## The Managing Director’s Update on the FY 2023 Work Program of the Executive Board

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### Context and overarching objectives
- Date: December 19, 2022; Executive Board Meeting: December 2, 2022.
- Global environment: prolonged pandemic and Russia’s war in Ukraine have slowed the global recovery. Membership faces: high inflation, rising food and energy insecurity, elevated debt levels, tightening financial conditions, volatile capital flows and exchange rates, and intensifying geopolitical fragmentation.
- BWP focus: policy responses and bilateral and multilateral advice to stabilize the global economy and build resilience; critical financial assistance to countries most affected; capacity development to implement advice.
- Time horizon covered: remainder of FY 2023 (through April 2023) and preliminary priorities for FY 2024 (May 2023 to April 2024).
- Implementation principle: remain flexible and adaptable given high uncertainty and staff capacity constraints; Board ownership required to streamline and prioritize the agenda.

### Operational challenges and management guidance
- Anticipated pressures:
  - Increase in country items will compound an already heavy policy and administrative agenda.
  - Need for greater flexibility in item formats, delaying some items, and identifying contingent items for potential delays.
  - If work pressures escalate, more concerted reprioritization will be required; additions to the agenda should be offset by dropping items.
- Board role: critical for identifying avenues for further streamlining to ensure a sustainable plan.

### Updates for the remainder of FY 2023 (through April 2023)
- Overall assessment: FY 2023 BWP remains ambitious to address conjunctural and structural challenges. New items will fine-tune the agenda in response to developments and needs.

- Policy advice (planned workstreams and deliverables):
  - Continue coverage through bilateral surveillance and programs; emphasize key policy issues in flagships and regional reports.
  - Analytical work on Geo-Economic Fragmentation and the Future of Multilateralism will be shared with the Board.
  - Crisis-related briefings will continue as needed.

- Fund policies (surveillance, lending, debt, and capacity development):
  - Surveillance policy agenda remaining items: reviews of Data Provision and Framework for Engagement on Governance.
  - Lending policy: planned review of precautionary instruments; engagement on "IMF Lending: Update on Crisis Response and Possible Ways Forward."
  - Capacity development: consideration of a concept note on the review of the Capacity Development Strategy.
  - Role of trade: Board review of the role of trade in Fund work.
  - Debt agenda: update on the Contractual Approach; discussion on "Debt Restructuring Challenges and the Fund’s Capacity to Support LICs and EMs: Stocktaking and Potential Ways Forward"; formal discussion on "Making Public Debt Public."

- Transformational/resilience agenda (climate, energy, digital):
  - Climate: review of the Climate Macroeconomic Assessment Program.
  - Analytical work on Energy Security and Climate Mitigation Policies, including on equivalence of carbon pricing versus other measures and reducing methane emissions.
  - Digitalization: include discussion on the CBDC Handbook for Capacity Development.

- Institutional work (risk, quotas, finance, internal support):
  - Risk agenda centered on Enterprise Risk Management (ERM) Policy, Framework, and Roadmap; complemented by discussion of Risk Tolerance Statements.
  - Sixteenth General Review of Quotas remains a core item.
  - Consideration of one-year extension of 2020 Bilateral Borrowing Agreements.
  - Additional finance items: Prescribed Holders of SDRs; Investment Account and Trust Investment Assets; Adequacy of PRGT and RST Resources.
  - Internal support items: Implementation Plan in Response to IMF Executive Board and Management Endorsed Recommendations of the 2022 Institutional Safeguards Review; update on Early Experience with the Hybrid Work Model.

### Preliminary priorities for FY 2024 (May 2023 to April 2024)
- Note: agenda still being developed; these preliminary priorities will inform the next BWP to be discussed in Spring 2023.

- Policy advice (planned analytical work):
  - GovTech.
  - Geoeconomic Fragmentation.
  - Policy Responses to Commodity Price Shocks.
  - Monetary-Fiscal Interactions in Inflation Booms.
  - Capital Outflow CFMs.

- Fund policies (surveillance, lending, debt, capacity development):
  - Surveillance reviews: Transparency Policy; Communications Strategy; Excessive Delays in Article IV Consultations.
  - Lending work: 2024/25 Review of the Fund’s Concessional Facilities and Financing; 18-month Interim Review of the Resilience and Sustainability Trust.
  - Board reviews and policy items: Access Limits on the RFI and RCF; the Food Shock Window; Program Monitoring with Board Involvement (PMB) in Staff Monitored Programs; the Policy Coordination Instrument.
  - Contingent item: Depending on outcome of the Management Implementation Plan in response to the IEO Evaluation on the Early Response to COVID-19, the Board will discuss "IMF Lending Toolkit: Considerations for Addressing Future Global Shocks."
  - Capacity Development Strategy: review expected to be concluded.
  - Debt work: update on Guidance to G20 on Collateral in Debt Financing; discussion of the review of the Debt Sustainability Framework for Low-Income Countries.

- Transformational/resilience agenda (climate, digital, fragile states):
  - Climate: Board briefings on climate transition for fossil fuel exporters; green innovation and the impact of the green transition on innovation and productivity.
  - Digitalization: work on Digital Money and the International Monetary System; Global Digital Cross-Border Payments Platforms.
  - Fragile and conflict-affected states (FCS): continued efforts, including Building Statistical Capacity in FCS.

- Institutional work (quotas, SDRs, human resources):
  - Sixteenth General Review of Quotas expected to be concluded by mid-December 2023.
  - Consideration of the Ex-Post Report on the Use of SDRs Following the 2021 General SDR Allocation.
  - Human resources highlight: the 2022-2023 Diversity & Inclusion Report.

_The Managing Director’s Update on the FY 2023 Work Program of the Executive Board (Executive Board Meeting, December 2, 2022; update dated December 19, 2022)._

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_Source: https://www.imf.org/-/media/files/publications/pp/2022/english/ppea2022063.pdf_