## THE MANAGING DIRECTOR’S GLOBAL POLICY AGENDA

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---

### A Blueprint for Multilateral Action — Joint Responsibility, Shared Rewards
- Central challenge: international cooperation, economic and financial integration, and technological progress have delivered enormous benefits, but in many countries these benefits "have not been shared adequately to prevent eroding trust in institutions and weakening support for the global system."
- New multilateralism needed to manage costs and rewards of solutions across:
  - Domestic policies to build resilient economies and promote economic opportunities.
  - Upgraded global cooperation to provide a more level playing field across borders.
  - Joint action on broader global challenges.
- Domestic policy priorities:
  - Macroeconomic policies and structural reforms to secure growth and stability, reduce inequality, and manage cross-border spillovers.
  - Ensure macroeconomic policy frameworks can deal with external shocks amid deepening macrofinancial and external linkages.
  - Broaden opportunities through access to quality education and training, healthcare, infrastructure, finance, and jobs (including for youth and women).
  - Strengthen market competition, encourage innovation, and facilitate labor mobility.
  - Tackle weak governance, corruption, and tax avoidance to overcome perceptions of unfair sharing of benefits.
  - Fiscal policy, guided by social and political preferences, can address excessive inequality via social spending policies and taxation.
- Global cooperation priorities:
  - Resolve trade tensions and modernize the rules-based multilateral trade system.
  - Upgrade and implement global financial regulations; improve debt transparency; tackle illicit financial flows; rethink international corporate taxation.
  - Reduce excess global imbalances and allow exchange rates to broadly reflect economic fundamentals.
  - Ensure adequacy of the global financial safety net (GFSN), with a strong IMF at its center.
- Broader global challenges requiring joint action:
  - Climate change, demographic shifts, conflict and migration, and borderless digital transformations (including cyber risks and lack of control of personal data).
  - Coordinated international support to help achieve the sustainable development goals (SDGs).

### Implementing the Blueprint: The Role of the IMF
- Near-term global outlook and urgency:
  - After two years of strong expansion, "the global economy has entered a delicate phase."
  - Growth is slowing due to trade and geopolitical tensions, policy uncertainty, and one-off factors.
  - Medium-term prospects moderate mainly because of low labor productivity growth and population aging, especially in many advanced economies.
  - Policy space constrained amid high public debt levels and heightened financial vulnerabilities.
  - Downside risks include further escalation of trade tensions and a sudden sharp tightening of financial conditions.
- Policy guidance for members:
  - Fiscal policy: balance supporting demand, ensuring debt sustainability, and safeguarding social objectives; upgrade tax systems; mobilize domestic revenue; prioritize expenditure; reduce public debt where needed.
  - Monetary policy: ensure inflation remains on track toward target and anchor expectations where inflationary pressures persist.
  - Financial resilience: buttress microprudential supervision and strengthen macroprudential frameworks.
  - External adjustment: reduce excess global imbalances with well-calibrated macroeconomic and structural policies and exchange rate flexibility where feasible.
  - Integrated policy framework: develop deeper understanding of complementarities and tradeoffs among monetary, exchange rate, macroprudential, and capital flow management policies to identify appropriate policy mixes amid rising spillovers.
- Inclusion and social spending:
  - Support systematic engagement on social spending focused on sustainable financing, spending adequacy, and efficiency.
  - Undertake analytical work on budgeting and gender gaps, and on the relationship between financial services and inequality.
  - Encourage progressive taxation and enhanced social safety nets where income distribution is excessively skewed.
- Structural reforms and governance:
  - Deepen analysis of macroeconomic effects of structural reforms, political economy of reforms, competition issues (including corporate market power), labor market implications of infrastructure investment, and sectoral policies for growth diversification.
  - Strengthen fiscal governance, fight corruption, and support economic institution building and central bank governance.
  - Update Fiscal Transparency Code to fully integrate natural resource management; ongoing work on Data Standards Initiatives and emerging data needs.
- Multilateral cooperation and global public goods:
  - Support strengthening rules-based multilateral trade system, provide informed advice on trade tensions, and collaborate with other international institutions.
  - Continue rigorous, multilaterally-consistent assessment of external positions and study role of exchange rates in external adjustment.
  - With the World Bank, implement multipronged approach to address public debt vulnerabilities: enhance debt sustainability frameworks; expand publication of debt data and analysis; increase technical assistance on debt transparency and management; strengthen debt limits policy framework.
  - Reduce cross-border tax avoidance, minimize profit shifting and harmful tax competition, and rethink corporate taxation in the digital economy; continue work with Platform for Collaboration on Tax.
  - Upgrade and implement global financial regulatory reform agenda; fight illicit financial flows through AML/CFT and improved tax compliance; work on measuring and addressing illicit financial flows.
  - Advance Bali Fintech Agenda: focus on lessons from members’ experiences and consider Fintech implications for financial stability, inclusion, and integrity.
  - Fiscal policy analysis for climate mitigation and adaptation to meet 2015 Paris Agreement commitments; further work on energy pricing and integrating macroeconomic policy implications of climate change in surveillance, including financial stress-testing for climate-related risks.
  - Enhance support for countries building resilience to climate change, including countries vulnerable to natural disasters and small states.
  - Support countries to meet the 2030 SDGs via policy diagnostics, capacity development, Compact with Africa participation, and financing strategies including private sector.
  - Enhance support for post-conflict recovery in fragile and conflict-affected states (in response to the 2018 IEO evaluation).
  - Complete work on macroeconomic and fiscal implications of aging for Japan’s G20 Presidency and study challenges facing countries with young populations.
  - Support strengthening resilience to cyber risks through enhanced financial supervision and exchange of good practices.

