## Statement by the Managing Director on the Work Program of the Executive Board — Executive Board Meeting November 16, 2016

## Source details

**Canonical URL:** [Statement by the Managing Director on the Work Program of the Executive Board — Executive Board Meeting November 16, 2016](https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2016/_111616.pdf)

## Other formats

- [Markdown version](/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2016/_111616.pdf.md)
- [Structured JSON version](/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2016/_111616.pdf.json)

---

### Overview and Purpose
- The Work Program (WP) translates priorities and strategic directions from the Fall 2016 Global Policy Agenda (GPA) and the International Monetary and Financial Committee (IMFC) Communiqué into an Executive Board agenda for the next six-twelve months.
- The GPA called on members to:
  - use a balanced mix of all policy tools to revive demand and raise productivity,
  - ensure gains from technology and globalization are shared more broadly,
  - and warned against retreating from multilateralism.
- The WP focuses on issues with macro-economic impact that are systemically important or relevant for many members and amenable to change through economic policies.

### Four Key Elements of the Work Program
- i. Guide the global policy dialogue:
  - Focus areas: evolution of the labor income share and its relation to technological change and globalization (WEO, Spring 2017); how structural fiscal policies can contribute to improving productivity (FM, Spring 2017); how the low interest rate environment affects financial intermediation (GFSR, Spring 2017).
- ii. Help identify policy space and enhance resilience:
  - Finalize the fiscal space framework in Assessing Fiscal Space; discuss Surveillance of Macro-Structural Issues; examine initial experience with Negative Interest Rate Policies.
  - Building resilience: Capital Flows—Review of Experience with the Institutional View; Review of the Low-Income Countries Debt Sustainability Framework; Macroeconomic Developments and Prospects in Low-Income Developing Countries: 2016.
- iii. Assist in promoting shared prosperity:
  - Understand and address Global Productivity Slowdown: Causes and Remedies; Board Update on the IMF’s Deliverables for the 2030 Developmental Agenda; Making Globalization Work for All; Review of the Role of the Fund in Governance Issues.
- iv. Make multilateralism work for all:
  - Strengthen the global safety net: Adequacy of the Global Financial Safety Net—Considerations for Fund Toolkit, possible follow-up on Reform Proposal for a New Liquidity Instrument and Proposal for a New Monitoring Instrument (pending Board guidance).
  - Deliberations on IMF’s Cooperation with Regional Financing Arrangements, Conditionality in Currency Unions, and the Fifteenth General Review of Quota.

### Guide the Global Policy Dialogue — Planned Board Engagements and Focuses
- Continued engagement with the IMFC and use of early Executive Board feedback.
- Major publications and timings:
  - World Economic Outlook (WEO) joint sessions: March and September 2017; focus on evolution of labor income growth, technological change, globalization, and implications for inequality.
  - Global Financial Stability Report (GFSR): March and September 2017; focus on how the low interest rate environment affects financial intermediation.
  - Fiscal Monitor (FM): Spring 2017; focus on how structural fiscal policies can contribute to improving productivity.
  - World Economic and Market Developments (WEMD) Updates: January and July 2017.
  - Macroeconomic Developments and Prospects in Low-Income Developing Countries: December 2016.
  - Emerging Markets: Developments and Prospects briefings: March and September 2017.
  - External Sector Report: July 2017.
- Early Warning Exercise: April and September 2017 — discuss low-probability high-impact risks and mitigation policies.

