## _110409a

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---

### Building on recent momentum
- Membership commitment: maintain concerted policy support until a firmer recovery is underway and coordinate exit strategies.
- Deliverables and timing:
  - Develop orderly and cooperative exit strategies for unwinding accommodative fiscal, monetary and financial sector policies — to be discussed by the Board by the Spring 2010 IMFC Meetings.
  - High-Level Conference on exit strategies scheduled for early December 2009.
  - Board paper on fiscal policy by January proposing principles for fiscal adjustment in advanced countries once the recovery is underway; augmented by papers on the role of tax policy in fiscal consolidation and measures to achieve long-run fiscal sustainability given age-related spending increases (in TB2).
  - Paper on Unwinding Crisis-Related Intervention Measures (in TB2) to examine tradeoffs and practical considerations for implementing exit strategies, taking into account developments since prior Board discussions and issues from the High Level Conference.
  - The Spring World Economic Outlook (WEO) to provide an updated assessment of progress toward a more sustainable recovery, gauge macro-economic and financial outlook, and signal potential risks to successful exits; WEO to assess unemployment challenges and lessons from past switches from export-oriented to domestic-demand driven growth models.
  - Informal briefing on the Early Warning Exercise (TB2) to address plausible risks and policy responses.
- Reshaping policy frameworks:
  - Board papers on evolution of fiscal rules to improve fiscal policy (TB1).
  - Reforms to central banking and monetary policy frameworks to foster macro-financial stability (TB2).
  - Spring Global Financial Stability Report (GFSR) to focus on strengthening regulatory architecture to account for systemic linkages and accomplish systemic regulation.
  - Board discussion of legal and operational issues in cross-border bank insolvencies.

### Global architecture
A. Strengthening the International Monetary System
- Fund mandate review:
  - IMFC requested review to cover full range of macroeconomic and financial sector policies affecting global financial stability.
  - Process: a chapeau paper to sketch broad vision for Fund roles in surveillance, lending, and functioning of the international monetary system — to be discussed by January — followed by a series of deeper papers before the Spring Meetings.
- Specific papers and issues (timing as stated):
  - Size of the Fund: in context of the 14th review of quotas and following expected agreement to amend and expand the New Arrangements to Borrow by over $500 billion; paper to be discussed in early 2010 to reflect on appropriate size of Fund resources and composition between quota and borrowed resources.
  - Fund financing role: paper for consideration around March to study future financing role, consider approaches to strengthen capacity to help members cope with financial volatility, building on the Flexible Credit Line and High Access Precautionary Arrangements, while preserving adequate safeguards; examine whether these and potential new instruments can provide credible alternatives to self-insurance.
  - International monetary system: paper for consideration by the Spring Meetings to examine key sources of instability in the international monetary system, remedies to improve functioning, emphasis on reducing demand for reserve assets as self-insurance beyond steps discussed in the previous paper, and scope for diversifying sources of reserves supply.
  - Surveillance: paper to be considered around March to elaborate Fund’s overall surveillance responsibilities and revisit modalities of surveillance (e.g., balance between bilateral and multilateral surveillance).
  - Separate paper before end of the year on Fund membership in the Financial Stability Board.
- Fund finances:
  - Ongoing discussions on amending and expanding the NAB; Board will formally consider proposed amendments as soon as agreement among current and new participants is reached.

B. Further enhancing Fund policy advice
- Traction and G-20:
  - Request for Fund assistance in implementation of the G20’s Framework for Strong, Sustainable, and Balanced Growth could increase traction of surveillance on most systemic members.
  - Board to discuss framework and process underlying Fund’s role in G-20 mutual assessments at an informal briefing.
- Transparency:
  - Upcoming review of the Fund’s Transparency Policy will propose enhancements to improve speed of publication and candidness of staff reports.
- Cross-country surveillance:
  - Continue experimentation with thematic surveillance in TB2 on two topics: policies of countries with large financial sectors relative to the size of their economies; and how emerging markets have coped with the crisis.

