-annual report to the Board of Governors - staff to keep demand for Fund resources under close review and brief the Board as warranted - Fund finances: - Board reviewed surcharge policy analysis in the context of Adequacy of Precautionary Balances—Interim Review - planned reviews and briefings include: - Fund's Investment Account and Trust Assets Investment Strategy - Adequacy of PRGT Finances - The Fund's Liquidity Position—Review and Outlook - briefing by the External Audit Committee - periodic Financial Transactions Plan - FY 2023 tentative agenda includes reviews of: - Method of Valuation of the SDR - Safeguards Assessments - Fund's Strategy on Overdue Financial Obligations - Board operations: - staff engagement with the Board on boosting efficiency and prioritization of Board operations *Source: Statement by the Managing Director on the Work Program of the Executive Board (Executive Board Meeting, December 3, 2021).* --- _Source: https://www.imf.org/-/media/files/publications/pp/2021/english/ppea2021075.pdf_