Executive Board Calendar: http://0-www-imf-org.library.svsu.edu/external/np/sec/bc/eng/index.aspx


Part 1–Overview

Executive Board Calendar: http://0-www-imf-org.library.svsu.edu/external/np/sec/bc/eng/index.aspx

The Managing Director’s Global Policy Agenda:

Triennial Surveillance Review: http://0-www-imf-org.library.svsu.edu/external/np/spr/triennial/2014/index.htm

Action Plan for Strengthening Surveillance: http://0-www-imf-org.library.svsu.edu/external/pp/longres.aspx?id=4924

World Economic Outlook:

Regional Economic Reports: http://0-www-imf-org.library.svsu.edu/external/pubs/ft/reo/reorepts.aspx

Global Financial Stability Report: http://0-www-imf-org.library.svsu.edu/external/pubs/ft/gfsr/index.htm

Fiscal Monitor: http://0-www-imf-org.library.svsu.edu/external/ns/cs.aspx?id=262

“Seven Questions about the Recent Oil Price Slump,” iMFdirect blog: http://0-blog--imfdirect-imf-org.library.svsu.edu/2014/12/22/seven-questions-about-the-recent-oil-price-slump/

IMF Response to the Ebola Crisis: http://0-www-imf-org.library.svsu.edu/external/np/fad/ebola/index.htm

IMF Establishes a Catastrophe Containment and Relief Trust to Enhance Support for Eligible Low Income Countries Hit by Public Health Disasters, Press Release No. 15/53: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2015/pr1553.htm

Proposal to Enhance Fund Support for Low-Income Countries Hit by Public Health Disasters—Decisions: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2015/013015.pdf

Ukraine—Request for Extended Arrangement under the Extended Fund Facility and Cancellation of Stand-By Arrangement—Staff Report; Press Release; and Statement by the Executive Director for Ukraine: http://0-www-imf-org.library.svsu.edu/external/pubs/ft/scr/2015/cr1569.pdf

IMF Completes Fifth Review under Extended Fund Facility Arrangement for Greece and Approves €3.41 Billion Disbursement, Press Release No. 14/254: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14254.htm

“Inequality and Unsustainable Growth: Two Sides of the Same Coin?”: http://0-www-imf-org.library.svsu.edu/external/pubs/ft/sdn/2011/sdn1108.pdf

“Redistribution, Inequality, and Growth”: http://0-www-imf-org.library.svsu.edu/external/pubs/ft/sdn/2014/sdn1402.pdf

“Income Inequality and Fiscal Policy”: http://0-www-imf-org.library.svsu.edu/external/pubs/ft/sdn/2012/sdn1208.pdf

“Fiscal Policy and Income Inequality”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2014/012314.pdf

“Jobs and Growth: Analytical and Operational Considerations for the IMF”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2013/031413.pdf

Triennial Surveillance Review: http://0-www-imf-org.library.svsu.edu/external/np/spr/triennial/2014/index.htm

Regional Economic Outlook: Sub-Saharan Africa—Fostering Durable and Inclusive Growth, April 2014: http://0-www-imf-org.library.svsu.edu/external/pubs/ft/reo/2014/afr/eng/sreo0414.htm

Africa Rising Conference, Maputo, Mozambique: http://africa-rising.org/

Building the Future—Jobs, Growth, and Fairness in the Arab World, Amman, Jordan: http://0-www-imf-org.library.svsu.edu/external/np/seminars/eng/2014/act/index.htm

“The Economic Power of Women’s Empowerment”: http://0-www-imf-org.library.svsu.edu/external/np/speeches/2014/091214.htm

“Can Women Save Japan?”: http://0-www-imf-org.library.svsu.edu/external/pubs/ft/wp/2012/wp12248.pdf

“Fair Play: More Equal Laws Boost Female Labor Force Participation”: http://0-www-imf-org.library.svsu.edu/external/pubs/ft/sdn/2015/sdn1502.pdf

