International Monetary Fund. Office of Budget and Planning
countries, over half of the Fund’s members, have now requested or inquired about emergency support, with an expected 45 liquidity operations to be approved by end-April and 25 low-income countries already benefiting from Fund-supported debt relief.
Policy advice : Fund staff are assessing the macroeconomic implications of the “Great Lockdown,” and providing well-coordinated policy advice that recognizes the vital health, real economy, and financial exigencies created by the crisis. Work is focusing on the need for policy actions now to reduce the potential for
your analyses together and see what happens in reality.
Let me add that another advantage of having a research background is that I could attract superb economists in all teams; they were dynamic, hard-working, and motivated by intellectual curiosity. This made the “crisiswork” always very interesting and (hopefully) useful for the Fund and the authorities.
C : Let me ask a tricky question, and no worries you can brag a bit. Have you ever successfully convinced your counterpart with results from your research?
A : I cannot brag of anything in particular, but I
International Monetary Fund. External Relations Dept.
international financial institutions.
While the IMF’s priorities are focused on the global financial crisis, work on governance reform and modernization will also continue. Strauss-Kahn encouraged member countries to finalize the domestic legislation needed to implement the quota and voice reforms and the new income model agreed in April 2008. The Committee on IMF Governance Reform, headed by South Africa’s finance minister Trevor Manuel, is expected to report by April 2009, and will provide further input into this process.
The COVID 19 crisis continues to take a heavy human and economic toll. The outlook remains highly uncertain as many countries are facing the economic fallout of the pandemic. This has led to an unprecedented surge in demand for Fund support and a strain on staff resources. Against this backdrop, and in line with the strategic priorities laid out in the Spring 2020 Global Policy Agenda and the International Monetary and Financial Committee Communiqué, this crisis focused Work Program (WP) lays out essential work during May to October aimed at helping countries to mitigate the crisis, restore stability, and prepare for a strong and sustainable recovery. The WP implies a large increase in Board items compared with last year, reflecting mostly informal and more frequent updates on how this rapidly evolving crisis affects economic and financial developments and relevant policies. Other work streams are delayed; they are outlined in the WP and will be included in the Board agenda once there is more clarity on how the evolution of the pandemic will impact crisis related work.
the Board in due course.
2. The Fund will support members’ efforts to restore macroeconomic stability and foster a strong and inclusive recovery
Under the assumption that the pace of direct crisiswork will relent somewhat in the months ahead, Surveillance During the COVID-19 Crisis: Engagement on Country and Thematic Issues will propose how to gradually restart bilateral surveillance activities.
Given the importance of reigniting trade flows, the Board will be briefed on Trade Developments and related policy issues. The 2020 External Sector
will also discuss experiences with similar governance crisis-related measures in advanced and emerging economies. 2
Staff will continue its constructive work with the IEO to strengthen the Fund’s learning culture. The Board will discuss the MIP on the IEO Evaluation on Working with Partners: IMF Collaboration with the World Bank on Macro-Structural Issues . In light of ongoing crisiswork, the discussion on the Periodic Monitoring Report will be postponed to September 2021 and the MIP on long-standing open actions will be scheduled for November 2021, with the 6
build up the monitoring, analysis and research of capital account issues and strengthen multilateral cooperation on policy issues affecting capital flows. The resource implications of these latter recommendations will be considered in budget discussions, recognizing that there are competing priorities, including in the context of the response to the COVID-19 pandemic. Given their importance, we will undertake these two latter recommendations as soon as critical crisiswork abates and resources permit.
Below is my response to each of the three recommendations of the