## THE MANAGING DIRECTOR’S GLOBAL POLICY AGENDA

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---

### THE CONTEXT
- The global economy is undergoing a profound transformation driven by major policy shifts across trade, digital money, immigration, and spending priorities, including national security and foreign aid, which are reconfiguring global markets and redefining policy frameworks.
- The Managing Director states the priorities as preserving macroeconomic and financial stability and working together to ensure the smooth functioning of the global economy, with the IMF ready to support members through tailored policy advice, capacity development, and financing when necessary.
- Growth and external sector developments:
  - Global growth is now expected to slow to 3.2 percent this year, from 3.3 percent in 2024.
  - The 2025 External Sector Report (ESR) shows global current account balances widened by 0.6 percentage points of world GDP last year, with two-thirds of the increase arising from excess surpluses—mainly in China and the euro area—and excess deficits, primarily in the United States.
- Emerging risks to the outlook:
  - A further rise in protectionism and labor supply disruptions.
  - Financial sector risks from rapid expansion of nonbanks and digital currencies.
  - Disappointing productivity gains from AI and disruptions in private credit markets that could trigger abrupt asset repricing.
  - Geopolitical risks, domestic polarization, and ongoing wars and armed conflicts imposing human and economic costs.
- Potential upside catalysts include trade deals, renewed reform momentum, faster AI-driven productivity gains, and breakthroughs in conflict resolution.
- The Managing Director highlights urgency of the low-growth high-debt challenge:
  - Public debt is near record highs; many countries face depleted fiscal space while confronting spending needs from population aging to rising national security demands.
  - Fiscal vulnerabilities in some advanced and emerging economies raise the risk of sudden disruptions in sovereign debt markets, with potential financial stability implications and cross-border spillovers.
  - Pressures are acute in developing countries experiencing drops in foreign aid and in vulnerable economies where debt service is crowding out priority spending.