### IMF Policy: Adapting Tools and Surveillance
- Reviews and forward workstreams:
  - 2020 Comprehensive Surveillance Review (CSR) and 2020 Review of the Financial Sector Assessment Program (FSAP; joint with the World Bank) are underway to guide surveillance adaptation.
  - CSR builds on the 2018 Interim Surveillance Review (ISR), which found surveillance more integrated and risk-based but identified needs in macrofinancial surveillance and coverage of outward spillovers in Article IV staff reports.
  - CSR will explore key trends, establish surveillance priorities, propose new engagement methods, and align with other Fund work streams (CD, data, FSAP review, human resources).
  - Fund policy advice will likely be anchored in risk management mindset with longer-term focus, deeper spillover discussion, and enhanced frameworks for macrofinancial volatility addressing tradeoffs and complementarities of policy levers.
- Lending, capacity development, and institutional tools:
  - Review debt sustainability framework for market access countries and revisit Fund policy on multiple currency practices.
  - Review program design and conditionality, facilities for low-income countries, and the debt limits policy to improve and strengthen lending.
  - Continue supporting members through country-tailored and results-based capacity development (CD) integrated with surveillance and lending; strengthen prioritization, monitoring, evaluation, information sharing, and global partnerships.

### IMF Finance and Governance; Internal Support and Modernization
- Resources and governance:
  - Aim to complete the 15th General Review of Quotas "this year" to maintain a strong, quota-based, and adequately resourced Fund at the center of the GFSN.
- Modernization and human resources:
  - Modernize human resource policies and practices via the HR strategy, the 1HR program, and the comprehensive compensation and benefits review to attract, develop, and retain diverse talent.
  - Improve cost-effectiveness and efficiency through overhauling work practices and systems, introducing modern digital platforms and tools, improving knowledge management, and fostering a culture of innovation.
  - Updated communications strategy to build support for Fund policies, integrate communications and operations, and leverage technology.
  - Maintain a prudent budgetary stance and further strengthen internal risk management.
- Implementation focus:
  - Modernization and strengthened internal capabilities are critical for the Fund to fulfil its role in implementing the Blueprint for Multilateral Action.