C. Quota and governance reform
- Quotas:
  - IMFC call for Board to meet the January 2011 target for completing the Fourteenth General Review of Quotas.
  - Objective: agree on concrete parameters for desired shift in quota share to dynamic emerging and developing countries of at least five percent from over-represented to under-represented countries using the current quota formula as basis.
  - Series of papers to be provided for discussion by the Committee of the Whole in TB2, with view to reporting good progress to the IMFC by the Spring Meetings.
  - Reiteration of call for members to ratify promptly the 2008 quota, voice, and income package.
- Governance:
  - Board to discuss in TB1/TB2 a paper taking up selected issues identified in the Board’s report to the IMFC warranting further consideration; a short Board report will update the IMFC on governance reform progress.
  - For selecting IMF management, Dean of the Executive Board to form and lead a Working Group of Executive Directors, supported by a small staff secretariat.

D. Low-Income Country (LIC) agenda
- Concessional lending and income model:
  - Full implementation of the new income model, including gold sales, and prompt contributions of loan and subsidy resources urged to support a doubling of the IMF’s concessional lending capacity.
- Debt sustainability:
  - Board will discuss the outlook for debt sustainability in LICs in light of the crisis and medium-term global prospects, and the extent to which post-crisis policies in some LICs may need to adapt to preserve debt sustainability while supporting strong and sustainable growth (TB2).
- Concessional eligibility and financing:
  - Board to discuss in December a paper on PRGF eligibility, focusing on whether and how low-income countries’ economic positions have altered over time and whether there is scope for better targeting the Fund’s concessional resources.
  - Review of the Fund’s concessional financing scheduled for TB2.

### Continuing work of the Fund: institutional soundness and internal priorities
- Prioritization directive: staff asked to prioritize continuing work with emphasis on institutional strengthening and issues essential to continuous smooth running and soundness of the Fund.
- Board discussion topics (timing as stated):
  - General policy work:
    - Paper on progress in implementation of the Joint Management Action Plan on Bank-Fund Collaboration.
    - Proposal for financial indicators to be included in the Special Data Dissemination Standard (SDDS) on an encouraged basis (TB2).
    - Paper examining effectiveness of the Fund’s AML/CFT program and proposals for strengthening its role in support of surveillance and capacity building (in TB3).
  - Budget, income and human resources:
    - Important reform of the Staff Retirement plan (TB1/TB2).
  - Fund finances:
    - Initial discussion of asset allocation under the Fund's broader investment mandate (in TB1).
  - Risk management.
  - IEO matters:
    - Discussion of the Evaluation of the Fund’s Interactions with Members, and follow-up to this evaluation and the one of the Fund’s Approach to International Trade Policy.
- Time Band definitions:
  - TB1: through end-January 2010.
  - TB2: February–April 2010.
  - TB3: May 2010 and after.

### Key conclusion
- "The Fund’s ability to deliver the demanding tasks assigned to it has been a key to its resurgence and we must take care to not lose the momentum."

