## 1.      Since my arrival at the Fund, I have aimed to impart a renewed sense of urgency to

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---

### Reform priorities and strategic objectives
- Two critical priorities: enhancing the Fund’s relevance and legitimacy, and ensuring the Fund’s financial soundness.
- Aim: re-establish the Fund as a focused, lean, and responsive organization.
- Need to act swiftly; goal of substantially concluding quota and voice reform by the 2008 spring meetings.
- Target to complete a large part of the Fund’s restructuring during FY 2009, with full implementation over the course of the medium-term budget.

### Operational focus to increase relevance
- Refocus activities to serve members individually and collectively, building on progress over the past 2½ years under the Medium-Term Strategy.
- Key operational requirements:
  - Financial sector work based on pioneering analysis and appropriate staff skills and expertise.
  - Effective and responsive surveillance at country, regional, and multilateral levels.
  - Resolution of questions regarding introduction of a new crisis prevention facility.
  - Technical assistance that responds efficiently to members’ requirements (not supply-driven).
  - Adaptation to changing situations and needs of low-income members.

### Governance, legitimacy, and quota/voice reform
- Quota and voice reform is a cornerstone of enhancing legitimacy.
- Resolution 61-5 mandated actions to be completed no later than the 2008 Annual Meetings, including:
  - (i) agreement on a new quota formula before the 2007 Annual Meetings, and not later than by the Spring 2008 meeting of the IMFC;
  - (ii) recommendation to the Board of Governors by the 2007 Annual Meetings, and no later than by the 2008 Annual Meetings, further increases in quotas for members requesting increases based on the new quota formula;
  - (iii) proposal by the 2007 Annual Meetings, and no later than the 2008 Annual Meetings, an amendment of the Articles of Agreement at least doubling the basic votes that each member possesses, while including provisions that safeguard the proportion of basic votes in total voting power;
  - (iv) act expeditiously to increase staffing resources available to Executive Directors elected by a large number of members, and consider merits of an amendment enabling those Executive Directors to appoint more than one Alternate Executive Director.
- Executive Board discussions underway on related amendments and modalities; work to continue in Time Bands 1 and 2 with aim to present Recommendations to the Board of Governors on Quota and Voice Issues in Time Band 2.

### Institutional reform process: working groups and task forces
- Four experienced department heads to chair working groups on:
  - Assessing Budget and Human Resource Options
  - Effective Bilateral, Multilateral, and Regional Surveillance
  - Delivering Capacity Building Efficiently
  - Key Issues in Low-Income Country Work
- Five staff working groups:
  - 1. Quota and Voice Reform
  - 2. Assessing Budget and Human Resource Options
  - 3. Effective Bilateral, Multilateral, and Regional Surveillance
  - 4. Key Issues in Low-Income Work
  - 5. Delivering Capacity Building Efficiently
- Ten smaller staff task forces:
  - 1. Flexible Working
  - 2. Internal Communications
  - 3. Simplifying the Review Process
  - 4. Modernizing Document Publication and Distribution
  - 5. Reviewing the Size of Divisions and Support Across the Fund
  - 6. Fundraising
  - 7. Assessing Subsidies and Outsourcing
  - 8. Streamlining Fund Structures and Overlaps
  - 9. Resident Representative Program--Rationale and Cost
  - 10. Rationalizing Budget and Personnel Processes Across Departments
- Independent advisers to provide counsel: Stanley Fischer, Alassane Ouattara, and Timothy Adams.

### Timeline, time bands, and key dates
- Interim work program period through April 2008.
- Preliminary proposals on income and expenditure framework to be presented at Committee on the Budget in January (leading up to March 2008 budget discussion).
- Aim to complete a large part of restructuring during FY 2009; full implementation over the medium-term budget.
- PM: The spring 2008 meeting of the IMFC is scheduled for April 12, 2008.
- Time bands defined:
  - Time band 1 (TB1): now through January 2008
  - Time band 2 (TB2): February—April 2008