IMFx—Free online courses from the International Monetary Fund: https://www.edx.org/school/imfx

Financial Programming and Policies, Part 1: Macroeconomic Accounts and Analysis: https://www.edx.org/course/financial-programming-policies-part-1-imfx-fpp-1x-0

French version: https://www.edx.org/course/programmation-et-politiques-financieres-imfx-ppf-lx

Debt Sustainability Analysis: https://www.edx.org/course/debt-sustainability-analysis-imfx-dsax

Energy Subsidy Reform: https://www.edx.org/course/energy-subsidy-reform-imfx-esrx-0

Energy Subsidy Reform: Lessons and Implications:


IMF eLibrary online data portal: http://0-data-imf-org.library.svsu.edu/?sk=7CB6619C-CF87-48DC-9443-2973E161ABEB

Part 2–What we do: “The Big Three”

Economic Surveillance

“2014 Triennial Surveillance Review—Stakeholders’ Perspectives on IMF Surveillance”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2014/073014a.pdf

“2014 Triennial Surveillance Review—Review of IMF Surveillance Products”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2014/073014b.pdf

“2014 Triennial Surveillance Review—Analytical Background Studies”: http://0-www-imf-org.library.svsu.edu/external/np/spr/triennial/2014/index.htm

“2014 Triennial Surveillance Review—External Study—Report on Interviews”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2014/073014c.pdf

“2014 Triennial Surveillance Review—Report of the External Advisory Group”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2014/073014j.pdf

IMF Executive Board Reviews Surveillance: Supporting Sustainable Growth in a Post-Crisis Interconnected World, Press Release No. 14/454: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14454.htm

“2014 Triennial Surveillance Review—Managing Director’s Action Plan for Strengthening Surveillance”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2014/112114.pdf

“Staff Guidance Note on Macroprudential Policy”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2014/110614.pdf

“Key Aspects of Macroprudential Policy”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2013/061013b.pdf

“Review of the Financial Sector Assessment Program: Further Adaptation to the Post Crisis Era”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2014/081814.pdf

IMF Executive Board Concludes Review of the Financial Sector Assessment Program, Press Release No. 14/447: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14447.htm

“Third Pilot External Sector Report”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2014/062614.pdf

“IMF Multilateral Policy Issues Report—2014 Spillover Report”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2014/062514.pdf

“Macroeconomic Developments in Low-Income Developing Countries”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2014/091814.pdf

Global Housing Watch: http://0-www-imf-org.library.svsu.edu/external/pubs/ft/survey/so/2014/NEW061114A.htm

“Housing Bubbles: An Ounce of Prevention Is Worth a Pound of Cure,” iMFdirect blog: http://0-blog--imfdirect-imf-org.library.svsu.edu/2015/01/07/housing-bubbles-an-ounce-of-prevention-is-worth-a-pound-of-cure/

IIMB-IMF Conference on Housing Markets, Financial Stability, and Growth: http://0-www-imf-org.library.svsu.edu/external/np/seminars/eng/2014/housing/

Conference on Housing Markets and the Macroeconomy:


“Review of the Role of Trade in the Work of the Fund:” http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2015/020215.pdf

IMF Executive Board Discusses Implementation Plan Following IEO Evaluation of IMF Involvement in International Trade Policy Issues, Public Information Notice (PIN) No. 10/35: http://0-www-imf-org.library.svsu.edu/external/np/sec/pn/2010/pn1035.htm

Implementation Plan in Response to Board-Endorsed Recommendations Arising from the IEO Evaluation of IMF Involvement in International Trade Policy Issues: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2009/111209.pdf

IMF Involvement in International Trade Policy Issues: http://www.ieo-imf.org/ieo/pages/CompletedEvaluation109.aspx

IMF Executive Board Reviews the Role of Trade in the Fund’s Work, Press Release No. 15/132: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2015/pr15132.htm

“From Banking to Sovereign Stress: Implications for Public Debt”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2014/122214.pdf

