## am2017-gpa-101217 - Sections 1–2

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---

### Current conjuncture and outlook
- Global recovery is continuing, with the baseline outlook "gradually strengthening", including notable pickups in investment, trade, and industrial production together with strengthening confidence.
- Near-term risks are broadly balanced; medium-term risks are tilted to the downside, including:
  - financial tensions;
  - uncertainty over the direction of financial regulation;
  - rising geopolitical tensions;
  - concerns over restrictive trade practices.
- Continued monetary accommodation has encouraged the build-up of some financial stability risks while supporting growth and inflation returning to target.
- Low productivity growth limits the longer-term growth outlook.
- Advanced economies (AEs):
  - output gaps are decreasing and deflationary pressures are receding, but inflation remains below target;
  - growth remains dependent on supportive macroeconomic policies and is "still too low in many AEs".
- Emerging market and developing economies (EMDEs):
  - growth is generally increasing as external demand recovers and several large commodity exporters gradually stabilize;
  - prospects for many EMDEs remain modest, and the outlook for commodity exporters, especially fuel, remains challenging;
  - medium-term risks include possible capital flow reversals and mounting pockets of vulnerability related to credit growth and balance sheet weaknesses.

### Window of opportunity: objectives and rationale
- The upturn provides an opportunity to:
  - tackle key policy challenges to stave off medium-term downside risks;
  - rebuild buffers and raise potential output;
  - maximize returns on structural reforms to raise productivity.
- Structural reforms are more potent during economic upswings and can include product market liberalization, adjustments to job protection and unemployment benefits, boosting labor force participation, and productivity-enhancing measures.
- Challenges weighing on medium-term prospects: population aging, elevated public and private debt levels, high economic and policy uncertainty, and weak governance.
- Reforms should harness technology and integration while ensuring benefits are widely shared to address labor market displacements, higher inequality, and fraying social cohesion.

### Policy priorities and recommended country actions
- General guidance:
  - Support the recovery while tailoring policy adjustments to countries’ cyclical positions.
  - Undertake well-sequenced structural reforms to increase productivity, improve governance, and reduce policy uncertainty and future risks.
- Advanced economies (AEs):
  - Monetary policy: "chart an accommodative course" given low inflation and remaining slack.
  - Fiscal policy: where fiscal space exists, support growth; where constrained, use the upswing to rebuild buffers while supporting growth and social equity.
  - Structural priorities: lower barriers in labor and product markets, boost labor supply, and invest in high-quality infrastructure; some AEs can both add to and improve infrastructure quality.
  - Calibrate policy mix to reduce excess external imbalances in a growth-friendly fashion.
- Emerging and developing economies (EMDEs):
  - Heterogeneous priorities: growth-friendly fiscal consolidation in some countries (notably commodity exporters and high-debt countries).
  - Raise public spending efficiency, improve business climate to catalyze private investment, close infrastructure gaps, strengthen governance, and pursue broad product and labor market reforms.
  - Strengthen financial resilience: use macro-prudential policies to complement micro-prudential supervision, preserve exchange rate flexibility, accelerate repair of private sector balance sheets and resolution of non-performing loans.
- Low-income countries (LICs):
  - Enhance domestic revenue mobilization and develop local financial markets to finance development needs while maintaining fiscal sustainability.
  - Commodity exporters among LICs should pursue economic diversification.
- Social inclusion and labor market measures:
  - Expand financial inclusion, high-quality health services, education and skills development including life-long learning, facilitate internal mobility, and promote social mobility.
  - Promote structured vocational training and affordable childcare to raise labor force participation by young people and women.
  - Maintain adequate social safety nets to help those adversely affected by structural change.
- Governance and institutional resilience:
  - Strengthen credible policy frameworks and institutions to manage capital flow volatility, rebuild fiscal buffers, confront adverse demographics and lower commodity revenue.
  - Fight tax evasion and tax avoidance, corruption, money laundering, and terrorist financing.