### Help Policymakers Identify Policy Space and Enhance Resilience — Deliverables and Timetable
- Fiscal and structural surveillance:
  - Finalize Assessing Fiscal Space (November 2016); mainstream framework in bilateral surveillance.
  - Surveillance of Macro-Structural Issues: Board briefing January 2017; Update of Fund Work on Macro-Structural Issues October 2017; start bilateral surveillance with about 30 pilot cases.
  - Fiscal Cost and Gains of Structural Reforms: December 2016.
  - Guidance Note on the Use of Third-Party Indicators in Surveillance: Board briefing January 2017; Guidance Note issuance March 2017.
- Monetary policy:
  - Board briefing on Negative Interest Rate Policies: February 2017 — focus on transmission channels, effectiveness, and limits.
- Resilience and debt sustainability:
  - Review of the Low-Income Countries Debt Sustainability Framework (joint with the World Bank): March 2017 (following earlier engagement in September 2016 and a technical briefing in January 2017).
  - Capital Flows: Review of Experience with the Institutional View: December 2016.
  - Increasing Resilience to Capital Flows: The Role of Macroprudential Policies: engagement March 2017; formal discussion June 2017.
  - Approaches to Macro-Financial Surveillance: March 2017 — draw on recent pilot cases.
  - Ensuring Financial Stability in Countries with Islamic Financial Systems: January 2017.
  - Recent Trends in Correspondent Banking Relationships—Further Considerations: February 2017.
  - Review of the MCP Policy – Preliminary Considerations: March 2017 — preliminary considerations for possible policy reforms including approval of MCPs.
- Natural disasters and climate:
  - Small States' Resilience to Natural Disasters and Climate Change: Role for the IMF: December 2016.
  - Macro-critical climate issues in bilateral surveillance: 12 new pilot cases focusing on mitigation, adaptation investment, and macro implications of natural disasters.

### Help Members Implement the Financial Regulatory Reform Agenda
- Continue support for completion of financial regulatory reform agenda.
- Briefings and timing:
  - Latest Developments in Financial Regulatory Reforms: February 2017.
  - Finance and Technology briefing: May 2017 — update on financial technology and innovation, outlook, and regulatory implications.

### Promote Shared Prosperity — Productivity, Inequality, and Inclusion
- Global productivity slowdown:
  - Board briefing on Global Productivity Slowdown: Causes and Remedies: January 2017.
  - Joint work with OECD, United Nations, and WTO on Measurement of the digital economy: briefing May 2017.
  - GDP-Lost in Single Deflation: January 2017 — assesses accuracy of real GDP growth estimates for single deflator countries.
  - Review of the Role of the Fund in Governance Issues: April 2017.
- Low-Income Countries (LICs):
  - Update on the IMF’s Deliverables for the 2030 Developmental Agenda: March 2017.
  - Building Fiscal Capacity in Fragile States: May 2017.
  - Social Objectives in PRGT Supported Programs: What Works: March 2017.
  - Eligibility to Use the Fund’s Facilities for Concessional Financing: May 2017 — biennial review of framework and PRGT-eligible members.
  - Expansion of the Infrastructure Policy Support Initiative.
- Policy collaboration and pilots:
  - Making Globalization Work for All briefing: February 2017.
  - Social Protection in a Changing World briefing: August 2017.
  - Joint paper with WTO on Making Trade an Engine of Growth for All: for information in March 2017.
  - Inequality: bilateral surveillance in ten new pilot countries (building on 12 existing pilots).
  - Macro-Structural Policies and Income Inequality in Low-Income Developing Countries: December 2016.
  - Platform for Collaboration on Tax: progress update expected by mid-2017; deepen pilot work on international corporate taxation (about 10 pilot cases) and revenue administration and policy (about 25 pilots).
  - Gender issues operationalized in 15 pilot countries, with another seven pilots underway.

### Enhance Capacity Development
- Evolution of Fund Capacity Development Since 2013 and Initial Reflections on the 2017-18 Capacity Development Review: informal session February 2017; formal session to follow.
- Standards and Codes Initiative:
  - Staff update on use of standards and codes and views on possible reforms: January 2017.
  - Joint Bank-Fund Review of the Standards and Codes Initiative: May 2017.