*Source: THE MANAGING DIRECTOR’S Spring Meetings — Joint Responsibility, Shared Rewards 2019 (Section 1).*

### sm2019-gpa-041119 - Section 2

### Key IMF Activities since the Fall 2018 Global Policy Agenda
- Analytical and policy work:
  - Analyzed risks to future house price growth and implications for monetary and macroprudential policies.
  - Presented a preliminary strategy to guide Fund’s engagement on social spending, in response to an IEO evaluation.
  - Delivered a study on youth labor market outcomes in emerging market and developing economies and policies to enhance youth job market prospects.
  - Investigated corporate market power in advanced and emerging market economies and its macroeconomic implications.
  - Studied how improved governance in fiscal frameworks and institutions can reduce corruption vulnerabilities and improve policy outcomes.
  - Finalized the update of the Fiscal Transparency Code to fully integrate natural resource management.
  - Initiated discussions of data provision to the Fund under Article VIII, Section 5, focusing on recent experience, emerging data needs, and the framework for data provision.
  - Studied the drivers of bilateral trade balances and the impact of tariffs on productivity, output, and employment; examined the drivers and implications of the decline in the relative price of capital goods; discussed key developments in the global trading system.
  - Outlined the work program of the joint World Bank-IMF multipronged approach for addressing emerging debt vulnerabilities.
  - Examined corporate taxation in the global economy, and deepened collaboration within the Platform for Collaboration on Tax.
  - Completed the Review of the Fund’s Strategy on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).
  - Proposed a conceptual framework for assessing central bank digital currencies.
  - Held the 2nd IMF Fintech Roundtable, including a session on financial innovation and AML/CFT, jointly with Japan’s G20 Presidency and the Financial Action Task Force.
  - Delivered a study on fiscal policies for climate mitigation and adaptation to implement the 2015 Paris Agreement strategies.
  - Held high-level meetings on building resilience to natural disasters for the Caribbean and Pacific regions; advanced work on small states vulnerable to natural disasters.
  - Investigated the costing of attaining selected dimensions of the 2030 Sustainable Development Goals.
  - Analyzed the role of pension system design in an aging world; advanced work on a G20 note on the macroeconomic and fiscal implications of aging.
  - Advanced work on the Fund’s 2020 Comprehensive Surveillance Review and the 2020 Review of the Financial Sector Assessment Program (the latter joint with the World Bank).
  - Presented selected technical aspects of the Fund’s Review of Program Design and Conditionality.
  - Outlined reform proposals for the Fund’s 2018–19 Review of Facilities for Low-Income Countries.
  - Presented an assessment of the Debt Sustainability Framework for Market Access Countries and options to enhance it.
  - Presented initial considerations on the Review of the Fund’s Policy on Multiple Currency Practices.
  - Discussed preliminary options to strengthen the Article IV Excessive Delays Framework.
  - Completed the Review of the Fund’s Capacity Development Strategy.
  - Continued work on Fund resources and governance reforms.
  - Discussed cyber security issues and how to strengthen the Fund’s cyber resilience.
  - Advanced work on the Fund’s Comprehensive Compensation and Benefits Review.
  - Advanced work on modernizing HR policies and practices, implementing the Fund’s digital platform, and incorporating results-based management in capacity building.

### Policy Advice and Economic Research — Selected Outputs
- Fiscal, monetary, and macroprudential policy analysis related to house price risk.
- Social spending strategy in response to IEO evaluation.
- Youth labor market outcomes and policy recommendations for emerging market and developing economies.
- Studies on corporate market power and macroeconomic effects.
- Governance and fiscal framework analyses related to corruption vulnerabilities.
- Fiscal policies for climate mitigation and adaptation aligned with the 2015 Paris Agreement.
- Pension system design and macro-fiscal implications of aging.

### Global Solutions — Collaboration and Systemic Workstreams
- Joint World Bank-IMF multipronged approach to emerging debt vulnerabilities.
- Platform for Collaboration on Tax and corporate taxation analysis.
- Joint 2020 Review of the Financial Sector Assessment Program with the World Bank.
- Engagement on data provision under Article VIII, Section 5.
- Fintech engagement: 2nd IMF Fintech Roundtable and work on central bank digital currencies.

