## _060309 - 1.      Context. Against the backdrop of a global economic crisis, the IMFC has underscored

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---

### I. CRISIS RESPONSE
- General Fund Resources
  - Immediate priority: take necessary steps to boost Fund resources.
  - Work with current and potential participants to enlarge and expand the New Arrangements to Borrow (NAB), make it operationally more flexible, and bring a decision to the Board for approval by end-June.
  - In parallel, convert recent pledges into bilateral loan agreements and bring such agreements (and the general operational guidelines for borrowing by the Fund) to the Board for approval shortly thereafter.
  - The Board will consider, in July, a paper discussing options to mitigate blackout periods in SBAs to improve predictability of members’ access under SBAs.

- SDR Allocation
  - The IMFC welcomed an allocation in the Spring Meetings.
  - The Board will discuss a paper, by end-June, on the case for a general SDR allocation equivalent to US$ 250 billion and operational issues toward its implementation.
  - Rapid approval by members of the pending amendment of the Articles for the special one-time allocation of SDRs remains important to make the allocation more equitable.

- Concessional Lending Capacity
  - Commitment to strengthen concessional lending capacity to cover medium-term financing needs of low-income country members.
  - FIN and LEG to prepare a paper with specific proposals to simplify and strengthen the Fund’s concessional financing framework, scheduled for Board discussion as soon as possible.

### I.B Adapting the Lending Framework for Low-Income Countries
- Beyond Access: reform lending framework for LICs to prevent roll-back of gains in macroeconomic stability and poverty reduction.
  - A new architecture of LIC facilities:
    - SPR, LEG, and FIN to prepare a concrete proposal for a new LIC lending architecture including policies on access and financing terms.
    - Accompanying proposals for a more flexible and strengthened concessional financing framework to be presented in early-July.
  - Debt limits and debt sustainability framework:
    - Review of Fund’s external debt limits policy to reflect changing patterns of external financing and progress in macroeconomic management.
    - Staff will propose new guidelines on external debt limits for discussion prior to the Annual Meetings as a follow-up to the Board discussion in March 2009.
    - Board will discuss a joint Fund-Bank paper reviewing aspects of the debt sustainability framework at the same time.
  - PRGF eligibility:
    - SPR to prepare a paper to consider PRGF eligibility issues for Board discussion after the Annual Meetings.

### I.C Monitoring and Policy Advice
- Crisis Engagement
  - SPR to assess the Fund’s early experience with crisis-related program engagement and draw lessons for an informal seminar before the Annual Meetings.
- Restoring Stability
  - The Fall GFSR and WEO will monitor the global economy and assess actions required to restore macroeconomic and financial stability.
  - SPR will take stock of developments in trade finance and assess whether further actions are required; an informal seminar will be presented to the Board in June.
  - An informal Board seminar in June will address whether existing tax policy distortions increase macro-financial vulnerabilities.
  - The Board will have the opportunity to discuss other crisis-related fiscal issues, including design and implementation of fiscal rules for sustainable public finances during crises, before the Annual Meetings.
- Exit Strategies
  - FAD and MCM will examine policy and operational issues relating to public acquisition of crisis-related assets, their management, and possible exit strategies, for discussion/seminar at the Board in July.

### II. BUILDING A MORE ROBUST GLOBAL ARCHITECTURE
- Enhancing Surveillance
  - Early warning:
    - Board to consider experience with dry run of the joint IMF-FSB Early Warning Exercise and discuss next steps prior to its formal launch at the Annual Meetings.
    - Staff to organize a Fund-wide seminar on the Vulnerability Exercise for Advanced Economies.
    - A restricted informal Board briefing will be held just prior to the Annual Meetings to report results of the next 6-monthly exercise.
  - Cross-country analyses:
    - SPR, with area departments, to draw lessons from Article IV consultations in systemically important countries and present initial findings through an informal Board seminar.
  - Revamping the FSAP:
    - Board to discuss a staff paper assessing lessons from FSAP over the last decade and proposing enhancements; paper tentatively scheduled for September.
  - Greater transparency:
    - Board to discuss, prior to the Annual Meetings, a review of existing transparency policies.

- Broader reforms of the international financial system
  - Regulatory reform:
    - Board to discuss papers on guidelines to assess “systemic importance” for markets, instruments, and institutions; best practices in regulatory cooperation related to deposit insurance; the effectiveness of the Fund’s anti-money laundering program; legal and operational issues in cross-border bank insolvencies; and progress in strengthening financial supervision and regulation (joint Fund, FSB, and FATF paper).
  - Global exchange rate system:
    - Board to explore evolution and stability of the international monetary system, including implications of members’ choice of exchange rate regime, international reserve currencies, and issues related to the functioning of the system of exchange rates.

### II.B Governance and Quota Reforms
- Progress So Far: governance reform remains critical for legitimacy and effectiveness.
  - Quota and voice reform:
    - FIN to prepare a paper for Board discussion in September that updates the database for quota calculations and revisits issues regarding alternative formula variables as a step toward completing the next quota review by January 2011.
  - Governance structure:
    - Informal Board discussion of the Eminent Persons Group report scheduled for mid-June.
    - Staff to prepare a Board paper considering governance reforms proposed by G20 working group, IEO, civil society, and the Eminent Persons Group for discussion in mid-July.
    - A draft report of the Executive Board to the IMFC on governance issues will be considered by the Board in September.
  - Diversity:
    - Board will discuss the 2008 Diversity Report ahead of the 2009 Annual Meetings.

