## _052213

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---

### I. INVIGORATING A SUSTAINABLE RECOVERY
- Purpose:
  - Translate the Global Policy Agenda (GPA) priorities into the Fund’s agenda for the next six to twelve months; progress to be assessed in the Fall GPA.
- Global developments:
  - Joint session of the WEO, GFSR, and Fiscal Monitor ahead of the Annual meetings in September, with an Update in July.
  - Board discussion of the Early Warning Exercise (EWE) in September.
  - Paper Key Trends and Vulnerabilities in LICs in late August will draw on the vulnerability exercise for LICs.
  - Directors to be briefed on regional developments in the run-up to the Annual Meetings.
- Advanced economies:
  - Seek balance between supporting activity and addressing fiscal, financial, and private balance sheet risks.
  - Continued staff assistance in the euro area on fiscal and financial sector repair and reform, and growth-promoting structural reforms.
  - Begin clustered Article IV reports for interconnected countries, starting with central Europe and the Nordic region.
  - Further Board briefing in September: The Global Impact of Unconventional Monetary Policy; follow-up umbrella paper after the Annual Meetings: Monetary Policy: Its Role Now and in the Future.
- Emerging market economies (EMEs):
  - Focus on recalibrating policy mix, managing volatile flows, limiting financial stability risks, and bolstering growth prospects.
  - September briefing: Emerging Market Economies Growth: Developments and Prospects.
  - Financial sector deepening to be examined first in an Annual Meetings seminar for ASEAN-5, then a broader paper on EMEs in May 2014.
- Low-income countries (LICs):
  - Assist LICs in rebuilding policy buffers while meeting infrastructure and social needs.
  - Focus areas: managing natural resource wealth and capital flows, financial deepening, scaling up investment while safeguarding debt sustainability, and structural diversification.
  - Outputs: analytical papers, operational tools, and capacity building.
- MENA countries:
  - Continued engagement through surveillance, capacity building and financial support as appropriate.
  - September briefing on developments and challenges; departmental paper on Macroeconomic and Structural Reform in the Arab Countries in Transition (ACTs) later in the year.
- Small states:
  - Outreach with country authorities and completion of a guidance note by end-year, building on March Board discussion.
- Lending and the global safety net:
  - Well-designed programs:
    - Paper: Modernizing Monetary Policy Conditionality in Low-Income Countries in October.
    - Revised guidance note on Conditionality in November and related paper on enhancing risk diagnostics.
    - Review of the FCL/PLL/RFI scheduled for December 2013.
    - Follow-up Crisis Program Review in May 2014.
  - International monetary system:
    - Expanded guidance on reserves issues by November (successor to 2011 Assessing Reserve Adequacy), covering EMEs and guidelines on external buffers in advanced and dollarized countries.
    - Board briefing in June on different Global Liquidity Indicators in surveillance.
- Capacity building:
  - Paper The Fund’s Capacity Development Strategy—Better Policies Through Stronger Institutions to be discussed in June; proposes steps to enhance effectiveness, delivery, outreach, and exploit new technologies.

