IMF Adopts New Measures to Enhance Openness

2013 transparency review calls for more timely release of IMF reports

Existing policy has been adapted to new surveillance landscape

IMF to publish more reports on lending, streamline public communication

Under the Transparency Policy, the publication of country documents is encouraged, but subject to the consent of member countries. The review concluded that this “voluntary but presumed” regime was functioning well, and introduced further refinements to it.

The 2013 review of the IMF’s Transparency Policy comes on the heels of an overhaul of the way the IMF conducts surveillance—its regular monitoring of member economies. The review also follows up on the IMF’s 2009 reforms, which changed the focus of the IMF’s Transparency Policy from “why disclose information?” to “why not?”

“We welcome the Board’s decision, which will help expand publication rates, speed up the release of documents, and adapt the IMF’s Transparency Policy to the new surveillance framework,” said Taline Koranchelian, Division Chief in the IMF’s Strategy, Policy, and Review Department.

Two decades of reform have fundamentally transformed the IMF’s Transparency Policy, enabling the institution to contribute openly to public debates during the global crisis and respond to heightened scrutiny of its increased financing activities, while remaining a trusted advisor to its members.

Today, over 90 percent of the institution’s country documents and policy papers are already published. In addition, the IMF has gradually opened up its archives to the public and now interacts regularly with the public through outreach, press briefings, and the publication of information via its external website.

Critical to IMF mandate

The move toward greater openness has been prompted by an increasing recognition on the part of the international community that enhanced transparency is critical for the IMF to fulfill its mandate. Transparency strengthens the effectiveness of the institution by providing the public access to its views and deliberations, thus informing public debate and building traction for IMF policy advice. Importantly, greater transparency enhances the institution’s legitimacy by making it more accountable.

In the 2013 review, the IMF’s Executive Board approved a series of policy changes, which include:

• Strengthening the publication regime for reports on IMF lending. As a result of the latest changes to the Transparency Policy, the IMF Managing Director will generally not...