### Multilateral cooperation and global public goods
- Promote an open, rules-based trading system and cooperate multilaterally to reduce excess global current account imbalances.
- Collective action needed on the 2030 Sustainable Development Goals (SDGs) and to address pandemics, cyber risks, climate change and natural disasters, conflict, migration, refugee and humanitarian crises.

### What the Fund will do: activities and initiatives
- Surveillance and policy advice:
  - Provide member-tailored advice on policy mix and help identify fiscal space.
  - Enhance surveillance by embedding macro-financial analysis and refining assessments of external imbalances.
  - Forthcoming Interim Report to assess implementation of the 2014 Surveillance Review and shape the next comprehensive review.
  - Analyze the impact of prolonged low interest rates and macroprudential policies; support progress on data gaps for monitoring financial sector risks.
- Growth and structural reform support:
  - Further analyze the productivity slowdown, including measurement challenges in a digital economy.
  - Identify structural reform priorities to boost productivity, investment, and growth and analyze their effect on macroeconomic resilience.
  - Consider lessons from the Infrastructure Policy Support Initiative, update the framework for assessing public infrastructure management, and support the G-20 Compact with Africa initiative.
- Support to low-income countries (LICs):
  - Identify policies to unlock growth potential and enhance resilience, including economic diversification, domestic revenue mobilization, and containing rising public debt vulnerabilities.
  - Integrate the 2030 SDGs and the Financing for Development Agenda where relevant to the Fund’s mandate.
  - Scale up capacity development (CD) on domestic revenue mobilization; continue building fiscal capacity in fragile states; deepen financial markets; foster data quality and availability.
  - Review LIC facilities and examine the Fund’s role in helping countries, including small states, deal with natural disasters and conflicts while maintaining the Poverty Reduction and Growth Trust’s (PRGT) self-sustaining framework.
  - Continue work to ensure sufficient Fund loan resources for concessional lending.
- Inclusion, technology, and integration:
  - Analyze macroeconomic and fiscal implications of technology and integration; build on studies of policies to tackle inequality, and deepen analysis of youth labor market prospects.
  - Explore shaping policies, where macro-relevant, on climate change, inequality, gender, migration, population-ageing, and access to financial services.
- Governance and corruption:
  - Strengthen engagement on governance and corruption issues, bolster framework for assessing corruption and its macroeconomic impact.
  - Develop analytic tools for candid assessments of corruption where it undermines macroeconomic performance and provide granular, evenhanded policy advice.
  - Enhance public financial management, fiscal transparency, and regulation; assist in strengthening AML/CFT frameworks and fiscal frameworks managing public sector balance sheet risks.
  - Analyze adaptations to fiscal rules since the global financial crisis, pension sustainability, and digital technology implications for fiscal policy.
  - Review the debt sustainability framework for countries with market access and develop staff guidance on the updated Fund/Bank LIC debt sustainability framework.
- Multilateral and external sector work:
  - Monitor trade policies and promote an open multilateral trading system.
  - Provide rigorous, evenhanded, and candid assessments of imbalances and exchange rates; refine external sector assessment methodologies; review policies on multiple currency practices.
  - Offer enhanced communication and implementation support for the Fund’s Institutional View on capital flows; integrate multilateral analysis of global spillovers into surveillance.
  - Annual Research Conference will analyze the global financial cycle and implications for handling capital flows.
  - Study impacts of advances in financial technology and work with international standard setters to complete global financial regulatory reform and reduce regulatory uncertainty.
  - Monitor correspondent banking relationship developments and work with stakeholders on withdrawal solutions.
  - Consider developments in international taxation in surveillance and assist jurisdictions to tackle illicit financial flows.
  - Continue assistance to countries affected by conflict and refugee crises.
- Further strengthen the Global Financial Safety Net (GFSN):
  - Clarify collaboration between Regional Financing Arrangements and the Fund.
  - Explore possible enhancements to the Fund’s lending toolkit, including for short-term liquidity support, and complete the FCL/PLL review.
  - Assess whether broader use of the SDR could support the functioning of the IMS.
  - Undertake a review of Fund-supported programs and use of conditionality.
  - Continue work toward completing the 15th General Review of Quotas and a new quota formula by the Spring Meetings, and no later than the Annual Meetings, of 2019.
- Capacity development (CD):
  - Strengthen CD work, including in support of the SDGs.
  - Forthcoming review to further integrate CD with surveillance and policy advice, better target country needs, focus on results and innovative delivery (e.g., massive open online courses) within a results-based framework.
  - Strengthen strategic partnerships, develop new CD partners, and create more flexible funding arrangements.
- Institutional priorities and resource management:
  - Continue strategic reallocation of resources and careful budget management after operating under a flat real budget for six years.
  - Assess risks, stress test the Fund’s business model against long-term trends, implement new human resource and knowledge management strategies, and promote greater inclusion and diversity, including at the Executive Board.

