## 1. Overview. Recent events make clear that the global economy remains vulnerable, and

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---

### Major message
- The global economy remains vulnerable; important work is required to secure the recovery and prevent future crises.
- The IMF must adapt tools to assess global stability risks, and when prevention is insufficient, provide instruments to restore confidence.
- Modernizing the Fund’s surveillance and financing mandates is essential to improving effectiveness; quota and governance reforms are essential to legitimacy.
- IMFC guidance: complete the quota review before January 2011, in line with parameters agreed in Istanbul.
- The agenda is highly ambitious and requires collaboration comparable to the response to the first stage of the crisis.

### Work flow
- Workload remains intense and requires prioritization.
- The calendar outlined in Tables 1A, 1B, and 1C is structured to advance strategic priorities.

### I. Securing a Stronger, More Sustainable Global Economy

- Global analysis and policy dialogue
  - Quarterly updates and fall editions of the World Economic Outlook (WEO) and Global Financial Stability Report (GFSR) will provide up-to-date analysis of global economic and financial conditions, including cross-country spillovers, and discuss appropriate policy responses.
  - The WEO will consider the impact of fiscal consolidation on growth in advanced economies and post-crisis dynamics of trade.
  - The fall GFSR will focus on sovereign risks and regulatory reform.
  - Implementing Fiscal Exit Strategy: A Progress Report will cover issues relevant to these discussions.
  - The Fund will continue to support the G-20 Mutual Assessment Process to guide members toward strong, sustainable, and balanced growth.

- Anticipating future vulnerabilities
  - Continue refining ability to identify vulnerabilities in individual countries and potential systemic impacts, particularly by improving data collection.
  - Addressing Data Issues in the Aftermath of the Crisis — informal Board briefing in July — will describe ongoing work on data gaps and data standards.
  - An informal Board seminar is planned after the summer recess to discuss EWE – Methodological Aspects and an update on VEE Methodology.

- Lessons from crisis response (formal and informal Board events)
  - Review of Crisis Programs 2.0 — Board update scheduled for end-May.
  - How did Emerging Markets (EMs) Cope with the Crisis — June review of EM performance and recovery factors.
  - Central Banking Lessons from the Crisis — June discussion focusing on financial stability.
  - Global Financial Crisis: Use of Intervention and Resolution Tools — description of responses, comparisons with earlier crises, and lessons.

- Assessing Emerging Market spillovers
  - Informal Board seminar in September on the role of dynamic EMs in the global economy, covering real and financial linkages among EMs and between EMs and LICs, common macroeconomic policy challenges facing EMs, and policy challenges for LICs amid expanding relations with EMs and possible global rebalancing.

- Long-run fiscal sustainability
  - Fund analysis and policy advice to support sustainable public finances and address sovereign debt risks, taking country circumstances into account.
  - Two formal Board seminars planned toward the end of the year:
    - Macro-Fiscal Implications of Healthcare Reform in Emerging and Advanced Countries (November).
    - Revenue Mobilization in Developing Countries (December).

- Financial regulatory architecture
  - Need for stronger global financial regulation and supervision to avoid repeat crisis; collaborative and consistent approach emphasized.
  - Informal Board seminar in September on Implications of Financial Regulatory Initiatives across countries.
  - Preparing papers for formal Board discussions on cross-border resolution of insolvent banks (in line with G-20 request).
  - Board to discuss options for how the financial sector can make a fair and substantial contribution to cover extraordinary government support while reducing excessive risk-taking.

- Low income countries: prospects and challenges
  - Continue to bolster support and sharpen policy advice for LICs.
  - Issue Exit Strategies and Post-Crisis Policies in Low-Income Countries in September.
  - Informal Board seminar, Managing Volatility: Towards a Framework for Assessing Vulnerabilities in Low-Income Countries, planned after the Annual Meetings to outline a framework for analyzing shock transmission into sectoral vulnerabilities in LICs.

### Key deliverables and timing (selected)
- WEO and GFSR: quarterly updates and fall editions; fall GFSR focus on sovereign risks and regulatory reform.
- Addressing Data Issues in the Aftermath of the Crisis — informal Board briefing — July.
- EWE – Methodological Aspects — informal seminar — after summer recess.
- Informal Board seminar on Emerging Market spillovers — September.
- Macro-Fiscal Implications of Healthcare Reform — formal Board seminar — November.
- Revenue Mobilization in Developing Countries — formal Board seminar — December.