### II. RESTORING RESILIENCE
- Strengthening financial systems (aligned with the Financial Surveillance Strategy (FSS)):
  - Support global reform agenda implementation and monitor risks; collaborate with the Financial Stability Board (FSB).
  - Board briefings in June and December on state of global regulatory reform agenda; December briefing to focus on implications for emerging market and developing countries.
  - November briefing on Cross-Border Resolution Regimes, including burden sharing arrangements.
  - Ongoing work on benefits and costs of structural limits on size and scope of systemically important financial institutions.
- Macroprudential:
  - Two papers in a formal meeting in July:
    - Key Aspects of Macroprudential Policies — distill lessons and provide basis for practical guidance and country-specific advice; related guidance note envisaged for end-year.
    - Implementing Macroprudential Oversight – Selected Legal Considerations — discuss legal issues arising from implementation.
- Financial stability:
  - Paper Systemic Crisis, Bank Resolution, and Restructuring: Lessons from the Crisis planned for early 2014.
  - October update of list of systemically-important financial jurisdictions (follow-up on September 2010 decision requiring mandatory FSAPs).
  - November paper on Financial Soundness Indicators to inform Board on revisions to core and encouraged list of FSIs.
  - October Report on Developments in the AML/CFT Program, the New Assessment Methodology, and the Implications Going Forward.
- Financial deepening:
  - Local Currency Bond Markets: A Diagnostic Framework expected to be issued to the Board for information in July.
  - Spring 2014 paper: Enhancing Financial Sector Surveillance in LICs: Lessons from the Pilots and Next Steps.
  - May 2014 paper: Enhancing Resilience and Supporting Growth in Emerging Markets: Role of Financial Deepening.
- Data gaps:
  - Update on Data Gaps Initiative progress in September.
  - Progress report on implementing the SDDS Plus in November.
- Addressing high deficits and debt:
  - Fiscal policy and institutions:
    - June paper: Reassessing Fiscal Policy — covers macroeconomic effects, countercyclical use, fiscal risks, pace of consolidation, and role of fiscal institutions.
    - June information paper: Functions and Impact of Fiscal Councils.
    - November update on strengthening budget institutions in G-20 countries.
    - September Revised Code of Good Practices on Fiscal Transparency.
  - Debt sustainability:
    - May Board discussion: Sovereign Debt Restructuring—Recent Developments and Implications for the Fund’s Legal and Policy Framework.
    - October paper: From Financial to Sovereign Stress: Implications for Public Debt.
  - Debt limits:
    - Review of the Policy of Debt Limits in Fund-Supported Programs held March 2013; follow-up informal briefing in November and formal meeting in early 2014.
    - July paper: The Fund’s Debt Limits Policy: Reform of the Discount Rate Methodology.
- Supporting growth and jobs:
  - Guidance note drawing on March Board Jobs and Growth discussion to be issued in September.
  - Ongoing work on macroeconomic and structural factors to enhance growth in Europe; EME growth paper referenced in ¶2.
  - Work on long-term financing for investment, including infrastructure.
  - December briefing on Long-Term Growth Prospects in LICs focusing on structural transformation, diversification, and productivity growth.
  - Early 2014 paper: Fiscal Policy and Equity.
- Global imbalances and spillovers:
  - Spillover Report in July to examine impact of unconventional monetary policy and provide background for systemic 5 Article IV reports.
  - External Sector Report in July with enhanced external balance assessment methodology; companion background paper: External Balance Assessment Methodology: An Update.
  - Paper Interconnectedness: Global Perspectives and Interdependencies later in the year.
  - Trade Interconnectedness: Global Supply Chains to be circulated for information in the third quarter of 2013.
  - Triennial Surveillance Review (TSR) preparation:
    - Underlying concept note to be discussed in September 2013.
    - By January 2014 staff to provide overview of approaches and methodologies in cross-country work on risks, including the Global Risk Assessment Matrix (G-RAM) and vulnerability exercises.

### III. ADAPTING TO THE FUTURE
- Governance:
  - Quota and governance reform:
    - Two of the three conditions for the 2010 reform have been met; the remaining condition is to secure 85 percent of the total voting power needed for the Board Reform Amendment to enter into force.
    - Board to be informed regularly on progress.
  - Review of quotas/new quota formula:
    - Paper Quota Formula: Data Update and Further Considerations to be presented in June.
    - Board to revisit work program on the 15th General Review of Quotas.
- Long-term strategy:
  - Staff to reflect on long-term trends shaping Fund operations, including the growing clout of EMEs and emergence of a multi-polar world, debt overhang and rapid growth of financial sectors, and climate change.

### IV. MANAGEMENT OF THE INSTITUTION
- Medium-term budget and staff resources:
  - Continued high demands on the Fund and staff given evolving membership needs; workload will need careful management.
- Human resources:
  - 2013 Staff Survey recently concluded; opportunities to consider results.
  - 2013 Diversity Report to be discussed in June 2013.
  - Categories of Employment paper to review existing employment framework in November 2013, following Corporate Workforce Planning briefing recommendations.
- Internal operations:
  - Ongoing efforts to manage institutional operations to meet program priorities and resource constraints.

### Board work program — key meetings on internal operations (Section 2)
- 2013 Report on Risk Management to provide an update on planned directions for enhancements to the Fund’s risk management framework.
- Briefing by the External Audit Committee in July 2013.
- Two IEO reviews:
  - Learning from Experience at the IMF: An IEO Assessment of Self-Evaluation Systems — Board discussion in July 2013.
  - IMF Forecasts: Process, Quality, and Country Perspectives — Board discussion in October 2013.
- January 2014: Board will consider the Review of the Adequacy of the Fund’s Precautionary Balances.
- Spring 2014: Review of the Investment Strategy for the Reserves Portfolio and Trust Assets, and paper on Investment of the Actively Managed Portion of the Endowment.
- Board schedule measures:
  - Limit number of items in the immediate pre-recess period; schedule items essential for the Annual Meetings in September and early October.
  - Continue periodic discussions on implementation of the Work Program.