### Annex highlights (implementation and recent IMF activity)
- Implementation note: "Monetary policy continues to bear the burden of supporting demand while some countries are exploring options for making fiscal policy more growth-friendly. There has been good progress in the financial sector area. Structural reforms are advancing only gradually."
- Key IMF financial support approvals since the Spring Meetings include new arrangements for Cameroon, Chad, Sierra Leone, Togo (ECF); Gabon and Mongolia (EFF). Disbursement under the Rapid Credit Facility Instrument was approved for Gambia.

### Policy reviews and analytical work to sustain the recovery and enhance resilience
- Continued to mainstream macro-structural issues and the assessment of fiscal space in surveillance.
- Initiated work on the Measurement of the digital economy.
- Discussed the potential challenges and statistical implications of Big Data.
- 2nd Progress Report of the Second Phase of the G-20 Data Gaps Initiatives (with the FSB Secretariat).
- Examined the impact of household debt on financial stability.
- Investigated the links between financial conditions and risks to future growth.
- Reviewed the Role of the Fund in Governance Issues.
- Discussed building fiscal capacity in fragile states.
- Identified initial considerations on Fintech and Financial Services.
- Reviewed the LIC debt sustainability framework.
- Examined the role of macroprudential policies to increase resilience to capital flows.
- Reviewed the Standards and Codes Initiative.

### Promote policies for a more inclusive global economy
- Examined the role of fiscal policy to tackle inequality.
- Reviewed the drivers and implications of recent wage dynamics in advanced economies.
- Explored how Low-Income Countries can cope with the economic effects of weather shocks.
- Reviewed social safeguards in Fund-supported programs in Low-Income Countries.

### Work to strengthen international cooperation
- Made proposals for Toolkit Reform leading to the creation of a new Policy Coordination Instrument.
- Analyzed external positions within the ESR’s multilaterally consistent framework.
- Analyzed the IMF’s Role on Compact with Africa.
- Issued a paper on collaboration between Regional Financing Arrangements and the IMF, and initiated work on program design in currency unions.
- Commenced work on the 15th General Review of Quotas.

### Capacity development activities supporting the global policy agenda
- Continued to grow activities, with nearly half of all technical assistance (TA) going to low-income countries and over half of training to emerging and middle-income market economies.
- Continued to expand the reach of IMF training through online learning, now accounting for about 30 percent of all training participation.
- Assessed capacity development efforts supporting the Medium-Term Debt Management Strategy.
- Enhanced synergies among surveillance, lending, TA and training, including through the newly created South Asia Regional Training and Technical Assistance Center.
- Continued to develop capacity in financial sector related issues, with Africa as the main recipient.
- Continued to develop a capacity development framework for fragile states to support institution building goals, strengthen outcome monitoring, and enhance coordination with other partners.
- In collaboration with the OECD, UN, and World Bank, continued to support work on international tax issues, including through the Platform for Collaboration on Tax.
- Worked with partners on tackling the challenges laid out in the post-2015 development agenda, including by supporting countries’ efforts for revenue mobilization.