### Make Multilateralism Work for All — Global Financial Safety Net and Crisis Prevention
- Strengthening the GFSN and cooperation:
  - November 2016 discussions: Financing for Development: Enhancing Financial Safety Net for Developing Countries—Further Considerations; Adequacy of the Global Financial Safety Net—Considerations for Fund Toolkit Reform.
  - Possible follow-up (if requested): Reform Proposal for a New Liquidity Instrument and Review of the FCL and PLL Instruments (April 2017); Proposal for a New Monitoring Instrument (May 2017).
  - IMF’s Cooperation with Regional Financing Arrangements: May 2017.
  - The Role of the SDR: Initial Considerations: March 2017 (follow up to July 2016 briefing).
- Crisis prevention and sovereign debt:
  - Debtor-Creditor Engagement in Sovereign Debt Restructurings: A Review of Existing Modalities and Possible Reforms: February 2017 — engage Board on Lending-into-Arrears policy context.
  - Role of State-Contingent Financial Instruments in Preventing and Resolving Sovereign Debt Crises: early April 2017.
  - Conditionality in Currency Unions: Board engagement (timing indicated).
  - Bailing in or Out: Bank Insolvency Regimes and Systemic Spillovers: May 2017.
- Fund resources and quota review:
  - Consider renewal of the New Arrangements to Borrow: November 2016.
  - Additional 2016 Bilateral Arrangements to be submitted in batches for Board approval as concluded.
  - Quotas—Data Update and Simulations: August 2017 — update quota database through 2015, discuss quota formula, possible realignments, and recognition of voluntary financial contributions.
  - Adequacy of Fund Resources—Further Considerations: September 2017.
  - Reports to the Board of Governors on Progress on the Fifteenth General Review of Quotas: November 2016 and September 2017; seminars/briefings scheduled prior to Board discussions.

### Keep the Fund Strong — Resources, Governance, and Internal Priorities
- Budget and financial planning:
  - Consultations on the Budget: December 2016 and March 2017.
  - FY2018-FY2020 Medium-Term Budget: discussion in April 2017 (after Spring Meetings).
  - The Fund’s Income Position for FY2017 and FY2018–19: April 2017 discussion.
  - Ongoing engagement on the 2019-21 Medium-Term Budget.
- Human resources and diversity:
  - Diversity and Inclusion Report: June 2017 (following HR Strategy briefing March 2017).
  - Promote a more diverse staff as a priority.
- Risk management and oversight:
  - Risk Report—Spring Update: March 2017; 2017 Risk Report discussion: October 2017.
  - Implementation of the IMF Communications Strategy: Board briefing December 2016.
  - IEO evaluation of The IMF and Social Protection: March 2017.
  - Management Implementation Plan for The IMF and the Crisis in Greece, Ireland and Portugal: to be prepared by January 2017.
- Knowledge management and IT:
  - Creation of a new Knowledge Management Unit and TransformIT program to increase IT agility and digital delivery.
  - Briefing on the Status of the HQ1 Renewal Project: January 2017.
  - Initiate scenario planning exercise in the coming months to stress test the Fund’s business model in the long run.