### Current developments and financial market work program
- Recent events in advanced country credit markets show domestic and international financial stability cannot be taken for granted.
- Fund role: help members limit impact of the credit market crisis and draw policy lessons.
- Staff work with other institutions to address:
  - Off-balance sheet instruments: transparency, valuation, and accounting.
  - Risk management practices and incentive structures related to complex structured products.
  - Treatment of complex products by ratings agencies.
  - Principles of prudential oversight for regulated financial entities.
  - Liquidity management.
- Planned reporting and monitoring:
  - World Economic Outlook (WEO) and Global Financial Stability Report (GFSR) to assess developments.
  - Spring 2008 WEO topics: housing cycles and monetary policy; globalization and low-income countries; macroeconomic channels through which climate change is likely to affect the global economy in the coming decades.
  - Spring 2008 GFSR to follow up on fall 2007 GFSR issues, shaped by ongoing financial market turbulence.
  - Interim updates on World Economic and Market Developments and Financial Markets as usual.
  - Time Band 2 discussion to examine issues related to Sovereign Wealth Funds, including best practices for investors and recipients.
  - Board to be kept apprised of developments in the Doha round following resumption of trade negotiations.

### Surveillance program and Triennial Surveillance Review (TSR)
- Objective: make surveillance more effective and efficient at country, regional, and multilateral levels by implementing updated surveillance framework consistently and evenhandedly.
- 2007 Decision on bilateral surveillance established promotion of external stability as an overarching objective.
- Revised surveillance guidance note under preparation; staff to brief Directors informally prior to issuance.
- TSR to be taken up just ahead of the 2008 Annual Meetings to assess surveillance effectiveness using strengthened methodology, assess early implications of 2007 Decision implementation, and lead to adoption of a Board statement of surveillance priorities for 2008-2010.
- TSR preceded by an informal briefing in January based on an Issues Note.

### Setting the Fund on a sustainable financial footing (income model and expenditures)
- Agreement from Committee of Eminent Persons (led by Andrew Crockett) that current income model based on lending is no longer tenable.
- Necessity for expenditure reductions to contribute to closing the budget gap; will require substantial efficiency gains and job cuts.
- Further technical work on a new income model underway to develop specific proposals for membership approval.
- Time Band 1 discussions planned on technical issues including:
  - Modalities for gold sales.
  - Governance arrangements for the Fund’s investment activities.
  - Role of a dividend policy.
  - Setting the margin on the rate of charge in a more stable and predictable manner.
  - Level of precautionary balances.
- Time Band 2: paper to bring together main proposals for Board approval in advance of the 2008 spring meetings.
- Parallel efforts required to improve efficiency and reduce administrative expenditures; specific proposals on additional expenditure retrenchment needed by the spring 2008 IMFC meeting.
- Progress towards an integrated income-expenditure framework to be addressed by the Committee on the Budget (COB).

### Low-income members and post-conflict support
- Fund to remain active in low-income countries; work must adapt to changing member needs.
- Support to integrate into the world economy through policy advice, capacity building, and financial assistance that are efficient and focused.
- January discussions:
  - Fund Assistance to Post-Conflict Countries and Fragile States to review support under Emergency Post-Conflict Assistance and staff-monitored programs and consider more flexible and longer-term approaches with greater emphasis on capacity building.
  - Proposal to Modify the Joint Staff Advisory Note (JSAN) to follow up on Medium-Term Strategy and Fund-Bank collaboration recommendations.
- Time Band 2: Board discussion on The Role of the Fund in Low-Income Countries to provide a comprehensive statement on the Fund’s role.

### Capacity building and technical assistance
- Need to align capacity building with evolving member needs via a coherent, integrated approach combining member objectives, functional departments’ expertise, and area departments’ perspectives.
- Focus areas: financial sector, public finance, and statistics.
- January items:
  - Implementing the Medium-Term Strategy for Technical Assistance — discussion to consider prioritization, monitoring, costing, and evaluation of technical assistance (TA), and explore options for expanding financing for TA; includes Dissemination of Technical Assistance Information (including TA reports).
  - Seminar on Training as Part of Capacity Building—Strategic Considerations to review features of the training program for member country officials and assess strategic options for the future.

### Program composition by theme (work program allocation)
- Planned allocation of Board policy items in the work program:
  - Current Developments: 16%
  - Surveillance: 26%
  - Quota and Voice: 10%
  - Low-Income Members: 19%
  - Capacity Building: 6%
  - Crisis Prevention: 13%
  - Fund Income Model: 11%

---

### 25. The Fund’s support for crisis

### Crisis prevention: evolving focus
- The Fund’s support for crisis prevention must evolve to take into account developments in international capital flows and market access.
- This evolution entails a greater emphasis on financial and capital market issues, as well as continued country focus in the context of the Financial Sector Assessment Program and the Fund’s work on standards and codes.