### Implementation highlights and deliverables
- Support Efforts to Sustain the Recovery, Lift Productivity and Increase Resilience:
  - Fiscal: Assessing Fiscal Space–An Update and Stocktaking; Fiscal Capacity Building; Review of the LIC DSF; Review of the MAC DSF; Domestic Revenue Mobilization; International Taxation.
  - Monetary, Exchange Rate, and Macro-Prudential Policies: Capital Flows and Macroprudential Policies; Macro-financial Analysis; Correspondent Banking Relationship; Assessable Standard on Islamic Finance.
  - Finance and Technology; Financial Regulatory Reforms; Review of Mandatory Financial Stability Assessment; The Review of the MCP Policy.
  - Structural Reforms: Macro-structural Reforms; Natural Disaster and Climate Change; Infrastructure Policy Initiative; Gender Issues.
- Promote Sustainable Policies Toward a More Inclusive Global Economy:
  - Standards and Codes; Use of Third-Party Indicators in Fund Work; Governance; Macro-structural Policies and Income Inequality in LIC; Social Objectives in PRGT Programs; Capacity Development; LIC Facilities Review; Interim Comprehensive Surveillance Review.
- Facilitate Multilateral Solutions Across Countries to Meet Global Challenges:
  - Adequacy of the Global Financial Safety Net; Debtor-Creditor Engagement; Regional Financing Arrangements; Bank Insolvency Regimes; Fund Governance and Resources; The Role of the SDR; Program Design in Currency Unions.

*Source: am2017-gpa-101217 - Sections 1 and 2*

### Section 1

### am2017-gpa-101217 - Section 1

### Current conjuncture and outlook
- The global recovery is continuing, with the baseline outlook "gradually strengthening", including notable pickups in investment, trade, and industrial production together with strengthening confidence.
- Near-term risks are broadly balanced, but medium-term risks are tilted to the downside, including:
  - financial tensions;
  - uncertainty over the direction of financial regulation;
  - rising geopolitical tensions;
  - concerns over restrictive trade practices.
- Continued monetary accommodation, while supportive of growth and inflation returning to target, has encouraged the build-up of some financial stability risks.
- Low productivity growth continues to limit the longer-term growth outlook.
- Advanced economies (AEs):
  - output gaps are decreasing and deflationary pressures are receding, but inflation remains below target;
  - growth remains dependent on supportive macroeconomic policies and is "still too low in many AEs".
- Emerging market and developing economies (EMDEs):
  - growth is generally increasing as external demand recovers and several large commodity exporters gradually stabilize;
  - prospects for many EMDEs remain modest, and the outlook for commodity exporters, especially fuel, remains challenging;
  - medium-term risks include possible capital flow reversals and mounting pockets of vulnerability related to credit growth and balance sheet weaknesses.

### Window of opportunity: objectives and rationale
- The upturn provides an opportunity to:
  - tackle key policy challenges to stave off medium-term downside risks;
  - rebuild buffers and raise potential output;
  - maximize returns on structural reforms to raise productivity.
- Structural reforms are more potent during economic upswings and can include product market liberalization, adjustments to job protection and unemployment benefits, boosting labor force participation, and productivity-enhancing measures.
- Challenges weighing on medium-term prospects: population aging, elevated public and private debt levels, high economic and policy uncertainty, and weak governance.
- The document emphasizes that reforms should harness technology and integration while ensuring benefits are widely shared to address labor market displacements, higher inequality, and fraying social cohesion.

