IMF's Focus Is on Securing Recovery, Anchoring Future

  • Work program centers on restoring stability, reducing vulnerabilities
  • Work under way to address legacy issues of high debt, weak financial systems, slow growth, and high unemployment
  • Key priority to ensure long-term financing for loans to low-income countries
  • The Executive Board’s semiannual discussion of the IMF’s work program focused on translating the directions laid out in the Global Policy Agenda into a specific plan for the 188-member institution over the next twelve months.

    In addition to supporting recovery from the global economic crisis, the work program emphasizes the need to both tackle legacy issues of the crisis—high debt, slow growth and high unemployment, and financial sector repair—and to strengthen the international monetary system through regulatory reform for financial systems, and by addressing global imbalances and spillovers.

    IMF Survey, the IMF’s online news magazine, spoke with Siddharth Tiwari, Director of the Strategy, Policy, and Review Department, about the key components of the work program.

    IMF Survey online: What is the IMF doing to secure the recovery and restore stability, a key priority in the months ahead?

    Tiwari: The IMF’s efforts in coming months will focus on assisting the membership in dealing with the immediate priorities.

    • In the euro area, we will continue to engage with members to help build support for pan-European policies and to ensure the success of country programs underway. The latter increasingly depend on supportive euro area-wide policies being in place.

    • In the United States, our analysis and policy advice will continue to highlight the risks and spillovers from the fiscal cliff.

    • In emerging market economies, the focus of our policy advice is on potential spillovers from outside. Where strong policy frameworks are in place, this could also include financing through either precautionary or disbursing agreements.

    • In low-income countries (LICs), we are engaging proactively with members to help them weather adverse external conditions through intensive policy support, enhanced capacity building, and concessional financing.

    • In the Middle East, we will continue to support the economic transition of Arab countries, through policy advice, technical assistance and financial support as appropriate.

    Siddharth Tiwari, Director of the Strategy, Policy, and Review Department (photo: IMF)

    IMF Survey: A topic of much interest is how countries deal with high debt in an environment...

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