### Surveillance, Capacity Development, and Outreach Highlights
- 2018 Article IV consultations: 9
- 25 country cases since its implementation in July 2018
- 46% increase in the number of countries publishing key economic indicators under IMF’s Data Standards Initiatives
- 2018 Financial System Stability Assessments in 2018: 46% (context: increase in number of countries publishing key economic indicators)
- New low-income country debt sustainability framework used in 34 countries, 16 of which have a Poverty Reduction and Growth Trust (PRGT) facility
- 162 billion total lending commitments in Special Drawing Rights (SDR) *As of end-March 2019
- 5 largest outstanding General Resource Account (GRA) credit (SDR bn): Argentina    20.2; Ukraine         7.7; Greece          7.6; Egypt            7.2; Pakistan        4.2
- Current GRA and PRGT arrangements: 6 new programs since October 2018
- Capacity Development (CD) targets priority groups, with fragile states receiving 22% of total CD
- Online training represents 30% of total training
- CD is focused in core areas: Domestic Revenue Mobilization; Public Financial Management; Financial Supervision and Regulation; Statistics; Macroeconomic Training
- 127 country studies on gender, inequality, and macrostructural analyses integrated in surveillance
- 83 / 121 (appears in context of surveillance/capacity development counts)
- 11 . 3 million
- 6.2 million followers on social media
- unique visitors at IMF.org since October 2018
- 77% of CD recipients agreed that CD contributed effectively to the implementation of IMF’s policy advice

### Outstanding Credit and Commitments (as of end–March 2019, in billions of SDR)
- TOTAL LENDING COMMITMENTS = SDR 162 BILLION

- GRA FINANCIAL ARRANGEMENTS — MEMBERS WITH CURRENT ARRANGEMENTS (Current program size / Outstanding credit)
  - Stand-by Arrangement:
    - Argentina 40.71 / 20.2
    - Iraq 3.83 / 2.16
    - Jamaica 1.20 / 0.50
    - Ukraine 2.80 / 7.66
  - Extended Fund Facility:
    - Angola 2.67 / 0.72
    - Barbados 0.21 / 0.04
    - Bosnia-Herzegovina 0.44 / 0.17
    - Côte d’Ivoire 0.43 / 0.30
    - Ecuador 3.04 / 0.73
    - Egypt 8.60 / 7.16
    - Gabon 0.46 / 0.29
    - Georgia 0.21 / 0.15
    - Jordan 0.51 / 0.46
    - Moldova 0.09 / 0.12
    - Mongolia 0.31 / 0.16
    - Sri Lanka 1.07 / 0.72
    - Tunisia 2.05 / 1.25
  - Flexible Credit Line:
    - Colombia 7.85 / –
    - Mexico 53.48 / –
  - Precautionary and Liquidity Line:
    - Morocco 2.15 / –

- Total Current Programs (GRA): 132.1
  - o/w: Undrawn Balance 3 (A) 98.2
  - Total Outstanding Credit (B) 42.8

- MEMBERS W/O CURRENT ARRANGEMENTS — Total Outstanding Credit (C) 13.2
  - o/w: Greece–7.6
  - o/w: Pakistan–4.2

- TOTAL GRA COMMITMENTS (A)+(B)+(C) 154.2

- PRGT FINANCIAL ARRANGEMENTS — MEMBERS WITH CURRENT ARRANGEMENTS (Current program size / Outstanding credit)
  - Extended Credit Facility:
    - Afghanistan, Islamic Republic of 0.03 / 0.04
    - Benin 0.11 / 0.11
    - Burkina Faso 0.11 / 0.15
    - Cameroon 0.48 / 0.33
    - Central African Republic 0.13 / 0.14
    - Chad 0.22 / 0.23
    - Côte d’Ivoire 0.22 / 0.68
    - Guinea 0.12 / 0.23
    - Guinea-Bissau 0.02 / 0.02
    - Madagascar 0.25 / 0.22
    - Malawi 0.08 / 0.16
    - Mauritania 0.12 / 0.09
    - Moldova 0.04 / 0.10
    - Niger 0.12 / 0.16
    - Sierra Leone 0.12 / 0.26
    - Togo 0.18 / 0.12

- Total Current Programs (PRGT): 2.4
  - o/w: Undrawn Balance 3 (D) 1.0
  - Total Outstanding Credit (E) 3.0

- MEMBERS W/O CURRENT ARRANGEMENTS — Total Outstanding Credit (F) 3.4

- TOTAL PRGT COMMITMENTS (D)+(E)+(F) 7.4

Notes (verbatim from source)
- 1/ Numbers may not add up due to rounding.
- 2/ Includes outstanding credit under expired arrangements and outright disbursements.
- 3/ Available balance not yet drawn under current arrangements.