### POLICY PRIORITIES AND IMF SUPPORT
- Core objectives emphasized by the Managing Director:
  - Foster confidence, build resilience, and safeguard macroeconomic and financial stability.
  - Restore depleted policy buffers to underpin resilience to successive shocks.
  - Ensure fiscal sustainability, maintain price and financial sector stability, and promote medium-term growth.
  - Strengthen independent core economic institutions—central banks, financial supervisors, fiscal councils, and statistical agencies—to underpin policy credibility and public trust.
  - Emphasize contingency planning and readiness to cushion against shocks.
- Fiscal policy guidance and IMF support:
  - Countries must move decisively with sustained fiscal adjustments anchored in medium-term fiscal consolidation, geared toward future growth and preserving social cohesion by protecting essential investment and social spending, and ensuring fair burden sharing.
  - Adjustments should pursue efficiency gains, prioritize measures that promote private investment—including broadening tax bases and improving revenue administration—and redirect spending to productivity-enhancing areas like R&D, infrastructure, and skill development.
  - Discretionary support for those severely hit should be temporary, well-targeted, and offset by savings elsewhere.
  - Low-income countries (LICs) facing cuts in foreign aid are encouraged to boost domestic resource mobilization while donors are encouraged to enhance support.
  - The IMF helps members design fiscal adjustments, calibrating pace and composition between spending and revenue while accounting for long-term needs such as aging, national defense, and energy transition.
  - The IMF’s latest Fiscal Monitor identifies reforms to improve composition and efficiency of spending and introduces a dataset to help estimate growth gains from closing efficiency gaps.
  - The IMF is advancing work on fiscal institutions and governance; a recent staff discussion note shows strengthening fiscal rules through a prudent fiscal anchor and supportive fiscal institutions can improve compliance.
  - Capacity development supports members in building credible fiscal frameworks and integrating climate risks in macroeconomic policies, including building buffers and investing in resilience.
- Monetary policy guidance:
  - Central banks should preserve price stability in line with their mandates; central bank independence and clear communication are essential for keeping inflation in check and preserving financial stability.
  - Monetary policy credibility can support fiscal stability by helping reduce risk premia and foster more stable interest rates.
  - Countries imposing tariffs will likely see a sharper trade-off between price stability and output; in countries facing tariffs, gradual easing may only be feasible once disinflation is firmly established.
  - Exchange rates should act as shock absorbers where applicable; where exchange rate movements become disorderly, the Integrated Policy Framework (IPF) provides country-specific guidance on exchange-rate interventions and capital flow measures.
  - IMF monetary policy advice remains grounded in rigorous analysis, including WEO examinations of price effects of higher tariffs and research on costs of political interference in central banks.
- Financial sector policy guidance:
  - Policies must guard against rapidly evolving risks from abrupt asset price corrections, disruptions in sovereign debt and FX markets, and growing linkages between banks and non-bank financial institutions (NBFIs).
  - Calls for enhanced oversight, including systematic liquidity stress testing, bolstering capitalization of weak banks, and full implementation of internationally agreed standards.
  - Strengthening bond market resilience requires reducing fiscal risks and enhancing market structures.
  - Better data collection, coordination, and analysis—including cross-border cooperation—are pivotal for effective oversight of NBFIs and digital assets.
  - The IMF is monitoring macrofinancial vulnerabilities, including macrocritical climate risks; the latest Global Financial Sector Report (GFSR) examines risk and resilience in global FX markets and the evolving landscape of EM sovereign debt.
  - Article IVs and Financial Sector Assessment Program (FSAP) provide in-depth country-specific advice; technical assistance covers financial supervision and regulation, central banking operations, bank recovery-resolution, macroprudential policy, and payments and market infrastructures.
- Structural reforms and private-sector-led growth:
  - Policymakers should act decisively to unlock private sector-led growth through reforms to improve the business environment, address governance weaknesses and corruption, streamline excessive regulation, develop capital markets, promote entrepreneurship, and encourage competition.
  - Labor market policies should upgrade skills and increase participation, especially among women and new entrants.
  - IMF analytical work identifies region-specific reforms: deepening the EU Single Market and capital markets union in Europe; enhancing business environment, governance, infrastructure, and trade integration in Africa; phasing out regulations that disincentivize firm growth in Latin America; reforming financial sectors in Asia to improve capital allocation; and strengthening institutions for post-conflict recovery in the Middle East.
- Cooperation priorities highlighted:
  - Reduce global imbalances: Countries with excess surpluses should boost domestic demand (for example by promoting private consumption and/or increasing public infrastructure investment) while countries with excess deficits need to reduce fiscal deficits.
  - Defuse trade tensions: Modernize trade rules for the digital age, confine industrial policies to narrow objectives where market failures exist, and pursue regional and plurilateral integration.
  - Safeguard IMS stability in the digital age: Monitor digitalization of finance, manage risks of crypto assets and stablecoins, advance cross-border payments work in collaboration with the FSB and partners, and prepare an overview paper on stablecoins and policy frameworks.
  - Support countries with debt vulnerabilities: Ensure timely and adequate debt restructuring where debt is unsustainable; improve predictability and speed of restructuring processes; support countries facing high debt servicing costs even when debt is sustainable.
- IMF actions announced to support these priorities:
  - Strengthened external sector analysis in the ESR, Article IV consultations with major surplus and deficit countries, data-gap addressing, refinement of the External Balance Assessment methodology, and strengthened forward-looking analysis in the ESR.
  - Ramped up trade work including the IMF-WTO Tariff Tracker, analysis of regional trade integration (including ASEAN), and analysis of costs and benefits of industrial policies.
  - Monitoring IMS developments including currency configuration, payment systems, and capital flows; advancing G20 cross-border payments roadmap work with the FSB; preparing a paper on stablecoins.
  - Active support for individual restructuring cases under and outside the Common Framework (CF), advancing work at the Global Sovereign Debt Roundtable (GSDR), and collaboration with the World Bank to help countries address debt service challenges and improve debt data reporting and disclosure.

