## Statement by the Managing Director on the Work Program of the Executive Board Executive Board Meeting November 20, 2017

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---

### Purpose and Overall Aim
- This Work Program (WP) translates the strategic directions and policy priorities from the Fall 2017 Global Policy Agenda (GPA) and the International Monetary and Financial Committee (IMFC) Communiqué into an Executive Board agenda for the next twelve months, with a focus on the next six months.
- The Managing Director’s GPA calls on members to take advantage of the window of opportunity from the more favorable conjuncture to: undertake well-sequenced reforms to increase productivity, reduce policy uncertainty and future risks, and improve governance; harness the benefits of technology and economic integration; and ensure benefits are widely shared.
- Tackling challenges to the global economy requires cooperation and joint action across the membership.

### Principal Objectives of the Work Program
- Guide the global policy dialogue through discussions of the GPA and IMF flagship reports (WEO, GFSR, FM) and the External Sector Report (ESR).
- Support efforts to sustain the recovery, identify vulnerabilities, and raise prospects for sustained growth through updates on macro-structural work and assessments of fiscal space, and through surveillance reviews.
- Assist members in harnessing technological progress and integration (Measurement in a Digital Economy; Digitalization and International Taxation; Fintech and Financial Services; Future of Work).
- Promote trust, resilience, and cooperation on shared challenges (Update of the Role of the Fund in Governance Issues; Review of Fund Policies on Multiple Currency Practices; Review of FCL/PLL; Considerations on the Role of the SDR; Fifteenth General Review of Quotas—Further Considerations).

### Guide the Global Policy Dialogue
- Flagship reports and schedule:
  - Joint Board sessions on WEO, GFSR, and FM in March and September 2018 (ahead of Spring and Annual Meetings).
  - Spring 2018 WEO focus: shifts in global manufacturing activity (employment, output, and spending patterns) and productivity and technology spillovers across countries.
  - GFSR focus: interlinkages of corporate credit allocation and financial stability, analyzing the quality and evolution of corporate credit issuance relative to macroeconomic and financial variables.
  - FM focus (Spring 2018): how digitalization can make fiscal policies more efficient and equitable and how fiscal policy can mitigate disruptions from new technology.
  - World Economic and Market Developments (WEMD) Updates in January and July 2018.
- External Sector Report (ESR) and related work:
  - Reviewing the External Assessment Methodologies in February 2018 (with additional interaction as needed).
  - Annual ESR to be considered in July 2018, presenting a multilaterally consistent assessment of the largest economies’ external sector positions and policies.
  - Board briefing on Review of EBA-Lite Methodology scheduled for March 2018.
- Regional and country briefings:
  - Macroeconomic Developments and Prospects in Low-Income Developing Countries discussed in February 2018.
  - Emerging Markets–Developments and Prospects briefings in April and September 2018.
  - Area departments to continue regular briefings on regional developments.
- Risk assessment:
  - Early Warning Exercise to discuss low-probability high-impact risks ahead of the Spring and Annual Meetings (April and September 2018).