### II. Advancing Quota, Governance, and Mandate Reforms

- Quotas and governance
  - Substantial work required to complete the quota review before January 2011, consistent with Istanbul parameters, and to deliver other governance reforms as called for by the IMFC.
  - The 14th General Review of Quotas—Further Considerations is tentatively scheduled for Board discussion in early July, following provision, early in June, of the final dataset for the quota review.
  - This will lay groundwork for follow-up work, including on the size of the Fund, starting with a meeting shortly after the summer recess.
  - In parallel, a Board paper on Governance Reform will identify avenues to advance reforms across IMFC-highlighted topics, for Board discussion in July.
  - Depending on progress, a follow-up paper narrowing elements of a reform package could be considered.
  - Proposal to issue a Report to the IMFC on Governance and Quota Reform ahead of the Annual Meetings on the state of play.

- Mandate
  - Report to the IMFC: the Fund’s Mandate will make recommendations and review steps to:
    - Improve focus and traction of Fund surveillance;
    - Enhance crisis prevention;
    - Improve the global financial safety net;
    - Study policy options to promote stability and proper functioning of the international monetary system (IMS).
  - Board discussions on underlying surveillance, lending, and IMS issues are expected before the report; a Board discussion is planned in September.

- Surveillance (modernization and stronger traction)
  - Boosting quality and traction of Fund surveillance is central to the Mandate review, with a focus on systemic risks and spillovers, including macro-financial issues, via enhanced multilateral and bilateral surveillance.

- Key surveillance deliverables and timing
  - Review of the Fund’s Mandate: Follow-Up on Modernizing Surveillance — formal Board discussion in late-July; will explore modernization of surveillance mandate and modalities, review “Innovative Article IV Reports,” and discuss a possible Multilateral Surveillance Decision.
  - Multilateral perspective — staff plans one spillover report for the current year, aiming to cover all five major economies (China, Euro Area, Japan, United Kingdom, and United States) over the next 18-24 months; Board will discuss Cross-Cutting Themes from Selected Countries: Employment in September.
  - Financial sector surveillance:
    - Formal Board discussion on Fund Membership in the Financial Stability Board scheduled for August.
    - Formal Board discussion on Integrating Stability Assessments under the Financial Sector Assessment Program into Article IV Surveillance for members with systemically important financial systems scheduled for September.
    - Assessing Financial Interconnectedness: Objectives and Tools — formal Board discussion planned for end-October to assess data needs to measure financial interconnectedness.
  - Bilateral surveillance:
    - Bilateral Surveillance—the Obligation of Members to Consult with the Fund under Article IV — formal Board discussion scheduled for October to clarify legal framework for timely consultations.
    - Concept Note on the 2010 Review of the Standards and Codes initiative — to be discussed in an informal Board seminar after the recess in preparation for the formal review scheduled for year-end.

- Lending/safety nets
  - Despite last year’s reforms restoring confidence, scope exists for further improvement.
  - In July, the Board will discuss Future Financing Role of the Fund: Next Steps, considering ideas to strengthen crisis prevention toolkit, including:
    - Improvements to the FCL;
    - A new precautionary credit line to serve a broader group of members;
    - A new multi-country swap/credit line;
    - Collaboration with regional financing arrangements.

- International monetary system (IMS)
  - IMF positioned to study and assess credibility and feasibility of policy options to promote long-term stability and proper functioning of the IMS beyond exchange rate surveillance.

- Key IMS workstreams and timing
  - Reserve Adequacy Metrics for Emerging Markets and Low-Income Countries — informal Board seminar in July.
  - Review of the Method of Valuation of the SDR (five-yearly review of the composition, weights and interest rates used for each currency in the SDR basket) — Board discussion in October.
  - IMS Sequel Paper — will focus on the supply of reserve assets, including promoting EM reserve assets and enhancing the SDR’s role in the international monetary system; Board discussion in September or October.
  - Capital Flows: the Fund’s Role — formal Board discussion planned in the same timeframe, focusing on adequacy of tools related to capital flows.