“Cross-Border Bank Resolution: Recent Developments”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2014/060214.pdf

“Sovereign Debt Restructuring—Recent Developments and Implications for the IMF’s Legal and Policy Framework”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2013/042613.pdf

“The IMF’s Lending Framework and Sovereign Debt—Preliminary Considerations”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2014/052214.pdf

IMF Executive Board Discusses the Fund’s Lending Framework and Sovereign Debt, Press Release No. 14/294: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14294.htm

“Strengthening the Contractual Framework to Address Collective Action Problems in Sovereign Debt Restructuring”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2014/090214.pdf

IMF Executive Board Discusses Strengthening the Contractual Framework in Sovereign Debt Restructuring, Press Release No. 14/459: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14459.htm

“Spillovers in International Corporate Taxation”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2014/050914.pdf

“Assessing Reserve Adequacy”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2011/021411b.pdf

“Assessing Reserve Adequacy—Further Considerations”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2013/111313d.pdf

“Assessing Reserve Adequacy—Specific Proposals”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2014/121914.pdf

IMF Executive Board Discusses Reserve Adequacy Assessment, Press Release No. 15/176: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2015/pr15176.htm

International Reserves—IMF Concerns and Country Perspectives: http://www.ieo-imf.org/ieo/files/completedevaluations/IR_Main_Report.pdf

“Update on the Fiscal Transparency Initiative”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2014/061614.pdf

Manual on Fiscal Transparency: https://0-www-imf-org.library.svsu.edu/external/np/fad/trans/manual.htm

Guide on Resource Revenue Transparency: http://0-www-imf-org.library.svsu.edu/external/np/fad/trans/guide.htm

“Macroeconomic Issues In Small States and Implications for Fund Engagement”: IMF Executive Board Concludes Macroeconomic Issues in Small States and Implications for Fund Engagement, Public Information Notice (PIN) No. 13/39: http://0-www-imf-org.library.svsu.edu/external/np/sec/pn/2013/pn1339.htm

“Staff Guidance Note on the IMF’s Engagement with Small Developing States”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2014/032414.pdf

IMF Pledges Continued Commitment to Partner with Small Island Developing States in Their Pursuit of Sustainable Economic Development, Press Release No. 14/412: http://0-www-imf-org.library.svsu.edu/external/np/sec/pn/2013/pn1339.htm

Data Standards and Codes: http://0-www-imf-org.library.svsu.edu/external/data.htm


IMF Executive Board Approves US$154 Million Stand-By Arrangement for Georgia, Press Release No. 14/377: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14377.htm

IMF Executive Board Approves US$113.2 Million Stand-By Arrangement and US$75.4 Million Stand-By Credit Facility for Honduras, Press Release No. 14/545: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14545.htm

IMF Executive Board Approves US$497.1 Million Stand-By Arrangement and US$191.2 Million Stand-By Credit Facility for Kenya, Press Release No. 15/29: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2015/pr1529.htm

IMF Executive Board Approves €1.2 Billion Stand-By Arrangement for Serbia, Press Release No. 15/67: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2015/pr1567.htm

IMF Executive Board Approves US$6.2 Billion Arrangement for Morocco under the Precautionary Liquidity Line, Press Release No. 12/287: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2012/pr12287.htm

IMF Executive Board Approves New Two-Year US$70 Billion Flexible Credit Line Arrangement with Mexico, Press Release No. 14/543: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14543.htm

IMF Executive Board Approves New Two-Year US$23 Billion Flexible Credit Line Arrangement for the Republic of Poland, Press Release No. 15/05: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2015/pr1505.htm

IMF Executive Board Approves US$17.6 Million Extended Fund Facility Arrangement for Seychelles, Press Release No. 14/262: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14262.htm

IMF Executive Board Approves 4-Year US$17.5 Billion Extended Fund Facility for Ukraine, US$5 Billion for Immediate Disbursement, Press Release No. 15/107: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2015/pr15107.htm

