## Key Trends in Implementation of the Fund’s Transparency Policy

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### Overview
- Prepared by the Strategy, Policy, and Review Department; in consultation with other Departments; Approved by Reza Moghadam; August 23, 2010.
- The set of tables updates the last Key Trends with information on documents published through December 2009.
- Publication definition used throughout: documents considered by the Board during calendar year and published within six months of end of calendar year (e.g., 2009 documents discussed Jan 1, 2009–Dec 31, 2009 and published by June 30, 2010).

### Trends in Publication Rates (Table 1 highlights)
- Staff Reports: 2007 — Reports discussed 240; Published 85 percent. 2008 — Reports discussed 223; Published 83 percent. 2009 — Reports discussed 237; Published 93 percent.
- Article IV, UFR, or Combined: 2007 — Reports discussed 186; Published 88 percent. 2008 — Reports discussed 177; Published 88 percent. 2009 — Reports discussed 215; Published 93 percent.
- Stand-alone Article IV: 2007 — Reports discussed 116; Published 85 percent. 2008 — 96; Published 84 percent. 2009 — 95; Published 88 percent.
- Stand-alone UFR: 2007 — 48; Published 95 percent. 2008 — 25; Published 96 percent. 2009 — 59; Published 96 percent.
- Stand-alone PPM, SMP, EPA, PSI: 2007 — 18; Published 89 percent. 2008 — 14; Published 64 percent. 2009 — 11; Published 91 percent.
- Joint Staff Advisory Note: 2007 — 28; Published 75 percent. 2008 — 26; Published 65 percent. 2009 — 7; Published 100 percent.
- HIPC Country Papers: 2007 — 9; Published 67 percent. 2008 — 6; Published 67 percent. 2009 — 4; Published 100 percent.
- Selected Issues/Statistical Annexes: 2007 — 118; Published 75 percent. 2008 — 105; Published 84 percent. 2009 — 51; Published 78 percent.
- FSSAs: 2007 — 13; Published 38 percent. 2008 — 26; Published 62 percent. 2009 — 15; Published 40 percent.
- ROSC modules: 2007 — 68; Published 46 percent. 2008 — 69; Published 75 percent. 2009 — 65; Published 37 percent.
- Article IV Public Information Notices (PINs): 2007 — 136; Published 95 percent. 2008 — 119; Published 97 percent. 2009 — 118; Published 98 percent.
- UFR and PSI Chairman's statements: 2007 — 82; Published 93 percent. 2008 — 86; Published 99 percent. 2009 — 120; Published 100 percent.
- Authorities' statements: 2007 — 196; Published 63 percent. 2008 — 181; Published 72 percent. 2009 — 197; Published 77 percent.
- Country Policy Intention Documents: 2007 — 167; Published 87 percent. 2008 — 188; Published 91 percent. 2009 — 221; Published 100 percent.
  - LOIs/MEFPs: 2007 — 74; Published 89 percent. 2008 — 86; Published 93 percent. 2009 — 116; Published 100 percent.
  - TMUs: 2007 — 61; Published 90 percent. 2008 — 74; Published 97 percent. 2009 — 94; Published 100 percent.
- PRSPs, I-PRSPs, and related reports: 2007 — 32; Published 78 percent. 2008 — 28; Published 68 percent. 2009 — 11; Published 100 percent.
- Policy Papers (publication presumed): 2007 — 17; Published 76 percent. 2008 — 33; Published 91 percent. 2009 — 54; Published 91 percent.

### Trends in Publication Rates of Article IV and UFR Staff Reports (by region and country group) (Table 2 highlights)
- Article IV and UFR staff reports: 2007 — Reports discussed 186; Published 88 percent. 2008 — 177; Published 88 percent. 2009 — 215; Published 93 percent.
- Advanced economies: 2007 — 25; Published 100 percent. 2008 — 21; Published 100 percent. 2009 — 28; Published 100 percent.
- Emerging markets: 2007 — 38; Published 84 percent. 2008 — 34; Published 82 percent. 2009 — 50; Published 94 percent.
- Developing countries: 2007 — 123; Published 86 percent. 2008 — 122; Published 88 percent. 2009 — 137; Published 91 percent.
- Emerging market and developing countries (WEO definitions): 2007 — 161; Published 86 percent. 2008 — 156; Published 88 percent. 2009 — 187; Published 92 percent.
- Africa: 2007 — 56; Published 91 percent. 2008 — 59; Published 93 percent. 2009 — 62; Published 95 percent.
- Asia: 2007 — 25; Published 80 percent. 2008 — 21; Published 81 percent. 2009 — 30; Published 87 percent.
- Central and Eastern Europe: 2007 — 16; Published 100 percent. 2008 — 17; Published 100 percent. 2009 — 27; Published 100 percent.
- CIS and Mongolia: 2007 — 16; Published 94 percent. 2008 — 16; Published 94 percent. 2009 — 21; Published 95 percent.
- Middle East: 2007 — 17; Published 82 percent. 2008 — 12; Published 67 percent. 2009 — 10; Published 70 percent.
- Western Hemisphere: 2007 — 31; Published 71 percent. 2008 — 31; Published 74 percent. 2009 — 37; Published 89 percent.
- Exceptional Access Countries: 2008 — Reports discussed 32; Published 100 percent. 2009 — Reports discussed 36; Published 100 percent.