### MEDIUM-TERM DIRECTION: MAKING HEADWAY
- Five medium-term priorities from the Spring 2025 Global Policy Agenda:
  - Sharpening the focus of surveillance.
  - Addressing debt challenges.
  - Fortifying the lending toolkit and the Global Financial Safety Net.
  - Enhancing capacity development.
  - Maintaining a strong and agile institution.
- On surveillance:
  - The Comprehensive Surveillance Review (CSR) is underway and focuses on three strategic areas: promoting resilience and growth through tailored policy advice; strengthening assessment of external imbalances and cross-border spillovers; and supporting members’ capacity to manage shocks through risk assessment and contingent policy advice.
  - The CSR will develop a prioritization framework to guide IMF engagement in new surveillance areas and proposals to streamline surveillance modalities.

### Address debt challenges
- Actions and ongoing work:
  - Joint review with the World Bank of the Debt Sustainability Framework for Low-income Countries to better incorporate drivers of debt vulnerabilities.
  - Updating the Guidance Note on the Debt Sustainability Framework for Market-access Countries.
  - Scaling up support to actual restructuring cases, including facilitating parallel negotiations across creditor groups to accelerate overall restructuring.
  - Recent paper: Restructuring of Sovereign Debt Held by Private Creditors highlights progress made and remaining challenges in restructuring non-bonded and/or collateralized commercial debt.
  - Published the Debt Restructuring Playbook at the GSDR to offer country authorities a practical guide to key debt restructuring steps and processes.
  - Advancing implementation, together with the World Bank, of the three-pillar approach to assist countries with sustainable debt facing debt service challenges.
  - Improving debt transparency remains a priority.

### Fortify the Fund’s lending toolkit
- Reviews and reforms under way:
  - Review of Program Design and Conditionality seeks to strengthen program design to better support external viability and resilience, including in exceptional access cases.
  - A review of recent programs has identified five areas for improvement:
    - (1) high-quality, balanced macroeconomic adjustment and reforms;
    - (2) robust program design amid high uncertainty;
    - (3) timely engagement with the Fund;
    - (4) addressing large and entrenched balance of payments needs;
    - (5) adequate financing.
  - Exploring ways to boost the effectiveness of precautionary facilities as crisis-prevention tools, including in the context of the upcoming Review of the Short-Term Liquidity Line.
  - Continued support from all members is essential to fully implement the Poverty Reduction and Growth Trust reform and ensure capacity to support LICs.
  - Recent paper on the Global Financial Safety Net assesses adequacy against emerging challenges and outlines areas for strengthening: enhanced access, better predictability, improved crisis prevention, and stronger coordination across layers.

### Enhance capacity development (CD)
- CD alignment and delivery:
  - CD to be aligned with the Fund’s 2024 Capacity Development Strategy.
  - Integrate CD with surveillance and lending; further strengthen support for reforms to build institutional resilience and policy frameworks in the Fund’s areas of expertise.
  - New Strategic Results Framework will help evaluate CD traction.
  - Progress is being made in leveraging technology to boost CD reach and effectiveness.
  - Advancing work to mitigate funding risks and ensure sustained CD delivery.

### Keep the IMF strong and agile
- Institutional priorities and progress:
  - Work toward implementing the 50 percent quota increase under the 16th General Review of Quota is ongoing.
  - Working with the membership to develop principles to guide future discussions on quota and governance.
  - Budget has been a prudent steward of members’ resources, with the budget broadly the same in real terms as it was two decades ago.
  - Recent streamlining exercise identified efficiency gains, including through greater use of AI.
  - Continued commitment to attracting top talent from around the world.

