Good Governance: The IMF's Role

Pamphlet Series, September 1, 1998

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Good Governance: The IMF's Role

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Bibliographic details

• Published: September 1, 1998
• Series: Pamphlet Series
• Pages: 20
• DOI: https://doi.org/10.5089/9781557756909.054
• Stock No: GGIREA0000000
• ISBN: 9781557756909
• ISSN: 0538-8759

Overview

• "Good governance is important for countries at all stages of development..."
• Primary IMF focus: aspects of good governance most closely related to IMF surveillance over macroeconomic policies, namely:
  • the transparency of government accounts,
  • the effectiveness of public resource management,
  • the stability and transparency of the economic and regulatory environment for private sector activity.
• Quoted attribution: Michael Camdessus, IMF Managing Director

Key findings and emphases

• Governance dimensions most relevant to IMF surveillance:
  • Transparency of government accounts.
  • Effectiveness of public resource management.
  • Stability and transparency of the economic and regulatory environment for private sector activity.
• The pamphlet centers IMF engagement on governance issues that directly affect macroeconomic outcomes and policy credibility.

Policy recommendations and IMF approach

• Concentrate IMF policy advice and surveillance on governance areas that influence macroeconomic stability and private sector activity:
  • Strengthen transparency mechanisms for government fiscal accounts.
  • Improve public resource management to enhance effectiveness and fiscal discipline.
  • Promote stable and transparent regulatory frameworks to support private sector development.