### III. CONTINUING WORK OF THE FUND
- Streamlining and Work Practices
  - Streamlining:
    - Staff will propose options in terms of policy and Board paper procedures to achieve the Fund’s strategic objectives efficiently; the Board will discuss this paper in early-August.
  - Collaboration:
    - Board will be informed on the review of progress on implementation of the Joint Management Action Plan to enhance Fund-Bank collaboration.
  - Budget:
    - Board will be informed of work on new IT, facilities investment benchmarks and best practices in long-term facilities budgeting, progress toward moving to a new costing system, adjustments to the Fund’s budget, and departmental business plans to address new demands.
  - External audit:
    - Board will be briefed informally on results of the FY2009 external audit in July.

*Source: _060309 - 1.      Context. Against the backdrop of a global economic crisis, the IMFC has underscored*

### 16.      Continued learning. I w

### IEO evaluations and Board actions
- "I welcome the continued efforts by the IEO to conduct independent and objective evaluations of Fund policies and activities and provide constructive recommendations."
- Following Board discussions of the IEO’s evaluations:
  - IMF’s approach to international trade policy — discussed in June.
  - IMF’s Interactions with its member countries — discussed before the August recess.
- The Board will have an opportunity to discuss the Management Implementation Plans for the related Board-endorsed IEO recommendations, in September.
- "The IEO evaluation of interaction with member countries will be our springboard for further thinking about how to increase the traction of surveillance."
- "Following established practice, the Periodic Monitoring Report on the status of Board-endorsed IEO recommendations and Management Implementation Plans will be circulated to the Board."

### Spring 2009 Work Program — crisis response (selected items)
- Proposal for a General Allocation of SDRs
  - Type: DIS
  - Description: "Assesses the case for an SDR allocation and describes how it could be implemented, and proposes a general allocation of SDRs equivalent to $250 billion"
  - Depts: FIN/LEG/SPR
  - Date: end-June
- Expanding the New Arrangements to Borrow
  - Type: DIS
  - Description: "Proposes amendments to expand the New Arrangements to Borrow through additional participants and larger credit arrangements, together with amendments to increase operational flexibility"
  - Depts: FIN/LEG
  - Date: SPR June – July
- Operational Guidelines for Borrowing
  - Type: DIS
  - Description: "Proposes guidelines to govern the use of borrowed and quota resources in a prudent, efficient, and balanced manner"
  - Depts: FIN/LEG
  - Date: June
- Review of Blackout Periods under Stand-By Arrangements
  - Type: DIS
  - Description: "As a follow-up to the GRA lending toolkit reform, presents proposals to mitigate blackout periods in Stand-By Arrangements"
  - Depts: LEG/SPR
  - Date: July
- Financing the Fund’s Concessional Lending to LICs
  - Type: DIS
  - Description: "Follows-up on the April 2009 Board discussion of resource needs and options for LIC financing"
  - Dept: FIN
  - Time band: TB1

### Spring 2009 Work Program — adapting lending framework for low-income members
- Review of the Policy Support Instrument
  - Type: DIS
  - Description: "Reviews experience with the Policy Support Instrument (PSI) during its first three years of operation, and raises issues to be taken up in the discussion of the new architecture for LIC facilities"
  - Dept: SPR
  - Date: June
- A New Architecture of Lending Facilities for Low-Income Countries (LIC)
  - Type: DIS
  - Description: "As follow-up to the March 2009 Board discussion on facilities, outlines a more flexible architecture of facilities for LICs, including proposals on: (i) a new concessional Stand-By-like facility, (ii) a streamlined and flexible rapid access facility for shocks and emergencies, and (iii) modifications to access policies, financing terms, conditionality, and blending rules for all LIC facilities"
  - Depts: SPR/LEG/FIN
  - Date: July
- A New Concessional Financing Framework
  - Type: DIS
  - Description: "As a companion to the LICs facilities architecture, presents proposals to simplify the concessional financing structure"
  - Depts: FIN/LEG/SPR
  - Date: July
- Debt Limits in Fund-supported Programs: Proposed New Guidelines
  - Type: DIS
  - Description: "As a follow up on the March 2009 Board discussion on LIC financing and the Fund’s policy on external debt limits, clarifies a number of issues and proposes new guidelines"
  - Dept: SPR
  - Time band: TB2
- Review of Aspects of the Debt Sustainability Framework
  - Type: DIS
  - Description: "As a companion to the March 2009 Board discussion on debt limits, follows up on the G20’s call for a review of the flexibility of the debt sustainability framework, joint with the World Bank"
  - Depts: SPR/WB
  - Time band: TB2
- HIPC Initiative and MDRI: Status of Implementation
  - Type: For information
  - Description: "Annual progress report on the implementation of debt relief initiatives, produced jointly with the World Bank"
  - Dept: SPR
  - Time band: TB2
- Review of PRGF Eligibility
  - Type: DIS
  - Description: "Reviews PRGF eligibility and criteria and the current list of eligible countries, in order to ensure that the Fund’s concessional resources are well-targeted; proposes procedures for conducting reviews at regular intervals"
  - Depts: SPR/LEG
  - Date: October