### Financial Crises of the Future and liquidity instruments
- Time Band 2: A discussion of Financial Crises of the Future will provide an overview of the main themes and conclusions of the working group on future financial crises.
  - The working group is examining how recent developments and innovations in global financial markets may affect the transmission channels of financial crises, and their potential implications for the Fund’s future role in crisis prevention and resolution.
- Timing for a Board discussion on a New Liquidity Instrument for Market Access Countries will be determined at a later date (status: TBD).
- Related program items:
  - Financial Crises of the Future — DIS — TB2.
  - A New Liquidity Instrument for Market Access Countries — DIS — TBD.
  - Follow-Up on the Review of Charges and Maturities — DIS.

### Surveillance: continuing work and scheduled reviews
- Review of Data Provision to the Fund for Surveillance Purposes and Review of Data Requirements under Article VIII, Section 5 — TB2.
  - Will assess recent trends in data provision and discuss evolving data needs.
  - Includes review of Annex A to the Decision on Strengthening the Effectiveness of Article VIII, Section 5 (previously expected to take place by end-2009).
- Time Band 1 surveillance discussions:
  - Public Enterprises and Fiscal Risk: Lessons from the Pilot II Country Studies — (DIS, Dec-07).
  - Classification of Exchange Rate Arrangements — (DIS, Jan-08).
- Time Band 2 seminar:
  - The Fiscal Implications of Climate Change — (SEM, TB2).
- Additional surveillance items:
  - World Economic Outlook — DIS — RES — TB2.
  - Global Financial Stability Report — DIS — MCM — TB2.
  - WEMD/WEO Quarterly Update — Inf. — MCM/RES — TB1/TB2.
  - Globalization, Financial Markets and Fiscal Policy — SEM — FAD — Dec-07.
  - Sovereign Wealth Funds — DIS — FAD/MCM/PDR/RES — TB2.
  - Financial Soundness Indicators — DIS — STA — Nov.7, 07.
  - Offshore Financial Centers (OFC): a Report on the Assessment Program and a Proposed Merger with the Financial Stability Assessment Program — DIS — LEG/MCM — Jan-08.
  - Review of Experience with the General Data Dissemination System after 10 Years — ISEM — STA — TB2.

### Low-Income Members: policy reviews and support
- Time Band 1:
  - Review of Access under the PRGF — part of the regular review of access policy.
  - Proposals to Modify the PRGF-HIPC Trust Instrument—Further Considerations — aims at facilitating debt relief for Liberia and other similarly situated members (TB1).
- Time Band 2:
  - Global Monitoring Report — prepared jointly with the World Bank; thematic focus for 2008 on strengthening monitoring, and environmental sustainability.
- Table 3 items:
  - Proposals to Modify the PRGF-HIPC Trust Instrument—Further Considerations and Proposed Decisions — DIS — LEG/PDR — TB1.
  - Global Monitoring Report — DIS — PDR/WB — TB2.
  - Update on the Financing of the Fund’s Concessional Assistance and Debt Relief to Low-Income Member Countries — DIS — FIN — TB2.

### Use of Fund resources: access, arrears, and instruments
- Regular reviews planned for Time Band 1:
  - Review of Access Policy in the Credit Tranches, the Extended Fund Facility, and the Poverty Reduction and Growth Facility, and Review of Exceptional Access Policy — DIS — FIN/PDR — TB1.
- A review of the policy of lending into arrears is presently scheduled to be completed by end-2007, but will be taken up after the work on Financial Crises of the Future is completed.
- Table 2 items related to crisis prevention/use of resources:
  - Follow-Up on the Review of Charges and Maturities — DIS — FIN/PDR — TB2.
  - A New Liquidity Instrument for Market Access Countries — DIS — PDR — TBD.