### II — Key dates and deliverables (selected)
- 14th General Review of Quotas—Further Considerations — Discussion — July.
- Governance Reform — Discussion — July.
- Report to the IMFC: the Fund’s Mandate — Discussion — September.
- Review of the Method of Valuation of the SDR — Discussion — October.
- Reserve Adequacy Metrics for EMs and LICs — Informal Seminar — July.

### III. Continuing Work of the Fund

- Statement by the Managing Director on the Work Program of the Executive Board — Discussion — 05/24/10.
- Work Program Implementation — Informal Sessions — 06/21/10; July; September.
- 2009 Diversity Annual Report — Informal Briefing — 06/14/10.
- Review of the Fund’s Precautionary Balances — Discussion — 06/11/10.
- Strategic Asset Allocation under a Broadened Investment Mandate — Discussion — August.
- The Fund's Liquidity Position--Review and Outlook — TBD — TBD.

### III.c Risk Management — Selected items
- 2010 Annual Report on Risk Management — Discussion — 05/28/10.
- The Internal Audit Function in the Fund: 2010 Activity Report and Background Information — Informal Briefing — 06/11/10.
- Briefing by the External Audit Committee — Discussion — July.
- Review of the Safeguards Assessments Policy-2010 — Discussion — July.

### Items to be taken up after the 2010 Annual Meetings (selected)
- Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)—Report on the Review of the Effectiveness of the Program — Discussion — (Dept: LEG).
- Bilateral Surveillance--the Obligation of Members to Consult with the Fund under Article IV — Discussion — (Dept: LEG/SPR).
- Revenue Mobilization in Developing Countries — Formal Seminar — (Dept: FAD).
- Macro-Fiscal Implications of Healthcare Reform in Emerging and Advanced Countries — Formal Seminar — (Dept: FAD).
- Managing Volatility: Towards a Framework for Assessing Vulnerabilities in Low-Income Countries (LICs) — Informal Seminar — (Dept: SPR).
- 14th General Review of Quotas — Discussion — (Dept: FIN).
- Assessing Financial Interconnectedness: Objectives and Tools — Informal Seminar — (Dept: SPR/MCM).
- Spillover Report (2010) — Discussion — (Dept: SPR/MCM).
- 2010 Review of Standards and Codes initiative — Discussion — (Dept: SPR).
- The Fund's Data Dissemination Initiatives — Informal Briefing — (Dept: STA).
- Review of the Method of Valuation of the SDR — Discussion — (Dept: FIN).
- HQ1 Renewal Project -- Draft Proposals from the Planning and Programming Phase — Informal Briefing — (Dept: TGS/OBP).
- HQ1 Renewal Project -- Proposed decision on major building project — Discussion — (Dept: TGS/OBP).
- 2011 Review of Staff Compensation — Informal Briefing; Discussion — (Dept: HRD).
- Review of 2010 Experience with Recru(it)ment — Discussion — (Dept: HRD).
- The Consolidated Medium term Income and Expenditure Framework — Discussion — (Dept: FIN).
- Review of the Fund’s Income Position for FY11 and FY12 — Discussion — (Dept: FIN).
- Key Issues for the New FY2012-FY2014 Medium-Term Budget — Discussion — (Dept: OBP).

### 12. In sum. The Work Program outlined above is an ambitious agenda designed to
- The Work Program is framed as an ambitious agenda to increase the Fund’s effectiveness and ability to promote global stability.
- The Managing Director emphasizes the need to reach consensus on proposed reforms so that "the Fund’s renewed relevance is to outlast the crisis."
- The document lists a schedule of policy items to be taken up by the Executive Board before the 2010 Annual Meetings, items by date, and items scheduled to be taken up after the 2010 Annual Meetings.

*Source: IMF — 1. Overview. Recent events make clear that the global economy remains vulnerable, and*

### 1. Overview. Recent events make clear that the global economy remains vulnerable, and

### 1. Overview. Recent events make clear that the global economy remains vulnerable, and

### Major message
- The global economy remains vulnerable; important work is required to secure the recovery and prevent future crises.
- The IMF must adapt tools to assess global stability risks, and when prevention is insufficient, provide instruments to restore confidence.
- Modernizing the Fund’s surveillance and financing mandates is essential to improving effectiveness; quota and governance reforms are essential to legitimacy.
- IMFC guidance: complete the quota review before January 2011, in line with parameters agreed in Istanbul.
- The agenda is highly ambitious and requires collaboration comparable to the response to the first stage of the crisis.

