## _110812

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---

### I. SECURING THE RECOVERY
- Purpose:
  - Translate the Managing Director’s Global Policy Agenda (GPA) into a specific Fund work program for the next six months and outline key policy items over the next year.
- Global developments:
  - Joint session of the WEO, GFSR, and Fiscal Monitor ahead of the Spring Meetings; an Update in January.
  - Early Warning Exercise to be discussed before the Spring and Annual Meetings.
  - Vulnerability Exercise for LICs (VE-LIC) scheduled in August 2013.
  - Interim stocktake on implementation included in Updates to the WEO, GFSR, and Fiscal Monitor.
- Advanced economies:
  - Continued bilateral and multilateral surveillance, including annual consultation on euro area policies.
  - Analysis and advice to European authorities on options for banking and fiscal union.
  - Discussion: Monetary Policy—Its Role Now and in the Medium-Term scheduled for February 2013.
  - Work on impact of financial flows to safe haven economies during episodes of sharp changes in risk appetite.
  - Article IV consultations to incorporate integrated view of inward and, where appropriate, outward spillovers (reflecting ISD outreach feedback).
- Emerging Market Economies (EMEs):
  - Ongoing analysis of EME performance during the crisis, with Board-level presentations.
  - Paper: Developing Financial Markets in Emerging Market Economies in November 2013.
- Low-income countries (LICs):
  - Continue assistance to weather external shocks and rebuild buffers; continuation of pilot on financial surveillance in LICs.
  - Follow-up paper on Review of LIC Facilities in March 2013 with proposals to refine facilities and review access limits.
  - Review of Eligibility to Use the Fund’s Facilities for Concessional Financing in March 2013 to revisit eligibility framework and list of eligible countries.
- Small states:
  - Paper: Macroeconomic Issues in Small States and Implications for Fund Engagement to be discussed in March 2013.
  - Exchange Rate Assessments in Special Cases (¶7) relevant for small states (March 2013).
- MENA countries:
  - Continued engagement via policy advice, capacity building, and financial assistance as appropriate.
  - Relevant analysis planned on subsidy reform (¶5) and inclusive growth (¶6).
- Capacity building:
  - Capacity Development Strategy—Better Policies Through Stronger Institutions planned for May 2013.
- Lending and global safety net:
  - Well-designed programs:
    - Staff briefing in May 2013 on changes to the conditionality guidance note (follow-up to 2011 Review of Conditionality).
    - Paper on options for enhancing risk diagnostics in Fund-supported programs for information in March 2013.
    - Review of the Precautionary Liquidity Line (PLL) and the Rapid Financing Instrument (RFI) could be combined with an early review of the Flexible Credit Line (FCL) in November 2013.
    - Follow-up Crisis Programs Review envisaged for late 2013.
  - PRGT:
    - Recent receipt of assurances for the first distribution of the general reserves attributed to the windfall gold sale profits and decision on a second distribution noted.
    - Regular reports on progress toward securing the second distribution to be provided to the Board.
  - Other:
    - Review of Access Policy and Surcharges envisaged for early 2013, ahead of the 14th Review quota increases.
    - Paper exploring further cooperation between the Fund and Regional Financing Arrangements for information in March 2013.

