## Statement by the Managing Director on the FY 2023 Work Program of the Executive Board

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**Canonical URL:** [Statement by the Managing Director on the FY 2023 Work Program of the Executive Board](https://www.imf.org/-/media/files/publications/pp/2022/english/ppea2022031.pdf)

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### Overview
- Date: June 22, 2022; Executive Board Meeting: June 8, 2022.
- FY 2023 period: May 2022 to April 2023.
- Context: "The global economy is facing a crisis upon a crisis, due to the war in Ukraine on top of the pandemic."
- Primary priorities: respond to increased concerns about high inflation, elevated debt levels, energy and food security, and risks of fragmentation; provide advice on the appropriate macro-policy mix for members.
- Approach: remain flexible and adaptable to prioritize the membership’s changing needs; start implementation of strategies to support a more resilient, inclusive, digital, and green global economy.

### Policy advice
- Objective: support members in navigating spillovers from the pandemic and the war and address evolving macroeconomic policy challenges.
- Key messages:
  - "In many countries where inflation is becoming a clear and present danger, central banks need to act decisively to restore price stability, which is essential for future growth and financial stability."
  - Policymakers must ensure the mix of monetary and fiscal policies are well aligned to manage complex policy challenges.
- Channels: bilateral surveillance, programs, flagships, regional reports, Board briefings on country matters.
- Staff work: advance analytical work on pressing policy issues; Board to be briefed periodically on financial and economic developments as circumstances evolve.

### Fund policy and outputs
- Purpose: review policies to continue providing sound macro policy advice, including on critical crisis-related issues.

- Surveillance:
  - The Board will be updated on the Institutional View and the OECD Codes of Liberalization.
  - The Board will review the Framework for Enhanced Fund Engagement on Governance and the Central Bank Transparency Code.
  - Country Matters Meetings (CMM) will brief the Board on relevant policy topics drawing on country cases.

- Lending:
  - The Board will engage on the Review of the Flexible Credit Line, Precautionary Liquidity Line, and Short-Term Liquidity Line.
  - Staff will continue to assess implications of the war and food insecurity for the Fund’s lending toolkit and will engage the Board as needed.
  - Prior to Operationalization of the Resilience and Sustainability Trust (RST), staff will brief the Board on fundraising activities, pilot cases, and the coordination framework on pandemic preparedness.

- LIC issues:
  - The report on Macroeconomic Developments and Prospects in Low-Income Countries will include discussion on debt management capacity challenges.
  - The Board will be briefed on Climate Change and Food Insecurity in Sub-Saharan Africa.

- Debt:
  - The Board will be briefed on Making Public Debt Public: Ongoing Initiatives and Reform Options.
  - The Board will receive an Update on Debt Vulnerabilities.
  - The Board will be updated on the Contractual Approach for Sovereign Debt Restructuring and receive the G20 note on Guidance on Collateral in Debt Financing.

- Capacity development:
  - Initial engagements on the CD Strategy Review.
  - Consideration of the Capacity Development Priorities for the medium term (FY 2024-26).

- Trade:
  - The Board will discuss the Review of the Role of Trade in the Work of the Fund to guide Fund work on trade policy amid risks of fragmentation and supply chain disruptions.

### Transformation and resilience
- Purpose: discuss key issues in emerging workstreams, supported by first implementation reports on individual strategies.

- Climate:
  - Ahead of COP27, staff exploring Board briefings on impact of current developments on climate transition; climate finance; and mitigation, including on equivalence of carbon pricing versus other measures and reducing methane emissions.
  - The new G20 Data Gaps Initiative prioritizes climate-change data and will complement deepening of surveillance.
  - The Board will consider modalities for the new Climate Macroeconomic Assessment Program.

- Digitalization:
  - Capital Flow Management in the Digital Age and Implications for the International Monetary System will take stock of challenges posed by digital currencies and crypto assets for the effectiveness of capital flow management measures.
  - A joint IMF-BIS-CPMI-FSB-WBG paper on Cross Border Digital Payments and the International Monetary System will look at the feasibility of improving cross-border payments, including by linking CBDCs.
  - The Board will formally discuss a paper on Elements of Effective Policies for Crypto Assets.
  - These strands will be synthesized in a wider paper on Digital Money and the International Monetary System to develop principles to guide policies and foster global cooperation to mitigate risks.

- Inclusion:
  - The Board will consider a Gender Strategy to support greater focus of gender issues in IMF advice, lending and capacity development.

- Fragile and conflict-affected states (FCS):
  - Focus on implementing the recently approved strategy and enhancing engagement with countries.

### Institutional work
- Resources and governance:
  - Aim to conclude the Sixteenth General Review of Quotas Review by no later than mid-December 2023, with continued work through discussions in the Committee of the Whole and Reports to the Board of Governors.
  - The Board is expected to consider the one-year extension of 2020 Borrowing Agreements through end-2024.

- Modernization and diversity:
  - The Board will be briefed on the Hybrid Work Model and receive semi-annual updates on Key Transformation and Modernization Programs.
  - Diversity issues will be discussed in the informal Diversity & Inclusion Update.

- Fund finances:
  - The Board will consider the reviews of Precautionary Balances and Strategy on Overdue Financial Obligations.
  - Staff is exploring how a broader review of the New Income Model could be best incorporated in the Board’s Work Program going forward.

- Institutional safeguards:
  - Management and the Board Steering Group will present findings of the review of institutional safeguards to the Board in June 2022.

### Independent Evaluation Office
- Pipeline includes evaluations of Capacity Development and the IMF’s Early Response to COVID-19.
- Management Implementation Plans (MIPs) expected within six months after the Board discussions, including the MIP following the recently concluded evaluation of the IMF’s Engagement with Small States.

*Statement by the Managing Director on the FY 2023 Work Program of the Executive Board (June 22, 2022).*

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_Source: https://www.imf.org/-/media/files/publications/pp/2022/english/ppea2022031.pdf_