### Work flow
- Workload remains intense and requires prioritization.
- The calendar outlined in Tables 1A, 1B, and 1C is structured to advance strategic priorities.

### I. Securing a Stronger, More Sustainable Global Economy

Global analysis and policy dialogue
- Quarterly updates and fall editions of the World Economic Outlook (WEO) and Global Financial Stability Report (GFSR) will provide up-to-date analysis of global economic and financial conditions, including cross-country spillovers, and discuss appropriate policy responses.
- The WEO will consider the impact of fiscal consolidation on growth in advanced economies and post-crisis dynamics of trade.
- The fall GFSR will focus on sovereign risks and regulatory reform.
- Implementing Fiscal Exit Strategy: A Progress Report will cover issues relevant to these discussions.
- The Fund will continue to support the G-20 Mutual Assessment Process to guide members toward strong, sustainable, and balanced growth.

Anticipating future vulnerabilities
- Continue refining ability to identify vulnerabilities in individual countries and potential systemic impacts, particularly by improving data collection.
- Addressing Data Issues in the Aftermath of the Crisis will describe ongoing work on data gaps and data standards in an informal Board briefing in July.
- An informal Board seminar is planned after the summer recess to discuss EWE – Methodological Aspects and an update on VEE Methodology.

Lessons from crisis response
- Formal and informal Board events:
  - Review of Crisis Programs 2.0 — Board update scheduled for end-May.
  - How did Emerging Markets (EMs) Cope with the Crisis — June review of EM performance and recovery factors.
  - Central Banking Lessons from the Crisis — June discussion focusing on financial stability.
  - Global Financial Crisis: Use of Intervention and Resolution Tools — description of responses, comparisons with earlier crises, and lessons.

Assessing Emerging Market spillovers
- Informal Board seminar in September on the role of dynamic EMs in the global economy, covering real and financial linkages among EMs and between EMs and low-income countries (LICs), common macroeconomic policy challenges facing EMs, and policy challenges for LICs amid expanding relations with EMs and possible global rebalancing.

Long-run fiscal sustainability
- Fund analysis and policy advice to support sustainable public finances and address sovereign debt risks, taking country circumstances into account.
- Two formal Board seminars planned toward the end of the year:
  - Macro-Fiscal Implications of Healthcare Reform in Emerging and Advanced Countries (November).
  - Revenue Mobilization in Developing Countries (December).

Financial regulatory architecture
- Need for stronger global financial regulation and supervision to avoid repeat crisis; collaborative and consistent approach emphasized.
- Informal Board seminar in September on Implications of Financial Regulatory Initiatives across countries.
- Preparing papers for formal Board discussions on cross-border resolution of insolvent banks (in line with G-20 request).
- Board to discuss options for how the financial sector can make a fair and substantial contribution to cover extraordinary government support while reducing excessive risk-taking.

Low income countries: prospects and challenges
- Continue to bolster support and sharpen policy advice for LICs.
- Issue Exit Strategies and Post-Crisis Policies in Low-Income Countries in September.
- Informal Board seminar, Managing Volatility: Towards a Framework for Assessing Vulnerabilities in Low-Income Countries, planned after the Annual Meetings to outline a framework for analyzing shock transmission into sectoral vulnerabilities in LICs.

### II. Advancing Quota, Governance, and Mandate Reforms

Quotas and governance
- Substantial work required to complete the quota review before January 2011, consistent with Istanbul parameters, and to deliver other governance reforms as called for by the IMFC.
- The 14th General Review of Quotas—Further Considerations is tentatively scheduled for Board discussion in early July, following provision, early in June, of the final dataset for the quota review.
- This will lay groundwork for follow-up work, including on the size of the Fund, starting with a meeting shortly after the summer recess.
- In parallel, a Board paper on Governance Reform will identify avenues to advance reforms across IMFC-highlighted topics, for Board discussion in July.
- Depending on progress, a follow-up paper narrowing elements of a reform package could be considered.
- Proposal to issue a Report to the IMFC on Governance and Quota Reform ahead of the Annual Meetings on the state of play.