### II. ANCHORING THE FUTURE
- Financial surveillance and Financial Surveillance Strategy (FSS) priorities:
  - Focus areas: macroprudential policies; improving risk identification and macro-financial policy advice; support for global regulatory reform agenda; engagement with stakeholders; strengthen integration in surveillance.
- Macroprudential policy:
  - Interaction of Monetary and Macroprudential Policies to be discussed in January 2013.
  - Key Aspects of Macroprudential Policy: Identification, Action, Governance, and Legal Aspects of Macroprudential Finance-Regulatory Policy in May 2013.
- Support for global regulatory reform:
  - Ongoing work on standards assessments and on potential unintended consequences of uncoordinated national initiatives.
  - Board briefing in December 2012 on Fund’s work with the Financial Stability Board.
- High debt:
  - Fiscal policy:
    - Board discussion: Energy Subsidy Reform: Lessons and Implications in February 2013.
  - Fiscal institutions:
    - Information papers: The Functions and Impact of Fiscal Councils in February 2013; Budget Institutions in G-20 Countries: A Status Report in October 2013.
  - Debt sustainability analysis (DSA):
    - Two operational guidance notes to be issued in March 2013: one for advanced and emerging economies (follow-up to Modernizing the Framework for Fiscal Policy and Public Debt Sustainability Analysis) and one for LICs (follow-up to Revisiting the Debt Sustainability Framework for Low-Income Countries).
    - Continued analysis of impact of financial sector vulnerabilities on public debt sustainability to be brought to the Board later.
  - Debtor-creditor relations:
    - Staff briefing in Q1 2013 on how recent initiatives to codify and clarify debtor-creditor relations relate to Fund policies and practices for sovereign debt restructuring.
  - Debt limits:
    - Board discussion: Review of the Fund’s Debt Limits Policy in March 2013.
- Supporting growth and jobs:
  - Board papers already published: Fostering Growth in Europe Now, and Fiscal Policy and Employment in Advanced and Emerging Economies.
  - Jobs and Growth: Analytical and Operational Implications for the Fund to be discussed in March 2013; related guidance note to be issued shortly after the Board meeting.
  - Work on determinants of long-term growth and impacts of global shifts (e.g., demographic changes).
  - Surveillance toolkit covering employment, growth, and income distribution to be available to staff and the Board at end-2012 (draws on World Bank and ILO resources).
- Global imbalances and spillovers:
  - External Sector Report (ESR):
    - Second pilot ESR to be discussed in June 2013; likely greater focus on global financial flows.
    - Exchange Rate Assessments in Special Cases paper in February 2013 to review assessments for countries not fitting the External Balance Assessment framework.
    - Staff Umbrella Report for the G20 MAP to be discussed ahead of the next Spring and Annual Meetings.
  - Interconnectedness and spillovers:
    - Spillover report to the Board in July 2013 to inform Article IV consultations.
    - Pilots on cluster surveillance and an experimental regional surveillance report covering the Nordic region in the Summer.
    - Interconnectedness: Implications for Policy and Fund Surveillance planned for late-2013.
    - Trade Interconnectedness: Global Supply Chains circulated for information in January 2013.
  - Capital flows:
    - Board discussion in early November 2012 on The Liberalization and Management of Capital Flows: An Institutional View.
    - Staff briefing scheduled for April 2013 on the associated guidance note.
  - Implementation of the new Surveillance Framework:
    - Progress report on implementation of the recommendations of the Triennial Surveillance Review to be discussed in November 2012.
- Governance:
  - Quota and governance reform:
    - Thresholds for effectiveness of quota increases and required number of member acceptances for entry into force of the Board Reform Amendment have been met.
    - Required 85 percent of the voting power for the Board Reform Amendment is not yet in place.
    - Monthly reporting to the Executive Board on status of votes to continue.
  - Quota formula review:
    - Due to be completed by January 2013.
    - Board discussion: Quota Formula Review—Further Considerations in November.
    - Draft Executive Board report to the Board of Governors to be discussed in January 2013.
  - Review of quotas:
    - Work on the 15th General Review of Quotas to commence shortly thereafter, to be completed by January 2014; will consider size of total quotas and distribution.
  - Transparency:
    - Review of Transparency Policy scheduled for May 2013 to reassess publications policy and alignment with integrated surveillance products.

### III. MANAGEMENT OF THE INSTITUTION
- Human resources and diversity:
  - Corporate Workforce Planning briefing scheduled in January 2013.
  - Board discussion on Salary Structure Adjustment in March 2013.
  - Categories of Employment to be reviewed in May 2013.
  - Diversity Annual Report to be discussed in June 2013.
- Internal operations:
  - Risk Management Framework—Action Plan briefing scheduled for March 2013.
  - Informal discussion on 2013 Report on Risk Management in early May 2013, followed by formal meeting in June 2013.
  - Results of the ACES—Costing the Fund’s Outputs to be presented in an informal session in November 2012.
  - Briefing by the External Audit Committee scheduled in February 2013, followed by a Committee meeting on Contours of the FY2014–16 Medium-Term Budget in the same month.
  - The Fund’s Income Position and Medium-term Budgets to be discussed shortly after the Spring Meetings.
  - Board discussion in January 2013: Broadening the Fund’s Investment Mandate: Strategic Implementation Issues (Board decision required on new rules and regulations for the Investment Account).
  - Two IEO-related papers: IMF Advice on Reserves (December 2012) and The Fund’s Role as a Trusted Advisor (January 2013).
  - Management Implementation Plan for the IEO Review of International Reserves—IMF Concerns and Country Perspectives to be presented in March 2013.
- Board schedule:
  - Interdepartmental Task Force on Calendar Management exploring options to smooth Board workflow and ensure focused agendas in peak periods.
  - Use of staff-chaired sessions to limit number of Board meetings while informing the Board of key issues; attendance of OED staff understood to be optional.

