Factsheets

March 21, 2023

Protecting IMF Resources Safeguards Assessments of Central Banks

March 17, 2023

The Resilience and Sustainability Facility (RSF)

March 17, 2023

The Stand by Credit Facility (SCF)

March 17, 2023

The Extended Fund Facility (EFF)

March 17, 2023

The Extended Credit Facility (ECF)

March 17, 2023

The Stand by Arrangement (SBA)

March 15, 2023

Transparency at the IMF

March 15, 2023

Catastrophe Containment and Relief Trust (CCRT)

March 10, 2023

The Short-term Liquidity Line (SLL)

March 10, 2023

Flexible credit line FCL (FCL)

March 10, 2023

The Rapid Credit Facility (RCF)

March 10, 2023

The Precautionary and Liquidity Line (PLL)

March 9, 2023

The Rapid Financing Instrument (RFI)

March 8, 2023

IMF and the Sustainable Development Goals

March 7, 2023

IMF Conditionality

February 22, 2023

The IMF and the Fight Against Illicit Financial Flows

Illicit financial flows refer to the movement of money across borders that is illegal in its source (e.g. corruption, smuggling), its transfer (e.g. tax evasion), or its use (e.g. terrorist financing). For decades, the IMF has played a key role in international efforts to combat these opaque and often destabilizing transfers. It also has longstanding concerns with flows that are not strictly illegal but are associated with tax avoidance.

February 7, 2023

The Fight Against Money Laundering and Terrorism Financing

Why is the IMF concerned about money laundering and terrorism financing? The IMF is concerned about the consequences of money laundering, terrorism financing, and proliferation financing (providing funds or financial services for nuclear, chemical, or biological weapons), as well as related crimes that undermine the financial sector and the broader economy. These crimes can make countries less stable, which in turn, can weaken law and order, governance, regulatory effectiveness, foreign investments, and international capital flows.

February 7, 2023

IMF Support for Low-Income Countries

How does the IMF support low-income countries? The IMF assists low-income countries (LICs) with financial and other support. The IMF’s surveillance program provides continuous monitoring of member countries’ economic and financial policies. Discussions with country authorities focus on the impact of their economic policies on stability and growth and the desirable policy measures. Capacity building typically focuses on how LICs can boost domestic revenues, manage public finances and monetary policy, regulate their financial system, and develop statistical systems. Capacity building helps IMF member countries to design and implement sound policies and to advance toward the United Nations’ Sustainable Development Goals.

February 3, 2023

Debt Relief Under the Heavily Indebted Poor Countries Initiative

 The IMF and World Bank launched the Heavily Indebted Poor Countries (HIPC) Initiative in 1996 to ensure that no poor country faces an unmanageable debt burden. In 2005, to accelerate progress toward the United Nations’ Sustainable Development Goals, the HIPC Initiative was supplemented by the Multilateral Debt Relief Initiative. This allows countries completing the HIPC Initiative process to receive 100 percent relief on eligible debts by the IMF, the World Bank, and the African Development Fund. In 2007, the Inter-American Development Bank provided additional (“beyond HIPC”) debt relief to the five HIPCs in the Western Hemisphere.

February 2, 2023

How Does the IMF Encourage Greater Fiscal Transparency?

Fiscal transparency – the comprehensiveness, clarity, reliability, and timeliness of public reporting on the state of public finances – is critical for effective fiscal management and accountability. It helps ensure that governments have an accurate picture of their finances when making economic decisions, including of the costs and benefits of policy changes and potential risks to public finances. It also provides legislatures, markets, and citizens with the information they need to hold governments accountable. Greater fiscal transparency can also help strengthen the credibility of a country’s fiscal plans and can help underpin market confidence and market perceptions of fiscal solvency.

January 23, 2023

Financial System Soundness

Supporting sound financial systems Weak financial institutions, inadequate regulation and supervision, and lack of transparency have been at the heart of global financial crises. These have highlighted the importance of systemic risk monitoring and management, which is why the IMF has stepped up efforts to help countries support sound financial systems.

January 13, 2023

Monetary Policy and Central Banking

Central banks use monetary policy to manage economic fluctuations and achieve price stability, which means that inflation is low and stable. Central banks in many advanced economies set explicit inflation targets. Many developing countries also are moving to inflation targeting.   Central banks conduct monetary policy by adjusting the supply of money, usually through buying or selling securities in the open market. Open market operations affect short-term interest rates, which in turn influence longer-term rates and economic activity. When central banks lower interest rates, monetary policy is easing. When they raise interest rates, monetary policy is tightening.

January 13, 2023

Financial Sector Assessment Program (FSAP)

The Financial Sector Assessment Program (FSAP) provides a comprehensive, in-depth analysis of the resilience of a country’s financial sector. A crucial part of the IMF’s financial surveillance, it includes “stress tests” of financial institutions, an evaluation of the quality of supervision and regulation of the sector, and an assessment of the crisis management framework. To date, more than three-quarters of IMF’s member countries have undergone assessments.