### Spring 2009 Work Program — monitoring and policy advice (selected items)
- Debt Bias and Other Distortions: Crisis-related Issues in Tax Policy
  - Type: SEM
  - Description: "Examines the impact of tax distortions macro-financial vulnerabilities and policy responses"
  - Dept: FAD
  - Date: 6/01/09
- Recent Developments in Trade Finance
  - Type: ISEM
  - Description: "Examines recent developments in trade finance"
  - Dept: SPR
  - Date: 6/02/09
- Managing Governments' Crisis-Related Intervention Programs
  - Type: SEM
  - Description: "Examines policy and operational issues relating to the public acquisition of crisis-related assets, their management and exit, in a follow-up to the G-20’s call for work on 'exit strategies'"
  - Depts: FAD/MCM
  - Date: July
- Fiscal Policy Rules
  - Type: SEM
  - Description: "Explores design and implementation issues relating to a fiscal rule, including during a crisis"
  - Dept: FAD
  - Date: Aug.
- World Economic Outlook
  - Type: DIS
  - Description: "Focuses on medium-term output prospects following crises, and on the role of monetary policy in forestalling financial stress"
  - Dept: RES
  - Time band: TB2
- Global Financial Stability Report
  - Type: DIS
  - Description: "Continues the analysis of the crisis and an assessment of financial sector stability; examines the prospects of reviving securitization and its implications for credit intermediation and economic recovery; the effectiveness and efficiency of various government and central bank interventions in credit markets and policy implications for exit strategies; and the framework for regulation needed to effect the mitigation of systemic risks"
  - Dept: MCM
  - Time band: TB2
- An Assessment of IMF-Supported Programs in the Crisis
  - Type: ISEM
  - Description: "Presents a progress report on design and performance of Fund-supported programs in the current global crisis"
  - Dept: SPR
  - Time band: TB2
- Government Financial Statistics and the Financial Crisis
  - Type: DIS
  - Description: "Assesses the implications of the current financial crisis for the Fund’s work on government finance statistics, and possible next steps"
  - Depts: STA/FAD
  - Time band: TB3

### Building a more robust global architecture — enhancing surveillance (selected items)
- The Early Warning Exercise: Further Steps
  - Type: SEM
  - Description: "Discusses the experience gained with the dry-run and next steps in the formal launch at the Annual Meetings"
  - Depts: FAD/MCM/RES/SPR
  - Date: July
- Themes in Major Country Surveillance
  - Type: ISEM
  - Description: "Summarizes cross-cutting themes emerging from Article IV Consultations with systemically important cases"
  - Depts: SPR/APD/EUR/WHD
  - Date: July
- Risk-based ROSCs
  - Type: SEM
  - Description: "Proposes modifications allowing either full or partial ROSC updates of risk and vulnerabilities, following initial comprehensive assessments"
  - Depts: MCM/WB/SPR
  - Date: July
- Review of the Stability of the Global Exchange Rate System
  - Type: ISEM
  - Description: "Examines the implications of member’s choice of exchange rate regime for macroeconomic performance, international reserve currencies, and other issues related to smooth functioning of the overall system of exchange rates"
  - Depts: RES/SPR
  - Date: July
- Update of the Fund-FSB Early Warning Exercise
  - Type: ISEM
  - Description: "Discusses the results of the 6-monthly early warning exercise"
  - Depts: FAD/MCM/RES/SPR
  - Time band: TB2
- FSAP Review and Discussion of Integrating Financial Sector Analysis into Surveillance
  - Type: DIS
  - Description: "Takes stock of the performance of the FSAP program and proposes enhancements to make it more flexible and targeted and better integrated with surveillance"
  - Depts: MCM/SPR/WB
  - Time band: TB2
- Assessing the Systemic Importance of Financial Institutions, Markets, and Instruments
  - Type: SEM
  - Description: "Proposes guidelines to assess whether a financial institution, market, or instrument is systemically important, in coordination with the FSB and BIS, and in line with the G20 request"
  - Dept: MCM
  - Date: Sept.
- Anti-Money Laundering and Combating the Financing of Terrorism—Review of the Fund’s Program
  - Type: DIS
  - Description: "Examines the effectiveness of the Fund’s AML/CFT program, along with proposed policy plans, including the role of AML/CFT in strengthening Fund surveillance and capacity building; in consultation with MCM and SPR"
  - Dept: LEG
  - Time band: TB2
- Review of Transparency Policy
  - Type: DIS
  - Description: "Takes stock of experience with existing transparency policy and proposes enhancements; the study covers the transparency of Fund work on surveillance, UFR, and the consistency with archives policies"
  - Dept: SPR
  - Time band: TB2
- Proposed Framework for the Cross-Border Resolution of Insolvent Banks
  - Type: DIS
  - Description: "Examines legal and operational issues that arise in cross-border bank insolvencies and possible approaches to addressing them, in coordination with the FSB, BCBS, and World Bank, and in line with the G20 request"
  - Depts: LEG/MCM
  - Time band: TB2/TB3
- Deposit Insurance Provisions—Progress Report on International Convergence
  - Type: SEM
  - Description: "Identifies gaps and highlight best practices in terms of regulatory cooperation, in coordination with the IADI, and in line with the G20 request"
  - Dept: MCM
  - Time band: TB3
- Follow up of the Seventh Review: Building a More Robust Global Financial Architecture Through a Proposal to Include Financial Indicators in the SDDS
  - Type: DIS
  - Description: "Proposes enhancing surveillance and strengthening the global financial safety net: financial indicators proposed for inclusion in the SDDS"
  - Dept: STA
  - Time band: TB3

