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International Monetary Fund. External Relations Dept.

statements on the role of the IMF, to listen to the IMF shareholders and its staff, but also to outside experts. I do think that in a globalized world, the IMF, with its universal membership, is a cornerstone for promoting growth and stability. I am fascinated by the expertise of the IMF, its staff, and management. I do think that with regard to the future work of the IMF, the focus should be even more on crisis prevention, and we should make the best use of the strengths of this institution. It also remains important to combine financing with adjustment and to stay

International Monetary Fund. External Relations Dept.

, procedures should be adopted to encourage effective Board oversight of decisions under management’s purview; provision of candid and full information to the Board on all relevant issues; and an open exchange of views between management and the Board on all topics, including the most sensitive ones. These initiatives will be successful only insofar as IMF shareholders uphold the role of the Board as the prime locus of decision making. The staff’s response The IMF’s staff share the Independent Evaluation Office’s (IEO) basic diagnosis of the crisis, which is

International Monetary Fund

Abstract

This 2004 Annual Report highlights that during FY2004, the IMF continued to work with its member countries to foster sustained growth and financial stability—and reduce poverty in its low-income members—through its surveillance activities and policy advice; lending in support of stabilization and reform programs; and technical assistance in formulating sound policies and building robust institutions. As in previous years, a major part of the IMF’s activities during the financial year were directly related to its responsibility for overseeing the international monetary system and the economic, financial, and exchange rate policies of member countries.

International Monetary Fund. Independent Evaluation Office

pressures were building on IMF shareholders for action on debt forgiveness and poverty reduction. Major topics at the Annual Meetings of September 1999 were the enhanced HIPC Initiative, the Poverty Reduction Strategy (PRS) process, and the transformation of the Enhanced Structural Adjustment Facility (ESAF) into the PRGF. Under the new approach, which was opera-tionalized by the Executive Boards of the IMF and World Bank before end-1999, the roles of the IMF and the Bank closely intertwined through the PRSP and HIPC processes. The next few years saw much experimentation

International Monetary Fund. Independent Evaluation Office

period of 1991–2000 before the latest crisis, and second, the crisis and its immediate aftermath, 2000–2002. Methodology and time frame The evaluation will rely on the IMF’s internal and published documents, supplemented by interviews with IMF staff and other key decision makers in the IMF, current and former officials of the Argentine government and central bank, IMF shareholder governments, and the private sector; a review of the academic literature and public discussion; and data analysis, including a detailed review of fiscal accounts, cross

International Monetary Fund

minority views held by IMF shareholders. Members’ Representation and Voice in the Institution In its September 2003 Communique, the International Monetary and Financial Committee stressed that the IMF’s effectiveness as a cooperative institution depends on all members having an appropriate voice and representation. The IMFC welcomed the measures being taken to improve the capacity of developing and transition countries to participate more effectively in IMF policy formulation and decision making. It also welcomed the Executive Board’s progress report on

Mrs. Isabelle Mateos y Lago, Shinji Takagi, Mr. Ricardo Martin, Ms. Misa Takebe, and Mr. Benjamin H Cohen

Recommendation 6 . In order to strengthen the role of the Executive Board, procedures should be adopted to encourage: (i) effective Board oversight of decisions under management’s purview; (ii) provision of candid and full information to the Board on all issues relevant to decision making; and (iii) open exchanges of views between management and the Board on all topics, including the most sensitive ones. These initiatives will be successful only insofar as IMF shareholders—especially the largest ones—collectively uphold the role of the Board as the prime locus of decision

International Monetary Fund

arrangements on concessional terms increased substantially. Second, a major overhaul of the IMF’s lending toolkit allowed a doubling of access limits for all types of arrangements, a modernization of lending instruments, and a streamlining of conditionality. In addition, an allocation of SDRs equivalent to about US 280 billion was agreed upon by the IMF shareholders and became effective in September 2009. The East African Community (EAC) countries have not been immune to these developments. They have been hit by lower external demand for their goods and services

International Monetary Fund

a country faces an unsustainable debt burden and hence requires a debt restructuring. All IMF shareholders now need to stick by these rules, not least in order to provide the right signals to the markets and to avoid the impression that the official sector suffers from time inconsistency between the approval of policy principles and their actual implementation. Second, following Mexico’s bond issue with Collective Action Clauses (CACs) in February 2003, several emerging markets included CACs in bonds issued under New York law. More than 70% of new bond issues