IMF Executive Board Discusses Communication Strategy

IMF News, December 6, 2024

Source details

On November 22, 2024, the Executive Board of the International Monetary Fund (IMF) discussed a paper on the Review of the IMF’s Communication Strategy that:
- outlines the objectives and scope of Fund communication,
- reviews its implementation in recent years, and
- proposes updates and modernization of its approach going forward.
The discussion on Fund communication is in addition to the Board Review of the IMF's Transparency Policy (see Press Release 24/436 referenced in the source).

Directors welcomed the opportunity to review the Fund’s Communications Strategy and agreed that transparency and communications are critical to the effectiveness of the IMF.
Directors emphasized the Fund’s dual role: being a trusted advisor to authorities and a candid truth‑teller in challenging situations.
Communication is seen as critical to:
- building understanding of the Fund’s work,
- maintaining trust in the institution’s policy advice,
- furthering policy traction, and
- contributing to the Fund’s mission of promoting economic and financial stability.
Directors noted commendable progress in enhancing communication since the 2014 Review.
The Fund’s communications approach has been pivotal to effectiveness, especially given:
- evolution in the global economy,
- significant transformations in communications technology over the last decade, and
- the Fund being seen as one of the most effective, trustworthy and influential multilateral institutions in a recent global stakeholder survey.
Directors highlighted the need to maintain and build trust amid global economic uncertainty and media landscape transformations, including the advent of AI.
Legal frameworks underpinning Fund communications have not changed since the last review; many Directors stressed the importance of ensuring communications do not preempt Executive Board discussions.

Directors endorsed an evolution in the Fund’s approach, supporting measures in the paper to:
- transition from “doing more” to being more evidence‑based and selective in communications, focusing on topics within the Fund’s mandate that can provide the most value added;
- strengthen communication channels and platforms controlled by the Fund;
- unite the Fund’s traditional media operations with social media;
- internally, continue to bolster staff community and dialogue on institutional priorities.
Directors called for communications to demonstrate empathy and evenhandedness—issues extending beyond communications itself.

Policymakers must remain the Fund’s north star for communications, but reaching a wider audience of policy influencers and the general public was deemed essential to achieving institutional objectives.
Directors welcomed staff proposals to:
- expand and deepen engagements with local/regional media and stakeholders, particularly in program countries, including early engagements to inform policy advice;
- bring communications upstream into Fund operations, including by informing policy advice;
- strengthen the capacity of economic news reporting in developing and low‑income countries.
Many Directors encouraged implementing a more granular segmentation of target audiences to facilitate more effective and tailored communication.
Directors emphasized the importance of direct engagement and relationship management with country authorities and strengthening communication skills across the institution to increase traction of Fund policy advice.
Some Directors called for more active engagement on strategic or sensitive issues.

Directors recognized progress in measuring the impact of the Fund’s communications through digitalization of communications products and availability of real‑time analytical tools.
Calls for further efforts included:
- strengthening the Fund’s evaluation framework for communications, with many Directors urging staff to employ a modern goal‑setting framework;
- utilizing impact measurement in line with industry standards;
- greater consideration of integrating AI in measurement tools;
- more regularly soliciting stakeholder feedback.

Directors agreed the Communications Strategy should be reviewed more regularly, with formal reviews scheduled on a five‑yearly basis.
Directors welcomed the proposal for annual updates to the Board on the implementation of the Strategy, including the practical application and operationalization of a detailed plan in a flat budget environment.

IMF Executive Board Discusses Communication Strategy — press release summary