### INTERNATIONAL MONETARY FUND AT WORK — Surveillance, Capacity Development, and Lending
- Operational overview:
  - Over a six-month period, the IMF conducts an average of around 60 Article IV consultations, 4 FSAPs, and delivers capacity development to a large number of mainly middle- and low-income developing countries.
  - Loans disbursed to the membership currently support 87 countries.
  - Credit outstanding, US dollars, billion, monthly, 2015 to end August 2025. Sharp rise in April 2025 is largely attributable to exchange rate movements.
  - Argentina is benefiting from the largest IMF financial support, with outstanding credit of $57bn.
  - Other countries in Latin America and the Caribbean access the broad range of IMF facilities, including the ECF, EFF, FCL, PCI, RSF, and SMP.
  - Some countries have committed to undertake voluntary FSAPs — Uzbekistan, Moldova, Azerbaijan, and Oman.
  - Training courses focused on exchange rate regimes, fiscal management, and AML-CFT were facilitated by IMF training centers, including in Austria, Saudi Arabia, and Kuwait.
  - Policy advice: Article IV consultations were held with almost half of all countries in Asia. Highlights included monetary policy advice concurrent with Papua New Guinea program reviews, the potential impact on Singapore from trade tensions, as well as the return of inflation to target in New Zealand and South Korea.
  - Capacity building efforts: South Africa, Mauritius, Tanzania, and Democratic Republic of Congo engaged with the IMF on expanding capacity in fiscal, monetary, and financial policy areas.

### Selected operational and delivery figures (as presented)
- Over a six-month period: average of around 60 Article IV consultations, 4 FSAPs.
- Loans disbursed to the membership: 87 countries.
- Argentina outstanding credit: $57bn.
- Credit outstanding data span: 2015 to end August 2025; note: "Sharp rise in April 2025 is largely attributable to exchange rate movements."
- FY25 CD DELIVERY BY REGION (as presented):
  - Africa220616
  - Asia and Pacific255137
  - Europe332670
  - Middle East & Central Asia210156
  - Western Hemisphere230212
  - World124316231
- FY25 CD DELIVERY BY SELECTED COUNTRY GROUPS (as presented):
  - Small Developing States 15% 25%41%
  - Countries with Financial Arrangements
  - Fragile and Conflict-Affected States
- Benefiting 177 countries and territories.

*Source: The Managing Director’s Global Policy Agenda, Annual Meetings 2025. International Monetary Fund*

### Section 1

### THE MANAGING DIRECTOR’S GLOBAL POLICY AGENDA

### THE CONTEXT
- The global economy is undergoing a profound transformation, driven by major policy shifts across trade, digital money, immigration, and spending priorities, including national security and foreign aid, which are reconfiguring global markets and redefining policy frameworks.
- The Managing Director states the priorities as preserving macroeconomic and financial stability and working together to ensure the smooth functioning of the global economy, with the IMF ready to support members through tailored policy advice, capacity development, and financing when necessary.
- The global economy has been resilient thus far, but strains are emerging:
  - Global growth is now expected to slow to 3.2 percent this year, from 3.3 percent in 2024.
  - The 2025 External Sector Report (ESR) shows global current account balances widened by 0.6 percentage points of world GDP last year, with two-thirds of the increase arising from excess surpluses—mainly in China and the euro area—and excess deficits, primarily in the United States.
- Elevated uncertainty increases risks to the outlook, including:
  - A further rise in protectionism and labor supply disruptions.
  - Financial sector risks from rapid expansion of nonbanks and digital currencies.
  - Disappointing productivity gains from AI and disruptions in private credit markets that could trigger abrupt asset repricing.
  - Geopolitical risks, domestic polarization, and ongoing wars and armed conflicts imposing human and economic costs.
- Potential upside catalysts identified include trade deals, renewed reform momentum, faster AI-driven productivity gains, and breakthroughs in conflict resolution.
- The Managing Director highlights the urgency of tackling the low-growth high-debt challenge:
  - Public debt is near record highs, many countries face depleted fiscal space while confronting spending needs from population aging to rising national security demands.
  - Fiscal vulnerabilities in some advanced and emerging economies raise the risk of sudden disruptions in sovereign debt markets, with potential financial stability implications and cross-border spillovers.
  - Pressures are acute in developing countries experiencing drops in foreign aid and in vulnerable economies where debt service is crowding out priority spending.

