The framework guiding the IMF’s communications—established by the Executive Board in 2007—has enabled the institution to respond flexibly to the changing global context. The framework is based on four guiding principles: (i) deepening understanding and support for the Fund’s role and policies; (ii) better integrating communications into the IMF’s daily operations; (iii) raising the impact of new communications materials and technologies; and (iv) rebalancing outreach efforts to take account of different audiences. In addition, greater emphasis has been placed on strengthening internal communications to help ensure institutional coherence in the Fund’s outreach activities. Continued efforts are needed to strengthen communications going forward. Several issues deserve particular attention. First, taking further steps to ensure clarity and consistency in communication in a world where demand for Fund services continues to rise. Second, doing more to assess the impact of IMF communications and thus better inform efforts going forward. Third, engaging strategically and prudently with new media—including social media.
#1 Encouraging Candor and Diverse Views
• Fuller discussion of risks and spillovers in Article IV’s and WEO
- April 2012: WEO will provide fuller discussion - March 2012: New guidance for Article IV’s
• Multilateral surveillance tools (Early Warning Exercise, Vulnerability Exercises etc.) used systematically in Article IV discussions
- Oct 2011: Review process modified; regular verification of adherence
• Explore scope for better reflecting minority/ dissenting views in Boardcommunications
- March 2012: Board Working Group on Summing Ups
“rights” for future IMF financing (see below).
Finally, the IMF has strengthened its procedures to deter the development of protracted arrears. Measures of deterrence begin with the cessation of disbursements by the IMF as soon as arrears emerge, and they proceed, if the arrears persist, through a series of steps of increasing gravity, in accordance with a timetable of agreed actions under the arrears strategy. These may include the formal consideration of the matter by the Executive Board; communications by the Managing Director with Governors of the IMF and
The Management Implementation Plan puts forward a range of measures crucial to strengthening surveillance, carefully drawing on the IEO’s report and on the Triennial Surveillance Review (TSR). Yet stronger surveillance cannot be cast simply in terms of technical processes, such as those for better data, risk assessments, macro-financial integration, or messaging. Deeper and more difficult questions of institutional culture, of how we conduct our daily work, are also at play, and these too need to be answered. I will focus on two aspects of the task at hand: (1) breaking down silos; and (2) promoting diverse views/candor. I would like to share with you today some initiatives that the management team has sought to implement over the past nine months, to go over the initial results, and to propose a way forward with what remains to be done
” for future IMF financing (see below).
Finally, the IMF has strengthened its procedures to deter the development of protracted arrears. Measures of deterrence begin with the cessation of disbursements by the IMF as soon as arrears emerge, and they proceed, if the arrears persist, through a series of steps of increasing gravity, in accordance with a timetable of agreed actions under the arrears strategy. These may include the formal consideration of the matter by the Executive Board; communications by the Managing Director with Governors of the IMF and heads of
This paper presents a forward-looking management implementation plan (MIP) for the IEO evaluation. In addition to addressing the specific Board-endorsed IEO recommendations, the paper also tries to transcend a narrow interpretation by providing new implementation ideas where the Board saw merit in the IEO’s general, if not specific, approach. For example, while the Board did not agree with the specific recommendation to create a risk-assessment unit, this paper takes a broader view and presents proposals to address the general concern of a lack of risk-focus in IMF surveillance.
The group’s recommendations cover reforms that would support career development for financial sector experts, including broadening promotion criteria for A15/B1 to improve career progression for staff engaged in advisory and technical services; enriching job content, visibility, and opportunities for cross-department collaboration; and enhancing internal and external mobility opportunities.
IEO Recommendation : “Ensure that Summings Up of Board discussions better reflect areas of significant disagreement and minority views.”
10. To enhance the candor of Board
communications have evolved over time . Guided by the Executive Board, communications have moved from increased transparency (i.e., more public access to information) 2 to active engagement with the media and a wider group of stakeholders, as well as to more emphasis on listening and two-way interactions—all with a view to take into account stakeholder views, to better explain Fund policies and operations, and to facilitate appropriate IMF participation in intellectual debate on important economic issues. Most modern organizations—including central banks—recognize that
are then implemented if the Board considers that the member is not cooperating with the Fund in addressing the problem of its overdue obligations, taking into account the particular circumstances of the individual member.
In accordance with the timetable, three notifications were issued to the Board at the one-month stage of arrears during 1995/96. In one of these cases, following consultation with the Board, communications were sent to selected Governors after the member had been in arrears for more than six weeks. In another case, consultation about the sending