### Governance and internal Fund work (selected items)
- The Report of the Committee of Eminent Persons (CIMFGR) on IMF Governance Reforms
  - Type: IB
  - Description: "Discusses the recommendations of the Manuel Report on IMF governance reforms"
  - Date: June
- IMF Governance Reforms
  - Type: DIS
  - Description: "Considers the range of governance reforms proposed to date, including from the G20 , IEO, civil society, and the CIMFGR"
  - Depts: SPR/LEG
  - Date: July
- Broadening the Fund’s Investment Mandate
  - Type: DIS
  - Description: "Explores the performance of various asset classes under a broadened investment authority"
  - Dept: FIN
  - Date: July
- Quotas—Updated Calculations and the Quota Formula
  - Type: DIS
  - Description: "Presents the results of updating the data set used for quota calculations through 2007 and the methodologies used, as well as alternative variables for use in the quota formula"
  - Dept: FIN
  - Date: Sept.
- Report on IMF Governance Reforms
  - Type: DIS
  - Description: "Presents the Executive Board’s considerations on Fund governance issues to the IMFC"
  - Depts: SPR/LEG
  - Date: Sept.

### Continuing work of the Fund — budgets, human resources, IEO matters (selected items)
- Capital Budget: Revised Benchmarks and a Multiyear Framework
  - Type: COB
  - Description: "Presents revised benchmarks and a multiyear framework for the capital budget"
  - Depts: OBP/TGS
  - Time band: TB1
- New Mandates and the Fund’s Business Plan
  - Type: COB/IB
  - Description: "Revisions to the Fund business plan in light of new demands; implications for the budget envelope"
  - Dept: OBP
  - Time band: TB2
- FY 11–13 budget envelopes and FY 11–13 Administrative and Capital Budgets
  - Types: COB/IB and DIS
  - Description: "Propose the FY 11–13 budget envelopes" and "The FY11–13 Medium-Term Budget and accompanying Income Expenditure Framework"
  - Dept: OBP
  - Dates: Jan. 2010 and March - April 2010
- Review of the Fund’s Income Position for FY 2010 and FY2011
  - Type: DIS
  - Description: "Updates income projections for FY 2010 and FY 2011"
  - Dept: FIN
  - Date: March - April 2010
- External Audit: Report of the External Audit Committee to the Executive Board
  - Type: IB
  - Description: "Briefing by the External Audit Committee on the results of the FY 2009 external audit"
  - Dept: EAC
  - Date: July
- Control and Audit Related Matters — OIA Annual Activity Report
  - Type: IB
  - Description: "Presents internal audit activities for the prior year"
  - Dept: OIA
  - Date: 6/05/09
- Building Facilities Requirements: Long-Term Assessment
  - Type: IB
  - Description: "Findings of a recent facilities condition assessment"
  - Dept: TGS
  - Date: July
- Diversity Annual Report — 2008
  - Type: IB
  - Description: "Previews the 2008 Annual Report on Diversity and takes stock of actions taken over the past year to advance the diversity agenda"
  - Dept: HRD
  - Time band: TB1
- IT Strategy and Developments
  - Type: IB
  - Description: "To be provided by TGS"
  - Dept: TGS
  - Time band: TB2
- Medical Benefits Plan Retiree Contribution
  - Type: IB
  - Description: "Evaluates possible modifications of current incentives for Medicare Part C participation"
  - Dept: HRD
  - Time band: TB2

### IEO matters (selected)
- IMF’s Approach to International Trade Policy
  - Type: DIS
  - Description: "Evaluates the Fund’s advice on international trade policy in light of the Fund’s stated purpose to facilitate the expansion of balanced growth and international trade"
  - Dept: IEO
  - Date: 6/08/09
- IMF’s Interactions with its Member Countries
  - Type: DIS
  - Description: "Examines whether the interactions between the IMF and its member countries, carried out in different circumstances and for various objectives, have been effective and well managed"
  - Dept: IEO
  - Time band: TB1
- IMF’s Approach to International Trade Policy — Management implementation plan discussion
  - Type: DIS
  - Description: "This will discuss the Management implementation plan for the Board-endorsed IEO recommendations on the IMF's Approach to International Trade Policy"
  - Dept: SPR
  - Time band: TB2

*Source: _060309 - 16.      Continued learning. I w (Spring 2009 Work Program Statement excerpts)*

### 1.      Context. Against the backdrop of a global economic crisis, the IMFC has underscored

### _060309 - 1.      Context. Against the backdrop of a global economic crisis, the IMFC has underscored

### I. CRISIS RESPONSE
- General Fund Resources
  - Immediate priority: take necessary steps to boost Fund resources.
  - Work with current and potential participants to enlarge and expand the New Arrangements to Borrow (NAB), make it operationally more flexible, and bring a decision to the Board for approval by end-June.
  - In parallel, convert recent pledges into bilateral loan agreements and bring such agreements (and the general operational guidelines for borrowing by the Fund) to the Board for approval shortly thereafter.
  - The Board will consider, in July, a paper discussing options to mitigate blackout periods in SBAs to improve predictability of members’ access under SBAs.

