Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting - June 8, 2016
Policy Papers, June 8, 2016
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- Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting - June 8, 2016
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Bibliographic details
- Published: June 8, 2016
- Series: Policy Papers
Overview
- The Managing Director’s Global Policy Agenda (GPA) presented to the International Monetary and Financial Committee (IMFC) in April called on member countries to reinforce their commitment to strong, sustainable, inclusive, job-rich, and more balanced global growth.
- The GPA recommended a three-pronged approach with monetary, fiscal, and structural actions (Figure 1).
- The global economy has been impaired by growth that has been too slow for too long, but it can get back on a stronger and safer track with a more forceful and balanced policy mix.
- The GPA emphasized being agile, integrated, and member-focused in the Fund’s approach to supporting members.
Key findings and analysis
- Growth performance: Growth has been "too slow for too long," impairing the global economy.
- Policy mix: Durable global growth requires a more forceful and balanced policy mix combining monetary, fiscal, and structural measures.
- Policy space and tailoring: The Fund will assist members by clarifying the contours of available policy space and providing more tailored financial support and capacity development.
- New challenges: The Fund will continue to address emerging challenges as part of its support.
Fund support, priorities, and work program
- Clarify contours of available policy space for members.
- Provide more tailored financial support to member countries.
- Offer capacity development tailored to member needs.
- Continue addressing new and evolving challenges facing the global economy.
- Maintain an approach that is agile, integrated, and member-focused.
Policy recommendations (implicit in the GPA)
- Reinforce commitment to strong, sustainable, inclusive, job-rich, and more balanced global growth.
- Employ a three-pronged policy approach: monetary actions, fiscal actions, and structural actions.
- Pursue a more forceful and balanced mix of policies to restore stronger and safer growth trajectories.
Subjects covered
- Capital flows
- Climatic changes
- Economic growth
- Executive Board work program
- Fiscal policy
- Fiscal reforms
- Fund role
- Governance
- Monetary policy
- Surveillance
- Trade policy
Statement by the Managing Director on the Work Program of the Executive Board - Executive Board Meeting - June 8, 2016.