IMF Support for the United Nations’ Sustainable Development Goals
IMF Blog, July 19, 2017
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Bibliographic details
- Authors: Stefania Fabrizio, Roland Kpodar, Chris Lane
- Published: July 19, 2017
Overview
- Publication: "IMF Support for the United Nations’ Sustainable Development Goals" by Stefania Fabrizio, Roland Kpodar, Chris Lane, July 19, 2017.
- Context: Since the adoption of the United Nation’s Sustainable Development Goals (SDGs) in 2015, the IMF has supported countries through policy advice, training, and financial support.
- Core IMF mandate emphasized: promote international economic and financial stability and help countries achieve strong, sustainable, and inclusive economic growth—foundations for eradicating poverty, providing decent work, and reducing inequality.
- Upcoming commitment: An in-depth assessment of the scope and effectiveness of IMF support for the implementation of the 2030 development agenda will be prepared next year.
- Recent engagement: At the UN High-Level Political Forum this week, 44 countries presented actions and measurement challenges related to achieving the goals.
Macroeconomic context and rationale for IMF engagement
- Global conditions:
- Global growth is gaining momentum, but it remains uneven.
- Many countries face deteriorating circumstances, including commodity exporting low-income economies, amid a large drop in commodity prices and rising debt levels.
- Rationale:
- Maintaining economic stability and achieving strong growth are key foundations from which countries can pursue SDGs.
- Strengthening public finances provides additional resources for public health, education, and infrastructure.
- Cross-cutting IMF advisory focus in recent years includes inequality, gender, financial inclusion, and climate change.
Inequality: findings and policy advice
- Findings:
- IMF research shows higher income inequality leads to shorter growth spells and higher levels of economic instability.
- Economic reforms that boost growth can in themselves increase inequality in some contexts.
- Country examples and recommendations:
- Guatemala, Malawi, and Myanmar: IMF found growth-boosting reforms could increase inequality; recommended design features and complementary measures to mitigate distributional impacts.
- Malawi: Recommended targeted cash transfers and higher spending in agricultural research and development to boost long-term productivity of poor farmers who would otherwise lose out from subsidy reduction.
- Outcome: Malawian authorities drew on these recommendations to design last year’s subsidy reform.
Gender: findings and policy advice
- Finding:
- Increasing women’s paid work has a significant positive impact on economic growth.
- Country engagements:
- IMF supported Egypt, India, Jordan, and Mali in efforts to encourage more women to enter the paid workforce.
- Mali: Identified the female-male educational gap and a high fertility rate as main constraints to women entering the paid workforce.
- Recommendations: more spending on education, training programs for girls and women, and increasing provision of contraceptives.
Financial inclusion: findings and policy advice
- Definition: provision of access to financial services such as banking to all.
- Practical “how to” advice provided in Colombia, Namibia, and Nigeria.
- Country examples:
- Colombia: Highlighted the importance of an electronic money license and the introduction of a centralized electronic movable property registry to enhance financial access for individuals and small enterprises.
- Jamaica: Following IMF recommendations, authorities established a financial inclusion council to oversee implementation of the national financial inclusion strategy.
Climate: findings and policy advice
- Vulnerability:
- Small states are among the most vulnerable to climate change and damaging natural disasters.
- Joint work:
- IMF and World Bank are working together on Climate Change Policy Assessments.
- Pilots: Seychelles and St. Lucia.
- Purpose: Advise on climate change adaptation and mitigation policies to improve disaster response, reduce risk, and increase preparedness.
- Fiscal advice: Keep adequate room in the budget and create contingency financial plans.
- Research:
- The upcoming World Economic Outlook will examine effects of climate on the economic performance of low-income economies.
Conclusions and next steps
- IMF role: Assist countries to create sustainable economic conditions that enable pursuit of SDGs.
- Reporting and evaluation:
- Next year the IMF will prepare an in-depth assessment of the scope and effectiveness of IMF support for the implementation of the 2030 development agenda.
Source: IMF blog post "IMF Support for the United Nations’ Sustainable Development Goals", July 19, 2017.
Content in this bundle
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- EXECUTIVE SUMMARY
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