### Other Fund governance and administration
- Ongoing efforts to strengthen administration and improve efficiency.
- External Audit Committee members will hold informal meetings with groups of Executive Directors in January to ascertain views on control- and audit-related matters.
- Time Band 1 briefings:
  - Update on Risk Management and Report of the External Audit Committee — TB1 briefings to Directors.
- Time Band 2:
  - 2008 Staff Compensation Review will apply indexation for A9-B2 staff under existing rules and new rules for A1-A8 staff, for which a decision will be taken (HRD — TB2).
- Table 3 governance items:
  - Thirteenth General Review of Quotas—The Adequacy of Fund Resources — DIS — FIN — Dec-07.
  - Thirteenth General Review of Quotas—Draft Report to the Board of Governors and Proposed Resolution — DIS — FIN — Jan-08.
  - Update on Risk Management — Brief — OIA — TB1.
  - Report of the External Audit Committee to the Executive Board — Brief — EAC — TB1.
  - Review of the Fund's Income Position for FY 2008 and FY 2009 — DIS — FIN — TB2.
  - The FY2009-FY2011 Medium-Term Administrative and Capital Budgets — DIS — OBP — TB2.
  - 2008 Report on Risk Management — DIS — OIA — TB2.
  - Review of the Adequacy of the Fund’s Precautionary Balances — DIS — FIN — TB2.

### Independent Evaluation Office (IEO) items
- Two IEO items to be brought to the Executive Board agenda ahead of the 2008 spring meetings:
  - Evaluation of Structural Conditionality in IMF-Supported Programs — Time Band 1 — will address effectiveness of the Fund’s structural conditionality, and the impact of the streamlining initiative of 2000 and the 2002 Conditionality Guidelines.
  - IEO evaluation of Aspects of IMF Corporate Governance—Including the Role of the Board — Time Band 2 — will focus on the Fund’s institutional structure and the formal and informal rules, regulations, practices, and procedures that govern the institution’s activities and decision-making.
- December opportunity:
  - The Executive Board will consider the staff’s First Periodic Monitoring Report on the implementation of recommendations from the IEO’s previous evaluations that were endorsed by the Executive Board (PDR — Dec-07).

*Source: IMF internal work program and statement excerpt*

### 1.      Since my arrival at the Fund, I have aimed to impart a renewed sense of urgency to

### _121407 - 1.      Since my arrival at the Fund, I have aimed to impart a renewed sense of urgency to

### Reform priorities and strategic objectives
- Two critical priorities: enhancing the Fund’s relevance and legitimacy, and ensuring the Fund’s financial soundness.
- Aim: re-establish the Fund as a focused, lean, and responsive organization.
- Need to act swiftly; goal of substantially concluding quota and voice reform by the 2008 spring meetings.
- Target to complete a large part of the Fund’s restructuring during FY 2009, with full implementation over the course of the medium-term budget.

### Operational focus to increase relevance
- Refocus activities to serve members individually and collectively, building on progress over the past 2½ years under the Medium-Term Strategy.
- Key operational requirements:
  - Financial sector work based on pioneering analysis and appropriate staff skills and expertise.
  - Effective and responsive surveillance at country, regional, and multilateral levels.
  - Resolution of questions regarding introduction of a new crisis prevention facility.
  - Technical assistance that responds efficiently to members’ requirements (not supply-driven).
  - Adaptation to changing situations and needs of low-income members.

### Governance, legitimacy, and quota/voice reform
- Quota and voice reform is a cornerstone of enhancing legitimacy.
- Resolution 61-5 mandated actions to be completed no later than the 2008 Annual Meetings, including:
  - (i) agreement on a new quota formula before the 2007 Annual Meetings, and not later than by the Spring 2008 meeting of the IMFC;
  - (ii) recommendation to the Board of Governors by the 2007 Annual Meetings, and no later than by the 2008 Annual Meetings, further increases in quotas for members requesting increases based on the new quota formula;
  - (iii) proposal by the 2007 Annual Meetings, and no later than the 2008 Annual Meetings, an amendment of the Articles of Agreement at least doubling the basic votes that each member possesses, while including provisions that safeguard the proportion of basic votes in total voting power;
  - (iv) act expeditiously to increase staffing resources available to Executive Directors elected by a large number of members, and consider merits of an amendment enabling those Executive Directors to appoint more than one Alternate Executive Director.
- Executive Board discussions underway on related amendments and modalities; work to continue in Time Bands 1 and 2 with aim to present Recommendations to the Board of Governors on Quota and Voice Issues in Time Band 2.