### Support Efforts to Sustain the Recovery and Raise Prospects for Sustained Growth
- Assessing Fiscal Space and policy calibration:
  - Assessing Fiscal Space—An Update and Stocktaking to be discussed in March 2018, building on experience from 39 country pilot cases.
- Surveillance and data:
  - Interim Surveillance Review (ISR) to be discussed in March 2018 (following an informal engagement in December 2017); ISR to assess implementation of priorities from the Managing Director’s Action Plan and help shape the Comprehensive Surveillance Review scheduled for 2019.
  - Strengthening Data Provision under Article VIII Section 5 to be discussed in May 2018.
  - Overarching Data and Statistics Strategy to be discussed in February 2018.
- Macro-financial analysis and monitoring:
  - Pilot to progressively include macro-financial analysis in surveillance: extended from 67 countries in 2016 to 128 in 2017; pilots conclude and analysis to be incorporated into surveillance where relevant starting from 2018.
  - Third IMF/FSB Progress Report of the Second Phase of the G-20 Data Gaps Initiative provided for information in September 2018.
- Structural reforms and public investment:
  - Toolkit for macro-structural analysis piloted in 32 countries; Update of Fund Work on Macro-Structural Issues in February 2018.
  - G-20 Report on Strong, Sustainable, and Balanced Growth to be received for information in October 2018.
  - Public Investment Management Assessment (PIMA) Update in April 2018 reporting evaluations in 30 countries and proposing revisions to the framework.
  - Continued support for G-20 Compact with Africa Initiative (Board informed on an as-needed basis).
- Support to low-income countries (LICs) and small states:
  - 2018 Review of Facilities for LICs to be discussed in March 2018 following November 2017 engagement; 2018 Review Follow up in October 2018 may propose modifications.
  - PRGT resources: Board to consider Modifying the PRGT’s Cumulative Borrowing Limit (December 2017) to allow use of additional resources.
  - Annual Update on the Financing of the Fund’s Concessional Assistance and Debt Relief to LICs in April 2018.
  - Deliverables on PRGT/PSI program design and social safeguards: 2017 LICs Handbook Updates (November 2017); Guidance Note on Engagement with Small Developing States (December 2017); Guidance Note on Social Safeguards (March 2018).
- Capacity development:
  - Staff briefings by all CD Departments (November 2017 to May 2018).
  - 2018 Quinquennial Review of the Fund’s Capacity Development Strategy considered in September 2018 after preliminary findings engagement in June 2018.

### Assist Members to Broaden Benefits from Technological Progress and Integration
- Analytic work and planned deliverables:
  - Measurement in a Digital Economy to be discussed in February 2018 focusing on the role of the digital economy in explaining the global productivity slowdown; staff to work on the informal sector to leverage digitalization to make the sector more visible.
  - Future of Work—G-20 paper provided for information in March 2018 on impact of new technologies on employment, wages and inequality, and policy responses.
  - Digitalization and International Taxation engagement in March 2018 to take stock of challenges and opportunities for international corporate taxation.
  - Fintech and Financial Services: The Road Ahead to be briefed in September 2018, building on the 2017 Staff Discussion Note Fintech and Financial Services—Initial Consideration.
  - Staff to explore implications of cyber risk for financial supervisory activities and inform the Board in due course.
  - Spring 2018 FM to include work on digitalization.
- Inclusion and social dimensions:
  - Boosting Youth Labor Market Prospects in Emerging and Frontier Market Economies briefed in May 2018.
  - Inequality and Poverty Across Generations in Europe briefed in January 2018.
  - Role of Gender in Enhancing Financial Resilience and Financial Services and Income Inequality briefed in March 2018.
  - Inequality operationalized in 30 pilot countries, with 16 to be launched.
  - Gender pilots: 27 completed, 1 in progress, and 12 to be launched.
  - Fiscal Policies for Mitigation and Adaptation to Climate Change discussed in October 2018.
  - Climate change operationalized in 24 pilot countries with another 3 ongoing.

### Box 1 — Fund’s Work on Digitalization (summary of analytical contributions and strategy elements)
- Previous analytical contributions via Staff Discussion Notes (SDNs):
  - Virtual Currencies and Beyond: Initial Considerations
  - Fintech and Financial Services: Initial Considerations
  - Big Data: Potential, Challenges and Statistical Implications
  - Gone with the Headwinds: Global Productivity
- Flagship reports have included digitalization-related analysis: Fall 2017 FM on inequality; April 2017 WEO on labor income shares; October 2017 WEO on wage dynamics.
- Staff is developing a strategy to assess global economic implications of rapid digitalization in finance and the real economy. The strategy will aim to:
  - Define key challenges from digitalization and objectives for the Fund;
  - Identify areas where policy advice needs to be developed;
  - Take stock of the Fund’s existing work on digitalization, realize synergies, and agree on direction of analytical work;
  - Identify analytical tools and methods for examining implications of digitalization.
- Developing a comprehensive strategy will take time; staff will engage with the Board on the broader strategy in due course.