### Implementation of the June 2009 Work Program — selected items and timing (from Table 1)
- Strengthening the Global Financial Safety Net:
  - Proposal for a General Allocation of SDRs — 6/26/09 (Projected Spring Work Program: 6/26/09)
  - Borrowing by the Fund — Operational Issues — 6/29/09 (Projected Spring Work Program: 6/29/09)
  - A Framework for the Issuance of Notes to the Official Sector — 6/29/09 actual / 7/01/09 revised
  - Financing the Fund’s Concessional Lending to LICs — 7/01/09 projected / 7/23/09 actual
  - Inf. Seminar: Use of Fund Resources for Budget Support — Added / 8/28/09
  - Modalities for the Sale of Post-Second Amendment Gold — TB2 / 9/18/09
  - The Fund’s Liquidity Position — Added / 09/21/09
  - Expanding the New Arrangements to Borrow — June – July (Projected) / 11/20/09 (tentative actual)
  - Review of Financial Risks and the Adequacy of Precautionary Balances — TB3 / TB2
- Adapting the Lending Framework for Low-Income Members:
  - Review of the Policy Support Instrument — 7/08/09 projected / 7/08/09 actual
  - A New Architecture of Lending Facilities for Low-Income Countries — 7/17/09 projected / 7/17/09 actual
  - A New Concessional Financing Framework — 7/17/09 projected / 7/17/09 actual
  - Debt Limits in Fund-supported Programs: Proposed New Guidelines — TB2 / 8/31/09
  - Review of Aspects of the Debt Sustainability Framework — TB2 / 8/31/09
  - Review of PRGF Eligibility — October / TB1
- Monitoring and Policy Advice:
  - Seminar: Debt Bias and Other Distortions: Crisis-related Issues in Tax Policy — 6/01/09 projected / 6/01/09 actual
  - Informal Seminar: Recent Developments in Trade Finance — 6/02/09 projected / 6/02/09 actual
  - WEMD — 7/02/09 projected / 7/02/09 actual
  - Global Financial Stability Report — TB2 / 9/14/09
  - World Economic Outlook — TB2 / 9/16/09
- Enhancing Surveillance:
  - Informal Seminar: Review of the Stability of the Global Exchange Rate System — 7/29/09 projected / 7/29/09 actual
  - Inf. Seminar: Themes in Major Country Surveillance — 8/05/09 projected / 8/26/09 actual
  - Seminar: The Early Warning Exercise: Further Steps — 7/16/09 projected / 9/02/09 actual
  - FSAP Review and Discussion of Integrating Financial Sector Analysis into Surveillance; Risk-Based ROSCs — TB2 / 9/21/09
  - Informal Restricted Meeting: Update of the Fund-FSB Early Warning Exercise — TB2 / 9/22/09
  - Seminar: Assessing the Systemic Importance of Financial Institutions, Markets, and Instruments — Sept. / 9/23/09
  - Review of Transparency Policy — TB3 / 11/16/09
  - Seminar: Fiscal Rules: Anchoring Expectations — TB3 / 12/02/09
- Governance:
  - Informal Briefing: Control and Audit Related Matters — 6/05/09 projected / 6/05/09 actual
  - Informal Meeting: The Report of the Committee of Eminent Persons on IMF Governance Reforms — 6/10/09 projected / 6/10/09 actual
  - IMF Governance Reforms — 7/20/09 projected / 7/21/09 actual
  - Quotas—Updated Calculations and the Quota Formula — Sept. / 9/10/09
  - Broadening the Fund’s Investment Mandate — 7/27/09 projected / 9/14/09 actual
- Streamlining and Work Practices:
  - Easing Work Pressures (formerly: Streamlining) — July – Aug. projected / 8/28/09 actual
- Budget and related items (selected):
  - Budget Reforms: ACES and others (Committee on the Budget) — Jan. 2010 projected / Dec./Jan. actual
  - FY11-13 Budget Strategy and Envelopes, and the Income-Expenditure Framework (Committee on the Budget) — March - April 2010 projected / Dec./Jan. actual
  - FY11-13 Administrative and Capital Budgets — March - April 2010 projected / March - April 2010 actual
  - Review of the Fund’s Income Position for FY 2010 and FY2011 — March - April 2010 projected / March - April 2010 actual
- External Audit and internal control:
  - Control and Audit Related Matters — OIA Annual Activity Report — 6/05/09 projected / 6/05/09 actual
  - Report of the External Audit Committee to the Executive Board — 7/20/09 projected / 7/20/09 actual
- Human resources and IT (selected):
  - Diversity Annual Report — 2008 — 7/20/09 projected / 7/23/09 actual
  - Information Technology Security Issues — Added / 7/23/09
  - Building Facilities Requirements – Long-term Assessment (Committee on the Budget) — 8/03/09 projected / 11/12/09 actual

### Fall 2009 Work Program — major themes and selected deliverables (from Table 2)
I. A Stronger Post-Crisis Global Economy
- I.A Implementing exit strategies:
  - A Strategy for fiscal Adjustment After the Crisis — FAD / DIS / TB1
  - Tax Policies and Exit Strategies; and Fiscal consolidation and age-related spending in G-20 countries — FAD / DIS / TB2
  - Update on Early Warning Exercise — SPR/RES/ FAD/MCM / IB / TB2
  - Unwinding Crisis-Related Intervention Measures: Implementation of Strategies — RES / DIS / TB2
  - World Economic Outlook — RES / DIS / April / 2010
- I.B Reshaping the policy framework; institutions and strengthening resilience to shocks:
  - Fiscal Rules: Anchoring Expectations for Sustainable Public Finances — FAD / SEM / 12/02/09
  - Government Finance Statistics to Strengthen Fiscal Analysis in the Wake of the Crisis — FAD/STA / LOT / January
  - Follow-up to the Seventh Review: Building a More Robust Financial Architecture — STA / DIS / TB1
  - Legal and Operational Issues in Cross-border Bank Insolvency — LEG/MCM / DIS / January
  - Central Banking after the Crisis — MCM / SEM / TB2
  - A Proposed Framework for the Cross-border Resolution of Insolvent Banks — LEG/MCM / DIS / TB3

