Statement by the Acting Managing Director on the Work Program of the Executive Board - Executive Board Meeting - May 20, 2011
Policy Papers, May 20, 2011
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- Statement by the Acting Managing Director on the Work Program of the Executive Board - Executive Board Meeting - May 20, 2011
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- Published: May 20, 2011
- Series: Policy Papers
Overview of global context
- The global economy is facing complex challenges.
- Variation in recovery strength and quality across regions produces divergent concerns:
- In most advanced economies: slow and job-poor growth, amidst fiscal and financial vulnerabilities.
- In most emerging markets: rapid credit growth, large capital inflows, and inflationary pressures.
- Rising food and fuel prices affect all members, but low-income countries most harshly.
- Crisis hot spots persist in some regions, and global imbalances show little sign of receding.
- Global policy cooperation remains critical, as emphasized by participants at recent IMFC and G-20 meetings.
Fund mandate and strategic focus
- The Fund’s mandate of promoting cooperation on global economic and financial problems is highly relevant given current conditions.
- Given the vast scope of challenges, the Acting Managing Director prioritizes focusing the Fund’s efforts on key issues facing the membership in the near and medium terms.
Priority areas (near and medium term)
- Pursuing growth consistent with macro-financial stability.
- Reforming the international monetary system.
- Responding to the challenges confronting low-income members in the face of a difficult global environment.
- Cross-cutting theme: enhance surveillance of the global economy to be ahead of the curve.
Key messages and implications for the Executive Board work program
- Emphasize policy cooperation among members to address divergent regional challenges and persistent global imbalances.
- Concentrate Fund resources and attention on the three identified priority areas to maximize impact.
- Strengthen surveillance capabilities to identify risks earlier and support proactive policy responses.
Metadata and thematic tags (as stated on source)
- Subject: Corporate governance, Economic growth, Executive Board calendar, Executive Board work program, Financial safety nets, Fund role, International cooperation, International monetary system, Low-income developing countries, Managing Director reports, Surveillance
- Date: May 20, 2011
Statement by the Acting Managing Director on the Work Program of the Executive Board - Executive Board Meeting - May 20, 2011