### Support Policies that Bolster Trust and Resilience
- Governance and guidance:
  - Update on the Role of the Fund in Governance Issues to be considered in April 2018 following a July 2017 discussion and a January 2018 engagement; Staff Operational Guidance Note on Governance Issues to be issued for information in July 2018.
  - Use of Third-Party Indicators in Fund Reports to be considered in November 2017 ahead of issuance of Guidance Note in June 2018.
- Exchange and payment systems:
  - Review of Fund Policies on Multiple Currency Practices (MCP): Initial Considerations to be considered in March 2018 following briefings in December 2017 and February 2018; Review of Fund Policies on Multiple Currency Practices: Proposed Decisions to be discussed in May 2018.
- Fiscal frameworks and debt:
  - Briefing on Second-Generation Fiscal Rules in March 2018 to take stock of past experience and review reforms of the past decade.
  - Briefing on Demographic Changes, Pension Systems and National Savings scheduled for March 2018.
  - Staff Guidance Note on the LICs Debt Sustainability Framework (LICs DSF) to be circulated for information in December 2017 following the 2017 Review.
  - Review of the Market-Access Countries Debt Sustainability Framework (MAC DSF) in May 2018 (formal review and options for strengthening included in the next WP).
  - Staff continuing to assess how Fund policies can best support debtor-creditor engagement in orderly debt restructuring and exploring how to enhance transparency of public debt reporting (Board to be informed in due course).
- Financial surveillance and integrity:
  - Review of the Fund’s AML/CFT Program to be discussed in June 2018.
  - FSAP: A Review of the List of Systemically Important Financial Sectors to be considered in April 2018.
  - Assessable Standard on Islamic Banking to be discussed in May 2018 proposing methodology to assess compliance with IFSB Core Principles of Supervision.
  - Update on Trends in Correspondent Banking Relationships in April 2018, including implementation of staff-identified solutions.
  - Briefing on Trade-offs in Bank Resolution in January 2018 providing a framework for considering trade-offs in dealing with systemic bank failures.
  - Staff to offer enhanced communication on the Fund’s Institutional View on capital flows and ensure effective and consistent implementation.

### Promote cooperation across countries to address shared challenges
- The Fund, in collaboration with other institutions, will continue to advocate for an open and rule-based multilateral system that adjusts to emerging challenges and needs of an increasingly connected global economy.
- Board deliverables and timings:
  - Paper jointly prepared with the WTO on Reinvigorating Trade and Inclusive Growth (April 2018).
  - Briefings on Latest Developments in Financial Regulatory Reforms in November 2017 and July 2018.
  - Staff paper on Corporate Taxation in the Global Economy to be discussed in December 2018 and included in the Spring WP.

### Further strengthen the GFSN with an adequately resourced Fund at its center
- The Fund will continue to strengthen the International Monetary System (IMS), underpinned by a strong, reliable, and coherent global financial safety net (GFSN).
- Key Board discussions and outputs:
  - Program Design in Currency Unions (guidance to staff) (February 2018).
  - Adequacy of the Global Financial Safety Net—Review of the Flexible Credit Line and Precautionary and Liquidity Line, and Proposals for Toolkit Reform—Revised Proposals (December 2017).
  - Review of Conditionality and the Design of Fund-Supported Programs (to be considered in November 2018 and included in the Spring 2018 WP).
  - Misreporting Policies—Selected Issues (April 2018) to update the Board on implementation aspects including in the context of non-disbursing instruments and precautionary arrangements.
  - Considerations on the Role of the SDR (March 2018) to discuss how the Special Drawing Rights (SDR) can contribute to smoothing the functioning of the IMS.
- Quotas and Fund resources:
  - Continued work on the 15th General Review of Quotas.
  - Committee of the Whole will consider Fifteenth General Review of Quotas—Further Considerations (February 2018) addressing adequacy of Fund resources, possible options for quota increases and their distribution, and a new quota formula, with further work to be determined.
  - Reports to the Board of Governors on Progress on the Fifteenth General Review of Quotas in April and October 2018.
  - Quotas—Data Update (July 2018), which updates the quota database with 2016 data.