IMF Executive Board Approves US$130 Million in Immediate Assistance to Guinea, Liberia, and Sierra Leone in Response to the Ebola Outbreak, Press Release No. 14/441: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14441.htm

IMF Establishes a Catastrophe Containment and Relief Trust to Enhance Support for Eligible Low-Income Countries Hit by Public Health Disasters, Press Release No. 15/53: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2015/pr1553.htm

IMF Executive Board Approves US$114.63 Million in Financing and Debt Relief for Sierra Leone, Press Release No. 15/86: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2015/pr1586.htm

IMF Executive Board Approves US$45.6 Million Disbursement under the Rapid Credit Facility and US$36.5 Million in Debt Relief under the Catastrophe Containment and Relief Trust for Liberia, Press Release No. 15/69: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2015/pr1569.htm

IMF Executive Board Approves US$29.8 Million in Debt Relief under the Catastrophe Containment and Relief Trust for Guinea, Press Release No. 15/137: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2015/pr15137.htm

IMF Executive Board Approves New US$122.4 Million ECF Arrangement for Chad, Press Release No. 14/381: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14381.htm

IMF Approves US$918 Million ECF Arrangement to Help Ghana Boost Growth, Jobs, and Stability, Press Release No. 15/159: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2015/pr15159.htm

IMF Executive Board Approves 3-Year US$21.7 Million Extended Credit Facility Arrangement for Grenada and Concludes 2014 Article IV Consultation, Press Release No.14/310: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14310.htm

IMF Executive Board Approves US$92.4 Million Extended Credit Facility to Support the Kyrgyz Republic, Press Release No. 15/165: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2015/pr15165.htm

IMF Executive Board Approves a 3-Year, US$552.9 Million Extended Credit Facility Arrangement with Yemen, Press Release No. 14/408: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14408.htm

IMF Executive Board Completes Sixth Review under Burundi’s ECF Arrangement, Augments Access and Approves US$6.9 Million Disbursement, Press Release No. 15/134: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2015/pr15134.htm

IMF Executive Board Completes Sixth Review under the ECF Arrangement for Côte d’Ivoire, Approves US$94.7 Million Disbursement, and Augments Access and Extends the Arrangement, Press Release No. 14/554: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14554.htm

IMF Executive Board Completes Fifth Review under ECF Arrangement for Guinea, Extends Arrangement, and Approves US$63.6 Million Augmentation, Press Release No. 15/49: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2015/pr1549.htm

IMF Executive Board Approves US$7.63 Million Disbursement under the Rapid Credit Facility for the Central African Republic, Press Release No. 15/129: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2015/pr15129.htm

IMF Executive Board Approves US$12.9 Million Disbursement under the Rapid Credit Facility for the Central African Republic, Press Release No. 14/226: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14226.htm

IMF Executive Board Approves US$10.8 Million Disbursement under the Rapid Credit Facility for The Gambia, Press Release No. 15/155: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2015/pr15155.htm

IMF Executive Board Approves US$5.24 Million Disbursement under the Rapid Credit Facility for Guinea-Bissau, Press Release No. 14/495: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14495.htm

IMF Executive Board Approves US$47.1 Million Disbursement under the Rapid Credit Facility for Madagascar, Press Release No. 14/287: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14287.htm

IMF Executive Board Approves US$6.4 Million Disbursement under the Rapid Credit Facility And the Rapid Financing Instrument for St. Vincent and the Grenadines, Press Release No. 14/383: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14383.htm

IMF Executive Board Completes Sixth and Seventh Reviews under the SBA for Bosnia and Herzegovina, Approves €95.7 Million Augmentation of the SBA and €191.4 Million Disbursement, Press Release No. 14/320: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14320.htm

IMF Executive Board Discusses Reform of the Policy on Public Debt Limits in Fund-Supported Programs, Press Release No. 14/591: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14591.htm