### POLICY PRIORITIES AND IMF SUPPORT
- Core objectives the Managing Director emphasizes:
  - Foster confidence, build resilience, and safeguard macroeconomic and financial stability.
  - Restore depleted policy buffers to underpin resilience to successive shocks.
  - Ensure fiscal sustainability, maintain price and financial sector stability, and promote medium-term growth.
  - Strengthen independent core economic institutions—central banks, financial supervisors, fiscal councils, and statistical agencies—to underpin policy credibility and public trust.
  - Emphasize contingency planning and readiness to cushion against shocks.
- Fiscal policy guidance and IMF support:
  - Countries must move decisively with sustained fiscal adjustments anchored in medium-term fiscal consolidation, geared toward future growth and preserving social cohesion by protecting essential investment and social spending, and ensuring fair burden sharing.
  - Adjustments should pursue efficiency gains, prioritize measures that promote private investment—including broadening tax bases and improving revenue administration—and redirect spending to productivity-enhancing areas like R&D, infrastructure, and skill development.
  - Discretionary support for those severely hit should be temporary, well-targeted, and offset by savings elsewhere.
  - Low-income countries (LICs) facing cuts in foreign aid are encouraged to boost domestic resource mobilization while donors are encouraged to enhance support.
  - The IMF helps members design fiscal adjustments, calibrating pace and composition between spending and revenue while accounting for long-term needs such as aging, national defense, and energy transition.
  - The IMF’s latest Fiscal Monitor identifies reforms to improve composition and efficiency of spending and introduces a dataset to help estimate growth gains from closing efficiency gaps.
  - The IMF is advancing work on fiscal institutions and governance; a recent staff discussion note shows strengthening fiscal rules through a prudent fiscal anchor and supportive fiscal institutions can improve compliance.
  - Capacity development supports members in building credible fiscal frameworks and integrating climate risks in macroeconomic policies, including building buffers and investing in resilience.
- Monetary policy guidance:
  - Central banks should preserve price stability in line with their mandates; central bank independence and clear communication are essential for keeping inflation in check and preserving financial stability.
  - Monetary policy credibility can support fiscal stability by helping reduce risk premia and foster more stable interest rates.
  - Countries imposing tariffs will likely see a sharper trade-off between price stability and output; in countries facing tariffs, gradual easing may only be feasible once disinflation is firmly established.
  - Exchange rates should act as shock absorbers where applicable; where exchange rate movements become disorderly, the Integrated Policy Framework (IPF) provides country-specific guidance on exchange-rate interventions and capital flow measures.
  - IMF monetary policy advice remains grounded in rigorous analysis, including WEO examinations of price effects of higher tariffs and research on costs of political interference in central banks.
- Financial sector policy guidance:
  - Policies must guard against rapidly evolving risks from abrupt asset price corrections, disruptions in sovereign debt and FX markets, and growing linkages between banks and non-bank financial institutions (NBFIs).
  - Calls for enhanced oversight, including systematic liquidity stress testing, bolstering capitalization of weak banks, and full implementation of internationally agreed standards.
  - Strengthening bond market resilience requires reducing fiscal risks and enhancing market structures.
  - Better data collection, coordination, and analysis—including cross-border cooperation—are pivotal for effective oversight of NBFIs and digital assets.
  - The IMF is monitoring macrofinancial vulnerabilities, including macrocritical climate risks; the latest Global Financial Sector Report (GFSR) examines risk and resilience in global FX markets and the evolving landscape of EM sovereign debt.
  - Article IVs and Financial Sector Assessment Program (FSAP) provide in-depth country-specific advice; technical assistance covers financial supervision and regulation, central banking operations, bank recovery-resolution, macroprudential policy, and payments and market infrastructures.
- Structural reforms and private-sector-led growth:
  - Policymakers should act decisively to unlock private sector-led growth through reforms to improve the business environment, address governance weaknesses and corruption, streamline excessive regulation, develop capital markets, promote entrepreneurship, and encourage competition.
  - Labor market policies should upgrade skills and increase participation, especially among women and new entrants.
  - IMF analytical work identifies region-specific reforms: deepening the EU Single Market and capital markets union in Europe; enhancing business environment, governance, infrastructure, and trade integration in Africa; phasing out regulations that disincentivize firm growth in Latin America; reforming financial sectors in Asia to improve capital allocation; and strengthening institutions for post-conflict recovery in the Middle East.
- Cooperation priorities the Managing Director highlights:
  - Reduce global imbalances: Countries with excess surpluses should boost domestic demand (for example by promoting private consumption and/or increasing public infrastructure investment) while countries with excess deficits need to reduce fiscal deficits.
  - Defuse trade tensions: Modernize trade rules for the digital age, confine industrial policies to narrow objectives where market failures exist, and pursue regional and plurilateral integration.
  - Safeguard IMS stability in the digital age: Monitor digitalization of finance, manage risks of crypto assets and stablecoins, advance cross-border payments work in collaboration with the FSB and partners, and prepare an overview paper on stablecoins and policy frameworks.
  - Support countries with debt vulnerabilities: Ensure timely and adequate debt restructuring where debt is unsustainable; improve predictability and speed of restructuring processes; support countries facing high debt servicing costs even when debt is sustainable.
- IMF actions announced to support these priorities:
  - Strengthened external sector analysis in the ESR, Article IV consultations with major surplus and deficit countries, data-gap addressing, refinement of the External Balance Assessment methodology, and strengthened forward-looking analysis in the ESR.
  - Ramped up trade work including the IMF-WTO Tariff Tracker, analysis of regional trade integration (including ASEAN), and analysis of costs and benefits of industrial policies.
  - Monitoring IMS developments including currency configuration, payment systems, and capital flows; advancing G20 cross-border payments roadmap work with the FSB; preparing a paper on stablecoins.
  - Active support for individual restructuring cases under and outside the Common Framework (CF), advancing work at the Global Sovereign Debt Roundtable (GSDR), and collaboration with the World Bank to help countries address debt service challenges and improve debt data reporting and disclosure.