II. Bolstering the Global Architecture
- II.A Strengthening the international monetary system:
  - The Fund’s Mandate — a series including:
    - (i) Chapeau — SPR/LEG / SEM / January
    - (ii) Size of the Fund — FIN/SPR / DIS / TB1/TB2
    - (iii) The Fund’s Lending Role after the Crisis — SPR/FIN/ LEG/RES / DIS / TB2
    - (iv) Stability of the International Monetary System — SPR/RES/FIN/ LEG / SEM / TB2
    - (v) Modernizing Fund Surveillance — SPR / SEM / TB2
  - Expanding the NAB — FIN/LEG/SPR / DIS / 11/20/2009 (tentative)
  - Fund Membership in the Financial Stability Board — LEG/MCM/SPR / DIS / TB1
- II.B Enhancing Surveillance:
  - Review of the Transparency Policy — SPR / DIS / 11/16/2009
  - Fund Assistance in the G-20 Mutual Assessment Process — SPR / IB / Nov./Dec.
  - Global Financial Stability Report — MCM / DIS / April / 2010
  - Cross-Cutting Themes in Surveillance of Medium-Sized Economies with Large Financial Sectors — SPR/MCM / ISEM / TB2
  - How Have Emerging Market Countries Coped in the Crisis? — SPR / ISEM / TB2
- II.C Governance and quota reform:
  - Fourteenth General Review of Quotas — FIN / DIS — Committee of the Whole / TB1
  - IMF Governance: Further Considerations on Selected Issues — LEG/SPR / DIS / TB1/TB2
  - Progress in Governance Reform — SPR/LEG / DIS / TB2
  - Selection of IMF Management — Working Group of Executive Directors / DIS / TB2
- II.D Low-income country issues:
  - Review of PRGF Eligibility — SPR / DIS / TB1
  - Preserving Debt Sustainability in LICs in the Wake of the Crisis — SPR / SEM / TB2
  - Update on the Financing of the Fund's Concessional Assistance and Debt Relief to Low-Income Members — FIN / DIS/LOT / TB2
  - Use of SDRs as Loan Resources for Concessional Lending — FIN/LEG / DIS / TB1

III. Other Fund policy work; Budget, income and human resources; Fund finances; Risk management; IEO matters
- Selected items:
  - Status Report to the Executive Boards of the IMF and the World Bank on the Implementation of the JMAP — SPR/World Bank / DIS / TB2
  - Follow up of the Seventh Review: Proposal to Broadening the SDDS on Financial Indicators — STA / DIS / TB2
  - Anti-Money Laundering and Combating the Financing of Terrorism—Review of the Fund's Program — LEG / DIS / TB3
  - HRD Reform of the SRP — HRD / DIS / TB1/TB2
  - FY11-13 Administrative and Capital Budgets — OBP/FIN / DIS / TB2
  - Fund's Strategic Asset Allocation Under a Broadened Investment Mandate — FIN / DIS / TB1
  - Review of the Fund's Precautionary Balances — FIN / DIS / TB2
  - The Fund's Liquidity Position-Review and Outlook — FIN / DIS / TB2
  - Annual Report on Risk Management — OIA / DIS / TB2
  - Report of the External Audit Committee to the Executive Board — FIN / IB / TB1
  - Third Periodic Monitoring Report on the Status of Implementation Plans in Response to Board-Endorsed IEO Recommendations — SPR / DIS / Nov.
  - IMF’s Approach to International Trade Policy — SPR / DIS / Dec.