- Statement reference:
  - Statement by the Managing Director on the Work Program of the Executive Board, Executive Board Meeting, November 8, 2012; issued on November 21, 2012.

### Board engagement and scheduling (Section 2)
- Executive Directors will have an opportunity to regularly discuss the progress in implementing the Work Program and issues related to Board scheduling, with the first meeting scheduled for early January 2013.
- 2 Implementation Plan in Response to Board-Endorsed Recommendations for the IEO Evaluation of IMF Performance in the Run-Up to the Financial and Economic Crisis, May 2012.

### Calendar of items and dates
- HRD Corporate Workforce Planning — 16-Jan-13
- SPR/RES — 13-Mar-13
- SPR — 18-Mar-13
- RES/MCM/FAD — 25-Mar-13
- SPR — 12-Apr-13
- OBP — 24-Apr-13
- ICD — 15-May-13
- Coordinating Group — 24-Jun-13

### Box 1. "Anchor" Policy and Administrative Items
- FY14-16 Medium term Administrative and Capital Budgets
- The Fund's Capacity Development Strategy—Better Policies Through Stronger Institutions
- Pilot External Sector Report
- Jobs and Growth: Analytical and Operational Considerations for the Fund
- Review of Low-Income Facilities: Proposed Reforms and Decision
- WEO/GFSR/Fiscal Monitor
- Managing Director's Global Policy Agenda

*Source: _110812 - Section 2*

### Section 1

### _110812 - Section 1

### I. SECURING THE RECOVERY
- Purpose: Translate the Managing Director’s Global Policy Agenda (GPA) into a specific Fund work program for the next six months and outline key policy items over the next year.
- Global developments:
  - Joint session of the WEO, GFSR, and Fiscal Monitor ahead of the Spring Meetings; an Update in January.
  - Early Warning Exercise to be discussed before the Spring and Annual Meetings.
  - Vulnerability Exercise for LICs (VE-LIC) scheduled in August 2013.
  - Interim stocktake on implementation included in Updates to the WEO, GFSR, and Fiscal Monitor.
- Advanced economies:
  - Continued bilateral and multilateral surveillance, including annual consultation on euro area policies.
  - Analysis and advice to European authorities on options for banking and fiscal union.
  - Discussion: Monetary Policy—Its Role Now and in the Medium-Term scheduled for February 2013.
  - Work on impact of financial flows to safe haven economies during episodes of sharp changes in risk appetite.
  - Article IV consultations to incorporate integrated view of inward and, where appropriate, outward spillovers (reflecting ISD outreach feedback).
- Emerging Market Economies (EMEs):
  - Ongoing analysis of EME performance during the crisis, with Board-level presentations.
  - Paper: Developing Financial Markets in Emerging Market Economies in November 2013.
- Low-income countries (LICs):
  - Continue assistance to weather external shocks and rebuild buffers; continuation of pilot on financial surveillance in LICs.
  - Follow-up paper on Review of LIC Facilities in March 2013 with proposals to refine facilities and review access limits.
  - Review of Eligibility to Use the Fund’s Facilities for Concessional Financing in March 2013 to revisit eligibility framework and list of eligible countries.
- Small states:
  - Paper: Macroeconomic Issues in Small States and Implications for Fund Engagement to be discussed in March 2013.
  - Exchange Rate Assessments in Special Cases (¶7) relevant for small states (March 2013).
- MENA countries:
  - Continued engagement via policy advice, capacity building, and financial assistance as appropriate.
  - Relevant analysis planned on subsidy reform (¶5) and inclusive growth (¶6).
- Capacity building:
  - Capacity Development Strategy—Better Policies Through Stronger Institutions planned for May 2013.