*As of end–March 2019*

*sm2019-gpa-041119 - Section 2*

### Section 1

### THE MANAGING DIRECTOR’S GLOBAL POLICY AGENDA

### A Blueprint for Multilateral Action — Joint Responsibility, Shared Rewards
- Central challenge: international cooperation, economic and financial integration, and technological progress have delivered enormous benefits, but in many countries these benefits "have not been shared adequately to prevent eroding trust in institutions and weakening support for the global system."
- New multilateralism needed to manage costs and rewards of solutions across:
  - Domestic policies to build resilient economies and promote economic opportunities.
  - Upgraded global cooperation to provide a more level playing field across borders.
  - Joint action on broader global challenges.
- Domestic policy priorities:
  - Macroeconomic policies and structural reforms to secure growth and stability, reduce inequality, and manage cross-border spillovers.
  - Ensure macroeconomic policy frameworks can deal with external shocks amid deepening macrofinancial and external linkages.
  - Broaden opportunities through access to quality education and training, healthcare, infrastructure, finance, and jobs (including for youth and women).
  - Strengthen market competition, encourage innovation, and facilitate labor mobility.
  - Tackle weak governance, corruption, and tax avoidance to overcome perceptions of unfair sharing of benefits.
  - Fiscal policy, guided by social and political preferences, can address excessive inequality via social spending policies and taxation.
- Global cooperation priorities:
  - Resolve trade tensions and modernize the rules-based multilateral trade system.
  - Upgrade and implement global financial regulations; improve debt transparency; tackle illicit financial flows; rethink international corporate taxation.
  - Reduce excess global imbalances and allow exchange rates to broadly reflect economic fundamentals.
  - Ensure adequacy of the global financial safety net (GFSN), with a strong IMF at its center.
- Broader global challenges requiring joint action:
  - Climate change, demographic shifts, conflict and migration, and borderless digital transformations (including cyber risks and lack of control of personal data).
  - Coordinated international support to help achieve the sustainable development goals (SDGs).

### Implementing the Blueprint: The Role of the IMF
- Near-term global outlook and urgency:
  - After two years of strong expansion, "the global economy has entered a delicate phase."
  - Growth is slowing due to trade and geopolitical tensions, policy uncertainty, and one-off factors.
  - Medium-term prospects moderate mainly because of low labor productivity growth and population aging, especially in many advanced economies.
  - Policy space constrained amid high public debt levels and heightened financial vulnerabilities.
  - Downside risks include further escalation of trade tensions and a sudden sharp tightening of financial conditions.
- Policy guidance for members:
  - Fiscal policy: balance supporting demand, ensuring debt sustainability, and safeguarding social objectives; upgrade tax systems; mobilize domestic revenue; prioritize expenditure; reduce public debt where needed.
  - Monetary policy: ensure inflation remains on track toward target and anchor expectations where inflationary pressures persist.
  - Financial resilience: buttress microprudential supervision and strengthen macroprudential frameworks.
  - External adjustment: reduce excess global imbalances with well-calibrated macroeconomic and structural policies and exchange rate flexibility where feasible.
  - Integrated policy framework: develop deeper understanding of complementarities and tradeoffs among monetary, exchange rate, macroprudential, and capital flow management policies to identify appropriate policy mixes amid rising spillovers.
- Inclusion and social spending:
  - Support systematic engagement on social spending focused on sustainable financing, spending adequacy, and efficiency.
  - Undertake analytical work on budgeting and gender gaps, and on the relationship between financial services and inequality.
  - Encourage progressive taxation and enhanced social safety nets where income distribution is excessively skewed.
- Structural reforms and governance:
  - Deepen analysis of macroeconomic effects of structural reforms, political economy of reforms, competition issues (including corporate market power), labor market implications of infrastructure investment, and sectoral policies for growth diversification.
  - Strengthen fiscal governance, fight corruption, and support economic institution building and central bank governance.
  - Update Fiscal Transparency Code to fully integrate natural resource management; ongoing work on Data Standards Initiatives and emerging data needs.
- Multilateral cooperation and global public goods:
  - Support strengthening rules-based multilateral trade system, provide informed advice on trade tensions, and collaborate with other international institutions.
  - Continue rigorous, multilaterally-consistent assessment of external positions and study role of exchange rates in external adjustment.
  - With the World Bank, implement multipronged approach to address public debt vulnerabilities: enhance debt sustainability frameworks; expand publication of debt data and analysis; increase technical assistance on debt transparency and management; strengthen debt limits policy framework.
  - Reduce cross-border tax avoidance, minimize profit shifting and harmful tax competition, and rethink corporate taxation in the digital economy; continue work with Platform for Collaboration on Tax.
  - Upgrade and implement global financial regulatory reform agenda; fight illicit financial flows through AML/CFT and improved tax compliance; work on measuring and addressing illicit financial flows.
  - Advance Bali Fintech Agenda: focus on lessons from members’ experiences and consider Fintech implications for financial stability, inclusion, and integrity.
  - Fiscal policy analysis for climate mitigation and adaptation to meet 2015 Paris Agreement commitments; further work on energy pricing and integrating macroeconomic policy implications of climate change in surveillance, including financial stress-testing for climate-related risks.
  - Enhance support for countries building resilience to climate change, including countries vulnerable to natural disasters and small states.
  - Support countries to meet the 2030 SDGs via policy diagnostics, capacity development, Compact with Africa participation, and financing strategies including private sector.
  - Enhance support for post-conflict recovery in fragile and conflict-affected states (in response to the 2018 IEO evaluation).
  - Complete work on macroeconomic and fiscal implications of aging for Japan’s G20 Presidency and study challenges facing countries with young populations.
  - Support strengthening resilience to cyber risks through enhanced financial supervision and exchange of good practices.