January 7, 2023

IMF-World Bank Debt Sustainability Framework for Low-Income Countries

Low-income countries (LICs) have often struggled with large external debts. The IMF and the World Bank introduced the Debt Sustainability Framework for such countries in April 2005 and have made changes to it periodically.  This video explains what debt sustainability is and why it is important.  Download the interactive guide on Debt Sustainability Framework for low-income countries. 

January 6, 2023

Early Warning Exercise (EWE)

 What is the Early Warning Exercise? The Early Warning Exercise (EWE) is a semiannual assessment by the IMF and the Financial Stability Board (FSB) of low-probability, high-impact risks —also known as tail risks— to the global economy. It was created in 2008 when the G20 asked both institutions to work jointly on an early warning exercise to help policymakers spot tail risks and vulnerabilities that could lead to further systemic shocks.

January 6, 2023

IMF Staff Monitored Program SMP

An IMF Staff Monitored Program, or SMP, is an informal agreement between an IMF member country and IMF staff to monitor the member country’s economic program. Because the agreements are informal, they typically do not entail endorsement by the IMF Executive Board.

January 5, 2023

Special Drawing Rights (SDR)

The SDR is an international reserve asset. The SDR is not a currency, but its value is based on a basket of five currencies—the US dollar, the euro, the Chinese renminbi, the Japanese yen, and the British pound sterling.

December 5, 2022

IMF Lending

What kind of financial assistance does the IMF offer? Unlike development banks, the IMF does not lend for specific projects. Instead, the IMF provides financial support to countries hit by crises to create breathing room as they implement policies that restore economic stability and growth. It also provides precautionary financing to help prevent crises. IMF lending is continuously refined to meet countries’ changing needs.

December 1, 2022

Annual and Spring Meetings

What are the Annual and Spring Meetings? The Annual and Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group each year bring together central bankers, ministers of finance and development, private sector executives, civil society representatives, and academics to discuss the state of the global economy and issues of international concern, such as the growth outlook, financial stability, and poverty reduction. The Meetings are the only gathering of its kind in the world and a unique forum for discussion on economic policymaking. 

November 11, 2022

IMF and the World Trade Organization

The IMF strongly supports the role of the World Trade Organization (WTO), including its role in upholding trade rules and settling trade disputes. The IMF and the WTO work together on many levels, with the aim of ensuring greater coherence in global economic policymaking. A cooperation agreement between the two organizations covering various aspects of their relationship was signed shortly after the WTO’s creation.

November 11, 2022

IMF Capacity Development

The IMF provides technical assistance and training – known as capacity development – as one of its core functions. Capacity development accounts for around a third of the IMF’s annual spending. It is available to all members upon their request and is tailored to a country’s specific needs. Capacity development can help countries to improve tax collection and bolster public finances. It can help countries to modernize their monetary and exchange rate policies, develop legal systems, or strengthen governance. Capacity development also can help countries collect and disseminate data to inform decision-making.

October 24, 2022

IMF Quotas

Quotas are the building blocks of the IMF’s financial and governance structure. An individual member country’s quota broadly reflects its relative position in the world economy. Quotas are denominated in Special Drawing Rights (SDRs), the IMF’s unit of account.

September 19, 2022

How the IMF Makes Decisions

Unlike the United Nations General Assembly, where each country has one vote, voting power and decision-making at the IMF reflect its member countries’ relative economic position. The IMF works to ensure that its governance structure keeps pace with changes in the world economy, including the larger role that emerging market and developing economies now have.

September 16, 2022

Gold in the IMF

Gold played a central role in the international monetary system in past centuries when currency rates were linked to the price of gold. The fixed currency system ended in 1973, diminishing gold’s role. However, gold remains an important reserve asset and the IMF is one of the world’s largest official holders of gold.

September 12, 2022

IMF Accountability

The IMF is governed by and accountable to its member countries. It meets regularly with government and private-sector representatives to inform and improve its work. To ensure accountability, the IMF relies on internal and external audits, risk management tools, and independent evaluations. IMF staff are subject to strict ethical and workplace standards of conduct.

September 7, 2022

Selection Process for IMF Managing Director

The IMF’s Managing Director is both Chairperson of the Executive Board and Head of IMF staff. He or she is appointed by the Executive Board for a renewable term of five years. The Executive Board may select a Managing Director by a majority of votes cast. In the past, the Board has made such appointments by consensus.

July 28, 2022

Policy Coordination Instrument (PCI)

The Policy Coordination Instrument (PCI) is a non-financing instrument open to all members of the International Monetary Fund (IMF). It was established in the context of strengthening the global financial safety net, allowing users to signal commitment to reforms and catalyze financing from other sources

July 15, 2022

Where the IMF Gets Its Money

The money the IMF loans to its members on its best – or non-concessional – terms comes from member countries, mainly through their payment of quotas. Multilateral and bilateral arrangements can supplement quota funds and plays a critical role in the IMF’s support for member countries in times of crisis. The IMF’s current total resources of about SDR 977 billion translate into a capacity for lending of about SDR 713 billion (around US$1 trillion).

