## EXECUTIVE BOARD WORK PROGRAM FY 2027

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**Canonical URL:** [EXECUTIVE BOARD WORK PROGRAM FY 2027](https://www.imf.org/-/media/files/publications/pp/2026/english/ppea2026012.pdf)

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### Overview
- Time frame: FY 2027 (May 2026 to April 2027).
- Purpose: Support membership in addressing macroeconomic challenges through tailored policy advice, financial support, assistance on debt vulnerabilities, and capacity development.
- Focus: Advance the Fund’s medium-term priorities—containing emerging risks, harnessing benefits of structural transformations, and deliberating key Fund policies and operations.
- Approach: Focused and streamlined BWP by combining related projects, reprioritizing and re-bundling workstreams, and sequencing items to align with membership needs and Fund capacity.
- Flexibility: BWP to remain agile and can be updated over the fiscal year to reflect evolving needs and developments.
- Resource environment: Operate within the Fund’s constrained resource environment.

### Policy advice
- Deliverables: Tailored and timely policy advice through surveillance and Fund resources to safeguard stability, strengthen resilience, and foster prosperity.
- Integration: Key policy priorities and analytical work to be covered in the Managing Director’s Global Policy Agenda.
- Coverage: Support for multilateral surveillance publications, flagship publications, regional reports, and Board briefings on country matters.
- Specific analytic items: Additional work on the Framework on Development of the Government Local Currency Bond Market and the Update on Fund Work on Macro-Structural Issues.

### Global cooperation
- Engagements: Leverage collaboration with partners and international fora, including the G20 and the Financial Stability Board, to foster cooperation and promote global solutions.
- External Sector Report: July 2026 External Sector Report to provide assessments of external positions and help frame policy priorities and engagement.
- Follow-up: Paper on Capital Flows and Stock Imbalances—Implications for Global Financial Stability to build on analysis of capital and financial flows and their links to stock imbalances.
- Regulatory monitoring: Update on Global Regulatory Developments to give insight into important policy developments and implementation assessments relevant to surveillance and financial stability analysis.

### Surveillance
- Comprehensive Surveillance Review (CSR): Board to conclude CSR, assessing evolving surveillance landscape, setting surveillance priorities for the next five years, proposing principles for non-traditional engagement, and suggesting surveillance modality enhancements while considering trade-offs, enterprise risks, and expertise.
- Macro policy frameworks: Board presentation on Resilience Amid Structural Transformations: Are Macro Policy Frameworks Fit for Purpose? to highlight policy options for fiscal, monetary, and external frameworks in a more shock-prone environment.
- FSAP Review: Board to conclude the Financial Sector Assessment Program (FSAP) Review to ensure FSAP effectiveness and relevance in a rapidly evolving macro-financial environment.
- Structural transformations in finance: Strategic engagement on macroeconomic implications of Structural Transformations in Global Finance, focusing on NBFIs, digitalization of finance, policy implications, consequences for the international monetary and financial system, and Fund role.
- Data consistency: Presentation on Data and Macro-Framework Consistency to strengthen processes ensuring macro framework and data consistency in program and surveillance work.
- Governance engagement: Interim Update on the Implementation of the Framework for Fund Engagement on Governance to take stock of engagement on governance and corruption since the last full review.

### Lending
- Program design: Conclude the Review of Program Design and Conditionality to ensure Fund-supported programs are strong, credible, catalytic, and fit for purpose to resolve balance of payments imbalances and restore medium-term external viability.
- Monetary policy conditionality: Briefing on Monetary Policy Frameworks for Crisis and Near-Crisis Countries to enhance understanding of effective conditionality and program design related to monetary and exchange rate policy in Fund-supported programs.
- Concessional financing eligibility: Consideration of Eligibility to Use the Fund’s Facilities for Concessional Financing to assess and refine member countries’ eligibility under the Poverty Reduction and Growth Trust (PRGT).
- Exceptional access: Technical work to commence in FY27 on the Review of the Exceptional Access Policy, slated for completion in FY28.

### Capacity Development (CD)
- Planning: Board discussion of Capacity Development Priorities for FY28-30.
- Mechanism design: Staff to present proposals for establishment of a CD Stabilization Mechanism, including design, mechanisms, and funding sources.

### Debt
- DSA for LICs: Following FY26 informal engagements, Board will consider the proposed new Review of the Debt Sustainability Framework for Low-Income Countries in a formal meeting.
- Public debt governance: Briefing on proposed Guidelines of the Public Debt Management Governance Framework to strengthen governance and transparency of public debt management operations.
- CCRT review: Initial engagement on the review of the Catastrophe Containment and Relief Trust (CCRT) with a view to finalize the review in FY28.

### Cross-cutting themes
- Trade: Two Board engagements on Developments in Global Trade and Trade Policy expected in FY27 given strong interest and fast-changing landscape.
- Fragile and conflict-affected states: Board briefing on Update on the Implementation of the Fragile and Conflict-Affected States Strategy.
- Digitalization:
  - Policy Implications of Stablecoins briefing to summarize how stablecoins affect capital flows, spillovers, and effectiveness of capital flow management, and to offer initial policy recommendations to mitigate macrofinancial risks while harnessing potential benefits.
  - Fourth Wave of Central Bank Digital Currency (CBDC) Handbook Chapters to be shared with the Board for information.
- Artificial Intelligence (AI):
  - Staff Discussion Note on Skills, Social Protection, and Financing for an AI-Driven Future to analyze AI impacts on social protection systems and implications for future fiscal and social policy choices.
  - The Fund’s Work on AI: A Stocktaking to review work on AI across a range of areas.
  - The Fund’s Work on AI: Initial Considerations to discuss key aspects of IMF engagement on AI-related policy issues.

### Institutional work
- Fund governance and finances:
  - Continue work on the 17th General Review of Quotas in FY27 with Board engagements added as appropriate.
  - Complete the Review of the Investment Account and Trust Investment Assets.
- Internal support:
  - Consideration of the Future of the Concordia paper.
  - Updates on the HQ2 Asset Lifecycle Replacement & Facilities Capital Budget Plan Status and the Business Technology Strategy.
  - Update on the HR Strategy.

### Independent Evaluation Office (IEO)
- IEO evaluations: Board will consider two IEO evaluations in FY27: the IMF and Climate Change and the IMF Engagement on Debt Issues in Low-Income Countries.
- Management response: Board to discuss the Management Implementation Plan (MIP) responding to the IEO evaluation of the IMF and Climate Change.

*Source: Executive Board Work Program FY 2027 (Statement by the Managing Director to the Executive Board, March 25, 2026).*

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_Source: https://www.imf.org/-/media/files/publications/pp/2026/english/ppea2026012.pdf_