Mandate
- Report to the IMFC: the Fund’s Mandate will make recommendations and review steps to:
  - Improve focus and traction of Fund surveillance;
  - Enhance crisis prevention;
  - Improve the global financial safety net;
  - Study policy options to promote stability and proper functioning of the international monetary system (IMS).
- Board discussions on underlying surveillance, lending, and IMS issues are expected before the report; a Board discussion is planned in September.

Surveillance
- Boosting quality and traction of Fund surveillance is central to the Mandate review, with a focus on systemic risks and spillovers, including macro-financial issues, via enhanced multilateral and bilateral surveillance.

Key surveillance deliverables and timing
- Review of the Fund’s Mandate: Follow-Up on Modernizing Surveillance — formal Board discussion in late-July; will explore modernization of surveillance mandate and modalities, review “Innovative Article IV Reports,” and discuss a possible Multilateral Surveillance Decision.
- Multilateral perspective — staff plans one spillover report for the current year, aiming to cover all five major economies (China, Euro Area, Japan, United Kingdom, and United States) over the next 18-24 months; Board will discuss Cross-Cutting Themes from Selected Countries: Employment in September.
- Financial sector surveillance:
  - Formal Board discussion on Fund Membership in the Financial Stability Board scheduled for August.
  - Formal Board discussion on Integrating Stability Assessments under the Financial Sector Assessment Program into Article IV Surveillance for members with systemically important financial systems scheduled for September.
  - Assessing Financial Interconnectedness: Objectives and Tools — formal Board discussion planned for end-October to assess data needs to measure financial interconnectedness.
- Bilateral surveillance:
  - Bilateral Surveillance—the Obligation of Members to Consult with the Fund under Article IV — formal Board discussion scheduled for October to clarify legal framework for timely consultations.
  - Concept Note on the 2010 Review of the Standards and Codes initiative — to be discussed in an informal Board seminar after the recess in preparation for the formal review scheduled for year-end.

Lending/safety nets
- Despite last year’s reforms restoring confidence, scope exists for further improvement.
- In July, the Board will discuss Future Financing Role of the Fund: Next Steps, considering ideas to strengthen crisis prevention toolkit, including:
  - Improvements to the FCL;
  - A new precautionary credit line to serve a broader group of members;
  - A new multi-country swap/credit line;
  - Collaboration with regional financing arrangements.

International monetary system
- IMF positioned to study and assess credibility and feasibility of policy options to promote long-term stability and proper functioning of the IMS beyond exchange rate surveillance.

Key IMS workstreams and timing
- Reserve Adequacy Metrics for Emerging Markets and Low-Income Countries — informal Board seminar in July.
- Review of the Method of Valuation of the SDR (five-yearly review of the composition, weights and interest rates used for each currency in the SDR basket) — Board discussion in October.
- IMS Sequel Paper — will focus on the supply of reserve assets, including promoting EM reserve assets and enhancing the SDR’s role in the international monetary system; Board discussion in September or October.
- Capital Flows: the Fund’s Role — formal Board discussion planned in the same timeframe, focusing on adequacy of tools related to capital flows.

*Source: IMF — 1. Overview. Recent events make clear that the global economy remains vulnerable, and*

### 12.       In       sum.       The Work Program outlined above is an ambitious agenda designed to

### 12.       In       sum.       The Work Program outlined above is an ambitious agenda designed to 

### Summary
- The Work Program is framed as an ambitious agenda to increase the Fund’s effectiveness and ability to promote global stability.
- The Managing Director emphasizes the need to reach consensus on proposed reforms so that "the Fund’s renewed relevance is to outlast the crisis."
- The document lists a schedule of policy items to be taken up by the Executive Board before the 2010 Annual Meetings, items by date, and items scheduled to be taken up after the 2010 Annual Meetings.