- Lending and global safety net:
  - Well-designed programs:
    - Staff briefing in May 2013 on changes to the conditionality guidance note (follow-up to 2011 Review of Conditionality).
    - Paper on options for enhancing risk diagnostics in Fund-supported programs for information in March 2013.
    - Review of the Precautionary Liquidity Line (PLL) and the Rapid Financing Instrument (RFI) could be combined with an early review of the Flexible Credit Line (FCL) in November 2013.
    - Follow-up Crisis Programs Review envisaged for late 2013.
  - PRGT:
    - Recent receipt of assurances for the first distribution of the general reserves attributed to the windfall gold sale profits and decision on a second distribution noted.
    - Regular reports on progress toward securing the second distribution to be provided to the Board.
  - Other:
    - Review of Access Policy and Surcharges envisaged for early 2013, ahead of the 14th Review quota increases.
    - Paper exploring further cooperation between the Fund and Regional Financing Arrangements for information in March 2013.

### II. ANCHORING THE FUTURE
- Financial surveillance and Financial Surveillance Strategy (FSS) priorities:
  - Focus areas: macroprudential policies; improving risk identification and macro-financial policy advice; support for global regulatory reform agenda; engagement with stakeholders; strengthen integration in surveillance.
- Macroprudential policy:
  - Interaction of Monetary and Macroprudential Policies to be discussed in January 2013.
  - Key Aspects of Macroprudential Policy: Identification, Action, Governance, and Legal Aspects of Macroprudential Finance-Regulatory Policy in May 2013.
- Support for global regulatory reform:
  - Ongoing work on standards assessments and on potential unintended consequences of uncoordinated national initiatives.
  - Board briefing in December 2012 on Fund’s work with the Financial Stability Board.
- High debt:
  - Fiscal policy:
    - Board discussion: Energy Subsidy Reform: Lessons and Implications in February 2013.
  - Fiscal institutions:
    - Information papers: The Functions and Impact of Fiscal Councils in February 2013; Budget Institutions in G-20 Countries: A Status Report in October 2013.
  - Debt sustainability analysis (DSA):
    - Two operational guidance notes to be issued in March 2013: one for advanced and emerging economies (follow-up to Modernizing the Framework for Fiscal Policy and Public Debt Sustainability Analysis) and one for LICs (follow-up to Revisiting the Debt Sustainability Framework for Low-Income Countries).
    - Continued analysis of impact of financial sector vulnerabilities on public debt sustainability to be brought to the Board later.
  - Debtor-creditor relations:
    - Staff briefing in Q1 2013 on how recent initiatives to codify and clarify debtor-creditor relations relate to Fund policies and practices for sovereign debt restructuring.
  - Debt limits:
    - Board discussion: Review of the Fund’s Debt Limits Policy in March 2013.
- Supporting growth and jobs:
  - Board papers already published: Fostering Growth in Europe Now, and Fiscal Policy and Employment in Advanced and Emerging Economies.
  - Jobs and Growth: Analytical and Operational Implications for the Fund to be discussed in March 2013; related guidance note to be issued shortly after the Board meeting.
  - Work on determinants of long-term growth and impacts of global shifts (e.g., demographic changes).
  - Surveillance toolkit covering employment, growth, and income distribution to be available to staff and the Board at end-2012 (draws on World Bank and ILO resources).
- Global imbalances and spillovers:
  - External Sector Report (ESR):
    - Second pilot ESR to be discussed in June 2013; likely greater focus on global financial flows.
    - Exchange Rate Assessments in Special Cases paper in February 2013 to review assessments for countries not fitting the External Balance Assessment framework.
    - Staff Umbrella Report for the G20 MAP to be discussed ahead of the next Spring and Annual Meetings.
  - Interconnectedness and spillovers:
    - Spillover report to the Board in July 2013 to inform Article IV consultations.
    - Pilots on cluster surveillance and an experimental regional surveillance report covering the Nordic region in the Summer.
    - Interconnectedness: Implications for Policy and Fund Surveillance planned for late-2013.
    - Trade Interconnectedness: Global Supply Chains circulated for information in January 2013.
  - Capital flows:
    - Board discussion in early November 2012 on The Liberalization and Management of Capital Flows: An Institutional View.
    - Staff briefing scheduled for April 2013 on the associated guidance note.
  - Implementation of the new Surveillance Framework:
    - Progress report on implementation of the recommendations of the Triennial Surveillance Review to be discussed in November 2012.