“Reform of the Policy on Public Debt Limits in Fund-Supported Programs”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2014/111414.pdf

IMF Executive Board Approves Extension of Interest Waiver for Low-Income Countries through End-2016, Press Release No. 14/602: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14602.htm

IMF Executive Board Approves Three-Year Policy Support Instrument for Tanzania, Press Release No. 14/350: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14350.htm

Capacity Development

“IMF Policies and Practices on Capacity Development”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2014/082614.pdf

IMF Launches Somalia Trust Fund for Capacity Development, Press Release No. 15/102: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2015/pr15102.htm

Part 3–Finances, Organization, and Accountability

IMF Executive Board Approves FY2015–FY2017 Medium-Term Budget, Press Release No. 14/201: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14201.htm

IMF Executive Board Adopts New Rule for Basic Rate of Charge on IMF’s GRA Lending, Press Release No. 11/485: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2011/pr11485.htm

IMF Executive Board Modifies Rule for Setting SDR Interest Rate, Press Release No. 14/484: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14484.htm

IMF Executive Board Approves One-Year Extension of the 2012 Borrowing Agreements, Press Release 14/417: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14417.htm

IMF Executive Board Discusses 2014 Report on Diversity and Inclusion, Press Release No. 14/556: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14556.htm

“Review of the Fund’s Income Position for FY 2014 and FY 2015–2016”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2014/040714b.pdf

IMF Executive Board Reviews Fund’s Income Position and Sets Margin for Lending Rate for Financial Years 2015–16, Press Release No. 14/231: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14231.htm

Factsheet—Protecting IMF Resources: Safeguards Assessments of Central Banks: http://0-www-imf-org.library.svsu.edu/external/np/exr/facts/safe.htm

Deputy Managing Director Naoyuki Shinohara to Leave IMF, Press Release No. 15/03: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2015/pr1503.htm

IMF Deputy Managing Director Nemat Shafik Announces Her Departure, Press Release No. 14/106: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14106.htm

IMF Managing Director Christine Lagarde Proposes Appointment of Carla Grasso as Deputy Managing Director and Chief Administrative Officer, Press Release No. 15/04: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2015/pr1504.htm

IMF Managing Director Christine Lagarde Proposes Appointment of Mitsuhiro Furusawa as Deputy Managing Director, Press Release No. 15/33: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2015/pr1533.htm

IMFC Selects Agustín Carstens as New Chairman, Press Release No. 15/65: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2015/pr1565.htm

IMF Response to the Financial and Economic Crisis: http://www.ieo-imf.org/ieo/pages/CompletedEvaluation227.aspx

IMF Management and Staff Welcome Independent Evaluation Office’s Report on the IMF Response to the Financial and Economic Crisis, Press Release No. 14/494: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14494.htm

Recurring Issues from a Decade of Evaluation: Lessons for the IMF: http://www.ieo-imf.org/ieo/pages/CompletedEvaluation214.aspx

IMF Independent Evaluation Office: http://www.ieo-imf.org/ieo/pages/ieohome.aspx

IMF Executive Board Reports to the Board of Governors on the 2010 Reforms and Fifteenth General Review of Quotas, Press Release No. 14/22: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr1422.htm

Communiqué of the Thirty-First Meeting of the IMFC: http://0-www-imf-org.library.svsu.edu/external/np/cm/2015/041815.htm

Nauru Applies for IMF Membership, Press Release No. 14/216: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14216.htm

“2011 Triennial Surveillance Review”: http://0-www-imf-org.library.svsu.edu/external/np/spr/triennial/2011/

“Review of the IMF’s Communications Strategy”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2014/063014.pdf

IMF Executive Board Discusses the IMF’s Communication Strategy, Public Information Notice (PIN) No. 07/74: http://0-www-imf-org.library.svsu.edu/external/np/sec/pn/2007/pn0774.htm