### IMF Policy: Adapting Tools and Surveillance
- Reviews and forward workstreams:
  - 2020 Comprehensive Surveillance Review (CSR) and 2020 Review of the Financial Sector Assessment Program (FSAP; joint with the World Bank) are underway to guide surveillance adaptation.
  - CSR builds on the 2018 Interim Surveillance Review (ISR), which found surveillance more integrated and risk-based but identified needs in macrofinancial surveillance and coverage of outward spillovers in Article IV staff reports.
  - CSR will explore key trends, establish surveillance priorities, propose new engagement methods, and align with other Fund work streams (CD, data, FSAP review, human resources).
  - Fund policy advice will likely be anchored in risk management mindset with longer-term focus, deeper spillover discussion, and enhanced frameworks for macrofinancial volatility addressing tradeoffs and complementarities of policy levers.
- LENDING, CAPACITY DEVELOPMENT, AND INSTITUTIONAL TOOLS:
  - Review debt sustainability framework for market access countries and revisit Fund policy on multiple currency practices.
  - Review program design and conditionality, facilities for low-income countries, and the debt limits policy to improve and strengthen lending.
  - Continue supporting members through country-tailored and results-based capacity development (CD) integrated with surveillance and lending; strengthen prioritization, monitoring, evaluation, information sharing, and global partnerships.

### IMF Finance and Governance; Internal Support and Modernization
- Resources and governance:
  - Aim to complete the 15th General Review of Quotas "this year" to maintain a strong, quota-based, and adequately resourced Fund at the center of the GFSN.
- Modernization and human resources:
  - Modernize human resource policies and practices via the HR strategy, the 1HR program, and the comprehensive compensation and benefits review to attract, develop, and retain diverse talent.
  - Improve cost-effectiveness and efficiency through overhauling work practices and systems, introducing modern digital platforms and tools, improving knowledge management, and fostering a culture of innovation.
  - Updated communications strategy to build support for Fund policies, integrate communications and operations, and leverage technology.
  - Maintain a prudent budgetary stance and further strengthen internal risk management.
- Implementation focus:
  - Modernization and strengthened internal capabilities are critical for the Fund to fulfil its role in implementing the Blueprint for Multilateral Action.