*Source: IMF internal document summarizing planned work program and reform priorities.*

### 1.      Building on recent momentum. The Fund, called on to support a global response to

### _110409a - 1.      Building on recent momentum. The Fund, called on to support a global response to 

### The post-crisis global economy: exit strategies and policy frameworks
- Membership commitment: maintain concerted policy support until a firmer recovery is underway and coordinate exit strategies.
- Deliverables and timing:
  - Develop orderly and cooperative exit strategies for unwinding accommodative fiscal, monetary and financial sector policies — to be discussed by the Board by the Spring 2010 IMFC Meetings.
  - High-Level Conference on exit strategies scheduled for early December 2009.
  - Board paper on fiscal policy by January proposing principles for fiscal adjustment in advanced countries once the recovery is underway; augmented by papers on the role of tax policy in fiscal consolidation and measures to achieve long-run fiscal sustainability given age-related spending increases (in TB2).
  - Paper on Unwinding Crisis-Related Intervention Measures (in TB2) to examine tradeoffs and practical considerations for implementing exit strategies, taking into account developments since prior Board discussions and issues from the High Level Conference.
  - The Spring World Economic Outlook (WEO) to provide an updated assessment of progress toward a more sustainable recovery, gauge macro-economic and financial outlook, and signal potential risks to successful exits; WEO to assess unemployment challenges and lessons from past switches from export-oriented to domestic-demand driven growth models.
  - Informal briefing on the Early Warning Exercise (TB2) to address plausible risks and policy responses.
- Reshaping policy frameworks:
  - Board papers on evolution of fiscal rules to improve fiscal policy (TB1).
  - Reforms to central banking and monetary policy frameworks to foster macro-financial stability (TB2).
  - Spring Global Financial Stability Report (GFSR) to focus on strengthening regulatory architecture to account for systemic linkages and accomplish systemic regulation.
  - Board discussion of legal and operational issues in cross-border bank insolvencies.

### Global architecture
A. Strengthening the International Monetary System
- Fund mandate review:
  - IMFC requested review to cover full range of macroeconomic and financial sector policies affecting global financial stability.
  - Process: a chapeau paper to sketch broad vision for Fund roles in surveillance, lending, and functioning of the international monetary system — to be discussed by January — followed by a series of deeper papers before the Spring Meetings.
- Specific papers and issues (timing as stated):
  - Size of the Fund: in context of the 14th review of quotas and following expected agreement to amend and expand the New Arrangements to Borrow by over $500 billion; paper to be discussed in early 2010 to reflect on appropriate size of Fund resources and composition between quota and borrowed resources.
  - Fund financing role: paper for consideration around March to study future financing role, consider approaches to strengthen capacity to help members cope with financial volatility, building on the Flexible Credit Line and High Access Precautionary Arrangements, while preserving adequate safeguards; examine whether these and potential new instruments can provide credible alternatives to self-insurance.
  - International monetary system: paper for consideration by the Spring Meetings to examine key sources of instability in the international monetary system, remedies to improve functioning, emphasis on reducing demand for reserve assets as self-insurance beyond steps discussed in the previous paper, and scope for diversifying sources of reserves supply.
  - Surveillance: paper to be considered around March to elaborate Fund’s overall surveillance responsibilities and revisit modalities of surveillance (e.g., balance between bilateral and multilateral surveillance).
  - Separate paper before end of the year on Fund membership in the Financial Stability Board.

- Fund finances:
  - Ongoing discussions on amending and expanding the NAB; Board will formally consider proposed amendments as soon as agreement among current and new participants is reached.

B. Further enhancing Fund policy advice
- Traction and G-20:
  - Request for Fund assistance in implementation of the G20’s Framework for Strong, Sustainable, and Balanced Growth could increase traction of surveillance on most systemic members.
  - Board to discuss framework and process underlying Fund’s role in G-20 mutual assessments at an informal briefing.
- Transparency:
  - Upcoming review of the Fund’s Transparency Policy will propose enhancements to improve speed of publication and candidness of staff reports.
- Cross-country surveillance:
  - Continue experimentation with thematic surveillance in TB2 on two topics: policies of countries with large financial sectors relative to the size of their economies; and how emerging markets have coped with the crisis.