### Publication Lags and Timeliness (Table 3 and Table 7 highlights)
- Article IV and UFR staff reports — Number published and average lag (calendar days):
  - 2007 — Number published 163; Average lag 44 days; % with lag > 1 month 37; % with lag > 2 months 17.
  - 2008 — Number published 156; Average lag 37 days; % with lag > 1 month 37; % with lag > 2 months 19.
  - 2009 — Number published 201; Average lag 34 days; % with lag > 1 month 38; % with lag > 2 months 12.
- Article IV (stand-alone) average lag:
  - 2007 — Number published 99; Average lag 41 days; % with lag > 1 month 33; % with lag > 2 months 17.
  - 2008 — 81; Average lag 41 days; % with lag > 1 month 37; % with lag > 2 months 21.
  - 2009 — 85; Average lag 30 days; % with lag > 1 month 32; % with lag > 2 months 13.
- Combined reports average lag:
  - 2007 — 21 published; Average lag 78 days; % with lag > 1 month 71; % with lag > 2 months 29.
  - 2008 — 21 published; Average lag 46 days; % with lag > 1 month 57; % with lag > 2 months 24.
  - 2009 — 26 published; Average lag 50 days; % with lag > 1 month 58; % with lag > 2 months 23.
- UFR average lag:
  - 2007 — 43 published; Average lag 34 days; % with lag > 1 month 28; % with lag > 2 months 11.
  - 2008 — 28 published; Average lag 28 days; % with lag > 1 month 29; % with lag > 2 months 11.
  - 2009 — 90 published; Average lag 33 days; % with lag > 1 month 39; % with lag > 2 months 9.
- Regional average lags (selected):
  - Africa 2009 — Number published 59; Average lag 51 days; % with lag > 1 month 54; % with lag > 2 months 19.
  - Asia 2009 — Number published 27; Average lag 27 days; % with lag > 1 month 26; % with lag > 2 months 11.
  - Western Hemisphere 2009 — Number published 33; Average lag 32 days; % with lag > 1 month 36; % with lag > 2 months 9.
- Article IV Public Information Notices (PINs) average lag:
  - 2007 — Number published 129; Average lag 29 days; % with lag > 1 month 22; % with lag > 2 months 9.
  - 2008 — 116; Average lag 22 days; % with lag > 1 month 22; % with lag > 2 months 6.
  - 2009 — 116; Average lag 22 days; % with lag > 1 month 22; % with lag > 2 months 7.
- Table 7: Examples of shortest publication lags (calendar days between Board date and publication date):
  - Multiple entries with lag 7 days: Italy (02/06/09), Mexico (04/17/09), Poland (05/06/09), Mexico (02/06/09), Zimbabwe (05/04/09), Tanzania (05/29/09), Hungary (06/23/09), United States (07/24/09).
- Table 7: Examples of longest publication lags (calendar days):
  - Dominican Republic — 189 days (Board date 03/11/09).
  - Liberia — 401 days (Board date 03/03/09).
  - Congo, Democratic Republic of the — 257 days (Board date 11/09/09).
  - Lesotho and Botswana — 332 days each (Board dates 02/09/09 and 07/20/09 respectively).
  - Additional long lags: Cameroon 141 days; Lithuania 119 days; Tunisia 108 days; Uruguay 102 days; Thailand 94 days; United Arab Emirates 94 days; Kazakhstan 90 days.