### Section 2 — Priorities, Timelines, and Strategic Objectives
- Timeline headings showing sequencing across months: Nov 2016 Dec Jan 2017 Feb Mar Apr May Jun-Jul Aug-Oct
- Legend items (as presented):
  - Legacy Item Spring WP (delayed)
  - Legacy Item Spring WP (on track)
  - New Item
  - Recurring Item
- Work program entries (selected as listed):
  - WEO/GFSR/FMGPA
  - EWE
  - WEMD WEO/GFSR/FM
  - GPA
  - External Sector Report
  - Macroeconomic Developments in LIDCs
  - Negative Interest Rate Policies
  - Capital Flows and Macroprudential Policies
  - Surveillance of Macro-Structural
  - Financial Stability in Islamic Financial Markets
  - Fiscal Costs and Gains of Structural REforms
  - Approaches to Macro-financial Surveillance
  - Natural Disasters and Climate Change in Small States
  - Review of LIC-DSF
  - Regulatory Reform Agenda
  - Recent Trends in Corresponding Banking Relationships
  - Review of MCP Policy
- Strategic Objectives (numbered as presented):
  - 1. Assist policymakers in tackling the underlying causes of low productivity growth
  - 2. Support Low-income Countries
  - 3. Collaborate with other institutions to help the membership expand economic opportunities for all
  - 4. Enhance capacity development
  - 1. Strengthen the global safety net and revive global cooperation
  - 2. Improve crisis prevention and adjustment
  - 3. Ensure adequate resources and progress on the 15th Quota Review
  - 4. Keep the Fund strong
- IV. Make Multilateralism Work for All — Work program entries (selected as listed):
  - Engagement in Sovereign Debt Restructurings
  - 2017 Risk Report--Spring Update
  - Global Productivity Slowdown: Causes and Remedies
  - Fiscal Capacity in Fragile States
  - Role of State-Contingent Fin. Instruments
  - Role of SDR
  - IMF's Deliverables for 2030 Development Agenda
  - Social Objectives in PRGT-supported countries
  - Eligibility of Concessional Financing
  - Making Globalization Work for All
  - Finance and Technology
  - Evolution of Capacity Development
  - Review of Standards and Codes Initiative
  - Fund Toolkit Reform Considerations
  - New Monitoring Instrument
  - New Liquidity Instrument and Review of FCL/PLL
  - IMF's Cooperation with RFAs
  - Bailing in or Out
  - Adequacy of Fund Resources
  - Contour Medium-term Budget
  - FY2018-20 Medium-term Budget
  - Fund's Income Position for FY17
  - Fund's HR Strategy
  - IMF Communication Strategy
  - Social Protection in a Changing World
  - Measurement of Digital Economy
  - Making Trade an Engine of Growth for All
  - 15th General Review of Quotas: Report to Board of Governors
  - Quotas: Data Update and Simulations
  - NAB Proposed Renewal
  - GDP--Lost in Single Deflation
  - Conditionality in Currency Unions
  - Diversity and Inclusion Report
  - Macro-Structural Policies and Income Inequality

*Source: Statement by the Managing Director on the Work Program of the Executive Board, Executive Board Meeting, November 16, 2016.*

### Section 1

### Statement by the Managing Director on the Work Program of the Executive Board Executive Board Meeting November 16, 2016

### Overview and Purpose
- The Work Program (WP) translates priorities and strategic directions from the Fall 2016 Global Policy Agenda (GPA) and the International Monetary and Financial Committee (IMFC) Communiqué into an Executive Board agenda for the next six-twelve months.
- The GPA called on members to use a balanced mix of all policy tools to revive demand and raise productivity, ensure gains from technology and globalization are shared more broadly, and warned against retreating from multilateralism.
- The WP focuses on issues with macro-economic impact that are systemically important or relevant for many members and amenable to change through economic policies.

### Four Key Elements of the Work Program
- i. Guide the global policy dialogue:
  - Focus areas: evolution of the labor income share and its relation to technological change and globalization (WEO, Spring 2017); how structural fiscal policies can contribute to improving productivity (FM, Spring 2017); how the low interest rate environment affects financial intermediation (GFSR, Spring 2017).
- ii. Help identify policy space and enhance resilience:
  - Finalize the fiscal space framework in Assessing Fiscal Space; discuss Surveillance of Macro-Structural Issues; examine initial experience with Negative Interest Rate Policies.
  - Building resilience: Capital Flows—Review of Experience with the Institutional View; Review of the Low-Income Countries Debt Sustainability Framework; Macroeconomic Developments and Prospects in Low-Income Developing Countries: 2016.
- iii. Assist in promoting shared prosperity:
  - Understand and address Global Productivity Slowdown: Causes and Remedies; Board Update on the IMF’s Deliverables for the 2030 Developmental Agenda; Making Globalization Work for All; Review of the Role of the Fund in Governance Issues.
- iv. Make multilateralism work for all:
  - Strengthen the global safety net: Adequacy of the Global Financial Safety Net—Considerations for Fund Toolkit, possible follow-up on Reform Proposal for a New Liquidity Instrument and Proposal for a New Monitoring Instrument (pending Board guidance).
  - Deliberations on IMF’s Cooperation with Regional Financing Arrangements, Conditionality in Currency Unions, and the Fifteenth General Review of Quota.