### Policy priorities and recommended country actions
- General guidance:
  - Support the recovery while tailoring policy adjustments to countries’ cyclical positions.
  - Undertake well-sequenced structural reforms to increase productivity, improve governance, and reduce policy uncertainty and future risks.
- Advanced economies (AEs):
  - Monetary policy: "chart an accommodative course" given low inflation and remaining slack.
  - Fiscal policy: where fiscal space exists, support growth; where constrained, use the upswing to rebuild buffers while supporting growth and social equity.
  - Structural priorities: lower barriers in labor and product markets, boost labor supply, and invest in high-quality infrastructure; some AEs can both add to and improve infrastructure quality.
  - Calibrate policy mix to reduce excess external imbalances in a growth-friendly fashion.
- Emerging and developing economies (EMDEs):
  - Heterogenous priorities: growth-friendly fiscal consolidation in some countries (notably commodity exporters and high-debt countries).
  - Raise public spending efficiency, improve business climate to catalyze private investment, close infrastructure gaps, strengthen governance, and pursue broad product and labor market reforms.
  - Strengthen financial resilience: use macro-prudential policies to complement micro-prudential supervision, preserve exchange rate flexibility, accelerate repair of private sector balance sheets and resolution of non-performing loans.
- Low-income countries (LICs):
  - Enhance domestic revenue mobilization and develop local financial markets to finance development needs while maintaining fiscal sustainability.
  - Commodity exporters among LICs should pursue economic diversification.
- Social inclusion and labor market measures:
  - Expand financial inclusion, high-quality health services, education and skills development including life-long learning, facilitate internal mobility, and promote social mobility.
  - Promote structured vocational training and affordable childcare to raise labor force participation by young people and women.
  - Maintain adequate social safety nets to help those adversely affected by structural change.
- Governance and institutional resilience:
  - Strengthen credible policy frameworks and institutions to manage capital flow volatility, rebuild fiscal buffers, confront adverse demographics and lower commodity revenue.
  - Fight tax evasion and tax avoidance, corruption, money laundering, and terrorist financing.

### Multilateral cooperation and global public goods
- Promote an open, rules-based trading system and cooperate multilaterally to reduce excess global current account imbalances.
- Collective action needed on the 2030 Sustainable Development Goals (SDGs) and to address pandemics, cyber risks, climate change and natural disasters, conflict, migration, refugee and humanitarian crises.