- SDR Allocation
  - The IMFC welcomed an allocation in the Spring Meetings.
  - The Board will discuss a paper, by end-June, on the case for a general SDR allocation equivalent to US$ 250 billion and operational issues toward its implementation.
  - Rapid approval by members of the pending amendment of the Articles for the special one-time allocation of SDRs remains important to make the allocation more equitable.

- Concessional Lending Capacity
  - Commitment to strengthen concessional lending capacity to cover medium-term financing needs of low-income country members.
  - FIN and LEG to prepare a paper with specific proposals to simplify and strengthen the Fund’s concessional financing framework, scheduled for Board discussion as soon as possible.

### I.B Adapting the Lending Framework for Low-Income Countries
- Beyond Access: reform lending framework for LICs to prevent roll-back of gains in macroeconomic stability and poverty reduction.
  - A new architecture of LIC facilities:
    - SPR, LEG, and FIN to prepare a concrete proposal for a new LIC lending architecture including policies on access and financing terms.
    - Accompanying proposals for a more flexible and strengthened concessional financing framework to be presented in early-July.
  - Debt limits and debt sustainability framework:
    - Review of Fund’s external debt limits policy to reflect changing patterns of external financing and progress in macroeconomic management.
    - Staff will propose new guidelines on external debt limits for discussion prior to the Annual Meetings as a follow-up to the Board discussion in March 2009.
    - Board will discuss a joint Fund-Bank paper reviewing aspects of the debt sustainability framework at the same time.
  - PRGF eligibility:
    - SPR to prepare a paper to consider PRGF eligibility issues for Board discussion after the Annual Meetings.

### I.C Monitoring and Policy Advice
- Crisis Engagement
  - SPR to assess the Fund’s early experience with crisis-related program engagement and draw lessons for an informal seminar before the Annual Meetings.
- Restoring Stability
  - The Fall GFSR and WEO will monitor the global economy and assess actions required to restore macroeconomic and financial stability.
  - SPR will take stock of developments in trade finance and assess whether further actions are required; an informal seminar will be presented to the Board in June.
  - An informal Board seminar in June will address whether existing tax policy distortions increase macro-financial vulnerabilities.
  - The Board will have the opportunity to discuss other crisis-related fiscal issues, including design and implementation of fiscal rules for sustainable public finances during crises, before the Annual Meetings.
- Exit Strategies
  - FAD and MCM will examine policy and operational issues relating to public acquisition of crisis-related assets, their management, and possible exit strategies, for discussion/seminar at the Board in July.

### II. BUILDING A MORE ROBUST GLOBAL ARCHITECTURE
- Enhancing Surveillance
  - Early warning:
    - Board to consider experience with dry run of the joint IMF-FSB Early Warning Exercise and discuss next steps prior to its formal launch at the Annual Meetings.
    - Staff to organize a Fund-wide seminar on the Vulnerability Exercise for Advanced Economies.
    - A restricted informal Board briefing will be held just prior to the Annual Meetings to report results of the next 6-monthly exercise.
  - Cross-country analyses:
    - SPR, with area departments, to draw lessons from Article IV consultations in systemically important countries and present initial findings through an informal Board seminar.
  - Revamping the FSAP:
    - Board to discuss a staff paper assessing lessons from FSAP over the last decade and proposing enhancements; paper tentatively scheduled for September.
  - Greater transparency:
    - Board to discuss, prior to the Annual Meetings, a review of existing transparency policies.

- Broader reforms of the international financial system
  - Regulatory reform:
    - Board to discuss papers on guidelines to assess “systemic importance” for markets, instruments, and institutions; best practices in regulatory cooperation related to deposit insurance; the effectiveness of the Fund’s anti-money laundering program; legal and operational issues in cross-border bank insolvencies; and progress in strengthening financial supervision and regulation (joint Fund, FSB, and FATF paper).
  - Global exchange rate system:
    - Board to explore evolution and stability of the international monetary system, including implications of members’ choice of exchange rate regime, international reserve currencies, and issues related to the functioning of the system of exchange rates.

### II.B Governance and Quota Reforms
- Progress So Far: governance reform remains critical for legitimacy and effectiveness.
  - Quota and voice reform:
    - FIN to prepare a paper for Board discussion in September that updates the database for quota calculations and revisits issues regarding alternative formula variables as a step toward completing the next quota review by January 2011.
  - Governance structure:
    - Informal Board discussion of the Eminent Persons Group report scheduled for mid-June.
    - Staff to prepare a Board paper considering governance reforms proposed by G20 working group, IEO, civil society, and the Eminent Persons Group for discussion in mid-July.
    - A draft report of the Executive Board to the IMFC on governance issues will be considered by the Board in September.
  - Diversity:
    - Board will discuss the 2008 Diversity Report ahead of the 2009 Annual Meetings.

