## Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting, November 24, 2008

_Policy Papers, November 24, 2008_

## Source details

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## Other formats

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## Bibliographic details
- Published: November 24, 2008
- Series: Policy Papers

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### Context and core message
- The global economy is going through a period of unprecedented financial instability.
- The Fund has been asked by the IMFC to play a leading role in helping the membership both to deal with the immediate crisis and work towards a new strengthened global architecture.
- These tasks are stated to be well within the Fund’s mandate.
- Addressing these challenges—and doing so within a compressed timeframe—will require strict prioritization.

### Three prioritized areas (as specified)
- (i) providing policy advice and timely financial support that meets members’ needs;
- (ii) understanding what went wrong;
- (iii) and assembling the building blocks of a new international financial architecture.

### Operational emphasis and implications
- Immediate crisis response: prioritize delivering policy advice and timely financial support tailored to members’ needs.
- Diagnostic work: undertake analysis to determine causes and failures that led to the current instability (“understanding what went wrong”).
- Institutional reform: develop components of a strengthened global financial architecture to reduce vulnerability and improve crisis management.

### Publication metadata (verbatim where provided)
- Date: November 24, 2008
- Format: Chicago
- Subjects: Executive Board work program, Financial crisis, Financial stability, Low-income developing countries, Managing Director, Multilateral surveillance

*Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting, November 24, 2008.*

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_Source: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/statement-by-the-managing-director-on-the-work-program-of-the-executive-board-executive-pp4304_