Policy Papers
2025
July 11, 2025
Release of New Standards for Macroeconomic Statistics (BPM7)
Description: On March 20, 2025, the IMF released the seventh edition of the Integrated Balance of Payments and International Investment Position Manual (BPM7, the Manual), updating global standards for external sector statistics. This edition addresses significant changes in the global economy, including evolving economic interconnectedness, digitalization, and financial innovations. The Manual’s update process involved extensive collaboration with IMF member countries and users of balance of payments statistics, allowing them to actively contribute to the development and refinement of the standards, as well as to provide their opinions before the updates received official endorsement. To support implementation, the IMF has developed a comprehensive strategy. The Statistics Department will actively communicate the changes and assist countries in adopting the standards through intensive training and technical assistance. The release of BPM7 coincides with the release of the updated System of National Accounts, 2025 (2025 SNA), ensuring harmonized standards across macroeconomic statistical domains. IMF member countries are encouraged to implement both standards within a target implementation window of 2029–2030 to enhance the quality and comparability of macroeconomic data, thereby facilitating informed policy decisions.
June 5, 2025
The 4th Financing for Development Conference-Contribution of the IMF to the International Financing for Development Agenda
Description: The series of major economic shocks since 2020 has added to longstanding development challenges, with low-income and fragile countries affected the most. The negative economic impact of the COVID-19 pandemic, the spillovers from the war in Ukraine, and the tightening of international financial conditions after 2022 have added to preexisting structural obstacles weighing on economic and social progress in developing countries. While some of these factors have subsided since 2023, the escalation of trade tensions at the beginning of 2025, and the resulting impact on global growth and international financial conditions, including elevated uncertainty and significant downside risks weighing on the outlook, have again negative implications for most developing countries. In addition, natural disasters, climate and demographic challenges, geopolitical tensions, political instability, and conflicts, can be expected to add further to the challenges, even though some developments, including artificial intelligence and digitalization, may be beneficial. That said, while developing countries share many characteristics, increasing heterogeneity in their economic conditions and exposures to risks calls for appropriate differentiation in countries’ policy and reform agendas, as well as in the support from the international community. Particular attention must be paid to the situation of the poorest and fragile countries.
May 16, 2025
Extension of the Period for Consent to Increase Quotas under the Sixteenth General Review of Quotas and to the NAB Rollback
Description: On May 9, 2025, the IMF's Executive Board approved another six-month extension of the period to consent to the quota increase and to the New Arrangements to Borrow (NAB) rollback under the Sixteenth General Review of Quotas (GRQ), through November 15, 2025. Such extension also extends the period of consent for quota increases under the 14th GRQ. The previous deadline was due to expire on May 15, 2025. However, the Board of Governors Resolution 79-1 provides that the Executive Board may extend the period for consent as it may determine.
May 7, 2025
Guidance for the Investment of Temporary Resources to Generate Income to Contribute to PRG, PRG-HIPC and CCR Trusts Assets
Description: The decision on the Investment of Temporary Resources to Generate Income to Contribute to PRG, PRG-HIPC, and CCR Trusts which was adopted on July 28, 2017, and amended thereafter, was further amended on October 15, 2024, by the Executive Board of the IMF. This decision references the Guidelines for Investing PRG, RS, PRG-HIPC and CCR Trusts’ Assets adopted by the Executive Board on October 15, 2024. These Guidelines are also available to the public.
May 7, 2025
Guidelines for Investing PRG, RS, PRG-HIPC, and CCR Trusts' Assets
Description: Guidelines for Investing PRG, RS, PRG-HIPC, and CCR Trusts’ Assets (the “Guidelines”), were adopted on April 13, 2022 in the context of the Board’s consideration of the Proposal to Establish a Resilience and Sustainability Trust (“RST”, see Attachment C) to establish the investment objectives and policies to guide the investment of investable assets of the RST, in addition to the PRG, PRG-HIPC, and CCR Trusts. These Guidelines were amended by the Executive Board on October 15, 2024 in the context of the Board’s consideration of the 2024 Review of the Poverty Reduction and Growth Trust Facilities and Financing—Reform Proposals. The amended Guidelines are included in this document and replace the Guidelines for Investing PRG, PRG-HIPC, and CCR Trust Assets which was adopted on April 13, 2022.