- Governance:
  - Quota and governance reform:
    - Thresholds for effectiveness of quota increases and required number of member acceptances for entry into force of the Board Reform Amendment have been met.
    - Required 85 percent of the voting power for the Board Reform Amendment is not yet in place.
    - Monthly reporting to the Executive Board on status of votes to continue.
  - Quota formula review:
    - Due to be completed by January 2013.
    - Board discussion: Quota Formula Review—Further Considerations in November (year implied 2012).
    - Draft Executive Board report to the Board of Governors to be discussed in January 2013.
  - Review of quotas:
    - Work on the 15th General Review of Quotas to commence shortly thereafter, to be completed by January 2014; will consider size of total quotas and distribution.
  - Transparency:
    - Review of Transparency Policy scheduled for May 2013 to reassess publications policy and alignment with integrated surveillance products.

### III. MANAGEMENT OF THE INSTITUTION
- Human resources and diversity:
  - Corporate Workforce Planning briefing scheduled in January 2013.
  - Board discussion on Salary Structure Adjustment in March 2013.
  - Categories of Employment to be reviewed in May 2013.
  - Diversity Annual Report to be discussed in June 2013.
- Internal operations:
  - Risk Management Framework—Action Plan briefing scheduled for March 2013.
  - Informal discussion on 2013 Report on Risk Management in early May 2013, followed by formal meeting in June 2013.
  - Results of the ACES—Costing the Fund’s Outputs to be presented in an informal session in November 2012.
  - Briefing by the External Audit Committee scheduled in February 2013, followed by a Committee meeting on Contours of the FY2014–16 Medium-Term Budget in the same month.
  - The Fund’s Income Position and Medium-term Budgets to be discussed shortly after the Spring Meetings.
  - Board discussion in January 2013: Broadening the Fund’s Investment Mandate: Strategic Implementation Issues (Board decision required on new rules and regulations for the Investment Account).
  - Two IEO-related papers: IMF Advice on Reserves (December 2012) and The Fund’s Role as a Trusted Advisor (January 2013).
  - Management Implementation Plan for the IEO Review of International Reserves—IMF Concerns and Country Perspectives to be presented in March 2013.
- Board schedule:
  - Interdepartmental Task Force on Calendar Management exploring options to smooth Board workflow and ensure focused agendas in peak periods.
  - Use of staff-chaired sessions to limit number of Board meetings while informing the Board of key issues; attendance of OED staff understood to be optional.

*Statement by the Managing Director on the Work Program of the Executive Board, Executive Board Meeting, November 8, 2012; issued on November 21, 2012.*

### Section 2

### _110812 - Section 2

### Board engagement and scheduling
- Executive Directors will have an opportunity to regularly discuss the progress in implementing the Work Program and issues related to Board scheduling, with the first meeting scheduled for early January 2013.
- 2 Implementation Plan in Response to Board-Endorsed Recommendations for the IEO Evaluation of IMF Performance in the Run-Up to the Financial and Economic Crisis, May 2012.

### Calendar of items and dates
- HRD Corporate Workforce Planning — 16-Jan-13
- SPR/RES — 13-Mar-13
- SPR — 18-Mar-13
- RES/MCM/FAD — 25-Mar-13
- SPR — 12-Apr-13
- OBP — 24-Apr-13
- ICD — 15-May-13
- Coordinating Group — 24-Jun-13

### Box 1. "Anchor" Policy and Administrative Items
- FY14-16 Medium term Administrative and Capital Budgets
- The Fund's Capacity Development Strategy—Better Policies Through Stronger Institutions
- Pilot External Sector Report
- Jobs and Growth: Analytical and Operational Considerations for the Fund
- Review of Low-Income Facilities: Proposed Reforms and Decision
- WEO/GFSR/Fiscal Monitor
- Managing Director's Global Policy Agenda

*Source: _110812 - Section 2*

---


_Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2012/_110812.pdf_