### III. CONTINUING WORK OF THE FUND
- Streamlining and Work Practices
  - Streamlining:
    - Staff will propose options in terms of policy and Board paper procedures to achieve the Fund’s strategic objectives efficiently; the Board will discuss this paper in early-August.
  - Collaboration:
    - Board will be informed on the review of progress on implementation of the Joint Management Action Plan to enhance Fund-Bank collaboration.
  - Budget:
    - Board will be informed of work on new IT, facilities investment benchmarks and best practices in long-term facilities budgeting, progress toward moving to a new costing system, adjustments to the Fund’s budget, and departmental business plans to address new demands.
  - External audit:
    - Board will be briefed informally on results of the FY2009 external audit in July.

*Source: _060309 - 1.      Context. Against the backdrop of a global economic crisis, the IMFC has underscored*

### 16.      Continued learning. I w

### 16.      Continued learning. I w

### IEO evaluations and Board actions
- "I welcome the continued efforts by the IEO to conduct independent and objective evaluations of Fund policies and activities and provide constructive recommendations."
- Following Board discussions of the IEO’s evaluations:
  - IMF’s approach to international trade policy — discussed in June.
  - IMF’s Interactions with its member countries — discussed before the August recess.
- The Board will have an opportunity to discuss the Management Implementation Plans for the related Board-endorsed IEO recommendations, in September.
- "The IEO evaluation of interaction with member countries will be our springboard for further thinking about how to increase the traction of surveillance."
- "Following established practice, the Periodic Monitoring Report on the status of Board-endorsed IEO recommendations and Management Implementation Plans will be circulated to the Board."

### Spring 2009 Work Program — crisis response (selected items)
- Proposal for a General Allocation of SDRs
  - Type: DIS
  - Description: "Assesses the case for an SDR allocation and describes how it could be implemented, and proposes a general allocation of SDRs equivalent to $250 billion"
  - Depts: FIN/LEG/SPR
  - Date: end-June
- Expanding the New Arrangements to Borrow
  - Type: DIS
  - Description: "Proposes amendments to expand the New Arrangements to Borrow through additional participants and larger credit arrangements, together with amendments to increase operational flexibility"
  - Depts: FIN/LEG
  - Date: SPR June – July
- Operational Guidelines for Borrowing
  - Type: DIS
  - Description: "Proposes guidelines to govern the use of borrowed and quota resources in a prudent, efficient, and balanced manner"
  - Depts: FIN/LEG
  - Date: June
- Review of Blackout Periods under Stand-By Arrangements
  - Type: DIS
  - Description: "As a follow-up to the GRA lending toolkit reform, presents proposals to mitigate blackout periods in Stand-By Arrangements"
  - Depts: LEG/SPR
  - Date: July
- Financing the Fund’s Concessional Lending to LICs
  - Type: DIS
  - Description: "Follows-up on the April 2009 Board discussion of resource needs and options for LIC financing"
  - Dept: FIN
  - Time band: TB1

### Spring 2009 Work Program — adapting lending framework for low-income members
- Review of the Policy Support Instrument
  - Type: DIS
  - Description: "Reviews experience with the Policy Support Instrument (PSI) during its first three years of operation, and raises issues to be taken up in the discussion of the new architecture for LIC facilities"
  - Dept: SPR
  - Date: June
- A New Architecture of Lending Facilities for Low-Income Countries (LIC)
  - Type: DIS
  - Description: "As follow-up to the March 2009 Board discussion on facilities, outlines a more flexible architecture of facilities for LICs, including proposals on: (i) a new concessional Stand-By-like facility, (ii) a streamlined and flexible rapid access facility for shocks and emergencies, and (iii) modifications to access policies, financing terms, conditionality, and blending rules for all LIC facilities"
  - Depts: SPR/LEG/FIN
  - Date: July
- A New Concessional Financing Framework
  - Type: DIS
  - Description: "As a companion to the LICs facilities architecture, presents proposals to simplify the concessional financing structure"
  - Depts: FIN/LEG/SPR
  - Date: July
- Debt Limits in Fund-supported Programs: Proposed New Guidelines
  - Type: DIS
  - Description: "As a follow up on the March 2009 Board discussion on LIC financing and the Fund’s policy on external debt limits, clarifies a number of issues and proposes new guidelines"
  - Dept: SPR
  - Time band: TB2
- Review of Aspects of the Debt Sustainability Framework
  - Type: DIS
  - Description: "As a companion to the March 2009 Board discussion on debt limits, follows up on the G20’s call for a review of the flexibility of the debt sustainability framework, joint with the World Bank"
  - Depts: SPR/WB
  - Time band: TB2
- HIPC Initiative and MDRI: Status of Implementation
  - Type: For information
  - Description: "Annual progress report on the implementation of debt relief initiatives, produced jointly with the World Bank"
  - Dept: SPR
  - Time band: TB2
- Review of PRGF Eligibility
  - Type: DIS
  - Description: "Reviews PRGF eligibility and criteria and the current list of eligible countries, in order to ensure that the Fund’s concessional resources are well-targeted; proposes procedures for conducting reviews at regular intervals"
  - Depts: SPR/LEG
  - Date: October