*Statement by the Managing Director — On the Work Program of the Executive Board — Issued on May 22, 2013 — Executive Board Meeting June 3, 2013*

### Section 1

### _052213 - Section 1

### I. INVIGORATING A SUSTAINABLE RECOVERY
- The Global Policy Agenda (GPA) presented to the IMFC during the 2013 Spring Meetings set actions to invigorate a sustainable recovery and make the global economy more resilient; this work program translates GPA priorities into the Fund’s agenda for the next six to twelve months. Progress will be assessed in the Fall GPA.
- Global developments:
  - Joint session of the WEO, GFSR, and Fiscal Monitor ahead of the Annual meetings in September, with an Update in July.
  - Board discussion of the Early Warning Exercise (EWE) in September.
  - Paper Key Trends and Vulnerabilities in LICs in late August will draw on the vulnerability exercise for LICs.
  - Directors to be briefed on regional developments in the run-up to the Annual Meetings.
- Advanced economies:
  - Fund will seek balance between supporting activity and addressing fiscal, financial, and private balance sheet risks.
  - Continued staff assistance in the euro area on fiscal and financial sector repair and reform, and growth-promoting structural reforms.
  - Begin clustered Article IV reports for interconnected countries, starting with central Europe and the Nordic region.
  - Further Board briefing in September: The Global Impact of Unconventional Monetary Policy; follow-up umbrella paper after the Annual Meetings: Monetary Policy: Its Role Now and in the Future.
- Emerging market economies (EMEs):
  - Focus on recalibrating policy mix, managing volatile flows, limiting financial stability risks, and bolstering growth prospects.
  - September briefing: Emerging Market Economies Growth: Developments and Prospects.
  - Financial sector deepening to be examined first in an Annual Meetings seminar for ASEAN-5, then a broader paper on EMEs in May 2014.
- Low-income countries (LICs):
  - Assist LICs in rebuilding policy buffers while meeting infrastructure and social needs.
  - Focus on managing natural resource wealth and capital flows, financial deepening, scaling up investment while safeguarding debt sustainability, and structural diversification.
  - Outputs include analytical papers, operational tools, and capacity building.
- MENA countries:
  - Continued engagement through surveillance, capacity building and financial support as appropriate.
  - September briefing on developments and challenges; departmental paper on Macroeconomic and Structural Reform in the Arab Countries in Transition (ACTs) later in the year.
- Small states:
  - Outreach with country authorities and completion of a guidance note by end-year, building on March Board discussion.
- Lending and the global safety net:
  - Well-designed programs:
    - Paper: Modernizing Monetary Policy Conditionality in Low-Income Countries in October.
    - Revised guidance note on Conditionality in November and related paper on enhancing risk diagnostics.
    - Review of the FCL/PLL/RFI scheduled for December 2013.
    - Follow-up Crisis Program Review in May 2014.
  - International monetary system:
    - Expanded guidance on reserves issues by November (successor to 2011 Assessing Reserve Adequacy), covering EMEs and guidelines on external buffers in advanced and dollarized countries.
    - Board briefing in June on different Global Liquidity Indicators in surveillance.
- Capacity building:
  - Paper The Fund’s Capacity Development Strategy—Better Policies Through Stronger Institutions to be discussed in June; proposes steps to enhance effectiveness, delivery, outreach, and exploit new technologies.