### What the Fund will do: activities and initiatives
- Surveillance and policy advice:
  - Provide member-tailored advice on policy mix and help identify fiscal space.
  - Enhance surveillance by embedding macro-financial analysis and refining assessments of external imbalances.
  - Forthcoming Interim Report to assess implementation of the 2014 Surveillance Review and shape the next comprehensive review.
  - Analyze the impact of prolonged low interest rates and macroprudential policies; support progress on data gaps for monitoring financial sector risks.
- Growth and structural reform support:
  - Further analyze the productivity slowdown, including measurement challenges in a digital economy.
  - Identify structural reform priorities to boost productivity, investment, and growth and analyze their effect on macroeconomic resilience.
  - Consider lessons from the Infrastructure Policy Support Initiative, update the framework for assessing public infrastructure management, and support the G-20 Compact with Africa initiative.
- Support to low-income countries (LICs):
  - Identify policies to unlock growth potential and enhance resilience, including economic diversification, domestic revenue mobilization, and containing rising public debt vulnerabilities.
  - Integrate the 2030 SDGs and the Financing for Development Agenda where relevant to the Fund’s mandate.
  - Scale up capacity development (CD) on domestic revenue mobilization; continue building fiscal capacity in fragile states; deepen financial markets; foster data quality and availability.
  - Review LIC facilities and examine the Fund’s role in helping countries, including small states, deal with natural disasters and conflicts while maintaining the Poverty Reduction and Growth Trust’s (PRGT) self-sustaining framework.
  - Continue work to ensure sufficient Fund loan resources for concessional lending.
- Inclusion, technology, and integration:
  - Analyze macroeconomic and fiscal implications of technology and integration; build on studies of policies to tackle inequality, and deepen analysis of youth labor market prospects.
  - Explore shaping policies, where macro-relevant, on climate change, inequality, gender, migration, population-ageing, and access to financial services.
- Governance and corruption:
  - Strengthen engagement on governance and corruption issues, bolster framework for assessing corruption and its macroeconomic impact.
  - Develop analytic tools for candid assessments of corruption where it undermines macroeconomic performance and provide granular, evenhanded policy advice.
  - Enhance public financial management, fiscal transparency, and regulation; assist in strengthening AML/CFT frameworks and fiscal frameworks managing public sector balance sheet risks.
  - Analyze adaptations to fiscal rules since the global financial crisis, pension sustainability, and digital technology implications for fiscal policy.
  - Review the debt sustainability framework for countries with market access and develop staff guidance on the updated Fund/Bank LIC debt sustainability framework.
- Multilateral and external sector work:
  - Monitor trade policies and promote an open multilateral trading system.
  - Provide rigorous, evenhanded, and candid assessments of imbalances and exchange rates; refine external sector assessment methodologies; review policies on multiple currency practices.
  - Offer enhanced communication and implementation support for the Fund’s Institutional View on capital flows; integrate multilateral analysis of global spillovers into surveillance.
  - Annual Research Conference will analyze the global financial cycle and implications for handling capital flows.
  - Study impacts of advances in financial technology and work with international standard setters to complete global financial regulatory reform and reduce regulatory uncertainty.
  - Monitor correspondent banking relationship developments and work with stakeholders on withdrawal solutions.
  - Consider developments in international taxation in surveillance and assist jurisdictions to tackle illicit financial flows.
  - Continue assistance to countries affected by conflict and refugee crises.
- Further strengthen the Global Financial Safety Net (GFSN):
  - Clarify collaboration between Regional Financing Arrangements and the Fund.
  - Explore possible enhancements to the Fund’s lending toolkit, including for short-term liquidity support, and complete the FCL/PLL review.
  - Assess whether broader use of the SDR could support the functioning of the IMS.
  - Undertake a review of Fund-supported programs and use of conditionality.
  - Continue work toward completing the 15th General Review of Quotas and a new quota formula by the Spring Meetings, and no later than the Annual Meetings, of 2019.
- Capacity development (CD):
  - Strengthen CD work, including in support of the SDGs.
  - Forthcoming review to further integrate CD with surveillance and policy advice, better target country needs, focus on results and innovative delivery (e.g., massive open online courses) within a results-based framework.
  - Strengthen strategic partnerships, develop new CD partners, and create more flexible funding arrangements.
- Institutional priorities and resource management:
  - Continue strategic reallocation of resources and careful budget management after operating under a flat real budget for six years.
  - Assess risks, stress test the Fund’s business model against long-term trends, implement new human resource and knowledge management strategies, and promote greater inclusion and diversity, including at the Executive Board.

### Annex highlights (implementation and recent IMF activity)
- Implementation note: "Monetary policy continues to bear the burden of supporting demand while some countries are exploring options for making fiscal policy more growth-friendly. There has been good progress in the financial sector area. Structural reforms are advancing only gradually."
- Key IMF financial support approvals since the Spring Meetings include new arrangements for Cameroon, Chad, Sierra Leone, Togo (ECF); Gabon and Mongolia (EFF). Disbursement under the Rapid Credit Facility Instrument was approved for Gambia.

*Source: am2017-gpa-101217 - Section 1*

### Section 2

### am2017-gpa-101217 - Section 2

### Policy reviews and analytical work to sustain the recovery and enhance resilience
- Continued to mainstream macro-structural issues and the assessment of fiscal space in surveillance.
- Initiated work on the Measurement of the digital economy.
- Discussed the potential challenges and statistical implications of Big Data.
- 2nd Progress Report of the Second Phase of the G-20 Data Gaps Initiatives (with the FSB Secretariat).
- Examined the impact of household debt on financial stability.
- Investigated the links between financial conditions and risks to future growth.
- Reviewed the Role of the Fund in Governance Issues.
- Discussed building fiscal capacity in fragile states.
- Identified initial considerations on Fintech and Financial Services.
- Reviewed the LIC debt sustainability framework.
- Examined the role of macroprudential policies to increase resilience to capital flows.
- Reviewed the Standards and Codes Initiative.