### Guide the Global Policy Dialogue — Planned Board Engagements and Focuses
- Global policy agenda: continued engagement with the IMFC; use of early Executive Board feedback.
- Major publications and timings:
  - World Economic Outlook (WEO) joint sessions: March and September 2017; focus on evolution of labor income growth, technological change, globalization, and implications for inequality.
  - Global Financial Stability Report (GFSR): March and September 2017; focus on how the low interest rate environment affects financial intermediation.
  - Fiscal Monitor (FM): Spring 2017; focus on how structural fiscal policies can contribute to improving productivity.
  - World Economic and Market Developments (WEMD) Updates: January and July 2017.
  - Macroeconomic Developments and Prospects in Low-Income Developing Countries: December 2016.
  - Emerging Markets: Developments and Prospects briefings: March and September 2017.
  - External Sector Report: July 2017.
- Early Warning Exercise: April and September 2017 — discuss low-probability high-impact risks and mitigation policies.

### Help Policymakers Identify Policy Space and Enhance Resilience — Deliverables and Timetable
- Fiscal and structural surveillance:
  - Finalize Assessing Fiscal Space (November 2016); mainstream framework in bilateral surveillance.
  - Surveillance of Macro-Structural Issues: Board briefing January 2017; Update of Fund Work on Macro-Structural Issues October 2017; start bilateral surveillance with about 30 pilot cases.
  - Fiscal Cost and Gains of Structural Reforms: December 2016.
  - Guidance Note on the Use of Third-Party Indicators in Surveillance: Board briefing January 2017; Guidance Note issuance March 2017.
- Monetary policy:
  - Board briefing on Negative Interest Rate Policies: February 2017 — focus on transmission channels, effectiveness, and limits.
- Resilience and debt sustainability:
  - Review of the Low-Income Countries Debt Sustainability Framework (joint with the World Bank): March 2017 (following earlier engagement in September 2016 and a technical briefing in January 2017).
  - Capital Flows: Review of Experience with the Institutional View: December 2016.
  - Increasing Resilience to Capital Flows: The Role of Macroprudential Policies: engagement March 2017; formal discussion June 2017.
  - Approaches to Macro-Financial Surveillance: March 2017 — draw on recent pilot cases.
  - Ensuring Financial Stability in Countries with Islamic Financial Systems: January 2017.
  - Recent Trends in Correspondent Banking Relationships—Further Considerations: February 2017.
  - Review of the MCP Policy – Preliminary Considerations: March 2017 — preliminary considerations for possible policy reforms including approval of MCPs.
- Natural disasters and climate:
  - Small States' Resilience to Natural Disasters and Climate Change: Role for the IMF: December 2016.
  - Macro-critical climate issues in bilateral surveillance: 12 new pilot cases focusing on mitigation, adaptation investment, and macro implications of natural disasters.

### Help Members Implement the Financial Regulatory Reform Agenda
- Continue support for completion of financial regulatory reform agenda.
- Briefings and timing:
  - Latest Developments in Financial Regulatory Reforms: February 2017.
  - Finance and Technology briefing: May 2017 — update on financial technology and innovation, outlook, and regulatory implications.

### Promote Shared Prosperity — Productivity, Inequality, and Inclusion
- Global productivity slowdown:
  - Board briefing on Global Productivity Slowdown: Causes and Remedies: January 2017.
  - Joint work with OECD, United Nations, and WTO on Measurement of the digital economy: briefing May 2017.
  - GDP-Lost in Single Deflation: January 2017 — assesses accuracy of real GDP growth estimates for single deflator countries.
  - Review of the Role of the Fund in Governance Issues: April 2017.
- Low-Income Countries (LICs):
  - Update on the IMF’s Deliverables for the 2030 Developmental Agenda: March 2017.
  - Building Fiscal Capacity in Fragile States: May 2017.
  - Social Objectives in PRGT Supported Programs: What Works: March 2017.
  - Eligibility to Use the Fund’s Facilities for Concessional Financing: May 2017 — biennial review of framework and PRGT-eligible members.
  - Expansion of the Infrastructure Policy Support Initiative.
- Policy collaboration and pilots:
  - Making Globalization Work for All briefing: February 2017.
  - Social Protection in a Changing World briefing: August 2017.
  - Joint paper with WTO on Making Trade an Engine of Growth for All: for information in March 2017.
  - Inequality: bilateral surveillance in ten new pilot countries (building on 12 existing pilots).
  - Macro-Structural Policies and Income Inequality in Low-Income Developing Countries: December 2016.
  - Platform for Collaboration on Tax: progress update expected by mid-2017; deepen pilot work on international corporate taxation (about 10 pilot cases) and revenue administration and policy (about 25 pilots).
  - Gender issues operationalized in 15 pilot countries, with another seven pilots underway.

