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Updated Guidance Note on the Fund’s Transparency Policy

Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN: 149834349X
Category : Business & Economics
Languages : en
Pages : 63

Book Description
This note provides guidance to staff on the implementation of the Fund’s Transparency Policy. The objectives of the policy include strengthening the Fund’s effectiveness by providing the public with access to Fund views and deliberations, thus informing public debate and building traction for the Fund’s advice, supporting the quality of surveillance and of programs, by subjecting the Fund to outside scrutiny, and enhancing the Fund’s legitimacy by making the institution more accountable. A Transparency Policy Decision (referred to in the remainder of this note as “the Decision”) sets out rules for the modification and publication of all Board documents.

Updated Guidance Note on the Fund’s Transparency Policy

Guidance Note on the Fund's Transparency Policy

Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN: 1498341047
Category : Business & Economics
Languages : en
Pages : 57

Book Description
Provides guidance to staff on the implementation of the Fund’s Transparency Policy. The objectives of the policy include strengthening the Fund’s effectiveness by providing the public with access to Fund views and deliberations, thus informing public debate and building traction for the Fund’s advice, supporting the quality of surveillance and of programs, by subjecting the Fund to outside scrutiny, and enhancing the Fund’s legitimacy by making the institution more accountable. A Transparency Policy Decision (referred to in the remainder of this note as “the Decision”) sets out rules for the modification and publication of all Board documents. A number of changes to the Decision were adopted by the Executive Board on June 24, 2013 (See Box 1 and 2013 Review of the Fund’s Transparency Policy, May 14, 2013, Background Paper, May 14, 2013, and Supplementary Information and Revised Proposed Decisions, June 17, 2013).

Guidance Note for the Fund's Policy on Multiple Currency Practices

Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 78

Book Description
This note provides operational guidance to staff on the implementation of the new Fund’s policy on multiple currency practices (MCPs), effective February 1, 2024. The MCP policy is a key element of the Fund’s jurisdiction on exchange rates. The Fund’s Articles of Agreement prohibit member countries from engaging or permitting their fiscal agencies (as defined in the Articles) to engage in MCPs unless authorized under the Articles or approved by the Fund. The comprehensive review of the policy in 2022 aimed to reflect developments in FX policy and FX markets since the last policy review in the 1980s and to align it with other relevant Fund’s policies. Key changes to the policy include the following: (i) an MCP will arise due to an official action that segments foreign exchange (FX) markets or increases or subsidizes the cost of certain FX transactions (e.g., exchange taxes) and the resulting exchange rate spreads exceed the permissible margins, (ii) MCPs will be identified on the basis of a new country-specific market-based rule, and (iii) the new policy ensures better alignment of the MCP policy with other relevant IMF’s policies. The note provides guidance to staff on all stages of the process: from identification of an MCP to its approval or removal and clarifies the treatment of MCPs in surveillance and Fund-supported programs. It also guides staff’s engagement with the authorities on MCP issues and their coverage in country documents.

Guidance Note on the Fund’s Transparency Policy

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498337708
Category : Business & Economics
Languages : en
Pages : 61

Book Description
The global financial crisis has had a significant impact on low-income countries (LICs)’ debt vulnerabilities. Recent debt sustainability analyses (DSAs) indicate that external and fiscal financing requirements have increased. In addition, standard measures of a country’s capacity to repay debt?GDP, exports, and fiscal revenue?are expected to be permanently lower. On average, debt ratios are therefore expected to deteriorate in the near term, particularly for public debt.

Staff-Monitored Programs—Updated Operational Guidance Note

Book Description
The note updates and replaces the prior guidance on SMPs, provided in 2003, incorporating changes to the Fund’s lending strategy, and clarifies some operational issues to better guide staff on the use and design of SMPs, while safeguarding even-handed application. Noteworthy changes include clarity on the role of SMPs, specifying the start and end dates of SMPs, clarifying the expected length of SMPs and track record periods, and extensions of SMPs. While many policies are clarified, the principle of flexibility is maintained.