C. Quota and governance reform
- Quotas:
  - IMFC call for Board to meet the January 2011 target for completing the Fourteenth General Review of Quotas.
  - Objective: agree on concrete parameters for desired shift in quota share to dynamic emerging and developing countries of at least five percent from over-represented to under-represented countries using the current quota formula as basis.
  - Series of papers to be provided for discussion by the Committee of the Whole in TB2, with view to reporting good progress to the IMFC by the Spring Meetings.
  - Reiteration of call for members to ratify promptly the 2008 quota, voice, and income package.
- Governance:
  - Board to discuss in TB1/TB2 a paper taking up selected issues identified in the Board’s report to the IMFC warranting further consideration; a short Board report will update the IMFC on governance reform progress.
  - For selecting IMF management, Dean of the Executive Board to form and lead a Working Group of Executive Directors, supported by a small staff secretariat.

D. Low-Income Country (LIC) agenda
- Concessional lending and income model:
  - Full implementation of the new income model, including gold sales, and prompt contributions of loan and subsidy resources urged to support a doubling of the IMF’s concessional lending capacity.
- Debt sustainability:
  - Board will discuss the outlook for debt sustainability in LICs in light of the crisis and medium-term global prospects, and the extent to which post-crisis policies in some LICs may need to adapt to preserve debt sustainability while supporting strong and sustainable growth (TB2).
- Concessional eligibility and financing:
  - Board to discuss in December a paper on PRGF eligibility, focusing on whether and how low-income countries’ economic positions have altered over time and whether there is scope for better targeting the Fund’s concessional resources.
  - Review of the Fund’s concessional financing scheduled for TB2.

### Continuing work of the Fund: institutional soundness and internal priorities
- Prioritization directive: staff asked to prioritize continuing work with emphasis on institutional strengthening and issues essential to continuous smooth running and soundness of the Fund.
- Board discussion topics (timing as stated):
  - General policy work:
    - Paper on progress in implementation of the Joint Management Action Plan on Bank-Fund Collaboration.
    - Proposal for financial indicators to be included in the Special Data Dissemination Standard (SDDS) on an encouraged basis (TB2).
    - Paper examining effectiveness of the Fund’s AML/CFT program and proposals for strengthening its role in support of surveillance and capacity building (in TB3).
  - Budget, income and human resources:
    - Important reform of the Staff Retirement plan (TB1/TB2).
  - Fund finances:
    - Initial discussion of asset allocation under the Fund's broader investment mandate (in TB1).
  - Risk management.
  - IEO matters:
    - Discussion of the Evaluation of the Fund’s Interactions with Members, and follow-up to this evaluation and the one of the Fund’s Approach to International Trade Policy.

- Time Band definitions:
  - TB1: through end-January 2010.
  - TB2: February–April 2010.
  - TB3: May 2010 and after.

*Source: IMF internal document summarizing planned work program and reform priorities.*

### 12.      In sum. This work program is ambitious but achievable and, in any case, necessary.

### 12. In sum. This work program is ambitious but achievable and, in any case, necessary.

### Key conclusion
- "The Fund’s ability to deliver the demanding tasks assigned to it has been a key to its resurgence and we must take care to not lose the momentum."