### Enhance Capacity Development
- Evolution of Fund Capacity Development Since 2013 and Initial Reflections on the 2017-18 Capacity Development Review: informal session February 2017; formal session to follow.
- Standards and Codes Initiative:
  - Staff update on use of standards and codes and views on possible reforms: January 2017.
  - Joint Bank-Fund Review of the Standards and Codes Initiative: May 2017.

### Make Multilateralism Work for All — Global Financial Safety Net and Crisis Prevention
- Strengthening the GFSN and cooperation:
  - November 2016 discussions: Financing for Development: Enhancing Financial Safety Net for Developing Countries—Further Considerations; Adequacy of the Global Financial Safety Net—Considerations for Fund Toolkit Reform.
  - Possible follow-up (if requested): Reform Proposal for a New Liquidity Instrument and Review of the FCL and PLL Instruments (April 2017); Proposal for a New Monitoring Instrument (May 2017).
  - IMF’s Cooperation with Regional Financing Arrangements: May 2017.
  - The Role of the SDR: Initial Considerations: March 2017 (follow up to July 2016 briefing).
- Crisis prevention and sovereign debt:
  - Debtor-Creditor Engagement in Sovereign Debt Restructurings: A Review of Existing Modalities and Possible Reforms: February 2017 — engage Board on Lending-into-Arrears policy context.
  - Role of State-Contingent Financial Instruments in Preventing and Resolving Sovereign Debt Crises: early April 2017.
  - Conditionality in Currency Unions: Board engagement (timing indicated).
  - Bailing in or Out: Bank Insolvency Regimes and Systemic Spillovers: May 2017.
- Fund resources and quota review:
  - Consider renewal of the New Arrangements to Borrow: November 2016.
  - Additional 2016 Bilateral Arrangements to be submitted in batches for Board approval as concluded.
  - Quotas—Data Update and Simulations: August 2017 — update quota database through 2015, discuss quota formula, possible realignments, and recognition of voluntary financial contributions.
  - Adequacy of Fund Resources—Further Considerations: September 2017.
  - Reports to the Board of Governors on Progress on the Fifteenth General Review of Quotas: November 2016 and September 2017; seminars/briefings scheduled prior to Board discussions.

### Keep the Fund Strong — Resources, Governance, and Internal Priorities
- Budget and financial planning:
  - Consultations on the Budget: December 2016 and March 2017.
  - FY2018-FY2020 Medium-Term Budget: discussion in April 2017 (after Spring Meetings).
  - The Fund’s Income Position for FY2017 and FY2018–19: April 2017 discussion.
  - Ongoing engagement on the 2019-21 Medium-Term Budget.
- Human resources and diversity:
  - Diversity and Inclusion Report: June 2017 (following HR Strategy briefing March 2017).
  - Promote a more diverse staff as a priority.
- Risk management and oversight:
  - Risk Report—Spring Update: March 2017; 2017 Risk Report discussion: October 2017.
  - Implementation of the IMF Communications Strategy: Board briefing December 2016.
  - IEO evaluation of The IMF and Social Protection: March 2017.
  - Management Implementation Plan for The IMF and the Crisis in Greece, Ireland and Portugal: to be prepared by January 2017.
- Knowledge management and IT:
  - Creation of a new Knowledge Management Unit and TransformIT program to increase IT agility and digital delivery.
  - Briefing on the Status of the HQ1 Renewal Project: January 2017.
  - Initiate scenario planning exercise in the coming months to stress test the Fund’s business model in the long run.