### Maintain an agile, integrated, and member-focused Fund — managing the budget and internal risks
- Providing agile, integrated and member-focused support requires adequate financial, human and technological resources.
- Budgetary and financial deliverables:
  - Board deliberation on the FY2019–FY2021 Medium-Term Budget after the 2018 Spring Meetings in April.
  - Deliberation on The Fund’s Income Position for FY2018 and FY2019–20.
  - Review of the Rules and Regulations of the Investment Account (January 2018).
  - Review of Adequacy of the Fund's Precautionary Balances (February 2018).
  - 2017 Risk Report (November 2017) and 2018 Spring Update of the Risk Report (May 2018).
  - Update on the HQ1 Renewal Project in January 2018 (in addition to quarterly progress reports).

### Maintain an agile, integrated, and member-focused Fund — while keeping the Fund strong (human resources, knowledge, communications)
- Strengthening leadership capacity and workforce positioning:
  - Technical Briefing on the Compensation System (December 2017).
  - Staff Briefing on the Scope of the Compensation and Benefit Reviews (February 2018), ahead of the 2018 Review of Staff Compensation.
  - Staff Recruitment and Retention Experience in CY2017 (April 2018), which includes a full review of comparator market salaries.
  - Briefing on the Knowledge Management Strategy (February 2018).
  - Update of the IMF Communications Strategy (January 2018).
  - Work to meet diversity benchmarks with progress assessed in the Diversity and Inclusion Report by end-2018.

### Independent Evaluation Office (IEO) oversight and accountability
- IEO-related Board schedule and implementation:
  - Board discussion of IEO Evaluation: The IMF and Fragile States (March 2018), followed by preparation of the Management Implementation Plan in July 2018.
  - Management Implementation Plan for the IEO Evaluation: The IMF and Social Protection is planned for January 2018.
  - Board consideration of the Third External Evaluation of the Independent Evaluation Office (July 2018).
  - IEO Evaluation: IMF Financial Surveillance scheduled for discussion in September 2018.

*Statement by the Managing Director on the Work Program of the Executive Board, Executive Board Meeting November 20, 2017.*

### Section 1

### Statement by the Managing Director on the Work Program of the Executive Board Executive Board Meeting November 20, 2017

### Purpose and Overall Aim
- This Work Program (WP) translates the strategic directions and policy priorities from the Fall 2017 Global Policy Agenda (GPA) and the International Monetary and Financial Committee (IMFC) Communiqué into an Executive Board agenda for the next twelve months, with a focus on the next six months.
- The Managing Director’s GPA calls on members to take advantage of the window of opportunity from the more favorable conjuncture to: undertake well-sequenced reforms to increase productivity, reduce policy uncertainty and future risks, and improve governance; harness the benefits of technology and economic integration; and ensure benefits are widely shared.
- Tackling challenges to the global economy requires cooperation and joint action across the membership.

### Principal Objectives of the Work Program
- Guide the global policy dialogue through discussions of the GPA and IMF flagship reports (WEO, GFSR, FM) and the External Sector Report (ESR).
- Support efforts to sustain the recovery, identify vulnerabilities, and raise prospects for sustained growth through updates on macro-structural work and assessments of fiscal space, and through surveillance reviews.
- Assist members in harnessing technological progress and integration (Measurement in a Digital Economy; Digitalization and International Taxation; Fintech and Financial Services; Future of Work).
- Promote trust, resilience, and cooperation on shared challenges (Update of the Role of the Fund in Governance Issues; Review of Fund Policies on Multiple Currency Practices; Review of FCL/PLL; Considerations on the Role of the SDR; Fifteenth General Review of Quotas—Further Considerations).

