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Mr. Charles Enoch

developments, including those pertaining to monetary and financial stability. This mandate is exercised through IMF surveillance, extended to all member countries. TA is a natural concomitant to surveillance for those member countries unsure about introducing recommended policy measures on their own, or wishing to draw on wider international experience before they implement their reforms. Second, the IMF’s lending role often requires technical support. For instance, lending to low-income countries directly ties a country’s economic program to the achievement of growth, and

International Monetary Fund
The global economy is going through a period of unprecedented financial instability. The Fund has been asked by the IMFC to play a leading role in helping the membership both to deal with the immediate crisis and work towards a new strengthened global architecture. These tasks are well within our mandate. Addressing these challenges—and doing so within a compressed timeframe—will require strict prioritization on three key areas: (i) providing policy advice and timely financial support that meets members’ needs; (ii) understanding what went wrong; (iii) and assembling the building blocks of a new international financial architecture.
International Monetary Fund

, there is a need to re-activate banks’ lending role, ensuring a more efficient allocation of credit than in the past, and establishing incentives conducive to efficiency-enhancing investment. 54. With regard to the first medium-term objective, banks’ reluctance to extend new loans could be due to several reasons, including the slower growth of loanable resources, the introduction of capital controls in early 1998, and the higher cost of borrowing on the international capital market. Moreover, in a depressed environment characterized by high interest rates and

International Monetary Fund
This paper, and a companion piece on legal aspects “The Fund’s Mandate—The Legal Framework,” is the first in a series of reflections on the Fund’s mandate—on what it should be doing to promote global stability and how the membership might support that process. At this stage, the aim is not to put forward concrete proposals but to float ideas with a view to stimulating a broader debate. Follow up papers, based on feedback from the Executive Board and public outreach, are planned ahead of the final report to the IMFC in September.