*Source: THE MANAGING DIRECTOR’S Spring Meetings — Joint Responsibility, Shared Rewards 2019 (Section 1).*

### Section 2

### sm2019-gpa-041119 - Section 2

### Key IMF Activities since the Fall 2018 Global Policy Agenda
- Analyzed risks to future house price growth and implications for monetary and macroprudential policies.
- Presented a preliminary strategy to guide Fund’s engagement on social spending, in response to an IEO evaluation.
- Delivered a study on youth labor market outcomes in emerging market and developing economies and policies to enhance youth job market prospects.
- Investigated corporate market power in advanced and emerging market economies and its macroeconomic implications.
- Studied how improved governance in fiscal frameworks and institutions can reduce corruption vulnerabilities and improve policy outcomes.
- Finalized the update of the Fiscal Transparency Code to fully integrate natural resource management.
- Initiated discussions of data provision to the Fund under Article VIII, Section 5, focusing on recent experience, emerging data needs, and the framework for data provision.
- Studied the drivers of bilateral trade balances and the impact of tariffs on productivity, output, and employment; examined the drivers and implications of the decline in the relative price of capital goods; discussed key developments in the global trading system.
- Outlined the work program of the joint World Bank-IMF multipronged approach for addressing emerging debt vulnerabilities.
- Examined corporate taxation in the global economy, and deepened collaboration within the Platform for Collaboration on Tax.
- Completed the Review of the Fund’s Strategy on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).
- Proposed a conceptual framework for assessing central bank digital currencies.
- Held the 2nd IMF Fintech Roundtable, including a session on financial innovation and AML/CFT, jointly with Japan’s G20 Presidency and the Financial Action Task Force.
- Delivered a study on fiscal policies for climate mitigation and adaptation to implement the 2015 Paris Agreement strategies.
- Held high-level meetings on building resilience to natural disasters for the Caribbean and Pacific regions; advanced work on small states vulnerable to natural disasters.
- Investigated the costing of attaining selected dimensions of the 2030 Sustainable Development Goals.
- Analyzed the role of pension system design in an aging world; advanced work on a G20 note on the macroeconomic and fiscal implications of aging.
- Advanced work on the Fund’s 2020 Comprehensive Surveillance Review and the 2020 Review of the Financial Sector Assessment Program (the latter joint with the World Bank).
- Presented selected technical aspects of the Fund’s Review of Program Design and Conditionality.
- Outlined reform proposals for the Fund’s 2018–19 Review of Facilities for Low-Income Countries.
- Presented an assessment of the Debt Sustainability Framework for Market Access Countries and options to enhance it.
- Presented initial considerations on the Review of the Fund’s Policy on Multiple Currency Practices.
- Discussed preliminary options to strengthen the Article IV Excessive Delays Framework.
- Completed the Review of the Fund’s Capacity Development Strategy.
- Continued work on Fund resources and governance reforms.
- Discussed cyber security issues and how to strengthen the Fund’s cyber resilience.
- Advanced work on the Fund’s Comprehensive Compensation and Benefits Review.
- Advanced work on modernizing HR policies and practices, implementing the Fund’s digital platform, and incorporating results-based management in capacity building.

### Policy Advice and Economic Research — Selected Outputs
- Fiscal, monetary, and macroprudential policy analysis related to house price risk.
- Social spending strategy in response to IEO evaluation.
- Youth labor market outcomes and policy recommendations for emerging market and developing economies.
- Studies on corporate market power and macroeconomic effects.
- Governance and fiscal framework analyses related to corruption vulnerabilities.
- Fiscal policies for climate mitigation and adaptation aligned with the 2015 Paris Agreement.
- Pension system design and macro-fiscal implications of aging.

### Global Solutions — Collaboration and Systemic Workstreams
- Joint World Bank-IMF multipronged approach to emerging debt vulnerabilities.
- Platform for Collaboration on Tax and corporate taxation analysis.
- Joint 2020 Review of the Financial Sector Assessment Program with the World Bank.
- Engagement on data provision under Article VIII, Section 5.
- Fintech engagement: 2nd IMF Fintech Roundtable and work on central bank digital currencies.