### I. Securing a Stronger, More Sustainable Global Economy — Selected policy items (from TABLE 1A and 1B)
- How did Emerging Markets Cope with the Crisis? — Formal Seminar — 06/09/10  
  - Reviews the performance of EMs during the crisis, including initial impact, countercyclical policy responses, and factors influencing recovery.
- Central Banking Lessons from the Crisis — Formal Seminar — 06/18/10  
  - Discusses lessons for central banks, focusing on financial stability.
- July WEO Quarterly Update/ WEMD — Informal Session — 06/30/10
- Addressing Data Issues in the Aftermath of the Crisis — Informal Briefing — July  
  - Overview of work in data gaps and SDDS enhancements.
- EWE – Methodological Aspects — Informal Seminar — August  
  - Reviews EWE methodology; includes “VEE Methodology Update” supplement to update indicators and thresholds.
- Emerging Market Spillovers — Informal Seminar — September  
  - Covers real and financial linkages among dynamic EMs and between EMs and LICs; common macroeconomic policy challenges.
- Global Financial Stability Report (Fall 2010 issue) — Discussion — September  
  - Continued analysis of the crisis with a focus on sovereign risks and regulatory reform.
- Fall 2010 World Economic Outlook/WEMD — Discussion — September  
  - Tentative topics: Fiscal consolidation and growth in advanced economies; Trade recoveries and trade Patterns: Do crises have a lasting effect?
- Global Financial Crisis: Use of Intervention and Resolution Tools — Formal Seminar — September  
  - Describes responses to the recent crisis, comparisons with earlier crises, and lessons learned.

### I.c Strengthen financial regulatory architecture — Selected policy items
- A Proposed Framework for the Cross-border Resolution of Insolvent Banks — Discussion — 06/30/10  
  - Follows up on cross-border insolvency issues and possible approaches.
- Implications of Financial Regulatory Initiatives — Informal Seminar — September  
  - Examines the impact of proposed reform measures on the financial sector.

### II. Advancing Quota, Governance, and Mandate Reforms — Selected policy items
- Report to the IMFC: the Fund’s Mandate — Discussion — September  
  - Stocktaking progress to improve focus and traction of Fund surveillance; enhance crisis prevention; improve the global financial safety net; study policy options to promote stability and proper functioning of the IMS.
- 14th General Review of Quotas—Further Considerations — Discussion — July  
  - Illustrative quota realignment simulations.
- Governance Reform — Discussion — July  
  - Identifies priority topics and possible mechanisms to advance governance reform.
- 14th General Review of Quotas — Discussion — August  
  - Follow-up based on August discussion to support Committee of the Whole prior to Annual Meetings.
- MD’s Report to the IMFC on Governance and Quotas — Discussion — September

### II.b Surveillance — Selected policy items
- Exchange Rate and Current Account Assessments in Exporters of Nonrenewable Resources — Informal Seminar — 06/30/10
- Review of the Fund’s Mandate: Follow-Up on Modernizing Surveillance — Discussion — July
- Fund Membership in the Financial Stability Board — Discussion — August  
  - Examination of issues associated with the proposal for Fund membership in the FSB.
- Cross-Cutting Themes from Selected Countries: Employment Experiences — Informal Seminar — August  
  - Reviews crisis experience of select advanced economies to identify broader lessons and policy options to reduce unemployment and strengthen productivity.
- Concept Note on the 2010 Review of Standards and Codes initiative — Informal Seminar — August/September
- Integrating Stability Assessments under the Financial Sector Assessment Program into Article IV Surveillance — Discussion — September  
  - Discusses issues and propose decisions related to making FSAP stability assessments mandatory for members with systemically important financial systems.

### II.c Lending/safety nets — Selected policy items
- Review of Crisis Programs 2.0. — Formal Seminar — 05/26/10  
  - Board presentation to update earlier paper on recent crisis programs.
- Future Financing Role of the Fund: Next Steps — Discussion — July  
  - Follow-up to April 2010 Board discussion including possible Board decisions on FCL, PCL, and MSL.

### II.d International monetary system — Selected policy items
- Reserve Adequacy — Informal Seminar — July  
  - Discusses “Reserve Adequacy Metrics for EMs” and “Reserve Adequacy Metrics for LICs,” benefits and costs of reserve holdings, and guidance on use of adequacy metrics based on country characteristics.
- Capital Flows: the Fund’s Role — Discussion — September  
  - Discusses the Fund’s role in surveillance of capital flows including data issues and non-discriminatory responses.
- International Monetary System Sequel Paper — Discussion — September  
  - Follow-up focusing on supply of reserve assets, promoting EM reserve assets, and enhancing the SDR’s role.