### Implementation of the June 2009 Work Program — selected items and timing (from Table 1)
- Strengthening the Global Financial Safety Net
  - Proposal for a General Allocation of SDRs — 6/26/09 (Projected Spring Work Program: 6/26/09)
  - Borrowing by the Fund — Operational Issues — 6/29/09 (Projected Spring Work Program: 6/29/09)
  - A Framework for the Issuance of Notes to the Official Sector — 6/29/09 actual / 7/01/09 revised
  - Financing the Fund’s Concessional Lending to LICs — 7/01/09 projected / 7/23/09 actual
  - Inf. Seminar: Use of Fund Resources for Budget Support — Added / 8/28/09
  - Modalities for the Sale of Post-Second Amendment Gold — TB2 / 9/18/09
  - The Fund’s Liquidity Position — Added / 09/21/09
  - Expanding the New Arrangements to Borrow — June – July (Projected) / 11/20/09 (tentative actual)
  - Review of Financial Risks and the Adequacy of Precautionary Balances — TB3 / TB2 (timing bands)
- Adapting the Lending Framework for Low-Income Members
  - Review of the Policy Support Instrument — 7/08/09 projected / 7/08/09 actual
  - A New Architecture of Lending Facilities for Low-Income Countries — 7/17/09 projected / 7/17/09 actual
  - A New Concessional Financing Framework — 7/17/09 projected / 7/17/09 actual
  - Debt Limits in Fund-supported Programs: Proposed New Guidelines — TB2 / 8/31/09
  - Review of Aspects of the Debt Sustainability Framework — TB2 / 8/31/09
  - Review of PRGF Eligibility — October / TB1
- Monitoring and Policy Advice (including in the context of TA)
  - Seminar: Debt Bias and Other Distortions: Crisis-related Issues in Tax Policy — 6/01/09 projected / 6/01/09 actual
  - Informal Seminar: Recent Developments in Trade Finance — 6/02/09 projected / 6/02/09 actual
  - WEMD — 7/02/09 projected / 7/02/09 actual
  - Global Financial Stability Report — TB2 / 9/14/09
  - World Economic Outlook — TB2 / 9/16/09
- Enhancing Surveillance
  - Informal Seminar: Review of the Stability of the Global Exchange Rate System — 7/29/09 projected / 7/29/09 actual
  - Inf. Seminar: Themes in Major Country Surveillance — 8/05/09 projected / 8/26/09 actual
  - Seminar: The Early Warning Exercise: Further Steps — 7/16/09 projected / 9/02/09 actual
  - FSAP Review and Discussion of Integrating Financial Sector Analysis into Surveillance; Risk-Based ROSCs — TB2 / 9/21/09
  - Informal Restricted Meeting: Update of the Fund-FSB Early Warning Exercise — TB2 / 9/22/09
  - Seminar: Assessing the Systemic Importance of Financial Institutions, Markets, and Instruments — Sept. / 9/23/09
  - Review of Transparency Policy — TB3 / 11/16/09
  - Seminar: Fiscal Rules: Anchoring Expectations — TB3 / 12/02/09
- Governance
  - Informal Briefing: Control and Audit Related Matters — 6/05/09 projected / 6/05/09 actual
  - Informal Meeting: The Report of the Committee of Eminent Persons on IMF Governance Reforms — 6/10/09 projected / 6/10/09 actual
  - IMF Governance Reforms — 7/20/09 projected / 7/21/09 actual
  - Quotas—Updated Calculations and the Quota Formula — Sept. / 9/10/09
  - Broadening the Fund’s Investment Mandate — 7/27/09 projected / 9/14/09 actual
- Streamlining and Work Practices
  - Easing Work Pressures (formerly: Streamlining) — July – Aug. projected / 8/28/09 actual
- Budget and related items (selected)
  - Budget Reforms: ACES and others (Committee on the Budget) — Jan. 2010 projected / Dec./Jan. actual
  - FY11-13 Budget Strategy and Envelopes, and the Income-Expenditure Framework (Committee on the Budget) — March - April 2010 projected / Dec./Jan. actual
  - FY11-13 Administrative and Capital Budgets — March - April 2010 projected / March - April 2010 actual
  - Review of the Fund’s Income Position for FY 2010 and FY2011 — March - April 2010 projected / March - April 2010 actual
- External Audit and internal control
  - Control and Audit Related Matters — OIA Annual Activity Report — 6/05/09 projected / 6/05/09 actual
  - Report of the External Audit Committee to the Executive Board — 7/20/09 projected / 7/20/09 actual
- Human resources and IT (selected)
  - Diversity Annual Report — 2008 — 7/20/09 projected / 7/23/09 actual
  - Information Technology Security Issues — Added / 7/23/09
  - Building Facilities Requirements – Long-term Assessment (Committee on the Budget) — 8/03/09 projected / 11/12/09 actual

(Note: Time Bands refer to Spring and Fall 2009 work programs respectively. Shaded items in the original table were not yet completed.)

