Managing Director's Action Plan to the International Monetary and Financial Committee PDF Download

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 149834061X
Category : Business & Economics
Languages : en
Pages : 5

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Book Description
As described in the latest Consolidated Multilateral Surveillance Report, policy actions in Europe and improving U.S. indicators have helped attenuate financial strains. But recent developments point to the fragility of the world economy and the need to come to grips with a formidable policy agenda. Among the challenges ahead are the immediate risks from a return of stresses in Europe and higher oil prices. Beyond that lie the risks from protracted low growth, too rapid fiscal consolidation in certain cases, deleveraging and uncertain medium-term policy frameworks in some key advanced countries. Many emerging markets may have to deal with inflation risks, elevated oil prices, the resurgence and volatility in capital inflows, and the consequences of extended credit booms. Delays in implementing global regulatory reforms also pose risks.

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498334660
Category : Business & Economics
Languages : en
Pages : 26

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Book Description
This paper describes the policy changes that the Fund has made since the October 2007 IMFC meeting and the ways in which we plan to refocus the Fund’s work to support our members more strongly. It also describes the steps that management, staff, and the Executive Board have agreed to put our own house in order—to reform our governance, contain our spending, and solve our income problem.

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498344143
Category : Business & Economics
Languages : en
Pages : 12

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Book Description
The Executive Summary is also available in: Arabic , Chinese, French, Japanese, Russian, and Spanish. The membership is facing a rapidly changing and uncertain world. The United States is poised to raise interest rates amid ongoing recovery, China’s expected slowdown as it rebalances growth is creating larger-than-anticipated spillovers, and commodity producers are facing the end of a long cycle of high commodity prices. These necessary transitions pose challenges, particularly for emerging and low-income developing countries, where prospects have dwindled the most. Policymakers are increasingly grappling with difficult policy trade-offs. Faced with limited room to maneuver and the need to adapt to new realities, what relative weight should be placed on supporting demand and current activity, on reducing financial risks as financial conditions tighten, and on implementing urgently needed structural reforms to revive future growth? Policies need to reflect country circumstances and coalesce into a new multilateralism. Mutually reinforcing policies are needed to support growth today, invest in resilience and safeguard financial stability, and implement the structural reforms needed for a sustainable and inclusive future. Policies should reflect member circumstances and also add up to a coherent whole—to ensure that demand is created not substituted, market resilience is enhanced not circumvented, and that structural reforms are enacted not delayed. Cooperation is vital in areas such as the global financial safety net, trade, climate change, international taxation, sustainable development goals (SDGs), and demographic transitions and migration. The Fund will support the membership at this juncture. The Fund has both the universal membership and mandate to address growth and economic stability issues at the national and global levels. To support the membership most effectively, the Fund will focus on three priorities that best reflect this new AIM: • Agility. Advice will focus on policies to support members cope with evolving transitions—respond to tighter and more volatile financial conditions and implement effective macro-structural reforms. The lending framework will deliver financial assistance quickly where needed. Delivery of technical assistance and training will be enhanced by greater use of online tools. • Integration. In the face of growing policy trade-offs, the Fund will support its members by better integrating policy advice across sectors, embracing evolving priorities, promoting integration of global, regional, and bilateral safety nets, and better leveraging synergies between surveillance and capacity building. • Member-Focused. With policy concerns evolving rapidly and advice becoming more dependent on country-specifics, the Fund will deepen its engagement with members, better deliver its knowledge, and ensure faster feedback to policymakers. The Fund continues to refine its core work—surveillance, lending, and capacity building—and to attain greater intellectual and cultural diversity to respond to this changing global environment and its corresponding policy challenges. To further improve services to the membership, Fund activities need to be fully supported by adequate financial, human, budgetary, and technological resources.

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498330983
Category : Business & Economics
Languages : en
Pages : 13

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Book Description
Our meeting takes place at an important juncture in the international community’s efforts towards achieving the Millennium Development Goals (MDGs). It is now five years since we took up this enormous challenge, and there is a sense of renewed urgency. The recent UN World Summit on Implementing the Millennium Declaration reaffirmed the commitments made in Monterrey, but stressed the need for more progress, particularly in Sub-Saharan Africa. In addition, at the African Union and G-8 Summits, African leaders and their counterparts in the G-8 committed themselves to intensify their efforts.