### III. Continuing Work of the Fund — Selected items and governance/calendar
- Statement by the Managing Director on the Work Program of the Executive Board — Discussion — 05/24/10  
  - The Managing Director's semi-annual statement on the Board work program.
- Work Program Implementation — Informal Sessions — 06/21/10; July; September  
  - Periodic review of work program implementation.
- 2009 Diversity Annual Report — Informal Briefing — 06/14/10
- Review of the Fund’s Precautionary Balances — Discussion — 06/11/10  
  - Reviews adequacy of precautionary balances in light of increased credit risks.
- Strategic Asset Allocation under a Broadened Investment Mandate — Discussion — August  
  - Initial discussion of investment policy for the gold-funded endowment under the Fund's new income model.
- The Fund's Liquidity Position--Review and Outlook — TBD — TBD

### III.c Risk Management — Selected items
- 2010 Annual Report on Risk Management — Discussion — 05/28/10  
  - Status of risk management and assessment of risks.
- The Internal Audit Function in the Fund: 2010 Activity Report and Background Information — Informal Briefing — 06/11/10
- Briefing by the External Audit Committee — Discussion — July
- Review of the Safeguards Assessments Policy-2010 — Discussion — July  
  - Triennial review (originally scheduled for 2008) revisiting scope in light of increased lending for direct budget support.

### Items to be taken up after the 2010 Annual Meetings (TABLE 1C) — Selected items
- Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)—Report on the Review of the Effectiveness of the Program — Discussion — (Dept: LEG)  
  - Examination of effectiveness of the Fund’s AML/CFT program; integration within Fund surveillance and introduction of risk-based AML/CFT assessments.
- Bilateral Surveillance--the Obligation of Members to Consult with the Fund under Article IV — Discussion — (Dept: LEG/SPR)  
  - Clarifies legal framework governing members’ obligations to consult under Article IV; ideas to address excessive delays.
- Revenue Mobilization in Developing Countries — Formal Seminar — (Dept: FAD)  
  - Reviews experience, challenges, and good practice in strengthening revenue mobilization in developing countries.
- Macro-Fiscal Implications of Healthcare Reform in Emerging and Advanced Countries — Formal Seminar — (Dept: FAD)  
  - Discusses policy changes required to support fiscal consolidation in light of medium- and long-term projections of health spending.
- Managing Volatility: Towards a Framework for Assessing Vulnerabilities in Low-Income Countries (LICs) — Informal Seminar — (Dept: SPR)  
  - Outlines framework for analyzing how shocks translate into vulnerabilities in LICs; groundwork for VE-LIC methodology.
- 14th General Review of Quotas — Discussion — (Dept: FIN)  
  - Further papers on possible elements of agreement based on Committee of the Whole discussions and IMFC guidance.
- Assessing Financial Interconnectedness: Objectives and Tools — Informal Seminar — (Dept: SPR/MCM)  
  - Assesses data needs and insights to measure financial interconnectedness.
- Spillover Report (2010) — Discussion — (Dept: SPR/MCM)  
  - Analysis focusing on outward spillovers from domestic policies.
- 2010 Review of Standards and Codes initiative — Discussion — (Dept: SPR)
- The Fund's Data Dissemination Initiatives — Informal Briefing — (Dept: STA)
- Review of the Method of Valuation of the SDR — Discussion — (Dept: FIN)
- HQ1 Renewal Project -- Draft Proposals from the Planning and Programming Phase — Informal Briefing — (Dept: TGS/OBP)
- HQ1 Renewal Project -- Proposed decision on major building project — Discussion — (Dept: TGS/OBP)
- 2011 Review of Staff Compensation — Informal Briefing; Discussion — (Dept: HRD)
- Review of 2010 Experience with Recru(it)ment — Discussion — (Dept: HRD)
- The Consolidated Medium term Income and Expenditure Framework — Discussion — (Dept: FIN)
- Review of the Fund’s Income Position for FY11 and FY12 — Discussion — (Dept: FIN)
- Key Issues for the New FY2012-FY2014 Medium-Term Budget — Discussion — (Dept: OBP)  
  - Preliminary assessment of budgetary implications of the new mandate; options for prioritizing Fund activities.

*Source: Spring 2010 Work Program listings and schedule as provided in the document.*

---


_Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2010/_052410.pdf_