## Statement by the Managing Director on the FY 2024 Work Program of the Executive Board

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**Canonical URL:** [Statement by the Managing Director on the FY 2024 Work Program of the Executive Board](https://www.imf.org/-/media/files/publications/pp/2023/english/ppea2023033.pdf)

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### Context and key challenges
- The global economy faces weak growth prospects and persistent inflation, with the outlook marked by high uncertainty and elevated risks to macro-financial stability.
- Multiple shocks, including Russia’s war in Ukraine, and growing fragmentation have deepened divisions within and across countries.
- Low-income economies continue to face food insecurity and increasing poverty, and emerging markets remain vulnerable to spillover risks from necessary tight policies in advanced economies.
- About 60 percent of low-income countries and 25 percent of emerging markets are in or near debt distress.
- Policymakers face complex challenges: reducing inflation durably, safeguarding financial stability and fiscal sustainability, bolstering medium-term growth prospects, and protecting vulnerable populations.
- There is a need for international cooperation to support vulnerable countries with financial assistance and debt relief, tackle climate change, and invest in a more inclusive and digital future.

### Purpose and approach of the FY 2024 Board Work Program (BWP)
- Period covered: FY 2024 (May 2023 to April 2024).
- Focus: support the membership through prompt and tailored policy advice, financial assistance buttressed by efforts to support debt restructuring processes, and capacity development.
- Ensure Board can closely monitor economic and financial developments and discuss macro policy responses.
- Provide opportunities to deliberate on key Fund policies and operations.
- The BWP will remain flexible and adaptable given continued high uncertainty and the Fund’s constrained budget environment.

### Policy advice and analytical work
- The Fund’s tailored advice via bilateral surveillance and programs remains critical.
- Key analytical work and briefings include:
  - Effective Monetary-Fiscal Interaction in a High-Inflation Environment.
  - Interplay between Capital Flows, CFMs, and Crises.
  - Can Energy Subsidies Help Reduce Inflation.
  - Update on Financial Sector Regulatory Policies and Reform (briefing).
  - Review of the Fund’s AML/CFT Strategy.
  - Market Reforms and Public Debt Sustainability in Emerging Market and Developing Economies.
  - How Structural Reforms Can Ease Policy Trade-offs and Boost Sustainable Growth in EMDEs.
  - Green Innovation and Adoption: How Can Policies Accelerate Them and What Impact to Expect on Macroeconomic and Firm-Level Performance.
  - Report on Macroeconomic Developments and Prospects in Low-Income Countries, focusing on strengthening social safety nets.

### Fund policy and outputs
- Surveillance:
  - Update on the Integrated Policy Framework Operationalization.
  - Discussion of the Policy for Addressing Excessive Delays of AIVs and Mandatory FSAs.
  - Discussion of Data Provision to the Fund for Surveillance Purposes.
  - Update on progress with the Transparency Policy Review (to be concluded in FY24-25).
  - Note: The Interim Surveillance Review is expected to be discussed in FY 2025.
- Lending:
  - Reviews planned to ensure the Fund’s ability to respond to members’ financing needs in a shock-prone world.
  - Board consideration of the Review of the Flexible Credit Line, Precautionary and Liquidity Line, and Short-Term Liquidity Line.
  - Review of the Food Shock Window and Cumulative Access Limits under the RFI/RCF, Program Monitoring with Board Involvement in Staff Monitored Programs and the Policy Coordination Instrument.
  - Initial engagement (planned for April 2024) on the Review of the Fund’s Concessional Facilities and Financing (expected to be concluded in FY25) and review of the Eligibility to Use the Fund’s Facilities for Concessional Financing.
    - The Board will engage on a burden-shared medium-term strategy to preserve the self-sustainability of the PRGT, with preliminary technical work by staff on the full range of options, including potential use of internal resources and illustrative examples of potential changes to the PRGT financing terms.
    - As a first step, ahead of the 2023 Annual Meetings, staff will present initial technical work and analysis in the context of an update on the Adequacy of PRGT and RST Resources.
  - Interim Review of the RST and Adoption of Interest Rate Cap for the RST to preserve low financing costs for the poorest members.
  - Note: If necessary, Eligibility to Use the Fund’s Facilities for Concessional Financing could be rescheduled to FY25 to follow closely the Review of the Fund’s Concessional Facilities and Financing.
- Debt:
  - Discussion of Reform Options to Promote the Fund’s Capacity to Support Countries Undertaking Debt Restructurings.
  - Staff-chaired Q&A on the Global Sovereign Debt Roundtable to update the Board on developments.
  - Review of Making Public Debt Public: Ongoing Initiatives and Reform Options.
  - Receipt of the G20 note on Guidance on Collateral in Debt Financing.
  - Review of Debt Sustainability Framework for Low-Income Countries, jointly with the World Bank.
- Trade:
  - Update to the Board on Trade Policies amid risks of fragmentation and supply-chain disruptions.
- Capacity development:
  - Engagement on Capacity Development Priorities for the medium term (FY 2025-27).
  - Discussion of the 2023 Review of the Fund’s Capacity Development Strategy to modernize management, administration, and delivery.
  - Policy papers on areas including Building Statistical Capacity in FCS.

### Transformation and resilience
- Implementation Reports updates on Climate and the RST, Digital, Gender and Inclusion, and FCS Strategies.
- Review of the Climate Macroeconomic Assessment Program.
- G20 Data Gaps Initiative Report, with an important focus on climate data.
- Fund Work on Green Finance.
- Receipt of the G20 Note on Joint IMF and FSB Guidance on Policies for Crypto Assets.
- Briefings on Global Digital Cross-Border Payments Platforms and on Initial Guidance for the CBDC Handbook.
- Formal discussion of Digital Money and the International Monetary System to develop principles for benefits and risk mitigation from digital money.
- Analytical work on Building Tax Capacity in Developing Countries and Transforming Public Finance Through Gov Tech.

### Institutional work
- GRA Resources and Fund governance:
  - Engagement on the Sixteenth General Review of Quotas, due to be concluded by mid-December 2023; further engagements to be scheduled as needed.
  - Note: The renewal of the New Arrangements to Borrow is expected to be discussed in FY 2025.
- SDR Allocation:
  - Consideration of the Ex-Post Report on the Use of SDRs to assess support to low-income and other vulnerable countries, impact on members’ policies, SDR channeling, and consistency with principles of transparency and accountability.
- Modernization, diversity, and institutional safeguards:
  - Updates on Key Transformation and Modernization Programs and the implementation of the Hybrid Work Model.
  - Updates on the Fund’s Carbon Footprint and the Work of the Environmental Sustainability Council.
  - The 2022-2023 Diversity & Inclusion Report to update progress toward meeting key diversity and inclusion objectives.
  - Update on the Institutional Safeguards Review work.
- Independent Evaluation Office:
  - Discussion of the Management Implementation Plan (MIP) on the IEO evaluation of the IMF’s Emergency Response to the COVID-19 Pandemic.

### Response to risks
- Enterprise risks and ERM:
  - Engagement on a paper assessing Initial Experience with Pilot Implementation of the ERM Framework, covering resource needs for Administrative ERM policy application to all Fund operations.
  - Discussion of key enterprise risks and the status of risk treatment actions in the context of the 2023 Mid-Year Risk Report.
  - Preview of progress on monitoring Risk Tolerance Levels and further development of the Risk Tolerance Framework and associated Key Risk Indicators (KRIs).

*Statement by the Managing Director on the FY 2024 Work Program of the Executive Board (July 21, 2023).*

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_Source: https://www.imf.org/-/media/files/publications/pp/2023/english/ppea2023033.pdf_