Guidance Note for the Use of Third-Party Indicators in Fund Reports

Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN: 1498309798
Category : Social Science
Languages : en
Pages : 33

Book Description
This note provides guidance on use of third-party indicators (TPIs) in Fund reports, in line with the policy endorsed by the Board in November 2017.

Operational Guidance Note On Program Design and Conditionality

Book Description
This note aims to provide guidance on the key principles and considerations underlying the design of Fund-supported programs. The note expands on the previous operational guidance notes on conditionality published over 2003-2014, incorporating lessons from the 2018-19 Review of Conditionality, and other recent key policy developments including the recommendation of the Management’s Implementation Plan in response to Independent Evaluation Office (IEO)’s report on growth and adjustment in IMF-supported programs. The note in particular highlights operational advice to (i) improve the realism of macroeconomic forecast in programs and fostering a more systematic analysis of contingency plans and risks; (ii) improve the focus, depth, implementation, and tailoring of structural conditions (SCs), with due consideration of growth effects; and (iii) help strengthen the ownership of country authorities. Designed as a comprehensive reference and primer on program design and conditionality in an accessible and transparent manner, the note refers in summary to a broad range of economic and policy considerations over the lifecycle of Fund-supported programs. As with all guidance notes, the relevant IMF Executive Board Decisions remain the primary legal authority on matters covered in this note.

Guidance Note On Implementing The Debt Limits Policy In Fund Supported Programs

Author: International Monetary
Publisher: International Monetary Fund
ISBN: 1513583611
Category : Business & Economics
Languages : en
Pages : 65

Book Description
The Debt Limits Policy (DLP) establishes the framework for using quantitative conditionality to address debt vulnerabilities in IMF-supported programs. In October 2020, the Executive Board approved reforms to the DLP which will enter into effect on June 30, 2021. The risk-based approach to setting debt conditionality informed by Debt Sustainability Analyses under the previous DLP approved in 2014 is maintained. The reforms aim to provide countries with more financing flexibility in practice while still adequately containing debt vulnerabilities through appropriate safeguards. This note provides operational and technical guidance related to the implementation of the DLP, including the operationalization of the approved reforms. In particular, it outlines the core principles underpinning the DLP, including when debt conditionality in IMF-supported programs is warranted and how to account for country-specific circumstances in the design of debt limits. The note also describes the process of setting and implementing debt conditionality, including: (i) identifying debt vulnerabilities to inform the focus of debt conditionality; (ii) designing debt conditionality; and (iii) implementing debt conditionality through the review cycle. The Guidance Note is intended for use by both IMF staff and country officials. In this regard, in addition to the guidance presented in the main body, the note also contains several annexes that cover definitional, technical, and operational issues arising in the determination and implementation of public debt limits.

Guidance Note For Developing Government Local Currency Bond Markets

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1513573926
Category : Business & Economics
Languages : en
Pages : 157

Book Description
This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.

Guidance Note for Surveillance Under Article IV Consultations

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498344844
Category : Business & Economics
Languages : en
Pages : 57

Book Description
This note provides country teams with guidance on bilateral and multilateral surveillance in the context of Article IV consultations. It covers the following issues: Focus on stability. Stability is the organizing principle of surveillance. Article IV consultations should focus on the conduct of economic and financial policies pursued by members to promote present and prospective domestic and balance of payments stability, as well as global economic and financial stability. For the latter, Article IV consultations should discuss spillovers from members’ economic and financial policies that may significantly affect global stability, including alternative policy options that would minimize their adverse impact. Operational guidance. The note provides detailed guidance, suggestions and references in areas covered in surveillance including risks and spillovers, fiscal policy, macrofinancial and monetary policy, BOP stability, structural policies and data issues. Communication and Engagement. Effective two-way communication is key to surveillance, including with the authorities (to help staff’s advice get traction), the Executive Board (to support effective peer review), and the public and other stakeholders (to gain support for necessary policy adjustments). Surveillance messages need to be clear, concise, and focused. The Fund needs to be evenhanded, in line with the principle of uniformity of treatment, for surveillance to command the confidence of the membership. Process and formal requirements. A number of procedures, rules, and requirements are summarized in this note.