*Source: Statement by the Managing Director on the Work Program of the Executive Board, Executive Board Meeting, November 16, 2016.*

### Section 2

### Section 2

### Help Policymakers Identify Policy Space and Enhance Resilience
- Figure 1. Priorities and Key Work Program Deliverables (concluded)
- Timeline headings showing sequencing across months:
  - Nov 2016 Dec Jan 2017 Feb Mar Apr May Jun-Jul Aug-Oct
- Legend items (as presented):
  - Legacy Item Spring WP (delayed)
  - Legacy Item Spring WP (on track)
  - New Item
  - Recurring Item
- Work program entries (as listed):
  - WEO/GFSR/FMGPA
  - EWE
  - WEMD WEO/GFSR/FM
  - GPA
  - EWE
  - WEMD
  - External Sector Report
  - Macroeconomic Developments in LIDCs
  - EMs: Dev. and Prospects
  - Negative Interest Rate Policies
  - Capital Flows and Macroprudential Policies
  - Surveillance of Macro-Structural
  - Financial Stability in Islamic Financial Markets
  - Fiscal Costs and Gains of Structural REforms
  - Approaches to Macro-financial Surveillance
  - Natural Disasters and Climate Change in Small States
  - Review of LIC-DSF
  - Regulatory Reform Agenda
  - Fund Work on Macro-Structural Issues
  - Capital Flows: Experience with Institutional View
  - EMs: Dev. and Prospects
  - Recent Trends in Corresponding Banking Relationships
  - Review of MCP Policy
  - Engagement on Capital Flows and Macroprud. Policies

### Strategic Objectives (numbered)
- 1. Assist policymakers in tackling the underlying causes of low productivity growth
- 2. Support Low-income Countries
- 3. Collaborate with other institutions to help the membership expand economic opportunities for all
- 4. Enhance capacity development
- 1. Strengthen the global safety net and revive global cooperation
- 2. Improve crisis prevention and adjustment
- 3. Ensure adequate resources and progress on the 15th Quota Review
- 4. Keep the Fund strong

### IV. Make Multilateralism Work for All
- Timeline headings showing sequencing across months:
  - Nov 2016 Dec Jan 2017 Feb Mar Apr May Jun-Jul Aug-Oct
- Legend items (as presented):
  - Legacy Item Spring WP (delayed)
  - Legacy Item Spring WP (on track)
  - New Item
  - Recurring Item
- Work program entries (as listed):
  - Engagement in Sovereign Debt Restructurings
  - 2017 Risk Report--Spring Update
  - 2016 Risk Report
  - Global Productivity Slowdown: Causes and Remedies
  - Fiscal Capacity in Fragile States
  - Role of State-Contingent Fin. Instruments
  - Role of SDR
  - IMF's Deliverables for 2030 Development Agenda
  - Social Objectives in PRGT-supported countries
  - Eligibility of Concessional Financing
  - Making Globalization Work for All
  - Finance and Technology
  - Evolution of Capacity Development
  - Review of Standards and Codes Initiative
  - Fund Toolkit Reform Considerations
  - New Monitoring Instrument
  - New Liquidity Instrument and Review of FCL/PLL
  - Financial Safety Net for Developing Countries
  - IMF's Cooperation with RFAs
  - Bailing in or Out
  - Adequacy of Fund Resources
  - Contour Medium-term Budget
  - FY2018-20 Medium-term Budget
  - Fund's Income Position for FY17
  - Initial FY2018-20 Medium-term Budget Proposals
  - Fund's HR Strategy
  - IMF Communication Strategy
  - Social Protection in a Changing World
  - Role of Fund in Governance Issues
  - Measurement of Digital Economy
  - Making Trade an Engine of Growth for All
  - 15th General Reviw of Quotas: Report to Board of Governors
  - Quotas: Data Update and Sumulations
  - NAB Proposed Renewal
  - GDP--Lost in Single Deflation
  - Conditionality in Currency Unions
  - 15th General Reviw of Quotas: Report to Board of Governors
  - Diversity and Inclusion Report
  - Macro-Structural Policies and Income Inequality

*Source: _111616 - Section 2*

---


_Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2016/_111616.pdf_