### II. RESTORING RESILIENCE
- Strengthening financial systems (aligned with the Financial Surveillance Strategy (FSS)):
  - Support global reform agenda implementation and monitor risks; collaborate with the Financial Stability Board (FSB).
  - Board briefings in June and December on state of global regulatory reform agenda; December briefing to focus on implications for emerging market and developing countries.
  - November briefing on Cross-Border Resolution Regimes, including burden sharing arrangements.
  - Ongoing work on benefits and costs of structural limits on size and scope of systemically important financial institutions.
- Macroprudential:
  - Two papers in a formal meeting in July:
    - Key Aspects of Macroprudential Policies — distill lessons and provide basis for practical guidance and country-specific advice; related guidance note envisaged for end-year.
    - Implementing Macroprudential Oversight – Selected Legal Considerations — discuss legal issues arising from implementation.
- Financial stability:
  - Paper Systemic Crisis, Bank Resolution, and Restructuring: Lessons from the Crisis planned for early 2014.
  - October update of list of systemically-important financial jurisdictions (follow-up on September 2010 decision requiring mandatory FSAPs).
  - November paper on Financial Soundness Indicators to inform Board on revisions to core and encouraged list of FSIs.
  - October Report on Developments in the AML/CFT Program, the New Assessment Methodology, and the Implications Going Forward.
- Financial deepening:
  - Local Currency Bond Markets: A Diagnostic Framework expected to be issued to the Board for information in July.
  - Spring 2014 paper: Enhancing Financial Sector Surveillance in LICs: Lessons from the Pilots and Next Steps.
  - May 2014 paper: Enhancing Resilience and Supporting Growth in Emerging Markets: Role of Financial Deepening.
- Data gaps:
  - Update on Data Gaps Initiative progress in September.
  - Progress report on implementing the SDDS Plus in November.
- Addressing high deficits and debt:
  - Fiscal policy and institutions:
    - June paper: Reassessing Fiscal Policy — covers macroeconomic effects, countercyclical use, fiscal risks, pace of consolidation, and role of fiscal institutions.
    - June information paper: Functions and Impact of Fiscal Councils.
    - November update on strengthening budget institutions in G-20 countries.
    - September Revised Code of Good Practices on Fiscal Transparency.
  - Debt sustainability:
    - May Board discussion: Sovereign Debt Restructuring—Recent Developments and Implications for the Fund’s Legal and Policy Framework.
    - October paper: From Financial to Sovereign Stress: Implications for Public Debt.
  - Debt limits:
    - Review of the Policy of Debt Limits in Fund-Supported Programs held March 2013; follow-up informal briefing in November and formal meeting in early 2014.
    - July paper: The Fund’s Debt Limits Policy: Reform of the Discount Rate Methodology.
- Supporting growth and jobs:
  - Guidance note drawing on March Board Jobs and Growth discussion to be issued in September.
  - Ongoing work on macroeconomic and structural factors to enhance growth in Europe; EME growth paper referenced in ¶2.
  - Work on long-term financing for investment, including infrastructure.
  - December briefing on Long-Term Growth Prospects in LICs focusing on structural transformation, diversification, and productivity growth.
  - Early 2014 paper: Fiscal Policy and Equity.
- Global imbalances and spillovers:
  - Spillover Report in July to examine impact of unconventional monetary policy and provide background for systemic 5 Article IV reports.
  - External Sector Report in July with enhanced external balance assessment methodology; companion background paper: External Balance Assessment Methodology: An Update.
  - Paper Interconnectedness: Global Perspectives and Interdependencies later in the year.
  - Trade Interconnectedness: Global Supply Chains to be circulated for information in the third quarter of 2013.
  - Triennial Surveillance Review (TSR) preparation:
    - Underlying concept note to be discussed in September 2013.
    - By January 2014 staff to provide overview of approaches and methodologies in cross-country work on risks, including the Global Risk Assessment Matrix (G-RAM) and vulnerability exercises.

### III. ADAPTING TO THE FUTURE
- Governance:
  - Quota and governance reform:
    - Two of the three conditions for the 2010 reform have been met; the remaining condition is to secure 85 percent of the total voting power needed for the Board Reform Amendment to enter into force.
    - Board to be informed regularly on progress.
  - Review of quotas/new quota formula:
    - Paper Quota Formula: Data Update and Further Considerations to be presented in June.
    - Board to revisit work program on the 15th General Review of Quotas.
- Long-term strategy:
  - Staff to reflect on long-term trends shaping Fund operations, including the growing clout of EMEs and emergence of a multi-polar world, debt overhang and rapid growth of financial sectors, and climate change.

### IV. MANAGEMENT OF THE INSTITUTION
- Medium-term budget and staff resources:
  - Continued high demands on the Fund and staff given evolving membership needs; workload will need careful management.
- Human resources:
  - 2013 Staff Survey recently concluded; opportunities to consider results.
  - 2013 Diversity Report to be discussed in June 2013.
  - Categories of Employment paper to review existing employment framework in November 2013, following Corporate Workforce Planning briefing recommendations.
- Internal operations:
  - Ongoing efforts to manage institutional operations to meet program priorities and resource constraints.

*Statement by the Managing Director — On the Work Program of the Executive Board — Issued on May 22, 2013 — Executive Board Meeting June 3, 2013*

### Section 2

### _052213 - Section 2

### Board work program — key meetings on internal operations
- The 2013 Report on Risk Management will provide an update on planned directions for enhancements to the Fund’s risk management framework, following the recent informal discussion.
- In line with established practice, Briefing by the External Audit Committee will take place in July 2013.
- Two IEO reviews—Learning from Experience at the IMF: An IEO Assessment of Self-Evaluation Systems and IMF Forecasts: Process, Quality, and Country Perspectives—will be discussed by the Board in July and October, respectively.
- In January 2014, the Board will consider the Review of the Adequacy of the Fund’s Precautionary Balances.
- The Review of the Investment Strategy for the Reserves Portfolio and Trust Assets, as well as the paper on Investment of the Actively Managed Portion of the Endowment, will be considered in the spring of 2014.

### Board schedule
- Interdepartmental efforts will continue to aim at smoothing the work flow of the Board and ensuring a focused Board agenda in peak periods.
- In particular, the number of items in the immediate pre-recess period will be limited, and items that are essential for the Annual Meetings will be scheduled in September and early October.
- The periodic discussions on the implementation of the Work Program will also continue.

*Source: _052213 - Section 2.*

---


_Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2013/_052213.pdf_