Part 4—Looking Back/Looking Ahead

Looking Back

Regional Economic Outlook: Sub-Saharan Africa—Navigating Headwinds, April 2015: http://0-www-imf-org.library.svsu.edu/external/pubs/ft/reo/2015/afr/eng/index.htm

“Pan-African Banks: Opportunities and Challenges for Cross-Border Oversight”: http://0-www-imf-org.library.svsu.edu/external/pubs/ft/dp/2015/afr1503.pdf

“IMF Country Report No. 14/235—People’s Republic of China”: http://0-www-imf-org.library.svsu.edu/external/pubs/ft/scr/2014/cr14235.pdf

Regional Economic Outlook Special Report—“25 Years of Transition: Post-Communist Europe and the IMF”: http://0-www-imf-org.library.svsu.edu/external/pubs/ft/reo/2014/eur/eng/pdf/erei_sr_102414.pdf

“Central and Eastern Europe: New Member States (NMS) Policy Forum, 2014; Staff Report on Cluster Consultations—Common Policy Frameworks and Challenges”: http://0-www-imf-org.library.svsu.edu/external/pubs/ft/scr/2015/cr1597.pdf

Baltic Cluster Report: 2014 Cluster Consultation—Staff Report; Press Release; and Statement by the Executive Director for the Baltic Countries: http://0-www-imf-org.library.svsu.edu/external/pubs/ft/scr/2014/cr14116.pdf

IMF Executive Board Discusses Baltic Cluster Report on the Republics of Estonia, Latvia, and Lithuania, Press Release No. 14/203: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2014/pr14203.htm

Regional Economic Outlook—Western Hemisphere: Northern Spring, Southern Chills, April 2015: http://0-www-imf-org.library.svsu.edu/external/pubs/ft/reo/2015/whd/eng/pdf/wreo0415.pdf

“Santiago Conference—Latin American Conference Discusses Ideas to Promote Growth,” IMF Survey: http://0-www-imf-org.library.svsu.edu/external/pubs/ft/survey/so/2014/NEW121214A.htm

“Islamic Finance: Opportunities, Challenges, and Policy Options”: http://0-www-imf-org.library.svsu.edu/external/pubs/ft/sdn/2015/sdn1505.pdf

IMF External Advisory Group on Islamic Finance: http://0-www-imf-org.library.svsu.edu/external/themes/islamicfinance/eagmembers.htm

IMF’s Middle East Center for Economics and Finance (CEF) and the Middle East Regional Technical Assistance Center (METAC) conclude Workshop on Risk-Based Supervision in Institutions Offering Islamic Financial Services, Press Release No. 15/36: http://0-www-imf-org.library.svsu.edu/external/np/sec/pr/2015/pr1536.htm

“Assessing Concentration Risks in GCC Banks”: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2014/102514.pdf

Looking Ahead

Financing Sustainable Development—Key Policy Issues and the Role of the IMF: http://0-www-imf-org.library.svsu.edu/external/np/pp/eng/2015/041515.pdf

Managing Director’s Global Policy Agenda: http://0-www-imf-org.library.svsu.edu/external/ns/cs.aspx?id=318

Acronyms and Abbreviations


Asia-Pacific Economic Cooperation


Base Erosion and Profit Shifting


Catastrophe Containment and Relief Trust


Data Gaps Initiative


External Audit Committee


Extended Fund Facility


European Union


Early Warning Exercise


Flexible Credit Line


Fiscal Monitor


G20 Finance Ministers and Central Bank Governors


Financial Sector Assessment Program


Financial Stability Board


financial year


Group of Twenty


General Data Dissemination System


gross domestic product


Global Financial Stability Report


Global Policy Agenda


General Resources Account


Heavily Indebted Poor Countries


Institute for Capacity Development


Independent Evaluation Office


International Financial Reporting Standards


International Monetary and Financial Committee


low-income developing country


Multilateral Debt Relief Initiative


massive open online course


Organisation for Economic Co-operation and Development


Office of Internal Audit and Inspection


Organization of Petroleum Exporting Countries


Precautionary and Liquidity Line


Poverty Reduction and Growth Trust


Policy Support Instrument


Rapid Credit Facility


Regional Economic Outlook


Rapid Financing Instrument


Regional Technical Assistance Center


Stand-By Arrangement


Special Data Dissemination Standard


Special Drawing Right


Triennial Surveillance Review


World Economic Outlook

Letter of Transmittal to the Board of Governors

July 31, 2015

Dear Mr. Chairman:

