## Statement by the Managing Director on the FY 2025 Work Program of the Executive Board

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**Canonical URL:** [Statement by the Managing Director on the FY 2025 Work Program of the Executive Board](https://www.imf.org/-/media/files/publications/pp/2024/english/ppea2024023.pdf)

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### Overview
- Date of statement: May 3, 2024.
- Executive Board Meeting: March 8, 2024.
- Coverage period: FY 2025 (May 2024 to April 2025).
- Context:
  - The global economy has been encouragingly resilient in the face of multiple shocks.
  - A soft landing appears increasingly likely amid the tide turning in the fight against inflation and steady growth, but medium-term growth prospects remain weak.
  - Risks include increased debt vulnerabilities, reduced resilience to shocks, slower progress in raising living standards, uneven recovery, increasing fragmentation, and particular strain on low-income countries.
- Policy challenge summary:
  - Calibrate monetary policy to country-specific circumstances to achieve the final descent of inflation to target.
  - Rebuild fiscal buffers, raise revenue for new spending priorities, and ensure debt sustainability.
  - Safeguard financial stability and bolster inclusive medium-term growth through targeted and carefully sequenced structural reforms.
  - Strengthen international cooperation to reinforce the global financial safety net (GFSN), the debt architecture, and support green and digital transitions.
- The BWP implements a new strategic cycle to incorporate Directors’ broader views earlier and aims to provide prompt and tailored policy advice, financial assistance, support for debt restructuring, and capacity development while remaining flexible within a constrained budget environment.

### Policy advice and analytical work
- Focus: tailored advice through surveillance and programs to safeguard stability and enhance prosperity.
- Key planned Board engagements and analytical work:
  - Discussion on the Tradeoff between Price and Financial Stability.
  - Update on Financial Sector Regulatory and Supervisory Developments.
  - Engagement on Resilient Policy Frameworks to help members navigate the uncertain global environment.
  - Discussion of the report on Macroeconomic Developments and Outlook for Low-Income Countries.
- Flagship publications, regional reports, and Board briefings on country matters will cover cross-cutting pressing issues.

### Fund policy and outputs
- Objective: assess and update Fund policies to remain relevant to members’ needs.

- Surveillance:
  - Initial informal engagements on the upcoming surveillance review.
  - Annual Report on Current MCPs and their approval status following reform of the Fund’s Policy on Multi-Currency Practices (MCP).
  - Conclusion of the Transparency Policy and Open Archives Policy Review after extensive consultations.

- Lending:
  - Major reviews to ensure the Fund can respond to members’ financing needs in a shock-prone world.
  - Review of Program Design and Conditionality:
    - Staff initiated the Review of Program Design and Conditionality to identify areas for improvement to deliver strong, credible, and catalytic Fund-supported programs.
    - The Board will engage in informal briefings, with the aim to conclude the formal review in 2025.
  - Review of GRA access limits following approval of the quota increase at the 16th General Review of Quotas (GRQ).
  - Discussion of the Review of Surcharge Policy after the review of precautionary balances.
  - Review of the PRGT Facilities and Financing and Review of Eligibility to Use the Fund’s Facilities for Concessional Financing to ensure continued strong support to low-income countries.

- Debt:
  - Update on the Multi-Pronged Approach on Debt Vulnerabilities.
  - Engagement on the Review of Debt Sustainability Framework for Low-Income Countries (carried out jointly with the World Bank) to enhance the Fund’s debt sustainability analysis toolkit.

- Trade:
  - Discussion of a Trade Policy Update and Implementation of Trade Strategy, given fragmentation risks.

- Capacity development:
  - Priority: implementation of recommendations from the 2023 Review of the Fund’s Capacity Development Strategy.
  - Engagement on Capacity Development Priorities for the medium term (FY26–28).

- Transformation and resilience:
  - Implementation Reports on Climate, Digital, Gender and Inclusion, and FCS Strategies to be discussed.
  - Briefing on Multilateral Payment Platforms.
  - Formal discussion of Digital Money and the International Monetary System to develop principles to help countries reap benefits and mitigate risks from digital money.
  - Presentation of the Second Wave of Central Bank Digital Currency (CBDC) Handbook Chapters focusing on:
    - CBDC design and adoption.
    - Implications for the payment system, monetary policy operation, and financial stability.
    - Data policy and privacy protection.

### Institutional work
- Fund governance:
  - Early informal engagement on Realignment under the 17th General Review of Quotas following approval of the quota increase under the 16th GRQ.

- Modernization and communication:
  - Updates on Key Transformation and Modernization Programs and the implementation of the Hybrid Work Model.
  - Engagement in the Review of the Fund’s Communication Strategy to strengthen communications.

### Independent Evaluation Office (IEO)
- Board will consider:
  - IEO evaluations on The Evolving Application of the IMF’s Mandate and The IMF’s Exceptional Access Policy.
  - The Fourth External Evaluation of the IEO.
- Board will discuss Management Implementation Plans (MIPs) responding to:
  - The IEO evaluation of The Evolving Application of the IMF’s Mandate.
  - The Fourth External Evaluation of the IEO.

### Response to Risks
- Enterprise risks:
  - Board will discuss key enterprise risks, status of risk treatment actions, and status of risk tolerance levels in the context of the 2024 Mid-Year Risk Update and 2024 Risk Report.
  - Continued monitoring of Risk Tolerance Levels and progress on further development of the Risk Tolerance Framework and associated Key Risk Indicators (KRIs) via technical Q&A sessions on Risk Tolerance Statements.

*Statement by the Managing Director on the FY 2025 Work Program of the Executive Board (May 3, 2024).*

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_Source: https://www.imf.org/-/media/files/publications/pp/2024/english/ppea2024023.pdf_