### Institutional reform process: working groups and task forces
- Four experienced department heads to chair working groups on:
  - Assessing Budget and Human Resource Options
  - Effective Bilateral, Multilateral, and Regional Surveillance
  - Delivering Capacity Building Efficiently
  - Key Issues in Low-Income Country Work
- Five staff working groups (listed elsewhere in document) and specifically enumerated Working Groups:
  - 1. Quota and Voice Reform
  - 2. Assessing Budget and Human Resource Options
  - 3. Effective Bilateral, Multilateral, and Regional Surveillance
  - 4. Key Issues in Low-Income Work
  - 5. Delivering Capacity Building Efficiently
- Ten smaller staff task forces led by senior staff to address specific efficiency and effectiveness issues:
  - 1. Flexible Working
  - 2. Internal Communications
  - 3. Simplifying the Review Process
  - 4. Modernizing Document Publication and Distribution
  - 5. Reviewing the Size of Divisions and Support Across the Fund
  - 6. Fundraising
  - 7. Assessing Subsidies and Outsourcing
  - 8. Streamlining Fund Structures and Overlaps
  - 9. Resident Representative Program--Rationale and Cost
  - 10. Rationalizing Budget and Personnel Processes Across Departments
- Independent advisers to provide counsel: Stanley Fischer, Alassane Ouattara, and Timothy Adams.

### Timeline, time bands, and key dates
- Interim work program period through April 2008.
- Preliminary proposals on income and expenditure framework to be presented at Committee on the Budget in January (leading up to March 2008 budget discussion).
- Aim to complete a large part of restructuring during FY 2009; full implementation over the medium-term budget.
- PM: The spring 2008 meeting of the IMFC is scheduled for April 12, 2008.
- Time bands defined:
  - Time band 1 (TB1): now through January 2008
  - Time band 2 (TB2): February—April 2008

### Current developments and financial market work program
- Recent events in advanced country credit markets show domestic and international financial stability cannot be taken for granted.
- Fund role: help members limit impact of the credit market crisis and draw policy lessons.
- Staff work with other institutions to address:
  - Off-balance sheet instruments: transparency, valuation, and accounting.
  - Risk management practices and incentive structures related to complex structured products.
  - Treatment of complex products by ratings agencies.
  - Principles of prudential oversight for regulated financial entities.
  - Liquidity management.
- Planned reporting and monitoring:
  - World Economic Outlook (WEO) and Global Financial Stability Report (GFSR) to assess developments.
  - Spring 2008 WEO topics: housing cycles and monetary policy; globalization and low-income countries; macroeconomic channels through which climate change is likely to affect the global economy in the coming decades.
  - Spring 2008 GFSR to follow up on fall 2007 GFSR issues, shaped by ongoing financial market turbulence.
  - Interim updates on World Economic and Market Developments and Financial Markets as usual.
  - Time Band 2 discussion to examine issues related to Sovereign Wealth Funds, including best practices for investors and recipients.
  - Board to be kept apprised of developments in the Doha round following resumption of trade negotiations.

### Surveillance program and Triennial Surveillance Review (TSR)
- Objective: make surveillance more effective and efficient at country, regional, and multilateral levels by implementing updated surveillance framework consistently and evenhandedly.
- 2007 Decision on bilateral surveillance established promotion of external stability as an overarching objective.
- Revised surveillance guidance note under preparation; staff to brief Directors informally prior to issuance.
- TSR to be taken up just ahead of the 2008 Annual Meetings to assess surveillance effectiveness using strengthened methodology, assess early implications of 2007 Decision implementation, and lead to adoption of a Board statement of surveillance priorities for 2008-2010.
- TSR preceded by an informal briefing in January based on an Issues Note.

### Setting the Fund on a sustainable financial footing (income model and expenditures)
- Agreement from Committee of Eminent Persons (led by Andrew Crockett) that current income model based on lending is no longer tenable.
- Necessity for expenditure reductions to contribute to closing the budget gap; will require substantial efficiency gains and job cuts.
- Further technical work on a new income model underway to develop specific proposals for membership approval.
- Time Band 1 discussions planned on technical issues including:
  - Modalities for gold sales.
  - Governance arrangements for the Fund’s investment activities.
  - Role of a dividend policy.
  - Setting the margin on the rate of charge in a more stable and predictable manner.
  - Level of precautionary balances.
- Time Band 2: paper to bring together main proposals for Board approval in advance of the 2008 spring meetings.
- Parallel efforts required to improve efficiency and reduce administrative expenditures; specific proposals on additional expenditure retrenchment needed by the spring 2008 IMFC meeting.
- Progress towards an integrated income-expenditure framework to be addressed by the Committee on the Budget (COB).

