## IMF Survey : Work Program Aims to Get Growth Going Again _IMF News, July 12, 2016_ ## Source details **Canonical URL:** [IMF Survey : Work Program Aims to Get Growth Going Again](https://www.imf.org/en/news/articles/2015/09/28/04/53/sopol061616a) ## Other formats - [Markdown version](/en/news/articles/2015/09/28/04/53/sopol061616a/index.md) - [Structured JSON version](/en/news/articles/2015/09/28/04/53/sopol061616a/index.json) - [Bundle manifest](/en/news/articles/2015/09/28/04/53/sopol061616a/bundle-manifest.json) ## Bibliographic details - Published: July 12, 2016 --- ### Overview - Work program covers the next twelve months with emphasis on getting the global economy back on a stronger and safer track to growth. - IMF proposes a three-pronged approach—monetary, fiscal, structural—to spur growth. - Focus to be on new and emerging issues along with longstanding areas for reform. - Ongoing transitions in the global economy call for strong global cooperation. - Publication date: July 12, 2016. ### IMF Work Agenda: Policy priorities - This work program is in line with the directions laid out in the Global Policy Agenda and the International Monetary and Financial Committee communiqué released in April. - The work program highlights activities to support the three-pronged approach of monetary, fiscal, and structural actions to boost growth. - The work program also lays out work to help member countries address emerging issues (such as climate change and inequality) and strengthen the international monetary system. ### Monetary policy - Continue to study the implications of unconventional monetary policies and their spillovers to other economies, particularly emerging markets. - Review member country experience in dealing with capital flows in recent years to get a clearer picture of associated macroeconomic and financial stability risks. - Related area of focus: capital flow management. ### Financial sector surveillance - Intensify efforts to deepen macrofinancial analysis and strengthen members’ supervisory and regulatory frameworks. - Take stock of progress on global and regional financial regulatory reforms in light of increased risks to global financial stability. - Analyze drivers and consequences of trends in correspondent banking relationships and discuss the role the Fund can play. - Agenda includes items related to managing financial sector vulnerabilities and reducing risk. ### Fiscal policy - Fiscal policy needs to do more in some countries, as monetary policy cannot bear the entire burden of responding to current challenges. - Fiscal policy can play a bigger role in supporting demand in countries where fiscal space exists. - IMF will work on a set of considerations for how to assess fiscal space, with the goal of producing consistent assessments across countries. - How and whether to use fiscal space would be informed by country specific considerations, such as fiscal rules and frameworks. - IMF will spearhead an infrastructure policy support initiative, focused on helping countries increase the efficiency of public investment and, where appropriate, identify options to sustainably scale up infrastructure spending. - The initiative—to be piloted in a number of countries—is expected to shed light on which policies should be prioritized for infrastructure investment to achieve strong and durable growth. - For low-income countries, the IMF will continue to support efforts to boost domestic revenue mobilization in developing countries and plans to outline a framework for building fiscal management capacity in fragile states. ### Structural reforms - Increase focus on the role of structural reforms in improving productivity and growth. - Staff will develop a toolkit on structural reforms for country teams to use in annual assessments, taking into account stage of development, cyclical position, and available policy space. - Produce a new reference note on trade and trade policy issues—the first since 2010—within the coming year. - Undertake a review of the role of the Fund in governance issues early next year, given obstacles posed by endemic corruption to achieving inclusive growth. ### Emerging issues - Enhance and refine policy advice on emerging issues: social, political, demographic, environmental, biological, or technological challenges that can affect macroeconomic stability. - Continue efforts to integrate climate change and energy issues in IMF surveillance. - Developing a tool to evaluate a range of fiscal and other measures relating to the mitigation of climate change for use in country work. - Focus on the role of climate change and natural disasters in the economies of small states and other vulnerable economies. - Continue work on demographic transitions and migration, building on previous analysis of the impact of migration on receiving countries. - Examine the impact of economic emigration on private sector activity, competitiveness, public finance, and growth and convergence of countries whose citizens emigrate. - Continue to integrate gender analysis in surveillance and strive for a better understanding of inequality in developing countries. - Begin innovative analytical work on the interplay of finance and technology. ### International monetary system - Study how best to strengthen global mechanisms for adjustment and liquidity provision to boost the effectiveness of the international monetary system. - Work on key areas for reform: mechanisms for crisis prevention and adjustment; enhanced global cooperation on policies affecting global stability; and the global financial safety net (GFSN). - Undertake further work on the role of the Special Drawing Right (SDR). - Explore how to strengthen coordination with regional financing arrangements regarding the GFSN. - Revisit the lending toolkit to see how best to assist countries hit by the historic decline in commodity prices. - Review lending and program design to ensure IMF-supported programs in developing countries place sufficient emphasis on softening the adverse impact of some macroeconomic policies. ### Key actions and outputs planned - Review of member country experience with capital flows. - Stocktaking of progress on global and regional financial regulatory reforms. - Development of consistent assessments for fiscal space across countries. - Infrastructure policy support initiative, piloted in a number of countries. - Toolkit on structural reforms for country teams. - New reference note on trade and trade policy issues (first since 2010). - Tool to evaluate fiscal and other measures for climate change mitigation to be used in country work. - Review of the Fund’s role in governance issues early next year. *IMF Survey : Work Program Aims to Get Growth Going Again — July 12, 2016* --- ## References - [https://www.imf.org/en/News/country-focus](https://www.imf.org/en/News/country-focus) - [PRESS CENTER](http://presscenter.imf.org/) - [Policy](https://www.imf.org/en/news/search) - [Read the work program](http://www.imf.org/external/pp/longres.aspx?id=5045) - [Global policy agenda](http://www.imf.org/external/pp/longres.aspx?id=5031) - [Interview with Chief Economist](http://www.imf.org/external/pubs/ft/survey/so/2016/POL060216A.htm) - [IMF and capital flows](http://www.imf.org/external/pubs/ft/survey/so/2012/pol120312a.htm) - [Structural reforms in spotlight](http://www.imf.org/external/pubs/ft/survey/so/2016/RES040616A.htm) - [Fiscal capacity and inclusive growth](http://www.imf.org/external/pubs/ft/survey/so/2016/POL041616A.htm) - [Fighting corruption](http://www.imf.org/external/pubs/ft/survey/so/2016/RES051116A.htm) - [communiqué](http://www.imf.org/external/np/cm/2016/041616a.htm) - [Special Drawing Right](http://www.imf.org/external/np/exr/facts/sdr.htm) - [https://www.imf.org/en/home](https://www.imf.org/en/home) _Source: https://www.imf.org/en/news/articles/2015/09/28/04/53/sopol061616a_