### MEDIUM-TERM DIRECTION: MAKING HEADWAY
- The Managing Director outlines five medium-term priorities from the Spring 2025 Global Policy Agenda:
  1. Sharpening the focus of surveillance.
  2. Addressing debt challenges.
  3. Fortifying the lending toolkit and the Global Financial Safety Net.
  4. Enhancing capacity development.
  5. Maintaining a strong and agile institution.
- On surveillance:
  - The Comprehensive Surveillance Review (CSR) is underway and focuses on three strategic areas: promoting resilience and growth through tailored policy advice; strengthening assessment of external imbalances and cross-border spillovers; and supporting members’ capacity to manage shocks through risk assessment and contingent policy advice.
  - The CSR will develop a prioritization framework to guide IMF engagement in new surveillance areas and proposals to streamline surveillance modalities.

*Source: The Managing Director’s Global Policy Agenda, Annual Meetings 2025.*

### Section 2

### THE MANAGING DIRECTOR’S GLOBAL POLICY AGENDA

### Address debt challenges
- Joint review with the World Bank of the Debt Sustainability Framework for Low-income Countries to better incorporate drivers of debt vulnerabilities.
- Updating the Guidance Note on the Debt Sustainability Framework for Market-access Countries.
- Scaling up support to actual restructuring cases, including facilitating parallel negotiations across creditor groups to accelerate overall restructuring.
- Recent paper: Restructuring of Sovereign Debt Held by Private Creditors highlights progress made and remaining challenges in restructuring non-bonded and/or collateralized commercial debt.
- Published the Debt Restructuring Playbook at the GSDR to offer country authorities a practical guide to key debt restructuring steps and processes.
- Advancing implementation, together with the World Bank, of the three-pillar approach to assist countries with sustainable debt facing debt service challenges.
- Improving debt transparency remains a priority.