### Promote policies for a more inclusive global economy
- Examined the role of fiscal policy to tackle inequality.
- Reviewed the drivers and implications of recent wage dynamics in advanced economies.
- Explored how Low-Income Countries can cope with the economic effects of weather shocks.
- Reviewed social safeguards in Fund-supported programs in Low-Income Countries.

### Work to strengthen international cooperation
- Made proposals for Toolkit Reform leading to the creation of a new Policy Coordination Instrument.
- Analyzed external positions within the ESR’s multilaterally consistent framework.
- Analyzed the IMF’s Role on Compact with Africa.
- Issued a paper on collaboration between Regional Financing Arrangements and the IMF, and initiated work on program design in currency unions.
- Commenced work on the 15th General Review of Quotas.

### Capacity development activities supporting the global policy agenda
- Continued to grow activities, with nearly half of all technical assistance (TA) going to low-income countries and over half of training to emerging and middle-income market economies.
- Continued to expand the reach of IMF training through online learning, now accounting for about 30 percent of all training participation.
- Assessed capacity development efforts supporting the Medium-Term Debt Management Strategy.
- Enhanced synergies among surveillance, lending, TA and training, including through the newly created South Asia Regional Training and Technical Assistance Center.
- Continued to develop capacity in financial sector related issues, with Africa as the main recipient.
- Continued to develop a capacity development framework for fragile states to support institution building goals, strengthen outcome monitoring, and enhance coordination with other partners.
- In collaboration with the OECD, UN, and World Bank, continued to support work on international tax issues, including through the Platform for Collaboration on Tax.
- Worked with partners on tackling the challenges laid out in the post-2015 development agenda, including by supporting countries’ efforts for revenue mobilization.

### Implementation highlights and deliverables (as presented)
- Support Efforts to Sustain the Recovery, Lift Productivity and Increase Resilience:
  - Fiscal: Assessing Fiscal Space–An Update and Stocktaking1; Fiscal Capacity Building1; Review of the LIC DSF; Review of the MAC DSF1; Domestic Revenue Mobilization; International Taxation.
  - Monetary, Exchange Rate, and Macro-Prudential Policies: Capital Flows and Macroprudential Policies; Macro-financial Analysis; Correspondent Banking Relationship; Assessable Standard on Islamic Finance1.
  - Finance and Technology; Financial Regulatory Reforms; Review of Mandatory Financial Stability Assessment; The Review of the MCP Policy.
  - Structural Reforms: Macro-structural Reforms; Natural Disaster and Climate Change; Infrastructure Policy Initiative; Gender Issues.
- Promote Sustainable Policies Toward a More Inclusive Global Economy:
  - Standards and Codes1; Use of Third-Party Indicators in Fund Work; Governance; Macro-structural Policies and Income Inequality in LIC; Social Objectives in PRGT Programs; Capacity Development; LIC Facilities Review1; Interim Comprehensive Surveillance Review1.
- Facilitate Multilateral Solutions Across Countries to Meet Global Challenges:
  - Adequacy of the Global Financial Safety Net; Debtor-Creditor Engagement1; Regional Financing Arrangements1; Bank Insolvency Regimes1; Fund Governance and Resources; The Role of the SDR; Program Design in Currency Unions1.

- Note: Board papers/reports scheduled to be delivered beyond the horizon under consideration are deemed ongoing work.1

*Source: Annex III. Implementation of IMF Deliverables (April-October 2017).*

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_Source: https://www.imf.org/-/media/files/publications/pp/gpa/2017/pdf/am2017-gpa-101217.pdf_