### Spring 2009 Work Program — monitoring and policy advice (selected items)
- Debt Bias and Other Distortions: Crisis-related Issues in Tax Policy
  - Type: SEM
  - Description: "Examines the impact of tax distortions macro-financial vulnerabilities and policy responses"
  - Dept: FAD
  - Date: 6/01/09
- Recent Developments in Trade Finance
  - Type: ISEM
  - Description: "Examines recent developments in trade finance"
  - Dept: SPR
  - Date: 6/02/09
- Managing Governments' Crisis-Related Intervention Programs
  - Type: SEM
  - Description: "Examines policy and operational issues relating to the public acquisition of crisis-related assets, their management and exit, in a follow-up to the G-20’s call for work on 'exit strategies'"
  - Depts: FAD/MCM
  - Date: July
- Fiscal Policy Rules
  - Type: SEM
  - Description: "Explores design and implementation issues relating to a fiscal rule, including during a crisis"
  - Dept: FAD
  - Date: Aug.
- World Economic Outlook
  - Type: DIS
  - Description: "Focuses on medium-term output prospects following crises, and on the role of monetary policy in forestalling financial stress"
  - Dept: RES
  - Time band: TB2
- Global Financial Stability Report
  - Type: DIS
  - Description: "Continues the analysis of the crisis and an assessment of financial sector stability; examines the prospects of reviving securitization and its implications for credit intermediation and economic recovery; the effectiveness and efficiency of various government and central bank interventions in credit markets and policy implications for exit strategies; and the framework for regulation needed to effect the mitigation of systemic risks"
  - Dept: MCM
  - Time band: TB2
- An Assessment of IMF-Supported Programs in the Crisis
  - Type: ISEM
  - Description: "Presents a progress report on design and performance of Fund-supported programs in the current global crisis"
  - Dept: SPR
  - Time band: TB2
- Government Financial Statistics and the Financial Crisis
  - Type: DIS
  - Description: "Assesses the implications of the current financial crisis for the Fund’s work on government finance statistics, and possible next steps"
  - Depts: STA/FAD
  - Time band: TB3

### Building a more robust global architecture — enhancing surveillance (selected items)
- The Early Warning Exercise: Further Steps
  - Type: SEM
  - Description: "Discusses the experience gained with the dry-run and next steps in the formal launch at the Annual Meetings"
  - Depts: FAD/MCM/RES/SPR
  - Date: July
- Themes in Major Country Surveillance
  - Type: ISEM
  - Description: "Summarizes cross-cutting themes emerging from Article IV Consultations with systemically important cases"
  - Depts: SPR/APD/EUR/WHD
  - Date: July
- Risk-based ROSCs
  - Type: SEM
  - Description: "Proposes modifications allowing either full or partial ROSC updates of risk and vulnerabilities, following initial comprehensive assessments"
  - Depts: MCM/WB/SPR
  - Date: July
- Review of the Stability of the Global Exchange Rate System
  - Type: ISEM
  - Description: "Examines the implications of member’s choice of exchange rate regime for macroeconomic performance, international reserve currencies, and other issues related to smooth functioning of the overall system of exchange rates"
  - Depts: RES/SPR
  - Date: July
- Update of the Fund-FSB Early Warning Exercise
  - Type: ISEM
  - Description: "Discusses the results of the 6-monthly early warning exercise"
  - Depts: FAD/MCM/RES/SPR
  - Time band: TB2
- FSAP Review and Discussion of Integrating Financial Sector Analysis into Surveillance
  - Type: DIS
  - Description: "Takes stock of the performance of the FSAP program and proposes enhancements to make it more flexible and targeted and better integrated with surveillance"
  - Depts: MCM/SPR/WB
  - Time band: TB2
- Assessing the Systemic Importance of Financial Institutions, Markets, and Instruments
  - Type: SEM
  - Description: "Proposes guidelines to assess whether a financial institution, market, or instrument is systemically important, in coordination with the FSB and BIS, and in line with the G20 request"
  - Dept: MCM
  - Date: Sept.
- Anti-Money Laundering and Combating the Financing of Terrorism—Review of the Fund’s Program
  - Type: DIS
  - Description: "Examines the effectiveness of the Fund’s AML/CFT program, along with proposed policy plans, including the role of AML/CFT in strengthening Fund surveillance and capacity building; in consultation with MCM and SPR"
  - Dept: LEG
  - Time band: TB2
- Review of Transparency Policy
  - Type: DIS
  - Description: "Takes stock of experience with existing transparency policy and proposes enhancements; the study covers the transparency of Fund work on surveillance, UFR, and the consistency with archives policies"
  - Dept: SPR
  - Time band: TB2
- Proposed Framework for the Cross-Border Resolution of Insolvent Banks
  - Type: DIS
  - Description: "Examines legal and operational issues that arise in cross-border bank insolvencies and possible approaches to addressing them, in coordination with the FSB, BCBS, and World Bank, and in line with the G20 request"
  - Depts: LEG/MCM
  - Time band: TB2/TB3
- Deposit Insurance Provisions—Progress Report on International Convergence
  - Type: SEM
  - Description: "Identifies gaps and highlight best practices in terms of regulatory cooperation, in coordination with the IADI, and in line with the G20 request"
  - Dept: MCM
  - Time band: TB3
- Follow up of the Seventh Review: Building a More Robust Global Financial Architecture Through a Proposal to Include Financial Indicators in the SDDS
  - Type: DIS
  - Description: "Proposes enhancing surveillance and strengthening the global financial safety net: financial indicators proposed for inclusion in the SDDS"
  - Dept: STA
  - Time band: TB3