### Fortify the Fund’s lending toolkit
- Review of Program Design and Conditionality seeks to strengthen program design to better support external viability and resilience, including in exceptional access cases.
- A review of recent programs has identified five areas for improvement:
  - (1) high-quality, balanced macroeconomic adjustment and reforms;
  - (2) robust program design amid high uncertainty;
  - (3) timely engagement with the Fund;
  - (4) addressing large and entrenched balance of payments needs;
  - (5) adequate financing.
- Exploring ways to boost the effectiveness of precautionary facilities as crisis-prevention tools, including in the context of the upcoming Review of the Short-Term Liquidity Line.
- Continued support from all members is essential to fully implement the Poverty Reduction and Growth Trust reform and ensure capacity to support LICs.
- Recent paper on the Global Financial Safety Net assesses adequacy against emerging challenges and outlines areas for strengthening: enhanced access, better predictability, improved crisis prevention, and stronger coordination across layers.

### Enhance capacity development (CD)
- CD to be aligned with the Fund’s 2024 Capacity Development Strategy.
- Integrate CD with surveillance and lending; further strengthen support for reforms to build institutional resilience and policy frameworks in the Fund’s areas of expertise.
- New Strategic Results Framework will help evaluate CD traction.
- Progress is being made in leveraging technology to boost CD reach and effectiveness.
- Advancing work to mitigate funding risks and ensure sustained CD delivery.

### Keep the IMF strong and agile
- Work toward implementing the 50 percent quota increase under the 16th General Review of Quota is ongoing.
- Working with the membership to develop principles to guide future discussions on quota and governance.
- Budget has been a prudent steward of members’ resources, with the budget broadly the same in real terms as it was two decades ago.
- Recent streamlining exercise identified efficiency gains, including through greater use of AI.
- Continued commitment to attracting top talent from around the world.

### INTERNATIONAL MONETARY FUND AT WORK — Surveillance, Capacity Development, and Lending
- Over a six-month period, the IMF conducts an average of around 60 Article IV consultations, 4 FSAPs, and delivers capacity development to a large number of mainly middle- and low-income developing countries.
- Loans disbursed to the membership currently support 87 countries.
- Credit outstanding, US dollars, billion, monthly, 2015 to end August 2025. Sharp rise in April 2025 is largely attributable to exchange rate movements.
- Argentina is benefiting from the largest IMF financial support, with outstanding credit of $57bn.
- Other countries in Latin America and the Caribbean access the broad range of IMF facilities, including the ECF, EFF, FCL, PCI, RSF, and SMP.
- Some countries have committed to undertake voluntary FSAPs — Uzbekistan, Moldova, Azerbaijan, and Oman.
- Training courses focused on exchange rate regimes, fiscal management, and AML-CFT were facilitated by IMF training centers, including in Austria, Saudi Arabia, and Kuwait.
- Policy advice: Article IV consultations were held with almost half of all countries in Asia. Highlights included monetary policy advice concurrent with Papua New Guinea program reviews, the potential impact on Singapore from trade tensions, as well as the return of inflation to target in New Zealand and South Korea.
- Capacity building efforts: South Africa, Mauritius, Tanzania, and Democratic Republic of Congo engaged with the IMF on expanding capacity in fiscal, monetary, and financial policy areas.

### Selected operational and delivery figures (as presented)
- Over a six-month period: average of around 60 Article IV consultations, 4 FSAPs.
- Loans disbursed to the membership: 87 countries.
- Argentina outstanding credit: $57bn.
- Credit outstanding data span: 2015 to end August 2025; note: "Sharp rise in April 2025 is largely attributable to exchange rate movements."
- FY25 CD DELIVERY BY REGION (as presented):
  - Africa220616
  - Asia and Pacific255137
  - Europe332670
  - Middle East & Central Asia210156
  - Western Hemisphere230212
  - World124316231
- FY25 CD DELIVERY BY SELECTED COUNTRY GROUPS (as presented):
  - Small Developing States 15% 25%41%
  - Countries with Financial Arrangements
  - Fragile and Conflict-Affected States
- Benefiting 177 countries and territories.

---


_Source: https://www.imf.org/-/media/files/publications/pp/2025/english/ppea2025033.pdf_