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498332684
Category : Business & Economics
Languages : en
Pages : 4

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Book Description
There is widespread concern about the possibility of an avian flu pandemic and its implications for humans, and for the global economic and financial system. While the H5N1 virus cannot transmit efficiently from human to human in its present form, a mutation allowing such transmission could lead to a pandemic that might have high costs. Accordingly, the Fund has been active in raising awareness about the potential economic and financial risks of a pandemic, and in helping member countries to undertake contingency planning in their financial sectors.

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498346995
Category : Business & Economics
Languages : en
Pages : 3

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Book Description
This report describes recent follow-up on past Independent Evaluation Office (IEO) evaluations, summarizes the update of the 2006 evaluation of multilateral surveillance, and outlines the ongoing evaluations. It raises the concern that progress in implementing Board-endorsed IEO recommendations has been quite mixed, suggesting the need for further consideration to reinforcing the follow-up process.

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498334695
Category : Business & Economics
Languages : en
Pages : 15

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Book Description
The October 2007 Communiqué of the IMFC called on the Executive Board to develop specific proposals on a new income model and a new expenditure framework by the time of the 2008 Spring Meetings. On April 7, 2008, the Executive Board endorsed a new income model for the Fund and considered a new medium-term budgetary envelope for financial years 2009–11, which includes deep spending cuts, and approved administrative, restructuring, and capital budgets for financial year 2009. As a key element of this new income-expenditure framework, the Executive Board ecommended the adoption by the Board of Governors of an amendment of the Articles of Agreement to expand the Fund’s investment authority. The Executive Board’s recommendation was sent to the Board of Governors, with the voting period running through 6:00 p.m., Washington time, May 5, 2008.

Author: International Monetary Fund. Legal Dept.
Publisher: International Monetary Fund
ISBN: 1498337791
Category : Business & Economics
Languages : en
Pages : 49

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Book Description
In light of the multilateral effort to ensure the adequacy of the financial resources available to the International Monetary Fund (the “Fund”), and with a view to supporting the Fund’s ability to provide timely and effective balance of payments assistance to its members, the Swedish Riksbank (“Riksbank”) agrees to lend to the Fund an SDRdenominated amount up to the equivalent of EUR 2.47 billion, on the terms and conditions set out in this paper.

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 149833332X
Category : Business & Economics
Languages : en
Pages : 67

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Book Description
In March 2006, the Managing Director of the International Monetary Fund (IMF) and the President of the World Bank commissioned the External Review Committee on IMF-World Bank Collaboration to look at the status of institutional collaboration and provide suggestions for improvement. The Committee’s report, released in February 2007, called for the strengthening of the culture of collaboration in the two institutions, and made a number of specific proposals in that direction. The Joint Management Action Plan (JMAP) was prepared against this background, and the actions agreed between Bank and Fund managements in the JMAP are scheduled to be presented in informal Board meetings in early October. The JMAP will be launched immediately after the Annual Meetings. The goal is for most new systems to be operational in time for the preparation of FY09 budgets.

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498334679
Category : Business & Economics
Languages : en
Pages : 15

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Book Description
The October 2007 Communiqué of the IMFC called on the Executive Board to develop specific proposals on a new income model and a new expenditure framework by the time of the 2008 Spring Meetings. On April 7, 2008, the Executive Board endorsed a new income model for the Fund and considered a new medium-term budgetary envelope for financial years 2009–11, which includes deep spending cuts, and approved administrative, restructuring, and capital budgets for financial year 2009. As a key element of this new income-expenditure framework, the Executive Board ecommended the adoption by the Board of Governors of an amendment of the Articles of Agreement to expand the Fund’s investment authority. The Executive Board’s recommendation was sent to the Board of Governors, with the voting period running through 6:00 p.m., Washington time, May 5, 2008.