Initial Steps in Implementing the Managing Director’s Action Plan for the 2014 Triennial Surveillance Review
Policy Papers, April 27, 2015
Source details
- Canonical URL
- Initial Steps in Implementing the Managing Director’s Action Plan for the 2014 Triennial Surveillance Review
Other formats
Bibliographic details
- Published: April 27, 2015
- Series: Policy Papers
Overview
- In November 2014, the Managing Director set out a five-year Action Plan for Strengthening Surveillance in line with the goals of the 2014 Triennial Surveillance Review (TSR).
- This report provides an early update requested by Executive Directors and outlines the initial steps taken to operationalize the Action Plan.
- The initial phase focused on putting in place the building blocks to support teams engaging in surveillance; many initiatives will take time to be fully embedded in the Fund’s surveillance products and its day-to-day dialogue with member countries.
Initial implementation steps (building blocks)
- Revising guidance to staff in line with the TSR priorities.
- Investing in tools and staff training to boost capacity.
- Revamping work practices to support new approaches.
- Ongoing engagement among staff to raise awareness and to understand issues teams face.
- Managers are expected to play a vital role in implementing changed work practices; a new leadership framework will support this.
Pillar 1 — Deepening risk and spillover analysis
- Staff is developing new approaches to macrofinancial surveillance.
- Initiatives include area department led pilot cases.
- Enhanced technical support from functional departments is being provided.
- A more collaborative approach is being promoted to build skills and share knowledge.
Pillar 2 — More tailored and expert policy advice
- Staff is laying the groundwork for more detailed and tailored macro-structural analysis.
- Efforts aim to ensure fiscal advice continues to be ‘state of the art’.
- Work to leverage cross-country experience has gained momentum.
Pillar 3 — Achieving greater impact
- Staff is promoting more client focused communication.
- Exploring ways for more effective two-way dialogue with member countries.
- Promoting greater clarity in multilateral messages.
- Developing principles to better understand and address perceptions of evenhandedness.
Key dates and figures
- Publication date: April 27, 2015.
- Action Plan horizon: five-year.
- Initial directive issued: November 2014.
- IMF eLibrary offers over 25,000 IMF publications in multiple formats.
Next steps and implementation focus
- Continue operationalizing initiatives across all three TSR pillars despite differing starting points and complexity.
- Maintain staff engagement to surface implementation challenges and share lessons from pilot cases.
- Managers to operationalize changed work practices supported by the leadership framework.
- Continue investing in tools, technical support, and staff training to embed new approaches in surveillance products and country dialogue.
Initial Steps in Implementing the Managing Director’s Action Plan for the 2014 Triennial Surveillance Review — https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/initial-steps-in-implementing-the-managing-directors-action-plan-for-the-2014-triennial-pp4951
Content in this bundle
- _042415 - Executive Summary