### Low-income members and post-conflict support
- Fund to remain active in low-income countries; work must adapt to changing member needs.
- Support to integrate into the world economy through policy advice, capacity building, and financial assistance that are efficient and focused.
- January discussions:
  - Fund Assistance to Post-Conflict Countries and Fragile States to review support under Emergency Post-Conflict Assistance and staff-monitored programs and consider more flexible and longer-term approaches with greater emphasis on capacity building.
  - Proposal to Modify the Joint Staff Advisory Note (JSAN) to follow up on Medium-Term Strategy and Fund-Bank collaboration recommendations.
- Time Band 2: Board discussion on The Role of the Fund in Low-Income Countries to provide a comprehensive statement on the Fund’s role.

### Capacity building and technical assistance
- Need to align capacity building with evolving member needs via a coherent, integrated approach combining member objectives, functional departments’ expertise, and area departments’ perspectives.
- Focus areas: financial sector, public finance, and statistics.
- January items:
  - Implementing the Medium-Term Strategy for Technical Assistance — discussion to consider prioritization, monitoring, costing, and evaluation of technical assistance (TA), and explore options for expanding financing for TA; includes Dissemination of Technical Assistance Information (including TA reports).
  - Seminar on Training as Part of Capacity Building—Strategic Considerations to review features of the training program for member country officials and assess strategic options for the future.

### Program composition by theme (work program allocation)
- Planned allocation of Board policy items in the work program (as presented):
  - Current Developments: 16%
  - Surveillance: 26%
  - Quota and Voice: 10%
  - Low-Income Members: 19%
  - Capacity Building: 6%
  - Crisis Prevention: 13%
  - Fund Income Model: 11%

*Source: IMF internal work program and statement excerpt*

### 25. The Fund’s support for crisis

### 25. The Fund’s support for crisis

### Crisis prevention: evolving focus
- The Fund’s support for crisis prevention must evolve to take into account developments in international capital flows and market access.
- This evolution entails a greater emphasis on financial and capital market issues, as well as continued country focus in the context of the Financial Sector Assessment Program and the Fund’s work on standards and codes.

### Financial Crises of the Future and liquidity instruments
- Time Band 2: A discussion of Financial Crises of the Future will provide an overview of the main themes and conclusions of the working group on future financial crises.
  - The working group is examining how recent developments and innovations in global financial markets may affect the transmission channels of financial crises, and their potential implications for the Fund’s future role in crisis prevention and resolution.
- Timing for a Board discussion on a New Liquidity Instrument for Market Access Countries will be determined at a later date (status: TBD).
- Related program items (as listed in the work program tables):
  - Financial Crises of the Future — DIS — TB2.
  - A New Liquidity Instrument for Market Access Countries — DIS — TBD.
  - Follow-Up on the Review of Charges and Maturities — DIS.

### Surveillance: continuing work and scheduled reviews
- Review of Data Provision to the Fund for Surveillance Purposes and Review of Data Requirements under Article VIII, Section 5 — TB2.
  - Will assess recent trends in data provision and discuss evolving data needs.
  - Includes review of Annex A to the Decision on Strengthening the Effectiveness of Article VIII, Section 5 (previously expected to take place by end-2009).
- Time Band 1 surveillance discussions:
  - Public Enterprises and Fiscal Risk: Lessons from the Pilot II Country Studies — will address appropriate fiscal treatment of public enterprises, including concerns that fiscal indicators and targets may unduly constrain public enterprise investment (DIS, Dec-07).
  - Classification of Exchange Rate Arrangements — proposes changes to the Fund’s methodology for classifying de facto exchange rate regimes (DIS, Jan-08).
- Time Band 2 seminar:
  - The Fiscal Implications of Climate Change — will assess fiscal aspects of measures to mitigate climate change and possible implications for the work of the Fund (SEM, TB2).
- Additional surveillance items (from Table 1):
  - World Economic Outlook — DIS — RES — TB2.
  - Global Financial Stability Report — DIS — MCM — TB2.
  - WEMD/WEO Quarterly Update — Inf. — MCM/RES — TB1/TB2.
  - Globalization, Financial Markets and Fiscal Policy — SEM — FAD — Dec-07.
  - Sovereign Wealth Funds — DIS — FAD/MCM/PDR/RES — TB2.
  - Financial Soundness Indicators — DIS — STA — Nov.7, 07.
  - Offshore Financial Centers (OFC): a Report on the Assessment Program and a Proposed Merger with the Financial Stability Assessment Program — DIS — LEG/MCM — Jan-08.
  - Review of Experience with the General Data Dissemination System after 10 Years — ISEM — STA — TB2.