I have the honor to present to the Board of Governors the Annual Report of the Executive Board for the financial year ended April 30, 2015, in accordance with Article XII, Section 7(a) of the Articles of Agreement of the International Monetary Fund and Section 10 of the IMF’s By-Laws. In accordance with Section 20 of the By-Laws, the administrative and capital budgets of the IMF approved by the Executive Board for the financial year ending April 30, 2016, are presented in Chapter 3. The audited financial statements for the year ended April 30, 2015, of the General Department, the SDR Department, and the accounts administered by the IMF, together with reports of the external audit firm thereon, are presented in Appendix VI, which appears on the CD-ROM version of the Report, as well as at www.imf.org/external/pubs/ft/ar/2015/eng. The external audit and financial reporting processes were overseen by the External Audit Committee, comprising Mr. Ramos (Chair), Mr. Loeto, and Ms. Barth, as required under Section 20(c) of the Fund’s By-Laws.

Yours very truly,

Christine Lagarde

Managing Director and Chairman of the Executive Board

Commemorating IMF’s 70th Anniversary

During 2014 the IMF marked the 70th anniversary of its founding at the Bretton Woods Conference. The institution looked back during the year, but the focus was also forward looking: How can the Fund best support the closely interconnected global economy of the 21st century? And how will it adapt to change going forward?

At the time of the IMF’s founding in 1944, the world faced extraordinarily difficult choices. Depression had produced a world war that was still months away from ending. The challenges of rebuilding a new international order were daunting.

Over the succeeding decades, the IMF helped rebuild Europe. It assisted new nations when colonial empires retreated, and as the Soviet Union collapsed. The Fund helped Latin America and Asia to navigate crises, and worked closely with the new emerging market economies that came into their own with the new millennium. Since 2008, the IMF has worked closely with all its members to overcome the most recent global financial crisis.

During the year the IMF devoted the quarterly publication Finance & Development to the Bretton Woods anniversary in its September 2014 issue titled “Past Forward: The Future of Global Economics.” It also published a booklet on the anniversary by former IMF historian James M. Boughton titled The IMF and the Force of History: Events that Have Shaped the Global Institution.

Three events during the year highlighted the milestones of the past and the challenges of the present and future. The first was a July 2014 in-house celebration of the founding for members of the Executive Board, IMF staff, and retirees. The second was an Executive Board Retreat in September where Directors had an opportunity to discuss their views on “The Battle for Bretton Woods.”

The third event was Managing Director Christine Lagarde’s keynote speech to the 2014 Annual Meetings in October on “The IMF at 70: Making the Right Choices—Yesterday, Today, and Tomorrow.” In the speech, Ms. Lagarde used the anniversary to look ahead to the new challenges facing the IMF:

Seventy years after Bretton Woods, the international community stands at another fork in the road. The tried-and-true modes of cooperation seem to be fraying around the edges. The sustainability of the global economic engine itself is increasingly being questioned.

Can it really deliver the jobs, the incomes, the better living standards that people aspire to?

There are three key collective choices to be made:

First, how do we achieve the growth and jobs needed to advance prosperity and ensure social harmony? I would call this the choice between acceleration and stagnation.

Second, how do we make this interconnected world a more inclusive, safer place for all of us to thrive? This is the choice between stability and fragility.

Third, how do we strengthen cooperation and multilateralism, instead of isolationism and insularity? This is the choice between solidarity and seclusion.

Our future hinges on our choices.