May 6, 2025
Implementation Plan in Response to the Board-Endorsed Recommendations from the IEO Evaluation on the Evolving Application of the IMF's Mandate
Description: This Management Implementation Plan (MIP) proposes actions in response to the Board-endorsed recommendations provided by the Independent Evaluation Office (IEO)'s report on the Evolving Application of the IMF's Mandate. The MIP addresses the four IEO recommendations, which aim to (i) Enhance the decision-making process for Fund engagement in new policy areas; (ii) Address operational challenges by producing budget data in a manner that allows tracking by policy area across all Fund activities and operations; (iii) Enhance the clarity of key elements regarding surveillance in new policy areas, and (iv) Adopt an Executive Board-approved high-level Statement of Principles for Engagement with Partners. Staff will leverage existing and planned workstreams to address the IEO's recommendations.
May 2, 2025
2025 Update of Resource Adequacy of the Poverty Reduction and Growth Trust, Resilience and Sustainability Trust, and Debt Relief Trusts
Description: This paper provides an update of the resource adequacy of the Fund's Trust funds. Poverty Reduction and Growth Trust (PRGT) finances remain broadly in line with expectations at the completion of the 2024 PRGT Facilities and Financing Review, which included policy reforms and financing measures to ensure adequate and durable financial support to low-income countries (LICs) and restore the PRGT self-sustainability. Following the review, good progress has been made in securing assurances from members under the comprehensive framework to distribute GRA resources to facilitate the generation of additional PRGT subsidy resources. On the Resilience and Sustainability Trust (RST), the agreed process of voluntary bilateral contributions has progressed well. Based on updated projections, there are sufficient resources to meet demand through the RST Comprehensive Review, at which time staff will take stock of experience and assess medium-term resource needs. The RST's reserves remain adequate and the interest rate cap for Group A countries remains appropriate, though risks have increased. The Catastrophe Containment and Relief Trust (CCRT) remains underfunded and its next comprehensive review provides an opportunity to address its financing challenges. The Heavily Indebted Poor Countries (HIPC) initiative is nearly complete, although Sudan's progress towards the Completion Point is delayed. Staff assesses that risks to the finances of the PRGT and RST are appropriately mitigated at this time. Accordingly, and pending the outcome of the CCRT Review, staff does not propose any adjustments or policy changes to the Fund's Trust funds in this annual update.
May 2, 2025
FY2026-FY2028 Medium-Term Budget
Description: The global economy has proven resilient in the post-pandemic period, with global disinflation continuing, but with significant remaining uncertainty. This backdrop and transformations in the economic landscape are driving strong demand for Fund engagement. The proposed budget is guided by the longstanding principle of budget prudence. Notwithstanding a modest proposed structural top-up to supplement critical cybersecurity-related needs, overall net resourcing to departments will decline, given ongoing unwinding of temporary pandemic-era resources.
May 2, 2025
Review of the Fund's Income Position for FY 2025 and FY 2026
Description: This paper updates the projections of the Fund’s income position for FY 2025 and FY 2026 and proposes related decisions for the current and the following financial years. The paper includes proposed decisions to transfer part of its net income to facilitate the generation of subsidy resources for Poverty Reduction and Growth Trust (PRGT) and to initiate the payout from the Endowment Subaccount to meet administrative expenses. It also includes a proposed decision to keep the margin for the rate of charge unchanged at the level set by the Executive Board in October 2024. The Fund’s total comprehensive income for FY 2025 is projected at about SDR 3.4 billion after taking into account the projected pension-related remeasurement gain and estimated retained income in the Investment Account.
April 30, 2025
Flexible Credit Line and Short-Term Liquidity Line - Operational Guidance Note
Description: This note provides operational guidance on the use of the Flexible Credit Line (FCL) and the Short-Term Liquidity Line (SLL). After an overview of each instrument, explaining its specific nature, the operational issues are grouped into five areas: an outline of the process and specific steps that need to be followed if a member expresses interest in an arrangement; guidance on the modalities of concurrent use of the two instruments; guidance on interaction with other instruments; guidance on determining qualification of a member; and a how-to guide for determining appropriate access levels. The note is an aid to the implementation of the policy and its underlying principles. If there is any instance in which a provision of the guidance note or its implementation conflicts with Board policy, Board policy prevails. It will be revised as needed, for example following relevant policy reviews.