### Fall 2009 Work Program — major themes and selected deliverables (from Table 2)
- I. A Stronger Post-Crisis Global Economy
  - I.A Implementing exit strategies
    - A Strategy for fiscal Adjustment After the Crisis — FAD / DIS / TB1
    - Tax Policies and Exit Strategies; and Fiscal consolidation and age-related spending in G-20 countries — FAD / DIS / TB2
    - Update on Early Warning Exercise — SPR/RES/ FAD/MCM / IB / TB2
    - Unwinding Crisis-Related Intervention Measures: Implementation of Strategies — RES / DIS / TB2
    - World Economic Outlook — RES / DIS / April / 2010
  - I.B Reshaping the policy framework; institutions and strengthening resilience to shocks
    - Fiscal Rules: Anchoring Expectations for Sustainable Public Finances — FAD / SEM / 12/02/09
    - Government Finance Statistics to Strengthen Fiscal Analysis in the Wake of the Crisis — FAD/STA / LOT / January
    - Follow-up to the Seventh Review: Building a More Robust Financial Architecture — STA / DIS / TB1
    - Legal and Operational Issues in Cross-border Bank Insolvency — LEG/MCM / DIS / January
    - Central Banking after the Crisis — MCM / SEM / TB2
    - A Proposed Framework for the Cross-border Resolution of Insolvent Banks — LEG/MCM / DIS / TB3
- II. Bolstering the Global Architecture
  - II.A Strengthening the international monetary system
    - The Fund’s Mandate — a series including:
      - (i) Chapeau — SPR/LEG / SEM / January
      - (ii) Size of the Fund — FIN/SPR / DIS / TB1/TB2
      - (iii) The Fund’s Lending Role after the Crisis — SPR/FIN/ LEG/RES / DIS / TB2
      - (iv) Stability of the International Monetary System — SPR/RES/FIN/ LEG / SEM / TB2
      - (v) Modernizing Fund Surveillance — SPR / SEM / TB2
    - Expanding the NAB — FIN/LEG/SPR / DIS / 11/20/2009 (tentative)
    - Fund Membership in the Financial Stability Board — LEG/MCM/SPR / DIS / TB1
  - II.B Enhancing Surveillance
    - Review of the Transparency Policy — SPR / DIS / 11/16/2009
    - Fund Assistance in the G-20 Mutual Assessment Process — SPR / IB / Nov./Dec.
    - Global Financial Stability Report — MCM / DIS / April / 2010
    - Cross-Cutting Themes in Surveillance of Medium-Sized Economies with Large Financial Sectors — SPR/MCM / ISEM / TB2
    - How Have Emerging Market Countries Coped in the Crisis? — SPR / ISEM / TB2
  - II.C Governance and quota reform
    - Fourteenth General Review of Quotas — FIN / DIS — Committee of the Whole / TB1
    - IMF Governance: Further Considerations on Selected Issues — LEG/SPR / DIS / TB1/TB2
    - Progress in Governance Reform — SPR/LEG / DIS / TB2
    - Selection of IMF Management — Working Group of Executive Directors / DIS / TB2
  - II.D Low-income country issues
    - Review of PRGF Eligibility — SPR / DIS / TB1
    - Preserving Debt Sustainability in LICs in the Wake of the Crisis — SPR / SEM / TB2
    - Update on the Financing of the Fund's Concessional Assistance and Debt Relief to Low-Income Members — FIN / DIS/LOT / TB2
    - Use of SDRs as Loan Resources for Concessional Lending — FIN/LEG / DIS / TB1
- III. Other Fund policy work; Budget, income and human resources; Fund finances; Risk management; IEO matters
  - Selected items:
    - Status Report to the Executive Boards of the IMF and the World Bank on the Implementation of the JMAP — SPR/World Bank / DIS / TB2
    - Follow up of the Seventh Review: Proposal to Broadening the SDDS on Financial Indicators — STA / DIS / TB2
    - Anti-Money Laundering and Combating the Financing of Terrorism—Review of the Fund's Program — LEG / DIS / TB3
    - HRD Reform of the SRP — HRD / DIS / TB1/TB2
    - FY11-13 Administrative and Capital Budgets — OBP/FIN / DIS / TB2
    - Fund's Strategic Asset Allocation Under a Broadened Investment Mandate — FIN / DIS / TB1
    - Review of the Fund's Precautionary Balances — FIN / DIS / TB2
    - The Fund's Liquidity Position-Review and Outlook — FIN / DIS / TB2
    - Annual Report on Risk Management — OIA / DIS / TB2
    - Report of the External Audit Committee to the Executive Board — FIN / IB / TB1
    - Third Periodic Monitoring Report on the Status of Implementation Plans in Response to Board-Endorsed IEO Recommendations — SPR / DIS / Nov.
    - IMF’s Approach to International Trade Policy — SPR / DIS / Dec.

*Source: _110409a - 12.      In sum. This work program is ambitious but achievable and, in any case, necessary.*

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_Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2009/_110409a.pdf_