### Guide the Global Policy Dialogue
- Flagship reports and schedule:
  - Joint Board sessions on WEO, GFSR, and FM in March and September 2018 (ahead of Spring and Annual Meetings).
  - Spring 2018 WEO focus: shifts in global manufacturing activity (employment, output, and spending patterns) and productivity and technology spillovers across countries.
  - GFSR focus: interlinkages of corporate credit allocation and financial stability, analyzing the quality and evolution of corporate credit issuance relative to macroeconomic and financial variables.
  - FM focus (Spring 2018): how digitalization can make fiscal policies more efficient and equitable and how fiscal policy can mitigate disruptions from new technology.
  - World Economic and Market Developments (WEMD) Updates in January and July 2018.
- External Sector Report (ESR) and related work:
  - Reviewing the External Assessment Methodologies in February 2018 (with additional interaction as needed).
  - Annual ESR to be considered in July 2018, presenting a multilaterally consistent assessment of the largest economies’ external sector positions and policies.
  - Board briefing on Review of EBA-Lite Methodology scheduled for March 2018.
- Regional and country briefings:
  - Macroeconomic Developments and Prospects in Low-Income Developing Countries discussed in February 2018.
  - Emerging Markets–Developments and Prospects briefings in April and September 2018.
  - Area departments to continue regular briefings on regional developments.
- Risk assessment:
  - Early Warning Exercise to discuss low-probability high-impact risks ahead of the Spring and Annual Meetings (April and September 2018).

### Support Efforts to Sustain the Recovery and Raise Prospects for Sustained Growth
- Assessing Fiscal Space and policy calibration:
  - Assessing Fiscal Space—An Update and Stocktaking to be discussed in March 2018, building on experience from 39 country pilot cases.
- Surveillance and data:
  - Interim Surveillance Review (ISR) to be discussed in March 2018 (following an informal engagement in December 2017); ISR to assess implementation of priorities from the Managing Director’s Action Plan and help shape the Comprehensive Surveillance Review scheduled for 2019.
  - Strengthening Data Provision under Article VIII Section 5 to be discussed in May 2018.
  - Overarching Data and Statistics Strategy to be discussed in February 2018.
- Macro-financial analysis and monitoring:
  - Pilot to progressively include macro-financial analysis in surveillance: extended from 67 countries in 2016 to 128 in 2017; pilots conclude and analysis to be incorporated into surveillance where relevant starting from 2018.
  - Third IMF/FSB Progress Report of the Second Phase of the G-20 Data Gaps Initiative provided for information in September 2018.
- Structural reforms and public investment:
  - Toolkit for macro-structural analysis piloted in 32 countries; Update of Fund Work on Macro-Structural Issues in February 2018.
  - G-20 Report on Strong, Sustainable, and Balanced Growth to be received for information in October 2018.
  - Public Investment Management Assessment (PIMA) Update in April 2018 reporting evaluations in 30 countries and proposing revisions to the framework.
  - Continued support for G-20 Compact with Africa Initiative (Board informed on an as-needed basis).
- Support to low-income countries (LICs) and small states:
  - 2018 Review of Facilities for LICs to be discussed in March 2018 following November 2017 engagement; 2018 Review Follow up in October 2018 may propose modifications.
  - PRGT resources: Board to consider Modifying the PRGT’s Cumulative Borrowing Limit (December 2017) to allow use of additional resources.
  - Annual Update on the Financing of the Fund’s Concessional Assistance and Debt Relief to LICs in April 2018.
  - Deliverables on PRGT/PSI program design and social safeguards: 2017 LICs Handbook Updates (November 2017); Guidance Note on Engagement with Small Developing States (December 2017); Guidance Note on Social Safeguards (March 2018).
- Capacity development:
  - Staff briefings by all CD Departments (November 2017 to May 2018).
  - 2018 Quinquennial Review of the Fund’s Capacity Development Strategy considered in September 2018 after preliminary findings engagement in June 2018.

### Assist Members to Broaden Benefits from Technological Progress and Integration
- Analytic work and planned deliverables:
  - Measurement in a Digital Economy to be discussed in February 2018 focusing on the role of the digital economy in explaining the global productivity slowdown; staff to work on the informal sector to leverage digitalization to make the sector more visible.
  - Future of Work—G-20 paper provided for information in March 2018 on impact of new technologies on employment, wages and inequality, and policy responses.
  - Digitalization and International Taxation engagement in March 2018 to take stock of challenges and opportunities for international corporate taxation.
  - Fintech and Financial Services: The Road Ahead to be briefed in September 2018, building on the 2017 Staff Discussion Note Fintech and Financial Services—Initial Consideration.
  - Staff to explore implications of cyber risk for financial supervisory activities and inform the Board in due course.
  - Spring 2018 FM to include work on digitalization.
- Inclusion and social dimensions:
  - Boosting Youth Labor Market Prospects in Emerging and Frontier Market Economies briefed in May 2018.
  - Inequality and Poverty Across Generations in Europe briefed in January 2018.
  - Role of Gender in Enhancing Financial Resilience and Financial Services and Income Inequality briefed in March 2018.
  - Inequality operationalized in 30 pilot countries, with 16 to be launched.
  - Gender pilots: 27 completed, 1 in progress, and 12 to be launched.
  - Fiscal Policies for Mitigation and Adaptation to Climate Change discussed in October 2018.
  - Climate change operationalized in 24 pilot countries with another 3 ongoing.