### Deletions in Article IV and UFR Staff Reports (Table 4 highlights)
- All Article IV and UFR reports — 2007: Number published 163; With any deletions 9 percent of all published reports; With deletions on exchange rate issues 6 percent; With deletions on financial sector issues 2 percent.
- 2008: Number published 156; With any deletions 12 percent; With deletions on exchange rate issues 7 percent; With deletions on financial sector issues 5 percent.
- 2009: Number published 201; With any deletions 16 percent; With deletions on exchange rate issues 4 percent; With deletions on financial sector issues 9 percent.
- Regional examples (2009):
  - Advanced economies — 28 published; With any deletions 39 percent; With deletions on exchange rate issues 4 percent; With deletions on financial sector issues 29 percent.
  - Emerging markets — 48 published; With any deletions 29 percent; With deletions on exchange rate issues 10 percent; With deletions on financial sector issues 13 percent.
  - Developing countries — 125 published; With any deletions 6 percent; With deletions on exchange rate issues 2 percent; With deletions on financial sector issues 4 percent.
- Exchange rate regime groups (2009):
  - Countries with fixed or crawling pegs or bands — 80 published; With any deletions 10 percent; With deletions on exchange rate issues 3 percent; With deletions on financial sector issues 5 percent.
  - Countries with other exchange rate regimes — 122 published; With any deletions 20 percent; With deletions on exchange rate issues 5 percent; With deletions on financial sector issues 12 percent.

### Members Publishing All Article IV/UFR Staff Reports in 2009 (Table 5 highlights)
- Full list of members that published all Article IV/UFR staff reports considered by the Board in 2009 includes (selected examples):
  - Advanced economies and others: Australia, Austria, Belgium, Canada, Czech Republic, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Japan, Korea, Luxembourg, Netherlands, New Zealand, Norway, Spain, Sweden, Switzerland, United Kingdom, United States.
  - Developing and emerging markets: Afghanistan, Albania, Algeria, Armenia, Bahamas, Barbados, Belize, Benin, Bhutan, Bolivia, Bosnia & Herzegovina, Botswana, Bulgaria, Burkina Faso, Burundi, Cambodia, Cameroon, Cape Verde, Chad, Chile, Colombia, Comoros, Costa Rica, Côte d'Ivoire, Croatia, Cyprus, Dominican Republic, El Salvador, Estonia, Ethiopia, Gabon, Gambia, Georgia, Ghana, Guatemala, Guinea-Bissau, Haiti, Honduras, India, Indonesia, Jordan, Kazakhstan, Kenya, Kiribati, Kuwait, Kyrgyz Republic, Lao People Dem. Rep., Latvia, Lesotho, Liberia, Libya, Lithuania, Luxembourg, Madagascar, Malawi, Malaysia, Maldives, Mali, Malta, Mexico, Micronesia, Mongolia, Montenegro, Morocco, Mozambique, Namibia, Niger, Nigeria, Pakistan, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Poland, Qatar, Romania, Russian Federation, Rwanda, Samoa, Sao Tome & Principe, Senegal, Serbia, Seychelles, Sierra Leone, Singapore, Slovak Republic, Slovenia, Solomon Islands, South Africa, Sri Lanka, St. Kitts & Nevis, St. Lucia, St. Vincent and the Grenadines, Sudan, Sweden, Switzerland, Syrian Arab Republic, Tajikistan, Tanzania, Thailand, Timor Leste, Togo, Tonga, Trinidad & Tobago, Tunisia, Uganda, Ukraine, United Arab Emirates, Uruguay, Vanuatu, Vietnam, Yemen, Zambia, Zimbabwe.
- Note: Members who published their Article IV/UFR staff reports for the first time in 2009 were Malaysia and Thailand.

### Members Not Publishing Any Article IV/UFR Staff Reports in 2009 (Table 6 highlights)
- Countries that had Article IV/UFR documents considered by the Board during calendar year 2009 but did not publish these documents within six months of end of calendar year:
  - Bahrain, Brazil, Brunei Darussalam, China, Eritrea, Fiji, Guyana, Honduras, Myanmar, Nicaragua, Saudi Arabia, Turkmenistan.
- Notes:
  - For Board meetings in 2009, Bahrain, Brazil, Brunei Darussalam, China, Eritrea, Fiji, Guyana, Saudi Arabia, and Turkmenistan published their PINs in 2009, and Djibouti and Nicaragua published their Chairman's statements.
  - Myanmar published a Factual Statement in lieu of an Article IV PIN in 2009.

*Source: Key Trends in Implementation of the Fund’s Transparency Policy, Strategy, Policy, and Review Department; data cover documents discussed by the Board during calendar year and published within six months of end of calendar year (tables provide details through December 2009).*

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_Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2010/_082310.pdf_