### Surveillance, Capacity Development, and Outreach Highlights
- 2018 Article IV consultations: 9
- 25 country cases since its implementation in July 2018
- 46% increase in the number of countries publishing key economic indicators under IMF’s Data Standards Initiatives
- 2018 Financial System Stability Assessments in 2018: 46% (context: increase in number of countries publishing key economic indicators)
- New low-income country debt sustainability framework used in 34 countries, 16 of which have a Poverty Reduction and Growth Trust (PRGT) facility
- 162 billion total lending commitments in Special Drawing Rights (SDR) *As of end-March 2019
- 5 largest outstanding General Resource Account (GRA) credit (SDR bn): Argentina    20.2; Ukraine         7.7; Greece          7.6; Egypt            7.2; Pakistan        4.2
- Current GRA and PRGT arrangements: 6 new programs since October 2018
- Capacity Development (CD) targets priority groups, with fragile states receiving 22% of total CD
- Online training represents 30% of total training
- CD is focused in core areas: Domestic Revenue Mobilization; Public Financial Management; Financial Supervision and Regulation; Statistics; Macroeconomic Training
- 127 country studies on gender, inequality, and macrostructural analyses integrated in surveillance
- 83 / 121 (appears in context of surveillance/capacity development counts)
- 11 . 3 million
- 6.2 million followers on social media
- unique visitors at IMF.org since October 2018
- 77% of CD recipients agreed that CD contributed effectively to the implementation of IMF’s policy advice

### Outstanding Credit and Commitments (as of end–March 2019, in billions of SDR)
- TOTAL LENDING COMMITMENTS = SDR 162 BILLION
- GRA FINANCIAL ARRANGEMENTS — MEMBERS WITH CURRENT ARRANGEMENTS (Current program size / Outstanding credit)
  - Stand-by Arrangement: Argentina 40.71 / 20.2; Iraq 3.83 / 2.16; Jamaica 1.20 / 0.50; Ukraine 2.80 / 7.66
  - Extended Fund Facility: Angola 2.67 / 0.72; Barbados 0.21 / 0.04; Bosnia-Herzegovina 0.44 / 0.17; Côte d’Ivoire 0.43 / 0.30; Ecuador 3.04 / 0.73; Egypt 8.60 / 7.16; Gabon 0.46 / 0.29; Georgia 0.21 / 0.15; Jordan 0.51 / 0.46; Moldova 0.09 / 0.12; Mongolia 0.31 / 0.16; Sri Lanka 1.07 / 0.72; Tunisia 2.05 / 1.25
  - Flexible Credit Line: Colombia 7.85 / –; Mexico 53.48 / –
  - Precautionary and Liquidity Line: Morocco 2.15 / –
- Total Current Programs (GRA): 132.1
  - o/w: Undrawn Balance 3 (A) 98.2
  - Total Outstanding Credit (B) 42.8
- MEMBERS W/O CURRENT ARRANGEMENTS — Total Outstanding Credit (C) 13.2
  - o/w: Greece–7.6
  - o/w: Pakistan–4.2
- TOTAL GRA COMMITMENTS (A)+(B)+(C) 154.2

- PRGT FINANCIAL ARRANGEMENTS — MEMBERS WITH CURRENT ARRANGEMENTS (Current program size / Outstanding credit)
  - Extended Credit Facility: Afghanistan, Islamic Republic of 0.03 / 0.04; Benin 0.11 / 0.11; Burkina Faso 0.11 / 0.15; Cameroon 0.48 / 0.33; Central African Republic 0.13 / 0.14; Chad 0.22 / 0.23; Côte d’Ivoire 0.22 / 0.68; Guinea 0.12 / 0.23; Guinea-Bissau 0.02 / 0.02; Madagascar 0.25 / 0.22; Malawi 0.08 / 0.16; Mauritania 0.12 / 0.09; Moldova 0.04 / 0.10; Niger 0.12 / 0.16; Sierra Leone 0.12 / 0.26; Togo 0.18 / 0.12
- Total Current Programs (PRGT): 2.4
  - o/w: Undrawn Balance 3 (D) 1.0
  - Total Outstanding Credit (E) 3.0
- MEMBERS W/O CURRENT ARRANGEMENTS — Total Outstanding Credit (F) 3.4
- TOTAL PRGT COMMITMENTS (D)+(E)+(F) 7.4

Notes (verbatim from source)
- 1/ Numbers may not add up due to rounding.
- 2/ Includes outstanding credit under expired arrangements and outright disbursements.
- 3/ Available balance not yet drawn under current arrangements.

*As of end–March 2019

_ sm2019-gpa-041119 - Section 2 _

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_Source: https://www.imf.org/-/media/files/publications/pp/gpa/2019/sm2019-gpa-041119.pdf_