Box 1 — Fund’s Work on Digitalization (summary of analytical contributions and strategy elements)
- Previous analytical contributions via Staff Discussion Notes (SDNs):
  - Virtual Currencies and Beyond: Initial Considerations
  - Fintech and Financial Services: Initial Considerations
  - Big Data: Potential, Challenges and Statistical Implications
  - Gone with the Headwinds: Global Productivity
- Flagship reports have included digitalization-related analysis: Fall 2017 FM on inequality; April 2017 WEO on labor income shares; October 2017 WEO on wage dynamics.
- Staff is developing a strategy to assess global economic implications of rapid digitalization in finance and the real economy. The strategy will aim to:
  - Define key challenges from digitalization and objectives for the Fund;
  - Identify areas where policy advice needs to be developed;
  - Take stock of the Fund’s existing work on digitalization, realize synergies, and agree on direction of analytical work;
  - Identify analytical tools and methods for examining implications of digitalization.
- Developing a comprehensive strategy will take time; staff will engage with the Board on the broader strategy in due course.

### Support Policies that Bolster Trust and Resilience
- Governance and guidance:
  - Update on the Role of the Fund in Governance Issues to be considered in April 2018 following a July 2017 discussion and a January 2018 engagement; Staff Operational Guidance Note on Governance Issues to be issued for information in July 2018.
  - Use of Third-Party Indicators in Fund Reports to be considered in November 2017 ahead of issuance of Guidance Note in June 2018.
- Exchange and payment systems:
  - Review of Fund Policies on Multiple Currency Practices (MCP): Initial Considerations to be considered in March 2018 following briefings in December 2017 and February 2018; Review of Fund Policies on Multiple Currency Practices: Proposed Decisions to be discussed in May 2018.
- Fiscal frameworks and debt:
  - Briefing on Second-Generation Fiscal Rules in March 2018 to take stock of past experience and review reforms of the past decade.
  - Briefing on Demographic Changes, Pension Systems and National Savings scheduled for March 2018.
  - Staff Guidance Note on the LICs Debt Sustainability Framework (LICs DSF) to be circulated for information in December 2017 following the 2017 Review.
  - Review of the Market-Access Countries Debt Sustainability Framework (MAC DSF) in May 2018 (formal review and options for strengthening included in the next WP).
  - Staff continuing to assess how Fund policies can best support debtor-creditor engagement in orderly debt restructuring and exploring how to enhance transparency of public debt reporting (Board to be informed in due course).
- Financial surveillance and integrity:
  - Review of the Fund’s AML/CFT Program to be discussed in June 2018.
  - FSAP: A Review of the List of Systemically Important Financial Sectors to be considered in April 2018.
  - Assessable Standard on Islamic Banking to be discussed in May 2018 proposing methodology to assess compliance with IFSB Core Principles of Supervision.
  - Update on Trends in Correspondent Banking Relationships in April 2018, including implementation of staff-identified solutions.
  - Briefing on Trade-offs in Bank Resolution in January 2018 providing a framework for considering trade-offs in dealing with systemic bank failures.
  - Staff to offer enhanced communication on the Fund’s Institutional View on capital flows and ensure effective and consistent implementation.