### Governance and internal Fund work (selected items)
- The Report of the Committee of Eminent Persons (CIMFGR) on IMF Governance Reforms
  - Type: IB
  - Description: "Discusses the recommendations of the Manuel Report on IMF governance reforms"
  - Date: June
- IMF Governance Reforms
  - Type: DIS
  - Description: "Considers the range of governance reforms proposed to date, including from the G20 , IEO, civil society, and the CIMFGR"
  - Depts: SPR/LEG
  - Date: July
- Broadening the Fund’s Investment Mandate
  - Type: DIS
  - Description: "Explores the performance of various asset classes under a broadened investment authority"
  - Dept: FIN
  - Date: July
- Quotas—Updated Calculations and the Quota Formula
  - Type: DIS
  - Description: "Presents the results of updating the data set used for quota calculations through 2007 and the methodologies used, as well as alternative variables for use in the quota formula"
  - Dept: FIN
  - Date: Sept.
- Report on IMF Governance Reforms
  - Type: DIS
  - Description: "Presents the Executive Board’s considerations on Fund governance issues to the IMFC"
  - Depts: SPR/LEG
  - Date: Sept.

### Continuing work of the Fund — budgets, human resources, IEO matters (selected items)
- Capital Budget: Revised Benchmarks and a Multiyear Framework
  - Type: COB
  - Description: "Presents revised benchmarks and a multiyear framework for the capital budget"
  - Depts: OBP/TGS
  - Time band: TB1
- New Mandates and the Fund’s Business Plan
  - Type: COB/IB
  - Description: "Revisions to the Fund business plan in light of new demands; implications for the budget envelope"
  - Dept: OBP
  - Time band: TB2
- FY 11–13 budget envelopes and FY 11–13 Administrative and Capital Budgets
  - Types: COB/IB and DIS
  - Description: "Propose the FY 11–13 budget envelopes" and "The FY11–13 Medium-Term Budget and accompanying Income Expenditure Framework"
  - Dept: OBP
  - Dates: Jan. 2010 and March - April 2010
- Review of the Fund’s Income Position for FY 2010 and FY2011
  - Type: DIS
  - Description: "Updates income projections for FY 2010 and FY 2011"
  - Dept: FIN
  - Date: March - April 2010
- External Audit: Report of the External Audit Committee to the Executive Board
  - Type: IB
  - Description: "Briefing by the External Audit Committee on the results of the FY 2009 external audit"
  - Dept: EAC
  - Date: July
- Control and Audit Related Matters — OIA Annual Activity Report
  - Type: IB
  - Description: "Presents internal audit activities for the prior year"
  - Dept: OIA
  - Date: 6/05/09
- Building Facilities Requirements: Long-Term Assessment
  - Type: IB
  - Description: "Findings of a recent facilities condition assessment"
  - Dept: TGS
  - Date: July
- Diversity Annual Report — 2008
  - Type: IB
  - Description: "Previews the 2008 Annual Report on Diversity and takes stock of actions taken over the past year to advance the diversity agenda"
  - Dept: HRD
  - Time band: TB1
- IT Strategy and Developments
  - Type: IB
  - Description: "To be provided by TGS"
  - Dept: TGS
  - Time band: TB2
- Medical Benefits Plan Retiree Contribution
  - Type: IB
  - Description: "Evaluates possible modifications of current incentives for Medicare Part C participation"
  - Dept: HRD
  - Time band: TB2

### IEO matters (selected)
- IMF’s Approach to International Trade Policy
  - Type: DIS
  - Description: "Evaluates the Fund’s advice on international trade policy in light of the Fund’s stated purpose to facilitate the expansion of balanced growth and international trade"
  - Dept: IEO
  - Date: 6/08/09
- IMF’s Interactions with its Member Countries
  - Type: DIS
  - Description: "Examines whether the interactions between the IMF and its member countries, carried out in different circumstances and for various objectives, have been effective and well managed"
  - Dept: IEO
  - Time band: TB1
- IMF’s Approach to International Trade Policy — Management implementation plan discussion
  - Type: DIS
  - Description: "This will discuss the Management implementation plan for the Board-endorsed IEO recommendations on the IMF's Approach to International Trade Policy"
  - Dept: SPR
  - Time band: TB2

*Source: _060309 - 16.      Continued learning. I w (Spring 2009 Work Program Statement excerpts)*

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_Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2009/_060309.pdf_