July 12, 2022

The IMF and the World Bank

The International Monetary Fund (IMF) and the World Bank share a common goal of raising living standards in their member countries. Their approaches to achieving this shared goal are complementary: the IMF focuses on macroeconomic and financial stability while the World Bank concentrates on long-term economic development and poverty reduction. Want to know more, watch this CNBC explains video on the difference between the IMF and the World Bank

July 5, 2022

IMF Policy Advice

How the IMF monitors the global economy A core responsibility of the IMF is overseeing the international monetary system and monitoring members’ economic and financial policies, an activity known as surveillance. Through surveillance at the global, regional, and country levels, the IMF identifies potential risks to stability and recommends appropriate policy adjustments to sustain economic growth and promote financial and economic stability.

June 24, 2022

IMF and Good Governance

The IMF places great emphasis on promoting good governance when providing policy advice, financial support, and technical assistance to its member countries. The IMF also has measures in place to ensure integrity, impartiality, and honesty in the discharge of its own professional obligations.

June 13, 2022

Policy Support Instrument (PSI)

The Policy Support Instrument (PSI) offers low-income countries that do not want—or need—Fund financial assistance a flexible tool that enables them to secure Fund advice and support without a borrowing arrangement. This non-financial instrument is a valuable complement to the IMF’s lending facilities under the Poverty Reduction and Growth Trust. The PSI helps countries design effective economic programs that deliver clear signals to donors, multilateral development banks, and markets of the Fund's endorsement of the strength of a member's policies.

May 11, 2022

A Guide To Committees, Groups, and Clubs

Political leaders and officials from around the world shape the work of the IMF through their various forums and bodies. With the IMF at the center of the coordinated global response to events in international financial markets and the world’s economies, understanding what these groups do and how they work is important.

April 11, 2022

What is the IMF?

The International Monetary Fund, or IMF, promotes international financial stability and monetary cooperation. It also facilitates international trade, promotes employment and sustainable economic growth, and helps to reduce global poverty. The IMF is governed by and accountable to its 190 member countries.

May 20, 2021

Post Financing Assessment (PFA)

When a member country borrows money from the IMF, its policies come under closer scrutiny. Once a country has completed its lending program, it may be subject to Post Financing Assessment (PFA), which is an important part of the Fund’s safeguard architecture. PFA is generally expected for all member countries that have substantial IMF credit outstanding following the expiration of their programs. The aim is to identify risks to such member countries’ medium-term viability and provide early warnings on risks to the Fund’s balance sheets. Should it become necessary, IMF staff will advise on policy actions to correct macroeconomic imbalances.

March 26, 2021

IMF Standards for Data Dissemination

The IMF has taken steps to enhance member country transparency and openness, including setting standards for voluntary dissemination of economic and financial data. The Special Data Dissemination Standard (SDDS) was established in 1996 to guide members that have, or might seek, access to international capital markets in providing their economic and financial data to the public. The General Data Dissemination System (GDDS) was established in 1997 for member countries with less developed statistical systems as a framework for evaluating their needs for data improvement and setting priorities. In 2012, the SDDS Plus was created as an upper tier of the IMF’s Data Standards Initiatives to help address data gaps identified during the global financial crisis. In 2015 the enhanced GDDS (e-GDDS) replaced the GDDS. More than 95 percent of IMF member countries participate in the e-GDDS, SDDS, or SDDS Plus.

March 8, 2021

How the IMF Promotes Global Economic Stability

The IMF advises member countries on economic and financial policies that promote stability, reduce vulnerability to crises, and encourage sustained growth and high living standards. It also monitors global economic trends and developments that affect the health of the international monetary and financial system and promotes dialogue among member countries on the regional and global consequences of their policies. In addition to these surveillance activities, the IMF provides technical assistance to help strengthen members’ institutional capacity and makes resources available to them to facilitate adjustment in the event of a balance of payments crisis.

March 2, 2021

Trade Integration Mechanism (TIM)

The Trade Integration Mechanism (TIM) was introduced in April 2004 to assist member countries to meet balance of payments shortfalls that might result from trade liberalization measures implemented by other countries. The TIM is not a special lending facility, but rather a policy designed to make resources more predictably available under existing IMF lending facilities.

March 1, 2021

Standards and Codes: The Role of the IMF

Standards and codes are benchmarks of good practices. The IMF and the World Bank have recognized international standards in 12 policy areas related to their work. In assessing countries’ observance of these standards, and helping them to implement reforms where needed, the IMF and the World Bank aim to increase economic and financial stability by strengthening countries’ economic and financial institutions.