### Low-Income Members: policy reviews and support
- Time Band 1:
  - Review of Access under the PRGF — part of the regular review of access policy.
  - Proposals to Modify the PRGF-HIPC Trust Instrument—Further Considerations — aims at facilitating debt relief for Liberia and other similarly situated members (TB1).
- Time Band 2:
  - Global Monitoring Report — prepared jointly with the World Bank; likely featured at the spring 2008 Development Committee meeting; thematic focus for 2008 on strengthening monitoring, and environmental sustainability.
- Table 3 items:
  - Proposals to Modify the PRGF-HIPC Trust Instrument—Further Considerations and Proposed Decisions — DIS — LEG/PDR — TB1.
  - Global Monitoring Report — DIS — PDR/WB — TB2.
  - Update on the Financing of the Fund’s Concessional Assistance and Debt Relief to Low-Income Member Countries — DIS — FIN — TB2.

### Use of Fund resources: access, arrears, and instruments
- Regular reviews planned for Time Band 1:
  - Review of Access Policy in the Credit Tranches, the Extended Fund Facility, and the Poverty Reduction and Growth Facility, and Review of Exceptional Access Policy — DIS — FIN/PDR — TB1.
- A review of the policy of lending into arrears is presently scheduled to be completed by end-2007, but will be taken up after the work on Financial Crises of the Future is completed.
- Table 2 items related to crisis prevention/use of resources:
  - Follow-Up on the Review of Charges and Maturities — DIS — FIN/PDR — TB2.
  - A New Liquidity Instrument for Market Access Countries — DIS — PDR — TBD.

### Other Fund governance and administration
- Ongoing efforts to strengthen administration and improve efficiency.
- External Audit Committee members will hold informal meetings with groups of Executive Directors in January to ascertain views on control- and audit-related matters.
- Time Band 1 briefings:
  - Update on Risk Management and Report of the External Audit Committee — TB1 briefings to Directors.
- Time Band 2:
  - 2008 Staff Compensation Review will apply indexation for A9-B2 staff under existing rules and new rules for A1-A8 staff, for which a decision will be taken (HRD — TB2).
- Table 3 governance items include:
  - Thirteenth General Review of Quotas—The Adequacy of Fund Resources — DIS — FIN — Dec-07.
  - Thirteenth General Review of Quotas—Draft Report to the Board of Governors and Proposed Resolution — DIS — FIN — Jan-08.
  - Update on Risk Management — Brief — OIA — TB1.
  - Report of the External Audit Committee to the Executive Board — Brief — EAC — TB1.
  - Review of the Fund's Income Position for FY 2008 and FY 2009 — DIS — FIN — TB2.
  - The FY2009-FY2011 Medium-Term Administrative and Capital Budgets — DIS — OBP — TB2.
  - 2008 Report on Risk Management — DIS — OIA — TB2.
  - Review of the Adequacy of the Fund’s Precautionary Balances — DIS — FIN — TB2.

### Independent Evaluation Office (IEO) items
- Two IEO items to be brought to the Executive Board agenda ahead of the 2008 spring meetings:
  - Evaluation of Structural Conditionality in IMF-Supported Programs — Time Band 1 — will address effectiveness of the Fund’s structural conditionality, and the impact of the streamlining initiative of 2000 and the 2002 Conditionality Guidelines.
  - IEO evaluation of Aspects of IMF Corporate Governance—Including the Role of the Board — Time Band 2 — will focus on the Fund’s institutional structure and the formal and informal rules, regulations, practices, and procedures that govern the institution’s activities and decision-making.
- December opportunity:
  - The Executive Board will consider the staff’s First Periodic Monitoring Report on the implementation of recommendations from the IEO’s previous evaluations that were endorsed by the Executive Board (PDR — Dec-07).

*Source: _121407 - 25. The Fund’s support for crisis*

---


_Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/2007/eng/_121407.pdf_