*Statement by the Managing Director on the Work Program of the Executive Board, Executive Board Meeting November 20, 2017.*

### Section 2

### pp121117-md-wp-statement - Section 2

### Promote cooperation across countries to address shared challenges
- The Fund, in collaboration with other institutions, will continue to advocate for an open and rule-based multilateral system that adjusts to emerging challenges and needs of an increasingly connected global economy.
- Board deliverables and timings:
  - Paper jointly prepared with the WTO on Reinvigorating Trade and Inclusive Growth (April 2018).
  - Briefings on Latest Developments in Financial Regulatory Reforms in November 2017 and July 2018.
  - Staff paper on Corporate Taxation in the Global Economy to be discussed in December 2018 and included in the Spring WP.

### Further strengthen the GFSN with an adequately resourced Fund at its center
- The Fund will continue to strengthen the International Monetary System (IMS), underpinned by a strong, reliable, and coherent global financial safety net (GFSN).
- Key Board discussions and outputs:
  - Program Design in Currency Unions (guidance to staff) (February 2018).
  - Adequacy of the Global Financial Safety Net—Review of the Flexible Credit Line and Precautionary and Liquidity Line, and Proposals for Toolkit Reform—Revised Proposals (December 2017).
  - Review of Conditionality and the Design of Fund-Supported Programs (to be considered in November 2018 and included in the Spring 2018 WP).
  - Misreporting Policies—Selected Issues (April 2018) to update the Board on implementation aspects including in the context of non-disbursing instruments and precautionary arrangements.
  - Considerations on the Role of the SDR (March 2018) to discuss how the Special Drawing Rights (SDR) can contribute to smoothing the functioning of the IMS.
- Quotas and Fund resources:
  - Continued work on the 15th General Review of Quotas.
  - Committee of the Whole will consider Fifteenth General Review of Quotas—Further Considerations (February 2018) addressing adequacy of Fund resources, possible options for quota increases and their distribution, and a new quota formula, with further work to be determined.
  - Reports to the Board of Governors on Progress on the Fifteenth General Review of Quotas in April and October 2018.
  - Quotas—Data Update (July 2018), which updates the quota database with 2016 data.

### Maintain an agile, integrated, and member-focused Fund — managing the budget and internal risks
- Providing agile, integrated and member-focused support requires adequate financial, human and technological resources.
- Budgetary and financial deliverables:
  - Board deliberation on the FY2019–FY2021 Medium-Term Budget after the 2018 Spring Meetings in April.
  - Deliberation on The Fund’s Income Position for FY2018 and FY2019–20.
  - Review of the Rules and Regulations of the Investment Account (January 2018).
  - Review of Adequacy of the Fund's Precautionary Balances (February 2018).
  - 2017 Risk Report (November 2017) and 2018 Spring Update of the Risk Report (May 2018).
  - Update on the HQ1 Renewal Project in January 2018 (in addition to quarterly progress reports).

### Maintain an agile, integrated, and member-focused Fund — while keeping the Fund strong (human resources, knowledge, communications)
- Strengthening leadership capacity and workforce positioning:
  - Technical Briefing on the Compensation System (December 2017).
  - Staff Briefing on the Scope of the Compensation and Benefit Reviews (February 2018), ahead of the 2018 Review of Staff Compensation.
  - Staff Recruitment and Retention Experience in CY2017 (April 2018), which includes a full review of comparator market salaries.
  - Briefing on the Knowledge Management Strategy (February 2018).
  - Update of the IMF Communications Strategy (January 2018).
  - Work to meet diversity benchmarks with progress assessed in the Diversity and Inclusion Report by end-2018.

### Independent Evaluation Office (IEO) oversight and accountability
- IEO-related Board schedule and implementation:
  - Board discussion of IEO Evaluation: The IMF and Fragile States (March 2018), followed by preparation of the Management Implementation Plan in July 2018.
  - Management Implementation Plan for the IEO Evaluation: The IMF and Social Protection is planned for January 2018.
  - Board consideration of the Third External Evaluation of the Independent Evaluation Office (July 2018).
  - IEO Evaluation: IMF Financial Surveillance scheduled for discussion in September 2018.

*Source: pp121117-md-wp-statement - Section 2*

---


_Source: https://www.imf.org/-/media/files/publications/pp/work-program/pp121117-md-wp-statement.pdf_