Policy Papers
2022
June 27, 2022
Statement by the Managing Director on the FY 2023 Work Program of the Executive Board: Executive Board Meeting - June 8, 2022
Description: The Work Program aims to help the membership tackle multiple and complex challenges—most prominently high inflation, along with elevated debt levels, energy and food security, and risks of fragmentation. In addition to discussing policy advice, financial assistance, and capacity development to provide critical support to the countries affected by these compounding crises, the Board will continue to monitor closely the economic and financial developments, new challenges and risks, and discuss policy responses. Work will also focus on implementing the strategies to support a more resilient, inclusive, digital, and green global economy.
June 24, 2022
List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments Over 18 Months
Description: June 2022 List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments Over 18 Months
June 23, 2022
Guidance Note for Surveillance Under Article IV Consultations
Description: This Guidance Note provides guidance to country teams for surveillance under Article IV consultations. It supersedes the 2015 Guidance Note and its supplement. Fund surveillance continuously adapts to the evolving economic and financial landscape. The 2021 Comprehensive Surveillance Review (CSR) identified priorities for Fund surveillance, both in terms of content and modalities. This Guidance Note covers: Scope and requirements: The note lays out the coverage of, and formal requirements for, Article IV consultations and staff reports. It also outlines best practices aimed at enhancing the traction of Fund analysis and policy advice. Priorities and focus. The note reflects the four surveillance priorities identified in the CSR: (i) confronting risks and uncertainties, (ii) preempting and mitigating spillovers, (iii) ensuring economic sustainability, and (iv) adopting a more unified approach to policy advice. The note also provides guidance on sharpening the focus and selectivity of Article IV staff reports. Policies. The note discusses the content of surveillance in the areas of fiscal policy, macrofinancial analysis and financial policies, monetary policy, external sector policies, and macrostructural policies. Applications. The note considers several applications of such policies, such as with respect to the Integrated Policy Framework, climate change, and gender. Process and procedures. The note describes the Article IV consultation cycle and process, lays out drafting and publication guidelines for staff reports, and covers the treatment of confidential information.
June 3, 2022
Poverty Reduction and Growth Trust—Guidance Note on New Enhanced Safeguards for Debt Sustainability and Capacity to Repay
Description: Poverty Reduction and Growth Trust—Guidance Note on New Enhanced Safeguards for Debt Sustainability and Capacity to Repay
May 27, 2022
Review of The Fund's Income Position for FY 2022 and FY 2023–2024
Description: This paper updates the projections of the Fund’s income position for FY 2022 and FY 2023–2024 and proposes related decisions for the current financial year. The paper also includes a proposed decision to set the margin for the rate of charge for financial years 2023 and 2024.
May 23, 2022
Reviews of the Fund's Sovereign ARREARS Policies and Perimeter
Description: This paper undertakes a comprehensive review of the Fund’s sovereign arrears policies. Staff assesses that the Fund’s Lending into Arrears to Private Creditors (LIA) policy (established in 1989 and last reviewed in 2002) remains broadly appropriate, while recommending some improvements given the experience gained over the last 20 years. Staff also sees merit in codifying the existing practice guiding the Fund in preemptive debt restructurings into a Fund policy, together with an amendment focusing on debt transparency. Given limited experience with the application of the LIOA policy (established in 2015), staff does not propose any amendments but only one restatement confirming current practice. Given recent developments in the international creditor community, staff proposes refining the Fund’s arrears policies with respect to multilateral creditors. Finally, recent developments raise questions about the perimeter between official bilateral and private claims, with significant implications for the Fund’s arrears policies.
Notes:
Questions and Answers on the IMF's Policies on Sovereign Arrears
May 19, 2022
Implementation Plan in Response to The Board - Endorsed Recommendations from The IEO Evaluation Report on Growth and Adjustment in IMF - Supported Programs
Description: This management implementation plan (MIP) proposes actions in response to the Independent Evaluation Office (IEO)’s report on growth and adjustment in IMF-supported programs. The full implementation of the MIP package will help ensure that, at a time when many countries face strong headwinds, IMF-supported programs not only deliver necessary adjustment to address balance of payments needs but also pay greater attention to their growth effects. While the policy-related deliverables are already incorporated into current departmental work plans and budgets, the operational implementation of these recommendations may require mobilizing additional resources.
May 17, 2022
The Acting Chair’s Summing Up Independent Evaluation Office—IMF Engagement with Small Developing States: Executive Board Meeting May 6, 2022
Description: Executive Directors welcomed the report of the Independent Evaluation Office (IEO) on IMF Engagement with Small Developing States (SDS) and appreciated its insights and recommendations. They welcomed the report’s finding that the Fund has substantially stepped up its engagement with its SDS members over the past decade, and that SDS country officials generally considered Fund surveillance and capacity development (CD) activities of high quality and well-tailored to their needs.
Notes:
Statement by Managing Director on the IEO Report
IMF Engagement with Small Developing States: Evaluation Report 2022